**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YEAR ENDED 30[TH] JUNE 2022** **This is the eighth Annual Report and Financial Statements of the Company/Charity which superseded the Un-incorporated charity “The Thomas Freke and Lady Norton Charity” Charity Commission Number 200824.** **Embedded within this report is the report of the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.** **Also embedded in this report is the report of the Mary Matthews Charity, lately charity number 200823, which has been subsumed into the Thomas Freke and Lady Norton Charity** **Also, the Kate Light Bequest, lately charity number 309468, which has been taken over and is being administered by 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 2022** ## **CONTENTS** ||Page|| |---|---|---| |Legal and Administrative Information||3| |Report of the Trustees|4 -|12| |Independent Examiners Report
|13 -|14| |Statement of Financial Activities|15|| |Balance Sheet||16| |Notes forming part of the Financial Statements||17 - 23| ## **Page 3** ## **THE THOMAS FREKE AND LADY NORTON CHARITY LEGAL AND ADMINISTRATIVE INFORMATION 2021 – 2022** |Trustees|Mrs.
Karen Mayell||| |---|---|---|---| ||Mr. J. Michael E. Scott||| ||Mr. George.|Arkell|| ||Mrs.|Alison C.|Talbert| ||Dr. Gillian Combe|Resigned September 2021|| ||Mr
Philip Sapwell||| ||Mrs Rebecca Sperti Appointed March 2022||| |
Clerk to the Trustees|Mr.
Barry T. Compton||| |Charity/Company Ofce|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||| ||3 Newbridge Square||| ||Swindon||| ||Wiltshire|SN1 1BY|| |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 2022 (INCORPORATING DIRECTORS’ REPORT)** The Trustees present this their eighth report of the new company/charity together with the financial statements of the company/charity for the year ended 30[th] June. 2022. ## **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 2021 to 30[th] June 2022 Mr J. Michael E. Scott Mrs Karen Mayell Mr George Arkell Mrs Alison Clare Talbert Dr Gillian Combe (Resigned 21[st] September 2021) Mrs Rebecca Sperti (Appointed 14[th] March 2022) Nominated Trustee Mr Philip Sapwell (Re-appointed 21[st] Sept 2021) ## **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 2022 (CONTINUED)** ## **OBJECTS** The charity/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 charity 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 major development of this year has been the purchase, in July of 2021, of the 6acre plot of land in Hannington Wick for the benefit of the people of Hannington and Hannington Wick. This 6acre plot was successfully purchased, at auction for £166260, including professional fees, with the willing co-operation and donations of a number of residents of Hannington. The purchase was completed on the understanding from the Hannington residents that the land be changed to woodland, to mitigate the water retentive characteristic of that piece of land. This has been achieved on 4 of the 6 acres. **2.** The charity has applied for and been granted Charity Gift Aid Status. Several of the donors referred to in 1 above signed the documents allowing the charity to claim gift aid on their donations, which was successfully obtained. Total donations including gift aid totalled £61500. **3.** The purchase of the land in Hannington Wick occurred during the celebrations for the Platinum Jubilee year of Queen Elizabeth II. The charity successfully applied to the cabinet office of her Majesty’s Government to apply the name “The Queens Platinum Jubilee Wood” to this piece of land. Over 2600 trees have been planted thereon. Cost of tree planting was £16164.96, plus £1440 for a pre-planting survey. £16164.96 planting cost was financed by a grant from Swindon Borough Council. **4.** The Thomas Freke and Lady Norton Charity has, during this year, taken over and subsumed the assets of the Mary Matthews Charity (ex-charity number 200823). This Mary Matthews Charity had been established in May of 1930 with the aim of distributing the income from the assets among the poor widows of Hannington. The Mary Matthews Charity had become non-active and delisted from the Charity commission list in September 2009 as it did not operate, the only remaining existing trustee also having moved away from Hannington. The assets of the Mary Matthews Charity have been deposited within the assets of the Thomas Freke and Lady Norton Charity. The following Statement, included in the minutes of the May meeting cover the details of the transfer:- ## **Page 6** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2022 (CONTINUED)** _On 4th March 2021 the trustees of MMC resolved that the charity should: “Make a grant of all its known assets and income to the Thomas Freke and Lady Norton Charity as an unrestricted gift, but …on condition that , in applying (these ) assets, trustees should give preference to any widowed individuals in need or potential apprentices, ( in either case) in Hannington from time to time. “_ _The funds were subsequently transferred: £3951.70 in cash, and £40,833.87. The latter was immediately invested in 13913.68 units of COIF Charities Ethical Investment Fund Income Units, increasing the holding which the Thomas Freke and Lady Norton Charity already had in such units. There is no need to show these units (and the cash) as a separate fund within F & N, but the trustees could designate (and un-designate) such a fund if they wished to do so at any time. The funds are expendable on any charitable purpose in the F&N Area of Benefit, but trustees should, when planning to do so, check that there are no widows in need, or possible apprenticeships, in Hannington to which they should give preference._ 5. During the year the trustees of the Kate Light Bequest, (ex-charity number 309468), also of Hannington have decided to transfer their assets to the Thomas Freke and Lady Norton Charity. These assets have been transferred with some control mechanisms. Because of the restrictions imposed on the use of the income the funds transferred form a restricted income fund shown separately as such in the financial statements. The legal framework of the Bequest is as follows:- Will proved 21[st] November 1950 and the scheme of 5[th] July 1985 ## **Charitable objects** For the purpose of providing or assisting in providing for children of school age, resident in Hannington and Hannington Wick, facilities for recreation or other leisure-time occupation in interests of social welfare with the object of improving the conditions of life for the said children ## **Area of benefit** The area the charity can operate in, as set out in its governing document. ## HANNINGTON AND HANNINGTON WICK The Hannington Parish Council having operated the Kate Light Bequest, Charity commission number 309468, for many years have decided to pass the responsibility of the charity to the trustees of the Thomas Freke and Lady Norton Charity. ## **Page 7** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2022 (CONTINUED)** This transfer retains the link with its previous existence by the following statement, entered in the Minutes (number 241) of the May 2022 meeting; Minute 241 The £41230.80 of the Kate Light Charity Funds, transferred from the Hannington Parish Council as deposited in the Gold Account of the Thomas Freke and Lady Norton Accounts. The following statement concerning the governance of these funds was presented to the trustees and agreed as binding _As is clear from the terms of the letter from the KLB trustees dated 7th January 2022, the funds they transferred are a restricted gift, which means that legally they can only be expended “for the benefit of the young people of Hannington Parish“. The funds can be invested with other funds but must be shown separately in the F&N accounts. The funds transferred were £41230.80._ 6. The company converted the investments held in the Churches, Charities and Local Authorities Investment Arm (CCLA) from their Investment Fund to their COIF Ethical Fund. This change has so far resulted in no noticeable change to the income received. 7. The Clerk remains the sole employee of the company. 8. Trustees: Dr Gillian Combe resigned from the board of trustees during the year. The remaining trustees expressed their grateful thanks for her six years of service. Mrs Rebecca Sperti has been accepted on to the board as her replacement. 9. K. J. Brindley and Co have been re-appointed as Independent Examiners to carry out the Independent Examination of the Accounts for 2021/2022. 10. Throughout the year the company has continued to regularly utilise 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. The only use of Bank cheques now continues to be to just make payments to the needy pensioners for their Christmas Gift. 11. 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. ## **Page 8** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2022 (CONTINUED)** 12. The company 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. The interest from potential developers of the land is frequent. 13. The company has continued to receive rental income for the use of the compound on Roundhill Farm from the company installing the next phase of the new Thames Water trunk main 14. The company holds only a limited level of personal data and has, as a result, been registered as a non-fee-paying entity with the Information Commissioners Office (ICO) ## **ACTIVITIES.** The Trustees of the charity met on their usual four occasions in October and November 2021 and March and May 2022, during the year. Most of the restrictions caused through the Covid19 pandemic having been lifted the meetings have resumed their normal pattern. Much of the work of the charity throughout the year has been conducted via electronic communication primarily between the clerk and individual trustees through emails. **1.