REGISTERED CHARITY NUMBER: 289255
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
F C STOKES TRUST
Harrison Beale & Owen Limited Chartered Accountants Seven Stars House 1 Wheler Road Coventry CV3 4LB
F C STOKES TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
F C STOKES TRUST
REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 5 April 2021
| TRUSTEES | R J Brown |
|---|---|
| Mrs R S Brown (resigned 20.10.2020) | |
| Ms N Gregory (appointed 20.10.2020) | |
| PRINCIPAL ADDRESS | c/o Hammons Solicitors |
| Park House, Park Road | |
| Station Square | |
| Coventry | |
| West Midlands | |
| CV1 2FL | |
| REGISTERED CHARITY | 289255 |
| NUMBER | |
| INDEPENDENT EXAMINER | Harrison Beale & Owen Limited |
| Chartered Accountants | |
| Seven Stars House | |
| 1 Wheler Road | |
| Coventry | |
| CV3 4LB | |
| BANKERS | Lloyds Bank plc |
| Level 3, Citymark | |
| 150 Fountainbridge | |
| Edinburgh | |
| EH3 9PE | |
| SOLICITORS | Hammons Solicitors |
| Park House | |
| Park Road | |
| Station Square | |
| Coventry | |
| CV1 2FL | |
| STOCK BROKERS | Quilter Cheviot |
| 8th Floor | |
| Two Snowhill | |
| Birmingham | |
| B4 6GA |
Page 1
F C STOKES TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives, activities and public benefit
The objectives of the trust are to pay the income of the trust to or for the benefit of such charitable institutions or other charitable objects in England as the trustees may in their absolute discretion think fit. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities and settling the grant making policy for the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, 9 grant applications (2020 - 51) were approved in relation to 9 organisations (2020 - 48) totalling £11,500 (2020 - £32,990) details of which are provided in the notes to these financial statements.
Investment performance
The charity holds multi asset portfolio investments that are managed by Quilter Cheviot. These portfolios are held to preserve capital value whilst providing a small, sustainable level of income.
FINANCIAL REVIEW
Financial position
The trust is reliant on the income from its investment properties, quoted investments and other rights, the income from which totalled £54,096 (2020 - £58,685). The costs of generating this income totalled £12,241 (2020 - £8,985) with charitable support and governance costs of £4,305 (2020 - £3,180). The charity also paid out grants totalling £11,500 (2020 - £32,990) during the year. Overall unrestricted reserves have increased to £171,745 (2020 - £153,571).
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level that equates to approximately one year's unrestricted expenditure. This provides sufficient funds to cover the costs of generating funds, support costs and one year's grant applications. Any surplus funds are held in investments or short term deposits to help maintain the income levels in future years.
FUTURE PLANS
The trustees plan to maintain the level of grant funding given. The trustees are aware of the potential effects that the Covid 19 pandemic may have on the value of the investment portfolios and review these on a regular basis to be able to manage any large reductions in value. The investment properties are let out on long term tenancies and the trustees do not expect these to become void in the near future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
F C Stokes Trust is an unincorporated trust set up under the will of the late Frederick Charles Stokes, who died on 12 May 1962. The life tenant died on 19 February 1984 and the trust was registered with the Charity Commission on 16 April 1984 as registered charity number 289255.
