LEVERINGTON FEOFFEES CHARITABLE TRUSTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2023
LEVERINGTON FEOFFEES CHARITABLE TRUSTS INDEX Page Legal and Administrative Irrformation Report of the Trustees Independent Examiner's Report Clarke's Music ServKes Trust Statement of Financial Activities Balance Sheet Relief in Slckness Fund Statement of Financial Activitie5 Balance Sheet Town Lands New Scheme Charity Statement of Financial Activities Balance Sheet 10 Town Lands EduGational Foundation Stalemenl of Financial Activities Balance Sheet 11 12 Notes lo the Accounts 13
LEVERINGTON FEOFFEES CHARITABLE TRUSTS LEGAL AND ADMINISTRATIVE INFORMATION The charities under the common control of the Leveringlon Feoffees are as follows.. Charity Number 269579 273753 311325 232526 Clarke's Muslc Services Trust Leverington Relief in SiGkness Fund Lands Educational Foundation Town Lands New Scheme {including Philip Charllon, William Hawkins & Town House endowments. together wth John Swaine. Ellard Griffin, Thomas Criplin and Thomas Swaine {under Subsisting Truslsll CHAIRMAN E Newjing TRUSTEES Council nominated..- P Reynolds J Dovmes P Williams Co-OPted- M Humphrey R A Littlechild D H NevAing J R Maxey I resigned November 20221 B Hunt IWIGe Chairman) E Newling {Chaim)an) AKett J Everall A Missin {remved March 20231 S Kublik L Sandall L Tumer D Ball lappoinled May 2023 Gorefield Leveringlon Parson Drove CLERK TO THE TRUSTEES Mrs R Gagan 78 High Road Gorefield WISBECH, Cambs INDEPENDENT EXAMINER C L Smithee FCCA T C Group 9110 The Crescent WISBECH, Cambs. PE13 1EH Page 1
LEVERINGTON FEOFFEES CHARITABLE TRUSTS REPORT OF THE TRU TEE Tru8t•es R•port The trustees present their report and financial stslemenls for the year ended 30th June 2023. The charities under the common control of the Leverington Feoffees are conslituled by a Deed of Trust and are registered charities as shown on page one. Congtltution and obiocts The objects of the charities are as follows'.- Town Lands Charity- to relleve either generally or individually persons resident in the parish of Leverington las at 31st March 1994) or widows in the Parish of Newton, 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 lo institutions or organisations which provide the the same. Under 8 new charity scheme dated 29th April 1994. the Town managed as Lands. John Swaino. Thomas Swaine, Ellard Griffin and Thomas Criplin Charities are administered and managed as Part of the Tovm Lands Charity. Leveringlon Rellef in Sickness Fund - to relieve in cases of need. persons resident in the Parish of Leverington who are sick, convalescent, disabled, handlcapped or infirm. Clarke's Music SeNice Trust- lo provide grants lo local musicians in need of financial help. Town Lands Education81 Foundation - lo promote eduGalion of children and young persons resident in the Parishes of Gorefield. Leveringlon and Parson Drove by way of payments for higher education. attending lo their health or physical condition. providing surgical appliances and glasses as necessary. Organisation and admlnlstratlon The council of Iruslees is as shown on page 1. Appointment of Tfuslees is govemed by the Trust Deed of the charity. The Board of Trustees is aulhorised to appoint new trustees lo fill vacancies arising through resignation or death of an &xisling trustee. The charity Is organiseij so that the twstees meet regulady to manage it's affairs. There Is a clerk to the trustees who receives an honorarium each year th the tr¢Jslees volunteering Ihwr time frge of charge. There have been no changes in the policies of the charity since the last report. Grant maklng pollcy and public bgnellt The income of the fund is distributed in accordance wth the objects of the various charits'es. The Trustees have continued to give attention to providing educatlon818SSiStance for school leavers and supporting requests by the needy for grants. The Chadton'$ Dole distribution was made to 193 eligible person5. The Trustees have paid due regard to the Charity Commission guidance on public benefft in deciding what activities and individuals the charities should support. Page 2
