Annual Report and Financial Statements for the Year Ended 31 December 2020
The Arkleton Trust
Charity registration number: 275153
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
THE ARKLETON TRUST
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 13 |
THE ARKLETON TRUST
Reference and Administrative Details
Trustees Miss C A Higgs Mr S Evison Mr C Madine Mrs E Stewart-Wood Mr B Peacocke Principal Office The Old Golf House Rectory Road Streatley Berkshire RG8 9QA Charity Registration 275153 Number Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
Page 1
THE ARKLETON TRUST
Trustees' Report
The Trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2020.
Objectives and activities
Objects and aims
The principal object of the charity is to advance education for the public benefit in the development of new methods and techniques directed towards the alleviation of poverty in rural areas and the impact of environmental and social factors upon poverty and other social problems common in rural areas.
Public benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
During the last year we had virtual rather than face to face meetings due to the restrictions of COVID 19, apart from the AGM we had one other meeting in September.
The trust's work revolved around the on-going project with Sector39 and Steve Jones was present at each meeting to give us an update of the work and to receive feed-back and suggestions for the way forward. Despite the current COVID restrictions work is on-going and the trustees are happy with how it is going.
The trust's reserves have been reviewed, no decision was taken but is due at the beginning of 2021.
The skills audit was updated and as were the policies for good governance.
The future of the trust and the trust deeds were also reviewed, decisions are ongoing.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Structure, governance and management
Nature of governing document
The Arkleton Trust is a registered charity, number 275153, and is constituted under a Trust deed adopted on 23 January 1978.
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THE ARKLETON TRUST
Trustees' Report
Recruitment and appointment of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The Trustees look for persons of proven integrity who share the vision and objectives of the charity and who have relevant wisdom and experience to contribute to the running of the Trust.
Induction and training of trustees
Each new Trustee is provided with the relevant Charity Commission publications. a copy of the Trust deed and relevant information from the Charity Commission relating to the duties of trustees.
Miss C A Higgs is also a trustee of the Walter Higgs Trust.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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THE ARKLETON TRUST
Trustees' Report
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, 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 presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the Trustees of the charity on 21 June 2021 and signed on its behalf by:
......................................... Miss C A Higgs Trustee
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THE ARKLETON TRUST
Independent Examiner's Report to the trustees of The Arkleton Trust
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 6 to 13.
Respective responsibilities of Trustees and examiner
As the charity’s Trustees of The Arkleton Trust 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 The Arkleton Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of The Arkleton Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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.
...................................... G W Schulz ACMA
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
21 June 2021
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THE ARKLETON TRUST
Statement of Financial Activities for the Year Ended 31 December 2020
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 22,500 Investment income 3 14,320 Total income 36,820 Expenditure on: Charitable activities 4 23,912 Total expenditure 23,912 Gains/losses on investment assets 58,919 Net (expenditure)/income (46,011) Net movement in funds (46,011) Reconciliation of funds Total funds brought forward 447,245 Total funds carried forward 10 401,234 |
Restricted funds £ - 421 421 - - (201) 622 622 19,555 20,177 |
Total 2020 £ 22,500 14,741 37,241 23,912 23,912 58,718 (45,389) (45,389) 466,800 421,411 |
Total 2019 £ 15,000 18,002 |
|---|---|---|---|
| 33,002 | |||
| 17,699 | |||
| 17,699 | |||
| (49,192) | |||
| 64,495 | |||
| 64,495 402,305 |
|||
| 466,800 |
The notes on pages 8 to 13 form an integral part of these financial statements. Page 6
THE ARKLETON TRUST
Balance Sheet as at 31 December 2020
| Note Current assets Investments 7 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 10 |
2020 £ 320,802 101,459 422,261 (850) 421,411 20,177 401,234 421,411 |
2019 £ 379,521 95,629 |
|---|---|---|
| 475,150 (8,350) |
||
| 466,800 | ||
| 19,555 447,245 |
||
| 466,800 |
The financial statements on pages 6 to 13 were approved by the Trustees, and authorised for issue on 21 June 2021 and signed on their behalf by:
