Registered Charity: 1085654 M J Camp Charltable Foundation Annual Report and Consolidated Financial Statements th for the year ended 30 September 2024 Compass Accountants Llmited Venture House The Tanneries East Street Titchfield Hampshire P014 4AR
M J CAMP CHARITABLE FOUNDATION Contents Page Reference and administrative details Report of the Trustees Statement of Trustees, Responsibilities Independent Auditor's Report Consolidated Statement of Financlal Activities 10 Consolidated Balance sheet li Consolidated Cash flow statement 12 Notes to the financial statements 13-19
M J CAMP CHARITABLE FOUNDATION Trustees, Report for the year ended 30th September 2024 Reference and administrative details Trustees Ms Ann Rogers Mr Richard Weekes Mr Chris Driscoll M5 Helen Spinner (appointed 4 September 2024) Secretary Mr Richard Weekes Charlty Registration Number 1085654 Principal office Lower Tye Farm Copse Lane Hayling Island Hampshire POII ORQ Auditor Compass Accountants Limited Venture House The Tanneries East Street Titchfield Hampshire P014 4AR Bankers Coutts & Co 440 Strand London WC2R OQS Page I
M J CAMP CHARITABLE FOUNDATION Trustees. Report for the year ended 30th September 2024 The trustees present the annual report tojether with the financial statements and auditors, report of the charity for the year ended 30th September 2024. Background of the charity The foundation was established by trust deed on 21st December 2000 with the intention of providing a structure to fomialise the altruistic activities of its principal founder, Michael lames Camp. Following the death of Mr Camp in February 2013, the foundation reiVed by way of a legacy the whole of the i55ued share capital of St Hermans Estate Co Limited C'The Company,?, a company which had been wholly owned by Mr Camp. Objectlves and activities The Objects of the foundation are.. a) To promote for the benefit of the public the recording, study and protettion of places and objects of natural beauty or of ornithological, botanical, silvicultural, geological, zoological, archaeological, historical or scientific interest in the United Kingdom and in Hayling Island in particular and to advan public education in the conservation of such places and objects. b) To promote, encourage and assist the restoration to goc(l and navigable order and the maintenance and improvement of canals and other inland watetways of the United Kingdom for the public benefit and to educate the public about inland wateways, their history, construction, use, development and operation,. c) To relieve the suffering of horses, ponies and donkeys which are unwanted, sick or negletted or are in need of care as a result of cruelty or ill-treatment and to support (financially or otheiSe) the establishment or rna1ntenan of rescue homes or sanctuaries for the care and rehabilitation of such animals; d) 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 items of general transport or historic interest which may have bn used In connettion with such vehicles. e) To estsblish or support community transport schemes for the tenefit of the Inhabitants of l¢xal communities in the United Kingdom. Such other charitsble purposes as the trustees may from time to time in their discretion decide. Publbenefit 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 suitsble charities in accordan 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 suitsble charitable organisations to support, partly by selettion 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 trust*5 assess success during the reporting period by assessing the ratio of grants made to income received from the company. During the year ended 30th September 2024 the ratio was 102 % (2023., 111.5 % ) and the trustees anticipate that this ratio is likely to be similar in the year ending 30th September 2025, although expected income is likely to lower. Page 2
M J CAMP CHARITABLE FOUNDATION Trustees. Report for the year ended 30th September 2024 The main activities of the foundation during the year were grants made to a variety of charitable organisation5 in keeping with the objects of the foundation (see LElow for a schedule of grants made). Activities and performance The overall expenditure of grants was £662,805, which was a small decrea* compared with the previous yearfs expenditure of £691,000, due to the reSoUrS provided by the company and historical reserve5. Grants made for the year ended 30th September 2024 were as follows: Hampshire & IOW Air Ambulance The Wey & Arun Canal Trust Rowans Hospice RNLI The Swanage Railway Trust South Downs National Park Trust The Brooke Bumblebee COnseation Trust SPANA Safe Haven for Donkeys in the Holy Land People4ponies Surfers Against Sewage Brent Lodge Wildlife Hospita I Isle of Wight Donkey Sanctuary Farplace Animal Reserve Ability Dog5 4 Young People The Donkey Sanctuary Redwings Horse Sanctuary World Horse Welfare Oak Tree Animals, Charity Moorland Mousie Trust The Horse Trust Worldwide Veterinary Service Marine Conservation Society Montgomery Waterway Restoration Trust International Otter Survival Fund Clean Rivers Trust Mr M Massey re Thursday Club Animals in Need Bristol Animal Rescue Centre Mare & Foal Sanctuary Thornberry Animal Sanctuary Warwickshire Hedgehog Rescue Chesterfield Canal Trust Cotswold Canal Trust Meath Epilepsy Cha rity National Railway Museum Forest of Avon Trust - p/y cheque not cleared 250,000 210,000 loo,000 30,000 10,000 5,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,805 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 -2,000 662,805 The trustees consider that each of these grants to charities were made in accordance with the aim5 and objettives 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. Page 3
