Charlty registratlon numbér 218441 WANTAGE TOWN LANDS (MILL STREET) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WANTAGE TOWN LANDS (MILL STREET) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Sharp Mr l Hermon Mr W J Roy¢roft Mr S Trirkdei- Chaimian Mr T A Gashe Mr M Cooper Mr l Mead Mr M Haddrell Ms C Haddrell MrA Howe Mr I Smith (Appointed 14 March 20241 Charlty numb•r 218441 Princlpal address Mrs C L Clubb 133 Stockham Park Wantage Oxfordshire OX12 9HJ Independent examiner Chapman Worth Limited 2 The Old Esiate Yard High Street East Hendred Wantage Oxfordshiro OX12 8JY WANTAGE TOWN LANDS (MILL STREET) CONTENTS Page Trustees. report Independent examiner's report Stslement of financial activities Statement of financial position Notes to the financial statements 7-13 WANTAGE TOWN LANDS (MILL STREET) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial slalements for the year ended 31 De¢emb6r 2024. The accounts have been prepared in accoidance wilh the accounting policies sel out in note 1 to the accounts and comply with Ihe charity's constitution, Ihe Charities Act 2011 and 'Accounling and Reporting by Charities". ststemenl of Recomménded Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporbng Standard appliGable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2015}" ObS8ctivgs and activities The charity aiffls lo help peop￿ wtth little capital. and restricted income, by providing low cost accommodation in Ihe town ol Wanlage. The tnjstees Invite applications from appropfl8le people, and maintain a waiting list, so that. as vacancies become available. persons on said list have the opt)ortunty to avail of almshouse residency. During the year, Wantage Town Lands (Mill Slreell has Carried oul ils public benefit duty an(1 its dLJty with regard lo the objectives of the charity. The trustees have paid due regard to guidance issueLI by the Charity Commission in deciding what activities the charity should undertake. Achiov8mgnts and perforniance The 8 properties are checked biannually for legionnaires disease. The properties were professionally checked in Novembar 2023 and all were dedared fr8e of Ihis problem. The next legionnair8s check is due in 2025. We continued with our regular program of reLlecofation and general maintenance. To continue to administer the affairs of the almshouses with probty and fairness. and to continue to maintain all the properties in good and safe order. Financial review During this financial yaar the charily made a surplus of £34,594 {2023 £32.048}. Current Assets stocKJ at £309.090 {2023 £278,886). Total assets less current liabrfities stood al £565,29612023 £530.7021. It is the policy of the charity that unrestricted funds which have not been designated for a specifi¢ use should be maintained al a level equivalènt to not18ss Ihan ￿e1ve months. expenditure. The Iruslees consider that reserves at this level will ensure that, iri the event of a significant drop in funding, they will be able lo conlirtue the charty's currenl activities while consideration is given to ways in which additional funds may be raised. Freely 8vailable reserves total £308,208 for the year ended 2024 ￿lch exceed the reserves policy by approximately £281,435. Trustees. plans for rèserves ex￿edIng the reserve5 pollcy are that they recogni5e, given the age ol the premises, there may come a lime when a major programme of refurbishment will be necessary and the mDn8y will be available for such purposes. The Iwstees have assessed the ffiajor risks to which the charity 15 exposed, and are satIsf￿d that systems are in place lo mitigate exposure lo the major risks. WANTAGE TOWN LANDS (MILL STREET) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structural gov•rnance and managèm•nt The charity is an unincorpomted charity regist8r8d with the Charities Commission for England alld Wal8S govemed by conslilulion. The Iruslees who served during the year and up lo the date of signature of the financial statements We￿.. Mr R Sharp Mr l Hermon Mr W J RoycToft Mr S Trinder- Chairman MrT AGa$he Mr M Cooper Mr l Mead Mr M Haddrell Ms C Haddrell Mr A Howell Mr I Smith {Appoinled 14 March 20241 1) TrL6slees shall be appointed after due discussion al a full meeting 2) The trustees may appoint any person who 15 willing lo act as a tnJstÈe. and is not disbarred under the rule5 of the Charity Commission, and does nol tske the total number of Irustees above twelve. 3}Any Iruslee may pul forward an individual for consideration. Th& Trustees are responsible for preparing the financial st8lemenls in accordance with applicable law and United Kingdom Generally Accèpted Accounting Standards. Charity law requires thè Truste&s to prepare Financial Statements for each finan¢ial year which give a true and fair view ol the stale of affairs of the Charity and of the surplus or defiul of the Charity for that year. In preparing those Financial Statements the Trustees are required to.. Select sijitable accounting policies and then apply them consistently., Make judgèmènts and estimates that are reasonable and prudent., Prepare tho Financial Statements on the 90ing concem basis unl8ss it is inappropriate to presumg that the Cfvarity will continu8 in op&r81ion. The Trustees are resKKJnsible for keeping proper accounting records whith disclose, wilh ￿asOnable accuracy al any time, the Iinancial position of the Charity. They are also responsible for safeguarding the assets ol the Charity and hence. for taking feasonable sl8ps for the prevention and detection of fraud and other irr8gulariti&s. 1) The charity is lo be be adrninisterod by the trustees. 