2021-09-30-accounts

Charity registration number: 1085654

M J Camp Charitable Foundation

Annual Report and Financial Statements

for the Year Ended 30 September 2021

Avenue Business Services Chartered Accountants and Registered Auditor 5a The Gardens Fareham Hampshire PO16 8SS

M J Camp Charitable Foundation

Contents

Reference and Administrative Details	1
Trustees' Report	2 to 6
Independent Auditors' Report	7 to 10
Consolidated Statement of Financial Activities	11
Consolidated Balance Sheet	12
Balance Sheet	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 to 29

M J Camp Charitable Foundation

Reference and Administrative Details Trustees Ms Ann Rogers Mr Richard Weekes Mr Chris Driscoll Secretary Mr Richard Weekes Charity Registration Number 1085654 Principal Office Lower Tye Farm Copse Lane Hayling Island Hampshire PO11 0RQ Auditor Avenue Business Services Chartered Accountants and Registered Auditor 5a The Gardens Fareham Hampshire PO16 8SS Bankers Coutts & Co 440 Strand London WC2R 0QS

Page 1

M J Camp Charitable Foundation

Trustees' Report

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 30 September 2021.

Background of the Charity

The Foundation was established by Trust Deed on 21 December 2000 with the intention of providing a structure to formalise the altruistic activities of its principal founder, Michael James Camp. Following the death of Mr Camp in February 2013, the Foundation received by way of a legacy the whole of the issued share capital of St Hermans Estate Co Limited (“The Company”), a company which had been wholly owned by Mr Camp.

Objectives and activities

The Objects of the Foundation are:

• To promote for the benefit of the public the recording, study and protection of places and objects of natural beauty or of ornithological, botanical, silvicultural, geological, zoological, archaeological,

• a) historical or scientific interest in the United Kingdom and in Hayling Island in particular and to advance public education in the conservation of such places and objects;

• To promote, encourage and assist the restoration to good and navigable order and the maintenance and

• b) improvement of canals and other inland waterways of the United Kingdom for the public benefit and to educate the public about inland waterways, their history, construction, use, development and operation;

• To relieve the suffering of horses, ponies and donkeys which are unwanted, sick or neglected or are in need of care as a result of cruelty or ill-treatment and to support (financially or otherwise) the

• c) establishment or maintenance of rescue homes or sanctuaries for the care and rehabilitation of such animals;

• To advance the education of the public by promoting interest in and appreciation of and preserving for public benefit historic vehicles and in particular steam trains, and all equipment, buildings and other

• d) items of general transport or historic interest which may have been used in connection with such vehicles;

• To establish or support community transport schemes for the benefit of the inhabitants of local

• e) communities in the United Kingdom; and

• f) Such other charitable purposes as the Trustees may from time to time in their discretion decide.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Objectives, Aims and Strategies

The Foundation’s aims are to comply with the Objects of the Charity as described above by making grants to suitable charities in accordance with the interests of its founding principal Michael James Camp.

It is the opinion of the Trustees that the achievement of the Foundation’s aims by making grants will fulfil its legal obligations as contained in the Trust Deed.

The Foundation’s strategies for achieving its stated aims and objectives are to identify suitable charitable organisations to support, partly by selection from applications received by the Foundation and partly as a result of research carried out by the Trustees to identify suitable recipients for grants.

The Trustees assess success during the reporting period by assessing the ratio of grants made to income received from The Company. During the year ended 30 September 2021 the ratio was 111.7%, and the Trustees anticipate that this ratio is likely to be maintained in the year ending 30 September 2022, as the expected income will be at a similar level.

Page 2

M J Camp Charitable Foundation

Trustees' Report

The main activities of the Foundation during the year were grants made to a variety of charitable organisations in keeping with the objects of the Foundation (see below for a schedule of grants made).

Achievements and Performance

The overall expenditure of grants was £391,000, which was a reasonable increase compared with the previous year’s expenditure of £325,500, due to the resources provided by The Company and historical reserves.

