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
- 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
**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
-|
|---|---|---|---|---|