## **COMMONWORK TRUST ANNUAL REPORT AND STATEMENT OF ACCOUNTS**
**1 APRIL 2021 - 31 MARCH 2022**
Nature & People Together
## **Contents**
## **3 Legal and Administrative Duties**
## **4 Chairman's Introduction**
## **5 Our Annual Report 2021-22**
- **7** I Our school and community programmes
- **15** II Responsible use of natural resources, sustainable farming and our visitors
- **20** III Financial stability and improving our assets
- **22** IV Raising our profile
- **23** V Developing our people
- **24** VI Our finances
## **26 Our Strategic Plan 2022-2027**
- Priority 1 - Restorative and regenerative change
- Priority 2 - Inspire, educate and involve
- Priority 3 - Understand and influence
## **36 Our Financial Accounts 2021-2022**
## **64 Our Supporters**
**Commonwork Trust registered Company Limited by Guarantee 9254227 and registered as a charity number 1160725**
## **Legal and Administrative Details**
Commonwork Trust is a registered Company Limited by Guarantee - number 9254227 and is registered as a charity number 1160725.
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The trustees that served during the year were as follows:
H. Bird
- L. Davies
- L. Pamphilon
J. Rai (appointed 29 November 2021)
- P. Turner
W. Waterfield
N. E. Wates
A. White (appointed 29 November 2021)
Jenifer Wates continues to serve as a trustee emeritus and, as such, is neither a director of the company nor a trustee for Charities Act purposes.
## **Structure and governance**
Commonwork Trust was established on 1 July 2015 following the merger of Commonwork Land Trust (established July 1977) and Neil Wates Charitable Trust (established March 1966), which both ceased operating on 30 June 2015. The Trust works alongside Commonwork Organic Farms Limited, a subsidiary of Commonwork Trust, which engages in regenerative organic farming at Bore Place. The charity’s objects, set out in the trust deed, are to apply the capital or income of the charity towards such charitable purposes or activities as the trustees may direct.
The charity is governed by its Memorandum and Articles of Association. Trustee appointments are made by the trustees when it is considered appropriate and with regard to the work being undertaken by the Trust. The Trust operates a formal procedure for the recruitment and induction of trustees. Trustees do not serve for any particular period.
The registered office is Bore Place, Bore Place Road, Chiddingstone, Kent TN8 7AR. Our auditors are I J Currie FCA, Currie Accountancy Ltd, First Floor, 13a High Street, Edenbridge, Kent, TN8 5AB
**3**
## **Introduction**
Our charity was set up in 1977 by Neil and Jenifer Wates, who were deeply concerned about the exploitation of natural resources in the world, and the lack of opportunity for others to achieve their potential. They wished to bring about real change and realised it needed a massive shift in how society thinks and works. This focus remains at the heart of who we are today.
We continue to make significant achievements in our sustainable and regenerative approach to farming and land management. We have learned how connecting people with nature can restore, create experiences and relationships, and help to transform people's lives. People and nature are at the heart of our work - transforming and being transformed together.
Bore Place is now at one of the most exciting stages in its development. We have used the pandemic to good effect by investing substantially in our infrastructure. Our cashflows are strong and a refreshed Strategic Plan was launched in April 2022. At a time when there is a major call for a paradigm shift in our approach to nature, climate and our most vulnerable communities, this plan will guide and focus our work over the coming years, culminating with our 50th Birthday in 2027.
This report shares our achievements and financial accounts for 2021-22 and sets our priorities for the next 5 years.
During 2021-22 we have:
Developed and launched our 5-year Strategic Plan
- Re-established our education programmes for primary and secondary students
- Expanded our provision for schools and families with special educational needs and disabilities (SEND)
- Developed our holiday and community events programme for families and adults of all abilities Continued investing in and improving our assets and infrastructure
- Created new Community Gardens at Bore Place, enabling our young people and volunteers to take a proactive role in their maintenance and development, and maximise opportunities for learning and wellbeing
- Initiated our DEFRA-funded Green Recovery programme to integrate people of all ages and abilities into the heart of our work for biodiversity
- Secured over £461k of external funding to support the delivery of Year 1 of our Strategic Plan during 2022-23.
I would like to thank all of those who have supported us over the past year with a generous commitment of time as well as donations. In particular, my heartfelt thanks to the Cultural Recovery Fund, Diocese of Rochester, Children in Need, DEFRA, Ernest Cook Trust, Heritage Lottery Fund, Local Postcode Local Trust, Natural England, Sevenoaks District Council and Kent County Council. I am also extremely grateful for the dedication of our staff, volunteers and trustees.
**Paul Turner - Chair**
**4**
## **Our Annual Report 2021-22**
Nature & People Together
## **Introduction**
This Annual Report sets out achievements in 2021-2022, which include:
- The re-establishment and expansion of our school and community programmes; Leadership in the responsible use of our natural resources by taking a sustainable farming approach and encouraging people to visit the countryside.
It also reports on our work following the disruption of COVID-19, and how the organisation successfully bounced back from this, the evolution and development of our work, as well as our financial position:
- Improving our financial stability and assets;
- Developing our people - board, staff, volunteers and partners;
- Our finances.
**6**
## **I. Our school and community programmes**
Following the easing of the COVID-19 restrictions in April 2021, we were able to fully reopen to deliver most of our school and community programmes. In 2021/22, visitors and students of all ages and abilities took part in 8,461 person-days of interaction with Bore Place. This included school day trips, residentials, weekly visiting SEND school groups, our family programmes, our additional needs respite club, our volunteer programmes and our workshops and events.
We began working with the Centre for Education and Youth to develop new interpretation tools to help us evaluate our impact and the influence of our future projects and programmes.
**----- Start of picture text -----**
AN club
75
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**----- Start of picture text -----**
Family
programme
13 Volunteering
Sessions
Secondary
67
School
19 classes
Pre school
Primary School nature
63 classes sessions
6 Additional
needs
clubs
SEN Schools 15
Community 318 classes ResidentialsSchool
4
Events Children's
34 drop off
sessions
13 No. of sessions
EDUCATION
Family/
community
8 COMMUNITY
**----- End of picture text -----**
**7**
Schools
Learning
18
Growing
## **School visits**
School day visits resumed in May 2021, the number of classes who visited for day trips was only slightly reduced compared to prepandemic levels (2019/20: 97 classes, 2021/22: 82 classes. For 2021/22, our school day visits programme reached 2,656 people (1702 primary pupils, 608 secondary students and 346 accompanying adults) and worked with 39 primary schools and 5 secondary schools.
In October 2021, we started our new 18month Green Recovery-funded project ‘Bore Place: We Are Nature’, designed to connect people and nature, by involving as many visitors as possible with volunteering and citizen science programmes, working to enhance biodiversity across the site.
Our school programmes were refreshed to align with our Green Recovery project and increase participation in citizen science surveys and biodiversity and habitat enhancement programmes. All classes visiting from January 2022 took part in the project via their school visit and undertook activities such as worm surveys, assessing soil health, minibeast hunts and wildlife surveys to help understand species populations, as well as habitat improvement activities such as building dead hedges and planting yellow rattle to help diversify the meadow.
We recognised that the enforced isolation of the pandemic had had a particularly negative effect on young people who started secondary school during that period and had therefore missed key opportunities for school trips and bonding opportunities to help ease their transition. In response, a specially tailored Teambuilding Day was offered to encourage year groups to bond through fun, outdoor learning activities which included orienteering and campfire lighting. Teambuilding Days were also offered in lieu of residential stays for older KS2 pupils who were unable to have this opportunity due to COVID19 restrictions. 629 children from eight schools benefited from our teambuilding programme.
Our school residential programme restarted and we were selected to join the Ernest Cook Trust OWL programme. The national OWL programme provides an opportunity for vulnerable and disadvantaged young people to experience the benefits of an Outdoor Week of Learning (OWL), enabling them to appreciate the natural environment while reconnecting with nature. 111 pupils benefited from outdoor activities including orienteering and a farm tour to learn about organic dairy farming practices. They also took part in activities such as firelighting and campfire cooking, bushcraft activities, and a night walk with bat detectors, as well as preparing their own meal to share together.
.
**"Patience with younger children, wonderful enthusiasm, the staff had a passion for the learning they were showing which resonated with everyone with activities that engaged and were fully inclusive to all children.”**
**The Wells Free School, January 2022**
**9**
Inspire
Educate
Involve
10
## **Supporting children and young people with additional needs**
In recognition of the impact of our weekly work with specialist schools for young people with Special Educational Needs and Disabilities (SEND), we expanded this area of work in 2021/22.
We delivered year-round weekly programmes to 11 regular SEND school groups as well as an after-school session for a local school.
During 2021/22, the team delivered 318 classes, with 2546 days of SEND student attendance. It was recognised that weekly visits allow for cumulative learning and opportunities to deliver formal qualifications were explored, to further our impact.
