Registered Charity No. 1147365
THE GERALD CURGENVEN WILL TRUST
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE GERALD CURGENVEN WILL TRUST
CHARITY INFORMATION
| TRUSTEES | Mr John Wakeham |
|---|---|
| Mr Mark William Bromell | |
| Mrs Rebecca Perry | |
| CHARITY NO. | 1147365 |
| CHARITY ADMINISTRATOR | Mr John Wakeham |
| Kivells | |
| Holsworthy Livestock Market | |
| New Market Road | |
| Holsworthy | |
| Devon | |
| EX22 7FA | |
| BANKERS | Savills Client Account |
| Solent & Dorset Team | |
| Barclays Corporate | |
| Third Floor | |
| Barclays House | |
| Ocean Way | |
| Southampton | |
| SO14 2ZP | |
| AUDITORS | Azets Audit Services |
| 2nd Floor | |
| Regis House | |
| 45 King William Street | |
| London | |
| EC4R 9AN |
1
Trustees' Annual Report for the year ended 31 December 2021
The Trustees present their report along with the financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed the Charities Act 2011 and the Statement of Recommended Practice Accounting and Reporting by Charities SORP FRS102.
History, objectives and activities of the Trust
The Trust was established by a Will dated 15 October 1951, a codicil dated 13 October 1952 and the death of Gerald Curgenven on 23 June 1959. The objectives of the charity are to raise income for its income beneficiary, Marlborough College, a charity registered with charity number 309486, and to preserve the capital for general charitable purposes. The Trust became a registered charity on 22 May 2012.
In planning our activities we have kept in mind the Charity Commission's guidance on public benefit and have followed this guidance to demonstrate the charitable aims are for the public benefit.
Management and governance arrangements and Risk Management
The Trust is a registered charity, number 1147365 established by a Will dated 15 October 1951, codicil dated 13 October 1952 and the death of Gerald Curgenven on 23 June 1959.
The Trustees have reviewed all known risks and have satisfied themselves that there are adequate systems and procedures in place to mitigate the risks identified.
The Trustees have a policy of maintaining a minimum of three Trustees and recruitment will be from persons deemed suitable, who are unanimously elected by current Trustees after an interview process.
Financial review, investment policy and reserves
Income generated by the capital is to be paid to the income beneficiary, subject to the prior deduction of appropriate costs of repair and management.
The Trust employs Savills as property agents.
Professional Trustees charge at their standard charging out rate for time spent in respect of acting as a Trustee. Lay trustees do not charge for their time. All Trustees charge for reasonable out of pocket expenses.
The results for the year are as stated in the attached financial statements. A surplus of £109,351 was achieved this year (2020: £80,143) before its distribution to Marlborough College. As at 31 December 2021, the total amount owed to Marlborough College totalled £243,030.
Once the Trustees have approved the accounts and know the surplus generated by the trust for the previous financial year, they will make an interim payment to the income beneficiary within the first six months of the financial year. Payment has been deferred by consent.
The trustees' policy is to keep a minimum of £50,000 surplus income in reserve from the previous financial year in case of a drop in income or some unforeseen event in the next financial year. The reserves are held to reflect cash flow requirements due to the timing of the income streams which are March (Lady Day) and September (Michaelmas). In the event that there is no drop in income or other unforeseen event, the trustees will make a distribution of the reserved amount at the end of the following financial year to the income beneficiary.
The reserves policy is subject to annual review.
Plans for the Future
The Trust's aims for 2022 is to continue to raise income for its income beneficiary, Marlborough College, and to preserve the capital for general charitable purposes.
2
Trustees' Annual Report for the year ended 31 December 2021
Statement of Trustees' responsibilities
Charity law requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
Approval
This report was approved by the Trustees on 27 October 2022 and signed on its behalf by:
J. Wakeham M Bromell …................................ …................................ Mr J Wakeham - Trustee Mr M Bromell - Trustee
R Perry
…................................ Mrs R Perry - Trustee
3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE GERALD CURGENVEN WILL TRUST
Opinion
We have audited the financial statements of The Gerald Curgenven Will Trust (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of 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 statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2021, and of its incoming resources and application of resources, 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 basis for our opinion.
Conclusions relating 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 financial 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise 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 misstatement 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.
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 Reports) 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 set out on page 3, 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.
