REGISTERED CHARITY NUMBER: 1178790
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
FOR FENLAND BLACK OAK CIO
Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
FENLAND BLACK OAK CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| Page | Page | Page | |
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
FENLAND BLACK OAK CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
The trustees present their report with the financial statements of the charity for the year ended 31 August 2020. 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives and aims of the charity are:
-
to preserve and promote the heritage and historical importance of the jubilee oak and fenland black oak more generally by crafting a jubilee oak table and ensuring that the resulting work of craftsmanship is displayed to the public;
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to promote and raise awareness, research and knowledge relating to the jubilee oak and all matters relating to or associated with the formation, history and conservation of fenland black oak in such ways as the trustees deem appropriate;
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to advance the education and training in the crafts of carpentry and joinery associated with preserving and working with fenland black oak. .
Significant activities
In 2012 an enormous 5,300 year-old tree trunk was unearthed and excavated in the East Anglian Fens. The discovery presented an opportunity to preserve this and use it to make a unique 13.2 metre long table and gift it to the nation. Additionally, it would also serve to highlight the importance of farmers preserving the dwindling supplies of this rarest of native hardwoods and to cast light for future generations on the ancient high forests of Fenland Britain of 3,300 BC.
The Fenland Black Oak Project would also serve as a training and discovery experience for the next generation of master craft men and women.
Accordingly the charity was founded to put this into effect and to enable a team of dedicated, skilled craftsmen to turn this unique piece of Black Oak into a table for the nation.
Public benefit
The trustees confirm that they have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Following the establishment of the Charitable trust in June 2018 a team of trustees with wide and varied skills was recruited. These trustees included a master cabinet maker, a farmer, a college principal, a lawyer, an accountant, an administrator and a film maker. Additionally, the charity has attracted considerable goodwill and been helped by participation and services from many companies and individuals around the world.
As reported last year the original oak log was raised from the ground in 2012 and the table top fabricated, which was completed in August 2019.
The last year has been spent designing an under-structure that would be fitting for this unique table top. This design has now been completed in patinated bronze using fully resolved and calculated structural drawings by engineers specializing in such structures and has been fully costed. The trustees are now conducting a major fund-raising initiative to raise the funds to enable the under-structure to be fabricated and the table completed, as well as funds to facilitate a comprehensive historical and educational display to accompany the table.
In addition to the proposed display of the table at Ely Cathedral, the Trust is in active dialogue with other destinations to house the table.
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FENLAND BLACK OAK CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
FINANCIAL REVIEW
Financial position
In the period under review the charity has raised £16,963 in donations and has received the benefit of services (such as storage and fabrication works) amounting to a value of £5,250. These funds have been used in the design and prototype of the understructure and storage of the table top, leaving a balance of £8,130 when added to the reserves brought forward. At the period end the cash balance of £13,363 was sufficient to cover the charity's liabilities.
It is the intention to now raise funds to fabricate the understructure.
The trustees are confident that sufficient funds can be raised to enable the understructure to be built within the next twelve months.
Reserves policy
The purpose of the charity is to raise sufficient funds to build the table, which once built will be gifted to the nation. Costs are only incurred when the funds have been raised, so the trustees do not consider it necessary to maintain reserves. Accordingly, the level of reserves at the end of the period is an amount of £8,130 which has already been earmarked for expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a constitution adopted upon registration as a Charitable Incorporated Organisation (CIO).
Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1178790
Principal address
Adamson & Low The Old Piggery Cuckoo Lane, Brenchley Tonbridge Kent TN12 7HX
Trustees
H Low (Chair) S Butler-Gallie - appointed 23/9/2019 L Conway T Edmunds - resigned 31/07/2020 Mrs A King G P Shropshire P R F Simpson
Independent Examiner
Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
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FENLAND BLACK OAK CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
Approved by order of the board of trustees on 2 November 2020 and signed on its behalf by:
H Low - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FENLAND BLACK OAK CIO
Independent examiner's report to the trustees of Fenland Black Oak CIO
I report to the charity trustees on my examination of the accounts of Fenland Black Oak CIO (the Trust) for the year ended 31 August 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr K M Luck FCA Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
11 November 2020
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FENLAND BLACK OAK CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 16,963 EXPENDITURE ON Raising funds 2,515 Charitable activities 3 Jubliee Black Oak Project 6,510 Total 9,025 NET INCOME 7,938 RECONCILIATION OF FUNDS Total funds brought forward 192 TOTAL FUNDS CARRIED FORWARD 8,130 |
Year Ended 31/8/20 Restricted Total fund funds £ £ 5,250 22,213 - 2,515 5,250 11,760 5,250 14,275 - 7,938 - 192 - 8,130 |
Period 14/6/18 to 31/8/19 Total funds £ 137,852 7,050 130,610 |
|---|---|---|
| 137,660 | ||
| 192 - |
||
| 192 |
The notes form part of these financial statements
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FENLAND BLACK OAK CIO
BALANCE SHEET 31 AUGUST 2020
| Unrestricted Restricted fund fund Notes £ £ CURRENT ASSETS Debtors 8 625 - Cash at bank 13,363 - 13,988 - CREDITORS Amounts falling due within one year 9 (5,858) - NET CURRENT ASSETS 8,130 - TOTAL ASSETS LESS CURRENT LIABILITIES 8,130 - NET ASSETS/(LIABILITIES) 8,130 - FUNDS 10 Unrestricted funds TOTAL FUNDS |
2020 Total funds £ 625 13,363 13,988 (5,858) 8,130 8,130 8,130 8,130 8,130 |
2019 Total funds £ 798 20,956 21,754 (21,562) 192 192 192 192 192 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 2 November 2020 and were signed on its behalf by:
H Low - Trustee
The notes form part of these financial statements
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FENLAND BLACK OAK CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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 and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
Donated goods and services
Donations of significant goods and the services supplied by those who hold particular skill sets necessary to the project are included in the accounts as a Pro Bono restricted fund.
The trustees have used their best efforts to place a value on donated costs and time using estimates, where precise costs and times were not available. The trustees believe that the monetary value placed on donated costs and time and disclosed in the accounts is a reasonable approximation
The time donated by general volunteers has not been included in these accounts.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts
continued...
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FENLAND BLACK OAK CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | |
|---|---|
| Year Ended 31/8/20 £ Donations 15,421 Gift aid 1,542 Donated services and facilities 5,250 22,213 |
Period 14/6/18 to 31/8/19 £ 26,082 5,890 105,880 |
| 137,852 |
3. CHARITABLE ACTIVITIES COSTS
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| fund | fund | funds | |
| Jubilee Black Oak Project: | £ | £ | £ |
| Construction and fabrication | 187 | 700 | 887 |
| Understructure | 4,600 | 1,400 | 6,000 |
| Insurance costs | 873 | - | 873 |
| Storage costs | - | 3,150 | 3,150 |
| Governance costs | 850 | - | 850 |
| Total | 6,510 | 5,250 | 11,760 |
4. INDEPENDENT EXAMINER
Fees payable to the charity's accountants:
£ Independent examination of the charity's financial statements 850
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the period ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the period ended 31 August 2019.
continued...
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FENLAND BLACK OAK CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 31,972 | 105,880 | 137,852 | |
| EXPENDITURE ON | ||||
| Raising funds | 6,870 | 180 | 7,050 | |
| Charitable activities | ||||
| Jubliee Black Oak Project | 24,910 | 105,700 | 130,610 | |
| Total | 31,780 | 105,880 | 137,660 | |
| NET INCOME | 192 | - | 192 | |
| TOTAL FUNDS CARRIED FORWARD | 192 | - | 192 | |
| 7. | DONATED GOODS AND SERVICES | |||
| Included in the Pro Bono restricted fund are donations of services and goods | as follows: | |||
| £ | ||||
| Rebuilding of the kiln | 700 | |||
| Understructure | 1,400 | |||
| Storage | 3,150 | |||
| 5,250 | ||||
The charity also benefits from the help of general volunteers in the form of students, but this is not quantified in the accounts.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Gift Aid |
2020 £ - 625 625 |
2019 £ 158 640 |
|---|---|---|
| 798 |
continued...
