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2020-12-31-accounts

SELBY FEOFFEE AND WELFARE CHARITY

ANNUAL REPORT AND UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2020

Charity number 810060

SELBY FEOFFEE AND WELFARE CHARITY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

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 Practice 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.

The accounts have been prepared on the receipts and payments basis.

AIMS AND OBJECTIVES

The objects of the charity are the management of farmland and investments.

After defraying from the income all proper costs and management expenses, the trustees shall apply the income of the charity as follows:

  1. One third for charitable purposes for the general benefit of the inhabitants of the town of Selby in the relief of the aged, poor, those in distress, the sick, or for provision and support in the object of improving the conditions of life for the said inhabitants in the interests of social welfare, of facilities for recreation and other leisure time occupations. The trustees may also apply the income for the provision and support of educational facilities.

  2. One third for augmenting the income of the Selby Almshouses and Poor’s Charity.

  3. One third to be paid to the church trustees as income of the Feoffee Estate Church Charity.

The trustees confirm that they have referred to the guidance contained in the charity commission’s general guidance on public benefit when reviewing the charities aims and objectives and in planning future activities.

ACHIEVEMENTS AND PERFORMANCE

The income of the charity was applied in accordance with the aims and objectives as far as possible. The payment to Selby Abbey Parochial Church Council was £10,168. A similar amount was transferred to Selby Almshouses and Poor’s Charity to enable them to fulfil their charitable functions and the final third was used for charitable donations from this charity.

Due to shielding by our Treasurer and other Trustees and the intransigence of the bank in not accepting cheques which were a few days out of their 6 month limit, some new cheques had to be issued by our Tenants and we were not able to pay cheques for rent for 2020 into our account until 2021. Consequently no farm rent income is shown in this year’s accounts but this will be reflected in our 2021 finances. Also due to a lost cheque we had to re-issue the payment for Selby Abbey PCC for 2019 which has somewhat skewed the figures for 2020. We suspect that the investments will continue to underperform for 2021 but will continue to monitor the situation to try to ensure as good a return on our investments as we can in a difficult market, and may have to reduce our grants if funds do not stabilise.

During 2020 the charity received 14 applications for grants of which 14 were granted totalling £10,587.

RESERVES POLICY

The charity’s policy is to maintain sufficient cash resources to enable its objectives to me met as needed. The trustees continue to review options for investing in assets in order to maximise available funding to fulfil the aims and objectives of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

Constitution

Selby Feoffee and Welfare Charity is a registered charity number 810060 governed by a scheme dated 24 August 1981.

SELBY FEOFFEE AND WELFARE CHARITY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 – CONTINUED

The board of trustees hold meetings quarterly to consider matters in line with the connected charities. The chair of the board has discretion to grant sums up to a maximum of £500 per individual because, since the board only meets quarterly, it is often necessary to make decisions more quickly. The chair then reports retrospectively to the board on any grants made in this way and reports more unusual or higher value applications to the next board meeting where the decision is made by the board as a whole. Due to the high number of applications each year the board has agreed its current general priorities for grants as being emergency help and support for individuals in the first instance.

The board took a decision during 2012 that it would encourage grants from individuals rather than organisations and would look for these individuals to be supported by local frontline support workers from local charities or social care organisations. This allows the board to build up relationships of trust with those local frontline staff who are better informed about the particular circumstances of individuals as well as their immediate needs.

Day to day operation of the charity is overseen by the chair and undertaken by the trustee board.

Appointment of trustees, induction and training

The ex-officio trustees, being the vicar and representatives of the Parish of Selby Abbey, are deemed to be appointed by the Parochial Church Council of the said Abbey. The nominative trustees are appointed by Selby Town Council for a term of 4 years but the person need not be a member of the council.

Co-opted trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the town of Selby and specific skills to support the board in their work. They are appointed by the board and serve for a period of 5 years.

All new trustees have a meeting with the chair and other trustees to explain the work and activities of the charity.