Grants made for the year ended 30 September 2021 were as follows:

	£
Hampshire and Isle of Wight Air Ambulance	170,000
The Wey and Arun Canal Trust	110,000
Royal National Lifeboat Institution	30,000
The Hayling Skatepark Project	30,000
Rowans Hospice	15,000
South Downs National Park Trust	5,000
Hayling Youth Community Sailing Scheme	3,000
Hayling Island Community Centre Association	2,000
Brooke	2,000
Bumblebee Conservation Trust	2,000
SPANA	2,000
Safe Haven for Donkeys in the Holy Land	2,000
People4ponies	2,000
Isle of Wight Donkey Sanctuary	2,000
Farplace Animal Reserve	2,000
Ability Dogs 4 Young People	2,000
Remus Horse Sanctuary	2,000
Surfers Against Sewage	2,000
Brent Lodge Wildlife Hospital	2,000
The Donkey Sanctuary	1,000
Communities for Horses	1,000
Oak Tree Animals' Charity	1,000
Inland Waterways Association	1,000
	391,000

The Trustees consider that each of these grants to charities were made in accordance with the aims and objectives of the Foundation and were demonstrably for public benefit.

No fundraising was carried out by the Foundation during the year, as it is wholly funded by The Company.

The main negative factor experienced by the Foundation during the year is a lack of applications from suitable charitable organisations. Many of the applications received were, in the opinion of the Trustees, not in accordance with the Foundation’s aims and objectives.

Page 3

M J Camp Charitable Foundation

Trustees' Report

Financial Review

During the year ended 30 September 2021 the Foundation received a payment under Gift Aid of £350,000 from The Company. The Foundation also had a bank balance at 30 September 2021 of £235,383, giving total funds (after deducting creditors) of £14,679,519.

Total group funds at 30 September 2021 were £16,601,256.

The Company’s main asset is land and buildings on Hayling Island, owned in connection with its business of the operation of residential and holiday static caravan parks. Since the date of acquisition of the share capital, The Company has continued to be managed by its Board of Directors, with the objective of running at a sufficient profit to enable the Foundation to fulfil its charitable objects satisfactorily.

The Trustees do not consider there are any significant financial risks or uncertainties facing the Foundation. The trading performance of The Company is strong and should remain so for the foreseeable future.

Reserves Policy

The Foundation has not at present adopted any specific overall reserves policy, but the Trustees are actively considering what form this policy might take in future years.

The policy in respect of The Company is for The Company to hold sufficient working capital to enable day to day operations to continue and sufficient reserves to allow for the possible acquisition of further land for expansion of the caravan parks business.

Plans for future periods

The Trustees intend that the Foundation will continue its operations of identifying and making grants to charities which are in accordance with the Foundation’s objects and will also provide public benefit.

In order to carry out this plan more effectively the Trustees would welcome applications for funding from any charities which meet or are likely to meet the objects contained in this report.

Structure, governance and management

The Governing Document of the Foundation is the Trust Deed dated 21 December 2000. According to the Deed, there must be at least two and not more than six Trustees. Following the death of Michael James Camp in February 2013 and in accordance with the provisions of the Trust Deed, a new or additional Trustee is now appointed by a resolution of the Trustees.

The Company has a management team comprising the Managing Director, the Technical Director, the Company Secretary and the Office/Sales Manager.

The Trustees normally aim to convene at least two meetings per year, in order to review grant applications and make decisions as to which charities to support. Day to day management of the Foundation is the responsibility of the Trustees.

None of the Trustees receive any remuneration in respect of their activities on behalf of the Foundation.

Page 4

M J Camp Charitable Foundation

Trustees' Report

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes.

Credit risk

The group’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 27 July 2022 and signed on its behalf by:

......................................... Mr Richard Weekes Trustee

Page 5

M J Camp Charitable Foundation

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of M J Camp Charitable Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company 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:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK 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 charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

M J Camp Charitable Foundation

Independent Auditor's Report to the Members of M J Camp Charitable Foundation

Opinion

We have audited the financial statements of M J Camp Charitable Foundation (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 30 September 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, , Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and parent charity's affairs as at 30 September 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 7

M J Camp Charitable Foundation

Independent Auditor's Report to the Members of M J Camp Charitable Foundation

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

• In our opinion, based on the work undertaken in the course of the audit:

• the information given in the and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the and Trustees' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 8

