**COMPANY NUMBER 14407290 CHARITY NUMBER 1201647**
**THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
**UNAUDITED FINANCIAL STATEMENTS AND REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 31ST OCTOBER 2025**
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025**
|Page||
|---|---|
|1|Legal and Administrative Information|
|2 - 4|Report of the Trustees|
|5|Report of the Independent Examiner|
|6|Statement of Financial Activities|
|7|Balance Sheet|
|8 - 12|Notes to the Financial Statements|
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION**
The directors of the Charitable Company are its Trustees for the purpose of Charity law and throughout this report are collectively referred to as the Trustees.
Charity Registration Number 1201647 Company Registration Number 14407290
## **Directors and Trustees**
Mr R G R Boddington (Chairman) Mr D B Shelmerdine Mrs F K Fontes
## **Registered Office**
2 St Andrews Place Lewes East Sussex BN7 1UP
## **Professional Advisors and Bankers**
**Independent Examiner**
VMR Anderson BA(Hons) FCA DChA Chartered Accountant Carpenter Box 2 St Andrews Place Lewes East Sussex BN7 1UP
## **Bankers**
Metro plc One Southampton Row London WC1B 5HA
## **Investment Managers**
Trinity Bridge 7th Floor 80 Mosley Street Manchester M2 3FX
Page: 1
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2025**
## **BOARD OF TRUSTEES**
Mr R G R Boddington Mr D B Shelmerdine Mrs F K Fontes
The Trustees have pleasure in presenting their annual report and financial statements for the year ended 31st October 2025 which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.
## **Objectives and business review**
The Fernhill Trust is a Company limited by guarantee which was incorporated on 10th October 2022 (Company registration number 14407290). It became registered as a Charity on 19th January 2024 (Charity registration number 1201647). It is governed by its Memorandum and Articles dated 10th October 2022 which were revised on 4th January 2023.
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and “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 1st January 2019)”.
The objectives of the charity are:
- to relieve poverty or financial hardship in the community of Over Alderley and Birtles in Cheshire by providing grants to individuals in need and /or charities, or other organisations working to prevent or relieve poverty;
- To advance the Christian religion by the provision and maintenance of places of worship in the community of Over Alderley and Birtles in Cheshire; and
- For the advancement of education by funding the education of individuals who are linked to the community of Over Alderley and Birtles in Cheshire who may not otherwise afford it.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in setting its grant making policy for the year.
## **Organisation**
The Charity is administered by a Board of Trustees (listed above). Trustees are appointed by the Board. There is no set period of tenure of office, but Trustees are required to stand for reappointment on reaching the age of 70 years. New Board members are provided with information containing details of the constitution of the Charity, recent financial statements, minutes of recent Board meetings and papers dealing with key current issues, which can then be discussed in detail with other Board members.
The Trustees consider that there are no private benefits or any detriment by the charity’s activities.
Page: 2
**THE FERNHILL TRUST (LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2025**
All Trustees give of their time freely and no Trustee remuneration was paid in the year. There were no trustee expenses and no related party transactions in the year.
## **Financial Objective and Reserves Policy**
The Charity was established with a legacy from the estate of the late Mr R V Hepworth of a property known as Fernhill Lodge and cash.
The financial objective is to raise sufficient income annually to cover the grants and expenditure for the year. Where the level of approved grants exceeds the investment income the difference is met by the sale of investments.
The Trustees wish to ensure that the level of reserves and investments is sufficient to enable the Charity to continue to make grants to suitable applicants for the foreseeable future. The Trustees are of the view that the Trust is a going concern.
## **Grant Making Policy**
All applications for grants are assessed on their individual merits. In the year to 31 October 2025 grants have been made in respect of repairs to a residential property owned by a long-standing resident of the community of Over Alderley and Birtles which were necessary to enable the resident to leave hospital and return home following a long illness; and to support a fund-raising event to support St Catherine’s Church, Birtles. A further potential sizable application has also been notified to the Trust and Trustees have been working with the potential applicant to assess possible support for the application.
## **Investment Policy**
**Short Term Reserves** – when the Trustees have committed to awarding a grant, or anticipate doing so, the required funds should be held in cash, or near cash.
