Charity number: 238379 ## **TOWN AND MANOR OF HUNGERFORD CHARITY** ## **UNAUDITED** ## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE** **YEAR ENDED 31 DECEMBER 2022** ## **TOWN AND MANOR OF HUNGERFORD** ## **CONTENTS** |||**Page**| |---|---|---| |**Performance of the Charity**||| ||**Constable’s Statement**|**4**| ||**Financial statement**|**6**| ||**Trustees Responsibility**|**7**| |**Our business model**||| ||**Our charitable purpose**|**8**| ||**Our history**|**8**| ||**Our assets**|**9**| ||**How we generate income**|**9**| ||**How we spend money**|**10**| ||**What traditions do we upkeep**|**10**| |**Purpose, sustainability & responsible**||| |**business**||| ||**Sustainability**|**13**| ||**Education and Engagement**|**14**| ||**Environmental stewardship**|**14**| ||**Responsible business**|**15**| |**Governance**||| ||**Who are we**|**16**| ||**How are we elected**|**19**| ||**Who can vote**|**19**| ||**Structure of the board**|**19**| ||**How we govern**|**19**| ||**Risk register**|**20**| |**Independent examiners report**||**21**| |**Statement of financial activity**||**23**| |**Statement of finance position**||**24**| |**Statement of cashflows**||**25**| |**Notes to the accounts**||**26**| ## **ADMINISTRATIVE DETAILS OF THE CHARITY AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022** |**Charity registered**|| |---|---| |**Number**|238379| |**Principal office**|Town Hall| ||High Street| ||Hungerford| ||Berkshire| ||RG17 0NF| |**Accountants**|Panthera Accounting| ||62 Foxhall Road| ||Didcot| ||Oxfordshire| ||OX11 7AD| |**Bankers**|National Westminster Bank PLC| ||Market Place| ||Newbury| ||Berkshire| ||RG14 5AG| |**Investment managers**|Evelyn Partners| ||25 Moorgate| ||London EC2R| ||6AY| |**Land agent/Chartered**|Carter Jonas LLP| |**Surveyor**|9-10 Jewry Street| ||Winchester| ||Hampshire| ||SO23 8RZ| ## **Section one: Performance of the Charity** ## **Constable's Statement for the Year** The year ended 31[st] December, 2022 has, as usual, been a busy and challenging one. Our Constable, Peter Joseph, was forced to stand down due to ill health in October 2022. The Officers of the Hocktide Court who would normally attend the annual macaroni supper to consider and propose the appointment of new officers, were contacted by email to consider the appointment of the Constable Elect (Julie Lloyd) to the Constable’s post. Within 24 hours the Steward had received responses from 70% of the officers all of whom were in favour. The Steward recalled the Hocktide Jury to a meeting of the Hocktide Court at the Town Hall at 7pm on Monday 24th October 2022 where the nomination for the post was considered and the jury delivered their verdict; that Julie Lloyd should be elected. The appointment was ratified by the Court Leet. ## I thank Peter for his hard work. **Elections** were held in June 2022 and four new Trustees were elected, with a further two being co-opted. The Co-options were necessary as the Trustees required specialist advice on the wetland project referred to below, and the Charity’s previous Finance Trustee had not been re-elected which left the Charity exposed in terms of financial audit and due diligence. The Charity has continued to see a decline in our income for the hire of the **Town Hall,** some of which has been due to the continued effects of the COVID pandemic. As reported last year, the flood that occurred at the Town Hall has given us the opportunity to upgrade the decoration throughout the building and this work continued throughout 2022. Further work is planned for 2023, and we continue to actively market the complex for weddings, at the same time as trying to encourage more of the town’s inhabitants to use the facility for meetings that other venues cannot accommodate, such as the Hungerford Historical Association. Utilising the venue for smaller meetings is being investigated, as working from home continues to be the ‘norm’. Proposals for providing facilities for holding hybrid meetings are being investigated; the heating in the Town Hall has been augmented to try and make this a warmer space for people to congregate and the marketing of the venue has been reviewed to try and attract more booking from local residents. The indoor and antique markets continue to bring footfall into the venue and other revenue streams are being sought so that the building is regularly used and the income from such use is available to update and improve the facilities provided. Our income from **Fishing** remained good during 2022. We achieved a good number of booked guest tickets and continue to maintain a healthy waiting list for the future. 