Charity Registratlon n• 303078 THE FASSNIDGE MEMORIAL TRusr TRusfEES' REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 fassnidge A charity serving generations of Hillingdon people
THE FASSNIDGE MEMORIAL TRusr LEGAL AND ADMINisfRATIVE INFORMATION TNstses MrJ Attias Mrs M Lally Mrs J Marren-King MrA Bennett Mrs R Chamdal Mr K Martin Dr R Gudi (Appointed 20 September 20231 Mr C Liberty (Appointed 17 May 20231 Charity no. 303078 Address Kate Fassnidge Community Hall 2 Harefield Road Uxbridge UB8 1GW Audltors Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN Bankers Lloyds Bank plc 21-22 High Street Uxbridge Middlesex UB8 1JD
THE FASSNIDGE MEMORIAL TRusr CONTENTS P•ge Trustees, Report Auditors, Report 9-12 Statement of Financial Artivities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Accounts 16-24
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 315t Marth 2024 We aim to become the leading Charity for older people in the London Borou h of Hillingdon Registered Name Charity Number Address THE FASSNIDGE MEMORIAL TRUST 303078 Kate Fassnidge Communty Hall 2 Harefield Road Uxbridge UB8 IGW Website www.fassnid echari .or Charftsble ObAectlves The original bequest was bythe will of Kate Fassnidge11863-19501 of Uxbridge. The Charity was set up in 1994 with the aim of benefiting= 1. Old persons living in the former Urban District of Uxbridge,. 2. Old person5 living in the London Borough of Hillingdon,. and 3. Any charitable purposes benefiting the inhabitants ofthe London Borough of Hillin9don. Today the Charity fulfils these objectives by focusing on helping older people in the London Borough of Hillingdon and is actively looking at new ways to expand the help that it offers. l Results rthe 3141 Ma Th• Charity recorded a surplus of £126k for th• y•ar. Expenditure on Charftable Objortive4 mainly focussed on the elderly. In¢roas•d by £3kto £71k. The Charity aims to breakeven each year and this was achieved with charitable expendlture plus running costs being covered by Income with a surplus of £6k. Unrealised 9ains on the CharW$ invostments of £120k resulted in an overall Surplus of £126k. The Charity holds invoStments with a long-temi view. is prepared for $hort term flurtuations in value and has sufficient assets to be able to absorb these fluctuations in the short to medium tern).
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 31" March 2024 Surplus/lDef1CltI Expenditure on Charitable Objectives, Income Running Cost5 Unrealised gain/llossl on investments Balance Sheet Assets Balance Sheet Net A55ets £126,057 £70.526 £185.959 £109.440 £120,065 £2.781,986 £2.759.013 Up £270,161 Up £3.326 Up £30.629 D¢)wn £2.524 Up £261.808 Up £127.370 Up £126.057 Expendlture on Charitsble Objectives The Trustees fulfil the ChariW5 objectives by providing support to people in need in the London Borough of Hillingdon with a focus on support for the elderly. The main initiatives for this year included grants for essential household items such as white goods. supplyin9 Christmas Hampers and running events for the elderly. In May 2023 the Charity employed two part time employees to run coffee mornings and lunche5 for local older people allowing them to come tO9ether and socialise. The Charity is continuing to build on this initiative which has been very well received by the participants. Total expenditure on these objectives for the year ended 3151 March 2024 was £70.526, up slightlyfrom £67,200. Expenditure Year to Expenditure Year to 31103124 31103123 Assistanc8 Grants
Provided to individuals in need for whrte go¢Jds. carpet5 &fuTtitture_ Applied for by local organisations on behalf of individua15. Grants are also available to local or9anisations meeting the objeclives olthe Chartty. Applications are assessed a9ainst the Chartys aims & available bvd et. Supplied 750 Christmas HampeTS to local organisaiions for distribution to the elderly and eed Cost to set up and run coffee rnomings and lunthes including stsff costs and notional thor9e for use of Uxbrid e Hall Held Coronation Celebration Eventsfor the elder induding catering. The events were designed to help those who may feel isolated to mix with other5 to celebrate and built on the Jubilee Celebration Events held in the previou5 ear. 13,101 19,074 Hampers 20.721 24.181 Coffee Mornings 18.656 Events 2.527 2,472 Totsl Hall Hire 55.065 45.727 613.5 hours Notional cost Allow Ial oiganisalion510 hire Community Halls at no or reduced cost wheie the actsvity is for the direct benefit ofthe elde ndibJr• 442 hoLJf5 Nolional cost £15,461 70.526 £21.473 67.200 Total Includln Nollon•l I Including notional expenditure from free Hall Hires where hires directly meet the Charitys objectives
THE FASSNIDGE MEMORIAL TRUST ANNUAL REpoJrf for the year ended 31$1 March 2024 Charitable activities and the Charitys running costs are funded by income generated from the ChariWs Permanent Endowment and investments. The Trustees have chosen to invest surplus funds in investment trusts with a view to protecting the long-term future of the Charity. In line with that strategy. during the year the Charity has invested part of its bank deposits in investment funds. Investments have increased in value during the year by £261,808 a5 a result of stock market volatility reversin9 the loss in the previous financial year. During the yearthe Charity took the decision to mothball the Northwood Community Hall to avoid incurring additional costs. The Charity are actively looking foroltemative uses for the Hall. Bookvalue 31103124 Bookvalue 31103123 The Cedar5 Freehold Property Leased to Trinty Homeless Projects Darren House Leasedto A Ioc31 com Cazenove Charities Muhi-As5et Fund 149,140 149,140 1,113.340 1,049,227 Total P•nnanent Endowffl•nt 1.261410 1.198.367 Kate Fassnidge Community.Hall at 2 Harefield Road Uxbridge Available ro hire forthe localcommunty 87,874 89.910 76 High Street Northwood 8 Flats & Community Hall 185.490 186,570 Ca2enove chareS Multi-A5set Fund including Oepostt Various Investment Funds including Deposit Bank Dep051t Total Oth•r Inv•sthi•nts Oth•r Ass•ts Office Equipment Cash at Bank Debtors Total Assets 714.736 512.576 9.042 1.509,718 742,435 283,767 140,165 1.442.847 1.298 2.914 5.576 2.781.986 3,030 4,346 6,026 2.654.616
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORTforthe year •ndd 31" Marth 2024 Income Income for year has increased by £30.629 mainly due to an increase in income received on the Charity's Fund Investments. Year to Yearto 31103124 31103123 Hire of Communi Halls, Interest on Bank and Fund De Pro Rental Income frotn Investments Reimbursement ol Insurance DonatlOn5 Total Incom• 31.069 7,219 61,800 82,713 3.157 11,264 460 64,156 75,948 1,872 1,630 155.330 osits 185.959 Expenditure Expenditure has decreased marginally this year by £2.524. The Trustee5 keep a tight control over expenditure, all ofwhich must be preapproved or covered by approved budget, to ensure the Trustees maximise the amount that can be used to meet objective5. ensure the Charity remains financially sound and to maintain property investments in a state required to maintain rental income. Yearto Yearto 31103124 31103123 ee cotn ensation and bene1rt53 aintenance al and Estate 5ervice5 Office c05ts Auditfee Insurance Communi Hall runnin Fund mana ement fees Fixed asset de reciation Other ex enses Total fiditsr• 45,360 44,921 1,177 17,597 1,229 6,720 4,151 21,211 7,358 5.721 9.237 111.964 Pro 9,324 5.429 6.720 4,221 23.400 9,125 4,848 10,138 109.440 Including notion31 charge for Free Hall Hires totalling £23.529 Excludes employee compensation and benefits for Coffee morning employees included within expenditure on charitable objectives.
