The Bampton Trust
Registration number: 1061444 Annual Report and Financial Statements
31 December 2021
The Bampton Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' report | 2 |
| Trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
The Bampton Trust
Reference and Administrative Details
| Charity name | The Bampton Trust | The Bampton Trust |
|---|---|---|
| Charity registration number | 1061444 | |
| Principal office | Green Gate | |
| Bampton | ||
| PENRITH | ||
| CA10 2RH | ||
| Registered office | Green Gate | |
| Bampton | ||
| PENRITH | ||
| CA10 2RH | ||
| Trustees | T Thompson | (Resigned 1 January 2022) |
| G Dickinson | (Resigned 1 January 2021) | |
| S Bowman | ||
| S Bowness | ||
| K Harmer | ||
| M Jones | ||
| M Dyke | ||
| D White | ||
| A Cooke | (Appointed 1 January 2022) | |
| G Smith | (Appointed 1 March 2021) | |
| Accountant | Dodd & Co Limited | |
| FIFTEEN Rosehill | ||
| Montgomery Way | ||
| Rosehill Estate | ||
| CARLISLE | ||
| CA1 2RW |
Page 1
The Bampton Trust
Trustees' Report for the Year Ended 31 December 2021
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is an unincorporated body and is governed by its trust deed.
The trustees regularly review the structure of the board. If the trustees identify the need to appoint a new trustee, they approach a member of the community with appropriate skills and experience. Existing trustees train new trustees by discussing their role with them and briefing them on the requirements and responsibilities of their new position.
The trustees have considered the risks facing the charity. They do not believe that there are any significant risks at the moment, but they will continue to monitor the situation on a regular basis. The trustees are conscious of the need to maintain funds for future expenditure on their properties and have decided to set aside 10% of the gross rental income for such purposes.
OBJECTIVES AND ACTIVITIES
The principal objective of the charity is to help with problems experienced with rural communities and generally to improve the area in the Lowther Valley by carrying out such charitable activities as the trustees see fit. The charity operates by awarding grants to individuals and groups which it identifies as meeting the charity’s objectives and goals.
The trustees have the discretion to make grants to any worthy causes, within the specified objectives of the charity, in the Lowther Valley.
In setting their objectives, the charity has paid due regard to the Charity Commission guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
The charity continues to provide affordable housing at Nos 1 and 2 Bampton Grange, 1 and 2 Essendy and Norbrock House which is also the local Post Office, tea room, shop and bed and breakfast facility.
The sale of 63 Burnbanks was completed early 2020. This sale was to a member of the local community who had been renting the property prior to the purchase.
The properties have been fully let throughout the year resulting in full rental income during 2021. Due to continued Coronavirus restrictions and lockdown a hardship grant was given to support the tenants at Norbrock House so that the shop and Post Office remained open for the local community.
Property maintenance remains ahead of the work schedule in the Property Quinquennial report. However, the last 12 months has seen a slowdown in the availability of contractors to commence work. Also, supply chain disruption has impacted on our maintenance work. Further items of reactive maintenance were carried out throughout the year.
One of our long-serving Trustees indicated their intention to resign from the board in Feb 2021, potential candidates are being considered. The Chair stood down from the role in Spring 2021 but remains a Trustee. Mike Jones has agreed to take on this role. The Treasurer and Secretary submitted their notice during 2021. The Trustees are actively recruiting to fill these two posts. With five sound, worthily tenanted properties and a full complement on the board, the Trustees look forward to 2022/23.
Page 2
The Bampton Trust
Trustees' Report for the Year Ended 31 December 2021
FINANCIAL REVIEW
The bulk of the charity’s assets are held as investment properties. The charity aims to distribute cash reserves as soon as possible to those who can benefit from the activities of the charity.
The charity received total income of £29,319 with expenditure of £32,809 resulting in a deficit of £3,490. Total reserves stood at £1,281,348, all of which were unrestricted.
Free reserves at the year end were £124,089.
The trustees have absolute discretion to invest in whatever assets they think fit.
FUTURE PLANS
The trustees aim to continue towards a sustainable community where people can live and work. The trustees shall support initiatives that will enhance and improve the quality of life and the environment in the local community and preserve its heritage and traditions. We are also able to consider applications from families or individuals experiencing hardship. Applications for an educational buysary are also considered.
2021 has seen the continuation of the Coronavirus pandemic which has led to a slight increase in requests for hardship to assist with rent and some assistance with bills for local residents who have been unable to work and were ineligible for the financial support provided by the government during this time. Requests for hardship grants may increase as the cost of living crisis starts to make it’s mark on the local community.
Planned maintenance alongside upgrade work continues at Norbrock House to support the tenants and maximise their business potential.
