2023-09-30-accounts

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE In in hn Philli nni nTr FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023 Charlty Number 202286

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust) FOR THE YEAR ENDED 30TH SEPTEMBER 2023

CONTENTS

Legal & administrative information Trustees report Independent examiners report Fund account Balance sheet Notes to accounts	Page
	1 2 - 3 4 5 6 7-10

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 2023

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 D. Norris H.J. Pearce

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 2023

The trustees have pleasure in presenting this report for the year ended 30 September 2023, 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 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 the 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

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.

Investment income increased significantly year on year (from £20,806 to £25,795), this is in addition to a very small investment valuation increase (<2%). The largest increase to income in the year is a series of contributions for rentals of both the Chipping car park and Market house by film crews during the making of a film in Tetbury. This income is unlikely to be repeated in the near future.

The current cash position remains 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 £105,720 (2022 £94,237). Investment income +£4,989 Market house income (£218) Rental income +£4,626 Other +£2,086

Expenditure £65,452 (2022 £72,305) Grants (£6,768) Upkeep of Market House (£5,308) Upkeep of Open Spaces +£6,572 Administration costs (£2,738) Other +£1,389

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

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 £2,834 (2022: £2,790). Costs incurred were met from opening cash reserves and grant funding of £5,000 received from The Romney Charity in the year.

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 the charity. This investment was increased by £80,000 capital (transferred from Lloyds) during the year.

In addition, the Trustees have also opened a short notice period account with Lloyds, in order to earn some interest on available cash reserves.

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 £ £ 350,766 316,252 (1,325) (1,299)
	349,441 314,953

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

The John Phillips Millennium Green Trust

In accordance with the linking procedure, the total reserves of £18,225 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 4

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

INDEPENDENT EXAMINERS REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

We report on the accounts of the Charity for the year ended 30th September 2023, 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 5

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

Unrestricted Notes TCE £ Incoming resources Incoming resources from generating funds Investment Income 1 25,795 Interest Income 737 Incoming resources from charitable activities Rents 2 56,146 Wayleaves 3 478 Market House 4 20,656 Other incoming resources 5 1,908 Total incoming resources 105,720 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 16,350 16,350 Charitable activities Upkeep of Market House 7 14,244 Upkeep of Open Spaces 8 15,987 Governance costs Administration Costs 9 10,693 Other resources expended Chipping Car Park 11 2,157 Depreciation 6,021 Total resources expended 65,452 Net incoming resources before transfers 40,268 Other recognised gains/losses Loss on Revaluation of Property Assets 12 - Gains/losses on investments Market value at 1 October 2022 702,904 Purchases 83,033 Market value at 30 September 2023 793,754 Gain/(Loss) on investments 7,817 Total net movement in funds 48,085 Reconciliation of Funds Total funds brought forward 2,227,422 Total funds carried forward £ 2,275,507 £ 2023	2023	Restricted Unrestricted JPMG Permanent Endowment TCE £ £ - 20,806 - 29 - 51,520 - 478 - 20,874 5,000 530 5,000 94,237 - - - - - - - - 23,118 - 23,118 - 19,552 2,834 9,415 - 13,431 - 1,690 - 5,100 2,834 72,306 2,166 21,931 - - 747,779 - 702,904 - (44,875) 2,166 (22,944) 16,059 2,250,366 18,225 £ 2,227,422 £ 2022	Restricted JPMG Permanent Endowment £ - - - - - 3,500
			3,500
			- - - -
			- - 2,790 - - -
			2,790
			710
			- -
			-
			710 15,349
			16,059

Page 6

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

BALANCE SHEET

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

Notes Unrestricted TCE Fixed Assets £ Tangible Assets 12 1,347,453 Investments Restricted 31193.30 shares of the Charities Official Investments Fund - at market value (1826.68 per share) 13 577,288 1,924,741 Current Assets Cash at bank and building society 14 138,232 COIF Units - Unrestricted reserves 13 216,466 Debtors 15 9,070 363,768 Current Liabilities Creditors 16 13,002 Value Added Tax 13,002 Net Current Assets 350,766 Total Assets Less Current Liabilities £ 2,275,507 £ Accumulated Fund Brought forward 2,227,422 Surplus/(Deficit) for the year 48,085 Total £ 2,275,507 £ 2023	Restricted Unrestricted JPMG Permanent Endowmen t TCE £ £ 15,000 1,341,368 - 569,802 15,000 1,911,170 3,375 175,740 133,102 - 8,985 3,375 317,828 150 1,575 - - 150 1,575 3,225 316,252 18,225 £ 2,227,422 £ 16,059 2,250,366 2,166 (22,944) 18,225 £ 2,227,422 £ 2022	Restricted JPMG Permanent Endowmen t £ 15,000 -
		15,000
		1,209 -
		1,209
		150 -
		150
		1,059
		16,059
		15,349 710
		16,059

We approve the financial statements set out on pages 8 to 11 in respect of the year ended 30th September 2023 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 7

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023

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 12,552 - 10,268 12202.33 shares - dividends 7,475 - 6,598 11696.58 shares - unrestricted funds 5,768 3,940 £ 25,795 £ - £ 20,806 TCE JPMG TCE Rent £ £ £ Herd Lane Allotments 1,400 - 1,260 M. & R. Bellhouse - The Chipping 4,740 - 4,740 Royal Oak Lease 20 - 20 C.D.C. Chipping Car Park 46,583 - 42,197 G Bristow, Herd Lane 300 - 300 Cattle Market Parking 3,103 - 3,003 £ 56,146 £ - £ 51,520 2023 2023	TCE £ 10,268 6,598 3,940	JPMG £ - - - £ - JPMG £ - - - - - £ - 2022 2022

