LEVERINGTON FEOFFEES CHARITABLE TRUSTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2022
LEVERINGTON FEOFFEES
CHARITABLE TRUSTS INDEX
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 4 |
| Clarke's Music Services Trust | |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Relief in Sickness Fund | |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Town Lands New Scheme Charity | |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Town Lands Educational Foundation | |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Accounts | 13 |
LEVERINGTON FEOFFEES CHARITABLE TRUSTS LEGAL AND ADMINISTRATIVE INFORMATION
The charities under the common control of the Leverington Feoffees are as follows:
Charity Number 269579 Clarke's Music Services Trust 273753 Leverington Relief in Sickness Fund 311325 Town Lands Educational Foundation 232526 Town Lands New Scheme (including Philip Charlton, William Hawkins & Town House endowments, together with John Swaine, Ellard Griffin, Thomas Criplin and Thomas Swaine (under Subsisting Trusts)) CHAIRMAN E Newling TRUSTEES Council nominated:P Reynolds Gorefield J Downes Leverington P Williams Parson Drove Co-opted - M Humphrey R A Littlechild D H Newling J R Maxey B Hunt (Vice Chairman) E Newling (Chairman) A Kett J Everall A Missin S Kublik M Baker (Resigned September 2021) L Sandall (appointed March 2022) L Turner (appointed September 2022)
CLERK TO THE TRUSTEES Mrs R Gagen 78 High Road Gorefield WISBECH, Cambs INDEPENDENT C L Smithee FCCA EXAMINER T C Group 9/10 The Crescent WISBECH, Cambs. PE13 1EH
Page 1
LEVERINGTON FEOFFEES CHARITABLE TRUSTS REPORT OF THE TRUSTEES
Trustees Report
The trustees present their report and financial statements for the year ended 30th June 2022. The charities under the common control of the Leverington Feoffees are constituted by a Deed of Trust and are registered charities as shown on page one.
Constitution and objects
The objects of the charities are as follows:-
Town Lands Charity - to relieve either generally or individually persons resident in the parish of Leverington (as at 31st March 1994) or widows in the Parish of Newton, who are in conditions of need, hardship or distress by way of making grants of money or providing or paying for items, services or facilities, or by way of donations or subscriptions to institutions or organisations which provide the the same. Under a new charity scheme dated 29th April 1994, the Town managed as Lands, John Swaine. Thomas Swaine, Ellard Griffin and Thomas Criplin Charities are administered and managed as part of the Town Lands Charity.
Leverington Relief in Sickness Fund - to relieve in cases of need, persons resident in the Parish of Leverington who are sick, convalescent, disabled, handicapped or infirm.
Clarke's Music Service Trust - to provide grants to local musicians in need of financial help.
Town Lands Educational Foundation - to promote education of children and young persons resident in the Parishes of Gorefield, Leverington and Parson Drove by way of payments for higher education, attending to their health or physical condition, providing surgical appliances and glasses as necessary.
Organisation and administration
The council of trustees is as shown on page 1. Appointment of Trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
The charity is organised so that the trustees meet regularly to manage it's affairs. There is a clerk to the trustees who receives an honorarium each year with the trustees volunteering their time free of charge. There have been no changes in the policies of the charity since the last report.
Grant making policy and public benefit
The income of the fund is distributed in accordance with the objects of the various charities.
The Trustees have continued to give attention to providing educational assistance for school leavers and supporting requests by the needy for grants.
The Charlton's Dole distribution was made to 193 eligible persons.
The Trustees have paid due regard to the Charity Commission guidance on public benefit in deciding what activities and individuals the charities should support.
Page 2
LEVERINGTON FEOFFEES CHARITABLE TRUSTS REPORT OF THE TRUSTEES
Financial review and investment policy
The Trust Deed authorises the trustees to make and hold investments. Investments held have been acquired in accordance with the Trust Deed.
Details of the various charities' income and expenditure and financial position as at 30th June 2022 are set out on pages 6 to 14. These financial statements should be read in conjunction with their related notes.
The Trustees will continue to maximise their investments to ensure there is sufficient income to meet their targets for grants and distributions.
The assets and investments are independently reviewed on an annual basis to ensure that income and long-term growth are achieved.
In the opinion of the trustees the charities' state of affairs are most satisfactory.
Funds available
The present level of funding is adequate to support the continuation of the charities' objects and principal activities.
Statement of Trustees' Responsibilities
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which show a true and fair view of the affairs of the charity and its financial activities for that period. 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
-
state whether applicable standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
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 Act'). 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.
