Charity registration number 203335
JOHN SOUTHBY AND OTHERS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
JOHN SOUTHBY AND OTHERS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Shirley Jackson Roger Podbery Nicola Thompson (Appointed 9 May 2023) Alexander Wildman (Chair) John Connolly (Appointed 11 September 2023)
Charity number 203335 Registered office Mount Pleasant Farmhouse Buckland Faringdon SN7 8PY Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
JOHN SOUTHBY AND OTHERS
CONTENTS
| Page | |
|---|---|
| Chairman's statement | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
JOHN SOUTHBY AND OTHERS
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
The charity paid total grants in the year to 31 March 2024 of approximately £390,000, this amount includes commitments to grant made, and reflected in the charity’s Financial Statements for the year to 31 March 2023 but which were not actually paid until the following financial year. The majority of this amount, some £320,000, comprised grants made towards the required works to the roof and structure of St Mary’s Church in Buckland. These works conclude the long planned maintenance and restoration of these elements of the church and are expected to last for, and benefit, many generations of Buckland Parish.
In this financial year, as with previous years, significant grants were made to the Buckland Memorial Hall (£6,000), St Mary’s Church (£17,391) and the RWMT bus (£3,500) as contributions to the running costs of these amenities. The trustees are aware of the financial costs incurred in keeping these village resources open and running and are particularly keen to reduce the burden of continuous fundraising which falls to the volunteers who give so much of their time to these entities. Trustees accordingly expect to be making material grants to these amenities in future years.
35 separate financial assistance grants to individuals totalling £40,450 were made in the period. The trustees anticipate a continuing demand for similar grants in future. Numerous smaller grants were made including a contribution to the Buckland School pond and to the Coronation celebrations at the Hall.
The trustees continue to welcome grant applications covering all aspects of Buckland life.
..............................
Chairman
Date: .........................3 May 2024
- 1 -
JOHN SOUTHBY AND OTHERS
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The object of the charity is to promote such charitable purposes for the general benefit of the inhabitants of the parish of Buckland as the trustees see fit with particular focus on (but not limited to) the relief of poverty, for which provision is not made from public rates and taxes.
The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. Public benefit is achieved by awarding grants to benefit the inhabitants of the Parish of Buckland.
Achievements and performance
The charity’s capital is invested in a suitable investment portfolio. During the year total investment income of £110,490 was received, being made up of dividends and interest received.
Grant expenditure totalling £59,338 was incurred to for the benefit of the local community during the year.
The trustees have reviewed the performance of the investment portfolio and believed it to be satisfactory.
Financial review
Total investment income for the year amounted to £110,490.
Total expenditure amounted to £83,447 for the year, and the gain on revaluation of the investment portfolio was £56,638.
As a result of the income of £110,490, expenditure of £83,447 and gains of £56,638 on revaluation of investments held at the year end, the charity had a net increase of funds of £83,681 for the year. The market value of the investment portfolio was £2,871,932 at 31 March 2024.
The purpose of the charity’s invested capital is to generate sufficient annual income to fund grants for the benefit of the inhabitants of the Parish of Buckland. The proceeds from the charity’s historic land ownership are treated as a permanent endowment.
The trustees’ policy is not to build up any income reserves but, over any three-year period, to expend all income generated on the defined objectives of the funds. Any capital appreciation is treated as inflation protection to the purchasing power of the permanent endowment to help maintain its “real” income.
Unrestricted reserves totalled £165,506 at 31 March 2024.
- 2 -
JOHN SOUTHBY AND OTHERS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The trustees have instructed its investment manager Canaccord Genuity Wealth Management (CGWM) to adopt a prudent investment policy when managing the charity’s funds.
This cautious strategy is aimed at the generation of recurring income to support its activities while preserving the charity’s capital. The portfolio at CGWM will include a dynamic asset allocation of diversified international bonds, equities and alternative investments and CGWM will be investing with a longer-term time horizon of over 5 years.
Access to funds is achievable via withdrawals from CGWM on 5 working days’ notice, to ensure that the charity can fulfil its remit without having to hold large cash balances in its current account.
The trustees consider the capital value of the investment monies is appropriate and the performance of the funds remains satisfactory.
Structure, governance and management
The charity is an unincorporated charity, constituted under a trust deed dated 18 July 1911 as amended by a scheme dated 2 August 2018.
The charity is managed by a board of trustees. The trustees meet formally several times a year to agree the broad strategy and areas of activity for the Trust, including consideration of investment, reserves and risk management policies and performance. The provisions of the governing deed specify the appointment of five trustees. There is no limit on the length of service of any trustee.
