## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## FINANCIAL STATEMENTS, 31ST DECEMBER 2021 Charity Commission Registration (England and Wales) 280824 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## FINANCIAL STATEMENTS, 31ST DECEMBER 2021 ## Contents |Trustees’ Annual Report|| |---|---| |Reference and administrative details|1| |Structure governance and management|2| |Objectives and activities|2 and 3| |Achievements and performance|3 and 4| |Financial review|4| |Responsibilities of the Trustees|4| |Independent Examiner’s Report to the Trustees|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8 to 16| Page 1 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## TRUSTEES’ ANNUAL REPORT, 31ST DECEMBER 2021 Reference and administrative details Registered name The Florence Ellison Trust Charity Commission registered number 280824 Jurisdiction of Charity Registration England and Wales Principal address and Registered Office 40 Half Moon Lane WORTHING BN13 2EN Trustees Miss C J Bawtree=Jobson, died 27th May 2022 Mrs P Blann W Gander G Geal B W Johnson, resigned as a Trustee 17th May 2021 Mrs P Richards |Except as noted above all Trustees served from 1
stJanuary 2021 to the date of this report.|Except as noted above all Trustees served from 1
stJanuary 2021 to the date of this report.| |---|---| |Mrs P Richards is named as a nominee for the Charity on the title of two Trust premises.|| |Secretary|G Geal| |Treasurer|B W Johnson| |Independent Examiner|Derek Longden| ||Chartered accountant| ||47 West Parade| ||WORTHING| ||BN11 5EF| |Bankers|CAF Bank Limited| ||25 Kings Hill Avenue| ||Kings Hill| ||WEST MALLING| ||ME19 4TA| |Solicitors|Messrs Green Wright Chalton Annis| ||1 London Road| ||ARUNDEL| ||BN18 9AZ| Page 2 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## TRUSTEES’ ANNUAL REPORT, 31ST DECEMBER 2021 Structure governance and management By her Will dated 8th March 1977 Miss Florence Ruth Ellison, who died on 4th April 1978, gave the residue of her Estate to The Durrington Free Church to help that church in its work among old people. The Durrington Free Church is now The New Life Church, Durrington. To administer that gift the Trust was established by a Trust Deed dated 14th July 1980. It was registered in England and Wales as a Charity, number 280824, on 30th September 1980. The Trust Deed vested power to appoint new Trustees in the Elders for the time being of the Durrington Free Church. The Durrington Free Church is now The New Life Church, Durrington. New Trustees are recruited from local persons who have relevant technical skills and business experience, usually within the personal acquaintance of serving Trustees and members of The New Life Church congregation. A Board of Trustees of not fewer than three nor more than seven meets at least twice a year and at other times as necessary to administer the Charity. The Trustees continue to monitor the local housing market for suitable additions to the Charity’s housing stock. There have been no significant changes in the Charity’s organisation or policies. The Charity’s social investment property is insured against loss under normal residential policies. Charity Trustee Indemnity insurance is maintained. The Trustees received neither remuneration nor, except as reported in Note 12 on page 15 of the Financial Statements, reimbursement of expenses incurred in connection with their work for the Charity. No Trustee nor any person connected with a Trustee received any disclosable service or any other disclosable benefit from the Charity. Objectives and activities The Trustees resolved that the intent of Miss Ellison be carried into effect by provision of homes for old persons of small means who had need of such facilities by reason of age or infirmity. The Trustees have bought both freehold and leasehold residential accommodation which is let at favourable rates to elderly and infirm persons. The Trust Deed requires that beneficiaries’ financial means be considered when rents and other financial matters are assessed. In confirming the Charity’s objectives and its activities the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on fee charging. Page 3 TRUSTEES’ ANNUAL REPORT, 31ST DECEMBER 2021 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT Objectives and activities, continued The Charity’s property portfolio, which during the year under review comprised eleven residential units, is concentrated in a small area in Worthing, West Sussex. During 