Page 1 # **THE THOMAS FREKE AND LADY NORTON CHARITY** Registered Company number 09071364 Registered Charity Number 1157967 ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021** **This is the seventh Annual Report and Financial Statements of the Company/Charity which superseded the Un-incorporated charity “The Thomas Freke and Lady Norton Charity” Charity Commission Number 200824.** **Embedded within this report is the report of the Thomas Freke and Lady Norton Endowed Charity whose finances are linked to the Thomas Freke and Lady Norton Charity.** ## **Page 2** ## **THE THOMAS FREKE AND LADY NORTON CHARITY** # **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED** ## **30[TH] . JUNE 2021** ## **CONTENTS** ||Page| |---|---| |Legal and Administrative Information|3| |Report of the Trustees|4 - 10| |Independent Examiners Report|11 - 12| |Statement of Financial Activities|13| |Balance Sheet|14| |Notes forming part of the Financial Statements|15 - 20| **Page 3** ## **THE THOMAS FREKE AND LADY NORTON CHARITY** ## **LEGAL AND ADMINISTRATIVE INFORMATION 2020 – 2021** |Trustees|Mrs. Karen Mayell|| |---|---|---| ||Mr. J. Michael E. Scott|| ||Mr. George. Arkell|| ||Mrs. Alison C. Talbert|| ||Dr. Gillian Combe|| ||Mr
Philip Sapwell|| |
Clerk to the Trustees|Mr. Barry T. Compton|| |Charity/Company Office|23 Chedworth Gate|| ||Broome Manor|| ||Swindon
|SN3 1NE| |Bankers|CAF Bank Ltd|| ||25 Kings Hill Avenue|| ||Kings Hill|| ||West Malling|| ||Kent|ME19 4JQ| |Investment Managers|Mr Stephen Clow|| ||Quilter Cheviot Ltd.|| ||Senator House|| ||85 Queen Victoria Street|| ||London
|EC4V 4AB| |Land Agents|Mr Stephen Thompstone MRICS|| ||16 Alexander Drive|| ||Cirencester|| ||Gloucestershire|| |||GL7 1UG| |Solicitors|Royds Withy King|| ||34 Regent Circus|| ||Swindon|| ||Wiltshire|SN1 1PY| |Independent Examiners|K. J. Brindley and Co|| ||47 Well Cross Road|| ||Robinswood|| ||Gloucester|GL4 6RA| **Page 4** ## **THE THOMAS FREKE AND LADY NORTON CHARITY COMPANY NUMBER 09071364, REGISTERED CHARITY NUMBER 1157967 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2021 (INCORPORATING DIRECTORS’ REPORT)** The Trustees present this their seventh report of the new company/charity together with the financial statements of the company/charity for the year ended 30[th] June. 2021. ## **CONSTITUTION** The company/charity is the successor of two old local charities both founded in Hannington, Wiltshire, in 1718. On 4[th] June 2014 a new company, limited by guarantee, “The Thomas Freke and Lady Norton Charity” (No. 9071364) was incorporated by the Registrar of Companies for England and Wales, and subsequently registered as a charity with the Charity Commission On 14[th] . October 2014 the Charity Commission Scheme governing the unincorporated charity (No 200824) was replaced by a new scheme (Charity Commission No 1157967-01) and the name of the charity changed to “The Thomas Freke and Lady Norton Endowed Charity” Two investment properties, Roundhill Farm, Highworth and Snowswick Farm, Buscot are permanently endowed to the charity, The Thomas Freke and Lady Norton Endowed Charity (Reg Number 1157967). The company, The Thomas Freke and Lady Norton Charity (Reg Number 9071364) acts as sole Trustee, both properties to be held in trust for the objects of the charity. The remainder of the assets, both fixed and invested are held directly by the company. The charity will be treated as forming part of the company for the purposes of Part 8 (accounting) of the Charities Act 2011 ## **TRUSTEES/DIRECTORS** The following have been trustees/directors during the year: 1[st] July 2020 to 30[th] June 2021 Mr J. Michael E. Scott Mrs Karen Mayell Mr George Arkell Mrs Alison Clare Talbert Dr Gillian Combe Nominated Trustee Mr Philip Sapwell ## **METHOD OF APPOINTMENT OF TRUSTEES** All trustees except the Nominated trustee are appointed by resolution of the existing trustees, to serve for a three-year term. The Nominated trustee, subject to a resolution of approval by the existing trustees, is appointed by the Hannington Parish Council, to serve for a three-year term All trustees may be reappointed at the end of their three-year period of office. The minimum number of trustees is four. If the number falls below this level action must be taken at the next trustee meeting to ensure the minimum number is achieved. The maximum number is seven. **Page 5** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2021 (CONTINUED)** ## **OBJECTS** The company uses income from its investments to award grants to local organisations and individuals within its Area of Benefit, which consists of the parish of Hannington in the Borough of Swindon and its five adjacent parishes, as set out in the governing documents. These grants are to benefit the local community and to assist the needy. The company intends to continue this activity. ## **POLICIES** All decisions are made by the Trustees at their regular meetings. Day to day administration is dealt with by the Clerk to the Trustees. The management of investments is administered by the specialist Investment Manager. The investment property is administered by the appointed Land Agent. ## **DEVELOPMENT** 1. The Clerk remains the sole employee of the charity. 