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2022-08-31-accounts

The Ninesquare Trust (A company limited by guarantee)

Trustees’ Report and Financial Statements

31 August 2022

Company Number: 5495731 Charity Number: 1110605

The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2022

Reference and administrative information

Directors and Trustees

The directors of the company are its trustees for the purpose of charity law, and are referred to as such in this report.

The trustees who served during the year were:

John Clothier Peter Clothier Ben Trickey Andrew Harvey Meg Clothier Sebastian Edwards John Turbervill

Company Details

Registration Number: 5495731 Charity Number: 1110605

The company was incorporated on 30 June 2005, and its governing instruments are the Memorandum and Articles of Association. It has no share capital, and is limited by guarantee.

Registered Office

Mill Farm Barns Tuckers Lane Baltonsborough Glastonbury BA6 8RH

Bankers

Lloyds Bank Plc PO Box 1000 Andover BX1 1LT

Correspondence

theninesquaretrust@gmail.com

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The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2022

Trustees’ Report

Charitable Objectives and Activities

Ninesquare’s Memorandum of Association states that its objects are to apply its funds for the advancement of such charitable purposes as the trustees may determine, and in particular (but without prejudice to that generality) to (i) alleviate poverty, (ii) advance education, and (iii) benefit the people of Street, Somerset, and the surrounding area.

The trustees’ policy is generally to make a small number of significant grants which they believe will “make a difference”, according to the wishes of Peter and Violet Clothier, the original founders. In all cases the trustees maintain an ongoing interest and involvement in projects which they have funded, and insist upon regular reports and feedback.

During the year, three projects were funded:

Combe Hill Wood

This is a 62-acre wood to the south-east of Street, which is open to the public. Ninesquare has undertaken a maintenance and improvement programme over a period of several years. Ninesquare also paid for half of the costs of constructing the Polden Way footpath, which passes through the wood.

Combe Hill Wood is a popular recreational and educational resource for the population of the surrounding area. Further information may be found on its website: www.combehillwood.co.uk

Total woodland expenditure was £14,504, an increase of £5,508 from last year. This was due to the one-off costs of: (i) tree-felling, with income of £6,258 received from timber sales; and (ii) new fencing, which was funded in part by a grant of £3,746 from the Rural Payments Agency. The RPA also provided a further annual maintenance grant of £2,518 under a 5-year agreement. Net woodland expenditure was £1,414.

Somerset Wildlife Trust

SWT have developed a new Green Influencers scheme, to encourage local schoolchildren to develop ecological initiatives among their peers. In April 2021 the Trustees granted £54,000 payable over 2 years to help run the scheme, and have been sharing the funding equally with the Ernest Cook Trust.

Find out more about SWT at: https://www.somersetwildlife.org

PROMISEworks

The Trustees have been providing PROMISEworks with funding of £10,000 pa since May 2017. It trains and supports a team of about 200 volunteers, who provide a Somerset-wide mentoring service for some of the most vulnerable and disadvantaged young people in the county.

The trustees think that PROMISEWorks provides an outstanding and much-needed service, and in November 2020 the they agreed to grant a further £20,000, payable over 2 years.

Find out more about PROMISEworks at: https://www.promiseworks.org.uk

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The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2022

Governance

In normal circumstances the trustees meet at least twice per year to discuss funding requests, the progress of projects which are already being funded, investment policy, financial management, and any other matters.

The trustees have the power to appoint new trustees; and do so if there is a need and if they are satisfied that the candidate has suitable qualifications.

Financial Summary

Total income for the year was £32,177, and total expenditure was £20,146. After crediting investment gains of £3,208,879, the surplus was £3,220,909. Net assets on 31 August 2022 were £5,723,786.

Land at Somerton Road, Street

The trustees have been working with planning consultants since 2012, with a view to obtaining consent for residential use of the land. They consider that if this consent is obtained, it will result in a substantial gain, which they intend to use by increasing the extent of Ninesquare’s charitable activities.

In December 2019 an outline planning application for a new housing development was submitted to Mendip District Council (“MDC”). This followed a lengthy period in which extensive reports and surveys were carried out, and in which there were pre-application discussions with MDC. The draft masterplan submitted as part of the planning application showed up to 280 houses, a community orchard, an extensive wetland meadow with public footpaths on raised boardwalks running through it, community allotments, and retained hedge and trees lines bolstered by new tree planting.

The design and layout of the masterplan was crafted to work within the natural constraints of the land and to enhance its bio-diversity. The objective was to design a place to live that would promote health and well-being, whilst delivering much needed housing to Street.

The application was scheduled to be reported to MDC’s Planning Board in August 2020, but this was postponed following Natural England's notification regarding phosphate concentrations in the Somerset Moors & Levels. The application is therefore now dependent on providing a satisfactory phosphate mitigation strategy, to avoid damage to the ecological balance of these wetlands. Progress was made during the year in designing a suitable strategy: two fields were purchased for a total of £200,644, and the trustees are exploring ways of using them to reduce the phosphates in the adjoining river; and they are also looking at other methods of phosphate mitigation.

