Charity number: 701658
THE JACK PATSTON CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE JACK PATSTON CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
THE JACK PATSTON CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
| Trustees | C J U Applegate |
|---|---|
| S G Knipe | |
| Charity registered number 701658 Principal office Buckles Solicitors LLP Grant House 101 Bourges Boulevard Peterborough PE1 1NG Independent Examiner Peter Edwards FCA Grant Thornton UK LLP Chartered Accountants Regent House 80 Regent Road Leicester LE1 7NH Bankers Barclays Bank PLC 1 Church Street Peterborough PE1 1EZ Solicitors Buckles Solicitors LLP Grant House 101 Bourges Boulevard Peterborough PE1 1NG Investment managers Barratt & Cooke 5 Opie Street Norwich Norfolk NR1 3DW Valuers and land agents Stephen Knipe & Co 1a Abbey Road Bourne Lincolnshire PE10 9EE |
Page 1
THE JACK PATSTON CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report together with the financial statements for the year ended 5 April 2021. The Trustees confirm that the Trustees' report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), 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
a. Policies and objectives
The trust is a grant making charity, the trustees receiving and responding to written requests for funding.
The charity's objects, as set out in the trust deed, have remained unchanged. The trust fund and the income is to be applied for such charitable purposes as the trustees may from time to time at their absolute discretion think fit, particularly in Leicestershire and Cambridgeshire and with particular regard to the preservation of wildlife, the environment, the advancement of religion and the preservation of rural church fabric.
The grants paid out during the year are set out in notes 4 and 5 of the financial statements.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Financial review
a. Review
The total income for the year was £111,266 compared with £122,735 for the year ended 5 April 2020.
Charitable grants during the year totalled £80,500 (2020 - £120,500) to 32 (2020 - 46) institutions.
There was a net increase in funds after realised and unrealised gains on investments and properties of £359,600 resulting in total funds of £5,437,398 at 5 April 2021.
b. Reserves policy
The funds, all of which are unrestricted, are apportioned between expendable endowment and income. Although both are expendable, the trustees consider the balance on the income account to be a free reserve available for distribution as grants but do not, as a matter of policy, treat the expendable endowment as distributable. They regularly review the manner in which the income fund may be applied in accordance with the objectives of the charity.
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THE JACK PATSTON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Achievements and performance
Financial review (continued)
c. Investments
Investments comprise freehold properties and listed investments which are considered to have a medium level of risk.
The trustees engage a firm of valuers and land agents to advise on the property portfolio and to value the properties every five years. Interim valuations are performed when there are indications of a significant change in the value of the properties. The latest full valuation was carried out at 5 April 2021 and resulted in an unrealised gain of £186,250 in that year. Rents receivable for the year ended 5 April 2021 totalled £60,398 (2020 - £60,865).
Listed investments are reviewed in conjunction with the stockbrokers on a regular basis. At the end of the financial year, the market value of the investment portfolio was £1,334,569, excluding uninvested cash, compared with £1,171,036 at the end of the previous year. There was a net gain on listed investments amounting to £165,747, compared with a net loss of £215,765 the previous year. Income from listed investments was £48,474 compared to £59,437 in the previous year.
d. Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Other than the potential effect on investment valuations, the impact of Covid-19 is relatively minimal. The charity has confirmed that it has adequate cash and investment resources for at least the next 12 months following the signing of these financial statements and for this reason they continue to adopt the going concern basis in preparing the financial statements.
Structure, governance and management
a. Constitution
The charity, which is unincorporated, was established by a charitable trust deed dated 18 May 1989.
The trustees who served during the year were:
C J U Applegate S G Knipe
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
b. Methods of appointment or election of Trustees
The power of appointing trustees is as set out in the trust deed.
Page 3
THE JACK PATSTON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Statement of Trustees' responsibilities
The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The trustees must not approve the financial statements unless they are satisfied that they 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose 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) Regulations 2008 and the provisions of the 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 irregularities.
Approved by order of the members of the board of Trustees on 3 November 2021 and signed on their behalf by:
C J U Applegate Trustee
Page 4
THE JACK PATSTON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Independent Examiner's Report to the Trustees of The Jack Patston Charitable Trust ('the Charity')
I report on the accounts of the The Jack Patston Charitable Trust for the year ended 5 April 2021 which are set out on pages 7 to 17.
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) (effective 1 January 2019) issued in October 2019 in preference to the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005)' issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn. I understand that the charity's trustees have done this in order for the charity's accounts to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
This report is made solely to the charity's trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.