2. Trustees: The board of Trustees of the company/charity has remained the same throughout the charity year. 3. K. J. Brindley and Co have been re-appointed as Independent Examiners to carry out the Independent Examination of the Accounts for 2020/2021. 4. Throughout the Covid 19 pandemic of the year the charity has regularly utilised the electronic banking facility arranged through the Charities Aid Foundation Bank. During the year the number of trustees authorised to complete payments by this means has remained the same. 5. The charity has continued following the possible development of part of Roundhill Farm. Many of the needed surveys have been completed. The Land Agent has been keeping the trustees up to date with all the possibilities for this land. 6. The charity has received rental income for the use of land from the contractors installing the new Thames Water trunk main from Roundhill Farm on towards Blunsdon 7. The trustees acknowledge that the issuance of cheques as the payment method of the gifts to needy pensioners now causes difficulties to some of those pensioners because there are now so few bank branches. No viable alternative method of getting the aid to recipients exists within the present GDPR regulations so the trustees will continue to issue cheques. 8. There has been an invitation from the Churches, Charities and Local Authorities Investment Arm (CCLA) to convert the Charity’s Investment Holding to the CCLA Ethical Fund. The trustees have adopted this invitation and the transfer took place on 1[st] July 2021 immediately after the end of the charity’s financial year. **Page 6** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2021 (CONTINUED)** ## **ACTIVITIES.** The Trustees of the charity met on their usual four occasions in October and November 2020 and March and May 2021, during the year, but as the Covid-19 pandemic was controlling many aspects of life, the first three of these were through the online visual “Zoom” meeting type, with each trustee participating from their own home. The May meeting and an additional fifth, face to face, meeting in June 2021, were each held, with social distancing, in the Hannington Village Hall. The majority of the work of the charity throughout the year was conducted via electronic communication primarily between the clerk and individual trustees through emails. 1. A major change for this year has been in the way in which the charity has maintained the two Social Investment properties in Hannington. For the first time the maintenance contracts were put out to open tenders and the most appropriate bidder appointed to maintain Ambrose Walk and the Village field and Orchard during the year. 2. It was decided to change the usage of the Village Field and Orchard by allowing most of the grassland to “rewild”. A different maintenance programme has been initiated. 3. The maintenance of the Hannington Parish Churchyard was negotiated through the churchwardens for the first time. 4. The work on the possible sale and development of part of Roundhill Farm has continued through the year. The trustees have decided to maintain full in-house control over the process with professional advice from the Land Agent and planning consultants through the various stages towards full planning permission. A number of the required surveys have been completed during the year. They have decided that the charity should continue to fully fund the preliminary stages in the expectation of greater financial gain when the land is eventually sold. 5. The trustees agreed to maintain the essential Insurance of the farms and the other social investments. In addition, some more essential restoration work was approved and carried out to the farmhouse of Roundhill Farm. 6. The Land Agent has negotiated with Thames Water for the rent to be paid to the charity to enable the new contractors, responsible for laying the pipeline from Roundhill Farm on the first stage on towards Blunsdon, to continue to use the compound situated on Roundhill Farm, adjacent to the Highworth to Lechlade road. The tenant has received compensation equal to the rent received by the charity for this year. It is anticipated that the compound will be needed for about another two years. 7. Hannington has had for many years two other charities. The **Mary Matthews Charity** , charity number 200823, set up in 1759 to help poor widows and to create apprenticeships within Hannington, had been reduced to having just one trustee, who had moved out of the village. This Mary Matthews Charity has become largely redundant but, with an invested asset and continuing income. It was mutually decided that the Mary Matthews Charity be adjoined to the Thomas Freke and Lady Norton Charity, the trustees of whom would become responsible for its resources and activities. A sum of £3951.70, being part of the assets of the Mary Matthews Charity, was transferred to the bank account of the Thomas Freke and Lady Norton Charity in May 2021, and is included in creditors in the Balance Sheet. This sum will be held pending receipt of the remainder of the assets of The Mary Matthews Charity and finalisation of the legal framework that will govern their use. It has also been decided that the **Kate Light Bequest,** charity number 309468, which is now being administered by the Hannington Parish Council will also eventually be run by the Thomas Freke and Lady Norton Charity. 