Approval
This report was approved by the trustees and signed on their behalf:
E Newling Chairman
Dated: 30th November 2022
Page 3
LEVERINGTON FEOFFEES CHARITABLE TRUSTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEVERINGTON FEOFFEES
I report on the accounts of the Trusts for the year ended 30th June 2022 which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under the Charities Act 2011, s. 144 (2) (' the Act') and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5) (b) of the Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in, any material respect, the requirements :
-
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of ('the 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.
C L Smithee FCCA T C Group 9/10 The Crescent WISBECH, Cambridgeshire PE13 1EH Dated: 30th November 2022
Page 4
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
CLARKE'S MUSIC SERVICES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2022
| INCOME Dividends - COIF Investment Fund TOTAL INCOME EXPENDITURE Direct Charitable Expenditure - Music Grants Management and Administration Expenses Clerk's Salary Accountancy Fees TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) FOR THE YEAR NET GAINS/(LOSSES) ON INVESTMENTS Unrealised gain/(loss) on revaluation of investments NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD at 1st July 2021 TOTAL FUNDS CARRIED FORWARD at 30th June 2022 |
Unrestricted Funds 2022 £ 189 189 - 50 60 110 79 - 79 880 959 |
Endowment Fund 2022 £ - - - - - - - (409) (409) 6,743 6,334 |
Total 2022 £ 189 189 - 50 60 110 79 (409) (330.00) 7,623 7,293 |
Total 2021 £ 185 |
|---|---|---|---|---|
| 185 | ||||
| - 50 60 |
||||
| 110 | ||||
| 75 862 |
||||
| 937 6,686 |
||||
| 7,623 |
Page 5
LEVERINGTON FEOFFEES
CHARITABLE TRUSTS
CLARKE'S MUSIC SERVICES TRUST BALANCE SHEET AS AT 30th JUNE 2022
| Unrestricted Funds 2022 £ FIXED ASSETS Investments - 352.60 Shares COIF Investment Fund Income Units - at valuation - TOTAL FIXED ASSETS - CURRENT ASSETS Cash held by Townlands New Scheme 1,019 1,019 Creditors:amounts falling due within one year 60 NET CURRENT ASSETS/(LIABILITIES) 959 TOTAL ASSETS LESS CURRENT LIABILITIES 959 NET ASSETS 959 TOTAL FUNDS OF THE CHARITY 959 |
Endowment Fund 2022 £ 6,334 6,334 - - - 6,334 6,334 6,334 |
Total 2022 £ 6,334 6,334 1,019 1,019 60 959 7,293 7,293 7,293 |
Total 2021 £ 6,743 |
|---|---|---|---|
| 6,743 | |||
| 940 | |||
| 940 60 |
|||
| 880 | |||
| 7,623 | |||
| 7,623 | |||
| 7,623 |
Page 6
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
RELIEF IN SICKNESS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2022
| INCOME Investment Income Interest - Deposit account TOTAL INCOME EXPENDITURE Direct Charitable Expenditure - Land Management and Administration Expenses Clerk's Salary Accountancy Fees TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) FOR THE YEAR NET GAINS/(LOSSES) ON INVESTMENTS Realised disposal of investment NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD at 1st July 2021 TOTAL FUNDS CARRIED FORWARD at 30th June 2022 |
Unrestricted Funds 2022 £ - - 50 60 110 (110) - (110) 6,436 6,326 |
Endowment Fund 2022 £ - - - - - - - - - - |
Total 2022 £ - - 50 60 110 (110) - (110) 6,436 6,326 |
Total 2021 £ |
|---|---|---|---|---|
| 50 60 |
||||
| 110 | ||||
| (110) - |
||||
| (110) 6,546 |
||||
| 6,436 |
Page 7
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
RELIEF IN SICKNESS FUND BALANCE SHEET AS AT 30th JUNE 2022
| CURRENT ASSETS Debtors Cash held by Townlands New Scheme Creditors:amounts falling due within one year NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS TOTAL FUNDS OF THE CHARITY |
Unrestricted Funds 2022 £ 6,386 6,386 60 6,326 6,326 6,326 6,326 |
Endowment Fund 2022 £ - - - - - - |
Total 2022 £ 6,386 6,386 60 6,326 6,326 6,326 6,326 |
Total 2021 £ 6,496 |
|---|---|---|---|---|
| 6,496 60 |
||||
| 6,436 | ||||
| 6,436 | ||||
| 6,436 | ||||
| 6,436 |
Page 8
