Fletcher Bequest Trust Scottish Charity: SC011548 Accounts for the year ended 30 April 2023 FletcherBeque5t Trust Trustees and Athisers The Trustees WI￿ served durlrt the yearwere as f￿l￿- Bankers CAF Bank Ltd 25 Kin85 Hill Avenue Kings Hill West Mailing Kenl ME19 4JQ Indppendent Examiner Sollcitors Thorntons Law LLP Inbum Castle St Andrews Fife KY16 9DR Fletcher 8equest Trust Trustee'5 Report for the year to 30 April 2023 Synopsi5 The Tru5ter, Mlss Elizabeth Catherine Fletcher. dled In 1946. In her Trust Dispositlon and Settlement dated 4 Aprll 1945 and reglstered in the Books of Council and Se$5ion on 31 May 1946, she created thls Trust. the maln asset of which is the btsilding at 1191121 South Street, St Andrews, compri5in8 of a shop wlth three flats above. The Trust is recognised as a charitsble one and its purpose 35 Set out by the Trusier is to distribute the free annual income as follows.. . al one-fotjrth In such manner and proportions as the Trustees deem expedlent among or for behoof of poor, a8ed, Infimi. or dlstressed persons re5idin8 in the Parishes of St Andrews and St Leonard's. bl one-fourth to the Royal Edinbur8h Hospltal for Incurables (now the Edlnburgh &. Lothlan Health Foundation) cl one-fourth to the Orphan Home (now auarriers). Brid8e of Weir; aThJ dl one-fourth to the Earl Haig Fund. Legal and AdMInistr￿1ve arran8ements The report Is Pfepafed In accordance wlth the Constitution of the Charlty and the Statement of Recommended Practice and Accountin8 and Aeportin8 by Charities and complies with applicable law Or8an5satlonal struthre The charity 15 8overned and administered by the Trustees who have the power to distribute fynd$ 35 they see t in the furthefance of the oblÈtt5 of the charity. Meth¢xl of Appolntm¢nt or Eledlon of Trustees The Trustees during the period of this account are as stated on pa8e l. Trustees are the Ministers for the time bein8 of Hop¢ Park & Martyrs Parish Church now known a5 Sl, Mark's Parish Church. St Andre￿ and The Parlsh Church of the Hoty Trinlty, St Andrews, ex officbo. Rlsk Mana8ernent The Trustees have assessed the major rlsks to whlch the ¢haTIty Is e*r￿d. in partlcular those related to the operatlons and finance5 of the trust. A major risk to the Trust 15 the coniinuing problem5 concerning the recovery of the amount due as a Consequen￿ of the rent outstanding In respect of the admlnlstratlon of M and Co. Every effort Is being made by the Trustees to address thls matter but it continues to be a rlsk to the Bequest. It is now known that Ihe current ￿tupIer of the premises Is goin8 into administratlon so a further r15k lo the Income of the Trust in 2022-23 and 202>24. Reserves The reserves of the charity are maintained in order to ensure that the income generating assets are Pfeserved In 80[￿ order to yleld a contlnulng stream of funds that may be distributed for the charlty'5 purposes Fletcher Bequest Trust Actlvities During the hnantial year 2020-21 the then occupleys of the shop premise5 went into admlnlsiration. The Trustees lodged a clalrn for £70.442. Theie has been no movement in the amount owed I the intervenin8 years. In the pceviou5 yearfs accounts. it had been hoped that a bad debt provision would be set up io recognise that it was extremely unlikely that any of the outstanding debt would be recovered. However, the subsequent tenant of the shop has now gone into admintstration owing some £21.667 to the Trust. The Trustees in retognistng that little if any of this debt will be iecovered have a8reed to write oft ihis debt in 2022-2023 accounts. It is anticipated that any shop rent that acuues in fuiure financial years will be utiltsed to write of the original £70,442 over a period of ihree or four years. The Trustees h•ve instruaed Shepherds. Chartered Survey¢ys to seek a tenant for the shop and itls antlclpated that a rental a8reement wlll be In place In spring 2024. The Trustees instructed Shephers, Olanered Surwors to value the properties in April 2022. The valuation has been ￿rrIed out and her outcome Is as folh)ws. Shop value with tenant- £i.0s0,￿ Flat 1- £450.C Flai 2- £440.C Flat 3- £410,CiYJ The new valuatlon has not been taken Into account In the 