4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE GERALD CURGENVEN WILL TRUST
In preparing the financial statements, the Trustees are responsible for assessing the charity’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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 detect 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.
A further description of our responsibilities for the audit of the financial statements 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 with 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's 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 formed.
Azets Audit Services 2nd Floor Regis House 45 King William Street London EC4R 9AN
Date: 27 October 2022
Azets Audit Services is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
5
THE GERALD CURGENVEN WILL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from charitable activates Residential Rental income Agricultural Rental income 8 Commercial rental income Overheads Recharged Investments Bank Interest Other Wayleaves Total income Expenditure Charitable activities (estate management costs) Property Repairs and Maintenance 9 Agricultural Property Repairs and Maintenance 9 Management Fees (Savills) Consultancy Fees including valuations and reports Legal Fees Accountancy Fees Audit fees Trustees Management Expenses Rates Electricity Water and Sewerage Charges Water Supply Electric Water Supply Repairs Insurance Bank Charges & interest Total Surplus for year for distribution to Marlborough College Amount due to Marlborough College Net surplus / (deficit) for the year Fund balances brought forward as previously stated Net movement in funds for the year Fund balances carried forward |
£ £ 134,151 114,800 - 336 9 892 250,188 13,080 6,659 35,248 19,911 21,874 2,040 16,200 5,279 3,752 642 309 296 3,281 12,184 82 140,837 109,351 (109,351) - 10,042,895 - 10,042,895 2021 |
£ £ 127,413 143,500 1,200 333 52 891 273,389 70,916 35,332 33,731 3,653 5,480 2,394 10,279 4,248 281 911 615 4,036 16,470 4,899 193,246 80,142 (80,142) - 10,042,895 - 10,042,895 2020 |
|---|---|---|
The notes on pages 9 to 12 form part of these accounts
6
THE GERALD CURGENVEN WILL TRUST
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note TANGIBLE FIXED ASSETS Investment properties - Freehold Land and Property 3 CURRENT ASSETS Cash at Bank Debtors 4 CURRENT LIABILITIES Bank overdraft Creditors 5 NET ASSETS CAPITAL Unrestricted Funds 6 TOTAL FUNDS |
£ £ 10,152,452 112,308 56,017 168,325 - 277,882 (277,882) 10,042,895 10,042,895 10,042,895 2021 |
£ £ 10,152,452 69,670 47,377 117,046 2,196 224,407 (226,603) 10,042,895 10,042,895 10,042,895 2020 |
|---|---|---|
Approved by the Board of Trustees on 27 October 2022 and signed on its behalf by:
J. Wakeham M Bromell …................................ …................................ Mr J Wakeham - Trustee Mr M Bromell - Trustee
R Perry
…................................ Mrs R Perry - Trustee
The notes on pages 9 to 12 form part of these accounts
7
THE GERALD CURGENVEN WILL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Net Cash used in operating activities 7 Cash flows from investing activities Interest Land and property additions Land and property disposals Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
Total Funds 2021 £ 44,824 9 - - 44,833 67,474 112,307 |
Prior Year 2020 £ 36,892 52 - - 36,944 30,530 67,474 |
|---|---|---|
The notes on pages 9 to 12 form part of these accounts
8
THE GERALD CURGENVEN WILL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of accounting
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements 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 2017 and the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) and the Charities Act 2011.
The Gerald Curgenven Will 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 note(s).
The financial statements are prepared in sterling which is the functional currency of the charity.
- (b) Preparation of the accounts on a going concern basis
The Charity has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. It has therefore continued to adopt the going concern basis in preparing its financial statements.
(c) Income Recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
(d) Expenditure Recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Charitable expenditure (estate management costs) comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, costs of an indirect nature necessary to support them and costs associated with meeting the constitutional and statutory requirements of the charity.
The charity is not registered for VAT and all expenditure includes this where appropriate.
- (e) Trustees Expenses
Trustees expenses include the reimbursement of costs incurred in carrying out their duties and generally acting as Trustees for the charity as allowed by the charging clause in the Trust document. The charity does not make direct payments to third parties on behalf of the Trustees.
(f) Fund accounting
Unrestricted funds comprise those funds which the Trustees are free to use for any purposes in furtherance of the charitable objects.
