Charity registration number 200902
ADDERBURY FEOFFEE CHARITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
ADDERBURY FEOFFEE CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | G Stephens | |
|---|---|---|
| P A Leeman | ||
| E Frost | ||
| R E Cooke | ||
| M Clinkard | ||
| E Simpson | ||
| S Peissell | ||
| S E Jelfs | ||
| V Scarff | ||
| L Wells | (Appointed 8 February | |
| 2022) | ||
| Charity number | 200902 | |
| Independent examiner | Critchleys Audit LLP | |
| Beaver House | ||
| 23-38 Hythe Bridge Street | ||
| Oxford | ||
| Oxfordshire | ||
| OX1 2EP |
ADDERBURY FEOFFEE CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
ADDERBURY FEOFFEE CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], 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 (FRS 102) " (effective 1 January 2019 ).
Objectives and activities
The objective of the charity is to distribute income from investment and land to ecclesiastical, educational, and poverty assistance groups in the parishes of Adderbury and Milton.
Achievements and performance
The charity has continued to make the grants according to its constitution, but this year had sufficient funds to restore the Christmas Allocation in both villages. The Investment and Management of our funds is currently under review, the money is held in accounts which yield an income that we are distributing according to our constitution. The amounts made as grants were:
Ecclesiastical clause £2,471.04 Educational clause £2,837 Assistance clause £7,650
Financial review
The attached financial statements are for the year ended 31st December 2021. The financial statements show a surplus for the year, after investment gains, of £1,537,531 (2020: Surplus of £270,159). The charity had funds of £10,612,120 (2020: £9,074,589)
Reserves policy
Money not spent within the year will be put in the accumulation account to further grow the charity's funds.
Risk Management
The Trustees consider the significant risks which the charity is exposed to and esablish processes to address these. The main risk for the charity is considered to be managing the transition to an organisation which can deal with much more significant amounts of money, ensuring that they are invested appropriately to preserve the charity for generations to come.
Plans for future periods
The charity intends to ensure that the proceeds from the land sale in 2019 continue to be invested effectively to help ensure the charity can continue to meet its objectives in the future.
Structure, governance and management
Adderbury Feoffee Charity is a registered charity under the Charities Act and was registered by the Charity Commission on 22 December 1961 (Registration Number 200902)
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ADDERBURY FEOFFEE CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The charity is administered by the Board of Trustees in accordance with it constitution. Trustees are appointed to the board based on their local knowledge, good character, and any other applicable skills they can provide. The Trustees that held office during the year are stated below:
G Stephens P A Leeman E Frost R E Cooke M Clinkard E Simpson S Peissell S E Jelfs V Scarff L Wells (Appointed 8 February 2022)
The Trustees have had regard to the guidance published by the Charity Commission on public benefit when preparing the report and consider that the public benefit criteria are satisfied by the charitable aims and objectives.
The trustees' r eport was approved by the Board of Trustees.
S Peissell Trustee
Date:
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ADDERBURY FEOFFEE CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ADDERBURY FEOFFEE CHARITY
I report to the trustees on my examination of the financial statements of Adderbury Feoffee Charity (the charity) for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable 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 financial statements to be reached.
Gary Pready FCA
Critchleys Audit LLP
Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX1 2EP
27 October 2022
Dated: .........................
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ADDERBURY FEOFFEE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Endowment funds funds 2021 2021 Notes £ £ Income and endowments from: Investments 3 35,134 - Other income 4 618 - Total income 35,752 - Expenditure on: Raising funds 5 6,050 - Charitable activities 6 43,822 - Total expenditure 49,872 - Net gains/(losses) on investments 8 - 1,551,571 Net movement in funds (14,120) 1,551,571 Fund balances at 1 January 2021 27,676 9,046,913 Fund balances at 31 December 2021 13,556 10,598,484 |
Total Unrestricted Endowment funds funds 2021 2020 2020 £ £ £ 35,134 28,797 - 618 583 - 35,752 29,380 - 6,050 8,272 - 43,822 12,458 - 49,872 20,730 - 1,551,571 - 261,509 1,537,451 8,650 261,509 9,074,589 19,026 8,785,404 10,612,040 27,676 9,046,913 |
Total 2020 £ 28,797 583 29,380 8,272 12,458 20,730 261,509 270,159 8,804,430 9,074,589 |
|---|---|---|
| Investments 3 Other income 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net gains/(losses) on investments 8 Net movement in funds Fund balances at 1 January 2021 Fund balances at 31 December 2021 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ADDERBURY FEOFFEE CHARITY
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Capital funds Endowment funds - general Income funds Unrestricted funds |
2021 £ £ 10,598,484 27 18,319 18,346 (4,790) 13,556 10,612,040 10,598,484 13,556 10,612,040 |
2020 £ £ 9,046,913 126 29,550 29,676 (2,000) 27,676 9,074,589 9,046,913 27,676 9,074,589 |
|---|---|---|
The financial statements were approved by the Trustees on
S Peissell Trustee
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ADDERBURY FEOFFEE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
Adderbury Feoffee Charity is a charity registered with the Charity Commission in England and Wales (Charity no. 200902). The registered public address is Fletchers, High Street, Adderbury, Banbury, OX17 3LS. The nature of the charity's operations and activities are detailed in the Trustee's report.
1.1 Accounting convention
The financial statements are prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standards applicable in the UK and republic of Ireland (FRS 102) - (Charities SORP (FRS 102), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
1.2 Going concern
The financial statements have been prepared on a going concern basis. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Any such income unexpended at the year-end is shown as a restricted fund in the balance sheet.
1.4 Income
All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. No amounts are included in the financial statements for services donated by volunteers.
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Grants and donations are made in order to pursue the objectives of the charity.
1.6 Fixed asset investments
Investments are stated at market value on the balance sheet date. The SOFA includes the net gains and losses arising from revaluations at year end and disposals during the year.
2 Critical accounting estimates and judgements
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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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ADDERBURY FEOFFEE CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
3 Investments
| 4 5 6 |
UnrestrictedUnrestricted funds funds 2021 2020 £ £ Income from investments 35,134 26,601 Interest receivable - 2,196 35,134 28,797 Other income UnrestrictedUnrestricted funds funds 2021 2020 £ £ Rent 618 583 Raising funds UnrestrictedUnrestricted funds funds 2021 2020 £ £ Trading costs Support costs 6,050 8,272 6,050 8,272 Charitable activities Total Total 2021 2020 £ £ Grants awarded 43,822 12,458 All grants awarded were made to individuals The independent examiners received £2,250 during the year (2020: £2,000) No employee has emolument (as defined for taxation purposes) of over £60,000 during the period. |
|---|---|
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ADDERBURY FEOFFEE CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Net gains/(losses) on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 1,551,571 | 261,509 |
9 Fixed asset investments
| Cost or valuation At 1 January 2021 Valuation changes At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Accruals and deferred income |
I nvestments £ 9,046,913 1,551,571 10,598,484 10,598,484 9,046,913 2021 2020 £ £ 27 126 2021 2020 £ £ 4,790 2,000 |
|---|---|
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ADDERBURY FEOFFEE CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 12 Analysis of net assets between funds Unrestricted funds Endowment funds 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Investments - 10,598,484 Current assets/ (liabilities) 13,556 - 13,556 10,598,484 |
TotalUnrestricted funds Endowment funds 2021 2020 2020 £ £ £ 10,598,484 - 9,046,913 13,556 27,676 - 10,612,040 27,676 9,046,913 |
Total 2020 £ 9,046,913 27,676 9,074,589 |
|---|---|---|
13 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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