M J CAMP CHARITABLE FOUNDATION th Trustees. Report for the year ended 30 September 2024 The foundation is continuing to receive a much higher proportion of appropriate applications from suitable charitable organisations during the year. The trustees consider it only a minor negative factor that there are still a number of wholly unsuitable applications for funding being received. Financial review th During the year ended 30 September 2024 the foundation received a payment under gift aid of £650,000 (2023: £620,000) from the company. The foundation also had a bank balance at 30th September 2024 of £102,105 (2023: £115,428), giving totsl free reseNes (after deducting creditors) of £98,305 (2023: £111,628). Totsl group funds at 30th September 2024 were £17,402,271 (2023: £17,056,195). 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 d1ctorS, with the objertive of running at a sufficient profit to enable the foundation to fulfil its charitable objetts satisfattorily. The trustees do not consider that there are any significant financial risks or uncertainties facing the foundation. The trading perf0mlan 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 serveS policy, but the trustees are actively considering what form this poliq might tske in future years. The policg in respert of the company is for the company to hold sufficient working capitsl 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 perlods The trustees intend that the foundation will continue its operations of identifying and making grants to charities which are in aOrdanCe 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 mt or are likely to meet the objects contained in this report, structurei governance and management The governing document of the foundation is the trust deed dated 21st December 2000. According to the deed, there must be at least 0 and not more than six trustees. Following the death of Michael James Camp in February 2013 and in accordan with the provision5 of the trust deed, a new or additional trustee is now appointed by a resolution of the truStS. The company has a management team comprising the managing director, the technical director, the company secretary and the office manager. The trustees normally aim to convene one main meeting per year, with supplementary meeting5 as and when required, in order to review grant applications and make decision5 as to which charities to support. Day to day management of the foundation is the responsibility of the trustees. None of the trustees re1Ve any remuneration in respect of their activities on behalf of the foundation, although two of the trUStS receive remuneration from the company in respect of their roles within the company. Page 4
M J CAMP CHARITABLE FOUNDATION Trustees, Report for the year ended 30th September 2024 Financial instruments Obi&ves andpoliaes 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 principle5 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'5 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 experien, 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 contrntration of credtt 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 finan. Disclosure of Informatlon to auditor Each trust has taken steps that they ought to have taken as trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is awaE 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 and signed on its behalf by: Mr Richard Weekes Twstee Date: q'IL.loL Page 5
M J CAMP CHARITABLE FOUNDATION th Statement of trustees. responsibilities for the year ended 30 September 2024 The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law 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, including the income and expenditure, of the charity for that period, In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them conslstently,, observe the methods and principles in the Charities SORP FRS 102 (2019); make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in operation. 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 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. Mr Richard Weekes Trust Date.. Page 6
M J CAMP CHARITABLE FOUNDATION Independent Auditor's Report to the Trustees of M J Camp Charitable Foundation Opinion We have audited the financial statements of M J Camp Charitable Foundation (the 'parent charity,) and its subsidiary (the 'group') for the year ended 30th September 2024 which comprise the Statement of Financial Attivity, the Balance Sheet, the cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the state of the group's and parent charity's affairs as at 30th September 2024, and of the group's incoming resources and application of resource5, 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 Charities Act 2011. 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's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 basi5 for our opinion. Conclusions relatlng 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 ftnancial 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 charitable group or parent charity's ability to continue as a going concern for a period of at least tmelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. other information The other information comprises the information Included in the trustees annual report, other than the financial statement5 and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otheise 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 mi5Statement 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. Page 7
