TRUSTEES !" ANNUAL REPORT
for the period 1[st] March 2023 to 29[th] February 2024
Reference and AdministraEon InformaEon
Charity Name: MILTON ABBAS STREET FAIR TRUST
Charity Number: 1162394 Principal Address: BurnscroI, Cheselbourne, Dorchester, DT2 7NW. Trustee Details:
| Trustee Name | Ofce | Date Appointed |
|---|---|---|
| Deborah Lynn Drammis | Treasurer | 13/09/2022 |
| David John French | Chair. Tbc at AGM | 26/03/2015 |
| Jennifer Harrisson | 25/04/2018 | |
| Nigel John Hodder | Secretary. To resign at AGM | 26/03/2015 |
| Brian James Isherwood | 26/03/2015 | |
| Stephanie Kogels | 25/04/2018 | |
| John William Widdowson | Chair. Tbc Secretary at AGM | 16/06/2015 |
Structure, Governance and Management
The charity!s governing document is a cons<tu<on adopted and signed by six Trustees at a mee<ng on 26[th] March 2015. An amendment to introduce a maximum of 11 (eleven) Trustees was approved by at least a 75% majority at the Annual General Mee<ng held on 19[th] July 2016.
Confirma<on from the Charity Commission that the Trust was recognised as a charity and entered onto their Register of Chari<es was received on 24[th] June 2015.
Each Trustee has signed a declara<on that they were willing to stand as a Trustee and that they understood the Trust!s purposes and rules as set out in the Cons<tu<on.
Frederica Robinson in her capacity as Ex Officio Trustee as Chair of the Milton Abbas Street Fair Organising CommiWee has represented its interests at Trustee mee<ngs and has now re<red following the 2023 Fair.
Two (2) exis<ng Trustees (Nigel John Hodder and Stephanie Kogels) will re<re at the Annual General Mee<ng in accordance with the Cons<tu<on and are not seeking re-appointment. Three new Trustees have put themselves forward for elec<on as Trustees.
ObjecEves and AcEviEes
The objects of the Trust are to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from <me to <me primarily for the benefit of the inhabitants of the Parish of Milton Abbas and its surrounds.
A Street Fair was held on the 29th July 2023 as planned. Proceeds from the Fair were distributed to Beneficiaries in two tranches in September 2023 and in January 2024. The level of funding was determined by the Trustees from Beneficiary Bids.
Achievements and Performance
The 50[th] Anniversary Street Fair was held on the 29th July 2023. It was aWended by around 5000 visitors. The Fair raised c£48,000 of which a total of £22,500 was allocated in two tranches to local organisa<ons and groups who applied for a Beneficiary Grant from The Trust, plus a dona<on to the nominated Street Fair External Dorset Charity. The Trustees would like to thank the Organising CommiWee for the hard work they put in ensuring that the Fair was such a resounding success.
Financial Review
The 2023-24 Annual Trust Accounts opened with total balances of £17,967 and closed with £24,262.
2023 was a very successful year for the Milton Abbas Street Fair, being the 50[th] Anniversary Fair, there were extra aWrac<ons for everyone to enjoy in the Lake Field. The total income for the 2023 Street Fair was c£48,000, with expenses of £22,900, therefore the budget for the 2025 fair has been increased to £23,000. Admissions were about 5,000 people, which saw the Fair use online <cke<ng for the first <me. The gates also saw many people wan<ng to pay with cards, therefore, going forward card readers will be necessary.
The main payments in this Financial Year were the Beneficiary Grants of £16,600 and the dona<on to the Street Fair external charity of Mosaic, as well as £6,000 for entertainment on the day, which was enhanced due to this being our 50[th] Anniversary year.
The #Rainy Day Reserve Fund!"of £5,000 has been carried forward and the proposal for the ‘Start-Up Fund’ to be increased from £8,000 to £9,000 has been agreed by the Trustees for the 2025 Street Fair due to the increased costs of seing up the Street Fair.