2) The charity shall have a secretary ané a treasurer. the latter rol& rotating amongst the trustees. with the office held for one year. 3} Al trustees hav8 the same legal dut￿$ and rgsponsibililies. 41 A trustee may nol appoint anyone lo act on his or her behalf al meetings. WANTAGE TOWN LANDS (MILL STREET) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. report was approved by the Board of Trustees. Mr S Trinder Trustee Dated.. WANTAGE TOWN LANDS (MILL STREET) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE TOWN LANDS (MILL STREET) I report to Ihe trustees on my examination of the financial stateTnents of Wanlage Town Lands (Mill Slreell (the arityl for the year ended 31 De￿rnber 2024. Rg$ponsibilitios and basis of ￿ptsrt As the trustees of the charity you are responsible for the preparats'on of the financial statements in aC￿rdanCe with the requirements of the Charities Act 2011 Ilhe 2011 Actl. I report in respect of my examinatlon of the charity's financial slatements carrted out uncfer section 145 of the 2011 Acl. In carrying out my examination I have followed all Ihe applicable Directions given by the Charity Commission under soction 14515llbl of the 2011 Act. Independ•nt èxamlnoV$ $tstsment Your attention is drawn to Ihe fad that the charity has prepared financial statements in accordanc@ with Accounting and Reporting by Charities preparing their accour)ts in accordance with the Financial Reporting Standard applicable in tho UK and R8pubtic of Ireland IFRS 1021 in prefeTence lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 whith is referred to in the extant règu18tions bul has now been withdrawn. und8rsland that this has been done In order for financial slalements lo provide a true and fair view in accordanGe with Generally A¢xepled Accounting Practi￿ effective lor reporting periods beginning gn or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection with the oxamination giving rlle cause lo believe that in any material respect= aw)unth'ng record5 were not kept in respect of the charity as required by section 130 of the 2011 Act- or the financi81 statements do not accord with those records.. or the financial statements do not ¢omply with the applicable requirements concerning the form and content of accounts set out in the Charibes {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and falr vlew whlch is not a matter considered as part of an independent examination. I have no ¢on¢ems and have come across no other matters in connection with the examination to whic attentsoll should be drawn in this report in order to enable a proper understanding of the financial statements to be reaGhe(l. Anna Ch8pman FCA Chapman Worth Lkmiled 2 The Old Estate Yard High Street East Hendred Wantsge Oxfordshire OX12 8JY Dated.. WANTAGE TOWN LANDS (MILL STREET) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Unrestrlcted funds 2023 Not Income from.. Charitsble activities Investments 40.933 19,981 39,299 12,184 Total income 60.914 51,483 Charitable activities 30,752 21.748 Net gains on investments 4,432 2,313 Not Incoma and movefflent in funds 34,594 32.048 Roconclllatlon of fund$: Fund balances at 1 January 2024 530.702 498.654 Fund balances at 31 Oecember 2024 565,296 530,702 The statement of financial activities includgs all gains and losses recognised in the year. All income and expenditure derive from continuing activities. WANTAGE TOWN LANDS (MILL STREET) STATEMENT OF FINANCIAL POSITION ASAT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Inv8strnents 10 11 120,000 137,088 120.000 132,656 257,088 252,656 Current assets Debto Cash at bank and in hand 12 707 308.383 776 278,110 309,0 Credltors.. amounts falllng duo within one year 278,886 13 1882) 1840) Net ujrtenl assets 308,208 278,046 Total assots less current liabllllios 565,296 530,702 Income fvnd$ Unrestricted funds 565,296 530,702 565,296 530,702 The financial statements were approved by the Twstees on .. .... . Mr S Trinder Trustee WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 Accountlng pollcles Chaiity infomiation Wantage Town Lands IMIM Street) is an unincorporated chaiity reglslered with the Charities Commissfon for England and Wales. 