KINGSBRIDGE TOWN LANDS CHARITY (KINGSBRIDGE FEOFFEES) ANNUAL REPORT FOR THE YEAR TO DECEMBER 31, 2021 The Kingsbridge Town Lands Charity (Kingsbridge Feoffees) is a registered Charity No. 212648. Its address is The Town Hall, Fore Street, Kingsbridge, Devon, TQ7 IHP. The Charity's trustees during the year were: Mr John Donovan -chairman Mr Kenneth Court Mr Robert Cattell Mr Peter Ralph - resigned 2021 Mr Anthony Head - appointed in place of Mr Ralph Mrs Anne Balkwill Mr Barrie Newey Mrs Julie White Mr Roger Trembath Mr Keith Wingate Mr John Donovan remained as Chairman of the Trustees. Mrs Barbara Ruddock remained as Clerk to the Trustees and Mr Anthony Jenkins as Caretaker. The Charity's Solicitors were Windeatts of Kingsbridge & Totnes & Beers of Kingsbridge. The general purpose of the Charity is to provide relief either generally or to individual persons resident in the parish of Kingsbridge who are in conditions of need, hardship or distress, and to apply funds for the public purpose for the benefit of people of Kingsbridge and Distritt. The Charity has 19 dwellings which are let out at affordable rents. The Charity also owns the Town Hall & Market Hall and both properties are rented out to local groups etc. for the purpose of coffee mornings, tabletop sales etc. The Town Hall is also leased to Merlin Cinemas who operate three screens showing films and live events from various venues across the UK. Building of the planned 4 x 3-bedroom houses and 2 x l-bedroom flats on land owned by the Charity has been delayed because of issues with BT, shortage of building supplies and the Building Company appointed to the project have had a shortage of staff because of COVID.
As both the Market Hall and Town Hall are old buildings there is ongoing maintenance at both properties, together with regular maintenance on the 19 properties owned by the Charity. Mr John Donovan (Chairman) Date:
Registered Charity number 212648
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) previously known as Kingsbridge Town Lands Poor and Public Purposes Charity
Report and Unaudited Accounts
31 December 2021
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2-4 |
| Independent Examiners' report | 5 |
| Statement of Financial Activities | 6-7 |
| Balance sheet | 8 |
| Notes to the accounts | 9-13 |
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Charity Information
Trustees
K F Court R J Cattell A Balkwill J N Donovan (Chairman) B L Newey R J Trembath K Wingate J White P Ralph (resigned during year)
Reporting accountants
Morgan Accountants Limited Duke Court Bridge Street Kingsbridge Devon TQ7 1HX
Bankers
HSBC, Kingsbridge, Devon Co-operative Bank, Bristol
Solicitors
Windeatts, Kingsbridge, Devon
Registered address
Kingsbridge Town Hall Fore Street Kingsbridge Devon TQ7 1PP
Registered charity number
212648
1
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2021
The trustees present their report and the financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's trust deed and applicable law.
The clerk to the charity remained as Mrs B Ruddock.
The charity's solicitors were Windeatts of Kingsbridge and Totnes.
Constitution and objects
The charity is constituted and operates under the provisions of a Scheme of the Charity Commissioners dated 24th October 1997 (the 'Scheme') and is a registered charity, No. 212648.
The registered address is Kingsbridge Town Hall, Fore Street, Kingsbridge, Devon, TQ7 1PP.
In setting the objectives and planning the activities, the Trustees have given consideration to the Charity Commission's general guidance on public benefit.
In general, the objectives of the charity are to provide relief either generally or to individual persons resident in the Parish of Kingsbridge who are in conditions of need, hardship or distress and to apply funds for the public purpose for the benefit of the people of Kingsbridge and district.
Trustees
The Charity's trustees during the year were:
K F Court R J Cattell A Balkwill J N Donovan (Chairman) B L Newey R J Trembath K Wingate J White P Ralph (resigned during year)
2
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2021
Review of activities
The charity's activities revolve around freehold property as follows: -
Properties used in providing public benefit to the people of Kingsbridge and district (historic assets): - Kingsbridge Town Hall, Fore Street, Kingsbridge.
Market Hall, Fore Street, Kingsbridge.
These properties are significant, landmark buildings in the town and it is the trustee's intention to retain and preserve them for the long term benefit of the town. The buildings are let to various local organisations, primarily engaged in providing a service to the residents of the town.
Properties used in providing benefit to individuals (functional assets): -
4 and 4a Derby Road, Kingsbridge,
1- 12 Allotment Gardens.
12,14,15 Derby Road, Kingsbridge.
