2020-12-31-accounts - Ufton Nervet Fuel Allotment Charity

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Ufton Nervet Fuel Allotment Charity

Report and Unaudited Financial Statements Year ended 31 December 2020

Charity Registration No. 236715

Ufton Nervet Fuel Allotment Charity

Status:

Charity registration no.: 236715

The charity is governed by a Charity Commission scheme dated 1975 and subsequent changes in 1994 and 1999.

Registered Office: The Old Stores Post Office Lane Burghfield Reading RG30 3TL

Trustees: Mr K Chopping - Chairman Mr G Godwin Mr D Hannington Revd Canon John Paton Mrs M Baxter Mr I Wise (appointed on 29 October 2019)

Independent examiner: Shruti Soni FCCA FCIE Shruti Soni Ltd Chartered Certified Accountants 117A St Johns Hill Sevenoaks TN13 3PE

Trustees' Report for the year ended 31 December 2020

Ufton Nervet Fuel Allotment Charity

The Trustees have pleasure in presenting their Annual Report and Financial Statements for the year ended 31 December 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Ufton Nervet Fuel Allotment Charity is a charity, registered in England and governed a Charity Commission scheme dated 1975 with subsequent changes in 1994 and 1999, and is a registered charity No: 236715.

In accordance with the governing document, there shall be not less than three Trustees at any time. Trustees are appointed by the Appointing Trustee, having regard to the skills, knowledge and experience needed for the effective administration of the Charity.

The list of current trustees and trustees who served during any part of the year can be found on page 1. The Hon Treasurer/Secretary manages the day-to-day operation of the charity under the direction of the Trustees, and has delegated authority for payments limited by a bank mandate.

STATEMENT ON PUBLIC BENEFIT

The objectives and activities, and achievement and performance sections of this report clearly set out the activities which the charity undertakes for the public benefit. The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the charity.

OBJECTIVES AND ACTIVITIES

The Charity’s primary object is the relief of hardship and distress among residents in the parishes of Ufton Nervet and Sulhamstead. In accordance with the decision of the Charity Commissioners, any sums thereafter can be used for any charitable purpose within the parishes. The income of the charity arises from investments in COIF and M&G Charifund.

ACHIEVEMENTS AND PERFORMANCE

The charity land has been used for the purpose of waste disposal and some recycling. This operation has been completed, and the landfill has been restored in accordance with the conditions of the planning authority. Work was completed in October 2003 and the replanting of the trees was also completed. Monitoring of the progress of the trees has continued under the care of the Warden.

Grant payments

These are divided into Grants to Organisations and Grants to Individuals. The individuals are assessed to have particular needs, and those whose circumstances are such as to warrant recurrent help receive help with fuel and water expenses. 14 families received fuel and water grants during the year.

Ufton Nervet Fuel Allotment Charity

Trustees' Report for the year ended 31 December 2020

Grants are only made to, or for the benefit of, residents of Sulhamstead and Ufton Nervet, even if the benefit is provided for them outside the area. The charity has sufficient funds to meet all anticipated demands on it.

Grants made during the year were: Recurrent fuel and water needs for individuals £8055 (2019: £8925); William Bishop Charity £1,600 (2019: £1,600); Together in Mission £3,750 (2019: £3,500); St Peters Ufton £272 (2019: £1,246); SUN School £NIL (2019: £10,000); Ufton Scouts £400 (2019: NIL) Sulhamstead Cricket Club £5,000 (2019: £10,000). Altogether grants made during the year totalled £19,077 (2019: £35,271)

F INANCIAL REVIEW

During the year the Charity received income totalling £41,939 (2019: £45,777 ). Total expenditure during the year amounted to £24,782 (2019: £41,019 ). Due to net loss on value of investments at year end of £36,978 (2019: net gain in value of £178,420 ) the net expenditure for the year amounted to £19,821 (2019: net income £183,178 ).

With the cessation of revenue yield from working the land, the charity's income is restricted to earnings from dividends and deposit account interest from permanently endowed investments in COIF Charity Units and M&G Charifund Units.

