Charity number.. 1161717 FRIMLEY FUÉL ALLOTMENTS ao R•port and Flnanclal Stat•ments Forth• year end 31 Qecember 2024 Azets Audlt Servlces Ashcombe Court. Woolsa¢k Way. Godalm1ft8 Surr GU7 ILQ
FRIMLEY FUEL ALLOTMENTS CIO Flnanclal Statements for the ear ended 31 December 2024 Contents Pales Report of the Trustees Independent auditorfs report Statement of Financial Activities io Statement of Financlal Positlon li Notes forming part of the Financial Statements Detailed Statement of Profit and L055 12-22 23
FRIMLEY FUEL ALLOTMENTS CIO Report of the Trustees for the year ended 31 December 2024 2024 Trustees Report.. The Trustees present their report with the Financial Statements of the charity for thè year ended 31 December 2024. The frustpe5 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 Republlc of Ireland IFRS 102 published March 2018- effective l Jan 20191. OBJECTIVES AND A1VITIEs Objectives and a(ms The relief, either individually or generally. of persons resident in the Parish of Frimley as constrtuted in 1903, encompassing postcodes GU15 and GU16, who are in conditions of need, hardship and distre5S. Grantmaking Grants are made to qualifying applicants in an amount that the Trustees deem to be reasonable, aftèr h3vin8 made appropriate enquiries. Consistency of evaluation is applied to similar cases and to help in this, the Charity has maintained a database recording all grants given since 1986. Thi5 database is registered under the Data Protection Act IRegistration Nts A80971061. Trustees tontinue to respond to cases brought to their attention, both by direct application to the Grants Administrator and by recommendation from local organisations. Durin8 the year. all but a handful of application5 were processed and responded to within three weeks. An overall review is condurted at the following meeting of Trustees. During the year the followin8 grant5 were awarded.. 2024 Amount 2023 Grnnts Number Number Amount Group Grants Personal Grants Heating grants 25 iii 25 125,551 81,318 12.089 20 120 31 102.656 81,128 5,877 ACHIEVEMENT AND PERFORMANCE Charitable activities It is our intention to invest only as much of our income as is necessary to ensure good governance, efficient administration and good communication. maximizing the funds available for grants to local individuals and community organisations. In 2024, grants to individuals rose by 7% and group grants by 22%12023.' increase of 25% and 72% respectivelyl compared with the previous year. No grant applications fulfilling the Charity's guidelines were rejected on grounds of unaffordability. In 2023. in keeping with due diligence. we reviewed our source of investment advice and early in 2024 we approved the transfer of our investments to alternative Investment Managers with good performance records. This transfer is expected to be completed in the first quarter of 2025. Staff terms and conditions of employment were revieweil and agreed changes were implemented. We also established a Trustee commtttee to explore futuie options for use of the Charity's fund5. This group is expected to continue reportin8 durin8 2025.
FRIMLEY FUEL ALLOTMENTS CIO Report of the Trustees for the year ended 31 December 2024 Since expenditure on grants for carpeting for new tenants of Housing A550ciation properties accounts for significant element of individual grants, a review of supply arrangements was undertaken with the result that the current local supplier wa5 reappointed as the Charit$ supplier. On both prlce and service, the company provides excellent quality. During the year, replacement of the Esso Pipeline through the Charitys estate was completed. At the same time, we took the opportunrty to update and renew all si8na8e on the estate. Having reviewed the Charity Commission's Guidance on Public Benefit. Tmstees are satisfied that the required criteiia have been met as 82% of the year's expenditure12023'. 81%1 was distributed to members of the public that qualified for support within the terms of the Governing Schemes and l%12023'. 1%) of expenditure was spent on maintaining the perimeter estate of the Charit(s property so that it could remain open safely for public enjoyment. To improve awareness of its activities and availability. we maintain a website and social media page, with statistlcs on traffic data confirming it is reaching 3 wide audiènce. With the continued help of local volunteers, work was undertaken to maintaln In reasonable condition those parts of the estate not leased to third parties, to allow continued enjoyment of the facility by the local community. Twice yearly, all organisations receiv+n8 grants in the preceding 5ix-month period are invited to join an event picking litter and cleaning up the woodland. A goo(J response also including local users of the estate is always assured. Investment performante Brewin Dolphin provide professional investment advice and management