SIR EDMUND DE MOUNDEFORD CHARITY
STATEMENT OF ACCOUNTS
AND TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
SIR EDMUND DE MOUNDEFORD CHARITY
TRUSTEES’ REPORT
Charity Registration Number: 1075097 Correspondence Address: 15 Lynn Road, Downham Market, Norfolk PE38 9NL
The Trustees have pleasure in presenting their Trustees’ Report and Receipts and Payments Accounts for the year ended 31 December 2020.
The objects of the charity are the relief of persons in the parish of Feltwell who are in need, the provision of almshouse accommodation and the promotion of education to young people in Feltwell. The governing document of the Charity is a Scheme of the Charity Commissioners dated 27 October 1998. This imposes no specific restrictions on the way in which the charity can be operated by the Trustees. The Charity is an unincorporated association.
The charity is administered by duly appointed Trustees who for the year ended 31 December 2019 were as follows:-
M Storey C Cock E Lambert J Leveridge T Fox L Ward P C Garland B McGeeney F Enefer-Harrison
The Trustees meet during the year to review and manage the affairs of the Charity. Trustees are asked to serve based on the knowledge and expertise they have which is considered appropriate for the management of the Charity. Incoming Trustees are appointed by a resolution of the Trustees passed at a special meeting.
The Trustees are responsible for preparing the Trustees’ Annual Report and Receipts and Payments Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence for taking responsible steps for the prevention and detection of fraud and other irregularities.
Public Benefit
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives set.
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SIR EDMUND DE MOUNDEFORD CHARITY
Trustees’ Report for the year ended 31 December 2020 – continued
Review of the year
The Trustees, who are all unpaid volunteers, met regularly during the year to review the management of the Charity’s affairs.
The Trustees continue to make fuel grants to Feltwell residents and help for local groups is always considered when any request is made.
The Charity provided grants to university students who live in Feltwell totalling £2,700. Grants were also given to school leavers totalling £2,300.
The Charity gave a donation of £400 towards Feltwell Playgroup. In addition, the Charity gave £11,085 in donations to local residents at Christmas towards the cost of fuel.
The Charity has incurred expenses amounting to £13,416 in connection with a new village hall as well as £15,717 on the refurbishment of its property at London Road, Kings Lynn.
Land continues to be the main investment for the Charity although the Trustees have been prepared to consider alternative investments in good local commercial or residential property in order to produce a greater net return.
Reserves policy
Unrestricted funds are needed to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice and to cover management and establishment expenses without which the Charity could not function. There also needs to be a buffer in case of emergency work being required on the Charity’s property.
The Trustees consider it prudent that unrestricted reserves should be sufficient to meet the above objectives without having to realise fixed assets, and the trustees are guided in determining prudent amounts by the advice of their Agent.
The level of reserves is monitored and reviewed annually by the Trustees.
The charity reserves have increased as reserves are being accumulated to fund the building of a new Community Hall.
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SIR EDMUND DE MOUNDEFORD CHARITY
Trustees’ Report for the year ended 31 December 2020 – continued
Investment policy
The Trustees’ policy on investment is a prudent approach which combines:
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Maintenance and, if possible, enhancement of the value of invested funds;
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Adequate financial return; and
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Minimising risk.
Funds are invested in land and property, COIF Charity Funds and in bank deposit accounts where the cash is readily available for carrying out property renovation if required.
The Trustees are satisfied with the transactions of the Charity and its financial position as at 31 December 2020 as shown in the accompanying accounts.