Respective Responsibilities of trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act 2011;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Page 5
THE JACK PATSTON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011;
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to prepare accounts which accord with the accounting records; and
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to comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 3 November 2021
Peter Edwards Grant Thornton UK LLP Chartered Accountants Leicester
Page 6
THE JACK PATSTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Raising funds 3 Charitable activities: Direct costs - grants 4/5 Support costs 4 Total expenditure Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ - - - - - - 351,997 351,997 5,045,685 351,997 5,397,682 |
Unrestricted funds 2021 £ 111,266 111,266 5,487 80,500 17,676 103,663 - 7,603 32,113 7,603 39,716 |
Total funds 2021 £ 111,266 111,266 5,487 80,500 17,676 103,663 351,997 359,600 5,077,798 359,600 5,437,398 |
Total funds 2020 £ 122,735 122,735 7,452 120,500 19,422 147,374 (215,765) (240,404) 5,318,202 (240,404) 5,077,798 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
THE JACK PATSTON CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2021
| Note Fixed assets Investments 9 Investment property 8 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 12 Unrestricted funds 12 Total funds |
97,210 52,941 150,151 (19,822) |
2021 £ 1,334,569 3,972,500 5,307,069 130,329 5,437,398 5,437,398 5,397,682 39,716 5,437,398 |
96,364 30,275 126,639 (6,127) |
2020 £ 1,171,036 3,786,250 |
|---|---|---|---|---|
| 4,957,286 120,512 |
||||
| 5,077,798 | ||||
| 5,077,798 | ||||
| 5,045,685 32,113 |
||||
| 5,077,798 |
The financial statements were approved and authorised for issue by the Trustees on 03 November 2021 and signed on their behalf by:
C J U Applegate
Trustee
The notes on pages 9 to 17 form part of these financial statements.
Page 8
THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published 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 Jack Patston Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Sterling (£).
1.2 Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Other than the potential effect on investment valuations, the impact of Covid-19 on the charity is relatively minimal. The charity has confirmed that it has adequate cash and investment resources for at least the next 12 months following the signing of these financial statements and for this reason they continue to adopt the going concern basis in preparing the financial statements.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be permanently held on trust by the charity.
Investment income, gains and losses are allocated to the appropriate fund.
1.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Rent receivable is recognised during the period to which it relates.
Investment income is recognised when received.
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies (continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.8 Investment property
Investment property is measured at market value based on existing use. A formal valuation takes place every five years and interim valuations are performed where there are indications of a significant change in the value of the properties. No depreciation is provided. Changes in value are recognised in the Statement of Financial Activities.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies (continued)
1.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
1.12 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. Investment income
| Unrestricted funds 2021 £ Rental income 60,398 Income from listed investments 48,474 Interest received 30 Wayleaves 2,364 111,266 |
Total funds 2021 £ 60,398 48,474 30 2,364 111,266 |
Total funds 2020 £ 60,865 59,437 295 2,138 |
|---|---|---|
| 122,735 |
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
3. Expenditure on raising funds
| Unrestricted funds 2021 £ Land agents' charges - rental collection commission 4,312 Land agents' fees - land and property administration - Other costs 181 Property insurance 562 Investment manager's fee 432 5,487 |
Total funds 2021 £ 4,312 - 181 562 432 5,487 |
Total funds 2020 £ 4,536 570 1,151 708 487 |
|---|---|---|
| 7,452 |
4. Analysis of expenditure on charitable activities
| Unrestricted funds 2021 £ Direct costs - Grants (Note 5) 80,500 Support costs - Solicitors' fees 14,172 Support costs - Independent examination fees 1,080 Support costs - Accountants' fees 2,424 98,176 |
Total funds 2021 £ 80,500 14,172 1,080 2,424 98,176 |
Total funds 2020 £ 120,500 16,020 1,050 2,352 |
|---|---|---|
| 139,922 |
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
5. Schedule of grants
| Leicestershire Historic Churches Trust St Andrew's Church, Carlton St Edmund's Chruch, Egleton St Mary Magdalene Church, Peckleton St Nicholas' Church, Cottesmore St Stephen's Church, Etton All Saints Church, Knipton St Mary's Church, Broughton Astley St Peter's Church, Bardon Hill St John the Baptist Church, Kings Norton Christ Church, Smeeton Westerby St Mary's Church, Nether Broughton Launde Abbey St Thomas of Canterbury Church, Frisby-on-the-Wreake Sue Ryder Hospice (Thorpe Hall) St Michael & All Angels Church, Brooksby Bumblebee Conservation Trust Butterfly Conservation Curlew Action Derbyshire, Leicestershire and Rutland Air Ambulance Dove Cottage Day Hospice East Anglia's Children's Hospices Holy Trinity Church, Great Paxton RNIB (Talking Books) St Andrew's Church, Coston The Woodland Trust St Nicholas' Church, Stretton Wildlife Trust for Beds, Cambs and Northants All Saints Church, Cottenham Barn Owl Trust Shepreth Wildlife Conservation Charity St Laurence's Church, Measham |
2021 £ 5,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 2,500 2,500 2,500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 |
|---|---|
| 80,500 |
All grants paid in the year were to institutions (2020 - All grants paid were to institutions).
