Charity number 273229
THE SECOND QUOTHQUAN CHARITABLE TRUST
Unaudited Financial Statements Year ended 31 December 2022
To God be the glory, great things He has done, is doing and will do through Jesus Christ His son
Independent Examiner David Hoose FCA
Mazars LLP 2 Chamberlain Square Birmingham B3 3AX
THE SECOND QUOTHQUAN CHARITABLE TRUST
INDEX
______________
| General Information | 1 |
|---|---|
| Trustees’ Report | 2 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 |
THE SECOND QUOTHQUAN CHARITABLE TRUST GENERAL INFORMATION
CHARITY NUMBER
273229 (England & Wales)
TRUSTEES
Mrs J A Gilmour Mr P J Gilmour Mrs P S Gilmour
STAFF
Mrs S J Robinson (Administrator)
PRINCIPAL OFFICE & CORRESPONDENCE ADDRESS
Dale Farm Worcester Lane Sutton Coldfield West Midlands B75 5PR
BANKERS
Barclays Bank Leicester Leicestershire LE87 2BB
INDEPENDENT EXAMINER
David Hoose FCA Mazars LLP 2 Chamberlain Square Birmingham B3 3AX
SOLICITORS
Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES
1
THE SECOND QUOTHQUAN CHARITABLE TRUST
TRUSTEES’ REPORT
The Trustees present their report and financial statements for the year ended 31[st] December 2022.
STRUCTURE AND GOVERNANCE AND MANAGEMENT
The Trust was established as a charity by trust deed dated 11[th] February 1977 with the primary purpose of supporting Christian projects. The charity number is 273229. On 14[th] January 1980 the Settlor directed that the income and capital of the Trust should be applied, until further notice, in advancing the gospel of Jesus Christ and Christianity and such other charitable purposes as are consistent therewith whether in the United Kingdom or overseas.
The principal office is Dale Farm, Worcester Lane, Sutton Coldfield, West Midlands, B75 5PR.
The trustees listed on page 1, Mrs J A Gilmour, Mr P J Gilmour and Mrs P S Gilmour, have held office throughout the year and to the date of this report.
None of the trustees received any remuneration directly or indirectly from the Charity nor from its subsid iary.
The Trustees have agreed that as part of the induction process for new trustees, before anyone considers appointment as a trustee, they should familiarise themselves with the responsibilities of charity trustees, read the Charity Commission booklet on this subject and carefully read the Trust Deed, the Settlor’s directions and the latest financial statements.
All non-administrative decisions are made by the Trustees jointly. Administrative decisions are delegated either to the staff or to a Trustee.
Harvest Fields Homes, Quothquan Homes, Harvest Fields Centre Ltd and the Alfred Haines Charitable Trust are charities that are related/associated as they have common trustee(s)/director(s) with this Trust.
The Trustees have reviewed the major risks to which the Trust is exposed. Where practical and appropriate, steps have been put in place to manage, mitigate or minimise those risks.
OBJECTIVES, ACTIVITIES, ACHIEVEMENTS, PERFORMANCE AND PUBLIC BENEFIT
The Objects of the Trust as set out in its governing document are for such charities or for such charitable purposes and in such proportions and in such manner and subject to such terms and conditions as the Settlor may from time to time by notice direct and, subject to and in default of any such direction and in so far as such direction may not extend, as the Trustees may in their uncontrolled discretion determine. As referred to above, in 1980 the Settlor made a direction that the income and capital of the Trust should be applied, until further notice, in advancing the gospel of Jesus Christ and Christianity and such other charitable purposes as are consistent therewith whether in the United Kingdom or overseas.
The Trustees have taken account of the Charity Commission’s general guidance relating to public benefit issues when reviewing the Trust’s objectives, activities and achievements.
In addition to providing rented social housing in the form of two apartments and a cottage, the Trust has been providing book-keeping and administration services to related charities (see note 9).
Grant-Making
All applications for grants should be addressed to Quothquan Trust of the same address being the successor to this Trust in respect of grant making.
