**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;
- h observe the methods and principles in the Charities SORP (FRS102);
- h make judgements and estimates that are reasonable and prudent;
- 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:
1. accounting records were not kept in respect of the charity 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 "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