Charity registration number.. 1196458 Ilchester Nature Trust Annual Report and Unaudited Financial Statements for the period from 8 November 2021 to 31 March 2023 ocm acmole
Ilchester Nature Trust Contents (continued} Referen and Administrative Details Trustees. Report 2to5 Independent Examinerfs Report ststemenl of Financial Activities Balance Sheet Cash Flow Statement Notes to the Financial Statements 10t014
Ilchester Nature Trust Reference and Administrative Details Chair Patrick Young Trustees Patrick Young David John Taylor Rev Daniel George Harding Young Robert David Arthur Rhys Charity Registration Number 1196458 Principal Office Hainbury Farm Ilchesler Somerset EA22 8LA Independent Examiner Sarah Twist FCA DChA A C Mole LLP Chartered Accounlanls Stsfford House Blackbrook Park Avenue Taunton Somerset TA1 2PX Page 1
Ilchester Nature Trust Trustees. Report The trustees present the annual report together with the financial statements of the charity for the period ended 31 March 2023. ObjKtives and activities Objects and aims The Objects of the CIO are.. IA) To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment by promoting biodiversity,. and IBI To advance the education of the public in the conservation, protection and improvement of the physical and natural environment. Objectives. strategies and activities The Ilchesler Nattjre Trust carries out the following activities in furtherance of ils charitable objectives= planting of trees and other activities that improve the natural environment working with the local Community, particularly Ilchester Primary School, lo promote understsnding of, and participation in, the natural environment. Public benefit The trustees confimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Achigvemgnts and pgrformancg A partnership was developed with Ilchesler Primary School to promote awareness of biodiversity among the school children. In December 2023, the children helped plant 50 lime trees on the land that will become a nature resetve. A partnership was also developed with Schumacher College in Devon whereby a Masters student delivered awareness raising workshops with the children in Ilchesler primary school. The Trust funded the erection of a polytunnel to enable the children lo learn about growing their own food. This has been a hugely popular inilialive, particularly among children with special educational needs. A baseline was carried out on the land on key indicators for biodiversity such as flora and fauna, along with soil and water quality. The data was collated into a website through the process of mapping the key indicators visually. This will enable the Trust lo quantify the differen that the conversion of the land lo a nature reserve makes to biodiversity. The nature reserve was planned in detail through consultation with local people and with the guidance of a respected ecological and biodiversity group company A partnership was established with Building with Nature. which resulted in the plans for the nature reserve meeting all their standards of excellence. and being accredited with a Full Award. Page 2
Ilchester Nature Trust Trustees. Report {continued) Financial review During the period, income from donations and legacies tolalled £2,032,343 as shown in note 2. Of these donations £1.521,000 related lo the donated asset of Hainbury Fami. In addition, small amounts of rental and interest income were received bringing the total income of the charity to £2,040,090. Expenditure on charitable activities during the period lolalled £13,662 as detailed in note 5. Overall a surplus of £2.026,428 was generated in the period. Pollcy on reserves The reserves policy is lo hold reserves sufficient lo meet the working capital reqLJiremenl of Ilchester Nature Trust against a background of no external funding. Total reserves as at 31 March 2023 stood al £2,026,428, all of which were unrestricted funds. Of these reserves £1,521.000 are held as fixed assets leaving the charity with free reserves of £505,428. These funds are invested by the charity to generate positive returns, which along with generous donations from a range of benefactors, allows the charity achieve ils charitable purposes. Plans for future perlods Aims and key objoctives for future periods The planning application for change of use will be submitted to Somersel Council Partnerships will be further developed with Ilchester Primary School. Ilchesler Parish Council and the Bumblebee Conservation Trust, who have inpulled into the design and management of the future nature reserve. A management plan will be developed for the nature reserve once il has been awarded planning pem)ission. The farmhouse and cotlage will be renovated lo enable them lo be sold. Stru¢turgJ govgrnanco and managgmgnt Nature of governing document Ilchesler Nature Trust is a Charitable Incorporated Organisation registered on 8 November 2021. Page 3
Ilchester Nature Trust Trustees. Report {continued) Recruitment and appointment of trustees The vacancy on the board is advertised, with the specific skills, experience and person specification required. Applications are reviewed by the board, and a short list is established for interview. Applicants are interviewed by at least two current trustees, and appointed on the basis of the best match between their skills, experience and background and the needs of the charity. There is 8 6 month probation period, during which the appointee is given an induction into the mission, values, and 8Ctivities of the charity. If the appointee is successful in passing the probationary period, she or he is then appointed as trustee. If there are any training needs which the new Iruslee has in order to enable them to best fulfil their role. these will be discussed and approved al a subsequent board meeting. Page 4
