2024-09-30-accounts

FEOFFEES OF TETBURY TETBURY CHARITY ESTATE In in hn Philli nni nTr FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Charlty Number 202286

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust) FOR THE YEAR ENDED 30TH SEPTEMBER 2024

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 2024

Trustees

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

Secretary

L.R. Vick Chairman D.J. Hicks J.A. Hugginson W. Cook M.J. Houghton D. Norris H.J. Pearce A. McKay

Administrative Address

Cricketers Rest Northfield Road Tetbury

Charity Number 202286 Treasurer K L Hassett

Independent Examiner

Monahans 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 2024

The trustees have pleasure in presenting this report for the year ended 30 September 2024, 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 fell year on year (from £25,795 to £23,547), Although investment income fell, the investment valuaiton rose by 9% during the year, wth market coniditiosn continuing to be volatile post the period end. Maket house and rental income fell during the year as the ad-hoc income generated by file crew hirings in the year ending September 2023, as expected, were not repeated. 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 £99,071 (2023 £105,720). Investment income (£2,248) Market house income (£1,313) Rental income (£3,024) Other (£63)

Expenditure £78,933 (2023 £65,452)

The Trustees were pleased to be able to distribute significantly more grants (£33,875 versus £16,350), increasing the total expenditure in the year. These included several donations to local schools, youth sports teams, elderly support and local community events.

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 2024

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 £6,581 (2023: £2,834). Costs increased due to the necessary maintenance of trees in the area. Costs incurred were met from opening cash reserves and grant funding of £6,000 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, alongside a short notice period savings account with Lloyds bank.

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	2024 2023 £ £ 400,130 350,766 (1,377) (1,325)
	398,753 349,441

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 £17,644 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. Monahans 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 2024

We report on the accounts of the Charity for the year ended 30th September 2024, 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

Monahans

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 2024

Unrestricted Notes TCE £ Incoming resources Incoming resources from generating funds Investment Income 1 23,547 Interest Income 2,315 Incoming resources from charitable activities Rents 2 53,122 Wayleaves 3 478 Market House 4 19,343 Other incoming resources 5 267 Total incoming resources 99,071 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 33,875 33,875 Charitable activities Upkeep of Market House 7 14,425 Upkeep of Open Spaces 8 6,121 Governance costs Administration Costs 9 11,294 Other resources expended Chipping Car Park 11 3,746 Depreciation 9,472 Total resources expended 78,933 Net incoming resources before transfers 20,138 Other recognised gains/losses Loss on Revaluation of Property Assets 12 - Gains/losses on investments Market value at 1 October 2023 793,754 Purchases - Market value at 30 September 2024 869,404 Gain/(Loss) on investments 75,650 Total net movement in funds 95,788 Reconciliation of Funds Total funds brought forward 2,275,507 Total funds carried forward £ 2,371,295 £ 2024	2024	Restricted Unrestricted JPMG Permanent Endowment TCE £ £ - 25,795 - 737 - 56,146 - 478 - 20,656 6,000 1,908 6,000 105,720 - - - - - - - - 16,350 - 16,350 - 14,244 6,581 15,987 - 10,693 - 2,157 - 6,021 6,581 65,452 (581) 40,268 - - 702,904 83,033 - 793,754 - 7,817 (581) 48,085 18,225 2,227,422 17,644 £ 2,275,507 £ 2023	Restricted JPMG Permanent Endowment £ - - - - - 5,000
			5,000
			- - - -
			- - 2,834 - - -
			2,834
			2,166
			- -
			-
			2,166 16,059
			18,225

Page 6

FEOFFEES OF TETBURY

TETBURY CHARITY ESTATE

(Incorporating the John Phillips Millennium Green Trust)