LEVERINGTON FEOFFEES CHARITABLE TRUSTS Flnanclal revlew and invostmènt policy The Trust Deed authorises the trustees to make and hold investrnents. Inve$tmenls held have been acquired in accordanc8 with the Trust Deed. Details of the various charities, income and expenditure and financial position as at 30th June 2023 are sel out on pages 6 to 14. These financial statements should be read in conjunction with their related notes. The Trustees will continue lo maximise thr Investments to ensure there is sufficient income to meet their tsrgets for grants and dislribLrtions. The assets and investmènts are independenuy reviev•pd on an annual basis to ensure that income and long-temi growth are achieved. In the opinion of the trustee5 the ¢harities' state of affairs are most satisfactory. Funds avallable The present level of funding is adequate lo support the continuation of the charities, objects and principal activiti&s. Statemont of Trustèe8' R•8ponslblllties The law applicable to charities in England & Wales requires the trustees lo prep8re financial ststements for each financial year which show a true and fair view of the affairs of the charity and ils financial activities for that pgriod. In preparing those financial statements. the Trustees are required to:_ select suitable accounting poliGies and then apply them Gonsistenty. make judgemonls 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 explain9d in the financial slatemenls. and prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presumè that the charity wll continue in operational existence. The trustees are responsible for keeping proper accounting records lch dlscloge wth reasonable accuracy at any lime the financial position of the charity and to enable them to ensure that the financial $latgmenls comply with I'lhe Acl'l. They are al80 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteGlion of fraud and other rregularities. Approval This report was approved by the trustees anil signed on their behalf.. E Newling Chaimian Dated: 29th November 2023 Page 3
LEVERINGTON FEOFFeES CHARITABLE TRUSTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EVERINGTON FEOFFEES I report on the accounts of the Trusts for the year ended 30th June 2023 which are sel out on pages 6 10 14. Respecti responslbllltles of trustees and oxarningr The charity'5 trustees are responsibl8 for the preparation of the accounts. The charitls trustees onsider that an audit is not required for this year under the Charities Act 2011. s. 144121 (' the Act.) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of thg 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 Nthelhèr particular matters have com& lo my attention. Basls of Independ•nt •xamin•r's roport 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 incIL&S con8ideralion of any unusual items or éisclosures in the accounts. ané seeking explanations from you as trustees concerning any stjch matters. The procedures undertaken do not provide all Ihe evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a Irue and fair. view and the report is limited lo those matters sel out in the slalement below. Independenl examinerfs statemont In connection with my examination. no maller has come to my attention.. 111 Nthich gives me reasonable cause lo believe that in, any materi81 raspect. the requirements '. lo keep accounting r8cords in accordance with section 130 of the Act,. and lo prepare accounts which accord with the accounting records and Gomply with the ac¢ounling requirements of Ilhe Act'l: have not been mel- or 121 to whiGh. 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 9110 The Crescent WISBECH, Cambridgeshire PE13 1EH Dated.. 29th November 2023 Page 4
LEVERINGTON FEOFFEES CHARITABLE TRUSTS CLARKE'S MUSIC SERVICES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2023 Unrestricted Endowment Funds Fund 2023 2023 Total 2023 Total 2022 INCOME Dividends- COIF Investment Fund 192 192 TOTAL INCOME 192 192 189 EXPENDITURE Direct Charitable Expenditure- Music Grants Management and Adminislralion Expenses Clerk's Salary Accountancy Fees 50 60 TOTAL EXPENDITURE 110 110 NET INCOMEI(EXPENDITUREI FOR THE YEAR 82 82 79 NET GAINSI{LOSSES) ON INVESTMENTS Unrealised galnl{lossl on revaluation of investments 311 311 {409 NET MOVEMENT IN FUNDS 82 311 393 {330) TOTAL FUNDS BROUGHT FORWARD at 1st July 2022 959 6,334 7,293 7,623 TOTAL FUNDS CARRIED FORWARD al 30th June 2023 1,041 6,645 7,686 7,293 Page 5
