COLTON PARISH LANDS TRUST Registered Charity number: 1206504
ACCOUNTS YEAR ENDED 31 DECEMBER 2024
Dains Audit Limited
Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 9DS
COLTON PARISH LANDS TRUST INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
| PAGE | |
|---|---|
| Annual Report | 1-4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8-11 |
COLTON PARISH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Reference and administrative information
Trustees:
| The Charity trustees | who served | during the year and their appointing bodies are: | during the year and their appointing bodies are: |
|---|---|---|---|
| Mr R D Wilson | Chairman | Co-optative | |
| Mr P W Waring | Vice chairman | Co-optative | |
| Mrs S Pope | Colton Parish Council | ||
| Mr A C Winter | Colton Parish Council | ||
| Rev S C Davis | Ex Officio | ||
| Mrs J A Freeman | Co-optative | ||
| Mr C Hawley | Co-optative | ||
| Principal Address: | Claire Collier | ||
| Clerk to the Colton Parish Lands Trust | |||
| Four Oaks | |||
| Radmore Lane | |||
| Abbots Bromley | |||
| WS15 3AP | |||
| Registered Charity | Number: | 1206504 | |
| Principal Bankers: | Lloyds Bank plc | ||
| Cannock Branch | |||
| Independent Examiner: | Mark Gurney FCCA, DChA | ||
| of Dains Audit Ltd | |||
| Chartered Accountants | |||
| St Johns Court | |||
| Wiltell Road | |||
| Lichfield | |||
| Staffs | |||
| WS14 9DS | |||
| Solicitors: | Ansons Solicitors Ltd | ||
| St Mary's Chambers | |||
| 5 Breadmarket Street | |||
| Lichfield | |||
| Staffs | |||
| WS13 6LQ |
Page 1
COLTON PARISH LANDS TRUST ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) Report of the Trustees for the year ended 31 December 2024
The Trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the constitution dated 29 November 2023, the Charities Act 2011 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.
Structure, Governance and Management
History and Governing Document
Colton Parish Lands Trust is a charitable incorporated organisation, which was registered with the Charity Commission on 11 January 2024.The charity's activities are governed by a constitution dated 29 November 2023.
By virtue of a pre-merger vesting agreement dated 19 March 2024 the unincorporated charity, registered number 254459, transferred its assets to Colton Parish Lands Trust, registered charity number 1206504. A deed of variation was executed on 10 January 2025 to correct the vesting declaration.
Appointment of Trustees
The constitution provides for the appointment of up to seven trustees, one ex-officio, two nominative and up to four co-opted. The ex-officio trustee is the Rector of the Parish of the Blessed Virgin Mary, Colton or the priest in charge, in the event of the suspension of the benefice.
The Parish Council of Colton is entitled to nominate two trustees. Nominative trustees serve for a period of four years and co-opted trustees serve for a period of five years. New co-opted trustees are identified from people within the local community who have the necessary skills and interest and are appointed by the remaining trustees.
Trustee Induction and Training
The induction process for a newly appointed trustee comprises an initial meeting with the board of trustees at which an information pack is provided. This includes a copy of the governing document, a copy of the most recent annual report and accounts, copy minutes of previous trustees' meetings and a copy of the Charity Commission Guidance "The Essential Trustee" and "Charities and Public Benefit".
Organisation
The trustees normally meet four times a year to consider the Charity's affairs and as and when appropriate the broad strategy and area of activity for the Charity including consideration of grant making, investments, reserves and risk management policies and performance.
The day to day administration of the Charity is delegated to the Clerk.
Risk Review
The trustees have examined the major internal and external risks which the Charity faces and confirm that systems have been established to minimise these risks.
Page 2
COLTON PARISH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)
Objectives and Activities for the Public Benefit
The objects of the charity are to relieve, either generally or individually, persons who are resident in the area of benefit and are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons.
The trustees shall apply the income for the: relief of the aged, impotent and poor;
relief of sickness and distress;
provision and support with the object of improving the conditions of life for the said inhabitants for recreation or other leisure time activities;
provision and support of educational facilities.
The Charity derives its income from land and cottage rents and its portfolio of investments.
Financial Review
Expenditure on charitable activities totalled £21,347 as detailed in note 4.
The trustees have continued to maintain the Trust property and land in a good state and support the Parish in accordance with the Charity Commission Scheme.
Investment Policy
The trustees have considered the most appropriate policy for investing funds and have found that specialised unit trusts, designed for the charity sector, meet their requirements. The performance of the investments is monitored by the trustees on an annual basis.
Reserves Policy
Free reserves at 31 December 2024 amounted to £92,151
The current level of free reserves is above the range agreed by the trustees, however it is their intention to reduce free reserves over forthcoming years as and when meritorious applications are received.
Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and have complied with their duties under the Charities Act 2011.
Page 3
COLTON PARISH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)
Trustees' Responsibilities in Relation to the Financial Statements
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
-
h select suitable accounting policies and then apply them consistently;
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h observe the methods and principles in the Charities SORP (FRS102);
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h make judgements and estimates that are reasonable and prudent;
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h state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
-
and
-
h 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 accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They 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.
