REGISTERED CHARITY NUMBER: 1025044
Report of the Trustees and Financial Statements for the Year Ended 31st March 2023
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 2023
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. 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 school.
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.
Page 1
Ombersley Conservation Trust
Report of the Trustees for the Year Ended 31st March 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This year has seen a modest increase in income achieved by careful cost control set against a market of increasing costs, particularly on building materials required for routine repairs and conservation projects.
Three residential properties fell vacant during the year, all requiring repairs or full refurbishment. Due to increase in the demand for let property in the village, it was possible to re-let a large family home at an improved rent thus offsetting void costs. The two smaller properties have required planning and listed building consent for works to improve their energy efficiency to meet current and forthcoming energy performance legislation. One of the properties will be fitted with solar panels which is a new venture for the Trust. Progress on these projects will be reported in the new financial year.
Last year it was reported that a major conservation project to one of the Trust's commercial properties commenced in the year. The works to repair and refurbish the Grade II listed property in the heart of the historic core of the village were completed in the year under review. Through careful attention to detail by the project manager, total costs of the building contract came in under budget at just under £400,000. The tenant resumed occupation of the building under a new 10 year lease on improved terms. This high quality restaurant reopened in February and is trading very well. The successful outcome supports the trustees decision to work with the tenant to ensure a thriving business which employs local staff.
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 fell to £13,011 (last year £17,857) due to market conditions for standing timber sales.
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 £568,811 last year to £588,263 this year. The charity did not receive rent from the Venture In whilst it was undergoing significant refurbishments this year, compared to last year where commercial rent on some properties were partially waived as a concession of Covid-19.
Total expenditure has increased from £537,908 last year to £877,497 this year, including £434,817 (2022 - £163,287) relating to the Venture In refurbishment.
Principal funding sources
The principal funding source of the charity is rent and related income generated from leasing its land and buildings 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 of related investments include 661.54ha of farmland, 83.2ha of managed woodland, 33 houses and cottages, 21 of which are Grade II listed or above and 4 commercial properties (all listed Grade II), 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.
Major building conservation projects, especially those that relate to listed buildings, require planning permission to be obtained prior to commencement of work. As a result, such projects can 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 2023 (excluding freehold property, the Ombersley Archives and the related mortgages) amounted to a surplus of £1,387,710 (2022 - £1,656,529), which at current expenditure levels (excluding expenditure of £434,817 (2022 - £163,287) relating to the Venture In refurbishment considered to be exceptional items) represents over 3 years (2022 - 4 years) of expenditure.
Page 2
Ombersley Conservation Trust
Report of the Trustees for the Year Ended 31st March 2023
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.
The incorporation of the trustee body under Part 12 of the Charities Act 2011 was completed on 16th November 2022.
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, who provide commercial services to the trust for which a fee is charged.
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
