The Ninesquare Trust
(A company limited by guarantee)
Trustees’ Report and Financial Statements
31 August 2024
Company Number: 5495731 Charity Number: 1110605
The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2024
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:
Meg Clothier Peter Clothier Ben Trickey Andrew Harvey Sebastian Edwards John Turbervill John Clothier (resigned 24 November 2023)
Company Details
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.
Registration Number: 5495731 Charity Number: 1110605
Registered OfGice
10 Bath Road Swindon SN1 4BA
Bankers
Lloyds Bank Plc PO Box 100 Andover BX1 1LT
Correspondence
theninesquaretrust@gmail.com
2
The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2024
Trustees’ Report
Charitable Objectives and Activities
Ninesquare’s Memorandum of Association allows us to use our funds for any charitable purpose. However, we primarily focus on the town of Street and the county of Somerset, and there we aim to:
-
relieve poverty;
-
help children and young adults (particularly the disadvantaged) to achieve their potential, by way of education and support;
-
help people to enjoy the physical and mental health bene\its of connecting with the countryside; and
-
foster local communities.
We achieve these purposes partly by making Combe Hill Wood available to the public and encouraging organised activities there. However, we mainly use our charitable spending budget to fund other organisations with amounts which we believe will enable them to cost-effectively “make a difference”, in accordance with the wishes of our founders Peter and Violet Clothier.
We like to maintain an ongoing interest and involvement in the organisations which we fund, and ask for regular reports and feedback.
Recurring charitable spending
Combe Hill Wood
Ninesquare owns 62 acres of woodland on the Polden Ridge to the south-east of Street, which is open to the public for recreational and educational purposes. Footpaths wind their way through the trees, and there are spectacular views from the outlook over the Somerset Levels and beyond. Our Warden Oliver Frost maintains the woods, and has been improving the biodiversity of the plant and animal life.
During the year we paid £2,900 to fund the Volunteering element of a Duke of Edinburgh Bronze Award programme, for which Oliver and his wife Lisa teach nature conservation in Combe Hill Wood to special educational needs pupils from the nearby Avalon School. We also spent £648 on exploring other ways in which the wood can be used for organised educational and conservation activities.
Excluding the DoE programme, total maintenance expenditure was £5,786. An annual grant of £2,694 was received from the Rural Payments Agency under a 5-year agreement, along with £500 under a cost-sharing arrangement with another charity. Net expenditure after all costs was £5,492.
Love Glastonbury
LG runs the Community Fridge and Community Pantry in Glastonbury with a large team of volunteers, using food donations from businesses and individuals to help local people cope with their cost-of-living. We made a new grant of £10,000 pa to contribute to their operational costs and expand their service.
Promiseworks
Promiseworks trains and supports a team of volunteers who provide much-needed mentoring for some of the most vulnerable and disadvantaged young people in Somerset. Research has shown that support from trained mentors is extremely effective in improving wellbeing and life outcomes.
We have been funding Promiseworks since 2017, and in November 2023 we doubled our grant to £30,000 pa. In May 2024 we increased it to £50,000 pa, commencing in December 2024. The remaining £22,500 of the previous 2-year grant has been written back; making a net £57,500 (see Note 4).
3
The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2024
Recurring charitable spending (cont)
Somerset Wildlife Trust
SWT owns and manages several nature reserves in Somerset, and we have been funding ecological and educational programmes with them since 2017. In May 2024 we agreed to give them £108,000 over 3 years to fund their new Nature & Wellbeing programme, which promotes the mental health benefits of connecting with the countryside.
South Bristol Youth
SBY works with teenage children from disadvantaged backgrounds to provide them with the skills, knowledge and confidence to help them understand the pathways to apprenticeships, higher education and better jobs. We made a new grant of £30,000 pa to help fund their work in Somerset.
West Somerset Railway Association
WSRA runs a popular vintage railway, and provides enjoyment and community activity for all ages. We made a new grant of £5,000 pa, to pay half of the cost of their new Community Liaison Officer.