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for th• year end•d 31" March 2024 Governance & Running of the Charity The Trustees, who are all volunteers, meet regularly to manage the Charity. The Trustees have continued this year to focus on the future strategy of the Charity and the five-year development plan. As well as considering future strategy the Trustees undertake, on an ongoing basis, risk assessment of the Charity's activities. Action is taken to remediate risks where this is deemed necessary. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public ber)efit when reviewing the Charitys aims and objectives and in planning future activwties and setting the grant making policy for the year. The Charity employs two Charity Managers. both of whom work parttime, to look afterthe day to day running of the Charity including submitting proposals to the Trustee5 for initiatives to fulfil the Charity's objectives. The Charity also employs a part time caretaker to look after the Comrnunity Halls and parttime employees to run and manage coffee mornings and other events for local older people. The Charity has set up a Charitable Incorporated Organisation ICIOI with the intention to move its operations to the CIO in the future. No timescale has yet been set for the transltion and this is expected to be in morethan 12 months from the date of this report. The Trustees of the Charity, during the yearto 31° March 2024, and to the date ofthe signing of these Accounts, were as follows= James Attias Adam Bennett Reeta Chamdal Reva Gudi Marian Lally Connor Liberty Johanna Marren-King Kelly Martin Susan O'Brien Chair (Appointed 20 September 2023) (Appointed 17 May 20231 (Resigned 18 September 2024) To ensure adequate rotation, as well as to encourage new initiatives, the Trustees seTve a maximum oftwo consec1Ve terms offouryear5 each. FormerTrustees may be reappointed after a suitable inteal. The Trustee5 undertake regular reviews of skillsets to ensure a spread of experience in different fields.
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 31*1 March 2024 The Trustees seek professional advice and support as they deem necessary. Legal Adviser Frazine Johnson of Frazine Johnson Solicitors Old Bank Chambers 32 Station Parade Denham Buckinghamshire UB9 SEW Architects and Project Managers Dawy Project Management Limited 9 Painters Close Bloxham Oxfordshire OX15 4QY Valuers and Chartered Surveyors The Frost Partnership 1 Burkes Parade Beaconsfield Buckinghamshire HP9 1NN Accountant Fiona Morgan FCCA Auditors Ward Williams Bay Lodge 36 Harefield Road Uxbridge UB8 IPH Bankers Lloyds Bank plc 21-22 High Street Uxbridge UB8 IJD Climate Change & Sustainability The Trustees have considered the impact of the Charity's activities on climate change and are looking to expanding this further in the future. The Charity's main investment in the Cazenove Charities Multi-Asset Fund is classified as green for climate change by Schroders SustainEx and future investments will be assessed for climate impact. The Charity in the pastfewyears have tsken stepsto minimise use of paper and printing by initiative5 including replacing hard copy reports for regular meeting5 and using electronic medium wherever possible. Where white goods are supplied for grants, the Charity will look to supply the most energy efficierit model available for the price agreed.
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 31" Marth 2024 Ro$ervo$ The Charity continues to hold a significant amount of assets and is well placed financially to build on achievements to date. The funds available, where not required forthe dayto day riJnnin9 of the Charity, are invested to generate income to meet the aims and future strategic vision of the Charity. Unrestricted Funds are required to provide funds to cover and fulfil the objects of the Charity, and the Trustees consider it prudent that unrestricted reserves should be sufficient to cover at least one yearfs expenditure based on the prior financial year. The amount of liquid assets available is monttored against prior year expenditure, at least quarterly. Currently liquid assets are well in excess of annual expenditure. Investment Pollcy The full Investment Policy of the Charity is available on demand from the registered correspondence address. The Charity aims to invest surplus funds to achieve capital growth and income sufficient to sustain the Charity and to carry out the Charity's objectives both in the present and the future. by way of medium risk well diversified investments. Specific investment objectives are.. Maintsin the portFolio received at the start and continue its investment and growth for the future.. Produce a steady income for the purposes of the Charitys objectives,. Enhance the property portfolio for the Charitys continued stability,. and Make investments for lon9-term capitsl growth to support the continuance of the Charity in perpetuity. From 1st November 2017 the Trustees approved use ofthe totsl return approach for the permanent endowment invested in the Cazenove Charttie5 Multi-Asset Fund. Use ofthis approach allows any gains on the investment whether capitsl gains, dividends, or other income, to be used by the Charityto further its aM$. Ststement of Trust••< Ro$poft$ibiliti•$ The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice}. The law applicable to chartties in England & Wale5 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:
THE FASSNIDGE MEMORIAL TRusr ANNUAL REPORT for the year end•d 31" March 2024 select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 IFRS 102); makejudgements and estimates thatare reasonable and prudent- stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless It IS inappropriate to presume that the charty will continue in operation. The Trustees are responsible for keepin9 accounting records that disc105e 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 Charity (Accounts and Reports) Re9ulations 2008 and their Trust Deed. They 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 irregularitie5. Signed on behalfof the board oftrustees Adam Bennett-Trustee (Chairl Date:..................
REPORT OF THE INDEPENDEKf AUDrroRS TO THE TRUSTEES OF THE FASSNIDGE MEMORIAL TRusr FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statement5 of The Fassnidge Memorial Trust (the 'charity'l for the year ended 31 March 2024 which cornprise of the Statement of Financial Activities. the Balance sheet. the Ststement of Cash Flows and related notes to the financial statements. including a summary of si9nificant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin9 Stsndard 102 The Financial Reporting Standard applicable in the UK.and Republic of Ireland IUr)tted Kingdom Generally Accepted Accounting Practice). In our opinion the financFal statements.. give a true and fair view of the state of the charit5 affairs as at 31 March 2024, and of its incoming resource5 and application of resources. forthe year then ended.. have been properly prepared in accordance with United Kin9dom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions r•l•ting to goin9 concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions tha¢ individually or collectively, may cast significant doubt on the trust's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are auth0ri5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to 90ing concern are described in the relevant sections of thi5 report.
10 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEES OF THE FASSNIDGE MEMORIAL Trusr FOR THE YEAR ENDED 31 MARCH 2024 Other Inforniation The trustees are responsible for the other infomation. The other information comprises the information included in the trustee5' annual report. other than the financial statemènt5 and our auditorfs report thereon. Our opinion on the financial statèments does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon. In connection with our audrc of the financial statements, our responsibility is to read the other information and, in doing so, considerwhether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially mi55tated. we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the finan¢ial statement5 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information. we are required to report that fact. We have nothing to report in thi5 regard. Matters on whlch w• ar• Mqulr•d to report by •xnption We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial ststements is inconsistent in any material respect with the trustees, report-, or sufPicient accounting records have not been kept- or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. Responslblliti•s of trust•es As explained more fully in the tru5tees' responsibilities statement set out on pagè$ 7 and 8, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so.