2021/2022 was a relatively dry winter with below average rainfall and we hoped that rainfall would increase during the Spring. However, the hoped for water did not arrive. In October the rivers remain very low and looked likely to continue to drop until early in the New Year. A wet winter is hoped for to increase river levels, as if this doesn’t happen, the fishing maybe tricky next year. Above Eddington Mill we commenced a significant winter works programme clearing substantial amounts of the historic channel to create more fishing opportunities in time. Corporate fishing days are being researched for 2023. We have one of the best chalk streams in the world and could potentially charge a good premium for such events, thereby augmenting our income. The project at **Undy’s Meadow** to provide a wetland reserve continued apace in 2022. A pre-planning application was submitted early in the year and received a favourable response. Comments received included advice on further details required for Full Planning Permission application to be made. Copies of pre-planning application papers were sent to all members of the Project Advisory Group: Environment Page 4 Agency, Natural England, North Wessex Downs AONB and ARK, all of whom are supportive and excited by the project. A prospectus has been developed and a Planning Consultant engaged to move the project forward to the next stage i.e. determining the actions to be taken to meet further information required by WBC to support our application for Full Planning Permission. The project has been re-christened the Kennet Valley Wetland Reserve, to reflect its regional importance. The main factor affecting future income from **Land and Commons** is the uncertainty surrounding the future of government grants for land management. During 2022, we received approximately £42,000 through the (BPS) Basic Payment Scheme and Stewardship awards. This represents about 50% of L&C income (excluding exceptional items such as one-off licences). The BPS payments are reducing by 5% per annum while the government thrashes out the details of the ELMS (Environmental Land Management schemes) which will replace it. The Stewardship payments have finite end dates and will have ceased completely by the end of 2028. The value of future ELMS payments is unknown, but the concern is that it focuses on environment improvement and recovery to encourage landowners to do many of the things which we are doing already. It's not clear how the Charity might be paid for maintaining past improvements and further information will be welcome from the Government on this. Farmers were once again invited to graze their cattle on our common land and the cattle did well over the season, despite a few issues with careless drivers. Despite the dry conditions, we had a successful season. Once again, the Town and Manor charity has made a significant number of **donations** to local groups and charities, including sports clubs, arts and theatre groups, and educational support charities. The big donation this year was centred around the Constable’s Fund, which was launched by the Charity in response to the cost of living crisis. The fundraising appeal aimed to help local families and households struggling to manage as food, fuel and energy prices rose rapidly and significantly. Those who were eligible and applied to receive support, received initial payments of £100 to help towards rising bills. Fundraising started in August with the first payments being made from October 1st. The Town and Manor invited local people who were able to help those in need of additional support to contribute to the fund and donate via a dedicated online link. The Town and Manor pledged to match every £1,000 raised by public donations, up to a limit of £10,000. The window for applications by those in need closed on 31[st] December 2022 and, thanks to the generosity of Hungerford residents, in excess of £22,000 was donated to those in need in our community. A huge ‘thank you’ must go to everyone who so kindly donated to the fund and made these payments possible and the Constable’s Fund such a success. Finally, I'd like to thank our Trustees, staff, and volunteers for their hard work and help over the year and I look forward to the Town and Manor continuing to deliver benefits to the inhabitants of Hungerford and the surrounding area. Julie Lloyd Constable Page 5 ## **Financial review for the year** The Trustees present their annual report together with the financial statements of the Charity for the year ending 31 December 2022. The Trustees confirm that the annual report and financial statements comply with the Charities Act 2011, the requirements of the governing documents and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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). The accounts showed a net surplus before investing activities of £34,585. ## **Key policies** ## **Grant Making Policy** The Trustees promote charitable purposes for the benefit of the inhabitants of Hungerford, by the granting of donations where it is considered appropriate. The organisation will submit a written application to the Trustees who will consider it at their next meeting. The total amount of donations made in 2022 were £22,395 detailed in note 5 to the accounts. These grants to local groups span all demographics of our community. ## **Investment Policy** The investments are managed on a discretionary basis by Evelyn Partners, the performance of which is reviewed annually. They are authorised and regulated by the Financial Conduct Authority (FCA) and a member of the Association of Private Client Investment Managers and Stockbrokers (APCIMS). The reserves