2022-09-30-accounts

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE Incor oraiin the John Philli s Millennium Green Trusi FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022 Charlty Number 202286

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust) FOR THE YEAR ENDED 30TH SEPTEMBER 2022

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 2022

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 H.J. Pearce

Secretary

A. McKay Cricketers Rest Northfield Road Tetbury

Administrative Address

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 2022

The trustees have pleasure in presenting this report for the year ended 30 September 2022, 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 Trustees and their supporters have continued their efforts to utilise the charity’s funds and property assets to provide 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 Trustees are pleased to report that the lifting of Covid pandemic restrictions has positively impacted the annual income. Thi is particularly noticeable for both car parking revenue and Market house rental income.

Investment income increased slightly year on year, although the investment valuation decreased approximately 6% during the year. The current cash position remains helthy 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 £94,237 (2021 £70,242)

Investment income + £658 Market house income +£10,000 Rental income +£13,577 Other (£240)

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 2022

Expenditure £72,305 (2021 £44,641) As Covid restrictions have eased and income increased, so has expenditure. Grant applications have increased once again and maintenance costs have been required, particularly in the Market House.

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 £2,790 (2021: £2,809). 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 2022

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	2022 2021 £ £ 316,252 297,717 (1,000) (1,000)
	315,252 296,717

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 charity’s property estate. The trustees continue to monitor this balance and since year end have increased investments both in COIF Charities Investment Fund and in a saving notice accounts to take advantage of the increase in UK interest rates. These investments have not reduced the total unrestricted reserves but the trustees hope that they 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 £16,059 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 2022

We report on the accounts of the Charity for the year ended 30th September 2022, 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

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 2022

Unrestricted Notes TCE £ Incoming resources Incoming resources from generating funds Investment Income 1 20,806 Building Society Interest 29 Incoming resources from charitable activities Rents 2 51,520 Wayleaves 3 478 Market House 4 20,874 Other incoming resources 5 530 Total incoming resources 94,237 Resources expended Costs of generating funds Lecturers Grant Tetbury Town Council - Advowson Romney Education Foundation - Annual Grants Other Educational Grants 6 - Sundry Donations/Grants 10 23,118 23,118 Charitable activities Upkeep of Market House 7 19,552 Upkeep of Open Spaces 8 9,415 Governance costs Administration Costs 9 13,431 Other resources expended Chipping Car Park 11 1,690 Depreciation 5,100 Total resources expended 72,305 Net incoming resources before transfers 21,931 Other recognised gains/losses Loss on Revaluation of Property Assets 12 - Gains/losses on investments Market value at 1 October 2021 747,779 Market value at 30 September 2022 702,904 Gain/(Loss) on investments (44,875) Total net movement in funds (22,944) Reconciliation of Funds Total funds brought forward 2,250,366 Total funds carried forward £ 2,227,422 £ 2022	Restricted Unrestricted JPMG Permanent Endowmen t TCE £ £ - 20,148 - - - 37,943 - 478 - 10,874 3,500 800 3,500 70,243 - 60 - 70 - - - - 10,440 - 10,570 - 12,185 2,790 5,135 - 10,167 - 1,485 - 5,100 2,790 44,642 710 25,601 - - 662,427 - 747,779 - 85,352 710 110,953 15,349 2,139,413 16,059 £ 2,250,366 £ 2021	Restricted JPMG Permanent Endowmen t £ - - - - - 3,000
		3,000
		- - - -
		- - 2,809 - - -
		2,809
		191
		- -
		-
		191 15,158
		15,349

Page 7

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

BALANCE SHEET

FOR THE YEAR ENDED 30TH SEPTEMBER 2022

Notes Unrestricted TCE Fixed Assets £ Tangible Assets 12 1,341,368 Investments Restricted 31193.30 shares of the Charities Official Investments Fund - at market value (1826.68 per share) 13 569,802 1,911,170 Current Assets Cash at bank and building society 14 175,740 COIF Units - Unrestricted reserves 13 133,102 Debtors 15 8,985 317,827 Current Liabilities Creditors 16 1,575 Value Added Tax 1,575 Net Current Assets 316,252 Total Assets Less Current Liabilities £ 2,227,422 £ Accumulated Fund Brought forward 2,250,366 Surplus/(Deficit) for the year (22,944) Total £ 2,227,422 £ 2022	Restricted Unrestricted JPMG Permanent Endowmen t TCE £ £ 15,000 1,346,469 - 606,179 15,000 1,952,649 1,209 147,805 141,599 - 9,597 1,209 299,002 150 1,285 - - 150 1,285 1,059 297,717 16,059 £ 2,250,366 £ 15,349 2,139,413 710 110,953 16,059 £ 2,250,366 £ 2021	Restricted JPMG Permanent Endowmen t £ 15,000 -
		15,000
		499 -
		499
		150 -
		150
		349
		15,349
		15,158 191
		15,349

We approve the financial statements set out on pages 8 to 11 in respect of the year ended 30th September 2022 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 2022

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 JPMG £ £ £ £ Investment Income The Charities Official Investment Fund 18990.97 shares - dividends 10,268 - 9,944 - 12202.33 shares - dividends 6,598 - 6,389 - 7286.56 shares - unrestricted funds 3,940 3,815 - £ 20,806 £ - £ 20,148 £ - TCE JPMG TCE JPMG Rent £ £ £ £ Herd Lane Allotments 1,260 - 1,058 - M. & R. Bellhouse - The Chipping 4,740 - 4,740 - Royal Oak Lease 20 - 20 - C.D.C. Chipping Car Park 42,197 - 29,425 - G Bristow, Herd Lane 300 - 300 - Cattle Market Parking 3,003 - 2,400 £ 51,520 £ - £ 37,943 £ - 2022 2020 2021 2022

