**REGISTERED CHARITY NUMBER: 216557**
**THE SWINESHEAD POOR CHARITIES**
**REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED**
**31 MARCH 2023**
**THE SWINESHEAD POOR CHARITIES**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
||Page|
|---|---|
|Report of the Trustees|1 to 3|
|Independent Examiners Report|4|
|Statement of Financial Activities|5|
|Statement of Financial Position|6|
|Notes to the Financial Statements|7 to 12|
|Detailed Statement of Financial Activities|13|
**THE SWINESHEAD POOR CHARITIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives and aims of the charity are:
"To relieve either generally or individually persons who are in conditions of need, hardship or distress within the parish of Swineshead".
The objectives cover the relief of poverty, help for children, young people, the elderly, the disabled and the general public.
The objectives are achieved by providing grants to individuals and organisations and by providing buildings, facilities and open space areas.
## **Public benefit reporting**
When reviewing the charities objectives and aims, and in planning future activities, the trustees have considered the Charity Commission's general guidance on public benefit.
## **Significant activities**
The charity’s main activities each year is the provision of monthly pension payments to persons in need, together with grants to support various organisations and individuals.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
The charity has enjoyed another successful year and continues to help those in the community by the provision of funds by way of grants and donations.
Monthly pensions totalling £6,350 were paid during the year to nine recipients (2022 – £7,050 paid to nine recipients).
In addition, further grants and donations were made to a number of beneficiaries totalling £6,450 (2022 - £4,295). These included £2,200 to the Education Foundation (2022 - £2,550).
The charity continues to receive rental income from the various land that is held. The administration of the collection of the rental income during the year was managed of behalf of the trustees by Lynne Wilson.
## **Investment performance**
Investments are held with M&G Investments in the Charibond fund and generate income on a quarterly basis.
Page 1
## **THE SWINESHEAD POOR CHARITIES**
## **REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **FINANCIAL REVIEW**
## **Reserves policy**
The reserves policy of the charity is to maintain unrestricted free funds of the charity, at a sufficient level which enables the charity to be able to operate.
As at 31 March 2023 total reserves were £1,533,069 of which £1,382,494 was represented by fixed assets held by the charity. This leaves free reserves of £150,575 (compared to £46,566 for the previous year). The trustees consider the level of free reserves to be adequate. They will continue to monitor the reserves held by the charity and consider funds held in conjunction with other projects that the trustees may consider for the future.
## **Funds in deficit**
The charity did not have any funds in deficit at the year end date.
## **FUTURE DEVELOPMENTS**
The trustees intend to continue to maintain the charity on a similar basis to previous years.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The formal governing document is a Scheme dated 5 May 1975.
The charity was registered with the Charity Commission on 24 April 1964.
## **Recruitment and appointment of new trustees**
The body of trustees shall consist when complete of eight competent persons being one ex-officio trustee, three nominated trustees and four co-optative trustees.
The ex-officio trustee shall be the vicar for the time being of the Ecclesiastical Parish of St. Mary, Swineshead.
The nominative trustees shall be appointed by the Borough Council of Boston and the Parish Council of Swineshead.
The co-operative trustees shall be persons who through residence, occupation or employment, or otherwise have special knowledge of the areas of the parish of Swineshead.
All trustees give of their time freely and no trustee remuneration was paid in the year.
## **Organisational structure**
The trustees shall hold at least two ordinary meetings in each year.
There shall be quorum when three trustees are present at a meeting.
