**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YEAR ENDED 30[TH] JUNE 2024** **This is the tenth Annual Report and Financial Statements of the Company/Charity which superseded the Un-incorporated charity “The Thomas Freke and Lady Norton Charity” Charity Commission Number 200824.** **Embedded within this report is the report of the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 2024** ## **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 - 21| **Page 3** ## **THE THOMAS FREKE AND LADY NORTON CHARITY** ## **LEGAL AND ADMINISTRATIVE INFORMATION 2023 – 2024** |Trustees|Mr. J. Michael E. Scott|| |---|---|---| ||Mr. George. Arkell|| ||Mrs. Alison C. Talbert|| ||Mr. Spencer Davies|| ||Mr
Philip Sapwell|| ||Mrs Rebecca Sperti|| |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|RWK Goodman|| ||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 2024 (INCORPORATING DIRECTORS’ REPORT)** The Trustees present this their tenth report of the new company/charity together with the financial statements of the company/charity for the year ended 30[th] June. 2024. ## **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 2023 to 30[th] June 2024 Mr J. Michael E. Scott Mr George Arkell (Reappointed April 2024) Mrs Alison Clare Talbert Mr. Spencer Davies Mrs Rebecca Sperti 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 threeyear 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 2024 (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 Clerk remains the sole employee of the company. 2. The trustees have continued the work of the Property Sub-Committee during the year. It is felt that this development is essential to continue to maintain and improve the status of the various parcels of land now owned by the charity by exercising internal control. Examination of the Accounts for 2023/2024. 4. 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 at two. The Clerk initiates all payments. The only use of Bank cheques continues to be to make the payments to the needy pensioners for their Christmas Gift. 5. The trustees continue to 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 gift to recipients exists within the present GDPR regulations, so the trustees will continue to issue cheques. All but one of the recipients of the cheques were able to cash them this year. 6. The charity runs the Kate Light Bequest and now has the investment held within the full charity Ethical Account at the CCLA. Money was provided from the Bequest to provide chocolates for the village children at Christmas. 7.The charity has continued following the possible development of part of Roundhill Farm. Most of the needed surveys have been completed this year. The preliminary application for the development has been presented to the Swindon Borough Council. Savills have continued working on the project and is preparing for the Public Consultation process to be held early in the next charity year. The final major archaeological survey will be completed closer to the time when the land is no longer being used by the tenant in this growing season. 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 continues. **Page 6** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2024 (CONTINUED)** ## **DEVELOPMENT (CONTINUED)** 8. During the year the tenant of Roundhill farm has completed the up-grade the beef-stock buildings. They have been replaced by a modern, open designed fully self-sufficient cattle shed, financed by him through a tenant’s financial agreement. The trustees have visited the new Cattle Shed and thoroughly approved its construction, purpose, and activity in improving the conditions for the cattle on the farm. The farm rent modifications have been approved as a result. 9. The charity holds only the minimum limited level of personal data necessary for the distribution of grants and has, as a result, been registered as a non-fee-paying entity with the Information Commissioners Office (ICO) 10. The charity had to pad-lock the gateway to the village field following the possible entrance of people wishing to use the field for un-approved purposes. Later, an up-to-date Security entry system, in the form of a pair of commercial parking prevention bollards immediately behind the larger of the twin gates, has been installed to prevent the entry of vehicles but to allow free access by walkers, especially dog walkers. The free entry of pedestrians has been greatly appreciated by the locals. The company maintaining the field has its own set of keys to allow access when necessary. 