The John Muir Award was successfully trialled with two schools and will continue to be offered in 2022-23.
**“The [Trust's] John Muir Award is an environmental award scheme focused on wild places. It is inclusive, accessible and noncompetitive, though should challenge each participant. The Award encourages awareness and responsibility for the natural environment through a structured yet adaptable scheme, in a spirit of fun, adventure and exploration."**
**11**
We are an established centre for the delivery of the Arts Award which enables young people to develop skills in creativity, leadership and communication. During this period, students benefited from our unique learning environment to participate in the award with students on track to graduate with the Gold Award, Bronze Award and Explore Award in July 2022.
Furthering the SEND work, the Education Team also delivered the fourth year of a Kent County Council-funded programme providing holiday and weekend drop-off sessions for young people with additional needs. The club provided 15 sessions with up to 150 places and is designed to increase independence, confidence, self-esteem and social skills. The club also provides a natural break for parents/carers.
We are proud that the club has many repeat attendees, with some young people attending over several years. There is a great need for respite programmes specially designed for young people with additional needs. For many, this is the only place they attend alone apart from school.
**“Generally, from the moment the family arrives and gets out of the car at Bore Place we are more relaxed and at one with nature. We spend less time on our phones and more time talking with one another and others. It is a fun and relaxing place where we all spend less time worrying about everyday life and more time focused on each other and learning about nature and how to be kind and caring to each other.”**
We launched year two of our three-year Family Programme funded by Children in Need. Our programme provides engaging and fun activities across the year for young people with a disability and their siblings to boost resilience, self-esteem and independence as well as providing much-needed respite and support for parents and carers.
We worked with eight families with children and young people with SEND (18 young people and their parents/carers). The programme included nine fully-funded drop-off activity days for children and an overnight stay at Bore Place for their families to attend together.
**Parent, Children in Need Family Programme 2021**
**12**
## **Events and courses**
Our programme of public events was gradually reinstated as the COVID-19 restrictions eased. We delivered 34 events (7 adult courses, 8 family events, 13 children’s drop-off sessions and 6 nature play sessions for pre-schoolers and their carers) across the year and worked with 298 adults and 353 children.
The programme followed three broad themes: Nature (25 events including den building and campfires for children and astronomy evenings for families), Food and Farming (2 events, including a yoghurt-making workshop and Carols in the Cowshed) and Creative (7 events including glass fusing and natural wreath making).
## **Number of events by type**
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Food & Farming
2
Creative
7
Nature
25
**----- End of picture text -----**
The Trust is committed to embedding biodiversity programmes into all strands of its educational work, including its community events. The recruitment of our Citizen Science and Nature Programmes Coordinator has provided capacity and in-house expertise to expand our community programme to include a new series of nature ID walks (reptiles, bats, trees, small mammals) and to launch a citizen science and conservation volunteering group.
During summer 2021 we worked with Kent County Council to provide a free holiday activities and food programme for local children in receipt of free school meals. The programme was designed in response to research which identified that children from low-income households are less likely to access holiday activities and more likely to experience unhealthy lifestyles outside of school. We delivered 13 sessions providing 154 places for local children.
Thanks to funding from the Postcode Local Trust, we also trialled a series of 12 nature play sessions for preschool children aged 3-5 years.
**“The idea for the event was great, ‘Carols in the Cowshed’ could be an annual event in many people’s calendars. The bale seating was atmospheric, the mulled wine and mince pies were a lovely festive touch.”**
**Attendee, Carols in the Cowshed 2021**
**13**
## **Volunteering**
As COVID-19 restrictions eased, we were keen to reinstate our volunteering groups, and we took the opportunity to formalise and create new systems for onboarding and holding information about volunteers. We introduced a Volunteer Handbook, provided health and safety training and invited volunteers to attend meetings to help inform the Trust’s new 5-year strategy.
Our weekly gardening group continued to operate and the Green Recovery project enabled the recruitment of a new conservation volunteer group, with a focus on habitat improvement, wildlife surveys and improving access to the countryside.
The Trust began to form a relationship with SES Water which own the neighbouring Bough Beech Reservoir site. The site includes a nature reserve of particular ecological interest which was managed by Kent Wildlife Trust and a team of volunteers until July 2020. In early 2021, the Trust took on the management of the volunteer team who had re-formed post-COVID restrictions to continue their work at Bough Beech. We continue to explore how a relationship with SES Water could provide opportunities for land use as well as possible educational resource benefits for Bore Place.
The Trust is very grateful to have received 335 days of volunteering, which has supported garden maintenance at Bore Place, as well as habitat improvement and wildlife surveys at both Bore Place and the Bough Beech site.
**14**
## **II. Responsible use of natural resources, sustainable farming and our visitors**
## **Visitors to the farm**
The Bore Place estate is managed by Commonwork Organic Farms Ltd (a subsidiary of the Commonwork Trust), our organic dairy farm, which is at the heart of our education programmes. Our farm is open to the public all year round with access via the provision of walking trails around the farm estate which also link with the neighbouring nature reserve at Bough Beech, local pubs and the Greensand Way.
To guide our future trail plans and gain a better sense of the number and distribution of people accessing Bore Place across the year, four automatic people counters were installed across the estate.
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People Counters
10,000
7,500
5,000
2,500
0
Apr 21May 21June 21July 21Aug 21Sept 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22
**----- End of picture text -----**
With the return of school day trips and people staying at Bore Place, visits to the farm increased last year. We recorded 66 guided farm tours for 2032 visitors in 2021/22 – the actual number of visitors interacting with the farm is, of course, much higher as this does not include those who visit as part of a farm walk.
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Farm Tours
2021/22
66
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**15**
## **Enhancing our biodiversity**
Our 18-month Green Recovery project started in October 2022 to improve the biodiversity and habitats of Bore Place with the goal of creating bigger, better and more joined-up habitats.
Areas of the estate that we have identified as being critical to improving habitats include:
- Ponds Woodlands Semi-natural grassland Orchard Riverbank
Our Citizen Science and Nature Programmes Coordinator has led our citizen science survey and farm-wide soil sampling programme to improve our baseline knowledge and inform future plans for habitat improvements and carbon capture. Between January-March 2022, 103 people were involved in our survey work.
We created an app to record and map species and began work on our 10-year management plan for the land, habitats and species to inform future habitat restoration and nature-based climate solutions.
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No. of participants
30
20
10
0
Big Farmland Bird CountDormouse Box CleaningNewt SurveysReptile Mat Set UpSoil TestingStream ClearanceTwig Bundle CreationDead Hedge CreationBramble Removal
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January - March 2022
Coreo app records
Amphibians
Birds
Mammals
Trees
Invertebrates
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**16**
## **Carbon, renewables and our sustainable approach**
Our supply of renewable energy continues to be provided for the site via biomass from woodchip, supplying heat and hot water to our buildings, as well as electricity from our photovoltaic installations and wind turbine. During 2021/2022 we continued our feasibility assessments to consider options for us to become net zero by 2030. We successfully secured £83k funding to support our development project to increase onsite electricity generation and the next phase of our decarbonisation plans which will be fully explored in 2022/23.
We continue to work proactively to ensure that our site, buildings, venue, holiday lets, education buildings and events are managed in line with our principles and that our purchasing and impact contribute as much as possible to enabling sustainable living and working. Our approach is formally recognised by our Gold Award in the English Tourist Board Green Tourism accreditation scheme.
**17**
Organic
Regenerative
Restorative
## **Regenerative farming through partnership**
Bore Place acknowledges that it cannot achieve its regenerative farming ambitions by working alone. At the heart of our approach is the idea of partnership and working together. We have continued to work collaboratively with our five partners and their teams co-located at Bore Place who all contribute to our overall success, share our values and support our mission.
We manage our woodland proactively for wildlife and, through a coppicing programme, produce logs for our wood burners and materials for the Green Wood Workshop run by Underwoodsman Ltd. Our Underwoodsman courses restarted in the summer, providing the opportunity to learn traditional rural skills including hedge laying, pruning, basket and chair making and willow work, gate hurdles and charcoal making.
We entered year 3 of our 20-year joint venture partnership with Dan Burdett on our organic dairy farm. We are working hard together to expand our response to the climate crisis and produce more sustainable food that addresses environmental challenges such as the reduction in species diversity and soil quality.
Our organic Market Garden took advantage of the pandemic to successfully expand and increase the production of locally supplied organic vegetables and fruit to shops and vegetable box schemes.
**Dan Burdett** Organic Dairy Farmer
**Dave Holton** Cheesemaker **John Waller** Underwoodsman **Chris Allwood** Free Range Glamping
We continue to work with the award-winning Blackwoods Cheese Company which moved onsite in 2017 and uses the milk produced by the farm.