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
TOWN LANDS NEW SCHEME CHARITY
INCORPORATING TOWN LANDS, THOMAS CRIPLIN, JOHN SWAINE, THOMAS SWAINE AND ELLARD GRIFFIN CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2022
| INCOME Rent Investment Income Interest - COIF Deposit Account - Bank and Deposit Dividends - COIF Investment Fund Distribution - M&G Charifund Investment TOTAL INCOME EXPENDITURE Direct Charitable Expenditure Grants & donations - Charlton's Dole - Town Lands Educational Fund - Music - Individuals - Defribrillator Administration Insurance Land maintenance Clerk's Salary General Expenses - Allotments & Miscellaneous Accountancy Fees Professional Fees TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) FOR THE YEAR NET GAINS/(LOSSES) ON INVESTMENTS Unrealised gain/(loss) on revaluation of investments Transfer between funds NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD at 1st July 2021 TOTAL FUNDS CARRIED FORWARD at 30th June 2022 |
Unrestricted Funds 2022 £ 37,679 - 1 9,314 - 46,994 8,970 16,100 500 15,150 760 253 2,464 3,650 395 1,740 2,114 52,096 (5,102) (4,858) (2,589) (12,549) 71,001 58,452 |
Endowment Fund 2022 £ - - - - - - - - - - - - - - - - - (8,562) 2,589 (5,973) 1,671,661 1,665,688 |
Total 2022 £ 37,679 - 1 9,314 - 46,994 8,970 16,100 500 15,150 760 253 2,464 3,650 395 1,740 2,114 52,096 (5,102) (13,420) - (18,522) 1,742,662 1,724,140 |
Total 2021 £ 31,548 12 255 8,480 1,482 |
|---|---|---|---|---|
| 41,777 | ||||
| 8,495 16,200 - 10,750 - 224 - 3,450 467 1,740 1,371 |
||||
| 42,697 | ||||
| (920) 34,648 - |
||||
| 33,728 1,708,934 |
||||
| 1,742,662 |
Page 9
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
TOWN LANDS NEW SCHEME CHARITY
INCORPORATING TOWN LANDS, THOMAS CRIPLIN, JOHN SWAINE, THOMAS SWAINE AND ELLARD GRIFFIN CHARITIES
BALANCE SHEET AS AT 30th JUNE 2022
| Note FIXED ASSETS Investment Property - Land 2 Intangible Asset 3 Investments - 4 COIF Investment Fund Income Units Cofunds Unit Trusts - Aegon Trust Fund Aegon Trust Fund ref UR COIF Property Fund TOTAL FIXED ASSETS CURRENT ASSETS Debtors Cash at Bank Bank Deposit Creditors:amounts falling due within one year Cash held on behalf of Educational Fund Cash held on behalf of Clarke's Music Service Trust Cash held on behalf of Relief in Sickness Fund NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS TOTAL FUNDS OF THE CHARITY |
Unrestricted Funds 2022 £ - - - - 36,197 - 36,197 36,197 219 37,649 821 38,689 1,741 7,288 1,019 6,386 16,434 22,255 58,452 58,452 58,452 |
Endowment Fund 2022 £ 1,349,307 5,993 63,703 178,075 - 68,610 310,388 1,665,688 - - - - - - - - - 1,665,688 1,665,688 1,665,688 |
Total 2022 £ 1,349,307 5,993 63,703 178,075 36,197 68,610 346,585 1,701,885 219 37,649 821 38,689 1,741 7,288 1,019 6,386 16,434 22,255 1,724,140 1,724,140 1,724,140 |
Total 2021 £ 1,349,307 3,405 67,823 192,337 41,055 58,789 |
|---|---|---|---|---|
| 360,004 | ||||
| 1,712,716 | ||||
| 219 45,730 821 |
||||
| 46,770 | ||||
| 1,740 7,648 940 6,496 |
||||
| 16,824 | ||||
| 29,946 | ||||
| 1,742,662 | ||||
| 1,742,662 | ||||
| 1,742,662 |
Page 10
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
TOWN LANDS EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2022
| Unrestricted Funds 2022 £ INCOME Investment Income Donation - Town Lands Charity 16,100 Dividends - COIF Investment Fund 1,754 Interest - Bank Deposit Account - TOTAL INCOME 17,854 EXPENDITURE Direct Charitable Expenditure - Grants to Individuals 16,100 Clerk's Salary 50 Accountancy Fees 60 TOTAL EXPENDITURE 16,210 NET INCOME/(EXPENDITURE) FOR THE YEAR 1,644 NET GAINS/(LOSSES) ON INVESTMENTS Unrealised gains/(losses) on revaluation of investmen - NET MOVEMENT IN FUNDS 1,644 TOTAL FUNDS BROUGHT FORWARD at 1st July 2021 10,099 TOTAL FUNDS CARRIED FORWARD at 30th June 2022 11,743 |
Endowment Fund 2022 £ - - - - - - - - - - (3,791) (3,791) 62,404 58,613 |
Total 2022 £ 16,100 1,754 - 17,854 16,100 50 60 16,210 1,644 (3,791) (2,147) 72,503 70,356 |