Approved by the Trustees and signed on their behalf by:
R D Wilson
Date: 17 June 2025
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLTON PARISH LANDS TRUST
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 6-11.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission undersection 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
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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 "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 accounts to be reached.
Mark Gurney FCCA, DChA Chartered Accountant Of Dains Audit Ltd St Johns Court Wiltell Road Lichfield Staffordshire WS14 9DS
June 17, 2025
Page 5
COLTON PARISH LANDS TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024
| Notes Income and endowments from: Investments Rent receivable - land cottages Income from listed investments Bank interest receivable Total income Expenditure on: Investment management costs 3 Charitable activities 4 Other costs Clerk's remuneration Independent examination fee HS2 advice Sundry expenses Legal fees re CIO conversion Total Net gains/(losses) on investments 10 Advance payment HS2 9 Net income/(expenditure) Transfer between funds Transfer to Cyclical Maintenance Fund 11 Transfer to Extraordinary Repair Fund 11 Other recognised gains/(losses): Gain on Revaluation of Property 8 Net Movement in Funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Other Total Total Income Fund Funds 2024 2023 £ £ £ £ 5,162 5,162 5,605 14,598 14,598 14,342 546 546 539 5,332 653 5,985 4,868 |
|---|---|
| 25,638 653 26,291 25,354 |
|
| 23,034 23,034 5,858 21,347 21,347 6,565 3,660 3,660 3,520 2,350 2,350 906 461 582 582 716 3,000 |
|
| 50,973 50,973 21,026 |
|
| 5,311 5,311 12,330 (493) (493) 151,629 (25,335) 5,471 (19,864) 16,658 |
|
| (25,335) 5,471 (19,864) 168,287 64,635 64,635 62,837 |
|
| (25,335) 70,106 44,771 231,124 159,397 742,672 902,069 670,945 |
|
| 134,062 812,778 946,840 902,069 |
Page 6
COLTON PARISH LANDS TRUST BALANCE SHEET 31 DECEMBER 2024
| Note Fixed Assets Tangible Fixed Asset: for charity use 6 Investments Investment Property 2 Houses, Hollow Lane, Colton 8 Freehold Land 9 Listed Investments 10 Current Assets Debtors and Prepayments 11 Bank - Deposit Accounts Bank - Current Account Liabilities: Creditors falling due within 1 year 12 Net Current Assets Net Assets The funds of the charity: 13 Permanent endowment Designated funds: Extraordinary repair fund Cyclical maintenance fund Unrestricted income fund |
Unrestricted Designated Endowment Total Total income funds funds fund 2024 2023 £ £ £ £ £ 41,563 15,000 56,563 56,563 450,000 450,000 385,365 348 62,500 62,848 62,848 100,545 20,070 120,615 115,304 |
|---|---|
| 41,911 100,545 547,570 690,026 620,080 652 652 152,225 76,791 13,527 151,136 241,454 105,469 19,458 19,458 28,345 |
|
| 96,901 13,527 151,136 261,564 286,039 4,750 4,750 4,050 |
|
| 92,151 13,527 151,136 256,814 281,989 |
|
| 134,062 114,072 698,706 946,840 902,069 |
|
| 698,706 698,706 634,120 100,545 100,545 95,678 13,527 13,527 12,874 134,062 134,062 159,397 |
|
| 134,062 114,072 698,706 946,840 902,069 |
These accounts were approved by the Board of Trustees on 17 June 2025 and signed on their behalf by:
R D Wilson S Pope
Page 7
COLTON PARISH LANDS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Establishment of Colton Parish Lands Trust
Colton Parish Lands Trust is a charitable incorporated organisation (CIO), which was registered with the Charity Commission on 11 January 2024. Its governing document is a constitution approved on 29 November 2023.
By virtue of a pre-merger vesting agreement dated 19 March 2024, the unincorporated charity, Colton Parish Lands Trust, registered charity number 254459 transferred its assets to the CIO, registered charity number 1206504.
2. Accounting Policies
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 Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated.
Resources expended are recognised on an accruals basis as a liability is incurred.
3. Investment Management Costs
| Maintenance of Cottages Water Rates and Insurance Property Management Expenses |
Unrestricted Other Total Total Income Fund Funds 2024 2023 £ £ £ £ 19,308 19,308 482 1,674 1,674 1,534 2,052 2,052 3,842 |
|---|---|
| 23,034 23,034 5,858 |
In 2023 all expenditure was from unrestricted income funds.
4. Charitable Activities
| Donations - Amanda Pratt re Colton Old People's Welfare Colton Village Hall Colton P C C re village magazine Colton Parish Council Colton Nature Reserve Colton WI Colton Art Club Mrs Welch's Art Class Colton Friendship Club Colton Produce Guild Colton History Society Colton Community Choir Craft Club Christmas Lights Trees, tree guards and bulbs Grants to 8 individuals (2023 - 10) |
Total Total 2024 2023 £ £ 2,000 2,000 13,100 1,425 1,300 500 100 80 300 300 400 400 400 350 400 450 200 150 250 250 250 446 26 200 1,550 1,085 |
|---|---|
| 21,347 6,565 |
Page 8
COLTON PARISH LANDS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Trustees Remuneration and Expenses
No remuneration directly or indirectly out of the funds of the charity were paid,or are payable for the year, to any trustee or to any person or persons known to be connected with any of them. (2023 - £nil).
