Charity registration number 204053 (England and Wales)
PITSTONE TOWN LANDS CHARITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PITSTONE TOWN LANDS CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs G Lowe | |
|---|---|---|
| Mr A Russell | ||
| Mrs S Gregory | ||
| Mrs K Smethers | ||
| Mr M Robinson | ||
| Ms T Fuentes | (Appointed 25 November | |
| 2024) | ||
| Mr E McCashey | (Appointed 29 July 2024) | |
| Chairperson | Mrs G Lowe | |
| Treasurer | Mrs K Smethers | |
| Charity registration | England and Wales | 204053 |
| Independent examiner | John Wilson FCA ATII | |
| Howard Wilson Chartered Accountants | ||
| 36 Crown Rise | ||
| Watford | ||
| Hertfordshire | ||
| WD25 0NE | ||
| Investment advisors | Katy Baxter Dip (PFS) | |
| Montgomery Estate Planning | ||
| Advalorem, 2 Manor Farm Court | ||
| Old Wolverton Road | ||
| Wolverton | ||
| Milton Keynes | ||
| MK12 5NN |
PITSTONE TOWN LANDS CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
PITSTONE TOWN LANDS CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
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 charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
Objectives and activities
The charity's objectives are:
-
To relieve generally or individually persons resident in the parish of Pitstone who are in conditions of need, hardship or distress by making grants of money providing or paying for items, services or facilities to reduce the need, hardship of distress of such persons; and
-
For any charitable purposes for the general benefit of the inhabitants of the parish for which provision is not made out of rates, taxes or other public funds.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In distribution funds under the Principal Schemes of the Charity and in managing investments through Charity investment funds the Charity's Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charities Commission in exercising their powers and duties.
The Charity continues to help elderly individuals with requests for assistance with the cost of items stated in the 'Scheme' which include dentistry, chiropody and optician costs. We also help with the cost of bereavements and other special relevant adhoc requests by residents of the Pitstone Parish.
We also help members of the community who need support via block grants on a periodic basis, e.g. the local primary school, local Scouts Group and a local 'Hospice at Home' Charity who care for terminally ill residents in their own homes within the Parish.
The Charity also continues to invest in its property assets which has seen money spent on the reroofing of the four flats to ensure they are maintained to preserve their long-term upkeep.
During the year one of the Trustees was tasked with revising our marketing and advertising strategy with the aim of raising awareness and visibility of the Charity. Whilst we are not yet seeing an increase in requests, we know that our visibility is much greater with posters on village noticeboards, adverts in local newsletters, signposting from the village website and a start to having a social media presence.
Financial review
The bank balance remains healthy and the trustees are confident that all financial commitments can be met.
Maximisation of returns from investments is essential to continue the work of the Charity and to this end this year the Trustees reviewed their investment strategy and decided to appoint an independent financial advisor that specialises in active fund management rather than the historic passive strategy. Montgomery Estate Planning were appointed, and our investment funds are now managed through Montgomery’s established and robust processes and regular joint reviews are held with the Trustees.
The charity aims to maximise the returns from its investments. The ongoing aim remains that year on year expenditure matches revenue.
- 1 -
PITSTONE TOWN LANDS CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Trust was formally established by the Board of the Charities Commissioners for England and Wales on 10 June 1913. The original trustees of the charity were The Right Honourable Earl Brownlow; John Henry Hawkins ; Moses Williamson and George Jellis.
The original Trust Deed was amended and approved by the Charity Commission on 5 March 1968. Under the 1968 amendment the Principal Scheme was determined to be (1) Management and letting of lands belonging to the Charity and (2) applying annual income for the benefit of individuals in the Parish of Pitstone who are in need, hardship or distress.
On 25 February 2013, the Charity Commission agreed to an increase in Trustees from five, as stated on the original Trust Deed sealed on 10 June 1913, to seven. All Trustees to be appointed by the Parish Council of Pitstone and for an initial term of four years.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs G Lowe
Mr A Russell Mrs S Gregory Mrs K Smethers Mr M Robinson Ms T Fuentes (Appointed 25 November 2024) Mr E McCashey (Appointed 29 July 2024)
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
Mr A Russell
Trustee Dated: 3 March 2026
- 2 -
PITSTONE TOWN LANDS CHARITY
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
PITSTONE TOWN LANDS CHARITY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PITSTONE TOWN LANDS CHARITY
I report to the trustees on my examination of the financial statements of Pitstone Town Lands Charity (the charity) for the year ended 31 March 2025.
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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
-
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 Charities Act 2011.
