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2020-12-31-accounts

Registered charity number: 236364

CHIPPING SODBURY TOWN LANDS CHARITY

Report of the Trustees and audited financial statements for the year ended 31 December 2020

.

CHIPPING SODBURY TOWN LANDS CHARITY

FINANCIAL STATEMENTS 2020
CONTENTS
Page
Report of the Trustees 2
Independent auditors’ report 12
Statement of financial activities 14
Balance sheet 16
Notes to the financial statements 17

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES

The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the Charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

REFERENCE AND ADMINISTRATIVE INFORMATION

Registered Charity number

236364

Principal Office

Chipping Sodbury Town Hall 57-59 Broad Street Chipping Sodbury South Gloucestershire BS37 6AD

Trustees

P J Elsworth, Chairman, Co-Optative Trustee (re-appointed 12.9.18 - deceased 31.12.20) B Hardy, Vice-Chairman (until 14.7.20), Co-Optative Trustee (Re-appointed 20.11.19) M Reeves, Vice-Chairman (from 16.9.20), Co-Optative Trustees (appointed 20.4.19)

A Elmore – Co-Optative Trustee (re-appointed 24.6.20) S Hunter – Co-Optative Trustee (appointed 19.2.20) D Shipp, Nominative Trustee - Town Trust (reappointed 20.9.16 – 19.9.20) Mrs J Lund, Nominative Trustee – Town Trust (appointed 20.9.20) A Williams, Nominative Trustee – Town Council (appointed 15.9.18) Mrs W Whittle, Nominative Trustee – Town Council (reappointed 01.8.17) S Gibson – Nominative Trustee – Town Council (appointed 18.01.17)

Clerk to the Trustees

Mrs N Gideon

Mrs Gideon was appointed by the Trustees on the 9 April 2001 following an interview selection process and, after a satisfactory probationary period, was delegated to act upon their instructions with regard to the management of the Charity.

Auditors

Frost Wiltshire LLP Unit 2 Green Farm Business Park Folly Road Latteridge Bristol BS37 9TZ

Bankers

NatWest Bank Plc Yate Branch 5 North Walk Yate BS37 4AG

2

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Solicitors

Beaufort Montague Harris Kelston Park Kelston Bath BA1 9AE

Investment managers

BlackRock Investment Managers (UK) Ltd 12 Throgmorton Avenue London EC2N 2DL

Contacts

Address: as Principal Address Telephone/fax: 01454 852223 Email: nicola.gideon@chippingsodburytownhall.co.uk Web: www.chippingsodburytownhall.co.uk

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure, Governance and Management

The Charity is an unincorporated Charity, constituted under a Governing Scheme dated 15 June 1977 and is a registered Charity, number 236364. The Charity is administered and managed subject to and in conformity with the provision of this Scheme under the title of the Chipping Sodbury Town Lands Charity by the body of Trustees.

All Trustees give their time freely and no remuneration or expenses were paid in the year.

Trustees

The body of Trustees consists of nine competent persons: five Co-Optative Trustees and four Nominative Trustees.

The Nominative Trustees are appointed as follows; three by the Town Council of Sodbury and one by the Trustees of the Charity called ‘Chipping Sodbury Town Trust’.

Each Nominative Trustee appointment is made for a term of four years. The person appointed may be but need not be a member of the appointing body. Prior to the conclusion of the four years term of office, the nominating body is informed and they either re-nominate the standing Trustee or provide a new nominee.

The Co-optative Trustees are selected by the Trustee Body and are persons who through residence, occupation or employment, or otherwise have special knowledge of Chipping and Old Sodbury. Each appointment is made for a term of five years. Upon conclusion of a term of office, nominations are invited from the remaining body of Trustees and a vote carried out as soon as practicable for a subsequent appointment.

A Welcome Pack is furnished to newly appointed Trustees, consisting of a brief history of the Charity, a Declaration of Appointment, a copy of the Governing Scheme, a copy of the latest minutes, and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’. Upon appointment, they sign a formal declaration of their willingness to serve as a Trustee and a Declaration of Interest.

3

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Meetings

The Trustees currently hold ordinary meetings on the third Wednesday of each month, with the exception of August. Detailed minutes of these meetings are provided to each Trustee by the Clerk to the Trustees prior to the meeting following.

At the first ordinary meeting in each year the Trustees elect one of their number to be Chairman and another to be Vice-Chairman of meetings until the commencement of the first ordinary meeting in the following year. In the event of the Chairman’s absence, the Vice-Chairman assumes this role. If both Chairman and ViceChairman are absent, the Trustees present choose one of their number to be Chairman of that meeting.

