Colonel William Llewellen Palmer Educational Chari Annual Re ort of the Trustee for the Year Ended 31 March 2022 Charity reglstratlon number: 1015681 Trustee Name: Bradford on Avon Town Council Bankers: Lloyds Bank plc Independent Examiners: Charlton Baker Chartered Accountants Address: st Margarevs Hall, St Margaret's Street, Bradford on Avon BA15 1 DE Trustees, Annual Re ort Bradford on Avon Town Council is the sole trustee ofthe Charity and is required by the Charity Commission to produce an annual report. The Town Council, as the trustee of the Charity, has arranged for its day to day administration to be delegated to town council officers. The approval of annual reports on the activity of Ihe Charity and on investment matters, together with any contentious policy issues, are dealt with by the Ful Town Council, following advi and or recommendations from the advisory panel. Structure Governance & Mana ement The Charity was established from the sale of land at Sladesbrook, Bradford on Avon, Willshire, for a price of £800,000. It was confirmed as operative by the Charity Commission on 11 June 1992. The land sold was part of an area of land that was the subject of a bequest to Wiltshire County Council by Colonel William Llewellen Palmer in 1931. The Charity retains ownership of the remaining land at a site one mile to the north of the town centre, which constitutes a recreation ground and allotments. In the spirit of Colonel Llewellen Palmer's original bequest, the Charity is for the benefit of children and young persons up to the age of 25 attending, or who have attended, schools in Bradford on Avon, and for the provision of recreational facilities for the same age group in the town. The first call on the income of the Charity, however, is the cost of maintaining the Charity's property.
Mana ement of the Recreation Ground and Allotments The allotments and recreation ground are administered and maintained by the Town Council under a Service Level Agreement with the Charity. Distribution of Awards to Beneficiaries Any income of the Charity not applied to the maintenance of the Charity's property and the cost of administration and management is available in the following order of priority, as required by the Charitable Scheme= In promoting the education of children and young persons attending schools maintained by the local authority in Bradford on Avon. In promoting Ihe education of children and young persons under the age of 25 who have attended such schools or who are resident in Bradford on Avon and who are in need of financial assistance. iii. In or towards providing facilities in the interests of social welfare for the recreation and other leisure-time occupation of children and young persons under the age of 25 resident in Bradford on Avon with the object of improving their conditions of life. Applications are invited from individuals and organisations who wish to pursue activities that will achieve the charities objectives. All applications are reviewed by the trustee to ensure that the objectives are met. Risk Mana ement The Trustee has considered the major risks to which the charity is exposed to and created a risk register which is available on request. Systems have been designed to mitigate those risks. Ob'ectives and Activities The objects of the charity (which are taken from the trust deed) are.. The land belonging to the Charity to be used as a recreation ground for the benefit of the inhabitants of Bradford on Avon with the object of improving Ihe conditions of life for the said inhabitants Promoting the education of children and young persons attending schools maintained by the Local Education Authority and Academy status schools in Bradford on Avon. In promoting the education of children and young persons under the age of 25 who have attended such schools or who are resident in Bradford on Avon and who are in need of financial assistance.