Day to day administrative duties are carried out by the clerk on behalf of the trustees.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 2
## **THE SWINESHEAD POOR CHARITIES**
## **REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 216557
## **Principal address**
Home Farm Tumby Moorside Boston Lincolnshire PE22 7ST
## **Trustees**
M Brookes K Harwood resigned 20 July 2022 M R Leggott M Welberry-Smith G J Hutson Dr P J Dawson J W Wright Rev C Robertson G Cornah resigned 4 May 2023 S Trafford appointed 27 February 2023
## **Independent examiner**
Mr J R Hodson FCA Duncan & Toplis Limited Chartered Accountants 5 Resolution Close Endeavour Park Boston Lincolnshire PE21 7TT
## **Bankers**
Lloyds Bank plc. 51 Market Place Boston Lincolnshire PE21 6NQ
## **Solicitors**
Maples 23 New Road Spalding Lincolnshire PE11 1DH
## **Valuers and estate agents**
Will Barker & Co. 12 The Point Lions Way Sleaford Lincolnshire NG34 8GG
Approved by order of the board of trustees on 12 July 2023 and signed on their behalf by:
M Welberry-Smith – Trustee
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWINESHEAD POOR CHARITIES**
## **Independent examiner’s report to the trustees of Swineshead Poor Charities**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 5 to 12.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the accounts do not accord with those record; or
- 3 the accounts do not comply with applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other then any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in the report in order to enable a proper understanding of the accounts to be reached.
J R HODSON FCA Duncan & Toplis Limited Chartered Accountants 5 Resolution Close Endeavour Park Boston Lincolnshire PE21 7TT
Date 30 August 2023
Page 4
**THE SWINESHEAD POOR CHARITIES**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|Unrestricted
Endowment
funds
funds
Notes
£
£
**INCOME AND ENDOWMENTS FROM:**
Investments
42,463
-
Other
3
205
-
**Total**
42,668
-
**EXPENDITURE ON:**
**Charitable activities**
4
22,472
-
**Total**
22,472
-
Net income before investment gains/(losses)
20,196
-
Net (losses)/gains on investments
8
(3,718)
-
**NET INCOME**
16,478
-
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
7
-
-
**Net movement in funds**
16,478
-
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
1,491,591
25,000
**TOTAL FUNDS CARRIED FORWARD**
1,508,069
25,000||2023
Total
Funds
£
42,463
205
42,668
22,472
22,472
20,196
(3,718)
16,478
-
16,478
1,516,591
1,533,069|2022
Total
Funds
£
43,836
195
44,031
18,931|
|---|---|---|---|
||||18,931|
||||25,100
(529)|
||||24,571|
||||-
24,571
1,492,020
1,516,591|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities
The notes form part of these financial statements
Page 5
## **THE SW5INESHEAD POOR CHARITIES**
## **STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2023**
|Unrestricted
Endowment
funds
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
7
1,306,850
25,000
Investments
8
50,644
-
1,357,494
25,000
**CURRENT ASSETS**
Debtors
9
1,080
-
Monies held by Solicitor
82,822
-
Cash at bank and in hand
10
71,089
-
154,991
-
**CREDITORS**
Amounts falling due within one year
11
(4,416)
-
**NET CURRENT ASSETS**
150,575
-
**TOTAL ASSETS LESS CURRENT LIABILITIES**
1,508,069
25,000
**NET ASSETS**
1,508,069
25,000
**FUNDS**
12
Endowment funds
Unrestricted funds
**TOTAL FUNDS**|2023
Total
funds
£
1,331,850
50,644
1,382,494
1,080
82,822
71,089
154,991
(4,416)
150,575
1,533,069
1,533,069
25,000
1,507,489
1,532,489|2022
Total
Funds
£
1,416,850
54,362
1,471,212
680
-
51,350
52,030
(6,651)
45,379
1,516,591
1,516,591
25,000
1,491,591
1,516,591|
|---|---|---|
The financial statements were approved by the Board of Trustees on 12 July 2023 and were signed on its behalf by:
M Welberry-Smith -Trustee
J W Wright -Trustee
The notes form part of these financial statements
Page 6
**THE SWINESHEAD POOR CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. STATUTORY INFORMATION**
The Swineshead Poor Charity is an unincorporated charity, registered in England and Wales. The charity's registered number and principal office address can be found on the Charity Commission website.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in pound sterling (£) which is the functional currency of the charity.