Andrew Woods (Chair) Richard Williams Sir Anthony Hughes Adrian Neal (appointed 13 December 2022) John Yelland (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
R•port ofthe Tru¥ts for th• Y•ar Ended 31$t March 2023 REFERENCE AND ADAIINISTrATIVE DETAILS (continued Sollcltord Charfes Ru$s¢ll Speechw LLP Cornpass House Lypiatt Road Cheltenharn GIoUtershi GL50 20J Bank• Uoyds 8ank Pl¢ 4 The Cross WR13PY Managlng aq•nts Savills IUKI Limited 1 Jewry Stre nthe¥ter S023 8RZ In•ur¥nc• Provld•r NFU Mutual The Coach House K•mpshott Park Dummer 8asirygtoke Hampshir• RG25 2DB STATEMENT OF TRUSTEES. RESPONSIBILrnES The trustee5 8re responsible for preparing the Rgwrt of the Trustees and the financ4al statsmenls In accordancé with applicable law and Unilod lfjngdom Accounts'ng Stsndard5 IUnrt¢d lQ"ngd¢>n G•Mralty Accepted Accounting Prath"c•l. Thè law appliCae to chanties in EngLqnd and les, th• chwi1$ Act 2011. Charity (AUnts and R•portsl Regulation8 2CX)8 and tht promsions otihe trust deed requires ¢he trust io prepare fnancial statements foreath finanu81 yoarwhich give a true and tsir vi•w of the state ol affairs of thanty aTrJ of thè irtc£ming r•sourc8s and application of re8ourco8, including the inc? and 8xp8nditur•, of th8 charity for Ihat penc#J. In pann0 lho finana81 statements. tho trustees r¢qyirJ to select sutsbkn a¢countiNJ poliow and Ihen apFly const•i,' observe the m¢th¢d$ and pnncwth in the Ch8rity SORP.. make judg•m•nts and estimate5 that a 8¥Onab aThl wudent, $iate whether aoicable accounting stsnd8rd5 boèn Idlcr•Ad, 8Ut4eCt to rn8tsrial departur•s di8dos•d and explained in the finAnts81 gtAtements, prepare the financ¥al stst8rn•nts on thè goir4J ¢Cthm bosis unkns it i8 inapFfjcprig to prnsume that the charity VAII ¢ontinue in busin•ss. The trustees are p'bI• lor k'ng proper accountiTrJ record¥ vthich thsdoye wrth r•asonabl8 aCr8¢Y at any Imè the fin8no81 pOs.0n of the th?nty and to onable them to re that the financi stslem?nts cpIY wth the Ch8ritias Act 2011, lh• Charity IAccounts and Reports) RegUlatiS 2008 aThJ the provisons of the tnjst de. They are also sponsible for safU8rdlng the assets ol the tharity and henc fel l&kng r¢aS4e steps for th* prnv8nts.on and detectron ol froud and other irrpgulantses. Ar¢)roved by ofthe board ol trustees ...... . and sgn•J its behalfby.. Andr8w Wiiods- Trustee Pap4
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 2023 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 2023 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
Report of the Independent Audltorn to th• Trust5 of (knbernley Conservation Trtl Our mponslbllltles lorthe audlt of the financlal statements We have been appointed as auditors under S8th"on 144 of Ihe chanb.es Act 2011 and report in accordanc¢ with the Act and relevant r8gu18t.ons or hawng eltht thereunder. Ourobjectives a to oblain reason1¢ assuran aLK)Ut%)etherthe finanoal slatements as a whole are freefrcth material misst8tamant. whether due to fraud error. and to issue a Repc¥t of the Indent Auditors that includ85 our opinion. Reasonabk as5UTance Is a hvJtt level of assuran. bui 15 not a guarantee that an audit conducted in ac)rdanCe ISAS IUW wll alway5 dete a mat&nal misstatement when it exists. Misstalements ¢an aiise from tra1 or error and are considered material il, individually or in Ihe aggregate, they coukj SonaY be eypectsd to itfflu8ne• the ecorsomic deasions of users tsken on the baw's of Ihese finanrJ4 $tatnènts. The extent to whith our procedures are capable of d&tectrg irregularrbes. including fraud is dtstsiled we have.. Obtained an under5tsndirrfJ ol the natu of th8 industy and 5ecior, induding thè legal and wulatory tramVork that the charty operates in and h¢)w thè charity Is com YIng wth legal and regulatory IrsrnÈwork', Inquired of management and Ihose tharggd governan. about their cwn identsficats'on and ass•s8ment of the risks and irregUlare$, inchJding known acbjal. suspeckny or dle9ed instsnces olfraud,. and Discussed rrtatters about non-comlance wth laws and Wulatn$ and how fraLAI mffjht ¢)cthr induding assessment of how and where Ihe finarKial $tatgrn•nts may be suScepb.e to traud. A3 8 result of pr1$ w• csler most sic¥t 18ws and wulatrws Ihat hav• a diraet impoct on the finanrial ststements ar¢ the Charities SORP IFRS 1021 'Accounbng and Reporting by Charits"e5. Statement of Recommended Practice applicable to tharrb.es prepanng thair accounts in accordat7Ce With the Financial Rgporting Standard appliCae in the UK and RepuWic of Ireland IFRS 1021 leffecb.ve 1 January 20191.. Finanual Reporting Standard 102 'The Fin8nci81 Reportng Sndard 8pplicat4e in Ihe UK and RepU1C of Irel8nrJ'. the char.