## **The Polehampton Charity** **Charity No. 1194604** **Trustees' Report and Unaudited Accounts** **31 December 2022** **The Polehampton Charity Contents** ||Pages| |---|---| |Trustees' Annual Report|2 to 4| |Independent Examiner's Report|5| |Statement of Financial Activities|6 to 7| |Balance Sheet|8| |Notes to the Accounts|9 to 14| Page 1 **The Polehampton Charity Trustees Annual Report** The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2022. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Charity No. 1194604** ## **Principal Office** 65 The Hawthorns Charvil Reading Berkshire RG10 9TS ## **Trustees** The following trustees served during the year: A. Cardy R. Chapman K. Clarke R. Collett S. Conway D. Cox R. Fort A. Goodall-Smith J. Jones J. March B. Treadwell ## **Key Management Personnel** Chair Amy Goodall-Smith ## **Accountants** Thames Bridge Accountants 60 Oak Tree Road Marlow Buckinghamshire SL7 3EQ ## **Bankers** Lloyds Bank Victoria PO Box 1000 BX1 1LT Page 2 **The Polehampton Charity Trustees Annual Report** ## **Investment Advisors** Penrose Wealth Management St Georges House Knoll Road Camberley Surrey GU15 3SY ## **OBJECTIVES AND ACTIVITIES** The Trustees confirm that they refer to the public benefit guidance issued by the Charity Commission when reviewing the Trust's aims and objectives, and in planning future activities and settling the grant making policy for the period. The objects of the charity are, for the public benefit, and include The provision of the School within the meaning of the Education Acts (including an academy) in which religious instruction shall be given in accordance with the doctrine of the Church of England. For this purpose, the land at Polehampton Church of England Infant School must be retained. The relief of persons suffering hardship or distress, and promotion of the education of persons under 25 who require financial support, all such persons being resident in the area of benefit (ecclesiastical parishes of St Mary the Virgin, Twyford, St James the Great, Ruscombe, and the civil parish of Charvil). The Trustees may grant such relief by making monetary grants, providing or paying for goods or services,to the persons themselves, or to other persons and organisations who provide such support to those in need .In exceptional cases the Trustees may provide support to person who is resident outside the area of benefit, or who is only temporarily resident therein. To promote such charitable purposes (not of an ecclesiastical or religious nature) for the general benefit of the inhabitants of the area of benefit as the Trustees think fit, which may include the provision of a public library. ## **ACHIEVEMENTS AND PERFORMANCE** The trustees took the decision to move to a CIO during 2022, retaining the same aims and objectives as the charity. The CIO received the net assets of the charity in two stages,the portfolio on 30 April 2022,and the investment properties on 30 November 2022. The charity was then dissolved on 07 December 2022,with this set of accounts being the first for the CIO. ## **FINANCIAL REVIEW** There are no restrictions on the charity's power to invest. The investment strategy is subject to approval by the trustees taking into account the trust income requirements, the risk profile and the investment manager's view of market prospects in the medium term. This strategy is set within an overall policy that the restricted capital fund be invested in low and medium risk investments with a view to ensuring the maintenance of trust capital. Page 3 The Polehamplon Charlty Truste¢s Annual Rewi The maln financial transaction in the perlod was the one￿ff transfer In from Polehampton Chaflty of the E3482893 property and Investment portlollo. Aslde from thls- the ao Saw a fall Sn value of the investment portfolio of É82211, but sufficlent Income was generated from portlollo and proreny Incorne to cover the CIO OPEratin8 costs lor the period, and support £39714 01 irints. Wlth tht exceptlon of a mlnor deslgnated repalr fund and a one-off restrirted donation (the See Saw fund). il Is the policy to maintain unrestricred lund5. which are the free reserves ol the charity ai è level necessary to provide sufficient funds to cover management and admlni5tration costs and io fe5p)nd quSckly to appllcations for 8rarits. STRUCTURE, GOVEANANCE AND MANAGEMENT The Polehampton Charity15 a CIO, registered on 27 May 2021, ￿￿th chaflty No.1194604.The body ol the trullees consisted of eleven competeni persons l*ing one e¥-officlo trustee. one norninoted trustee and eight Co￿pted trustees. The tx-officio trustee Is the vicar lor the time being of st Mary rhe Virgin, Tw¥ford and st Jarnes ihe Great. Ruscombt. The nomlnated iru5tee Is appolnled by Wokingham District Councll to serve lor four years and the co-opted trustees also ser¥e for a term of four years. The tnjstees meet three Ilrnes a year, When new trustees are appolnted they afe 8iven an iniroduction into the work of the charity and provlded with the Snformalion they need to fullil rheir roles, whlch includes Inlormallon they need about the work ol the trust and Charity lav4. SiJtemenl ol trustees. responslbllltles In rektlon to the nnantlal statements Thè charity tru5tee5 are responslble lor prepanng a tru5tees' annual report and financlal statements in accordano wlth applicable law and Uniled Kin8dom Accounting Standards (Uniied Kingdom Generally A¢￿Pied Accouniing Pradicel. The trustees are responslble loi keeplng proper accountSni records that &isclose with reasonable accuracy ai any tlrne the financial F**Income and endowments**
**from:**
Investments