The simple Reserves Policy (see Appendix 1) has been reviewed by the Trustees and slightly amended for clarifica<on and will hopefully be agreed by the Membership at the AGM.
DeclaraEon
The Trustees declare that they have approved the Trustees !"Report via an email discussion finalised on 23 April 2024.
Signed on behalf of the Trustees:
Full Name: John William Widdowson
Posi<on: Trust Secretary
Date: 23 April 2024
Milton Abbas Street Fair Trust
Reserves Policy
This is a simple Policy to explain the steps Milton Abbas Street Fair Trust is taking with regard to holding of reserves of Monies. It explains why the Trust needs to keep some money aside instead of spending it on the charity’s aims.
How much does the charity need to hold in reserve and why? (£14,000)
The biennial Street Fair is the primary source of income which ajer expenditure, budgeted at £23,000 max to cover costs, hopefully results in a profit that is allocated to award Grants and Dona<ons, ini<ally totalling a maximum of £20,000, against Bid Applica<ons received from Beneficiaries (Local Organisa<ons and Chari<es).
Before distribu<ng any profit, a ‘Start-up’ alloca<on for the next Fair is recommended by the Treasurer and agreed by the Trustees, primarily to help cover costs and assist cash flow between Fairs. The current agreed ‘Start-Up’ figure is £9,000.
Addi<onally an amount can be added to the ‘Rainy Day Reserve Fund’ to help the Trust to s<ll fulfil Grant Awards in years where poor weather means a Street Fair’s profit is below £20,000. The current agreed ‘Rainy Day Reserve Fund’ stands at £5,000.
The resultant profit is then distributed to Beneficiaries. Any resultant profit above £20,000, can be used to increase the ini<al Grants allocated, or held as a Con<ngency Fund and used for further Bid Applica<ons received between Fairs.
How and when can the Trust spend the Reserves?
All Monies are held as ‘Unrestricted Funds’, including the ‘Start-up’ alloca<on and the ‘Rainy Day Reserve Fund’, although the two laWer amounts are ‘designated’ for these purposes.
This enables all Monies to be distributed elsewhere, if formally agreed by the Trustees, in the unlikely event of any unforeseen emergency or closure of the Charity.
How o?en is the Reserves Policy reviewed?
The Trustees will review the Reserves Policy annually, at the Financial Year end in February.
Trustees reviewed at Financial Year End February 2024 (To be agreed at AGM on April 24th 2024)
CHARITY COMMIS510N FOR ENGLAND ANO WALES 1182394 Recei tsand ents accounts CC16a 1stvrAT¢h Xt23 Sectiori A Receipts and payments Unl7cled RestrScted Endowmenl Total fiJiKJ5 Last y8ar A1 Ro¢ S,210 1.150 Taking5 $rSu1p & Lkmatui cwig & Bars 4394 394 3,708 Y,gYS 291 97S Irrt 5Z AR) •113 49.113 3.502 113 Tinoson Day inc 3,993 1,194 5261 1,SZ3 478 6,137 124N i.t94 4261 293 CateritYJ & èats Putyvty&wds%e 4n 137 rP*k$l Minth EqLIpt Rental l Op¥aL Sub k¥ 81 812 Sub to 4U18 8t2 8395 Cash funds last yearend Cash fun¢ts this year en 24,282 17,967 1110112024
Section B Statement of assets and liabilities at the end of the period Categories Details 19 n¥rest£ Bl Cash fvnds 24362 eunds to n•ar•st£ Dotaiis B4 Assgts rolalned forth• charltys ¢)wn u8• Am(MrtdL* De jai-.s 85 Li•biliti•s orts tru6tee¥ on nRz CCXX R2 ISSI
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| under section 145(5Xb)oftheAct. | |
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| concerning the formandcontent of accounts set outinthe Charities | |
| (Accounts and Reports) Regulations 2008 other than any requirement | |
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