2022-2023 accounts as the sltuatlon wlth re8ard to the rental of the shop Is not stable. Statement of Trustees, Responslbllltles Trustee5' responslbllltles for the preparatlon of accounts The Trustees are iesponslble for prepailng the annual report and the acc04tnts In accordance wlth appllcable law and regulations Charlty law requlres theTrustee5 to prepare accounts for each ftrmntlal year. Under that law the Tfustees have elected to prepare the accounts tn accoidance wlth United ￿n6dOM Generally Accepled Accounting Practlce Iunited Kin8dom Accounting Prartlce and appll¢able lawl. The accounts are requlred by law to glve a true and falr view of the state of affairs of the charity and of ihe surrAus or deficit of the charity for that perlod. In preparin8 those acwunts, the trustees are required to.. al seiett suitable a¢¢ountin8 poli¢ies and then appty lt￿M consistently. bl make jud8ements and esiimates that are reasonable and prudent. cl stale wheiher applicable UK Accounting Standards have been followed. sufy'ett to anv material departures disclosed and explained in the accounts: and dl prepare the accounts on the 8olngc¢norn basis unless it is inappropriate to presume that the charitv wlll contlnue Its artivities The trustees are responsible for keepin8 proper accounting records which disclose wilh reasonable accuraw at the time the financial position of the charity and to enable them to efisure that the accounts comply with the Charities Accounts Iscotlandl Regulations 2C¥)6. They are also responsible for safeguardin8 the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. Independent Examinor The indepeThaent examlner appointed forthe current years is Ms Sarah Wood. FCC4 FCIPFA of Ceres, Fife. So far as each Trustee is concerned there is no ielevant information of which the irdependent examiner Is unaware. Each Trustee has taken the appropriate steps as a Trnstee to make themselves aware ol such InformatlDn and to establish the independent examiner s ￿are of Èt. Approved by the Trustees: Independent Examinerfs Report to the Trustees I report on the accounts of the charity for the year ended 30th April 2023 RE5PEcfivE RESPONSIBIUTIE5 OF TRUSTEES AND EXAMINER The charity'5 Trustees are responsible for the preparation of the accounts In accordance with the terms of the. Charities and Trustees Invèstment (Scotlandl Act 21X)5 and the Charities Accounts Iscotlandl Regvlations 2006 (as amended). The charity's Trustees considei that tlie audit requlremeni of Regvlatlon 10111 lal to Icl of the Account RegulatI￿S d(*s not apply. It is mv responsibllity to examine the accounts as required under Section 4411) Icl of the 2(X)S Act and to state whether particular matters have come to rny attention. BASIS OF INDEPENDENT EXAMINERS STATEMENT My examination was iarried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulations 21)J6. An examination includes a review of the accountrn8 records kept by the charity and a comparison of the account resented with those records. It also includes consideratK)n of any unusual items or disc105ures in the accounts aThJ seeks explanatlons from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be reouiled in an audit. and Consequent￿ I do not express audit opinion on the view given by the actounts. INDEPENDENT EXAMINER'S STATEMENT In the course of my examination, no matter has c(Ane to my attenti)n". INDEPENDENT EXAMINER'S STATEMENT In the course of my examination, no matter has corne tr) my attentK)n: {11 Whlch grves me reasonable cause to believe thai in any material respects the requirements lal To keep accounting records in accordance with Section 4411) la) of the 2(K)5 Act and Regulaiion 4 of tl* 2CIJ6 Account Regulations: and Ibl To prepare attounts which accord wtth the accountirvd retord5 arKI compw with Regulation 8 of 2C(J6 Accounts Re8ulations. have not been met or {21 to which, in my opinion, attention sh￿Id be drawn in order to enable a proper understanding of the accounts to be reached Fletcher Bequest Trust Statement of Financial ActNlties For the period to 30 April 2023 Income and Endowments from 2023 2022 Investment Page 12 87,381 112,645 Other Income Resources Total Incoming Resource5 87,381 112,645 Expenditure on Charitable Activities Appendix I 36,8(K) 40,000 Governance Costs Appendix 2 14.215 10.109 Appendix 2 Cost of 8enerating funds Appendix 3 17,215 14.264 68,230 64,373 Net Income for the year 19.151 48,272 Reconclllatlon of Fynd$ Total funds brought forward 1,663,911 1,615,639 Total funds carried fonvard 1.683.062 1.663,911 Fletcher Request Trust Ba13nce Sheet as at 30" April. 