One-off charitable grants
Arc/Taunton Association for the Homeless (£5,000)
Arc provides supervised accommodation and other support for the homeless in Taunton. Our grant contributed to their operational costs.
Caryford Community Hall Association (£4,000)
The hall is a popular community resource in Ansford, and its trustees had recently built an extension. Our grant paid for the furniture.
Friends of The Mendip School PTA (£8,800)
The Mendip School at Prestleigh is for autistic young people aged 5-19. We paid for 16 iPads with a special app which allows the school’s non-verbal pupils to communicate, thereby greatly improving their quality of life.
High Ham Pre-School Playgroup (£8,298)
The playground tarmac had deteriorated to the extent that it had become dangerous for the small children. Our grant covered nearly half of the cost of laying a safe rubberised surface.
Hindhayes Infants School, Street (£62,500)
Four of the classrooms needed extensive remedial works to bring them to an acceptable standard, and the local authority did not have the budget available to fund the full cost. In collaboration with Clark Foundation (another local charity), we each funded half of the shortfall.
Somerset International Festival of the Arts (£5,000)
Our grant contributed to the costs of an outreach programme in North Somerset, provided by professional orchestral musicians to introduce primary school children to music and music-making.
4
The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2024
Governance
The trustees meet at least four times per year to discuss funding requests, the progress of projects which are already being funded, investment policy, \inancial management, and any other matters.
The trustees have the power to appoint new trustees; and do so if there is a need and if we are satisfied that the candidate has suitable qualifications.
Our Chairperson Jonny Clothier retired after the AGM in November 2023, after serving Ninesquare and its predecessors as a trustee for over 50 years. We thank him for his inspirational leadership, wisdom, energy and enthusiasm.
Financial Summary
The financial highlight of the year was the sale of the land at Somerton Road, described below and in Notes 5 & 6. This has already had a huge positive impact on our charitable donations, which increased from £14,347 to £304,098 in the year.
Total income for the year was £99,523, and total expenditure was £319,562. After crediting net investment gains of £2,653,257 and debiting debt amortisation of £154,195, the surplus was £2,279,023. Net assets on 31 August 2024 were £17,906,603.
Land at Somerton Road, Street
We \irst worked with planning consultants in 2012, with a view to obtaining consent for residential use of the land. We wanted to use the gain in value to make a step change in the extent of Ninesquare’s charitable activities.
After eventually obtaining outline planning permission in September 2023, we completed the sale of the land to Curo Enterprise Ltd in November 2023. Subsequently we were delighted that Curo’s application for detailed planning permission closely matched our own masterplan, which had been crafted to work within the natural constraints of the land and to enhance its bio-diversity. Our objective was to design a place to live that would promote health and well-being, whilst delivering much needed housing to Street.
In the course of obtaining planning permission we made \inancial contributions totalling over £3.6 million for the public bene\it, by way of a reduction in the sale price we received from Curo (who have made and will make the actual payments). Firstly there was the cost of over £1.4 million for a phosphate neutralisation scheme to protect the delicate ecology of the Somerset Moors & Levels. Secondly we also contributed a total of £2.2 million towards Somerset County Council’s education budget and other costs, and for the provision of public transport vouchers for the purchasers of the houses.
The \inancial details of the sale are shown in Notes 5 & 6 below.
Trustee Remuneration
No remuneration or benefits were paid or provided to any trustee.
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.
5
The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2024
Employees & Directors
The average number of directors and employees during the year was 6 (2023: 7) and Nil (2023: Nil) respectively.
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 22 November 2024 and signed on its behalf by:
Meg Clothier
Meg Clothier Director & Trustee
6
The Ninesquare Trust Trustees’ Report & Financial Statements Year Ended 31 August 2024
Independent Examiner’s Report
I report to the Trustees on the accounts of The Ninesquare Trust for the year ended 31 August 2024, which are set out on pages 8 to 13.
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:
-
Accounting records have not been kept in accordance with s386 CA 2006;
-
The accounts do not accord with such records;
-
The accounts do not comply with relevant accounting requirements under s396 CA 2006, other than any requirement that the accounts give a “true and fair” view, which is not a matter considered as part of an independent examination;
-
The accounts have not been prepared in accordance with the Charities SORP (FRS 102);
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.
