WOTTON-UNDER-EDGE TOWN TRUST Charity Number 203466
TRUSTEES ANNUAL REPORT FOR THE FINANCIAL YEAR ENDING 31[ST] MARCH 2024
Trustees
Wotton-under-Edge Town Council is the Trustee of Wotton-under-Edge Town Trust. The Town Council at 31[st] March 2024 was comprised of the following members:
Mr P Barton Mr R Claydon OBE Dr J Cordwell Mrs T Creese
Ms S Hunt Mr D Thomas Mr J Lewis Mr M Tucker (Chairman) Mr N Pinnegar Mr J Turner
Overview
The year 2023-2024 has seen an increase in income of £8341 from the previous financial year, plus a decrease of £9469 in expenditure over the same period. The surplus for the year was £1757 with end of year cumulative funds increasing to £153,934. The Town Trust continues to be heavily subsidised by Wotton-under-Edge Town Council for the benefit of the community.
Expenditure
Significant variations are as follows:
| 31/3/2023 | 31/3/202 4 |
Diference | Notes | |
|---|---|---|---|---|
| Town Hall Caretaking/Cleaning |
£7760 | £9621 | £1861 | Increased cleaning costs due to staf wage increases plus full year in pension scheme; and contract cleaning of £2000 to cover staf absence. |
| Town Hall Maintenance/Misc. Expenses |
£9447 | £5641 | -£3806 | FY23/24 saw an increase of £1891 in plumbing/heatng maintenance but ofset by signifcant reductons in fre systems maintenance of £3223; and foor repairs of £2396 |
| Town Hall Utlites | £4386 | £5358 | £972 | Gas account in credit in FY22/23 so fewerpayments in thatyear. |
| Chipping Hall | £4274 | £1693 | -£2581 | Additonal work required in FY22/23 following fre safety audit and legionella audit totalling £3759. In FY23/24 roof repairs £850; and structural engineering check on mezzanine foor £357 |
| Chipping Clubroom | £2520 | £1771 | -£749 | Fire safety work £1,030 in FY22/23 followingsafetyaudit. |
| Miscellaneous Payments |
£3237 | £183 | -£3054 | Buildings Valuatons £2,950 in FY22/23, not repeated in FY23/24 |
Major expenses continue to be insurance, administration, maintenance, cleaning and utilities.
Income
Significant variations are as follows:
| 31/3/23 | 31/3/24 | Diference | Notes | |
|---|---|---|---|---|
| Town Hall Letngs | £10,860 | £8837 | -£2023 | Major booking held every 2 years, not held in FY23/24 |
| Interest received | £751 | £1617 | £866 | Increase in interest rates |
| Unrealised Proft on Investments |
£0 | £9702 | £9702 | Values up on 2023 fgures due to fuctuatons in the investments market |
Points to Note
Some of the operating expenses of the Youth Centre building are paid by Wotton-under-Edge Town Council for its use as a Youth Centre.
The donation of £4700 from Wotton-under-Edge Town Council is to compensate the Trust for loss of rent income following:
(i) closure of the Police Station (£3500);
(ii) economy measures at Stroud District Council resulting in their decision to only continue to run the Chipping Car Park if it was on an expenses only basis, without any underlying rent costs (£1200).
The Town Council continues to pay £2000 per annum to the Town Trust to rebuild the Permanent Endowment used to fund the refurbishment of the Town Hall, as required by the Charities Commission.
Summary
Wotton-under-Edge Town Trust continues to meet its remit of providing buildings for the enjoyment of the people of the town. Two of its buildings, namely the Town Hall and the Chipping Hall, both of which are listed, require major maintenance work, which is expected to start in 2025. A contractor has been appointed to manage preparations for the repairs and efforts are ongoing to progress the projects as soon as possible. The costs for this will be met by Wotton-under-Edge Town Council. Other properties are in reasonable order and all continue to be used by a wide cross-section of the public for a variety of recreational purposes.
