DUNCAN &TOPLIS REGISTERED CHARITY NUMBER: 216557 THE SWINESHEAD POOR CHARITIES REPORT OF YHE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 rrdn&TcVlsd05toDDW&TDkSrlIradgrn0f r.L% 1E01 DUn&-.04$.2csiQIe, Graitham, L1Jrfjo. NG3', 65F. Rè¥btsdfllrarnp.b6ofin¥Ij5trnFDtbJsTh55eclpiit.dyt7elTr.,rttPoI fKRESTON GLOBAL duncantoplis.co.uk 11
ThE 5WINESHEAO POOR CHARITIES CONTENTS OF THE FINANCIALSTATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Ito3 Independenl Examiners Report Staternent of Financial Activities Staternent of Financial Position Notes to the Financial Statements 7t012 Detailed Statement of Financial Activities 13
THE SWINESHEAD POOR CHARITIES REPCIRT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicèble to charities preparing their accounts in accordance with the Financial Repgrting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeetive l January 20191. OBJECTIVES AND ACTIVITIES Objtctlvè5 and alm5 The objectives and alms of the charlty are- 'To relieve either generally or individually persorbs who are in conditions of need. hardship or di5tre55 Wlthin the parish of SwSneshead" The objective5 cover the relief of poverty. help foy children, young people, the elderly, the disabled and the general public. The objertives are achieved by providin8 8rants to indwidua15 and or8ani53tion5 and by providin8 buildin8$, facilities and open Space area5. Public btnefrt reporting When revlewlng the charltles oblertlves and alms, and in planning future acilvltle5, the trustee5 have considered the Charity Comrni5sion's general guidance on public benefit. Slgnifitant activities The charlty'5 main activitles each year is the provi5i0n of monthly pension payments to person5 In need. together wlth grants to support varlous organlsatlons and Indlvlduals. ACHIEVEMENTS AND PERFORMANCE charitab activitoes The charity has enjoyed another successful year and continues to help those in the commLÈThity bythe provision of lunds by way of 8rant5 aThd donations. Monthly penslons tolalllng £4,900 were pald durlng the year to seven reclplents12023- £6,350 paid io nine recipientsl. ITh addition, furthergrants and donations We made to a numberof beneficiaries totalling£8,05212023- £6,450). These included £2.600 to the Education Foundation12023- £2,2001. The charity continues to receive rental income from the various land that is held. The administratlon of the collection ol the rental income during the year was managed of behalf of the trustees by Lynne Wilson. Investment performancè Investments are held with M&G Investments in the Charibond fund and generate income on a quarterly basis. Page I
THE 5WINESHEAO POOR CHARITIES REPORT OF THE TRU5TEE5. continued FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserves policy The reserves pglicy of the charitv IS to maintain unrestricted free funds of the Charity, at a sufficient level which enable5 the charlty to be able to operate. As at 31 March 2024 total reserves were £1,544,551 of whlch £1.414,767 was represented by flxed assets held by thè charity. This leaves free re5erve5 of £79,161 (compared to £150,575 for the previgus year). The trustees consider the level of free reserves to be adequate. They wlll contlnue to rnonltor the reserves held by the charlty and consider funds held In conlunctlon wlth other projects that the trsjstees may conslder foi the luture. Funds In defic The charity did not have ary fund5 in deficit at the year eThd date. FUTURE DEVELOPMENTS The trLJStees irstend to continue to maintain the charity on a Similar basis to previous years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governln8 document The charity 15 controlled by its governin8 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 Commi55ion on 24 April 1964. Re¢rultment and appointment of new twstees 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 bein8 of the Eccle5iastiral Parish of St. Mary. Swineshead. The nomlnative trustees shall be appolnted by the Borough Councll of Boston