Town Hall and Clock Tower during 2024. Surveys have been completed and a project manager appointed. Planning permission will be applied for in the first few months of 2024. 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 2023
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
R J Cattell A E Balkwill J N Donovan (Chairman) R T Bristow M R Trembath K Wingate J White A C Head
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 2023
The trustees present their report and the financial statements of the charity for the year ended 31 December 2023. 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 (deceased) - to be replaced in due course R J Cattell A E Balkwill J N Donovan (Chairman) R J Trembath (deceased) replaced by M R Trembath R T Bristow M R Trembath K Wingate J White A C Head
2
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2023
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 to 21 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.
Development commenced mid 2022 on 6 residential dwellings to be provided on an affordable rental basis at Derby Road, Kingsbridge being 4 three bedroom houses and 2 one bedroom flats, the ground floor flat to be provided for a partially sighted or blind person. The letting of these properties commenced during 2023.
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
Payments were made to an individual amounting to £250.00 towards living costs, £750.00 was paid to funeral directors for charitable donations to the charity of choice of the family's of the late K Court and R Trembath and £598 was repaid to a tenant as a goodwill gesture towards their rental costs.
3
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2023
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 for the upkeep and maintenance of the properties of the charity and 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)
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 2023 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.
D J Cotton FCA
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 2023
| Note Unrestricted Funds £ Donations, legacies and similar incoming resources Contributions to overheads (National Grid) 1,000 1,000 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 to 21 Derby Road, Kingsbridge 50,354 1 - 12 Allotment Gardens, Kingsbridge 10 - 50,354 Investment income Rent received - 57 Fore Street, Kingsbridge 10 - COIF charity deposit fund interest 8,215 Dividend income - 8,215 Total incoming resources 59,569 Resources expended Charitable expenditure Donations and grants 1,598 1,598 Management and administration Council tax and water rates 1,421 Electricity, gas and telephone 3,207 Insurance 10 3,425 Wages and National Insurance (Note 2) 31,633 Repairs and renewals and upkeep of gardens 10 1,336 Cleaning materials and supplies 538 57 Fore Street property repairs 10 - Legal and professional fees 1,698 Accountancy and independent examiners fees 1,380 Payroll and COVID matters 276 Postage, printing, stationery and advertising 393 Website costs 980 Bank charges 127 Arrangement fees - Mortgage interest payable 65,173 Depreciation - fixtures, fittings and equipment 83 Depreciation - buildings and property 12,933 Sundries 228 124,831 Total resources expended 126,429 Net incoming resources before transfers c/fwd (66,860) |
Restricted Funds £ - - - - - - - - - - 708 1,696 2,404 2,404 - - - - - - - - - - - - - 60 - - - - - 60 60 2,344 |
Permanent Endowment Funds £ - - 9,435 370 20,321 13,332 - 84,113 127,571 23,068 - - 23,068 150,639 - - - - 12,846 - 23,090 - 4,676 - - - - - - - - 48,533 - 89,145 89,145 61,494 |
Total 2023 £ 1,000 1,000 9,435 370 20,321 13,332 50,354 84,113 177,925 23,068 8,923 1,696 33,687 212,612 1,598 1,598 1,421 3,207 16,271 31,633 24,426 538 4,676 1,698 1,380 276 393 980 187 - 65,173 83 61,466 228 214,036 215,634 (3,022) |
Total 2022 £ - - 9,765 580 20,441 12,662 24,998 79,123 147,569 16,263 2,608 1,823 20,694 168,263 950 950 1,899 2,706 13,853 27,091 32,276 501 4,793 50 1,380 255 271 - 194 11,375 5,307 111 61,466 27 163,555 164,505 3,758 |
|---|---|---|---|---|
6
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Statement of financial activities for the year ended 31 December 2023
| Note Unrestricted Funds Net incoming resources before transfers b/fwd (66,860) Gross transfers between funds 10 150,618 Net incoming resources before revaluations and investment asset disposal 83,758 Gains and losses on investment asset disposals - Unrealised gains on revaluations of investment assets (Note 4) - Net movement in funds 83,758 Total funds brought forward 1 January 2023 818,981 Total funds carried forward 31 December 2023 902,739 |
Restricted Funds 2,344 (40,591) (38,247) (2,198) - (40,445) 57,800 17,355 |
Permanent Endowment Funds 61,494 (110,027) (48,533) - - (48,533) 2,444,228 2,395,695 |
Total 2023 (3,022) - (3,022) (2,198) - (5,220) 3,321,009 3,315,789 |
Total 2022 3,758 - 3,758 - (1,432) 2,326 3,318,683 3,321,009 |
|---|---|---|---|---|
7
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Balance Sheet as at 31 December 2023
| 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 Restricted Fund AF Wellington & DM Turner dec'd fund Designated Fund Extraordinary repair fund Unrestricted Fund Accumulated fund |
Unrestricted Funds £ 1,450,827 - - 1,450,827 13,326 203,071 216,397 (26,401) 189,996 1,640,823 (738,084) 902,739 - - - - - 902,739 902,739 |
Restricted Funds £ - - 13,688 13,688 - 3,667 3,667 - 3,667 17,355 - 17,355 - - 13,688 2,120 1,547 - 17,355 |
Permanent Endowment Fund £ 1,983,201 412,494 - 2,395,695 - - - - - 2,395,695 - 2,395,695 567,831 1,827,864 - - - - 2,395,695 |
Total 2023 £ 3,434,028 412,494 13,688 3,860,210 13,326 206,738 220,064 (26,401) 193,663 4,053,873 (738,084) 3,315,789 567,831 1,827,864 13,688 2,120 1,547 902,739 3,315,789 |
Total 2022 £ 2,874,854 444,383 13,688 3,332,925 5,975 411,443 417,418 (17,756) 399,662 3,732,587 (411,578) 3,321,009 567,831 1,876,397 45,577 10,740 1,483 818,981 3,321,009 |
|---|---|---|---|---|---|
Signed and approved on behalf of all the Trustees:
……………….. ……………….. Trustee Trustee
Approved on ………………..