Recruitment and appointment of new trustees
The trustees are recruited and appointed by the Board of Trustees under the trust deed. At the trustees meetings, the trustees discuss the grant applications, investments, reserves and risk management policies and performance.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have examined the major strategic, business and operational risks that the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Page 2
F C STOKES TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2021
Approved by order of the board of trustees on 8 December 2022 and signed on its behalf by:
R J Brown - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF F C STOKES TRUST
Independent examiner's report to the trustees of F C Stokes Trust
I report to the charity trustees on my examination of the accounts of F C Stokes Trust (the Trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the charity trustees of the 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Gregg Olner BA (Hons) MPhil ACA Harrison Beale & Owen Limited Chartered Accountants Seven Stars House 1 Wheler Road Coventry CV3 4LB
8 December 2022
Page 4
F C STOKES TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grants Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 52,252 8,993 23,005 31,998 - 20,254 153,571 173,825 |
Endowment fund £ 1,844 3,249 - 3,249 65,128 63,723 2,239,324 2,303,047 |
2021 Total funds £ 54,096 12,242 23,005 35,247 65,128 83,977 2,392,895 2,476,872 |
2020 Total funds £ 58,684 8,984 36,170 45,154 (31,148) (17,618) 2,410,513 2,392,895 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
F C STOKES TRUST
BALANCE SHEET 5 April 2021
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 108,179 - 108,179 69,801 2,408 72,209 (6,563) 65,646 173,825 173,825 |
Endowment fund £ 184,881 2,100,000 2,284,881 18,166 - 18,166 - 18,166 2,303,047 2,303,047 |
2021 Total funds £ 293,060 2,100,000 2,393,060 87,967 2,408 90,375 (6,563) 83,812 2,476,872 2,476,872 173,825 2,303,047 2,476,872 |
2020 Total funds £ 226,365 2,100,000 2,326,365 66,690 11,706 78,396 (11,866) 66,530 2,392,895 2,392,895 153,571 2,239,324 2,392,895 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2022 and were signed on its behalf by:
R J Brown - Trustee
The notes form part of these financial statements
Page 6
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Raising funds costs comprise those costs directly attributable to managing the investment portfolio and commercial property expenses. Grants payable are accounted for when the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust. Support costs represent the costs for processing grants and applications. Governance costs include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. The charity is not registered for VAT purposes, expenditure is therefore shown inclusive of any VAT.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The charity has a single permanent endowment. The trust provided for the trustees to invest the capital in perpetuity, the income of which is wholly unrestricted. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against unrestricted funds.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
| 2. INVESTMENT INCOME 2021 £ Rents received 52,250 Portfolio returns 1,844 Interest receivable 2 54,096 3. RAISING FUNDS Raising donations and legacies 2021 £ Insurance 3,033 Collection commission and agents' fees 3,469 Stockbroker's fees 3,248 Repairs and maintenance 1,928 General property costs 564 12,242 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 5) note 6) £ £ Grants 11,500 11,505 5. GRANTS PAYABLE 2021 £ Grants 11,500 |
2020 £ 52,934 5,744 6 |
|---|---|
| 58,684 | |
| 2020 £ 1,932 3,376 3,460 216 - |
|
| 8,984 | |
| Totals £ 23,005 |
|
| 2020 £ 32,990 |
continued...
Page 8
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
5. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Ashow PCC Acorns Children's Hospice Trust Age UK Barnardo's British Heart Foundation Cancer Research UK Castel Froma Cats Protection Cheylesmore Community Association City of Birmingham Symphony Orchestra Coundon Care Centre Charity Coventry Boys' Club Coventry Cathedral Coventry City Mission Coventry Recycling of Waste Crohns and Colitis Deafblind UK Dogs For Good Dogs Trust Feeding Coventry Guide Dogs Guy's Gift Hargeaves Narrowboat Trust Kenilworth Readers Services for the Blind Kidz Club Coventry Macmillan Cancer Support Marie Curie Mary Ann Evans Hospice Mercia MS Therapy Centre Molly Olly's Wishes Myton Hospice National Kidney Federation Nuneaton & North Warwickshire Equestrian Centre Nuneaton & Warwickshire Wildlife Sanctuary PDSA Royal National Lifeboat Institution Safeline SSAFA Stoneleigh & Ashow News Stoneleigh Meadows Society The Enterprise Club Disabled People The Friendship Project The Light House The Salvation Army Tiny Tim's Children Centre Warwickshire & Northampton Air Ambulance Warwickshire Young Carers Zoe's Place Baby Hospice |
2021 £ - 500 1,000 - - - - - - - - - - - - - - - - - - - - - - - 2,000 2,000 500 - 2,000 - - - - - - - - - - - 500 2,000 - 1,000 - - 11,500 |
2020 £ 500 1,000 400 500 500 100 500 500 500 750 500 500 1,000 1,000 750 1,000 500 500 500 750 1,000 500 750 500 1,000 1,000 500 500 500 750 750 500 500 750 500 500 750 500 250 1,740 1,000 500 1,000 750 750 1,500 500 1,000 |
|---|---|---|
| 32,990 |
continued...
Page 9
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Grants | 7,200 | 4,305 | 11,505 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
R J Brown provided clerk and agency services during the year at a cost of £7,200 (2020 - £1,080).
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grants Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 58,685 8,985 36,170 45,155 - 13,530 140,041 153,571 |
Endowment fund £ (1) (1) - (1) (31,148) (31,148) 2,270,472 2,239,324 |
Total funds £ 58,684 8,984 36,170 45,154 (31,148) (17,618) 2,410,513 2,392,895 |
|---|---|---|---|
continued...