and the Parlsh Counul of Swlneshead. The co-operatlve trustèes shall be persons who through res5dence. occupatlon or employment, or otherwise have special knowledge of the areas of the parish of Swineshead. All trustees give of their time freely arnd no trustee remuneration was paid in the year. Organlsational strudure The trustees shall hold at le8St two ordinary meetin8$ in each year. There shall be quorurn when three trustees are present at a meeting. Day to day administratlve dutSes are carried out bythe clerk on behalf of the trustees. Risk manaKement The trustees have a duty to identlfy and revlew the risks to which the charlty Is Èxposed and to ensure appropriate controls are in place to provide reasonable assurance agalnst fraud and error. Pa&e 2
THE SWINESHEAD POOR CHARITIES REPORT OFTHE TRU5fEES- tontinued FOR THE YEAR ENDED 31 MARCH 2024 REFERÉNCE ANDADMINISTRAnvE DAll5 RÈ¥#er¢d Charlty ttumber 216557 Pn¢[pa1 addre55 Home Farm Tumby Muorside Boston ncolnshire PE22 75T Trustee5 M brookes M R Leggoit Wdberry-srnith G J Hutson DrPJDaw5 J W Wri8ht Revc Robertson G Cornah S Trafford Cllr 5 Welberry resigned 27 November 2023 resigned 4 May 2023 appointed 9June 2023 Ib)dependÈntexamlner Mr J R Hodscn FCA Duncan & Toplis Llmlted S Resolution Close Endeavour Park Boston LirKoln5hire PE217TT Blnkers Lloyds Bank plr. 51 Market Place oston lioInShire PE216NQ Solldtor5 Maples 23 New Road Spaldln8 ncolnshire PEII IDH Valuers and Èstate aBenis W511 Barker & Co. 12 The Point Lions Wav 51eaford Linrgln5hire NG34 8GG Approved by ord?r of the board of trustees on 10 july 2024 and signed on their behalf by.. M Welberry-Srnith- Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWINESHEAO POOR CHARITIES Indèpendent èxamlne¢s report to the trustees of Swlne5head Poor Charltles I report to the charity trustee5 on my examinatlon of the accounts of thè charity for the year ended 31 March 2024 which art sét out pages S to 12. Responslbllltles and basls of rèport As the charit5 trustees you are responsible for the preparation of the accounts In accordaDce with the requirernenls of the Charities Act 20111-the A1. I report In SpeCt of my examlnation of the charit15 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 Cornmission under section 14515llbl of the Act. Independent examlnerfs staten7ent I havE completed my examination. Your attentlon Is drawn to the fact that the tharity has prepared the flnanclal statements In accordance with Accounting and Reporting by Charitles preparing their accounts in accordance with the Financial Reporting Starbdard applicable in the UK and Republlc of Ireland IFRS1021 In preference to the Accountlng and Reportlng by Charltles.. Statement of Recommended Praetlce Issued on l Aprll 2C4)5 which is referred to in the extant regulatlons but has slnce been wlthdrawn. We understand that this has been dorne in order forthe accounts to provide a true and fair wew Tn accordance with the Generally Accepted Accountin8 Practice effective for reportln8 period5 beginning on or after l January 2015. I coThfirm that Tho material matters have come to my attention in connection with the examination 8iving me cause to believe thèt in any material respect.. l account5ng records WEre not kept irn respect of the chaiity a5 required by section 130 01 the Act,. or 2 the accounts do not accord with those record.. or 3 the account5 do not comply with applicable requlrements concernSng the forrn and content of account5 set out in the Charltles (Accounts and Reports) Regulatlons 2008 other then any requlrement that the account5 give a true and fa5r vlew which is not a matter considered as part of an independent examinatlon. I have no concerns and have come across no other matter5 in connection with the examinatlon to whlch attention should be drawn In the report in order to Ènable a proper understanding of the accounts to be reached. J R HODSON FCA Duncan & Toplis Limited S Re501ution C105e EThdeavour Park B05ton Lincolnshire P£217 Page 4