Free Range Glamping had a bumper year due to increased demand for UK holidays.
**Metske van der Laan** Organic Market Gardener **19**
## **III. Financial sustainability and improving our assets**
## **Financial sustainability**
As we bounced back from COVID-19 restrictions and fully opened in July 2021, financial stability and long-term sustainability were the key priorities for the Trust in 2021/2022.
From April-June 2021 we benefited from £101,800 in funding support from the Cultural Recovery Fund to assist our reopening by covering some of our staff costs, essential maintenance, H&S, fire and tree management, as well as training and event funding.
Our Venue provides a core revenue stream to support the work of the Trust. During the pandemic, we used the opportunity to re-fresh rooms and redevelop some redundant buildings into holiday accommodation.
We re-opened in July 2021 bouncing back extremely quickly. We have hosted 6,965 overnight stays at Bore Place during the year with a wide range of groups staying on site who align with our work from the charity/not-forprofit, health, wellbeing and education sectors.
During 2021/22 we also benefited from substantial grants to support our education and community programme delivery, as well as to support our plans for Year 1 of our Strategic Plan (2022-23).
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Cultural Recovery Fund
£101,800
Funding to support re-opening
Ernest Cook Trust of Bore Place to visitors post Natural
£40,000 COVID-19 England
OWL residentials and
£4,500
funded Intern
Payments for
education visits
KCC
Children in Need £22,907
£31,267 Respite breaks and
holiday programme for
Family programme (10
young people with
families) additional needs
**----- End of picture text -----**
**20**
We also secured significant funding to support the delivery of our Strategic Plan from 2022/23.
## **Farming in Protected Landscapes £244,683**
Every day is Open Farm Sunday – connecting people to farming and nature – providing events and opportunities for all to visit and learn at Bore Place.
**Green Recovery Challenge Fund £172,500**
Bore Place: We are Nature programme - integrating people of all ages and abilities at the heart of our biodiversity work, to achieve better outcomes for wellbeing, environmental awareness and wildlife.
**Rural Community Energy Fund £83,785**
Development project to increase onsite electricity generation and the next phase of Bore Place decarbonisation.
## **Improving our assets**
A key Bore Place project in 2021/22 was the completion of our farm infrastructure improvements to support our organic dairy farm.
.
We also developed plans for improving public access to Bore Place to enable visitors to visit Bore Place and the farm 365 days a year. We were delighted to secure funding for a Farm Welcome centre selling farm produce, improved farm trails with improved accessibility, a milking parlour experience and three new outdoor classroom spaces for delivery from 1st April 2022.
**21**
## **IV. Raising our profile**
The return of a more comprehensive public programme of events enabled us to further increase our profile locally through these events being featured in local publications. Traffic to the website was driven through a Google Ad Grant which drove traffic through people searching for our public events, school trips, accommodation and weddings. The grant of 10,000 USD was spent each month.
Throughout this period, we saw a return of many old venue visitors as well as new groups, keen to find a space to hold retreats and workshops, following the lifting of COVID-19 restrictions. Groups included NHS training, school leadership training, Qigong teacher training, church groups, as well as events held for Emergence Magazine (an influential publication), Big Society and Map Action. We continue to be regionally well known by course leaders keen to use Bore Place to hold retreats for a wide range of practices including yoga, creative writing and singing.
## **Number of social media followers**
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Apr 2021 Apr 2022
2,500
2,000
1,500
1,000
500
0
Twitter Facebook Instagram
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Looking to the future, we have secured funding to improve our website to better communicate our strategic objectives as well as streamline back-end administrative processes. We plan to replicate the success of our accommodation microsite to ensure that all our audiences are well served by the site and that relevant information is easy to navigate.
Plans are also in place to communicate and share our new Strategic Plan, to ensure our core priorities are embedded in all we do at Bore Place.
Our social media audiences continued to grow, with both Instagram and Facebook having over 2000 followers on each channel.
**22**
## **V. Developing our people**
We recognise that the success of the Trust is reliant on an excellent team of staff, volunteers, sessional workers and partners. Our core Trust staff team numbered 17.15 FTE at the end of the financial year.
Our volunteers have continued to make a valuable contribution in 2021/22. We have benefited from valuable professional expertise and advice and labour in the gardens, work in our woodlands and advice on our plans for decarbonisation.
Our people focus in 2021/22 has been to:
- strengthen the Trustee Board
- invest in the staff team and structure to improve team resilience and increase strategic capacity to enable the Trust to deliver its charitable objectives to maximum effect
- start the development of our people-led People Plan to support the implementation of our 5-year Strategic Plan
## **Strengthening our board**
The board has been recruited to ensure that it has the right experience and expertise to deliver on its charitable objectives and fulfil its legal responsibilities. Our board includes expertise in finance, business development, farming, safeguarding, education, the arts, law, people, ecology, the environment and social justice.
In February 2021, Paul Turner was elected as Chair, replacing Edward Wates, and Lindsay Pamphilon was elected as Vice Chair. To strengthen the board we recruited Jas Rai to lead as people trustee and Anna White as legal trustee.
The full board met four times over the year. The board is supported by Finance, Risk and Audit Committees which met monthly until July 2021 and then quarterly. During 2021/22 the Trust formed a People Committee, involving three lead trustees and two members of the Senior Leadership Team. It has plans to form an Estate Committee in 2022/23.
## **Strengthening our senior management**
During 2021/22 the Trust has restructured to invest in the Senior Management Team to improve team resilience and increase strategic capacity. As a result, the Trust has created three Director roles (Venue and Marketing, Finance, Education and Community) that form the Senior Management Team with the CEO.
## **Our People Strategy**
In recognition of the need for an excellent team of staff, volunteers, sessional workers and partners to deliver our Strategic Plan, the Trust began work on a People Plan during 2021/2022. This is being led by a crossorganisational working party with a commitment to having a People Strategy in place in the first half of 2022/23. **23**
## **VI. Our finances**
The trustees have reported that:
1. All funds received have been devoted to the achievement of the charity's objectives.
- 2.The charity's assets include land and buildings at Bore Place of which the residual value is at least equal to that shown in the accounts. These are held to enable the charity to carry out its objectives.
- 3.Future plans for expenditure are made in accordance with the availability of funds, either from the Trust or through donations and/or grants from other sources.
- 4.The trustees have complied with the duty in section 18(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in that the work of the charity is for the public benefit.
The accounts have been prepared in line with FRS 102 and are based on fair value rather than cost. The accounts include the land and buildings at valuation rather than cost, the assets of the Trust are £14,203,008 at 31st March 2022.
The statement of financial activities shows a net profit of £221,780 (2021 £629,541) for the year after accounting for the depreciation of fixed assets and the increase in value of the investments held by the Trust. This includes capital grants of £10,000 (2021 £568,732). The net operating income before gains/losses on investments was a surplus of £101,948 (2021 a surplus of £527,594). On 31st March 2022 the Trust held £83,631in the company bank account which is restricted by the grant makers to be used for grant expenditure for planned programmes in 2022/23.
There was no gift aid donation from the subsidiary Commonwork Organic Farms Limited (2021 – £24,393).
With our strong public offer, external income already secured and further funding pending we are in a good position to manage next year’s budget.
**24**
## **Reserves**
The Trust’s reserves on 31 March 2022 amounted to £14,203,008 (2021 – £13,891,228). A substantial proportion of these reserves finance the Trust’s investments in its land and buildings and long-term investments which were £14,571,324 on 31st March 2022. The trustees consider its expendable reserves to be its net current assets and readily realisable investments amounting to £651,272 (2021 £653,990). The Commonwork Trust had 6 months running costs in free reserves on 31st March 2022, which the Board and management team agreed was an appropriate level of reserves. Of the unrestricted reserves, £74,754 was designated as expenditure for projects in 2022/23 that included investing in Year 1 of the Strategic Plan and some site improvements.
## **Investment powers and policy**
The trustees have unrestricted powers of investment.
The policy of the trustees regarding the Trust’s investments is to aim for a secure level of income from its investments whilst seeking to achieve capital growth in the investments held in stock market securities in companies meeting accepted ethical standards. The Trust’s investment in its unlisted subsidiary, Commonwork Organic Farms Limited, is aimed at producing a return from rental and trading surpluses while also maintaining the value of the Trust’s real estate. The farm provides an educational resource for the wider Trust activities carried out at Bore Place.
## **Risk management**
The trustees reviewed the major risks the Trust faced during 2021/22 and developed strategies to mitigate the effects of any such events arising as far as possible. The Audit and Risk Committee continued to meet monthly to discuss and manage risk up until re-opening in July 2021. The Trust’s Strategic Risk Register has continued to be reviewed at quarterly trustee board meetings.