**Long Term Reserves** – should be invested to provide a flow of income for grants whilst maintaining the real (after inflation) long term value of the capital. Specifically, the Trustees seek a long-term total return of CPI inflation +4% after costs.
The Charity’s investment policy will be implemented by investing the short-term reserves in cash deposits or cash funds, and the long term funds in at least two actively manged charity global multi-asset funds managed by different investment managers.
The Charity’s assets are held and administered via an Execution Only agreement with Trinity Bridge. The progress of the portfolio is monitored on as regular basis, including access to the on-line valuation and quarterly reports to the Trustees from the Fund Managers.
Investments are included in the balance sheet at market value, which was £1,224,268.
## **Risk Review**
The Trustees review the major risks to which the Charity is exposed on a regular basis and systems are implemented to mitigate these risks wherever possible. The Trustees believe that there is a satisfactory system of internal controls, which is also reviewed on a regular basis.
## **Financial Review for the year**
Unrestricted income for the year amounted to £32,935. The surplus including endowment funds and revaluation gains and losses was £53,524. The Charity invests the long term reserves in BNY Mellon Growth & Income for Charities and COIF. Since the funds were invested the returns have been mixed and
Page: 3
**THE FERNHILL TRUST (LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2025**
for the financial year ended 31st October 2025 BNY Mellon Growth & Income for Charities produced a total return of +15.4% whilst COIF returned +1.3%. The peer group return (ARC Steady Growth Charity) was +10.9% The Trustees closely monitor the progress of the two funds.
## **Statement of Trustees Responsibilities**
The members of the Board of Trustees, as Trustees and Directors, are responsible for preparing the Report of the Trustees and the financial statements. The Trustees have chosen to prepare financial statements for the company in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). Company law requires the Trustees to prepare such financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the surplus or deficit for that year and comply with UK GAAP and the Companies Act 2006.
In preparing these financial statements the Trustees are required to;-
- select suitable accounting policies and then apply them consistently;
- state whether applicable accounting standards have been followed, subject to any material departures and explained in the financial statements;
- make judgements and estimates that are reasonable and prudent; 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 keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe-guarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
2 St Andrews Place By order of the Board: Lewes East Sussex BN7 1UP Mr R G R Boddington– Trustee
Date: 22 June 2026
Page: 4
**INDEPENDENT EXAMINERS REPORT**
## **TO THE TRUSTEES OF**
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31st October 2025 which are set out on pages 6 to 11.
## **Responsibilities and basis of report**
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s report**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- (1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
- (2) the accounts do not accord with those accounting records; or
- (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
- (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
V M R Anderson BA (Hons) FCA DChA Chartered Accountant Carpenter Box 2 St. Andrews Place Lewes East Sussex BN7 1UP Date: 23 June 2026
Page: 5
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST OCTOBER 2025**
|**Notes**
**Unrestricted**
**Funds**
**2025**
**Endowment**
**Funds**
**2025**|**Notes**
**Unrestricted**
**Funds**
**2025**
**Endowment**
**Funds**
**2025**|**Notes**
**Unrestricted**
**Funds**
**2025**
**Endowment**
**Funds**
**2025**|**Total**
**2025**|Total
2024|
|---|---|---|---|---|
|**INCOME FROM**
Rental income (reimbursement of expenses)
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
- Grants
3
- Rental expenses
3
- Overprovision of interest in prior year
- Governance costs
3
**Total**
**Net income/(expenditure) for the year and net**
**movement in funds before gains and losses on**
**investments**
Net gains on investments
Net movement in funds
Fund balance at 31st October 2024
**Fund balance at 31st October 2025**|**£**
**3,657**
**29,278**
**32,935**
**22,209**
**-**
**-**
**2,746**
**24,955**
**7,980**
**-**
**7,980**
**6,534**
**14,514**|**£**
**-**
**-**
**-**
**-**
**-**
**-**
**3,521**
**3,521**
**(3,521)**
**49,065**
**45,544**
**1,178,737**
**1,224,281**|**£**
**3,657**
**29,278**
**32,935**
**22,209**
**-**
**-**
**6,267**
**28,476**
**4,459**
**49,065**
**53,524**
**1,185,271**
**1,238,795**|4,819
9,509
14,328
-
7,255
6,327
5,927
19,509
(5,181)
9,953
4,772
1,180,499
1,185,271|
The notes form part of these financial statements
Page: 6
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **BALANCE SHEET AS AT 31ST OCTOBER 2025 COMPANY NUMBER: 14407290**
**Notes 2025 2024**
|**FIXED ASSETS**
Investments
4
**CURRENT ASSETS**
Cash with Trinity Bridge
Cash at bank and in hand
**CREDITORS:**Amounts falling due within one year
5
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS**
Endowment funds (includes revaluation surplus of
£72,955)
9
Unrestricted funds
10|**£**
**10,804**
**5,791**
**16,595**
**(2,068)**|**£**
**1,224,268**
**14,527**
**1,238,795**
**1,224,281**
**14,514**
**1,238,795**|1,184,677
-
3,977
3,977
(3,383)
594
1,185,271
1,178,737
6,534
1,185,271|
|---|---|---|---|
The Charity is entitled to exemption from audit conferred by Section 477 of the Companies Act 2006 for the year ended 31st October 2025.