for the CharlS investments portfolio, which is made up of both unrestrirted and Permanent Endowment funds. The Chanty accumulates and reinvests the cash derived from its income into its Investment Portfolio. During the year, the Charity was able to invest a further £24,49512023.. £23,581) into Unrestricted Funds with Brewin Oolphin. All grants are made by 8ACS and the dividend income and any Slirplus is accumulated in the cash balances held in the Charitys investments portfolio. FINANCIAL REVIEW Financial position The total income for the yèar was £265,692 including £31,670 of accumulated investment income12023-. £246,937>. with a gain on investments of £25,08412023.' £15.531I. The total expenditure on the unrestricted fund was E265,96312023'. £232,639) which resulted in a surplus for the year on the unrestrirted fund of £24,81312023'. £7,480>. The balance carried forward on the unrestricted fund is £737.55712023= £712.7441. There was an increase in the value of investments in the restrirted fund of £198.69312023.' £29.7991 after allowing for an increase to the land valvation of £150,00012023'. £Nill and costs in the year of £nil12023'. £nill leaving a surplus of £198,69312023.' £51.9681. The balance on the restrirted fund at 31 December 2024 15 £3,439,31812023.' £3,240,625). The Trustees valued the land owned by the charity with the assistance of professional 3dviser5 in November 2024. at a valL*e of £2,900,00012023.. £2,750,000). The Trustees are of the v¢ew that the value has not chan8ed materially since then. The total reservescarried forward at 310ecember 2024 were as shown in note 18 to the financial Statements £4.176.87512023.' £3.953.3691.
FRIMLEY FUEL ALLOTMENTS CIO Report of the Trustees for the year ended 31 December 2024 Resèrves policy The Trustee5 continue to regard those funds that have arisen from the sale of parts of the estate and any apital payments in consideration of granting a lease in any part of the estate, a5 restricted funds within the Permanent Endowment. Such capital sums have been and continue to be invested in approved funds to generate long term income forthe benefit of potential applicants. A minimum of one year's average income is held in reserves in order to meet the financial needs of the charity. Average income over the last two financial years has been £256,315 and the ¢Jnrestrirted reserves at thè balance Sheet date were £737,557 12023- £712,744). It is the present policy of Tiustee5 to distribute income to qualifying applicants as close as possible to that received the year, after payment of essential expenses. In recent years, the Charity has prodUd annual 5urpluse5 and is exploring ways of potentlally extending its reach to meet this objective. FVTVRE DEVELOPMENTS The charitywill continueto give access to its unleased woo¢Jland to local people for their quiet and peaceable enjoyment. During the Pandemic, th*$ facility was of even greater value to local people for exercise and refreshment. The charity is nevertheless conscious thatthe land with which it has been entrusted is first and forem05t èn asset to be used for the benefit of those individuals and households in the former Frimley Urban District Council area Inow defined as post codes GU15 and GU161 experiencing poverty, hardship and distress. The charity will continue to ensure that it fulfils its obligation to get the best return from the land for its intended beneficiaries. It is the intention of the Trustees to continue to provide grants to pèrsons and organisations who qualify for financial assistance, within the constraints of existing Unrestricted Funds and future income. In addition. the Trustees will actively promote its ability to help those in need. hardship and distress in the local area to ensure that it uses resources under its management to best effect. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents Schemes of the Charity Commission of 19th January 1983, 4th November 1987. Isth April 1993 and 18th September 2001. Charlty constitution The charity is a Charitable Incorporated Organisation registerèd with the Charity Commission in England and Wales under reference 1161717. From 1st january 2016 the charity acquired all the assets. liabilities and undertakinES of Frimley Fuel Allotments Charity, an unincorporated charity regtstered with the Charity Commission. number 231036. The Charitvs Constitution was revised and updatèd on 12 October 2022. Recrijitment and appointment of new Trustees Four Councillor Trustees are appointed by Surrey Heath Borough Council and four furrher Trustees are Incumbents of four local Churches, each of whom may appoint an alternate to act for them. A maximum of eight but no les5 than three further Trustees are appointed from local residet)ts who have special knowledge nd/or experience to a5515t in the work of the Charity. Appointments ale confirmed by the Trustees in general meeting.