are invested with an objective of providing a balance between income and capital growth. The required annual Investment income required is broadly to cover the annual management fee, with the remainder of the fund focused on capital growth. The strategy followed to meet this objective is investment in a multi-asset portfolio, intended to offer the potential for greater returns than cash and fixed interest alone by including limited amounts of equities and alternative investments. Performance of the portfolio is measured against the FTSE WMA Stock Market Conservative Index (Total Return). ## **Public Benefit** The Trustees are continually engaged in endeavoring to promote the charitable works of the Charity within Hungerford. In considering their activities for the year, the Trustees have had regard to Charity Commission guidance on public benefit. Hungerford Common Port Down, the Croft and Freeman's Marsh are freely available to the public for recreational use. Local inhabitants and organisations receive discounts on hiring fees for the Town Hall. The Trustees lease land to both the local football and cricket clubs, as well as to other local assets such as the skate park and war memorial site. ## **Reserves Policy** The charitable object of the charity is to promote and provide grants for the inhabitants of Hungerford and the Liberty of Sanden Fee. It achieves this through the prudent management of its lands, buildings and finances. It maintains reserves that are freely available for operating purposes not subject to commitments, planned expenditure or spending limits. Page 6 The reserves are maintained to cover potential future risks: - Significant loss of income - the fishery due to pollution or a major drop in water levels; the land due to factors beyond our control, for example a foot and mouth outbreak. - Changes in government policy relating to the grants available. - Serious and immediate need for repairs to the Town Hall Complex, not covered by insurance. We deal further with these risks in the Governance section of the report. ## **Statement of Trustees' responsibilities** The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently - observe the methods and principles of the Charities SORP (FRS 102) - make judgments and accounting estimates that are reasonable and prudent - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: Jon Dennis FCA Trustee Date: 27[th] September 2023 Page 7 ## **Section two: Our business model** ## **Our charitable Purpose** The charitable purpose of the Town & Manor is to manage its assets, now and in the future, for the benefit of the inhabitants of Hungerford. To achieve this, we: - Preserve and protect the ancient rights of the Commoners - Manage the land and buildings in a financially and environmentally sustainable way - Provide financial support to groups, causes and projects, within the area of benefit - Uphold the unique traditions of the Town and Manor of Hungerford and the Liberty of Sanden Fee ## **Our history** Firstly, let’s start with where the Town and Manor is. The Town & Manor of Hungerford Charity is, as the name implies, situated within the ancient Manor of Hungerford and the tithing of Sanden Fee and should not be confused with modern day Hungerford. The Domesday Book (1086) records the following manors in this immediate area: - Charlton, including Hopgrass and Charnham Street, Eddington, a substantial manor in its own right later known as Hidden-cumEddington, Inglefol, later Hungerford Engleford, Leverton, Kintbury, Denford and Avington. There was no mention of Hungerford as a separate manor or village until the early 12th century when it was held by the de Beaumont family the land having been originally part of the Hundred of Kintbury Eagle. Between the 12th and 14th century various rights were granted to the inhabitants of the Borough and Manor of Hungerford, which included the Fee of Sanden. These rights are to hold Markets and Fairs, and the Assize of Bread and Ale, granted to the good people of Hungerford during the reign of King Henry III (1216-1272). These rights were confirmed during the reigns of King Edward I (1272-1307) and Edward III (1327-1377), with the addition of Grazing Rights on the Royal Estate land around the town. Fishing Rights were added by John O’Gaunt (originally known as John of Gaunt), the fourth son of Edward III; a generous act that made him the adopted son of the town to this day. Over the next three hundred years there were many disputes with the Crown and the Duchy of Lancaster which were finally resolved in 1617 by James I who appointed 14 local men to form a board of feoffees or Trustees. At the same time the rights and privileges and those entitled to exercise them along with the area of benefit and the procedures regarding the appointing of Trustees were formalised. The next major event in the long history of the Town & Manor was in 1908. The Charity Commission, formed in 1853, were empowered by the Government to regularise and register all Charities. The implications for the Town & Manor were that they would cease to be a Charity and become a Parish Council. The Trustees of the day dealt