T & M GREG TRUST ACCOUNTS for the YEAR ENDED 31[st] DECEMBER 2021
ANNUAL REPORT AND ACCOUNTS
| PAGE | CONTENTS |
|---|---|
| 1 | General information |
| 2 - 3 | Trustees’ report |
| 4 | Independent Examiners report |
| 5 | Income and expenditure account |
| 6 | Balance sheet |
| 7 | Notes to the accounts |
T & M GREG TRUST
GENERAL INFORMATION
TRUSTEES Lady Julia K H Carter of Coles Alan C Gibson Bernadette M King Michael J S McRae Stephen P Willson CHARITIES REG No 232669 ACCOUNTANTS John D Kilby & Co Chartered Accountants Mutfords Hare Street Buntingford Hertfordshire SG9 0ED BANKERS Barclays Bank PLC 23 High Street Royston Hertfordshire SG8 9AB
INVESTMENT MANAGERS CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET M & G Charity Investments PO Box 9038 Chelmsford CM99 2XF
1
T & M GREG TRUST
TRUSTEES' REPORT
The trustees present their report, together with the accounts of the trust for the year ended 31[st] December 2021.
Objectives and activities
The Trust owns the Village Hall, the Village Hall Cottage, the Almshouses at 1 & 4 Pilgrims Close, the main and village hall allotments, The Twichell Copse (a woodland area adjoining the main allotments), the Children’s Playground, the Recreation Field containing the Pavilion and football pitch and a 2.37 acre grazing field adjoining the recreation ground all in Westmill, Hertfordshire.
Trustees
The trustees who held office during the year to 31[st] December 2021 were as follows:
Lady Julia K H Carter of Coles Alan C Gibson Bernadette M King Michael J S McRae Stephen Willson
Financial Review
The trustees continue to spend what is necessary in order to maintain the Trust’s properties and amenities to a standard that will preserve them in good condition. Domestic rents are reviewed annually and in Spring 2021 it was agreed that the rents payable would be kept below market value in keeping with the objective of the Trust to support Westmill residents.
We continue to build and maintain a reserve fund to meet future capital and/or unforeseen expenditure. Within a few years, such expenses are likely to include significant costs for repairing and overhauling the roof of the Village Hall and Village Hall Cottage.
We also plan to make some internal changes to one of our almshouses. The objective is to improve the living space at this cottage. As the almshouses are Grade II Listed, a planning application was submitted to East Herts Council during the year, which has now been approved. It is planned to now proceed with work estimates and to carry out this upgrade in 2023.
Achievements and performance
Throughout 2021 discussions have continued between the Trust and the Charity Commission involving a review of the Trust’s structure, objects and rules which has now been completed.
(continued)
2
T & M GREG TRUST
TRUSTEES' REPORT (continued)
(continued)
Achievements and performance (cont.)
Following a consultation with village residents, a new Scheme has been ordered and registered by the Charity Commission which merges all the surviving original sub-charities into a single charity, the T & M Greg Trust, facilitates its management and updates and provides detailed administrative provisions.
The project to register all the Trust’s properties at Land Registry and vest them in the Official Custodian for Charities has almost been completed. It is expected this will be finally complete in the coming financial year.
Following the lifting of Covid restrictions by the government during the year, the village hall reopened in autumn, for village activities and meetings. Westmill Nursery continued to operate throughout the year in line with government guidelines.
The trustees arranged for a specialist play equipment company to carry out some remedial work to the to the play equipment which was finished in September 2021. The playground again received an overall ‘Low Risk’ status following the annual independent inspection.
All the village allotments were allocated throughout 2021 and at the end of the year we had two people on a waiting list for a plot.
Chair of Trustees’ Report
The year saw the continuation of the Covid pandemic, although some restrictions were lifted towards the end of the year. The agreement of the Charity Commission and Almshouse Association to accept our amended constitution was received and the new Scheme became effective on the 20[th ] December 2021.
Throughout the year we held regular formal minuted meetings with all trustee’s present.
Under the new Scheme each trustee will serve a 4 year term of office and then be considered for reappointment by the other trustees. The Chairperson will be appointed annually at the AGM.
This report has been prepared in accordance with the General Directions given by the Charity Commissioners in the Charities Act 2011.
