OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Thomas Freke And Lady Norton Charity

2025-06-30-accounts

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 2025

This is the eleventh Annual Report and Financial Statements of the Company/Charity which superseded the Un-incorporated charity “The Thomas Freke and Lady Norton Charity” Charity Commission Number 200824.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 2025

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 2024 – 2025

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
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 2025 (INCORPORATING DIRECTORS’ REPORT)

The Trustees present this their eleventh report of the new company/charity together with the financial statements of the company/charity for the year ended 30[th] June. 2025.

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 2024 to 30[th] June 2025

Mr J. Michael E. Scott Mr George Arkell Mrs Alison Clare Talbert Mr. Spencer Davies Mrs Rebecca Sperti

Nominated Trustee Mr Philip Sapwell (Renominated by Hannington PC & Trustees Sept 2024)

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.

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

Page 5

THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2025 (CONTINUED)

POLICIES

Day to day administration is dealt with by the Clerk to the Trustees. All property owned as investment property by the charity is administered by the appointed Land Agent and the Property Committee of Trustees The management of investments is administered by the specialist Investment Manager and by the CCLA.

DEVELOPMENT

  1. The Clerk remains the sole employee of the company.

  2. The trustees, along with the Land Agent and Savills, the specialist Land agents have continued the ongoing work to prepare for the Planning Application on the parcel of land on Roundhill Farm. Amongst the surveys completed this year, the most expensive was the Archaeological survey on 4% of the land. Also the Flood Risk Assessment, the Landscape, Ecological, Trees and Highways surveys. After seven years work consisting of all of the required surveys and associated planning requirements, the Outline Planning Application was finally submitted to the Swindon Borough Council in June 2025. The costs of the work towards the Planning Application have been high this year and have been taken form the charity’s resources with the aim of producing the maximum income from the proposed development of the land. 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.

  3. The Tenant has been assured that he will be compensated for the loss of the area of the farm.

  4. K. J. Brindley and Co have been re-appointed as Independent Examiners to carry out the Independent Examination of the Accounts for 2024/2025.

  5. Throughout the year the company has continued to regularly utilise the electronic banking facility arranged through the Charities Aid Foundation Bank, which has increased its’ working security arrangements during this year. During the year the number of trustees authorised to complete payments by this means has been increased to three. The Clerk initiates all payments.

  6. The only use of Bank cheques now consists of the payments to the needy pensioners for their Christmas Gift, which was one of the founding reasons for the existence of the charity. The trustees continue to acknowledge that the issuance of these 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 of the recipients of the cheques were able to cash them this year.

  7. The charity runs the Kate Light Bequest with funds held in the COIF Charities Ethical Investment Fund Account at the CCLA. Income from this has enabled the Kate Light Bequest to continue to provide chocolates and other gifts for the village children at Christmas. A separate Ethical Account has been opened with CCLA to which the balance of the Kate Light Bequest will be transferred in due course. The accounts for the Kate Light Bequest are included within the accounts of the charity as a Restricted Income Fund

  8. 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)

Page 6

THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2025 (CONTINUED)

DEVELOPMENT (CONTINUED)

  1. A major change in the granting process has been adopted this year. Namely that an additional proviso being given with each successful grant application that it must be called within a 12 month period of the granting, if not called in that time a re-application must be made.

  2. It has been decided to update the electronic communications address of the charity. Work is being done to find and adopt an email Domain and separate addresses for the clerk and trustees thus removing the personal name on the current address.

  3. The compound occupied by the Thames Water Contractors was vacated in June 2024 and subsequently refurbished and reseeded so use could be re-established by the tenant. All costs of this were covered by Thames Water.

  4. The buildings at the Queens Platinum Jubilee Wood (QPJW) have been rented out to a local resident to use as his storage facility.

  5. The area known as the Queens Platinum Jubilee Wood has continued to develop with the majority of the trees now growing well. The Beating Up, the replacement of any dead trees and the maintenance of the area surrounding the trees, has progressed with the costs being covered by the continuing grants from the Swindon Borough Council.

ACTIVITIES.