with this intrusion by ignoring it for 50 years but in the early 20th century following a charity commissioners report they brokered a deal whereby they became a registered charity, and a separate Parish Council was formed. Thus, the commoners’ rights, the Hocktide Court and the traditions of the Town & Manor were protected with the Charity retaining its assets including the Hungerford Common Port Down, Freemans Marsh and various buildings for the benefit of the community. There were conditions attached by the Charity Commission mainly Page 8 the defining of the area of benefit to the original Manor of Hungerford including the tithing of Sanden Fee and the same definition applied to those entitled to vote in Trustees elections. These conditions were largely a continuation of what had been practiced for hundreds of years and have been carried through and enforced by subsequent versions of the 1908 Charitable Scheme. Commoners have the right to fish, graze cattle, shoot and collect watercress within the seasons. These ancient rights were attached to houses where the inhabitants lived and carried out their trades. While the original houses have long since gone, the rights remain with the houses that have taken their place, and may be exercised by one person, known as a Commoner, who lives or works in the property. ## **Our assets** The Town and Manor owns a multitude of assets which are summarized below: ## **Land assets** It has approximately 171 hectares (420 acres) of land within the Hungerford area, comprising: Hungerford Common Port Down Freeman's Marsh Harvey's Meadow & Eddington Marsh The Fishery The Croft Charnham Street Meadows Hungerford Marsh Picket Mead Undy's Meadow Canal Walk ## **Property assets** The John O’Gaunt Public house The Water Keepers House, a tied accommodation for the waterkeeper The Town Hall complex, consisting of the Corn Exchange, Magistrates Room and the Town Hall ## **Historic assets** Market rights Chattel of the holder of the Office of Constable ## **How we generate income** The Trustees secure income from its assets as follows: ## **Land assets** The Fishery is let out to a number of rods who all pay an annual license fee. The Fishery also accommodates the rights of the Commoners to fish for three days per week during the season. The land suitable for grazing is let out commercially each summer for cattle belonging to local farmers. The Hungerford Common Port Down and Freeman's Marsh are available to be grazed by Commoners' cattle but, where Commoners do not take up their rights, the grazing is let to local farmers and a syndicate known as the Hungerford Graziers, which allows local individuals to partake in the tradition of grazing their cattle under the watchful eye of the Hayward who knows what he is doing. Much of the land attracts government grants available to farmers and administered by the Rural Payments Agency. Income is also derived from easements, wayleaves and temporary rental to various local and national Page 9 organisations which require right of access, temporary storage or need to install their equipment such as mobile phone masts on Town and Manor land. Finally, some land is leased to Hungerford Town Council, the Football Club and the Cricket Club. Fishing rights on the Kennet and Avon Canal are licensed annually to the Hungerford Canal Angling Association. It is extremely rare for the Charity to sell land; much of the land has Commoners rights and, therefore, would be extremely expensive legally to dispose of. Furthermore, any land which the charity owns has a strategic purpose as part of its long term aims. ## **Property assets** The Town Hall Complex is available for hire by individuals or organisations for functions, including community and business meetings, weddings, exhibitions, social functions and retail events. The charity offers a discounted rate to local residents, and other local charitable organisations. The John O’Gaunt public house is rented out on a commercial lease ending in 2032. An outdoor market is held on the High Street every Wednesday throughout the year and a fee is collected from each stall holder. ## **How we spend money** The Charity has a paid executive, comprising the CEO, two further full time staff, a part time admin assistant and part time hall keeper alongside the unpaid trustee body. The Chief Executive’s office primarily function is to: 1. Propose strategies and policies to achieve the Charity's purpose and goals and implement those which have been approved by the Board 2. Implement internal systems of control and structures to ensure the organisation can fulfil its objectives 3. Monitor and report on performance The expenditure activity of the charity can be broadly broken down into: - Active management of 10km of chalk stream on the rivers Kennet and Dun, along with 171 hectares of land - Management of the annual Hocktide celebrations - Running the buildings in the charity’s ownership - Administering the charitable donation requests which are received ## **What traditions do we upkeep?