** A continued change for this year has been in the way in which the charity has maintained the two social Investment properties in Hannington. For the second time the maintenance contracts were put out to open bids and the most appropriate bidder appointed to maintain Ambrose Walk and the Village field and Orchard during the year. In both occasions the previous year’s successful bidder has been reappointed. **2.** It was decided to continue the change of usage of the Village Field and Orchard by allowing most of the grassland to “rewild”. A slightly different maintenance programme has been initiated as a result of findings from year one. **3.** The maintenance of the Hannington Parish Churchyard has changed as the charity has purchased industrial style mowing equipment for use by the churchwardens. The maintenance of the Hannington Churchyard will no longer appear as an annual grant in the annual review. **4.** Following the purchase of the 6acres of land at Hannington Wick, to be known as “The Queen’s Platinum Jubilee Wood”, work has been carried out, in conjunction with the Swindon Borough Council to establish 4 acres of this land as woodland. Professionals were employed to carry out the changes assisted on one day by a large number of Hannington residents to plant over 2600 examples of a number of different species of trees. These will be maintained for the next fifteen years by professionals. Grants have been obtained to cover the costs of these developments. **5.** The remaining two acres of the 6acre purchase has been let out as pasture land to be grazed by horses. This piece of land now brings in a rental figure to be added to the rental income from the other farms. This will last only until the arrangements for the planting of trees in this land can be achieved. **6.** 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. ## **Page 9** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2022 (CONTINUED** **7.** 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. Cover for The Queen’s Platinum Jubilee Wood has been added to the Insurances. **8.** The Land Agent has negotiated with Thames Water for additional rent to be paid to the charity to enable the contractors, responsible for laying the high-pressure water 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. **9.** One of the trustees and the clerk represented the charity at the new Radiotherapy Unit at the Great Western Hospital celebrating the work done on bringing Radiotherapy to Swindon. The charity has contributed towards the cost of the Linear Accelerators and the CT Scanner installed in the new Radiotherapy Unit. One 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 48 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 2022 the following new major grants were awarded. To the Hannington Parochial Church Council to purchase commercial mowing equipment for future, in house, maintenance of the Hannington churchyard. To Highworth Town Council towards the restoration of the “Dovecote” normally placed at the entrance to Haresfield. To the Great Western Hospital “Brighter Futures” appeal for a new CT Scanner to be installed in the new Radiotherapy centre attached to the GWH. To the Blunsdon Village Magazine group to cover the losses resulting from the Covid-19 pandemic. To the Castle Eaton Parish Church to cover some of the costs of the restoration of the inner ceiling of the church. During the year two long standing grants were finally paid out. Namely to the GWH Brighter Futures appeal for funding towards the purchase of the Linear Accelerators for the new Radiotherapy Unit. The long-standing grant for the Highworth Skate-park was also paid during this year. The Skate-park is now fully usable. 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 charity is still holding in reserve the funds to pay for the grants awarded in previous years but not yet taken including for the Artificial Pitch for the Highworth Junior Football Club to be located at Warneford School. Also, for the Rainbow Trust when a suitable recipient is discovered. A grant is also being held for Joss/Searchlight, again for when a suitable patient is found. Grant awards totalled £87325.55 (including Christmas pensioner gifts totalling £9600.00). The figure of £84315.75 is as yet unpaid and is included in creditors at 30[th ] June 2022 ## **Page 10** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2022 (CONTINUED)** ## **FINANCIAL REVIEW** Investments with the Investment manager at Quilter Cheviot and those with the Charities Official Investment Fund are quoted at their given market value on 30[th] . June 2022. The changes in these valuation totals reflect the changes in the London Stock Market throughout the year. The Discretionary Status of Investment Management has continued. The Investment Manager has continued making a few changes to the portfolio within the limits of the agreed classes of ranges. ## **Notes** . Dividends on listed investments, compared to 2021 have increased by 16.65%. The interest on deposits has continued at an historic low this year