¥ Act 2011 land related ¢egi812tionll. and laws and r•3ulations rtlatsrrfJ to VAT legIatiC1S, speclficalty ptial exempb'on. as thi$ 1$ ¢on8idèred to b 81gnificant to the chanty. We perforrned auditprtttsdurès to d•iect no)-coMplnC•S lch rnay have a maten'al impact on tr• finanaal statements, which induded revithwng the finanad strMnI disdosures. Thi8 ir+dudes rewvmng VAT Ca1la).0nS for Indl¢abons of materiol errors. Inc1 t•stirrfJ ol thè VAT 1rèAtml M 8 SnF4• 01 Sa 8nd purfi88•8. B•caus8 of the inherent limrtabon5 of an audit. there is a risk that wll ntstd8ttX all irr•gulants"e8, induding those leading to a rnateri81 misstatement In Ihe fin3nu81 statements or nOrpIlanCe with regulabon. Thi5 risk increases th• morn that complianc with a law or regulats.on is remgved Iha •v•nts transxbons refiacted In tho f nancial s¢aternents, •$ we will be less lik•ly to beccme aware ol instances of rthvCp.anCe. The risk Is aiBo 9#t•r rngarding Irragular.o5 occurring due to fraud rath•r than affor, as frAud invdves intenb"¢Jnal concealment. forgery, collu$lon, omission misr8prnMntAtion. A fvrther dexriplion of our reSpSIbIle9 lor th• audrt of the financ#81 stat8rnents is Ictated on the Finan7 R•porting Counol's website at www frc.or9.uklauditorsT¢spon$ily1ffj". Thts d•scripbon fom)s part ol our Report of Indepènd•nt Audftors. U•• of our report This report is made 10 Ih8 ehaftV8 trLbSta•8. As a brth. in gcctvdanco Part 4 of the Charibe¥ IA¢¢ounts and Reports) Regulat'ons 2008. Our awjrt wotk h8s l)een undertaken go that might gtate to Ihe thanty's trustees those matters we are required to stste to them in an auditcKs' report and for no other purpose. To the fulb2st extent pemirtted by IAW, we do not accw or ass6 rèsponsibility to anyone other than the charity and the chantys trustees as a body, for our audit work. lor this repori the opinM)ns ha fom)wJ. Riehards sdY Audft S•Mts timitad ISt8tutory Auditor) Thorneloe House 25 8arboum• Road Worcester IR1 1RU Date. . P•Je 6
Ombersley Conservation Trust
Statement of Financial Activities for the Year Ended 31st March 2023
| Notes INCOME AND ENDOWMENTS FROM Charitable activities 5 Building conservation projects Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Building conservation projects Grants to charitable institutions Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 2022 Unrestricted Total fund funds £ £ 613,586 596,839 4,667 4,229 8,213 445 626,466 601,513 93,733 73,929 774,562 427,678 9,202 36,301 877,497 537,908 (251,031) 63,605 21,056,176 20,992,571 20,805,145 21,056,176 |
2023 2022 Unrestricted Total fund funds £ £ 613,586 596,839 4,667 4,229 8,213 445 626,466 601,513 93,733 73,929 774,562 427,678 9,202 36,301 877,497 537,908 (251,031) 63,605 21,056,176 20,992,571 20,805,145 21,056,176 |
|---|---|---|
| 601,513 | ||
| 73,929 427,678 36,301 |
||
| 537,908 | ||
| 63,605 20,992,571 |
||
| 21,056,176 |
The notes form part of these financial statements
Page 7
Ombornley Consep4atlon Tntst Balance Sheet 31st Mavth 2023 2023 Unrestrfetsd fund 2022 Total funds Notes FIXED AssErs Heritage assets Programme related investrnents 14 1S 10.000 19 407 435 10,000 19 392,476 19,417J35 19,402,476 CURRENT ASSETS Debtors C45h at bk 16 59.890 1467 419 59,293 1885 967 1.527,109 1.945,260 CREDITORS Amounts falling du wthrn on8 year 17 1139.3991 1125,1061 NET CURRENT ASSETS 1387 710 TOTAL ASSETS LESS CURRENT LIABILMES 20.800,145 21,222,630 CREDITORS Arnoun15 falliNJ du8 8ft8r morn than on8 year 18 13,1671 PROVISIONS FOR UABILITIES 21 1163,2871 NET ASSETS 20,806,146 21,OSS,176 FUNDS unrestn.cted fvndj 21.056,176 TOTAL FUNDS 20.806 14S 21.056,178 rhe fin8nci815tsternents rg apprOd by the Board ofTnL8taes and authcrrised for i88U• Cm.. ond w•rn $ign8d on ts behalf by.. Andr•w Woods- Trustee The notes fNm part ofttrw firnal statwnents P8ge 8
Ombersley Conservation Trust
Cash Flow Statement