** All of the traditions which the Town & Manor are known for relate to the celebration of Hocktide, a celebration which happens on the Monday and Tuesday in the second week after Easter. This now combines the ceremonial collecting of quit rents, exchanging of kisses and oranges as well as the important business carried out during the sitting of the Hocktide Court. ## **The run up to Hocktide** The Macaroni supper is used to mark the end of the quit rent year when all the tolls and fines had to be paid. Page 10 Any outstanding bills were paid from common Coffer after which the Constable bought supper for the officers. Today, there is no bookkeeping at the Macaroni supper; instead it is used to choose and nominate the officeholders for the coming year. Commoner’s names are placed in the Bellman’s hat to elect the court jury, along with the foreman, middleman and endman. On Hocktide Monday the ever popular Ale tasting takes place. Officially known as the “assize of bread and ale”, this event dates back to the 13[th] Century where ale tasters in every town and village regulated the quality of the local brew. Nowadays 12 or so barrels of donated ale are tasted in the ceremonial 2 pint pewter tankers by the ale tasters and the declaration “we have tasted this ale and it’s a goodly brew” is made before the ale is shared with the commoners. ## **Hocktide (or Tutti Day)** The proceedings start at 8am with the sounding of the horn from the Town Hall steps by the Bellman. This summons all the commoners to attend the Hocktide Court at 9am, after which the Tutti Men visit each of the 102 houses in turn. They no longer collect rents, but demand a penny or a kiss from the lady of the house when they visit. In return the Orange Man gives the owner an orange. Hocktide Court, chaired by the Steward, occurs in the Town Hall, and is used to fine those who were unable to attend one penny, in lieu of the loss of their rights. The financial results are read out to the court, as well as reading out the rules relating to the grazing and fishing rights. After the parade of the Tutti Men through the streets, the Hocktide Lunch takes place for the Hocktide Council, commoners and guests, at which the traditional "Plantagenet Punch" is served. After the meal, an initiation ceremony, known as Shoeing the Colts is held, in which all first-time attendees are shod by the blacksmith. Their legs are held and a nail is driven into their shoe. They are not released until they shout "Punch". Oranges and coins are then thrown from the Town Hall steps to the children gathered outside. ## **Post Hocktide** The following Friday, Court Leet is held where all office holders are sworn in. ## **The various officers and qualifying conditions** **The Constable** is the senior officer of the Town and Manor of Hungerford and The Liberty of Sanden Fee. They must be a Commoner and have undertaken the principal offices allocated by the Hocktide Court and is elected each year by the Commoners at the Macaroni Supper. They may hold office for more than one term dependent upon the decision of the Hocktide Court. The Constable also represents the Town and Manor at numerous events throughout their year of office. These include: - Remembrance Sunday. Laying of wreaths at Bridge Street, the Recreation Ground Memorial, and at the Royal British Legion. - Victorian Extravaganza Parade - Reception at the Mess of the 6[th ] Close Battallion REME - Mayor's Annual Reception - Mayor's Carol Service - Events invited to by the Lord Lieutenant, the Deputy Lieutenants and the High Sheriff - Such Royal occasions to which the Constable of the Town and Manor may be invited. Page 11 **The Deputy Constable** is traditionally the immediate past Constable who has remained as a Trustee either by election or by co-option. They are the Deputy to the Constable and act as an advisor to the Constable. The Deputy Constable can also chair meetings of the Trustees and represent the Constable at events, should the need arise. **The Constable Elect** must be a Commoner and must be eligible to be elected as Constable. They are chosen at the same Macaroni Supper that sees the election of the Constable and shadows the Constable for the time being until the next Macaroni Supper at which the Constable Elect is voted in (or not) as the next Constable. The Constable Elect is an ex-officio Trustee, and is expected to attend meetings of the Board of Trustees. The following posts are of historic origin. They are appointed by, and responsible to, the Hocktide Court: **The Tuttimen (Tithingmen)** collect the rent from all Commoners' properties at Hocktide **The Ale Tasters** organise the ale tasting event and proclaim on the excellence (or otherwise) of the ales sold in the inns in the Town. **The Bailiff** was responsible for the collection of tolls due to the Town and Manor from fairs and markets; also for the signing of the Court summons, a task often often delegated to the Assistant Bailiff. **The Portrieve** was responsible to the Constable for the collection of rents due to the Town & Manor. The following are involved in the Hocktide ceremonies (see below) and are also appointed by, and responsible to, the Hocktide Court: **The Orangeman** act as escort to the Tuttimen and Tuttigirls. They