THE SWINESHEAD POOR CHARITIES STATEMENT OF FINANCIAi ACTIVITIES FOR THEYEAR ENDED 31 MARCH 2024 2024 Totsl Funds 2023 Total Funds Unrestricted funds Endowment fund5 Note5 INCOME AND ENDOWMENTS FROM: Investments Orher 40,389 197 40,389 197 42,463 205 Total 40.586 40,586 42,668 EXPENDITURE ON: Charltsble actlvltles 29,083 29,083 22,472 Total 29.083 29,083 22,472 Net income before investment 8alnslllossesl Net11055esl/gains on irnve5tments 11,503 11,503 20.196 13,7181 NETINCOME 11,482 11.482 16.478 Other recogn15ed galns/llos5esl Galns/llossesl on revaluètlon of fixed assets Net movement Sn funds 11.482 11,482 16,478 AECONaLIATION OF FUNOS Total funds brousht forward 1,508,069 25,000 1,533,069 1,516.591 TOTAL FUNDS CARRIED FORWARD 1.519.551 25.000 1.544,551 1,533,069 CONTtNU5NG OPERATIONS All Income and expendlture has arisen from contlnuSng aciivltles The notes form part of these Ilnancial statement5 Pa8e S
THE SW51NESHEAO POOR CHARMES STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2024 2024 Total funds 2023 Total Funds Unrestrkted lund5 Endowment funds Note5 FIXED A55Efs Tangible asset5 Inve5trnents 1.389.767 50,623 25,000 1.414.767 50,623 1,331,850 50,644 1,440,390 25,000 1.465.390 1.382,494 CURRENT ASSETS Debtors Monies held by Solicitor Cash at bank and in hand 31JO 1,080 82,822 71,089 io 84.430 84.430 84.780 84,730 154,991 CREDITORS Amounts falling due within one year li 15.5691 15,5691 14,4161 NET CURRENT ASSETS 79.161 79,161 150,575 TOTALA£T5 LESS CURRENT LIABILITIES 1,519,551 25,000 1,544,551 1,533.069 NET ASSETS 1,519,551 25,000 1,544.S51 1.533,069 FUNDS Endowment funds Unrestricted funds 12 25,000 1,519.551 25,CK)O 1.508,069 TOTAL FUNDS 1,544.551 1.533,069 The Ilnanclal statements were approved by the Board of Trustees on IOJuly 2024 and were signed on its behalf bv.. M Welberry-5 h-Tru5tee I W Wright-Trustee The note5 form part of these financial ststements Page 6
THE SWINESHEAD POOR CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THÉYEARENDED 31 MARCH 2024 STATUTORY INFORMAT1014 The SwinE5head Poor Charity is an unincorporated charity. re815tered in England and Wales. The charity's règistered number and principal office address can be found on the Charity Commission website. The slgnlflcant accouThtlng polleies applied In the preparatlon of these flnancial statements are set out below. These policies have been consistently applied to all years presented unless otherwlse stèted. The finanaal statements are preseThted in pound sterling 1£) which is the functional currency of the charity. ACCOUNTING POUCIE5 Basls of preparin8 the financlal statements The financial statements of the charity. which Is a public benefit entity under FRS 102. have been prEpared i accordance with the Charities SORP IFRS 1021 'Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I january 20191,. Financial Reporting Standard 102'The Financial Reporting Standard appllcable in the UK and Rep¢Jblicof Ireland. and the Charities Act 2011. The fjnancial 5tatement5 have been prepared under the historical cost convention. The flnanclal statements are prepared on a going concern basi5. The financial statemet)ts have been prepared to glvea'trbje and falr, view and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required to provide a 'true and f3ir view,. Thls departure has involved followlng the Accounting and ReportlTr8 by Charlties- Statement of Recornmended Practice applicable to charities preparing their 3ccounts In accordance with the Fin3ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charlties.. Statement of RECOrntnended Practlce effective from l April 2005 which has Since been withdrawn. Income All income15 recognised In the Statement of FiThancial Attivlties once the tharity has entltlement to the funds. It is prob3ble that the income will be received and the amount can be measured reliablv. Donations- income by way of donations is included in full in the Statement of Financial Actiwties in the year in which they are receivable. Investment incorne is included wheTh receivable by the charity and consist5 Of.. Bank deposlt interest which is Included in the statement of financial activitie5 on a re1vable basis., InvE5tment income paid orb a quarterly basis on the Investment portfolio held by the charty in included on a receivable b351S,' Rental income in respect of tenanted land which 15 included in the 5tat2rnent of linanual activities on a rece¢vable ba515. Donatlons In kind. nD amounts are iniluded in the financlal statements for service5 donated by the trustees Pa8e 7