1.1 Accounting convention The financial stslemenls have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charili85 Act 2011 and Accounting and Reporting by Charities.. Stalgmonl of Recommended Pra¢li¢e applicable lo charities preparing their accounts in accordance with the Financial Reportir)g Standard applicable In the UK and Republic of Ireland IFRS 1021" las arnended for a¢¢ounling ￿TrOdS commencing from 1 January 20161. The ¢hartty is a PUt￿lC 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 pr8par8 a Stat&ment of Cash Flows. The financial slalemenls have dèparted from the Charities (Accounts and Reportsl Regulations 2008 only lo the exlenl required lo provide a ¢Tue and fair view. This departure ha5 involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalemenl of Recommended Practioe which is referred to in the Regulations blrt which has since been withdrawn. The financial statements are prepared in sleding. which is the functional currency of the charty. Monetsry amounts in these financial statements are rounded to the nearest £. Thè financial statements havè beèn pr8par8d under the historical ¢ost convention. The p￿ncipal a¢counling policies adopted are set oul below. 1.2 Going ctsn¢•rn At the time of approving the financial statements, the trustees have a reasonable expeclalion that the charity has adequate resources lo wnlinue in operational existenco for the loreseeable future. Thus the Irustees ontinue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable fund5 Unrestricted funds aro available for use at the dis¢relion of th& trustees in furtherancg of th8ir charitable objectives. Restricted funtls are subject to specific conditions by donors or 9ranlors as lo how they may be used. The purposes and uses of the restricted funds are sel oul tt)e noles to the financial ststements. Endowment funds are subject to specific C4)ndibons by donors that the Cap￿ts1 must be maintained by the charity. 1.4 Incoming ￿SOurceS Income is recognised when the charity islggally entitled to il after any performance conditions have been met, the amounts can be measured Teliably. and it is probable that income will be received. Cash donations are rec￿gniSed on receipt. other donations are recognised On￿ the Chaiity has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income tsx recoverable in lation to donations received und8r GiftAid or deeds of covenant is racognised al the tiTne of thè donation. Legacies a￿ recognised on re￿Ipt or otherwise if the charity has been notified ol an impending distribution, the amount is known. and receipt is expected. ￿ the amounl is not known, the legacy is treated as a contingent asset. WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poJlcio$ IContSnu8d) 1.9 Financial instwmonts The charily has elected to apply the provisions of Seclion 11 '8asic Financial Instruments, and Section 12 'Olher Financial Inslfumenls Issues. of FRS 102 to all of ils financial instwmenls. Financial instruments are rècognised in the charitys balance sheet when the ¢harily bewmes party to the conlraclual provisions of the instrument. Financial assets and liabilities are offsel. with the nel amounts presented in the financial statements when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settfe on a net basts or to realise thg asset and settle the liability simuttaneously. 8asic r Inanci•J assets Basic finanual assets, which include debtors and cash and bank b81ances. are initially measured al transaction price including transaction costs and are subsequently Carried at amortised cost using the effective interest method unless the arrangement constitules a financing transacbon. where the transaction is measured at the present value of the future receipts dis¢ounle¢J al a market rale ol interest. Financial assets classified as receivable within one year are not amortised. Basic financffal liabilities Basic financial Iiabililies, including creditors anij bank loans a￿ initially ￿COgnised at transaction price unless thè arrangement const'lutos a financing transaction, whe¥8 the debt instrument is vneasur8d at the present value of the future payments discounted at a Ma￿et rale of interest. Financial liabrlilies classified as payable within one y8ar are not amortised. Debt Instruments ar8 subsequèntty ¢arrigd at amortised cost. using the effectlvè interest rale method. Trade crÉlJito￿ are obligations lo pay for goods or selvices Ihal have been awuirèd in the ordinary course of operations from SLJpplier5. Amounts payable are ¢lassified as curenl liabilities if payment is due within one yèar or less. If not, they are presented as non-currenl liabilities_ Trade creditors are recognis8d initially al transaction price and subsequenuy measured at amortised cost using the effectivo interest method. Derecognition of r Inancial liabilities Financial liabilities are dere¢ogni5ed when the charity's conlraclual obligalions expire or ale discharged or cancelled. Charitable actlvrties 2024 2023 Maintenance contributions 40.933 39.299 WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polic1•$ {Continu•dl 1.5 R•sourcg8 expendèd Expenditure is re¢ognised once there is a legal or constructive oblig8tion to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in setuemenl. and the amount of the obligation can be measured reliably. Expgndiiure is classified by activity. The costs of each aclivity 