The trustees keep their skill requirements under review; and, in the event that a trustee permanently retires or additional new trustees are required, new trustees will be sought and a final decision on selection will be taken by Buckland Parish Council. It is the Parish Council that appoints all trustees under the 1911 deed (as amended in 2016 to reflect that the “rector of Buckland” position no longer exists).
The trustees who served during the year and up to the date of signature of the financial statements were: Shirley Jackson
Valerie Page (Resigned 8 May 2023) Roger Podbery Nicola Thompson (Appointed 9 May 2023) Richard Tuffill (Resigned 5 September 2023) Alexander Wildman (Chair) John Connolly (Appointed 11 September 2023)
The trustees' report was approved by the Board of Trustees.
.............................. Alexander Wildman (Chair) Trustee
Date: .............................................3 May 2024
- 3 -
JOHN SOUTHBY AND OTHERS
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JOHN SOUTHBY AND OTHERS
I report to the trustees on my examination of the financial statements of John Southby and Others (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
-
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Robert Kirtland FCA Critchleys Audit LLP
Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
7/5/2024 Dated: .........................
- 4 -
JOHN SOUTHBY AND OTHERS
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income and endowments from: Investments 3 110,490 - Other income 4 - - Total income 110,490 - Expenditure on: Raising funds - 20,633 Charitable activities 5 62,814 - Total expenditure 62,814 20,633 Net gains/(losses) on investments 8 - 56,638 Net incoming/(outgoing) resources before transfers 47,676 36,005 Gross transfers between funds (41,585) 41,585 Net movement in funds 6,091 77,590 Fund balances at 1 April 2023 159,415 2,646,688 Fund balances at 31 March 2024 165,506 2,724,278 |
Total Restated unrestricted Restated endowment funds funds 2024 2023 2023 £ £ £ 110,490 129,204 - - 104 - 110,490 129,308 - 20,633 - 22,966 62,814 280,326 - 83,447 280,326 22,966 56,638 - (258,788) 83,681 (151,018) (281,754) - 200,000 (200,000) 83,681 48,982 (481,754) 2,806,103 110,433 3,128,442 2,889,784 159,415 2,646,688 |
Restated total 2023 £ 129,204 104 129,308 22,966 280,326 303,292 (258,788) (432,772) - (432,772) 3,238,875 2,806,103 |
|---|---|---|
| Investments 3 Other income 4 Total income Expenditure on: Raising funds Charitable activities 5 Total expenditure Net gains/(losses) on investments 8 Net incoming/(outgoing) resources before transfers Gross transfers between funds Net movement in funds Fund balances at 1 April 2023 Fund balances at 31 March 2024 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
JOHN SOUTHBY AND OTHERS
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets/(liabilities) Total assets less current liabilities Capital funds Endowment funds - general 11 Income funds Unrestricted funds |
2024 £ £ 2,871,932 45,852 (28,000) 17,852 2,889,784 2,724,278 165,506 2,889,784 |
2023 restated £ £ 3,125,439 37,944 (357,280) (319,336) 2,806,103 2,646,688 159,415 2,806,103 |
|---|---|---|
3 May 2024 The financial statements were approved by the Trustees on .........................
.............................. Alexander Wildman (Chair) Trustee
- 6 -
JOHN SOUTHBY AND OTHERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
John Southby and Others is a unincorporated charity registered in England and Wales, Charity Number 203335. The charity is a public benefit entity .
Its registered office is: Mount Pleasant Farmhouse, Buckland, Faringdon, Oxfordshire SN7 8PY.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
- 7 -
JOHN SOUTHBY AND OTHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant accounting estimates identified.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from listed investments | 110,490 | 127,002 |
| Interest receivable | - | 2,202 |
| 110,490 | 129,204 |
- 8 -
JOHN SOUTHBY AND OTHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Other income | - | 104 |
| Charitable activities | ||
| Expenditure | Restated |
|
| expenditure | ||
| 2024 | 2023 | |
| £ | £ | |
| Insurance | 476 | 475 |
| Grant expenditure | 59,338 | 277,931 |
| Governance costs (see note 6) | 3,000 | 1,920 |
| 62,814 | 280,326 |
5 Charitable activities
6 Governance costs
| Governance costs | ||
|---|---|---|
| Governance | Governance | |
| costs | costs | |
| 2024 | 2023 | |
| £ | £ | |
| Independent examination fees | 3,000 | 1,920 |
| 3,000 | 1,920 | |
| Charitable activities | 3,000 | 1,920 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or expenses from the charity during the year. (2023 - None).