2020 the Charity’s only bungalow became vacant. It offered neither the size nor the type of accommodation sought by current or recent applicants. It was, therefore, put on the market for sale and this was completed in June 2021. The sale permitted the secured long-term borrowing to be repaid without penalty. Two units units better suited to current applicants were acquired and were brought into use early in 2022 and further acquisitions are planned. During 2021 one unit fell vacant. After refurbishment it has been occupied since it was re-let in March 2021. The other ten units were let and were occupied throughout the year. Applications for accommodation are welcome from prospective residents wherever they may be located at the time but for reasons of efficient management it is not proposed to expand significantly the geographical area within which the Charity’s property is located. The Charity conducts no part of its activity through grant-making. The Charity holds no funds or other property as custodial trustee on behalf of any other entity. Achievements and performance The Charity is a Public Benefit entity which has continued to provide housing of good standard at reasonable cost to enable elderly and infirm persons of moderate means to live independent lives in comfort, dignity and security while reducing the call on publicly funded facilities. Trustees recognise that its investment property portfolio must be maintained to current standards both to safeguard the safety and welfare of its residents and to preserve the viability of its housing stock. Support is given to local tradesmen who undertake repair and refurbishment of Charity property on a commercial basis. Rents are set at values intended both to meet the expense of insurance, maintenance, regular refurbishment and other charges payable by the Charity and to permit access to accommodation by persons of small means. In considering the Charity Commission’s supplementary public benefit guidance on fee charging Trustees monitor the local housing market to ensure that rents charged to the Charity’s residents are not in excess of open=market rental values and where applicable assist them in obtaining Local Authority housing allowances. The Charity undertook no fundraising activity in 2021. THE FLORENCE ELLISON TRUST Page 4 DISCUSSION DRAFT TRUSTEES’ ANNUAL REPORT, 31ST DECEMBER 2021 Achievements and performance, continued The Charity’s only investments are in programme-related freehold and leasehold residential property. The property was acquired and is held in accordance with investment powers set out in the Trust Deed to meet the objects of the Charity. Surplus cash is held in interest-bearing deposits, any or all of which may be withdrawn without notice and without penalty. ## Financial review The Charity has ample finance for its regular expenses payable out of revenue. The Charity’s policy, which has not changed since inception, is that surplus income shall be accumulated in interest=bearing deposits until there is sufficient, having regard to the funding requirements of regular operating expenses and in conjunction with external loan funding if appropriate, to acquire, adapt and refurbish an additional letting unit. |||2021 2020| |---|---|---| |Cash at bank and in hand at 31
stDecember||314957 70496| |Net current assets at 31
stDecember||313883 59839| |Average net monthly inflow / (outflow), year to 31|stDecember|1958 1678| |All funds, unrestricted and undesignated||2732826 2469732| Capital expenditure is not committed until adequate funding is assured. Responsibilities of the Trustees The Charities Act 2011 requires the Trustees to prepare Financial Statements each financial year which give a true and fair view of the state of the Charity at the end of the year and of the surplus or deficiency for the year then ended. In preparing these Financial Statements the Trustees are required to select suitable accounting policies as described on pages 8 to 16 and then to apply them on a consistent basis, making estimates that are prudent and reasonable. The Trustees must also prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity shall continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for prevention and detection of fraud and other irregularities and to protect against loss from other causes. Approved by the Trustees and signed by their order 40 Half Moon Lane WORTHING BN13 2EN Secretary Page 6 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## STATEMENT of FINANCIAL ACTIVITIES for the year ended 31ST DECEMBER 2021 |||TOTAL FUNDS|TOTAL FUNDS| |---|---|---|---| ||Note|2021|2020| |||£|£| |Incoming resources|||| |Incoming resources from generated funds|||| |Voluntary income: donations, grants and legacies|1b|40|0| |Activities for generating funds||0|0| |Investment income, bank interest|1d|18|