FRIMLEY FUEL ALLOTMENTS CIO Report of the Trustees for the year ended 31 December 2024 Organisational structure During 2024 Slmon Strachan stepped down as Chair after havlng served for seven years leadln8 the ch3rlty. Alan Mcclaffertyioined as a trustee in July and was voted in as Chair. taklng overfrom Simon. In September. We a much indebted to Simon forthose seven years and for hlm continuing a5 a trustee. In January 2025 we welcomed Cllff Betton as a Council trustee. All Trustees 8lve their time without remuneration, and none clalm expenses of office. The Trustee5 meet on a regular basls to assess 8rant applications and to consider appropriate levels of aSS15tance in each case. Risk management The Trustees have a duty to Ident and revlew the risks to which the charity is exposed and to ensure ppropriate controls are In place to provide oasonable assurance against fraud and error. Most of the Charitvs income is dependent upon the revenues of the golfing activities of the major lessee. The major risk to income Is any 5Sgnifi¢ant redurtion in the market for that company's services.
FRIMLEY FUEL ALLOTMENTS CIO Report of the Trustees for the year ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAILS Re8lStered Charity number 1161717 Principal address Statlon House, Office IP I Pembroke Broadway Cambedey Surrev GUIS 3XD Trvstees Alan M¢Clafferty- Chairfrom September 2024 Simon Strachan- Chair LTrntll Au8USt 2024 Darren 8ateman- untll June 2025 Rodney Bates Cliff Betton- from January 2025 MaryGlauert Mary Keys Robert Lee Lewis Meafs- untll October 2024 David Parker Mlchael Paterson David Penny- until March 2024 Joanne Potter- untll October 2024 Murray Rowlands Salma Sams Maryann Thomson Damon Walker Treasurer Oarren Bateman- until June 2025 Emmaus Ac¢ountsnts Limited- from June 2025 Grants Admln15trator Suzy Roberts Independent Auditor Azets Audit Services Ashcombe Court, Woolsa¢k Way, Godalmin Surrey GU7 ILQ
FRIMLEY FUEL ALLOTMENTS CIO Report of the Trustees for the year ended 31 December 2024 Solicitors Field Seymour Parkes LLP l London St. Readln8 RGI 4PN Bankers Lloyds Bank 18 Prince of Wales Walk Camberley Surrey GU15 3SJ Surveyors Gascol8nes 2 Gillin8ham House Pannells Court Guildford Surrey GUI 4EU Advi5ers- Honorary Appointees Dr Christa Rohde-wildllfe and woodland conservation Mrj A Higham- land and estate management Investment Advlsors Brewin Oolphin 12 Smithfield St London ECIA9BD 23 a? Approved by order of the board of Trustees on ............... ........... 25.. and slgned on its behaff by- A McClafferty- Chalr of frustees
FRIMLEY FUEL ALLOTMENTS CIO Independent auditorfs report to the Trustees of Frimley Fuel Allotment5 CIO Oplnlon We have audited the financial Statements of Frimley Fuel Allotmènt5 CIO Ithe 'charl) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accountinÈ policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includin8 Financial Repgrting Standard 102 The FinoncAuI Reporting Stondord opplict7ble in the UK ond Republic of Ireland (United Kingdom Generalfy Accepted Accountin8 Practice). In our opinion, the financial statements.. give a true and fatr view of the state of the charit¢s affairs as at 31 December 2024 and of its incoming iesour¢e5 and application of resources. for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practicè,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinlon We condurted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responslbilitiesfor the oudit of the finunciol stotements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the VK, including the FRC'S Ethical Standard, and we have fvlfilled ourother ethical responsibilities in attordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng con¢em In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of acwuntin8 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 charity'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 goinE concern are described in the relevant sections of this pOrt. Other Informatlon The other information comprises the infomiation included in the annual report other than the financial statements and our auditor'5 report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon. 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 course of the audit. or otherwise appears to be materially mi55tsted. If we identify such material inconsistencies or apparent material misstatements, we are requtred to determine whether this gives rise to material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this re8ard.
