Charity registration number.. 1196458 Ilchester Nature Trust Annual Report and Unaudited Financial Statements for the Year Ended 31 March 2024 ocm acmole
Ilchester Nature Trust Contents (continued} Reference and Administrative Details Trustees. Report 2104 Independent Examinerfs Report ststemenl of Financial Activities Balance Sheet Cash Flow Statement Notes lo the Financial Statements 91014
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 Prlnclpal OffSce Hainbury Farm Ilchesler Somerset BA22 8LA Independent Examiner Sarah Twist FCA DChA A C Mole LLP Chartered Accountants 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 year ended 31 March 2024. Objgctivgs and activities Objects and aims The Objects ofthe 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 Natijre Trust carries OLJt 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 Ilchesler Primary School, lo promote understanding 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. Achievements and performance During the year we achieved the below.. Complete renovation of farmhouse and collage, including new mains connections and rewiring. Development of partnerships with Ilchester Parish Council, Ilchesler Primary School and The Bumblebee Conservation Trust. Submission of planning application in July 2023. Landscape Ecological Management Plan (LEMPI and Construction Environmental Management Plan ICEMPI written for Nature Reserve. Maintenance of trees on land lo be converted lo the Nature Resetve. - Wildflower meadow planted. Financial revigw During the period, income from donations and legacies lotalled £Nil 12023.. £2,032,343) as shown in note 2. In addition, small amounts of rental and interest income were received bringing the lolal income of the charity 10 £10,22712023'. £2,040,090). Expenditure on charitable activities during the period lotalled £16,874 12023= £13,662) as detsiled in note 5. Overall a deficit of £6,64712023'. Surplus of £2,026,428) was incurred in the period. Page 2
Ilchester Nature Trust Trustees. Report {continued) Policy on reserves The reserves policy is lo hold reserves sufficient lo meet the working capital requirement of Ilchester Nature Trust against a background of no external funding. Total reserves as at 31 March 2024 stood at £2,019,781 12023.. £2,206,428), all of which were unreslricled funds. Of these reserves £1,610,52512023.. £1,521,000) are held as fixed assets leaving the charity with free reserves of £409,52912023.. £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 its charitable purposes. Plans for future perlods Our plans for the future are as follows: Marketing of Farmhouse and Cottage. Development of strategic partnerships. Monitoring progress of Planning Application, and responding lo Consultees. Application for relevant funding eg Biodiversity grants. Maintenance of trees and wildflower meadow. Structure, governance and management Nature of governing document Ilchesler Nature Trust is a Charitable Incorporated Organisation registered on 8 November 2021. Recruitment and appointment of trustees The vac8ncy 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 a 6 month probation period, during which the appointee is given an induction into the mission, values, and activities 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 Ituslee has in order lo enable them lo best fulfil their role, these will be discussed and approved al a subsequent board meeting. Page 3
Ilchester Nature Trust Trustees. Report {continued) Statement of Trustees. Responsibilities The trustees are responsible for preparing the tfUStees' report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Iruslees to prepare financial stslements for each financial year which give a true and fair view of the stale 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 consislenily- 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 al 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 ststements may differ from legislation in other jurisdictions. 3110112025 The annual report was approved by the Iruslees of the charity on behalf by. and signed on its Pahgd Wc//i(Dkn 71 Y~.9 Patrick Young Chairman and Iruslee Page 4
