Charity registration number 1055038
WARCOMBE FARM CHRISTIAN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
WARCOMBE FARM CHRISTIAN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Alexander Black |
|---|---|
| Amer Ferzoli | |
| David Hill | |
| Lynda Hill | |
| Geoff Hills | |
| Charity number | 1055038 |
| Principal address | 55 Ravenscroft |
| Hook | |
| Hampshire | |
| RG27 9NP | |
| Independent examiner | Richard F Hopper |
| 4 Rhodfa Clawdd Offa | |
| Denbigh | |
| Denbighshire | |
| LL16 4RJ | |
| Bankers | Barclays Bank plc |
| 8 Alexandra Road | |
| Wimbledom | |
| London | |
| SW19 7LA | |
| Solicitors | Fairchild Greig |
| 199 High Street | |
| Acton | |
| London | |
| W3 9DD |
WARCOMBE FARM CHRISTIAN TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 12 |
WARCOMBE FARM CHRISTIAN TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their annual report and financial statements for the year ended 5 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's trust deed, the Charities Act 2011 and "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
The trust's objects are to advance the Christian religion. The policies adopted in furtherance of these objects are the provision and organisation of educational and evangelistic activities and events, and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The development, activities and achievements of the trust during the year are reviewed in the separate annual report.
Financial review
The financial transactions of the trust during the year and the financial position at the end of the year are summarised in the attached accounts. The trustees consider the financial position to be satisfactory.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. They intend to keep these matters under regular review.
Structure, governance and management
The trust was established by a charitable trust deed on 10 April 1993.
The trustees who served during the year and up to the date of signature of the financial statements were: Alexander Black Amer Ferzoli David Hill Lynda Hill Geoff Hills
The trust is run by the trustees, who meet from time to time as necessary.
The trustees' report was approved by the Board of Trustees.
..............................
David Hill
Trustee Dated: .........................
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WARCOMBE FARM CHRISTIAN TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WARCOMBE FARM CHRISTIAN TRUST
I report to the trustees on my examination of the financial statements of Warcombe Farm Christian Trust (the trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Richard F Hopper
Chartered Accountant
4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
Dated: .........................
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WARCOMBE FARM CHRISTIAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 13,405 - Investments 4 15,026 - Total income 28,431 - Expenditure on: Charitable activities 5 40,985 19 Net expenditure for the year/ Net movement in funds (12,554) (19) Fund balances at 6 April 2022 97,865 353 Fund balances at 5 April 2023 85,311 334 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 13,405 14,825 - 15,026 6,051 - 28,431 20,876 - 41,004 34,767 19 (12,573) (13,891) (19) 98,218 111,756 372 85,645 97,865 353 |
Total 2022 £ 14,825 6,051 20,876 34,786 (13,910) 112,128 98,218 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WARCOMBE FARM CHRISTIAN TRUST
BALANCE SHEET
AS AT 5 APRIL 2023
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Restricted funds 15 Unrestricted funds |
2023 £ £ 205,716 2,644 6,183 8,827 (6,898) 1,929 207,645 (122,000) 85,645 334 85,311 85,645 |
2022 £ £ 213,279 2,902 12,068 14,970 (3,633) 11,337 224,616 (126,398) 98,218 353 97,865 98,218 |
|---|---|---|
The financial statements were approved by the Trustees on .........................
.............................. .............................. David Hill Lynda Hill Trustee Trustee
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
Warcombe Farm Christian Trust is an unincorporated charitable trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's trust deed, the Charities Act 2011 and "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
Liabilities are recognised in the accounts at the time when an obligation to make payment is incurred.
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings 2% p.a. on cost of buildings Property improvements 4% p.a. on cost Plant and machinery 10% p.a. on cost Fixtures, fittings & equipment 20% p.a. on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The trust 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 in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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.