In or towards providing facilities in the interest of social welfare for the recreation and other leisure time occupation of children and young persons underlhe age of 25 resident in Bradford on Avon with the object of improving their conditions of life. The main activities of the Charity during the year have been the continuing management of the grounds and allotments. How our Activities Deliver Public Benefit Briefly the aims of the Charity are to provide a recreation ground for the benefit of the inhabitants of Bradford on Avon and to promote the education of children and young persons (for full details see objectives above). To fulfil these aims and its charitable purpose for public benefit: The recreation ground continued to be maintained by the charity and used by local inhabitants. The allolments continue to be managed and made available to local residents. A nominal rental charge of £0.50 per square metre per year is requested per plot. An investment strategy is in place to provide an adequate level of income to make grants each year. Letters of Thanks The Charity is an invaluable source of funding forthe children and young people of Bradford on Avon and the Council holds on file letters of thanks received from many beneficiaries. Statement The Trustee has complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Achievements & Performance ments to Beneficiaries In total during the year £68,414.95 was awarded to 8 applications, which included a donation of £50k toward the provision of a skatepark in Bradford on
Avon. This is to provide a facility to improve the recreational options for the town's young people, in line with the charity's objectives. A summary of the approved awards is set out in Ihe notes to the financial statements. rovements & Maintenance During the year, the Charity undertook maintenance tasks including playground equipment repairs, as identified by inspection reports. The general maintenance and administration tasks were undertaken within the service level agreement, and included projects to improve ecological and environmental impacts.1 Additional maintenance and inspection tasks were underiaken by contractors. Financial Review The financial position of the Charity for the year is shown in the financial statements. Expenditure for the year totalled £99,595. Income was £64,011 and is mainly being derived from investments. Investments held as of 31 March 2022 are detailed in the notes to the accounts, these being valued at £2.094 million at that date. There was an increase of £159k in the market value of the investments since last year. However, this is reflected in the performance of the FTSE 100 and it's recovery after the initial impact of the global pandemic. Investments are held for the longer term and fluctuations do occur. The investments are held to generate income for the ongoing costs of the charity, and it is important to note the return on investments for 202112022 was £61,670 compared to £42,766 in 202012021. Reserves Polic The Charity is a permanent endowment trust whereby the income is used in the furtherance of its objectives. U nrestricted. funds are needed.. to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice., and to cover administration and support costs without which the charity could not function. The Trustee therefore considers it prudent that unrestricted reserves should be sufficient to cover one year's administration and support costs, including the cost of maintaining the Charity's property.
The Trustee prepares a budget each year which determines the level of awards to be made in that year based on forecast income. During the budget process the level of reserves will be reviewed to ensure that the reserves policy is being adhered to. Inde endent Examination The Charity's accounts are maintained by the Town Council and are subject to an external independent examiner for scrutiny. other Information Any comments on this report or on the activities of the Charity generally should be addressed to the Colonel William Llewellen Palmer Educational Charity, Bradford on Avon Town Council, St Margaret's Hall, St Margaret's street, Bradford on Avon BA15 1 DE ON BEHALF OF BRADFORD ONA VON TOWN COUNCIL ro THE CHARITY DATE
Colonel William Llewellen Palmer Educational Charity
Financial Statements
Year Ended 31 March 2022
Charity No 1015681
Colonel William Llewellen Palmer Educational Charity Charity No 1015681
Receipts & Payments Accounts for the financial year ended 31 March 2022
| Unrestricted Funds Note Receipts Investment Income Allotment Income Deposits on Allotments Allotment Deposit Surrendered Total Receipts Payments Payment to Beneficiaries 2 Playing Field Site Contract Playing Field Improvements Grounds Maintenance Independent Examination Fee BOATC SLA 3 Refund of Allotment Deposits Bank Charges Insurances Legal Fees Total Payments Net of Receipts/(Payments) Transfer between accounts Cash Funds Last Year End Cash Funds This Year End |
2021/22 £ 61,670 2,092 -50 300 64,011 68,415 919 6,477 485 435 21,500 209 1,155 0 99,595 -35,584 107,067 71,483 |
2020/21 £ 42,766 2,759 300 300 |
|---|---|---|
| 46,125 | ||
| 17,405 1,429 350 700 435 19,500 300 129 1,147 0 |
||
| 41,394 | ||
| 4,730 102,337 |
||
| 107,067 |
Colonel William Llewellen Palmer Educational Charity Charity No 1015681
Statement of Assets & Liabilities As at year ended 31 March 2022
| Assets Note Cash Funds Lloyds Bank (BOATC 58630668) Investment Assets Fund to which it belongs Investments 5 130.386.102 Charishare Income (Black Rock) Endowment 196.131.9954 SUTL Cazenove Charity Equity Value F Endowment 202.698.79 COIF Charities Fixed Interest Income Endowment Property 4 3.4 Acre Recreation Ground 3.1 Acre Allotments Debtors VAT Liabilities Allotment Deposits Independent Examiners Fee Invoices dated 31 March 2022 or earlier |
2021/22 Unrestricted Funds £ 76,573 76,573 2021/22 Market Value £ 934,004 878,671 253,191 1 28,750 2,094,617 4,414 2,099,031 £ 2,150 500 0 2,650 |
2020/21 Unrestricted Funds £ 114,365 |
|---|---|---|
| 114,365 2020/21 Market Value £ 867,328 767,072 272,387 1 28,750 |
||
| 1,935,538 2,710 |
||
| 1,938,248 | ||
| £ 2,500 500 0 |
||
| 3,000 |
Colonel William Llewellen Palmer Educational Charity Charity No 1015681
Notes to the Financial Statements
for the financial year ended 31 March 2022
- 1 These accounts have been prepared on a receipts and payments basis, using standard accounting principles as recommended in the Statement of Recommended Practice by the Chairites Commission.