2
Other
3
**Total**
**Expenditure on:**
Raising funds
4
Charitable activities
5
Other
7
**Total**
Net gains on investments
**Net income**
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds carried forward**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total funds**| |---|---|---|---| ||**2022**|**2022**|**2022**| ||**£**|**£**|**£**| ||||| ||66,441|(82,211)|(15,770)| ||63,518|3,419,375|3,482,893| ||129,959|3,337,164|3,467,123| ||||| ||11,383|8,624|20,007| ||42,194|-|42,194| ||16,101|-|16,101| ||69,678|8,624|78,302| ||-|-|-| ||60,281|3,328,540|3,388,821| ||-|-|-| ||60,281|3,328,540|3,388,821| ||||| ||60,281|3,328,540|3,388,821| ||||| ||60,281|3,328,540|3,388,821| ||||| ||||| Page 6 The Polehampton Charity Statement of Financial Activities Page 7 The Polehampton Ch4rfty Balance Sheet ai 31 Oec•mber 2022 tharlty No. 1194601 2022 Flxed assets Tanglble assets Investments 1,390,CA)O 10 1.893,850 3.283.850 Current assets Debtors Cash at bank and In hand li 236 116.063 116,299 (11.3281 Credltors: Amouni14llln8 due withln one yebr Net current •sseis 12 104,971 Tot•1 assets less current Il•blllile5 3,388.821 3.388.821 Not assets excludln8 penslon asset or Ilablllty Totsl net assets 3,388.821 The fvnds of the tharlty Restrlrted funds Restricted income funds 13 3,328,540 3.328,540 Unr¢strlrted funds Genera1 funds 13 60,281 60.281 13 Tot•1 funds 3,388.821 Appr*￿ed by the irustees on 22 June 2023 And d on thelr behalf bv: A, Goodall-SmSth Trustee 22 June 2023 Page 8 **The Polehampton Charity Notes to the Accounts** ## **for the year ended 31 December 2022** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. **Income** Recognition of income Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on donations and Income from tax reclaims is included in the SoFA at the same time as the gifts gift/donation to which it relates. Donated services and facilities These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. This includes any gain or loss resulting from revaluing investments to market Gains/(losses) on revaluation of value at the end of the year. fixed assets Gains/(losses) on investment This includes any gain or loss on the sale of investments. assets Page 9 **The Polehampton Charity Notes to the Accounts** ## **Expenditure** Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on raising funds These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. Expenditure on charitable These comprise the costs incurred by the Charity in the delivery of its activities activities and services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Tangible fixed assets and depreciation** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Freehold property 0% Not depreciated ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 10 **The Polehampton Charity Notes to the Accounts** ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Pension costs** The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 11 **The Polehampton Charity Notes to the Accounts** ## 2 **Income from investments** |Gain/Loss in value on Portfolio
Investment
Income from Investments
Property Rental Income
3
**Other income**
Funds Transfer from Polehampton
Charity
4
**Expenditure on raising funds**
_Investment management costs_
Gain/Loss in value on Portfolio
Investment
Property Rental Income
5
**Expenditure on charitable activities**
_Expenditure on charitable activities_
Grants made
_Governance costs_
External Accountant and Auditor Fees|**Unrestricted**
**£**
0
47,803
18,638
66,441
**Unrestricted**
**£**
63,518
63,518|**Restricted**
**£**
(82,211)
-
-
(82,211)
**Restricted**
**£**
3,419,375
3,419,375|**Total**
**2022**
**£**
(82,211)
47,803
18,638
(15,770)
**Total**
**2022**
**£**
3,482,89
3
3,482,89
3| |---|---|---|---| ||||| ||**Unrestricted**
**£**
-
11,383
11,383|**Restricted**
**£**
8,624
-
8,624
**Unrestricted**
**£**
39,714
2,480
42,194|**Total**
**2022**
**£**
8,624
11,383
20,007
**Total**
**2022**
**£**
39,714
2,480
42,194| Page 12 **The Polehampton Charity Notes to the Accounts** ## 6 **Analysis of grants** |**Activity or programme**
Grants to Schools
Grants to other Organisations
Grants to Individuals
**Activity or programme**
Grants to Schools
Grants to other Organisations
Grants to Individuals
7
**Other expenditure**
General administrative costs
Legal and professional costs
8
**Staff costs**
No employee received emoluments in excess of £60,000.
9
**Tangible fixed assets**
**Cost or revaluation**
Additions
At 31 December 2022
**Net book values**
At 31 December 2022|**Grants to**
**Institutions**
**£**|**Grants to**
**Individuals**
**£**
-
-
1,344
1,344
**Unrestricted**
**£**
5,544
10,557
16,101|**Total**
**2022**
**£**
24,590
13,780
1,344| |---|---|---|---| ||24,590||| ||13,780||| ||-||| ||38,370||39,714| ||||**Total**
**2022**
**£**
-
-
-
**Total**
**2022**
**£**
5,544
10,557| ||||16,101| ||||**£**
1,390,00
0| ||||1,390,00
0| ||||1,390,00
0| Page 13