## Ufton Nervet Fuel Allotment Charity
Report and Unaudited Financial Statements Year ended 31 December 2021
Charity Registration No. 236715
1
## 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 N Bagshaw (appointed on 21 June 2021) Mr G Godwin (resigned on 21 June 2021) 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
2
## Ufton Nervet Fuel Allotment Charity
Trustees' Report for the year ended 31 December 2021
The Trustees have pleasure in presenting their Annual Report and Financial Statements for the year ended 31 December 2021.
## 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
3
Ufton Nervet Fuel Allotment Charity
Trustees' Report for the year ended 31 December 2021
## grants during the year.
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 £9,500 (2020: £8,055); William Bishop Charity £1,600 (2020: £1,600); Together in Mission £2,285 (2020: £3,750); St Peters Ufton £1,254 (2020: £272); SUN School £5,000 (2020: NIL); Ufton Scouts NIL (2020: £400) Sulhamstead Cricket Club NIL (2020: £5,000). Altogether grants made during the year totalled £19,639 (2020: £19,077)
## FINANCIAL REVIEW
During the year the Charity received income totalling £44,648 (2020: £41,939 ). Total expenditure during the year amounted to £26,906 (2020: £24,782 ). Due to net gains on the value of investments at year end of £162,768 (2020: net loss in value of £36,978 ) the net income for the year amounted to £180,510 (2020: net expenditure £19,821 ).
During the year the 1st Ufton Scout Group signed a lease for use of part of the UNFAC land for outdoor scouting activities at a rent of £100 per annum.
With the significant reduction 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 2021 are as stated in note 8 in the notes to accounts.
## Investment Policy
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 2021 are £62,540 (2020: £44,799 ) 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.
4
Ufton Nervet Fuel Allotment Chari
Trustee5' Report
for the year ended
31 December 2021
It is the policy of the Trustees to support projerts 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 Chariry has fflade grants in previous years, continue5.
No project is undertaken unless the Trustees. having taken a prudent view. are confident that
sufficient f unds are available.
RISK MANAGEMENr
The Trustee5 have reviewed the major and financial risks that impart on the work of the charity.
They systems that have been established enable the Trustees to review and take necessary steps
to lessen these risks.
Statement of Trustees. Responsibilities
The trustees are responsible for preparing the Trustees, Annual Report and the financial
statemenrs in accordance with applicable law and United Kingdom Accountirkg Standards (United
Kingdom Generally Accepted Accounting Practice).
In preparing these financial statements. the trustees are required to-.
a) select suitable accounting policies and apply them consistently-
b) observe the rnethods and principles in Ihe Chariiies SORP.,
c) make judgments and accounting estimates that are reasonable and prudent-
dl state whether applicable UK accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements..
el prepare the financial statements on the going concern basis unless il 15 inappropriate to
presume that Ihe Trust will coniinue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show
and explain the Trust's transactions and disclose with reasonable accuracy at any time the
f inancial position of Ihe Trust and enable them to ensure that the financial statements comply
wTrth the Charities Act 2011 , the Charity (Accounts and Reports) Regulations 2008 and the
provisions of the trust deed. They are also responsible for safeguarding the as5elS of the Trust
and hence for taking reasonable steps for the prevention and detertion of fraud and other
irregularitie5.
This report was approved by the Trustees on.....
on their behalf by".
tL
•and Signed
signed
Nam
crrustee)