8r& made up of the lolal of ¢Yirect costs and shared costs, inGluding 5UPPOrt C051s involved in undertaking each adivity. D1￿ct costs attributable lo a single 8Ctivily are allocated directly lo Ihal a¢tivily. Shared costs which contribule lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislenl wilh the use of reSoUr￿s. Central staff costs are allocated on Ihe basis of lime spent, and depreciation charges are alloG8ted on the portion of the asset's use. Expénditure is recognised oncè there Is a legal or constructive obligatson to make a payment to a third party, it is probable that settlement will be Tequired and the amount of the obligation can be measured reliably. Charitablè activities include expenditure associated with meeting the ¢haritable objectives. Support costs are those fijnctions that assist the work of Ihe charity but do not directly urKiertake charitable activilie5_ Govemance cost include those incurred in the govornancg of the charity and its assets and are primarily associated with conslitulional and statutory requir8menls. 1.6 Tangible flxed assets Tangible fixed assets are inrtially meaSU￿d at cost and subsequently measured at cost or valuation, nel of d8pr8ciation and any impaim8nl losses. Depfeciation 15 recognised so as to write off the cost or valu8lion of assets less their ￿$}dUal values over Iheir useftbl lives. Due to the high residual value of the buildings, depreciation is calculated on the following bases: Freehold land and buildings The gahn OT loss arising on the disposal of an asset is delemined as the diffe￿n￿ between the sale proceeds and the carrying value of the asset, and is Tecognised in the statement of financial activities. 1.7 Impalrniant of fix￿ a5s6ts At èach reporting end date, the charlty reviews the carrying amounts of its tangible assets lo d8t8rmin8 whether there is any indication that those assets have suffered an impaimient loss. If any s*J¢h indication exists, the recoverable amount of the assat is èslimaled in order to determine thg @xlenl of the impairment loss lif anyl- Recoverable amount is the higher of fair value kss c051s to Sell and value in use. In awssing value in use, the estimated future cash flows #Te discounted to their presenl value using a pre-tax discount rate Ihal reflects current market a5sessrnents of the time value of money the risks specffic to the asset for which the estimates of future cash flows have not been adjusted. 1.8 Cash and ca$h equivalonts Cash arid cash equivalents indude 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. WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 Inc¢m8 from Inv8stm•nts Unrestrirted Unrestricted nds funds 2024 2023 Other income Interest receivable 5.998 13,983 1,495 10,689 19,981 12.184 Charltable expenditure 2024 2023 ProvIs￿n & maintenance ofAlmshouses for the people of Wantage 26.773 18,558 Share of support costs (see note 51 Share of govemance costs {see note 5) 630 3,349 778 2,412 30,752 21.748 Support costs Support Go¥eman¢e costs costs 2024 2023 Basis of allocation Postage and stationery Subscriptions Computer Sundry 67 510 30 23 67 510 30 23 46 $40 188 Professional fees Clerk's fee Bank fees 882 2,389 78 882 2.389 78 840 Govemance 1,500 Govemance 72 Govemance 630 3.349 3,979 3,190 Governance costs includes payments lo the independent examiners of £882 12023- £8401 for indep8ndenl examination fess. Trustse$ None of th8 truslges lor any persons connècted wllh them) receivèd any remuneratlon durtng the yoar. There were no donations recewed from trustees during the y88r. WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 EMploy￿S There were no employees whose annual remuneration was more than £60.000. WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 galnsllloss•sl on Invèstments Unrestrictsd funds Total 2024 2023 Revaluatlon of investments 4.432 2.313 Taxation The charity is exempl from tsxalion on tts adivlties ￿Call$e all rts income rs applied for tharitable purposes. 10 Tanglble fixed ass•ts Fteehokl land and bulldlngs Cost Al 1 January 2024 120,0 Al 31 December 2024 120,000 Carrying amount At 31 December 2024 120,000 At 31 December 2023 120,000 The triistees, deem the value of the propertigs for irbsuranc& purposes of £1.229.972 12023 £1,229,972) is appropriate to the market value. 11 Fixed asset inv•stments Llsted Investments Co$t or valuatlon At 1 January 2016 Addittons 132.656 2,313 Al 31 December 2024 134,%9 Carrying amount At 31 December 2024 134.969 At 31 December 2023 132.656 WANTAGE TOWN LANDS (MILL STREET) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Fixed ass*t inve5tmonts {Contlnu8dl Fixed asS•t investmènts revalu¢d Fixed asset investments are slated at fair value as detailed on the investment portfolio. 