At the ordinary Trustees’ meetings, the broad strategy and area of activity for the Charity is agreed, which includes consideration of Grant making, investment, capital reserves, building maintenance and improvements, and risk management policies and performance. The day-to-day administration of Grants and the processing and handling of applications prior to consideration by Trustees is carried out by the Chairman and/or the Vice-Chairman and Clerk (administrator).

Assisting the Trustees is a Finance Sub-Committee made up of at least three Trustees. The Finance SubCommittee meets quarterly, January, April, July and October, just prior to the ordinary meeting in that month. The Sub-Committee has no direct control of the Charity’s finances but makes recommendations to all Trustees for an ultimate decision.

The responsibilities of the Finance Sub-Committee are to:

  1. Monitor and review income and expenditure

  2. Maintain a running budget and report

  3. Review expenditure regarding major/longer term projects

  4. 4, Liaise with the Investment Managers and monitor performance

  5. Review annual accounts

  6. Review staff salaries annually

  7. Review hire charges in relation to the Charity’s properties

  8. Consider Grant applications, new business and buildings’ repair and maintenance costs in excess of £3,000

  9. Consider other financial matters as necessary

The members of the Sub-Committee elect a Chairman annually. The Clerk attends and take minutes in record.

Risk management

The Charity Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees consider variability of investment return on the Charity’s investments to constitute the Charity’s major risk. In order to assess risk to the Charity’s investments, quarterly Finance Sub-Committee meetings were held during the year to consider the current state of the Charity’s investments and the economic climate. Quarterly Investment reports detailing the value of the Charity’s portfolio were received from BlackRock. Performance of the Investment Managers was monitored at the quarterly reviews.

Due to FCA rules, BlackRock no longer meet with the Charity on a regular basis as it may be construed as giving financial advice, to their own benefit. Following the Charity’s transfer to being a direct unit holder of BlackRock’s Common Investment Fund, from a Retail unit holder at the beginning of Quarter 2 2013, BlackRock reports now contain much of the data passed on at the previous twice-yearly meetings.

4

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Risk management (continued)

In April 2020, a 12-month Client Agreement was approved and entered into with Integrated Financial Solutions Ltd, for a fee of £1,000 per annum, who provide the Charity with the following:

This Agreement is reviewed on each anniversary by agreement of both parties.

The Trustees manage and let buildings and lands belonging to the Charity not required to be retained or occupied for the purposes of the Charity. Every lease contains a covenant for the Lessee to pay rent, maintain a proper cultivation of land and all other usual and proper covenants applicable to the land/property. All properties are kept in good repair and insured to their full market value against fire and other usual risks. Public and Employer liabilities are also maintained.

Within the limits of its Scheme, the Trustees have the power to make, alter or revoke rules for the regulation and management of the Charity’s properties. All Health, Safety and Employment Acts and Regulations, are strictly adhered to, with ongoing staff training and management.

Trustees declare there have been no incidents resulting in loss of funds or risk to this Charity’s properties, work, beneficiaries or reputation during 2020.

Objectives of the Charity

The objectives are set in accordance with Governing Instrument Scheme dated 15/06/77 and the Trustees continue to give careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance with regard to the following:-

Policies Adopted to Achieve the Objectives:

5

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Objectives of the Charity (continued)

Safeguarding Policy

Chipping Sodbury Town Lands Charity has adopted and reviews annually its Policy to demonstrate its commitment to keeping safe the vulnerable people with whom it works alongside. Chipping Sodbury Town Lands Charity acknowledges its duty to act appropriately to any allegations, reports or suspicions of abuse.

The Policy and its procedures are in place in order that Trustees, staff, service users and carers can work to prevent abuse, and know what to do in the event of abuse. The Charity’s Policy Statement and Procedures were drawn up in order to:

The Policy and Procedures relate to the safeguarding of all vulnerable people. Vulnerable people can be defined as:

The policy applies to all Trustees, staff, sessional workers, agency staff, students and anyone working on behalf of Chipping Sodbury Town Lands Charity.

6

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Safeguarding Policy (continued)

The Charity will continue to work as follows: -

The Designated Named Person for Safeguarding people is the Chairman of the Trustees of Chipping Sodbury Town Lands Charity and can be contacted, via the Clerk at the Town Hall, 57-59 Broad Street, Chipping Sodbury, South Glos. BS37 6AD - Tel: 01454 852223 (mornings only).

ACTIVITIES AND ACHIEVEMENTS OF THE YEAR

Each year grants are given on an unsolicited basis to needy people living in Chipping and Old Sodbury Parishes to help cover heating bills and other winter expenses. In 2020 the amount was £13,680 distributed to 152 households.