| 2 Payments to beneficiaries include: £ Individuals Groups TOTAL GRANTS GIVEN IN 2021/22 |
£ 1,355 67,060 |
|---|---|
| 68,415 |
- 3 Bradford on Avon Town Council as the Trustee, has entered into a Service Level Agreement with the Charity to provide all management, administrative, accountancy and operational tasks. The value of this has increased from the previous year to account for the operational function taken by the council outside of the idverde contract.
The playing field site contract is with idverde. There are no employees.
-
4 The charity owns a recreation ground of 3.4 acres and 61 allotments covering 3.1 acres at Sladesbrook and Bancroft, Bradford on Avon.
-
An independent valuation was made by GVA of Bristol as at 31 March 2014, where the recreation ground was valued at £1 and the allotments at £28750.
Colonel William Llewellen Palmer Educational Charity Charity No 1015681
Notes to the Financial Statements for the financial year ended 31 March 2022
| 5 Details of Investments held as at 31 March 2022 130.386.102 BLK Charities UK Equity Fund A Inc (Formerly, Charishare Common Investment Fund Inc Shares) 196.131.9954 SUTL Cazenove Charity Equity Value Fund A 202.698.79 COIF Fixed Interest Fund Income Shares Total Valuation Source: BlackRock, Schroders & CCLA 6 Movements in Investments in year Cost as at 1 April 2021 Add Purchases Less Sales at Cost Cost as at 31 March 2022 Value as at 1 April 2021 Add Purchases Add Net Unrealised Profit/(Loss) Value as at 31 March 2022 |
Book Cost £ 428,464 410,465 273,643 1,112,572 Book Cost £ 1,112,572 0 0 1,112,572 Market Value £ 1,906,787 0 159,079 2,065,866 |
Market Value £ 934,004 878,671 253,191 |
|---|---|---|
| 2,065,866 | ||
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF COLONEL WILLIAM LLEWELLEN PALMER EDUCATIONAL CHARrtY I report on the a¢¢ounts of th8 Charity for the year ended 31¥t March 2022, which have been presented to me. Re8pectlv• rnsponsibilities of trustoe and oxamlner As the charty's trustee you are responslble for the preparation of Ihe accounts. The charitys Iruslee considers that an audit is not required for this year under Section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to.. Examine the accounts under seclSon 145 of the 2011 Act". To follow the procedures laid down In the general Direclior)s given by the Charity Commission Under section 145(S)Ibl of the 2011 Act,. and To stale whether parb'cular matters have come io my attention. Basls of Independent examlner's r•port My examination was carried oul In accordanc8 with the general Directions given by the Charity Commission. An examinallon Includes a review of the ac¢ounting records kept ty the charity and a comparison of the accounts presented wlh those records. It also includes consideratn of any unusual ilems or disclosures in the a¢¢ounts. and se9king explanations from you as trustee concerning any such matters. The procedures undertaken do nol provide all the eVence that would be required in an auéil and consequently no opinion is given as to whether the accounts present a 'true and fair view and the report is limited lo those matters set out in the statement below. Independent examlngrfs ststsment In connectn with my examination, no matter has come to my attention: 11) which gives me reasonab18 cause to believe that in any material respect the requirement5: lo keep accounting records in accordance wth $tIon 130 of the 2011 Act,. and to prepare accounts which accord with the accounting Tecord$ and comply th the accounting requirements of the 2011 Act have not been met.. or {2} to which, in my opinion. attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Mr Luke Rudman Charfton Baker {Trowbridge) Llmited Chartered Accountants The Courtyard 33 Duke Street Trowbridge Willshire BA14 8EA Date.. 22 02.2023