THE TILNEY-ELLIS VILLAGE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
Charity registration number: 1125596
THE TILNEY-ELLIS VILLAGE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
CONTENTS
Pages Trustees’ annual report 1 - 2 Independent examiner’s report Receipts and payments account - Unrestricted funds Statement of assets and liabilities Notes to the financial statements
Page 1
THE TILNEY-ELLIS VILLAGE TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023
Registration:
The Tilney-Ellis Village Trust derives from monies made available by Mrs H G J Tilney (deceased).
The Trust is governed by the will dated 10 April 2007 and a declaration of trust dated 8 May 2008, and a Deed of Amendment dated the 24 July 2014 extending the objects and area of benefit.
Registration number
1125596
Principal/registered address
Tozers LLP Broadwalk House Southernhay West Exeter EX1 1UA
Board of trustees
Mrs P D Tilney-Ellis Mr A W M Miller Mrs S Gillbard Mr A J Pettyfer
Solicitors, Administrators and client account holders
Tozers LLP
Investment Managers
Investec Wealth & Management 30 Gresham Street London EC2V 7QN
Independent Examiner
Mr J L Coombs MA (Cantab), FCA Simpkins Edwards LLP Chartered Accountants Michael House Castle Street Exeter EX4 3LQ
Page 2
THE TILNEY-ELLIS VILLAGE TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023
____________
The trustees have pleasure in presenting their Annual Report and the unaudited financial statements for the year ended 5 April 2023.
The financial statements comply with current statutory requirements, the governing document and the Charities Act 2011.
Aims and organisation
The Trust was established by will dated 10 April 2007 on the death of Mrs H G J Tilney on September 2007, the Declaration of Trust dated 8 May 2008 and a Deed of Amendment dated the 24 July 2014 with the object of the benefit of such of Morchard Bishop Church, Morchard Bishop School and Morchard Bishop Memorial Hall from time to time, and of such other charities or charitable purposes as are wholly or mainly operating within or established for public benefit in any of the Parish of Morchard Bishop and its adjoining and associated Parishes in such manner as the trustees determine fit, and to accumulate any surplus income.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Tilney-Ellis Village Trust’s aims and objectives and in planning future activities.
The decisions of the Trust are made by the trustees. The trustees have the authority to appoint replacement trustees.
Review of financial activities and affairs
The main assets of the Trust were held in a portfolio of Stock Exchange investments and in cash deposits, managed on a discretionary basis by Investec Wealth and Management within the limitations and objectives determined by the Trustees.
Financial review
The endowed funds of the Trust charity are classed as expendable endowment which may be used in the furtherance of the charity’s objects. The Trust operates one general (unrestricted) fund.
Within the general fund, the Trustees’ have designated £60,000 towards the improvement and replacement of Morchard Bishop Playing Field’s play park equipment.
Receipts
Total receipts in 2023 were £43,575 (2022: £75,548) and included £37,145 (2022: £69,837) in respect of the sale of investments.
Payments
Total payments in 2023 were £60,314 (2022: £67,301) and included £44,810 (2022: £59,148) in respect of the purchase of investments, as well as making grant payments of £9,514 (2022: £750).
Risk
The trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operation and finance of the Trust and are satisfied that systems are in place to mitigate exposure to any such risks.
Reserves policy
It is the policy of the trustees to maintain reserves at a level appropriate to the Trust’s operations. Reserves are maintained at such a level as to be able to respond to any requests for assistance.
Investment powers
The trustees have the power to invest the funds of the Trust under their own discretion.
