2020-09-30-accounts

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE In in hn Philli nni nTr FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2020 Charlty Number 202286

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

CONTENTS

Legal & administrative information Trustees report Independent examiners report Fund account Balance sheet Notes to accounts	Page
	1 2 - 4 5 6 7 8-11

Page 1

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE (Incorporating the John Phillips Millennium Green Trust) LEGAL & ADMINISTRATIVE INFORMATION

(Common to both Charities) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Trustees

The trustees, who held office throughout the year were as follows:

L.R. Vick Chairman D.J. Hicks J.A. Hugginson W. Cook M.J. Houghton R.A. Cooper D. Norris

Secretary

A. McKay

Administrative Address

Cricketers Rest Northfield Road Tetbury

Charity Number 202286 Treasurer

K L Hassett

Independent Examiner

McGills, Chartered Accountants, Oakley House, Tetbury Road, Cirencester, Glos. GL7 1US

Bankers

Lloyds TSB Bank plc, Cirencester Glos.

Solicitors

Winterbotham Smith Penley LLP 2nd Floor 65 London Road Gloucester Glos. GL1 3HF

Page 2

FEOFFEES OF TETBURY

THE ROMNEY CHARITY (TETBURY CHARITY ESTATE)

(Incorporating the John Phillips Millennium Green Trust)

TRUSTEES' REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

The trustees have pleasure in presenting this report for the year ended 30 September 2020, which has been prepared in accordance with the charitable deed and the recommendations of the Statement of Recommeded Practice - Accounting and Reporting by Charities and complies with applicable law.

The attached accounts are prepared under the "Linking by Uniting Direction" procedure agreed with the Charity Commissioners incorporating the John Phillips Millennium Green Trust for Part VI (accounting) of the Charities Act 2012, which does not remove the separate legal nature of the Millennium Green Trust, the assets of which are only administered on a special trust basis.

Governing Instrument

The Romney Charity

The charity's objects and regulations are governed by charitable deed and the Charities Act 2012. The objects of the charity are given by deed of 1814 and the now amended scheme of 1830, whereby the trustees (Feoffees) are empowered to use the assets under their control for the general benefit of the people of Tetbury. These objects include, in particular, the advancement of education, the relief of poverty and the provision and maintenance of the open areas, recreational spaces and other properties owned by the charity.

The John Phillips Millennium Green Trust

The trust's objects and regulations are governed by the charitable deed and the Charities Act 2012, the main aim being to provide informal leisure amenities for the people of Tetbury.

Principal Policies to Achieve Objectives

It is the aim of the common trustees of both charities to maximise the use of the assets and income under their control, for the benefit of the residents of Tetbury, in full accordance with the specified objects of the respective charities.

Review of Activities

The Romney Charity

the maximum benefits for the local communities, whilst increasing their grant aid to help both individuals and organisations, improvements are also carried out on the estate properties to provide amenity areas for use and enjoyment by residents and visitors alike. As forecast, the charities income reduced significantly in the year due to the Covid 19 pandemic. Surprisingly investment income was not negatively impacted, despite stock market volatility, but market house and car parking reductions resulted in income down >20% year on year. Despite this, the current cash position is healthy and should allow charitable activities to continue for the short to mid-term. A detailed summary of our annual results is outlined below and more details of the charities activities can be obtained from our website.

Income for the year was £63,350 (2019 £83,091). Investment income (+ £389) Market house income (-£7,051) Rental income (-£11,080).

Page 3

FEOFFEES OF TETBURY

THE ROMNEY CHARITY (TETBURY CHARITY ESTATE)

(Incorporating the John Phillips Millennium Green Trust) TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Expenditure £63,111 (2019 £105,513)Expenditure reduced to slightly less than spend in 2017 & 2018 as the charity did not experience a repeat of the large maintenance costs similar to that were incurred in 2019. They also benefitted from some small overhead savings due to Covid (e.g. council tax, cleaning etc).

The John Phillips Millennium Green Trust

The Green is still retained as an informal leisure area for public use and community activities. The charity has no regular income and is maintained by grant aid from The Romney Charity which has agreed to maintain these funding arrangements for the foreseeable future. Operating costs for this current year amounted to £3,140 (2019: £2,156). Costs incurred were met from opening cash reserves and grant funding of £1,500 received from The Romney Charity in the year.

Page 4

FEOFFEES OF TETBURY

THE ROMNEY CHARITY (TETBURY CHARITY ESTATE) (Incorporating the John Phillips Millennium Green Trust) TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Investment Policy

The Trustees have considered the most appropriate policy for investing surplus funds and will continue to use the COIF Charities Investment Fund as the primary source to generate future income and capital growth for the benefit of each charity.