-
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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
John Wilson
John Wilson FCA ATII
Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 18 March 2026
- 4 -
PITSTONE TOWN LANDS CHARITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Investments | 3 | 40,337 | 40,448 |
| Other income | 4 | 1,012 | - |
| Total income | 41,349 | 40,448 | |
| Expenditure on: | |||
| Charitable activities | 5 | 65,808 | 29,847 |
| Total expenditure | 65,808 | 29,847 | |
| Net gains/(losses) on investments | 9 | 958 | 9,526 |
| Net income/(expenditure) and movement in funds | (23,501) | 20,127 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 1,355,557 | 1,335,430 | |
| Fund balances at 31 March 2025 | 1,332,056 | 1,355,557 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
PITSTONE TOWN LANDS CHARITY
BALANCE SHEET
AS AT 31 MARCH 2025
| 2025 Notes £ £ Fixed assets Tangible assets 11 918,577 Investments 12 359,033 1,277,610 Current assets Debtors 13 7,030 Investments 14 - Cash at bank and in hand 48,406 55,436 Creditors: amounts falling due within one year 15 (990) Net current assets 54,446 Total assets less current liabilities 1,332,056 The funds of the charity Unrestricted funds 16 1,332,056 1,332,056 The financial statements were approved by the trustees on 3 March 2026 Mr A Russell Mr M Robinson Trustee Trustee Mark Robinson |
2024 £ £ 918,577 346,666 1,265,243 5,239 6,372 79,895 91,506 (1,192) 90,314 1,355,557 1,355,557 1,355,557 |
2024 £ £ 918,577 346,666 1,265,243 5,239 6,372 79,895 91,506 (1,192) 90,314 1,355,557 1,355,557 1,355,557 |
|---|---|---|
| 1,265,243 90,314 |
||
| 1,355,557 | ||
| 1,355,557 | ||
| 1,355,557 | ||
- 6 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Pitstone Town Lands Charity is a unincorporated charity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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.
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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 7 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
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. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets represents freehold land which is not depreciated.
Land and buildings
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 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.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 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.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 8 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and 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 and bank loans 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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.
- 9 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Rental income | 24,998 | 24,230 | |
| Income from listed investments | 15,339 | 16,218 | |
| 40,337 | 40,448 | ||
| 4 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Other income | 1,012 | - | |
| 5 | Charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Property Maintenance | 29,295 | 1,159 | |
| Insurance costs | 522 | 1,347 | |
| General expenses | 620 | 283 | |
| Legal and professional costs | 3,600 | - | |
| Governance costs | 540 | 480 | |
| 34,577 | 3,269 | ||
| Grant funding of activities (see note 6) | 31,231 | 26,578 | |
| 65,808 | 29,847 | ||
| Governance costs comprise independent examiner's fee of £480 (2023 - £520). |
6 Grants payable
| Heading | Heading | |
|---|---|---|
| #ac982 | #ac982 | |
| 2025 | 2024 | |
| £ | £ | |
| Grants to individuals | 31,231 | 26,578 |
- 10 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but 2 of them were reimbursed a total of £155 general expenses.
8 Employees
The average monthly number of employees during the year was:
| Trustees There were no employees whose annual remuneration was more than £60,000. |
2025 Number 7 |
2024 Number 5 |
|---|---|---|
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
9 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 958 | 9,526 |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Tangible fixed assets
| Land and Cost At 1 April 2024 At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 |
buildings £ 918,577 |
|---|---|
| 918,577 | |
| 918,577 | |
| 918,577 |
- 11 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12 Fixed asset investments
| Cost or valuation At 1 April 2024 Additions Valuation changes Disposals At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 13 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 14 Current asset investments Listed investments 15 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
Listed investments £ 346,666 320,166 (5,098) (302,701) 359,033 359,033 346,666 2025 2024 £ £ 6,223 5,239 807 - 7,030 5,239 2025 2024 £ £ - 6,372 2025 2024 £ £ - 652 990 540 990 1,192 |
|---|---|
- 12 -
PITSTONE TOWN LANDS CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
16 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.
| Revaluation Reserve General funds Previous year: Revaluation Reserve General funds |
At 1 April 2024 Incoming resources Resources expended £ £ £ 170,425 - - 1,185,132 41,349 (65,808) 1,355,557 41,349 (65,808) At 1 April 2023 Incoming resources Resources expended £ £ £ 160,899 - - 1,174,531 40,448 (29,847) 1,335,430 40,448 (29,847) |
Transfers Gains and losses At 31 March 2025 £ £ £ (165,327) (5,098) - 165,327 6,056 1,332,056 - 958 1,332,056 Transfers Gains and losses At 31 March 2024 £ £ £ - 9,526 170,425 - - 1,185,132 - 9,526 1,355,557 |
|---|---|---|
17 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
- 13 -