Public Benefit
The Trustees consider that the Trust’s achievements and performance met the public benefit test by enabling other registered charities (who meet the public benefit test) to meet their objectives (by providing office space and administrative support) and by providing rented social housing to those who had been in housing need.
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THE SECOND QUOTHQUAN CHARITABLE TRUST
TRUSTEES’ REPORT
FINANCIAL REVIEW
Investments
The Trustees have the power to invest in such assets as they see fit. The liquid funds have been held with Barclays Bank plc. The year end balance is £68,700 (2021: £59,628).
Reserves
The Trustees would like the uninvested “free” reserves to be at least six months of undesignated expenditure (the running costs). At the year end the undesignated reserves were £417,452 (2021: £410,013) which is at least five years of normal running costs and so the Trustees consider the financial position to be satisfactory.
STATEMENT OF TRUSTEES RESPONSIBILITIES
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its financial activities for that period. In preparing those financial statements the Trustees are required to:
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select suitable accounting policies and then apply them consistently.
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make judgements and accounting estimates that are reasonable and prudent.
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state whether the polices adopted are in accordance with the SORP and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDIT EXEMPTION
The Charity is exempt from the requirements to have its financial statements audited but, as its income is above £25,000, it does have them independently examined.
Approved by the Trustees on Oct 21, 2023 and signed on their behalf by J A Gilmour
J A Gilmour
J A Gilmour (Oct 21, 2023 01:01 GMT+1)
3
INDEPENDENT EXAMINER’S REPORT to the Trustees of The Second Quothquan Charitable Trust For the year ended 31 December 2022
___________
I report on the financial statements of The Second Quothquan Charitable Trust for the year ended 31 December 2022, which are set out on pages 6 to 11.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the financial statements under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of The Second Quothquan Charitable Trust in accordance with section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
4
INDEPENDENT EXAMINER’S REPORT to the Trustees of The Second Quothquan Charitable Trust For the year ended 31 December 2022
___________
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
David Hoose (Oct 21, 2023 12:50 GMT+1)
David Hoose FCA Mazars LLP First Floor 2 Chamberlain Square Birmingham B3 3AX
Date: Oct 21, 2023
5
THE SECOND QUOTHQUAN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES AND SUMMARY INCOME AND EXPENDITURE ACCOUNT For the year ended 31 December 2022
| Total | Total | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds |
||
| 2022 | 2021 |
||
| £ | £ |
||
| INCOME FROM: | |||
| Donations | - | 50,000 | |
| Charitable activities | 2 | 28,996 | 29,270 |
| ───── | ───── | ||
| 28,996 | 79,270 | ||
| ───── | ───── | ||
| EXPENDITURE ON CHARITABLE | |||
| ACTIVITIES | 3 | 21,557 | 20,809 |
| ───── |
───── | ||
| NET INCOME FOR THE YEAR | 7,439 | 58,461 | |
| ──── | ───── | ||
| NET MOVEMENT IN FUNDS | 7,439 |
58,461 | |
| BALANCE BROUGHT FORWARD | 410,013 |
351,552 | |
───── |
───── | ||
| BALANCE CARRIED FORWARD | 417,452 | 410,013 | |
| ═════ | ═════ |
All of the above results are derived from continuing activities. All gains and losses in the year are included in the above. There were no designated funds for the year ended 31 December 2022 (2021: £Nil).
The notes on pages 8 to 11 form part of these financial statements.