The main grants issued in 2020 were as follows:

General Grants –

The Charity has used a range of publicity, particularly during this challenging year, to increase awareness of the Charity to attract Grant applications.

All grant applications received are reviewed by the Trustees for approval. The Trustees do not necessarily approve grant applications in full – especially when other sources of funding are also available – but Trustees aim to provide the necessary funding for suitable applications.

The Trustees continued to support the needy and good causes of the Parishes by means of Grant aid.

7

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

ACTIVITIES AND ACHIEVEMENTS OF THE YEAR (continued)

Education Grants –

The additional payment of £10,000.00 was made to the Endowed School Foundation Governors in 2020 to meet the high level of Further Education Grant applications they had received. The Trustees review the affordability of any future additional payments at their October Finance Sub-committee meeting each year.

Grant Making Policy

Information regarding Grant aid is available to parish schools, clubs and associations, including sporting clubs, health authorities, churches and other religious orders. In addition, the Charity invites applications by annual advertisements in the local press, and information relating to the Charity is also displayed in the Town Hall and No. 61 Broad Street display windows.

Each application is reviewed against the Charity’s objectives and considered by Trustees. Retrospective applications are not considered. All Grants are paid at the discretion of Trustees and no guarantee is provided of future funding to any individual applicant. Future Grants to an individual applicant are considered by Trustees only upon subsequent applications.

Applications in excess of £3,000 are passed to the Finance Sub-Committee for consideration as to affordability, with recommendations made to all Trustees at the next ordinary meeting.

FINANCIAL REVIEW

The Finance Sub-Committee formed in 1999 continues to monitor the finances of the Charity.

Investments

The Charity is reliant on income from investments. The Trustees remain confident that BlackRock Fund Managers continue to review its fund ranges to ensure that the investment characteristics and positioning of its funds remain both relevant to and consistent with investment environments and expectations of its clients. The asset ratio distribution of the Charity’s investment portfolio with BlackRock remains at 65-75% BlackRock Charities UK Equity Fund and 25-35% BlackRock Charities UK Bond Fund. Any future changes to this asset ratio are decided and acted upon by the Trustees. Charity Income generated from its investment is currently paid by means of quarterly dividends. During the year £168,094 net of charges, has been received in income from dividends, with an additional £58,111 in respect of September to December 2020, paid and received on 20 January 2021, totalling £226,205 .

Statement of portfolio position as of 31 December 2019 £7,260,992 Statement of portfolio position as of 31 December 2020 £6,922,684

Balances

Opening balance as of 1 January 2020 £10,862,294 Net Movement of Funds ( £242,953) Closing balance as at 31 December 2020 £10,619,341

The operation and maintenance costs of the Charity’s Community facilities and Grant aid absorb a significant part of all income generated. Any future surplus will be used to build reserves for future planned developments.

8

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Financial Review (continued)

Investment Policy and Performance

The Charity’s investment strategy remained unchanged throughout the year.

The Finance Sub-committee continues to monitor closely BlackRock Investment Management (UK) Ltd regarding the Charity’s investments and endeavours to maintain funds sufficient for long-term continuation of the Charity.

In accordance with the Governing Instrument Scheme a reserve fund has been maintained, namely the Extraordinary Repair Fund, for the purpose of providing for the extraordinary repair, improvement or rebuilding of the buildings of Chipping Sodbury Town Lands Charity. The Fund which is held by BlackRock Investment Managers (UK) Ltd is maintained by transfer to the fund of a yearly sum of £500. The Extraordinary Repair Fund was valued at £52,593.03 at year end.

The Balance of the Charity’s Shawbrook 100 Days’ Notice account, as of 31 December 2020, inclusive of interest, totals £23,949.61 and returned an interest rate of 1.10% from 1 January 2020 to 23 November 2020, and 0.59% from 24 November 2020 to 31 December 2020.

A sum of £40,000 was transferred from the Charity’s NatWest Business Reserve Account on 21 April 2020 to its 90 Days’ Notice Account with Julian Hodge Bank. As of 31 December 2020, the balance of this account was £153,974.67 and returns a current interest rate of 0.600%. Funds are permitted to accrue in this Account and are earmarked for any unexpected expenditure, essential works and future Charity projects and Interest rates continue to be monitored regularly to ensure the Charity receives the best available return on its investments.