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 2024, which are sel out on pages 6 to 14. Responsibilities and basis of report As the charty Iruslees of Ilchester Nature Trust 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 carrwng out my examination I have followed all the applicable Directions given by the Charf(y Commission under section 145{5llb} of the 2011 Act. Independgnt gxamingr's statgmont I have completed my examination. I confirm that no material mallers have come lo my allenlion in connection with the examination giving me cause to believe Ihal 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 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 '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 Slafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX Dale.. Page 5
Ilchester Nature Trust Statement of Financial Activities for the Year Ended 31 March 2024 Unrestricted funds Rèstrictad funds Total 2024 Note Income Other trading activities Investment income 8,596 1,631 8,596 1,631 Total income 10,227 10,227 Expenditure Charitable activities 16,874 16,874 Total expenditure 16,874 {16,874} Nel expenditure 6,647 6,647 Nel movement in funds 16,6471 16,647} Reconciliation of funds Totsl funds brought forward 2,026,428 2,026,428 Total funds carried forward 12 2,019,781 2,019,781 Unrestricted funds Restrlcted funds Total 2023 Note Incomg Donations and legacies 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 113,662} {13,6621 Total expenditure 113,662} {13,662} Nel income 2,026,428 2,026,428 Nel movement in funds 2,026,428 2,026,428 R9conciliation of funds Total funds carried forward 2,026,428 2,026,428 The notes on pages 9 10 14 form part of these f1nancial slatemenls. Page 6
Ilchester Nature Trust (Registration number- 11964581 Balance Sheet as at 31 March 2024 2024 2023 Note Fixgd assgts Tangible assets 1,610.252 1,521,000 Current assets Debtors Cash at bank and in hand 10 213,836 287,777 501,613 126,256 393,212 519,468 Creditors: Amounts falling due within one year 11 92,084 14,040 Net current assets 409,529 505,428 Net assets 2,019,781 2,026,428 Unrestricted funds 2,019,781 2,026,428 Total funds 12 2,019,781 2,026,428 The financial stslemenls on pages 6 to 14 were approved by the trustees, and authorised for issue on and signed on their behalf by.. 3110112025 _ H yfjw79 Patrick Young Chairman and Iruslee The notes on pages 9 10 14 form part of these f1nancial slatemenls. Page 7
Ilchester Nature Trust Cash Flow Statement forthe Year Ended 31 March 2024 2024 2023 Note Cash flows from opgrating activitlgs Nel cash lexpenditurellincome 16,6471 2,026,428 Adjustments to cash flows from non*ash items Investment income 11,6311 18,2781 {913} 2,025,515 Working capital adjustments Increase in debtors Increase in creditors 10 {87,5801 78,044 1126,2561 14,040 Nel cash flows from operating activities 117,8141 1,913,299 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 1,631 189,252 913 1,521,000 Nel cash flows from investing activities 187,6211 11,520,087) Nel Idecreasellincrease in cash and cash equivalents {105,4351 393,212 Cash and cash equivalents al 1 April 393,212 Cash and cash equivalents al 31 March 287,777 393,212 The notes on pages 9 10 14 form part of these f1nancial slatemenls. Page 8
Ilchester Nature Trust Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accountlng pollcles Statement of compliance and basis of preparation The financial slalements have been prepared under the historical cost convention with items recognised al cost or transaction value unless stated olhenNise 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 RepLJblic of Ireland IFRS 1021 lissued October 20191- (Charities SORP IFRS 1021}, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS1021, 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 All income is recognised when the charity has entillemenl lo 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, it 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 allributed lo particular headings they have been allocated on a basis consislenl 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 services 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 9
Ilchester Nature Trust Notes to the Financial Statements for the Year Ended 31 March 2024 leontinuedl Tangible fixed 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 investrnenls that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use al the trustees discretion in furtherance of the objectives of the charity. Financial instrumgnts 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 cost. Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. Critieal 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 to be reasonable under the circumstances. The company makes estimates and assumptions conceming the future. The resulting accounting 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 pem)ission is yel lo be granted lo develop the land and nature reserve held by the trust. Costs incurred in relation to the development land and creation of the nature oserve tolalling £211,973 12023.. £124,264} are being carried forward within prepayments. If permission is not obtained then these costs may need to be written off. Page 10