The Trustees of the charity met on their usual four occasions in the year, in September and November 2024 and in March and June 2025 rotating their locations each time.

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 3 times during the year. The Land Agent attended 2 of these. The Property Committee reported to the full trustee meeting after each of its meetings. Throughout the continuing work on the Roundhill Farm project the trustees feel it is vitally important that this committee continually assesses its progress. As the planning submission has been achieved we wait for continuing progress

1 The most important activity this year has been the completion to the Planning Application submission of the project on Roundhill Farm. Funding for this activity has continued to come from resources, so much so that it has resulted in a considerable financial deficit this year. This had been anticipated but it is hoped that this expenditure will be beneficial in future years.

  1. The charity has continued the maintenance of 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. An associated company carries 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” during the growing season with a clearance mow in the autumn after full seed development. The paths through the field and orchard are appreciated by walkers and their dogs.

  1. The care of the orchard trees in the village field has continued. There is now a lesser problem with weed growth around the tree trunks. This continues to be monitored and ideas for tackling the weeds discussed. Biomats 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. The Maintenance company has commented that these Bio-mats should have been larger.

Page 7

THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2025 (CONTINUED)

  1. 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.

  2. The trustees have agreed to continue the maintenance and development of the woodland established on the Queens Platinum Jubilee Wood and to keep the funding donors updated with the progress.

6. 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 2024, delivered Christmas gifts to 34 needy pensioners in the Area of Benefit, other than Highworth, which has its own scheme for pensioners in need. This number has now fallen from a peak in 2010 of 91 pensioners.

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. This year’s grant has moved the overall granting to the Prospect Hospice from this charity to over £500,000 in the past 35 years.

Grants agreed during this year have included. One to the Every Cloud to enable the charity to re-establish themselves at the Stanton Fitzwarren Park, one to Blunsdon St. Leonards church towards the restoration of the Elizabethan Armorial Board found in the church, one to the Stanton Fitzwarren Parish Council towards the refurbishment of the village’s Play Area, one to the Warneford School for soft lighting in the school hall, one to the Highworth Choral Society to go towards the purchase of a removable stage for use in concerts in the Highworth Parish Church, one to the Hannington Parish Council to go towards the refurbishment of the village Play Area and one to the Highworth Junior Football Club towards the establishment of an artificial pitch in Highworth.

Grant awards totalled £109083.06 (including Christmas pensioner gifts totalling £6800.00, and towards the Social Assets £20218.60). The figure of £41280.00 unpaid grants is included in creditors at 30[th ] June 2025

Page 8

THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2025 (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 2025. 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 2024 have increased by 1.59%.

The interest on deposits has decreased by 1.40% of investment income this year compared with an increase of 1.72% of investment income last year.

The Investment Property rental income remains a stable source of funds this year producing 27.45% of the investment income compared to 29.69% last year.

Costs of generating funds represent 18.70% of investment income A breakdown is given in note 5 to the accounts.

Charitable grants, shown as a charge in the accounts, increased from £39785.17 in 2023/2024 to £109083.06 A brief breakdown of grants is shown in note 6 to the accounts.

To summarise , total resources expended exceeded total incoming resources by £159336.86 compared to £38400.16 total incoming resources exceeding total outgoing resources in the year 2023/2024.

The changes to revaluation and disposal of investment assets changed the net movement of funds to a £74216.05 decrease compared with the major increase of £359138.70 in 2023/2024.

Reserves held at 30[th] June 2025 totalled £6262990.29 (£3417500.08 unrestricted funds, £45490.21 restricted income fund, plus £2800000.00 endowment funds) compared with £6337207.34 (£3491127.56 unrestricted funds plus £46078.78 restricted income fund and £2800000.00 endowment funds) held at 30[th] June 2024

Page 9

THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[TH] . JUNE 2025 (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 not been achieved this year but 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:

Page 10 THE THOMAS FREKE AND LADY NORTON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30-. JUNE 2025 (CONTINUED) The trustees are responstble for keeping adequate accounting records that are sufficrent to show and to explain the charitable company's transactions and disdose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure the financial s&itements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for the taking of reasonable steps to ensure the prevention and detection of fraud and other irregularities. Small Company Regime This report has been prepared in accordance wilh the special provisions relating to companies subject to the small Companies, regimes WFthin part 15 of the Companies Act 2006 Approval of this review of the year 1st July 2024 to 30th June 2025 This report was approved by the trUSt￿direCtOrS on l£- NJ On their behalf by (Name Printed) 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 June 2025 which are set out on pages 13 to 21. Respective responslblllties of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparats'on of the accounts in accordance with the requirements of the Companies Ad 2006. The charity's trustees consider that an audtt 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 accordan￿ wth 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 eviden￿ 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 (CHARITY 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 vrfere not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with such records., or the accounts 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 with the Statement of Recommended Practice" Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 47 Well Cross Road, Robinswood, Gloucester. GL4 6RA Miss K J Brindley FCCA K J BRINDLEY AND CO. Chartered Certified Accountants 24k I)￿￿￿- 202r

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 2025

NotesUnrestrictedRestrictedEndowmentTotalUnrestrictedRestricted Endowment
Funds Income Funds Funds Funds Income Funds Funds
Fund
Fund
2024 202420242024 2025 2025 2025
£
£ £ £ £ £ £
INCOMING RESOURCES
Donations 2
4686.00
Investment Income:
Interest on Deposits 2211.98
2211.98 1762.80
Dividends on Listed
Investments 86847.19 1267.85
88115.04 88147.23 1368.84

Rent Receivable 4 200.00
37958.80 38158.80 480.00 34058.80
Sundries
312.47 __12.47 12.47__ ______
89271.64 1267.85 37958.80 128498.29 95088.50 1368.84 34058.80
Total Incoming Resources 89271.641267.85 37958.80128498.29 95088.501368.8434058.80
RESOURCES EXPENDED
Cost of Generating Funds5 19021.44 19021.44 23527.93
Charitable Grants
6 39677.17 108.00 39785.17 108981.97 101.09

Material Expense
7 1824.00 1824.00 2862.00

Governance Costs
810530.16 18937.36 29467.52 143849.14-------------10530.87
Total Resources Expended 52031.33108.00 37958.80 90098.13 255693.11 101.09 34058.80
Net incoming/outgoing resources
(net income/expenditure) before
gains/losses on revaluations and
disposals of Investment Assets37240.31 1159.85 38400.16 -160604.61 1267.75
Gains(Losses) on revaluation
and disposals of Investment
assets
316895.273843.27320738.5486977.13 -1856.32
Net Movement of Funds for Year 354135.58 5003.12 359138.70 -73627.48 -588.57
Total Funds B/F 3136991.98 41075.66 2800000.00 5978067.64 3491127.56 46078.78 2800000.00
Total Funds C/F 3491127.56 46078.78 2800000.00 6337206.34 3417500.08 45490.21 2800000.00		 Total
2025
£
4686.00
1762.80
89516.07
34538.80
12.47
130516.14
130516.14
23527.93
109083.06
2862.00
154380.01
289853.00
-159336.86
85120.81
-74216.05
6337206.34
6262990.29

There were no recognised gains or losses for 2024 or 2025 other than those included in the Statement of Financial Activities

