2022-03-31-accounts

IHE W.F.FABRY ESTATE REGISTERED CHARITY no.272753 TRUSTEES, ANNUAL REPORT 2021-2022 Constitution The charity was established by the will of the late Walter Frank Fabry who died in 1974. Trustee The charity is managed by three trustees who are: David Grey Rev. Tim Keightley. Christine Lawrence. but a fourth tr￿Stee. Andrew Mccausland was intrLNluced to the trusteeship at the AGM in October. The address of the Charity is the Baptist Holiday Apartm¢nts. I, The Esplanade. Minehea Somerset, TA24 5BE. The correswndence address is Sunnyfield, Storth Roa4 Stortlu Milnthorpe. LA7 7JA. Mana ement of risk The Trustees are mindful of the potential risks to the Charity inherent in managing a large old building in a conservation are& The property stands tn a prominenL but exposed, position on the seafront at Minehead only a few feet above sea level. There is a sea wail which w&s strengthened a few years ago but being so close to the sw there is a potential risk from sea water flooding although it never happened so far as the t￿￿CeS are aware. The property is not open to the public at large but is open to guests, teftan￿ staff and visitors. Building insurance and third party liability cover is reviewed amiually. The Trustees are aware of the need to ensure that the buildÉng ￿mplIeS with modern safety standards. Equipment such as the fire alarni system and the fire extinguishers are kept up to date and regularly serviced. A new fire escape door was put in (in Flat 12) five years ago. Improvements to the alami system so that it also sounds in the adjoining building were undertaken during the year. Ob'ect and Activities of the Chari for the ublic knefiL The work of the charity is unchanged since it was established in 1974 which is to provide affordable holiday accommodation from its seafront premises in Minehead to Christians and the general public. The charity caters principally for two age groups, i) those wanting a holiday,

possibl), in company with like minded people and families in what Ès intended to be a relatively quiet and peacefill building and ii) the more elderly possibly some of whom bave special needs or requirements. The Trustees have regard to the guidance pro&ided by the Charity Commissioners in &ssessing public benefit and have the guidance in mind when reviewing their achievements and considering future needs and requirements. It is the ts1￿ees, view holidays are a public benefit. Providing holidav accommodation which is affordable is therefor¢ of obvious public benefit but in particular satisfies both of the key principles by which the Con]mission assess public E¢nefiL i.e. An identifiable benefit: resl relaxatio￿ refresbmenL reflectio￿ to just a few. The benefit is to the public or a section of the public: those wishing to come for a holiday. They may or n]ay not be from a Christian or religtous backgtound. It is not a stipulatton that guest are from any faith or may have none but in practice the property is more likely to appeal to thos¢ wanting quiet and resthll accommodation in whid] to relax and unwind. Achievements and rforniance The Work of the Tn￿t is exclusively on the seafront block of holiday flats it owns at Minehead. The charity neither owns nor tents any other premises. The flats vary in stze and offer accommodation suited to the needs of a variety of guests including the physically disabled. one parent families, families with a mentally or physically disabled chil the emotionally drained. church ministers and fatnilies coming for a holiday. One flat on the ound floor is designated for guests pets (although is also available for those without pets). In c&ses of particular need. the ttvstees offer subst8ntially reduced price accommodation as part of their charitable work. Regrettably though, the cost of Maintaining the building. paying the staff and all the other ex￿nSeS involved with running the building prevent the trustees from offering free holidays in the vast majority of cases. To assist guests generally and elderly or disabled guests in particular, the Tn￿eeS employ a manageress at the flats who is on call most of the time. The manageress usually meets guests on arrival. Guests know therefore that there is someone they can call upon in case of need and who has local knowledge to be able to provide any support which nMy be iequired. If needed, the anager¢ss can assist with washing clothes for guests, PD)viding extra linen where necessary, getting shopping and advising on l(Kal amenities and places to visit. The Trustees view this &$ an imp)rtant part of their management of the flats and an underlying re&son for the chaTitable status of the trust. This level of SUPEM)rt could not be provided (at an affordable price) if th¢ holiday flats WEre run on a nornial commerciaI basis (i.e. to make a realistic return on th¢ capitsl employed) at which there is no live-in manageress. Two of the flats have stairlifts for the use of (physically) disabled guests and one of those flats h&5 a wetroom instead of an ordinary shower.

