Charity Registration No. 218441
WANTAGE TOWN LANDS (MILL STREET) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
WANTAGE TOWN LANDS (MILL STREET)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr J Naish Mr R Sharp Mr I Hermon Mr W R Jestico Mr W J Roycroft Mr S Trinder - Chairman Mr T A Gashe Mr J Hetherington Mr I Mead Mr A Howell Mr M Cooper (Appointed 1 January 2020) Charity number 218441 Principal address Mrs C L Clubb 133 Stockham Park Wantage Oxfordshire OX12 9HJ Independent examiner Chapman Worth Limited 3 The Old Estate Yard HIgh Street East Hendred Wantage Oxfordshire OX12 8JY
WANTAGE TOWN LANDS (MILL STREET)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
WANTAGE TOWN LANDS (MILL STREET)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution , the Charities Act 2011 and “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 2015)”
Objectives and activities
The charity aims to help people with little capital, and restricted income, by providing low cost accommodation in the town of Wantage.
The trustees invite applications from appropriate people, and maintain a waiting list, so that, as vacancies become available, persons on said list have the opportunity to avail of almshouse residency.
During the year, Wantage Town Lands (Mill Street) has carried out its public benefit duty and its duty with regard to the objectives of the charity . The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The 10 properties are checked biannually for legionnaires disease. The properties were professionally checked in 2018 and all were declared free of this problem. The next legionnaires check is due in 2021.
We continued with our regular program of redecoration and general maintenance .
To continue to administer the affairs of the almshouses with probity and fairness, and to continue to maintain all the properties in good and safe order.
Financial review
During this financial year the charity made a surplus of £29,475 (2019 £55,006).
Current Assets stood at £193,237 (2019 £153,953). Total assets less current liabilities stood at £435,665 (2019 £406,190).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to not less than twelve months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
Unrestricted reserves total £435,665 for the year ended 2020 which exceed the reserves policy by approximately £380,000. Trustees’ plans for reserves exceeding the reserves policy are that they recognise, given the age of the premises, there may come a time when a major programme of refurbishment will be necessary and the money will be available for such purposes.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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WANTAGE TOWN LANDS (MILL STREET)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management
The charity is a n unincorporated charity registered with the Charities Commission for England and Wales governed by constitution.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr J Naish
Mr R Sharp Mr I Hermon
Mr W R Jestico Mr W J Roycroft Mr S Trinder - Chairman Mr T A Gashe Mr J Hetherington Mrs S McCullough (Resigned 11 December 2020) Mr I Mead Mr A Howell Mr M Cooper (Appointed 1 January 2020)
1) Trustees shall be appointed after due discussion at a full meeting
2) The trustees may appoint any person who is willing to act as a trustee, and is not disbarred under the rules of the Charity Commission, and does not take the total number of trustees above twelve. 3) Any trustee may put forward an individual for consideration.
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards. Charity law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that year. In preparing those Financial Statements the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
1) The charity is to be be administered by the trustees.
2) The charity shall have a secretary and a treasurer, the latter role rotating amongst the trustees, with the office held for one year.
3) All trustees have the same legal duties and responsibilities.
4) A trustee may not appoint anyone to act on his or her behalf at meetings.