**25**
**Looking Forward Our Strategic Plan 2022-2027**
Nature & People Together
## **Vision, mission and priorities**
Over the past year, we have worked collaboratively - staff, trustees, leadership team and our partners - to develop a Strategic Plan for the next 5 years 20222027.
## **Priorities**
- To deliver restorative and regenerative change To inspire, educate and involve To understand and influence
## **Vision**
To create a world where people and nature work together to regenerate the planet and ourselves.
The following pages set out priorities and plans for the next 5 years from 1st April 2022 - 31st March 2027.
## **Mission**
Our mission is to enhance the planet in all that we do, to inspire people to live sustainable, happy and fulfilling lives.
We will achieve this by inspiring people to connect with each other and with the Earth while taking responsibility for our shared future.
**27**
## **Vision and mission**
Bore Place believes in a world where people and nature work together to regenerate the planet and ourselves.
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We will ensure we have a
positive impact in all that We will use our lived
we do.
experience and
extensive knowledge to
build robust evidence on
We will inspire, educate and
the impact of our
involve people to make a
regenerative practice.
difference and have a
positive impact.
Restorative and Inspire, educate
regenerative and involve
change
Understand
and Influence
**----- End of picture text -----**
**28**
## **Our values**
All of our work is shaped and influenced by our values. Our values set the tone for our organisation, how we work together, how we treat people and the impact that we wish to have.
Inspiring and learning through **Inspire** experience We inspire people to look after the Earth, enjoy the living world and become guardians of its future.
## Regeneration in action
## **Regenerate**
We seek to be a real-life model of regenerative practice and instil this at the core of everything we do.
## Making a difference together
People and partnerships are at the heart of our organisation. **Collaborate** We acknowledge that to achieve real change we need to work with others. This collaborative approach is key to our success.
## A fair and inclusive environment
We always champion and promote inclusion, equality, and diversity. **Be inclusive** We aspire to be an organisation where people feel valued and included equally.
## Personal and collective responsibility
**Take ownership**
Bore Place belongs to us all. Together we ensure we care for the land and provide a well-managed, accessible space, rich in wildlife where our values are central to our actions and choices.
**29**
## **PRIORITY 1 Restorative and regenerative change**
We are committed to making best use of the assets of the Bore Place estate to provide a model of restorative and regenerative change, as well as sharing its unique environment with others.
## **Our first 12 months**
- Ensure our baseline biodiversity, water and soil assessments are in place and that we have identified and understood our key indicator species.
- Create a 10-Year Land Management Plan for Bore Place.
- Establish a digital map-based app for all staff, site users, school groups, volunteers and visitors to engage with to gain a better understanding of our habitats and species.
## PRIORITY 1.1
Our farming, food production and land management will be regenerative, by improving our landscape, biodiversity and practices whilst producing food and crops, and increasing jobs, knowledge and skills.
- Research and establish a Landscape Scale Farm Cluster Group for our area with an agreed action plan for environmental and land management, setting out our commitments for working together at scale.
- Establish the baseline carbon footprint for the estate and identify actions to reduce emissions.
- Continue to upgrade our farming infrastructure to ensure long-term sustainability and resilience, and improve our environmental impact, with focus on farm waste management infrastructure, tracks and fencing.
- Research and develop a strategy for our rural business hub and recruit at least one new business to the hub.
**30**
**PRIORITY 1 Restorative and regenerative change**
## **Our first 12 months**
- Conduct a baseline carbon emissions assessment for our buildings and gardens and set improvement plans to reach our net zero carbon emissions target by 2030.
- Conduct a waste assessment of our buildings and activities so that we can better understand the impact of each strand of work and set targets to reduce waste and promote the reuse of materials.
PRIORITY 1.2
We will manage our built and rural heritage (buildings and outdoor spaces) and our activities in a manner that actively enhances the environment and our rural economy whilst adopting the circular economy principles, and achieving net zero carbon emissions across our estate by 2030.
- Conduct a baseline water use assessment for our buildings and set targets to significantly reduce our water consumption including reuse and watersaving solutions.
- Develop a suite of sustainability management policies and procedures to support best practices for all of our buildings and activities (priority policies include energy, waste management, water use and sustainable purchasing).
- We recognise that there is limited public transport access to our site and attracting more visitors will have a carbon impact. We will improve awareness of public transport and offroad walks connecting these.
**31**
## **PRIORITY 2 Inspire, educate and involve**
We will inspire and educate people to make a difference and positively impact the environment in their daily lives while connecting with nature to support their health, wellbeing, and development.
## PRIORITY 2.1
We will provide inspiring and creative educational opportunities for people who visit us.
## **Our first 12 months**
Re-establish and expand our programmes for children and young people by running school visits, respite breaks, clubs and holiday programmes to focus on three core strands of work:
Schools@BorePlace – onsite school visits for children and young people, with targeted programmes for children and young people with Special Educational Needs (SEN) and Social Emotional and Mental Health (SEMH) status or who are disabled or marginalised from the conventional education system. This will be a combination of day visits, residential programmes and accredited programmes.
- Children, young people and families@BorePlace - we will restart and extend our excellent holiday clubs for children, young people and families and develop a wide range of activities for local families to enjoy, ensuring we reach children and young people of all abilities. We will also develop our offer to provide much-needed respite breaks for families of disabled children and young people, reaching an often forgotten and at-risk group in society.
- Expand our outdoor learning spaces to provide a wider range of learning experiences.
Create a wildlife survey programme for our schools, volunteers, staff and volunteers to contribute to.
Increase our accredited learning programmes so more young people can gain a qualification for their achievements at Bore Place.
**32**
**PRIORITY 2 Inspire, educate and involve**
PRIORITY 2.2
Developing accessible gardens, woodland and rural walks and trails to ensure access to the natural world for all people we reach.
## **Our first 12 months**
- Conduct an accessibility impact assessment of the estate and develop an accessibility action plan.
- All staff are to receive disability awareness training.
- Develop more of our walks, trails, garden areas and day visit activities to be accessible through adjustments to the physical environment, accessible communication, improved availability of information in accessible formats, and promotion to wider audiences and new targeted audiences.
- Secure funding for the redevelopment of the redundant milking parlour to create a farm experience visitor centre to engage people of all abilities with farming.
- Trial ways to use Bore Place's minibus to bring new groups to the site.
- Identify local groups that could benefit from time at Bore Place and work with them to identify ways to facilitate visits.
**33**
**PRIORITY 2 Inspire, educate and involve**
PRIORITY 2.3 Managing a recreation, holiday and events venue that supports wellbeing and creates a positive social and environmental impact.
## **Our first 12 months**
- Communication - Improve onsite communications to tell the story of Bore Place, highlighting regenerative and inclusive practices and the benefit of a connection to nature.
- Experiences - Develop a suite of experiences/activities to enable visitors to connect with nature, food and farming.
- Targeted audience - We know that Bore Place is a site of creativity. We want like-minded groups and organisations to benefit from the opportunity this presents. By actively marketing to these groups, we hope to help them develop their own agendas by offering a site that inspires fresh thinking, as well as a connection to the natural world that we believe will influence their outlook.
- Equal access - We are committed to improving the accessibility of all our residential buildings, as well as the wider estate, to ensure that everyone can enjoy them. Two of our five residential properties are fully accessible, along with our educational building, and we are committed to improving access wherever we can.
- Weddings and family events - Bore Place is popular with people looking to hold a wedding or family event. We will ensure that these are developed and managed as environmentally friendly and sustainable events - to develop best practice in this area, and to share with and influence others.
**34**
## **PRIORITY 3 Understand and influence**
This is a new area of work for Bore Place, and in the first 12 months, we will focus on building relationships with individuals and organisations that can support us in this work. A key part of our ability to influence lies in our personal experience and the evidence we gather to demonstrate the beneficial impact of our approach to:
farming and food production
## PRIORITY 3
We will use our lived experience and extensive knowledge to build robust evidence on the impact of our regenerative practice in all our work, to influence leaders and decision-makers to take action and support change for a sustainable future.
using the natural world to inspire, educate, connect and restore people
## **Our first 12 months**
We will research and identify suitable partners – expert researchers, academics, consultants and practitioners – to support us to establish our baseline data, and demonstrating the beneficial impact of our work.
We will conduct robust stakeholder mapping exercises and create an action plan for influencing.
**35**
**Our Statement of Accounts 1April 2021 - 31 March 2022**
Nature & People Together
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of the Commonwork Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company’s auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Approved by order of the board of trustees on 22nd December 2022 and signed on its behalf by:
……………………… P Turner - Chair of Trustees
**37**
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF COMMONWORK TRUST**
## **Opinion**
We have audited the financial statements of Commonwork Trust (the 'charitable company') for the year ended 31st March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31st March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our report of the independent auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
**38**
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF COMMONWORK TRUST**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner, being the only member of the audit team, ensured that she had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and remained alert to instances of non-compliance throughout the audit.