2023 2023 2022 Investment Assets Heritable Properties At cost or valuation Note 2. Page 9 1.452.478 1,452.478 Current Assets Debtors ptendix 4 78.144 78144 Funds held v Thornions CAF Bank 193,940 163,789 272,084 241,933 Creditors and amals Appendix 5 141.51YJI 130.5WI N•t Current Assets 230,584 211,433 Total Assets ie55 current liabllltl 1.683,062 1,663,911 Capital and reserves Capital Accounts Page 11 IJ)70,610 1,072,2O) Revenue Accounts Pa8e 12 612.452 591,711 1,683,062 1,663,911 Approved by the Trustee5: Date. Fletcher 8equest Trust Notes to the Financial Ststements l Accountlng polldes 8asls of Preparation The Accounts are prepared under the historical cost convention. and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charit*s ISORP 21XJ51 and the Charities Accounts IS¢otlandl Regulations las amended). Incorne and expendlture All Income and expenditure is accounted for on • cash basis other than administration expenses where accruals are recO8fi￿ed. Investment Propertles The Investments conslst of heritable properties and furniture whlch are included In the balance sheet at their open market value and are not depreclated. Expenditu￿ incurred in the purchase of Improvements of a fixed asset is capitallsed and Included under the appropriate fixed asset heading 2 Summary of Investment Propertles Heritable Furnlture & Total Properties Fittings As at 30th April, 2022 1,427,566 24.912 1,452,478 Improvements/Additions at cost As at 30" Aprll, 2023 1.427.566 24,912 1,452,478 Fletcher Bequest Trust Summary of Balances at 30 April 2023 2023 2022 Capital Page 11 1.070,610 1,072,200 Income Pa8e 12 612.452 591,711 1.683,062 1,663,911 Represented By Fixed Assets Page 9 1,452,478 1,452,478 Debtor5 Appendix 4 78,144 78,144 Cash at Bank 193,940 163,789 Less Creditors Appendix 5 141,5(Kll 30,500 1,683.062 1,663,911 io Fletcher Bequest Trust Capital Account 2023 2022 Balance as at 30.04.22 1.072.2CO 1,081,306 Property Improvements Governance Costs Appendix 2 2593 10,109 Prior Year Adjustment IIC1131 110031 Balance as at 30.04.23 1.070.610 1.072.2 li Fletcher Bequest Trust Revenue Account Gross Income Rental Income 2023 2022 Shop premises at 121 South Street. St Andrews linc rental ols per schedule) 37.917 69,556 3 Flats at 119 South Street. St Andrews 49,218 43,088 Deposit Interest 246 Total Income Resources 87,381 112,645 Expenses ete Repairs, Renovations and Maintenance 14,468 2,895 Insurance 2.747 2,263 Council Tax Total Expenditure 17.235 5,158 Net Income for the year 70.146 107,487 Beneflclarles Income Account Balance as at 30.04.22 591.711 534,333 Net Income for the year 70,146 107,487 661,857 641,820 Charitable Distributions Appendix I 36,8LMI 40,(KQ Support Costs Appendix 2 2.593 10.109 39.393 50,109 Balance as at 30.04.23 612,452 591,711 Fletcher Bequest Trust Estate at 3(Y April 2023 Heritable Property 1,452.478 Debtors 78.144 Cash and Bank and on hand Thornton5 LLP- General Thorntons LLP- Contingency Funds Thorntons LLP- Assignation CAF Bank 193,940 Creditors 136,CWI 1,688,562 Appendlx to Account5 Appendlx I Charitable Activitles Poppy Scotland io,oc Edinburgh Lothian Health iO.LK Quariers io.( St Mark's Church-Goody Bags Farnilies, I, Storehouse Total 36.8(K) 13 Fletcher Bequest Trust Appendices to accounts conyd Appendix 2 Support Costs Lawson Thomson 11.622 Property Search J & E Shepherd 2,520 Bank Charges 73 Total 14.215 Prior year adjustments Appendix 3 Costs of 8eneratin8 funds al Maintenance/Renovations etc Per Lawson Thomson 14,468 Management Fees ArrangementlRenovation Fees Total 14,468 bl Insurance 2,747 Total 17,215 Appendix4 Debtors Mackay Ltd 78,144 Lawson Thom50n Total 78,144 14 Fletcher Bequest Trust Appendices to accounts confd Appendix 5 Creditors Payments to charitable bodies 41,5¢X) 15