producing just 0.06% of investment income. The Investment Property rental income remains a stable source of funds this year producing 34.91% of the investment income. Costs of generating funds represent 24.63% of investment income A breakdown is given in note 6 to the accounts. Charitable grants, shown as a charge in the accounts, increased from £62245.99 in 2020-2021 to £87325.55 in 2021/2022. A brief breakdown of grants is shown in note 6 to the accounts. **To summarise** , total incoming resources exceeded total resources expended by £104339.83 compared to £7572.71 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 £179784.39 decrease compared with an increase of £351162.50 in 2020/2021. Reserves held at 30[th] June 2022 totalled £5974932.01 (£3133815.22 unrestricted funds, £41116.79 restricted income fund, plus £2800000.00 endowment funds) compared with £5803553.90 (£3002553.90 unrestricted funds plus £2800000.00 endowment funds) held at 30[th] June 2021 ## **Despite the considerable decrease in overall valuation this year due largely to the passing effect on investment values of the pandemic, which has caused a net outflow of funds in the year, the charity remains in a strong financial position, with a high level of reserves available to support its future activities.** ## **Page 11 THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2022 (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 threeyear 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 - (b) make judgements and accounting estimates that are reasonable and prudent - (c) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. - (d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue on that basis. Pag•12 THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30-. JUNE 2022 (coKriNUED) The trustees are responSi￿e for keeping adequate accountir•J records that are sufficient lo show and to explain the charrtable company's transactions ar¥J disdose wth reasonabl8 accuracy al any bmethe financial position of the tharitab￿ company and enable them lo ensure the financial stater￿rrt$ comply with the Companies Act 2C¥J6. Try are also respon￿b￿ for safeguarding the assets of the thartsblè Compgry and hence for the takn"ThJ ns relating to ￿mpanieS subjeGt to the small companses. fegimes within part 15 of the Companies AL# 21x6 Approval of this reviow of th• 11t. Juty 2021 to 30th Jum 2022 This report was apkyoved by ts Irusteesldire(*ots on On their behalf by {Name Printed) Signature Page 13 INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE THOMAS FREKE AND LADY NORTON CHARITY {CHARITY NO.1157967. COMPANY NO. 09071364) I report on the accounts of the charrtable company for the year ended June 2022 which are sel out on pages 15 to 23. Rgspgctive r•sponsibiliti8s of trustoes and examinor The trustees (who are also the diredots of the c¢)mpany for tt)e purposes of company lawl are responsible for the preparation of the a¢￿Unts in a￿ordan￿ with the requirements of the Companies Act 2006. The chafity's trustees consider that an audrt is not required forthis year under Part 16 of the Companies Act 2006 and that an independent examination 1$ needed. Having been satisfied Ihatthe chanty is nol Su￿.eCtIO atyjrt urKler company W and is eligible for independent examination it is my responsibilrty lo". examine the accounts under seclion 145 of the Charitres Aca 2011., to follow the procedures laid down in the General Directions given by the Charity Commission under section 1451511b) of the 2011 Act. and lo state whether particular matters have come to my attention. Basis of independent examiners. report My examination was carried out in ac￿rdan￿ with the General DireL*ions given by the Charity Commission. An examination includes a review of the aCcour￿"n9 records kept by the charity and a comparison of the accounts p￿sented with those records. It also includes ￿nSIderatIon of any unusual items or disclosures in the 8ccounls, and seeking explanations frtxn the trustees conceming any such matters. The procedures undertaken do not promde all the evidence that woukl be required in an audrt, and, ts)nsequenlly no oiinion is given as to whether the accourts present a and fair view ar￿ ttte report is limrted to those matters sel out in the slaternent below. Page14 INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE THOMAS FREKE AND LADY NORTON CHARITY (CHARI￿ NO.11S7%7. COMPANY NO. 090713641 ICONTINUEDI Independent examlners. statomenl In connection wrth my examination. no matter has come to my attention ¥thich gNes me eause to beI￿ve that in any malellal respect.. accounting records were not kept in accordance wrth section 386 of the CoMpan￿S Act 2006., or the accounts do not accord wrth suth records" or the accoLtnts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a true and fair, view which is not a matter considered as part of an independent examinab"on" or the a￿o￿ntS have not teen prepared in accordan￿ wth the Stalemenl of Recommended practi￿.