11 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEES OF THE FASSNIDGE MEMORIAL Trusr FOR THE YEAR ENDED 31 MARCH 2024 Audito5 r•sponsibilities for th• audit of th• financial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or èrror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 9uarantee that an audit conducted in accordance with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these fbnancial Statements. Irre9ularities. including fraud, are tnstances of non-compliance with law5 and regulations. We design procedures in line with OUT responsibilities, outlined above. to detect material misstatements in respect of iegUlar1ties, includin9 fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory frameworks applicable to the trust and the sector in which they operate. We determined that the followin9 was most significant= the Charities Act 2011. We obtained an understanding of how the trust are complying with those legal and regulatory frameworks by making inquiries to the management of the trust. We corroborated our inquiries through our review of correspondence during our audit work. We assessed the susceptibility of the trusfs financial statement5 to material misstatèmenL including how fraud might occur. Audit procedures performed included: identifyin9 and assessing the design effectiveness of controls management has in place to prevent and detect fraud; understanding how those charged wtth governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting proce5S.' challenging assumptions and judgements made by management in it's significant accounting estimates,. identifyin9 and testing journal entries. in particular and journal entries posted with unusual accouFIt combinations: and assessing the exient of compliance wtth the relevant laws and regulation5. Because of the inherent limitations of an audit. there is a riskthat we will not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-compliance with re9ulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected ID the financial ststements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regardin9 irregularities occurrin9 due to fraud rather than error, as fraud involve5 intentional concealmenL forgery. coIIu5ion, omission or misrepresentation.
12 REPORT OF THE INDEPENDEKf AUDrroRS TO THE TRusfEES OF THE FA5SNIDGE MEMORIAL TRusr FOR THE YEAR ENDED 31 MARCH 2024 A fijrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= WYW.frc.or9.Uklaudlt0rsresponSlb1lltle$. This description forms part of our auditorfs report Use of our report This report 15 made solely to the chariws tmstees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys trustees those matterswe are required to stateto them in an auditorf5 reportand fornootherpurpose. Tothefvllestextent permitted by law.wedo notacceptorassume responsibility to anyone other than the charity and the charitys trustees a5 a body. for our audit work, for thi5 report. or for the opinions we have formed. WARD WILUAMS Statutory Auditors Belgrave House 3943 Monument Hill Weybridge Surrey KT13 8RN Ward Williams is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
13 THE FASSNIDGE MEMORIAL TRUST STATEMEKf OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31 MARCH 2024 VAStrted KEd Endowment Funds Funds Funds Totsl 2023 2024 1Thrn• •Thd Md•wm•nts from: Incoming resources from 9enerated funds-. Donations and legacies Charitable Acbvttse5 Investments 1,630 13,136 140,564 10.697 151.733 10.697 151.733 Totsl IncomlThg r•sour N•t• 2 162.430 162.430 155.330 xp•nd1fv Oth: Chariia61e Athvfties 156.438 156A 157,691 Tot•1 •xp•n¢frtur• Nots3 156.438 156A38 157.691 Net gain4lossl on investments Nots 4 SS.952 64.113 120.065 1141,7431 N•t Incorn• I l•xpendltur•l 61.944 64.113 126.057 1144,1041 Tr•nsf•rs b•tw••n hnds Nel mov•m•nl In tsnds 61.944 64,113 126.057 1144.1041 R•ton¢ill•tion of fvnds T¢sts1 fvnds bv•ughtfoTh¥•rd At 1 Aprfl 2023 1.420,266 1,202,690 1622.956 2,767.060 Totsl lunds brou9htforward At 31 March 2024 N*)t• 11 1.482.210 1.266,803 1749.013 2,622,956 All income and expèndtture derive from continuing activitie5. The statement of financial activtties includes all gains and105ses reco9nised during the year.
14 THE FASSNIDGE MEMORIAL TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 FIXED ASSErs Tangible assets 423.802 428,650 CURRENT ASSErs Investments Debior5 Cash at bank and in hand 2.349.694 5.570 2.914 2.215,594 6,026 4,346 2,358.184 2.225,966 CREDITORS: Amounts f•lllThg du• within on• y•ar {22.973) 121,6601 Nrf CURREKfASSErs 2335.211 2,204,306 NEf ASSErs 2.759.013 2.632,956 REPRESENTED BY: Capital bequest 10.000 10.000 Unrestricted funds Endowmentfunds 1A82.210 1.21J6.803 1.420.266 1.202,690 2.749,013 2.622.956 TOTAL FUNDS 2.759.013 2.632,956 The accounts were approved by the trustees on . tsotknj 2£ . Signed on behalf on the trustee5 Adam Bennett-Trustee (Chairl
15 THE FASSNIDGE MEMORIAL TRvsr STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flow from opernting activili•s (se• r•conclllatlon below): N•t cash flow from op•r[9 acdvhl•s 42,73S 1214.7651 Cash Ilow from Inv•stlng acdvltl•s Payments to acquire tangible fi'xed assets Interest received Rè-invested income from investments 13,8951 461 75,947 7.220 82.713 N•t Cash flowfr•m Inv•silng a¢ilvltl¢s 89.933 72,513 N•t irtuoas•lld¢crnas•) in Cash and Cash equivalents 132.668 1142,2521 Cash and cash equivalents at 1 April 2023 2.219,940 2.362,192 Cash and cash equivalents at 31 March 2024 2.352,608 2.219.940 R•conciliation of n•t incom• / (•Xp•ndlr•J to n•t cash Ilow from operating •cliviti•s Net incomellexpenditurel for the year Depreciation of tangFble fixed assets Interest receivable Income from muki asset investment fund Decrease in debtor5 Increase/ldecreasel in creditors 126,057 4.848 (7.2201 {82.7131 450 1.313 1144.1041 5,720 14611 175,9471 2,908 12,8811 N•t ¢a$h llow fr•m op•ralin9 athrbe5 42.735 1214,7651 Cash and cash equivalents as at the year-end of £2.352.60812023.. £2.219.9401 consists of cash at bank and in hand of £2.91412023-. £4.3461 and invested surpluses in multi-asset funds and deposit account5 of £2.349.69412023.. £2,215,594}.
16 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 Summary of slgnlficant accountlng policies Gen•ral information and basis of preparation The Fas5nidge Memorial Trust is a Charity registered in the United Kingdom. The address of the Charity is given in the Trustees report on page l of these financial statements. The nature of the Charitys operations and principal activities are ststed in the trustees report on pages 1 to 8. The Charty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accountin9 and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (published in October 20191. the Charities Act 2011 and UK Generally Accepted Practice. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their 3ccount5 in accordance with the Financial Reportin9 Stsndard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared under the historical cost convention. The h'nancial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest £. The Significant accounting policies applied in the pParatIon of these linancial ststements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Golng Conc•m At the time of approving the accounts. the trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, with the charity having substantial reserves available for furtherance ol tts charitsble activities. Thus the trustees continue to adopt the going concern basis of accounting in preparing the account5.
17 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Tanglble rd ass•ts and d•pr•cialion The charity's fixed assets consist ol.. freehold properties and the subsequent development expenses olthe propertie5- leasehold property and fixtures and frttings which relate to the property. The assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the c05t less the estimated residual value of each asset over its expected useful life as follows= Freehold property.. Leasehold property.. Uxbrid9e hall.. Fixtures and fittings= No depreciation calculated Over lease lifetime of 1501125 years (her 20 years Over 5 to 20years InvlMents Pooled investments are valued using thè mid-market price at the year-end date. Changes in the market value of investments are recognised in the Statement of Financial Activitie5. Incomlng rnsources These are included in the Statement of Financial Activities when the charity becomes entitled to the resources. the trustees are virtually certatn they will receive the resources and the monetary value can be measured with Sufficient reliability. Resourtes expend•d All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlemerht will be required and the amount of the obli9ation can be measured reliably. Irrecoverable VAT is charged as an expense against the classification for which expenditure arose. Funds Unrestricted funds are those fund5 which are available for use at the discretion of the trustees in lurtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are those lunds which must be spent as income on the particular purpose5 specilied by the donor. Endowmentfunds are those fundswhich the charity must hold and retain and not spend a5 income.