FRIMLEY FUEL ALLOTMENTS CIO Independent auditorfs report to the Trustees of Frimley Fuel Allotments CIO Mattèrs on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relaiion to which the Charities (Accounts and Reports) Regulations 2008 require us to port to you if. in our opinion.. the information given in the financial statements 15 incon515tent any material respect wtth the trustees, report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records,. or we have not received all the Inforrnation and explanations we require for our audit. Re5pon5ibillties of trusttes As explained more fully in the statement of trustees. spOnsIbIlItIes. the trustee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and faif view, and for such internal control as the tiustees determine 15 necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financi81 statements, the trustees re respoftsible for assessing the chariVs 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 cease operations, or have no realistic alternative but to do so. Audltor's responslbilltles forth¢ audlt of the financial statements We have been appointed as aijditor under section 144 of the Charities Act 2011 and rèport in accordancè with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonablè assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Re350nable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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. A further dèscription of our responsibilities 15 available on the Financial Reporting Council's website 3t'. https'.// www.frt.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Extent to whl¢h the audlt was Considered capable of detertin8 Irre8ularitles. Includlng fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above and on the Fi¢7ancial Reporting Council's website, to detect material misstatements in respert of irregularities, including fraud. We obtain and update our understandlng of the entity, its activities, its control environment. and likely future developments. including In relation to the le8al and regulatory framework applicable and how the entity is Complyin8 wlth that framework. Based on this understanding. we identify and asse55 the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffici¢nt and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applTrc3ble laws and regulations. including fraud. In response to the risk of irregularities and non-compliance with laws and regulatrons. including fraud. we designed procedures which included.. Enquiry of management and those charged with governance around actual and potentlal litigation and laims as well as actual. 5U5perted and alleged fraud,. Reviewin8 minute5 of meetin85 of those charged with govemance..
FRIMLEY FUEL ALLOTMENTS CIO Independent auditorfs report to the Trustees of Frimley Fuel Allotments CIO Asse55ing the extent of compliance with the laws and regulations consldered to have a direct material effert on the financial statements or the operations of the entity through enquiry and inspection; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations: Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriatene55. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Other matters The balances corresponding to the previous period are unaudited. Use of our report This report is made solely to the charit$ trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulotions 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charitvs trustees a5 a body, for our audit work, for this report, or for the opinions we have formed. Debra Saunders Bsc FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Chartered Accountants Ststory Auditor Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 ILQ Azets Audit Services is eligible for apFiointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2CQ6.