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Rewrting Standard applicat4e in the UK and the Republic of I￿land IFRS 1021. I have no concems and have come across no other matter5 in connedion the examination lo whi attention should te drawn in this report in order to enable a rffoper urKlerstandirwJ of the accounts to t reached. 47 Well Cross Road, Robin5wood. Gloucester. Miss K J Bn"rKlley FCCA GL4 6RA K J BRINDLEY AND CO. charter￿ Cerbfiod Accountants Dale... 20 **Page 15** ## **THE THOMAS FREKE AND LADY NORTON CHARITY** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30[TH] JUNE 2022** Notes Unrestricted Endowment **Tota** l Unrestricted Restricted Endowment |Total|||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| ||||Funds|Funds||**Funds**|Funds Income|||Funds|| |Funds|||||||||||| |||||||||Fund|||| ||||2021|2021||**2021**||2022|2022||2022| |2022|||||||||||| ||||**£**||**£**|**£**||**£**|**£**||**£**| |**£**|||||||||||| |**INCOMING RESOURCES**|||||||||||| |Donations (including gift aid)|2|||||77664.96|||||77664.96| |Investment Income:|||||||||||| |Interest on Deposits|3||11.74|||11.74|48.42 20.79||||| |69.21|||||||||||| |Dividends on Listed|||||||||||| |Investments||3|66305.95|||66305.95||77347.80|||| |77347.80|||||||||||| |Rent Receivable|||4||39268.39 39268.39||||960.00||| |40558.80 41518.80|||||||||||| |Sundries|||3|30.47
|||30.47
||11.47
||| |11.47
|||||||||||| |||||||156032.65
||||40558.80|| |196612.24|||||||||||| |**Other:**|||||||||||| |Funds from Mary Matthews Charity||||||||44785.57|||| |44785.57|||||||||||| |Funds from Kate Light Bequest||||||||41230.80|||41230.80| |Total Incoming Resources|||**66348.16**
||**39268.39**
||**105616.55**
||**200818.22**
||**41251.59**
| |**40558.80**
**282628.61**
|||||||||||| |**RESOURCES EXPENDED**|||||||||||| |**Cost of Generating Funds**|5|||26536.61||26536.61|||||29303.83| |29303.83|||||||||||| |**Charitable Grants**|6|62245.99||||62245.99|87190.75||134.80||| |87325.55|||||||||||| |**Material Expense**|7|||||||17604.96|||| |17604.96|||||||||||| |**Governance Costs**|8|11674.88
||12731.78
||24406.66
|32799.47
||______||11254.97
| |44054.44|||||||||||| |Total Resources Expended||**73920.87**
||**39268.39**
||**113189.26**
||**137595.18**
||**134.80**
|| |**40558.80**
**178288.78**
|||||||||||| |**Net incoming/outgoing resources**|||||||||||| |**(net income/expenditure) before**|||||||||||| |**gains/losses on revaluations and**|||||||||||| |**disposals of Investment Assets**|||-7572.71|||-7572.71||63223.04||41116.79|| |104339.83|||||||||||| |**Gains(Losses) on revaluation**|||||||||||| |**and disposals of Investment**|||||||||||| **assets** 358735.21 358735.21 -284124.22 ________ - 284124.22 **Net Movement of Funds for Year 351162.50 351162.50 -220901.18 41116.79 -179784.39 Total Funds Brought Forward** 3003553.90 2800000.00 5803553.90 3354716.40 2800000.00 6154716.40 6154716.40 **Total Funds Carried Forward 3354716.40 2800000.00 6154716.40 3133815.22 41116.79 2800000.00 5974932.01** There were no recognised gains or losses for 2021 or 2022 other than those included in the Statement of Financial Activities P•g• 16 THE THOMAS FREKE AND LADY NORTON CHARITY BALANCE SHE￿ AS AT 30Tr1 JVNE 2022 Toi81 Fur Fur IroTh Furxts Fun 2022 FIXED ASSETS ¥•*ments COIF Sha Quotsd IDvesmgrts Investrrwnt Pr¢wrb•S 49S767.15 10 2798347.rii 15 507123.16 2799347 ￿ 2421034.0) 123.16 2421834. 2W)x*).t￿ 280CthO.(L) 12 38972.50 X￿32.50 TOTAL FIXED ASSETS 28QOOOO.00 $935189.86 CURRENT ASSETS O¢btor¥ Cish al Bank C¢JF Dep￿. Cash o18aTr* thr xwwiis 13 14457.34 444.49 95n6.70 14457 34 17293.29 44449 357.94 41116.79 17293.29 444.49 121474 n 95Th.70 TOTAL CURRENT ASSETS 110B38 11116x53 9WJ95.72 41116.79 139212.51 CREtMTORS . AMOUIIT FALUNG DUE W￿THIN ONE YEAR 14115 91rth78 911¥M.78 99470 18 70.16 NET CURReKr Ass 19629.75 19629.75 -1374.44 4111&79 39742.36 TOTAL ASSETS LESS CURREIIT LIABILITIES 3354710AO 2WOlllhlOO 8154718AO 31338152Z 41116.n 280(*JOQ.00 5974P32.01 FUNDS EndowJnRM Funds Rev&u*on Fund Unrestricled Incorm Furvj ResiTkied In￿rnE Fund 1714531.(NS 1774531.C 3354716.40 171453t.C6 1774531.( 3133815.22 4111679 3JY71&40 313381522 41116.79 TOTALcI1￿1lTy FUNDS 18 33S471&40 2*Xth.t*Y 6154716AO 313J81&22 41116.79 2800000.00 5974932.01 Subject lo Ihe Sm￿1 compon*. fw'me ¥vJ FRs1￿ SORP T8latingtosm8kcrrfnpaThe6 and Ihe ￿MberS hBve rKrtrwr8dtt*(xxnpairytoobt• an a￿litOfitsac￿U￿t$f0rthe yearin qUes￿n inaccordwKewlh Comp￿￿39￿12c(￿. 5476. The Iru8le88, wh)*e 8Ists+*ectors. ￿￿rI￿ledge tlwrespon8ibilities forC￿p￿1￿9 Ar￿ 5wn&J on Ihtyr t*hdrty Slgnabjrn **Page 17** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022 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 2022 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 18** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2022 (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 DONATIONS** |**2021**
Donations comprise:-
Donations made to fnance purchase of land at Hannington
Wick