Signed: …………………………………………………. Chairman of the Trustees
Dated:
Wotton-under-Edge Town Trust
Registered charity number 203466 Income and Expenditure Account for the Year Ended 31st March 2024
| Income Town Hall Lettings Chipping Hall Rent Chipping Clubroom Lettings Other Lettings Interest Received Income from Other Investments Donation by Wotton Town Council Unrealised Profits on Investment Assets Wayleaves Grants/Donations Miscellaneous Income Expenditure Town Council Administration Fee Town Hall Caretaking/Cleaning Town Hall Maintenance/Misc Expenses Town Hall Utilities Town Hall PRS Licence Youth Centre Chipping Hall Chipping Clubroom Other Property Expenses Insurance Grants Audit Fees/Bank Charges Charity Commission Miscellaneous Payments Unrealised Loss on Investment Assets Surplus/Deficit for the year Cumulative Funds B/Fwd Cumulative Funds C/Fwd |
31/03/2023 £10,860.15 £9,000.00 £2,334.50 £2,356.00 £751.28 £638.63 £6,700.00 0 £304.60 £0.00 £0.00 £32,945.16 £8,750.00 £7,759.56 £9,446.92 £4,385.93 £58.00 £2,006.76 £4,273.59 £2,519.79 £1,343.14 £3,432.13 £100.00 £279 £251.80 £3,236.50 £1,156.25 £48,999.37 -£16,054.21 £168,231.68 £152,177.47 £152,177.47 |
31/03/2024 £8,837.00 Note 1 £9,000.00 £2,044.00 note 2 £2,356.00 £1,616.77 note 3 £638.63 £6,700.00 £9,702.07 Note 4 £300.00 £0.00 £92.00 £41,286.47 £8,750.00 £9,621.28 note 5 £5,641.49 note 6 £5,357.68 note 7 £72.78 £1,610.55 £1,692.85 note 8 £1,770.77 note 9 £923.86 note 10 £3,218.56 £100.00 £285.00 note 11 £301.80 £183.00 note 12 £0.00 note 4 £39,529.62 £1,756.85 £152,177.47 £153,934.32 £153,934.32 |
|---|---|---|
| Signed: Chairman Responsible Financial Officer |
Wotton-under-Edge Town Trust
Registered charity number 203466 Balance Sheet as at 31st March 2024
| Investments Investments at Valuation Current Assets Unity Trust Current Account Unity Trust Instant Access Account Debtors (VAT recoverable) Total Assets Current Liabilities Creditors Net Assets Represented by: Accumulated Fund brought forward Surplus/Deficit for the year |
31/03/2023 £83,080.87 £1,988.07 £65,751.90 £1,563.63 £69,303.60 £152,384.47 £207.00 £152,177.47 £168,231.68 -£16,054.21 £152,177.47 |
31/03/2024 £92,782.94 £2,256.45 £58,368.67 £739.26 £61,364.38 £154,147.32 £213.00 £153,934.32 £152,177.47 £1,756.85 £153,934.32 |
|---|---|---|
| Approved by Wotton-under-Edge Town Trust: Signed: Chairman Responsible Financial Officer Date: |
Wotton-under-Edge Town Trust
Registered charity number 203466
Notes to the Accounts
Investments
The Charities Official Investment Fund (COIF) advised the Town Trust that its investments had the following values at 31st March 2024:
| Income Shares Accumulation Shares Accumulation Shares C G Peglar Fund Note 1 Town Hall Lettings Lettings Fees Note 2 Chipping Clubroom Lettings Lettings Fees Note 3 Interest Note 4 Unrealised Profit on Investment Assets Note 5 Town Hall Caretaking/Cleaning Cleaning Supplies Regular Cleaning Extra contract cleaning Note 6 Town Hall Maintenance/Misc Expenses Lift Maintenance Plumbing Works/ Supplies/Other Boiler Maintenance Fire Systems Maintenance Fire Curtain Maintenance Refurb/Repairs to flooring Electrical Works Purchase of new freezer Water Heater Other Maintenance Refunds |
Units Value per unit (£) Total Value at 31/3/2024 Total Value at 31/3/2023 1121.21 20.4326 £22,909.24 £21,007.66 185.58 257.0668 £47,706.46 £42,330.19 82.1778 257.0668 £21,125.18 £18,787.45 51 20.4326 £1,042.06 £955.57 £92,782.94 £83,080.87 2022/23 2023/24 £10,860.15 £8,837.00 Major booking held every 2 years, not held in 23/24 2022/23 2023/24 £2,334.50 £2,044.00 Decrease in usage 2022/23 2023/24 £751.28 £1,616.77 Increase in interest rates Profit of £9702.26 on value of investments compared to 31/3/2023 due to fluctuations in interest rates 2022/23 2023/24 £221.27 £258.89 £6,458.29 £7,362.39 Increase in wages and full year of pension scheme £1,080.00 £2,000.00 To cover staff absence £7,759.56 £9,621.28 2022/23 2023/24 £861.19 £345.40 22/23 repairs needed £289.23 £2,180.17 23/24 £2008 plumbing/heating maintenance £135.00 £140.00 £1,561.39 £358.78 Works following fire safety audit in 2022/23 £2,721.00 £700.00 £2,996.26 £600.00 £593.10 £0.00 £181.75 £0.00 £0.00 £924.99 £0.00 £392.15 £108.00 £0.00 £9,446.92 £5,641.49 |