8. In June of 2021 a 6acre plot of land in Hannington Wick came onto the market. This caused great anxiety in the village with the possibility of either development or unsuitable ownership and use. The trustees decided to take part in the auction for this plot with the aim of purchasing it to preserve it for the village. The auction took place in early July 2021, just outside this financial year. The bid was successful and will be reported fully in the review of 2021 to 2022. ## **Page 7** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2021 (CONTINUED)** The main activity of the charity continues to be the awarding of grants to a number of organisations within the Area of Benefit. The charity delivered Christmas gifts to 54 needy pensioners in the Area of Benefit other than Highworth, which has its own scheme for pensioners in need. During the year ending 30[th] June 2021 a number of major grants were awarded. Grants were made to “Visit Highworth” and the Highworth Preschool to cover unexpected additional costs incurred as the result of the Covid19 pandemic. Others were made to the Stanton Fitzwarren Parish Council to cover the costs of upgrading the village play area, which the charity had initially funded in 2009 to new safety standards and to Wiltshire Rural Music, Joss/Searchlight and Christians Against Poverty for highly socially beneficial activity, assisting the poor, the elderly and sick children in the Area of Benefit. A new annual grant was made to Prospect Hospice to go towards the costs of its nursing care for those from the charity’s Benefit Area. The pledges, of 2016 and 2017, to the Great Western Hospital “Brighter Futures” Appeal, to bring radiotherapy to the Swindon Area, were finally paid. The “Brighter Futures” Appeal had raised £2.9million pounds and the project has at last been making progress. Though this project has been delayed because of the Covid-19 pandemic, the Linear Accelerator has been ordered and should be installed in the autumn of 2021. The charity is still holding in reserve the funds to pay for the grants awarded in previous years, but not yet paid including that for the Artificial Pitch for the Highworth Junior Football Club to be located at Warneford School and the pledge for the SN6Wheelers Skate Park to be built in Highworth. A grant is also being held for the Rainbow Trust, available when a needy candidate is recognised from within the area of Benefit. Grant awards totalled £62245.99 (including Christmas pensioner gifts totalling £10800.00). The figure of £72568.35 is as yet unpaid and is included in creditors at 30[th ] June 2021 ## **Page 8** # **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2021** ## **(CONTINUED)** ## **FINANCIAL REVIEW** Investments with the Investment manager at Quilter Cheviot and those with the Charities Official Investment Fund are quoted at market value on 30[th] . June 2021. The changes in these valuation totals reflect the changes in the London Stock Market throughout the year. The Discretionary Status of Investment Management at Quilter/Cheviot has continued. The Investment Manager has continued making changes to the portfolio within the limits of the agreed classes of ranges. ## **Notes** . Dividends on listed investments, compared to 2020 have decreased by 17.51%. The interest on deposits has continued at an historic low this year producing just 0.01% of incoming resources. The Investment Property rental income remains a stable source of funds this year producing 37.18% of the incoming resources. Costs of generating funds represent 25.13% of incoming resources. A breakdown is given in note 4 to the accounts. Charitable grants, shown as a charge in the accounts, decreased from £112830.88 in 2019/2020 to £62245.99 in 2020/2021. A brief breakdown of grants is shown in note 5 to the accounts. **To summarise** , total resources expended exceeded total incoming resources by £7572.71 compared to £38478.76 total resources expended exceeding total incoming resources in the previous year. The changes to revaluation and disposal of investment assets changed the net movement of funds to a £351162.50 increase compared with a decrease of £128082.92 in 2019/2020. Reserves held at 30[th] June 2021 totalled £6154716.40 (£3354716.40 unrestricted funds plus £2800000.00 endowment funds) compared with £5803553.90 (£3002553.90 unrestricted funds plus £2800000.00 endowment funds) held at 30[th] June 2020 **With the considerable increase in overall valuation this year due largely to the passing effect on investment values of the pandemic, the charity remains in a strong financial position, despite expenditure exceeding income for the fourth year in succession. It has a high level of immediately available cash reserves to support its future activities.