THE RED SOCKS CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 OCTOBER 2024
Charity number 326965
THE RED SOCKS CHARITABLE TRUST
FINANCIAL STATEMENTS
For the year ended 31 October 2024
| INDEX | PAGE |
|---|---|
| Report of the trustees | 1 - 3 |
| Independent examiner’s report | 4 |
| Principal accounting policies | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 10 |
THE RED SOCKS CHARITABLE TRUST
REPORT OF THE TRUSTEES For the year ended 31 October 2024
| Registered charity name | The Red Socks Charitable Trust |
|---|---|
| Charity registration number | 326965 |
| Trustees: | B J Landale |
| A Bartram | |
| K MacNicol | |
| M C Joyce | |
| J Richards | |
| G Brown (Appointed 5 April 2025) | |
| Secretarial address: | 8 Toon Close |
| Mountsorrel | |
| Loughborough | |
| Leicestershire | |
| LE12 7LB | |
| Independent examiner: | Tobias Wilson FCA |
| Lovewell Blake LLP | |
| Chartered Accountants | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business Park | |
| Norwich | |
| NR7 0LB | |
| Investment advisors: | Barratt & Cooke Limited |
| 5 Opie Street | |
| Norwich | |
| NR1 3DW |
Page 1
THE RED SOCKS CHARITABLE TRUST
REPORT OF THE TRUSTEES For the year ended 31 October 2024
Financial statements
The trustees present their annual report and financial statements of the trust for the year ended 31 October 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Constitution and principal activities
The Red Socks Charitable Trust was established to receive and administer donation income from certain Country Fairs. Such income may be applied for such charitable purposes or purposes as the trustees shall in their absolute discretion think fit.
The trust is an unincorporated association governed by its trust deed dated 18 September 1985, as affected by a scheme of 24 February 1998 and as amended by a supplemental deed dated 15 June 1998, and a registered charity (number 326965) providing donations to worthy causes in England particularly those relating to children in East Anglia and Derbyshire where most of the funds are raised.
The trust was governed by five trustees as listed on page 1, all trustees served throughout the year ended 31 October 2024. The full secretarial address of the trust is also noted at the front of the financial statements. There are no employees.
The trustees are selected to provide a range of business skills and understanding of the activity undertaken by the trust. In addition to formal business, the trustees receive briefings as required from appropriate experts on key issues facing the charity including regulatory changes and requirements.
Achievements and performance
Donations made by the trust, which are detailed in Note 2 to the financial statements, amounted to £25,128 (2023: £18,826). The trust was notified of a legacy of £184,061 (2023: £Nil). The trust had net income for the year of £196,393 (2023: net income of £16,290), before net realised/unrealised gains on investments of £87,518 (2023: losses of £2,335).
The market value of investments amounted to £872,825 at 31 October 2024 (2023 : £775,700).
The trustees continue to seek suitable causes to make donations to in order to utilise existing funds.
Investment policy
The trustees, with the aid of professional advice, seek to maintain the capital value of the investments while achieving a sufficient return to enable donations to be made to worthy causes.
Reserves policy
The trustees believe that the investments held provide a suitable balance of funds to allow the charity to continue to make a reasonable level of donations for the foreseeable future. The charity has minimal running costs and so does not have a formal policy on reserves.
At 31 October 2024 total funds were £1,089,411 (2023: £805,500).
Risk management
The trustees have considered the major risks to which the charity is exposed. Systems have been established to ensure that controls and procedures to mitigate their effect will be reviewed on a regular basis during the current year. The principal risks relate to the safeguarding of investments (which are managed via a regulated advisor) and the appropriate application of funds (each donation being subject to appropriate consideration by the trustee).
Future developments
The trustees anticipate, over the coming year, a level of income and grant making similar to that of the current year depending on stock market performance.
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THE RED SOCKS CHARITABLE TRUST
REPORT OF THE TRUSTEES For the year ended 31 October 2024
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. The detailed application of funds is set out in Note 2 to the financial statements.