The members have not required the Charity to obtain an audit of its financial statements in accordance with Section 476 of the Companies Act 2006.
The Trustees confirm that they are responsible for:
- a) ensuring that the Charity keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006,
- b) and preparing financial statements which give a true and fair view of the state of the affairs of the Charity as at the end of the financial year and of its results for the financial year in accordance with the requirements of Sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Charity.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved on behalf of the Board of Trustees on 22 June 2026
Mr R G R Boddington - Trustee
The notes form part of these financial statements
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**THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025**
## 1. **ACCOUNTING POLICIES**
## **a. Basis of Accounting**
The financial statements 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 Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102, effective 1 January 2019), hereafter referred to as the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Fernhill Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
## **b.**
## **Fund accounting**
The charity maintains various funds in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (2019). These funds which require separate disclosure are as follows:
Unrestricted funds. These funds are not restricted for any specific purpose and are expendable at the discretion of the Trustees in the furtherance of the charitable objectives.
Endowment funds. The capital of these funds is held separately from other funds. The funds are expendable, income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted funds.
## **c. Income**
Income represents rental income, investment income and bank interest and is all unrestricted income.
## **d. Expenditure**
Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of VAT which cannot be recovered.
The main categories of expenditure are charitable activities and governance costs.
Page: 8
**THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025**
## **e** . **Grants**
Grants payable to beneficiaries are included in the Statement of Financial Activities when they are approved by the Trustees. The value of such grants unpaid at the year end are accrued.
## **f. Investments**
Investments are measured at fair value as at the balance sheet date using the quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **g. Value Added Tax**
As the Charity is not registered for value added tax, all value added tax suffered is included with the relevant expense.
## **h. Going concern**
There are no material uncertainties concerning the charity’s ability to continue as a going concern.
## **2. COMPARATIVE STATEMENTS OF FINANCIAL ACTIVITIES**
|**Unrestricted**
**Funds**
**2024**
**Endowment**
**Funds**
**2024**
**£**
**£**
**INCOME FROM**
Rental income
**4,819**
**-**
Investment income
**9,509**
**-**
**Total**
**14,328**
**-**
**EXPENDITURE ON**
**Charitable activities**
- Rental expenses
3
**7,255**
**-**
- Overprovision of interest in prior year
**6,327**
**-**
- Governance costs
3
**3,100**
**2,827**
**Total**
**16,682**
**2,827**
**Net (expenditure) for the year and net movement in**
**funds before gains and losses on investments**
**(2,354)**
**(2,827)**
Net gains on investments
**-**
**9,953**
Net movement in funds
**(2,354)**
**7,126**
Fund balance at 1 November 2023
**8,888**
**1,171,611**
**Fund balance at 31 October 2024**
**6,534**
**1,178,737**|**Total**
**2024**
**£**
**4,819**
**9,509**
**14,328**
**7,255**
**6,327**
**5,927**
**19,509**
**(5,181)**
**9,953**
**4,772**
**1,180,499**
**1,185,271**|
|---|---|
Page: 9
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025**
## **3. EXPENDITURE**
|**Unrestricted**
**funds**
**Endowment**
**Funds**
**2025**
**2025**
**£**
**£**
**Charitable activities**
Grants
**22,209**
**-**
**Rental expenses**
Rates
**-**
**-**
Insurance
**-**
**-**
Legal and professional fees
**-**
**-**
Repairs
**-**
**-**
Bank charges
**-**
**-**
**-**
**-**
**Governance costs**
Investment managers fee
**-**
**3,521**
Companies House filing fee
**34**
**-**
Accountancy fees
**1,155**
**-**
Independent Examiners remuneration
**1,557**
**-**
**2,746**
**3,521**
4.