M J CAMP CHARITABLE FOUNDATION Independent Auditor's Report to the Trustees of M J Camp Charitable Foundation Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Report5) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement [5et out on page 7], the trustees are responsible for the preparation of financial statements which 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 group and parent'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 group or the parent charity or to cease operations, or have no realistic alternative but to do so, Audltor's responsibilities for the audit of the financial statements We have been appointed as auditor under settion 151 of the Charities Att 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frorn 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 detert 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the charity and the sertor in which it operates through discussions with management, sector research, and the application of relevant audit knowledge and experience We made enquiries of management around actual and potential litigation and claims We made enquiries of management and relevant staff, and designed our audit procedures, including reviewing financial Statement disclosures and testing of supporting documentation, to assess compliance with applicable laws and regulations. We focussed on laws and regulations which could give rise to material misstatement in the financial statements includingi but not limited to, the Charities Act 2011, the Charities SORP, and the Financial Reporting Standard 102. We identified the risk of material mi55tatement of the financial statements due to fraud and designed audit procedure5 to respond to the risk. We performed audit procedures designed to address the risk of fraud arising from management override of controls, including, but not limited to, testing of journal entries and other adjustments, reviewing accounting estimates for evidence of bias, and evaluating the business rationale of significant transattions outside the normal course of business Page 8
M J CAMP CHARITABLE FOUNDATION Independent Auditor's Report to the Trustees of M J Camp Charitable Foundation Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, a5 we will be less likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omi55ion or misrepresentation. A further description of our responsibilities for the audit of the financial ststements is located 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 charity's trustees, as a body, in accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor'5 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have for mpass hartere countants Limited, Accountants and Statutory Auditor Venture House, The Tanneries East street, Titchfield Hampshire, P014 4AR Compass Accountants L/mited is eligible to att as an auditor in terms of section 1212 of the Companies Att 2006. Page 9
M J CAMP CHARITABLE FOUNDATION Consolidated Statement of financial activities (incorporating the income and expenditure account) th For the year ended 30 September 2024 Unrestrlrted fund5 2024 Total Unrestricted funds 2023 Total Notes Income from: Other trading activities Investment income Other income 2,215,936 199,493 3,789 2,215,936 199,493 3,789 2,238,993 153,049 3,472 2,238,993 153,049 3,472 Total Income 2,419,218 2,419,218 2,395,514 2,395,514 Expenditure on: Raising funds Charitable activities 1,406,019 667,123 1,406,019 667,123 1.501,001 695,254 1,501,001 695,254 Total expenditure 2,073,142 2,073,142 2,196,255 2,196,255 Net Income 346,076 346,076 199,259 199.259 Transfers between funds Net movement In funds 346,076 346,076 199,2S9 199,259 Reconciliatlon of funds: Funds brought forward 17,056,195 17,056,195 16,856,936 16,856,936 Total funds carrled forward 17,402,271 17,402,271 17,056,195 17,056,195 The notes on pages 13 to 19 form an integral part of these financial statements. Page 10
M J CAMP CHARITABLE FOUNDATION Balance Sheet th as at 30 September 2024 Group 2024 Group 2023 Charlty 2024 Charity 2023 Notes Fixed assets Tangible assets Investments 12,674,147 12,603,512 io 14,447,936 14,447,936 12,674,147 12,603,512 14,447,936 14,447,936 Current assets Stocks Debtors Cash at bank and in hand li 12 371,240 340,401 4,354,062 553,916 256,642 4,100,259 102,105 115,428 5,065,703 4,910,817 102,105 115,428 Liabilities: Creditors falling due within one year 13 1333, 1531 1453,9311 13,8001 13,8001 Net current assets 4,732,550 4,456,886 98,305 111,628 Total assets less current liabilities 17,406,697 17,060,398 14,546,241 14,559,564 Provislon5 14 14.4261 14,2031 Net assets 17,402,271 17,056,195 14,546,241 14,559,564 Funds Unrestrlcted funds Unrestricted fu nds Designated funds Revaluatlon reserve 15 102,105 16,980,547 319,619 115,428 16,621,148 319,619 102,105 14,444,136 115,428 14,444,136 Total funds 17,402,271 17,056,195 14,546,241 14,559,564 The financial statements were approved and authorised for issue by the Board of Trustees and signed on its behalf by: Ms A Rogers On behalf of the Board of Trustees Date.. . J2 Lo>+ The notes on pages 13 to 19 form an integral part of these flnancial statements. Page 11