Page 10
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020 There were no investment assets outside the UK. Cost or valuation at 5 April 2021 is represented by: Valuation in 2021 Cost Fixed asset investments are held as multi asset portfolios managed by Quilter Cheviot. INVESTMENT PROPERTY FAIR VALUE At 6 April 2020 and 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020 |
Listed investments £ 226,365 116,513 (115,144) 65,326 293,060 293,060 226,365 Listed investments £ 46,940 246,120 293,060 £ 2,100,000 2,100,000 2,100,000 |
|---|---|
10. INVESTMENT PROPERTY
Investment property comprises Heath Farm and Wilcox Gorse in Wolston and 302 London Road in Coventry. Heath Farm and Wilcox Gorse are valued at £2,000,000 and have an historic cost of £41,106. 302 London Road is held at £100,000 with an historic cost of £937.
Heath Farm and Wilcox Gorse has generated income of £46,375 (2020 - £47,810). 302 London Road has generated income of £5,875 (2020 - £5,125).
Heath Farm and Wilcox Gorse were valued by Loveitts Commercial at 5 April 2014 at open market value and 302 London Road was valued by Payne Associates at 5 April 2014 at open market value. The trustees have reviewed these valuations at each subsequent reporting date and consider that the carrying value is materially consistent with these valuations.
continued...
Page 11
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Investment cash account Rent debtor Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Independent examiner's and accountancy fees Rent in advance Accrued expenses 13. MOVEMENT IN FUNDS At 6.4.20 £ Unrestricted funds General fund 153,571 Endowment funds Permanent endowment 2,239,324 TOTAL FUNDS 2,392,895 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 52,252 (31,998) Endowment funds Permanent endowment 1,844 (3,249) TOTAL FUNDS 54,096 (35,247) |
2021 £ 66,746 16,998 1,107 3,116 87,967 2021 £ 2,100 - 4,463 6,563 Net movement in funds £ 20,254 63,723 83,977 Gains and losses £ - 65,128 65,128 |
2020 £ 64,916 - - 1,774 66,690 2020 £ 2,100 9,766 - 11,866 At 5.4.21 £ 173,825 2,303,047 2,476,872 Movement in funds £ 20,254 63,723 83,977 |
|---|---|---|
continued...
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F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Permanent endowment TOTAL FUNDS |
At 6.4.19 £ 140,041 2,270,472 2,410,513 |
Net movement in funds £ 13,530 (31,148) (17,618) |
At 5.4.20 £ 153,571 2,239,324 |
|---|---|---|---|
| 2,392,895 |
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 58,685 (45,155) - Endowment funds Permanent endowment (1) 1 (31,148) TOTAL FUNDS 58,684 (45,154) (31,148) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 6.4.19 in funds £ £ Unrestricted funds General fund 140,041 33,784 Endowment funds Permanent endowment 2,270,472 32,575 TOTAL FUNDS 2,410,513 66,359 |
Movement in funds £ 13,530 (31,148) (17,618) At 5.4.21 £ 173,825 2,303,047 |
|---|---|
| 2,476,872 |
continued...
Page 13
F C STOKES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 110,937 | (77,153) | - | 33,784 |
| Endowment funds | ||||
| Permanent endowment | 1,843 | (3,248) | 33,980 | 32,575 |
| TOTAL FUNDS | 112,780 | (80,401) | 33,980 | 66,359 |
F C Stokes permanent endowment fund was established in 1984 for the benefit of such charitable institutions or other charitable causes in England as the trustees may, in their absolute discretion, think fit.
Unrestricted reserves represent cumulative surpluses since inception.
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021.
Page 14
F C STOKES TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 52,250 | 52,934 |
| Portfolio returns | 1,844 | 5,744 |
| Interest receivable | 2 | 6 |
| 54,096 | 58,684 | |
| Total incoming resources | 54,096 | 58,684 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Insurance | 3,033 | 1,932 |
| Collection commission and agents' fees | 3,469 | 3,376 |
| Stockbroker's fees | 3,248 | 3,460 |
| Repairs and maintenance | 1,928 | 216 |
| General property costs | 564 | - |
| 12,242 | 8,984 | |
| Charitable activities | ||
| Grants to institutions | 11,500 | 32,990 |
| Support costs | ||
| Management | ||
| Clerk's fees | 7,200 | 1,080 |
| Governance costs | ||
| Independent examiner's fee | 4,305 | 2,100 |
| Total resources expended | 35,247 | 45,154 |
| Net income before gains and losses | 18,849 | 13,530 |
| Realised recognised gains and losses | ||
| Portfolio gains/losses | 65,128 | (31,148) |
| Net income/(expenditure) | 83,977 | (17,618) |
This page does not form part of the statutory financial statements
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