Gift Aid thereon

Grant from Swindon Borough Council to fund tree planting

|**2022**
53400.00
8100.00
16164.96
________
**77664.96**| |---|---| ## **3 INVESTMENT INCOME** Sundry Investment income comprises Way Leaves and ground rent. ## **4 INVESTMENT INCOME – RENT RECEIVABLE RE ENDOWMENT PROPERTY (Charity Reg. Number 1157967)** |||**2021**|**2022**| |---|---|---|---| |Endowment Investment Property 1||17278.80|17278.80| |Rent received from letting to Thames Water|& Keir|5209.59|6500.00| |Endowment Investment Property 2||16780.00|16780.00| Total Investment Property income **40558.80** **39268.39** ## **4A Rent received from land at Hannington Wick (Not endowed) 960.00** ## **Page 19** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022 (CONTINUED)** ## **5 COSTS OF GENERATING FUNDS** |**5** **COSTS OF GENERATING FUNDS**||| |---|---|---| ||**2021**|| |**2022**||| |Investment Management Costs|12068.57|| |14608.63||| |Investment Property Expenses||| |Management Costs
|2713.82
|2693.51| |Insurance
|1909.36
|2515.59| |Repair Costs
|6745.26
|9486.10| |Special safety, Asbestos removal|3099.60|| ||**________**|**________**| ||**26536.61**|| |**29303.83**||| |**6 CHARITABLE GRANTS - FROM UNRESTRICTED FUNDS**||| ||**2021**|**2022**| |Grants to organisations and individuals|59036.67|| |78315.75||| |approved during year||| |Grants to organisations and individuals approved|-7590.68|| |During year not taken up/excess paid||| |Grants to organisations and projects in prior years||-725.00| |Not taken up/excess paid||| |Christmas gifts to needy pensioners|10800.00|| |9600.00||| ||_________|________| ||**62245.99**|| |**87190.75**||| |Grants made to organisations and individuals approved||| |During the year comprise||| |Grants to organisations
|60885.99|87190.75| |Grants to Individuals|1360.00|| _________ ________ **62245.99** **87190.75** ## **CHARITABLE GRANTS - FROM RESTRICTED INCOME FUND** Chocolates given to children at Christmas service **134.80** ## **7 MATERIAL EXPENSE** Tree planting costs on land at Hannington Wick **17604.96** . ## **Page 20** **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022 (CONTINUED)** ## **8 GOVERNANCE COSTS** |**2022**
Independent Examiners Fee