12 Debtors 2024 2023 Amounts falllng due within one year: Other debtors Prepayments and accrued income 106 601 106 670 707 776 13 Credltors: amounts falling due viithln one year 2024 2023 Accruals and deferred income 882 14 Un￿strICted funds Thè unreslricled funds ol the charity wmprise the unexpended balances of donatlons and grants which are not subject to specific condition5 by donors and grantors as to how Ihèy may b8 used. Thes& include designated lunds which have been set aside ovl of unrestricled fvn¢Js by the trustees for sp8cffic purposes. At31 DeG•mber 2024 At 1 January 2024 In¢ornln9 re50urcas R¢sources oxpended Gains and los￿$ General funds 530,702 60,914 130,752) 4.432 565,296 Provious y•ar: At 1 January 2023 Incoming resource$ Resourc8s expended Galns and losses At31 December 2023 General funds 498,654 51.483 {21.7481 2.313 530.702 15 Rèlated party transactions A5 at Ihe year ended 31 De￿mber 2024. £106 was owed by Wanlage Town Lands (Thomas Fewson Eagles). Charity rogistration number 218441-1 WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr T A Gashe Mr R Sharp Mr l Heimon Mr W J Roycroft Mr S TrÈnder- Chairwnan Mr J Hetherington Mf l Mead MrA Howell Mr M Cooper Mr M Haddrell Ms C Haddrell Charlty nUM￿r 218441-1 Prlncipal address Mrs C L Clubb 133 Slo¢kham Park Wantage Oxfordshire OX12 9HJ Independent examingr Chapman Worth Limited 2 The Old Estale Yard High Street East Hendfed Wantage Oxfordshire OX12 8JY WANTAGE TOWN LANDS {THOMAS FEWSON EAGLES) CONTENTS Page Trustees. report Independent examinels report Statemènt of financial a¢tivi118S Slalèmenl of financial position Notes lo the financial statements 7-13 WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The tnjslees present their annual report and ftnancial statements for the year ended 31 De￿rnber 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Ihe charity's conslilulion, the Charities Act 2011 and "Accounting and Reports"ng by Ch8rilies'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective l January 2015}" Objectives and activities The charity's objective is the provision of Atmshouses ft)r the people of Wanlage. The charity does not hold any restricted or endowment funds. The Charity aims to help peotAe with little capitsl, and r8slricled income. by provtding low cost accommodalitsn Sn the town of Wantsge. The twstsas invite applications from appropriate ￿0p1￿, and mainlaln a waiting list, so that, as vacancies become 8vailable, persons on said list have the opportunity to avail of almshouse rgsidency. During the year, Wantage Town Lands (Thomas Fewson Eaglesl has carried out ts public benefit duly and its duty with regaid to the objéctivès of the charity. The Injstaès have paid due regard lo guidance issued by the Charity Commission in deuding what activities the charity should undertake. Achlov8ments and performance The 10 properties are checked biannually for legionnaires di59ase. The properties were prolessionally checked in November 2023 and all were dedared fr99 of this problem. The next legionnaires check is due in 2025. We continugd with our regular program of redecoration and general mainlenan¢e. Plan$ for th• fulure To continue to administer the affairs of the almshouses w(fh probity and faimess, and to ¢ontinue to maintain all the properties in good and safe order. Financial revlew During this financial year the charily made a surplus of £56.46812023 £21,024). CuTrenl Assets stood at £307,507 {2023 £263,787). Totsl assets less current liabilities stood al £629.981 12023 £573.5131- It is the policy of the cha￿ty that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to not less than ￿e1ve rnonlhs. expenditure. The Iruslees consider that reserves at this level will ensure that, in the event of a significant drop in lunding. they will be able lo continue the charity's Jrrent activities while consideration is given to ways in which atldilional funds may be raised. Freely av8ilably reserves total £306,757 for the year ended 2024 which exTred the reseNes policy by approxirnataly £284,291. Trustees, plans for reserves exceeding the reserves policy are that, given th8 age of th8 premises. there may come a lime when a major programme of refurbishment will be necessary and the money will bo available for such Purposes. The Iruslees have assessed the major risks to which the charity is exposed, and are sats"sfied that systems a￿ in place to miligale exposure to the major risks. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Stru¢tur•. governancè and m4nagement Thè charity is an unincorrK)rat8d charity registèr￿ with the Charities Commission for England and Walès govemed by constilulion. The trijstees who served during the year and up to the date of signature of the financial statements wore.. MrT A Gashe Mr R Sharp Mr l Hermon Mrw J Royuoft Mr S Trinder- Chaimian Mr J Hetheringlon Mr l Mead Mr A Howèll Mr M Cooper Mr M Haddrell Ms C H8ddrell 11 Truslees shall be appointed after due discussion at a full meeting. 2} The trustees may appoint any person who is willing lo act as a trustee, and is not disbarred under the rules of the Charity Cornmission, and does not take the loial number of Iruslees above twelve. 