Page 14 THE THOMAS FREKE AND LADY NORTON CHARrrY BALANCE SHEEf AS AT 30- JUNE 2025 FuNts I￿orne Fwj 2tr24 F￿ts Furlts Furyts Funds Fund 2025 2024 2025 2025 2025 FIXED ASSETS In¥8slm8nlS COIF Sh819S 522484.81 H918.93 Quoted Inv85trnènts 10 2638757.( l)vestrnent Properiw 11 Sooal Investments Properties 567403.74 498464.97 454￿.21 26387¥1.00 2897091.(K) 54395S.18 2697091.00 2800000.00 12 21YA32.50 2C6232.50 2CE23150 21W32.50 TOTAL FIXED ASSETS 3367474.31 4491&93 &￿￿324 1788A7 45490.21 28000(KI.00 CURRENT ASSETS Debto Cash at Bank COIF Deposii Cash at Bank 13 22980.95 444.49 122770.80 22g80.95 19798.95 19798.95 1159.65 123930.65 52483.53 52483.53 TOTAL CURRENT ASSETS 14619624 1159.85 I4￿66￿ 72726.97 72726.97 CREDFfoRS . AIAouiir FALLING DUE WITHIN ONE YEAR 14115 22542.99 22542.99 57015.36 57015.36 NET CURRENT ASSETS 12365326 L 124813.10 15711A1 TOTAL ASSETS LESS CURRENT LIABILITIES 3491127.56 46078.78 28QOtyJO. FUNDS 16 e￿I0￿ment FurK1s Pe￿anent Endowrnwrt Investrn8nl prwity Revalualion Fund Unrestricted IncLyne FuThJ Restricted Inco￿ Fw 1025168.94 1025468.Y4 1025468.94 1025468.94 1n4531.L 1774531.(6 3491127.56 34179)).1 46078.78 1774531. 1774531.08 3417500.08 454￿.21 3491127. 46078.78 451W.21 72 17 TOTAL CHARITY FUNDS3491127.56 46078.78 ￿00 WL21 2801)000.00 62 The fina￿lat statwnts have teen prepar•J in accordan￿ %vrth the Provish)r￿ of the Compan¥ Ala 2006 applic￿￿ to companses subject to the small companies. aNJ in ac£ordance FRS102 SORP. For the financial year ended June 2025. t￿ Lxxmpany was enli￿ to exemption from audit under Companies Act 2fTh. s477 ￿lating to small c1jmpan￿S and the lnernbe￿ have not the txmpany to obtain an audit ol its accounts for the yeaf in question in accordan￿ with Companies Act 2t#J6. s476. The trustees. vkno a￿ aL80 (li￿1￿0r$, athi¢Mledge their ￿SponSI￿.11￿es for complying ￿th the requirements of the Companjes AL# 2C(6 wrth respeca to accounting Tecords. and for ts preparat*)n of accounts. This was appmved by biKstees on Arid ggned on fvir behalf by rf f sIgna￿re

Page 15

THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2025

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. 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. While the Planning Application has been made, the trustees still 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 2025 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 2025 (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

2024 2025
Donations comprise:-
Grant from Swindon Borough Council to cover
Queens Platinum Jubilee Wood work done in 2024 1824.00

Grant from Swindon Borough Council to cover
Queens Platinum Jubilee Wood work done in 2025 2862.00
__ _
4686.00

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)		 2024
17278.80

3900.00
16780.00

37958.80
200.00		 2025
17278.80
16780.00
34058.80
480.00		 2025
17278.80
16780.00
34058.80
480.00
480.00

Page 17

THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2025 (CONTINUED)

5 COSTS OF GENERATING FUNDS

2024
Investment Management Costs 13517.14
Investment Property Expenses
Management Costs
2599.28
Insurance
2905.02
Compensation to tenant of Roundhill Farm
for damage due to Archaeological Survey
__
19021.44
6 CHARITABLE GRANTS - FROM UNRESTRICTED FUNDS
2024

Grants to organisations and individuals
60521.37

approved during year
Grants to organisations and individuals approved -594.20
During year not taken up/excess paid
Grants to organisations and projects in prior years -28050.00

Not taken up/excess paid
Christmas gifts to needy pensioners
7800.00
___
39677.17
Grants made to organisations and individuals approved
During the year comprise
Grants to organisations
60521.37
___
60521.37
CHARITABLE GRANTS - FROM RESTRICTED INCOME FUND (Kate Light
2024
Chocolates/Gifts given to children at Christmas service
108.00
108.00		 2025
14742.12
2371.76
3154.05
3260.00
__
23527.93
2025
102724.72
-46.40
-496.35
6800.00
__
108981.97
102724.72
__
102724.72
Bequest)
2025
101.09
101.09

Page 18

THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2025 (CONTINUED)