47| |Incoming resources from charitable activities, gross rents 1e, 3||64330|64205| |Other incoming resources||0|0| |||-------------|-------------| |||64388|64252| |||------------|-------------| |Resources expended|1g||| |Costs of generating funds|||| |Costs of generating voluntary income||0|0| |Fundraising trading||0|0| |Investment management costs||0|0| |Charitable activities|3|31688|31822| |Governance costs|4|2220|2517| |Other resources expended||0|0| |||------------|------------| |||33908|34339| |||------------|------------| |Net incoming resources before other recognised gains and losses||
30480|29913| |Other recognised gains and losses|||| |On tangible fixed assets,|||| |programme=related social investment property 1h|||| |Realised gains||245521|0| |Unrealised gains||( 12907)|
186199| |||------------|------------| |Net movement in funds||263094|216112| |Reconciliation of funds|||| |Total funds brought forward||2469732|2253620| |||------------|-------------| |Total funds carried forward||2732826|2469732| |||=======|=======| All movements are in undesignated unrestricted funds. The Statement of Financial Activities incorporates the Income and Expenditure Account and the Statement of Comprehensive Income required by Financial Reporting Standard 102. All incoming resources derive from continuing activities. All resources expended are in respect of continuing activities. The notes on pages 8 to 16 form part of these Financial Statements. Page 7 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## BALANCE SHEET, 31ST DECEMBER 2021 ||||2021|2020| |---|---|---|---|---| ||Note||£|£| |TANGIBLE FIXED ASSETS||||| |Programme=related social investment property|1h, 5||2418943|2501961| |CURRENT ASSETS||||| |Debtors|1i, 6|5969|
6177|| |Cash at bank and in hand|1j, 7|314957|
70496|| |||----------|
---------|| |Total current assets||320926|
76673|| |||----------|
---------|| |LIABILITIES||||| |Creditors falling due within one year|1k, 8|3957|
14436|| |Provisions for liabilities|1k, 9|3086|
2398|| |||---------|
---------|| |||7043|
16834|| |||---------|
---------|| |NET CURRENT ASSETS|||313883|59839| ||||------------|------------| |TOTAL ASSETS LESS CURRENT LIABILITIES|||2732826|2561800| |LIABILITIES, Creditors falling due after one year|1l, 10||0|92068| ||||------------|------------| |TOTAL NET ASSETS|||2732826|2469732| ||||=======|=======| |GENERAL UNRESTRICTED FUNDS||||| |Unrestricted income funds|11||1205490|929489| |Revaluation reserve, unrealised gains on investment assets 11|||1527336|1540243| ||||------------|------------| |Total unrestricted charity funds|||2732826|2469732| ||||=======|=======| The notes on pages 8 to 16 form part of these Financial Statements The Financial Statements were approved by the Trustees on and they are signed on behalf of all Trustees by Page 8 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 1 Accounting policies ## 1a Bases of preparation The Financial Statements have been prepared: i on the presumption that the entity is a going concern; ii on the accruals basis under the historical cost convention at cost or transaction value, modified for the revaluation of fixed assets; iii in accordance with applicable charity law for England and Wales; iv in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard 102 applicable in the United Kingdom and the Republic of Ireland. The Trustees consider, having made due enquiry, that there is no uncertainty that the Charity, which is a Public Benefit entity, shall continue to function satisfactorily as a going concern because: a rental income continues to exceed all expenses of operation; b current assets continue to exceed current liabilities; c long=term borrowing, ie amounts due more than one year after the reporting date, was eliminated during the year and there is no short-term borrowing except for normal trade creditors; d the Charity has a long waiting list for potential residents; e for so long as the country’s supply of new and acceptably refurbished dwellings shall fail to meet the requirements of an increasing population there shall be a need for the type of modestly priced accommodation that