Colonel Willlam Llewellen Palmer Educational Charit Annual Re ort of the Trustee for the Year Ended 31 March 2024 Charlty 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 1 ES Trustees, Annual Re ort 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 with 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 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. This agreement is regularly reviewed in light of inflation and any additional work or resource needed to achieve that management. 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 managoment 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 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 towards providing facilities in the interests of social welfare for the recreation and other leisure-time occupation of children and young persons underthe 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 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 be@n the continuing management of the grounds and allotments. The Charity is also supporting the provision of a youth club, through the work of BOA Youth. How our Activities Deliver Public Beneflt 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. The support of the youth club provides a safe environment for children and young persons, from 8 to 19 years of age, to enjoy their leisure time and to enable interaction with staff who can also help with signposting to other agencies and opportunities for young people. 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 for the children and young people of Bradford on Avon and the Charity 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 havé due regard to public benefit guidance published by the Charity Commission. Achievements & Performance Pa ments to Beneficiaries In total during the year £23,321.00 was awarded to 5 applications. A summary of the approved awards is set out in the 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. During the year the maintenance of allotments was revisited and a number of abandoned plots were identified. The trustee, under the SLA, started work to rectify this situation. Financial Review The financial position of the Charity for the year is shown in the financial statements. Expenditure for the year totalled £54,255. Income was £63,999 and is mainly being derived from investments. Investments held as of 31 March 2024 are detailed in the notes to the accounts, these being valued at £2.094 million at that date. There was an increase of £64k in the market value of the investments since last year end, showing a return of investment performan￿ to that of pre pandemic levels. 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 202312024 was £61,851 compared to £61,270 in 202212023. 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 administration and support costs without which the charity could not function. The Trustee therefore considers it prudent that unrestricted resewes 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 Wiltshire BA15 1 ES ON BEHALF OF B THE CHARITY ADFORD ON A VON TOWN COUNCIL TRUSTEE TO DATE ## **Colonel William Llewellen Palmer Educational Charity** ## **Financial Statements** **Year Ended 31 March 2024** **Charity No 1015681** **Colonel William Llewellen Palmer Educational Charity Charity No 1015681** ## **Receipts & Payments Accounts for the financial year ended 31 March 2024** |**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
Allotment 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**|**2023/24**
**£**
61,851
2,148
0
0
63,999
23,321
249
495
435
28,000
50
207
1,499
0
54,256
9,744
81,322
91,066|**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| |---|---|---| **Colonel William Llewellen Palmer Educational Charity Charity No 1015681** ## **Statement of Assets & Liabilities As at year ended 31 March 2024** |**Assets**
**2023/24**
**Unrestricted**
**Funds**
Note
**Cash Funds**
**£**
Lloyds Bank (BOATC 58630668)
94,630
Cash in Hand
44
94,674
**Investment Assets**
Fund to which
it belongs
**2023/24**
**Market Value**
**£**
**Investments**
5
130.386.102 Charishare Income (Black Rock)
Endowment
951,058
196.131.9954 SUTL Cazenove Charity Equity Value Fund
Endowment
894,558
202.698.79 COIF Charities Fixed Interest Income
Endowment
249,259
**Property**
4
3.4 Acre Recreation Ground
1
3.1 Acre Allotments
28,750
2,123,625
**Debtors**
VAT
4,856
2,128,482
**Liabilities**
**£**
Allotment Deposits
2,250
Independent Examiners Fee
500
Invoices dated 31 March 2024 or earlier
0
2,750|**2022/23**
**Unrestricted**
**Funds**
**£**
85,167
85,167
**2022/23**
**Market Value**
**£**
924,052
868,473
237,928
1
28,750
2,059,203
4,650
2,063,853
**£**
2,300
500
0
2,800| |---|---| **Colonel William Llewellen Palmer Educational Charity Charity No 1015681** ## **Notes to the Financial Statements for the financial year ended 31 March 2024** - 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 2023/24**|£
1,000
22,321
23,321| |---|---| - 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. There are no employees. - 4 The charity owns a recreation ground of 3.4 acres and 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 2024** |5
Details of Investments held as at 31 March 2024
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 2023
Add Purchases
Less Sales at Cost
Cost as at 31 March 2024
Value as at 1 April 2023
Add Purchases
Add Net Unrealised Profit/(Loss)
Value as at 31 March 2024|**Book**
**Cost**
**£**
428,464
410,465
273,643
1,112,572
**Book**
**Cost**
**£**
1,112,572
0
0
1,112,572
**Market**
**Value**
**£**
2,030,452
0
64,422
2,094,874|**Market**
**Value**
**£**
951,058
894,558
249,259
2,094,874| |---|---|---| 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 3181 March 2024, which have been presented to me. Respective responsibilities of trustee and examlner As the charity's truslee 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 examlnerfs 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. Indepondent 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 12) 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 Accountsnts The Courtyard 33 Duke Street Trowbridge Wiltshire BA14 8EA Date: 11.02.2025