Reserves Policy

The Romney Charity

The unrestricted reserves of the charity are represented by the balance sheet value of the net current assets as follows:-

Total net current assets:- Less: Capital value of Lewis Memorial Fund Net unrestricted reserves	2020 2019 £ £ 250,853 239,164 (1,000) (1,000)
	249,853 238,164

The trustees aim to retain permanent reserves equating to an estimated full years normal expenditure requirement plus a restoration reserve (£50,000) to cover unforeseen and essential renovation expenditure required to maintain the

investment income being surprisingly unimpacted by the Covid pandemic and the management of expenditure. The current reserves exceed the trustees target and are being monitored, with the intention to transfer further funds between the current account and COIF Charities Investment Fund. Although this transfer will not reduce the total unrestricted reserves, it will improve future income which in turn will be invested in local good causes. The reserve levels continue to be reviewed at least annually.

The John Phillips Millennium Green Trust

In accordance with the linking procedure, the total reserves of £15,158 are shown as restricted reserves on the face of the balance sheet and form no part of the unrestricted reserves of The Romney Charity.

Risk Management

The trustees continue to assess the major risks to which both charities are exposed and aim to mitigate exposure to such risks

Reporting Accountants

The reporting accountants. McGills have expressed their willingness to remain in office and a resolution for their reappointment will be made at the next general meeting.

Page 5

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

INDEPENDENT EXAMINERS REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

We report on the accounts of the Charity for the year ended 30th September 2020, which are set out on pages 7 to 12.

Respective responsibilities of trustee and examiner.

As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 2012 (the Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Direction given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to our attention.

Basis of independent examiner's report.

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosure in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.

Independent examiner's statement.

In connection with our examination, no matter has come to our attention:

1. Which give us reasonable cause to believe that in any material respect the requirements

2. a. To keep accounting records in accordance with section 41 of the Act; and

b. To prepare account which accord with the accounting records and to comply with the accounting requirements of the Act.

have not been met; or

1. To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Oakley House Tetbury Road Cirencester Glos GL7 1US

McGills

Chartered Accountants

Page 6

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Unrestricted Notes TCE £ Incoming resources Incoming resources from generating funds Investment Income 1 19,752 Building Society Interest 22 Incoming resources from charitable activities Rents 2 31,149 Wayleaves 3 420 Market House 4 14,008 Other incoming resources 5 - Total incoming resources 65,350 Resources expended Costs of generating funds Lecturers Grant - Tetbury Town Council - Advowson 70 Romney Education Foundation - - Annual Grants Other Educational Grants 6 13,640 Sundry Donations/Grants 10 16,703 30,413 Charitable activities Upkeep of Market House 7 14,440 Upkeep of Open Spaces 8 3,725 Governance costs Administration Costs 9 7,948 Other resources expended Chipping Car Park 11 1,485 Depreciation 5,100 Total resources expended 63,112 Net incoming resources before transfers 2,238 Other recognised gains/losses Loss on Revaluation of Property Assets 12 - Gains/losses on investments Market value at 1 October 2018 639,454 Market value at 30 September 2019 662,427 Gain/(Loss) on investments 22,973 Total net movement in funds 25,212 Reconciliation of Funds Total funds brought forward 2,114,201 Total funds carried forward £ 2,139,413 £ 2020	2020	Restricted Unrestricted JPMG Permanent Endowment TCE £ £ - 19,363 - 20 - 42,229 - 420 - 21,059 1,500 - 1,500 83,091 - 30 - 70 - - 5,000 - 33,950 - 39,050 - 41,094 3,140 10,554 - 8,020 - 1,695 - 5,100 3,140 105,513 (1,640) (22,422) - - 600,587 - 639,454 - 38,867 (1,640) 16,446 16,639 2,097,755 14,999 £ 2,114,201 £ 2019	Restricted JPMG Permanent Endowment £ - - - - - 2,552
			2,552
			- - - -
			- - 2,156 - - -
			2,156
			396
			- -
			-
			396 16,243
			16,639