All the properties will be subject to a market appraisal in 2023 as part of updating the Quinquennial Report.
Approved by the Trustees on 21 July 2022 and signed on their behalf by:
.........................................
S Bowman Trustee
Page 3
The Bampton Trust
Trustees' Responsibilities in relation to the Financial Statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection fraud and other irregularities.
Page 4
Independent Examiner's Report to the Trustees of
The Bampton Trust
I report on the accounts of the charity for the year ended 31 December 2021, which are set out on pages 6 to 15.
Your attention is to drawn to the fact that the Charity has prepared the 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 since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
Respective responsibilities of trustees and examiner
The Charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Joanne Thomlinson FCA Dodd & Co Limited Chartered Accountants
FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW
21 July 2022
Page 5
The Bampton Trust
Statement of Financial Activities for the Year Ended 31 December 2021
| Note Income and endowments from: Investment income 2 Income from charitable activities 3 Total income Expenditure on: Expenditure on charitable activities Total expenditure Net outgoing resources before transfers Transfers Gross transfers between funds Net outgoing resources before other recognised gains and losses Other recognised gains/losses Gains/(losses) on investment assets Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 22,361 6,958 |
Total Funds 2021 £ 22,361 6,958 |
Total Funds 2020 £ 22,765 4,600 |
|---|---|---|---|
| 29,319 | 29,319 | 27,365 | |
| 32,809 | 32,809 | 53,748 | |
| 32,809 | 32,809 | 53,748 | |
| (3,490) - |
(3,490) - |
(26,383) - |
|
| (3,490) - |
(3,490) - |
(26,383) 21,976 |
|
| (3,490) 1,284,838 |
(3,490) 1,284,838 |
(4,407) 1,289,245 |
|
| 1,281,348 | 1,281,348 | 1,284,838 |
The notes on pages 8 to 15 form an integral part of these financial statements.
Page 6
The Bampton Trust
Balance Sheet as at 31 December 2021
| Note Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets Net assets The funds of the charity: Restricted funds Unrestricted funds Unrestricted income funds Total charity funds |
2021 £ £ 72,581 1,084,678 1,157,259 7,179 119,916 127,095 (3,006) 124,089 1,281,348 - 1,281,348 1,281,348 |
2020 £ £ 76,731 1,084,678 1,161,409 20,714 105,223 125,937 (2,508) 123,429 1,284,838 - 1,284,838 1,284,838 |
2020 £ £ 76,731 1,084,678 1,161,409 20,714 105,223 125,937 (2,508) 123,429 1,284,838 - 1,284,838 1,284,838 |
|---|---|---|---|
| 1,161,409 123,429 |
|||
| 1,284,838 | |||
| - 1,284,838 |
|||
| 1,284,838 |
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Approved by the Board on 21 July 2022 and signed on its behalf by:
......................................... ......................................... S Bowman M Jones Trustee Trustee
The notes on pages 8 to 15 form an integral part of these financial statements.
Page 7
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
1 Accounting policies
Statement of compliance
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and 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 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) rather than the Accounting and Reporting by Charities:Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
These financial statements have been prepared on a going concern basis.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 14.
Income and endowments
Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
Page 8
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Fixed assets
Individual fixed assets costing £100 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Freehold interest in land and buildings 50 years straight line Fixtures, fittings and equipment 15% reducing balance basis
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Investment properties
Certain of the charity's properties are held for long-term investment and are investment properties as defined by the Statement of Recommended Practice 2019.
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the statement of financial activities account for the year.
Investment properties were revalued by David Stout MRICS during the year ended 31 December 2018 on behalf of PFK Land Agency. The Board have reviewed the value of the investment properties and consider these to be at fair value.
Page 9
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
2 Investment income
| Other income Rents - No 1 & 2 Bampton Grange Rents - No 1 & 2 Essendy Rents - 63 Burnbanks |
Unrestricted Funds £ 150 11,006 11,205 - |
Total Funds 2021 £ 150 11,006 11,205 - |
Total Funds 2020 £ - 10,800 10,980 985 |
|---|---|---|---|
| 22,361 | 22,361 | 22,765 |
Of the investment income in 2020 all related to unrestricted funds.
3 Income from charitable activities
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2021 | 2020 | |
| £ | £ | £ | |
| Charitable activities | |||
| Rents - Norbrock House | 6,958 | 6,958 | 4,600 |
Of the income from charitable activities in 2020 all related to unrestricted funds.
