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YARDLEYS CHARITY Trustees of the Town Estate
Registered Charity number: 227363 Financial Report and Statements for the year ended 30th September 2022
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YARDLEYS CHARITY
Trustees of the Town Estate
CONTENTS
| Legal and Administrative Information | Page 1 |
|---|---|
| Report to the Trustees | Pape 2 |
| Statement of Financial Activities | Page 4 |
| Balance Sheet | Page 5 |
| Notes forming part of the Financial Statements | Pape 6 |
| ReportoftheIndependentAssessor | Page10 |
YARDLEYS CHARITY
Trustees of the Town Estate
Legal and Administrative Information
Trustees
Robert Caton (Chairman) Philip Leeder (Vice-Chairman) Marion Jossaume Simon Latham Matthew Latham Miles Leeder Adrian Lowe Paul Meader (Churchwarden) Ann Pickhaver (Churchwarden) Jane Presiand
Independent Assessor Thomas Johnson, Livermore House, High Street, Great Dunmow, Essex, CM6 1AW
Bankers Barclays Bank pic., 12a Market Place, Saffron Walden, Essex, CB10 2LA
Solicitors Tees, 68 High Street, Saffron Walden, Essex, CB10 1AD
Page 1
Trustees of the Town Estate
Report of the Trustees for the Year 2021-22
Constitution and Objects
The Charity is usually known as Yardleys Charity Town Estate and has beer in existence since 1490 when it was known as Yerdeles.
The object of the Charity is the distribution of its nett income to the Town Estate Ecclesiastical Charity (one-third) ang the vown Estate Non-Ecclesiastca! Crary (two-thirds).
The Charity owns the freehold of Yardieys Farm, Thaxted and its income is derived from the rent of the farm, farm buildings and from investments.
Organisation
The Trustees are set out in the Lega! and Administrative Information appended to this report. The Trustees are appointed by the existing Trustees at such times as they deem necessary. The Vicar and the Churchwardens of the day automatically hold office. The Trustees meet at least twice a year, in July and December and at such other times as circumstances dictate. An annual inspection of the farm is also carried out.
The number of trustees is currently ten. It is with sadness we note the passing of Gerald Lowe in January 2022. Our thanks for his years of service as a Trustee and the tireless support he provided to his community, he will be sadly missed and our condolences are offered to his family. Reverand Philip Tarris retired from Thaxted Parish and moved to pastures new (Southwold) We thanks Philip for his time and efforts as a Trustee and wish him a long and happy retirement.
The farming tennant, G A Wisbey and Son Ltd. have continued with their tenancy during the financial year.
The farmhouse remains let on a domestic tenancy and is managed by Mullocks (Land Agents) appointed by the Trustees to manage the letting of the property on their behalf.
The Trustees remain responsible for grass maintenance of the property and for general maintenance of all unlet buildings.
The smail 'Atcost' Barn has been let or an annual renewable basis to Aori! 2020 at arent of £3,600 per year.
A local photographer rents the smaller timber barn to use as a studio. After a change of use was obtained through the local authority he has carried out a conversion of the building to suit his purposes. A lease is being negotiated but is anticipated to include a rent free period to compensate for the renovation costs.
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The large grade 2 listed barn and the open cart shed have been retained by the Charity and it is hoped to convert them into domestic dwellings to be let under separate tenancies in the future when funds allow.
The maintenance of the unlet barns and the areas outside of the farmhouse and the areas of land outside of the farming tenancy is therefore the Trustees responsibility.
Reserves Policy
It is the policy of the Charity to maintain a Farm Development Fund to finance any major structual repairs or improvements deemed necessary to the farm buildings. The amount retained for this purpose is reviewed annually by the Trustees. The majority of this fund is invested in the COIF Charities Investment Fund. in 2017 - 18 a significant proportion of this fund was expensed in the improvements of the farmhouse to bring it up to current standards necessary to let.
Trustees’ responsibility in relation to the financial statements
The Law appliciable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements the Trustees are required to:-
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select suitable accounting practices and to apply them properly and consistently;
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make judgements and estimates that are reasonable and prudent:
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state whether applicable accounting standards and statements of recommended practice have been foliowed subject to any departures disclosed and explained in the financial statements; and;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. 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.
Approved by the Trustees and signed on their behalf by:-
R. D. Caton (Chairman ke pate 9 OP RBovcosun
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YARDLEYS CHARITY Trustees of the Town Estate
Statement of Financial Activities | For the Year Ended 30th September 2022 | Incoming Resources:
|||Statement of Financial Activities
For the Year Ended 30th September 2022the Year Ended 30th September 2022Year Ended 30th September 2022Ended 30th September 202230th September 2022September 20222022|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||2021-22||||2020-21||
|||Incoming Resources:Resources:|Note||£||||
||£||
|||Rent
Farm
Farmhouse|||28,400.00
21,755.88||||
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||28,400.00
20,942.88||
||Atcost Barn|||3,300.CO|53,455.88||||3,300.00|52,642.88|
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||Alan Hockley Bequest - Final Payment
Wayleaves
Bankinterest|||66.02
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||Investment income|||||||||
||Main investment|||4,305.63||||3,950.32||
||A.H Bequest|||4,303.43|||||3,925.56||
||Farm Development Fund|||~|8,675.08||||7,875.88|
|||||||&2,130.96||||60,518.76|
||Resources Used:|||||||||
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:|Insurance
Farm|||3,408.75||||3,097.52||
|.|Trustees P!
