REGISTERED COMPANY NUMBER: 02551915 (England and Wales) REGISTERED CHARITY NUMBER: 1001987 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st March 2024 for BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST TC Group Office.. Croydon- TC SWP 3rd Floor, Suffolk House George Street Croydon CRO OYN
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Contents of the Financial Statements for the year ended 31st March 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements 7 to 12 Detailed Statement of Financial Activities 13
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Report of the Trustees for the year ended 31st March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. 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 IFRS 1021 leffective l January 20191. OBJEcfivES AND AcfiviTIES Objectives and aims The principal objective of the Trust is to preserve and protect lands of ecological or other scientific importance and buildings of beauty or historic interest for the benefit of the public. and especially the inhabitants of the parish of Breamore. We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work and helps us ensure our aims. objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular. the trustees consider how planned activities will contribute to the aims and objectives they have set. Significant activities The Council of Management continues to seek such projects as will continue to enhance and preserve the historic propertie5 in the Breamore Parish. ACHIEVEMENT AND PERFORMANCE Charitable activities During this period, the trustees have continued with repair and maintenance work to the Clock Tower and Caretaker's Cottage. The investl8ation of planning and development opportunities has progressed further. Investment income Rents have been received on properties which will contribute towards funding of future projects. FINANCIAL REVIEW Financial position Rental income was consistent with the previous year. Repair expenditure again consists mainly of works carried out to the Clock Tower, while there was expenditure on Caretaker's Cottage. Legal and planning costs have been recognised in the balance sheet. Reserves policy The Council of Management has a policy to ensure that sufficient funds are in hand to plan for future developments after taking into account likely grants and donations. Goin8 concern The trustees are satisfied that. subject to the sale of property. sufficient income will continue to be generated to continue to meet its objectives and that the charity remains a going concern. FUTURE PLANS As noted in the prior year, several properties require imminent work, while there may be development opportunities available with others. The funds available remain insufficient to undertake the desired projects and so the Trustees proposed to continue exploring the potential sale of existing leases during the year to 31 March 2025. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust. and constitutes a limited company, limited bv guarantee, as defined by the Companies Att 2006. Page I
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Report of the Trustees for the year ended 31st March 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees New trustees are recruited as considered necessary after consultation between the trustees. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 02551915 (England and Wales) Registered Charity number 1001987 Registered office Breamore House Fordingbridge Hampshire SP6 2DF Trustees Lady Hulse (resigned 26.11.231 Sir E M W Hulse MrDRBusk Mr J Wingfield Mr W J Crockatt (appointed 26.11.23} Company Secretary Sir E M W Hulse Independent Examiner Patrick ducasse TC Group Office.. Croydon- TC SWP 3rd Floor, Suffolk House George Street Croydon CRO OYN This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on Ilth December 2024 and signed on its behalf by- InLJLL Sir E M W Hulse- Trustee Page 2
Independent Examiner's Report to the Trustees of Breamore Ancient Buildings Conservation Trust Independent examiner's report to the trustees of Breamore Ancient Buildings Conservation Trust {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts a5 carried out under Section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 14515) {bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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- or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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 leached. Patrick ducasse TC Group Office.. Croydon- TC SWP 3rd Floor, Suffolk House George Street Croydon CRO OYN Ilth December 2024 Page 3
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31st March 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 31,745 30,809 EXPENDITURE ON Charitable activities Property costs 13,903 6,820 Other 3.523 2.804 Total 17.426 9,624 NET INCOME 14.319 21,185 RECONCILIATION OF FUNDS Total funds brought forward 95.667 74,482 TOTAL FUNDS CARRIED FORWARD 109,986 95,667 The notes form part of these financial statements Page 4
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Statement of Financial Position 31st March 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes FIXED ASSErs Heritage assets 206.426 146.804 CURRENT ASS$ Debtors Cash at bank 970 2.261 850 16,912 3,231 17,762 CREDITORS Amounts falling due within one year io 199.6711 168.8991 NET CURRENT ASss 196,4401 151,1371 TOTAL ASSEfs LESS CURRENT LIABILrriES 109,986 95,667 NET ASss 109.986 95,667 FUNDS Unrestricted fund5 li 109,986 95,667 TOTAL FUNDS 109,986 95,667 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (al ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. Ib} The notes form part of these financial statements Page 5 continued...
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Statement of Financial Position - continued 31st March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on Ilth December 2024 and were signed on its behalf by: InLJLL Sir E M W Hulse- Trustee The notes form part of these financial statements Page 6
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Notes to the Financial Statements for the year ended 31st March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 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 IFRS 1021 {effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Judgements made in applying the charity's accounting policies The simple nature of the charity's affairs means that there are no significant judgements. Key assumptions and other sources of estimation uncertainty There are no matters to disclose. Financial instruments The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Debt instruments that are payable or receivable within one year. typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. Financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate. which is an approximation of the amount that the charity would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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. Taxation The company is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activitie5, a5 It falls within the various exemptions available to registered charities. Page 7 continued...