Grants Received

2020 was a particularly difficult year due to the Covid-19 Pandemic, which presented the Trustees with many challenges. Due to repeated lockdowns and geographical tier allocations, the Charity’s Venues were not permitted to open for business, thus resulting in a significant loss of its income from lettings. The exception to this was the provision of essential services and the Town Hall remained open for NHS blood donation sessions, with these bookings being subsidised with an incentive rate of £50 per session. The Trustees were very grateful to the Government for a host of financial support schemes, including Local and National Restriction Grants, Business Rates payment holiday and the Job Retention Scheme. The following Grants were received:

Local and National Restriction Grants £50,001 Corona Virus Job Retention Scheme £33,728

Throughout the closure of the Charity’s Venues, from its 10 staffs, the Clerk to the Trustees and a Duty Manager continued the business operation on behalf of the Trustees, with 7 employees placed on Furlough. With so much uncertainty, 1 redundancy was deemed necessary in October 2020. At the end of December, the staffing status remained unchanged.

9

CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Financial Review (continued)

Buildings

Three buildings, The Town Hall, No. 61 Broad Street and The Old Grammar School continue to be maintained for public use and hire for functions ranging from meetings to concerts, with revenue received being used towards the maintenance and running costs of the buildings. The income generated does not generally cover the entire operating costs and therefore, the Charity subsidises the running costs each year. This is effectively a Grant towards fulfilling the Charity’s objectives to provide facilities for the parishioners of the Town. During 2020, considering the extremely low lettings revenue, the financial support from the Government has been an essential lifeline in supporting the day-to-day operational costs for these historic buildings.

The current administration requesting a 25% deposit payment upon confirmation of a booking, with the balance payable one month prior to the event or immediately if within less than one month of the event date, continues.

Absolute titles in respect of all Charity Lands and Premises have been duly registered with HM Land Registry.

Sodbury Players continue to lease the upper floor accommodation of The Old Grammar School. The Charity receives a rental income of £5,500 per annum. Sodbury Players are a Sodbury based amateur dramatic group.

The front room on the ground floor of the Old Grammar School continues to be leased at a peppercorn rent of £1 per annum for use as a Library. The running of this facility, under the direction of Sodbury Town Council, operates as a volunteer-based service. South Gloucestershire Council continues to assume the responsibility of the building’s internal maintenance and repairs.

Youth in Sodbury continues to lease one ex-school building at the St Johns School Site, owned by the Charity, at a peppercorn rent of £1 per annum. Youth in Sodbury provides a valuable service to the Youth of the Parishes. Their

2-year Lease was renewed for a further 2 years in April 2019.

First Steps Ltd continues to lease the neighbouring building and outside garden area as a Children’s Nursery, owned by the Charity, at a commercial rent. Their 10-year Lease expired in August 2020 and an application was received and approved for a further 10-year Lease arrangement. Due to the pandemic and the closure of Nurseries, a rent holiday was requested by the proprietors in relation to quarter 4 2020, with this missing payment being deferred and incorporated into the new Lease Agreement.

Trustees appreciate the value of the Nursery provision in providing a much-needed care facility within the Town for children aged from birth to 5 years and, longer term, an increasing income stream for the Charity.

A small outbuilding contained within the footprint of the Old Grammar School; namely a storage facility, has been let, for a number of years at a peppercorn rent of £2 per annum, to The Lions Club of Chipping Sodbury. This facility is used to store the Club’s Christmas ‘Sleigh’, used as part of their annual fundraising, in support of local projects and residents.

The two single storey cottages in Horse Street continue to be let and generate a full market income for the Charity to supplement its investment income.

Various parcels of agricultural land are owned by the Charity and are rented out for arable purposes. One parcel of land, close to a housing development, has been divided into five allotments and is rented to local residents.

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CHIPPING SODBURY TOWN LANDS CHARITY

REPORT OF THE TRUSTEES (continued)

Financial Review (continued)

Catering

The catering facilities of the Town Hall continued to be leased to a concessionaire. Cotswold Family Catering manages Town Hall catering and the bars under an Agreement dated 1 March 2019. The Charity receives commission on the takings which, due to the pandemic in 2020 totalled £1,428.60 (Venues closed as at the 27 March 2020). The commission due under the current Agreement is 10% of turnover.

CURRENT PROJECTS AND FUTURE PLANS

Trustees consider the on-going responsibilities and maintenance for the historic properties within the Charity’s portfolio. In particular, future budgeting continues in advance of future essential roof repairs and replacement air cooling systems for the Town Hall, together with stonework repairs at The Old Grammar School.

Due consideration has been given by the Trustees to ensure that all activities continue to reflect the Charity’s aims and take account of the Charity Commission’s general guidance on public benefit.