M J Camp Charitable Foundation

Independent Auditor's Report to the Members of M J Camp Charitable Foundation

Based on our understanding of the charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, the Charities Statement of Recommended Practice, UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to use of the subsidiary's funds, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

• Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations;

• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of noncompliance throughout our audit; and

• Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;

• Gaining an understanding of the internal control environment (in what is a small undertaking with few staff) established to mitigate risks related to fraud and

• Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Page 9

M J Camp Charitable Foundation

Independent Auditor's Report to the Members of M J Camp Charitable Foundation

...................................... Colin Bielckus Esq (Senior Statutory Auditor) For and on behalf of Avenue Business Services, Statutory Auditor

5a The Gardens Fareham Hampshire PO16 8SS 27 July 2022

Page 10

M J Camp Charitable Foundation

Consolidated Statement of Financial Activities for the Year Ended 30 September 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note Income and Endowments from: Other trading activities 3 Investment income 4 Total Income Expenditure on: Raising funds Charitable activities 5 Total Expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19	Unrestricted £ 1,735,061 4,892 1,739,953 (1,000,421) (395,298) (1,395,719) 344,234 344,234 15,937,403 16,281,637	Total 2021 £ 1,735,061 4,892 1,739,953 (1,000,421) (395,298) (1,395,719) 344,234 344,234 15,937,403 16,281,637	Total 2020 £ 1,266,304 15,490
			1,281,794
			(871,997) (329,714)
			(1,201,711)
			80,083
			80,083 15,857,320
			15,937,403

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 19.

The notes on pages 15 to 29 form an integral part of these financial statements. Page 11

M J Camp Charitable Foundation

Consolidated Balance Sheet as at 30 September 2021

Note Fixed assets Tangible assets 12 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: Amounts falling due within one year 16 Net current assets Total assets less current liabilities Provisions 17 Net assets Funds of the group: Unrestricted income funds Unrestricted funds 19 Revaluation reserve 18 Total unrestricted funds Total funds	2021 £ 12,082,492 216,959 85,670 4,684,328 4,986,957 (450,614) 4,536,343 16,618,835 (17,579) 16,601,256 16,281,637 319,619 16,601,256 16,601,256	2020 £ 12,105,986 156,534 35,514 4,189,184
		4,381,232 (212,617)
		4,168,615
		16,274,601 (17,579)
		16,257,022
		15,937,403 319,619
		16,257,022
		16,257,022

The financial statements on pages 11 to 29 were approved by the trustees, and authorised for issue on 27 July 2022 and signed on their behalf by:

......................................... Ms Ann Rogers Trustee

The notes on pages 15 to 29 form an integral part of these financial statements. Page 12

M J Camp Charitable Foundation

Balance Sheet as at 30 September 2021

Note Fixed assets Investments 13 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 19	2021 £ 14,447,936 235,383 (3,800) 231,583 14,679,519 14,679,519 14,679,519	2020 £ 14,447,936 276,881 (3,725)
		273,156
		14,721,092
		14,721,092
		14,721,092

The financial statements on pages 11 to 29 were approved by the trustees, and authorised for issue on 27 July 2022 and signed on their behalf by:

......................................... Ms Ann Rogers Trustee

The notes on pages 15 to 29 form an integral part of these financial statements. Page 13

M J Camp Charitable Foundation

Consolidated Statement of Cash Flows for the Year Ended 30 September 2021

Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Depreciation 7 Investment income 4 Profit/Loss on disposal of fixed assets held for the group's own use 7 Working capital adjustments (Increase)/decrease in stocks 14 (Increase)/decrease in debtors 15 Increase/(decrease) in creditors 16 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 4 Purchase of tangible fixed assets 12 Sale of tangible fixed assets Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 October Cash and cash equivalents at 30 September	2021 £ 344,234 22,724 (4,892) (133,256) 228,810 (60,425) (50,156) 237,997 356,226 4,892 - 134,026 138,918 495,144 4,189,184 4,684,328	2020 £ 80,083 27,432 (15,490) (157,537)
		(65,512) 24,471 61,447 (167,961)
		(147,555)
		15,490 (3,900) 589,971
		601,561
		454,006 3,735,178
		4,189,184

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 15 to 29 form an integral part of these financial statements. Page 14

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

1 Charity status

The charity is unincorporated, and consequently does not have share capital.