57 Fore Street, Kingsbridge (2 flats)
These properties are used to provide affordable rental housing to residents of Kingsbridge who would otherwise be unable to find affordable housing in the town.
Property used for commercial letting - Merlin and benefit to individuals (investment property): - 57 Fore Street, Kingsbridge.
This property is currently let on a commercial basis to a firm of solicitors. After the property was refurbished in 2012 and 2013, two flats were made available to provide affordable accommodation to residents of Kingsbridge.
Application of income
Under the terms of the charity's Scheme, the income generated by the unrestricted funds of the charity (primarily rental income from the properties noted above) is applied as follows: -
Firstly to the administration of the charity, including the repair and insurance of the properties,
Then to the setting up and maintenance of an 'Extraordinary Repair Fund' for the purpose of providing for the extraordinary repair or rebuilding of the property of the charity,
and finally,
To providing grants, either generally or individually for the relief of those in need for the public benefit of the people of Kingsbridge and district.
Donations and grants
No donations were made during the year
3
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2021
Charities Permanent Endowment
Within the terms of the 24/10/97 governing document of the Trust the following properties are included and were revalued in September 2010.
The Town hall £90,000 (revalued September 2010) The Market hall £120,000 (revalued September 2010) 4 Derby Road £250,000 (revalued September 2010) 1-12 Allotment Gardens £1,950,000 (revalued 2020)
AF Wellington & D M Turner dec'd fund
The charity holds certain investments as a result of a legacy, income of which must be used specifically for the relief and welfare of blind persons.
Reserves policy
It is the policy of the charity to maintain unrestricted funds to provide sufficient funds to cover management, administration and support costs and to respond to applications for grants which may arise.
Risk management
The trustees have examined the operational risks which the charity faces and confirm that systems have been established to enable steps to be taken to lessen those risks.
………………..
J N Donovan (Chairman)
………………..
K F Court
Dated
………………..
On behalf of the trustees.
4
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Independent Examiners Report
Independent examiners report on the unaudited accounts to the trustees of Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
We report on the accounts of the charity for the year ended 31 December 2021 which are set out on the following pages.
Respective responsibilities of trustees and examiner
As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144(2) of the Charities Act 2011(the 2011 Act) does not apply and that an independent examination is required.
It is our responsibility to:
-examine the accounts under section 145 of the 2011 Act;
-
-to follow the procedures laid down in the general Directions given by the Charity Commission
-
under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to our attention.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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.
Morgan Accountants Limited
Duke Court Bridge Street Kingsbridge Devon TQ7 1HX
Dated…………………
5
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Statement of financial activities for the year ended 31 December 2021
| Note Unrestricted Funds £ Incoming resources for generating funds in furtherance of the charities objects Rents received Market Hall, Kingsbridge 10 - Town Hall, Kingsbridge 10 - Cinema, Kingsbridge 10 - 4 & 4A Derby Road, Kingsbridge 10 - 12, 14 and 15 Derby Road, Kingsbridge 26,567 1 - 12 Allotment Gardens, Kingsbridge 10 - HMRC furlough receipts 2,376 28,943 Investment income Rent received - 57 Fore Street, Kingsbridge 10 - COIF charity deposit fund interest 29 Dividend income - 29 Total incoming resources 28,972 Resources expended Charitable expenditure Donations and grants 250 250 Management and administration Council tax and water rates 1,403 Electricity, gas and telephone 2,274 Insurance 10 1,574 Wages and National Insurance (Note 2) 24,366 Repairs and renewals and upkeep of gardens 15,374 Cleaning materials and supplies 379 57 Fore Street property repairs and refurbishments 6,006 Legal and professional fees - Co-op valuation fee - Legal and professional fees 2,469 Accountancy and independent examiners fees 1,290 Payroll and COVID matters 168 Postage, printing, stationery and advertising 286 Website costs 473 Mortgage interest payable 2,645 Depreciation - fixtures, fittings and equipment 148 Depreciation - buildings and property 12,933 Sundries 77 71,865 Total resources expended 72,115 Net incoming resources before transfers c/fwd (43,143) |