Signed and approved on behalf of the trustees by:-
Mr A W M Miller Date: 08 August 2023
Page 3
THE TILNEY-ELLIS VILLAGE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
I report to the Trustees on my examination of the financial statements of the charity for the year ended 5 April 2023 which are set out on pages 4 to 6.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and air view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr J L Coombs MA (Cantab), FCA Date: 10 August 2023 Simpkins Edwards LLP Chartered Accountants Michael House Castle Street Exeter EX4 3LQ
Page 4
THE TILNEY-ELLIS VILLAGE TRUST
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | £ | £ |
|
| Receipts | ||||
| Investment income | ||||
| Dividends and fixed rate interest | 6,408 | 5,711 | ||
| Equalisations | 22 | - | ||
| __ | 6,430 | __ | 5,711 | |
| __ | __ | |||
| 6,430 | 5,711 | |||
| Sale of investments | 37,145 | 69,837 | ||
| __ | __ | |||
| Total receipts | 43,575 | 75,548 | ||
| __ | __ | |||
| Payments | ||||
| Accountancy | 954 | 870 | ||
| Legal and professional | 1,958 | 3,227 | ||
| Investment portfolio management fee | 3,078 | 3,306 | ||
| Donations | ||||
| - Sandford Millennium Green | 750 | 750 | ||
| - Morchard Bishop Parish Council | ||||
| Clock repairs | 8,764 | - | ||
| _ | _ | |||
| 15,504 | 8,153 | |||
| Purchase of investments | 44,810 | 59,148 | ||
| __ | __ | |||
| Total payments | 60,314 | 67,301 | ||
| __ | __ | |||
| Net receipts/(payments) for the year | (16,739) | 8,247 | ||
| Balance as at 6 April 2022 | 68,119 | 59,872 | ||
| __ | __ | |||
| Balance as at 5 April 2023 | 51,380 | 68,119 | ||
| __ | __ |
Page 5
THE TILNEY-ELLIS VILLAGE TRUST
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023
| STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023 |
|---|---|---|---|
| __________ | |||
| 2023 | 2022 | ||
| Monetary assets | £ | £ | |
| Tozers Client Account | 49,664 | 55,682 | |
| Investec Wealth & Management Client Account | 1,716 | 12,437 | |
| ___ | ___ | ||
| 51,380 | 68,119 | ||
| ___ | ___ |
||
| 2023 | 2022 | ||
| Investment assets | Cost | Market value | Market value |
| £ | £ | £ | |
| Investments | 257,886 | 321,807 | 330,457 |
| ___ | ___ | __ | |
| 2023 | 2022 | ||
| £ | £ | ||
| Liabilities – | |||
| Amounts falling due within one year | |||
| Independent examination | 1,000 | 900 | |
| Portfolio investment fees | 765 | - | |
| Legal and Professional Fees | 427 | - | |
| ___ | __ | ||
| 2,192 | 900 | ||
| ___ | __ |
The financial statements were approved by the trustees on 08 August 2023.
Mr A W M Miller
Page 6
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE TILNEY-ELLIS VILLAGE TRUST
1. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards and Charity Commission guidance in the form of CC16 for charities preparing financial statements on a receipts and payments basis.
2. Breakdown of charity’s funds
Endowment funds:
The endowed funds of the charity are held on trust for the benefit of the charity. The whole of the funds may be used in furtherance of the charity’s objects and are therefore treated as expendable endowment.
The funds have no restriction placed upon them and can be used in accordance with the charitable objects of the Trust at the discretion of the trustees.
Designated funds:
The Trustees have decided to designate funds amounting to £60,000 as funds reserved for the Morchard Bishop Playing Field Association to replace and improve play equipment.
3. Trustee remuneration
No trustee has received remuneration or reimbursement for expenses incurred during the financial year.
4. Analysis of funds
| Designated | General | Total | Total | |
|---|---|---|---|---|
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Investments | 10,812 | 310,995 | 321,807 | 330,457 |
| Balances at bank | 49,188 | 2,192 | 51,380 | 68,119 |
| Net liabilities due within 1 year - | (2,192) | (2,192) | (900) | |
| _ | ___ | ___ | ___ | |
| 60,000 | 310,995 | 370,995 | 397,676 | |
| __ | ___ | ___ | ___ |
£60,000 has been designated as funds reserved for the Morchard Bishop Playing Field Association to replace and improve play equipment.
5. Investments
The share portfolio, managed by Investec Wealth & Management, is shown in the Statement of Assets and Liabilities at fair (market) value as at 5 April 2023. The original cost of the investments at that date was £257,886.