18 THE FASSNIDGE MEMORIAL TRUST NOTES TO TrIE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 Cash and equivalents Cash and cash equivalents are basicfinancial assets and include cash in hand. deposits held at call with bank5, Other 5hort-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdraft5 are shown within borrowings in current liabilities. Employee beneffts When employees have rendered service to the charity. short-tem employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange forthat service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. INCOMING RESOURCE5 FROM GENERATED FUNDS 2024 2023 Donations and l•gaaes Donation5 from Uxbridge Bikers 1.630 1.630 Charitable Activili•s Kate Fassnidge Communty Hall - Northwood Kate Fassnid9e Cornmunty Hall- Uxbridge Re-imbursement of Insurance 1.177 6.363 3.157 3.584 7.680 1.872 10.697 13,136 Inveslment Inwm• Bank deposit interest Rent received Multi-asset fund income 7.220 61.800 82,713 461 64.156 75.947 151.733 140,564 Total 162A30 155,330
19 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE Accoumrs FOR THE YEAR ENDED 31 MARCH 2024 CHARrrABLE AcrivrriES 2024 2023 Grants and donations made: Social & Housing Welfare needs Purchase of Christmas hampers Coffee Moming5 15.688 20.721 3.559 21,546 24.181 39.968 45.727 Property malntenance and Improvement General maintenance of properties Propety Insurance Kate Fassnidge Communty Hall running costs Kate Fassnidge Community Halls depreciation Office Equipment depreciation 1,177 4,151 21,211 3,949 1,772 4,221 23.400 3.361 1.487 32A69 32,260 Administr•tion •nd gov•rnance Wages and salaries Employment expenses Employment training Support charges- Legal and cleTking Support char9es- Estates and valuations Website design and h05ting Expenses of meetings. refreshments etc Auditors remuneration Managementfee Office costs Bankfees 50.946 429 1.015 8.124 1.200 30 977 6.720 9.125 5.429 44,410 511 10,260 7,337 44 1,820 6,720 7,358 1,229 15 84.001 79,704 Total 156A38 157,691
20 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 OTHER GAINS/(LOSSES) 2024 2023 Unrealised 9ainlllossl on investsments 120.065 1141,7431 120.065 1141.7431 EMPLOYEES 2024 Number 2023 Number Number of employees: The average monthly number of employees during the year was.. Employmgnt wsts Wages and salaries Social se¢urtty costs Employer pension costs 49.851 43,249 1.095 1,161 50.946 44,410 There were no employees whose annual emoluments were £60.000 and above.
21 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSErs Northwood Uxbrfd9e fixturn$ Hall {KFCH) Hall & ffttings Th• C•d•r4 Totsl Cost as at 1 April 2023 Additions i 0,000 197.049 101,037 16.952 325,038 i 0.000 197.049 101,037 16.952 325,038 Development C05ts.' As at 1 April 2023 Development costs this year 139,140 139.140 As at 31 March 2024 149.140 197,049 101.037 16,952 464.178 Depreciation costs.. As at 1 April 2023 Charge for current year 10,479 1.080 11.127 2,036 13,922 1,732 35,528 4.848 As at 31 March 2024 11.559 13,163 15.654 40,376 NBV at 31 Marth 2024 149.140 185A90 87.874 1.298 423.802 NBV at 31 March 2023 149,140 186.570 89,910 3,030 428,650 lal Bequest by Mr5 Fassnidge. This asset consists of the freehold of the propety and land known as The Cedars at 66 High Street. the freehold of the land 51te of 65 High Street"known as Darren House-. and freehold ofthe propety and land adjacent to The Fassnid9e Memorial Hall. Uxbrid9e, Middlesex and land adjacent thereto. The original bequest value of £1 0,000 is also shown as the Bequest Capital. Since then £139,140 has been spent on the redevelopment of the Cedar5. Ir¢ 2017 the charity sold the head lease of part of the land atthis Uxbridge site to a developer (Howarth Homes) which generated substantial funds for the Trust1£1,575.0001 and a further Overage payment is expected as part ofthe a9reement when the development has been formally completed as part of the Development Agreement. The development include5 a new Hallto be used bythe local community-
22 TrIE FASSNIDGE MEMORIAL TRUST NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSEfs (Conilnued) Ibl Northwood Hall- On 2 April 1997 the trustacquired the Northwood Dining Centre for £35.000. with £122.049 spent on the redevelopment of Northwood Hall which wascompleted by Howarth Homes in 2012. A sale and leaseback arrangementwith Howarth Home5 was agreed fora term of 150 yearsre9arding Thecommunity Hall, renamed as Kate Fassnidge Community Hall. During 2017 an additional cost of £40,000 was incurred with Howarth Homes. with the charity purchasing the Northwood site head lease reversion. This is being wrttten down over the life of the agreement. {c} Fixtures and fittings which relate to the Kate Fassnidge Communty Hall, are being written down over their expected usefvl economic life. INVEsfMENTS Pr•miurn her Fun Totsl As at 1 April 2023 Additions Disposals 140,165 7.219 (138.3421 1,791,662 72,778 1135,0001 283.767 2,215,594 207,380 287.377 1273.3421 9.042 1.729.440 491,147 2,229.629 Unrealised gain 98.636 21,429 120.065 NBV at 31 March 2024 9.042 1.828.076 512.576 2.349.694 NBV at 31 March 2023 140,165 1,791,662 283.767 2,215,594
23 THE FASSNIDGE MEMORIAL TRU5r NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 5.576 6.026 5.576 6.026 CREDrroRS: Amounts falling due wlthln OM y•ar 2024 2023 AccTuals and deferred income Other creditors- deposits held 19.965 3.008 18,195 3,465 22.973 21,660 10. RELATED PARTIES Trustees None of the trustee5, or any person connected with them. received any remuneration during the period. Controlling party The charity is controlled by the tru5tee5.
24 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 FUNDS Caplial Unrnstrlct•d Restricted Endowment B•qu•st Fund5 Funds Fund5 Total At 1 April 2023 10.OLK) 1.420,266 1.202,690 2.632,956 Incom• 162.430 162.430 Expenditure 1156,438) 1156.4381 Gain Qn inveslments 55.952 64.113 120,065 Translers betr4een funds At 31 Marth 2024 10.000 1.482,210 1.266.803 2.759,013 The Endowment Fund brought forward balance above of £1.202,690 is made up of tr•0 funds. The first is a pennanent endowment fund as set by the trustees which the Charity must hold and retain and not spend as income. The second fund within the brought forward balance is relating to the Hoeni95berg Memorial Trust Fund. The Trustees consider thatthe assets acquired from the Hoenigsberg Memorial Trust in the year ended 31st March 2017, consisting of cash of £487.525 and formerly part of that Charity's permanent endowment should be treated by them as an addition to the permanent endowmentofthe Charity.