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WANTAGE TOWN LANDS (MILL STREE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees, reportwas appitswd by the Board ofTTuslees. Mis rlnder Trustee Daied. OLI
WANTAGE TOWN LANDS (MILL STREET) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE TOWN LANDS (MILL STREEn I report to thé trustees on my examination ol the financial stalemants of Wantage Town Lands IMIll Street) (the charity) for the year end&d 31 December 2020. Respon$lbilitlg8 and basls of report As the trustees of the charity you are responsible for the prepar81ion of the financial statements in accordance wilh the requir¥ments of the Charitigs Act 2011 Ilhe 2011 Act). I report in resp@ct of my ex8rnination of the charity's financial statemants carried out under section 145 of tho 2011 Act. In carrying Out my oxarnination I have followed 811 the applicable Dirèctions 9iven by the Charity Commission under section 14515llbl of the 2011 Act. Indèpondent examlnèvs stst&ment Your attenb'on is drawn to the fact that the charity has prepared financial statéments 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 Iraland IFRS 1021 in preferènce lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has now b88n wf(hdrawn. l understand that this has been done in order for financial slalements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or aftar 1 January 2015. I h8ve completed my examination. I confirm that no matters have come to my attention in connection wf(h th8 examlnation giving me causg to b&lieve that in any malerlal sPect.. accounting records were not kept in respect of the charity as requirBd by section 130 of the 2011 Act; or the finana81 statements do not accord with those rgcords: or the financial statements do not comply with the applicable requirements conceming the form and CDnt&nt of a¢¢ounts set out in the Charities (Accounts and Rtrportsl Regulations 2008 oth8r than any requirement that the accounts give a trug 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 mallers in connection with the examination to which attention should be drawn in this raport in order to enable a proptrr understanding of Ihg flnancial statements to be reached. ,-t(fvaVrtlbCk- Anna Chapman FCA Chapman Worth Limited 3 The Old Estste Yard Hlgh Street East Hendred Wantagè Oxfordshire OX12 8JY D8led'. I LLLI
WANTAGE TOWN LANDS (MILL STREET)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | - | 2,000 |
| Charitable activities | 4 | 41,835 | 40,926 |
| Investments | 5 | 5,533 | 5,834 |
| Total income | 47,368 | 48,760 | |
| Expenditure on: | |||
| Charitable activities | 6 | 8,083 | 9,672 |
| Net gains/(losses) on investments | 10 | (9,810) | 15,918 |
| Net movement in funds | 29,475 | 55,006 | |
| Fund balances at 1 January 2020 | 406,190 | 351,184 | |
| Fund balances at 31 December 2020 | 435,665 | 406,190 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WANTAGE TOWN LANDS (MILL STREET) BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note• FlxBd a¥•ets Tangible assets Investmènts 11 12 120,000 133.471 120,000 133,280 243.471 253,280 Cuwrent as••ts Debtors Cash at bank and in hand 13 455 192.782 865 153,088 193.237 153.953 Credttor¥.' amounts falllhq due wlthSn one year t4 11.0431 11.0431 Net curr•nt ass?Is 192.194 152,910 Total •88et• lèAi eurrent Il•bllbtbe• 435.665 406.190 Income fund• Unrestricted lunds 435,665 406, 190 435.665 406.190 The financial stat•Ments were approvèd by the Trustees on.. Mr W R Jestico Trultet Inder
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Wantage Town Lands (Mill Street) is an unincorporated charity registered with the Charities Commission for England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable activities include expenditure associated with meeting the charitable objectives.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 0%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Donations and legacies
| Total | Unrestricted | ||
|---|---|---|---|
| funds | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Donations and gifts | - | 2,000 | |
| Donations and gifts | |||
| Other | - | 2,000 | |
| - | 2,000 | ||
| 4 | Charitable activities | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Maintenance contributions | 41,835 | 40,926 | |
| 5 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Dividends receivable | 5,153 | 5,145 | |
| Interest receivable | 380 | 689 | |
| 5,533 | 5,834 |
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
6
| Provision & maintenance of Almshouses for the people of Wantage Share of support costs (see note 7) Share of governance costs (see note 7) |
2020 £ 5,046 454 2,583 8,083 |
2019 £ 6,559 725 2,388 9,672 |
|---|---|---|
7 Support costs
| Support costs Governance costs £ £ Loan interest payable - - Postage and stationery 59 - Subscriptions 373 - Sundry 22 - Professional fees - 768 Clerk's fee - 1,800 October club - 15 454 2,583 |
2020 £ - 59 373 22 768 1,800 15 3,037 |
2019 Basis of allocation £ 249 79 372 25 768 Governance 1,575 Governance 45 Governance 3,113 |
|---|---|---|
Governance costs includes payments to the independent examiners of £ 768 (2019- £ 768 ) for independent examination fees .
