REGISTERED CHARITY NUMBER: 1025044
Report of the Trustees and Financial Statements for the Year Ended 31st March 2022
for Ombersley Conservation Trust
Richards Sandy Audit Services Limited (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester WR1 1RU
Ombersley Conservation Trust
Contents of the Financial Statements for the Year Ended 31st March 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Report of the Independent Auditors | 5 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 18 |
| Detailed Statement of Financial Activities | 19 |
Ombersley Conservation Trust
Report of the Trustees for the Year Ended 31st March 2022
The trustees present their report with the financial statements of the charity for the year ended 31st March 2022. 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and Activities
The objects of the charity are charitable purposes generally and in particular for the public benefit of the inhabitants of the Parishes of Ombersley, Uphampton and Doverdale in the County of Worcestershire ("the Parishes") and the areas adjacent thereto. The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance on public benefit published by the Charity Commission.
The objects are:
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1 To promote, facilitate, assist and undertake the conservation of land and buildings of beauty or historic, architectural or other interest or importance and in particular buildings of architectural or other interest or importance and lands of aesthetic, ecological or of other scientific interest or importance within the Parishes and the areas adjacent thereto;
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2 To protect, preserve and improve the rural and visual character and the amenities of the Parishes and the areas adjacent thereto which are of beauty, historic or architectural or other interest or importance;
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3 To provide, in the interest of social welfare, facilities for recreation or other leisure time occupation for the inhabitants of and visitors to the Parishes and the areas adjacent thereto with the purpose of improving the conditions of life to the said inhabitants and visitors; and
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4 To protect, preserve and improve for the public benefit the Archives of the Manor of Ombersley and to promote, facilitate and assist in the provision of public access to the Archives.
The trustees have a policy of making donations to charitable concerns of benefit to the local community.
Significant activities
In furtherance of the charity's objects, the charity holds a portfolio of properties within the Parishes of Ombersley, Uphampton and Doverdale, including many Grade II listed buildings, woodlands areas and land made available to local sports clubs and the local shool.
The charity ensures that these properties are well maintained, including undertaking major renovation projects.
Public benefit
The trustees confirm that they have complied with their duties in section 17(5) of the 2011 Charities Act and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Grantmaking
The charity issues grant funding to various local charities to fund specific projects undertaken by such charities that relate to the objects of the charity. These include grants paid to local sports clubs, funding renovation projects relating to land and buildings within the Ombersley area and funding student award prizes issued by the University of Worcester.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This year has seen a return to near normal trading conditions following the lifting of Covid-19 restrictions with income having increased by £100,000 whereas routine property repairs saw a decline of £60,000.
Last year it was reported that the pandemic had delayed the completion of the Brandons project to convert a timber framed building into 2 cottages. The works were completed in the current financial year and both properties were let to tenants with local connections.
Two other residential properties fell vacant during the year. As a result of the pandemic, demand for rental properties in village and rural locations had increased. The Trust were able to relet both properties in a timely manner and at improved rents thus minimising any void period. Both tenants have young families who in turn support the village by making use of its amenities such as the local businesses and playgroup/school.
Page 1
Ombersley Conservation Trust
Report of the Trustees for the Year Ended 31st March 2022
In addition to continuing to maintain the historic and listed buildings and property through both routine and essential works, a major conservation project to one of the Trust's commercial properties commenced during the year under review to be finished in 2022/23. Terms were agreed with the long standing tenant of the Venture In for a suspension of his trading as a high class restaurant to facilitate a full refurbishment of this Grade II listed prominent village property. The trustees recognised the importance of this local business to the community and agreed terms for business interruption and a new lease on improved terms upon completion of the building works. Following a competitive tender exercise a building contract was placed with CJR Carpentry and Building. The value of the contract was just under £440,000 and will be reported in the 2022/2023 financial year with the arrangements with the tenant being accrued in the year under review.
Woodland
The Trust's policy is to preserve and maintain the woodland in its care to the best arboricultural standard because the woodlands form an important part of the Trust's heritage and landscape. Income from active management of the woodland increased to £17,857 (last year £6,266) due to the return to normal market conditions.