2020 Accounts

In accordance with The Charities Act 1993, the Trustees of Chipping Sodbury Town Lands Charity have prepared a financial statement for the financial year which gives 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 the financial statements, the Trustees follow best practice and

The Trustees are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Charity at any time and to enable them as Trustees to ensure that the financial statements comply with Charity Law. The Trustees are also responsible for safeguarding the Charity’s assets and hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE BOARD:

…...................................................... .................................................. M Reeves – Vice Chairman B N Hardy – Trustee July 2021 July 2021

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CHIPPING SODBURY TOWN LANDS CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF CHIPPING SODBURY TOWN LANDS CHARITY

Opinion

We have audited the financial statements of Chipping Sodbury Town Lands Charity (the “Charity”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, The Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the Charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

12

CHIPPING SODBURY TOWN LANDS CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF CHIPPING SODBURY TOWN LANDS CHARITY (continued)

Other information (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Frost Wiltshire LLP

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Unit 2, Green Farm Business Park

Folly Road Latteridge Bristol BS37 9TZ

July 2021

13

CHIPPING SODBURY TOWN LANDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020

INCOME & ENDOWMENTS FROM:
Notes
Unrestricted
funds
£
Operating activities
2,3,4
152,920
Investments
2
168,197
__
Total
321,117
EXPENDITURE ON:
Raising funds
2,3,4,5
(183,883)
Charitable activities
2,5
(40,823)
_
Total
(224,165)
(Losses)/gains on investments
(1,597)
__
NET INCOME/(EXPENDITURE)
95,535
Transfer between funds
13
-
_
Net movement in funds
95,355
RECONCILIATION OF FUNDS:
Total funds brought forward
325,883
_____
TOTAL FUNDS CARRIED FORWARD
421,238
 Restricted
funds
£
-
-
__
-
-
-
_
-
(338,308)
__
(338,308)
-
_
(338,308)
10,536,411
_____
10,198,103
 2020
Total
funds
£
2019
Total
funds
£
152,920
109,601
168,197
226,623
__
_
321,117
336,224
(183,883)
252,860
(40,823)
70,541
__
_
(224,165)
323,401
(339,905)
1,010,294
__
_
(242,953)
1,023,117
-
-
__
_
(242,953)
1,023,117
10,862,294
9,839,177
__
__
10,619,341
10,862,294

14

CHIPPING SODBURY TOWN LANDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES: COMPARATIVES for the Year Ended 31 December 2019

INCOME & ENDOWMENTS FROM:
Notes
Unrestricted
funds
£
Donations and legacies
2
-
Operating activities
2,3,4
109,601
Investments
2
226,623
__
Total
336,224
EXPENDITURE ON:
Raising funds
2,3,4,5
252,860
Investment management costs
2,5
-
Charitable activities
2,5
70,541
_
Total
323,401
Gains/(losses) on investments
10,352
__
NET INCOME/(EXPENDITURE)
23,175
Transfer between funds
13
-
_
Net movement in funds
23,175
RECONCILIATION OF FUNDS:
Total funds brought forward
302,708
_____
TOTAL FUNDS CARRIED FORWARD
325,883
 Restricted
funds
£
-
-
-
__
-
-
-
-
_
-
999,942
__
999,942
-
_
999,942
9,536,469
_____
10,536,411
 2019
Total
funds
£
2018
Total
funds
£
-
2,075
109,601
113,017
226,623
217,255
__
_
336,224
332,347
252,860
224,050
-
-
70,541
79,165
__
_
323,401
303,215
1,010,294
(737,205)
__
_
1,023,117
(708,073)
-
-
__
_
1,023,117
(708,073)
9,839,177
10,547,250
__
__
10,862,294
9,839,177

15

CHIPPING SODBURY TOWN LANDS CHARITY

BALANCE SHEET As at 31 December 2020

2020 2019
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 969 - 969 1,447
Investments
Investments 10 52,593 6,922,684 6,975,277 7,315,182
Investment property 11 - 3,275,419 3,275,419 3,275,419
_____ _____ _____ _____
53,562 10,198,103 10,251,665 10,592,048
CURRENT ASSETS
Debtors 12 3,957 - 3,957 3,957
Cash at bank and in hand 374,982 - 374,982 293,137
_____ _____ _____ _____
378,939 - 378,939 297,094
CREDITORS
Amounts falling due within one year 13 (11,263) - (11,263) (26,848)
_____ _____ _____ _____
NET CURRENT ASSETS 367,676 - 367,676 270,246
_____ _____ _____ _____
TOTAL ASSETS LESS CURRENT
LIABILITIES		 421,238 10,198,103 10,619,341 10,862,294
_____ _____ _____ _____
NET ASSETS 421,238
_____		 10,198,103
_____		 10,619,341
_____		 10,862,294
_____
FUNDS
Unrestricted funds 14 421,238 325,883
Restricted funds 10,198,103 10,536,411
_____ _____
TOTAL FUNDS 10,619,341
_____		 10,862,294
_____

The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:

..................................... ..................................... P J Elsworth – Trustee B N Hardy – Trustee July 2021 July 2021

16

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020

1. ACCOUNTING POLICIES

Accounting convention

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.