Clerk’s Salary

4375.00
Clerk’s Expenses

Bank Charges

131.00
Companies House Annual Return Filing Fee
13.00
Accountancy Fees Re Corporation Tax Return

Legal and Professional Fees – Re- proposed land
Development

38124.86

|**2021**
1032.00
1080.00
4375.00
190.46 330.58
83.00
13.00
162.00
18551.20
_______
________
**24406.66**
| |---|---| ## **44054.44** No employee benefits were paid to the clerk who is the sole employee **9 INVESTMENTS - COIF INCOME SHARES [2020/2021], COIF ETHICAL FUND [2021/2022]** **2021** **2022** Balance b/f 1[st] July 433147.56 496767.15 |Invested in year (part funds transferred from|||| |---|---|---|---| |Mary Matthews Charity)|||40833.87| |Realised proft on transfer from Income Shares to Ethical|||| |Fund transferred to Statement of Financial Activities|||2568.53| |Gain/loss on revaluation transferred to|||| |Statement of Financial Activities

|63619.59
__
_______||-33046.39
_________| |Balance c/f 30thJune
||**496767.15**|| |**507123.16**|||| |(Valuation provided by COIF Investment Managers)|||| ## **Page 21** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022 (CONTINUED)** ## **10 INVESTMENTS - QUILTER/CHEVIOT QUOTED INVESTMENTS** |
Balance b/f 1st. July

2798347.00
Capital Withdrawal
Proft(loss) on disposals transferred to Statement
of Financial Activities
-19671.57
Proft(loss) on revaluation transferred to Statement
of Financial Activities

-233743.88
Dividends reinvested
1807.99
Investment management cost paid ex –capital
-14905.54
_
Balance c/f at 30thJune

**2421834.00**
(Valuation provided by Investment Managers)

Balance includes cash held
77128.06|**2021**
**2022**
2513238.00
-110000.00
20582.11
274533.51
17.71
-10024.33
_________ __________
**2798347.00**

_________ _________
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 16.0% HSBC Etfs S & P 500 9.5% **2021 2022** ## **11 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 2022 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. ## **Page 22** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022 (CONTINUED** ) ## **12 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 Addition:The Queens Platinum Jubilee Wood (at cost) 166260.00 _______ _________ **39972.50** ## **206232.50** The Charity considers that it would be inappropriate to depreciate these properties since their useful life is unlimited. ## **13 DEBTORS** |Accrued income
|**2021**|**2022**| |---|---|---| |Interest on deposits||| |0.33||| |Dividends
|5941.64|8392.56| |Rent receivable
|8514.70|| |8754.70||| |Other debtors
|1.00|| |145.70
|________|| |________||| ||**14457.34**
|| |**17293.29**||| |**14 CREDITORS DUE WITHIN ONE YEAR**|**2021**|| |**2022**||| |Grants awaiting payment
|72568.35|84315.75| |Rent – Paid in Advance (Keir / Thames Water)|4790.41|| |4790.41||| |Mary Matthews Charity – Sum held
|3951.70|| |Accrual – Independent Examiners Fees|1032.00|| |2112.00||| |Accrual – Investment Management costs|3779.86|| |3482.95||| |Accrual -Land Management costs|
553.46|| |569.05||| |Accrual – Professional Fees
|4320.00|| |4200.00||| |Accrual - Companies House Filing Fee|13.00|| ||_________|_________| ||**91008.78**
|| |**99470.16**||| ## **15 RELATED PARTY TRANSACTIONS** There were no related party transactions during the year Trustees received no emoluments during the year (2020/21 – nil) nor were any expenses reimbursed to them (2020/21 – nil) ## **Page 23** **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022 (CONTINUED** ) **16 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. During the year the charity received the assets of both the Mary Matthews Charity (ex-charity number 200823) and the Kate Light Bequest (ex-charity number 309468). All current 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 2021 to 30[th] June 2022** **Movement of Funds** Unrestricted Fund Restricted Income Endowment Fund Total Funds Fund Balance brought forward £3354716.40 £2800000.00 £6154716.40 1[st] July 2021 Net movement of Funds for year (See Page 15) Unrestricted -£220901.18 - £220901.18 Restricted £41116.79 £41116.79 Balance carried forward **£ 3133815.22 £41116.79 £2800000.00 £5974932.01** 30[th] June 2022