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration , benefits or reimbursed expenses from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
10 Net gains/(losses) on investments
| Unrestricted funds 2020 £ Revaluation of investments (9,810) 11 Tangible fixed assets Freehold land and Cost At 1 January 2020 At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 |
Total 2019 £ 15,918 buildings £ 120,000 120,000 120,000 120,000 |
|---|---|
The trustees' deem the value of the properties for insurance purposes of £1,194,148 (2019 £1,168,442) is appropriate to the market value.
12 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2016 | 133,280 |
| Valuation changes | (9,809) |
| At 31 December 2020 | 123,471 |
| Carrying amount | |
| At 31 December 2020 | 123,471 |
| At 31 December 2019 | 133,280 |
Fixed asset investments revalued
Fixed asset investments are stated at fair value as detailed on the investment portfolio.
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 13 Debtors Amounts falling due within one year: Prepayments and accrued income 14 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2020 £ 455 2020 £ 275 768 1,043 |
2019 £ 865 2019 £ 275 768 1,043 |
|---|---|---|
15 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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Charity Registration No. 218441-1
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr W R Jestico Mr T A Gashe Mr J Naish Mr R Sharp Mr I Hermon Mr W J Roycroft Mr S Trinder - Chairman Mr J Hetherington Mr I Mead Mr A Howell Mr M Cooper (Appointed 1 January 2020) Charity number 218441-1 Principal address Mrs C L Clubb 133 Stockham Park Wantage Oxfordshire OX12 9HJ Independent examiner Chapman Worth Limited 3 The Old Estate Yard HIgh Street East Hendred Wantage Oxfordshire OX12 8JY
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution , the Charities Act 2011 and “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 2015)”
Objectives and activities
The charity's object ive is the provision of Almshouses for the people of Wantage. The charity does not hold any restricted or endowment funds.
The charity aims to help people with little capital, and restricted income, by providing low cost accommodation in the town of Wantage.
The trustees invite applications from appropriate people, and maintain a waiting list, so that, as vacancies become available, persons on said list have the opportunity to avail of almshouse residency.
During the year, Wantage Town Lands (Thomas Fewson Eagles) has carried out its public benefit duty and its duty with regard to the objectives of the charity . The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The 10 properties are checked biannually for legionnaires disease. The properties were professionally checked in 2018 and all were declared free of this problem. The next legionnaires check is due in 2021.
We continued with our regular program of redecoration and general maintenance.
Plans for the future
To continue to administer the affairs of the almshouses with probity and fairness, and to continue to maintain all the properties in good and safe order.
Financial review
During this financial year the charity made a surplus of £49,525 (2019 £84,443).
Current Assets stood at £235,492 (2019 £190,595). Total assets less current liabilities stood at £508,045 (2019 £458,520).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to not less than twelve months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
Unrestricted reserves total £508,045 for the year ended 2020 which exceed the reserves policy by approximately £493,000. Trustees’ plans for reserves exceeding the reserves policy are that they recognise given the age of the premises there may come a time when a major programme of refurbishment will be necessary and the money will be available for such purposes.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 1 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management
The charity is a n unincorporated charity registered with the Charities Commission for England and Wales governed by constitution.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr W R Jestico
Mr T A Gashe Mr J Naish Mr R Sharp Mr I Hermon Mr W J Roycroft Mr S Trinder - Chairman Mr J Hetherington Mr I Mead Mrs S McCullough (Resigned 11 December 2020) Mr A Howell Mr M Cooper (Appointed 1 January 2020)
1) Trustees shall be appointed after due discussion at a full meeting .
2) The trustees may appoint any person who is willing to act as a trustee, and is not disbarred under the rules of the Charity Commission, and does not take the total number of trustees above twelve.
3) Any trustee may put forward an individual for consideration.
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards. Charity law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that year. In preparing those Financial Statements the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
1) The charity is to be be administered by the trustees.