** **Page 9** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2021** ## **(CONTINUED)** ## **Risk management** The Trustees have examined the risks faced by the charity and confirm that they continue to run established active systems to mitigate such risks. The day to day running of this risk assessment has been delegated to the clerk who is responsible to the trustees for its administration. ## **General Data Protection Regulations (GDPR** ) The Trustees continue to be aware of the Data Protection Regulations and confirm that all data held is at the minimum level needed in order to perform the tasks of the charity, particularly the payment of grants. The charity is registered at the Information Commissioners Office as a no Fee organisation. ## **Reserves Policy** It is the policy of the charity to ensure that expenditure does not exceed income over a three-year period in order to maintain the level of the unrestricted fund. This target has not been achieved this year. As the valuations of the charity’s invested holdings have increased considerably this year, the charity remains in a strong and viable condition. ## **Investment Policy** Investments continue to be managed professionally to maintain income but without high risk endangering continuing capital value. ## **Objectives and activities for the public benefit** The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission. Care is always taken to ensure the funds granted provide high levels of public benefit when supporting organisations and communities within the Area of Benefit. ## **Grant Policy** The charity applies an open application policy. Any individual or organisation from within the Area of Benefit may apply to the clerk for the submission of a grant application to the trustees. All grants are made at the discretion of the trustees to organisations and individuals in the Area of Benefit. The amount of granting per meeting is based on the funds available at that time. ## **Statement of Trustees’ Responsibilities** The Trustees are responsible for preparing the Trustees Report and the Financial Statements in accordance with applicable law and regulations. Company Law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 charitable company and of the excess of incoming over outgoing resources of the charitable company for that period. In preparing the financial statements, the trustees are required to: - (a) select suitable accounting policies and apply them consistently - (c) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. - to presume that the charitable company will continue on that basis. Page 10 THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENOED 30TH JUNE 2021 (CONTINUED The trustees are responsible for keeping adequate accounting records that are sufficient to show and to explain the charitable company's transactions and disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure the financial statements comply with the Companies Act 2006. They are asso responsible for safeguarding the assets of the charitable company and hen￿ for the taking of reasonable steps to ensure the prevention and detection of fraud and other irregularities. Small Company Regirne This report has been prepared in a¢¢ordan¢e with the special provi$ion$ ￿lating to companies subject to the small companies regimes within part 15 of the Companies Act 2006 Approval of this review of the year 1*t July 2020 to 30th June 2021 This report was approved by the trusteesldirectors on On their behalf by (Name Printed) Signature ## **Page 13** ## **THE THOMAS FREKE AND LADY NORTON CHARITY** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30[TH] JUNE 2021** ||Notes Unrestricted Endowment**Tota**l|Notes Unrestricted Endowment**Tota**l|Unrestricted Endowment|**Total**| |---|---|---|---|---| ||Funds|Funds**Funds**|Funds Funds|**Funds**| ||2020|2020**2020**|2021 2021|**2021**| ||**£**|**£ £**|**£ £**|**£**| |**INCOMING RESOURCES**||||| |Investment Income:||||| |Interest on Deposits|2 329.30|329.30|11.74|11.74| |Dividends on Listed||||| |Investments|2 80380.16|80380.16|66305.95|66305.95| |Rent Receivable|3|36308.80 36308.80|39268.39|39268.39| |Sundries
|212.47|12.47|30.47|30.47| |Total Incoming Resources|**80721.93**|**36308.80 117030.73**|**66348.1639268.39**|**105616.55**| |**RESOURCES EXPENDED**||||| |**Cost of Generating Funds**|4|18854.62 18854.62|26536.61|26536.61| |**Charitable Grants**|5 112830.88|
112830.88|62245.99|62245.99| |**Governance Costs**|66369.81|17454.18 23823.99|11674.88 12731.78|24406.66| |Total Resources Expended|**119200.69**|**36308.80155509.49**|**73920.8739268.39**|**113189.26**| |**Net incoming/outgoing resources**||||| |**(net income/expenditure) before**||||| |**gains/losses on revaluations and**||||| |**disposals of Investment Assets**-38478.76||-38478.76|-7572.71|-7572.71| |**Gains(Losses) on revaluation**||||| |**and disposals of Investment**||||| |**assets**|-89604.16|-89604.16|358735.21|358735.21| |**Net Movement of Funds for Year -128082.92**||**-128082.92**|**351162.50**|**351162.50**| |**Total Funds Brought Forward**|