- (g) Investment properties
Investment properties comprise of freehold land and property and are included at cost. The historic cost to the charity (and previous trust) is unknown therefore they have been included at a valuation provided by Savills.
(h) Debtors
Debtors are recognised at the settlement amount due.
- (i) Cash at bank
This is the cash held at the Savills Client Account. The trust does not have any other bank accounts.
(j) Creditors Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
9
THE GERALD CURGENVEN WILL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
- (j) Creditors (continued)
Creditors are recognised at their settlement amount due.
(k) Financial instruments
The charity only has financial assets and 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.
(l) Tax
Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in the Statement of Financial Activities. The Trust is a registered charity and is exempt from taxation on its income and gains for charitable purposes.
(m) Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Valuation of investment properties
The valuation of investment properties is sensitive to changes dictated by both the condition of the properties and also the market. The value of the investment properties held are assessed annually and are amended when necessary to reflect current estimates.
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
- 2 The net income in the year is after charging:
| Accountants Fee Audit Fees Trustees Expenses |
2021 £ 2,040 16,200 5,279 |
2020 £ 2,394 0 10,279 |
|---|---|---|
- 3 INVESTMENT PROPERTIES
| Valuation As at 1 January 2020 Land & property improvements Land & property disposals As at 31 December 2021 |
Land & Property £ 10,152,452 - - 10,152,452 |
|---|---|
The investment properties were not revalued by a professional advisor for year ended 31 December 2021, however the trustees believe that this valuation represents a prudent reflection of the market conditions as at this date.
- 4 Debtors
| Tenant Debtors Accrued Rental Income Prepayments |
2021 £ 14,357 28,700 12,961 56,017 |
2020 £ 12,158 28,700 6,518 47,377 |
|---|---|---|
10
THE GERALD CURGENVEN WILL TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
| 5 Creditors Creditors Undistributed income for 2021 (Marlborough College) Undistributed income for 2020 (Marlborough College) The balance of undistributed income for 2019 (Marlborough College) Residential Rental Income received in advance Accruals |
2021 £ 6,496 109,351 80,143 53,536 4,427 23,929 277,882 |
2020 £ 83,622 - 80,143 53,536 4,330 2,777 224,408 |
|---|---|---|
6 Unrestricted Funds
Analysis of movements in unrestricted funds
| On-going objectives | 1 January Capital Incoming Transfer Outgoing 31 December 2021 receipt Resources Resources 2021 £ £ £ £ £ £ 10,042,895 - 250,188 - (250,188) 10,042,895 |
|---|---|
| Analysis of movements in unrestricted funds - previous financial year | |
| On-going objectives | 1 January Capital Incoming Transfer Outgoing 31 December 2020 receipt Resources Resources 2020 £ £ £ £ £ £ 10,042,895 - 273,389 - (273,389) 10,042,895 |
7 Reconciliation of net movement in funds to net cash flow from operating activities.
| Net movement of funds Deduct interest income shown Investing activities Decrease (increase) in debtors Increase (decrease) in creditors Net cash used in operating activities |
2021 £ - (9) (8,641) 53,474 44,824 |
2020 £ - (52) (29,956) 66,900 36,892 |
|---|---|---|
8 Agricultural rental income
In 2020 there was an accounting adjustment to bring agricultural rents received in line with the general rules of income recognition as stated in the Statement of Recommended Practice for Charity Accounts SORP FRS102. The adjustment totalled £28,700 and this explains the variance between the 2020 and 2021 agricultural rental income.
9 Property and Agricultural Repairs
As at 31 December 2020, a number of repair costs were recognised within the expenditure under the general rules for recognition of expenditure as stated in the Statement of Recommended Practice for Charity Accounts SORP FRS102. Due to exceptional circumstances caused by the Covid-19 pandemic, some repair works were unable to be carried out. These costs have not been provided for as at 31 December 2021, and therefore the over provision of repair costs from 2020 is reducing the repair costs in 2021.
11
THE GERALD CURGENVEN WILL TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
10 Related party transactions
During the year, the Trust incurred charges from Kivells Limited, of which M W Bromell is a director, amounting to £5,137 for payments to professional trustees and travel and associated costs for all trustees.
11 Subsequent events
During financial year to 31 December 2022, the investment properties held has been listed for sale as a whole at an asking price of £15.75million. The estate has not been sold as at the date of signing of these financial statements.
12