THE SWINESHEAD POOR CHARITIES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENOEO 31 MARCH 2024 ACCOUNTING POLICIES. coiitlnued Expèndfture Expenditure is reco8nised on an accruals basls, beln8 recognlsed In the perlod in which It has lTrcurred. Expenditure include5 attributable VAT which cannot be recovered. Irrecoverable VAT 15 charged agalnsi the expenditure for which it was incurred. Charitable activities includes donations made by the charityto a wide range of worthy causes. These are included when the charity has made a non-conditional commitment to the recipient. Grants offered subjett to condltlons whlch have not been met at the year end date are noted as a commltrnent but not accrued a5 expenditure. Tanglble fixed assets The fixed assets comprise Ireehold land and property whlch a cla55ed as investment propErties and are included at valuation. Investments InvEstment5. cornpri5ing funds placed with M&G Inve5tment5. are included at valuation. Tamatlon The charity is exempt from tax on its charltable actlvities. Fund accouDtln8 Unrestrleted funds ean be used in attordance with thè charltable oblertlves at the distretlon of the trustees. Designated funds can be set aside by the trustees out of unrestrlcted 8eneral funds for specific future purposes or projects. Restricted lund5 can only be used for particular restricted purpose5 Wlthin 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 repie5ent those assets which must be held permanently by the charity, principally investments of fixed assets. Income arisin8 on the endowment funds can be used In accordance with the objects of the charity and is inclvded as unrestricted income. Any gain5 or losses ari5irng on the a55ets forrn part of the fund. Further explanatlon of the nature and purpose of each fund is included in the Tholes to the financlal staiements. P38e 8
THE SWINESHEAD POOR CHARITIES NOTES TO THE FINANCIAL 5TATEMENTS- CONTINUED FOR THEYEARENDED 31 MARCH 2024 OTHER INCOME 2024 2023 'Rambllng dav Wayleave Donation 197 205 197 205 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Charltable actfvitles: Monthly pensions Grants and donations 'Rambling day, teas 4.900 8,052 iio 6,350 6,450 63 13,062 12,863 Support costs: Clerk5 salary and expenses Rates and water Insurance Prolessional fees for rent collectlctn Property expense costs Ilndudlng Insurances) Prolessional fees Educational Foundation clerk Independent examinationlaccountancy fees Bad debt 1.850 35 286 757 7,817 1.320 175 881 2,9 1,600 27 275 1,396 2.224 3.066 150 871 16,021 9,609 Totsl txpendbture on charitable activitits 29,083 22,472 Page 9
THE SWINESHEAD POOR CHARITIES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON CHARITA8LE AcrtVlTIES- ¢ontlnued The grants and donatlon5 paid in the year compri5ÉS'. fjrants by way of monthly penslon contrlbutlons were made durSng the year to seven reclplents12023 - 91 totalllng £4.9cKJ12023- £6.3501. Grant5 and donations were made to a number of benefICarIeS totalling £S.OS212023 £6.4501 being Education Foundation £2.60012023 - £2,200), Jubilee Committee £70012023 £nill, Swineshead Scout Group ETril12023 £l,(A)01 and other individuals £4,75212023 £3.2501 TRUSTEES. REMUNERATION AND BENEFITS There were no tru5tees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees. expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 2024 2023 Wages and salarie5 1,850 1,600 The average monthly number of employees during the year was as follows.. 2024 2023 Educatlonal FoundatloTr clerk Clerk to the Trustees No employee received total remuneration In èxcess of £60,00012023- £60,C¥JOI. TANGIJLE FIXED ASSETS- INVESTMENT PROPERVIES Freehold properties Freehold Freehold land land Enhancement costs Total COST OR VALUATION At l April 2023 Addlllon 234,000 1,097,850 82,917 1,331,850 82.917 Cost or valuation as at 31 March 2024 234,000 1,180,767 1,414,767 The charlty owns freehold propertles aDd various pieces of tenanted land iThtluding the Swineshead playing field. Page 10