- We identified the laws and regulations applicable to the charitable company through discussions with management and from our commercial knowledge and experience of the charitable company's affairs from the audit and preparation of the statutory accounts in previous years.
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act 2011 and Charity Commission guidance, the Companies Act 2006 and taxation legislation.
**39**
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF COMMONWORK TRUST**
- We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and by considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.
- In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Isobel Currie (Senior Statutory Auditor) for and on behalf of Currie Accountancy Limited Chartered Accountants Statutory Auditors First Floor 13a High Street Edenbridge Kent TN8 5AB
Date: 22nd December 2022
**40**
Registered Company 9254227 Registered Charity 1160725
## **COMMONWORK TRUST**
## **GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
3
**4,627**
**Charitable activities**
Bore Place activities 6
**783,120**
Commercial trading activities
4
**167,796**
Other trading activities
4
**16,171**
Investment income
5
**121,938**
Other income
**500**
**Total**
**1,094,152**
**EXPENDITURE ON**
Raising funds
7
**4,551**
Commercial trading activities
**187,586**
**Charitable activities**
8
Bore Place activities
**798,385**
**Total**
**990,522**
Net gains on investments
**119,832**
**NET INCOME/(EXPENDITURE)**
**223,462**
**Transfers between funds**
24
**(1,682)**
**Net movement in funds**
**221,780**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**13,981,228**
**TOTAL FUNDS CARRIED**
**FORWARD**
**14,203,008**|
Restricted
funds
£
**-**
**229,712**
**-**
**-**
**-**
**-**
**229,712**
**-**
**-**
**241,394**
**241,394**
**-**
**(11,682)**
**11,682**
**-**
**-**
**-**|
Endowment
fund
£
**10,000**
**-**
**-**
**-**
**-**
**-**
**10,000**
**-**
**-**
**-**
**-**
**-**
**10,000**
**(10,000)**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**14,627**
**1,012,832**
**167,796**
**16,171**
**121,938**
**500**
**1,333,864**
**4,551**
**187,586**
**1,039,779**
**1,231,916**
**119,832**
**221,780**
**-**
**221,780**
**13,981,228**
**14,203,008**|2021
Total
funds
£
572,067
437,613
119,339
14,597
94,252
3,200|
|---|---|---|---|---|
|||||1,241,068|
|||||2,402
132,281
578,791|
|||||713,474|
|||||101,947|
|||||629,541
-|
|||||629,541
13,351,687|
|||||13,981,228|
The notes form part of these financial statements
**41**
**COMMONWORK TRUST**
## **GROUP BALANCE SHEET 31ST MARCH 2022**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
15
**11,973,140**
**Investments**
Investments
16
**369,779**
Investment property
17
**2,228,405**
**14,571,324**
**CURRENT ASSETS**
Stocks
**4,228**
Debtors
18
**140,381**
Cash at bank and in hand
**691,675**
**836,284**
**CREDITORS**
Amounts falling due within one
year
19
**(554,791)**
**NET CURRENT ASSETS**
**281,493**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**14,852,817**
**CREDITORS**
Amounts falling due after more
than one year
20
**(520,852)**
**PROVISIONS FOR LIABILITIES**
23
**(128,957)**
**NET ASSETS**
**14,203,008**
**FUNDS**
24
Unrestricted funds
**TOTAL FUNDS**|
Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**83,630**
**83,630**
**(83,630)**
**-**
**-**
**-**
**-**
**-**|
Endowment
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**11,973,140**
**369,779**
**2,228,405**
**14,571,324**
**4,228**
**140,381**
**775,305**
**919,914**
**(638,421)**
**281,493**
**14,852,817**
**(520,852)**
**(128,957)**
**14,203,008**
**14,203,008**
**14,203,008**|2021
Total
funds
£
11,895,178
354,594
2,116,647
14,366,419
3,853
74,842
726,985
805,680
(506,284)
299,396
14,665,815
(586,702)
(97,885)
13,981,228
13,981,228
13,981,228|
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22/12/2022 and were signed on its behalf by:
.............................................
P Turner – Chair of Trustees
**42**
The notes form part of these financial statements
## **COMMONWORK TRUST**
## **BALANCE SHEET FOR THE CHARITY ALONE 31ST MARCH 2022**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
15
**10,925,992**
**Investments**
Investments
16
**602,498**
Investment property
17
**2,228,405**
**13,756,895**
**CURRENT ASSETS**
Stocks
**4,228**
Debtors
18
**623,945**
Cash at bank and in hand
**496,676**
**1,124,849**
**CREDITORS**
Amounts falling due within one
year
19
**(346,101)**
**NET CURRENT ASSETS**
**778,748**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**14,535,643**
**CREDITORS**
Amounts falling due after more
than one year
20
**(335,141)**
**NET ASSETS**
**14,200,502**
**FUNDS**
24
Unrestricted funds
**TOTAL FUNDS**|
Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**83,630**
**83,630**
**(83,630)**
**-**
**-**
**-**
**-**|
Endowment
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**10,925,992**
**602,498**
**2,228,405**
**13,756,895**
**4,228**
**623,945**
**580,306**
**1,208,479**
**(429,731)**
**778,748**
**14,535,643**
**(335,141)**
**14,200,502**
**14,200,502**
**14,200,502**|2021
Total
funds
£
10,961,662
504,430
2,116,647
13,582,739
3,853
566,310
544,451
1,114,614
(342,794)
771,820
14,354,559
(379,559)
13,975,000
13,975,000
13,975,000|
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22/12/2022 and were signed on its behalf by:
.............................................
P Turner – Chair of Trustees
**43**
**COMMONWORK TRUST**
## **GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022**
|||**2022**|2021|
|---|---|---|---|
||Notes|**£**|£|
|**Cash flows from operating activities**||||
|Cash generated from operations|1|**336,170**|294,174|
|Interest paid||**(23,600)**|(19,963)|
|Net cash provided by operating activities||**312,570**|274,211|
|**Cash flows from investing activities**||||
|Purchase of tangible fixed assets||**(213,992)**|(811,241)|
|Purchase of investment property||**(11,662)**|(262,514)|
|Sale of tangible fixed assets||**3,350**|103,955|
|Interest received||**1,462**|1,614|
|Dividends received||**4,266**|3,854|
|Net cash used in investing activities||**(216,576)**|(964,332)|
|**Cash flows from financing activities**||||
|New loans in year||**-**|523,037|
|Loan repayments in year||**(57674)**|(27,015)|
|Income attributable to endowment||**10,000**|568,732|
|Net cash (used in)/provided by financing activities||**(47,674)**|1,064,754|
|||||
|**Change in cash and cash equivalents in**||||
|**the reporting period**||**48,320**|374,633|
|**Cash and cash equivalents at the**||||
|**beginning of the reporting period**||**726,986**|352,353|
|**Cash and cash equivalents at the end of**||||
|**the reporting period**||**775,306**|726,986|
**44**
**COMMONWORK TRUST**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
||||**2022**|2021|
|---|---|---|---|---|
||||**£**|£|
||**Net income for the reporting period (as per the Statement of**||||
||**Financial Activities)**||**221,780**|629,541|
||**Adjustments for:**||||
||Depreciation charges||**121,540**|92,363|
||Gain on investments||**(119,832)**|(101,441)|
||Profit on disposal of fixed assets||**922**|(46,433)|
||Interest received||**(1,462)**|(1,614)|
||Interest paid||**23,600**|19,963|
||Dividends received||**(4,266)**|(3,854)|
||Income attributable to endowment||**(10,000)**|(568,732)|
||Investment management fee||**4,551**|2,402|
||Repairs previously capitalised||**10,217**|-|
||Loss on farm contract||**(12,698)**|16,741|
||Deferred tax charge in commercial trading||**43,770**|(12,698)|
||(Increase)/decrease in stocks||**(375)**|2,164|
||(Increase)/decrease in debtors||**(102,642)**|61,527|
||Increase in creditors||**161,065**|204,245|
||**Net cash provided by operations**||**336,170**|294,174|
|2.|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1.4.21|Cash flow|**At 31.3.22**|
|||£|£|**£**|
||**Net cash**||||
||Cash at bank and in hand|**726,985**|**48,320**|**775,305**|
|||**726,985**|**48,320**|**775,305**|
||**Debt**||||
||Debts falling due within 1 year|**(89,163)**|**(8,175)**|**(97,338)**|
||Debts falling due after 1 year|**(586,702)**|**65,850**|**(520,852)**|
|||**(675,865)**|**57,675**|**(618,190)**|
||**Total**|**51,120**|**105,995**|**157,115**|
**45**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities when all of the following criteria are met:
- the charity or its subsidiary have entitlement to the funds;
- any performance conditions attached to the item of income have been met or are fully within the control of the charity or its subsidiary;
- there is sufficient certainty that receipt of the income is considered probable;
- the amount can be measured reliably.