LEVERINGTON FEOFFEES CHARITABLE TRUSTS CLARKE'S MUSIC SERVICES TRUST BALANCE SHEET AS AT 30th JUNE 2023 UnrestriGtod Endowment Funds Fund 2023 2023 Total 2023 Total 2022 FIXED ASSETS Investments - 352.60 Shares COIF Investment Fund Income Units- at valuation 6,645 645 TOTAL FIXED ASSErs 6.645 CURRENT ASSETS Cash held by T¢)wnlands New Scheme 1,101 1,101 1,101 1,101 1,019 1,019 Credilors'.amounts falllng due wlthln one year 60 NET CURRENT ASSETSI{LIABILITIES) 1.041 1,041 959 TOTAL ASSETS LESS CURRENT LIABILrriES 1,041 7,686 7,293 NET ASSETS 1.041 6.645 7,686 7,293 TOTAL FUNDS OF THE CHARITY 1.041 6,645 7,686 7,293 Page 6
LEVERINGTON FEOFFEES CHARITABLE TRUSTS RELIEF IN SICKNESS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2023 Unrestrlcted Funds 2023 Endowment Fund 2023 Total 2023 Total 2022 INCOME Investment Income Interest- Deposit account TOTAL INCOME EXPENDITURE DireGt Charitable Expenditure- Land Management and Administration Expenses Clerk's Salary Accountancy Fees 50 60 50 TOTAL EXPENDITURE 110 110 110 NET INCOMEIIEXPENDITURE) FOR THE YEAR {110) (1101 {110) NET GAINSIILOSSESI ON INVESTMENTS Realised disposal of inveslment NEf MOVEMENT IN FUNDS {110) {110) (110) TOTAL FUNDS BROUGHT FORWARD at 1st July 2022 6,326 6,326 6,436 TOTAL FUNDS CARRIED FORWARD at 301h June 2023 6,216 6,216 6,326 Page 7
LEVERINGTON FEOFFEES CHARITABLE TRUSTS RELIEF IN SICKNESS FUND BALANCE SHEET AS AT 30th JUNE 2023 Unrestrfcted Funds 2023 Endowmont Fund 2023 Total 2023 Total 2022 CURRENT ASSETS Debtors Cash held by Townlands New Scheme 8,276 6,276 6,276 6,276 Creditors.'amounls falling due wthin one year 60 NET CURRENT ASSETSI{LIABILrriES) 6,216 6.216 6.326 TOTAL ASSETS LESS CURRENT LIABILrriES 6.216 6.216 6,326 NET ASSETS 6,216 6,216 6,326 TOTAL FUNDS OF THE CHARITY 6,216 6.216 6,326 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 2023 Unreslrlctéd Endowment Funds Fund 2023 2023 Total 2023 Total 2022 INCOME Rent Investment Income Interest - COIF Deposit Account Bank and Deposit Dividends - COIF Investment Fund Distribution - M&G Charrfund Investment 37,827 37,827 37,679 9.722 9.722 9.314 TOTAL INCOME 47,552 47.552 46,994 EXPENDITURE Dlrect Charltable Expendfture Grants & donations Charlton's Dole - Town Lands Educational Fund Music Individuals Defribrillat 8,715 18.850 250 12.210 8.713 18,850 250 12.210 8,970 16.100 500 15.150 Administratlon Insurance Land maintenance Clerk's Salary General Expenses - Allotments & Miscellaneous Accountancy Fees Professional Fees 276 276 253 2.464 3,650 395 1,740 2.114 3,650 144) 1.740 2,570 3,650 144) 1,740 2,570 TOTAL EXPENDITURE 48,217 52,096 NET INCOMEI(EXPENDITURE) FOR THE YEAR NET GAINSI{LOSSESI ON INVESTMENTS (6651 {6651 15,102) Unrealised gainl(lossl on revaluation of investments 229 (10,796) (10.567) 113,420> Transfer between funds NET MOVEMENT IN FUNDS {436} 110,7961 {11,232} {18,522) TOTAL FUNDS BROUGHT FORWARD at 1st July 2022 TOTAL FUNDS CARRIED FORWARD at 30th June 2023 58,452 1.665,688 1,724.140 1,742,662 58.016 1,654,892 1712 908 1,724,140 Page 9
LEVERINGTON FEOFFEES CHARITABLE TRUSTS TOWN LANDS NEW SCHEME CHARir INCORPORATING TOWN LANDS THOMAS CRIPLIN JOHN SWAINE THOMAS SWAINE AND ELLARD GRIFFIN CHARITIES BALANCE SHEET AS AT 30th JUNE 2023 Unrestricted Funds 2023 Endowrnont Fund 2023 Total 2023 Total 2022 FIXED ASSETS Investrnent Propety- Land Intangible Asset 1,349,307 5.993 1.349.307 1,349,307 5.993 Investments- COIF Investment Fund Income Units Cofunds Unit Trusts - Aegon Trust Fund Aegon Trust Fund ref UR COIF Propety Fund 66,828 178.126 66.828 178.126 36,426 54.638 336.018 1.691,318 63,703 178,075 36.197 68,610 346,585 1,701.885 36.426 54,638 299,592 1.654.892 36,426 36,426 TOTAL FIXED ASSETS CURRENT ASSETS DebloTS Cash at Bank Bank Deposit 219 37.692 824 219 37,692 824 219 37.649 821 38.735 38.735 38,689 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 SiGkness Fund 1,741 8,028 1,101 6,275 17,145 1.741 8.028 1,101 6,275 17,145 1,741 7.288 1,019 16,434 NET CURRENT ASSEfsi{LIABILITIES) 21.5g 21,590 22.255 TOTAL ASSETS LESS CURRENT LIA8ILrriES 58,016 1,654,892 1.712,908 1,724,140 NET ASSETS 58.016 1.654,892 1,712,908 1.724.140 TOTAL FUNDS OF THE CHARITY 58,016 1,654,892 1.712,908 1,724,140 Page 10
