Charity number: 210629
THE COLTON'S ACRE GENERAL TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE COLTON'S ACRE GENERAL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 15 |
THE COLTON'S ACRE GENERAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
Trustees Mark Oxley, Chair Dr Annie Grant Lesley Warne (resigned 6 September 2020) Robin Hunt (resigned 31 March 2021) James Wingfield Father Darren Thornton (appointed 6 September 2020) Katie Toms (appointed 8 March 2021) Richard Bracewell (appointed 8 March 2021) Charity registered number 210629 Principal office 7 The Close Norwich Norfolk NR1 4DJ Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Investment Manager Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU
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THE COLTON'S ACRE GENERAL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2020 to 31 March 2021.
Objectives and activities
a. Policies and objectives
The object of the Charity as set out in its governing document is "the general benefit of the inhabitants of the area of benefit for such charitable purposes as the Trustees see fit". The governing document states that "the "area of benefit" means the Ecclesiastical Parish of St Giles-on-the-Hill, in the County of Norfolk".
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
To achieve the Charity's objectives the Trustees award grants to qualifying individuals or organisations.
c. Main activities undertaken to further the Charity's purposes for the public benefit
Details of grants awarded in the year are given in note 5 to the financial statements.
Achievements and performance
a. Main achievements of the Charity
Grants of £19,800 ( 2020 - £5,200 ) were awarded in the year as detailed in note 5 to the financial statements.
The Trustees reviewed the performance of the Charity's investments assisted by a presentation from the investment manager.
The Trustees commissioned an independent researcher to assist in assessing and prioritising the various areas of need covered by the Charity and where it might be able to support individuals or organisations in the future from which they prepared and agreed a Donations Plan Framework 2021-2026 to guide the Charity over the next 5 years.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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THE COLTON'S ACRE GENERAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
b. Reserves policy
The Trustees aim to hold sufficient reserves to provide certainty of funding for grants whilst maintaining the Charity's capital base to ensure financial resilience.
In the Donations Plan Framework 2021-2026 the Trustees agreed to maintain the current capital base of c£1,600,000 plus CPI over the next 5 years, subject to a withdrawal of up to £40,000 per annum over the next 5 years to fund charitable giving in accordance with the Framework.
As at the balance sheet date the Charity had reserves of £1,590,076.
c. Financial summary
The Charity's net assets increased from £1,294,527 as at 1 April 2020 to £1,590,076 as at 31 March 2021 due largely to the strong recovery of the investment portfolio. Having reached the target level of reserves, the Trustees have been able to increase the grant awards in the period from £5,200 to £19,800.
Structure, governance and management
a. Constitution
The Colton's Acre General Trust is a registered charity, number 210629, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Plans for future periods
The Trustees are mindful that the Charity was established over 500 years ago and therefore take a long-term view when making investment and expenditure decisions to protect its longevity. Having restored the Charity's reserves over the past five years, the Trustees are planning to increase the Charity's grant making activities in coming years in accordance with the agreed Donations Plan Framework 2021-2026.
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THE COLTOM'S ACRE GENERAL TRUST TRUSTEES, REPORT {COPmNUEDI FOR THE YEAR ENDED 31 PaARCH 2021 Statwnont of Trusto88' rnsponslbllttlos The Tfustees are r¢sWjngi for WEpartng the TnJSie ieport the financial Statern in al?))rdan with appltrable law and Un¢ted KIn)rn Acuunb"ng StalaTs (United lQ"ngdom Ggnernly knpted Aizounting Prath¢e). The law applicabl& to chariti.es in Engknd & Wae$ reqLMTes the Twstees lo prepare finarKial statements for e8¢h financial vknich give a true and fair of Ihe stste of affair8 of the Charity and of 11$ incoming re80urces and application of resou, induding its income and expenditure. for that perb)d. In Preparing these financial 8tstemenls. the Tnjstees are roquirgd to.. cknserve the methods and principles olthe Chaiili98 SORP {FRS 102): st ether 8ppli&ible UK Accounting stats[d$ {FRS t021 have b•en follow, subject to any material departureg digdose(l and explaird in the financaal statements.. prepare tho finanrial statements on th8 gcrfng cc¥K8m basis unl•88 it is inappropriate to prejumo that the Charity will contin in buwness. The Trustees are respons&Jle for keeping ad•Jale a¢(xwting rpcwds that Nrfficient to shcthf and eXaIn th8 Charityg transacbons arKt dd0$e wilh reasonable a(r at any time the financial rS$t)n of Ihe Chaty and enablo them to ensure that the finanoaj stalenwts tr)mY with the Charibes Act 2011, the Charity (Accounts and Reports) ReguLqlions 2008 arml Ihe plS1On$ of the Trust deed. They are also responsible for safoguarding the assets of the Charity and for tsking reasonable steps for the VentiOn and detection of fraud arKI other irregulartt$. FX%oLI Page 4
THE COLTON'S ACRE GENERAL TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent examiner's report to the Trustees of The Colton's Acre General Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
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THE COLTON'S ACRE GENERAL TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 4 October 2021
Mr F M E Shippam BSc FCA DChA
MA Partners LLP
Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
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THE COLTON'S ACRE GENERAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 46,865 46,865 11,208 26,232 37,440 9,425 286,124 295,549 1,294,527 295,549 1,590,076 |
Total funds 2021 £ 46,865 46,865 11,208 26,232 37,440 9,425 286,124 295,549 1,294,527 295,549 1,590,076 |
Total funds 2020 £ 45,693 45,693 10,484 9,975 20,459 25,234 (55,491) (30,257) 1,324,784 (30,257) 1,294,527 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
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THE COLTOWS ACRE GENERAL TRUST PICE SHEET AS AT 31 MARCH 2021 2021 2020 1M4y7 1,282,566 1,664347 I,282,6 Cash at bank in hand •929 13,161 13,161 Creditor¥'. omourrts fallltvJ du8 wilhin on• year 10 (1.2LYI) Not curront ••• 25.729 11.981 1,590.076 1.294.527 Totsl n•t a•ts 1,$90,076 1,294,52T Charlty fund• 11 1MO.078 1,294,527 1,294,527 Th• finanual 8tatem8nts apwoved and aUlhO for i55u• by th• Trt and on their behalf by.. Date.. (F Page 8
THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
The Colton's Acre General Trust is an unincorporated charity registered in England and Wales.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Colton's Acre General Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 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 on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.
Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Investment income
| Unrestricted funds 2021 £ Income from investments 46,865 Interest receivable - Total 2021 46,865 |
Total funds 2021 £ 46,865 - 46,865 |
Total funds 2020 £ 45,691 2 |
|---|---|---|
| 45,693 |
4. Investment management costs
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Investment management fees | 11,208 | 11,208 | 10,484 |
5. Analysis of grants
| Grants Total 2020 |
Grants to Institutions 2021 £ 19,600 5,200 |
Grants to Individuals 2021 £ 200 - |
Total funds 2021 £ 19,800 5,200 |
Total funds 2020 £ 5,200 |
|---|---|---|---|---|
The Charity has made the following material grants to institutions during the year:
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. Analysis of grants (continued)
| Name of institution The Salvation Army Norfolk Community Law Service St Giles Parish Council YMCA Villiers Park Educational Trust |
2021 £ 8,000 - 800 10,300 500 19,600 19,600 |
2020 £ 4,000 1,000 200 - - |
|---|---|---|
| 5,200 | ||
| 5,200 |
6. Analysis of expenditure by activities
| Charitable activities Total 2020 |
Grant funding of activities 2021 £ 19,800 5,200 |
Support costs 2021 £ 6,432 4,775 |
Total funds 2021 £ 26,232 9,975 |
Total funds 2020 £ 9,975 |
|---|---|---|---|---|
Analysis of support costs
| Secretary Governance costs |
Charitable activities 2021 £ 3,042 3,390 6,432 |
Total funds 2021 £ 3,042 3,390 6,432 |
Total funds 2020 £ 3,575 1,200 |
|---|---|---|---|
| 4,775 |
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. Independent examiner's remuneration
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,200 | 1,200 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 1 April 2020 Additions Disposals Revaluations At 31 March 2021 |
Listed investments £ 1,282,566 46,865 (32,565) 267,481 |
|---|---|
| 1,564,347 |
10. Creditors: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 1,200 | 1,200 |
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. Statement of funds
Statement of funds - current year
| Balance at 1 April 2020 £ Unrestricted funds General Funds - all funds 1,294,527 Statement of funds - prior year Balance at 1 April 2019 £ Unrestricted funds General Funds - all funds 1,324,784 |
Income £ Expenditure £ 46,865 (37,440) Income £ Expenditure £ 45,693 (20,459) |
Gains/ (Losses) £ 286,124 Gains/ (Losses) £ (55,491) |
Balance at 31 March 2021 £ 1,590,076 |
|---|---|---|---|
| Balance at 31 March 2020 £ 1,294,527 |
12. Summary of funds
Summary of funds - current year
| Balance at 1 April 2020 £ General funds 1,294,527 Summary of funds - prior year Balance at 1 April 2019 £ General funds 1,324,784 |
Income £ Expenditure £ 46,865 (37,440) Income £ Expenditure £ 45,693 (20,459) |
Gains/ (Losses) £ 286,124 Gains/ (Losses) £ (55,491) |
Balance at 31 March 2021 £ 1,590,076 |
|---|---|---|---|
| Balance at 31 March 2020 £ 1,294,527 |
|||
| Summary of funds - prior year | |||
| General funds |
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 1,564,347 Current assets 26,929 Creditors due within one year (1,200) Total 1,590,076 |
Total funds 2021 £ 1,564,347 26,929 (1,200) 1,590,076 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 1,282,566 13,161 (1,200) 1,294,527 |
Total funds 2020 £ 1,282,566 13,161 (1,200) 1,294,527 |
|---|---|---|
14. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2021.
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