Income received in advance of the provision of a service is deferred until the criteria for income are met. Income given specifically to provide a fixed asset is disclosed as an endowment fund. When the criteria for the income are met the income is transferred to the appropriate fund unless the fund is a permanent endowment. The income is not deferred over the life of the asset.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis. Resources expended on charitable, fund-raising and publicity costs comprise those costs directly attributable to the various programmes of work carried on by the trust or fund-raising and marketing activities, respectively, and the support costs indirectly attributable.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Governance expenditure represents the costs of running the trust. Costs are allocated to specific funds only where they are identified as being directly attributable to those funds. The Trust initially identifies the costs of its support functions and then identifies those costs which relate to the governance function. Irrecoverable VAT is charged as a cost against the activity for which the expenditure is incurred.
## **Tangible fixed assets**
Tangible fixed assets are depreciated on an individual basis in equal instalments over their estimated useful lives to estimated net realisable value as follows:
Freehold property: over 50 years Motor vehicles: over 10 years
Fixtures and fittings and computer equipment: over 3 to 40 years
Freehold land is not depreciated.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
**46**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Taxation**
The Trust is exempt from corporation tax on its charitable activities but the trading subsidiary's income is potentially taxable.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Trustees may choose during the reporting period to set aside a part of the unrestricted funds to be used for a particular future project or commitment. By earmarking funds in this way, the trustees set up a designated fund that remains part of the unrestricted funds of the charity. This does not legally restrict the trustees’ discretion in how to apply the unrestricted funds that they have earmarked.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
## **Going concern**
The trustees are of the view that the charity has sufficient assets which can be realised in an orderly manner and that the future income from the farming subsidiary, the provision of courses and investments is sufficiently secure to mean that the charity will continue to operate for the next 12 to 18 months and that on this basis the assessment of the trustees is that the charity is a going concern.
## **Investment properties**
The valuation of investment properties is based on an insurance valuation obtained when the Trust was first set up. The change in value, apart from additions at cost, is estimated by adjusting the value each year by the percentage change in the insurance valuations of properties for which an insurance valuation is available.
## **Residual value of fixed assets**
Fixed assets, including freehold properties excluding land, are depreciated over their useful lives to an estimated residual value. Residual value is the amount that would currently be obtained from the disposal of the asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Management have reviewed the residual value of all assets and adjusted the depreciation charged accordingly.
**47**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **3. DONATIONS AND LEGACIES: GROUP**
|Donations
Grants
Grants received, included in the above, are as follows:
Rural Development Plan for England
Leader
Ibstock
**4.**
**TRADING ACTIVITIES: GROUP**
Commercial trading: farm contract
Commercial trading: other farm income
Power supply
**5.**
**INVESTMENT INCOME: GROUP**
Rents received
Dividends
Interest|**2022**
**£**
**4,627**
**10,000**
**14,627**
**2022**
**£**
**-**
**-**
**10,000**
**10,000**
**2022**
**£**
**116,578**
**51,218**
**16,171**
**183,967**
**2022**
**£**
**116,210**
**4,266**
**1,462**
**121,938**||2021
£
3,335
568,732|
|---|---|---|---|
||||572,067|
||||2021
£
453,531
115,201
-|
||||568,732|
||||2021
£
57,355
61,984
14,597|
||||133,936|
||||2021
£
88,784
3,854
1,614
94,252|
**48**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **6. INCOME FROM CHARITABLE ACTIVITIES: GROUP**
|**INCOME FROM CHARITABLE ACTIVITIES: GROUP**|||
|---|---|---|
|Activity
Centre income
Bore Place activities
Fees
Bore Place activities
Catering
Bore Place activities
Vegetable garden sales
Bore Place activities
Grants
Bore Place activities
Kickstart funding
Bore Place activities|**2022**
**£**
**544,015**
**145,762**
**26,036**
**5,724**
**285,156**
**6,139**
**1,012,832**|2021
£
153,336
48,814
2,644
7
232,812
-|
|||437,613|
The income from activities at Bore Place mainly comprises the provision of events and courses at Bore Place which fall within the objectives of the charity. It is neither appropriate nor possible to disclose seperately activities undertaken to further the charity's objectives and commercial activities undertaken to raise funds. Each activity will satisfy both objectives in combination to varying degrees.
Grants received, included in the above, are as follows:
|**2022**
**£**
Government furlough scheme
**-**
Local government grants
**54,809**
Children in Need
**22,705**
Ernest Cook Trust
**34,180**
Rochester and Canterbury Dioceses Poverty and Hope
**4,800**
Natural England
**3,375**
Postcode Lottery
**7,554**
Cultural Recovery Fund
**101,789**
Green Recovery Fund
**52,981**
**282,193**|2021
£
160,343
48,913
6,521
-
5,600
4,500
6,935
-
-|
|---|---|
||232,812|
## **7.**
|**RAISING FUNDS: GROUP**|||
|---|---|---|
|**Investment management costs**|||
||**2022**|2021|
||**£**|£|
|Portfolio management|**4,551**|2,402|
**49**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **8. CHARITABLE ACTIVITIES COSTS: GROUP**
|Bore Place activities
**9.**
**SUPPORT COSTS: GROUP**
Administration
£
Bore Place activities
**170,268**
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Telephone
Postage and stationery
Sundries
Professional fees
Training
Recruitment costs
Computer costs
Trustees' remuneration etc
Auditors' remuneration
Governance recruitment
**10.**
**NET INCOME/(EXPENDITURE): GROUP**
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration for audit
Auditors’ remuneration for accounts and taxation work
Provision for deferred tax
Depreciation - owned assets
Loss/(profit) on disposal of fixed assets|Direct
Costs
£
**846,396**
Information
technology
£
**11,619**|Support
costs (see
note 9)
£
**193,383**
Governance
costs
£
**11,496**
**2022**
Bore
Place
activities
**£**
**108,673**
**11,966**
**3,333**
**3,892**
**1,849**
**12,041**
**19,074**
**4,024**
**5,416**
**11,619**
**681**
**10,665**
**150**
**193,383**
**2022**
**£**
**5,665**
**5,000**
**43,770**
**121,540**
**922**|Totals
£
**1,039,779**
Totals
£
**193,383**
2021
Total
activities
£
**97,737**
**10,215**
**2,617**
**5,212**
**1,153**
**7,770**
**24,595**
**1,986**
**-**
**8,792**
**-**
**9,000**
**-**
**169,077**
2021
£
4,500
4,500
(12,698)
92,363
(46,433)|
|---|---|---|---|
**50**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **Trustees' expenses**
|**Trustees' expenses**||||
|---|---|---|---|
||**2022**|2021||
||**£**|£||
|Trustees' expenses|**681**||-|
The expenses paid to 2 trustees in respect of travel and recruitment costs.
The trustee W G Waterfield is a director and shareholder in Waterfield & White Limited. Waterfield & White were paid fees of £4,972 (2021 £2,354) for the provision of farm management advice to Commonwork Organic Farms Limited, the trust's trading subsidiary. The services of Waterfield & White were used because their fees were charged at very competitive rates.
## **12. STAFF COSTS: GROUP**
|**2022**
**£**
Wages and salaries
**495,752**
Social security costs
**41,545**
Other pension costs
**32,603**
**569,900**
The average monthly number of employees during the year was as follows:
**2022**
Bore Place staff
**17**|2021
£
334,520
24,038
9,139|
|---|---|
||367,697|
||2021
17|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2022**|2021|
|---|---|---|---|
|£70,001|- £80,000|**1**|-|
## **13. MATERIAL TRANSFERS**
During the year the trustees have designated funds of £74,754 from the unrestricted general funds to be used to support projects that will be undertaken in the year ended 31st March 2023. These projects are not funded by grants.