for the Year Ended 31st March 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/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 |
2023 £ (408,296) (408,296) (14,959) 8,213 (6,746) (3,506) (3,506) (418,548) 1,885,967 1,467,419 |
2022 £ 243,671 243,671 (32,189) 445 (31,744) (345) (345) 211,582 1,674,385 1,885,967 |
|---|---|---|
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 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received (Decrease)/increase in provisions Increase in debtors Increase in creditors Net cash (used in)/provided by operations 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 1.4.22 £ 1,885,967 1,885,967 (338) (3,167) (3,505) **1,882,462 ** |
2023 £ (251,031) (8,213) (163,287) (396) 14,631 (408,296) Cash flow £ (418,548) (418,548) 338 3,167 3,505 (415,043) |
2022 £ 63,605 (445) 163,287 (7,892) 25,116 243,671 At 31.3.23 £ 1,467,419 1,467,419 - - - 1,467,419 |
|---|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
Page 10
Ombersley Conservation Trust
Notes to the Financial Statements for the Year Ended 31st March 2023
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 considered to be held in order to directly further the charitable purposes of the charity and that any financial return obtained is not a primary reason for owning such property. such properties are accounted for as if classed as tangible fixed assets, but are referred to in the financial statements as 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 the effective interest rate basis.
Rental income is recognised in line with the periods to which such income relates, up to the extent that it 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.
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continued...
Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
1. ACCOUNTING POLICIES - continued
EXPENDITURE
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,
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 are considered to be held in order to directly further the charitable purposes of the charity, specifically (but not limited to) in regard to the conservation of land and buildings of beauty or historic, architectural or other interest or importance, particularly within the parishes of Ombersley, Uphampton and Doverdale. Any financial return obtained is not a primary reason for owning such property. Such properties are accounted for as if classed tangible fixed assets, but are referred to in the financial statements as programme related investment property.
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.
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY - continued
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 use 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.
3. OTHER TRADING ACTIVITIES
| Wayleave 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 |
2023 £ 3,057 1,240 370 4,667 2023 £ 8,213 2023 £ 588,263 13,011 12,312 613,586 2023 £ 79,819 9,153 33 4,728 93,733 |
2022 £ 3,114 147 968 4,229 2022 £ 445 2022 £ 568,811 17,857 10,171 |
2022 £ 3,114 147 968 4,229 2022 £ 445 2022 £ 568,811 17,857 10,171 |
|---|---|---|---|
| 596,839 | |||
| 2022 £ 60,867 9,280 346 3,436 |
|||
| 73,929 |
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
7. CHARITABLE ACTIVITIES COSTS
| 7. CHARITABLE ACTIVITIES COSTS |
||||
|---|---|---|---|---|
| Direct Costs (see note 8) £ Building conservation projects 647,478 Grants to charitable institutions - 647,478 8. DIRECT COSTS OF CHARITABLE ACTIVITIES Rates, water, light & heat Insurance Property repairs Woodland expenses Bad debt provisions The Venture In refurbishment 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 10. SUPPORT COSTS 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 |
Grant funding of activities (see note 9) £ - 9,202 **9,202 ** |
Support costs (see note 10) £ 127,084 - 127,084 2023 £ 13,800 37,101 143,828 13,380 4,552 434,817 - 647,478 2023 £ 9,202 2023 £ 8,992 - - - - - 210 9,202 2023 £ 107 862 119,730 4,336 2,049 **127,084 ** |
Totals £ 774,562 **9,202 ** |
|
| **783,764 ** | ||||
| 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 2022 £ 47 616 80,882 7,540 2,043 |
||||
| 2022 £ 8,835 1,385 6,000 10,000 5,000 3,000 2,081 |
||||
| 36,301 | ||||
| 2022 £ 47 616 80,882 7,540 2,043 |
