Registered Charity Number :- 1194604
THE POLEHAMPTON CHARITY
TRUSTEES’ REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR END 31 December 2023
The Polehampton Charity 65 The Hawthorns
Charvil
THE POLEHAMPTON CHARITY
FOR THE YEAR ENDED 31 December 2023
CONTENTS
TRUSTEES' REPORT.................................................................................................................................................3 INDEPENDENT EXAMINER'S REPORT.................................................................................................................6 STATEMENT OF FINANCIAL ACTIVITIES ..........................................................................................................7 BALANCE SHEET......................................................................................................................................................8 NOTES TO THE FINANCIAL STATEMENTS ......................................................................................................10
THE POLEHAMPTON CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 December 2023
The trustees present their report and unaudited financial statements of the charity for the year ended 31 December 2023.
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 S. Conway D. Cox R. Fort A. Goodall-Smith
J. Jones J. Pennington (appointed 5 Dec 23) F. Price (appointed 12 Sep 23) J. March B. Treadwell (retired 14 Feb 23)
Associate Trustees
R. Collett
J. Bishop (appointed 12 Sep 23)
Key Management Personnel Chair
Amy Goodall-Smith
Accountants
Thames Bridge Accountants 60 Oak Tree Road Marlow Buckinghamshire SL7 3EQ
Bankers
Lloyds Bank Victoria
THE POLEHAMPTON CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 December 2023
PO Box 1000 BX1 1LT
Investment Advisors
Penrose Wealth Management St Georges House Knoll Road Camberley Surrey GU15 3SY
OBJECTIVES AND ACTIVITIES
The Trustees confirm 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 StMary 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
Following the start up in the year to 31 December 2022, the CIO performed strongly in the year to 31 December 2023. The returns achieved on investment and property portfolios were more than enough to support another year of healthy grant making.
FINANCIAL REVIEW
There are no restrictions on the charity's power to invest. The investment strategy is subject to approval, taking into account the trust's 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.
THE POLEHAMPTON CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 December 2023
In the reporting year, the investment portfolio, and property portfolio, achieved incomes of £133,785 and £21,283 respectively in the year. This provided sufficient income to cover the CIO operating costs for the period, £31,483 of grants, and leave a healthy surplus of £71,633.
With the exception of a minor designated repair fund and a one-off restricted donation (the See Saw fund), it is the policy to maintain unrestricted funds, as free reserves at a level necessary to provide sufficient funds to cover management and administration costs and to respond quickly to applications for grants.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Polehampton Charity is a CIO, registered on 27 May 2021, with charity No.1194604. The body of the trustees consisted of twelve competent persons being one ex-officio trustee, one nominated trustee and ten co-opted trustees. The ex-officio trustee, currently vacant, is the vicar for the time being of St Mary the Virgin, Twyford and St James the Great, Ruscombe. The nominated trustee is appointed by Wokingham District Council to serve for four years and the co-opted trustees also serve for a term of four years. The trustees meet four times a year.
When new trustees are appointed they are given an introduction into the work of the charity and provided with the information they need to fulfil their roles, which includes information they need about the work of the trust and charity law.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing the financial statements, the Trustees are required to select suitable accounting policies, and apply them consistently, make judgements and estimates that are reasonable and prudent, and to apply a going concern basis, unless it is inappropriate to do so.
Signed on behalf of the charity's trustees
A. Goodall-Smith Trustee 15 July 2024
THE POLEHAMPTON CHARITY
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 December 2023
Independent Examiner's Report to the trustees of The Polehampton Charity
