Charity number: 1076275
BUXTON CONSERVATION TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
BUXTON CONSERVATION TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
BUXTON CONSERVATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
D D Marris, Chairman A J F Buxton
C R Knights
Dr R Chapman
H G Cator
Charity registered number
1076275
Principal office
Hill House Carlton Newmarket Suffolk CB8 9JY
Accountants
MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Investment Advisors
Barratt & Cooke 5 Opie Street Norwich Norfolk NR1 3DW
Page 1
BUXTON CONSERVATION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the charity for the year 1 April 2021 to 31 March 2022.
Objectives and activities
a. Policies and objectives
The charity's objects are to manage and enhance the Stiffkey Wildlife Reserve.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity's aims and objectives. Minimizing the disturbance of wildlife habitat is a key tenet of the charity's conservation efforts and public access would contravene the charity's objectives. However, significant areas of the reserve are viewable by the public at all times, and without charge, from Public and Permissive footpaths. The reserve is also visited by school children and people undertaking research into a wide range of ecological, environmental and conservation subjects.
There have been no changes in the objectives since the last annual report.
b. Activities undertaken to achieve objectives
Activities for achieving the objectives of the charity continue to be the management of the Stiffkey Wildlife Reserve along strict conservation principles. There have been no new activities.
Achievements and performance
a. Main achievements of the charity
The assets of the Trust are invested in a portfolio of listed investments generating income totalling £21,774 (2021 - £18,576) which contributed towards the costs of conservation activities during the year.
b. Review of activities
The value of the investment portfolio stood at £886,550 (2021 - £804,839) at 31 March 2022. Together with the land valued at £240,000 (2021 - £240,000) , this represents all of the charity's restricted funds.
The Trustees consider that the financial position of the charity is satisfactory.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees are conscious of the current need to maintain unrestricted reserves sufficient to meet planned as well as unforeseen fluctuations in income and expenditure and aim to maintain a cash balance of £10,000 in the bank account at all times. As at 31 March 2022 unrestricted funds totalled £29,763 (2021 - £15,845) .
Page 2
BUXTON CONSERVATION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management
a. Constitution
Buxton Conservation Trust is a registered charity, number 1076275, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Plans for future periods
The substantial developments at the outset have now been completed, and no further plans (other than maintenance) are required.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
D D Marris
Date: 14 July 2022
Page 3
BUXTON CONSERVATION TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of Buxton Conservation Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I 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 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:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 21 July 2022
Frank Shippam BSc FCA DChA
MA Partners LLP
Chartered Accountants
Page 4
BUXTON CONSERVATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 2 Investments 3 Other income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 66,321 43,774 62 110,157 96,239 96,239 - 13,918 15,845 13,918 29,763 |
Restricted funds 2022 £ - - - - 516 516 82,227 81,711 1,044,839 81,711 1,126,550 |
Total funds 2022 £ 66,321 43,774 62 110,157 96,755 96,755 82,227 95,629 1,060,684 95,629 1,156,313 |
Total funds 2021 £ 19,500 40,576 62 |
|---|---|---|---|---|
| 60,138 61,324 |
||||
| 61,324 63,942 |
||||
| 62,756 997,928 62,756 |
||||
| 1,060,684 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 14 form part of these financial statements.
Page 5
BUXTON CONSERVATION TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Tangible assets 7 Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
11,322 19,898 31,220 (2,364) |
2022 £ 240,907 886,550 1,127,457 28,856 1,156,313 1,126,550 29,763 1,156,313 |
11,314 6,202 17,516 (2,364) |
2021 £ 240,693 804,839 |
|---|---|---|---|---|
| 1,045,532 15,152 |
||||
| 1,060,684 1,044,839 15,845 |
||||
| 1,060,684 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
D D Marris
Date: 14 July 2022
The notes on pages 7 to 14 form part of these financial statements.
Page 6
BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Buxton Conservation Trust 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.