Ilchester Nature Trust Trustees. Report {continued) Statement of Trustees, Responsibilities The trustees are responsible for preparing the Injstees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Ret)orting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Iruslees to prepare financial statements for each financial period which give a true and fair view of the stsle of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consislenlly- observe the methods and principles in the Charities SORP-, make judgements and accounting estimates that are reasonable and prudent., stste whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the conslilulion. The Iruslees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the Corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by. 3010112025 8nd signed on ils Patrick Young Chairman and Iruslee Page 5
Ilchester Nature Trust Independent Examiner's Report to the trustees of Ilchester Nature Trust I report lo the Iruslees on my examination of the accounts of Ilchester Nature Trust for the year ended 31 March 2023, which are sel out on pages 7 to 14. Responsibilities and basis of report As the charty Iruslees of Ilchester Nature TTUSt you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the Act'l. I report in respect of my examination of the Ilchesler Nature Trusvs accounts carried out under section 145 of the 2011 Act and in carfying out my examination I have followed all the applicable Directions given by the Chari(y Commission under section 145(5llb} of the 2011 Act. An Independent Examination has been carried out instead of an audit under Regulation 31lfl. The Charity has been granted an audit dispensation by the Charity Commission, dated 9 May 2024 under regulation 3413llbl of the Charities (Accounts and Reports) Regulations 2008. The dispensation is given based upon the information provided by the trustees that.. the exceptional circumstances outlined mean that an audit would be disproportionale., there are no constitutional or other requirements on the charity which require an audit; and the charity is not incorporated under company law. Independent examlner's statement sin Ilchesler Nature Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. l Confirm that l am qualified to undertake the examination because l am a member of the ICAEW. which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination gimng me cause to believe that in any material respect.. 1. accounting records were not kept in respect of Ilchesler Nature Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records., or 3. the accounts do not Comply with the accounting requirements ¢on¢erning 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 'lrue 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 lo enable a proper understanding of the accounts to be reached. Sarah Twist FCA DChA A C Mole LLP Chartered Accountants Stafford House Blackbrook Park Avenue Taunton Somerset TA12PX Dale.. Page 6
Ilchester Nature Trust Statement of Financial Activities for the Period from 8 November 2021 to 31 March 2023 Unrestricted funds Restricted funds Total 2023 Note Income Donations and legaeies Other trading activities Investment income 2,032,343 6,834 913 2,032,343 6,834 913 Total income 2,040,090 2,040,090 Expenditure Charitable activities 13,662 113,662) Total expenditure 13,662 113,6621 Nel income 2,026,428 2,026,428 Net movement in funds 2,026,428 2,026,428 Reconciliation of funds Total funds carried forward 12 2,026,428 2,026,428 The notes on pages 10 to 14 fonn part of these financial statements. Page 7
Ilchester Nature Trust (Registration number- 11964581 Balance Sheet as at 31 March 2023 2023 Note Fixed assets Tangible assets 1,521,000 Current assets Debtors Cash at bank and in hand 10 126,256 393,212 519,468 Creditors: Amounts falling due within one year 11 114,040) Net current assets 505,428 Net assets 2,026,428 Unrestricted funds 2,026,428 Total funds 12 2,026,428 The financial stslemenls on pages 7 to 14 were approved by the trustees, and authorised for issue on and signed on their behalf by.. 3010112025 H y&urtg Patrick Young Chairman and Iruslee The notes on pages 10 to 14 fonn part of these financial statements. Page 8
Ilchester Nature Trust Cash Flow Statement for the Period from 8 November 2021 to 31 March 2023 2023 Note Cash flows from opgrating aGtivitlgS Nel cash income 2,026,428 Adjustments to cash flows from non<ash items Investment income 1913} 2,025,515 Working capital adjustments Increase in debtors Increase in creditors 10 1126,2561 14,040 Nel cash flows from operating activities 1,913,299 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 913 11,521,000) Nel cash flows from investing activities 11,520,087) Nel increase in cash and cash equivalents 393,212 Cash and cash equivalents al 8 November Cash and cash equivalents al 31 March 393,212 The notes on pages 10 to 14 fonn part of these financial statements. Page 9