Page 7

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

BALANCE SHEET

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Notes Unrestricted TCE Fixed Assets £ Tangible Assets 12 1,351,570 Investments Restricted 31193.30 shares of the Charities Official Investments Fund - at market value (1433.56 per share) 13 536,990 1,888,560 Current Assets Cash at bank and building society 14 123,057 COIF Units - Unrestricted reserves 13 125,437 Debtors 15 5,678 254,173 Current Liabilities Creditors 16 2,055 Value Added Tax 1,265 3,320 Net Current Assets 250,853 Total Assets Less Current Liabilities £ 2,139,413 £ Accumulated Fund Brought forward 2,114,201 Surplus/(Deficit) for the year 25,212 Total £ 2,139,413 £ 2020	Restricted Unrestricted JPMG Permanent Endowmen t TCE £ £ 15,000 1,356,670 - 518,367 15,000 1,875,037 308 114,648 121,087 - 9,375 308 245,110 150 2,118 - 3,829 150 5,947 158 239,164 15,158 £ 2,114,201 £ 16,798 2,097,755 (1,640) 16,446 15,158 £ 2,114,201 £ 2019	Restricted JPMG Permanent Endowmen t £ 15,000 -
		15,000
		1,948 -
		1,948
		150 -
		150
		1,798
		16,798
		16,402 396
		16,798

We approve the financial statements set out on pages 8 to 11 in respect of the year ended 30th September 2020 and confirm that we have made available all relevant records and information for their preparation.

Signed on behalf of the board of trustees

L R Vick Chairman D J Hicks Vice Chairman

Page 8

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005). Under the ''linking by uniting direction'' procedure, the transactions, assets and liabilities of the Millennium Green Trust are now separately identified, with the relevant comparatives shown.

Fund account

The fund account is prepared on a receipts and payments basis except where a material accrual or prepayment exists in relation to the year under review.

Taxation

The charity has been approved tax exempt status by HM Revenue & Customs.

Depreciation

Depreciation has been provided so as to write off the cost of tangible fixed assets less residual value over the estimated useful economic life as follows:

Fixtures & Fittings 15% straight line Fixed Plant & Machinery 5% straight line

Land and property are carried at valuation and any revaluation changes are stated in the notes on fixed assets with movements shown as adjustments to the accumulated fund in the year in which they occur. No depreciation is provided as the trustees are of the opinion that the normal residual value is such that the depreciation charge is considered immaterial.

1. 2.	TCE JPMG TCE £ £ £ Investment Income The Charities Official Investment Fund 18990.97 shares - dividends 9,748 - 9,556 12202.33 shares - dividends 6,263 - 6,140 7286.56 shares - unrestricted funds 3,740 3,667 £ 19,752 £ - £ 19,363 TCE JPMG TCE Rent £ £ £ Southern Electricity Board, Chipping Croft - - 58 Herd Lane Allotments 1,038 - 1,165 M. & R. Bellhouse - The Chipping 4,740 - 4,740 Royal Oak Lease 20 - 20 C.D.C. Chipping Car Park 22,951 - 33,596 G Bristow, Herd Lane 300 - 350 Cattle Market Parking 2,100 2,300 £ 31,149 £ - £ 42,229 2020 2020	TCE £ 9,556 6,140 3,667	JPMG £ - - - £ - JPMG £ - - - - - - £ - 2019 2019

Page 9

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

3. 4. 5. 6. 7. 8.

TCE JPMG TCE JPMG Wayleaves £ £ £ £ Southern Electricity PLC 120 - 120 - British Telecom 75 - 75 - Residential receipts 225 - 225 - £ 420 £ - £ 420 £ - Market House Hiring/Sales income £ 14,008 £ - £ 21,059 £ - Other income - 1,500 - 2,500 Other - - - 52 £ - £ 1,500 £ - £ 2,552 Other Educational Grants St Mary's Primary School 11,640 Consolidated annual grant - 3,000 - Sir Williams Ronmey School 2,000 - 2,000 - £ 13,640 £ - £ 5,000 £ - Upkeep of Market House Cotswold District Council rates - 317 - Gas Heating costs 929 - 967 - Electricity 1,326 - 893 - Wi-Fi charges 291 240 Water rates & services 211 - 226 - Caretaking costs 1,800 - 2,400 - Cleaning costs 1,511 - 2,503 - Zurich Municipal - general insurance 5,655 - 5,695 - Winding and maintaining clocks 970 - 987 - Fire service appliances/alarms 570 - 438 - Hanging baskets/planters 491 - 491 - Internal repairs and rectification 222 - - - Performing rights licence 421 - 969 - External painting 24,377 Other costs 43 - (113) - Lighting system replacement 704 £ 14,440 £ - £ 41,094 £ - Upkeep of Open Spaces Grass cutting 2,095 1,235 2,202 960 Bristol Water 72 39 121 39 Lighting maintenance 794 - 683 General maintenance & planting 715 259 1,290 - Auctioneers Huts - Electricity . 100 22 130 Tree works 695 676 - - Allotment maintenance 118 102 - Installation of bollards 333 - Repairing cast iron sign - 344 Fencing repairs 540 - Berkely wood steps 3,649 - Lawnmower repairs 247 - Lower Gumstool Hill maintenance 30 38 2,049 - £ 3,725 £ 3,140 £ 10,555 £ 2,156 Annual Funding Donation - TCE 2019 2020