1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
- Freehold property Not depreciated - Plant and machinery 15% reducing balance
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BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.8 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Income from donations and legacies
| Donations 3. Investment income Investment income Rents receivable 4. Other incoming resources Wayleaves 5. Analysis of expenditure by activities Charitable activities Total 2021 |
Unrestricted funds 2022 £ 66,321 Unrestricted funds 2022 £ 21,774 22,000 Unrestricted funds 2022 £ 62 Activities undertaken directly 2022 Support costs 2022 £ £ 89,320 7,435 52,729 8,595 |
Total funds 2022 £ 66,321 Total funds 2022 £ 21,774 22,000 Total funds 2022 £ 62 Total funds 2022 £ 96,755 61,324 |
Total funds 2021 £ 19,500 |
|---|---|---|---|
| Total funds 2021 £ 18,576 22,000 |
|||
| Total funds 2021 £ 62 |
|||
| Total funds 2021 £ 61,324 |
|||
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BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Warden costs and contribution towards conservation activities Analysis of support costs |
Charitable activities 2022 £ 89,320 |
Total funds 2022 £ 89,320 |
Total funds 2021 £ 52,729 |
|---|---|---|---|
| Estate maintenance, insurance and drainage Professional fees Governance - accountancy Sundry Light and heat Depreciation |
Charitable activities 2022 £ 3,944 516 2,364 451 - 160 7,435 |
Total funds 2022 £ 3,944 516 2,364 451 - 160 7,435 |
Total funds 2021 £ 3,305 2,354 2,364 424 26 122 |
|---|---|---|---|
| 8,595 |
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 10
BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Tangible fixed assets
| Cost or valuation At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Freehold property £ 240,000 - 240,000 - - - 240,000 240,000 |
Plant and machinery £ 2,358 374 2,732 1,665 160 1,825 907 693 |
Total £ 242,358 374 |
|---|---|---|---|
| 242,732 | |||
| 1,665 160 |
|||
| 1,825 | |||
| 240,907 240,693 |
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BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations Transfers between classes At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 9. Debtors Other debtors 10. Creditors: Amounts falling due within one year Accruals and deferred income |
Listed investments Cash pending investment £ £ 770,653 34,186 181,126 - (165,157) - 70,606 - - (4,864) 857,228 29,322 857,228 29,322 770,653 34,186 2022 £ 11,322 11,322 2022 £ 2,364 |
Total £ 804,839 181,126 (165,157) 70,606 (4,864) 886,550 886,550 804,839 2021 £ 11,314 11,314 2021 £ 2,364 |
|---|---|---|
Page 12
BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Statement of funds
Statement of funds - current year
| Balance at 1 April 2021 £ Unrestricted funds General Funds 15,845 Restricted funds Restricted Funds 1,044,839 Total of funds 1,060,684 |
Income £ 110,157 - 110,157 |
Expenditure £ (96,239) (516) (96,755) |
Gains/ (Losses) £ Balance at 31 March 2022 £ - 29,763 82,227 1,126,550 82,227 1,156,313 |
|---|---|---|---|
The restricted funds were all donated by the late Lord Buxton, in the form of land and buildings, the Stiffkey Wildlife Reserve, and stocks and shares. Income from these funds is to be treated as unrestricted, whereas the capital is to be retained unless it can be reinvested into a purpose compatible with the objects of the Buxton Conservation Trust. The donor had confirmed that the restricted funds could be utilised for unrestricted purposes if funds are needed in very exceptional circumstances.
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Restricted Funds Total of funds |
Balance at 1 April 2020 £ 16,527 981,401 997,928 |
Income £ 60,138 - 60,138 |
Expenditure £ (60,820) (504) (61,324) |
Gains/ (Losses) £ - 63,942 63,942 |
Balance at 31 March 2021 £ 15,845 |
|---|---|---|---|---|---|
| 1,044,839 | |||||
| 1,060,684 |
Page 13
BUXTON CONSERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 907 Fixed asset investments - Current assets 31,220 Creditors due within one year (2,364) Total 29,763 |
Restricted funds 2022 £ 240,000 886,550 - - 1,126,550 |
Total funds 2022 £ 240,907 886,550 31,220 (2,364) 1,156,313 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 693 - 17,516 (2,364) 15,845 |
Restricted funds 2021 £ 240,000 804,839 - - 1,044,839 |
Total funds 2021 £ 240,693 804,839 17,516 (2,364) 1,060,684 |
|---|---|---|---|
13. Related party transactions
A J F Buxton, Trustee, is also a director of Stiffkey Farms Ltd, from whom the charity received rent of £22,000 (2021 - £22,000) during the year. The charity also paid £69,320 (2021 - £32,729) to Stiffkey Farms Ltd in respect of a contribution towards the costs of its conservation activities during the year.
A J F Buxton, Trustee, personally donated £66,321 (2021 - £19,500) to the charity during the year.
Page 14