REGISTERED CHARITY NUMBER: 523147
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
THE SETH SOMERS TRUST
Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
THE SETH SOMERS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
THE SETH SOMERS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
All our charitable activities focus on the objects below and are undertaken to further our charitable purposes for the public benefit.
The objective of the Trust was to continue to make charitable grants and maintain the grounds of the Seth Somer Park.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees endeavour and continued to encourage and promote the objectives of the charity. The trustees have continued to maintain and develop the Seth Somers Park.
FINANCIAL REVIEW
Investment policy and objectives
The total incoming resources and resources expended for the year are shown in the Statement of Financial Activities on page 4. The total incoming resources amounted to £29,161 and the total resources expended amounted to £20,921.
Reserves stand at £903,328 in total consisting of £810,723 endowment funds, and £92,605 unrestricted funds.
Details of investment assets are shown in note 8. The value of investments of the charity at 31 March 2023 amounted to £860,206 compared to a figure of £899,657 at 31 March 2022.
Investment performance is reviewed by the trustees following the receipt of the stockbrokers report. The trustees' objectives are to ensure that the income of the Trust is maintained whilst ensuring continued capital growth.
There were grants paid during the year amounting to £10,500.
Reserves policy
The trustees have established the level of reserves that they consider the charity ought to have. Reserves are required to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice. The charity supports individuals and organisations which are dependent upon continued support.The trustees are concerned that Government and Local Authority funding is diminishing.
The trustees have identified and are concerned that considerable expenditure will be required in respect of the maintenance of the Seth Somers Park.
The trustees consider it prudent that the amount of Reserves should be sufficient to cover future support costs for a period of at least six months and the maintenance and the regeneration of the Seth Somers Park and therefore provide a Reserve of £36,000 under this policy. The actual balance of the Reserves at 31 March 2023 is £92,605.
FUTURE PLANS
The Trustees continue with extensive maintenance projects in respect of the regeneration of the Seth Somers Park.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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THE SETH SOMERS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The charity is constituted by Trust Deed and is a registered charity.
Seven trustees are listed . The trustees employ a Trust Secretary who deals with day to day management issues.
The trustees meet every six months or more frequently as circumstances or needs require.
All the trustees serving during the year are listed on the legal and administrative information page.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
523147
Principal address
2 Meadow View Earls Ditton Lane Hopton Wafers Kidderminster Worcestershire DN14 0NE
Trustees
Mr D L Eades Mr R G Green Mrs M E James Chairman Mr M B Davenport Mr A Mabe Mrs G Hulme Mr W J Street
Independent Examiner
Mr R A Smallwood FCCA Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
Solicitors
Talbots Law Remlane House, 25/27 Hagley Road. Stourbridge, West Midlands. DY8 1QH.
Approved by order of the board of trustees on 14 November 2023 and signed on its behalf by:
Mrs M E James - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SETH SOMERS TRUST
Independent examiner's report to the trustees of The Seth Somers Trust
I report to the charity trustees on my examination of the accounts of The Seth Somers Trust (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the 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.
Mr R A Smallwood FCCA
Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
14 November 2023
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THE SETH SOMERS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Endowment fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Investment income 2 29,161 - EXPENDITURE ON Charitable activities 3 Grants to individuals & institutions 10,500 - Grounds maintenance 10,421 - Total 20,921 - Net gains/(losses) on investments - (39,451) NET INCOME/(EXPENDITURE) 8,240 (39,451) RECONCILIATION OF FUNDS Total funds brought forward 84,365 850,174 TOTAL FUNDS CARRIED FORWARD 92,605 810,723 |
2023 Total funds £ 29,161 10,500 10,421 20,921 (39,451) (31,211) 934,539 903,328 |
2022 Total funds £ 27,668 |
|---|---|---|
| 10,050 21,910 |
||
| 31,960 | ||
| 71,651 | ||
| 67,359 867,180 |
||
| 934,539 |
The notes form part of these financial statements
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THE SETH SOMERS TRUST
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 49,483 53,534 (10,412) 43,122 92,605 92,605 |
Endowment fund £ 810,723 - - - 810,723 810,723 |
2023 Total funds £ 860,206 53,534 (10,412) 43,122 903,328 903,328 92,605 810,723 903,328 |
2022 Total funds £ 899,657 55,184 (20,302) 34,882 934,539 934,539 84,365 850,174 934,539 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14 November 2023 and were signed on its behalf by:
Mrs M E James - Trustee
The notes form part of these financial statements
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THE SETH SOMERS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Seth Somers Trust is a public benefit entity in England / Wales. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are page 1 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been 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 (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
[The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.]