Total 2021 £ 16,200 1,709 |
|---|---|---|---|
| 17,909 | |||
| 16,200 50 60 |
|||
| 16,310 | |||
| 1,599 7,976 |
|||
| 9,575 62,928 |
|||
| 72,503 |
Page 11
LEVERINGTON FEOFFEES CHARITABLE TRUSTS
TOWN LANDS EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 30th JUNE 2022
| FIXED ASSETS Investments - 3263.12 Shares COIF Investment Fund Income Units - at valuation TOTAL FIXED ASSETS CURRENT ASSETS Cash at bank (Townsland & Swaine) Bank Deposit Account Creditors:amounts falling due within one year NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS TOTAL FUNDS OF THE CHARITY |
Unrestricted Funds 2022 £ - - 7,288 4,685 11,973 230 11,743 11,743 11,743 11,743 |
Endowment Fund 2022 £ 58,613 58,613 - - - - 58,613 58,613 58,613 |
Total 2022 £ 58,613 58,613 7,288 4,685 11,973 230 11,743 70,356 70,356 70,356 |
Total 2021 £ 62,404 |
|---|---|---|---|---|
| 62,404 | ||||
| 7,648.00 2,681 |
||||
| 10,329 230 |
||||
| 10,099 | ||||
| 72,503 | ||||
| 72,503 | ||||
| 72,503 |
Page 12
LEVERINGTON FEOFFEES CHARITABLE TRUSTS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30th JUNE 2022
1. Accounting Policies
Accounting convention
The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with applicable accounting standards. In preparing the financial statements the Charity follows best practise as laid down in the Statement of Recommended Practice: Accounting and Reporting by Charities' (SORP 2015) (effective 1 January 2015.)
Income - Rent is dealt with on a cash basis. No account has been taken of rent prepaid or accrued. Accrued income has been provided for Investment income receivable.
Expenditure - Expenditure is included on an accruals basis. Expenditure includes input VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Investments - Current Asset Investments are valued as follows;
a) COIF Investment Fund Income Units at value published by Charities Official Investment Fund. b) M & G Charifund at value published by M & G Securities Limited.
c) Unit Trusts held under the umbrella of Cofunds Ltd at published bid value at Balance Sheet date. d) COIF Property Fund at published bid value at Balance Sheet date.
Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities.
Land - The Trustees have valued the land held for investment purposes at 30th June 2022 on the basis of current circumstances, at approximately £4,000 per acre for Agricultural Holdings, and £8,000 per acre for Farm Business Tenancies. The Trustees believe that this valuation is appropriate at this time.
Taxation - As charitable organisations, none of the funds are subject to Income Tax, and therefore interest and investment income is shown gross received. The charities are ineligible to reclaim input VAT and all expenses are shown inclusive of Value Added Tax.
2. Town Lands New Scheme - Fixed Assets
| Cost and Valuation: At 1st July 2021 Revaluation Additions Disposals (deemed cost) At 30th June 2022 Net Book Value: As at 30th June 2022 As at 30th June 2021 |
Land Endowment Fund £ 1,349,307 - - 1,349,307 1,349,307 1,349,307 |
General | General | Land Purpose Fund |
|---|---|---|---|---|
£ - - - - - - - |
||||
The original cost of Land shown at valuation is £470,959.00.
Page 13
LEVERINGTON FEOFFEES CHARITABLE TRUSTS NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30th JUNE 2022
- Town Lands New Scheme - Intangible Assets
| Entitlements Brought Forward Additions Value as at 30th June 2022 |
Intangible Assets Endowment Fund £ 3405 2588 5,993 |
Intangible Assets General Purpose Fund |
Intangible Assets General Purpose Fund |
|---|---|---|---|
£ - - |
4. Town Lands New Scheme - Fixed Asset Investments
| Market Value Brought Forward Less Disposal at carrying value Invested Add net gain(loss) on revaluation Market Value as at 30 June 2022 |
Endowment Fund £ 318,950 (8,562) 310,388 |
General Purpose Fund | General Purpose Fund |
|---|---|---|---|
£ 41,055 (4,858) 36,197 |
Page 14