Basic financial assets
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 13,405 | 14,825 |
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 15,022 | 6,050 |
| Interest receivable | 4 | 1 |
| 15,026 | 6,051 | |
| Charitable activities | ||
| Provision of | Provision of |
|
| campsite | campsite |
|
| facilities | facilities | |
| 2023 | 2022 | |
| £ | £ | |
| Share of support costs (see note 6) | 40,626 | 34,477 |
| Share of governance costs (see note 6) | 378 | 309 |
| 41,004 | 34,786 | |
| Analysis by fund | ||
| Unrestricted funds | 40,985 | 34,767 |
| Restricted funds | 19 | 19 |
| 41,004 | 34,786 | |
| For the year ended 5 April 2022 | ||
| Unrestricted funds | 34,767 | |
| Restricted funds | 19 | |
| 34,786 |
5 Charitable activities
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
6 Support costs
| Support costs Governance costs £ £ Depreciation 7,563 - Premises expenses 27,564 - Administrative expenses 5,499 - Accountancy - 378 Governance costs - - 40,626 378 Analysed between Charitable activities 40,626 378 |
2023 Support costs Governance costs £ £ £ 7,563 7,564 - 27,564 23,461 - 5,499 3,452 - 378 - 240 - - 69 41,004 34,477 309 41,004 34,477 309 |
2022 £ 7,564 23,461 3,452 240 69 |
|---|---|---|
| 34,786 | ||
| 34,786 |
Governance costs includes payments to the independent examiner of £258 (2022- £240) for accountancy and independent examination fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, and none of them were reimbursed any expenses incurred on behalf of the trust (2022- none were reimbursed).
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
| 10 Tangible fixed assets Cost At 6 April 2022 At 5 April 2023 Depreciation and impairment At 6 April 2022 Depreciation charged in the year At 5 April 2023 Carrying amount At 5 April 2023 At 5 April 2022 11 Debtors Amounts falling due within one year: Other debtors 12 Loans and overdrafts Bank loans Payable within one year Payable after one year |
Land and buildings Property improvements Plant and machinery Fixtures, fittings & equipment £ £ £ £ 160,533 146,623 663 2,969 160,533 146,623 663 2,969 19,997 74,336 662 2,514 1,598 5,853 - 112 21,595 80,189 662 2,626 138,938 66,434 1 343 140,536 72,287 1 455 2023 £ 2,644 2023 £ 124,966 2,966 122,000 |
Total £ 310,788 |
|---|---|---|
| 310,788 | ||
| 97,509 7,563 |
||
| 105,072 | ||
| 205,716 | ||
| 213,279 | ||
| 2022 £ 2,902 |
||
| 2022 £ 129,736 |
||
| 3,338 126,398 |
The bank loan carries an interest rate of 9.50% p.a. as at the end of the financial year.
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
13 Creditors: amounts falling due within one year
| Notes Bank loans 12 Other creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 12 |
2023 £ 2,966 149 3,783 6,898 2023 £ 122,000 |
2022 £ 3,338 - 295 |
|---|---|---|
| 3,633 | ||
| 2022 £ 126,398 |
14 Creditors: amounts falling due after more than one year
15 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at | Resources | Balance at | Resources | Balance at | |||
|---|---|---|---|---|---|---|---|
| 6 April 2021 | expended | 6 April 2022 | expended | 5 April 2023 | |||
| £ | £ | £ | £ | £ | |||
| Property improvements | 372 | (19) | 353 | (19) | 334 | ||
| 16 | Analysis of net assets between funds | ||||||
| Unrestricted | Restricted | Total Unrestricted | Restricted | Total | |||
| funds | funds | funds | funds | ||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Fund balances at 5 | |||||||
| April 2023 are | |||||||
| represented by: | |||||||
| Tangible assets | 205,382 | 334 | 205,716 | 212,926 | 353 | 213,279 | |
| Current assets/(liabilities) | 1,929 | - | 1,929 | 11,337 | - | 11,337 | |
| Long term liabilities | (122,000) | - | (122,000) | (126,398) | - | (126,398) | |
| 85,311 | 334 | 85,645 | 97,865 | 353 | 98,218 |
17 Related party transactions
Transactions with related parties
.
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WARCOMBE FARM CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
17 Related party transactions
(Continued)
The trust has 100% control over Warcombe Christian Centres Ltd, a company incorporated in England & Wales, the principal activity of which is the maintenance of campsites and their letting to Christian youth groups. Consolidated accounts have not been prepared because the combined entity qualifies as a small group. These accounts therefore present information about the trust only.
The trust charged the company rent for the year of £2,822. At 31 December 2022, the date to which the latest accounts of the company have been drawn up, it had an excess of liabilities over assets of £319 after inclusion of a liability of £1,851 owing to the trust. Its activities for the year resulted in a profit of £1,635. There were no significant changes in the financial position of the company between 31 December 2022 and 5 April 2023.
Donation income received from trustees during the year totalled £10,576.
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