True and fair override
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
ON BEHALF OF THE TRUSTEES
J Richards Trustee Date: 2 July 2025
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THE RED SOCKS CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES For the year ended 31 October 2024
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 October 2024 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity 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.
Your attention is drawn to the fact that the charity’s trustees have prepared the charity’s accounts in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Statement of Recommended Practice ‘Accounting and Reporting by Charities: Statement of Recommended Practice issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
TOBIAS WILSON BA (HONS), FCA LOVEWELL BLAKE LLP, CHARTERED ACCOUNTANTS
NORWICH Date: 3 July 2025
Page 4
THE RED SOCKS CHARITABLE TRUST
PRINCIPAL ACCOUNTING POLICIES For the year ended 31 October 2024
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value. They are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charites Act 2011 and UK Generally Accepted Accounting Practise.
The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102.
GOING CONCERN
The charity has generated sufficient financial resources from its activities to allow the trustees to believe that the charity is well placed to manage risks successfully in the current economic climate. Accordingly, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
INCOME
Donations are recognised when entitlement has passed to the charity and there is reasonable expectation of receipt and the amount can be measured.
Investment income is included when receivable.
Pecuniary legacies are recognised as receivable once probate has been granted and notification has been received. Residuary legacies are recognised as receivable once probate has been granted, notification has been received and where they can be valued. Residuary legacies with a life interest are only valued where legal title has passed to the Charity.
GRANTS MADE
Expenditure on grants is recorded once the trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary and the grant conditions are substantively met.
ADMINISTRATIVE COSTS
Expenditure comprises all costs in running the charity which cannot be directly allocated to the charity’s project work. Irrecoverable VAT is included in the relevant cost category.
CASH FLOW STATEMENT
In accordance with FRS102 as applicable to smaller charities, a cash flow statement has not been prepared.
INVESTMENTS – FINANCIAL INSTRUMENTS
Quoted investments have been stated at fair value as per the London Stock Exchange at 31 October 2024, as required by the Statement of Recommended Practice "Accounting and Reporting by Charities". Realised gains and losses are credited or debited to the statement of financial activities in the year in which they arise. The total market value of investments at 31 October 2024 amounting to £872,825 was made up as follows: Quoted shares 100%
TAXATION
The Red Socks Charitable Trust is a charity within the meaning of the Taxes Acts and is, therefore, eligible to claim certain exemptions to income tax and capital gains tax. As a consequence, no charge to taxation arises for the year.
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THE RED SOCKS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 October 2024
| Note Income Income from charitable activities Income from legacy Income from investments Total income Expenditure Charitable activities 2 Total expenditure Net income/(expenditure) Net gains/(losses) on investments Net movement in funds Total funds brought forward at 1 November 2023 Total funds carried forward at 31 October 2024 6 |
Unrestricted funds 2024 2023 £ £ 20,405 18,000 184,061 - 19,857 19,516 224,323 37,516 27,930 21,226 27,930 21,226 196,393 16,290 87,518 (2,335) 283,911 13,955 805,500 791,545 1,089,411 805,500 |
|---|---|
All activities are continuing.
The accompanying accounting policies and notes form an integral part of these financial statements.
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THE RED SOCKS CHARITABLE TRUST
BALANCE SHEET AT 31 OCTOBER 2024
| Note Investments 3 Current assets Debtors Cash at bank and on deposit: Cafcash Limited Barratt & Cooke Limited Current liabilities Accruals 4 Net current assets Total assets less current liabilities Funds Unrestricted funds 6 |
£ 184,061 28,365 6,558 218,984 (2,398) |
2024 £ 872,825 216,586 1,089,411 1,089,411 |
2023 £ £ 775,700 - 15,351 16,263 31,614 (1,814) 29,800 805,500 805,500 |
|---|---|---|---|
The financial statements were approved by the trustees and authorised for issue on 2 July 2025 and signed on their behalf by:
J Richards Trustee
A Bartram Trustee
The accompanying accounting policies and notes form an integral part of these financial statements.