|---|---|
| Note 7 Town Hall Utilities Electricity Gas Water/Sewerage Note 8 Chipping Hall Fire Safety Services Plumbing Works Electrical testing Building Survey Maintenance Work Door lock Note 9 Chipping Clubroom Cleaning Utilities Fire Systems Maintenance Sundries Plumbing Works Note 10 Other Properties Expenses Heritage Centre Heritage Centre |
2022/23 £2,336.93 £1,035.59 £1,013.41 £4,385.93 2022/23 £2,793.80 £964.99 £450.00 £0.00 £0.00 £64.80 £4,273.59 2022/23 £865.68 £335.05 £1,030.48 £138.38 £150.20 £2,519.79 2022/23 £94.68 £1,248.46 £1,343.14 |
2023/24 £1,947.30 22/23 includes delayed 21/22 payments £2,573.37 Account in credit from FY21/22 so fewer payments in FY22/23 £837.01 £5,357.68 2023/24 £485.85 FY22/23 Works following fire safety audit £0.00 FY 22/23 Works following Legionella audit £0.00 £357.00 Structural engineering check on mezzanine £850.00 Roof repairs £0.00 £1,692.85 2023/24 £867.16 £475.12 £72.45 22/23 Works following fire safety audit £131.04 £225.00 £1,770.77 2023/24 £0.00 22/23 Fire signs, lock, flue outlet cover £923.86 Fire safety works £923.86 |
|---|---|---|
Note 11
Audit Fees/Bank Charges
| Creditors from Financial Year 2022/23 Audit Accrual Deduction from Audit Figure |
£207.00 £207.00 |
|
|---|---|---|
| Creditors from Financial Year 2023/24 Audit Accrual Addition to Audit Figure |
£213.00 £213.00 |
|
| Note 12 Miscellaneous Payments Buildings Valuations Plaque for The Clump NCVO Subscription Transfer-payment made to Trust instead of Council |
2022/23 £2,950.00 £286.50 £0.00 £0.00 £3,236.50 |
2023/24 £0.00 £0.00 £141.00 £42.00 |
| £183.00 |
Earmarked Funds
To Benefit the Elderly £544.00 From Chipping Clubroom Trust Funds
Your Finan ep Yoiii. Finaiiee Director Andrea Durn Clerk to the Council Wotton Town Council Civic Centre 2 Gloucester Street Wotton-under-Edge Gloucestershire GL12 7DN 28. May 2024 Wotton Town Trust Independent Internal Audit 2023124 Dear Andrea, Further to my site visit on 23 May 2024, may l first of all express my thanks to yourself and Yasmin for the organised provision of the necessary records and documents to assist with the audit of the Town Trust for 2022-2023. My review of the accounts and records revealed consistency with prior year's compliance, and I'm satisfied that they give a true and fair view of the transactions for the financial year and the Town Council is meeting its duties as TnteeS in this respect. My only conlments are those of an analytical nature tn that the movement from a previous Deficit of £16,054 for 2022-23 to a Surplus for the year of £1,757. In summary. a large part of the £17,811 improvement is down to the movement of Investment Assets valuations of £10,858. The remaining movements are summarised on the following page. Continued.. ur Finante DepLBlz:.Liinitéd (Re& No. 07858004) Court Orchard, Wotton-under-Edge, Gloucestershire CIMA Tel: 0333 1236321. E mail- %tL V Ttter. @yourfinancedept i.uk
Your Finance :. . , Youi" Finance Director Continued...... Summary of significant movements in In¢ome and Expenditure 2023-24 £'OOO's Reduced Town Hall Lettin Reduced Chipping Clubroom lettings Town Hall CaTetakin / Cleanin Town Hall Maintenance Town Hall Utilities Chi in Hall Chi in Clubr(K)m Miscellaneous Pa ments Other net differences Increase in O erational Sur lus Unrealised Investments revaluation Increase in Overall Sur lus for the 10.9 17.8 ear Yours sincerely S A Tasker FCMA I CGMA ur..FlQa:ityPeptBiz Lirtiited (Re& No: 07858004) . . -. 9 Court Orchard, Wotton-under-Edge, Gloucestershire GL12 7JB i Tel. 0333 1236321, E mail: :;tL'V Twitter.. @yourfinancedept