FRIMLEY FUEL ALLOTMENTS CIO Statement of Financial Activities for the year ended 31 December 2024 (incorporating the income and expenditure account) 2024 Restricted Endowment fund5 2023 Restricted Endowment fvnds Unrestrirted funds rotol Unrestritted fvnds Total Note Income and Èndowments from: Rental income Investments Other income Total Income 228.629 31,670 5.393 265,692 228,629 31,670 5,393 265,692 217,753 24,071 5.113 246,937 217,753 24,071 5,113 246.937 Expendlture on: Raising funds Charltable artlvltles Grants to individua15 Grants to institutions Office costs Govemance costs Other Total èxpendlture 9,155 9.155 8.484 93,407 93.407 87.005 87.005 125,551 125.SSI 102.656 102.656 15,499 16.488 5,863 265,963 15A99 ifjM8 5.863 265.963 14,148 17,349 2,997 232.639 14,148 17,349 2.997 232.639 Net gains on investments 25,084 198,693 223.777 15.351 29,799 45,150 Transfer between funds 17 122,1691 22,169 Net inttsm/ Nrt movement in funds 24,813 198,693 223.506 7.480 51,968 59,448 Reconclllatlon of funds Total funds brought forward 712,744 3.240.625 3.953.369 705,264 3,188,657 3,893,921 Total fund5 £arrid forward 737,557 3,439,318 4.176,875 712.744 3,240,625 3,953.369 All of the results relate to continuing activities. The note5 on pages 12 to 21 form part of these financial ststements. io
FRIMLEY FUEL ALLOTMENTS CIO Statement of Financial Position as at 31 December 2024 Alotes Unrestricted Restricted fund Endowment fund 31.12.24 Unrestricted Restricted Total fund Endowment funds fund 31.12.23 Totol Funds FIXED ASSETS Tangible fixed assets Investments Financial investments Investment property 12 577 577 13 377,317 633,645 1,010,962 347,237 575,255 922,492 14 2,900,000 2,900,oIJo 2,750,000 2,750.000 377,894 3.533.645 3,911,539 347,237 3,325,255 3,672,492 CURRENT ASSETS Debtors Cash at bank 15 40,896 367,298 408,194 40.896 367.298 408,194 44,229 341,391 385,620 44,229 341,391 385.620 CREDITORS Amounts falling due within one year 16 148,5311 194,3271 1142.8581 120,1131 184,6301 1104,7431 NEr ASSETS CURRENT 359.663 194,3271 265,336 365,507 184,6301 280,877 TOTAL ASSETS LESS CURRENT LIABILITIES 737,557 3,439,318 4,176,875 712,744 3,240,625 3,953,369 NET ASSETS 737,557 3,439,318 4.176.875 712,744 3,240,625 3,953,369 FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 18 737,557 3,439,318 4,176,875 712,744 3.240.625 3.953.369 The financial statements were approved by the Trustees on behalf by.. .2025 and signed on their A Mcclafferty ChaSr of Trustees S Strachan Trustee The notes on pages 12 to 21 form part of these financial statements.
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended 31 December 2024 I Charlty Constltutlon The charity is a Charitable Incorporated Organlsation registered in England and Wales with the Charity Commission. Details of its registered number and addre55 are shown in the Trustees Report, page 3. From I" January 2016 the charity acquired all the assets, liabilities and undertakings of Frimley Fuel Allotments Charity. an unincorporated charity registered with the Charity Commission, number 231036. 2 Accounting policies oj Basis oAarcountinp The financial statements have been prèpared in accordance with the Charities Act 2011, FRS 102 'The Financial Reporting Standard appltcable in the UK and Republic of Ireland" IFRS 1021 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- leffettive l January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts lfinancial statemènts) have been prepared to gwe a 'true and fairf view and have departed from the Charities (Accounts and Report51 Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the relevant version of the 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 IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Prattice effective from l April 2005 which has since been withdrawn. The charity has taken advantage of the provisions in the SORP for charities not to prèpare a Statement of Cash Flows. The financial statements are prepared in Sterling, which 15 the funrtional currency of the charity. Monetary amounts in these h'nan¢ial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the fair value of investments (both listed and propertyi. The principal accountlng policies adopted are set out below.. bj Income Rental incorne 15 fecogni5ed when the charity becomes entitled to the income based on occupation. Investment income relates to dividends on listed shares and is recognised upon entitlement. Other income is recognised upon entitlement. c) Expenditure Expenditure 15 recognised once there 15 a legal or constructive obligation to make 3 payment to a third party, it 15 probable that settlement will be required and the amount of the obligation can be measured reliablv. Allocotion oAexpeftditure Expenditure 15 accounted for on an accruals basis and allocated to the relevant attivty. Grants offered subject to conditions whith have not beerb met at the year end date are noted as commitment but not accrued as expenditure. 12