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THE RED SOCKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2024
1 GENERAL INFORMATION
The Red Socks Charitable Trust is a unincorporated registered charity (number 326965). The registered office is 8 Toon Close, Mountsorrel, Loughborough, Leicestershire, LE12 7LB.
2 ANALYSIS OF EXPENDITURE
| Direct charitable donations to institutions Buckingham Emergency Food Appeal Fishing for Schools Nancy Oldfield Trust St Barnabus Norfolk Boat Royal Norfolk Agricultural Association Norfolk Heart Trust Cystic Fibrosis Trust Thomas Theyer Foundation Little Lifts Derby Kids Camp EP Youth Sight Support Derby West Norfolk BeFriending Healing Harbour Thornage Hall Cheque Written Off Norfolk Lieutenancy Burnham Overy Harbour Serve On Brave Futures Shine E.Norfolk AFVBC Ashgate Hospice Brain Tumour Charity RNLI (RS Memorial Award) Derby + Burton Hospital (RS Memorial Award) Holt Youth Project Grantham Poverty Concern Cranwell Wives Choir ITP Support Governance costs Independent examiner's cost – current year Admin Fees |
2024 £ 1,000 3,640 1,000 - 2,000 - - - - 1,000 - - - - - - 5,000 1,000 850 1,000 1,000 1,341 750 776 500 500 1,500 550 1,571 150 25,128 2024 £ 1,896 906 2,802 |
2023 £ 1,500 - - 1,415 1,000 1,500 6,000 1,000 500 1,000 1,000 500 1,000 2,236 2,175 (2,000) - - - - - - - - - - - - - - 18,826 |
2023 £ 1,500 - - 1,415 1,000 1,500 6,000 1,000 500 1,000 1,000 500 1,000 2,236 2,175 (2,000) - - - - - - - - - - - - - - 18,826 |
|---|---|---|---|
2023 £ 1,814 586 2,400 |
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THE RED SOCKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2024
3 INVESTMENTS
Listed investments
| Market value at 1 November 2023 Additions Disposals Change in market value Market value at 31 October 2024 Historical cost at 31 October 2024 |
2024 £ 775,700 88,255 (80,877) 89,747 872,825 640,757 |
2023 £ 721,781 191,698 (130,161) (7,618) |
|---|---|---|
| 775,700 | ||
| 626,374 |
The following investment constituted over 5% of the quoted investment portfolio at the year end (2023: no investments constituted over 5% of the quoted investment portfolio at the year end):
| Novo-Nordisk AS DKK0.2 series B CURRENT LIABILITIES Accrual for independent examination fee Donation FINANCIAL INSTRUMENTS Financial assets measured at fair value through income and expenditure |
2024 £ 1,898 500 2,398 2024 £ 872,825 |
2024 £ 44,881 2023 £ 1,814 - 1,814 2023 £ 775,700 |
|---|---|---|
4 CURRENT LIABILITIES
FINANCIAL INSTRUMENTS
- 5
Page 9
THE RED SOCKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2024
| 6 UNRESTRICTED FUNDS 2024 Unrestricted funds Balance at 1 November 2023 Net income Net gain on investments Balance at 31 October 2024 2023 Unrestricted funds Balance at 1 November 2022 Net income Net (loss) on investments Balance at 31 October 2023 As represented by Investments Legacy Debtor Cash at bank and on deposit: Accruals |
Income account £ 805,495 196,393 87,518 1,089,406 Income account £ 791,540 16,290 (2,335) 805,495 |
|
|---|---|---|
7 STAFF COSTS AND EMOLUMENTS
The charity had no employees during the year (2023: Nil) therefore, no employees received emoluments of more than £60,000 during the year (2023: Nil).
8 RELATED PARTY TRANSACTIONS
No amounts were paid to trustees in the year ended 31 October 2024 (2023: £Nil).
A. Bartram declared interest in Nofolk Boat, and stood back from the decision; they received two grants, totalling £2,000 (2023: £1,000). In the previous year, B Landale declared interest in Norfolk Heart Trust, and stood back from the decision; they received a grant during the year £6,000, no amounts were awarded in the current year.
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