2021-09-30-accounts

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE In in hn Philli nni nTr FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2021 Charlty Number 202286

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust) FOR THE YEAR ENDED 30TH SEPTEMBER 2021

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 2021

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 2021

The trustees have pleasure in presenting this report for the year ended 30 September 2021, 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. The charities income increased on 2020, however are not yet back to prepandemic levels due. Rentals and market house income did not fully recover in the year due to the ongoing Covid 19 restrictions.

Investment income remains strong and actually higher than previously reported in recent years. Despite the pandemic 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 £70,242 (2020 £63,350).

Investment income (+ £389) Market house income (-£3,133) Rental income (£6,794) Other (£836)

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 2021

Expenditure reduced for the second consecutive year to £45k, due to three main factors; i) Less grants were applied for from the charity in the period, ii) maintenance costs remained low, with no large projects required and iii) Covid restrictions meant lower upkeep eg market house 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 £2,809 (2020: £3,140). Costs incurred were met from opening cash reserves and grant funding of £3,000 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 2021

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	2021 2020 £ £ 297,717 250,853 (1,000) (1,000)
	296,717 249,853

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 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 £15,349 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 2021

We report on the accounts of the Charity for the year ended 30th September 2021, 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 2021

Unrestricted Notes TCE £ Incoming resources Incoming resources from generating funds Investment Income 1 20,148 Building Society Interest Incoming resources from charitable activities Rents 2 37,943 Wayleaves 3 478 Market House 4 10,874 Other incoming resources 5 800 Total incoming resources 70,242 Resources expended Costs of generating funds Lecturers Grant 60 Tetbury Town Council - Advowson 70 Romney Education Foundation - - Annual Grants Other Educational Grants 6 - Sundry Donations/Grants 10 10,440 10,570 Charitable activities Upkeep of Market House 7 12,185 Upkeep of Open Spaces 8 5,135 Governance costs Administration Costs 9 10,167 Other resources expended Chipping Car Park 11 1,485 Depreciation 5,100 Total resources expended 44,641 Net incoming resources before transfers 25,601 Other recognised gains/losses Loss on Revaluation of Property Assets 12 - Gains/losses on investments Market value at 1 October 2018 662,427 Market value at 30 September 2019 747,779 Gain/(Loss) on investments 85,352 Total net movement in funds 110,953 Reconciliation of Funds Total funds brought forward 2,139,413 Total funds carried forward £ 2,250,366 £ 2021	2021	Restricted Unrestricted JPMG Permanent Endowment TCE £ £ - 19,752 - 22 - 31,149 - 420 - 14,007 3,000 - 3,000 65,350 - - - 70 - - 13,640 - 16,703 - 30,413 - 14,440 2,809 3,725 - 7,949 - 1,485 - 5,100 2,809 63,112 191 2,238 - - 639,454 - 662,427 - 22,973 191 25,212 15,158 2,114,201 15,349 £ 2,139,413 £ 2020	Restricted JPMG Permanent Endowment £ - - - - - 1,500
			1,500
			- - - -
			- - 3,140 - - -
			3,140
			(1,640)
			- -
			-
			(1,640) 16,798
			15,158

Page 7

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

BALANCE SHEET

FOR THE YEAR ENDED 30TH SEPTEMBER 2021

Notes Unrestricted TCE Fixed Assets £ Tangible Assets 12 1,346,469 Investments Restricted 31193.30 shares of the Charities Official Investments Fund - at market value (1433.56 per share) 13 606,179 1,952,649 Current Assets Cash at bank and building society 14 147,805 COIF Units - Unrestricted reserves 13 141,599 Debtors 15 9,597 299,002 Current Liabilities Creditors 16 1,285 Value Added Tax 1,285 Net Current Assets 297,717 Total Assets Less Current Liabilities £ 2,250,366 £ Accumulated Fund Brought forward 2,139,413 Surplus/(Deficit) for the year 110,953 Total £ 2,250,366 £ 2021	Restricted Unrestricted JPMG Permanent Endowmen t TCE £ £ 15,000 1,351,570 - 536,990 15,000 1,888,560 499 123,057 125,437 - 5,679 499 254,173 150 2,055 - 1,265 150 3,320 349 250,853 15,349 £ 2,139,413 £ 15,158 2,114,201 191 25,212 15,349 £ 2,139,413 £ 2020	Restricted JPMG Permanent Endowmen t £ 15,000 -
		15,000
		308 -
		308
		150 -
		150
		158
		15,158
		16,798 (1,640)
		15,158

We approve the financial statements set out on pages 8 to 11 in respect of the year ended 30th September 2021 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 2021

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 9,944 - 9,748 12202.33 shares - dividends 6,389 - 6,263 7286.56 shares - unrestricted funds 3,815 3,741 £ 20,148 £ - £ 19,752 TCE JPMG TCE Rent £ £ £ Herd Lane Allotments 1,058 - 1,038 M. & R. Bellhouse - The Chipping 4,740 - 4,740 Royal Oak Lease 20 - 20 C.D.C. Chipping Car Park 29,425 - 22,951 G Bristow, Herd Lane 300 - 300 Cattle Market Parking 2,400 - 2,100 £ 37,943 £ - £ 31,149 2021 2021	TCE £ 9,748 6,263 3,741	JPMG £ - - - £ - JPMG £ - - - - - £ - 2020 2020