3131636.82|2800000.00 59131636.82|3003553.90 2800000.00|5803553.90| |**Total Funds Carried Forward**|**3003553.90 2800000.005803553.90 **||**3354716.402800000.00**|**6154716.40**| There were no recognised gains or losses for 2020 or 2021 other than those included in the Statement of Financial Activities Page 14 THE THOMAS FREKE AND LADY NORTON CHARITY BALANCE SHEET AS AT 30TH JUNE 2021 Unrestri¢ied Funds 2020 Ethyowmeni Funds Total Funds 2020 UnrestriL#td Funds 2021 Endoknmant Funds 2021 Totsl FU￿ 2021 FIXED ASSETS Invostments COIF Sharn5 Quoted Invostmenl$ Inve51menl Prop2thes Sorlal Investments Propert￿￿ 433147.56 2513238. 433147.56 496767.15 2513238.(h) 2798347.00 28IX￿) 00 28¢x￿ 00 496767.15 2798347 00 2800000.CM) 2800000.00 10 39972.50 399n.SO 39972.50 39972.50 TOTAL FIXED ASSETS 29883S8.06 2800000.00 $786358.08 3335086.85 280DOOO.00 6136086.65 CURRENT ASSETS Debtors Cash al B8nk COIF Doposit Cash al Bank other accounts lQ825.06 444.49 127442.35 76625 OB 444.49 127442.35 14457.34 444.49 95736.70 14457.34 444.49 95736.70 TOTAL CURRENT ASSETS 144711.92 144711.92 110638.53 110638.53 CREDITORS - AMOUNT FALLING DUE WITHIN ONE YEAR 12113 127516.08 127516.08 91CN)8.76 91008.76 NeT CURRENT ASSETS 17195.84 17195.84 19629.75 19829.75 TOTAL ASSETS LESS CURRENT LIABILITIES 3003553.90 2800000.00 5803553.90 3354716.40 2800000.00 8154718.40 FUNDS Endowment Funds Pemianenl Endowwl lavestmenl propety Revalu8knon Fund Unre51ricled Income FUNS 1025468.94 1025468.94 1025468.94 10254e8.94 1774531.( 1774531.06 3003553. 1774531.C6 1774531.C6 335471640 3003553. 3354716.40 TOTAL CHARITY FUNDS 3003553.90 2800000.QO $803853.90 3354716.40 2800000.00 6154716.40 The finanoal statements hsve been prepared in accordance with the ptovisons of Ih8 Companies Aci 20C6 applic4ble to compani05 subject to the small companies ￿gIme and in accordance with FRS102 SORP. F¢xthe finanaal y8ar ended June 2021. the ttJmp8nywas enUUed toexemption from a￿lIt und&r Gompanies A(a2CM)6, 8477 relating to small ￿mp8n￿8 and the memf)ws have not requI￿d the company to obtain an audit of it5 accoun15 for the year in queslion in accordan￿ Companie5 Act 2006. 5476. The INstees, %vho are a150 directors, aCknow￿ge their resFonsibilities for ojmplying wth the requirements ofthe cornpan￿ Act 20[￿ with respect to awunting records, and forthe p￿paratIOn Ofa￿Unts. Thi8 report was approved by the tiustees on And signed on their bEhalf by Tr Slqnature ## **Page 15** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2021** ## **1 ACCOUNTING POLICIES** ## **1.1 Basis of Preparation of Accounts** The Financial Statements have been prepared under the historical cost convention except for investments which have been included at market value. The Financial Statements have been prepared in accordance with the Companies Act 2006, 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 the Republic of Ireland (FRS102) issued on 16[th] July 2014 and with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and with the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS102 ## **1.2 Investment Income** Investment income is accounted for on the basis of income accruing during the period of account, whether received or not during the period. ## **1.3 Resources Expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the charity. ## **1.4 Value added 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. ## **1.5 Governance Costs** Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiners fees and costs linked to the strategic management of the charity including the costs associated with possible changes to Roundhill Farm. While the professional fees have been incurred in connection with the proposed development at Roundhill Farm in anticipation of an Increase in the value of the property if planning permission is obtained, the trustees consider that it would be both inappropriate and imprudent at this early stage to capitalise these expenses, hence their inclusion in governance costs. ## **1.6 Investment Property** The valuation at 30[th] . June 2021 represents the Market Value of the properties in the opinion of the trustees based on information informally provided by the qualified Land Agent. This valuation represents their opinion only and is not a professional valuation. ## **1.7 Quoted Investments.** Investments are stated at market value as at the balance sheet date. The figures have been provided by the Investment Managers. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **Page 16** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2021 (CONTINUED)** ## **1.8 Social Investments** Social Investments comprise properties purchased to further the objects of the charity by benefitting the community of Hannington. They are valued at cost. ## **1.9 Realised Gains and Losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or cost if purchased in the year) Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value (or cost if purchased in the year). Realised and unrealised gains are not separated in the Statement of Financial Activities ## **2 INVESTMENT INCOME** Sundry Investment income comprises Way Leaves, ground rent and the sale of old fruit tree posts from the village field. ## **3. (Charity Reg. Number 1157967)** |Endowment Investment Property 1
Rent received from letting to Thames Water & Keir
Endowment Investment Property 2
Total Investment Property income|**2020**