SD Knee
Simon Knee FCA 10 Bath Road, Swindon, SN1 4BA
29 November 2024
7
The Ninesquare Trust (company number 5495731) Statement of Financial Activities (including Income & Expenditure Account) Year Ended 31 August 2024
| Note Income and endowments from: Investments 2 Grants & Donations 2 Other Income 2 Total Expenditure on: Raising funds 3 Charitable Activities 3 Total Net income/(expenditure) before investment gains Investment gains 5 Amortisation of deferred proceeds 7 Net income & net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2024 £ 94,412 3,194 1,917 99,523 1,485 318,076 319,562 (220,039) 2,653,257 (154,195) 2,279,023 15,627,580 17,906,603 |
2023 £ 9,722 3,135 2,223 |
|---|---|---|
| 15,080 | ||
| 21,334 27,977 |
||
| 49,311 | ||
| (34,231) 9,938,025 - |
||
| 9,903,794 | ||
| 5,723,786 | ||
| 15,627,580 |
The notes on pages 10 to 13 form part of these financial statements
8
The Ninesquare Trust (company number 5495731) Balance Sheet 31 August 2024
| Note Fixed assets: Woodlands at cost Investments 5 Current assets: Cash at bank Debtors 7 Prepayments Creditors: Amounts falling due within one year 8 Net current assets/(liabilities) Total assets less current liabilities Long-term liabilities: Creditors: amounts falling due after one year 8 Total net assets Funds of the Charity: Unrestricted funds Fair value reserve 9 Total Funds |
2024 £ 103,965 9,260,011 9,363,976 179,020 8,494,630 561 8,674,211 (95,584) 8,578,627 17,942,603 (36,000) 17,906,603 17,213,755 692,848 17,906,603 |
2023 £ 103,965 15,527,103 |
|---|---|---|
| 15,631,068 | ||
| 29,380 707 534 |
||
| 30,621 (26,609) |
||
| 4,012 | ||
| 15,635,080 (7,500) |
||
| 15,627,580 | ||
| 1,001,533 14,526,047 |
||
| 15,627,580 |
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. The members have not required the company 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 SORP.
The financial statements were approved by the board on 22 November 2024 and signed on its behalf by:
Meg Clothier
Meg Clothier Director & Trustee
9
The Ninesquare Trust Notes to the Financial Statements Year Ended 31 August 2024
1a Basis of preparation & Going Concern
These accounts have been prepared under the historical cost convention, as modi\ied 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 in October 2019, with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and with the Charities Act 2011.
The charity constitutes a public bene\it entity as de\ined 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 suf\icient 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 bene\it, and (ii) grants for charitable purposes. Expenditure on raising funds was solely the expenses incurred in connection with the farmland rentals. Expenditure on governance 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. For all of our non-time-limited recurring grants we retain the right to terminate them without notice, and so in effect usually recognise them on a paid basis.
Debtors & Creditors
Debtors and creditors are measured on initial recognition at settlement amount, and subsequently at the amount expected to be received or paid. Debts due more than one year after the accounting date are amortised in accordance with FRS 102 11.14 et seq ; the effective interest rate chosen by the Trustees is 3% pa, being that achievable on a low risk deposit.
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 and buildings are included in the Balance Sheet on the value as at 31 August 2023. The Trustees do not consider that the value has changed materially.
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.