These financial statements were authorised for issue by the trustees on 27 July 2022.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

Basis of preparation

M J Camp Charitable Foundation 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 30 September 2021.

No statement of financial activities is presented for the charity. The charity made a deficit after tax for the financial year of £41,497 (2020 - deficit of £25,988).

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

Page 15

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Income and endowments

Other trading activities

This arises from the activities of the trading subsidiary and mainly comprises the operation and management of camping, caravan and mobile home sites.

Investment income

Investment income is recognised once notified.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

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.

Grant expenditure

Grants are given in accordance with the aims and objectives of the Charity, and are accounted for once made by the trustees.

Grant provisions

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.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 16

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

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:

Asset class Depreciation method and rate Buildings Straight line over 50 years Plant and machinery 20% reducing balance Motor vehicles 20% reducing balance

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 17

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Provisions

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the group.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees and represent the value of the subsidiary used to generate the monies to pay grants. These funds cannot be distributed without winding up the subsidiary.

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 18

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Page 19

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

3 Income from other trading activities

Trading income; Sales of goods and services Total for 2021 Total for 2020 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits Total for 2021 Total for 2020	Unrestricted funds Designated £ 1,735,061 1,735,061 1,266,304 Unrestricted funds Designated £ 4,892 4,892 15,490	Total funds £ 1,735,061
		1,735,061
		1,266,304
		Total funds £ 4,892
		4,892
		15,490

5 Expenditure on charitable activities

Note Grant funding of activities Governance costs 6 Total for 2021 Total for 2020	Unrestricted funds Designated £ General £ - 391,000 3,800 498 3,800 391,498 3,725 325,989	Total funds £ 391,000 4,298
		395,298
		329,714

Details of grants payable are given in the Trustees' Report.

Page 20

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

6 Analysis of governance and support costs

Governance costs

Audit fees Audit of the financial statements Other governance costs Total for 2021 Total for 2020	Unrestricted funds Designated £ General £ 3,800 - - 498 3,800 498 3,725 489	Total funds £ 3,800 498
		4,298
		4,214

7 Net incoming/outgoing resources

Net incoming resources for the year include:

Audit fees (Profit)/loss on disposal of fixed assets held for the group's own use Depreciation of fixed assets	2021 £ 3,800 (133,256) 22,724	2020 £ 3,725 (157,537) 27,432

8 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 21

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

9 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were: Wages and salaries Social security costs Pension costs	2021 £ 283,001 30,201 10,829 324,031	2020 £ 294,239 33,821 11,060
		339,120

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

Employees	2021 No 7	2020 No 7

6 (2020 - 6) of the above employees participated in the Defined Contribution Pension Schemes.

The number of employees whose emoluments fell within the following bands was:

£70,001 - £80,000 £110,001 - £120,000	2021 No 1 1	2020 No 1 1

10 Auditors' remuneration

10 Auditors' remuneration
	2021	2020
	£	£
Audit of the financial statements	3,800	3,725

11 Taxation

The parent is a registered charity and is therefore exempt from taxation.

Page 22

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

12 Tangible fixed assets

Group Cost or valuation At 1 October 2020 Disposals At 30 September 2021 Depreciation At 1 October 2020 Charge for the year Eliminated on disposals At 30 September 2021 Net book value At 30 September 2021 At 30 September 2020	Land and buildings £ 11,923,619 - 11,923,619 17,455 3,808 - 21,263 11,902,356 11,906,164	Furniture and equipment £ 305,421 (11,379) 294,042 105,599 18,916 (10,609) 113,906 180,136 199,822	Motor vehicles £ - - - - - - - - -	Total £ 12,229,040 (11,379)
				12,217,661
				123,054 22,724 (10,609)
				135,169
				12,082,492
				12,105,986

Page 23

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

13 Fixed asset investments

Charity

2021 £

Shares in group undertakings and participating interests

Shares in group undertakings and participating interests
Cost At 1 October 2020 At 30 September 2021 Net book value At 30 September 2021 At 30 September 2020	Subsidiary undertakings £ 14,447,936 14,447,936 14,447,936 14,447,936	Total £ 14,447,936
		14,447,936
		14,447,936
		14,447,936

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

			Proportion of voting	Proportion of voting
	Country of		rights and shares
Undertaking	incorporation	Holding	held		Principal activity
Subsidiary undertakings
					operation	and
St Hermans Estate Co Limited	England	Ordinary	100%		management of camping, caravan and
					mobile home sites
14 Stock
		Group			Charity
		2021	2020	2021		2020
		£	£	£		£
Stocks		216,959	156,534		-	-

Group

The cost of stock recognised as an expense in the year amounted to £439,705 (2020 - £310,187).