Restricted Funds £ - - - - - - - - - 2 1,487 1,489 1,489 - - - - - - - - - - - - - - - - - - - 1,489 |
Permanent Endowment Funds £ 8,622 583 15,844 12,213 - 78,139 - 115,401 17,216 - - 17,216 132,617 - - - - 10,290 - - - - - - - - - 48,533 - 58,823 58,823 73,794 |
Total 2021 £ 8,622 583 15,844 12,213 26,567 78,139 2,376 144,344 17,216 31 1,487 18,734 163,078 250 250 1,403 2,274 11,864 24,366 15,374 379 6,006 - 2,469 1,290 168 286 473 2,645 148 61,466 77 130,688 130,938 32,140 |
Total 2020 £ 303 595 4,599 11,860 26,906 77,007 4,811 126,081 12,979 651 1,646 15,276 141,357 750 750 1,630 2,438 8,499 22,671 62,485 242 12,580 1,800 - 1,290 564 208 - 3,503 35 58,133 187 176,265 177,015 (35,658) |
|---|---|---|---|---|
6
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Statement of financial activities for the year ended 31 December 2021
| Note Unrestricted Funds Net incoming resources before transfers b/fwd (43,143) Gross transfers between funds 10 122,327 Net incoming resources before revaluations and investment asset disposal 79,184 Charities permanent endowment revaluation (Note 5) - Unrealised gains on revaluations of investment assets (Note 4) - Net movement in funds 79,184 Total funds brought forward 1 January 2021 689,425 Total funds carried forward 31 December 2021 768,609 |
Restricted Funds 1,489 - 1,489 - 3,099 4,588 52,725 57,313 |
Permanent Endowment Funds 73,794 (122,327) (48,533) 150,000 - 101,467 2,391,294 2,492,761 |
Total 2021 32,140 - 32,140 150,000 3,099 185,239 3,133,444 3,318,683 |
Total 2020 (35,658) - (35,658) - (6,038) (41,696) 3,175,140 3,133,444 |
|---|---|---|---|---|
7
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Balance Sheet as at 31 December 2021
| Notes Fixed assets Tangible assets 3 Investments 4 Cash at bank and in hand 6 Current assets Other debtors 5 Cash at bank and in hand 6 Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 8 Net assets Funds 9 Permanent endowment Permanent endowment - revaluations Restricted endowment - revaluations Restricted AF Wellington & DM Turner dec'd fund Designated Extraordinary repair fund Unrestricted Accumulated fund ……………….. Trustee |
Unrestricted Funds £ 561,318 - - 561,318 6,068 303,536 309,604 (15,068) 294,536 855,854 (87,245) 768,609 - - - - - 768,609 768,609 ……………….. Trustee |
Restricted Funds £ - 33,321 13,688 47,009 - 10,304 10,304 - 10,304 57,313 - 57,313 - - 47,009 8,835 1,469 - 57,313 |
Permanent Endowment Fund £ 2,080,267 412,494 - 2,492,761 - - - - - 2,492,761 - 2,492,761 581,036 1,911,725 - - - - 2,492,761 |
Total 2021 £ 2,641,585 445,815 13,688 3,101,088 6,068 313,840 319,908 (15,068) 304,840 3,405,928 (87,245) 3,318,683 581,036 1,911,725 47,009 8,835 1,469 768,609 3,318,683 ……………….. Trustee |
Total 2020 £ 2,551,648 442,716 13,688 3,008,052 6,073 242,259 248,332 (11,427) 236,905 3,244,957 (111,513) 3,133,444 594,241 1,797,053 43,910 7,346 1,469 689,425 3,133,444 |
|---|---|---|---|---|---|
Approved on ………………..
8
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
1 Accounting policies
Accounting convention
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) and the Charities Act 2011.
Incoming resources
Donations, legacies, investment income and rental income are all included in the Statement of Financial Activities (SOFA) in the year in which they are receivable.
Resources expended
All expenditure is included on an accrual basis. All costs have been attributed to one of the categories of resources expended in the SOFA.
Grants and donations payable are charged in the year when they become payable.
Tangible fixed assets
Functional fixed assets (those used by the charity in furtherance of its charitable objects) are recorded at cost (or estimated market value on donation) in the balance sheet.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures, fittings and equipment 25% reducing balance basis
Freehold buildings 50 years straight line
Investments
Investments and investment properties are included at open market value and are not depreciated.
The trustees have taken the insured value of the investment property as an approximation of its open market value to avoid the cost of a professional valuation.
Gains and losses on revaluation of investments are shown on the SOFA.
Fund accounting
Details and the nature and purpose of each fund is set out in notes to the accounts.
2 Staff costs
No wages were paid to the charity's trustees during the year.
The total wages and employers national insurance paid in the year was £24366. £2,376 was received from HMRC to cover employees on furlough during the year. The average number of employees during the year was 2.