are appointed by the Constable. **The Blacksmith** shoes the 'Colts'; anyone attending the Hocktide lunch who has not previously been shod. **The Tutti Girls** hand out sweets to the children of the Commoners. Page 12 ## **Section 3: Purpose, sustainability & responsible business** ## **Sustainability** With 420 acres of land and an 800 year history, Town & Manor, arguably, have lived ‘sustainably’ for many generations prior to today’s macro societal focus on the topic. We pride ourselves in our success in protecting and restoring the rare and diverse ecological habitats on Town and Manor lands old and new. With only 200 chalk streams in the world, we boast two running across our land: the River Dun (Bedwyn Brook) and the River Kennet; that’s 5.3 miles of prime chalk stream! Managing around 171 hectares of land in the catchment of such delicate freshwater ecosystems takes some doing and to this end we have several SSSI sites (Sites of Special Scientific Interest) that are 20+ years old and are under SSSI management plans that we co-ordinate closely with Natural England. More recently we have registered as much of our land as possible under the Higher-Level Stewardship scheme, meaning we must adhere to very stringent management processes. This brings the benefit of access to even more expertise so underpinning our knowledge and understanding of the ancient and remarkable lands we are privileged to care for. The complexity of this is highlighted when you consider the variety of habitats and ecosystems that are flourishing on Town and Manor lands: - Chalk streams - Unimproved wet meadows (never farmed) - Reedbeds - Marshland - Borrow pits, ponds and lakes - Wet and dry scrubland - Unploughed wet and dry grassland - Ancient hedgerows - Deciduous woodland and copse. Managing a large estate in a part of Southern England where the pressures to expand and develop the manmade world are extremely high, requires a huge amount of expertise and commitment. Managing and reducing the effects of neighbouring developments and land use also pose serious challenges. Despite these 21st Century threats, our efforts to preserve the biodiversity and natural wealth of the land in our care means much of it maintains High Nature Value and Natural Capital, as well as being shown on the Natural England’s ‘Magic Land Information Map’. Our successes to date have been built on very positive symbiotic relationships with a wide range of national and local organisations to help us maintain, protect, restore and improve the health of the ecosystems and habitats in our care: - Natural England (NE) - The Environment Agency (EA) - The World Wildlife Fund (WWF) - Action for the River Kennet (ARK) - North Wessex Downland Area of Outstanding Natural Beauty (NWDAONB) - Department for Environment, Food and Rural Affairs (Defra) Page 13 - The Canal and River Trust - Southern Streams Farmers - British Trust for Ornithology (BTO) - West Berkshire Council (WBC) and Hungerford Town Council (HTC) ## **Education and engagement** - Town & Manor events Events are held to promote public understanding and appreciation of the rich natural capital and historic heritage associated with the land. The Town & Manor has an excellent track record in engaging and involving the public and is experienced at providing local people and visitors with opportunities to learn more about the land and how it is managed. These events attract a diverse range of people of all ages from 8 - 80. Past educational events have included guided walks on how and why the land is managed, wildflowers, fly fishing, wildlife safaris, and river dipping. Organised groups including beaver, scout, brownie and guide groups are welcomed and students from the Royal Agricultural University and Shefford Young Farmers are hosted studying land management and chalk stream fishery management. A series of popular events are run each year as part of the Hungerford Summer Festival and tickets are regularly sold out. The public are invited to visit private areas of the estate including the fishery on the River Dun and learn about internationally rare chalk streams and the challenges facing these rivers which helps educate and change behaviours to protect these globally rare habitats. Tickets for the Go Batty event, spotting and identifying bats along the river are always sold out. - Conservation volunteers Local people and groups such as Hungerford Environmental Action Team and St. Lawrences Church have been keen to volunteer on practical conservation tasks helping to manage the land by managing scrub, coppicing hazel, planting hedges and fruit trees. As well as learning new skills and making new friends, volunteers feel they are making a real tangible difference on the ground. Tasks have been very well supported and there is a demand for more engagement and opportunities for people to play an active part in taking care of local their environment. ## **Environmental Stewardship** One of the roles of the Trustees is as stewards of the land for the benefit of the people of Hungerford and for future generations. The land is managed to protect, maintain, and restore habitats and species supported