2023-03-31-accounts - Town Lands Charity

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TOWN LANDS CHARITY CHEDDINGTON

Registered Charity[No. 235076]

ANNUAL REPORT AND ACCOUNTS for the year ended 31 March 2023

Page

General Information			1
	......................................
Trustees' Report	......................................		2
IndependentExaminer'sReport	......................................		3
ReceiptsandPaymentsAccount	......................................		4
StatementofAssets and Liabilities			5
	......................................
Notes to the Accounts	......................................	6	— 7

TOWN LANDS CHARITY, CHEDDINGTON

GENERAL INFORMATION

CharityRegistration Number:	CharityRegistration Number:	CharityRegistration Number:	235076
Governing Instrument :			Trust Deed dated24 May 1895
Trustees	:		Ex-Offcio : The Rector :	Mr. AKrauss
			Churchwardens :	Alan Shepheard
				vacant
			Representative :	Mrs PBanister
				Miss C Fee
				MrM Watson
Secretary		:	MissC Fee
Treasurer		:	MrM Watson
Address :			TheChase, Chaseside Close
			Cheddington
			Leighton Buzzard
			Beds LU7 OSA
Bankers :			BarclaysBankplc
			2Market Square
			Leighton Buzzard
			BedsLU7 1EZ
Investment Advisors :			BarclaysBank plc
			Charities InvestmentTeam
			1 Churchill Place
			London E14 SHP
IndependentExaminer:			TraceyElls
			Cams Bam' Elsage Court
			ChurchLane
			Cheddington
			Leighton Buzzard
			Beds LU7ORU

Page 1

TOWN LANDS CHARITY, CHEDDINGTON

TRUSTEES' REPORT

OBJECTS

The Charity was set up by a Trust Deed dated[24] May[”395.] One-third of its net income[is] designated as[the][Church] Charity, to support the[Parish Church][ of] Cheddington;[the][other two-thirds] are designated[as the][Town Charity,][ halfof] which is utilised for the assistance of the poor and needy of[the][Parish][with][the][remainder] being[allocated][for][public][village.] purposes[within the]

REPORTFOR THE[YEAR]

General	The Representative Trustees are appointed by the Parish Council for terms of four years. The
	Trustees who served during the year are shown on page 1 ofthis report. The Trustees met four
	times during theyear.
Responsibilities:	The Trustees are responsible for keeping accounting records which disclose with reasonable amuacy the fnancial position ofthe charity and which enable them to ensure that the fnancial statemens comply with the CharitiesActs. They are alsoresponsiblefor safeguardingthe assets 01 the charity and hence taking reasonable steps for the prevention and detection offrand and other irregularities. Whena new trustee is required,recommendationsare soughtand the potential trustee invited to a Tnlslee meeting. New trustees are made aware oftheir responsibililies under the Charities Acts by reference to material published by the Charity Commission. The Trustees have had due regard to guidance published by the Charity Commission on publicbeneft.
Finance:	Barclays Bank plccontinuedasinvestment advisors andmanagers duringtheyearto 3! March 2023. The Trustees continued to take an active interest in the performanceoftheportfolio of
	investments and a representativeofthe advisors attended a video call onOctober25th,2022.
	Based on advice f-omBarclays the investments continue to be held in the Barclays Charity Fund
	which offers a higher return and lower fees. The Fund is categorised asmoderate risk with a 10
	yeartime horizon. Investment income for the year was £23,621 (2022 £21,053)and rental incomeof£1 ,800(£1,700).
	The Trustees continued to meet valid grant requests during theyear.
Church Charity:	£8,300 (2022: £7,800)has been donatedto St Giles Church to assist with the upkeep and operation
	ofthe Church.
Publicl"“‘l’oses:	A total of£10,409 (2022: £3,019) in grants has been made. Signifcant benefciaries included
	cotribution to restoration ofvillage green railings (£5,500), the Village Hall subsidy (£ 3,459) to subsidise the useofthe ball by local groups and the Summer Playscheme(£1,300)
Geller” Beneft:	Grants totalling £7,946 (2022: £8,678) were made during the year. £5,700for educational assistance, £1,640 grant for specifcresidents‘benefts and £606being grantsfor hospital
	transport as approved bythe Trustees.
1‘59”“:	The Trustees have a policy ofmeeting requests for grants as far as reserves permit. Theynormally try to carry atleastone year's average expenditure inreserves, both to meet unplanned calls on the charity's income andto covernormalrequests when investment returns fall. As at 31 March 2023
	cash reserves are 13.4months' average expenditure (2022: 25.6 months).
C Fee
(onbehalfofthe Trustees)
Date: 4th May 2023

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE

TOWN LANDS CHARITY, CHEDDINGTON

1 report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 4 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. 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

1 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.

Date 28th June 2023 ...... ..........................