Page 24

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

15 Debtors

15 Debtors
Group 2021 £ 2020 £ Trade debtors 17,930 15,857 Prepayments 50,821 15,938 VAT recoverable 16,919 3,719 85,670 35,514 16 Creditors: amounts falling due within one year Group 2021 £ 2020 £ Trade creditors 158,814 30,088 Other taxation and social security 94,847 8,780 Accruals 196,953 173,749 450,614 212,617	Charity 2021 £ 2020 £ - - - - - - - - Charity 2021 £ 2020 £ - - - - 3,800 3,725 3,800 3,725
		3,725

17 Provisions

Group

Group
At 1 October 2020 At 30 September 2021	Deferred tax £ 15,759 15,759	Total £ 15,759
		15,759

Page 25

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

18 Reserves

Group

At 1 October 2020 At 30 September 2021 Group At 1 October 2019 At 30 September 2020 19 Funds Group Unrestricted funds General General Designated Designated Total funds	Balance at 1 October 2020 £ 276,880 15,660,523 15,937,403	Incoming resources £ - 1,739,953 1,739,953	Unrestricted revaluation reserve £ 319,619 319,619 Unrestricted revaluation reserve £ 319,619 319,619 Resources expended £ (41,497) (1,354,222) (1,395,719)	Total £ 319,619
				319,619
				Total £ 319,619
				319,619
				Balance at 30 September 2021 £ 235,383 16,046,254
				16,281,637

Page 26

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Unrestricted funds General Designated Total funds	Balance at 1 October 2019 £ 302,869 15,554,451 15,857,320	Incoming resources £ - 1,281,794 1,281,794	Resources expended £ (25,989) (1,175,722) (1,201,711)	Balance at 30 September 2020 £ 276,880 15,660,523
				15,937,403

Page 27

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Charity

Unrestricted funds General Designated Total funds Unrestricted General Designated Total funds	Balance at 1 October 2020 £ 276,881 14,444,211 14,721,092 Balance at 1 October 2019 £ 302,869 14,444,286 14,747,155	Incoming resources £ 350,000 - 350,000 Incoming resources £ 300,000 - 300,000	Resources expended £ (391,498) (75) (391,573) Resources expended £ (325,988) (75) (326,063)	Balance at 30 September 2021 £ 235,383 14,444,136
				14,679,519
				Balance at 30 September 2020 £ 276,881 14,444,211
				14,721,092

20 Analysis of net assets between funds

Group

Tangible fixed assets Current assets Current liabilities Provisions Total net assets Tangible fixed assets Current assets Current liabilities Provisions Total net assets	Unrestricted funds General £ Designated £ - 12,082,492 235,383 4,751,574 - (450,614) - (17,579) 235,383 16,365,873 Unrestricted funds General £ Designated £ - 12,105,986 276,881 4,104,351 - (212,617) - (17,579) 276,881 15,980,141	Total funds at 30 September 2021 £ 12,082,492 4,986,957 (450,614) (17,579)
		16,601,256
		Total funds at 30 September 2020 £ 12,105,986 4,381,232 (212,617) (17,579)
		16,257,022

Page 28

M J Camp Charitable Foundation

Notes to the Financial Statements for the Year Ended 30 September 2021

Charity

Charity
Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets	Unrestricted funds General £ Designated £ - 14,447,936 235,383 - - (3,800) 235,383 14,444,136 Unrestricted funds General £ Designated £ - 14,447,936 276,881 - - (3,725) 276,881 14,444,211	Total funds at 30 September 2021 £ 14,447,936 235,383 (3,800)
		14,679,519
		Total funds at 30 September 2020 £ 14,447,936 276,881 (3,725)
		14,721,092

Page 29