Charity Registratlon n• 303078 THE FASSNIDGE MEMORIAL TRusr TRusfEES' REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 fassnidge A charity serving generations of Hillingdon people
THE FASSNIDGE MEMORIAL TRusr LEGAL AND ADMINisfRATIVE INFORMATION TNstses MrJ Attias Mrs M Lally Mrs J Marren-King MrA Bennett Mrs R Chamdal Mr K Martin Dr R Gudi (Appointed 20 September 20231 Mr C Liberty (Appointed 17 May 20231 Charity no. 303078 Address Kate Fassnidge Community Hall 2 Harefield Road Uxbridge UB8 1GW Audltors Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN Bankers Lloyds Bank plc 21-22 High Street Uxbridge Middlesex UB8 1JD
THE FASSNIDGE MEMORIAL TRusr CONTENTS P•ge Trustees, Report Auditors, Report 9-12 Statement of Financial Artivities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Accounts 16-24
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 315t Marth 2024 We aim to become the leading Charity for older people in the London Borou h of Hillingdon Registered Name Charity Number Address THE FASSNIDGE MEMORIAL TRUST 303078 Kate Fassnidge Communty Hall 2 Harefield Road Uxbridge UB8 IGW Website www.fassnid echari .or Charftsble ObAectlves The original bequest was bythe will of Kate Fassnidge11863-19501 of Uxbridge. The Charity was set up in 1994 with the aim of benefiting= 1. Old persons living in the former Urban District of Uxbridge,. 2. Old person5 living in the London Borough of Hillingdon,. and 3. Any charitable purposes benefiting the inhabitants ofthe London Borough of Hillin9don. Today the Charity fulfils these objectives by focusing on helping older people in the London Borough of Hillingdon and is actively looking at new ways to expand the help that it offers. l Results rthe 3141 Ma Th• Charity recorded a surplus of £126k for th• y•ar. Expenditure on Charftable Objortive4 mainly focussed on the elderly. In¢roas•d by £3kto £71k. The Charity aims to breakeven each year and this was achieved with charitable expendlture plus running costs being covered by Income with a surplus of £6k. Unrealised 9ains on the CharW$ invostments of £120k resulted in an overall Surplus of £126k. The Charity holds invoStments with a long-temi view. is prepared for $hort term flurtuations in value and has sufficient assets to be able to absorb these fluctuations in the short to medium tern).
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 31" March 2024 Surplus/lDef1CltI Expenditure on Charitable Objectives, Income Running Cost5 Unrealised gain/llossl on investments Balance Sheet Assets Balance Sheet Net A55ets £126,057 £70.526 £185.959 £109.440 £120,065 £2.781,986 £2.759.013 Up £270,161 Up £3.326 Up £30.629 D¢)wn £2.524 Up £261.808 Up £127.370 Up £126.057 Expendlture on Charitsble Objectives The Trustees fulfil the ChariW5 objectives by providing support to people in need in the London Borough of Hillingdon with a focus on support for the elderly. The main initiatives for this year included grants for essential household items such as white goods. supplyin9 Christmas Hampers and running events for the elderly. In May 2023 the Charity employed two part time employees to run coffee mornings and lunche5 for local older people allowing them to come tO9ether and socialise. The Charity is continuing to build on this initiative which has been very well received by the participants. Total expenditure on these objectives for the year ended 3151 March 2024 was £70.526, up slightlyfrom £67,200. Expenditure Year to Expenditure Year to 31103124 31103123 Assistanc8 Grants
Provided to individuals in need for whrte go¢Jds. carpet5 &fuTtitture_ Applied for by local organisations on behalf of individua15. Grants are also available to local or9anisations meeting the objeclives olthe Chartty. Applications are assessed a9ainst the Chartys aims & available bvd et. Supplied 750 Christmas HampeTS to local organisaiions for distribution to the elderly and eed Cost to set up and run coffee rnomings and lunthes including stsff costs and notional thor9e for use of Uxbrid e Hall Held Coronation Celebration Eventsfor the elder induding catering. The events were designed to help those who may feel isolated to mix with other5 to celebrate and built on the Jubilee Celebration Events held in the previou5 ear. 13,101 19,074 Hampers 20.721 24.181 Coffee Mornings 18.656 Events 2.527 2,472 Totsl Hall Hire 55.065 45.727 613.5 hours Notional cost Allow Ial oiganisalion510 hire Community Halls at no or reduced cost wheie the actsvity is for the direct benefit ofthe elde ndibJr• 442 hoLJf5 Nolional cost £15,461 70.526 £21.473 67.200 Total Includln Nollon•l I Including notional expenditure from free Hall Hires where hires directly meet the Charitys objectives
THE FASSNIDGE MEMORIAL TRUST ANNUAL REpoJrf for the year ended 31$1 March 2024 Charitable activities and the Charitys running costs are funded by income generated from the ChariWs Permanent Endowment and investments. The Trustees have chosen to invest surplus funds in investment trusts with a view to protecting the long-term future of the Charity. In line with that strategy. during the year the Charity has invested part of its bank deposits in investment funds. Investments have increased in value during the year by £261,808 a5 a result of stock market volatility reversin9 the loss in the previous financial year. During the yearthe Charity took the decision to mothball the Northwood Community Hall to avoid incurring additional costs. The Charity are actively looking foroltemative uses for the Hall. Bookvalue 31103124 Bookvalue 31103123 The Cedar5 Freehold Property Leased to Trinty Homeless Projects Darren House Leasedto A Ioc31 com Cazenove Charities Muhi-As5et Fund 149,140 149,140 1,113.340 1,049,227 Total P•nnanent Endowffl•nt 1.261410 1.198.367 Kate Fassnidge Community.Hall at 2 Harefield Road Uxbridge Available ro hire forthe localcommunty 87,874 89.910 76 High Street Northwood 8 Flats & Community Hall 185.490 186,570 Ca2enove chareS Multi-A5set Fund including Oepostt Various Investment Funds including Deposit Bank Dep051t Total Oth•r Inv•sthi•nts Oth•r Ass•ts Office Equipment Cash at Bank Debtors Total Assets 714.736 512.576 9.042 1.509,718 742,435 283,767 140,165 1.442.847 1.298 2.914 5.576 2.781.986 3,030 4,346 6,026 2.654.616
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORTforthe year •ndd 31" Marth 2024 Income Income for year has increased by £30.629 mainly due to an increase in income received on the Charity's Fund Investments. Year to Yearto 31103124 31103123 Hire of Communi Halls, Interest on Bank and Fund De Pro Rental Income frotn Investments Reimbursement ol Insurance DonatlOn5 Total Incom• 31.069 7,219 61,800 82,713 3.157 11,264 460 64,156 75,948 1,872 1,630 155.330 osits 185.959 Expenditure Expenditure has decreased marginally this year by £2.524. The Trustee5 keep a tight control over expenditure, all ofwhich must be preapproved or covered by approved budget, to ensure the Trustees maximise the amount that can be used to meet objective5. ensure the Charity remains financially sound and to maintain property investments in a state required to maintain rental income. Yearto Yearto 31103124 31103123 ee cotn ensation and bene1rt53 aintenance al and Estate 5ervice5 Office c05ts Auditfee Insurance Communi Hall runnin Fund mana ement fees Fixed asset de reciation Other ex enses Total fiditsr• 45,360 44,921 1,177 17,597 1,229 6,720 4,151 21,211 7,358 5.721 9.237 111.964 Pro 9,324 5.429 6.720 4,221 23.400 9,125 4,848 10,138 109.440 Including notion31 charge for Free Hall Hires totalling £23.529 Excludes employee compensation and benefits for Coffee morning employees included within expenditure on charitable objectives.