11. The buildings at the Queens Platinum Jubilee Wood (QPJW) have been rented out to a local resident to use as his storage facility. He has also agreed to unofficially keep the development of the trees under observation. The new rent for this has been negotiated by the Land Agent and is included in the rents received section of the finances. ## **ACTIVITIES.** The Trustees of the charity met on their usual four occasions in the year, in October and November 2023 and in March and June 2024. Much of the work of the charity throughout the year has continued to be been conducted via electronic communication primarily between the clerk and individual trustees through emails. The Property Committee met 4 times during the year. The Land Agent attended 2 of these. He was unable to attend on one occasion through having Covid. The Property Committee reported to the full trustee meeting after each meeting. Throughout the continuing work on the Roundhill Farm project the trustees feel it is vitally important that this committee continually assesses its progress. 1. A continued change for this year has been in the way in which the charity has maintained the two social Investment pieces of land in Hannington. A new maintenance procedure has been established with the company which had maintained the basics of the village field also continuing to carry out the complete maintenance of Ambrose Walk. It was decided to continue to reduce the usage of the Village Field and Orchard by allowing most of the grassland to “rewild”. A different maintenance programme has been initiated this year compared to the two previous years. 2. The care of the orchard trees in the village field has continued. There is still a major problem with weed growth around the tree trunks. This continues to be monitored and ideas for tackling the weeds discussed. Bio-mats have been placed surrounding the bases of the trees in an attempt to try to prevent the growth of weeds immediately around the trunks of the trees and make it easier for the maintenance company to work near to the trees. **Page 7** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2024 (CONTINUED)** 3. The trustees agreed to continue to maintain the essential Insurance of the farms and the other social investments, including The Queen’s Platinum Jubilee Wood. 4. The Land Agent has again 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. Rent of the compound ceased 30[th] June 2024. **5. The main activity** of the charity continues to be the awarding of grants to organisations within the Area of Benefit. The charity, in early December 2023, delivered Christmas gifts to 39 needy pensioners in the Area of Benefit, other than Highworth, which has its own scheme for pensioners in need. At the beginning of the year the charity was still holding in reserve the funds to pay for the grants awarded in previous years but not yet taken. It was decided that the following agreed grants must now be withdrawn as the period from date of grant to current date exceeded four years. The funds being locked for these grants are now needed in the current year. These include the grants for the Artificial Pitch for the Highworth Junior Football Club. Also, for the Rainbow Trust when a suitable recipient is discovered. A grant was also being held for Joss/Searchlight, again for when a suitable patient is found. The potential recipients of all these grants have been notified and advised to apply again when suitable recipients are found. 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. Grants agreed during this year have included. One to the Highworth and Hannington Bell Ringers to supply Mutes for the Bells in Hannington Church. One to The Hannington PCC to finance the Fire Safety requirements of the Hannington Village Hall. One to the Highworth Diving Board Replacement Appeal, to replace the existing obsolete diving board with a new high standard fitting. Grant awards totalled £39785.17 (including Christmas pensioner gifts totalling £7800.00, and towards the Social Assets £18312.14). The figure of £7858.58 unpaid grants is included in creditors at 30[th ] June 2024 **Page 8** ## **THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2024 (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 2024. 