Page 8

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

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

TCE JPMG TCE JPMG Wayleaves £ £ £ £ Southern Electricity PLC 173 - 173 - British Telecom 75 - 75 - Residential receipts 230 - 230 - £ 478 £ - £ 478 £ - Market House Hiring/Sales income £ 20,656 £ - £ 20,874 £ - Other income 5,000 - 3,500 Other 1,908 - 530 - £ 1,908 £ 5,000 £ 530 £ 3,500 Other Educational Grants St Mary's Primary School - - - - Sir Williams Ronmey School - - - - £ - £ - £ - £ - Upkeep of Market House Cotswold District Council rates 133 - 240 - Gas Heating costs 736 - 765 - Electricity 2,209 - 902 - Wi-Fi charges 371 - 342 - Water rates & services 259 - 206 - Caretaking costs 1,800 - 1,250 - Cleaning costs 656 - 883 - Zurich Municipal - general insurance 2,769 - 5,691 - Winding and maintaining clocks 2,021 - 1,098 - Fire service appliances/alarms 200 - 211 - Hanging baskets/planters 700 - 656 - Emergency lighting and lighting repairs 480 - 3,607 - Performing rights licence 501 - 261 - Other costs 406 - 1,355 - Snow boards 2,085 Flag costs 546 - - - Radiator and boiler repairs 455 £ 14,244 £ - £ 19,552 £ - Upkeep of Open Spaces Grass cutting 1,898 1,066 2,817 1,330 Bristol Water 174 31 110 25 Lighting maintenance - 487 General maintenance & planting 1,390 1,118 359 541 Auctioneers Huts - Electricity 525 - 406 Tree works 534 3,870 - Allotment maintenance 342 157 - Preston Park repairs 2,938 - - Preston Park Path 8,400 - - Weed killer 20 - Signs 190 Skips 312 - - Painting auction pens 438 Brushcutters 279 Bollards 156 Sundry 95 Timber 1,019 - £ 15,987 £ 2,834 £ 9,415 £ 2,789 Annual Funding Donation - TCE 2022 2023

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 2023

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 W Hateley Tetbury in Bloom St Marys Primary School Telfest TTC Advowson Tetbury Rail Lands Tetbury Rugby Club St Marys Playgroup Cirencester Food Bank Christchurch Tetbury Tetbury Library Day Care Centre Tetbury Football Club £ 11. Chipping Car Park/Chipping Steps Rates Tarmac Repairs and marking £ 12. Land and Property 1) Tetbury Charity Estate At Valuation 1st October 2022 Revaluation adjustment Additions Disposals 30th September 2023 Depreciation 1st October 2022 Charge for year Depreciation on disosals 30th September 2023 £ Net book value 1st October 2022 £ 30th September 2023 £ 2) John Phillips Millennium Green Trust At Valuation 1st October 2022 30th September 2023		TCE JPMG £ £ 8,762 1,008 923 10,693 £ - 30 - 150 - - - 5,000 - 350 - - 8,000 - 750 - 70 - 600 - - - 600 - - 800 - - - 16,350 £ - 676 1,482 2,157 £ - Freehold Freehold Property Land £ £ 400,000 911,000 400,000 911,000 - - - - - - £ 400,000 £ 911,000 £ 400,000 £ 911,000 £ £ 15,000 15,000 2023		£ £ £ Plant & Machinery £ 49,546 49,546 25,903 2,514 28,417 £ 23,643 £ 21,129 £		TCE JPMG £ £ 6,778 - 2,772 - 1,897 - 1,464 520 - 13,431 £ - 30 - 150 600 - 500 - 3,500 - - - 3,000 - 9,538 - 500 - - - - - 500 - 400 - 1,200 - 1,500 - - - 200 - 1,500 - 23,118 £ - 1,485 - 205 1,690 £ - Fixtures & Fittings Total £ £ 59,204 1,419,750 - 12,107 12,107 - 71,311 1,431,857 52,479 78,382 3,508 6,021 - 55,987 £ 84,403 6,725 £ 1,341,368 15,324 £ 1,347,453 2022	2022		JPMG £ - - - -
									-
									- - - - - - - - - - - - - - - - -
									-
									-
									-
								Total £ 1,419,750 - 12,107 -
								1,431,857
								78,382 6,021 -
								84,403

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 2023

13. Investments

Restricted

Restricted 13. Investments
Total Funds £ Charities Official Investments Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 569,802 3,033 - 4,453 577,288
	569,802 3,033 - 4,453 577,288

At the year end the Charity held 31193.3 shares at 1850.68p per share (2022: 31193.3 shares at 1826.68p per share).

Unrestricted

Unrestricted
Total Funds £ Charities Official Investment Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 133,102 80,000 - 3,364 216,466
	133,102 80,000 - 3,364 216,466

At the year end the Charity held 11,696.58 shares at 1850.68p per share (2022 : 7286.56 shares at 1826.68p).

14. 15. **16. **	Cash at Bank & Building Society TCE £ Bank - Lloyds TSB 86,196 Lewis Memorial Fund- Building Society 1,325 Bank - Lloyds TSB Savings 50,710 £ 138,232 Debtors TCE £ Car park receipts -July/Sept 9,070 £ 9,070 Creditors TCE £ Accountancy fees 760 Refundable allotment deposits 565 Trade creditors 11,677 £ 13,002	JPMG TCE £ £ 3,375 174,441 1,299 £ 3,375 £ 175,740 JPMG TCE £ £ 8,985 £ - £ 8,985 JPMG TCE £ £ 150 760 450 365 £ 150 £ 1,575 2023 2023 2023	JPMG £ 1,209 - £ 1,209 JPMG £ - £ - JPMG £ 150 - £ 150 2022 2022 2022	JPMG £ 1,209 -