Charity Registration No. 218441
WANTAGE TOWN LANDS (MILL STREET) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 Mr M Haddrell (Appointed 23 September 2021) 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 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
WANTAGE TOWN LANDS (MILL STREET)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
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 8 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 £29,681 (2020 £29,475).
Current Assets stood at £211,766 (2020 £193,087). Total assets less current liabilities stood at £465,346 (2020 £435,665).
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.
Freely available reserves total £210,699 for the year ended 2021 which exceed the reserves policy by approximately £183,620. 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 2021
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 Mr I Mead Mr A Howell Mr M Cooper Mr M Haddrell (Appointed 23 September 2021)
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:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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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 STREET) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Thetru ort was approved by the Board of Trustees. Mr S Trinder Trustee
WANTAGE TOWN LANDS (MILL STREET) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE TOWN LANDS (MILL STREET) I report to the trustees on my examination of Ihe finankniol stslemenls of Wantag8 Town Lands {Mill Street) (the charity) for the year ended 31 December 2021. Responslbllltles and basls of report As the trustees of the charity you are responsible for the preparatKsn of the financial slatemenis in accordance wth the ¥equirements of the Charities Act 2011 Ilhe 2011 Acll. I report in respect of my examination of the charitls financial slaternents carried out under section 145 of thè 2011 A¢t. In carrying out my examinallon I have flOWe{j all the applicable DirgctK>ns given by the Charlty Commission under secb'on 14515llbl of ihe 2011 ACL Ind•p•nd•nt examlmfs sLthment Your allention is drawn to thg fact that the charity has prapargd financial statsments in accordance with Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir818nd IFRS 1021 in preference to the Accounting and Reporting by Charilies.. Statement ol Recommended PractTh issued ¢)n 1 April 25 whith is referred to in the exlanl regulations bul has now been V1hdrawn. l understand that thls has been done In order finandal sts18menl$ to provido 8 trug and falr in accordance wth Generally Accepted Accounting Praclice effective for reporting periods beginning on or after 1 January 201 S. I have compl&leLI my examination. I confim that no rnatlers have come to my attenti In cDnnectKsn with th8 examination giving me tr) lIve thal In any material respect.. 8ccounling records were not kept in respect of the charity as requlred by section 130 of the 2011 Act: or the fin8neial $talèm¢nts do not 8oxr(J with those records., or the financial statèments do not Comply with tho applicable requiremonts concèming the lomi and content of account5 sel out in the Charitses (Accoun15 and Reportsl Regulation5 2008 other than any reqU1ment that the a¢¢ountg give 8 true and 181r vigw whlch is not 8 matter considered as part of an independent fjxaminallon. I have no concems and have come acrtys8 ¢KJ other matter5 in conneth.on with Ihe examlnalion to whlch attentn shoukl be drawn in this report in order to enable a pfopgr und9rstanding of thè finan¢io1 $tstemants lo be reached, Anna Chapman FCA Chapman Worth Limited 3 The Old Estate Yard High Stt East Hendred Wantage Oxfoidshire OX12 &JY Dated..
WANTAGE TOWN LANDS (MILL STREET)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2021 | 2020 |
||
| Notes | £ |
£ |
|
| Income from: | |||
| Charitable activities | 3 | 40,700 | 41,835 |
| Investments | 4 | 4,884 | 5,533 |
| Total income | 45,584 | 47,368 |
|
| Expenditure on: | |||
| Charitable activities | 5 | 27,079 | 8,083 |
| Net gains/(losses) on investments | 9 | 11,176 | (9,810) |
| Net movement in funds | 29,681 | 29,475 |
|
| Fund balances at 1 January 2021 | 435,665 | 406,190 |
|
| Fund balances at 31 December 2021 | 465,346 | 435,665 |
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) STATEMENT OF FINANCIAL POSITION AS AT31 DECEMBER 2021 2020 Flxtd assets Tangible assets Investments 10 11 120,000 134,647 120.000 123.471 254,647 243.471 Debtors Cash at bank and in hand 12 455 192.632 211.766 211.766 193.087 Cr•dftoTr: amounts tsifing dug Withtn ono year 13 (1.CW) (893) Nel ajrrent 835ets 210.699 192.194 T¢)tal assets less current liabilities 465.346 435,665 Income funds Llnrestricted funds 465,346 435.665 465,346 435.665 The financial statemerrts were approved by the Trustees on ..... . ... ....... ... Mr W R Jestico Mt S Trinder
WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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 the statement of financial activities .
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 ) .
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
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.
1.8 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.
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
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 Charitable activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Maintenance contributions | 40,700 | 41,835 |
| Investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Dividends receivable | 4,861 | 5,153 |
| Interest receivable | 23 | 380 |
| 4,884 | 5,533 |
4 Investments
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5
| Provision & maintenance of Almshouses for the people of Wantage Share of support costs (see note 6) Share of governance costs (see note 6) |
2021 £ 24,170 617 2,292 27,079 |
2020 £ 5,046 454 2,583 8,083 |
|---|---|---|
6 Support costs
| Support costs Governance costs £ £ Postage and stationery 238 - Subscriptions 334 - Computer 40 - Sundry 5 - Professional fees - 792 Clerk's fee - 1,500 October club - - 617 2,292 |
2021 £ 238 334 40 5 792 1,500 - 2,909 |
2020 Basis of allocation £ 59 373 - 22 768 Governance 1,800 Governance 15 Governance 3,037 |
|---|---|---|
Governance costs includes payments to the independent examiners of £ 792 (2020- £ 768 ) for independent examination fees .
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
Trustees expenses reimbursed totalled £15 (2020 £420) for repairs and £159 (2020 nil) for direct charitable expenses.
There were no donations received from trustees during the year.
8 Employees
There were no employees whose annual remuneration was more than £60,000.
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WANTAGE TOWN LANDS (MILL STREET)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
9 Net gains/(losses) on investments
| Unrestricted funds 2021 £ Revaluation of investments 11,176 10 Tangible fixed assets Freehold land and Cost At 1 January 2021 At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
Total 2020 £ (9,810) buildings £ 120,000 120,000 120,000 120,000 |
|---|---|
The trustees' deem the value of the properties for insurance purposes of £1,229,972 (2020 £1,194,148) is appropriate to the market value.
11 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2016 | 123,471 |
| Carrying amount | |
| At 31 December 2021 | 123,471 |
| At 31 December 2020 | 123,471 |
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 2021
| 12 Debtors Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2021 £ - 2021 £ 275 792 1,067 |
2020 £ 455 2020 £ 125 768 893 |
|---|---|---|
14 Related party transactions
During the year electrical services were provided by a close relative of a trustee to the charity. Total costs for these services totalled £1,319 (2020 none).
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