Charity number: 210629
THE COLTON'S ACRE GENERAL TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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 2022
Trustees Mark Oxley, Chair Dr Annie Grant James Wingfield Katie Toms Richard Bracewell Father Darren Thornton (resigned 18 July 2021) John Baldry (appointed 2 August 2021, resigned 3 March 2022) Father Alaric Lewis (appointed 7 March 2022) 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
Page 1
THE COLTON'S ACRE GENERAL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022.
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 £7,852 ( 2021 - £19,800 ) 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 are working within their agreed Donations Plan Framework 2021-2026.
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 2022
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 period, subject to a withdrawal of up to £40,000 per annum to fund charitable giving in accordance with the Framework.
As at the balance sheet date the Charity had reserves of £1,656,669 ( 2021 - £1,590,076 ).
c. Financial summary
The Charity's net assets increased from £1,590,076 as at 1 April 2021 to £1,656,669 as at 31 March 2022.
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.
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THE COLTON'S ACRE GENERAL TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 PAARCH 2022 Statement of Trustèes. responsibilities The Trustees are responsibl@ for preparing the Trustees, report and the financial strdlemenls in accordance with applicable law and United Kingdom ACUnting Standards {UntsJ Kingdom G8narally Accepted Accounting Practice). The law 4Dplicable lo charili8s in EngLqnd & Wales requires the Tnjstees to prepare financial statements fgr each financial whh givo a true and fair view of the stale of affaiis of the Charity and of ils incoming resourc8S and appliCatn of resources, including its incomè and expendrture, for that period. In preparing thgse linancBI statements, the Trustees are required to.. select suitable 8c£ounling poliryes and then ?ppty them consistently, obseThe the methods and princip of the Charities SORP IFRS 102)., make judgments and accounting estimates thal are WSOnab and prudent". slate whether applicable UK Accounting Stsndards IFRS 102} have been foll¢)wed, subject to any material departures disclosed and explain&l in th8 financial statements., prepare the financial statements on the goiThJ concom basis unless rt 18 inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate aeetsunting records that are sufficient to show and &xplan the Charity's transactions and disclose wlh reasonable accuracy * any time the financial position of the Charty and enable them lo ensure that the financial statements comply with the Char(ties Act 2011, the Charty IAccounls and Reports) Regulations 2008 and the pro$10nS of the Trust deed. They are also responsible lor Safeguarding the 8ssels of the Charty and hence for taking reasonable steps lor the pventIon and detection of fraud and other irregulattkie5. Approved by order ()f the members of th& board of Trustees and sned on their LEhalf by.. Mark Oxlel- Date: 2K )bz- Page 4
THE COLTON'S ACRE GENERAL TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
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 2022.
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 2022
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: Mr F M E Shippam BSc FCA DChA
Dated: 24 May 2022
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 2022
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 43,292 43,292 12,171 9,676 21,847 21,445 45,148 66,593 1,590,076 66,593 1,656,669 |
Total funds 2022 £ 43,292 43,292 12,171 9,676 21,847 21,445 45,148 66,593 1,590,076 66,593 1,656,669 |
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 |
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 COLTON'S ACRE GENERAL TRUST BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Fixed as8819 Investments 1.600,614 1,564,347 1,600.614 1,564.347 Current asséts Cash at bank and in hand 57,255 26,929 57,25S 26,929 Credilor8'. amounts falling due wrthin one year 10 (1,200) fl,200? Ngt current assets 56,055 25, 729 Total assets Igss current liabilittes 1.656,669 1,590,076 Total net assets 1,656,669 1,590,076 Charity funds Unrestricted funds 11 1.656.669 1,590,076 Toial funds 1.658,669 1,590,076 The financial StateTrts w&re approved and aulhorised for issue by the TNstees and signed on their beha by. Mark Oxley Date.. The notes on pages 910 15 fom part of Ih8se financial slaterrEnts. Page 8
THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 2022
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 2022
3. Investment income
| Unrestricted funds 2022 £ Income from investments 43,290 Interest receivable 2 Total 2022 43,292 |
Total funds 2022 £ 43,290 2 43,292 |
Total funds 2021 £ 46,865 - |
|---|---|---|
| 46,865 |
4. Investment management costs
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Investment management fees | 12,171 | 12,171 | 11,208 |
5. Analysis of grants
| Grants Total 2021 |
Grants to Institutions 2022 £ 5,614 19,600 |
Grants to Individuals 2022 £ 2,238 200 |
Total funds 2022 £ 7,852 19,800 |
Total funds 2021 £ 19,800 |
|---|---|---|---|---|
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 2022
5. Analysis of grants (continued)
| Name of institution The Salvation Army St Giles Parish Council YMCA Villiers Park Educational Trust |
2022 £ - - - 5,614 5,614 |
2021 £ 8,000 800 10,300 500 |
|---|---|---|
| 19,600 |
6. Analysis of expenditure by activities
| Charitable activities Total 2021 |
Grant funding of activities 2022 £ 7,852 19,800 |
Support costs 2022 £ 1,824 6,432 |
Total funds 2022 £ 9,676 26,232 |
Total funds 2021 £ 26,232 |
|---|---|---|---|---|
Analysis of support costs
| Secretary Miscellaneous Governance costs |
Charitable activities 2022 £ 960 54 810 1,824 |
Total funds 2022 £ 960 54 810 1,824 |
Total funds 2021 £ 3,042 - 3,390 |
|---|---|---|---|
| 6,432 |
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 810 | 1,200 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 |
Listed investments £ 1,564,347 43,290 (38,733) 31,710 |
|---|---|
| 1,600,614 |
10. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| 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 2022
11. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,590,076 | 43,292 | (21,847) | 45,148 | 1,656,669 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,294,527 | 46,865 | (37,440) | 286,124 | 1,590,076 |
12. Summary of funds
Summary of funds - current year
General funds Summary of funds - prior year General funds |
Balance at 1 April 2021 £ 1,590,076 Balance at 1 April 2020 £ 1,294,527 |
Income £ 43,292 Income £ 46,865 |
Expenditure £ (21,847) Expenditure £ (37,440) |
Gains/ (Losses) £ 45,148 Gains/ (Losses) £ 286,124 |
Balance at 31 March 2022 £ 1,656,669 |
|---|---|---|---|---|---|
| Balance at 31 March 2021 £ 1,590,076 |
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THE COLTON'S ACRE GENERAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 1,600,614 Current assets 57,255 Creditors due within one year (1,200) Total 1,656,669 |
Total funds 2022 £ 1,600,614 57,255 (1,200) 1,656,669 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,564,347 26,929 (1,200) 1,590,076 |
Total funds 2021 £ 1,564,347 26,929 (1,200) 1,590,076 |
|---|---|---|
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 2022.
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