9
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
3 Tangible fixed assets
| Freehold 12,14,15 Derby Road Land at Derby road £ £ Cost At 1 January 2021 646,650 68,356 Development costs/Additions - 1,065 At 31 December 2021 646,650 69,421 Accumulated depreciation At 1 January 2021 142,263 - Charge for the year 12,933 - At 31 December 2021 155,196 - Net book value At 31 December 2021 491,454 69,421 At 31 December 2020 504,387 68,356 Charities Permanent Endowment Freehold 4 Derby Road Freehold The Town Hall Freehold The Market Hall Cost/valuation At 1 January 2021 250,000 90,000 120,000 Addition/Revaluation - - - At 31 December 2021 250,000 90,000 120,000 Accumulated depreciation At 1 January 2021 55,000 19,800 26,400 Charge for the year 5,000 1,800 2,400 At 31 December 2021 60,000 21,600 28,800 Net book or market value At 31 December 2021 190,000 68,400 91,200 Net book or market value At 31 December 2020 195,000 70,200 93,600 Freehold land and buildings: 2021 £ 1-12 Allotment Gardens Historical cost 660,266 Revaluation increase 1,289,734 Cumulative depreciation based on historical cost 79,230 Cumulative depreciation based on revaluation 140,103 No historical cost information is available for The Town Hall, The Market Hall or 4 Derby Road. 2021 £ 4 Derby Road, Town Hall and Market Hall Revaluation at 30 September 2010 460,000 Cumulative depreciation based on revaluation 110,400 10 |
Fixtures, fittings and equipment £ 5,601 486 6,087 5,496 148 5,644 443 105 Freehold 1-12 Allotment Gardens 1,800,000 150,000 1,950,000 180,000 39,333 219,333 1,730,667 1,620,000 2020 £ 660,266 1,139,734 66,025 113,975 2020 £ 460,000 101,200 |
|---|---|
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
4 Investments
| Valuation At 1 January 2021 Disposals Revaluation At 31 December 2021 |
Investment Property 57 Fore Street £ 412,494 - - 412,494 |
Other investments £ 30,222 - 3,099 33,321 |
Total £ 442,716 - 3,099 445,815 |
|---|---|---|---|
No historical cost information is available on 57 Fore Street. The insured value of the property has been taken as an approximation of it's open market value to avoid the cost of a professional valuation. The investment property forms part of the charity's permanent endowment.
The other investments are included at market value at the year end and form part of the restricted endowment fund.
| The various shareholdings held in the restricted endowment fund during the year Aviva 8⅜% Cumulative Irredeemable Pref. shares £1 each ITV Ordinary shares 10p each Lloyds Ordinary shares 10p each M&G Inv. Divi. Fund Sterling Class A Income shares 5 Debtors Other debtors 6 Cash at bank and in hand Current account - HSBC Current account - Co-operative Bequest account COIF Charity Funds No 1 account No 2 account No 3 account Cash in hand |
were: 2021 £ 6,068 2021 £ 12,905 500 7,974 290,123 1,469 14,549 8 327,528 |
No. 427 787 271 57,111 2020 £ 6,073 2020 £ 12,334 500 6,487 220,594 1,469 14,547 16 255,947 |
|---|---|---|
The COIF No 2 account holds cash for the designated Extraordinary Repair fund.
The Bequest account and COIF No 3 account hold cash for the A F Wellington & D M Turner dec'd fund. Included in the COIF No 3 account is an amount of £13,688.57 being part of the charity's restricted endowment fund which must be permanently maintained.
11
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
| 7 Creditors: amounts falling due within one year Other creditors and accruals 8 Creditors: amounts falling due after one year Co-operative bank mortgage |
2021 £ 15,068 2021 £ 87,245 |
2020 £ 11,427 2020 £ 111,513 |
|---|---|---|
9 Funds
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
Restricted funds are funds which have been designated for particular purposes and projects. The A F Wellington & D M Turner dec'd funds are to provide relief and welfare for the blind. The designated repair fund is to be used for any extraordinary repairs of the charity's properties.
The capital of the restricted endowment fund, represented by investments, must be permanently maintained. Income from the restricted endowment fund is credited to the A F Wellington & D M Turner dec'd fund and is restricted for use in that fund only, for the welfare of the blind.