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 2023 have increased by 11.46%. The interest on deposits has risen from an historic low over the past few years this year producing 1.72% up from 0.63% of investment income last year. The Investment Property rental income remains a stable source of funds this year producing 29.69% of the investment income. Costs of generating funds represent 14.80% of investment income A breakdown is given in note 5 to the accounts. Charitable grants, shown as a charge in the accounts, decreased from £69354.96 in 2022/2023 to £39785.17 A brief breakdown of grants is shown in note 6 to the accounts. **To summarise** , total incoming resources exceeded total resources expended by £38400.16 compared to £29156.14 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 £359138.70 increase compared with the slight increase of £3135.63 in 2022/2023. Reserves held at 30[th] June 2024 totalled £6337206.34 (£3491127.56 unrestricted funds, £46078.78 restricted income fund, plus £2800000.00 endowment funds) compared with £5978067.64 (£3136991.98 unrestricted funds plus £41075.66 restricted income fund and £2800000.00 endowment funds) held at 30[th] June 2023 **The charity remains in a strong financial position, with a high level of reserves available 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 2024** ## **(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 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 to maintain the level of the unrestricted fund. This target has been achieved this year and the charity remains in a strong and viable condition. ## **Investment Policy** Investments continue to be managed professionally to provide income but without high risk endangering the continuing capital value. The Investment Management team have achieved this in the financial year. ## **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 finances 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 ENDED 30TH JUNE 2024 (coKriNUED) The twstees are responsibte for keeping adequate accounting records that are sufficient to show and to ex￿ain the charitsble company's transactions and disclo* with reasonable accuraoy at any time the financial position of the charitable company and enable them lo ensuré the financial sLgtements comply with the Companies Act 2006. They are also 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 I￿egULar[tIes. Small Company Regime This report has been p￿pared in accordance with the special provisions relating to companFes subject to the small companies, regimes within part 15 of the Companies Act 2006 Approval of this review of the year 1*1 July 2023 to 30th June 2024 This report was approved by the trust￿dIrectorS on On their behalf by (Name Printed) L£ Signature ## **Page 11** ## **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 charitable company for the year ended 30[th] June 2024 which are set out on pages 13 to 21. ## **Respective responsibilities of trustees and examiner** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. The charity’s trustees consider that an audit is not required for this year under Part 16 of the Companies Act 2006 and that an independent examination is needed. Having been satisfied that the charity is not subject to audit under company law and is eligible for independent examination it is my responsibility to: - examine the accounts under section 145 of the Charities Act 2011; - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **Basis of independent examiners’ report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. Page 12 INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE THOMAS FREKE AND LADY NORTON CHARITY (CHARifi NO.1157967, COMPANY NO. 09071364) (CONTINUED) Independent examiners, statement In connection with my examination, no matter has come to my attention which gives me cause to believe that in any material respect: accounting records were not kept in accordan￿ with section 386 of the Companies Act 2006,. or the accounts do not accord with such records.. or the aco)unts 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 examination., or the accounts have not been prepared in accordance vlith 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 {FRS 102). I have no cOn￿mS and have come across no other matters in connection with the examination to which attenlion shou5d be drawn in this report in order to enable a proper understanding of the accounts to be reached. 47 Well Cross Road, Robinswood, GIou￿ster. Miss K J Brindley FCCA GL4 6RA K J BRINDLEY AND CO. Chartered Certified Accountsnts 202S ## **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 2024** |NotesUnrestrictedRestrictedEndowmentTotalUnrestrictedRestricted|NotesUnrestrictedRestrictedEndowmentTotalUnrestrictedRestricted|Endowment|Total| |---|---|---|---| |Funds Income Funds Funds Funds Income Funds||Funds|| ||Fund