Approved by the Trustees on 27[th] April 2022 and signed on their behalf by:
Lady Julia Carter of Coles Chairman of Trustees
3
T & M GREG TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
We report to the charity trustees on our examination of the accounts of the trust for the year ended 31[st] December 2021, which are set out on pages 5 to 7.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination and I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mutfords Hare Street Buntingford Hertfordshire SG9 0ED
John D Kilby & Co Chartered Accountants
27[th] April 2022
4
T & M GREG TRUST
INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31[st] DECEMBER 2021
| notes | 2021 | 2020 | |||
|---|---|---|---|---|---|
| ------- | ------ | ------ | |||
| RENTAL INCOME | |||||
| Village Hall hire | £ 5,179 | £ 3,527 | |||
| Village Hall Cottage | 9,380 | 8,880 | |||
| Almshouses | 14,950 | 13,750 | |||
| Allotments and Recreation Grounds | 1,355 | 1,017 | |||
| Coronavirus Support Grant | - | 10,000 | |||
| Investment income | 3,890 | 3,214 | |||
| General donations | - | - | |||
| Bank interest | 2 | 16 | |||
| --------- | --------- | ||||
| 34,756 | 40,404 | ||||
| Increase/(decrease) in | |||||
| value of investments | 1 | 23,466 | 6,409 | ||
| --------- | --------- | ||||
| 58,222 | 46,813 | ||||
| LESS EXPENDITURE: | |||||
| Repairs and maintenance | 2 | £ 20,380 | £ 7,509 | ||
| Less: Council precept | (1,500) | (2,000) | |||
| Playground equipment | - | 952 | |||
| Electricity | 3 | 1,635 | 1,109 | ||
| Water rates | 4 | 498 | 320 | ||
| Subscriptions | 217 | 177 | |||
| Insurance | 2,231 | 2,082 | |||
| Legal and professional fees | 8,698 | 1,878 | |||
| Mileage expenses | - | - | |||
| Stationery and Sundry | 432 | 30 | |||
| Donations granted | 20 | 500 | |||
| Accountancy | 660 | 630 | |||
| --------- | 33,271 | -------- | 13,187 | ||
| --------- | --------- | ||||
| NET SURPLUS for the year | £ 24,951 | £ 33,626 | |||
| --------- | --------- |
5
T & M GREG TRUST
BALANCE SHEET 31[st] DECEMBER 2021
| BALANCE SHEET 31stDECEMBER 2021 |
||
|---|---|---|
| _______ | ||
| 2021 | 2020 | |
| ------- | ------- | |
| CURRENT ASSETS | ||
| Investments:- | ||
| NAACIF | £ 39,707 | £ 35,085 |
| COIF Charity Funds | ||
| General fund | 72,166 | 63,166 |
| Churchyard fund | 13,712 | 12,002 |
| Church fund | 65,225 | 57,091 |
| Cash at bank:- | ||
| Current accounts | 17,053 | 18,908 |
| Deposit accounts | 20,829 | 16,937 |
| Debtors and prepayments | 1,180 | 1,052 |
| ----------- | ----------- | |
| TOTAL ASSETS | 229,872 | 204,241 |
| LESS: Creditors and Accruals | (1,310) | (630) |
| ----------- | ----------- | |
| NET ASSETS | £ 228,562 | £ 203,611 |
| ----------- | ----------- | |
| Represented by: | ||
| CAPITAL FUNDS - General account | ||
| Balance brought forward | 203,611 | 169,985 |
| Net Surplus for the year | 24,951 | 33,626 |
| ----------- | ----------- | |
| Balance carried forward | £ 228,562 | £ 203,611 |
| ----------- | ----------- |
Approved by the trustees on 27[th] April 2022 and signed on its behalf by:
Lady Carter of Coles Chairman of Trustees
6
T & M GREG TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] DECEMBER 2021
- These accounts have been prepared on the basis of historic cost (except that the COIF and NAACIF investments are shown at current market value) in accordance with Accounting Standards and with the Charities Act 2011.
| 2021 | 2020 | |
|---|---|---|
| ------- | ------- | |
| 2. Repairs and maintenance | ||
| Village hall | £ 4,004 | £ 2,010 |
| Village hall cottage | 203 | - |
| Almshouses | 7,454 | 3,046 |
| Childrens playground and other areas | 8,719 | 2,453 |
| --------- | --------- | |
| £ 20,380 | £ 7,509 | |
| --------- | --------- | |
| 3. Electricity | ||
| Village hall | 1,509 | 1,109 |
| Almshouses | 126 | - |
| -------- | -------- | |
| £ 1,635 | £ 1,109 | |
| -------- | -------- | |
| 4. Water rates | ||
| Village hall | 248 | 196 |
| Almshouses | 2 | - |
| Allotments | 248 | 124 |
| ------ | ------ | |
| £ 498 | £ 320 | |
| ------ | ------ |
7