the Charity is able to provide and accordingly the accounts have been prepared on the going concern basis. There has been no change in accounting policies nor has there been any change in the presentation of the Financial Statements except as required to comply with the aforementioned official instruction and guidance. ## 1b Incoming resources: donations, grants and legacies Income from donations, grants and legacies, including capital grants, is included in incoming resources when it is receivable except: i when a donor or testator specifies that a donation, grant or legacy made to the Charity must be used in future accounting periods the income is deferred until those periods; ii when a donor or testator imposes conditions which must be fulfilled before the Charity becomes entitled to use a donation, grant or legacy the income is deferred until the preconditions have been met. Additionally income from legacies is deferred until Probate has been granted and the Executors have established that the Estate has sufficient assets. Page 9 NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT - 1 Accounting policies, continued - 1c Incoming resources: intangible income Material intangible income and the corresponding expense in respect of donated services are included in the Statement of Financial Activities when a service is received on the basis of the value of the gift to the Charity where its value can be measured easily economically and reliably. 1d Incoming resources: investment income, bank interest Interest is included when it is credited by the bank. - 1e Incoming resources: charitable activities Rental income arising on the Charity’s social investment property portfolio, which is held in furtherance of the Charity’s objects, is credited when it is receivable under the respective tenancy agreements. 1f Incoming resources: income tax Recoverable income tax deducted from incoming resources is recognised on the same basis as the underlying income. 1g Resources expended Resources expended, including all Value Added Tax, none of which can be recovered by the Charity, are reported in the Statement of Financial Activities and in the Balance Sheet on an accruals basis. 1h Tangible fixed assets, programme=related social investment property The Charity owns both freehold and leasehold residential units. To fulfil the intent of Miss Ellison and in accordance with the Trust Deed of 14th July 1980 it lets those units at favourable rents to persons of small means who have need of such accommodation by reason of age or infirmity. All the residents enjoy the usual UK statutory provisions for security of tenure which could restrict the Charity’s ability to sell a unit with vacant possession. Page 10 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 1 Accounting policies, continued 1h Tangible fixed assets, programme=related social investment property, continued Programme=related social investment property is capitalised at cost. Cost includes: i the purchase contract price; ii all charges duties and fees payable on purchase; iii costs of initial refurbishment where this is required to bring an acquisition to an acceptable standard for occupation; iv subsequent improvements; v all associated Value Added Tax, none of which can be recovered by the Charity. Records for each property are maintained in the Charity’s books at cost. Since 1997 for the purpose of presentation in the Balance Sheet in compliance with the requirements of successive SORPs programme=related social investment property has been revalued annually in accordance with the House=price index for the UK Outer South=east region prepared from house price data by the Nationwide Building Society. No deduction is made for any costs that might arise on a sale. The unrealised gains from these revaluations are shown separately in the Statement of Financial Activities and in the Balance Sheet. 1i Current assets: debtors and prepayments Debtors are stated at the recoverable amounts for service rendered. Prepayments are stated at the respective amounts paid apportioned on a time basis. 1j Current assets: cash at bank and in hand Cash in hand, ie notes and coin, is no longer kept. All small items of sundry expenditure previously paid in cash are now settled by cheque or by bank transfer. Cash at bank is the aggregate of the balances shown at the reporting date on the Charity’s current and savings banking accounts adjusted as necessary for transactions initiated before the reporting date but not completed until the following year. Any or all of the balances can be withdrawn at any time without notice and without penalty. 