Fundraising activities
The charity does not engage in any fundraising activities (as defined by Section 162A of Charities Act 2011).
FINANCIAL REVIEW
Financial position
The principal funding source is rent receivable from the charity's freehold properties. The settlement deed provides that the trustees have absolute discretion regarding the investment of the charity's assets provided that this is in the furtherance of the charity's objectives.
Income from freehold properties has increased from £468,426 last year to £568,811 this year, largely attributed to the effects of the COVID-19 pandemic being higher last year compared to this year.
Total expenditure has increased from £417,271 last year to £537,908 this year, including a provision for £163,287 in regard to compensation payable to a tenant for surrender of their lease whilst a material property renovation project is undertaken. The charity also incurred additional legal and professional fees this year, partly relating to setting up the tenant surrender agreement.
Principal funding sources
The principal funding source of the charity is rent and related income generated from leasing our land and buildings is primarily owns for the furtherance of the charity's objects.
Programme Related Investment Policy
The investment policy is to invest in property in furtherance of the charitable aims that are also rented out.
The programme related investments include 621.54 ha of farmland, 83.2 ha of managed woodland and 33 houses and cottages, 21 of which are Grade II listed or above, all located within the parishes of Ombersley, Uphampton and Doverdale.
Reserves policy
The trustees' policy on reserves is to maintain sufficient funds to enable the charity's freehold properties to be maintained for the foreseeable future and for the administration of the charity to be financed for the next twelve months.
Because major building conservation projects, especially those that relate to listed buildings, require planning permission to be obtained prior to commencement of work and often take several years to complete, the trustees have not set any formal benchmark as to what levels of reserves need to be held at any one time.
The charity's reserves at 31 March 2022 (excluding freehold property, the Ombersley Archives and the related mortgages) amounted to a surplus of £1,653,700 (2021 - £1,618,434) which at current expenditure levels (excluding the £163,287 tenant settlement considered to be an exceptional item) represents over 4 years (2021 - 4 years) of expenditure.
However shortly after the year end the charity commenced work on the renovating one of its properties and this is expected to reduce reserves considerably.
Page 2
Ombersley Conservation Trust
Report of the Trustees for the Year Ended 31st March 2022
FUTURE PLANS
To continue to conserve and maintain historic buildings and property to a high standard. This includes making energy saving improvements where possible.
To continue to support local charities and clubs for the public benefit of the inhabitants of Ombersley, Doverdale and district; and
To seek to explore opportunities to obtain planning permission for change of use on under-utilised land for alternative uses which will empower the trust to further its objects.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted by a Deed of Trust dated 21 July 1993. The trust was established as a charitable settlement by The Right Honourable The Lord Sandys D.L. The Ombersley Archives were transferred to the trust on 21 July 1993. Freehold properties were conveyed to the trust on 25 March 1994 and 31 March 1998.
Recruitment and appointment of new trustees
The appointment of new trustees and any necessary training is undertaken by the existing Trustees.
Organisational structure
The charity uses Savills (UK) Limited as its managing agent in the renting of its land and buildings to tenants.
Savills (UK) Limited also provides advise to the trustees and other property related professional services to the charity.
Decision making
Decisions are made by the trustees after consultation with the charity's professional advisers.
Mr A T Woods, a trustee, is a consultant and provides commercial services to the trust at open market rates.
Risk Policy
The trustees regularly review the risks to which the charity might be exposed and systems or procedures have been established to manage those risks. The trustees take professional advice on all property and investment related matters.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1025044
Principal address
Vine Cottage 12 New Street Childswickham Broadway WR12 7HQ
Trustees
Sir Anthony Hughes (appointed 1 April 2021) Richard Williams Andrew Woods B.Sc FOR/ECON John Yelland OBE FCA (resigned 17 September 2022)
The trustees are holding trustees of all investment properties and the subsidiary.