||||
| 91,128 |
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
11. AUDITORS' REMUNERATION
| AUDITORS' REMUNERATION | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the charity's financial | ||
| statements | 4,336 | 7,540 |
| Other non-audit services | 2,049 | 2,043 |
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
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 2022 and 31st March 2023 NET BOOK VALUE At 31st March 2023 At 31st March 2022 |
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 |
2023 £ 10,000 10,000 |
2022 £ 10,000 10,000 |
2021 £ 10,000 10,000 |
2020 £ 10,000 10,000 |
2019 £ 10,000 10,000 |
|---|---|---|---|---|---|
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
15. PROGRAMME RELATED INVESTMENTS
| MARKET VALUE At 1st April 2022 Additions At 31st March 2023 NET BOOK VALUE At 31st March 2023 At 31st March 2022 |
Land and Property buildings undergoing of beauty, capitalised historical or conservation architectural work importance £ £ 392,133 19,000,343 2,220 12,739 394,353 19,013,082 394,353 19,013,082 392,133 19,000,343 |
Totals £ 19,392,476 14,959 |
|---|---|---|
| 19,407,435 | ||
| 19,407,435 | ||
| 19,392,476 |
The trustees have used as deemed historical cost a valuation dated 31st March 2017 undertaken by Richard Williams (a trustee) 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 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 19) Trade creditors VAT Rent received in advance Accrued expenses |
|
|---|---|
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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 2023
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Other loans (see note 19) | 2023 £ - |
2022 £ 3,167 |
|---|---|---|
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 |
2023 £ - - - - |
2022 £ 338 1,409 1,459 3,506 |
|---|---|---|
The AMC mortgage loan was settled early during the current year.
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 |
2023 £ 280,912 1,103,893 870,807 2,255,612 2023 £ - |
2022 £ 268,687 830,206 1,071,327 2,170,230 2022 £ 163,287 |
|---|---|---|
21. PROVISIONS FOR LIABILITIES
Last year the charity entered into an agreement with one of its commercial tenants to temporarily vacate the premises so that essential property renovation work could be undertaken to the 15th Century timber framed building in the centre of the village. Once the renovation work was completed the tenant was 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 2022 Provision charged to statement of financial activities during the year Amounts charged against the provision during the year As at 31st March 2023 |
£ 163,287 - (163,287) |
|---|---|
| - |
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Ombersley Conservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
22. RELATED PARTIES
During the year the charity paid £5,998 (2022 - £4,997) to Andrew Woods (a trustee of the charity) in regard to woodland management services. At the year end the charity owed Andrew Woods £1,911 (2022 - £nil) in regards to these services.
23. 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 -----
2023 2022
£ £
Cash in hand 3 3
Called up share capital 3 3
----- End of picture text -----
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Ombersley Conservation Trust
Detailed Statement of Financial Activities for the Year Ended 31st March 2023
| INCOME AND ENDOWMENTS Other trading activities Wayleave 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 The Venture In refurbishment Surrender of commercial property lease (see note 21) Grants to institutions Support costs AMC mortgage interest Bank charges Legal and professional fees Auditors' remuneration Auditors' remuneration for non-audit work Total resources expended Net (expenditure)/income |
2023 £ 3,057 1,240 370 4,667 8,213 588,263 13,011 12,312 613,586 626,466 79,819 9,153 33 4,728 93,733 13,800 37,101 143,828 13,380 4,552 434,817 - 9,202 656,680 107 862 119,730 4,336 2,049 127,084 877,497 (251,031) |
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 7,540 2,043 |
||
| 91,128 | ||
| 537,908 | ||
| 63,605 |
This page does not form part of the statutory financial statements
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