1k Liabilities: amounts falling due within one year Sundry creditors and accrued charges are recognised for the amounts that are expected to be paid for goods or services received before the reporting date but not yet settled and for the amounts received in advance for services yet to be provided at the reporting date. Page 11 NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## 1 Accounting policies, continued - 1k Liabilities: amounts falling due within one year, continued Provisions for liabilities are recognised where there is an obligation but either the timing or the amount of the settlement is uncertain. A provision has been created and is augmented from time to time in amounts recommended by the managing agent for long=term repair of one of the Charity’s leasehold units. Neither the amount payable nor the timing shall be known until the agent commissions the work. Accordingly the Provision has been treated as an amount falling due within one year. ## 1l Liabilities: amounts falling due after one year The leasehold residential unit at 9 Palm Court, Franklin Road, Worthing was bought in February 2013. The purchase was funded in part by an unsecured loan from Charity Bank Limited. Negotiations to extend the terms of the leases of two residential units were concluded satisfactorily in 2017. The costs of these extensions and of the extension to the term of the lease of one other residential unit that was completed in 2016 were funded in part by a further advance coupled with an extension of the term to 2020 on the loan from Charity Bank Limited. One additional leasehold residential unit in Bakers Court Salvington Road Worthing was bought during 2019. The purchase was funded by additional borrowing from Charity Bank Limited. The opportunity was taken to consolidate this additional borrowing and the existing unsecured loan in a single secured loan at a significantly lower rate of interest. Borrowing from Charity Bank Limited continued to be repayable by equal monthly instalments of capital and interest until completion of the sale of the Charity’s bungalow in June 2021 permitted all borrowings to be repaid without penalty. The loan was measured at amortised cost using the effective interest method. Amounts shown in these accounts are confirmed by statements produced by Charity Bank Limited. ## 1m Offsetting There has been no offsetting of assets and liabilities or of income and expenses unless required or permitted by FRS 102 SORP or FRS 102. ## 2 Legal status of the Charity The Trust was established by a Trust Deed dated 14th July 1980. Charitable registration in England and Wales under number 280824 was granted on 30th September 1980. P4F 19 -12- -24- -34- 40 3 3 St Deans Bakgrs Ccm￿L Greery- ￿eÈn Maryo . Court area8 Palm TfyfAL .Court Blll3on court-- 2021 GROSS RBlll% 6240 5750 6240 5700 0 6240 6900 4940 5700 5700 5700 5220 64330 EXPBIISES . Cleaning Council tax Electricity Gardan Grotsnd rant Insurance IntereBt Legal £ea3 Maintenance Ref urb- *shment8 Repalr¥ Repalr8 resenre Water Window8 253 253 835 360 1115 332 1312 90 1669 835 88 128 144 .975 120 20 loo 120 112 200 242 870 Is 15 1507 42 2315 1929 1929 1276 1016 859 9324 4097 250 4097 230 10135 3290 810 223 3065 235 85 1317 6JO 688 146 688 153 150P 60 420 119 278 107 148 37 60 4030 6765 1944 4246 1097 2475 4548 513 192 1465 37 2932 1444 31688 REwfs 2210-1015 4296 1454-1097 3765 2352 4427 $508 4235 5663-2932 3776 32642 ZZ¥EV 2020 GROSS RENTS 6240 5700 6240 $700 1715 6240 SIIO 4940 S700 $700 5700 5220 64205 EXPBNSES Cle&nlng Counctl tax ElecLrlc*ty Garden Ground rent Insurance Interest Legal Cee8 Ma&ntenatt¢e Refurb- 605 605 200 159 1723 332 1496 230 4285 200 159 1443 160 120 loo 120 112 200 48S 811 40 40 3867 108 23110 1915 1915 1269 961 844 9204 8996 120 8996 65 2154 Repairs Repairs reservei Water Wlndow8 25 150 202 125 455 215 125 672 62S 183 625 187 1989 54 soi 254 243 139 179 303 54 886 2340 1955 $932 807 2410 10651 698 354 304 303 3744 1438 31822 5354 3360 4285 -232 908 3830-5541 4242 5346 5396 5397-3744 3782 32383 21£eprop Page 13 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 |4 Governance costs||| |---|---|---| ||2021|2020| ||£|£| |Financial service fees||| |Independent examination|688|688| |Other assurance services|0|0| |Taxation advice|0|0| |Consultancy|0|0| |Financial advice|0|0| |Accountancy|1032|1032| ||-------|-------| ||1720|1720| |Postage, stationery and sundry expenses|211|494| |Trustee insurance|193|243| |Bank charges|96|60| ||-------|-------| ||2220|2517| ||====|====| The Charity employed no staff during either financial year. 5 Tangible fixed assets, programme=related social investment property ||2021|2020| |---|---|---| ||£|£| |Reconciliation of market value||| |At 1