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for th• year end•d 31" March 2024 Governance & Running of the Charity The Trustees, who are all volunteers, meet regularly to manage the Charity. The Trustees have continued this year to focus on the future strategy of the Charity and the five-year development plan. As well as considering future strategy the Trustees undertake, on an ongoing basis, risk assessment of the Charity's activities. Action is taken to remediate risks where this is deemed necessary. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public ber)efit when reviewing the Charitys aims and objectives and in planning future activwties and setting the grant making policy for the year. The Charity employs two Charity Managers. both of whom work parttime, to look afterthe day to day running of the Charity including submitting proposals to the Trustee5 for initiatives to fulfil the Charity's objectives. The Charity also employs a part time caretaker to look after the Comrnunity Halls and parttime employees to run and manage coffee mornings and other events for local older people. The Charity has set up a Charitable Incorporated Organisation ICIOI with the intention to move its operations to the CIO in the future. No timescale has yet been set for the transltion and this is expected to be in morethan 12 months from the date of this report. The Trustees of the Charity, during the yearto 31° March 2024, and to the date ofthe signing of these Accounts, were as follows= James Attias Adam Bennett Reeta Chamdal Reva Gudi Marian Lally Connor Liberty Johanna Marren-King Kelly Martin Susan O'Brien Chair (Appointed 20 September 2023) (Appointed 17 May 20231 (Resigned 18 September 2024) To ensure adequate rotation, as well as to encourage new initiatives, the Trustees seTve a maximum oftwo consec1Ve terms offouryear5 each. FormerTrustees may be reappointed after a suitable inteal. The Trustee5 undertake regular reviews of skillsets to ensure a spread of experience in different fields.
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 31*1 March 2024 The Trustees seek professional advice and support as they deem necessary. Legal Adviser Frazine Johnson of Frazine Johnson Solicitors Old Bank Chambers 32 Station Parade Denham Buckinghamshire UB9 SEW Architects and Project Managers Dawy Project Management Limited 9 Painters Close Bloxham Oxfordshire OX15 4QY Valuers and Chartered Surveyors The Frost Partnership 1 Burkes Parade Beaconsfield Buckinghamshire HP9 1NN Accountant Fiona Morgan FCCA Auditors Ward Williams Bay Lodge 36 Harefield Road Uxbridge UB8 IPH Bankers Lloyds Bank plc 21-22 High Street Uxbridge UB8 IJD Climate Change & Sustainability The Trustees have considered the impact of the Charity's activities on climate change and are looking to expanding this further in the future. The Charity's main investment in the Cazenove Charities Multi-Asset Fund is classified as green for climate change by Schroders SustainEx and future investments will be assessed for climate impact. The Charity in the pastfewyears have tsken stepsto minimise use of paper and printing by initiative5 including replacing hard copy reports for regular meeting5 and using electronic medium wherever possible. Where white goods are supplied for grants, the Charity will look to supply the most energy efficierit model available for the price agreed.
THE FASSNIDGE MEMORIAL TRUST ANNUAL REPORT for the year ended 31" Marth 2024 Ro$ervo$ The Charity continues to hold a significant amount of assets and is well placed financially to build on achievements to date. The funds available, where not required forthe dayto day riJnnin9 of the Charity, are invested to generate income to meet the aims and future strategic vision of the Charity. Unrestricted Funds are required to provide funds to cover and fulfil the objects of the Charity, and the Trustees consider it prudent that unrestricted reserves should be sufficient to cover at least one yearfs expenditure based on the prior financial year. The amount of liquid assets available is monttored against prior year expenditure, at least quarterly. Currently liquid assets are well in excess of annual expenditure. Investment Pollcy The full Investment Policy of the Charity is available on demand from the registered correspondence address. The Charity aims to invest surplus funds to achieve capital growth and income sufficient to sustain the Charity and to carry out the Charity's objectives both in the present and the future. by way of medium risk well diversified investments. Specific investment objectives are.. Maintsin the portFolio received at the start and continue its investment and growth for the future.. Produce a steady income for the purposes of the Charitys objectives,. Enhance the property portfolio for the Charitys continued stability,. and Make investments for lon9-term capitsl growth to support the continuance of the Charity in perpetuity. From 1st November 2017 the Trustees approved use ofthe totsl return approach for the permanent endowment invested in the Cazenove Charttie5 Multi-Asset Fund. Use ofthis approach allows any gains on the investment whether capitsl gains, dividends, or other income, to be used by the Charityto further its aM$. Ststement of Trust••< Ro$poft$ibiliti•$ The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice}. The law applicable to chartties in England & Wale5 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:
THE FASSNIDGE MEMORIAL TRusr ANNUAL REPORT for the year end•d 31" March 2024 select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 IFRS 102); makejudgements and estimates thatare reasonable and prudent- stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless It IS inappropriate to presume that the charty will continue in operation. The Trustees are responsible for keepin9 accounting records that disc105e 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 Charity (Accounts and Reports) Re9ulations 2008 and their Trust Deed. They 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 irregularitie5. Signed on behalfof the board oftrustees Adam Bennett-Trustee (Chairl Date:..................
REPORT OF THE INDEPENDEKf AUDrroRS TO THE TRUSTEES OF THE FASSNIDGE MEMORIAL TRusr FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statement5 of The Fassnidge Memorial Trust (the 'charity'l for the year ended 31 March 2024 which cornprise of the Statement of Financial Activities. the Balance sheet. the Ststement of Cash Flows and related notes to the financial statements. including a summary of si9nificant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin9 Stsndard 102 The Financial Reporting Standard applicable in the UK.and Republic of Ireland IUr)tted Kingdom Generally Accepted Accounting Practice). In our opinion the financFal statements.. give a true and fair view of the state of the charit5 affairs as at 31 March 2024, and of its incoming resource5 and application of resources. forthe year then ended.. have been properly prepared in accordance with United Kin9dom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions r•l•ting to goin9 concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions tha¢ individually or collectively, may cast significant doubt on the trust's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are auth0ri5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to 90ing concern are described in the relevant sections of thi5 report.
10 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEES OF THE FASSNIDGE MEMORIAL Trusr FOR THE YEAR ENDED 31 MARCH 2024 Other Inforniation The trustees are responsible for the other infomation. The other information comprises the information included in the trustee5' annual report. other than the financial statemènt5 and our auditorfs report thereon. Our opinion on the financial statèments does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon. In connection with our audrc of the financial statements, our responsibility is to read the other information and, in doing so, considerwhether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially mi55tated. we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the finan¢ial statement5 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information. we are required to report that fact. We have nothing to report in thi5 regard. Matters on whlch w• ar• Mqulr•d to report by •xnption We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial ststements is inconsistent in any material respect with the trustees, report-, or sufPicient accounting records have not been kept- or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. Responslblliti•s of trust•es As explained more fully in the tru5tees' responsibilities statement set out on pagè$ 7 and 8, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so.