- 9 -
JOHN SOUTHBY AND OTHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8 Gains and losses on investments
| Endowment | Endowment | |||
|---|---|---|---|---|
| funds | funds | |||
| 2024 | 2023 | |||
| Gains/(losses) arising on: | £ | £ | ||
| Revaluation of investments | 56,638 | (258,788) | ||
| 9 | Fixed asset investments | |||
| Listed | Cash in | Total | ||
| investments | portfolio | |||
| £ | £ | |||
| Cost or valuation | ||||
| At 1 April 2023 | 2,799,834 | 325,605 | 3,125,439 | |
| Additions | 402,256 | (402,256) | - | |
| Valuation changes | 56,639 | - | 56,639 | |
| Cash movements | - | (310,146) | (310,146) | |
| Disposals | (481,751) | 481,751 | - | |
| At 31 March 2024 | 2,776,978 | 94,954 | 2,871,932 | |
| Carrying amount | ||||
| At 31 March 2024 | 2,776,978 | 94,954 | 2,871,932 | |
| At 31 March 2023 | 2,799,834 | 325,605 | 3,125,439 | |
| 10 | Creditors: amounts falling due within one year | Restated | ||
| 2024 | 2023 | |||
| £ | £ | |||
| Grant creditor | 25,000 | 355,360 | ||
| Accruals and deferred income | 3,000 | 1,920 | ||
| 28,000 | 357,280 |
11 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| At 1 April | Resources | Transfers | Gains and | At 31 March | |
|---|---|---|---|---|---|
| 2023 | expended | losses | 2024 | ||
| £ | £ | £ | £ | £ | |
| Permanent endowments | |||||
| 2,646,688 | (20,633) | 41,585 | 56,638 | 2,724,278 |
- 10 -
JOHN SOUTHBY AND OTHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
11 Endowment funds
| Endowment funds | (Continued) | ||||
|---|---|---|---|---|---|
| Previous year: | At 1 April | Resources | Transfers | Gains and | At 31 March |
| 2022 | expended | losses | 2023 | ||
| £ | £ | £ | £ | £ | |
| Permanent endowments | |||||
| 3,128,442 | (22,966) | (200,000) | (258,788) | 2,646,688 |
12 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 April | Incoming |
Incoming |
Resources | Resources | Transfers | At 31 March | At 31 March | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | 2024 | |||||||
| £ | £ | £ | £ | £ | ||||||
| General funds | 159,415 | 110,490 | (62,814) | (41,585) | 165,506 | |||||
| Previous year: | At | 1 April | Incoming |
Resources | Transfers | At 31 March | ||||
| 2022 | resources | expended | 2023 | |||||||
| £ | £ | £ | £ | £ | ||||||
| General funds | 110,433 | 129,308 | (280,326) | 200,000 | 159,415 | |||||
| 13 | Analysis of net assets between funds | restated | restated | restated | ||||||
| Unrestricted | Endowment | **Total ** |
Unrestricted | Endowment | Total | |||||
| funds | funds | funds | funds | |||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Fund balances at 31 | ||||||||||
| March 2024 are | ||||||||||
| represented by: | ||||||||||
| Investments | 147,654 | 2,724,278 | 2,871,932 | 478,751 | 2,646,688 | 3,125,439 | ||||
| Current assets/(liabilities) | 17,852 | - | 17,852 | (319,336) | - | (319,336) | ||||
| 165,506 | 2,724,278 | 2,889,784 | 159,415 | 2,646,688 | 2,806,103 |
14 Related party transactions
During the year the Charity made a grant to the Buckland Memorial Hall of which one of the trustees was treasurer at the time of the grant. This grant is £6,000 (2023: £21,000)
15 Prior period adjustment
- 11 -
JOHN SOUTHBY AND OTHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
| 15 | Prior period adjustment | (Continued) | (Continued) | ||
|---|---|---|---|---|---|
| Changes to the balance sheet | |||||
| At | 31 March 2023 | ||||
| As previously | Adjustment | As | restated | ||
| reported | |||||
| £ | £ | £ | |||
| Capital funds | |||||
| Endowment funds | 2,750,418 | (103,730) | 2,646,688 | ||
| Income funds | |||||
| Unrestricted funds | 55,685 | 103,730 | 159,415 | ||
| Total equity | 2,806,103 | - | 2,806,103 | ||
| Changes to the profit and loss account | |||||
| Period ended 31 March | 2023 | ||||
| As previously | Adjustment | As | restated | ||
| reported | |||||
| £ | £ | £ | |||
| Net movement in funds | (432,772) | - | (432,772) |
A prior period adjustment has been included to reflect a previous adjustment from the permenant endowment.
- 12 -