The permanent endowment fund consists of the Town Hall, the Market Hall, 4 Derby Road and the properties at Allotment Gardens as shown in note 3. The investment property shown in note 4 at 57 Fore Street also forms part of the permanent endowment. Income generated from the permanent endowment is unrestricted.
| Restricted A F Wellington & D M Turner dec'd fund At 1 January 2021 Interest received Dividend income At 31 December 2021 Designated extraordinary repair fund At 1 January 2021 Interest received At 31 December 2021 |
2021 £ 7,346 2 1,487 8,835 2021 £ 1,469 - 1,469 |
2020 £ 5,662 38 1,646 7,346 2020 £ 1,466 3 1,469 |
|---|---|---|
12
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
10 Outline summary of funds movements
| Fund balance brought forward Income Expenditure Transfers between funds Incoming resources transferred to unrestricted fund Resources expended transferred from unrestricted fund Investment income transferred to unrestricted fund Gains and losses Fund balance carried forward |
Unrestricted Funds 689,425 28,972 (72,115) 115,401 (10,290) 17,216 - 768,609 |
Restricted Funds 52,725 1,489 - - - - 3,099 57,313 |
Permanent Endowment Fund 2,391,294 132,617 (58,823) (115,401) 10,290 (17,216) 150,000 2,492,761 |
|---|---|---|---|
11 Related parties
The Trustees received no remuneration or expenses during the year.
12 Controlling party
The charity is controlled by the Trustees shown on the Trustees report.
13
Registered Charity number 212648
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) previously known as Kingsbridge Town Lands Poor and Public Purposes Charity
Report and Unaudited Accounts
31 December 2021
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2-4 |
| Independent Examiners' report | 5 |
| Statement of Financial Activities | 6-7 |
| Balance sheet | 8 |
| Notes to the accounts | 9-13 |
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Charity Information
Trustees
K F Court R J Cattell A Balkwill J N Donovan (Chairman) B L Newey R J Trembath K Wingate J White P Ralph (resigned during year)
Reporting accountants
Morgan Accountants Limited Duke Court Bridge Street Kingsbridge Devon TQ7 1HX
Bankers
HSBC, Kingsbridge, Devon Co-operative Bank, Bristol
Solicitors
Windeatts, Kingsbridge, Devon
Registered address
Kingsbridge Town Hall Fore Street Kingsbridge Devon TQ7 1PP
Registered charity number
212648
1
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2021
The trustees present their report and the financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's trust deed and applicable law.
The clerk to the charity remained as Mrs B Ruddock.
The charity's solicitors were Windeatts of Kingsbridge and Totnes.
Constitution and objects
The charity is constituted and operates under the provisions of a Scheme of the Charity Commissioners dated 24th October 1997 (the 'Scheme') and is a registered charity, No. 212648.
The registered address is Kingsbridge Town Hall, Fore Street, Kingsbridge, Devon, TQ7 1PP.
In setting the objectives and planning the activities, the Trustees have given consideration to the Charity Commission's general guidance on public benefit.
In general, the objectives of the charity are to provide relief either generally or to individual persons resident in the Parish of Kingsbridge who are in conditions of need, hardship or distress and to apply funds for the public purpose for the benefit of the people of Kingsbridge and district.
Trustees
The Charity's trustees during the year were:
K F Court R J Cattell A Balkwill J N Donovan (Chairman) B L Newey R J Trembath K Wingate J White P Ralph (resigned during year)
2
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2021
Review of activities
The charity's activities revolve around freehold property as follows: -
Properties used in providing public benefit to the people of Kingsbridge and district (historic assets): - Kingsbridge Town Hall, Fore Street, Kingsbridge.
Market Hall, Fore Street, Kingsbridge.
These properties are significant, landmark buildings in the town and it is the trustee's intention to retain and preserve them for the long term benefit of the town. The buildings are let to various local organisations, primarily engaged in providing a service to the residents of the town.
Properties used in providing benefit to individuals (functional assets): -
4 and 4a Derby Road, Kingsbridge,
1- 12 Allotment Gardens.
12,14,15 Derby Road, Kingsbridge.
57 Fore Street, Kingsbridge (2 flats)
These properties are used to provide affordable rental housing to residents of Kingsbridge who would otherwise be unable to find affordable housing in the town.
Property used for commercial letting - Merlin and benefit to individuals (investment property): - 57 Fore Street, Kingsbridge.
This property is currently let on a commercial basis to a firm of solicitors. After the property was refurbished in 2012 and 2013, two flats were made available to provide affordable accommodation to residents of Kingsbridge.
Application of income
Under the terms of the charity's Scheme, the income generated by the unrestricted funds of the charity (primarily rental income from the properties noted above) is applied as follows: -
Firstly to the administration of the charity, including the repair and insurance of the properties,
Then to the setting up and maintenance of an 'Extraordinary Repair Fund' for the purpose of providing for the extraordinary repair or rebuilding of the property of the charity,
and finally,
To providing grants, either generally or individually for the relief of those in need for the public benefit of the people of Kingsbridge and district.