The land was included in the “Local Plan Part II: Sites & Policies”, which was adopted by MDC in December 2021. The site is therefore now formally allocated for residential development.

The trustees undertook an exercise in late 2021 to establish the level of interest from house builders in buying the land outright, once outline planning permission has been granted. Several expressions of interest were made, and discussions with the leading bidder have subsequently been taking place.

Expenditure on the development has been capitalised as an addition to investment property.

Trustee Remuneration

No remuneration or benefits were paid or provided to any trustee.

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The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2022

Related Party Transactions

There were no Related Party Transactions during the year.

Reserves

The trustees maintain sufficient reserves to meet anticipated expenditure over the following 12 months, and any grant commitments beyond that timescale.

Public Benefit Statement

The trustees consider that they have complied with their duty as set out in Section 17 Charities Act 2011, which is to have regard to the guidance on public benefit published by the Charity Commission when exercising any powers or duties to which the guidance is relevant.

Risk Management

The trustees regularly consider the risks to which Ninesquare is exposed, and consider that adequate risk management procedures are in place.

The Trustees’ Report was approved by the Board on 9 November 2022 and signed on its behalf by:

John Clothier Director & Trustee

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The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2022

Independent Examiner’s Report

I report to the Trustees on the accounts of The Ninesquare Trust for the year ended 31 August 2022, which are set out on pages 7 to 12.

Responsibilities and basis of Report

The Trustees, who are also the directors of the company for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“CA 2006”)

Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of CA 2006, I report in respect of my examination of these accounts as carried out under s145 Companies Act 2011 (“CA 2011”). In carrying out my examination I have followed the directions given by the Charity Commission under s145(5)b CA 2011.

Independent Examiner's Statement

In connection with my examination, no material matters have come to my attention which give me cause to believe that:

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 to enable a proper understanding of the accounts to be reached.

Simon Knee FCA 10 Bath Road, Swindon, SN1 4BA

………………………………

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The Ninesquare Trust (company number 5495731) Statement of financial activities (including Income & Expenditure Account) Year ended 31 August 2022

Note
Income and endowments from:
2
Investments
Grants & Donations
Other Income
Total
Expenditure on:
3
Charitable Activities
Raising funds
Governance
Total
Investment gains/(losses)
5
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income/(expenditure) before investment
gains/(losses)
Net income/(expenditure) & net movement in
funds		 2022
£
16,705.78
6,831.95
8,639.02
32,176.75
14,504.04
1,909.96
3,732.43
20,146.43
12,030.32
3,208,878.75
3,220,909.07
2,502,877.06
5,723,786.13		 2021
£
16,500.72
3,202.45
1,448.65
21,151.82
950.45
2,482.84
3,451.86
6,885.15
14,266.67
338,532.74
352,799.41
2,150,077.65
2,502,877.06

The notes on pages 9 to 12 form part of these financial statements

7

The Ninesquare Trust (company number 5495731) Balance Sheet 31 August 2022

Note
Fixed assets:
Tangible assets
4
Investments
5
Current assets:
Cash at bank
Debtors
Prepayments
6
Net current assets/(liabilities)
Total assets less current liabilities
Long-term liabilities:
Creditors: amounts falling due after one year
6
Total net assets
Funds of the Charity:
Unrestricted funds
Fair value reserve
7
Total Funds
Creditors: amounts falling due within one year		 2022
£
103,964.54
5,596,959.57
5,700,924.11
34,538.57
-
522.66
35,061.23
(12,199.21)
22,862.02
5,723,786.13
-
5,723,786.13
1,032,012.18
4,691,773.95
5,723,786.13		 2021
£
103,964.54
2,403,890.17
2,507,854.71
49,959.53
724.26
517.66
51,201.45
(51,179.10)
22.35
2,507,877.06
(5,000.00)
2,502,877.06
1,004,873.75
1,498,003.31
2,502,877.06

Thecompany was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. Themembers havenot required thecompany to obtain an audit in accordance with s476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These accounts havebeen prepared in accordancewith theprovisions applicableto companies subject to the small companies' regime and in accordance with FRS102 SORP.

The financial statements were approved by the board on 9 November 2022 and signed on its behalf by:

John Clothier Director & Trustee

The notes on pages 9 to 12 form part of these financial statements

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The Ninesquare Trust Notes to the Financial Statements For the year Ended 31 August 2022

1a Basis of preparation & Going Concern

These accounts have been prepared under the historical cost convention, as modified by the inclusion of investments at market value unless otherwise stated in the relevant notes to these accounts. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and with the Charities Act 2011.

The charity constututes a public benefit entity as defined by FRS 102.

1b Accounting Policies

Income

Income is included in the Statement of Financial Activities when the charity becomes entitled to receive it, and its monetary value can be estimated with sufficient reliability.

Investment gains and losses include any realised gains on the sale of investments, and any gain or loss resulting from revaluing investments to market value at the end of the year.

Expenditure & Liabilities

Expenditure on charitable activities includes (i) the maintenance of woodland for public benefit, and (ii) grants for charitable purposes. Expenditure on raising funds includes the cost of investment management and expenses incurred in connection with the farm rentals. Other expenditure is everything else.