Ilchester Nature Trust Notes to the Financial Statements for the Year Ended 31 March 2024 leontinuedl 2 Income from donatlons and legacles Unrestricted funds Restricted funds Total funds Donations and legacies Total for perlod ended 31 March 2024 Donations and legacies 2,032,343 2,032,343 Total for period ended 31 March 2023 2,032,343 2,032,343 3 Income from other trading activities Unrestricted funds Restricted funds Total funds Rental income 8,596 8,596 Total for period ended 31 March 2024 8,596 8,596 Rental income 6,834 6,834 Total for period ended 31 March 2023 6,834 6,834 4 Invostmgnt income Unrestricted funds Restricted funds Total funds Interest income 1,631 1,631 Total for period ended 31 March 2024 1,631 1,631 Interest income 913 913 Totsl for period ended 31 March 2023 913 913 Page 11
Ilchester Nature Trust Notes to the Financial Statements for the Year Ended 31 March 2024 leontinuedl 5 Expendlture on charltable actlvltles Unrestricted funds Restricted funds Total funds Professional fees Accountancy fees Bank charges 13,377 3,492 13,377 3,492 Total for period ended 31 March 2024 16,874 16,874 Donations Professional fees Accountancy fees Bank charges 6,750 1,995 4,909 6,750 1,995 4,909 Total for poriod ended 31 March 2023 13,662 13,662 6 Trustees remuneratlon and expenses No Iruslees, nor any persons connected with them, have received any remuneration in relation to their role of trustee of the charity during the period. See note 14 for details of related party transactions 12023.. None). No Iruslees have received any reimbursed expenses from the charity during the year12023'. None). 7 Independent examiner's remuneration 2024 2023 Independent examination Other services 3,228 264 3,000 1,909 3,492 4,909 Page 12
Ilchester Nature Trust Notes to the Financial Statements for the Year Ended 31 March 2024 leontinuedl 8 Taxatlon The charity is a registered charity and is therefore exempt from liability to tsxalion 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 At 1 April 2023 Additions 1,521,000 1,521,000 89,252 89,252 Al 31 March 2024 1,610,252 1,610,252 Depreciation At 31 March 2024 Net book value Al 31 March 2024 1,610,252 1,610,252 Al 31 March 2023 1,521,000 1,521,000 10 Debtors 2024 2023 PrepayTnenls Accrued income Other debtors 211,973 122 1,741 124,264 167 1,825 213,836 126,256 11 Creditors.. amounts falling due within one year 2024 2023 Accruals 92,084 14,040 Page 13
Ilchester Nature Trust Notes to the Financial Statements for the Year Ended 31 March 2024 leontinuedl 12 Funds Balance at April 2023 Balance at 31 March 2024 In¢omg Expgnditurg Transfgrs Unreslricled funds 2,026,428 10,227 116,8741 2,019,781 Balance at Balance at 31 March 2023 November 2021 Incomg Expenditura Transfers Unrestricted funds 2,040,090 13,662 2,026,428 13 Analysis of net assets between funds Total funds at 31 March 2024 Unrestricted funds Restricted funds Tangible fixed assets Current assets Current liabilities 1,610,252 501,613 192,084} 2,019,781 1,610,252 501,613 {92,084} 2,019,781 Total net assets Total funds at 31 March 2023 Unrestricted funds Restricted funds Tangible fixed assets Current assets Current liabilities 1,521,000 519,468 114,040 2,026,428 1,521,000 519,468 14,040 Total net assets 2,026,428 14 Related party transactions Robert Rhys a Trustee of Ilchester Nature Trust is a Chartered Surveyor working as a sole praclilioner. During the period, fees totalling £13,851 12023: £38,077) were invoiced lo the charity in relation to professional services. David Taylor a Trustee of Ilchesler Nature Trust is also a director of The Urban Engineering Studio Ltd. During the period fees lotalling £14,06512023.' £12,943) were invoiced lo the charity in relation to professional fees. 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 2024, a third share of the development costs incurred by the other two owners were recharyed to the charity. As at 31 March 2024 £85,807 was owed by the Charity12023'. £10,997). Page 14