6
THE SECOND QUOTHQUAN CHARITABLE TRUST BALANCE SHEET For the year ended 31 December 2022
| Notes | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible assets | 5 | 339,176 | 345,680 |
| ───── | ───── | ||
| 339,176 | 345,680 | ||
| ───── | ───── | ||
| CURRENT ASSETS | |||
| Debtors | 6 | 14,426 | 8,472 |
| Cash at bank | 68,700 | 59,628 | |
| ───── | ───── | ||
| 83,126 | 68,100 | ||
| CURRENT LIABILITIES | |||
| Creditors – amounts falling due | 7 | (4,850) | (3,767) |
| within one year | |||
| ───── | ───── | ||
| NET CURRENT ASSETS | 78,276 | 64,333 | |
| ───── | ───── | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 417,452 | 410,013 | |
| CREDITORS: AMOUNTS FALLING DUE | |||
| AFTER MORE THAN ONE YEAR | 8 | - | - |
| ───── | ───── | ||
| NET ASSETS | 417,452 | 410,013 | |
| ═════ | ═════ | ||
| REPRESENTED BY: | |||
| UNRESTRICTED FUNDS | |||
| Undesignated Fund | 417,452 | 410,013 | |
| ───── | ───── | ||
| 417,452 | 410,013 | ||
| ═════ | ═════ |
The notes on pages 8 to 11 form part of these financial statements.
Oct 21, 2023 Approved by the Trustees on and signed on their behalf by J A Gilmour
J A Gilmour J A Gilmour (Oct 21, 2023 01:01 GMT+1)
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THE SECOND QUOTHQUAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
_______________
1 ACCOUNTING POLICIES
Basis of preparation
These financial statements are prepared under the historical cost convention and in accordance with:
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The Charities Act 2011
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The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102 Section 1A) (March 2018)
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Accounting & Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS102)
The accounts present a true and fair view and no changes in the basis of accounting have been made during the year. There have also been no changes to the previous accounts during the financial year. The charity is a public benefit entity.
Going Concern
The Trustees are of the view that there are sufficient reserves to secure the immediate future of the charity for the next 12 to 18 months and on that basis the charity is a going concern.
Statement of cash flow exemption
A Statement of Cash Flows has not been produced as the charity is within the small charity thresholds.
Income
Donations from individuals are included on a cash received basis. There would be no material difference if an accruals basis were adopted. Tax recoverable is included in the year to which the gift generating the tax recovery relates (accruals basis). Income from investments and rental income are included in the SOFA in the year in which it is receivable.
Expenditure
Expenditure is included on an accruals basis when incurred.
Fixed Tangible Assets
Purchases of equipment over £1,500 are capitalised; other items are expensed when incurred in the SOFA. The freehold properties help in pursuit of the Trust’s Objects are included at cost less any provision for impairment.
Depreciation
Depreciation is provided on equipment at rates calculated to write off the cost of each asset on a straight-line basis over three years. Depreciation of freehold land & buildings, used for charitable purposes, is two percent straight line per annum of the building cost. Land is not depreciated.
Funds
The property fund has been set aside to reflect the existing and prospective investment in property. The undesignated fund is that which the Trustees are free to use in accordance with the Trust’s charitable Objectives.
Judgements and Estimations
There are no estimates or judgements made which have a material impact on the carrying amounts of assets and liabilities within the accounts other than depreciation as detailed above.
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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THE SECOND QUOTHQUAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
_______________
| 2 | INCOME | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Charitable income comprises: | £ | £ | ||
| Donations | - | 50,000 | ||
| Charges for bookkeeping and administration | (note 9) | 12,796 | 13,070 | |
| Gross charitable rental income | 16,200 | 16,200 | ||
| ───── | ───── | |||
| Total | 28,996 | 79,270 | ||
| ═════ | ═════ |
Gross rental income arises from the assets that are held in pursuant of the charitable object of the Trust.