2) The charity shall have a secretary and a treasurer, the latter role rotating amongst the trustees, with the office held for one year.
3) All trustees have the same legal duties and responsibilities.
4) A trustee may not appoint anyone to act on his or her behalf at meetings.
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WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 The trus es, report was appr¢)ved by the Board ol Trustees. rinder Trustee Daied".
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE TOWN LANDS (THOMAS FEWSON EAGLESI I report to the Iruslees on my examination of the financial siat6monls of Wantage Town Lands rfhomas Few8on Eagles) (the charilyl for the year ended 31 December 2020. Rasponsibilities and basls of r&port As the Iruslees of the charity you are reSPDnsible for the prtsparalion of the financial ststemenls in accordance with th8 requirements of the Charities Act 2011 {Ihe 2011 Acll. I report in raspgct of my examination of thg charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I havè followed all the applicabla Dir8¢lions given by the Charlty Commission under section 14515llbl of the 2011 Act. Independent 8xamln•r's $tatement Your attention is drawn lo the fact that the charity has prepared financial statéments in accordan with Accounting and Reporting by Charities preparing thelr accounts in accordance with the Flnancial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 in prèfergnce lo the Accounting and Reporting by Charities.. Stal6menl of Recommended Practice Issued on 1 April 2005 which is referred to in th8 extant regulations bul has now been withdrawn. l understand thot this has been done in order lor financial Statements to provide a true and fair view in accordan¢tr with Generally Accepted Accounting Practice effedve for reporting periods beginning on or after 1 January 2015. I have compl8ted my examination. I confimi that no Tnatters have CDmg to my attention in conneciion wf(h the examination giving me cause lo believe that in any maltsrial respect.. accounting rewrds were not kept Sn respect of the charity as requir8d by section 130 of the 2011 Ad; the financial statements do not accord with those recor(18: or the financial slalemenls do not Comply with the applicable requirements ¢onceming the form and content of accounts set out in th& Charities (Accounts and Reports) Regulations 2008 olhttr than any requirement that the accounts give a trug 8nd fair view which is not a matter considered as part of an independent examination. I have no conGems and have come across no other matters In connedon wlth the examination to whlch attention should be drawn in this report in ordér to ènable a proper understanding of the financial statements to be r6ached. -UY&LA6U- Anna Chapman FC Chapman Worth Limited 3 The Old Eslale Yard Hlgh Street East Hendred Wantsge Oxfordshire OX12 8JY Dated..
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | 150 | - |
| Charitable activities | 4 | 51,931 | 50,945 |
| Investments | 5 | 4,891 | 5,248 |
| Total income | 56,972 | 56,193 | |
| Expenditure on: | |||
| Charitable activities | 6 | 12,074 | 9,240 |
| Net gains/(losses) on investments | 10 | 4,627 | 37,490 |
| Net movement in funds | 49,525 | 84,443 | |
| Fund balances at 1 January 2020 | 458,520 | 374,077 | |
| Fund balances at 31 December 2020 | 508,045 | 458,520 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
WANTAGE TOWN LANDS trHOMAS FEWSON EAGLES) STATEMENT OF FINANCIAL posinoN AS A T 31 DECEMBER 2020 2020 2019 Notes Fixed •t¥ Tangible assets Investrnent6 11 12 20.568 252,975 20,568 248,347 273.$43 268,915 Cvv¥•nt •••ets Debtors Cgsh •t b8nk and in hand 13 688 234.804 1,122 189,473 235.492 190,595 Credltors.. mount• f•lllnq due wlthln one year 14 I9) 19901 Net ¢uirent asset$ 234,502 189,605 Total ss•t# l••# cuTrent Il•bllltle• 508.045 458,520 Income fund• Unrestricted funds 508,045 458,520 S08.045 458,520 The financial statements were approved by thé Tru$tees on . ioLI Mr W R Je$tico Tru•tee nn er ru&t••