Donations and grants
No donations were made during the year
3
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2021
Charities Permanent Endowment
Within the terms of the 24/10/97 governing document of the Trust the following properties are included and were revalued in September 2010.
The Town hall £90,000 (revalued September 2010) The Market hall £120,000 (revalued September 2010) 4 Derby Road £250,000 (revalued September 2010) 1-12 Allotment Gardens £1,950,000 (revalued 2020)
AF Wellington & D M Turner dec'd fund
The charity holds certain investments as a result of a legacy, income of which must be used specifically for the relief and welfare of blind persons.
Reserves policy
It is the policy of the charity to maintain unrestricted funds to provide sufficient funds to cover management, administration and support costs and to respond to applications for grants which may arise.
Risk management
The trustees have examined the operational risks which the charity faces and confirm that systems have been established to enable steps to be taken to lessen those risks.
………………..
J N Donovan (Chairman)
………………..
K F Court
Dated
………………..
On behalf of the trustees.
4
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Independent Examiners Report
Independent examiners report on the unaudited accounts to the trustees of Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
We report on the accounts of the charity for the year ended 31 December 2021 which are set out on the following pages.
Respective responsibilities of trustees and examiner
As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144(2) of the Charities Act 2011(the 2011 Act) does not apply and that an independent examination is required.
It is our responsibility to:
-examine the accounts under section 145 of the 2011 Act;
-
-to follow the procedures laid down in the general Directions given by the Charity Commission
-
under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to our attention.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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.
Morgan Accountants Limited
Duke Court Bridge Street Kingsbridge Devon TQ7 1HX
Dated…………………
5
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Statement of financial activities for the year ended 31 December 2021
| Note Unrestricted Funds £ Incoming resources for generating funds in furtherance of the charities objects Rents received Market Hall, Kingsbridge 10 - Town Hall, Kingsbridge 10 - Cinema, Kingsbridge 10 - 4 & 4A Derby Road, Kingsbridge 10 - 12, 14 and 15 Derby Road, Kingsbridge 26,567 1 - 12 Allotment Gardens, Kingsbridge 10 - HMRC furlough receipts 2,376 28,943 Investment income Rent received - 57 Fore Street, Kingsbridge 10 - COIF charity deposit fund interest 29 Dividend income - 29 Total incoming resources 28,972 Resources expended Charitable expenditure Donations and grants 250 250 Management and administration Council tax and water rates 1,403 Electricity, gas and telephone 2,274 Insurance 10 1,574 Wages and National Insurance (Note 2) 24,366 Repairs and renewals and upkeep of gardens 15,374 Cleaning materials and supplies 379 57 Fore Street property repairs and refurbishments 6,006 Legal and professional fees - Co-op valuation fee - Legal and professional fees 2,469 Accountancy and independent examiners fees 1,290 Payroll and COVID matters 168 Postage, printing, stationery and advertising 286 Website costs 473 Mortgage interest payable 2,645 Depreciation - fixtures, fittings and equipment 148 Depreciation - buildings and property 12,933 Sundries 77 71,865 Total resources expended 72,115 Net incoming resources before transfers c/fwd (43,143) |
Restricted Funds £ - - - - - - - - - 2 1,487 1,489 1,489 - - - - - - - - - - - - - - - - - - - 1,489 |
Permanent Endowment Funds £ 8,622 583 15,844 12,213 - 78,139 - 115,401 17,216 - - 17,216 132,617 - - - - 10,290 - - - - - - - - - 48,533 - 58,823 58,823 73,794 |
Total 2021 £ 8,622 583 15,844 12,213 26,567 78,139 2,376 144,344 17,216 31 1,487 18,734 163,078 250 250 1,403 2,274 11,864 24,366 15,374 379 6,006 - 2,469 1,290 168 286 473 2,645 148 61,466 77 130,688 130,938 32,140 |