I report to the trustees on my examination of the financial statements of The Polehampton Charity for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 can 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:
• the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
• the financial statements do not accord with those records; or
• the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Anthony Platt (FCA)
Institute of Chartered Accountants England and Wales
Thames Bridge Accountants
60 Oak Tree Road
Marlow
Buckinghamshire
SL7 3EQ
15 July 2024
THE POLEHAMPTON CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 December 2023
| Restricted | |||||
|---|---|---|---|---|---|
| Recommended categories by activity |
Notes | Unrestricted funds |
income funds |
Total Funds 2023 |
Total Funds 2022 |
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Income and | |||||
| endowments from: | |||||
| Investments | 2 | 94,656 | 60,412 | 155,068 | (15,770) |
| Separate material item of income |
3 | - | - | - | 3,482,892 |
| Total | 94,656 | 60,412 | 155,068 | 3,467,122 | |
| Resources expended | |||||
| Expenditure on: | |||||
| Raising funds | 4 | 18,237 | 12,724 | 30,961 | 20,007 |
| Charitable activities | 5 | 44,961 | - | 44,961 | 54,661 |
| Other | 7 | 7,512 | - | 7,512 | 3,634 |
| Total | 70,710 | 12,724 | 83,434 | 78,302 | |
| Net | |||||
| income/(expenditure) before investment |
23,946 | 47,688 | 71,634 | 3,388,820 | |
| gains/(losses) | |||||
| Net income/(expenditure) |
23,946 | 47,688 | 71,634 | 3,388,820 | |
| Net movement in funds |
23,946 | 47,688 | 71,634 | 3,388,820 | |
| Reconciliation of | |||||
| funds: | |||||
| Total funds brought forward |
60,280 | 3,328,540 | 3,388,820 | - | |
| Total funds carried forward |
84,226 | 3,376,228 | 3,460,454 | 3,388,820 |
THE POLEHAMPTON CHARITY
BALANCE SHEET
FOR THE YEAR ENDED 31 December 2023
| Recommended categories by activity |
Notes | Unrestricted funds £ |
Unrestricted funds £ |
Restricted income funds £ |
Total Funds 2023 £ |
Total Funds 2022 £ |
|---|---|---|---|---|---|---|
| Fixed assets | ||||||
| Investments | 8 | - | 3,255,068 | 3,255,068 | 3,283,850 | |
| Total fixed assets | - | 3,255,068 | 3,255,068 | 3,283,850 | ||
| Current assets | ||||||
| Debtors | 316 | - | 316 | 236 | ||
| Cash at bank and in hand |
10 | 93,517 | 121,160 | 214,677 | 116,062 | |
| Total current assets |
93,833 | 121,160 | 214,993 | 116,298 | ||
| Creditors: amounts | ||||||
| falling due within | 11 | 9,607 | - | 9,607 | 11,328 | |
| one year | ||||||
| Net current assets/(liabilities) |
84,226 | 121,160 | 205,307 | 104,970 | ||
| Total assets less current liabilities |
84,226 | 3,376,228 | 3,460,454 | 3,388,820 | ||
| Total net assets or liabilities |
84,226 | 3,376,228 | 3,460,454 | 3,388,820 | ||
| Funds of the | ||||||
| Charity | ||||||
| Unrestricted funds | 12 | 84,226 | 84,226 | 60,280 | ||
| Restricted income funds |
12 | 3,376,228 | 3,376,228 | 3,328,540 | ||
| Endowment funds | 12 | - | - | |||
| Total funds | 84,226 | 3,376,228 | 3,460,454 | 3,388,820 |
THE POLEHAMPTON CHARITY
BALANCE SHEET
FOR THE YEAR ENDED 31 December 2023
The financial statements were approved by the Board on 15 July 2024 and signed on its behalf by:
A Goodall-Smith Trustee
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
1 Accounting Policies
1.1 Accounting Policies
The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows.
1.2 Basis of preparation
These accounts have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments and investment properties at valuation.
These accounts have been prepared in accordance with “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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
These accounts are presented in pounds sterling and rounded to the nearest pound.
1.3 Going concern
The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
2 Income from Investments
| Analysis | Unrestricted funds |
Restricted income funds |
Endowment funds |
Total funds 2023 |
Total funds 2022 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ |
| Dividend income |
73,373 | - | - | 73,373 | 47,803 |
| Fund Value Change |
60,412 | 60,412 | (82,211) | ||
| Rental and leasing income |
21,283 | - | - | 21,283 | 18,638 |
| 94,656 | 60,412 | - | 155,068 | (15,770) |
3 Separate Material Item of Income
| Analysis | Unrestricted funds |
Restricted income funds |
Endowment funds |
Total funds 2023 |
Total funds 2022 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ |
| Assets transferred | |||||
| from Charity that | - | - | - | - | 3,482,892 |
| preceded CIO | |||||
| - | - | - | - | 3,482,892 |
The Polehampton Charity converted to a CIO in 2022, resulting in the above transfer of asset value into the CIO.