Page 10
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
4 Total resources expended
| Direct costs Grants payable - individuals Insurance Depreciation Water rates Repairs and maintenance General maintenance Sundry expenses Advertising Legal and professional fees Support costs Accountancy fees Independent examiner's fee Loan interest |
Charitable activities £ 2,800 2,192 4,150 - 18,140 3,553 511 - 300 |
Total 2021 £ 2,800 2,192 4,150 - 18,140 3,553 511 - 300 |
Total 2020 £ 650 2,829 4,656 98 30,519 3,283 585 428 7,871 |
|---|---|---|---|
| 31,646 | 31,646 | 50,919 | |
| 843 320 - |
843 320 - |
800 300 1,729 |
|
| 1,163 | 1,163 | 2,829 | |
| 32,809 | 32,809 | 53,748 |
Of the expenditure in 2020 £51,829 related to unrestricted funds and £1,919 related to restricted funds.
5 Governance costs
| Cost of trustee meetings Accountancy fees Independent examiner's fee Legal and professional fees |
2021 £ 16 843 320 300 1,479 |
2020 £ 40 800 300 7,871 |
|---|---|---|
| 9,011 |
6 Trustees' remuneration and expenses
No trustees received any remuneration during the year.
Page 11
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
7 Net outgoing resources
Net outgoing resources is stated after charging:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation of owned assets | 4,150 | 4,656 |
| Accountancy fees | 843 | 800 |
| Independent examiner's fee | 320 | 300 |
Page 12
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
8 Taxation
The registered charity is exempt from taxation on income and gains.
9 Tangible fixed assets
| Freehold interest in land and buildings (including heritage assets) £ Cost or Valuation As at 1 January 2021 and 31 December 2021 64,000 Depreciation As at 1 January 2021 6,400 Charge for the year 1,280 As at 31 December 2021 7,680 Net book value As at 31 December 2021 56,320 As at 31 December 2020 57,600 |
Fixtures, fittings and equipment £ 119,726 100,595 2,870 103,465 16,261 19,131 |
Total £ 183,726 106,995 4,150 111,145 72,581 76,731 |
|---|---|---|
10 Investments held as fixed assets
| Market value As at 1 January 2021 and 31 December 2021 Net book value As at 31 December 2021 As at 31 December 2020 All investment assets were held in the UK. 11 Debtors Prepayments and accrued income |
2021 £ 7,179 |
Investment properties £ 1,084,678 |
|---|---|---|
| 1,084,678 | ||
| 1,084,678 | ||
| 2020 £ 20,714 |
Page 13
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
12 Creditors: Amounts falling due within one year
| Accruals and deferred income | 2021 £ 3,006 |
2020 £ 2,508 |
|---|---|---|
13 Related parties
Controlling entity
The charity is controlled by the trustees.
14 Analysis of funds
| Other | ||||||
|---|---|---|---|---|---|---|
| recognised | At 31 | |||||
| At 1 January | Incoming | Resources | gains / | December | ||
| 2021 | resources | expended | losses | 2021 | ||
| £ | £ | £ | £ | £ | ||
| General Funds | ||||||
| Unrestricted income fund | 1,284,838 | 29,319 | (32,809) | - | 1,281,348 |
Improvements - this fund reduces in line with the restricted portion of depreciation on improvements.
Page 14
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
......... continued
Prior period
| At 1 January 2020 Incoming resources Resources expended Transfers Other recognised gains / losses £ £ £ £ £ General Funds - Unrestricted income fund 1,276,452 27,365 (53,748) 12,793 21,976 Restricted Funds Improvements 12,793 - - (12,793) - 1,289,245 27,365 (53,748) - 21,976 Net assets by fund Unrestricted Funds Total Funds 2021 £ £ Tangible assets 72,581 72,581 Investments 1,084,678 1,084,678 Current assets 127,095 127,095 Creditors: Amounts falling due within one year (3,006) (3,006) Net assets 1,281,348 1,281,348 Prior period |
Other recognised gains / losses £ 21,976 - |
Other recognised gains / losses £ 21,976 - |
At 31 December 2020 £ 1,284,838 - |
|---|---|---|---|
| 21,976 | 1,284,838 | ||
| Total Funds 2020 £ 76,731 1,084,678 125,937 (2,508) 1,284,838 |
|||
15 Net assets by fund
| Tangible assets Investments Current assets Creditors: Amounts falling due within one year Creditors: Amounts falling due after more than one year Net assets |
Unrestricted Funds £ 76,731 1,084,678 125,937 (2,508) 1,284,838 |
Restricted Funds £ - - - - - - |
Total Funds 2020 £ 76,731 1,084,678 125,937 (2,508) - 1,284,838 |
Total Funds 2019 £ 81,387 1,262,851 31,363 (2,231) (84,125) |
|---|---|---|---|---|
| 1,289,245 |
Page 15