31 Any trustee may put forward an individual for consideration. The Trustees are fespx)nsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards. Charity law requires the Trustees lo prepare Finanaal 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 a￿ reqLJired to.. Select suitable accounting policies and then appty them consislenlly., Make judgements and eslimates thal are reasonable and prudent., Prepare the Financial Statements on the going concern basis unless il Is inappropTiale to presume that the Charity will continue in operation. The Truslees are ￿S￿￿)nSIble for keeping proper accounting records which disclose, with reason8ble accuracy at any tirne, 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 othar irregularities. 11 The charity is to be be administered by the trustees. 2} Th8 charity shall have a secrgtary and a treasur81. th8 latter role rotating amongst the trustees, with the office heltl for one year. 3} Ml trustees have the same legal duties and fesponsibilitie5. 4} Atruslee may not appoint anyone to act on his or her behalf al moetings. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The truslees. report was approved by the Board of Trustees. Mr S Trinder Trustee WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE TOWN LANDS (fHOMAS FEWSON EAGLES) report lo Ihe trustees on my examinatson of the financial ststements of Wantage Town Lands (Thofflas Fewson Eagles) {the charity) for the year ended 31 December 2024. Re$ponsib*lities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with thè r￿UIrementS of the Charities Act 2011 (the 2011 Acti. I rep)rt in ￿SpeCt of my examination of the charity's financial statèments carried out Ljnder section 145 of the 2011 Act. In carrying Dut my examination I have followed all the applicable Directions given by the Charity Commission under s8Ction 14515llbl of tho 2011 Act. Independent èxamlnerfs statement Your attention is drawn IL) the fact Ihal the charity has prepared financial staiemenls in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 1021 in preference to th8 A¢¢ounling and Reporting by Charities.. Statefflent of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l undeTSland that this has been done in order for financial statements to provide a true and fair viwN in accordance wilh Generally AC￿pted Accounting Practice effective for reporting periods beginning on or after I January 2015. I have completed my examination. I confim that no matter5 have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accDunting records were not kepl in respect of the charity as required by sect¢on 130 of the 2011 Act.. or the financial statements do not ac¢oTd with those records., or the financial slalemenls do not CoM￿Y with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts ar)d Reports) Regulations 2008 other than any requirewnenl that the accounts give a twe and fair view which is not a mattel conside￿d as part of an Independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in Ihls report in order lo enable a proper understanding of the financial statements to be reached. Anna Chapman FCA Chapman Worth Limited 2 The Old Eslale Yard High Street East Hendred Wantage Oxfordshire OX12 8JY Dated.. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted fund$ 2024 Unrestricted funds 2023 Noles Income from: Charitable activities Investments 47,866 18,338 44,617 14,944 Total Incoma 66,204 59.561 Charitable activities 22.538 59,928 Nel gains on investments 12,802 21.391 Net In¢omè and movement In funds 56,468 21,024 Reconclllatlon of funds: Fund balances at 1 January 2024 573,513 552,489 Fund balances at 31 De¢ember 2024 629,981 573,513 The ststement of financial activities includes all gains and losses reco9nisgd in the year. All income and expenditure derive from Continuing activities. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) STATEMENT OF FINANCIAL POSITION ASAT 31 DECEMBER 2024 2024 Not• 2023 FSxed a$sets Tangibl& assets Investments 11 12 20,568 303,146 20,568 290,344 323,714 310,912 Curient assets Debtors Cash al bank and in hand 13 750 306,757 838 262,949 Creditors: amounts falling du• withln one year 307,507 263,787 14 11,2401 11,1861 Net current assets 306,267 262,601 Total as$•ts1o$s current liabilitl•s 629,981 573,513 In¢0rn9 funds Unrestricted funds 629,981 573,513 629.981 573,513 The financial statements were approved by the Trijstees on ..... . Mr s frinder Tru$teè WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity Inforniatlon Wanlage Town Lands IThomas Fewson Eagles) is an unincorporated challty registered with the Charities Commission for England and Wales. 1.1 A¢counting convention The financial statements have been prepared in accordance the chanty's Conslilution. the Charities Act 2011 and "Accounting and Reporting by Charilie5-. Statement of Re￿rnmend￿ Practice appliGable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" las amended for accovnting pariods Commencing from 1 January 20161. The charity is a Public Bonefrt Entity as defi'ned by FRS 102. The charity has taken advantage of the provisions in the SORP for chariknes applwng FRS 102 Update Bulleti 1 nol lo prèpare a Statem8nl of Cash Flows. The financial statements have departed from me Charities (Accounts and Reports) Regulations 2008 only to the extent required trj provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charili8s applying FRS 102 rathèr than the version of Ihe Statement of Recommended practi￿ which is referred to in the Regulations but which has since been withdrawn. The financial ststements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these fin8noial statements are rounded to tha nearest £. The financial statsmenls have been prepared under the historical cosl conventlon. Tha prindpal aecounling policies adopted are set out below. 