Annual Report and Financial Statements for the Year Ended 31 December 2023
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 14 |
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 Mrs C Allen (appointed 7 June 2023) Charity Registration 275153 Number Principal Office The Dower House Litchfield Farm Enstone Oxon OX7 4HH Independent Examiner G W Schulz FCMA 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 2023.
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
Review of activities
The Trustees met online for their AGM in June and in this meeting welcomed a new Trustee, Catherine Allen to the Board.
The Trustees reviewed current asset management. Having assessed the risk, the Trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations. It is the policy of the Trust to continue to invest fund balances with CAF, M&G Charibond Charities Fixed Interest Common Investment Funds and M&G Equities Investment Fund for Charities (Charifund).
The David Moore awards were not separately awarded this year. These funds (including capital) being available for use by the Trust in any way as long as it was in accordance with the initial sentiments of the awards.
It was confirmed that a review of governance and policy documents for the Trust would be initiated, with the last review having taken place in 2020.
This year marked the end of a three-year cycle of funding to Sector 39 and triggered discussions around the next phase of Arkleton Trust funding, which were followed up in another Meeting of the Trustees in September.
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.
Page 2
THE ARKLETON TRUST
TRUSTEES' REPORT (CONTINUED)
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.
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.
Page 3
THE ARKLETON TRUST
TRUSTEES' REPORT (CONTINUED)
Statement of 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 Charities (Accounts and Reports) Regulations 2008, 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 3 July 2024 and signed on its behalf by:
E Stewart-Wood
......................................... Mrs E Stewart-Wood Trustee
Page 4
THE ARKLETON TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ARKLETON TRUST
I report to the Trustees on my examination of the accounts of The Arkleton Trust for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity 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 FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
3 July 2024
Page 5
THE ARKLETON TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 15,000 Investment income 3 20,448 Total income 35,448 Expenditure on: Charitable activities 4 (4,059) Total expenditure (4,059) Gains/losses on investment assets (6,490) Net income 24,899 Net movement in funds 24,899 Reconciliation of funds Total funds brought forward 457,091 Total funds carried forward 10 481,990 |
Restricted funds £ - 561 561 - - 335 896 896 18,600 19,496 |
Total 2023 £ 15,000 21,009 36,009 (4,059) (4,059) (6,155) 25,795 25,795 475,691 501,486 |
Total 2022 £ 15,000 18,128 |
|---|---|---|---|
| 33,128 | |||
| (6,463) | |||
| (6,463) | |||
| (5,156) | |||
| 21,509 | |||
| 21,509 454,182 |
|||
| 475,691 |
The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
THE ARKLETON TRUST
BALANCE SHEET AS AT 31 DECEMBER 2023
| 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 |
2023 £ 329,385 172,981 502,366 (880) 501,486 19,496 481,990 501,486 |
2022 £ 335,540 141,031 |
|---|---|---|
| 476,571 (880) |
||
| 475,691 | ||
| 18,600 457,091 |
||
| 475,691 |
The financial statements on pages 6 to 14 were approved by the Trustees, and authorised for issue on 3 July 2024 and signed on their behalf by:
E Stewart-Wood
......................................... Mrs E Stewart-Wood Trustee
The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
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.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
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.
Page 8
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
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.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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
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.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees 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.
Page 9
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
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 |
Unrestricted funds General £ 15,000 15,000 |
Total 2023 £ 15,000 15,000 |
Total 2022 £ 15,000 |
|---|---|---|---|
| 15,000 |
3 Investment income
| Unrestricted funds Designated £ General £ Interest receivable and similar income; Interest receivable on bank deposits 2,134 76 Other income from current asset investments 18,238 - 20,372 76 |
Restricted funds £ - 561 561 |
Total 2023 £ 2,210 18,799 21,009 |
Total 2022 £ 390 17,738 |
|---|---|---|---|
| 18,128 |
Page 10
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
4 Expenditure on charitable activities
| Note Administrative and secretarial support Bank charges Independent examination Grant funding of activities 5 |
Unrestricted funds General £ 280 60 930 2,789 4,059 |
Total 2023 £ 280 60 930 2,789 4,059 |
Total 2022 £ 798 84 930 4,651 |
|---|---|---|---|
| 6,463 |
5 Analysis of grants
| Grants to institutions | Unrestricted funds General £ 2,789 2,789 |
Total 2023 £ 2,789 2,789 |
Total 2022 £ 4,651 |
|---|---|---|---|
| 4,651 |
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
| 7 Current asset investments | ||
|---|---|---|
| Unlisted investments (liquid) 8 Creditors: amounts falling due within one year Accruals |
2023 £ 329,385 2023 £ 880 |
2022 £ 335,540 |
| 2022 £ 880 |
Page 11
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
9 Financial instruments
Financial assets
| Financial assets | ||||
|---|---|---|---|---|
| Financial assets measured at fair value through income and expenditure 10 Funds Balance at 1 January 2023 £ Incoming resources £ Resources expended £ Unrestricted funds General General Funds 31,394 15,076 (4,059) Designated Bernard Conyers Fund 275,521 13,601 - Sir John Higgs Fellowship Fund 150,176 6,771 - 425,697 20,372 - Total unrestricted funds 457,091 35,448 (4,059) Restricted funds David Moore Memorial Fund 18,600 561 - 18,600 561 - Total funds 475,691 36,009 (4,059) |
2023 £ 502,366 Other recognised gains/ (losses) £ - (4,162) (2,328) (6,490) (6,490) 335 335 (6,155) |
2022 £ 476,571 |
||
| Balance at 31 December 2023 £ 42,411 284,960 154,619 |
||||
| 439,579 | ||||
| 481,990 | ||||
| 19,496 | ||||
| 19,496 | ||||
| 501,486 |
Page 12
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
| 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 2022 £ 22,842 266,496 144,591 411,087 433,929 20,253 20,253 454,182 |
Incoming resources £ 15,015 12,013 5,780 17,793 32,808 320 320 33,128 |
Resources expended £ (6,463) - - - (6,463) - - (6,463) |
Other recognised gains/ (losses) £ - (2,988) (195) (3,183) (3,183) (1,973) (1,973) (5,156) |
Balance at 31 December 2022 £ 31,394 275,521 150,176 |
|---|---|---|---|---|---|
| 425,697 | |||||
| 457,091 | |||||
| 18,600 | |||||
| 18,600 | |||||
| 475,691 |
Page 13
THE ARKLETON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
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 £ 43,291 439,579 (880) - 42,411 439,579 Unrestricted funds General £ Designated £ 32,274 425,697 (880) - 31,394 425,697 |
Restricted funds £ 19,496 - 19,496 Restricted funds £ 18,600 - 18,600 |
Total funds at 31 December 2023 £ 502,366 (880) |
|---|---|---|---|
| 501,486 | |||
| Total funds at 31 December 2022 £ 476,571 (880) |
|||
| 475,691 |
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