8
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2023
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 £31633. 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 2023
3 Tangible fixed assets
| Freehold 12,14,15 Derby Road Freehold 16 to 20 Derby Road £ £ Cost At 1 January 2023 646,650 364,267 Development costs/Additions - 620,723 At 31 December 2023 646,650 984,990 Accumulated depreciation At 1 January 2023 168,129 - Charge for the year 12,933 - At 31 December 2023 181,062 - Net book value At 31 December 2023 465,588 984,990 At 31 December 2022 478,521 364,267 Charities Permanent Endowment Freehold 4 Derby Road Freehold The Town Hall Freehold The Market Hall Cost/valuation At 1 January 2023 250,000 90,000 120,000 Addition/Revaluation - - - At 31 December 2023 250,000 90,000 120,000 Accumulated depreciation At 1 January 2023 65,000 23,400 31,200 Charge for the year 5,000 1,800 2,400 At 31 December 2023 70,000 25,200 33,600 Net book or market value At 31 December 2023 180,000 64,800 86,400 Net book or market value At 31 December 2022 185,000 66,600 88,800 Freehold land and buildings: 2023 £ 1-12 Allotment Gardens Historical cost 660,266 Revaluation increase 1,289,734 Cumulative depreciation based on historical cost 92,435 Cumulative depreciation based on revaluation 205,564 No historical cost information is available for The Town Hall, The Market Hall or 4 Derby Road. 2023 £ 4 Derby Road, Town Hall and Market Hall Revaluation at 30 September 2010 460,000 Cumulative depreciation based on revaluation 128,800 10 |
Fixtures, fittings and equipment £ 6,087 - 6,087 5,755 83 5,838 249 332 Freehold 1-12 Allotment Gardens 1,950,000 - 1,950,000 258,666 39,333 297,999 1,652,001 1,691,334 2022 £ 660,266 1,289,734 92,435 166,231 2022 £ 460,000 119,600 |
|---|---|
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2023
4 Investments
| Valuation At 1 January 2023 Disposals At 31 December 2023 |
Investment Property 57 Fore Street £ 412,494 - 412,494 |
Other investments £ 31,889 (31,889) - |
Total £ 444,383 (31,889) 412,494 |
|---|---|---|---|
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 represented shareholdings which formed part of the restricted endowment fund. These shares were sold during the year to assist with the development works at Derby Road, Kingsbridge to provide a flat for a partially sighted or blind person on an affordable rental basis.
| 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 |
2023 £ 13,326 2023 £ 57,708 1,329 473 144,028 1,547 15,335 6 220,426 |
2022 £ 5,975 2022 £ 149,062 18,329 9,737 231,813 1,483 14,691 16 425,131 |
|---|---|---|
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 2023
| 7 Creditors: amounts falling due within one year Other creditors and accruals 8 Creditors: amounts falling due after one year Co-operative bank mortgage |
2023 £ 26,401 2023 £ 738,084 |
2022 £ 17,756 2022 £ 411,578 |
|---|---|---|
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, these shares were sold during the year to assist with the development works at Derby Road, Kingsbridge towards the construction cost of a flat for a partially sighted or blind person on an affordable rental basis.
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 2023 Interest received Dividend income (ceased during year - investments sold) Transferred towards development works at Derby Road, Kingsbridge. Bank charges At 31 December 2023 |
2023 £ 10,740 644 1,696 (10,900) (60) 2,120 |
2022 £ 8,835 142 1,823 - (60) 10,740 |
|---|---|---|
Monies were transferred from this fund during the year to assist with the development works at Derby Road, Kingsbridge towards the construction costs of a flat for a partially sighted or blind person on an affordable rental basis.
| Designated extraordinary repair fund At 1 January 2023 Interest received At 31 December 2023 |
2023 £ 1,483 64 1,547 |
2022 £ 1,469 14 1,483 |
|---|---|---|
12
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2023
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 Transfer to unrestricted fund (Note 9) Proceeds re Investment asset sale (Note 4) Loss on disposal of investment assets Fund balance carried forward |
Unrestricted Funds 818,981 59,569 (126,429) 127,571 (40,612) 23,068 10,900 29,691 - 902,739 |
Restricted Funds 57,800 2,404 (60) - - - (10,900) (29,691) (2,198) 17,355 |
Permanent Endowment Fund 2,444,228 150,639 (89,145) (127,571) 40,612 (23,068) - - - 2,395,695 |
|---|---|---|---|
Monies from the Bequest account and monies received from the sale of shares were transferred to the unrestricted fund to assist with the development works at Derby Road, Kingsbridge towards the construction costs of a flat for a partially sighted or blind person on an affordable rental basis.
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
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Independent Examiners Report Independent examiners rèport 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 2023 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. D J Cotton FCA Bridge Street Kingsbridge Devon TQ71HX Dated.....