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
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THE SETH SOMERS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Dividends Bank interest Rent and wayleaves |
2023 £ 25,632 579 2,950 29,161 |
2022 £ 24,854 14 2,800 |
|---|---|---|
| 27,668 |
3. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Direct (see note Costs 4) £ £ Grants to individuals & institutions - 10,500 Grounds maintenance 7,499 - 7,499 10,500 4. GRANTS PAYABLE Grants to individuals & institutions The total grants paid to institutions during the year was as follows: Grants |
Support costs £ - 2,922 2,922 2023 £ 10,500 2023 £ 10,000 |
Totals £ 10,500 10,421 |
|---|---|---|
| 20,921 | ||
| 2022 £ 10,050 |
||
| 2022 £ 10,000 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
Trustee indemnity insurance paid by the trust in the year totalled £189 (2022 - £168).
continued...
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THE SETH SOMERS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Employees No employees received emoluments in excess of £60,000. 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income 27,668 EXPENDITURE ON Charitable activities Grants to individuals & institutions 10,050 Grounds maintenance 21,910 Total 31,960 Net gains on investments - NET INCOME/(EXPENDITURE) (4,292) RECONCILIATION OF FUNDS Total funds brought forward 88,657 TOTAL FUNDS CARRIED FORWARD 84,365 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2022 Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 There were no investment assets outside the UK. |
2023 2022 1 1 Endowment Total fund funds £ £ - 27,668 - 10,050 - 21,910 - 31,960 71,651 71,651 71,651 67,359 778,523 867,180 850,174 934,539 Listed investments £ 899,657 (39,451) 860,206 860,206 899,657 |
|---|---|
continued...
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THE SETH SOMERS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 March 2023 is represented by:
| Valuation in 2023 Cost 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1/4/22 £ Unrestricted funds General fund 84,365 Endowment funds Endownment Fund 850,174 TOTAL FUNDS 934,539 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 29,161 (20,921) Endowment funds Endownment Fund - - TOTAL FUNDS 29,161 (20,921) |
Listed investments £ (39,451) 899,657 860,206 2023 2022 £ £ 10,412 20,302 Net movement At in funds 31/3/23 £ £ 8,240 92,605 (39,451) 810,723 (31,211) 903,328 Gains and Movement losses in funds £ £ - 8,240 (39,451) (39,451) (39,451) (31,211) |
|---|---|
continued...
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THE SETH SOMERS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/4/21 £ Unrestricted funds General fund 88,657 Endowment funds Endownment Fund 778,523 TOTAL FUNDS 867,180 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 27,668 (31,960) Endowment funds Endownment Fund - - TOTAL FUNDS 27,668 (31,960) |
Net movement At in funds 31/3/22 £ £ (4,292) 84,365 71,651 850,174 67,359 934,539 Gains and Movement losses in funds £ £ - (4,292) 71,651 71,651 71,651 67,359 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endownment Fund TOTAL FUNDS |
At 1/4/21 £ 88,657 778,523 867,180 |
Net movement in funds £ 3,948 32,200 36,148 |
At 31/3/23 £ 92,605 810,723 |
|---|---|---|---|
| 903,328 |
continued...
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THE SETH SOMERS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 56,829 | (52,881) | - | 3,948 |
| Endowment funds | ||||
| Endownment Fund | - | - | 32,200 | 32,200 |
| TOTAL FUNDS | 56,829 | (52,881) | 32,200 | 36,148 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
12. FUNDS
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
The endowment fund represents those assets which shall, at the discretion of the trustees, be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
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THE SETH SOMERS TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| INCOME AND ENDOWMENTS Investment income Dividends Bank interest Rent and wayleaves Total incoming resources EXPENDITURE Charitable activities Grounds maintenance Grants to institutions Grants to individuals Support costs Governance costs Accountancy and legal fees Other administrative costs Total resources expended Net income/(expenditure) before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2023 £ 25,632 579 2,950 29,161 29,161 7,499 10,000 500 17,999 360 2,562 2,922 20,921 8,240 (39,451) (31,211) |
2022 £ 24,854 14 2,800 27,668 27,668 17,230 10,000 50 27,280 2,210 2,470 4,680 31,960 (4,292) 71,651 67,359 |
|---|---|---|
This page does not form part of the statutory financial statements
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