The respective investment values as at December 31st 2020 are as stated in note 8 in the notes to accounts.

Investment Polic y

The Trustees have chosen their investment vehicles on the basis of their specialization in Charity Funds and their history of prudent financial management.

Reserves policy

Total general reserves of the charity, which are also its free reserves, at 31 December 2020 are £77,983 (2019: £63,380 ) which the Trustees consider to be adequate for the Trust’s on-going activities as there are no committed regular liabilities. The Trustees will review the reserve policy on an annual basis.

The free reserves of the charity are held in units in appropriate Charity fund management companies and cash balances are held on deposit.

It is the policy of the Trustees to support projects that may require substantial sums when they come to fruition. The purchase of and refitting of St Peters Church in Ufton Nervet as a Cultural Community Centre, to which the Charity has made grants in previous years, continues.

No project is undertaken unless the Trustees, having taken a prudent view, are confident that sufficient funds are available.

Independent Examiner’s Report to the Trustees of Ufton Nervet Fuel Allotment Charity

I report on the financial statements of the Trust for the year ended 31 December 2020 as set out on pages 7 to 15.

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.

The trustees confirm an audit is not required under section 144(2) of the Act and an independent examination is needed.

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 2. 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.

Shruti Soni FCCA FCIE Date: 11 March 2021

Shruti Soni Ltd ● Chartered Certified Accountants 117A St Johns Hill, Sevenoaks TN13 3PE

Ufton Nervet Fuel Allotment Charity Statement of financial activities

For the year ended 31 December 2020

Unrestricted Note £ Income from: 2 41,939 41,939 3 24,782 24,782 (2,554) 14,603 11 14,603 Reconciliation of funds: 63,380 77,983 Total funds carried forward Net movement in funds 17,157 Total funds brought forward Net (losses)/gains on investments Net (expenditure)/income for the year Total expenditure Net (expenditure)/income before net gains / (losses) on investments Charitable activities Grant Making Investments Total income Expenditure on:	Permanent Endowment £ -	Unrestricted £ 45,777	Permanent Endowment £ -	2019 Total £ 45,777
41,939	-	45,777	-	45,777
24,782	-	41,019	-	41,019
24,782	-	41,019	-	41,019
(2,554) 17,157	(34,424) -	3,383 4,758	175,037 -	178,420 4,758
14,603	(34,424)	8,141	175,037	183,178
14,603 63,380	(34,424) 1,212,221	8,141 55,239	175,037 1,037,184	183,178 1,092,423
77,983	1,177,797	63,380	1,212,221	1,275,601

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 11 to the financial statements.

Ufton Nervet Fuel Allotment Charfty Balance sheet 2020 2019 Note Fixed assets: Tangible assets Investments 40,000 1.195.960 7.170.981 Current assets.. Cash at bank and in hand 1.210.981 1.235,960 45.609 40,541 45.609 Llabilitres: Creditors: amounts falling due within one year 40.541 810 900 Net current assets 44.799 39,641 Total assets le55 current liabilities 1.255.780 1.275,601 Total net assets 1.255.780 .275.601 The fvnd5 of the charity. Permanent Endowment income funds Unrestricted income funds= General funds 1.177.797 1.212.221 77.983 63.380 Total unrestritted funds 77.983 63.380 Total charliy fuftds 1.255.780 1.275.601 The financial statements were aDproved and authorised for Issue by the 8oard on ............... Sloned on behalf of the l)oard of trustees 2027. Sio ure Name Trustee

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102 1A), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK GAAP.