**INVESTMENTS**
**Land and**
**Property**
**Close**
**Brothers**
**Portfolio**
**£ £**
Market value at 1 November 2024
**300,000**
**884,677**
Additions
**-**
**286,048**
Disposal proceeds
**(287,737)**
**(7,785)**
Net Investment gains/(losses)
**(12,263)**
**61,328**
Market Value at 31 October 2025
**-**
**1,224,268**
Historical cost at 31 October 2025
**-**
**1,151,313**|**Total**
Total
**2025**
2024
**£**
£
**22,209**
-
**-**
1,929
**-**
3,547
**-**
1,710
**-**
64
**-**
5
**-**
7,255
**3,521**
2,827
**34**
34
**1,155**
1,110
**1,557**
1,956
**6,267**
5,927
**2025**
**Total**
2024
Total
**£**
£
**1,184,677**
1,166,221
**286,048**
1,412,661
**(295,522)**
(1,404,158)
**49,065**
9,953
**1,224,268**
1,184,677
**1,151,313**
1,193,053|
|---|---|
Page: 10
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025**
## 5. **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
Accruals|**2025**
**£**
**-**
**2,068**
**2,068**|2024
£
1,427
1,956
3,383|
|---|---|---|
## 6. **STATUTORY INFORMATION**
The Company is a private company, limited by guarantee. Members have a liability not exceeding £10 each in the event of a winding up. The company is registered in England and Wales and the registered number and registered office address can be found on the Legal and Administrative information page.
## 7. **TRUSTEES’ REMUNERATION**
No remuneration was paid to any of the Trustees during the year. During the year no expenses were reimbursed for directly incurred travel expenses to any Trustee.
## 8. **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes.
## 9. **ENDOWMENT FUNDS**
|**At 1st**
**November**
**2024**
**Income**
**Expenditure**
**Gains**
**and**
**losses**
**£**
**£**
**£**
**£**
Expendable endowment
**1,178,737**
**-**
**(3,521)**
**49,065**
**ENDOWMENT FUNDS (PRIOR YEAR)**
**At 1st**
**November**
**2023**
**Income**
**Expenditure**
**Gains**
**and**
**losses**
**£**
**£**
**£**
**£**
Expendable endowment
**1,171,611**
**-**
**(2,827)**
**9,953**|**At 31st**
**October**
**2025**
**£**
**1,224,281**
**At 31st**
**October**
**2024**
**£**
**1,178,737**|
|---|---|
Page: 11
## **THE FERNHILL TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025**
## 10. **UNRESTRICTED FUNDS**
|**At 1st**
**November**
**2024**
**Income**
**Expenditure**
**Gains**
**and**
**losses**
**£**
**£**
**£**
**£**
General
**6,534**
**32,935**
**24,955**
**-**
**UNRESTRICTED FUNDS (PRIOR YEAR)**
**At 1**
**November**
**2023**
**Income**
**Expenditure**
**Gains**
**and**
**losses**
**£**
**£**
**£**
**£**
General
**8,888**
**14,328**
**(16,682)**
**-**
11**.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Fixed assets
**-**
**1,224,268**
Net current assets
**14,514**
**13**
**14,514**
**1,224,281**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR YEAR)**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Fixed assets
**9,509**
**1,175,168**
Net current assets
**(2,975)**
**3,569**
**6,534**
**1,178,737**|**At 31st**
**October**
**2025**
**£**
**14,514**
**At 31st**
**October**
**2024**
**£**
**6,534**
**Total**
**Funds**
**2025**
**£**
**1,224,268**
**14,527**
**1,238,795**
**Total**
**Funds**
**2024**
**£**
**1,184,677**
**594**
**1,185,271**|
|---|---|
Page: 12