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended 31 December 2024 dj Tongffbltfixedassets Tangible fixed assets are measured at cost les5 accumulative depreciation and any accumulative impairment losses. Depreciation is provided at rates calculated to write off the cost, less estlmated residual valve, of each asset evenly over its expected useful life, as follow5-. Office Equipment 25% 5trai8ht line el Investmentproperty Investment property is shown at fair value. Fair value movements are reco8nised within net incomelexpenditure of the relevant fund. Investments Fixed asset investments are initially measured at transaction plice excluding trar15artions costs. and are subsequently measured at fair value at each reporting date. Change5 in the fair value and the profit/los5 on sale are recognised in net incomellexpenditurel for the year. Transactions costs are expensed as incurred. qj Debto All debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. hj Cush andcosh equlvolents Cash and cash equivalents include cash in hand, deposit5 held at call with banks, othèr short-term liquid investments with tsriginal maturities of three n70nths or less, and bank overdraft5. ij Credltors ondprovlslons Creditors and provisions are recognised where the tharity has a present obligation arisin8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obliBatiorb can be measvred or estimated reliably. Creditors and piovi5ions are recognised at their settlement amount after allowing for any trade discounts due. jj FirJanri471inStrunftts The charity on)v ha5 financial assets and liabilities of a kind that qualify as basic financial instruments. The listed investment5 which are shares held In an investment portFolio are recognized èt their fair value. All other basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. kl VAT The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate. IJ Taxatlon The charity is exempt from tax on its charitable activities. ml GoiTng concern rhe Trustees consider that there are no material uncertainties about the charltys ability to continue as a going cgncern. 13
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended31 December 2024 n) Fundaccountlng Unrestricted funds are expendable at the discretion of the Trustees In furtherance of the objects of the charity. Endowment funds are funds sublect to specific trusts. which may be declared by the donor or withtheir authority but still within the object5 of the tharity. Restriction5 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 15 included In the notes to the Financial Statements. oj Keyjtsdgements and estimotes The Trustees feel there were no judgements made in the process of applying the accounting policies that had a significant effect on the amounts recognized in the financial statement. A keysource of estimation and uncertainty is the fair value of the investment property. The Trustees engage an independent valuer to assist with thls. The falr value of the investment property was £2,900,( at 31 Dècembèr 202412023.. £2.750,0001. For further information, see note 14 of the accounts. pj Employee benellts The cost of any unused holiday entitlement is reco8nised in the period in which the èmployee5, seryices are received. 3. RENTALINCOME 31.12.24 31.12.23 Pine Ridge Golf Centre- rer¢tal income and charges 217.629 206,753 Othef rentsl income 11,000 li,( 228,629 217.753 4. INVESTMENT INCOME 31.12.24 31.12.23 Income from listed investments 24.495 23,581 Bank interest 7,175 490 31.670 24.071 14
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Flnancial Statements for the year ended 31 December 2024 5. OTHER INCOME 31.12.24 31.12.23 Charitable donation s.0 Easement payment 4,950 Interert on late payment of rent 393 163 5,393 5,113 6. RAISING FUNDS 31.12.24 31.12.23 Investment Manament costs Portfolio mana8ement 9,155 8.484 7. GIIANTS PAYABLE 31.12.24 31.12.23 Grants to Individuals 93,407 87.OJ5 Grants to institution5 125,551 102,656 218,958 189,661 15
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended 31 December 2024 7. GRANTS PAYABLE Itontlnuedl The total grants paid to institution5 durin8 the year was as follows: 31.12.24 31.12.23 Connert Counselllng 15,C 10,000 Surrey Heath Age Concern The Besom in Camberley HarS Hydrocephalus Awareness Trust 12,483 10,0 12.000 10,000 Home Start Surrey Heath io,oco 13,OC Ezra FoundatTron 9,000 Hope Hub Phyllis Tuckwell Hospice Heather Rld8e Infant School St Martin's Church 8.955 8.450 7,WO 5,600 Stagecoach Service Frimley Green knbrary 4,699 3,863 Surrey Heath-Asylum Seeker Funds 3,837 2,500 Camberley YFC 2,500 Frimley Baptist Church Old Dean CommunityGroup 2,500 2,500 7,500 Opera Anywhere 2.500 Rotary Club 2,C(10 South Camberley School St Barbara's Church 19,600 8,¢)JO Camberley lob CILFb 5,000 St Peterfs and St Francis. 5,000 The Old Dean Rec 2,500 The Famlly Contart 2,500 Camberley Adult Learnlng Centre Grants of less than £l,OCQ 2,344 6,114 3,762 125.551 102,656 16