Auditors
Richards Sandy Audit Services Limited (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester WR1 1RU
Page 3
forth• Y•irEndod 31•t I1h 2022 REFERENC£ AND ADMINISTRATIVE DEfAILS Soliettor• Charf Russell Sp88chtys LLP Compa$J House Lypiatt Road Cheltenham Gloucest•rslire GL50 2QJ B•nk•rn Lk)yds Bank PIC 4 The Cross Worcester WR13PY Ilanaplnq 4g•nts Savill$ IUKI knmita 1 Jewry Str¢•t ster S023 8P2 In¥urnnc• Pro¥ld•r NFU Mutual The Coa¢b Hou mpshott P• Dumm8r Basirystok• Hampshirg RG25 208 EVENTS SINCE THE END OF YEAR Infomiation relating to 8rtts since tho •nd of tho y••r h fftn in the no¢&$ to tho ffin?l st•tgmwts. 8TATEMEiif OF TRUSTEES. RESPONSIBiunE8 Tho trusts¢s aro rggponsible for pr•paring th¢ Report ol lh• TrLL8W and the financial stst¥ments in •¢trJrdancè % applicable law and United lfj"tvJdom A¢¢wntiroJ sfaTrJards (Unrted n9jtsm G•ner81ty Accepted A¢uJuntin9 Pracbc81. The law spICabL9 to ehanbe8 in England aThJ Waios. th Chwilies Act 2011. Charlty (Accwnts and Rwortsl Rtyulofjons 2008 and the prowgion$ o1tt• tnjst deed roquires tho trijsiw to prepar? finan04 ststem8ntg for•ach fin&nty•l yearwhlch gNe a true and lair wew of lh• state of affairs ol the dunty and ot the incoming re50urcs and appli¢abon of resource8, Including the inwno and exptndrtufe. ol th• charity for that FWKJ. In pryriNJ those ststgm•nls, tho truste•s 4r• required to s¢W suitabk accounbng pol$ aThJ then aFvty Iham conl¥tonty, observe th• methtras and prin¢iplas In the Chanty SORP," rnake lgefflents snd ests"rn8ts8 that are reasonabb& pnthnl,. state wholhor appl8 accountbry $landards ha¥• been foll¢xed. SUbCt trJ w materf•l Wrtur•s dix4os•d #r¥J explained in tho financi81 slat8ments', preparo th8 finanoal statements On the goiThJ ccncem basls unlw kn¥11ate to prnsum• that th• chartty 11 contynuè in bun8$S. The trustees w¥ rnsponsibla lor keepirwj WOFer a¢xounting records vthK thsdc6e with r8asonable o¢trJracy at any ljme the finanoal p05thon ol the Charity and to enable thn th ensu that th• fin3ncAI 5tstern•nts comply wllm the Ch•rities Act 2011, tho Charity (Accounts and Reportsl Regulats"cd$ 2CX)8 and th8 proon$ of thè InJst deed. Thèy are a0 responsible fDr salegu?n9 the 8$90ty of the thaity Ince lakmg re•sonabk steps for Ihe prevenlon and detsdon of fraud and olher itre9ulaiities. IsI,.,( •¥Jprov8d by crder of ts boorrl dtrus* on.... . .. sv4n on ita b•haif by: Andrew B. rustee Pago 4
Report of the Independent Auditors to the Trustees of Ombersley Conservation Trust
Opinion
We have audited the financial statements of Ombersley Conservation Trust (the 'charity') for the year ended 31st March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 5
Rgport olth? kndependeth Audiior¥ to th• Tru•t•M ol r r••ponslbllltl•s fortho 111 of the fin11 •tament• We hAve apw"nt&d as aJitorS und8r Se¢tion 144 of th• Charilieg Act 2011 aThJ r8P)rt in accordance wilh th• AL and relavant rngulatsons maje Of having effect the(eunder. robjeLves aretoobtsin r8$Mat4èa5sura¥jJttherthe financi st•tom8nts 8s8 aT• free frcffj matsrtal misstatemert whether due to fraud or •nor. and to k%suè a Rewt ofthe Indeperttlent Audittirn that inehJdes our opinion. Reasonab assurance is a hbJh of assurancs, tyjt ts not a guaranto8 that an aJit in accordane• with ISAS IUK) wll aVayS detect a matenJ Misstate rt eSts. misStatents can from fraud or wror and are ¢¢n¥idered materi If, itsjividualty or in the aggr•gat•. thoy reasonabty be axpactsd ts