Page 10

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE (Incorporating the John Phillips Millennium Green Trust) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

9. Administration Expenses Clerk/Treasurer office expenses Accountancy fees Insurances Sundries £ 10. Sundry Grants & Donations Sundry grants Sundry grant Tetbury British Legion - The Poppy Appeal Tetbury Flower Show Millennium Green Tetbury Youth Club project Holiday at Home - OAP's Tetbury in Bloom Tetbury Play Area Telfest Tetbury relief charities St Marys Monday club Tetbury Hospital Tetbury Rugby Club St Marys Playgroup Cirencester Food Bank Christchurch Tetbury Tetbury Library St Marys Centre Bingo Club TRLRT Romney education Tetbury Football Club £ 11. Chipping Car Park/Chipping Steps Rates Steps renovation £ 12. Land and Property 1) Tetbury Charity Estate At Valuation 1st October 2019 Revaluation adjustment Additions Disposals 30th September 2020 Depreciation 1st October 2019 Charge for year Depreciation on disosals 30th September 2020 £ Net book value 1st October 2019 £ 30th September 2020 £ 2) John Phillips Millennium Green Trust At Valuation 1st October 2019 30th September 2020		TCE JPMG £ £ 5,676 975 998 300 7,948 £ - 353 150 500 1,500 3,000 1,500 1,400 500 250 1,000 200 600 2,600 1,500 150 1,500 16,703 £ - 1,485 1,485 £ - Freehold Freehold Property Land £ £ 400,000 911,000 400,000 911,000 - - - - - - £ 400,000 £ 911,000 £ 400,000 £ 911,000 £ £ 15,000 15,000 2020		£ £ £ Plant & Machinery £ 49,546 49,546 18,361 2,514 20,875 £ 31,185 £ 28,671 £		TCE JPMG £ £ 5,966 - 814 - 1,005 - 235 - 8,020 £ - 1,150 - 10,000 - - - 500 - 2,500 - 3,000 - 1,500 - 1,500 - - - - - 3,000 - 250 - 1,000 - 600 - - - 1,200 - - - 750 - - - 1,000 - 5,000 - 1,000 - 33,950 £ - 1,462 - 232 1,694 £ - Fixtures & Fittings Total £ £ 59,204 1,419,750 - - - 59,204 1,419,750 44,719 63,080 2,586 5,100 - 47,305 £ 68,180 14,485 £ 1,356,670 11,899 £ 1,351,570 2019	2019	JPMG £ - - - -

Page 11

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE (Incorporating the John Phillips Millennium Green Trust) NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2020

13. Investments

Restricted

Restricted 13. Investments
Total Funds £ Charities Official Investments Fund	Fund Balance b/fwd 518,367 518,367 £	Transfer Gains & Losses Fund Balance c/fwd - 18,623 536,990
		- 18,623 536,990

At the year end the Charity held 31193.3 shares at 1661.79p per share (2018: 31193.3 shares at 1560.81 per share).

Unrestricted

Unrestricted
Total Funds £ Charities Official Investment Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 121,087 - - 4,350 125,437
	121,087 - - 4,350 125,437

At the year end the Charity held 7286.56 shares at 1661.79p per share (2018 : 1560.81p).

14. 15. **16. **	Cash at Bank & Building Society TCE £ Bank - Lloyds TSB 121,788 Lewis Memorial Fund- Building Society 1,270 £ 123,057 Debtors TCE £ Car park receipts -July/Sept 5,528 Sundry - prepaid electricity Wayleaves 150 £ 5,678 Creditors TCE £ Accountancy fees 760 Market House costs 645 Open Spaces - Maintenance costs 200 Refundable allotment deposits 450 . £ 2,055	JPMG TCE £ £ 308 113,400 1,248 £ 308 £ 114,648 JPMG TCE £ £ 8,822 - 453 - 100 £ - £ 9,375 JPMG TCE £ £ 150 620 489 559 450 £ 150 £ 2,118 2020 2020 202	JPMG £ 1,948 - £ 1,948 JPMG £ - - - £ - JPMG £ 150 - - - £ 150 2019 2019 2019	JPMG £ 1,948 -