## 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 2021 as set out on pages 7 to 16.
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:
1. 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
3. 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: 07 March 2022 Shruti Soni Ltd ● Chartered Certified Accountants 117A St Johns Hill, Sevenoaks TN13 3PE
6
Ufton Nervet Fuel Allotment Charity Statement of financial activities
For the year ended 31 December 2021
|Unrestricted
Note
£
Income from:
100
2
44,548
44,648
3
26,906
26,906
4,439
22,180
11
22,180
Reconciliation of funds:
77,983
100,163
Total funds carried forward
Net movement in funds
17,741
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:
Other trading activities - Land
Rent|Permanent
Endowment
£
-
-
-
-
-
158,329
158,329
158,329
1,177,797
1,336,126
-|2021
Total
£
100
44,548
44,648
26,906
26,906
162,768
180,509
180,509
1,255,780
1,436,289
17,741|Unrestricted
£
-
41,939
41,939
24,782
24,782
(2,554)
14,603
14,603
63,380
77,983
17,157|Permanent
Endowment
£
-
-
-
-
-
(34,424)
(34,424)
(34,424)
1,212,221
1,177,797
-|2020
Total
£
-
41,939
41,939
24,782
24,782
(36,978)
(19,821)
(19,821)
1,275,601
1,255,780
17,157|
|---|---|---|---|---|---|
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.
7
Ufton Nervet Fuel Allotment Charlty
Balance sheet
As at 31 December 2021
2021
2020
Note
Fixed assets:
Tangible assets
Investments
40.000
1.333.749
40,000
1.170,981
1.373.749
1.210,981
Current assets:
Cash at bank and in hand
63.350
45.609
63.350
45,609
Llabilltles..
Creditors.. amounts falling due within one year
810
810
Net current assets
62.540
44,799
Total assets less current liabilities
1.436.289
1,255,780
Total net assets
1.436.289
1,255,780
The funds of the charity:
Perrnanent Endowment income funds
Unrestricted income funds"
General funds
1.336.126
1,177,797
100,163
77,983
Total unre5tiicted fund5
100.163
77,983
Total charity funds
1,436.289
J,255,780
The financial statements were approved and authorised for issue by the Board on
Siqned on behalf of the board of trustees
4&. H,,cL
Sionafure
Name
Trustee
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
## For the year ended 31 December 2021
- 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.
9
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
## For the year ended 31 December 2021
- 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.
10
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
For the year ended 31 December 2021
## 2 Income from investments
|Interest and dividend receivable:
COIF and M&G|Unrestricted
£
44,548
44,548|£
-
-
Permanent
Endowment|2021
Total
£
44,548
44,548|2020
Total
£
41,939
41,939|
|---|---|---|---|---|
- 3 Analysis of expenditure
|Grants to organisations (note 4)
Grants to individuals (note 4)
Repairs & Maintenance
Treasurer
Legal Fee
Secretary/Warden
Sundry expenses
Insurance
Independent Examiner
Support costs
Total expenditure 2021
Total expenditure 2020|Charitable
activity
Grant
making
£
10,139
9,500
-
-
-
-
-
-
-
19639
7267
26906
24782|Support
costs
£
-
-
498
2,000
2,447
1,000
102
410
810
7267
(7,267)
-
-|2021 Total
£
10139
9500
498
2,000
2,447
1,000
102
410
810
26906
-
26906
24782|
|---|---|---|---|
11
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
## For the year ended 31 December 2021
- 3 Analysis of expenditure (Continued)
|Grants to organisations (note 4)
Grants to individuals (note 4)
Repairs & Maintenance
Treasurer
Legal Fee
Secretary/Warden
Independent Examiner
Support costs
Total expenditure 2020|Charitable
activity
Grant making
£
11,022
8,055
-
-
-
-
-
19,077
5,705
24,782|Support costs
£
-
-
394
2,000
1,591
1,000
720
5,705
(5,705)
-|2020 Total
£
11,022
8,055
394
2,000
1,591
1,000
720
24,782
-
24,782|
|---|---|---|---|
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.
12
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
For the year ended 31 December 2021
## 4 Grant making
|Cost
Relief of hardship or distress (14 individuals (2020:14 individuals)
Sulhamstead Cricket Club
St Peters Church Ufton Nervet
Sun School
Together in Mission
Ufton scouts
William Bishop Charity
At the end of the year|Grants to
institutions
£
-
-
1,254
5,000
2,285
-
1,600
10,139|Grants to
individuals
£
9,500
-
-
-
-
-
-
9,500|2021
£
9,500
-
1,254
5,000
2,285
-
1,600
19,639|2020
£
8,055
5,000
-
-
3,750
400
1,600
18,805|
|---|---|---|---|---|
Sulhamstead Cricket Club: To contribute towards a new kitchen and changing area.