Charitable activities

All monies paid out to individuals and institutions as grants are allocated to charitable activities. Grants are included as expenditure in the period for which the award is given.

Allocation and apportionment of costs

Overhead support costs have been allocated between the operating costs. The apportionment has been allocated on the basis of usage and is analysed later in note 6.

Investment property

Investment properties are shown at the most recent valuation. Any aggregate surplus of deficit arising from changes in market value are transferred to the Statement of Financial Activities. Depreciation is provided only on those investments properties which are leasehold and where the unexpired lease term is fewer than 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment

Taxation

The charity is exempt from tax on its charitable activities.

17

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

1. ACCOUNTING POLICIES (continued)

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. TOWN LANDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES

(Including St John School Site)

ncluding St John School Site)
Unrestricted Restricted Total 2020 Total 2019
INCOME & ENDOWMENTS FROM: £ £ £ £
Donations and legacies
Donations - - - -
_____ _____ _____ _____
- - - -
Operating activities
Rent received 53,166 - 53,166 47,275
Wayleave 31 - 31 31
Miscellaneous income 85,070 - 85,070 2,707
_____ _____ _____ _____
138,267 - 138,267 50,013
Investments
Dividend income 168,094 - 168,094 225,109
Deposit account interest 103 - 103 1,514
_____ _____ _____ _____
168,197 - 168,197 226,623
_____ _____ _____ _____
Total 306,464
_____		 -
_____		 306,464
_____		 276,635
_____

18

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

2. TOWN LANDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES (continued)

Unrestricted Restricted Total 2020 Total 2019
£ £ £ £
EXPENDITURE ON:
Raising funds
Surveyors fees 7,388 - 7,388 12,797
Equipment, fixtures and fittings 1,565 - 1,565 358
Repairs and maintenance 69 - 69 -
Depreciation 478 - 478 712
Telephone 450 - 450 517
Advertising and stationery 763 - 763 2,193
Wages and salaries 16,143 - 16,143 15,847
Social security 4,917 - 4,917 5,939
Pension 2,160 - 2,160 -
Accountancy 1,800 - 1,800 1,800
Legal & professional fees 3,830 - 3,830 6,135
Auditors remuneration 1,560 - 1,560 1,592
Sundry expenses 688 - 688 2,489
_____ _____ _____ _____
41,811 - 41,811 50,379
Charitable activities
Grants to institutions 27,963 - 27,963 58,141
Grants to individuals 12,320 - 12,320 12,400
_____ _____ _____ _____
40,283 - 40,283 70,541
_____ _____ _____ _____
Total 82,094 - 82,094 120,920
_____ _____ _____ _____
Net income before gains 224,370
_____		 -
_____		 224,370
_____		 155,715
_____

19

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

3. TOWN HALL AND 61 BROAD STREET STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total 2020 Total 2019
INCOME & ENDOWMENTS FROM: £ £ £ £
Operating activities
Catering receipts 1,854 - 1,854 5,649
Lettings 10,303 - 10,303 44,890
_____ _____ _____ _____
Total 12,157 - 12,157 50,539
EXPENDITURE ON:
Raising funds
Rates and water 1,724 - 1,724 3,499
Insurance 9,450 - 9,450 9,692
Light and heat 18,299 - 18,299 28,137
Refuse collection 781 - 781 1,950
Repairs and maintenance 20,996 - 20,996 43,636
Equipment, fixtures and fittings 2,186 - 2,186 2,783
Cleaning materials 538 - 538 1,321
Wages and salaries 61,712 - 61,712 67,292
Telephone 1,212 - 1,212 1,264
Advertising and stationery 117 - 117 219
Legal & professional fees - - - 1,938
Sundry expenses 221 - 221 1,689
_____ _____ _____ _____
Total 117,236 - 117,236 163,419
_____ _____ _____ _____
Net expenditure before gains (105,079)
_____		 -
_____		 (105,079)
_____		 (120,920)
_____