Professional fees|7|325.68||3,734.43|L.
|||336.88 ©|3,434.40|
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,'|Stipend
Accountancy
Other
Farm Repairs and !mprovements
MaintenanceofUnoccupiedFarmhouse
Accrued costs
Farm and Barn Maintenance|7
7
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3
6
10|a|2,000.00
1,200.00_
1,475.40
12,434.60
1,238.80|3,200.00|||
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1,250.00
2,679.00
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23,000.00
1,851.74|-|
||Transferred to Alan Hockley Bequest|||:||||||
|||TransferredtoFarmDevelopmentFund|||20,000.00|35,148.80|||||28,780.74|
||||||20,047.73||||28,303.62|
|||Net IncomingResources||||20,047.73|||||28,303.62|
|]|Allocatedas follows:
Ecclesiastical Charity||||6,682.58|||||9,434.54|
|j|Non-ecclesiasticaiCharity:||||13,365.15
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4||||18,869.08
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YARDLEYS CHARITY
Trustees of the Town Estate
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||||||||||
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|||Balance Sheet|
|For|the|Year|Ended|30th|September|2022|
|]|Note|2021-22|2020-21|
|Fixed|Assets|;|
|Investments|at|Cost|||
|||Freehold Property|1|||
|EDF|2|72|000.00|||72,000.00|
|1|AHFarm BequestDevelopment|Fund|22|144,509.0037|425|06||||144,500.007,425.00|
|:|Current|Assets|||
|-|Debtors|920.00|||
|:|Bank|Balances|
|i|Barclays|Current|Account|50|329|69|90,125.78|
|COIF|Deposit|Fund|2|52,913.51|104,143.20|||41,376.86|131,502.64|
|:|Debtors|a,|i|-|
|?|104,143.20|:|131,502.64|
|Less-Current|Liabilities|i|
|“|Creditors|falling|due|within|i|
|:|one|year|3|54,482.33|39,158.00|
|£9 660.87|ag|senset|||92,344 64|92,344.64|
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|d|Total Assets|less Current|Liabilities|393,535|87|||316,269.64|
|Funds|- At|Cost|;|
|°|Charity|Capital|Account|4|216,123.00|||216,123.00|
|“|Farm Development Account|5|76 239 78|||56,299.78|||
|eee|se|
|“|292|422.78|||272,422.78|
|a:|9|enercmmns|senate|oe!|a|oa ||
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Trustees of the Town Estate
Notes to the Financial Statements 30th September 2022
1. Accounting Policies i Income
Rental income is included in the accounts as due; interest receiveable and other income is dealt with on a cash basis.
ii Expenses
Major costs outstanding at the year-end are provided for in the accounts; routine expenses are dealt with on a cash basis.
iii Fixed Assets
The Charity owns the freehold of Yardleys Farm, Thaxted but the property is vested in the Official Trustee of Charity Lands which holds the property in trust for the
No book value for the property is included in the financial statements, nor is any corresponding book value reflected in the capital account as the Farm was endowed in the Charity in 1490 ad has remained in its ownership ever since. 2, Investments Main Investment
| 2, Investments Main Investment |
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|---|---|---|
| 2021/22 | 7020 /21 | |
| At cost: | ||
| Charities Official Investment Fund | ||
| 8,482.96 income shares | 42,000 | 42,000 |
| Charishare Common Interest Fund | ||
| 19,354.839 income shares | 30,000 | 36,000 |
| 72,000 | 72,000 | |
| Market value at 30thSeptember 2022 | ||
| COIF Fund | 154,732 | 164,607 |
| Charishare | 128,980 | 135,929 |
| Blackrock COIF Fund | 52,914 | 41,377 |
| ~336,625 | 341,913 |
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|---|---|---|---|---|---|---|---|
|2021|/|22|2020/21|
|Alan|Hockley|Bequest|
|AtCharities cost:|Official|Investment|Fund|
|10,145.77|Income|shares|84,300|84,300|
|Charishare Common|Interest Fund|
|19,157.397|Income|Chates|60,200|60,200|
|144,500|144,500|
|Market|value|at|30th|September|2022|
|COIF|Fund|185,062|196,873|
|Charishare|128,171|133,634|
|~~|313,233|330,507|
|Farm|Development|Fund|
|At|cost:|
|Charities|Official|Investment|Fund|
|3067.38|income|shares|37,425|7,425|
|Market|value|as|at|30th|September|2022|
|COIF|Fund|55,950|29,712|
|3|Creditors:|amounts|falling|due|
|within|one|year|
|Owing|to|the|Farm|Development|Fund|20,000|-|
|Owing|to|the|Trustees|of Yardleys|2,000|.|
|Ecclesiastical|Charity|6,683|~|-|
|Owing to the Trustees|of Yardleys|:|-|
|Non-Ecclesiastical|Charity|13,365|16,158|
|Accruals|12,435|23,000|
|54,482|39,158|
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|Main|Investment|
|4|Charity Capital Account|
|Balance|as|Ist|October|2021|71,936|71,936|
|No change|in the year|
|Alan|Hockley|Bequest|
|Balance|as|at|1st October|2021|144,187|144,187|
|Payments made|into|funda|
|Balance as 30th September|2022|216,123|216,123|
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| 2021 / 22 | 2020/21 | |