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Flnanclal Statements for the year ended 31 December 2024 8. GOVERNANCE COSTS 31.12.24 31.12.23 Independent examlnerfs fee 1,560 Independent audltor's fee 9,250 Accountanty and payroll costs Legal advice 4,538 3,358 2,700 6,839 Admlnlstrator costs 5.592 16,488 17,349 9. OTrIER 31.12.24 31.12.23 Insurances and other property costs Depreciation char8e 5,711 2,997 152 5,863 2,997 10. TRUSTEES, REMUNERAnoN ANQ BEf4EFITS There were no Trustees, remuneration or other benefits for the year ended 31 December 2024 norforthe year ended 310ecember 2023. Durln8 the year, four Trustees were reimbursed £689 12023.. two Trustees were 1MbUr$ed £7551 In relation to travel and office expenditure. 11. srAFF COSTS 31.12.24 31.12.23 Wages and salar4es 12.394 10,366 Other pension costs 185 86 The average number of employees during the year wa5 05 follows.. 31.12.24 31.12.23 Grant Administration Key management personnel comprise only the Trustee5. none of whom were remunerated. No employees received emoluments in excess of £60,Ct%). 17
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the ear ended 31 December 2024 11 TANGIBLE FIXEDASSErs Office Equipment Total As at l January 2024 Addltlons 729 7Z9 As at 31 December 2024 729 729 Depre¢latlon As at l January 2024 Pfovlded during the period 152 152 As at 31 December 2024 152 152 N•t Book Val As at l January 2024 As at 31 Oecember 2024 577 577 13. FIXED ASSET INVESTMENTS Listed Investments FAIR VALUE At l January 2024 Additions Disposals Fair value movements At 31 December 2024 922,492 196,932 1177,764 69.302 1,010,962 The Fixed Asset Investments include both the Unrestricted ar Restricted funds. For fvrther information, see note 18 of the accourrts. There were no investment assets outslde the UK. The historical cost of the investments were £894.49812023: £884,358). Net galns on Investments durlng the year were £73,77712023'. £45,150) 18
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended 31 December 2024 14. INVESTMENT PROPERTY FAIR VALUE At l January 2024 2.750.000 Fair value movement 150,1J)O At 31 December 2024 2,900,000 The Trustees have valued the land owned by ihe charity at £2,9CQ,CX)O for the year ended 31" December 2024. The last independent valuation was carried out in November 2024 by G3scoignes, an independent valuer with the relevant professional qualifications and experience. The Trustees have recognised the full valuation uplift in the current financial year. rather than spread the movement between the two valvation dates Ithe last valuation being 20181. TheTrtsstees are of the viewthat the value has not changed materially since November 2024. The net gains on invèstment property were £150,OCM)12023'. £Nill. 15. DEBTORS.. AMOUNTS FALLING DUE WIThIN ONE YEAR 31.12.24 31.12.23 AccrLted income Other debtors Prepayment5 38,473 40.942 960 2,327 44,229 2.423 40.896 16. CREDITORSAMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade crèditors A¢crual for grants payable Other creditors Rent received in advance 421 9,128 105,809 27.500 141858 1.216 3,820 89,707 10,000 104,743 17. FUNDS Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the objectives of the charity. The Endowment fund represents those assets which must be permanently hèld by the Chafity. prln£ipally land and financial inve5tment5. Income arising on the Endowment fund can be used in accordance with the objerts of the charity and is included as unrestricted income. Any capital gains or losses arising on the investment forms part of the fund. Investment management charges and legal advice relating to the fund are charged against the unrestricted fijnds. During the year, the Charity was able to invest a further £24,495 of accumulated 4ncome12023'. £23,581) into the unrestricted fvnds managed by Brewin l)olphin. 19