influersc the economic deci8KJns ol usern taken on bws ofthese financial siat&nent& The extent to whith our Frfcathres are ¢•pth ofdthbThJ wTrJu58rili98. kthJlrrfJ frawj is dotailod bal.. Obtained an uThJsrntsr#JiTrJ ofth¥ nore oftho 4nd sgctor. iTrxlirvJ tho1&3al nd rtrgul¥tory fr8m•work that the tharty operates in tharity is vmh le£ aThJ Watory framewort.. Inquifsd of managem8nt. and those thaftJ8d wth govemance, about thwr hlenbfiotThi assessrnent of thg risk¥J and irr8gularibes, IndudirrfJ known actual, suspect•J or alw knstsrt48 01 fraud.. Discussed rnatters about IK)rC(1¥nc9 wlh IWAE aThJ r•9ulakns aThJ how fra m4hl ocgJr i)dudin9 •ss&ssm8nt ol how aThJ wtwe th8 financial statwnwts may b? Jscoptsblo to fraud. As g result of these procethres we consKJer th? rn1 $hJnffl¢ant I and i•Jufab"cs that have a direct irnpact on th• flnanciAI statements are the Charilos SORP {FRS 102} 'Accounb"ng aThY R•pDrb"w by CharitNrys'. Staternent ol Ro¢ommon4ad Prath"c• wlcabkfj to thari•s PfepariTrJ thwr aCcUnts in ac£4Ndancè wilh th8 Finarrial Reporb'ng Stsndard applicable in UK and Republic of IrEland IFRS 1021 leffectThe 1 January 20191,. Fin8nry¥l Reporting Standard 102 Trè Finanual R8portiw Standard aKable in the UK and of lrnland,, tho Charits"es Act 2011 land relatsd l•gi318tionll. an¢J loa •nd wul•ts'ons rnlabThJ to VAT legislati¢. pfiL1 parti 0$ this B Mrraid•r•d to b• slgnificanl to th? Charty. W• p•rfomi+d aud Pf¢x&dwu to detact noTh<cffjFIi 7Athkh m•y o mthial knpxt M th• finanaal statoments, whlch indu(led revi•win9 ths finanual slAtsm8nt disdoSu. Thts indudes revwirq VAT ¢8l¢ul8titsn8 for lTh4iutlons ol material effors, induding tests"r¥ ol ts VAT Ireatrnènt on a sample ofsales and purthas8S. Because ofth• Inhen limitations olon audit, th8f• is • rigk thatwa notdeteLt oll irregulanti•s. in¢&yJiNJ t#0$• lèAdSng to a materld misstatsment in the finarKaal ¥tstsrn•nts or reLynpllance th regutk)n This risk incr8aso5 thg rnorè trot Com1nee wth a law or regulats 13 rwroved from thè tvènts And transaclThs rèfi8d•d In Ihe financ4al glatements. as wll b¢1oss likety to becom8 awar• ol instances of rvypIl¥n. Tha risk 15 atso grèat•r r8gardlng irTegularitteg occurrin9 du? to fraud r8th•r than wor. as fra invo$ iltenbond concoakngnt. forgery, gJWu8ion, omis$lon or misrapresentation. A futh•r ol cAJr respon1b•S lor the thmjit ol ts financi4 st•t•monts Is Ixatsd cfi Flnandal R•portiry Coundl's Bl vMw.fr¢ory.LhuthtNvlftbO$. d9fjupb forrnj wl of our R•port of the Indgwndent Auditor¥. U•• of our r•port This rowjrt is made lo Ihg ¢hwrity$ Irt9&s, as 8 botty. in accordance with Part 4 01 Ihe Charit'es IA¢¢ounts ond R4portsl Regulalons 2008. Our a111 wcmk hes t*en und•rtakw $0 thal wè rnh1 stato to Iho charlty's tru8te8s those matters we are rÈquir•d to stst& to thern in an a31101$. report for ng Qltw purpose. To ts fvlbe5t extent pémiittod by I. we do nof aCe•Pt or assun• M8p.1 to 8ny¢Th olher Ihan ts dwrity ond tho th•rity$ trusteos as a body, for our au 't work, for ¢trus or for thg q)ini¢)nsvrt have I0ed. D_,r. Lka Richards Sandy Audit S¢NuJ$ L. (ststvtory ALKlitorl Th¢)rnelce Hou#• 25 Barbourne Ro84 VWJrc8ster 1 1RU P•ge 6
Ombersley Conservation Trust
Statement of Financial Activities for the Year Ended 31st March 2022