BALANCE SHEET

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

Notes Unrestricted TCE Fixed Assets £ Tangible Assets 12 1,340,235 Investments Restricted 31193.30 shares of the Charities Official Investments Fund - at market value (2027.06p per share) 13 632,307 1,972,542 Current Assets Cash at bank and building society 14 159,225 COIF Units - Unrestricted reserves 13 237,097 Debtors 15 9,146 405,468 Current Liabilities Creditors 16 6,716 Value Added Tax 6,716 Net Current Assets 398,753 Total Assets Less Current Liabilities £ 2,371,295 £ Accumulated Fund Brought forward 2,275,507 Surplus/(Deficit) for the year 95,788 Total £ 2,371,295 £ 2024	Restricted Unrestricted JPMG Permanent Endowmen t TCE £ £ 15,000 1,347,453 - 577,288 15,000 1,924,741 3,348 138,232 216,466 - 9,070 3,348 363,769 703 13,002 - - 703 13,002 2,644 350,766 17,644 £ 2,275,507 £ 18,225 2,227,422 (581) 48,085 17,644 £ 2,275,507 £ 2023	Restricted JPMG Permanent Endowmen t £ 15,000 -
		15,000
		3,375 -
		3,375
		150 -
		150
		3,225
		18,225
		16,059 2,166
		18,225

We approve the financial statements set out on pages 8 to 11 in respect of the year ended 30th September 2024 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 2024

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 10,426 - 12,552 12202.33 shares - dividends 6,699 - 7,475 11696.58 shares - unrestricted funds 6,421 5,768 £ 23,547 £ - £ 25,795 TCE JPMG TCE Rent £ £ £ Herd Lane Allotments 1,435 - 1,400 M. & R. Bellhouse - The Chipping 4,740 - 4,740 Royal Oak Lease 20 - 20 C.D.C. Chipping Car Park 43,382 - 46,583 G Bristow, Herd Lane 300 - 300 Cattle Market Parking 3,245 - 3,103 £ 53,122 £ - £ 56,146 2024 2024	TCE £ 12,552 7,475 5,768	JPMG £ - - - £ - JPMG £ - - - - - £ - 2023 2023

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 2024

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

TCE JPMG TCE JPMG Wayleaves £ £ £ £ Southern Electricity PLC 173 - 173 - British Telecom 79 - 75 - Residential receipts 225 - 230 - £ 478 £ - £ 478 £ - Market House Hiring/Sales income £ 19,343 £ - £ 20,656 £ - Other income 6,000 - 5,000 Other 267 - 1,908 - £ 267 £ 6,000 £ 1,908 £ 5,000 Other Educational Grants St Mary's Primary School - - - - Sir Williams Ronmey School - - - - £ - £ - £ - £ - Upkeep of Market House Cotswold District Council rates 130 - 133 - Gas Heating costs 1,251 - 736 - Electricity 2,240 - 2,209 - Wi-Fi charges 485 - 371 - Water rates & services 277 - 259 - Caretaking costs 1,700 - 1,800 - Cleaning costs 1,301 - 656 - Zurich Municipal - general insurance 2,948 - 2,769 - Winding and maintaining clocks 1,109 - 2,021 - Fire service appliances/alarms 293 - 200 - Hanging baskets/planters 717 - 700 - Emergency lighting and lighting repairs 504 - 480 - Performing rights licence 260 - 501 - Other costs 284 - 406 - Painting 527 - Flag costs - 546 - Radiator and boiler repairs 401 457 £ 14,425 £ - £ 14,244 £ - Upkeep of Open Spaces Grass cutting 3,355 1,650 1,898 1,066 Bristol Water 209 51 174 31 General maintenance & planting - 2,068 1,390 1,117 Auctioneers Huts - Electricity - 746 - 525 Tree works 1,425 2,066 534 - Allotment maintenance 300 342 - Preston Park repairs - 2,938 - Preston Park Path - 8,400 - Dry stone wall repair 375 - - Skips 321 311 - Sundry 137 - 95 £ 6,121 £ 6,581 £ 15,987 £ 2,834 Annual Funding Donation - TCE 2023 2024