Fund||| ||2023 2023**2023**2023 2024 2024|2024|2024| ||**£**
**£ £ £ £ £**|**£**|**£**| |**INCOMING RESOURCES**|||| |Donations (including gift aid)|2 5851.05
5851.05||| |Investment Income:|||| |Interest on Deposits|3 389.27 375.32
764.59 2211.98||2211.98| |Dividends on Listed|||| |Investments|3 79053.02 79053.02 86847.19 1267.85||88115.04| |Rent Receivable|4 600.00 40599.21 41199.21 200.00|37958.80|38158.80| |Sundries
|312.47 12.47 12.47______|________|12.47| ||85905.81 375.32 40599.21 126880.34 89271.64 1267.85|37958.80|128498.29| |Total Incoming Resources|**85905.81375.32 40599.21 126880.3489271.641267.85**|**37958.80**|**128498.29**| |**RESOURCES EXPENDED**|||| |**Cost of Generating Funds**5|21124.19 21124.19|19021.44|19021.44| |**Charitable Grants**
6|68938.51 416.45 69354.96 39677.17 108.00||39785.17| |**Material Expense**
7|6463.08 6463.08 1824.00||1824.00| |**Governance Costs**
8|39619.23________19475.02 59094.25 10530.16|18937.36|29467.52| |Total Resources Expended|**115020.82416.4540599.21 156036.48 52031.33 108.00**|**37958.80**|**90098.13**| |**Net incoming/outgoing resources**|||| |**(net income/expenditure) before**|||| |**gains/losses on revaluations and**|||| |**disposals of Investment Assets**|-29115.01 -41.13 -29156.14 37240.31 1159.85||38400.16| |**Gains(Losses) on revaluation**|||| |**and disposals of Investment**|||| |**assets**
|32291.77 **______**32291.7**7 316895.273843.27**||**320738.54**| |**Net Movement of Funds for Year**|**3176.76 -41.13 3135.63 354135.58 5003.12**||**359138.70**| |**Total Funds Brought Forward**3133815.2241116.79 2800000.00 5974932.01 3136991.98 41075.66||2800000.00|5978067.64| |**Total Funds Carried Forward3136991.98 41075.66 2800000.00 5978067.64 3491127.56 46078.78**||**2800000.00**|**6337206.34**| There were no recognised gains or losses for 2023 or 2024 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 2024 T(tsl Funds Furbjs Income Fund 2023 Fwjs FU￿￿$ I￿Y￿e FuThJ 2024 FuThYs 2023 2024 2024 2024 FIXED ASSETS Investmen COIF Shares s1￿.61 Quoted lftve5trnents to 2429281. Investment Properties 11 Sodal Investr)ents Propertie5 518856.81 _ 522484.81 44918.93 2429281 CKJ 2638757.C 537403.74 2638757.Q) 2800000.00 12 2(6232.50 X0232.50 TOTAL FIXED ASSETS 31 7474. 11 I￿1 44918.93 2800000.00 6212393.24 CURRENT ASSETS Debtors Cash a¢ C(YF tkiKk8rt Cash ai B& 13 25254.96 444.49 33967.68 7107.S 22980.95 4U.49 123930.85 444.49 444.49 3W.68 122770.80 1159.85 TOTAL CURRE1￿ ASSETS 25699A5 41075. 775.11 14619624 1159.86 147356.09 CRED￿ORs . AMOUNT FALLING DUE WITHIN ONE YEAR 14115 43077.58 77.58 22542.99 22542.9 NET CURRENT ASSETS -17378.13 41075. 23697￿3 123653.25 1159AS 121813.10 TOTAL ASSETS LESS CURRENT LIABILITIES 3136991. 41075.86 28000W.iXI 59 127A6 46078.78 280 72 FUNDS 16 End0wm￿t Funds Pernanent ETrJowrn8nt Investment propety Revaluation FUTh un￿$t￿cted Incow* FuThJ Resirided Incorn8 Fund 1025468.94 1025468.94 1025468.94 1025468.94 1774531.1 1774531.(6 3136991.98 3491127. 41075.e6 1774531.C6 1774531.06 3491127.56 46078.78 3136991.98 41075.86 4￿78.78 TOTAL CHARITY FUNDS 3136991.98 41075.66 2800000.00 6978067.64 3491127.56 46078.78 281)00000 6337206.34 The financial statements have prepa￿ in al￿rdance the pmvisions ofts Compan*s Act 2Cx% aFyluble to o)mp8nies subject to the small wnpan*s' re91￿ and in aClxrdan￿ V￿th FRS1(r2 SORP. For the finanaal year ended 31Y June 2024. the c(#mpany was ent￿ed to exemption from audit under Companw Act 20c￿, $477 relating to small ty)mp8nies and the ￿mbe￿ have not required the c4)mpany to obtsin an audrt of its accLJunts forthe year In quests.on In 3cctsrdan th CompaniesAct 2006, s476. The trustees, are also direclor5, ac*￿0￿edge their responsibilities for ￿lplying with the requirements of the Companles Act 2006 valh respect lo a0￿Unts.￿g r￿4)rdS. aThJ for the preparat￿)n of aC￿unts. This report was approved by the tntstees on And signed on their behaNby -f-Thi Slgnatsjre **Page 15** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2024** ## **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 2024 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 2024 (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** **2023 2024** Donations comprise:Grant from Swindon Borough Council to fund tree planting 5851.05 ________ _______ **5851.05** ## **3 INVESTMENT INCOME** Sundry Investment income comprises Way Leaves and Ground Rent of the two houses in Skinners Close . ## **4 (Charity Reg. Number 1157967)** |
Endowment Investment Property 1