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
4 Expenditure on Raising Funds
| Analysis | Total funds 2023 | Total funds 2022 |
|---|---|---|
| £ | £ | £ |
| Investment management costs |
18,237 | 11,383 |
| Portfolio management costs |
12,724 | 8,624 |
| 30,961 | 20,007 |
5 Expenditure on Charitable Activities
| Analysis | Total funds 2023 | Total funds 2022 |
|---|---|---|
| £ | £ | £ |
| Charity management & administration |
110 | 1,133 |
| Advertising and marketing |
674 | 777 |
| Printing and stationery | 142 | - |
| Bank charges | 63 | - |
| Grants paid | 31,483 | 39,714 |
| Legal/professional fees |
11,825 | 10,557 |
| Support Costs | 664 | 2,480 |
| 44,961 | 54,661 |
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
6 Support Costs
| Analysis | Total funds | 2023 | 2023 | Total funds 2022 | Total funds 2022 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | ||||
| Governance Costs | ||||||
| Independent examiners fees | 664 | 2,480 | ||||
| 664 | 2,480 | |||||
| 7 Other Expenditure | ||||||
| Analysis | Unrestricted funds |
Restricted income funds |
Endowment funds |
Total funds 2023 |
Total funds 2022 |
|
| £ | £ | £ | £ | £ | £ | |
| Other Expenditure | 7,512 | - | - | 7,512 | 3,634 | |
| 7,512 | - | - | 7,512 | 3,634 | ||
| 8 Investments | ||||||
| Investment | Invested | Total | ||||
| Properties | Funds | Funds | ||||
| £ | £ | £ | ||||
| Carrying(fair) value at beginning of period | 1,390,000 | 1,893,850 | 3,283,850 | |||
| Add: additions to investments during | period* | - | 319,191 | 319,191 | ||
| Less: disposals at carrying value | - | (408,385) | (408,385) | |||
| Less: impairments | - | - | - | |||
| Add: Reversal of impairments | - | - | - | |||
| Add / (deduct):transfer in/ (out) in the period | - | - | - | |||
| Add / (deduct): net gain / (loss)on revaluation (note 3) |
- | 60,412 | 60,412 | |||
| Carrying(fair) value at end of year | 1,390,000 | 1,865,068 | 3,255,068 |
7 Other Expenditure
8 Investments
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
Investment Property comprises three properties located in Twyford, Berkshire, The School House, Polehampton House Flats and The Old School Building (nil value as outlined below). The Old School Building was leased to Wokingham Borough Council in 2020, on a 99 year lease for a peppercorn rental, and the Trustees have accordingly ascribed a nil value to this property in the accounts.
In January 2017, the trustees instructed a local estate agent to undertake a valuation of the three properties. The valuation of £1,390,000 was reflected in the accounts in accordance with the requirements of 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) issued in October 2019'. The trustees consider this valuation to be accurate as at 31 December 2023
During 2019 it came to light that that the charity is the owner of a piece of land and property at Polehampton Infant School. It was identified that the land and buildings were left to the charity in the original will of Edward Polehampton who passed away in 1722. The charity instructed solicitors to investigate the title of the land and buildings and register them into the name of the charity. During the year the land and buildings were registered into the name of the charity and a 125 year lease was entered into between the charity and The Keys Academy Trust. The lease specifies a peppercorn rent per annum (if demanded). The land and property at Polehampton Infant School must be used to further the charity's purpose and the charity will not get a financial return from this land and property. The land and property is included in the charity accounts at £nil value.
9 Debtors: Amounts falling due after one year
| Total funds | 2023 | Total funds | 2022 | |
|---|---|---|---|---|
| £ | £ | |||
| Prepayments & accrued income | 316 | 236 | ||
| 316 | 236 |
10 Cash at bank and in hand
| Total funds | 2023 | Total funds | 2022 | |
|---|---|---|---|---|
| £ | £ | |||
| Cash at bank and on hand | 214,676 | 116,062 | ||
| 214,676 | 116,062 |
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
11 Creditors: Amounts falling due within one year
| Total funds | 2023 | Total funds | 2022 | |
|---|---|---|---|---|
| £ | £ | |||
| Accruals and deferred income | 9,607 | 11,328 | ||
| 9,607 | 11,328 |
12 Charity funds
12.1 Details of material funds held and movements during the CURRENT reporting period
| Fund names | Fund balances brought forward |
Income | Expenditure | Transfers | Gains and losses |
Fund balances carried forward |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | £ |
| Unrestricted | ||||||
| funds | ||||||
| Unrestricted General Funds |
60,280 | 94,656 | (70,710) | - | - | 84,226 |
| Restricted | ||||||
| income funds | ||||||
| Restricted income funds |
3,328,540 | 60,412 | (12,724) | - | - | 3,376,228 |
| Total | 3,388,820 | 155,068 | (83,434) | - | - | 3,460,454 |
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
THE POLEHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023
Restricted funds represent those assets held permanently by the charity, principally investments, income from which is used in accordance with the objects of the charity and is included as unrestricted income. Any gains or losses on the investments form part of the funds.
Within the restricted funds is £9220 designated as the Seesaw Fund (a result of a donation from Twyford District Youth and Community Centre). The donation is to be used for the provision of a library and /or community hub.
12.2 Details of material funds held and movements during the PREVIOUS reporting period
| Fund names | Fund balances brought forward |
Income | Expenditure | Transfers | Gains and losses |
Fund balances carried forward |
|
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | £ | |
| Unrestricted | |||||||
| funds | |||||||
| General Fund | |||||||
| Unrestricted General Funds |
- | 129,958 | (69,677) | - | - | 60,281 | |
| Restricted | |||||||
| income funds | |||||||
| Restricted income funds |
- | 3,337,164 | (8,624) | - | - | 3,328,540 | |
| Total | - | 3,467,122 | (78,301) | - | 3,338,820 |