**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)
- 1 -
## **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:
- 2 -
## **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
- 2 the financial statements do not accord with those records; or
- 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: .........................
- 3 -
## **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.
- 4 -
## **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**
- 5 -
## **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.
- 6 -
## **ADDERBURY FEOFFEE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **3 Investments**
|**4**
**5**
**6**|**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Income from investments
35,134
26,601
Interest receivable
-
2,196
35,134
28,797
**Other income**
**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Rent
618
583
**Raising funds**
**Unrestricted**Unrestricted
**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.|
|---|---|
- 7 -
## **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|
|---|---|
- 8 -
## **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|**Total**Unrestricted
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) .
- 9 -