Rent received from letting to Thames Water & Keir

Endowment Investment Property 2

Total Investment Property income

**4A**
**Rent received from land at Hannington Wick**
**(Not endowed)**|**2023**
17278.80

6540.41
16780.00

**40599.21**
**600.00**
|**2024**
17278.80
3900.00
16780.00
**37958.80**
**200.00**| |---|---|---| |||| ## **Page 17** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2024 (CONTINUED)** |**5** **COSTS OF GENERATING FUNDS**

**2023**
Investment Management Costs 13640.06

Investment Property Expenses
Management Costs
2260.62
Insurance
2668.51
Repair Costs
2555.00
**________ **
**21124.19**

**6 CHARITABLE GRANTS - FROM UNRESTRICTED FUNDS**
**2023**

Grants to organisations and individuals
83209.51

approved during year
Grants to organisations and individuals approved
-316.00
During year not taken up/excess paid
Grants to organisations and projects in prior years -22955.00

Not taken up/excess paid
Christmas gifts to needy pensioners
9000.00
**_________**
**68938.51**
Grants made to organisations and individuals approved
During the year comprise
Grants to organisations
83209.51
Grants to Individuals
**_________**
**83209.51**

**CHARITABLE GRANTS - FROM RESTRICTED INCOME FUND**
Chocolates given to children at Christmas service
140.00
Chocolates given to children at Coronation Party
276.45
**416.45**|**2024**
13517.14
2599.28
2905.02
**________**
**19021.44**
**2024**
60521.37
-594.20
-28050.00
7800.00
**________**
**39677.17**
60521.37
**________**
**60521.37**
108.00
**108.00**| |---|---| **Page 18** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2024 (CONTINUED)** |**7**
**MATERIAL EXPENSE**
**2023**
Tree planting costs on land at Hannington Wick
**6463.08**
Essential Tree maintenance Costs
.
**8**
**GOVERNANCE COSTS**
**2023**

Independent Examiners Fee
1134.00
Accountancy Fees re Corporation Tax Return
Clerk’s Salary
4375.00
Clerk’s Expenses
391.89
Bank Charges
92.00
Companies House Annual Return Filing Fee
13.00
Leaving Gift
80.00
Legal and Professional Fees and Planning Application
Cost – Re- proposed land Development
53008.36
_______
**59094.25**

No employee benefits were paid to the clerk who is the sole employee
**9 INVESTMENTS - COIF ETHICAL FUND Includes Kate Light Bequest.**

**2023**
Balance b/f 1stJuly
507123.16

Gain/loss on revaluation transferred to
Statement of Financial Activities
11733.45

_________
Balance c/f 30thJune
**518856.61**

(Valuation provided by COIF Investment Managers)|**2024**
**1824.00**
**2024**
1182.00
300.00
6250.00
357.04
84.00
34.00
21260.48
________
**29467.52**
**2024**
518856.61
48547.13
_________
**567403.74**| |---|---| **Page 19** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2024 (CONTINUED)** ## **10 INVESTMENTS - QUILTER/CHEVIOT QUOTED INVESTMENTS** |
Balance b/f 1st. July

Capital Withdrawal – transfer to Bank Cash Acc.