## **2. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared on a going concern basis.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations - income by way of donations is included in full in the Statement of Financial Activities in the year in which they are receivable.
Investment income is included when receivable by the charity and consists of:
- Bank deposit interest which is included in the statement of financial activities on a receivable basis;
- Investment income paid on a quarterly basis on the investment portfolio held by the charity in included on a receivable basis;
- Rental income in respect of tenanted land which is included in the statement of financial activities on a receivable basis.
Donations in kind - no amounts are included in the financial statements for services donated by the trustees
Page 7
**THE SWINESHEAD POOR CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023**
## **2. ACCOUNTING POLICIES - continued**
## **Expenditure**
Expenditure is recognised on an accruals basis, being recognised in the period in which it has incurred. Expenditure includes attributable VAT which cannot be recovered. Irrecoverable VAT is charged against the expenditure for which it was incurred.
Charitable activities includes donations made by the charity to a wide range of worthy causes. These are included when the charity has made a non-conditional commitment to the recipient.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
The fixed assets comprise freehold land and property which are classed as investment properties and are included at valuation.
## **Investments**
Investments, comprising funds placed with M&G Investments, are included at valuation.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds can be set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Endowment funds are funds which represent those assets which must be held permanently by the charity, principally investments of fixed assets. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any gains or losses arising on the assets form part of the fund.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 8
**THE SWINESHEAD POOR CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023**
|**3.**
**OTHER INCOME**
‘Rambling day’
Wayleave
Donation
**4.**
**EXPENDITURE ON CHARITABLE ACTIVITIES**
**Charitable activities:**
Monthly pensions
Grants and donations
‘Rambling day’ teas
**Support costs:**
Clerks salary and expenses
Rates and water
Insurance
Professional fees for rent collection
Property expense costs (including insurances)
Professional fees
Educational Foundation clerk
Independent examination/accountancy fees
**Total expenditure on charitable activities**||
|---|---|
|||
|||
|||
Page 9
**THE SWINESHEAD POOR CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023**
## **4. EXPENDITURE ON CHARITABLE ACTIVITIES - continued**
The grants and donations paid in the year comprises:
Grants by way of monthly pension contributions were made during the year to nine recipients (2022 – 9) totalling £6,350 (2022 - £7,050).
Grants and donations were made to a number of beneficiaries totalling £6,450 (2022 - £4,295) being Education Foundation £2,200 (2022 - £2,550), Jubilee Committee £nil (2022 - £700), Swineshead Scout Group £1,000 (2022 - £nil) and other individuals £3,250 (2022 - £1,295)
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **6. STAFF COSTS**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Educational Foundation clerk
Clerk to the Trustees|2023
£
1,600
2023
1
1|2022
£
1,600
2022
1
1|
|---|---|---|
No employee received total remuneration in excess of £60,000 (2022 - £60,000).
## **7. TANGIBLE FIXED ASSETS – INVESTMENT PROPERTIES**
|**COST OR VALUATION**
At 1 April 2022
Disposal
Cost or valuation as at 31 March 2023|Freehold
properties
£
234,000
-
234,000|Freehold
land
Freehold land
Enhancement
costs
£
£
1,182,850
-
(85,000)
-
1,097,850
-|Total
£
1,416,850
(85,000)
1,331,850|
|---|---|---|---|
The charity owns freehold properties and various pieces of tenanted land including the Swineshead playing field.
Page 10
**THE SWINESHEAD POOR CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023**
## **7. TANGIBLE FIXED ASSETS – INVESTMENTS PROPERTIES - continued**
The valuation of the properties and the land held by the charity is included in the balance sheet as at 31 March 2023 based on a professional valuation for the date of 31 March 2017, as carried out on behalf of the trustees by Camilla Shipley BSc(Hons) MRICS FAAV of Pygott & Crone, except for any additions since the 2017 valuations which are included at a valuation obtained on purchase.