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 2022

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

TCE JPMG TCE JPMG Wayleaves £ £ £ £ Southern Electricity PLC 173 - 125 - British Telecom 75 - 75 - Residential receipts 230 - 278 - £ 478 £ - £ 478 £ - Market House Hiring/Sales income £ 20,874 £ - £ 10,874 £ - Other income - 3,500 - 3,000 Other 530 - 800 - £ 530 £ 3,500 £ 800 £ 3,000 Other Educational Grants St Mary's Primary School - - - - Sir Williams Ronmey School - - - - £ - £ - £ - £ - Upkeep of Market House Cotswold District Council rates 240 - - - Gas Heating costs 765 - 389 - Electricity 902 - 1,147 - Wi-Fi charges 342 - 259 - Water rates & services 206 - 249 - Caretaking costs 1,250 - 950 - Cleaning costs 883 - 300 - Zurich Municipal - general insurance 5,691 - 5,611 - Winding and maintaining clocks 1,098 - 848 - Fire service appliances/alarms 211 - 1,005 - Hanging baskets/planters 656 - 589 - Emergency lighting and lighting repairs 3,607 - - - Performing rights licence 261 - 280 - Other costs 1,355 - 88 - Snow boards 2,085 Water damage repairs - 468 - £ 19,552 £ - £ 12,185 £ - Upkeep of Open Spaces Grass cutting 2,817 1,330 2,783 1,485 Bristol Water 110 25 84 43 Lighting maintenance 487 - 965 General maintenance & planting 359 541 - 105 Auctioneers Huts - Electricity - 406 - 211 Tree works 3,870 - - Allotment maintenance 157 54 - Herd Lane wall 1,010 - Benches 815 - Stakes 35 - Weed killer 20 20 - Signs 190 190 CCTV at Herd Lane 143 - Painting auction pens 438 Brushcutters 279 Bollards 156 Timber 1,019 - - £ 9,415 £ 2,790 £ 5,135 £ 2,809 Annual Funding Donation - TCE 2021 2022

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 2022

9. Administration Expenses Clerk/Treasurer office expenses Accountancy fees Insurances Legal fees Sundries £ 10. Sundry Grants & Donations Sundry grant Sundry Donations TRLRT Tetbury Cricket Club Millennium Green Tetbury Youth Club project Tetbury in Bloom St Marys Primary School Telfest St Marys Monday club Tetbury Hospital Tetbury Rugby Club St Marys Playgroup Cirencester Food Bank Christchurch Tetbury Tetbury Library Day Care Centre Tetbury Bowls Club Tetbury Football Club £ 11. Chipping Car Park/Chipping Steps Rates Tarmac Repairs £ 12. Land and Property 1) Tetbury Charity Estate At Valuation 1st October 2021 Revaluation adjustment Additions Disposals 30th September 2022 Depreciation 1st October 2021 Charge for year Depreciation on disosals 30th September 2022 £ Net book value 1st October 2021 £ 30th September 2022 £ 2) John Phillips Millennium Green Trust At Valuation 1st October 2021 30th September 2022		TCE JPMG £ £ 6,778 2,772 1,897 1,464 519 13,431 £ - 30 - 150 - 600 - 500 - 3,500 - - - 3,000 - 9,538 - 500 - - - 500 - 400 - 1,200 - 1,500 - 0 - 200 - - 1,500 - 23,118 £ - 1,485 205 1,690 £ - Freehold Freehold Property Land £ £ 400,000 911,000 400,000 911,000 - - - - - - £ 400,000 £ 911,000 £ 400,000 £ 911,000 £ £ 15,000 15,000 2022		£ £ £ Plant & Machinery £ 49,546 49,546 23,389 2,514 25,903 £ 26,157 £ 23,643 £		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 £ - Fixtures & Fittings Total £ £ 59,204 1,419,750 - - - 59,204 1,419,750 49,892 73,281 2,587 5,101 - 52,479 £ 78,382 9,312 £ 1,346,469 6,725 £ 1,341,368 2021	JPMG £ - - - -	JPMG £ - - - -
								-
								- - - - - - - - - - - - - - - - - -
								-
								-
								-
							Total £ 1,419,750 - - -
							1,419,750
							73,281 5,101 -
							78,382

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 2022

13. Investments

Restricted

Restricted 13. Investments
Total Funds £ Charities Official Investments Fund	Fund Balance b/fwd 606,179 606,179 £	Transfer Gains & Losses Fund Balance c/fwd - (36,377) 569,802
		- (36,377) 569,802

At the year end the Charity held 31193.3 shares at 1826.68p per share (2021: 31193.3 shares at 1943.30p per share).

Unrestricted

Unrestricted
Total Funds £ Charities Official Investment Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 141,599 - - (8,497) 133,102
	141,599 - - (8,497) 133,102

At the year end the Charity held 7286.56 shares at 1826.68p per share (2021 : 1943.30p).

14. 15. **16. **	Cash at Bank & Building Society TCE £ Bank - Lloyds TSB 174,442 Lewis Memorial Fund- Building Society 1,299 £ 175,740 Debtors TCE £ Car park receipts -July/Sept 8,985 Wayleaves - £ 8,985 Creditors TCE £ Accountancy fees 760 Market House costs - Open Spaces - Maintenance costs - Refundable allotment deposits 450 Trade creditors 365 £ 1,575	JPMG TCE £ £ 1,209 146,536 1,270 £ 1,209 £ 147,806 JPMG TCE £ £ 9,447 - 150 £ - £ 9,597 JPMG TCE £ £ 150 790 120 200 450 (275) £ 150 £ 1,285 2022 2022 2022	JPMG £ 499 - £ 499 JPMG £ - - £ - JPMG £ 150 - - - £ 150 2021 2021 2021	JPMG £ 499 -