stJanuary|2501961|2315762| |Acquisitions and improvements at cost|0|0| |Cost eliminated on disposal|( 70111)|0| |Net adjustment on revaluations in the year|( 12907)|186199| ||------------|------------| |At 31
stDecember|2418943|2501961| ||=======|=======| |Reconciliation of cost||| |At 1
stJanuary|961718|961718| |Acquisitions and improvements at cost|0|0| |Cost eliminated on disposal|( 70111)|0| ||------------|-------------| |At 31
stDecember|891607|961718| ||=======|=======| Page 14 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 |6 Debtors|6 Debtors||| |---|---|---|---| |||2021|2020| |||£|£| |Income tax recoverable||0|0| |Sundry debtors||3490|2873| |Prepayments||2479|3304| |||-------|-------| |||5969|6177| |||====|====| |7 Cash at bank and in hand|||| |||2021|2020| |||£|£| |Bank|current account|1500|1500| |Bank|savings account|313457|68996| |Cash||0|0| |||-----------|----------| |||314957|70496| |||======|======| |8 Liabilities, creditors, amounts falling due within one year|||| |||2021|2020| |||£|£| |Accrued charges||3957|4227| |Secured loan, Charity Bank Limited||0|10209| |||--------|--------| |||3957|14436| |||=====|=====| |9 Liabilities, provisions, amounts falling due within one year|||| |||2021|2020| |||£|£| |Provision for leasehold property renovation|||| |At 1
st|January|2398|1773| |Additional provision made in the year||688|625| |Provision used in the year||0|0| |||-------|-------| |At 31|stDecember|3086|2398| |||====|====| Page 15 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 10 Liabilities, creditors, amounts falling due after one year |||2021|2020| |---|---|---|---| |||£|£| |Secured loan, Charity Bank Limited||Nil|92068| |||======|======| |11 General unrestricted funds|||| |||2021|2020| |||£|£| |Unrestricted income fund|||| |At 1
st|January|929489|899576| |Net incoming resources||30480|29913| |Realised gains / losses on investment assets||245521|0| |||-------------|-----------| |At 31|stDecember|1205490|929489| |||=======|======| |Revaluation reserve, unrealised gains on investment assets|||| |At 1
st|January|1540243|1354044| |Unrealised gains / losses in the year||( 12907)|186199| |||------------|--------------| |At 31|stDecember|1527336|1540243| |||=======|========| ## 12 Related parties The Trust was established as a result of Miss Ellison’s bequest to The Durrington Free Church, which is known now as the New Life Church, Durrington. The Elders for the time being of the church have the power to appoint new Trustees. Whilst several Elders were initially Trustees following the creation of the Trust as a separate body, most Trustees subsequently appointed are not Elders and there is now a minority of Trustees who are Elders. The Eldership does not seek to influence or set the policy of the Trust. Balances with The New Life Church ||||2021|2020| |---|---|---|---|---| ||||£|£| |At 31|stDecember||0|0| ||||====|====| |Largest amount during the year ended 31||stDecember.|0|0| ||||====|====| During the year the Charity has made use of copying equipment owned by one of the Trustees who has been reimbursed at the rate of 5p per sheet: 2021 £18.70, 2020 £17.05, 2019 £15.20. The Trustees received neither emoluments nor, except as noted in the previous paragraph, reimbursement of expenses incurred in respect of services rendered to the Charity. Page 16 ## THE FLORENCE ELLISON TRUST DISCUSSION DRAFT ## NOTES TO THE FINANCIAL STATEMENTS, 31ST DECEMBER 2021 - 12 Related parties, continued No Trustee nor any person connected with a Trustee received any disclosable service or any other disclosable benefit from the Charity. 13 Taxation The Trust is registered as a charity in England and Wales, Register number 280824. Under legislation in force for the two years ended 31st December 2020 and 31st December 2021 it is not liable to Income Tax, Corporation Tax or Capital Gains Tax on any income or gains applied to charitable purposes, nor is it liable to pay Stamp Duty on acquisition of land or buildings applied to charitable purposes. It is liable to pay Value Added Tax on all taxable supplies made to it: this tax is not recoverable.