CO-OPERATION WITH OTHER CHARITIES

The trust works in connection with other charities. The same trustees serve for Selby Almshouses and Poor’s Charity.

REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

The body of trustees consists of the trustees for the time being of Selby Almshouses and Poor’s Charity.

They shall consist, when complete of:

SELBY FEOFFEE AND WELFARE CHARITY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 – CONTINUED

REFERENCE AND ADMINISTRATIVE INFORMATION - CONTINUED

TRUSTEES - CONTINUED

Ex Officio Trustees:

The Vicar and Churchwardens for the time being of the Ecclesiastical Parish of Selby Abbey

Nominative Trustees

Nominated by Selby Town Council

Co-opted Trustees:

INDEPENDENT EXAMINER

SOLICITOR

N Clemit ACA FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington York YO10 5DQ

Elmhirst Parker Abbey Yard Selby YO8 4PX

BANKERS

HSBC Bank plc Market Place Selby YO8 4PA

Approved by the trustees on 19 October 2021 and signed on their behalf by:

…………………………………………… Melanie Davis - Chair

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

SELBY FEOFFEE AND WELFARE CHARITY

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 5 to 7.

Respective responsibilities of trustees and examiner

The charity’s trustees 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Nigel Clemit ACA FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington York YO10 5DQ

20 October 2021

SELBY FEOFFEE AND WELFARE CHARITY

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

RECEIPTS
Activities for generating funds
Farm rents
Investment income
Investment income
Total receipts
PAYMENTS
Charitable activities
Charitable donations
Feoffee Estate Church Charity
Selby Almshouses and Poor’s Charity
Independent examiners fee
Total payments
(Decrease)/increase in bank and cash balances
Bank balance at 1 January 2020
Bank balance at 31 December 2020		 General
Endowment
Fund
Fund
£
£
-
-
31,045
-
_
_
31,045
-
_
_
10,587
-
22,333
-
11,262
-
540
-
_
_
44,722
-
_
_
(13,677)
-
92,652
-
_
_
78,975
-

 Total
2020
£
-
31,045
_
31,045
_
10,587
22,333
11,262
540
_
44,722
_
(13,677)
92,652
__
78,975
 Total
2019
£
3,950
30,376
_
34,326
_
8,290
-
11,071
540
_
19,901
_
14,425
78,227
__
92,652

SELBY FEOFFEE AND WELFARE CHARITY

STATEMENT OF ASSETS AND LIABILITIES AT 31 DECEMBER 2020

General Endowment Endowment
Total		 Total
Fund Fund 2020 2019
£ £ £ £
CASH FUNDS
Bank balances 78,975 - 78,975 92,652
INVESTMENT ASSETS – AT MARKET VALUE
11802 NAACIF Income shares - 9,869 9,869 10,665
1973.52 COIF Charities Investment Fund income units 35,545 - 35,545 33,409
360,645.83 COIF Charities Ethical Investment Fund
Income units 84,040 910,694 994,734 935,876
______ _____ _ _
119,585 920,563 1,040,148 979,950
LIABILITIES
Independent examiners fee 600 - 600 540
Mandated distributions
Selby Almshouses and Poor’s Charity 10,168 - 10,168 11,262
Feoffee Estate Church Charity 10,168 - 10,168 22,333
______ ______ _ _
20,936 - 20,936 34,135

The charity also owns 66 acres of tenanted farmland to provide income to the charity and forms part of the endowment fund.

Approved by the trustees on 19 October 2021 and signed on their behalf by:

…………………………………………… Melanie Davis - Chair

SELBY FEOFFEE AND WELFARE CHARITY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

BASIS OF ACCOUNTING

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 issued in October 2020, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

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.

FUNDS

The endowment fund represents funds to be held permanently for the purposes of the charity.

General funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

2. GRANTS

During the year the charity made 14 (2019 - 26) grants totalling £10,587 (2019 - £8,290). No grant was made in excess of £1,000 in either year.