The Swineshead playing field which is included in the above valuation is held as an asset which the charity cannot dispose of in the future. It has therefore been included as an endowment fund. The valuation for the Swineshead playing field as at 31 March 2023 was £25,000 which is based on a professional valuation as at 31 March 2017.
## **8. FIXED ASSET INVESTMENTS**
|Investments were as follows:
M & G Investments
Unrealised gains/(losses) on investments
Realised gains/(losses) on investments
Total increase/(decrease) in value of investments
Historical cost at 31 March|2023
£
50,644
(3,718)
-
(3,718)
50,046||2022
£
54,362
(529)
-|
|---|---|---|---|
||||(529)|
||||50,046|
The valuation included in the year end accounts is the market value as at 31 March 2023.
## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Prepayments and accrued income|2023
£
1,080|2022
£
680|
|---|---|---|
## **10. CASH AT BANK AND IN HAND**
|**CASH AT BANK AND IN HAND**||||
|---|---|---|---|
|||2023|2022|
||General fund|Total funds|Total funds|
||£|£|£|
|Current account - Lloyds Bank plc.|71,089|71,089|51,350|
|Total|71,089|71,089|51,350|
In addition to the above, funds of £82,222 were held in a client account by the Charity’s solicitors in respect of the land sales during the year.
Page 11
**THE SWINESHEAD POOR CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Accruals and deferred income
**12.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Endowment funds**
Playing field
**TOTAL FUNDS**
Net movement in funds, included
**Unrestricted funds**
General fund
**Endowment funds**
Playing field|At 1/04/22
£
1,491,591
25,000
1,516,591
in the above are as follows:
Income
Expenditure
£
£
42,668
(22,472)
-
-
42,668
(22,472)|2023
2022
£
£
4,416
6,651
Net
movement
in funds
Transfers
between
funds
At 31/03/23
£
£
£
16,478
-
1,508,069
-
-
25,000
16,478
-
1,533,069
Gains/(losses)
on investment
assets
Gains/(losses)
on revaluation
of fixed assets
Movement
in funds
£
£
£
(3,718)
-
16,478
-
-
-
(3,718)
-
16,478|2023
2022
£
£
4,416
6,651
Net
movement
in funds
Transfers
between
funds
At 31/03/23
£
£
£
16,478
-
1,508,069
-
-
25,000
16,478
-
1,533,069
Gains/(losses)
on investment
assets
Gains/(losses)
on revaluation
of fixed assets
Movement
in funds
£
£
£
(3,718)
-
16,478
-
-
-
(3,718)
-
16,478|
|---|---|---|---|
||||16,478|
The endowment fund comprises Swineshead playing field, an asset which the charity cannot dispose of in the future.
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2023 (2022 – none).
## **14. ULTIMATE CONTROLLING PARTY**
The charity is controlled by the trustees.
Page 12
**THE SWINESHEAD POOR CHARITIES**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**INCOME**
**Investment income**
Rental income
M & G investment income
Deposit interest
**Other income**
‘Rambling day’
Wayleave
Donation
**Total income**
**EXPENDITURE**
**Charitable activities**
Monthly pensions
Grants and donations
‘Rambling day’ teas
**Support costs**
Clerks salary and expenses
Rates and water
Insurance
Professional fees for rent collection
Property expense costs (including insurances)
Professional fees
Educational Foundation clerk
Independent examination/accountancy fees
**Total expenditure**
**Net (losses)/gains on investments**
**Net income for the year**|2023
£
40,711
1,752
-
42,463
-
205
-
205
**42,668**
6,350
6,450
63
12,863
1,600
27
275
1,396
2,224
3,066
150
871
9,609
**22,472**
**(3,718)**
**16,478**|2022
£
42,272
1,564
-
43,836
-
195
-
195
**44,031**
7,050
4,295
181
11,526
1,600
26
264
1,516
1,678
1,475
150
696
7,405
**18,931**
**(529)**
**24,571**|
|---|---|---|
Page 13