Total 2020 £ 303 595 4,599 11,860 26,906 77,007 4,811 126,081 12,979 651 1,646 15,276 141,357 750 750 1,630 2,438 8,499 22,671 62,485 242 12,580 1,800 - 1,290 564 208 - 3,503 35 58,133 187 176,265 177,015 (35,658) |
|---|---|---|---|---|
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Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Statement of financial activities for the year ended 31 December 2021
| Note Unrestricted Funds Net incoming resources before transfers b/fwd (43,143) Gross transfers between funds 10 122,327 Net incoming resources before revaluations and investment asset disposal 79,184 Charities permanent endowment revaluation (Note 5) - Unrealised gains on revaluations of investment assets (Note 4) - Net movement in funds 79,184 Total funds brought forward 1 January 2021 689,425 Total funds carried forward 31 December 2021 768,609 |
Restricted Funds 1,489 - 1,489 - 3,099 4,588 52,725 57,313 |
Permanent Endowment Funds 73,794 (122,327) (48,533) 150,000 - 101,467 2,391,294 2,492,761 |
Total 2021 32,140 - 32,140 150,000 3,099 185,239 3,133,444 3,318,683 |
Total 2020 (35,658) - (35,658) - (6,038) (41,696) 3,175,140 3,133,444 |
|---|---|---|---|---|
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Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Balance Sheet as at 31 December 2021
| Notes Fixed assets Tangible assets 3 Investments 4 Cash at bank and in hand 6 Current assets Other debtors 5 Cash at bank and in hand 6 Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 8 Net assets Funds 9 Permanent endowment Permanent endowment - revaluations Restricted endowment - revaluations Restricted AF Wellington & DM Turner dec'd fund Designated Extraordinary repair fund Unrestricted Accumulated fund ……………….. Trustee |
Unrestricted Funds £ 561,318 - - 561,318 6,068 303,536 309,604 (15,068) 294,536 855,854 (87,245) 768,609 - - - - - 768,609 768,609 ……………….. Trustee |
Restricted Funds £ - 33,321 13,688 47,009 - 10,304 10,304 - 10,304 57,313 - 57,313 - - 47,009 8,835 1,469 - 57,313 |
Permanent Endowment Fund £ 2,080,267 412,494 - 2,492,761 - - - - - 2,492,761 - 2,492,761 581,036 1,911,725 - - - - 2,492,761 |
Total 2021 £ 2,641,585 445,815 13,688 3,101,088 6,068 313,840 319,908 (15,068) 304,840 3,405,928 (87,245) 3,318,683 581,036 1,911,725 47,009 8,835 1,469 768,609 3,318,683 ……………….. Trustee |
Total 2020 £ 2,551,648 442,716 13,688 3,008,052 6,073 242,259 248,332 (11,427) 236,905 3,244,957 (111,513) 3,133,444 594,241 1,797,053 43,910 7,346 1,469 689,425 3,133,444 |
|---|---|---|---|---|---|
Approved on ………………..
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Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
1 Accounting policies
Accounting convention
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) and the Charities Act 2011.
Incoming resources
Donations, legacies, investment income and rental income are all included in the Statement of Financial Activities (SOFA) in the year in which they are receivable.
Resources expended
All expenditure is included on an accrual basis. All costs have been attributed to one of the categories of resources expended in the SOFA.
Grants and donations payable are charged in the year when they become payable.
Tangible fixed assets
Functional fixed assets (those used by the charity in furtherance of its charitable objects) are recorded at cost (or estimated market value on donation) in the balance sheet.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures, fittings and equipment 25% reducing balance basis
Freehold buildings 50 years straight line
Investments
Investments and investment properties are included at open market value and are not depreciated.
The trustees have taken the insured value of the investment property as an approximation of its open market value to avoid the cost of a professional valuation.
Gains and losses on revaluation of investments are shown on the SOFA.
Fund accounting
Details and the nature and purpose of each fund is set out in notes to the accounts.
2 Staff costs
No wages were paid to the charity's trustees during the year.
The total wages and employers national insurance paid in the year was £24366. £2,376 was received from HMRC to cover employees on furlough during the year. The average number of employees during the year was 2.