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FENLAND BLACK OAK CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 10. MOVEMENT IN FUNDS At 1/9/19 £ Unrestricted funds General fund 192 TOTAL FUNDS 192 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 16,963 Restricted funds Pro Bono Work 5,250 TOTAL FUNDS 22,213 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
2020 2019 £ £ 898 20,312 4,960 1,250 5,858 21,562 Net movement At in funds 31/8/20 £ £ 7,938 8,130 7,938 8,130 Resources Movement expended in funds £ £ (9,025) 7,938 (5,250) - (14,275) 7,938 Net movement At in funds 31/8/19 £ £ 192 192 192 192 |
|---|---|
continued...
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FENLAND BLACK OAK CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 31,972 | (31,780) | 192 |
| Restricted funds | |||
| Pro Bono Work | 105,880 | (105,880) | - |
| TOTAL FUNDS | 137,852 | (137,660) | 192 |
By their very nature, the Pro Bono donated goods and services, other than those of general volunteers, are given in order to facilitate a particular part of the project and are therefore treated as restricted funds.
11. RELATED PARTY DISCLOSURES
Guy Peter Shropshire - Trustee
In 2012 farmers G.S.Shropshire & Sons Ltd, of which Guy Peter Shropshire is a director, uncovered and donated a massive trunk of black bog oak to the Diamond Jubilee Black Oak Project. The project latterly became the Fenland Black Oak CIO when it formed a Charitable Incorporated Organisation. No monetary value was placed on the donation as the farmers recognised the importance of the find to the nation as a whole.
During the year G.S. Shropshire & Sons Ltd have provided storage facilities that would otherwise have cost £3,150. This has been included as donated income and the corresponding expense as charitable expenditure in the Pro Bono restricted fund.
Hamish Low - Trustee
During the period Hamish Low provided pro bono services totalling £2,100. The donated services have been included as donated income and the corresponding expenses as charitable expenditure in the Pro Bono restricted fund.
Over the course of this year, Adamson & Low, a cabinet making business in which Hamish Low is a partner, have provided goods and services totalling £5,675 at normal commercial rates.
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FENLAND BLACK OAK CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| Period | ||
|---|---|---|
| 14/6/18 | ||
| Year Ended | to | |
| 31/8/20 | 31/8/19 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 15,421 | 26,082 |
| Gift aid | 1,542 | 5,890 |
| Donated services and facilities | 5,250 | 105,880 |
| 22,213 | 137,852 | |
| Total incoming resources | 22,213 | 137,852 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising consultant | 550 | 3,600 |
| Just giving subscription | 733 | 18 |
| Brochure/leaflet costs | 769 | 959 |
| Website costs | 463 | 2,293 |
| Sundry fundraising costs | - | 180 |
| 2,515 | 7,050 | |
| Charitable activities | ||
| Insurance | 873 | 856 |
| Saw milling | - | 18,463 |
| Original building of kiln | - | 32,681 |
| Rebuild of kiln | 700 | 3,113 |
| Fabrication of top | (30) | 30,191 |
| Fabrication of top - Adamson & Low | 217 | 4,000 |
| Ely Cathedral | - | 15,757 |
| Design | - | 5,742 |
| Destination post Ely | - | 865 |
| Event costs | - | 650 |
| Legal work | - | 15,292 |
| Website costs | - | 1,750 |
| Understructure | 6,000 | - |
| Storage | 3,150 | - |
| 10,910 | 129,360 | |
| Support costs | ||
| Governance costs | ||
| Independent examination fee | 850 | 1,250 |
| Total resources expended | 14,275 | 137,660 |
| Net income | 7,938 | 192 |
This page does not form part of the statutory financial statements
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