3 EXPENDITURE ON CHARITABLE ACTIVITIES
| 3 | EXPENDITURE ON CHARITABLE ACTIVITIES | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Property expenses for charitable use | 3,284 | 817 | ||
| Salary, national insurance & pension | (note 4) | 7,943 | 8,278 | |
| Depreciation | 6,504 | 6,504 | ||
| Other office costs | 2,056 | 3,530 | ||
| Independent examiner’s fee | 1,770 | 1,680 | ||
| ───── | ───── | |||
| Total | 21,557 | 20,809 | ||
| ═════ | ═════ | |||
| 4 | STAFF COSTS | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Salary | 7,376 | 7,596 | ||
| Pension | 567 | 682 | ||
| ───── | ───── | |||
| 7,943 | 8,278 | |||
| ═════ | ═════ |
One person (2021: one) was employed on a part time basis by the charity to assist with the collection of rents and dealing with tenants for this and related/associated charities (see note 9) as well as administration of this and related charities. No one was paid more than £60,000 per annum. The average number of full time equivalent employed was 0.21 (2021: 0.31). None of the Trustees (2021: none) have received any remuneration nor been reimbursed for any expenses.
9
THE SECOND QUOTHQUAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
_______________
5 TANGIBLE FIXED ASSETS
| Boldmere | Boldmere | Woodstyle | Woodstyle | ||
|---|---|---|---|---|---|
| Land | Building | Land | Building | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 January 2022 | 31,000 | 59,000 | 22,000 | 325,200 | 378,200 |
| Additions | - | - | - | - | - |
| Disposals | - | - | - | - | - |
| ────── | ────── | ────── | ─────── | ───── | |
| As at 31 December 2022 |
31,000 | 59,000 | 22,000 | 325,200 | 378,200 |
| ══════ | ══════ | ══════ | ═══════ | ═════ | |
| Depreciation | |||||
| As at 1 January 2022 | - | 59,000 | - | 32,520 | 32,520 |
| Charge | - | - | 6,504 | 6,504 | |
| Disposals | - | - | - | - | - |
| ────── | ────── | ────── | ─────── | ───── | |
| As at 31 December 2022 |
- | 59,000 | - | 39,024 | 39,024 |
| ══════ | ══════ | ══════ | ═══════ | ═════ | |
| Net Book Value | |||||
| As at 31 December 2022 |
31,000 | - | 22,000 | 286,176 | 339,176 |
| ══════ | ══════ | ══════ | ═══════ | ═════ | |
| As at 31 December 2021 |
31,000 | - | 22,000 | 292,680 | 345,680 |
| ══════ | ══════ | ══════ | ═══════ | ═════ |
Boldmere relates to two rented social apartments (the building element of which had been depreciated in full at the beginning of the year). Woodstyle relates to a rented social property (the building element of which was depreciated at 2%). All land and buildings are freehold.
6 DEBTORS
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Rent and administration charges receivable | 14,426 | 2,431 |
| HMRC credit due for statutory maternity pay | - | 6,041 |
| ───── | ───── | |
| Total debtors | 14,426 | 8,472 |
| ═════ | ═════ | |
| REDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2022 | 2021 | |
| £ | £ |
7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
10
THE SECOND QUOTHQUAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
_______________
| Creditors | 3,080 | 2,087 |
|---|---|---|
| Accruals | 1,770 | 1,680 |
| ───── | ───── | |
| Total creditors | 4,850 | 3,767 |
| ═════ | ═════ |
8 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
There were no creditors due after one year.
9 RELATED AND ASSOCIATED PARTY TRANSACTIONS
This Trust provided bookkeeping and administration services to Harvest Fields Homes, Quothquan Homes, Harvest Fields Centre Ltd and the Alfred Haines Charitable Trust which are charities that are related/associated as they have common trustee(s) with this Trust. It charged them £5,500, £4,500, £1,896 and £900 respectively (2021: £5,500, £4,500, £2,170 and £900 respectively).
Under the general authority of its Trust Deed, the Trust continues to employ Mrs S J Robinson who is a family member of the Trustees (being an adult not sharing a common purse with the Trustees) to assist with the collection of rents and dealing with tenants as well as processing grants and undertaking general administration for this Trust and related charities. For 2022 her hours amounted to 21% (2021: 31%) of full time which she was paid £6,299 (2021: £7,596) plus pension contribution of £567 (2021: £682). An amount of £1,077 was also recognised in salary costs in the year in relation to SMP.
11