CHARITY COMMISSION
The Bampton Trust
Registration number: 1061444
Annual Report and Financial Statements
31 December 2023
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 | c/o 1 Smithy Croft | |
| Bampton | ||
| PENRITH | ||
| CA10 2RR | ||
| Registered office | c/o 1 Smithy Croft | |
| Bampton | ||
| PENRITH | ||
| CA10 2RR | ||
| Trustees | S Bowman | |
| S Bowness | ||
| M Jones | ||
| M Dyke | ||
| D White | ||
| G Smith | ||
| A Kitchen | ||
| P Sweetland | ||
| M Wells | (Appointed 8 October 2023) | |
| J Storey | (Appointed 21 September 2023) | |
| 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 2023
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.
During 2023 three trustees retired and two new trustees were appointed.
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 support and advance charitable activities within Bampton and the Lowther Valley. The charity operates by awarding grants to individuals and groups which it identifies as meeting the charity’s objectives and goals.
Financial assistance can be made available to individuals and organisations for a wide range of purposes, notably activities that will strengthen the local community or promote sustainable development.
The trustees continue to provide financial support to young people in the local community who are undertaking courses at university, college or sixth form level.
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 and 1 and 2 Essendy. Norbrock House, provides a tea room, shop and bed and breakfast facility. In July 2022 the village Post Office, situated within Norbrock House, closed. The closure was due to the retirement of the sub-postmistress who was observing the training of the tenant at Norbrock House. The tenant therefore ceased to be eligible to operate the Post Office and facilities were withdrawn from the property. The Post Office now provides an outreach service one morning per week, in Bampton Village Hall.
During 2023 there has been a change of tenants at 1 Bampton Grange and Norbrock House. The new tenants at Norbrock House, Bampton Valley Community Pub (BVCP) took over the lease in April 2023 with a new business model. BVCP now manage the bed and breakfast accommodation. The shop and tearoom were subleased to Askham Stores who use their existing supply chain and stock in Askham to provide essential groceries and café services at Bampton Valley Stores.
The quinquennial property report expired in October 2023. The trustees requested an update which was produced by James Martin, Rural Surveyor, PFK. The report, which was made available in January 2024, included a market appraisal on all the Bampton Trust properties.
Rent reviews were undertaken during 2023 by James Martin, PFK. At Norbrock House the rent was agreed when the new tenants took over the 5 yearly lease as of April 2023. At 1 Bampton Grange the rent was reviewed when the new tenants took over the tenancy from the 1st August 2023. Rent reviews were completed on all the remaining properties and will commence from the 1st January 2024. All rents will then be reviewed annually. Planned maintenance, alongside upgrade work continue at all of the Bampton Trust properties. During 2023 there has been a further slowdown in the availability of contractors to commence work.
In June 2022 the Trust purchased shares in Bampton Valley Community Pub (BVCP) which opened in July 2022 for the benefit of Bampton Valley residents and visitors.
Page 2
The Bampton Trust
Trustees' Report for the Year Ended 31 December 2023
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 £27,688 with expenditure of £38,379 resulting in a deficit of £10,691. Total reserves stood at £976,907, all of which were unrestricted.
Free reserves at the year end were £116,398.
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. They are also able to consider applications from families or individuals experiencing hardship. Requests for hardship grants may increase as the cost of living crisis continues to make its mark on the local community.
During 2024 the trustees plan to explore the possibility of the Post Office outreach service moving back into Bampton Valley Stores in line with the original vision of the Bampton Trust.
The trustees also intend to investigate the availability of an alternative current bank account to allow the use of on-line banking which will increase efficiency and also the potential of an investment account to benefit the trust by the payment of interest.
Approved by the Trustees on 25 July 2024 and signed on their behalf by:
.........................................
M Wells 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;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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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 of 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 2023, 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;
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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
25 July 2024
Page 5
The Bampton Trust
Statement of Financial Activities for the Year Ended 31 December 2023
| Note Income and endowments from: Investment income 2 Income from charitable activities 3 Total income Expenditure on: Charitable activities Total expenditure Net (outgoing)/incoming resources before other recognised gains and losses (Losses)/gains on investment assets Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 21,755 5,933 |
Total Funds 2023 £ 21,755 5,933 |
Total Funds 2022 £ 22,368 6,292 |
|---|---|---|---|
| 27,688 | 27,688 | 28,660 | |
| 38,379 | 38,379 | 27,732 | |
| 38,379 | 38,379 | 27,732 | |
| (10,691) (294,678) |
(10,691) (294,678) |
928 - |
|
| (305,369) 1,282,276 |
(305,369) 1,282,276 |
928 1,281,348 |
|
| 976,907 | 976,907 | 1,282,276 |
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 2023
| Note Fixed assets Tangible assets 9 Investments 10 Mixed motive 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: Unrestricted funds Unrestricted income funds Total charity funds |
2023 £ £ 65,509 790,000 5,000 860,509 11,788 107,911 119,699 (3,301) 116,398 976,907 976,907 976,907 |
2022 £ £ 68,862 1,084,678 5,000 1,158,540 14,618 111,342 125,960 (2,224) 123,736 1,282,276 1,282,276 1,282,276 |
2022 £ £ 68,862 1,084,678 5,000 1,158,540 14,618 111,342 125,960 (2,224) 123,736 1,282,276 1,282,276 1,282,276 |
|---|---|---|---|
| 1,158,540 123,736 |
|||
| 1,282,276 | |||
| 1,282,276 | |||
| 1,282,276 |
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 25 July 2024 and signed on its behalf by:
.........................................
M Wells 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 2023
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 2023
......... 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
Investment properties are included in the accounts at fair value. No depreciation is charged on investment properties in line with the Statement of Recommended Practice 2019.