Profit(loss) on disposals transferred to Statement
of Financial Activities

Profit(loss) on revaluation transferred to Statement
of Financial Activities

Dividends reinvested
Investment management cost paid ex –capital


Balance c/f at 30thJune

(Valuation provided by Investment Managers)

Balance includes cash held
|**2023**
**2024**
2421834.00
2429281.00
- 50000.00
19061.22 10923.79
2008.79 262069.35
-13623.01
-13517.14
__________ __________
**2429281.00**
**2638757.00**
_________ _________
61119.72
65144.19| |---|---| Investment in the following companies comprises more than 5% of the value of the charity’s holdings in quoted securities |Allianz Gbl Inv UK|13.8%|12.5%| |---|---|---| |HSBC Etfs S & P 500
|10.4%|10.5%| ||**2023**|**2024**| |**11 INVESTMENT PROPERTY – ENDOWED CHARITY**||| |Freehold Properties , Roundhill Farm Highworth||| |And Snowswick Farm Buscot||| |Balance brought forward 1st. July - valuation|2800000.00|2800000.00| |Balance Carried forward 30th. June
|2800000.00|2800000.00| The valuation at 30[th] . June 2024 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 20** # **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2024 (CONTINUED** ) ## **12 SOCIAL INVESTMENTS** Freehold Properties purchased for the benefit of the community of Hannington |
“Village Field” at Skinners Close, Hannington (at cost)
Ambrose Walk Hannington (at cost)

The Queens Platinum Jubilee Wood (at cost)


|**2023**

27472.50
12500.00
166260.00
_______
**206232.50**|**2024**
27472.50
12500.00
166260.00
_________
**206232.50**| |---|---|---| The Charity considers that it would be inappropriate to depreciate these properties since their useful life is unlimited. ## **13 DEBTORS** |Accrued income
**2023**

Interest on deposits
1.60
Dividends
9604.71
Rent receivable
8634.70
Other debtors
7013.95
Funds due to Kate Light Bequest (see note 14 below)
7107.98
________
**32362.94**
**14 CREDITORS DUE WITHIN ONE YEAR 2023**
Grants awaiting payment
30058.35

Kate Light Bequest
7107.98
Accrual – Independent Examiners Fees 1134.00

Accrual – Accountancy Fees re Corporation Tax Return
Accrual – Investment Management costs 3500.00

Accrual -Land Management costs
569.05
Accrual – Professional Fees
708.20
Sundry Creditors
_________ _
**43077.58**|**2024**
1.85
11614.40
10344.70
1020.00
________
**22980.95**
**2024**
7858.58
1182.00
300.00
3500.00
672.41
8022.00
1008.00
_______
**22542.99**| |---|---| Funds held in respect of the Kate Light Bequest in the bank account were accidentally used to meet a grant commitment at the end of the year ended 30[th] . June 2023. They have since been replaced, but at 30[th] June 2023 £7107.98 as shown above was owed to the Bequest Funds. The Trustees have implemented procedures to prevent a recurrence of this. The transfer to the CCLA Ethical Account will ensure its position and that the income added to the Kate Light Bequest is calculated from its proportion of the fund. ## **15 RELATED PARTY TRANSACTIONS** There were no related party transactions during the year Trustees received no emoluments during this year (2022/23 – nil) nor were any expenses reimbursed to them **Page 21** ## **THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2024 (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. 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 the other funds were transferred into the new Registered Company number 09071364. In year ended 30[th] June 2022 the charity received the assets of two local charities, the Mary Matthews Charity (ex-charity number 200823) which were added to the Unrestricted Fund, and the Kate Light Bequest (ex-charity number 309468) which forms the separate Restricted Income Fund. Otherwise all current assets derive from the growth of and transactions in the original endowments. ## **Summary of Year 1[st] July 2023 to 30[th] June 2024** |**Movement of Funds**|Unrestricted Fund|Restricted Income Endowment Fund|Total Funds| |---|---|---|---| |||Fund|| |Balance brought forward|
£3136991.98|£41075.66 £2800000.00|£5978067.64| |1stJuly 2023|||| |Net movement of Funds|||| |for year (See Page 14)|||| |Unrestricted|354135.58||354135.58| |Restricted||5003.12
|5003.12| |Balance carried forward|**£ 3491127.56**|**£46078.78£2800000.00**|**£6337206.34**| |30thJune 2024|||| .