The sea front premises are over 150 years old and require constant n￿intenance. Repairs and maintenance account for a significant percentage of the Trust's income. The trust employs a part- time handyrnan to undertake all ryairs save those which require professional assistance. The Trustees have long w7nted to instsll a lift but on each occasion come back to the same difficulties, i.e. the lack of an obvious locatio￿ the expense of instsllation in an old building and the mainfrnance costs when installed. If a lift ¢xisted. the t￿￿teeS are sure that it would be used but always come back to the view that ther¢ would seem to be little benefit in ternis of more bookings but very considerable cost. In addition there would be CODsiderabl¢ disturbance to the building in so doing. The costs are deemed to outweigb the benefits. Financial overview. The Trustees became responsible for th¢ management of the holiday tlats in December 2006. The flats could not remain open and provide holiday accomm¢)dation if this w&8 a commercial venture. Only by virtue of the fact that the enterprise is a charity and not required to make a PTofIt is it sustsinable. Having said that, no charity can sustain losses indefinitely. If one or more major expenses arose (which are always possible in a large old building), the financial viability of the charity would be brought into questioD. There is no sinking fund account for major repairs and renewals. The money on de￿sIt and in the bank accounts are used for major ttpairs or rene￿￿S as they become necessary. Financial issues are conslantly in the minds of the Trustees. The income from the holiday flats (both those let on assured shorthold tenancies and the holiday flats) is the primary source of income to the charity. The investment income (company dividends) covers the administration costs of the charity but is less than l O % of the total incotDe. The charity does not receive (or seek) donations from the public. The year under review has not seen business return to norn￿1 (following the pandemic). As last year. Government schemes have provided a lifeline to the charity." just over £16,000.00 was paid during 2021- 2022. As a result, the fiats showed a profit of £14.818.12 over the year. Owing to the fragmented nature of the pandemic recovery, it is Dot possible to compare 2021-22 with previous years. either in tern]s of income or numbers of guests. The Mana Angela and Peter Savory took over as the resident managers on I" May 2013. Peter retired from the joint managership in April 2019 and Angela continues as manageress, ably assisted by Jean Arn]in in the office and Patrick Arn]in &s the l]andymanlr¢pair man. The manageress is responsible for the day to day running of the holiday flats including promoting and advertising, bookings. organising repairs and renewaIs and general management of the nmin building (l The Esplanad¢. Mineh¢ad) and the four which the CE￿Ity ow)s in 2 The Esplanade.

Stocks and Shares The trust have holdings in only 3 quoted companies. The overall value of the holdings rose by about £30,000.00 to £154,399.00 over the 2021-2022 financial year but have no￿ dropped back considerably. The Trustees are well aware of the risk of a stock market crash at any time. The Trnstees review their stock maTket investtnents at each AGM but have not sought to change their inveslments for several years. COIF charities de sit Fund The deposit account was opened in January 2006 but in recent years the interest has been abysmally low which is in line with very low interest rates throughout the economy. Flats in 2 The Es lanade The Trustees own 4 flats in the building adjoining their main building (l. The Esplanade). No. 2 The Esplanade is next door to it. Fire doors interconuect the buildings on the 3, and the 4 floors. Flat A was bought in February 2002 and w&s subject to the life tenancy of the previous owner, The flat was returned to the trustees in September 2016 but after a void period was let in May 2017. Following the departure of the tenants. it W&S UEFgraded over the 2020- 2021 winter. Th¢ previo￿$ tenant moved out before the end of March 2022. The flat is shortly to be offered for letting on an assured shorthold letting. The manageress and her husband reside in Flat B. They do not pay rent.. the accommodation is provided because it is necessary for the manageress to live there for the perfornwi¢e of her duties. Flat D is let under a long tern] letting agreement to the owmers of the adjoining propety, Foxes- Aurora which is a training and caring hotel for young people with learning difficulties. Reserves lic Owning a large old propety in a relatively exposed seaside location does pose many risks. The need for major repairs can arise at any time. At present the reserves are deemed sufficient but the Trustees consider it prudent to ensure that so far as tK)ssible and whilst ensuring that the flats remain affordable. the flats achieve a profit each year in order to ty to maintain and even boost the reserves. Future The web-site has Eeen re-vamped a new brochure pn)duced and efforts to publicise the flats continue. For the first time, the charity took a stand at the Baplist Assembly and over 50 brochures were given out. The Trustees are optitnistic that the current emphasis on holidaying within the UK will lead to more bookings for the holiday flats.

It remains a concern to the Trustees that the cost of major repairs which might come along would be greater than the Charity could manage. Subject to that tK)int thouglL tbe Trustees are hoping that b)okings and occupancy rates will improve which would enable them to continue to run the building to provide holidays at affordable prices for ChTiStians and others for the foreseeable future. Approved by the Trustees by e-mail on 26 SeptemE¢r 2022 and signed on their behalf by David Grey (Trustee).