7
MATERIAL EXPENSE		 2024 2025
Essential Tree maintenance Costs
 1824.00 2862.00
.
8
GOVERNANCE COSTS
2024 2025
Independent Examiners Fee
 1182.00 1242.00
Accountancy Fees re Corporation Tax Return 300.00
Clerk’s Salary
 6250.00 6250.00
Clerk’s Expenses 357.04 305.90
Bank Charges
 84.00 83.00
Companies House Annual Return Filing Fee 34.00 34.00
Legal and Professional Fees and Planning Application
Cost – Re- proposed land Development
 21260.48
 146465.11
_ __
29467.52 154380.01
No employee benefits were paid to the clerk who is the sole employee
9 INVESTMENTS - COIF ETHICAL FUND Includes Kate Light Bequest.
2024 2025
Balance b/f 1stJuly
 518856.61 567403.74
Gain/loss on revaluation transferred to
Statement of Financial Activities
 48547.13 -23448.56
___ ___
Balance c/f 30thJune
 567403.74 543955.18
(Valuation provided by COIF Investment Managers)

Page 19

THE THOMAS FREKE AND LADY NORTON CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2025 (CONTINUED)

10 INVESTMENTS - QUILTER/CHEVIOT QUOTED INVESTMENTS

2024 2025
Balance b/f 1st. July
 2429281.00 2638757.00
Capital Withdrawal – transfer to Bank Cash Acc.
 - 50000.00
 - 40000.00
Profit(loss) on disposals transferred to Statement
of Financial Activities
 10923.79 40208.55
Profit(loss) on revaluation transferred to Statement
of Financial Activities
 262069.35 68630.87
Dividends reinvested
Investment management cost paid ex –capital
 -13517.14 -14580.32
Creditor c/f 4074.90
____ ____
Balance c/f at 30thJune
 2638757.00 2697091.00
(Valuation provided by Investment Managers)
___ ___
Balance includes cash held
 65144.19 9451.19

Investment in the following companies comprises more than 5% of the value of the charity’s holdings in quoted securities

Allianz Gbl Inv UK 12.5% 11.9%
HSBC Etfs S & P 500
 10.5% 7.3%
2024 2025
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 2025 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 2025 (CONTINUED )

12 SOCIAL INVESTMENTS

Freehold Properties purchased for the benefit of the community of Hannington

2024 2025
“Village Field” at Skinners Close, Hannington (at cost) 27472.50 27472.50
Ambrose Walk Hannington (at cost)
 12500.00 12500.00
The Queens Platinum Jubilee Wood (at cost) 166260.00 166260.00
_ ___
206232.50 206232.50

The Charity considers that it would be inappropriate to depreciate these properties since their useful life is unlimited.

13 DEBTORS

Accrued income
 2024
2025
Interest on deposits
 1.85 1.50
Dividends 11614.40 10372.75
Rent receivable
 10344.70 8394.70
Other debtors
 1020.00 1030.00
22980.95 19798.95
14 CREDITORS DUE WITHIN ONE YEAR 2024 2025
Grants awaiting payment 7858.58 41280.00
Accrual – Independent Examiners Fees 1182.00 1242.00
Accrual – Accountancy Fees re Corporation Tax Return 300.00 300.00
Accrual – Investment Management costs 3500.00 3661.80
Accrual -Land Management costs
672.41		 545.66
Accrual – Professional Fees
 8022.00 3240.00
Sundry Creditors 1008.00 6745.90
___ __
22542.99 57015.36

15 RELATED PARTY TRANSACTIONS

There were no related party transactions during the year

Trustees received no emoluments during this year (2023/24 – 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 2025 (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 2024 to 30[th] June 2025

Movement of Funds Unrestricted Fund Restricted Income Endowment Fund Total Funds
Fund
Balance brought forward
£3491127.56		 £46078.78 £2800000.00 £6337206.34
1stJuly 2024
Net movement of Funds
for year (See Page 14)
Unrestricted -73627.48 -73627.48
Restricted -588.57
 -588.57
Balance carried forward £ 3417500.08 £45490.21£2800000.00 £6262990.29
30thJune 2025