The charity is registered with Charity Commission. The registered office address is given in the charity information page.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Public benefit entity

The Charity meets the definition of a public benefit entity under FRS 102.

c) Going concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

There were no key judgements that the Charity has made which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

e) Interest and dividend receivable

Interest on funds held on deposit and fixed asset investments is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividend is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies (continued)

f) Fund accounting

Permanent Endowment funds consist of net book value of land and fair value of investments to be held as capital. The trustees have no power to convert these funds into income. However, there is no restriction on use of any income arising from capital or assets held as permanent endowment. Unrestricted funds are donations and investment income received or generated for the charitable purposes.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Expenditure on charitable activities includes the costs of Grant Making undertaken to further the purposes of the charity and their associated support costs. Grants payable are recognised in the SOFA when they are approved by the Trustees and recipient has been informed.
Support costs include the cost of overall direction and administration of the charity's activities,

h) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration currently is apportioned to Grant Making activty in full.

i) Tangible fixed assets

Land is valued at residual value after it has been fully utilised for landfill. Depreciation has not been provided for on this land because this valuation represents the minimum value of the land if sold.

Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

k) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

2 Income from investments

Income from investments
Interest and dividend receivable: COIF and M&G	Unrestricted £ 41,939 41,939	£ - - Permanent Endowment	2020 Total £ 41,939	2019 Total £ 45,777 45,777
			41,939

3 Analysis of expenditure

Grants to organisations (note 4) Grants to individuals (note 4) Repairs & Maintenance Treasurer Legal Fee Clerks expenses Public liability insurance Surveyors Fee Independent Examiner Support costs Total expenditure 2020 Total expenditure 2019	Charitable activity	Support costs £ - - 394 2,000 1,591 1,000 - - 720 5705 (5,705) - -	2020 Total £ 11022 8055 394 2,000 1,591 1,000 - - 720
	Grant making £ 11,022 8,055 - - - - - - - 19077 5705 24782 41019
			24782 -
			24782
			41019

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

3 Analysis of expenditure (Continued)

Grants to organisations (note 4) Grants to individuals (note 4) Repairs & Maintenance Treasurer Legal Fee Clerks expenses Public liability insurance Surveyors Fee Independent Examiner Support costs Total expenditure 2019	Charitable activity Grant making £ 26,346 8,925 - - - - - - - 35,271 5,748 41,019	Support costs £ - - - - - 1,000 410 3,438 900 5,748 (5,748) -	2019 Total £ 26,346 8,925 - - - 1,000 410 3,438 900
			41,019 -
			41,019

All expenditure in current and previous year was unrestricted.

Expenditure on grant making charitable activity relate to monies expended on the Charity’s objects which are concerned with the relief of hardship or distress by making grants of money to persons resident in the Parishes of Ufton Nervet and Sulhamstead. The Charity also makes grants of money to organisations within the above Parishes for any charitable purpose the Trustees see fit.

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

4 Grant making

Cost Relief of hardship or distress (14 individuals (2019: 14 individuals) Sulhamstead Cricket Club St Peters Church Ufton Nervet Sun School Together in Mission Ufton scouts Bob Hirst Garden William Bishop Charity At the end of the year	Grants to institutions £ - 5,000 - - 3,750 400 272 1,600	Grants to individuals £ 8,055 - - - - - - -	2020 £ 8,055 5,000 - - 3,750 400 272 1,600	2019 £ 8,925 10,000 1,246 10,000 3,500 - - 1,600
	11,022	8,055	19,077	35,271

Sulhamstead Cricket Club: To contribute towards a new kitchen and changing area.

St Peters Church Ufton Nervet: To maintain the graveyard

Sun School: To fund the remodelling of the old computer room into a library.

Together in Mission: To provide a local befriending service

Ufton scouts:To provide PPE supplies.

Bob Hirst Garden: To provide the maintenance of St Peter’s Ufton Churchyard

William Bishop Charity: To provide educational assistance for students under 25

5 Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Key management personnel are the Trustees of the charity. The Hon Treasurer/Secretary manages the day-to-day operation of the charity under the direction of the Trustees.

Mr D. Hannington, a Trustee, was appointed as Warden to supervise environmental matters at Poor’s Allotment, an asset of the Charity. A sum of £500 (2019: £500) was paid during the year for his services. There were no amounts owed to him at year end. Other than this amount no remuneration, directly or indirectly out of the funds of the Charity, was paid or payable for the year to any Trustee or to any person or persons known to be connected with any of them. No other charity trustees were paid or received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil). No charity trustee received payment or reimbursement of travel and subsistence costs incurred by members relating to attendance at meetings of the trustees.