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Building conservation projects Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Grants to charitable institutions Building conservation projects Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 2021 Unrestricted Total fund funds £ £ 596,839 486,652 4,229 3,208 445 1,307 601,513 491,167 73,929 82,600 36,301 70,297 427,678 264,374 537,908 417,271 63,605 73,896 20,992,571 20,918,675 21,056,176 20,992,571 |
2022 2021 Unrestricted Total fund funds £ £ 596,839 486,652 4,229 3,208 445 1,307 601,513 491,167 73,929 82,600 36,301 70,297 427,678 264,374 537,908 417,271 63,605 73,896 20,992,571 20,918,675 21,056,176 20,992,571 |
|---|---|---|
| 491,167 | ||
| 82,600 70,297 264,374 |
||
| 417,271 | ||
| 73,896 20,918,675 |
||
| 20,992,571 |
The notes form part of these financial statements
Page 7
Ombersley Corn•rv•tl¢n Tnt Balan Sh••t 31st Mah 2022 2022 Unr•thct fund 2021 Total funds FIXED ASSETS Hgritag• assets Prograrnme rpied Inwstm8rts 14 15 10,000 19392476 10,C(Q 19 360 287 1•,402,476 19.370,287 CURRENT ASSETS DebtOf5 Cash al bot* 18 $9.293 1 885 967 51,401 1674 38S 1,94S,260 1.725,786 CREDITORS Arnounts falling due y•or 17 1126,1061 199,9031 NET CURRENT ASSETS 1820154 1825 883 TOTAL A&SET8 LESS CURRENT LIABILITES 21,222.630 20,998.170 CREDITORS Arnounts fallin9 du• #for mor• than om year 18 13.167) 13.$991 PROV1810NS FOR LIABILmE8 21 1163,2Bn NET A8SETS 21068178 20 992,571 FUNDS Vnrestncted fuNIs 21058 176 20 992 571 TOTAL FUNDS 21056 178 20 992 571 Th• finanr $t#t•m•ntswere •Foro¥td by lh8 BO1 ofTnAts•8 author& for158 on..... gnd were signed on ts b6haNby.' Andrew Woojg 8.se - TN$t•• Th)tes form part ofllw In[jAI slatorngnts P•Je 8
Ombersley Conservation Trust
Cash Flow Statement
for the Year Ended 31st March 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Capitalised conservation project work Interest received Net cash used in investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 243,671 243,671 (32,189) 445 (31,744) (345) (345) 211,582 1,674,385 **1,885,967 ** |
2021 £ 110,778 110,778 (491,990) 1,307 (490,683) (342) (342) (380,247) 2,054,632 1,674,385 |
|---|---|---|
The notes form part of these financial statements
Page 9
Ombersley Conservation Trust
Notes to the Cash Flow Statement for the Year Ended 31st March 2022
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 £ Net income for the reporting period (as per the Statement of Financial Activities) 63,605 Adjustments for: Interest received (445) Increase in provisions 163,287 (Increase)/decrease in debtors (7,892) Increase in creditors 25,116 Net cash provided by operations 243,671 |
2021 £ 73,896 (1,307) - 33,570 4,619 110,778 |
|---|---|
- ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Debt Debts falling due within 1 year Debts falling due after 1 year Total |
At 1.4.21 £ 1,674,385 1,674,385 (251) (3,599) (3,850) 1,670,535 |
Cash flow £ 211,582 211,582 345 - 345 211,927 |
Other non-cash changes £ (432) 432 - - |
At 31.3.22 £ 1,885,967 1,885,967 (338) (3,167) (3,505) **1,882,462 ** |
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
Ombersley Conservation Trust
Notes to the Financial Statements for the Year Ended 31st March 2022
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The accounts are prepared in sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
EXCEPTION FROM PREPARING GROUP ACCOUNTS
The charity is exempt under Charities Act 2011 from preparing group consolidated financial statements in the basis that the charity's gross income (including any income of its sole dormant subsidiary) is below £1,000,000 for the current financial year.