17278.80

2250.00

16780.00

**36308.80**
|**2021**
17278.80
5209.59
16780.00
**39268.39**| |---|---|---| ## **4 COSTS OF GENERATING FUNDS** |
|**2020**|**2021**| |---|---|---| |Investment Management Costs|10400.82|12068.57| |Investment Property Expenses||| |Management Costs
|2213.82|2713.82| |Insurance
|1849.98|1909.36| |Repair Costs
|4390.00|6745.26| |Special safety, Asbestos removal||3099.60| **________ ________** **18854.62** **26536.61** ## **Page 17** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2021 (CONTINUED)** ## **5 CHARITABLE GRANTS** |Grants to organisations and individuals

approved during year
Grants to organisations and individuals approved

During year not taken up/excess paid
Grants to organisations and projects in prior years
Not taken up/excess paid
Christmas gifts to needy pensioners



Grants made to organisations and individuals approved
During the year comprise
Grants to organisations

Grants to Individuals



.
**6**
**GOVERNANCE COSTS**

Independent Examiners Fee

Clerk’s Salary

Clerk’s Expenses

Bank Charges

Companies House Annual Return Filing Fee

Accountancy Fees Re Corporation Tax Return
Legal and Professional Fees – Re- proposed land
Development


|**2020**
**2021**
102251.16
59036.67
-1420.28 -7590.68

12000.00
10800.00
________
_________
**112830.88 62245.99**
111121.88 60885.99
1709.00 1360.00
________ _________
**112830.8862245.99**
**2020**
**2021**
990.00
1032.00
4374.80
4375.00
361.84
190.46
60.00
83.00
13.00
13.00
162.00
18024.35
18551.20
______________
**23823.9924406.66**| |---|---| No employee benefits were paid to the clerk who is the sole employee ## **Page 18** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2021 (CONTINUED)** ## **7 INVESTMENTS - COIF INCOME SHARES** |
Balance b/f 1stJuly