**51**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
|**14.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3,335
-
**Charitable activities**
Bore Place activities
437,613
-
Commercial trading activities
119,339
-
Other trading activities
14,597
-
Investment income
94,252
-
Other income
3,200
-
**Total**
672,336
-
**EXPENDITURE ON**
Raising funds
2,402
-
Commercial trading activities
132,281
-
**Charitable activities**
Bore Place activities
578,791
-
**Total**
713,474
-
Net gains on investments
101,947
-
**NET INCOME**
60,809
-
**Transfers between funds**
736,446
(167,714)
**Net movement in funds**
824,255
(167,714)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
13,183,973
167,714
**TOTAL FUNDS CARRIED FORWARD**
13,981,228
-|
Endowment
fund
£
568,732
-
-
-
-
-
568,732
-
-
-
-
-
568,732
(568,732)
-
-
-|
Total
funds
£
572,067
437,613
119,339
14,597
94,252
3,200|
|---|---|---|
|||1,241,068|
|||2,402
132,281
578,791|
|||713,474|
|||101,947|
|||629,541
-|
|||629,541
13,351,687|
|||13,981,228|
**52**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **15. TANGIBLE FIXED ASSETS: GROUP**
|**COST**
At 1st April 2021
Additions
Reclassification
Disposals
At 31st March 2022
**DEPRECIATION**
At 1st April 2021
Charge for year
Disposals
At 31st March 2022
**NET BOOK VALUE**
At 31st March 2022
At 31st March 2021|Freehold
property
£
**11,466,759**
**5,754**
**-**
**-**
**11,472,513**
**839,831**
**34,853**
**-**
**874,684**
**10,597,829**
10,626,928|Fixtures
and
fittings
£
**886,028**
**42,523**
**(10,217)**
**-**
**918,334**
**486,134**
**40,200**
**-**
**526,334**
**392,000**
399,894|Farm
buildings
£
**921,309**
**46,463**
**-**
**(85,398)**
**882,374**
**234,282**
**30,280**
**(81,126)**
**183,436**
**698,938**
687,027|Plant and
equipment
£
**260,437**
**119,251**
**-**
**-**
**379,688**
**79,108**
**16,207**
**-**
**95,315**
**284,373**
181,329|
Totals
£
**13,534,533**
**213,991**
**(10,217)**
**(85,398)**
**13,652,909**
**1,639,355**
**121,540**
**(81,126)**
**1,679,769**
**11,973,140**
11,895,178|
|---|---|---|---|---|---|
Included in cost or valuation of land and buildings is freehold land of £3,852,864 (2021 - £3,852,864) which is not depreciated.
The residual value of the unimproved freehold properties is estimated to be the carrying amount of £9,910,530 including land at 31st March 2022. No depreciation has therefore been charged.
**53**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **15. TANGIBLE FIXED ASSETS: CHARITY**
|**COST**
At 1st April 2021
Additions
Reclassification
At 31st March 2022
**DEPRECIATION**
At 1st April 2021
Charge for year
At 31st March 2022
**NET BOOK VALUE**
At 31st March 2022
At 31st March 2021|Freehold
property
£
**11,145,903**
**5,754**
**-**
**11,151,657**
**636,121**
**27,698**
**663,819**
**10,487,838**
10,509,782|Fixtures
and
fittings
£
**886,028**
**42,523**
**(10,217)**
**918,334**
**486,134**
**40,200**
**526,334**
**392,000**
399,894|Motor
vehicles
£
**44,172**
**-**
**-**
**44,172**
**13,252**
**4,417**
**17,669**
**26,503**
30,920|Computer
equipment
£
**41,812**
**2,030**
**-**
**43,842**
**20,746**
**3,445**
**24,191**
**19,651**
21,066|
Totals
£
**12,117,915**
**50,307**
**(10,217)**
**12,158,005**
**1,156,253**
**75,760**
**1,232,013**
**10,925,992**
10,961,662|
|---|---|---|---|---|---|
Included in cost or valuation of land and buildings is freehold land of £3,852,864 (2021 - £3,852,864) which is not depreciated.
The residual value of the unimproved freehold properties is estimated to be the carrying amount of £9,910,530 including land at 31st March 2022. No depreciation has therefore been charged.
## **16. FIXED ASSET INVESTMENTS: GROUP**
|Listed
investments
£
**MARKET VALUE**
At 1st April 2021
**354,594**
Revaluations
**15,185**
At 31st March 2022
**369,779**
**NET BOOK VALUE**
At 31st March 2022
**369,779**
At 31st March 2021
354,594|Totals
£
**354,594**
**15,185**
**369,779**
**369,779**
354,594|
|---|---|
The listed investment assets comprise a portfolio at the stockbrokers valued at £327,029 (2021 £308,569) and COIF Charities Fixed Interest Fund Income Units valued at £42,750 (2021 £46,026). The brokers portfolio included overseas equities valued at £133,416 at the year end (2021 £114,134).
The investments have been held for many years and revalued each year in accordance with the statutory disclosures required. It is no longer possible to provide a comparison of the cost and valuations over the years the assets have been held.
**54**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **16. FIXED ASSET INVESTMENTS: CHARITY**
|Shares in
group
Listed
undertakings
investments
£
£
**MARKET VALUE**
At 1st April 2021
**149,836**
**354,594**
Revaluations
**82,883**
**15,185**
At 31st March 2022
**232,719**
**369,779**
**NET BOOK VALUE**
At 31st March 2022
**232,719**
**369,779**
At 31st March 2021
149,836
354,594|Totals
£
**504,430**
**98,068**
**602,498**
**602,498**
504,430|
|---|---|
The listed investment assets comprise a portfolio at the stockbrokers valued at £327,029 (2021 £308,569) and COIF Charities Fixed Interest Fund Income Units valued at £42,750 (2021 £46,026). The brokers portfolio included overseas equities valued at £133,416 at the year end (2021 £114,134).
The investments have been held for many years and revalued each year in accordance with the statutory disclosures required. It is no longer possible to provide a comparison of the cost and valuations over the years the assets have been held.
The company's investments at the balance sheet date in the share capital of companies include the following:
## **Commonwork Organic Farms Limited**
Registered office: Bore Place, Chiddingstone, Edenbridge, Kent TN8 7AR Nature of business: Dairy farming
|%
Class of share:
holding
Ordinary £1
**100**
**2022**
**£**
Aggregate capital and reserves
**232,719**
Profit/(loss) for the year
**82,883**|31.3.21
£
149,836
(506)|
|---|---|
**55**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **17. INVESTMENT PROPERTY: GROUP AND CHARITY**
|**FAIR VALUE**
At 1st April 2021
Additions
Revaluation
At 31st March 2022
**NET BOOK VALUE**
At 31st March 2022
At 31st March 2021|**£**
**2,116,647**
**11,662**
**100,096**|
|---|---|
||**2,228,405**|
||**2,228,405**|
||2,116,647|
The rents from properties included above at a valuation of £1,853,099 are collected and retained by the subsidiary. The rents from the remaining properties are collected by the Trust and are included in the income from Bore Place activities.
The properties were vested in the Trust when it was set up on 1st July 2015 following the merger of Commonwork Land Trust (established July 1977) and Neil Wates Charitable Trust (established March 1966). It is no longer possible to determine the original cost of the properties.
## **18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: GROUP**
|**2022**
**£**
Trade debtors
**88,403**
Other debtors
**33,682**
VAT
**18,296**
**140,381**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: CHARITY**
**2022**
**£**
Trade debtors
**50,391**
Amounts owed by group undertakings
**493,072**
Other debtors
**53,283**
Recharges recoverable
**3,655**
VAT
**23,544**
**623,945**|2021
£
26,520
-
48,322|
|---|---|
||74,842|
||2021
£
14,185
493,474
12,348
-
46,303|
||566,310|
## **18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: CHARITY**
The amount due from the wholly owned subsidiary is technically payable on demand and no interest is charged. The trust has confirmed that it is prepared to wait for repayment and holds no security for the debt.
**56**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: GROUP**
|**2022**
**£**
Bank loans and overdrafts (see note 21)
**76,041**
Other loans (see note 21)
**21,297**
Payments on account
**102,045**
Trade creditors
**109,877**
Social security and other taxes
**16,457**
Other creditors
**3,993**
Pension
**2,951**
Accrued expenses
**217,864**
Deferred grants on capital expenditure in subsidiary
**4,266**
Deferred grants
**83,630**
**638,421**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: CHARITY**
**2022**
**£**
Bank loans and overdrafts (see note 21)
**51,052**
Other loans (see note 21)
**10,648**
Payments on account
**102,045**
Trade creditors
**34,554**
Social security and other taxes
**16,457**
Other creditors
**230**
Pension
**2,951**
Accrued expenses
**128,164**
Deferred grants
**83,630**
**429,731**|2021
£
77,496
11,667
142,783
476
6,426
8,923
1,426
177,166
5,570
74,351|
|---|---|
||506,284|
||2021
£
43,522
5,833
142,783
4,190
6,426
-
1,426
64,263
74,351|
||342,794|
## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: CHARITY**
## **20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR: GROUP**
|**2022**
**£**
Bank loans (see note 21)
**442,149**
Other loans (see note 21)
**78,703**
**520,852**|2021
£
498,369
88,333|
|---|---|
||586,702|
The group took out bounceback loans of £100,000 during the pandemic on which repayments have been deferred until October 2022 although interest has been charged. No security is required for these loans and they have been included in the figures for other creditors.
## **20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR: CHARITY**
|**2022**
**£**
Bank loans (see note 21)
**295,790**
Other loans (see note 21)
**39,351**
**335,141**|2021
£
335,392
44,167|
|---|---|
||379,559|
The Trust took out a bounceback loan of £50,000 during the pandemic on which repayments have been deferred until October 2022 although interest has been charged. No security is required for this loan and it has been included in the figures for other creditors.