Expenditure is recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay it, and the obligation can be measured with reasonable certainty.

Debtors & Creditors

Debtors and creditors are measured on initial recognition at settlement amount, and subsequently at the amount expected to be received or paid.

Investments

Investments in quoted and unquoted shares, traded bonds and similar investments are stated initially at cost and subsequently at fair value at the year end.

The investment land at Somerton Road is stated at fair value at the year end, as advised by Andrew Kitchener FRICS. The investment land which was purchased on 18 May 2022 is shown at cost.

Tangible Fixed Assets

The woodland is shown at cost. The Directors do not consider that it is necessary to charge depreciation, on the basis that they consider that the market value is not less than the cost.

Government Grants

Government Grants are accounted for under the performance model, and are recognised when the performance conditions are met and receipt is certain.

Employees & Directors

The average number of directors and employees during the year was 7 (2021: 7) and Nil (2021: Nil) respectively.

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The Ninesquare Trust Notes to the Financial Statements For the year Ended 31 August 2022

2 Analysis of Income
Investments:
Interest on deposits
Dividends & bond interest
Total
Grants & Donations:
Government grants
Donations & cost-sharing
Other income:
Timber sales
Rental income
Total
Total income
3 Analysis of Expenditure
Charitable activities:
Woodlands:
Woodland management
Insurance
Website Maintenance
Total woodland costs
Grants payable:
Somerset Wildlife Trust:
Green Influencers Scheme
Write-back of previous year grant
Refund of unused 2017 grant
Promiseworks
St John's CoE Infants' School
Total grants payable/(repayable)
Total expenditure on charitable activities
Raising funds:
Investment management
Rental expenses
Total expenditure on raising funds
Governance:
Indemnity insurance
Independent examination
Accounting
General Expenses
Total expenditure on governance
Total expenditure		 2022
£
7.22
16,698.56
16,705.78
6,263.68
568.27
6,831.95
6,258.35
2,380.67
8,639.02
32,176.75
2022
£
14,255.33
158.98
89.73
14,504.04
-
-
-
-
-
-
14,504.04
814.14
1,095.82
1,909.96
1,931.48
1,500.00
279.00
21.95
3,732.43
20,146.43		 2021
£
2.68
16,498.04
16,500.72
2,518.06
684.39
3,202.45
-
1,448.65
1,448.65
21,151.82
2021
£
8,757.77
155.15
83.33
8,996.25
54,000.00
(76,510.00)
(7,829.00)
20,000.00
2,293.20
(8,045.80)
950.45
1,834.63
648.21
2,482.84
2,180.85
990.00
259.20
21.81
3,451.86
6,885.15

10

The Ninesquare Trust Notes to the Financial Statements For the year Ended 31 August 2022

4 Tangible fixed assets Freehold land and property at cost

£

Combe Hill Wood 103,964.54 Additions - - Disposals

103,964.54

5 Investments

Investments
Market value, 1 September 2021
Additions
Disposal proceeds
Realised & unrealised gains/(losses)
Market value, 31 August 2022
Cash held for investment
Total investments
Cash
Quoted investments
Unquoted investments
Total investments		 Investment
Portfolio
£
652,548.57
27,498.97
(255,204.15)
(28,736.05)
396,107.34
208.63
396,315.97
208.63
389,961.42
6,145.92
396,315.97		 Freehold Land
& Buildings
£
1,750,000.00
213,028.80
-
3,237,614.80
5,200,643.60
-
5,200,643.60		 Total
£
2,402,548.57
240,527.77
(255,204.15)
3,208,878.75
5,596,750.94
208.63 -
5,596,959.57

The following holdings in the investment portfolio were worth more than 10% of the total:

£
Vanguard FTSE All World ETF 128,900.24
Vanguard FTSE 250 ETF 115,974.04

The unquoted investments are 3,492 £1 ordinary shares in C&J Clark Ltd. The company's ordinary shares were valued by BDO at £1.76 each as at 1 July 2022 for the purposes of an internal share market, and this value has been used on the balance sheet date.

The historic cost of the freehold land & buildings was £536,739.

6 Creditors
Falling due within one year:
Sundry creditors
Accruals
Deferred Income
Grants agreed but not paid
Falling due after one year:
Grants agreed but not paid		 2022
£
377.40
4,718.46
2,103.35
5,000.00
12,199.21
-		 2021
£
3,385.46
6,433.52
2,066.92
39,293.20
51,179.10
5,000.00

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The Ninesquare Trust Notes to the Financial Statements For the year Ended 31 August 2022

7 Fair Value Reserve

Fair Value Reserve
Brought forward 1 September 2021
Movement during year
Carried forward 31 August 2022		 Investment
Portfolio
£
71,713.53
(43,844.16)
27,869.37		 Freehold Land
& Buildings
£
1,426,289.78
3,237,614.80
4,663,904.58		 Total
£
1,498,003.31
3,193,770.64
4,691,773.95

12