Page[3]

TOWN LANDS CHARITY, CHEDDINGTON

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31 March 2023

				2023			2022
	Note
RECEIPTS		General Fund	Church Charity	Town Charity Beneft Public		Total Funds	Total Funds
Income from investments	2	23,581	—	-	-	23,581	21,051
Deposit accountinterest		11	-	10	20	40	2
Grasskeep, wayleaves, etc		1,800	-	-	-	1,800	1,700
Other income: Tax refund		-	-	-	-	-	-
Interest received		-	-	-	-	-	-
		25,392	-	10	20	25,421	22,753
InvestmentSales		2,028	-	-	-	2,028	2,764
		27,420	-	10	20	27,449	25,517
Less: PAYMENTS
Charitable expenditure		-	8,300	7,946	10,409	26,655	18,120
InvestmentManagementcosts		2,347	—	-	-	2,347	2,487
Overheads	3	301	-	—	-	301	361
Fund prepayment		—	-	-	-	-	-
		2,649	8,300	7,946	10,409	29,304	20,967
InvestmentPurchases		-	-	-	-	-	-
		2,649	8,300	7,946	10,409	29,304	20,967
Net Receipts/(Payments) for	year	24,771	(8,300)	(7,936)	(10,390)	(1,855)	4,550
Distributionofnet receipts		(24,900)	8,300	8,300	8,300	-	-
Transfer between funds		-	—	-	-	-	-
Balance brought forward		5,033	-	4,920	14,005	23,959	19,409
Balance carried forward	6	4,904	-	5,284	11,916	£ 22,104 53 23,959 =-"————-#

Page[4]

TOWN LANDS CHARITY, CHEDDINGTON

STATEMENT OF ASSETS AND LIABILITIES for the year ended 31 March 2023

				Notes	31/03/2023	31/03/2022
FIXED ASSETS
Land				4	40,000	40,000
Investments				5	775,751	834,776
					W	£874,776
CURRENT ASSETS
Bank accounts:	Trustees			6	4,904	5,033
	General beneft			6	5,284	4,920
	Public purposes			6	11,916	14,005
					"—323— 2104	£23,959
CURRENT LIABILITIES
Accrued charges				7	£0	£0
TOTAL NET ASSETS					£837,855	£898,735
M Watson ,		)
		)
P Banister 17w:	9(“M (L)—	;	TmStees

Date: 4th May 2023

Page[5]

TOWN LANDS CHARITY, CHEDDINGTON

NOTES TO THE ACCOUNTS for the year ended[31] March[2023]

ACCOUNTING POLICIES

The accounts are prepared on a Receipts and Payments basis, so[that] they are a[record][of] money received and paid in the financial year, and amounts owing to or by[the ] Charity are[not][included][in][ the] figures.[Such ] amounts are[shown] separately[in][the][Statement][ of][ Assets and][Liabilities, which records] significant possessions[and] outstanding[liabilities][at][the][end][of][the][financial] year. The Trustees confirm that these financial statements comply with[the] legal requirements appropriate[to][small] charities.

INVESTMENT INCOME		2023		2022
Dividends and interest arising in year		23,621		21,053
	£	23,621	£	21,053
OVERHEADS		2023		2022
Investment account management fees		2,347		2,609
Insurance for feld		301		239
Sundry Expenses		-
	£	2,649	£	2,848

LAND

The Charity owns 2.3 hectares of agricultural land,[which][is][rented][for] agricultural[use.] The last professional[valuation] was[in][1999.][The Trustees reconsidered][the value][in October][2013][and decided] that a revised existing use valuation of £40,000[should][be][used][in][the][Statement][of][Assets][and] Liabilities.

INVESTMENTS

Investments are handled by Barclays Bank plc (Charities[Investment ] Team)[on][behalf][ of][the Trust.] The investmentsheld at the year-end are:

The investmentsheld at the year-end	are:	are:
	2023		2022
		Market		Market
	Cost	Value	Cost	Value
Barclays CharityFund	679,292	775,751	681,015	834,776
	£679,292	£775,751	£681,015	£834,776

				2023	2022
BANK ACCOUNTS	Trustees	Benefit	Public	Total	Total
Current accounts	698	82	343	1,122	1,779
Deposit accounts	2,642	5,202	1 1,573	19,417	20,296
Dealing accounts	1,565	—	—	1,565	1,884
	4,904	5,284	11,916	£ 22,104	£ 23,959

Page[6]

TOWN LANDS CHARITY, CHEDDINGTON

NOTES TO THE ACCOUNTS

for the year ended[31] March[2023]

ACCRUED	CHARGES	2023		2022
Independent	examination fee		-

TRUSTEES' EXPENSES

None of the trustees received any income[from the ] charity[in][ the ] year[(2022: none).]

Page[7]

Independent examiner's report on the accounts

CHARITY COMMISSION FOR ENGLAND AND WALES

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Section[A]

Independent Examiner’s Report

Report to the trustees] Town Lands Trust, Cheddington members of

On accounts for the year 31St March 2023 ended

Charity no 235076 (if any)

Set out on pages 1and2

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 section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination[is] needed.

It is my responsibilityto:

examine the accounts under section 145 of the Charities Act,
0 to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b)[of] the[Charities][Act,][and]
o to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out[in] accordance with 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 the 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 In connection with my examination, no material matters have come to my examiner's statement attention which gives me cause to believe that in, any material respect,:

0 the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or the accounts did 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 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 of the accounts to be reached. proper understanding

Please delete the words in the brackets if they do not apply. ’7 7 Date: 28th June 2023

Signed: / %y% Name: Tracey[Els]

December 2017

IER

Relevant professional qualification(s) or body

(if any):

Section[B]

Cairns Barn, Elsage Court, Church Lane, Cheddington.[LU7][ORU]

Address:

Disclosure

Only complete[if] the[examiner] needs[ to][highlight][matters][of][ concern][(see][ CC32,] Independent examination[of ] charity[accounts:][directions and][guidance][for] examiners).

December 2017

IER

Give here details of any items that the examiner wishes to disclose.

December 2017

IER