**57**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **21. LOANS: GROUP**
An analysis of the maturity of loans is given below:
|**2022**
**£**
Amounts falling due within one year on demand:
Bank loans
**76,041**
Bounceback loans
**21,297**
**97,338**
Amounts falling between one and two years:
Bank loans
**76,041**
Bounceback loan
**21,297**
**97,338**
Amounts falling due between two and five years:
Bank loans
**204,534**
Bounceback loan
**57,406**
**261,940**
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans
**115,171**
Bounceback loan
**-**
**115,171**|2021
£
43,522
5,833|
|---|---|
||49,355|
||51,052
10,000|
||61,052|
||153,157
30,000|
||183,157|
||131,183
4,167
135,350|
One bank loan is repayable in monthly instalments of £2,616 until December 2025. The second loan is repayable in monthly instalments of £1,654 until June 2035. The subsidiary’s loan is repayable in various instalments of up to £2,177 per month.
**58**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **21. LOANS: CHARITY**
An analysis of the maturity of loans is given below:
|**2022**
**£**
Amounts falling due within one year on demand:
Bank loans
**51,052**
Bounceback loan
**10,648**
**61,700**
Amounts falling between one and two years:
Bank loans
**51,052**
Bounceback loan
**10,648**
**61,700**
Amounts falling due between two and five years:
Bank loans
**129,567**
Bounceback loan
**28,703**
**158,270**
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans
**115,171**
Bounceback loan
**-**
**115,171**|2021
£
43,522
5,833|
|---|---|
||49,355|
||51,052
10,000|
||61,052|
||153,157
30,000|
||183,157|
||131,183
4,167
135,350|
One bank loan is repayable in monthly instalments of £2,616 until December 2025. The second loan is repayable in monthly instalments of £1,654 until June 2035.
## **22. SECURED DEBTS: GROUP**
The following secured debts are included within creditors:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Bank loans|**518,190**|575,865|
The bank loans are secured by charges on the properties owned by the Trust and by a fixed and floating charge over all the assets of the Trust.
## **22. SECURED DEBTS: CHARITY**
The following secured debts are included within creditors:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Bank loans|**346,842**|378,914|
The bank loans are secured by a charge on one of the properties owned by the Trust and by a fixed and floating charge over all the assets of the Trust.
**59**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **23. PROVISIONS FOR LIABILITIES: GROUP**
|**2022**
**£**
Deferred tax: Accelerated capital allowances
**170,765**
Deferred tax: Tax losses carried forward
**(54,122)**
Loss on farm contract
**12,312**
**128,957**
**Deferred tax Farm**
Balance at 1stApril 2021
**72,873**
Charge/credit to income statement during the year
**12,312**
**128,957**|2021
£
72,873
25,012
97,885
**contract**
**25,012**
**(12698)**
**12,314**|
|---|---|
These provisions all arise in the trading subsidiary.
**60**
**COMMONWORK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **24. MOVEMENT IN FUNDS: GROUP**
|**MOVEMENT IN FUNDS: GROUP**|||||
|---|---|---|---|---|
|||Net|Transfers||
|||movement|between|
At|
||At 1.4.21|
in funds|funds|31.3.22|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|**13,981,228**|**223,462**|**(76,436)**|**14,128,254**|
|Designated funds|**-**|**-**|**74,754**|**74,754**|
||**13,981,228**|**223,462**|**(1,682)**|**14,203,008**|
|**Restricted funds**|||||
|Ernest Cook Trust|**-**|**(1,666)**|**1,666**|**-**|
|Children in Need|**-**|**(9,962)**|**9,962**|**-**|
|Cultural Recovery Fund|**-**|**(54)**|**54**|**-**|
||**-**|**(11,682)**|**11,682**|**-**|
|**Endowment funds**|||||
|Expendable endowment|**-**|**10,000**|**(10,000)**|**-**|
|**TOTAL FUNDS**|**13,981,228**|**221,780**|**-**|**14,203,008**|
|Net movement in funds, included in the above are as follows:|||||
||Incoming|
Resources|Gains and|
Movement|
||resources|
expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|**1,094,152**|**(990,522)**|**119,832**|**223,462**|
|**Restricted funds**|||||
|Ernest Cook Trust|**34,180**|**(35,846)**|**-**|**(1,666)**|
|Postcode Local|**7,554**|**(7,554)**|**-**|**-**|
|Children in Need|**22,705**|**(32,667)**|**-**|**(9,962)**|
|Green Recovery Fund|**52,981**|**(52,981)**|**-**|**-**|
|Cultural Recovery Fund|**101,789**|**(101,843)**|**-**|**(54)**|
|Web Development|**4,160**|**(4,160)**|**-**|**-**|
|Other restricted funds|**6,343**|**(6,343)**|**-**|**-**|
||**229,712**|**(241,394)**|**-**|**(11,682)**|
|**Endowment funds**|||||
|Expendable endowment|**10,000**|**-**|**-**|**10,000**|
|**TOTAL FUNDS**|**1,333,864**|**(1,231,916)**|**119,832**|**221,780**|
**61**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **24. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Grow2Grow
**Endowment funds**
Expendable endowment
**TOTAL FUNDS**|At 1.4.20
£
13,183,973
167,714
-
13,351,687|Net
movement
in funds
£
60,809
-
568,732
629,541|Transfers
between
funds
£
736,446
(167,714)
(568,732)
-|
At
31.3.21
£
13,980,228
-
-|
|---|---|---|---|---|
|||||13,980,228|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Expendable endowment
**TOTAL FUNDS**|Incoming
resources
£
672,336
568,732
1,241,068|Resources
expended
£
(713,474)
-
(713,474)|Gains and
losses
£
101,947
-
101,947|Movement
in funds
£
60,809
568,732
629,541|
|---|---|---|---|---|
The general fund includes a non-distributable reserve of £8,304,058 (2021 £8,304,058). This represents the increase in value of the fixed assets at transition to FRS 102 of fair value over cost as adjusted by subsequent depreciation.
Most of the grant income of the Trust is received with restrictions on how the money should be spent rather than being performance related grants to be applied to the general activities of the Trust. For clarity only the material restricted funds are shown in these accounts. Further details of some of these funds are:
## **Cultural Recovery Heritage Project**
Funding recovery of cultural and heritage assets and organisations after the pandemic
## **Ernest Cook Trust**
Outdoor learning residentials for disadvantaged school pupils and funding for an internship
## **Postcode Local**
Gardening and wildlife community programmes
## **Children in Need**
Programme for families with a young person with additional needs
**62**
**COMMONWORK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022**
## **24. MOVEMENT IN FUNDS - continued**
## **Green Recovery: DEFRA Green Recovery Challenge**
Fund to integrate people of all ages and abilities in biodiversity programmes
## **Sevenoaks District Council**
Funding for a changing places hoist
## **Natural England**
School farm visits
## **Transfers between funds**
During the year the trustees have designated funds from the unrestricted general funds to be used to support projects that were discussed in the year but are to be undertaken in the year ended 31st March 2023. These projects are not funded by grants.
|Invest in year 1 of strategic plan
Educational equipment development - Middle Yard kitchen
conversion
Match funding required for tracks to match FiPL grant
Upgrade wifi infrastructure
Total||**£**
60,000
3,000
8,054
3,700|
|---|---|---|
|||
**74,754**|
## **25. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2022 other than intercompany transactions which are netted off in these accounts.
This page does not form part of the statutory financial statements
**63**
## **FUNDERS & SUPPORTERS**
## **Arla**
**Arts Award**
**BMW Foundation**
**BromleyY**
## **John Muir Award**
**Kent Community Foundation**
**Kent County Council**
**Kent Downs Area of Outstanding Natural Beauty**
**Children in Need**
## **LEAF**
**Council for Learning Outside the Classroom**
**Cycle Friendly Places**
**Department for Digital, Culture, Media & Sport**
**Department for Environment, Food & Rural Affairs**
**Farming & Wildlife Advisory Group**
**Gravesham Borough Council**
**Green Tourism Award**
**High Weald Area of Outstanding Natural Beauty**
**Ibstock Enovert Trust**
**NHS Community Health Foundation**
**Natural England**
**North East Kent College**
**Postcode Local Trust**
**Produced in Kent**
**SES Water**
**Sevenoaks District Council**
**Soil Association**
**Tonbridge & Malling Borough Council**
**Tunbridge Wells Borough Council**
**Visit Kent**
Chiddingstone Kent TN8 7AR 01732 463255 www.boreplace.org
Home of the Commonwork Trust registered charity 1160725 & Commonwork Organic Farms Ltd. registered company 1977080