Ilchester Nature Trust Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023 1 Accounting policies Statement of compliance and basis of preparation The financial slalernents have been prepared under the historical cost convention with items recognised al cost or transaction value unless ststed otherwise within these notes. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lissued October 20191- (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021, and the Charities Act 2011. Ilchesler Nature Trust meets the definition of a public benefit entity under FRS 102. Going concern The Iruslees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income and endowments All income is recognised when the charity has entitlement to the income, il is probable that the income will be received and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and serwces for its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Irrecoverable VAT The charity is registered for VAT. All expenditure is staled inclusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which il was incurred. Taxation The charity is a registered charity and is, therefore, exempl from liability lo taxation on its income and Capital gains, to the extent that they are applied for charitable purposes. Page 10
Ilchester Nature Trust Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023 (continued) Tanglble flxed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold land is not depreciated. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in valLJe. Fund structure Unrestricted income funds are general funds that are available for use al the trustees discretion in furtherance of Ihe objectives of the charity. Financial instruments Classification The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured al transaction price and subsequently measured at amortised cosL Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an irnpairment loss is recognised in the income statement. Critical accounting estimates and judgements The preparation of the financial statements in conformity with FRS 102 requires management lo make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities. income, and expenses. Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. The company makes estimates and assumptions conceming the future. The resulting accountirTrg eslimales will. by definition, seldom equal the related actual results. The Trustees consider that the following critical accounting estimates and judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Development costs within prepayments Planning pemiission is yel lo be granted to develop the land and nature reserve held by the trust. Costs incurred in relation to the development land and creation of the nature reserve lolalling £124,264 are being carried forward within prepayments. If permission is not obtained then these costs may need lo be written off. Page 11
Ilchester Nature Trust Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023 (continued) 2 Income from donations and legacies Unrestricted funds Restricted funds Total 2023 Donations and legacies 2,032,343 2,032,343 2,032,343 2,032,343 3 Income from other trading activities Unrestricted funds Restricted funds Total 2023 Rental income 6,834 6,834 6,834 6,834 4 Investment income Unrestricted funds RgStri¢tgd funds Total 2023 Interest income 913 913 913 913 5 Expenditure on charitable activities Unrestricted funds Restricted funds Total 2023 Donations Professional fees Accountancy fees Bank charges 6,750 1,995 4,909 6,750 1,995 4,909 13,662 13,662 6 Trustees remuneration and expenses No Iruslees, nor any persons connected with them, have reiVed any remuneration in relation to their role of Iruslee of the charity during the period. See note 14 for details of related party transactions. No trustees have received any reimbursed expenses from the charity during the period. Page 12
Ilchester Nature Trust Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023 (continued) 7 Independent examiner's remuneration 2023 Independent examination other services 3,000 1,909 4,909 8 Taxatlon The charity is a registered charity and is therefore exempt from liability to taxation on ils income and capital gains, to the extent that they are applied to charitable purposes. 9 Tangible fixed assets Land and buildings Total Cost Additions 1,521,000 1,521,000 At 31 March 2023 1,521,000 1,521,000 Depreciation At 31 March 2023 Net book value At 31 March 2023 1,521,000 1,521,000 10 Debtors 2023 Prepayynenls Accrued income other debtors 124,264 167 1,825 126,256 11 Credltors: amounts falllng due wlthln one year 2023 Accruals 14,040 Page 13
Ilchester Nature Trust Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023 (continued) 12 Funds Balancg at BalanGg at 31 March 2023 Nov8mbor 2021 Income Expenditure Transfers Unreslricled funds 2,040,090 113,6621 2,026,428 13 Analysis of net assets between funds Total funds at 31 March 2023 Unrestri¢tgd funds Tangible fixed assets Current assets Current liabilities 1,521,000 519,468 14,040 1,521,000 519,468 14,040 Total net assets 2,026,428 2,026,428 14 Related party transactions Robert Rhys a Trustee of Ilchesler Nature Trust is a Chartered Surveyor working as a sole practitioner. During the period, fees tolalling £38,077 were invoiced lo the charity in relation to professional serwces. David Taylor a Trustee of Ilchesler Nature Trust is also a director of The Urban Engineering Studio Ltd. During the period fees lolalling £12,943 were invoiced to the charity in relation to professional services. The development land held by the charity is a 113 share of a plot of land of which Patrick Young, a trustee owns a third. During the year, a third of the development costs incurred were recharged lo the charity. As at 31 March 2023 £10,997 was owed by the Charity. Page 14