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Wantage Town Lands (Thomas Fewson Eagles) is an unincorporated charity registered with the Charities Commission for England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Constitution, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable activities include expenditure associated with meeting the charitable objectives.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.6 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 8 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts | 150 | - |
- 9 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Charitable activities
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Maintenance contributions | 51,931 | 50,945 | |
| 5 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Dividends receivable | 4,417 | 4,417 | |
| Interest receivable | 474 | 831 | |
| 4,891 | 5,248 | ||
| 6 | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Provision & maintenance of Almshouses for the people of Wantage | 9,100 | 6,475 | |
| Share of support costs (see note 7) | 484 | 400 | |
| Share of governance costs (see note 7) | 2,490 | 2,365 | |
| 12,074 | 9,240 |
- 10 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Support costs
| Support costs Governance costs £ £ Printing and stationery 118 - Subscriptions 323 - Sundries 43 - Management expenses - 1,500 Professional fees - 990 484 2,490 Analysed between Charitable activities 484 2,490 |
2020 Support costs Governance costs £ £ £ 118 39 - 323 335 - 43 26 - 1,500 - 1,375 990 - 990 2,974 400 2,365 2,974 400 2,365 |
2019 £ 39 335 26 1,375 990 2,765 2,765 |
|---|---|---|
Governance costs includes payments to the independent examiners of £ 990 (2019- £ 990 ) for independent examination fees .
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration , benefits or reimbursed expenses from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
| Net gains/(losses) on investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Revaluation of investments | 4,627 | 37,490 |
10 Net gains/(losses) on investments
- 11 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
11 Tangible fixed assets
| Freehold land and Cost At 1 January 2020 At 31 December 2020 Depreciation and impairment At 1 January 2020 At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 |
buildings £ 109,391 109,391 88,823 88,823 20,568 20,568 |
|---|---|
The trustees' deem the value of the properties for insurance purposes of £1,819,397 (2019 £1,780,232) is appropriate to the market value.
12 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2020 & 31 December 2020 | 248,347 |
| Carrying amount | |
| At 31 December 2020 | 248,347 |
| At 31 December 2019 | 248,347 |
Fixed asset investments revalued
Fixed asset investments are stated at fair value as detailed on the investment portfolio.
13 Debtors
| Debtors | ||
|---|---|---|
| 2020 | 2019 | |
| Amounts falling due within one year: | £ | £ |
| Prepayments and accrued income | 688 | 1,122 |
- 12 -
WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 14 Creditors: amounts falling due within one year Accruals and deferred income 15 Related party transactions |
2020 £ 990 |
2019 £ 990 |
|---|---|---|
There were no disclosable related party transactions during the year (2019 - none).
- 13 -
Charity Registration No. 218441
WANTAGE TOWN LANDS (MILL STREET) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
WANTAGE TOWN LANDS (MILL STREET)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr J Naish Mr R Sharp Mr I Hermon Mr W R Jestico Mr W J Roycroft Mr S Trinder - Chairman Mr T A Gashe Mr J Hetherington Mr I Mead Mr A Howell Mr M Cooper (Appointed 1 January 2020) Charity number 218441 Principal address Mrs C L Clubb 133 Stockham Park Wantage Oxfordshire OX12 9HJ Independent examiner Chapman Worth Limited 3 The Old Estate Yard HIgh Street East Hendred Wantage Oxfordshire OX12 8JY
WANTAGE TOWN LANDS (MILL STREET)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
WANTAGE TOWN LANDS (MILL STREET)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution , the Charities Act 2011 and “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 2015)”
Objectives and activities
The charity aims to help people with little capital, and restricted income, by providing low cost accommodation in the town of Wantage.
The trustees invite applications from appropriate people, and maintain a waiting list, so that, as vacancies become available, persons on said list have the opportunity to avail of almshouse residency.