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 2024

9.Administration Expenses Clerk/Treasurer office expenses Accountancy fees Insurances Legal fees Sundries £ 10.Sundry Grants & Donations Sundry grant Sundry Donations Tetbury Town Council 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 Tebury Gymnastics Tetbury Football Club Rev V Hughes Tailor Made Events Tetbury Area Youth & Community Trust Club 77 Cirencester Football Club Tetbury Bowls Club The Athelstan Trust Tetbury and District £ 11.Chipping Car Park/Chipping Steps Rates Bollard service charge Tarmac Repairs and marking £ 12.Land and Property 1) Tetbury Charity Estate At Valuation 1st October 2023 Revaluation adjustment Additions Disposals 30th September 2024 Depreciation 1st October 2023 Charge for year Depreciation on disosals 30th September 2024 £ Net book value 1st October 2023 £ 30th September 2024 £ 2) John Phillips Millennium Green Trust At Valuation 1st October 2023 30th September 2024		TCE JPMG £ £ 9,228 1,068 983 - 15 11,294 £ - 100 - 650 - 75 - 1,000 - 6,000 - - 1,500 - 8,000 - 1,000 - 70 - 150 - 1,000 - 700 - - 1,500 - 1,000 - 1,000 - 1,300 - 230 - 1,000 - 5,000 - 200 1,200 500 500 200 33,875 £ - 659 1,392 1,695 3,746 £ - Freehold Freehold Property Land £ £ 400,000 911,000 400,000 911,000 - - - - - - £ 400,000 £ 911,000 £ 400,000 £ 911,000 £ £ 15,000 15,000 2024		£ £ £ Plant & Machinery £ 49,546 49,546 28,417 3,246 31,663 £ 21,129 £ 17,883 £		TCE JPMG £ £ 8,762 - 1,008 - 923 - - - - 10,693 £ - 30 - 150 - - - - 5,000 - 350 - - - 8,000 - 750 - 70 - 600 - - - - - 600 - - - 800 - - - - - - - - - - - 16,350 £ - 676 - 1,481 2,157 £ - Fixtures & Fittings Total £ £ 71,311 1,431,857 - 2,254 2,254 - 73,565 1,434,111 55,987 84,404 6,226 9,472 - 62,213 £ 93,876 15,324 £ 1,347,453 11,352 £ 1,340,235 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 - 1,481 2,157 £ - Fixtures & Fittings Total £ £ 71,311 1,431,857 - 2,254 2,254 - 73,565 1,434,111 55,987 84,404 6,226 9,472 - 62,213 £ 93,876 15,324 £ 1,347,453 11,352 £ 1,340,235 2023

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 2024

13. Investments

Restricted

Restricted 13. Investments
Total Funds £ Charities Official Investments Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 577,288 - 55,019 632,307
	577,288 - - 55,019 632,307

At the year end the Charity held 31193.3 shares at 2027.06p per share (2023: 31193.3 shares at 1850.68p per share).

Unrestricted

Unrestricted
Total Funds £ Charities Official Investment Fund	Fund Balance b/fwd Purchase Transfer Gains & Losses Fund Balance c/fwd 216,466 - 20,631 237,097
	216,466 - - 20,631 237,097

At the year end the Charity held 11,696.58 shares at 2027.06p per share (2023 : 11696.58 shares at 1850.58p).

14. 15. **16. **	Cash at Bank & Building Society TCE £ Bank - Lloyds TSB 64,875 Lewis Memorial Fund- Building Society 1,377 Bank - Lloyds TSB Savings 92,973 £ 159,225 Debtors TCE £ Car park receipts -July/Sept 9,146 £ 9,146 Creditors TCE £ Accountancy fees 760 Refundable allotment deposits 565 Trade creditors 5,391 £ 6,716	JPMG TCE £ £ 3,348 86,196 1,325 50,710 £ 3,348 £ 138,231 JPMG TCE £ £ 9,070 £ - £ 9,070 JPMG TCE £ £ 150 760 565 553 11,677 £ 703 £ 13,002 2024 2024 2024	JPMG £ 3,375 - £ 3,375 JPMG £ - £ - JPMG £ 150 - £ 150 2023 2023 2023	JPMG £ 3,375 -