Registered number: 07087967 Charity number: 1138417
THE BISHOPS MEADOW TRUST (A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 15 |
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | John Michael Frank |
|---|---|
| Nicholas Green | |
| Peter Lightfoot | |
| Libby Ralph | |
| Patrick Weller | |
| Company registered number Charity registered number Registered office Independent Examiner 07087967 1138417 14th Floor 33 Cavendish Square London W1G 0PW Simmons Gainsford LLP Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW |
Page 1
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the The Bishops Meadow Trust for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Bishop’s Meadow consists of 31.5 acres of low lying agricultural land to the west of Farnham’s town centre in Surrey. It is an ancient part of Farnham’s farming heritage and part of its floodplain defences.
The Charity's objectives are to acquire and maintain the land known as Bishop's Meadow for the benefit of the inhabitants of Farnham, Surrey, and the surrounding area:
as a public space for the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the conditions of life of the said inhabitants and/or
to promote the conservation, protection and improvement of the physical and natural enviroment including but not limited to promoting biological diversity.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Company
On behalf of its membership, and the people of Farnham, the Charity carried out the following during the year::
Managed and enhanced the Bishop’s Meadow and its environment to increase bio-diversity;
Helped to make the Meadow a safe and enjoyable place for recreational purposes and to access Farnham;
Engaged with the local Farnham community to increase support for the Bishop’s Meadow Trust;
Communicated with our membership about progress and plans;
Involved younger people, especially primary school children, so they can learn and be inspired about the Meadow and what it contains;
Page 2
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance (continued)
Created partnerships with a wide range of like-minded organisations whether local, regional or national to gain information, access expertise and share experiences;
Ensured the financial health of the Trust;
Planned for the future with a keen eye on sustainability and
Complied with our commitment to good governance and meeting statutory requirements.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Charity''s policy is to set aside funds for special purposes or as reserves against furture expenditure.
c. Principal risks and uncertainties
The principal risk to the charity is the loss of donations.
d. Financial review
The results for the year are set out on page 6. The trustees believe that the accounts comply with current statutory requirements, the requirements of the charity's governing document and requirement of the SORP.
Structure, governance and management
a. Constitution
The Bishops Meadow Trust is registered as a charitable company limited by guarantee and was set up by a Articles of Association.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of Articles of Association.
Page 3
THE BISHOPS MEADOW TRUST (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 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 then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject 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 Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Nicholas Green
Trustee Date: 22/11/2023�|�16:48�GMT
Page 4
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent examiner's report to the Trustees of The Bishops Meadow Trust ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 22/11/2023�|�16:48�GMT
Simmons Gainsford LLP
Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
Page 5
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ 15,000 15,000 - - 15,000 - 15,000 15,000 |
Unrestricted funds 2023 £ 13,665 13,665 6,365 6,365 7,300 212,815 7,300 220,115 |
Total funds 2023 £ 28,665 28,665 6,365 6,365 22,300 212,815 22,300 235,115 |
Total funds 2022 £ 16,550 |
|---|---|---|---|---|
| 16,550 | ||||
| 9,687 | ||||
| 9,687 | ||||
| 6,863 | ||||
| 205,952 6,863 |
||||
| 212,815 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
Page 6
THE BISHOPS MEADOW TRUST (A company limited by guarantee) REGISTERED NUMBER: 07087967
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Tangible assets 7 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total net assets Charity funds Restricted funds Unrestricted funds 9 Total funds |
34,265 34,265 (1,649) |
2023 £ 202,499 202,499 32,616 235,115 15,000 220,115 235,115 |
14,015 14,015 (1,200) |
2022 £ 200,000 |
|---|---|---|---|---|
| 200,000 12,815 |
||||
| 212,815 | ||||
| - 212,815 |
||||
| 212,815 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 7
THE BISHOPS MEADOW TRUST (A company limited by guarantee) REGISTERED NUMBER: 07087967
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Nicholas Green
Date: 22/11/2023�|�16:48�GMT
The notes on pages 9 to 15 form part of these financial statements.