St Peters Church Ufton Nervet: To maintain the graveyard
Sun School - To contribute towards cost of library alteration
Together in Mission: To provide a local befriending service
Ufton scouts:To provide PPE supplies.
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 (2020: £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 (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil). No charity trustee received payment or reimbursement of travel and subsistence costs incurred by members relating to attendance at meetings of the trustees.
## 6 Taxation
The Trust is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
13
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
## For the year ended 31 December 2021
- 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
£
33,184
-
-
4,439
37,623
-
37,623
|£
1,137,797
-
-
158,329
1,296,126
-
1,296,126
Permanent
Endowment|2021
£
1,170,981
-
-
162,768
1,333,749
-
1,333,749|Unrestricted
£
23,738
12,000
-
(2,554)
33,184
-
33,184|£
1,172,221
-
-
(34,424)
1,137,797
-
1,137,797
Permanent
Endowment|2020
£
1,195,960
12,000
-
-
1,170,981
-
1,170,981|
|---|---|---|---|---|---|---|
Due to the historical nature of these investments it has not been practically prossible 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 comprise:
|UK Common investment funds - COIF
UK Common investment funds - M & G
Charifund|Unrestricted
£
37,623
-
37,623|£
431,721
864,405
1,296,126
Permanent
Endowment|2021
£
469,344
864,405
1,333,749|Unrestricted
£
33,184
-
33,184|£
380,778
757,019
1,137,797
Permanent
Endowment|2020
£
413,962
757,019
1,170,981|
|---|---|---|---|---|---|---|
14
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
## For the year ended 31 December 2021
- 9 Creditors: amounts falling due within one year
|10
Tangible fixed assets
Fixed asset investments
Net current assets
Net assets at the end of the year
11
Total Permanent Endowment funds
General funds
Total Permanent Endowment funds
General funds
Unrestricted funds:
Total funds
Accruals
Investments - M&G Charifund & COIF
Unrestricted funds:
Investments - M&G Charifund & COIF
Analysis of net assets between funds
Total unrestricted funds
Permanent Endowment funds:
Freehold Land
Permanent Endowment funds:
Freehold Land
Total unrestricted funds
Movements in funds
Total funds|Unrestricted
£
-
37,623
62,540
100,163
At 1 January
2021
£
40,000
1,137,797
1,177,797
77,983
77,983
1,255,780
At 1 January
2020
£
40,000
1,172,221
1,212,221
63,380
63,380
1,275,601|£
40,000
1,296,126
-
1,336,126
Incoming
resources &
gains
£
-
-
-
44,648
44,648
44,648
Incoming
resources &
gains
£
-
-
-
41,939
41,939
41,939
Permanent
Endowment|2021
£
40,000
1,333,749
62,540
1,436,289
Outgoing
resources &
losses
£
-
-
-
(26,906)
(26,906)
(26,906)
Outgoing
resources &
losses
£
-
-
-
(24,782)
(24,782)
(24,782)|Unrestricted
£
-
33,184
44,799
77,983
Net gains/
(losses) on
investment
£
-
158,329
158,329
4,439
4,439
162,768
Net gains/
(losses) on
investment
-
(34,424)
(34,424)
(2,554)
(2,554)
(36,978)|2021
£
810
810
£
40,000
1,137,797
-
1,177,797
Transfers
£
-
-
-
-
-
-
Transfers
£
-
-
-
-
-
-
Permanent
Endowment|2020
£
810
810
2020
£
40,000
1,170,981
44,799
1,255,780
At 31
December
2021
£
40,000
1,296,126
1,336,126
100,163
100,163
1,436,289
At 31
December
2020
£
40,000
1,137,797
1,177,797
77,983
77,983
1,255,780|
|---|---|---|---|---|---|---|
15
Ufton Nervet Fuel Allotment Charity Notes to the financial statements
## For the year ended 31 December 2021
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.
16