During the year, Wantage Town Lands (Mill Street) has carried out its public benefit duty and its duty with regard to the objectives of the charity . The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The 10 properties are checked biannually for legionnaires disease. The properties were professionally checked in 2018 and all were declared free of this problem. The next legionnaires check is due in 2021.
We continued with our regular program of redecoration and general maintenance .
To continue to administer the affairs of the almshouses with probity and fairness, and to continue to maintain all the properties in good and safe order.
Financial review
During this financial year the charity made a surplus of £29,475 (2019 £55,006).
Current Assets stood at £193,237 (2019 £153,953). Total assets less current liabilities stood at £435,665 (2019 £406,190).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to not less than twelve months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
Unrestricted reserves total £435,665 for the year ended 2020 which exceed the reserves policy by approximately £380,000. Trustees’ plans for reserves exceeding the reserves policy are that they recognise, given the age of the premises, there may come a time when a major programme of refurbishment will be necessary and the money will be available for such purposes.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 1 -
WANTAGE TOWN LANDS (MILL STREET)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management
The charity is a n unincorporated charity registered with the Charities Commission for England and Wales governed by constitution.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr J Naish
Mr R Sharp Mr I Hermon
Mr W R Jestico Mr W J Roycroft Mr S Trinder - Chairman Mr T A Gashe Mr J Hetherington Mrs S McCullough (Resigned 11 December 2020) Mr I Mead Mr A Howell Mr M Cooper (Appointed 1 January 2020)
1) Trustees shall be appointed after due discussion at a full meeting
2) The trustees may appoint any person who is willing to act as a trustee, and is not disbarred under the rules of the Charity Commission, and does not take the total number of trustees above twelve. 3) Any trustee may put forward an individual for consideration.
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards. Charity law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that year. In preparing those Financial Statements the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
1) The charity is to be be administered by the trustees.
2) The charity shall have a secretary and a treasurer, the latter role rotating amongst the trustees, with the office held for one year.
3) All trustees have the same legal duties and responsibilities.
4) A trustee may not appoint anyone to act on his or her behalf at meetings.
- 2 -
WANTAGE TOWN LANDS (MILL STREE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees, reportwas appitswd by the Board ofTTuslees. Mis rlnder Trustee Daied. OLI
WANTAGE TOWN LANDS (MILL STREET) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE TOWN LANDS (MILL STREEn I report to thé trustees on my examination ol the financial stalemants of Wantage Town Lands IMIll Street) (the charity) for the year end&d 31 December 2020. Respon$lbilitlg8 and basls of report As the trustees of the charity you are responsible for the prepar81ion of the financial statements in accordance wilh the requir¥ments of the Charitigs Act 2011 Ilhe 2011 Act). I report in resp@ct of my ex8rnination of the charity's financial statemants carried out under section 145 of tho 2011 Act. In carrying Out my oxarnination I have followed 811 the applicable Dirèctions 9iven by the Charity Commission under section 14515llbl of the 2011 Act. Indèpondent examlnèvs stst&ment Your attenb'on is drawn to the fact that the charity has prepared financial statéments 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 Iraland IFRS 1021 in preferènce lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has now b88n wf(hdrawn. l understand that this has been done in order for financial slalements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or aftar 1 January 2015. I h8ve completed my examination. I confirm that no matters have come to my attention in connection wf(h th8 examlnation giving me causg to b&lieve that in any malerlal sPect.. accounting records were not kept in respect of the charity as requirBd by section 130 of the 2011 Act; or the finana81 statements do not accord with those rgcords: or the financial statements do not comply with the applicable requirements conceming the form and CDnt&nt of a¢¢ounts set out in the Charities (Accounts and Rtrportsl Regulations 2008 oth8r than any requirement that the accounts give a trug 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 mallers in connection with the examination to which attention should be drawn in this raport in order to enable a proptrr understanding of Ihg flnancial statements to be reached. ,-t(fvaVrtlbCk- Anna Chapman FCA Chapman Worth Limited 3 The Old Estste Yard Hlgh Street East Hendred Wantagè Oxfordshire OX12 8JY D8led'. I LLLI