20

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

4. OLD GRAMMAR SCHOOL STATEMENT OF ACTIVITIES

Unrestricted Restricted Total 2020 Total 2019
INCOME & ENDOWMENTS FROM: £ £ £ £
Operating activities
Lettings 2,496 - 2,496 9,050
_____ _____ _____ _____
Total 2,496 - 2,496 9,050
EXPENDITURE ON:
Raising funds
Rates and water 1,179 - 1,179 1,793
Insurance - - - 382
Light and heat 3,215 - 3,215 3,093
Refuse collection 290 - 290 785
Repairs and maintenance 6,348 - 6,348 22,931
Equipment, fixtures and fittings - - - 84
Wages and salaries 13,712 - 13,712 9,994
Sundry expenses 92 - 92 -
_____ _____ _____ _____
Total 24,836 - 24,836 39,063
_____ _____ _____ _____
Net expenditure before gains (22,340)
_____		 -
_____		 (22,340)
_____		 (30,013)
_____

21

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

5. ACTIVITIES

All costs were split by activity according to usage, as follows:

Direct costs
Grants paid
Total
Support costs
Staff costs
Administration and other costs
Professional & legal fees
Equipment & maintenance costs
Total
Total of all costs 2020
Total of all costs 2019		 Raising
funds
Investment
management
costs
Charitable
activities
Total 2020
-
-
40,283
40,283
__
_
__
_
-
-
40,283
40,283
98,643
-
-
98,643
39,496
-
-
39,496
14,578
-
-
14,578
31,165
-
-
31,165
__
_
__
_
183,883
-
-
183,883
__
_
__
_
183,883
-
-
183,883
__
_
__
_
252,860
-
70,541
323,401

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year (2019: £nil).

Trustees' Expenses

There were no trustees' expenses paid for the year (2019: £nil).

22

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

7.
STAFF COSTS
2020
£
Wages and salaries
91,567
Social security costs
4,917
Pension costs
2,160
__
98,644
__
The average monthly number of employees during the year was as follows:
2020
£
Town Lands Charity
2
Old Grammar School
1
Town Hall
9
_____
12
 2019
£
91,933
5,484
1,655
_____
99,072
__
2019
£
2
1
9
__
12

All employee time is involved in either support to the governance of the charity or operating activities. No employees had emoluments in excess of £30,000.

8. TANGIBLE FIXED ASSETS

ANGIBLE FIXED ASSETS
Computer
equipment
£
Cost
At 1 January 2020 and 31 December 2020 4,834
_____
Depreciation
At 1 January 2020 3,387
Charge for year 478
_____
At 31 December 2020 3,865
_____
Net book value
At 31 December 2020 969
_____
At 31 December 2019 1,447
_____

23

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

9. FIXED ASSET INVESTMENTS

Listed
Investments
£
Market value
At 1 January 2020 7,315,182
Revaluations (339,905)
_____
At 31 December 2020 6,975,277
_____
Net book value
At 31 December 2020 6,975,277
_____
At 31 December 2019 7,315,182
_____

There were no investment assets outside the UK.

These investments are held in Charinco and Charishare Investment Funds and are included at a bid valuation provided by BlackRock Investment Managers.

At 31 December 2020 the Extraordinary Repair Fund was valued at £52,593 (2019: £54,190) (unrestricted fund) and the Special Range Portfolio was valued at £6,922,684 (2019: £7,260,992) (restricted fund).

10. INVESTMENT PROPERTY

NVESTMENT PROPERTY
Listed
Investments
£
Market value
At 1 January 2020 and 31 December 2020 3,275,419
_____
Net book value
At 31 December 2020 3,275,419
_____
At 31 December 2019 3,275,419
_____

Investment properties were valued on a fair value basis by the trustees at 31 December 2020.

The most recent external valuation was carried out on 13 March 2017 by Bruton Knowles.

24

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Prepayments and accrued income 1,490 1,490
Other debtors 2,467 2,467
_____ _____
3,957
_____		 3,957
_____
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Bank loans and overdrafts 1,074 3,732
Trade creditors 760 1,678
Accruals and deferred income 7,732 19,741
Taxation and social security 1,428 1,428
Other creditors 269 269
_____ _____
11,263
_____		 26,848
_____
13. MOVEMENT IN FUNDS
Net Transfers At 31
At 1 January movement Between December
2020 in funds funds 2020
£ £ £ £
Unrestricted funds
General fund 325,883 93,355 - 421,238
Restricted funds
Undesignated funds 10,536,411 (338,308) - 10,198,103
_____ _____ _____ _____
TOTAL FUNDS 10,862,294
_____		 (242,953)
_____		 -
_____		 10,619,341
_____

25

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

13. MOVEMENT IN FUNDS (continued)

Net movement in funds, included in the above are as follows:

Movement
Incoming Resources Gains and in
resources expended Losses Funds
£ £ £ £
Unrestricted funds
General fund 321,117 (224,165) (1,597) 95,355
Restricted funds
Undesignated funds - - (338,308) (338,308)
_____ _____ _____ _____
TOTAL FUNDS 321,117
_____		 (224,165)
_____		 (339,905)
_____		 (242,953)
_____

Restricted funds are set aside by the Trustees and represent the investment in the properties and the special range investment portfolio. These investments cannot be sold without the permission of the Charity Commission. The income relating to these investments is not restricted.