11 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEES OF THE FASSNIDGE MEMORIAL Trusr FOR THE YEAR ENDED 31 MARCH 2024 Audito5 r•sponsibilities for th• audit of th• financial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or èrror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 9uarantee that an audit conducted in accordance with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these fbnancial Statements. Irre9ularities. including fraud, are tnstances of non-compliance with law5 and regulations. We design procedures in line with OUT responsibilities, outlined above. to detect material misstatements in respect of iegUlar1ties, includin9 fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory frameworks applicable to the trust and the sector in which they operate. We determined that the followin9 was most significant= the Charities Act 2011. We obtained an understanding of how the trust are complying with those legal and regulatory frameworks by making inquiries to the management of the trust. We corroborated our inquiries through our review of correspondence during our audit work. We assessed the susceptibility of the trusfs financial statement5 to material misstatèmenL including how fraud might occur. Audit procedures performed included: identifyin9 and assessing the design effectiveness of controls management has in place to prevent and detect fraud; understanding how those charged wtth governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting proce5S.' challenging assumptions and judgements made by management in it's significant accounting estimates,. identifyin9 and testing journal entries. in particular and journal entries posted with unusual accouFIt combinations: and assessing the exient of compliance wtth the relevant laws and regulation5. Because of the inherent limitations of an audit. there is a riskthat we will not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-compliance with re9ulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected ID the financial ststements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regardin9 irregularities occurrin9 due to fraud rather than error, as fraud involve5 intentional concealmenL forgery. coIIu5ion, omission or misrepresentation.
12 REPORT OF THE INDEPENDEKf AUDrroRS TO THE TRusfEES OF THE FA5SNIDGE MEMORIAL TRusr FOR THE YEAR ENDED 31 MARCH 2024 A fijrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= WYW.frc.or9.Uklaudlt0rsresponSlb1lltle$. This description forms part of our auditorfs report Use of our report This report 15 made solely to the chariws tmstees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys trustees those matterswe are required to stateto them in an auditorf5 reportand fornootherpurpose. Tothefvllestextent permitted by law.wedo notacceptorassume responsibility to anyone other than the charity and the charitys trustees a5 a body. for our audit work, for thi5 report. or for the opinions we have formed. WARD WILUAMS Statutory Auditors Belgrave House 3943 Monument Hill Weybridge Surrey KT13 8RN Ward Williams is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
13 THE FASSNIDGE MEMORIAL TRUST STATEMEKf OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31 MARCH 2024 VAStrted KEd Endowment Funds Funds Funds Totsl 2023 2024 1Thrn• •Thd Md•wm•nts from: Incoming resources from 9enerated funds-. Donations and legacies Charitable Acbvttse5 Investments 1,630 13,136 140,564 10.697 151.733 10.697 151.733 Totsl IncomlThg r•sour N•t• 2 162.430 162.430 155.330 xp•nd1fv Oth: Chariia61e Athvfties 156.438 156A 157,691 Tot•1 •xp•n¢frtur• Nots3 156.438 156A38 157.691 Net gain4lossl on investments Nots 4 SS.952 64.113 120.065 1141,7431 N•t Incorn• I l•xpendltur•l 61.944 64.113 126.057 1144,1041 Tr•nsf•rs b•tw••n hnds Nel mov•m•nl In tsnds 61.944 64,113 126.057 1144.1041 R•ton¢ill•tion of fvnds T¢sts1 fvnds bv•ughtfoTh¥•rd At 1 Aprfl 2023 1.420,266 1,202,690 1622.956 2,767.060 Totsl lunds brou9htforward At 31 March 2024 N*)t• 11 1.482.210 1.266,803 1749.013 2,622,956 All income and expèndtture derive from continuing activitie5. The statement of financial activtties includes all gains and105ses reco9nised during the year.
14 THE FASSNIDGE MEMORIAL TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 FIXED ASSErs Tangible assets 423.802 428,650 CURRENT ASSErs Investments Debior5 Cash at bank and in hand 2.349.694 5.570 2.914 2.215,594 6,026 4,346 2,358.184 2.225,966 CREDITORS: Amounts f•lllThg du• within on• y•ar {22.973) 121,6601 Nrf CURREKfASSErs 2335.211 2,204,306 NEf ASSErs 2.759.013 2.632,956 REPRESENTED BY: Capital bequest 10.000 10.000 Unrestricted funds Endowmentfunds 1A82.210 1.21J6.803 1.420.266 1.202,690 2.749,013 2.622.956 TOTAL FUNDS 2.759.013 2.632,956 The accounts were approved by the trustees on . tsotknj 2£ . Signed on behalf on the trustee5 Adam Bennett-Trustee (Chairl
15 THE FASSNIDGE MEMORIAL TRvsr STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flow from opernting activili•s (se• r•conclllatlon below): N•t cash flow from op•r[9 acdvhl•s 42,73S 1214.7651 Cash Ilow from Inv•stlng acdvltl•s Payments to acquire tangible fi'xed assets Interest received Rè-invested income from investments 13,8951 461 75,947 7.220 82.713 N•t Cash flowfr•m Inv•silng a¢ilvltl¢s 89.933 72,513 N•t irtuoas•lld¢crnas•) in Cash and Cash equivalents 132.668 1142,2521 Cash and cash equivalents at 1 April 2023 2.219,940 2.362,192 Cash and cash equivalents at 31 March 2024 2.352,608 2.219.940 R•conciliation of n•t incom• / (•Xp•ndlr•J to n•t cash Ilow from operating •cliviti•s Net incomellexpenditurel for the year Depreciation of tangFble fixed assets Interest receivable Income from muki asset investment fund Decrease in debtor5 Increase/ldecreasel in creditors 126,057 4.848 (7.2201 {82.7131 450 1.313 1144.1041 5,720 14611 175,9471 2,908 12,8811 N•t ¢a$h llow fr•m op•ralin9 athrbe5 42.735 1214,7651 Cash and cash equivalents as at the year-end of £2.352.60812023.. £2.219.9401 consists of cash at bank and in hand of £2.91412023-. £4.3461 and invested surpluses in multi-asset funds and deposit account5 of £2.349.69412023.. £2,215,594}.
16 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 Summary of slgnlficant accountlng policies Gen•ral information and basis of preparation The Fas5nidge Memorial Trust is a Charity registered in the United Kingdom. The address of the Charity is given in the Trustees report on page l of these financial statements. The nature of the Charitys operations and principal activities are ststed in the trustees report on pages 1 to 8. The Charty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accountin9 and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (published in October 20191. the Charities Act 2011 and UK Generally Accepted Practice. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their 3ccount5 in accordance with the Financial Reportin9 Stsndard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared under the historical cost convention. The h'nancial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest £. The Significant accounting policies applied in the pParatIon of these linancial ststements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Golng Conc•m At the time of approving the accounts. the trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, with the charity having substantial reserves available for furtherance ol tts charitsble activities. Thus the trustees continue to adopt the going concern basis of accounting in preparing the account5.
17 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Tanglble rd ass•ts and d•pr•cialion The charity's fixed assets consist ol.. freehold properties and the subsequent development expenses olthe propertie5- leasehold property and fixtures and frttings which relate to the property. The assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the c05t less the estimated residual value of each asset over its expected useful life as follows= Freehold property.. Leasehold property.. Uxbrid9e hall.. Fixtures and fittings= No depreciation calculated Over lease lifetime of 1501125 years (her 20 years Over 5 to 20years InvlMents Pooled investments are valued using thè mid-market price at the year-end date. Changes in the market value of investments are recognised in the Statement of Financial Activitie5. Incomlng rnsources These are included in the Statement of Financial Activities when the charity becomes entitled to the resources. the trustees are virtually certatn they will receive the resources and the monetary value can be measured with Sufficient reliability. Resourtes expend•d All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlemerht will be required and the amount of the obli9ation can be measured reliably. Irrecoverable VAT is charged as an expense against the classification for which expenditure arose. Funds Unrestricted funds are those fund5 which are available for use at the discretion of the trustees in lurtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are those lunds which must be spent as income on the particular purpose5 specilied by the donor. Endowmentfunds are those fundswhich the charity must hold and retain and not spend a5 income.
