Colonel William Llewellen Palmer Educational Chari
Annual Re
ort of the Trustee for the Year Ended 31 March 2023
Charity registration number:
1015681
Trustee Name:
Bradford on Avon Town Council
Bankers:
Lloyds Bank plc
Independent Examiners:
Charlton Baker Chartered Accountants
Address:
Kingston House Offices
Kingston Road
Bradford on Avon BA15 1ES
Trustees, Annual Re
Bradford on Avon Town Council is the sole trustee of the 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 the Charity and on investment
matters, together wilh any contentious policy issues, are dealt with by the Full
Town Council, following advice 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, Wiltshire, 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 ofthe 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 Ihe
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 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.
iii. In or lowards 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 Gonsidered 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 the 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 under the 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 allolments.
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 allotments 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 offunding 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
menls to Beneficiaries
In total during the year £25,511.93 was awarded to 10 applications.
A summary of the approved awards is set out in the notes to the financial
statements.
Im
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.
Additional maintenanTr and inspection tasks were undertaken by Contractors.
Financial Review
The financial position of the Charity for the year is shown in the financial
statements. Expenditure for the year totalled £54,312. Income was £64,354
and is mainly being derived from investments.
Investments held as of 31 March 2023 are detailed in the notes to the accounts,
these being valued at £2.030 million at that date. There was a decrease of
£35k in the market value of the investments since last year. However, this is
reflected in the performance of the FTSE 100 and it's continuing reGovery
following the 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 202212023 was £61,270
compared to £61,670 in 202112022.
Reserves Polic
The Charity is a permanent endowment trust whereby the income is used in the
furtherance of its objectives. Unrestricted 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 administratior) 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, Kingston House Offices, Kingston
Road, Bradford on Avon BA15 1 ES
ON BEHALF OF
CHARITY
RADF
RD ON AVON TOWN COUNCIL TO THE
DATE
## **Colonel William Llewellen Palmer Educational Charity**
## **Financial Statements**
**Year Ended 31 March 2023**
**Charity No 1015681**
**Colonel William Llewellen Palmer Educational Charity Charity No 1015681**
## **Receipts & Payments Accounts for the financial year ended 31 March 2023**
|**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**|**2022/23**
**£**
61,270
2,084
300
700
64,354
25,512
919
1,231
2,648
435
22,000
50
214
1,303
0
54,312
10,042
71,280
81,322|**2021/22**
**£**
61,670
2,092
-50
300
64,012
68,415
1,123
6,477
485
435
21,500
209
1,155
0
99,799
-35,787
107,067
71,280|
|---|---|---|
**Colonel William Llewellen Palmer Educational Charity Charity No 1015681**
## **Statement of Assets & Liabilities As at year ended 31 March 2023**
|**Assets**
**2022/23**
**Unrestricted**
**Funds**
Note
**Cash Funds**
**£**
Lloyds Bank (BOATC 58630668)
85,167
85,167
**Investment Assets**
Fund to which
it belongs
**2022/23**
**Market Value**
**£**
**Investments**
5
130.386.102 Charishare Income (Black Rock)
Endowment
924,052
196.131.9954 SUTL Cazenove Charity Equity Value Fu Endowment
868,473
202.698.79 COIF Charities Fixed Interest Income
Endowment
237,928
**Property**
4
3.4 Acre Recreation Ground
1
3.1 Acre Allotments
28,750
2,059,203
**Debtors**
VAT
5,162
2,064,365
**Liabilities**
**£**
Allotment Deposits
2,300
Independent Examiners Fee
500
Invoices dated 31 March 2023 or earlier
0
2,800|**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|
|---|---|
**Colonel William Llewellen Palmer Educational Charity Charity No 1015681**
## **Notes to the Financial Statements**
## **for the financial year ended 31 March 2023**
- 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 2022/23**|£
2,702
22,810
25,512|
|---|---|
- 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 2023**
|5
Details of Investments held as at 31 March 2023
130.386.102 BLK Charities UK Equity Fund A Inc
196.131.9954 SUTL Cazenove Charity Equity Value Fund A
202.698.79 COIF Fixed Interest Fund Income Units
Total
Valuation Source: BlackRock, Schroders & CCLA
6
Movements in Investments in year
Cost as at 1 April 2022
Add Purchases
Less Sales at Cost
Cost as at 31 March 2023
Value as at 1 April 2022
Add Purchases
Add Net Unrealised Profit/(Loss)
Value as at 31 March 2023|**Book**
**Cost**
**£**
428,464
410,465
273,643
1,112,572
**Book**
**Cost**
**£**
1,112,572
0
0
1,112,572
**Market**
**Value**
**£**
2,065,866
0
(35,414)
2,030,452|**Market**
**Value**
**£**
924,052
868,473
237,928
2,030,452|
|---|---|---|
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF COLONEL WILLIAM LLEWELLEN PALMER EDUCATIONAL CHARITY**
I report on the accounts of the Charity for the year ended 31[st] March 2023, which have been presented to me.
## **Respective responsibilities of trustee and examiner**
As the charity’s trustee you are responsible for the preparation of the accounts. The charity’s trustee 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 section 145 of the 2011 Act;
- To follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- To state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
- have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr Luke Rudman
Charlton Baker (Trowbridge) Limited Chartered Accountants The Courtyard 33 Duke Street Trowbridge Wiltshire BA14 8EA
Date: 05.02.2024