KINGSBRIDGE TOWN LANDS CHARITY
(KINGSBRIDGE FEOFFEES)
ANNUAL REPORT FOR THE YEAR TO DECEMBER 31, 2024
The Kingsbridge Town Lands Charity (Kingsbridge Feoffees) is a registered Charity No. 212648. Its address is The Town Hall, Fore Street, Kingsbridge, Devon, TQ7 1HP.
The Charity’s trustees during the year were: Mr John Donovan -Chairman Mr Robert Cattell Mr Anthony Head Mrs Anne Balkwill Ms Beccy Bristow Mrs Julie White Mr Michael Trembath Mr Keith Wingate Mr Graham James
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 District. The Charity has twenty-five 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.
As both the Market Hall and Town Hall are old buildings there is ongoing maintenance for both properties. Renovations to the iconic Clock Tower and the front of the building commenced during October 2024. An estimation for the cost of repairs is £125,000 – the original figure of £115,000 has increased as additional work has found to be required. The Charity were hoping to raise 50% of the cost from the local business community but this has not been forthcoming. The Charity will, therefore, entirely fund the project.
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 2024
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 G James
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 2024
The trustees present their report and the financial statements of the charity for the year ended 31 December 2024. 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:
R J Cattell A E Balkwill J N Donovan (Chairman) R T Bristow M R Trembath K Wingate J White A C Head G James
2
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2024
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.
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 £125.00 towards living costs.
3
Kingsbridge Town Lands Charity (Kingsbridge Feoffees)
Annual report for the year to 31 December 2024
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 2024 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 2024
| Note Unrestricted Funds £ Donations, legacies and similar incoming resources Contributions to overheads (National Grid) - - 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 84,048 1 - 12 Allotment Gardens, Kingsbridge 10 - 84,048 Investment income Rent received - 57 Fore Street, Kingsbridge 10 - Interest received - COIF charity deposit fund interest 7,322 Dividend income - 7,322 Other income Donations towards Town Hall repairs - - Total incoming resources 91,370 Resources expended Charitable expenditure Donations and grants 125 125 Management and administration Council tax and water rates 2,218 Electricity, gas and telephone 4,916 Insurance 10 6,042 Wages and National Insurance (Note 2) 40,167 Repairs upkeep of properties & gardens 10 19,331 Architects and planning costs re Town Hall - Cleaning materials and supplies 440 57 Fore Street property repairs 10 - Legal and professional fees - valuation fee 1,800 Legal and professional fees 78 Accountancy and independent examiners fees 1,500 Payroll 297 Postage, printing, stationery and advertising 487 Website costs 120 Bank charges 75 Mortgage interest payable 62,458 Depreciation - fixtures, fittings and equipment 62 Depreciation - buildings and property 33,255 Sundries 97 173,343 Total resources expended 173,468 Net incoming resources before transfers c/fwd (82,098) |
Restricted Funds £ - - - - - - - - - - 17 865 - 882 3,854 3,854 4,736 - - - - - - - - - - - - - - - 10 - - - - 10 10 4,726 |
Permanent Endowment Funds £ - - 13,320 420 21,425 14,088 - 88,920 138,173 21,648 - - - 21,648 - - 159,821 - - - - 14,495 - 67,316 17,414 - 1,844 - - - - - - - - 48,533 - 149,602 149,602 10,219 |
Total 2024 £ - - 13,320 420 21,425 14,088 84,048 88,920 222,221 21,648 17 8,187 - 29,852 3,854 3,854 255,927 125 125 2,218 4,916 20,537 40,167 86,647 17,414 440 1,844 1,800 78 1,500 297 487 120 85 62,458 62 81,788 97 322,955 323,080 (67,153) |
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) |
|---|---|---|---|---|
6
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Statement of financial activities for the year ended 31 December 2024
| Note Unrestricted Funds Net incoming resources before transfers b/fwd (82,098) Gross transfers between funds 10 58,752 Net incoming resources before revaluations and investment asset disposal (23,346) Gains and losses on investment asset disposals - Unrealised gains on revaluations of investment assets (Note 4) - Net movement in funds (23,346) Total funds brought forward 1 January 2024 902,739 Total funds carried forward 31 December 2024 879,393 |
Restricted Funds 4,726 - 4,726 - - 4,726 17,355 22,081 |
Permanent Endowment Funds 10,219 (58,752) (48,533) - - (48,533) 2,395,695 2,347,162 |
Total 2024 (67,153) - (67,153) - - (67,153) 3,315,789 3,248,636 |
Total 2023 (3,022) - (3,022) (2,198) - (5,220) 3,321,009 3,315,789 |
|---|---|---|---|---|
7
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Balance Sheet as at 31 December 2024