Comparatives for movement in funds

Net Transfers At 31
At 1 January movement Between December
2019 in funds funds 2019
£ £ £ £
Unrestricted funds
General fund 302,708 23,175 - 325,883
Restricted funds
Undesignated funds 9,536,469 999,942 - 10,536,411
_____ _____ _____ _____
TOTAL FUNDS 9,839,177
_____		 1,023,117
_____		 -
_____		 10,862,294
_____
omparative net movement in funds, included in the above are as follows:
Movement
Incoming Resources Gains and in
resources expended Losses Funds
£ £ £ £
Unrestricted funds
General fund 336,224 (323,401) 10,352 23,175
Restricted funds
Undesignated funds - - 999,942 999,942
_____ _____ _____ _____
TOTAL FUNDS 336,224
_____		 (323,401)
_____		 1,010,294
_____		 1,023,117
_____

Comparative net movement in funds, included in the above are as follows:

26

CHIPPING SODBURY TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS (continued) for the Year Ended 31 December 2020

13. MOVEMENT IN FUNDS (continued)

The combined movement for the two years ended 31 December 2020 is as follows:

Net Transfers At 31
At 1 January movement Between December
2019 in funds funds 2020
£ £ £ £
Unrestricted funds
General fund 302,708 118,530 - 421,238
Restricted funds
Undesignated funds 9,536,469 661,634 - 10,198,103
_____ _____ _____ _____
TOTAL FUNDS 9,839,177
_____		 780,164
_____		 -
_____		 10,619,341
_____

The combined net movement in funds for the two years ended 31 December 2020, included in the above, is as follows:

Incoming Resources Gains and Movement
resources expended Losses in
£ £ £ Funds
£
Unrestricted funds
General fund 657,341 (547,566) 8,755 118,530
Restricted funds
Undesignated funds - - 661,634 661,634
_____ _____ _____ _____
TOTAL FUNDS 657,341
_____		 (547,566)
_____		 670,389
_____		 780,164
_____

14. RELATED PARTY TRANSACTIONS

The following grants were paid to related parties for charitable purposes during the year. Trustees declared interests in these parties before any voting took place and were not involved in the voting process.

Chipping Sodbury Town Council
Chipping Sodbury Town Football Club
Sodbury & District Twinning
Chipping Sodbury Rotary
S Gideon (daughter of the clerk to the trustees)		 2020
£
-
750
-
-
-
 2019
£
3,100
1,500
500
194
324

27

CHIPPING SODBURY TOWN LANDS CHARITY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020

This page does not form part of the statutory financial statements

2020 2019
INCOME FROM: £ £
Operating activities
Catering receipts 1,854 5,649
Rent and land rent received 42,587 47,275
Lettings 23,378 53,939
Wayleave 31 31
Miscellaneous income 85,070 2,707
_____ _____
152,920 109,601
Investments
Dividend income 168,094 225,109
Deposit account interest 103 1,514
_____ _____
168,197 226,623
_____ _____
Total income 321,117 336,224
EXPENDITURE ON:
Raising Funds
Rates and water 2,902 5,292
Insurance 9,450 10,074
Light and heat 21,515 31,230
Surveyors fees 7,388 12,797
Refuse collection 1,071 2,735
Repairs and maintenance 27,413 66,567
Equipment, fixtures and fittings 3,751 3,226
Depreciation 478 712
Cleaning materials 538 1,321
Wages and salaries 91,567 91,933
Social security 4,917 5,484
Pension 2,160 1,655
Telephone 1,662 1,781
Advertising and stationery 949 2,412

28

CHIPPING SODBURY TOWN LANDS CHARITY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued) for the Year Ended 31 December 2020

This page does not form part of the statutory financial statements

EXPENDITURE ON:
Raising Funds (continued)
Accountancy
Legal & professional fees
Auditors' remuneration
Sundry expenses
Charitable activities
Grants to institutions
Grants to individuals
Total expenditure
Net income before gains and losses
Realised recognised gains and losses
Realised (losses)/gains on fixed asset investments
Net (expenditure)/income		 2020
£
2019
£
1,800
1,800
3,830
8,073
1,560
1,592
932
4,178
__
_
183,883
252,860
27,963
45,910
12,320
24,631
__
_
40,283
70,541
__
_
224,165
323,401
__
_
96,952
12,823
(339,905)
1,010,294
__
__
(242,953)
1,023,117

29