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Notes to the Financial Statements- continued for the year ended 31st March 2024 ACCOUNTING POLICIES- continued Fund accounting Unrestricted fund The unrestricted fund consists of those funds which the company may use in furtherance of its charitable objectives at the discretion of the Council of Management. Heritage assets Reco nition and measurement Heritage assets are accounted for at historic cost. However, to date the heritage assets held by the charity have all been received by way of donation and their unique nature means that it is not possible to obtain a reliable estimate of their fair value. Consequently. the assets are not recognised in the Statement of Financial Position. Ac uisition The trustees would consider the acquisition of further assets whose preservation falls within the charity's objectives should they become available, subject to the availability of sufficient funds. Mana ement The trustees regularly review the condition of the charity's portfolio of assets to assess what repairs and projects are necessary. Preservation Once projects have been identified and sufficient funds generated, works are undertaken as necessary. The costs of preservation are recognised in the financial statements as they are incurred. Dis osal The trustees currently consider it unlikely that any of the heritage assets would be sold as this would not be in line with the charity's objectives. Records maintained b the entit The charity maintains the accounting record5, a list of the heritage assets held and the title documents at its registered office. Information on the extent to which access to the assets is ermitted There are public rights of way alongside a number of the assets and tours of the historic barns are available to the public throughout the year by appointment. Information hel ful in assessin the value The unique nature of the assets held by the charity means that there is no open market and the trustees do not consider that it is practical to obtain a valuation. Page 8 continued...
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Notes to the Financial Statements- continued for the year ended 31st March 2024 INVESTMENT INCOME 31.3.24 31.3.23 Rents received 31,745 30.809 CHARrrABLE AcrivrriES COSTS Direct Costs Property costs 13.903 OTHER 31.3.24 31.3.23 Support costs 3,523 2,804 INDEPENDENT EXAMINER'S REMUNERATION 31.3.24 31.3.23 Fees payable to the charity's auditors for other services: Independent examination Other non-audit services 1.400 2,123 2,480 TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Investment income 30,809 EXpENDuRE ON Charitable artivities Property costs 6,820 Other 2.804 Total 9.624 Page 9 continued...
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Notes to the Financial Statements- continued for the year ended 31st March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES- continued Unrestricted fund NEf INCOME 21.185 RECONCILIATION OF FUNDS Total funds brought forward 74.482 TOTAL FUNDS CARRIED FORWARD 95,667 HERITAGE ASSETS The company acquired various freehold and leasehold properties situated in the parish of Breamore from Sir Edward Hulse, all at no consideration. The trustees consider that it is impossible to obtain a reliable estimate of the fair value of these unique heritage assets as there is no open market. Consequently no cost is ascribed to them in the Statement of Financial Position other than professional fees that have been incurred related to potential planning and development opportunities. Those remaining properties comprise:_ LEASEHOLD PROPERTIES (99 year leases- commenced 24th June 19921 South Charford Farm Tithe Barn. Timber and tiled. Cart Shed and loft over. Timber and slate. Implement Sheds. Cart Sheds. Cob and thatch wall. North Street Farm Barn. Timber and tiled. Stable and loft over. Brick and tiled. Open bay Cartshed. Timber and tiled. Home Farm Tithe Barn. Timber and tiled. Cart Sheds. fimber and tiled. Stables. Timber and tiled. Staddle Barn. Timber and tiled. Topps Farm Cart Shed and loft over. fimber and slate. Cart Shed. fimber and tiled. Barns. Brick. timber and tiled. Staddle Barn. Timber and tiled. Miscellaneous Cart Shed and stables, Upper Street. Timber and tiled. Staddle Barn, Rockery Lane. Timber and tiled. Saw Bench Workshop. Page 10 continued...
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Notes to the Financial Statements- continued for the year ended 31st March 2024 HERITAGE ASSETS- continued Timber Store. Store. Timber yard. Brick and tiled. Stables, Cottage and Garage. Brick and tiled. Clock Tower. Factory. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors 970 850 io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Amounts owed to related parties Accruals and deferred income 11,048 86,953 1.670 58 64.283 4,558 99,671 68,899 ii. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 95,667 14,319 109,986 TOTAL FUNDS 95,667 14,319 109,986 Net movement in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fund 31,745 117,4261 14.319 TOTAL FUNDS 31,745 117,4261 14,319 Page 11 continued...
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Notes to the Financial Statements- continued for the year ended 31st March 2024 ii. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 74,482 21.185 95.667 TOTAL FUNDS 74,482 21,185 95,667 Comparative net movement in funds. included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fund 30,809 19,6241 21,185 TOTAL FUNDS 30,809 19.6241 21,185 12. RELATED PARTY DISCLOSURES Sir Edward Hulse 8t. Trustee The estate of the late Sir Edward Hulse Bt. had rented one of the refurbished properties at a commercial rate in the sum of £3.850 in the current and previous financial year. This rent assists in the finance of future renovations. During a prior period the charity was invoiced £3.879 for repairs to one of its assets which was paid by the late Sir Edward Hulse Bt. As at the date of the Statement of Financial Position. this amount was owed by the charity to his estate {2023 - £3,879}. This amount is not secured and is repayable without interest. Page 12
BREAMORE ANCIENT BUILDINGS CONSERVATION TRUST Detailed Statement of Financial Activities for the year ended 31st March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Investment income Rents received 31,745 30,809 Total incoming resources 31,745 30,809 EXPENDITURE Charitable activities Repairs and renewals Property costs 13,039 864 6,820 13,903 6,820 Support costs Management Advertising 324 Governance costs Independent examiner's fees 3,523 2,480 Total resources expended 17,426 9,624 Net income 14,319 21,185 This page does not form part of the statutory financial statements Page 13