No expenses were paid during the year (2023 - £36 to one trustee for travelling). A meal was held for the trustees at a cost of £181.
6. Related Party Transactions
There were no related party transactions during the year. (2023 - £nil).
7. Tangible Fixed Asset:for charity use
| 7. Tangible Fixed Asset:for charity use | |
|---|---|
| Freehold Land:Lower Martlins at cost The Marsh |
2024 £ 41,563 15,000 |
| 56,563 |
8. Two Houses - Hollow Lane, Colton
The two houses are included in the accounts at their insured value.
| At valuation 1 January 2024 Unrealised gain on revaluation At valuation 31 December 2024 |
2024 2023 £ £ 385,365 322,528 64,635 62,837 |
|---|---|
| 450,000 385,365 |
9. Freehold Land
| At valuation 1 January 2024 and 31 December 2024 | 2024 2023 £ £ 62,848 62,848 |
|---|---|
The trustees valued the freehold land on 31 December 2000 on the basis of open market value, subject to existing use. Additions since 31 December 2005 are included at cost.
The current trustees do not have the knowledge and expertise to value the land and are of the opinion that the cost of obtaining a professional valuation outweighs the benefit to the users of the accounts. The land will be revalued following the conclusion of negotiations with HS2.
Part of the land holding is subject to compulsory purchase for HS2.
An advance payment of £151,629 has been received and negotiations are continuing to agree the final value.
10. Listed Investments
| Market Value at 1 January 2024 Add net gain/(loss) on revaluation Market value at 31 December 2024 Investments comprise the following: 988.99 units C O I F income units 385.80 units C O I F accumulation units |
2024 2023 £ £ 115,304 102,974 5,311 12,330 |
|---|---|
| 120,615 115,304 |
|
| 20,070 19,626 100,545 95,678 |
|
| 120,615 115,304 |
All investments are quoted on the London Stock Exchange and are carried at their market value. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
Page 9
COLTON PARISH LANDS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Debtors
| 11. Debtors | |
|---|---|
| HS2 Payment advance payment Prepayments |
2024 2023 £ £ 151,629 652 596 |
| 652 152,225 |
12. Creditors
| Rent received in advance Other creditors and accruals |
2024 2023 £ £ 4,750 4,050 |
|---|---|
| 4,750 4,050 |
13. Other Funds
| Balances at 1 January 2024 Bank Interest Received Unrealised Gain on Revaluation of Property Net gains/(losses) on investments Advance Payment HS2 Balances at 31 December 2024 Balances at 1 January 2023 Bank Interest Received Unrealised Gain on Revaluation of Property Net gains/(losses) on investments Advance payment HS2 Balances at 31 December 2023 |
Endowment Extraordinary Cyclical Total Fund Repair Fund Maintenance Fund 2024 2024 2024 2024 £ £ £ £ 634,120 95,678 12,874 742,672 653 653 64,635 64,635 444 4,867 5,311 (493) (493) |
|---|---|
| 698,706 100,545 13,527 812,778 |
|
| Endowment Extraordinary Cyclical Total Fund Repair Fund Maintenance Fund 2023 2023 2023 2023 £ £ £ £ 417,977 85,025 12,280 515,282 594 594 62,837 62,837 1,677 10,653 12,330 151,629 151,629 |
|
| 634,120 95,678 12,874 742,672 |
Page 10
COLTON PARISH LANDS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Funds
The income fund comprises those funds which the trustees are free to use in accordance with the charitable objects.
The permanent endowment represents those assets which must be held permanently by the charity.
The extraordinary repairs fund is a designated reserve which represents amounts set aside to carry out major repairs to the property.
The cyclical maintenance fund is a designated reserve which represents amounts set aside for cyclical maintenance.
15. Charity Merger
By virtue of a pre-merger vesting agreement dated 19 March 2024, the unincorporated charity Colton Parish Lands Trust, registered charity number 254469, transferred its assets to Colton Parish Lands Trust, a CIO, registered charity number 1206504.
Analysis of principal SOFA components for the current year:
| Registered charity number Total income Total expenditure Net income/(expenditure Other gains/(losses) Gain on revaluation of property Net movement in funds Analysis of net assets at date of merger Net assets Unrestricted funds Designated funds Permanent endowment Total funds |
254469 £ 5,618 1,521 4,097 (493) 3,604 905,673 163,494 108,552 633,627 905,673 |
1206504 £ 20,673 49,452 (28,779) 5,311 64,635 41,167 - - - - - |
Combined £ 26,291 50,973 |
|---|---|---|---|
| (24,682) 4,818 64,635 |
|||
| 44,771 | |||
| 905,673 | |||
| 163,494 108,552 633,627 |
|||
| 905,673 |
Page 11