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

6 Taxation

The Trust is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

7 Tangible fixed assets

Cost or valuation At the start of the year At the end of the year Depreciation At the start of the year At the end of the year Net book value At the end of the year At the start of the year	Freehold Land £ 40,000 40,000 - - 40,000 40,000	Total £ 40,000
		40,000
		-
		-
		40,000
		40,000

The land known as Poors Allotment Landfill, Camp Road, Ufton Nervert is owned by the charity and held as permanent endowment.

All of the above assets are used for charitable purposes.

8 Listed investments

Fair value at the start of the year Additions at cost Disposal proceeds Net gain/(loss) on change in fair value Cash held by investment broker pending Fair value at the end of the year	Unrestricted £ 23,738 12,000 - (2,554)	£ 1,172,221 - - (34,424) Permanent Endowment	2020 £ 1,195,960 12,000 -	Unrestricted £ 20,355 - - 3,383	£ 997,184 - - 175,037 Permanent Endowment	2019 £ 1,017,540 - - 178,420
	33,184 -	1,137,797 -	1,170,981 -	23,738 -	1,172,221 -	1,195,960 -
	33,184	1,137,797	1,170,981	23,738	1,172,221	1,195,960

Due to the historical nature of these investments it has not been practically possible to obtain and disclose information relating to the historical costs of these investments.

The fair value of listed investments is determined by reference to the closing quoted bid market price.

Investments c o mprise:

UK Common investment funds - COIF UK Common investment funds - M & G Charifund	Unrestricted £ 33,184 -	£ 380,778 757,019 Permanent Endowment	2020 £ 413,962 757,019	Unrestricted £ 23,739 -	£ 460,709 711,512 Permanent Endowment	2019 £ 484,448 711,512
	33,184	1,137,797	1,170,981	23,739	1,172,221	1,195,960

9 Creditors: amounts falling due within one year

2020 £ 810	2019 £ 900
810	900

Accruals

Ufton Nervet Fuel Allotment Charity Notes to the financial statements

For the year ended 31 December 2020

10 Analysis of net assets between funds

Tangible fixed assets Fixed asset investments Net current assets Net assets at the end of the year	Unrestricted £ - 33,184 44,799	2020 £ £ 40,000 40,000 1,137,797 1,170,981 - 44,799 Permanent Endowment	Unrestricted £ - 23,739 39,641	£ 40,000 1,172,221 - Permanent Endowment	2019 £ 40,000 1,195,960 39,641
	77,983	1,177,797 1,255,780	63,380	1,212,221	1,275,601

At 1 January 2020 £ 40,000 1,172,221	Incoming resources & gains £ - -	Outgoing resources & losses £ - -	Net gains/ (losses) on investment £ - (34,424)	Transfers £ - -	At 31 December 2020 £ 40,000 1,137,797
1,212,221	-	-	(34,424)	-	1,177,797
63,380	41,939	(24,782)	(2,554)	-	77,983
63,380	41,939	(24,782)	(2,554)	-	77,983
1,275,601	41,939	(24,782)	(36,978)	-	1,255,780
At 1 January 2019 £ 40,000 997,184	Incoming resources & gains £ - -	Outgoing resources & losses £ - -	Net gains/ (losses) on investment - 175,037	Transfers £ - -	At 31 December 2019 £ 40,000 1,172,221
1,037,184	-	-	175,037	-	1,212,221
55,239	45,777	(41,019)	3,383	-	63,380
55,239	45,777	(41,019)	3,383	-	63,380
1,092,423	45,777	(41,019)	178,420	-	1,275,601

Purposes of Permanent Endowment funds

Freehold land and Investments are held as permanent Endowment Funds to produce an income to enable assistance to those in fuel poverty in the two parishes. Any surplus funds may be used to fulfil the other charitable objects.

12 Capital commitments

There are no capital commitments at the balance sheet date.

13 Contingent assets or liabilities

The Trustees have identified no significant contingent assets or liabilities existing at the Balance Sheet date.