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Flnanclal Statements for the year ended 31 December 2024 18. MOVEMENT111 FUNDS At 01.01.24 Net movement in funds At 31.12.24 Unrestrfrted funds General funds Financial investments 361,959 350,785 12711 25,084 361,688 375.869 Restrfrted funds Pemanent Endowment fund 3,240,625 198.693 3,439,318 TOTAL FVNDS 3.953,369 223.506 4 176,875 Incoming resources Resources expended Gain5 and losses Movement in funds Transfers Unrestri¢ted funds General fund Financial Investments 265,692 1265.9631 12711 25,084 25.084 R•strfct•d funds Permanent Endowment fund 198.693 198.693 TOTAL FUNDS 265,692 1265,%31 223,777 223.506 Comparatlves for movement in funds At Net At 01.01.23 movement 31.12.2023 in fund5 Unrestrlrted fvnds Gener31 fund Financial investments R•strlrted funds Permanent Endowment fvnd 369,830 335.434 17,8711 15.351 361,959 350,785 3,188,657 51,968 3,240,625 TOTAL FUNDS 3,893,921 59,448 3,953,369 20
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended 31 December 2024 IB. MOVEMENT IN FUNDS lcontlnuedl Comparative net movement in funds, included in the above are 35 follow5- Incoming resources Resources expended Gains and losses Movement in fund5 Transfers Unrestricted lunds General fund 246.937 1232,6391 122,1691 17,8711 Financial investments 15,351 15,351 Restrlcted funds Pemianent Endowment fund 29.799 22.169 51,968 TOTAL FUNDS 246,937 1232,6391 45,150 59,448 19. ANALYSIS OF FUNDS Fixed Assets Current Assets Current Total At 31-12-24 Unrestrirted Restricted 377,894 3.533.645 3.911,S39 408.194 48,531 94,327 142,858 737,557 3,439.318 4,176.875 408,194 At 31-12-23 Unrestritted Restricted 347,237 3,325,255 3,672,492 385,620 20.113 84,630 104,743 712.744 3.240,625 3,953,369 385,620 20. RELATED PARTY DISCLOSURES A grant was paid in the year to The Besom in Camberley for £12,1Y)012023.' £Nill. The spouse of D Bateman IS a trustee of The Besom in Camberley. D Bateman was excluded from the decision-making process for this grant. During the year. rent and ancillary costs of £3,427 12023.. £1.3081 were paid to High Cr055 Church, Camberley. a charity of which M Glauert is a trustee. 21
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Flnanclal Statements for the ear ended 31 December 2024 21. OPERATING LEASE COMMITMENTS The charity's total future minlmum lease payments under operatlng lease5 at 31 December 2024 were payable a5 Set out below.. 2024 2023 Within l year Wlthin 2 to 5 years Over 5 years I,ioo i.itsj The operating lease relates to rented premises. The lease commitment Is on a three-month rolling basis. 22. VOLUNTEERS On occasion, general volunteers are used for maintaining in reasonable condltlon those parts of the investment property estate which are not leased to third parties. to allow continued enjoyment of the facility by the local communlty. 23. LESSOR OPERATING LEASE COMMITMENTS The charity owns land for rental purposes. Rental Income earned durlng the yeaf was £217,629. The land is expected to generate fixed income of at least £g0.&JO per annum for the next 88 years. The charity has two further leases In place 8eneratSn8 income of £IO,QOO per annum for at least 115 years and £l,OCQ for at the ne¥t 6 years. 22
FRIMLEY FUEL ALLOTMENTS CIO Notes to the Financial Statements for the year ended 31 December 2024 DetallÈd Statement of Flnanclal Artlvltl*s for the year ended 310ecember 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Other tradin8 artivitie5 Pine Ridge Golf Centre- rental income and charges Other rental income 217.629 li,O(M) 228,629 206.753 11.000 217.753 Investment intome Income from ItSted investments Bank interest 24,495 7.175 31.670 23,581 490 24,071 Other Sncome Charitable donation Easement pawnent Interest on late payment of rent Total incoming resources 5,000 4,950 163 246,937 393 265,692 EXPENOITURE In¥e5tment mana8ement costs Portfolio management 9.155 8,484 Charitable activities Wage5 Office costs Grants to instttutions Grants to individuals 12.578 2,778 125.551 93,407 234.314 10,452 3,617 102,656 87.005 203,730 Other Insurances and property costs Estate costs Depreciation charge 2,831 2,880 152 5,863 983 2,014 2,997 Support costs Govemance costs Telephone Accountancy and legal fees Administrator fees 143 16,488 79 11.757 5,592 17,428 16.631 Total resources expended 265.%3 232.639 Nèt Incomellexpendlturt} before gains and losses 12711 14.298 Reallsed recognlsed 8aln5 and losses Realised gainslllossesl on fixed asset investments 4,475 12,7851 Net 5ncomellexperKllture) This page does not form part of the statutory financial statement5. 4,204 11,513 23