Signed …………………………………… Trustee
Signed …………………………………….. Trustee
Date:
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SIR EDMUND DE MOUNDEFORD CHARITY Receipts and Payments Account For the year ended 31 December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Receipts | £ | £ | £ | £ |
| Rents received | 152,170 | 140,060 | ||
| Wayleaves | 53 | 51 | ||
| Interest | 364 | 582 | ||
| COIF interest | 3,739 | 3,665 | ||
| Charity interest | 5 | 11 | ||
| Atmere Charity | 1,270 | 2,580 | ||
| Solar Farm | 7,680 | 9,639 | ||
| Insurance | - | 692 | ||
| UK Power | 493 | 477 | ||
| Feltwell Fuel | 635 | 1,265 | ||
| Grants | 10,000 | - | ||
| --------------- | --------------- | |||
| Total receipts | 176,409 | 159,022 | ||
| Payments | ||||
| General | ||||
| Insurance | - | 11,534 | ||
| Accountants fee | 708 | 690 | ||
| Almshouse costs | 1,217 | 5,775 | ||
| Gardening and Sedge Fen | 750 | 1,230 | ||
| London Road | 15,717 | - | ||
| Agents fee | 12,000 | 9,600 | ||
| Solar Farm | 2,710 | 3,027 | ||
| Electricity re Hall | 5,916 | - | ||
| R W Whitehead – tenancy surrender | - | 4,000 | ||
| Indemnity fee | - | 754 | ||
| Sundry expenses | 141 | 141 | ||
| Mortgage payments | 17,176 | 17,518 | ||
| --------------- | --------------- | |||
| 56,335 | 54,269 | |||
| --------------- | --------------- | |||
| Grants and Donations | ||||
| Student grants | 2,700 | 3,600 | ||
| School leavers | 2,300 | 2,600 | ||
| Fuel grants (Christmas) | 11,085 | 10,625 | ||
| Almshouse tenants | 800 | 800 | ||
| Brownies/Scout Group | - | 500 | ||
| Toddler/Play Group | 400 | 250 | ||
| Rent grants | 1,056 | - | ||
| Play area for school | - | 6,974 | ||
| Other donations | 500 | 200 | ||
| --------------- | -------------- | |||
| 18,841 | 25,549 | |||
| --------------- | -------------- | |||
| Capital expenditure | 13,416 | 7,962 | ||
| --------------- | -------------- | |||
| Total payments | 88,592 | 87,780 | ||
| ----------------- | ---------------- | |||
| Net receipts/(payments) | 87,817 | 71,242 | ||
| Cash funds brought forward | 236,500 | 165,258 | ||
| ------------------ | ----------------- | |||
| Cash funds at 31 December 2020 | £324,317 | £236,500 | ||
| ========= | ======== |
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SIR EDMUND DE MOUNDEFORD CHARITY
Statement of Assets and Liabilities- 31 December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Current assets | ||||
| Business Premium account | 324,947 | 247,149 | ||
| COIF Charities Deposit Fund | 1,860 | 1,855 | ||
| ------------------ | ----------------- | |||
| 326,807 | 249,004 | |||
| ------------------ | ----------------- | |||
| Investment assets | ||||
| COIF Charities Investment Fund | 129,646 | 121,820 | ||
| --------------- | -------------- | |||
| Assets retained for the Charity’s own use | ||||
| Land – 62 acres at Cross Bank Farm | 604,996 | 604,996 | ||
| Land, as let – say 760 acres, at valuation | 4,500,000 | 4,500,000 | ||
| Almshouses – at valuation | 360,000 | 360,000 | ||
| School land and WI Hall – at valuation | 600,000 | 600,000 | ||
| Fairfield Road property – at cost | 210,025 | 210,025 | ||
| Solar PV system | 202,403 | 202,403 | ||
| Flat 3,26a London Road | 41,801 | 41,801 | ||
| London Road – ground rents | 17,912 | 17,912 | ||
| ------------------ | ------------------ | |||
| 6,537,137 | 6,537,137 | |||
| ------------------ | ------------------ | |||
| Total assets | £6,993,590 | £6,907,961 | ||
| Liabilities | ||||
| Bank overdraft | (2,490) | (12,504) | ||
| Mortgage | (262,626) | (272,446) | ||
| Accruals | (12,708) | (12,660) | ||
| ------------------ | ------------------ | |||
| Net Assets | £6,715,766 | £6,610,351 | ||
| ========== | ========== |
Approved by the Trustees on signed on their behalf by:-
Chairman
Trustee
Clerk
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SIR EDMUND DE MOUNDEFORD CHARITY
Independent examiners report
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 4 and 5.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Act, or
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2 the accounts do not accord with those records.
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 accounts to be reached.
Emma Booty FCCA Wheelers Chartered Accountants 27-29 Old Market Wisbech Cambridgeshire PE13 1NE
Date:
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