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
- 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
2. 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
-|
|---|---|---|---|---|