TANGIBLE FIXED ASSETS
Any capital expenditure less than £1,000 is not considered for capitalisation.
PROGRAMME RELATED INVESTMENT PROPERTY
Programme Related Investment Property are measured at cost less any provisions for depreciation and impairment.
The trustees consider that the Programme Related Investment Property have an indefinite useful life and any residual value is deemed greater than historical cost. Therefore no depreciation has been provided, on the basis that any such depreciation would be immaterial to the accounts.
HERITAGE ASSETS
Ombersley Archives are measured at cost less any provisions for depreciation and impairment.
The trustees consider that the Ombersley Archives have an indefinite useful life and any residual value is deemed greater than historical cost. Therefore no depreciation has been provided, on the basis that any such depreciation would be immaterial to the accounts.
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.
Investment income is recognised for all interest-bearing instruments on an accruals basis.
Rental income is recognised in line with the periods to which such income relates, up to the extent that is is probable that such income is recoverable. Where recoverability of rental income is in doubt, such income is instead recognised on a cash basis.
Income from donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.
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.
Resources expended on the charitable activities include the costs of maintaining and operating the charity's programme related investment properties and donations to local charities.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
ALLOCATION AND APPORTIONMENT OF COSTS
Support costs are allocated solely to the principal charitable activity of maintenance of programme related assets,
Page 11
continued...
Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
1. ACCOUNTING POLICIES - continued
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
All funds are unrestricted, to be used for the charity's general objects.
FINANCIAL INSTRUMENTS
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally 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.
Cash at bank and in hand
Cash at bank and in hand includes both cash and cash equivalents (being short term highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value).
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts 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 payables are recognised initially at transaction cost.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Accounting estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Programme related investment property and heritage assets are not depreciated on the basis that the trustees consider these assets to have an indefinite useful life and that residual value is deemed greater than historical cost, such that any depreciation would be immaterial to the accounts.
Significant judgement is applied in assessing whether major building conservation projects undertaken by the charity are either capitalised or expensed to the Statement of Financial Activities. Building conservation projects which involve significantly altering the intended used of buildings are capitalised, for example converting a large building into multiple smaller rentable units. Building conservation projects which only replace existing features of the building are expensed.
Legal and professional fees directly attributable to capitalised building conservation projects are included in the costs capitalised. These include legal and professional fees relating to planning permission applications prior to the commencement of work, but only when it is considered more probable than not that the building conservation projects to which the relate will go ahead.