1.2 Going con¢•rn At the time of approving the financial ststements, the Irustees have a reasonable expecialion that the charity has adequale resources to continue in operatiorbal existence fo¥ the for8see8blè future. Thus the Iruslees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricled funds ara availabl8 for use at tha discretion of the Iruslees in furth8ran¢* of thelr charitsble objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slalemenls. Endowment fvnds are subject to specffic conditions by donors that the capitsl must be maintained by the ¢haiity. 1.4 In¢oming resource5 Income is recognised when the charity is legally entitled to it after any perfom)ance conditions have been met. the arnounts can be measured reliably, and il is probable that in¢ofne will be received. Cash donab.ons are recognised on receipt. other donations are recognised once the charity has been notified of Ihe donation. unless performart￿ conditions require deferral of the amounl. Income tax recoverable in rèlation to donatlOn5 raceived undar Gift Ald or deeds of covenant is recognisad at tha lime of the donation. Legacies a￿ 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. Ihe legacy 15 treated as a contingent asset. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polS¢ig$ (Continu￿) 1.5 Resour¢es èxpended Expendiiure is Tecognised On￿ there 18 a legal or constmclive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in s6tUement, and the afflount of Ihe obligation can be measured reliably. Expendilure is classified by activity. The costs of each a¢ts"vity are madg up of the total of d1￿cl costs and shared costs, includin9 support costs involved in undertaking each activity. Dired costs attributable to a single activity a￿ allocated directly lo that a¢livily. Shared costs which contribute io more Ih2n one activity and support costs which are not attributsble to a single activity are apporhoned bètween those activities on a basis consistent with Ihfy use of resources. Central staff costs ao allocated on Ihe basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is recognised once Ihere is a legal or conslruclive obligation to make a payment to a third party. it is probable that sottlement will be required and the amount of the obl￿allOn can be measured reliably. Charitable activities include expenditure associated with meeting the charitable objectives. Support cosls are those ￿n￿lonS that assist th6 work of the charity bul do not directly undertak& charitsble activities. Governance cost include those incurrgd in the govemance of Ihè charity and its assets and are primarily associated with conslilutional and Stat￿Ory requirements. 1.6 Impalrmont of fixèd assets At &ach ieporting end date. the charity revi8Ws the carrying amounts of its tangible assets to delemiine whether there is any indication that those assets have suffered an impairment loss. It any such tndication exists. the recoverable anKTrunl of the asset IS 8slimaled in ordar to del8rmine th8 ext8nl of the Impaimi8nl loss lif any}. Recoverab￿ amount is the higher of fair value less cosls lo sell and value in use. In assessing value in use. the eslimaled fulure cash flows are discounted to their present value using a pre-tax dlscount rale that reflecls cument market assessments of the lime value of money and the risk5 specific to the assel for which the esliJhales of future cash flows have not been adjusted. 1.7 Cash and cash equivalents Cash an(1 cash equivalents include cash in hand. deposits held al call with banks, other short-tgmi liquid investments with original maturities of three months or loss, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Finan¢ial instrumonts The chartty has elected to apply the provisions of Sectson 11 'Basic Financial Instrumenls, and Section 12 'Other Financlal Instruments Issues, of FRS 102 to all of its financial instrumants. FSnan¢ial instruments are recognised in the Cha￿ty'S balance sheet when the charity becomes party lo the contradual provisions of the instrument. Financial assets and liabilities ère offset, with the net amounts presented in the financial statements. when Ihere is a legally enforceable r¥Jhl to set off the rècognised amounts and Ih8re is an intention to sattle on a net basis or to iealise the asset and settle the liability simultaneously. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 A¢countln9 poIici8s (Continu8dl Basic financial assets Basic financial assets, which include debtors and cash and bank balance5, are initially rneasured al transaction price induding transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, Whe￿ the transaction is ea5ured at the present value ofj the fijtvre receipts discounted al a rnarket rale of interest. Financial assets classified as receivable within one year are not amortised. Basic fin•ncial liabilities Basic financial liabililies, including ¢reditOfS and bank loans a￿ initially recognised al tTansaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a maTkel rate of interest. Financial liabilities classified as p8yable within one year are not amortis8d. Debt in51rumenls are subsequenlly carried at afflortised cost, using the effective inleresl rate melkjd. Trade creditors are obligations to pay for goods or servbGes that have been acquired in the ordinary course of operations from suppliers_ Amounts payable are classrfied as current liabilities if payment is due within one year or less. 11 not, they are presented as non-current liabilities. Trade credrtors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dere¢ognitk>n of financlal li•bllities Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or cancglled. Crbtlcal a¢countlng estlmates and I[￿geMentS In the application of th8 chadty's a¢counting polidas. thè tru51èès af8 required to make judgemgnls, estimates and assumptions abotjl the carrying amount ol assets and liabilities that are not readily apparent from olhef Sources. The ostimales and associated assumpllons are bas8d on hislorlcal experienca and other fa¢tors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are ￿vieWed on an ongoing basis. Revisions to accounting estimatès are recognised in the pariod in which the Èstimate is rèvised wher8 the revision affects only that period. or in the period of the revision and fvlure periods wheTe the revision affecls both current and future periods. Charltable actlvltles 2024 2023 Maintenance contributions 47.866 44,617 WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Investments Unrestricted Unrestrlcted funds fvnds 2024 2023 Other incowne Int&rest receivable 5.048 13.290 4.795 10,149 18.338 14,944 Charitable eX￿ndIture 2024 2023 Provision & mainlenance of Almshouses for the people of Wantage 19,396 51,665 sha￿ of support costs (see nole 61 Share of govemance costs {see note 6) 182 2.960 5,398 2,865 22.538 59,928 Support costs allocatsd to activltios 2024 2023 Postage, Printing and Stationery Professional Fees Sundries IT Consumables and Sothvare Subscriptions Governance costs 55 72 25 30 46 4,966 30 352 2.865 2,960 3,142 8.263 Analysed between: Charitsble activities 3.142 8,263 Trust•gs None of the IrLtslees lor any persons wnnecled with them) rèceived any remuneration, benefits or reimbursed expenses from the charity during the year. WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees There were no empk>yee5 during the year or comparative year. Galns and los$•s on inv•stments Unrestricted Unrnstrictèd funds fund5 2024 2023 Gainslllosses) arising on- Revaluation of investments 12.802 21,391 10 Tax*ion The charity is exempt from taxation on its activities because all ils income is applied for charitsble purposes. 11 Tanglble fixed assets Fr¢¢htsld hnd bulkllngs Cost At 1 January 2024 109,391 Al 31 December 2024 109,391 D•preciatlon and impairnienl Al 1 January 2024 88.823 At 31 De¢¢mber 2024 88.823 Carrying amount At 31 December 2024 20.568 Al 31 Decembèr 2023 20,568 The trustee5' d8&m the value of thè propertles for insurance purposes of £1,873,979 12023 £1.873,9791 is appropriate lo the market value. WANTAGE TOWN LANDS {THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Flx•d a$s&t Investm•nts Listed inv8$tm•nts Cost or valuation Al 1 January 2024 Vajualion changes 290,344 21,391 Al 31 December 2024 311.735 Carrying amount Al 31 December 2024 311.735 At 31 December 2023 290,344 Fixed asset Invostmgnts r•valuÈd Fixed asset investments are staled at fair value as delailed on th8 investment portfolio. 13 D8btors Amounts falling duo within one y*ar: 2024 2023 Prepayments and accrued incom& 750 838 14 Credltors.. amounts falling due wlthin one year 2024 2023 Other cieditors Accruals and deferred income 1,134 1.080 1.240 1,186 15 Unrestricted fund$ The unrestricted fvnds of the charity eomprise the unexpènded balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how Ihey may be used. These include dasignaled funds which have been set aside out of unreslrieted funds by the trustees for specific purposgs. At 1 January 2024 Incomlng resources R•sources ex￿nd•d Galns and 1055es At31 Decemb•r 2024 General funds 573,513 66.204 122,5381 12,802 629,981 WANTAGE TOWN LANDS (THOMAS FEWSON EAGLES) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Unrestri¢tsd funds {Continuedl Previous year- At 1 January 2023 Incoming resources Resourcès expended Gains and losses At31 Decembèr 2023 General funds 552.489 59,561 159,928) 21,391 573,513 16 R•latsd party transactions As al the year ended 31 Decernber 2024, Wantage Town Lands (Thomas Fewson Eagles) owed £106 10 Wantage Town Lands (Mill Street).