SPENBOROUGH_FORGET_ME_NOT - Accounts

The Trustees present their annual report and financial statements for the year ended 30 June 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's memorandum and articles of association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)”

The Charity's objects are the relief of financial hardship, sickness or the effects of old age among members or former members of the Royal Navy, the Army, the Royal Air Force or the Merchant Navy who are or have been resident in the area formerly known as Spenborough or the widows, widowers, children and dependants of such persons. The policies adopted in furtherance of these objects are:

Investment Policy

The trustees have formulated an investment policy with a view to ensuring that the asset management function will be exercised in the best interests of the Charity. The asset management function has been delegated to Barclays Wealth.

Grant Making Policy

Grants are made to annuitants who demonstrate to the trustees they have a genuine need for support. This decision is made after a home visit by one of the trustees who examines the individuals financial position. The main criteria being that the recipient is already in receipt of State benefits, but there may also be exceptions if a need is determined to exist.

There have been no changes in these policies during the year.

The Trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the Charity should undertake.

During the year the charity helped 13 who were in need with quarterly grants and more receiving a voucher for Christmas, the trustees are satisfied with the Charity's performance against its objectives throughout the year.

During the year the charity received income of £9,902 (2021: £6,857), made charitable expenditure of £10,059 (2021: £9,238) and made a loss on its investments of £28,220 (2021: gain £57,424) resulting in a deficit of £28,377 (2021: surplus £55,043). At 30 June 2022 reserves, which are all unrestricted, stood at £406,321 (2021: £434,698), the trustees are satisfied with this result.

It is the policy to keep a minimum of one year's expenditure in reserves to generate income enabling the charity to continue its charitable support. This currently stands at £10,060. General reserves at 30 June 2022 stand at £406,321 (2021: £434,698).

The Trustees has assessed the major risks to which the Charity is exposed. The major risks are the change in value of the investments and the income therefrom. The Trustees consider that they have mitigated these risks by appointing professional advisors to manage the charity's investments.

The Charity is a company limited by guarantee, registered in England and Wales and governed by its memorandum and articles of association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Trustees are selected through interview with a panel of trustees and are selected based on the skills and experience that they can bring to the charity.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Indemnity insurance for the Trustees has been taken out and is included in the insurance charge £365 (2021 £365).

The Trustees' report was approved by the Board of Trustees.

The Trustees, who are also the directors of Spenborough Forget Me Not Fund for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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 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 Companies Act 2006. 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spenborough Forget Me Not Fund for the year ended 30 June 2022, which comprise the Statement of Financial Activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Spenborough Forget Me Not Fund and state those matters that we have agreed to state to the charity's Trustees, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spenborough Forget Me Not Fund and the charity's Trustees as a body, for our work or for this report.

It is your duty to ensure that Spenborough Forget Me Not Fund has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Spenborough Forget Me Not Fund. You consider that Spenborough Forget Me Not Fund is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.}

We have not been instructed to carry out an audit or a review of the financial statements of Spenborough Forget Me Not Fund. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Investment income

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Spenborough Forget Me Not Fund is a private company limited by guarantee incorporated in England and Wales. The registered office is 108 Church Lane, Gomersal, Cleckheaton, BD19 4QL.

The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Resources expended are recognised in the Statement of Financial Activities on accrual basis, inclusive of any VAT which cannot be recovered, and is recognised when there is a legal or constructive obligation to pay expenditure. Expenditure which is attributable to specific activities has been apportioned across the cost categories on a basis consistent with use of those resources.

Governance costs include costs of investment management, the costs of trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment income

Income from listed investments

Charitable Expenditure

Governance

Charitable Expenditure

Governance

British Legion

Room hire

Insurance

Vouchers

Sundry expenses

Broker fees

Companies House

None of the Trustees (or any persons connected with them) received any remuneration, expenses or benefits from the Charity during the current or previous year.

Indemnity insurance for the Trustees has been taken out at a cost of £365 (2021 £365).

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

There were no disclosable related party transactions during the year (2021 - none).