CHARITY COMMISSION FOR ENGiAND ANO WALES W F F•bry Trum Recei tsand ments accounts CC16a For th• period To 01A)4rar21 31nY2022 Section A Receipts and payments UnTestri¢ted fund i•the r￿Tell f tthe nwet£ RestrKted Endowrnent funds t• th•n•westt Total tund$ Last yeai toth• ft4r•blÉ •>th• wr•¥tt A1 Rec•1 lothn SS.187 J1.625 6,187 31A26 11400 33,891 32,749 6.084 122 3.704 Incorn• Ilvid•nds it accoLMt int•¥t Com 6.067 iscellaneous r￿￿1 CoronAwrns Su 11304 16204 41.057 n)ss income ARJ 121m7 I21￿7 117,144 nv•s seè tabl• . Totalr•c•lpts 121￿7 A3Pa ments Wagès GAS. th¢trKty, tsleFthft•. Irrt•rn8t l••niry ind was¢ 1,017 27,924 17.210 37,J$7 6.801 S.801 11,331 13Jn 1￿37 Rtrpair5 r Cxher expenses Tru$is adMIn￿tr￿n •xp•naes 1.261 22,681 4.294 1.9Qg 88A4• 1373 1J37 Sub to 12 ,612 A4 A55•t and Inv•stm•nt t¢ial 98M12 96.112 88,449 Net ofreC•ip¥pa￿n•ntsj AS Trar45fvrs behve•n lunds A6 Cash lunds ￿$t year end Cash IwKls thls ￿fjr end 24A15 24.416 28.69$ 185 f8SJ60 181.048 CCXX R1 •(￿y￿S ISSI

Section B Statement of assets and liabilities at the end of the period Un￿strICted lund% to n•ar•t£ RestrKted Endowment lunrt to n••r•¥t£ kfi•reAt£ B1 Cash fund$ ROYAI BARk rScdi Tn￿ B¥nk 33.127 103,484 18SMO Restrkted funds End¢)wrwit fund$ lunds Details 10 r￿reAl£ to near￿1£ Fwthd towhiEh alget Delails Shrn¥ chip CCXwni￿} cU￿nIV•I Fund10￿h •ss•tbqbJn Cg411optionl Currer¥l ¥u• on•1 B4 Assets retain￿ for Ihe charity's 4)wn use 25.000 Aat& 2 Th• Espla￿d+ 8t8.2ThEs 100.000 185.000 Fkte. 2 Th• 1M,O FLqt D. 2 Tr Esl•n D￿$3115 Ytt•n du• B6 Liabililles &gn&l by Irusi¢e5 OK of all Ihe trustee Print Name Oatè of CCXX R2 ISS

THE TRUST OF W F FABRY ESTATE

SCHEDULE of ASSETS AS AT 31[st] March 2022

1. 1 The Esplanade, Minehead

Purchased June 1976 £25,000. Current re-building sum insured £3,315,821.00 but this is not a guide to the market value. Contents £135,348.00.

1. Four flats in 2 The Esplanade. Building cover £2,085,891.00 but this is for the whole building and will not reflect the market value

Flat A

Purchased June 2002 for £100,000.00 but initially subject to the lifetime tenancy of Mrs.Nina Ferguson. Flat vacated and released to the Trustees 1[st] September 2016. Insurance premium 7/32 of total for 2 The Esplanade. Currently undergoing re-furbishment.

Flat B

Purchased December 2013 for £185,000.00. In excess of £20,000.00 spent on re-furbishing this flat and Flat B in Spring 2016. Flat now occupied by the manageress, Angela Savory and her husband Peter.

Flat C

Purchased September 2001 for £103,000.00. Insurance premium 3/16ths of total for 2 The Esplanade. Released for letting from Spring 2016 when the manager moved down to Flat B.

Flat D

Purchased September 1988 for £46,000. Insurance premium 3/16ths of total for 2 The Esplanade. Let long term to the Foxes Academy producing £700.00 per month.

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3. Stocks and Shares (31st March 2022) Value Last Year
£
540 Ordinary Astra-Zeneca £101.32 £54,712.00 £38,996.40
1,160 Ordinary Rio Tinto Zinc (RTZ) £60.81 £70,539.60 £51,747.60
1,292 Royal Dutch Shell class B £22.56 £29,147.52 £31,369.76
£154,399.12 £122,113.76
4. Cash Royal Bank of Scotland
Current account £48,348.51 £13,797.17
5, Cash Charities official investment fund (COIF)
Account opened with £200,000.00 January 2006. 200,000.00
Accrued interest to 31 [st] March 2022 44,483.92
244,483.92
Less total withdrawals 141,500.00
Balance at 31 [st] March 2022 £103,483.92 #
6. Cash in Flats account (TSB) £33,627.22
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Independent examiner’s report to the trustees of W F Fabry Trust (‘the charity’)

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act. In carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Joel Williams 1 Montrose Avenue Stretford Manchester M32 9LN

27/09/2022