WANTAGE TOWN LANDS (MILL STREET)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | - | 2,000 |
| Charitable activities | 4 | 41,835 | 40,926 |
| Investments | 5 | 5,533 | 5,834 |
| Total income | 47,368 | 48,760 | |
| Expenditure on: | |||
| Charitable activities | 6 | 8,083 | 9,672 |
| Net gains/(losses) on investments | 10 | (9,810) | 15,918 |
| Net movement in funds | 29,475 | 55,006 | |
| Fund balances at 1 January 2020 | 406,190 | 351,184 | |
| Fund balances at 31 December 2020 | 435,665 | 406,190 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
WANTAGE TOWN LANDS (MILL STREET) BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note• FlxBd a¥•ets Tangible assets Investmènts 11 12 120,000 133.471 120,000 133,280 243.471 253,280 Cuwrent as••ts Debtors Cash at bank and in hand 13 455 192.782 865 153,088 193.237 153.953 Credttor¥.' amounts falllhq due wlthSn one year t4 11.0431 11.0431 Net curr•nt ass?Is 192.194 152,910 Total •88et• lèAi eurrent Il•bllbtbe• 435.665 406.190 Income fund• Unrestricted lunds 435,665 406, 190 435.665 406.190 The financial stat•Ments were approvèd by the Trustees on.. Mr W R Jestico Trultet Inder
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Wantage Town Lands (Mill Street) is an unincorporated charity registered with the Charities Commission for England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable activities include expenditure associated with meeting the charitable objectives.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 0%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
- 8 -
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 9 -
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Donations and legacies
| Total | Unrestricted | ||
|---|---|---|---|
| funds | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Donations and gifts | - | 2,000 | |
| Donations and gifts | |||
| Other | - | 2,000 | |
| - | 2,000 | ||
| 4 | Charitable activities | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Maintenance contributions | 41,835 | 40,926 | |
| 5 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Dividends receivable | 5,153 | 5,145 | |
| Interest receivable | 380 | 689 | |
| 5,533 | 5,834 |
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
6
| Provision & maintenance of Almshouses for the people of Wantage Share of support costs (see note 7) Share of governance costs (see note 7) |
2020 £ 5,046 454 2,583 8,083 |
2019 £ 6,559 725 2,388 9,672 |
|---|---|---|
7 Support costs
| Support costs Governance costs £ £ Loan interest payable - - Postage and stationery 59 - Subscriptions 373 - Sundry 22 - Professional fees - 768 Clerk's fee - 1,800 October club - 15 454 2,583 |
2020 £ - 59 373 22 768 1,800 15 3,037 |
2019 Basis of allocation £ 249 79 372 25 768 Governance 1,575 Governance 45 Governance 3,113 |
|---|---|---|
Governance costs includes payments to the independent examiners of £ 768 (2019- £ 768 ) for independent examination fees .
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration , benefits or reimbursed expenses from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
- 11 -
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
10 Net gains/(losses) on investments
| Unrestricted funds 2020 £ Revaluation of investments (9,810) 11 Tangible fixed assets Freehold land and Cost At 1 January 2020 At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 |
Total 2019 £ 15,918 buildings £ 120,000 120,000 120,000 120,000 |
|---|---|
The trustees' deem the value of the properties for insurance purposes of £1,194,148 (2019 £1,168,442) is appropriate to the market value.
12 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2016 | 133,280 |
| Valuation changes | (9,809) |
| At 31 December 2020 | 123,471 |
| Carrying amount | |
| At 31 December 2020 | 123,471 |
| At 31 December 2019 | 133,280 |
Fixed asset investments revalued
Fixed asset investments are stated at fair value as detailed on the investment portfolio.
- 12 -
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 13 Debtors Amounts falling due within one year: Prepayments and accrued income 14 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2020 £ 455 2020 £ 275 768 1,043 |
2019 £ 865 2019 £ 275 768 1,043 |
|---|---|---|
15 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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