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Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
3 Tangible fixed assets
| Freehold 12,14,15 Derby Road Land at Derby road £ £ Cost At 1 January 2021 646,650 68,356 Development costs/Additions - 1,065 At 31 December 2021 646,650 69,421 Accumulated depreciation At 1 January 2021 142,263 - Charge for the year 12,933 - At 31 December 2021 155,196 - Net book value At 31 December 2021 491,454 69,421 At 31 December 2020 504,387 68,356 Charities Permanent Endowment Freehold 4 Derby Road Freehold The Town Hall Freehold The Market Hall Cost/valuation At 1 January 2021 250,000 90,000 120,000 Addition/Revaluation - - - At 31 December 2021 250,000 90,000 120,000 Accumulated depreciation At 1 January 2021 55,000 19,800 26,400 Charge for the year 5,000 1,800 2,400 At 31 December 2021 60,000 21,600 28,800 Net book or market value At 31 December 2021 190,000 68,400 91,200 Net book or market value At 31 December 2020 195,000 70,200 93,600 Freehold land and buildings: 2021 £ 1-12 Allotment Gardens Historical cost 660,266 Revaluation increase 1,289,734 Cumulative depreciation based on historical cost 79,230 Cumulative depreciation based on revaluation 140,103 No historical cost information is available for The Town Hall, The Market Hall or 4 Derby Road. 2021 £ 4 Derby Road, Town Hall and Market Hall Revaluation at 30 September 2010 460,000 Cumulative depreciation based on revaluation 110,400 10 |
Fixtures, fittings and equipment £ 5,601 486 6,087 5,496 148 5,644 443 105 Freehold 1-12 Allotment Gardens 1,800,000 150,000 1,950,000 180,000 39,333 219,333 1,730,667 1,620,000 2020 £ 660,266 1,139,734 66,025 113,975 2020 £ 460,000 101,200 |
|---|---|
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
4 Investments
| Valuation At 1 January 2021 Disposals Revaluation At 31 December 2021 |
Investment Property 57 Fore Street £ 412,494 - - 412,494 |
Other investments £ 30,222 - 3,099 33,321 |
Total £ 442,716 - 3,099 445,815 |
|---|---|---|---|
No historical cost information is available on 57 Fore Street. The insured value of the property has been taken as an approximation of it's open market value to avoid the cost of a professional valuation. The investment property forms part of the charity's permanent endowment.
The other investments are included at market value at the year end and form part of the restricted endowment fund.
| The various shareholdings held in the restricted endowment fund during the year Aviva 8⅜% Cumulative Irredeemable Pref. shares £1 each ITV Ordinary shares 10p each Lloyds Ordinary shares 10p each M&G Inv. Divi. Fund Sterling Class A Income shares 5 Debtors Other debtors 6 Cash at bank and in hand Current account - HSBC Current account - Co-operative Bequest account COIF Charity Funds No 1 account No 2 account No 3 account Cash in hand |
were: 2021 £ 6,068 2021 £ 12,905 500 7,974 290,123 1,469 14,549 8 327,528 |
No. 427 787 271 57,111 2020 £ 6,073 2020 £ 12,334 500 6,487 220,594 1,469 14,547 16 255,947 |
|---|---|---|
The COIF No 2 account holds cash for the designated Extraordinary Repair fund.
The Bequest account and COIF No 3 account hold cash for the A F Wellington & D M Turner dec'd fund. Included in the COIF No 3 account is an amount of £13,688.57 being part of the charity's restricted endowment fund which must be permanently maintained.
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Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
| 7 Creditors: amounts falling due within one year Other creditors and accruals 8 Creditors: amounts falling due after one year Co-operative bank mortgage |
2021 £ 15,068 2021 £ 87,245 |
2020 £ 11,427 2020 £ 111,513 |
|---|---|---|
9 Funds
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
Restricted funds are funds which have been designated for particular purposes and projects. The A F Wellington & D M Turner dec'd funds are to provide relief and welfare for the blind. The designated repair fund is to be used for any extraordinary repairs of the charity's properties.
The capital of the restricted endowment fund, represented by investments, must be permanently maintained. Income from the restricted endowment fund is credited to the A F Wellington & D M Turner dec'd fund and is restricted for use in that fund only, for the welfare of the blind.
The permanent endowment fund consists of the Town Hall, the Market Hall, 4 Derby Road and the properties at Allotment Gardens as shown in note 3. The investment property shown in note 4 at 57 Fore Street also forms part of the permanent endowment. Income generated from the permanent endowment is unrestricted.
| Restricted A F Wellington & D M Turner dec'd fund At 1 January 2021 Interest received Dividend income At 31 December 2021 Designated extraordinary repair fund At 1 January 2021 Interest received At 31 December 2021 |
2021 £ 7,346 2 1,487 8,835 2021 £ 1,469 - 1,469 |
2020 £ 5,662 38 1,646 7,346 2020 £ 1,466 3 1,469 |
|---|---|---|
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Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2021
10 Outline summary of funds movements
| Fund balance brought forward Income Expenditure Transfers between funds Incoming resources transferred to unrestricted fund Resources expended transferred from unrestricted fund Investment income transferred to unrestricted fund Gains and losses Fund balance carried forward |
Unrestricted Funds 689,425 28,972 (72,115) 115,401 (10,290) 17,216 - 768,609 |
Restricted Funds 52,725 1,489 - - - - 3,099 57,313 |
Permanent Endowment Fund 2,391,294 132,617 (58,823) (115,401) 10,290 (17,216) 150,000 2,492,761 |
|---|---|---|---|
11 Related parties
The Trustees received no remuneration or expenses during the year.
12 Controlling party
The charity is controlled by the Trustees shown on the Trustees report.
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