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 2021

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

TCE JPMG TCE JPMG Wayleaves £ £ £ £ Southern Electricity PLC 125 - 120 - British Telecom 75 - 75 - Residential receipts 278 - 225 - £ 478 £ - £ 420 £ - Market House Hiring/Sales income £ 10,874 £ - £ 14,008 £ - Other income - 3,000 - 1,500 Other 800 - - - £ 800 £ 3,000 £ - £ 1,500 Other Educational Grants St Mary's Primary School - - 11,640 - Sir Williams Ronmey School - - 2,000 - £ - £ - £ 13,640 £ - Upkeep of Market House Cotswold District Council rates - - - Gas Heating costs 389 - 929 - Electricity 1,147 - 1,326 - Wi-Fi charges 259 291 Water rates & services 249 - 211 - Caretaking costs 950 - 1,800 - Cleaning costs 300 - 1,511 - Zurich Municipal - general insurance 5,611 - 5,655 - Winding and maintaining clocks 848 - 970 - Fire service appliances/alarms 1,005 - 570 - Hanging baskets/planters 589 - 491 - Internal repairs and rectification - 222 - Performing rights licence 280 - 421 - Other costs 88 - 43 - Water damage repairs 468 - £ 12,185 £ - £ 14,440 £ - Upkeep of Open Spaces Grass cutting 2,783 1,485 2,095 1,234 Bristol Water 84 43 72 39 Lighting maintenance 965 - 794 General maintenance & planting 105 715 259 Auctioneers Huts - Electricity 211 - 100 Tree works 695 676 Allotment maintenance 54 118 - Herd Lane wall 1,010 - - Benches 815 - - Stakes 35 - - Weed killer 20 - - Signs 190 CCTV at Herd Lane 143 - - Lower Gumstool Hill maintenance 30 38 £ 5,135 £ 2,809 £ 3,725 £ 3,140 Annual Funding Donation - TCE 2020 2021

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 2021

9. Administration Expenses Clerk/Treasurer office expenses Accountancy fees Insurances Legal fees Sundries £ 10. Sundry Grants & Donations Sundry grant Tetbury British Legion - The Poppy Appeal Tetbury Flower Show Millennium Green Tetbury Youth Club project Tetbury in Bloom Tetbury Play Area Telfest St Marys Monday club Tetbury Hospital Tetbury Rugby Club St Marys Playgroup Cirencester Food Bank Christchurch Tetbury Tetbury Library St Marys Centre Bingo Club Tetbury Bowls Club Tetbury Football Club £ 11. Chipping Car Park/Chipping Steps Rates Steps renovation £ 12. Land and Property 1) Tetbury Charity Estate At Valuation 1st October 2020 Revaluation adjustment Additions Disposals 30th September 2021 Depreciation 1st October 2020 Charge for year Depreciation on disosals 30th September 2021 £ Net book value 1st October 2020 £ 30th September 2021 £ 2) John Phillips Millennium Green Trust At Valuation 1st October 2020 30th September 2021		TCE JPMG £ £ 6,860 1,380 990 515 422 10,167 £ - 400 - - - - - 3,000 - 3,000 - 1,500 - - - - - - - - - - - - - 1,200 - - - 800 - - - 540 - - - 10,440 £ - 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 2021		£ £ £ Plant & Machinery £ 49,546 49,546 20,875 2,514 23,389 £ 28,671 £ 26,157 £		TCE JPMG £ £ 5,675 - 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 £ - Fixtures & Fittings Total £ £ 59,204 1,419,750 - - - 59,204 1,419,750 47,305 68,180 2,587 5,101 - 49,892 £ 73,281 11,899 £ 1,351,570 9,312 £ 1,346,469 2020	2020		JPMG £ - - - -
									-
									- - - - - - - - - - - - - - - - - -
									-
									-
									-
								Total £ 1,419,750 - - -
								1,419,750
								68,180 5,101 -
								73,281

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 2021

13. Investments

Restricted

Restricted 13. Investments
Total Funds £ Charities Official Investments Fund	Fund Balance b/fwd 536,990 536,990 £	Transfer Gains & Losses Fund Balance c/fwd - 69,189 606,179
		- 69,189 606,179

At the year end the Charity held 31193.3 shares at 1943.30p per share (2020: 31193.3 shares at 1661.79p per share).

Unrestricted

Unrestricted
Total Funds £ Charities Official Investment Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 125,437 - - 16,162 141,599
	125,437 - - 16,162 141,599

At the year end the Charity held 7286.56 shares at 1943.30p per share (2020 : 1661.79p).

14. 15. **16. **	Cash at Bank & Building Society TCE £ Bank - Lloyds TSB 146,536 Lewis Memorial Fund- Building Society 1,270 £ 147,805 Debtors TCE £ Car park receipts -July/Sept 9,447 Wayleaves 150 £ 9,597 Creditors TCE £ Accountancy fees 790 Market House costs 120 Open Spaces - Maintenance costs 200 Refundable allotment deposits 450 Trade creditors (275) £ 1,285	JPMG TCE £ £ 499 121,787 1,270 £ 499 £ 123,057 JPMG TCE £ £ 5,528 - 150 £ - £ 5,678 JPMG TCE £ £ 150 760 645 200 450 £ 150 £ 2,055 2021 2021 2021	JPMG £ 308 - £ 308 JPMG £ - - £ - JPMG £ 150 - - - £ 150 2020 2020 2020	JPMG £ 308 -