Investment properties were revalued by James Martin FAAV on behalf of PFK Land Agency on 24 April 2024. The Board have reviewed the value of 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 2023
......... continued
2 Investment income
| Rents - No 1 & 2 Bampton Grange Rents - No 1 & 2 Essendy |
Unrestricted Funds £ 10,475 11,280 |
Total Funds 2023 £ 10,475 11,280 |
Total Funds 2022 £ 11,088 11,280 |
|---|---|---|---|
| 21,755 | 21,755 | 22,368 |
All of the investment income in 2022 related to unrestricted funds.
3 Income from charitable activities
| Charitable activities Rents - Norbrock House |
Unrestricted Funds £ 5,933 |
Total Funds 2023 £ 5,933 |
Total Funds 2022 £ 6,292 |
|---|---|---|---|
All of the income from charitable activities in 2022 related to unrestricted funds.
Page 10
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
......... continued
4 Expenditure
| Direct costs Grants payable - individuals Insurance Depreciation Light, heat and power Repairs and maintenance General maintenance Sundry expenses Legal and professional fees Support costs Accountancy fees Independent examiner's fee |
Charitable activities £ 1,063 4,157 3,353 121 18,369 3,854 647 5,807 |
Total 2023 £ 1,063 4,157 3,353 121 18,369 3,854 647 5,807 |
Total 2022 £ 470 2,751 3,719 - 13,794 3,888 733 928 |
|---|---|---|---|
| 37,371 | 37,371 | 26,283 | |
| 688 320 |
688 320 |
1,129 320 |
|
| 1,008 | 1,008 | 1,449 | |
| 38,379 | 38,379 | 27,732 |
All of the expenditure in 2022 related to unrestricted funds.
5 Governance costs
| Cost of trustee meetings Accountancy fees Independent examiner's fee Legal and professional fees |
2023 £ 53 688 320 5,807 6,868 |
2022 £ 60 1,129 320 928 |
|---|---|---|
| 2,437 |
6 Trustees' remuneration and expenses
No trustees received any remuneration or expenses during the year.
Page 11
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
......... continued
7 Net (outgoing)/incoming resources
Net (outgoing)/incoming resources is stated after charging:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation of owned assets | 3,353 | 3,719 |
| Accountancy fees | 688 | 1,129 |
| Independent examiner's fee | 320 | 320 |
Page 12
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
......... 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 As at 1 January 2023 and 31 December 2023 64,000 Depreciation As at 1 January 2023 8,960 Charge for the year 1,280 As at 31 December 2023 10,240 Net book value As at 31 December 2023 53,760 As at 31 December 2022 55,040 Investments held as fixed assets Market value/Cost As at 1 January 2023 Revaluation As at 31 December 2023 Net book value As at 31 December 2023 As at 31 December 2022 All investment assets were held in the UK. The net book value of programme related investments includes: Shares in The Mardale Inn, Bampton Valley |
Freehold interest in land and buildings (including heritage assets) £ Cost As at 1 January 2023 and 31 December 2023 64,000 Depreciation As at 1 January 2023 8,960 Charge for the year 1,280 As at 31 December 2023 10,240 Net book value As at 31 December 2023 53,760 As at 31 December 2022 55,040 Investments held as fixed assets Market value/Cost As at 1 January 2023 Revaluation As at 31 December 2023 Net book value As at 31 December 2023 As at 31 December 2022 All investment assets were held in the UK. The net book value of programme related investments includes: Shares in The Mardale Inn, Bampton Valley |
Fixtures, fittings and equipment £ 119,726 105,904 2,073 107,977 11,749 13,822 Investment properties at market value £ 1,084,678 (294,678) 790,000 790,000 1,084,678 2023 £ 5,000 |
Total £ 183,726 114,864 3,353 118,217 65,509 68,862 Mixed motive investments at cost £ 5,000 - |
|---|---|---|---|
| 5,000 | |||
| 5,000 | |||
| 5,000 | |||
| 2022 £ 5,000 |
10 Investments held as fixed assets
Page 13
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
......... continued
11 Debtors
Prepayments and accrued income
12 Creditors: Amounts falling due within one year
Accruals and deferred income
----- Start of picture text -----
2023 2022
£ £
11,788 14,618
2023 2022
£ £
3,301 2,224
----- End of picture text -----
13 Related parties
Controlling entity
The charity is controlled by the trustees.
14 Analysis of funds
| General Funds Unrestricted income fund |
At 1 January 2023 £ 1,282,276 |
Incoming resources £ 27,688 |
Resources expended £ (38,379) |
Other recognised gains / losses £ (294,678) |
At 31 December 2023 £ 976,907 |
|---|---|---|---|---|---|
Page 14
The Bampton Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
......... continued
Prior period
| At 1 January 2022 |
Incoming resources |
Resources expended |
At 31 December 2022 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| General Funds | ||||
| Unrestricted income fund | 1,281,348 | 28,660 | (27,732) | 1,282,276 |
15 Net assets by fund
| Tangible assets Investments Current assets Creditors: Amounts falling due within one year Net assets Prior period Tangible assets Investments Current assets Creditors: Amounts falling due within one year Net assets |
Unrestricted Funds £ 65,509 795,000 119,699 (3,301) 976,907 Unrestricted Funds £ 68,862 1,089,678 125,960 (2,224) 1,282,276 |
Total Funds 2023 £ 65,509 795,000 119,699 (3,301) 976,907 Total Funds 2022 £ 68,862 1,089,678 125,960 (2,224) 1,282,276 |
Total Funds 2022 £ 68,862 1,089,678 125,960 (2,224) 1,282,276 Total Funds 2021 £ 72,581 1,084,678 127,095 (3,006) |
|||
|---|---|---|---|---|---|---|
| 1,281,348 |
Page 15