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an Independent Examination fee of £1,080 ( 2020 - £1,050 ), and bookkeeping fees of £2,424 (2020 - £2,352).
7. Staff costs and Trustees' remuneration and expenses
The charity has no employees other than the trustees, who did not receive any remuneration (2020 - £nil).
No employee received remuneration amounting to more than £60,000 in either year.
Expenses of £115 (2020 - £170) were reimbursed to one trustee (2020 - one).
8. Investment property
| Valuation At 6 April 2020 Surplus on revaluation At 5 April 2021 |
Freehold investment property £ 3,786,250 186,250 |
|---|---|
| 3,972,500 |
The year end valuation of £3,972,500 (2020 - £3,786,250) comprises £3,395,000 (2020 - £3,097,000) of wholly owned properties and £577,500 (2020 - £689,250) of properties with half share.
The freehold investment properties were valued at market value based on existing use by Stephen Knipe & Co as at 5 April 2021.
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
9. Fixed asset investments
| Cost or valuation At 6 April 2020 Additions at cost Disposals at opening market value Revaluations At 5 April 2021 |
Listed investments £ 1,171,036 292,729 (252,794) 123,598 |
|---|---|
| 1,334,569 |
The historical cost of fixed asset investments held at 5 April 2021 is £1,200,345 (2020 - £1,200,603).
10. Debtors
| Trade debtors (rents) Other debtors (Held by Stock Brokers) Prepayments |
2021 £ 29,800 67,410 - 97,210 |
2020 £ 29,801 66,138 425 |
|---|---|---|
| 96,364 |
11. Creditors: Amounts falling due within one year
| Other creditors (Buckles and Stephen Knipe & Co) Accruals and deferred income |
2021 £ 16,318 3,504 19,822 |
2020 £ 2,145 3,982 |
|---|---|---|
| 6,127 |
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
12. Statement of funds
Statement of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2020 | Income | Expenditure | (Losses) | April 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted income fund | 32,113 | 111,266 | (103,663) | - | 39,716 |
| Endowment funds | |||||
| Endowment funds | 5,045,685 | - | - | 351,997 | 5,397,682 |
| Total of funds | 5,077,798 | 111,266 | (103,663) | 351,997 | 5,437,398 |
| Statement of funds - prior | year | ||||
| Balance at | Gains/ | Balance at | |||
| 6 April 2019 | Income | Expenditure | (Losses) | 5 April 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted income fund | 56,752 | 122,735 | (147,374) | - | 32,113 |
| Endowment funds | |||||
| Endowment Funds | 5,261,450 | - | - | (215,765) | 5,045,685 |
| Total of funds | 5,318,202 | 122,735 | (147,374) | (215,765) | 5,077,798 |
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THE JACK PATSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Investment property Current assets Creditors due within one year Total |
Endowment funds 2021 Unrestricted funds 2021 £ £ 1,334,569 - 3,972,500 - 90,613 59,538 - (19,822) 5,397,682 39,716 |
Total funds 2021 £ 1,334,569 3,972,500 150,151 (19,822) 5,437,398 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Investment property Current assets Creditors due within one year Total |
Endowment funds 2020 £ 1,171,036 3,786,250 88,399 - 5,045,685 |
Unrestricted funds 2020 £ - - 38,240 (6,127) 32,113 |
Total funds 2020 £ 1,171,036 3,786,250 126,639 (6,127) 5,077,798 |
|---|---|---|---|
14. Related party transactions
Mr Applegate, a trustee, was a partner in Buckles Solicitors until his retirement on 31 October 2020. During the year Buckles Solicitors charged the trust £14,172 (2020 - £16,020). At the year end £14,172 (2020 - £nil) was owed to Buckles Solicitors.
Mr Knipe, a trustee, is a valuer and land agent at Stephen Knipe & Co. During the year Stephen Knipe & Co charged the trust £4,312 (2020 - £4,536) for rent commission and professional services and £nil for specific professional services and advice in connection with land at Eye (2020 - £570). At the year end £2,145 (2020 - £2,145) was owed to Stephen Knipe & Co.
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