Gain/loss on revaluation transferred to
Statement of Financial Activities


Balance c/f 30thJune

(Valuation provided by COIF Investment Managers)|**2020**
421079.33
12068.23
________
**433147.56**|**2021**
433147.56
63619.59
_________
**496767.15**| |---|---|---| ## **8 INVESTMENTS - QUILTER/CHEVIOT QUOTED INVESTMENTS** ||**2020**|**2021**| |---|---|---| |Balance b/f 1st. July
|2626034.00|2513238.00| |Profit(loss) on disposals transferred to Statement||| |of Financial Activities
|6322.99|20582.11| |Profit(loss) on revaluation transferred to Statement||| |of Financial Activities
|-107995.38|274533.51| |Dividends reinvested|541.59|17.71| |Investment management cost paid ex –capital
|-11665.20|-10024.33| ||_________|__________| |Balance c/f at 30thJune
|**2513238.00**|**2798347.00**| |(Valuation provided by Investment Managers)||| ||_________|_________| |Balance includes cash held
|108985.36|117326.95| Investment in the following companies comprises more than 5% of the value of the charity’s holdings in quoted securities Allianz Gbl Inv UK 17.2% HSBC Etfs S & P 500 9.7% ## **Page 19** # **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2021 (CONTINUED** ) **2020 2021** ## **9 INVESTMENT PROPERTY** Freehold Properties , Roundhill Farm Highworth And Snowswick Farm Buscot Balance brought forward 1[st] . July - valuation 2800000.00 2800000.00 Balance Carried forward 30[th] . June 2800000.00 2800000.00 The valuation at 30[th] . June 2021 represents the Market Value of the properties in the opinion of the trustees based on information informally provided by the qualified Land Agent. This valuation represents their opinion only and is not a professional valuation. ## **10 SOCIAL INVESTMENTS** Freehold Properties purchased for the benefit of the community of Hannington “Village Field” at Skinners Close, Hannington (at cost) 27472.50 27472.50 Ambrose Walk Hannington (at cost) 12500.00 12500.00 ________ _______ **39972.50 39972.50** The Charity considers that it would be inappropriate to depreciate these properties since their useful life is unlimited. ## **11 DEBTORS** |Accrued income
**2020**

Interest on deposits
0.07

Dividends
6057.31
Rent receivable
10764.70
Other debtors
3.00

_______
**16825.08**
**12 CREDITORS DUE WITHIN ONE YEAR 2020**
Grants awaiting payment
120925.00

Sundry creditors
720.00
Rent – Paid in Advance (Keir)

Mary Matthews Charity – Sum held

Accrual – Independent Examiners Fees 990.00

Accrual – Investment Management costs 1735.62

Accrual -Farm Management costs 553.46

Accrual – Professional Fees
2592.00

Accrual - Companies House Filing Fee
|**2021**

5941.64
8514.70
1.00
________
**14457.34**
**2021**
72568.35
4790.41
3951.70
1032.00
3779.86
553.46
4320.00
13.00| |---|---| ________ _________ **127516.08 91008.78** ## **Page 20** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2021 (CONTINUED** ) ## **13 RELATED PARTY TRANSACTIONS** There were no related party transactions during the year Trustees received no emoluments during the year (2019/20 – nil) nor were any expenses reimbursed to them (2019/20 – nil) ## **14 FUNDS** The original endowments of the former separate charities – The Charity of Thomas Freke for the Poor and the Charity of Lady Norton – were absorbed into the Thomas Freke and Lady Norton Charity under the Charity Commission Scheme 200824 on the 6[th] April 1990 and continued into the later scheme dated 12[th] April 2011. The new charity acquired no new assets; all present assets derive from the growth of and transactions in the original endowments. In the year ended 30[th] June 2015 the permanently endowed assets, the farms, were transferred to the Registered Charity Number 1157967 with their rental income immediately transferred to the company. All of the other funds were transferred into the new Registered Company number 09071364. ## **Summary of Year 1[st] July 2020 to 30[th] June 2021** |**Movement of Funds**|Unrestricted Fund|Endowment Fund|Total Funds| |---|---|---|---| |Balance brought forward|
£3003553.90|£2800000.00
|£5803553.90| |1stJuly 2020|||| |Net movement of Funds|||| |for year (See Page 13)|||| |Unrestricted|£3354716.40||£3354716.40| |Balance carried forward|**£ 3354716.40**|**£2800000.00**
|**£6154716.40**| |30thJune 2021||||