THE SWINESHEAD POOR CHARITIES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS-INVESTMENTS PROPERTIES- contlnued The valuation of the properties and the land held by the charity is included in the balance sheet as at 31 March 2024 based on a professional valuation for the date of 31 March 2017, as carried out OD behalf ol the trustees by Camilla Shipley 8SclHonsl MRICS FAAV of Pygoti & Crone, except for any addltions slnte the 2017 valuatlons whith are included at a valuation obtained on purchase. The Swirneshead playingfield which is included in the above valuation is held as aTr asset which thecharity cannot dispose of in the future. It hastherefore been Included as an endowment fund. The valuatlon forthe Swlneshead playing field as at 31 March 2024 wa5 £25,000 which 15 based on a profe55ional valuation as at 31 March 2017. FIXED ASSE[ INVESTMENTS 2024 2023 Investments were as follows.. Nrt & G Investrnents 50,623 50.644 Unrealised gains/lb55ES1 on irnvestments Reali5ed gains/llossesl on investrnent5 13,7181 Total Increaselldecrea5el in value of investments 121 3,718 Historlcal cost at 31 March 50,046 50.046 The valuation included in the year end accounts 15 the market value as at 31 March 2024. OEBTORS.. AMOUNT5 FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments and accrued income 300 1,080 io. CASH AT BANK AND IN HAND 2024 Toial fursds 2023 Total funds General fund Curiènt account Lloyds 8ank plc. 84,430 84,430 71,089 Total 84.430 84,430 71,089 Pa8e 11
THE SWINESHEAD POOR CHARITIES NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THEYEAR ENDED 31 MARCH 2024 IL CREOITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and deferred Incorne 5,569 4.416 12. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 1104123 At 31103124 Unrestrlrted funds General fund 1,508,069 11,482 1.519,551 Endowment funds Playing field 25,1X)O 25,000 TOTAL FUNDS 1.533,069 11,482 1.544,551 Net movement in funds, included In the above are as follows.. Gainsll105sesl Gain51110ssesl on Snvestment on revaluatlon Movement assets ol fixed assets in funds Income Expenditure Unrestrlcted funds General fund 38,266 129,0831 9,162 Endowment funds Playing field 38,266 129,0831 1211 9,162 The end¢)wment fund comprises Swineshead playing field, an asset which the Charity cannot dispose of in the future. RELATED PARTY OISCLOSURES There were no related party transactions for the year ended 31 March 202412023- none). ULTIMATE CONTROLLING PARTY The charlty Is controlled by the trustees. Page 12
THE SWINESHEAD POOR CHARMES DETAILED STATEMENT OF FINANCIAL ACllVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME Investment Income Renial income M & G investment income Deposlt Interest 38,188 2,201 40.711 1,752 40,389 42,463 Other Income 'Rambling dav. Wayleave Donailon 197 205 197 205 Totsl Income 40,586 42.668 EXPENDiniRE tharjtable actlvltlp5 Monthly penslons Grant5 8nd donations 'Rambling day. teas 4,900 8,052 iio 6,350 6,450 63 13,062 12,863 Support costs Clerk5 salary and expenses Rates and water Insurance Professional fees for rent tollection Property expense costs (including insurancesl Professional fees Educational Foundation clerk Independent examirnation/a¢countancy fee5 Bad debt 1,850 35 286 757 7.817 1.320 175 881 2.900 1,600 27 275 1,396 2.224 3.066 Iso 871 16.021 9.609 Total expendlture 29,083 22,472 Net11055esl/galns on InStMentS 211 3.7181 Net Income for the yeHr IIA82 16.478 Pa8e 13