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
3. OTHER TRADING ACTIVITIES
| Wayleaves & waterline easement Other income Dilapidation claims 4. INVESTMENT INCOME Bank interest received 5. INCOME FROM CHARITABLE ACTIVITIES Rents received Income from woodlands Insurance recharged 6. RAISING FUNDS INVESTMENT MANAGEMENT COSTS Professional management fees Professional letting fees & associated costs Professional admin fees Woodland & tree safety management fees 7. CHARITABLE ACTIVITIES COSTS Grants to charitable institutions Building conservation projects |
Direct Costs (see note 8) £ - 336,550 336,550 |
Grant funding of activities (see note 9) £ 36,301 - **36,301 ** |
||
|---|---|---|---|---|
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Ombersley Conservation Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2022
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 8. DIRECT COSTS OF CHARITABLE ACTIVITIES |
||
|---|---|---|
| Rates, water, light & heat Insurance Property repairs Woodland expenses Bad debt provisions Surrender of commercial property lease (see note 21) 9. GRANTS PAYABLE Grants to charitable institutions The total grants paid to institutions during the year was as follows: Ombersley Cricket Club Ombersley & Doverdale Parish Council Ombersley & Doverdale Tennis Club Ombersley Spire & Church Appeal St Richard's Hospice University of Worcester Grants under £2,000 each |
2022 £ 7,528 25,865 129,365 7,030 3,475 163,287 336,550 2022 £ 36,301 2022 £ 8,835 1,385 6,000 10,000 5,000 3,000 2,081 **36,301 ** |
2021 £ 7,387 38,270 187,263 2,787 - - 235,707 2021 £ 70,297 2021 £ 8,797 21,500 - 40,000 - - - 70,297 |
| 10. SUPPORT COSTS Building conservation projects Support costs, included in the above, are as follows: AMC mortgage interest Bank charges Legal and professional fees Auditors' remuneration Auditors' remuneration for non audit work |
Governance Finance costs Totals £ £ £ 81,545 9,583 91,128 2022 2021 Building conservation Total projects activities £ £ 47 47 616 450 80,882 17,847 7,540 8,305 2,043 2,018 91,128 28,667 |
|---|---|
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
11. AUDITORS' REMUNERATION
| AUDITORS' REMUNERATION | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the charity's financial | ||
| statements | 7,540 | 8,305 |
| Other non-audit services | 2,043 | 2,018 |
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
13. STAFF COSTS
There were no staff employed by the charity for either the year ended 31st March 2022 or for the year ended 31st March 2021.
14. HERITAGE ASSETS
| HERITAGE ASSETS | |
|---|---|
| MARKET VALUE At 1st April 2021 and 31st March 2022 NET BOOK VALUE At 31st March 2022 At 31st March 2021 |
Total £ 10,000 |
| 10,000 | |
| 10,000 |
The heritage assets comprise of the Ombersley archives, which are held by Worcestershire County Council on behalf of the trustees. It is one of the objectives of the charity to protect, preserve and improve the Archives of the Manor of Ombersley.
FIVE-YEAR SUMMARY OF TRANSACTIONS
| Cost at start of year Cost at the year end |
2022 £ 10,000 10,000 |
2021 £ 10,000 10,000 |
2020 £ 10,000 10,000 |
2019 £ 10,000 10,000 |
2018 £ 10,000 |
|---|---|---|---|---|---|
| 10,000 |
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
15. PROGRAMME RELATED INVESTMENTS
| MARKET VALUE At 1st April 2021 Additions At 31st March 2022 NET BOOK VALUE At 31st March 2022 At 31st March 2021 |
Land and buildings of Property beauty, undergoing historical capitalised or conservation architectural work importance £ £ 359,944 19,000,343 32,189 - 392,133 19,000,343 392,133 19,000,343 359,944 19,000,343 |
Totals £ 19,360,287 32,189 |
|---|---|---|
| 19,392,476 | ||
| 19,392,476 | ||
| 19,360,287 |
The trustees have used as deemed historical cost a valuation dated 31st March 2017 undertaken by Richard Williams (a trustee and qualified chartered surveyor) as the closest available historical valuation to the date of transition to FRS 102 when applying the transitional exemption on first-time adoption of FRS 102.
Land and buildings of beauty, historical or architectural interest primarily are held for the furtherance of the objects of the charity. These properties are rented out to tenants in order to raise funds to finance the conservation work. 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Rent debtors Accrued income Prepayments 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 19) Trade creditors VAT Rent received in advance Accrued expenses |
|
|---|---|
Rents received in advance represents both property rental income and recharged insurance costs included within income which relate to periods falling after the year end. The amount brought forward of from last year has been fully released during the current year.
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 19)
| 2022 £ **3,167 ** |
2021 £ 3,599 |
|---|---|
19. LOANS
An analysis of the maturity of the AMC mortgage loan (which is repayable by quarterly instalments) is given below:
| Amounts falling due within one year Amounts falling between one and five years Amounts falling due in more than five years |
2022 £ 338 1,409 1,459 3,506 |
2021 £ 251 1,115 2,484 |
|---|---|---|
| 3,850 |
Interest is being charged on the loan at the Bank of England base rate plus 1.1%.
The AMC mortgage is secured on Park & Hyde Farm and Hadley Farm, with the book value of this property at the year end being £3,433,000 (2021 - £3,433,000).