10
The Ninesquare Trust Notes to the Financial Statements Year Ended 31 August 2024
| 2 Analysis of Income Note Investments: Bank interest UK bond interest Non-UK dividends Total Grants & Donations: Government grants Donations & cost-sharing Other income: Sundry Receipts Rent Total Total income 3 Analysis of Expenditure Raising funds: Legal Rental expenses Total expenditure on raising funds Charitable activities: Grant Funding 4 Combe Hill Wood: Forestry & maintenance Avalon School volunteering Educational activities Other costs Total expenditure on woodlands Governance: Indemnity insurance Independent examination Accounting Legal General Expenses Total expenditure on governance Total expenditure on charitable activities |
2024 £ 10,008 19,882 64,522 94,412 2,694 500 3,194 50 1,867 1,917 99,523 2024 £ - 1,485 1,485 304,098 4,646 2,900 648 492 8,686 2,091 2,220 324 600 58 5,293 318,076 |
2023 £ 402 - 9,320 |
|---|---|---|
| 9,722 | ||
| 2,635 500 |
||
| 3,135 | ||
| - 2,223 |
||
| 2,223 | ||
| 15,080 | ||
| 2023 £ 17,640 3,694 |
||
| 21,334 | ||
| 14,347 | ||
| 7,587 1,800 - 316 |
||
| 9,703 | ||
| 1,992 1,620 302 - 13 |
||
| 3,927 | ||
| 27,977 |
11
The Ninesquare Trust Notes to the Financial Statements Year Ended 31 August 2024
| 4 Grant Funding Love Glastonbury Promiseworks Somerset Wildlife Trust South Bristol Youth West Somerset Railway Association Arc Caryford Community Hall Association Friends of The Mendip School PTA High Ham Pre-School Playgroup Hindhayes Infants School Somerset International Festival of the Arts 5 Investments Market value, 1 September 2023 Additions at cost Disposal proceeds Realised & unrealised gains/(losses) Market value, 31 August 2024 Cash held for investment Total investments Cash Quoted investments Unquoted investments Total investment portfolio |
2024 £ 10,000 57,500 108,000 30,000 5,000 5,000 4,000 8,800 8,298 62,500 5,000 304,098 Investment Portfolio £ 309,107 15,047,089 (7,028,080) 730,837 9,058,953 414 9,059,367 414 9,055,007 3,946 9,059,367 |
2023 £ - 30,000 (15,653) - - - - - - - - 14,347 Freehold Land & Buildings £ 15,200,644 9,590 (16,932,010) 1,922,420 200,644 - 200,644 |
Total £ 15,509,751 15,056,679 (23,960,090) 2,653,257 |
|---|---|---|---|
| 9,259,597 414 |
|||
| 9,260,011 | |||
| Cash Quoted investments Unquoted investments Total investment portfolio |
414 9,055,007 3,946 9,059,367 |
|---|---|
| The following holdings in the investment | portfolio were worth more than 10% of the total: |
| £ | |
| Vanguard FTSE All World ETF | 4,488,387 |
| Vanguard S&P 500 ETF | 4,566,621 |
The unquoted investments are 3,492 £1 ordinary shares in C&J Clark Ltd. The company's ordinary shares were valued by BDO at £1.13 each as at 28 May 2024 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 £200,644.
12
The Ninesquare Trust Notes to the Financial Statements Year Ended 31 August 2024
6 Sale of development land, November 2023
| Received on Completion Due November 2024 Due November 2025 Total Proceeds Costs of Sale Net Proceeds |
8,647,925 4,323,963 4,323,962 |
|---|---|
| 17,295,850 (363,840) |
|
| 16,932,010 |
The deferred sale proceeds are secured by a first charge on the land.
| 7 Debtors Falling due within one year: Sundry Debtors Deferred Sale Proceeds Falling due after one year: Deferred Sale Proceeds Amortisation Total Debtors 8 Creditors Falling due within one year: Creditors Accruals Deferred Income Grants agreed but not paid Falling due after one year: Grants agreed but not paid 9 Fair Value Reserve Brought forward 1 September 2023 Movement during year Carried forward 31 August 2024 |
2024 2023 £ £ 900 707 4,323,963 - 4,324,863 707 4,323,962 - (154,195) - 4,169,767 - 8,494,630 707 2024 2023 £ £ 1,528 - 7,020 9,674 1,036 1,935 86,000 15,000 95,584 26,609 36,000 7,500 Investment Freehold Land Portfolio & Buildings £ £ 14,923 14,611,124 677,925 (14,611,124) 692,848 - |
Total £ 14,626,047 (13,933,199) |
|---|---|---|
| 692,848 |
13