| 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 Town hall repair fund Unrestricted Fund Accumulated fund |
Unrestricted Funds £ 1,448,625 - - 1,448,625 13,785 152,470 166,255 (27,945) 138,310 1,586,935 (707,542) 879,393 - - - - - - 879,393 879,393 |
Restricted Funds £ - - 13,688 13,688 - 8,393 8,393 - 8,393 22,081 - 22,081 - - 13,688 2,432 1,627 4,334 - 22,081 |
Permanent Endowment Fund £ 1,934,668 412,494 - 2,347,162 - - - - - 2,347,162 - 2,347,162 567,831 1,779,331 - - - - - 2,347,162 |
Total 2024 £ 3,383,293 412,494 13,688 3,809,475 13,785 160,863 174,648 (27,945) 146,703 3,956,178 (707,542) 3,248,636 567,831 1,779,331 13,688 2,432 1,627 4,334 879,393 3,248,636 |
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 |
|---|---|---|---|---|---|
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 2024
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 £40167. 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 2024
3 Tangible fixed assets
| Freehold 12,14,15 Derby Road Freehold 16 to 20 Derby Road £ £ Cost At 1 January 2024 646,650 984,990 Development costs/Additions - 31,115 At 31 December 2024 646,650 1,016,105 Accumulated depreciation At 1 January 2024 181,062 - Charge for the year 12,933 20,322 At 31 December 2024 193,995 20,322 Net book value At 31 December 2024 452,655 995,783 At 31 December 2023 465,588 984,990 Charities Permanent Endowment Freehold 4 Derby Road Freehold The Town Hall Freehold The Market Hall Cost/valuation At 1 January 2024 250,000 90,000 120,000 Addition/Revaluation - - - At 31 December 2024 250,000 90,000 120,000 Accumulated depreciation At 1 January 2024 70,000 25,200 33,600 Charge for the year 5,000 1,800 2,400 At 31 December 2024 75,000 27,000 36,000 Net book or market value At 31 December 2024 175,000 63,000 84,000 Net book or market value At 31 December 2023 180,000 64,800 86,400 Freehold land and buildings: 2024 £ 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 244,897 No historical cost information is available for The Town Hall, The Market Hall or 4 Derby Road. 2024 £ 4 Derby Road, Town Hall and Market Hall Revaluation at 30 September 2010 460,000 Cumulative depreciation based on revaluation 138,000 |
Fixtures, fittings and equipment £ 6,087 - 6,087 5,838 62 5,900 187 249 Freehold 1-12 Allotment Gardens 1,950,000 - 1,950,000 297,999 39,333 337,332 1,612,668 1,652,001 2023 £ 660,266 1,289,734 92,435 205,564 2023 £ 460,000 128,800 |
|---|---|
10
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2024
4 Investments
| Valuation At 1 January 2024 Disposals At 31 December 2024 |
Investment Property 57 Fore Street £ 412,494 - 412,494 |
Other investments £ - - - |
Total £ 412,494 - 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.
| 5 Debtors Other debtors 6 Cash at bank and in hand Current account - HSBC Current account - Co-operative Deposit account - HSBC Bequest account COIF Charity Funds No 1 account No 2 account No 3 account Cash in hand |
2024 £ 13,785 2024 £ 50,830 229 4,334 - 101,350 1,627 16,120 61 174,551 |
2023 £ 13,326 2023 £ 57,708 1,329 - 473 144,028 1,547 15,335 6 220,426 |
|---|---|---|
The HSBC deposit account holds cash for the town hall repair fund.
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 2024
| 7 Creditors: amounts falling due within one year Other creditors and accruals 8 Creditors: amounts falling due after one year Co-operative bank mortgage |
2024 £ 27,945 2024 £ 707,542 |
2023 £ 26,401 2023 £ 738,084 |
|---|---|---|
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 funds are to be used for any extraordinary repairs of the charity's properties.
The capital of the restricted endowment fund must be permanently maintained. Income from the restricted endowment fund is credited to the AF Wellington & DM 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 2024 Interest received Dividend income (ceased during year - investments sold) Transferred towards development works at Derby Road, Kingsbridge. Transfer to repair fund Bank charges At 31 December 2024 Designated extraordinary repair fund At 1 January 2024 Interest received At 31 December 2024 Designated town hall repair fund Transfer from AF Wellington & DM Turner Interest received Donations |
2024 £ 2,120 785 - (463) (10) 2,432 2024 £ 1,547 80 1,627 2024 £ 463 17 3,854 4,334 |
2023 £ 10,740 644 1,696 (10,900) - (60) 2,120 2023 £ 1,483 64 1,547 2023 £ - - - - |
|---|---|---|
12
Kingsbridge Town Lands Charity (Kingsbridge Feoffees) Notes to the Accounts for the year ended 31 December 2024
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 Fund balance carried forward |
Unrestricted Funds 902,739 91,370 (173,468) 138,173 (101,069) 21,648 879,393 |
Restricted Funds 17,355 4,736 (10) - - - 22,081 |
Permanent Endowment Fund 2,395,695 159,821 (149,602) (138,173) 101,069 (21,648) - 2,347,162 |
|---|---|---|---|
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 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 2024 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. Duke Court Bridge Street Kingsbridge Devon TQ71HX