......................................... Miss C A Higgs Trustee
The notes on pages 8 to 13 form an integral part of these financial statements. Page 7
THE ARKLETON TRUST
Notes to the Financial Statements for the Year Ended 31 December 2020
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Arkleton Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
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THE ARKLETON TRUST
Notes to the Financial Statements for the Year Ended 31 December 2020
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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THE ARKLETON TRUST
Notes to the Financial Statements for the Year Ended 31 December 2020
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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2 Income from donations and legacies
| Grants, including capital grants; Grants 3 Investment income |
Unrestricted funds General £ 22,500 22,500 |
Total 2020 £ 22,500 22,500 |
Total 2019 £ 15,000 |
|---|---|---|---|
| 15,000 | |||
| Interest receivable and similar income; Interest receivable on bank deposits Other income from current asset investments |
Unrestricted funds Designated £ 51 14,269 14,320 |
Restricted funds £ - 421 421 |
Total 2020 £ 51 14,690 14,741 |
Total 2019 £ 89 17,913 |
|---|---|---|---|---|
| 18,002 |
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THE ARKLETON TRUST
Notes to the Financial Statements for the Year Ended 31 December 2020
4 Expenditure on charitable activities
| Note Executive officer services Administrative and secretarial support Website maintenance and domain name Bank charges AGM costs Independent examination Grant funding of activities 5 |
Unrestricted funds General £ - 6,452 - 60 - 900 16,500 23,912 |
Total 2020 £ - 6,452 - 60 - 900 16,500 23,912 |
Total 2019 £ 10,000 3,480 300 60 614 900 2,345 |
|---|---|---|---|
| 17,699 |
5 Analysis of grants
| Grants to institutions | Unrestricted funds General £ 16,500 16,500 |
Total 2020 £ 16,500 16,500 |
Total 2019 £ 2,345 |
|---|---|---|---|
| 2,345 |
6 Trustees remuneration and expenses
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
7 Current asset investments
| Unlisted investments (liquid) | 2020 £ 320,802 |
2019 £ 379,521 |
|---|---|---|
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THE ARKLETON TRUST
Notes to the Financial Statements for the Year Ended 31 December 2020
8 Creditors: amounts falling due within one year
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Accruals | 850 | 850 | ||||
| Deferred income | - | 7,500 | ||||
| 850 | 8,350 | |||||
| 9 Financial instruments | ||||||
| Financial assets | ||||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Financial assets measured | at fair value | through income | ||||
| and expenditure | 422,261 | 475,150 | ||||
| 10 Funds | ||||||
| Balance | Balance | |||||
| at 1 | Other | at 31 | ||||
| January | Incoming | Resources | recognised | December | ||
| 2020 | resources | expended gains/(losses) |
2020 | |||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General | ||||||
| General Funds | 14,356 | 22,500 | (23,912) | - | 12,944 | |
| Designated | ||||||
| Bernard Conyers Fund | 285,147 | 9,774 | - | (39,500) | 255,421 | |
| Sir John Higgs | ||||||
| Fellowship Fund | 147,742 | 4,546 | - | (19,419) | 132,869 | |
| 432,889 | 14,320 | - | (58,919) | 388,290 | ||
| Total unrestricted | ||||||
| funds | 447,245 | 36,820 | (23,912) | (58,919) | 401,234 | |
| Restricted funds | ||||||
| David Moore Memorial | ||||||
| Fund | 19,555 | 421 | - | 201 | 20,177 | |
| Total funds | 466,800 | 37,241 | (23,912) | (58,718) | 421,411 |
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THE ARKLETON TRUST
Notes to the Financial Statements for the Year Ended 31 December 2020
| Unrestricted funds General General Funds Designated Bernard Conyers Fund Sir John Higgs Fellowship Fund Total unrestricted funds Restricted funds David Moore Memorial Fund Total funds |
Balance at 1 January 2019 £ 17,055 240,208 126,149 366,357 383,412 18,893 402,305 |
Incoming resources £ 15,000 11,967 5,642 17,609 32,609 393 33,002 |
Resources expended £ Other recognised gains/(losses) £ Balance at 31 December 2019 £ (17,699) - 14,356 - 32,972 285,147 - 15,951 147,742 - 48,923 432,889 (17,699) 48,923 447,245 - 269 19,555 (17,699) 49,192 466,800 |
Resources expended £ Other recognised gains/(losses) £ Balance at 31 December 2019 £ (17,699) - 14,356 - 32,972 285,147 - 15,951 147,742 - 48,923 432,889 (17,699) 48,923 447,245 - 269 19,555 (17,699) 49,192 466,800 |
|---|---|---|---|---|
| 432,889 | ||||
| 447,245 19,555 |
||||
| 466,800 |
11 Analysis of net assets between funds
| Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ 13,794 388,290 (850) - 12,944 388,290 Unrestricted funds General £ Designated £ 22,706 432,889 (8,350) - 14,356 432,889 |
Restricted funds £ 20,177 - 20,177 Restricted funds £ 19,555 - 19,555 |
Total funds at 31 December 2020 £ 422,261 (850) |
|---|---|---|---|
| 421,411 | |||
| Total funds at 31 December 2019 £ 475,150 (8,350) |
|||
| 466,800 |
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