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| 5 Farm Development Fund |
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| Balance at Ist October 2021 | 56,300 | 56,300 |
| Allocated from income and expenditure account | 20,000 | - |
| income from investment | - | - |
| _ess Expenditure on Farmhouse Renovations | - | - |
| Balance at 30th September 2022 | 76,300 | 56,300 |
| 6 Accruals |
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| Church Hall Repairs | - | 4,000 |
| Farm Repairs | 7,435 | |
| Storm Damage Grant | - | 9,000 |
| Photographic Studio Work | 5,000 | 10,000 |
| 12,435 | 23,000 | |
| 7 Professional Fees |
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| Stipend | 2,000 | |
| Accountancy fees for 2020 and 2021 | 1,200 3200 |
- - |
| 8 Farm Repairs and improvements |
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| improvements and refurbishment of Farmhouse | - | |
| Electricity Meter in Atcost Barn | 1,475 | 1,387 |
| Sewage inspection | - | 412 |
| Shower replacement | - 1475 |
880 2,679 |
| 9 Maintenance ofUnoccupied Farmhouse |
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| Council Tax | - | - |
| Electricity | . | - |
| Water Supply | - | |
| Cleaning | - | “ |
| Heating Oil | . | - |
| 10 Barns and Unlet Areas Maintenance |
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| Grass cutting | 640 | 1,320 |
| Water | 599 | S32 |
| Electricity | ||
| 1,239 | 4,852 |
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11 Farmhouse and Barns
Improvements to the Farmhouse were completed in April 2018 and the house was offered for jet by Muliocks Land Agents. A one year renewable tenancy was agreed with a prospective tenant who took occupation in April 2019 at a rent of £1,995.00 per month. The Trustees engaged Mullocks to manage the tenancy on their behalf for a fee of 9% plus VAT.
The tenant that took occupation of Atcost Barn in April 19 continues their annual renewable tennancy at a rent of £300.00 per month.
The smaller timber barn was converted into a photographic studio by the tenant at their own expense. A lease is being negociated on the barn, and is anticipated to include a rent free period to compensate for the expenses incurred in the conversion.
The trustees have retained the other farm buildings for possible conversion to tenanted residential use in the future and have therefore taken responsibility fer their care and maintenance and the maintneance of the areas outside the farmhouse garden which do not form part of the Farming Tenancy.
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. YARDLEYS CHARITY ] Trustees of the Town the Town Town Estate independent Examiner's Report on the Accounts ] For the year to 30th September 2022 As the Charity's Trustees you are responsible for the preparation of the ] Responsibilities of the Trustees and the Examiner accounts of the Charities Act 1993 (the 1993 Act) and that an independent examination | You consider that an audit is not required for this year under Section 43(2} is needed. It is my responsibility to:| examine the accounts under section 43 of the 1993 Act ] followCharity theCommission procedures(under laid downsectionin the general43(7)(b) of thedirections1993 Act,given by theand | state whether particular matters have come to my attention. My examination was carried out in accordance with the general directions ]. Basis of the Examiner's Statement given by the Charity Commission. An examination includes a review of the | accountingpresented recordswith those kept by therecords. charityIt also includes and a comparisona considerationof theof accountsany unusual items or disclosures in the accounts, and seeking explanations ;| fo ro videm youall concerning suchevidence that would matters.be requiredThe proceduresin an audit,undertakenand consequently do not no opinion as to whether the accounts present a ‘true and fair’ view of the .| statementaccounts andbelow. the report is limited to those matters set out in the Independent Examiner's Statement
7 7 connection with my examination, no matter has come to my attention: ‘ 1. which gives me reasonable cause to believe that in, any material respect, i cne requirements:to keep the accounting records in accordance with section 412 of the . 1993 Act; and
YARDLEYS CHARITY Trustees of the Town the Town Town Estate
to prepare accounts which accord with the accounting records and comply with the accounting records of the 1993 Act have not been met:
or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
\b /ab /2023 signedProfessionalVaroQualification:Name:YrSeaagT Dette Date: Address: _Lavenmenas Nose Ga Tboweres, Ore : \ Page 10