18 THE FASSNIDGE MEMORIAL TRUST NOTES TO TrIE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 Cash and equivalents Cash and cash equivalents are basicfinancial assets and include cash in hand. deposits held at call with bank5, Other 5hort-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdraft5 are shown within borrowings in current liabilities. Employee beneffts When employees have rendered service to the charity. short-tem employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange forthat service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. INCOMING RESOURCE5 FROM GENERATED FUNDS 2024 2023 Donations and l•gaaes Donation5 from Uxbridge Bikers 1.630 1.630 Charitable Activili•s Kate Fassnidge Communty Hall - Northwood Kate Fassnid9e Cornmunty Hall- Uxbridge Re-imbursement of Insurance 1.177 6.363 3.157 3.584 7.680 1.872 10.697 13,136 Inveslment Inwm• Bank deposit interest Rent received Multi-asset fund income 7.220 61.800 82,713 461 64.156 75.947 151.733 140,564 Total 162A30 155,330
19 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE Accoumrs FOR THE YEAR ENDED 31 MARCH 2024 CHARrrABLE AcrivrriES 2024 2023 Grants and donations made: Social & Housing Welfare needs Purchase of Christmas hampers Coffee Moming5 15.688 20.721 3.559 21,546 24.181 39.968 45.727 Property malntenance and Improvement General maintenance of properties Propety Insurance Kate Fassnidge Communty Hall running costs Kate Fassnidge Community Halls depreciation Office Equipment depreciation 1,177 4,151 21,211 3,949 1,772 4,221 23.400 3.361 1.487 32A69 32,260 Administr•tion •nd gov•rnance Wages and salaries Employment expenses Employment training Support charges- Legal and cleTking Support char9es- Estates and valuations Website design and h05ting Expenses of meetings. refreshments etc Auditors remuneration Managementfee Office costs Bankfees 50.946 429 1.015 8.124 1.200 30 977 6.720 9.125 5.429 44,410 511 10,260 7,337 44 1,820 6,720 7,358 1,229 15 84.001 79,704 Total 156A38 157,691
20 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 OTHER GAINS/(LOSSES) 2024 2023 Unrealised 9ainlllossl on investsments 120.065 1141,7431 120.065 1141.7431 EMPLOYEES 2024 Number 2023 Number Number of employees: The average monthly number of employees during the year was.. Employmgnt wsts Wages and salaries Social se¢urtty costs Employer pension costs 49.851 43,249 1.095 1,161 50.946 44,410 There were no employees whose annual emoluments were £60.000 and above.
21 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSErs Northwood Uxbrfd9e fixturn$ Hall {KFCH) Hall & ffttings Th• C•d•r4 Totsl Cost as at 1 April 2023 Additions i 0,000 197.049 101,037 16.952 325,038 i 0.000 197.049 101,037 16.952 325,038 Development C05ts.' As at 1 April 2023 Development costs this year 139,140 139.140 As at 31 March 2024 149.140 197,049 101.037 16,952 464.178 Depreciation costs.. As at 1 April 2023 Charge for current year 10,479 1.080 11.127 2,036 13,922 1,732 35,528 4.848 As at 31 March 2024 11.559 13,163 15.654 40,376 NBV at 31 Marth 2024 149.140 185A90 87.874 1.298 423.802 NBV at 31 March 2023 149,140 186.570 89,910 3,030 428,650 lal Bequest by Mr5 Fassnidge. This asset consists of the freehold of the propety and land known as The Cedars at 66 High Street. the freehold of the land 51te of 65 High Street"known as Darren House-. and freehold ofthe propety and land adjacent to The Fassnid9e Memorial Hall. Uxbrid9e, Middlesex and land adjacent thereto. The original bequest value of £1 0,000 is also shown as the Bequest Capital. Since then £139,140 has been spent on the redevelopment of the Cedar5. Ir¢ 2017 the charity sold the head lease of part of the land atthis Uxbridge site to a developer (Howarth Homes) which generated substantial funds for the Trust1£1,575.0001 and a further Overage payment is expected as part ofthe a9reement when the development has been formally completed as part of the Development Agreement. The development include5 a new Hallto be used bythe local community-
22 TrIE FASSNIDGE MEMORIAL TRUST NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSEfs (Conilnued) Ibl Northwood Hall- On 2 April 1997 the trustacquired the Northwood Dining Centre for £35.000. with £122.049 spent on the redevelopment of Northwood Hall which wascompleted by Howarth Homes in 2012. A sale and leaseback arrangementwith Howarth Home5 was agreed fora term of 150 yearsre9arding Thecommunity Hall, renamed as Kate Fassnidge Community Hall. During 2017 an additional cost of £40,000 was incurred with Howarth Homes. with the charity purchasing the Northwood site head lease reversion. This is being wrttten down over the life of the agreement. {c} Fixtures and fittings which relate to the Kate Fassnidge Communty Hall, are being written down over their expected usefvl economic life. INVEsfMENTS Pr•miurn her Fun Totsl As at 1 April 2023 Additions Disposals 140,165 7.219 (138.3421 1,791,662 72,778 1135,0001 283.767 2,215,594 207,380 287.377 1273.3421 9.042 1.729.440 491,147 2,229.629 Unrealised gain 98.636 21,429 120.065 NBV at 31 March 2024 9.042 1.828.076 512.576 2.349.694 NBV at 31 March 2023 140,165 1,791,662 283.767 2,215,594
23 THE FASSNIDGE MEMORIAL TRU5r NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 5.576 6.026 5.576 6.026 CREDrroRS: Amounts falling due wlthln OM y•ar 2024 2023 AccTuals and deferred income Other creditors- deposits held 19.965 3.008 18,195 3,465 22.973 21,660 10. RELATED PARTIES Trustees None of the trustee5, or any person connected with them. received any remuneration during the period. Controlling party The charity is controlled by the tru5tee5.
24 THE FASSNIDGE MEMORIAL TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 FUNDS Caplial Unrnstrlct•d Restricted Endowment B•qu•st Fund5 Funds Fund5 Total At 1 April 2023 10.OLK) 1.420,266 1.202,690 2.632,956 Incom• 162.430 162.430 Expenditure 1156,438) 1156.4381 Gain Qn inveslments 55.952 64.113 120,065 Translers betr4een funds At 31 Marth 2024 10.000 1.482,210 1.266.803 2.759,013 The Endowment Fund brought forward balance above of £1.202,690 is made up of tr•0 funds. The first is a pennanent endowment fund as set by the trustees which the Charity must hold and retain and not spend as income. The second fund within the brought forward balance is relating to the Hoeni95berg Memorial Trust Fund. The Trustees consider thatthe assets acquired from the Hoenigsberg Memorial Trust in the year ended 31st March 2017, consisting of cash of £487.525 and formerly part of that Charity's permanent endowment should be treated by them as an addition to the permanent endowmentofthe Charity.
12 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FASSNIDGE MEMORIAL TRUST FOR THE YEAR ENDED 31 MARCH 2024 A further description of our responsibilities for the audit of the financial statomonts is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. Thi5 description forms part of our audito¢s report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance wtth Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we misht state tD the charity's trustèes thosé matters we are required to state to them in an auditor, report and for no other purpose, Tothe fullest extent permitted by law, we do not accept or 4S5ume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. WARD WILLIAMS Statutory Auditors Belgrave House 39-43 Monument Hill Weybridge Surrey rr13 8RN Ward Williams is eligible to act as an auditor in terrns of section 1212 of the Companies Att 2006