LEVERINGTON FEOFFEES CHARITABLE TRUSTS TOWN LANDS EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIWTIES FOR THE YEAR ENDED 30th JUNE 2023 Unrestrictod Endowmenl Funds Fund 2023 2023 Total 2023 Total 2022 INCOME Investment Income Donation - Town Lands Charity Dividends- COIF Investment Fund Interest - Bank Deposit Acwunl 18.850 1,778 18 18,850 1.778 18 16,1(M) 1,754 TOTAL INCOME 20,646 20,646 17,854 EXPENDITURE Dir&1 Charitable Expenditure- Grants to Individuals 18,850 18,850 16.100 Clerk's Salary Accountsncy Fees 50 50 60 TOTAL EXPENDrruRE 18,960 16,210 NET INCOMEI(EXPENDITUREI FOR THE YEAR 1.686 1,686 1,644 NET GAINSI{LOSSES) ON INVESTMENTS Unrealised gainsl{lo$$e$) on revaluation of investme. 2.875 2.87S 3,791 NET MOVEMENT IN FUNDS 1.686 2.875 4,561 (2,147} TOTAL FUNDS BROUGHT FORWARD at 1st July 2022 11,743 58.613 70,356 72.503 TOTAL FUNDS CARRIED FORWARD at 30th June 2023 13.429 74.917 70,356 Page11
LEVERINGTON FEOFFEES CHARITABLE TRUSTS TOWN LANDS EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 30th JUNE 2023 Unrestricted Endowment Funds Fund 2023 2023 Total 2023 Tolal 2022 FIXED ASSETS Investments- 3263.12 Shares COIF Investment Fund Income Units - at valuation 61,488 61,488 58,613 TOTAL FIXED ASSETS 61,488 61,488 58,613 CURRENT ASSErs Cash at bank (Townsland & Swaine) Bank Deposit Account 8,027 5,632 13,659 8,027 5,632 13.659 7,288.00 4,685 11,973 Creditors'.amounls falling due within one year 230 230 230 NET CURREKf ASSETSI{LIA8ILITIES) 13,429 13,429 11,743 TOTAL ASSETS LESS CURRENT LIABILITIES 13,429 61,488 74.917 70.356 NET ASSETS 61,488 TOTAL FUNDS OF THE CHARITY Page 12
LEVERINGTON FEOFFEES CHARITABLE TRUSTS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 301h JUNE 2023 1. A¢¢ounting Policigs Accounling convention The financial statements are prepared under the hlstorical cost convention as modrfied by the inclusion of investments at market value and in accordance with applicable accounting standards. In preparing the financial statements the Charity follow5 best practise as laid down in the Statement of Recommended Practice.. Accounting and Reporting by Charities. (SORP 2015) {effective 1 January 2015.) Incorne- Rent is dealt Nwth on a cash basis. No account has been taken of rent prepaid or accrued. Accrued income has been provHled for Investment income recesvable. Expendlluré - Expenditure is included on an accruals basis. Expenditure includes input VAT lch Cannot be recovered and is repcffted as part of the expenditure to which il relates. Invèstmonts - Current Asset Investments are valued as follows-, a) COIF Investment Fund Income Units al value published by Charities Offici81 Investment Fund. b) M & G Charrfund al value published by M & G Securities Limited. cl Unit Trusts held under the ufflbrella of Cofvnds Ltd al published bid value at Balance Sheet date. d) COIF Property Fund at published bid value at Balance Sheet date. Realised and unreallsed gains and losses on investments are dealt with in the Statement of Financial Activities. Land - The Trustees have valued the land held for inve9tment purposes at 30th June 2023 on the basis of current circumstances. at approximately £4,0(KJ per acre for Agricultural Holdings, and £8,000 per acre for Farm Business Tenancies. The Trustees believe that this valuation is appropriate al this time. Taxation - As charrtable organisations, none of the funds are $ubje¢t to In¢ome Tax. and therefore interest and investment income ig shown gross received. The charities are ineligible lo redaim input VAT and all expenses are shown indusive of Value Added Tax. 2. Town Lands New Scheme. Flxed Assets Land Endowment Fund Land Goneral P Oso Fund Cost and Valuatlon.. At 1 st July 2022 Revaluation Additions Disposals (deemed cost} 1,349,307 At 30th June 2023 1,349,307 Net Book Value: As at 30th June 2023 1,349.307 As at 30th June 2022 1,349.307 The original cost of Land shown at valuation is £470,959.00. Page13
LEVERINGTON FEOFFEES CHARITABLE TRUSTS NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 30th JUNE 2023 3. Town Land8 New Scheme - Intanglble Assets Intan Ible Assets Endowment Fund Intan ible Assgts General Pu ose Fund Entilements Brought Forward Additions 5993 Value as at 30th June 2023 5,993 4. Town Lands New Scheme- Fixed Asset Investmonts Endowment Fund General Pu ose Fund Market Value Brought Forward Less Disposal at Carrying value Invested Add net gainlloss) on revaluation Market Value as at 30 June 2023 318,950 41,055 10,796 308.154 229 41,284 Page 14