Page 8
THE BISHOPS MEADOW TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The Bishop's Meadow Trust is a registed charity and Private Limited Company by guarantee, incorporated in England and Wales. Company registration number 07087967, Charity registration number 1138417. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Bishops Meadow Trust 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Freehold land is initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Company may need to estimate fair value using an income or depreciated replacement cost approach.
Gains and losses on revaluation are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.
Land is not depreciated.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Plant and machinery - 20%
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 10
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.7 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from donations and legacies
| Donations Grants |
Restricted funds 2023 Unrestricted funds 2023 £ £ 15,000 10,012 - 3,653 15,000 13,665 |
Total funds 2023 £ 25,012 3,653 28,665 |
Total funds 2022 £ 13,698 2,852 |
|---|---|---|---|
| 16,550 |
4. Analysis of expenditure on charitable activities Summary by fund type
| Support costs Direct costs |
Restricted funds 2023 Unrestricted funds 2023 £ £ - 2,798 - 3,567 - 6,365 |
Total 2023 £ 2,798 3,567 6,365 |
Total 2022 £ 3,232 6,455 |
|---|---|---|---|
| 9,687 |
Page 11
(A company limited by guarantee)
THE BISHOPS MEADOW TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
4. Analysis of expenditure on charitable activities (continued)
Analysis of support costs
| Insurance Bank charges Computer costs Printing, postage & stationery Sundry expenses Accountancy Administration Independent examination fee Analysis of direct costs Charity check out fee Licenses Water Land management and maintenance RPA entitlements Land register Fuel Supplies & Materials Benches 5. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts |
2023 £ 1,338 60 235 25 - 90 810 240 2,798 2023 £ 173 70 31 1,382 1,384 - 148 79 300 3,567 2023 £ 240 |
2022 £ 1,114 24 355 162 482 360 735 - |
|---|---|---|
| 3,232 | ||
| 2022 £ 173 70 12 5,690 420 90 - - - |
||
| 6,455 | ||
| 2022 £ - |
Page 12
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year, no Trustee expenses have been incurred (2022 - £NIL).
7. Tangible fixed assets
| Cost or valuation At 1 April 2022 Additions At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 8. Creditors: Amounts falling due within one year Accruals and deferred income |
Freehold land £ 200,000 - 200,000 200,000 200,000 |
Plant and machinery £ - 2,499 2,499 2,499 - 2023 £ 1,649 |
Total £ 200,000 2,499 |
|---|---|---|---|
| 202,499 | |||
| 202,499 | |||
| 200,000 | |||
| 2022 £ 1,200 |
Page 13
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
9. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 April 2022 £ 212,815 - 212,815 Balance at 1 April 2021 £ 205,952 - 205,952 |
Income £ 13,665 15,000 28,665 Income £ 16,200 350 16,550 |
Expenditure £ (6,365) - (6,365) Expenditure £ (9,337) (350) (9,687) |
Balance at 31 March 2023 £ 220,115 15,000 |
|---|---|---|---|---|
| 235,115 | ||||
| Balance at 31 March 2022 £ 212,815 - |
||||
| 212,815 |
Unrestricted Funds
The unrestricted funds are used to support the Bishop's Meadow Trust in meeting its aims and objectives to manage and maintain the land known as Bishop's Meadow for the benefit of the inhabitants of Farnham, Surrey, and the surrounding area.
Restricted Funds
The restricted fund is to be used for the potential acquisition of land.
Page 14
THE BISHOPS MEADOW TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2023 Unrestricted funds 2023 £ £ - 202,499 15,000 19,265 - (1,649) 15,000 220,115 |
Total funds 2023 £ 202,499 34,265 (1,649) 235,115 |
|---|---|---|
Analysis of net assets between funds - prior year
| Unrestricted funds 2022 £ Tangible fixed assets 200,000 Current assets 14,015 Creditors due within one year (1,200) Total 212,815 |
Total funds 2022 £ 200,000 14,015 (1,200) 212,815 |
|---|---|
Page 15