M J CAMP CHARITABLE FOUNDATION th Consolidated Cash Flow Statement for the year ended 30 September 2024 Group 2024 Group 2023 Cash flows from operating activities., Net cash provided by (used inl operatlng activities 1115,171} 1181,oosI Cash flows from investing activities: Income from investments Purchase of fixed assets Proceeds from sale of fixed assets 199,493 1230,5191 400,000 153,049 14,9611 Net cash provided by (used inl investlng activities 368,974 148,088 IDecreasel/lncrease in cash and cash equivalents in the year 253,803 132,9171 Cash and cash equivalents at l October 2023 4,100,259 4,133,176 Cash and cash equlvalent5 at 30 September 2024 4,354,062 4,100,259 Net income for the reporting period Depreciation and impairment IProfitl/loss on disposal of fixed assets Income from Snve5tments Ilncreasel/Decrease in stocks Ilncreasel/Decrease in debtors IDecreasel/lncrease in creditors IDecreasel/lncrease in provisions for liabilities 346,076 22,060 1262, 1761 1199,4931 182,676 183,7591 1120,7781 223 199,259 23,588 807 1153,0491 1269,8021 1127,2541 148,273 12,8271 Net cash provided by (used inl operatln8 actlvltles 1115,1711 1181,005) Page 12
M J CAMP CHARITABLE FOUNDATION Notes to the financial statements th for the period ended 30 September 2024 Accounting policies Charity information M J Camp Charitable Foundation is a registered charity. number 1085654. The registered address is Lower Tye Farm, Copse Lane, Hayling Island. Hampshire, POII ORQ. M J Camp Charitable Foundation meets the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy. The principal objectives of the charity are detailed In the Trustees, report. Basis of accounting 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 IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, and UK Generally Accepted Accounting Practice. The financial statements are presented in sterling which is the functional currency of the charity. Monetary amount5 in these financial statements are rounded to the nearest £. Consolidated financial statements have been prepared in respect of the charity and its wholly owned subsidiary, St Hermans Estate Co Limited. The Consolidated Statement of Financial Activities include5 the results of St Hermans Estate Co Limited as single line items. The Consolidated Balance Sheet includes the net assets of St Hermans Estate Co Limited on a line by line basis. 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 carrySng value of assets held by the group. Income Income is recognised when the charity has entitlement to the funds, any performance condltions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular cate8ories of income- Other tradlng activities Thi5 arises from the activities of the trading subsidiary and rnainly comprlses the operation and mana8ement of campin8, caravan and mobile home 51tes. Investment Income Investment income is recognised once notified. Where items and services have been donated, the value of the donation has been assessed by the Trustees. Expenditure Expenditure is recogni5ed 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 accounted for on an accruals basis and 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 to activities on a basis consistent with the use of resources. Raising funds These are costs incurred in trading activities that raise funds. Page 13
M J CAMP CHARITABLE FOUNDATION Notes to the financial statements th for the period ended 30 September 2024 Charitable activitles 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 cost5 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. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees, meetings and reimbursed expenses. Tangible fixed assets and depreciation Tangible fixed assets with a cost or value greater than £100 and a useful life exceeding one year are capitalised and stated at historic cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Buildings Park Homes Plant and machSnery 2% straight line 5% straight line 20Yo reducin8 balance Investments Investments in subsidiaries and associates are measured at deemed cost less impairment. Stock Stock is valued at the lower of cost and estimate selling price less c05tS to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first in, first out method. Financial Instruments The Charity has elected to apply the provisions of Section I I 'Basic Financial Instrument5, and Section 12 '0ther Financial Instruments Issues, of FR5102 to all of its financial instruments. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial Snstruments. These are recognised at transaction value and subsequently measured at their settlement valLte. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a le8ally enforceable right to Set off the recognised amou nts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Income from other trading activities Unrestricted fund5 Designated Unrestrlcted 2024 funds Designated 2023 Total Total Sale of goods and services 2,215,936 2,215,936 2,238,993 2,238,993 Page 14