20. LEASING AGREEMENTS
The charity is guaranteed the future rental income, based upon the terms of the tenancy agreements:
| Within one year Between one and five years In more than five years PROVISIONS FOR LIABILITIES Provision for lease surrender settlement |
2022 £ 268,687 830,206 1,071,327 2,170,230 2022 £ **163,287 ** |
2021 £ 253,332 843,706 1,271847 |
2021 £ 253,332 843,706 1,271847 |
|---|---|---|---|
| 2,368,885 | |||
| 2021 £ - |
21. PROVISIONS FOR LIABILITIES
The charity entered into an agreement with one of its commercial tenants to temporarily vacate the premises so that essential property renovation work can be undertaken to the 15th Century timber framed building in the centre of the village. Once the renovation work has been completed the tenant is then obliged to enter into a new lease on modern terms including rent. The charity agreed to compensate the tenant for the interruption of the business, a well-known and reputable restaurant, during the period of enforced closure.
The movement on the provision in the year was as follows:
| As at 1st April 2021 Provision charged to statement of financial activities in year As at 31st March 2022 |
£ - **163,287 ** |
|---|---|
| **163,287 ** |
The provision is expected to be fully settled within one year.
Work on the renovation project started after the year end. The total cost of undertaking this property renovation work is estimated by an independent Quantity Surveyor to be £440,000, in addition to the costs of the agreement with the tenant.
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
22. RELATED PARTIES
During the year the charity paid £4,997 (2021 - £1,075) to Andrew Woods (a trustee of the charity) in regard to woodland management advice.
23. POST BALANCE SHEET EVENTS
On 16 November 2022 the Charity Commission granted a certificate of incorporation under Part 12 of the Charities Act 2011 to provide for the trustees to become a body corporate under the name of 'The Trustees of the Ombersley Conservation Trust'.
24. SUBSIDIARIES
The charity has a wholly owned dormant subsidiary Ombersley Trading Company Limited.
The registered office of Ombersley Trading Company Limited is Thorneloe House, 25 Barbourne Road, Worcester, Worcestershire, WR1 1RU.
The net assets of Ombersley Trading Company Limited at the year end was as follows:
----- Start of picture text -----
2022 2021
£ £
Cash in hand 3 3
Called up share capital 3 3
----- End of picture text -----
25. RENT WAIVER
As a result of the Covid-19 pandemic and subsequent enforced closures, a number of commercial rents were waived in the year totalling £38,675 (2021 - £98,667).
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Ombersley Conservation Trust
Detailed Statement of Financial Activities for the Year Ended 31st March 2022
| INCOME AND ENDOWMENTS Other trading activities Wayleaves & waterline easement Other income Dilapidation claims Investment income Bank interest received Charitable activities Rents received Income from woodlands Insurance recharged Total incoming resources EXPENDITURE Investment management costs Professional management fees Professional letting fees & associated costs Professional admin fees Woodland & tree safety management fees Charitable activities Rates, water, light & heat Insurance Property repairs Woodland expenses Bad debt provisions Surrender of commercial property lease (see note 21) Grants to institutions Support costs Finance AMC mortgage interest Bank charges Legal and professional fees Governance costs Auditors' remuneration Auditors' remuneration for non-audit work Total resources expended Net income |
2022 £ 3,114 147 968 4,229 445 568,811 17,857 10,171 596,839 601,513 60,867 9,280 346 3,436 73,929 7,528 25,865 129,365 7,030 3,475 163,287 36,301 372,851 47 616 80,882 81,545 7,540 2,043 9,583 537,908 63,605 |
2021 £ 3,039 44 125 |
|---|---|---|
| 3,208 1,307 468,426 6,266 11,960 |
||
| 486,652 | ||
| 491,167 70,919 2,904 1,406 7,371 |
||
| 82,600 7,387 38,270 187,263 2,787 - - 70,297 |
||
| 306,004 47 450 17,847 |
||
| 18,344 8,305 2,018 |
||
| 10,323 | ||
| 417,271 | ||
| 73,896 |
This page does not form part of the statutory financial statements
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