M J CAMP CHARITABLE FOUNDATION Notes to the financial statements th for the period ended 30 September 2024 Investment income Unrestricted funds Deslgnated Unrestricted 2024 Total funds Designated 2023 Total Interest receivable on bank deposits 199,493 199,493 153,049 153,049 Expenditure on charitable activities Unrestrlcted funds Deslgnated General Unrestricted funds Designated 2024 General 2023 Grant funding of activities Governance costs 662,805 518 662,805 4,318 691,000 454 691,000 4,254 3,800 3,800 3,800 663,323 667,123 3,800 691,454 695,254 Governance costs Unrestricted funds Desl8nated General Unre5trlcted funds Deslgnated 2024 General 2023 Audit fees Other governance costs 3,800 3,800 518 3,800 3,800 454 518 454 3,800 518 4,318 3,800 454 4,254 Net incoming resources for the year 2024 2023 Net outgoing resources is stated after charging: Audit fees Depreciation and other amou nts written off tangible fixed assets Profit/llossl on disposal of fixed assets 3,800 22,060 259,593 3,800 23,588 18071 Page 15
M J CAMP CHARITABLE FOUNDATION Note5 to the financial statements th for the period ended 30 September 2024 Employee costs Group 2024 Group 2023 Charitv 2024 Charitv 2023 Employment costs Wages and salaries Social security costs Defined contribution pension costs 359,408 38,429 10,605 368,863 34,471 9,738 408,442 413,072 Key management personnel Employee benefits received by key management personnel total £221,087 12023.. £200,161) which included employers, national insurance contributions. Hlgher paid employees The number of employees who earned more than £60,000 during the year was as follows.. 2024 2023 £80,001 to £90,000 £IOO,001 to £llO,000 £130,001 to £140,000 Number of employees The average monthly number of employees (full time equivalentl during the period was as follows: 2024 2023 There was no remuneration or other benefits paid by the charity to the Trustees for the year ended 30th September 202412023.. £Nill. Two of the Trustees received remuneration from the trading company totaling £221,08712023.' £200, 1611. No trustee expenses have been incurred during the year. Taxation All of the charity's income is applied for charitable purposes and therefore the charity is exempt from corporation tax. Page 16
M J CAMP CHARITABLE FOUNDATION Notes to the financial statements th for the period ended 30 September 2024 Tangible fixed assets Land and Furniture and buildings equipment Total Cost At l October 2023 Addition5 Disposals 12,407,912 228,989 1140,0001 376,491 1,530 15,7361 12,784,403 230,519 1145,7361 At 30 September 2024 12,496,901 372,285 12,869,186 Depreciation At l October 2023 Charge for the year On disposals 28,879 3,321 13,6931 152,012 18,739 14,2191 180,891 22,060 17,9121 At 31 September 2024 28,507 166,532 195,039 Net book values At 30 September 2024 12,468,394 205,753 12,674,147 At 30 September 2023 12,379,033 224,479 12,603,512 io. Investments Charity 2024 2023 At deemed cost 14,447,936 14,447,936 The investment 15 the entire issued share capital of the following UK registered company: Reserves 2024 Reserves 2023 Country Company number Share capital St Hermans Estate Co Limited England 00421344 loo% 10,745,778 10,411,458 Page 17
M J CAMP CHARITABLE FOUNDATION Notes to the financial statements th for the period ended 30 September 2024 Summary of trading results.. Profit and Loss Account 2024 2023 Turnover Cost of sales 2,141,392 1655,4451 2,154,167 1649,2711 Gross Profit Distribution costs Administrative expenses Other operating income 1,485,947 1,504,446 152,2181 161,8101 11,344,338) 11,335,057) 83,887 88,299 Operating profit Other interest receivable 173,278 199,620 195,878 153,049 Profit/llossl for year before taxation Taxation 372,898 138,5891 348,927 167,6651 Retained profit/llossl for the period 334,309 281,262 11. Stock Group 2024 Group 2023 Charltv 2024 Charlty 2023 Stocks 371,240 553,916 12. Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Trade debtors Prepayments VAT 276,897 63,504 61,336 176,691 18,615 340,401 256,642 13. Creditors Group 2024 Group 2023 Charity 2024 Charlty 2023 Other creditors Taxation and social security Accruals 10,853 49,274 273,026 134,622 89,427 229,882 3,800 3,800 333,153 453,931 3,800 3,800 Page 18
M J CAMP CHARITABLE FOUNDATION Notes to the financial statements th for the period ended 30 September 2024 14. Provisions for liabilities Group 2024 Group 2023 Charitv 2024 Charity 2023 Deferred tax 4,426 4,203 15. Net assets between funds Unrestrlcted funds General Deslgnated Total 2024 Tangible fixed assets Current assets 12,674,147 12,674,147 4,963,598 5,065,703 1333,1531 1333,1531 14,4261 14,4261 102,105 Current liabilitie5 Provisions for liabilities 102,105 17,300,166 17,402,271 Unrestricted funds General Desl8nated Total 2023 Tangible fixed assets Current assets 12,603,512 12,603,512 4,795,389 4,910,817 1453,9311 1453,9311 14,2031 14,2031 115,428 Current liabilities Provision5 for liabilities 115,428 16.940,767 17,056,195 16. Related party transactions The following related party transactions were undertaken during the period.. Ann Rogers received remuneration of £138,42012023- £130, 1401 for her role as director of St Hermans Estate Co Limited. Richard Weekes received remuneration of £58,06312023'. £47,768) for his role as Secretary of St Hermans Estate Co Limited. St Hermans Estate Co Limited rents an office from Ann Rogers. During the year the company paid £3,02012023'. £2,800) under the lease agreement. 17. Ultimate parent undertaking The ultimate controlling party are the Board of Trustees. Page 19