by Natural England and the Environment Agency. The estate includes Hungerford Common Portdown, Freemans Marsh Common, Harveys Meadows and Eddington Marsh which are rich in biodiversity, designated as Sites of Special Scientific Interest and managed under Countryside Stewardship agreements. Priority habitats include internationally rare chalk stream, lowland meadows, fen, acid grassland, deciduous woodland and a community orchard. It has some of the best wildflower and species rich grassland in the Kennet Valley, traditionally managed by cattle grazing without the use of fertilisers or pesticides. Targeted and sensitive management of the land has resulted in increases in rare and endangered species with one of the best populations of Desmoulins Whorl snail in the southeast of England along with water voles. Barn owls have been breeding successfully in nest boxes as part of the Kennet Valley Barn Owl Project and BTO nest box monitoring programme. Page 14 The Town and Manor and Liberty of Sanden Fee has established itself as a very effective guardian of the land and ecology in its care; we are constantly planning for the future, reviewing our practices and protecting what we have with enormous pride. ## **Responsible business** The trustees, as part of their stewardship role, must ensure that a return is made from the assets to ensure that the Charity survives into the successive generations of Hungerfordians. However, this return is not made at all costs. Some tangible examples of what we do to ensure that we take seriously our responsibilities: - We make charitable donations to local organisations - We discount the hire of our facilities to local groups - We are keen to source suppliers locally if possible - Following the Russian aggression in Ukraine, we have served notice to terminate out utility contract with Gazprom to avoid economically rewarding the regime - We have also worked closely with the local council and MP to reduce the speed limit across the Hungerford Common Port Down to limit the number of cattle which are fatally hit each year - We create local employment opportunities where possible Page 15 ## **Section 4: Governance** ## **Who are we?** The Charity Trustees who served during the financial year (and since then to the date of signing of these accounts) are as follows: ## **Role** ## **Name** Mr Peter Joseph Constable Ms Julie Lloyd Constable Mr Gregory Furr Steward of the Hocktide Court Mr Chris Scorey Hon Land & Commons Secretary Mrs Fiona Hobson Hon Marketing Secretary Mr Jon Dennis Hon Finance Secretary Mr Julian Dickins Hon Building Secretary Mr Philip Porter Hon Fishery Secretary Mrs Fiona Hobson Mr Jon Dennis Mr Julian Dickins Mr Philip Porter Mr Jonathan Welfare Mr Bruce Mayhew Mrs Kate Edwards Mr Simon Lee-Smith Mr Alistair Fyfe Mrs Barbara Barr Mr Jonathan Taylor ## **Note** (Resigned as Constable 24[th] October 2022) (Appointed Constable 28[th] October 2022) (Appointed 21[st] June 2022) (Appointed 21[st] June 2022) (Appointed 21[st] June 2022) (Resigned 29[th] April 2022) (Appointed 21[st] June 2022; resigned 14[th] October 2022) |**Trustee**|**Term**
**ends**|**Bio**| |---|---|---| |Ms Julie Lloyd|2025|**Julie Lloyd**is a solicitor who had a private practice locally, but is now
the in-house Counsel for a local medium sized farming and property
company. She is the present Constable of the Town and Manor of
Hungerford. As Constable she chairs the Board of Trustees, and the
meetings of every Committee. The Constable also represents the
Town and Manor on civic occasions and at public events. As a
solicitor she specialised in property and land law, her clients being a
mix of individuals, charities and corporate bodies.| |Mr Gregory Furr|2025|**Greg Furr**has been a Trustee since 2007. A former Constable, he is
now currently the Steward of the Town and Manor, responsible for
advising the Board of Trustees and the Committees on all procedural
matters relating to the governance of the charity, and for
safeguarding its ancient traditions. He has served on every
Committee of the charity. The Steward is also responsible for the
administration of Hocktide, the annual celebration of the ancient
rights of the Town and Manor, and for the elections of Trustees every
three years. Now retired, he owned a nationally known goldsmiths
andjewellers business based in Hungerford.| Page 16 |**Trustee**|**Term**
**ends**|**Bio**| |---|---|---| |||| |Mr Alistair Fyfe|2028|**Alistair Fyfe**was elected as a Trustee in 2022 and is a member of the
Land & Commons, PR and Communications and is Honorary
Buildings Secretary and manages the buildings we own, including the
John O’Gaunt pub and the Town Hall. As a Lieutenant Colonel in the
Army, Alistair’s responsibilities included managing 22,000 acres of
training land (including SSSIs), more than 500 buildings and
accommodation for 2,000 soldiers. In addition, he was Chairman of
four specialist conservation groups, including an £880K regional
ecological improvement and carbon reduction programme.
On leaving the Army, Alistair managed a portfolio of residential
properties in London before moving to Hungerford. He has been a
Councillor on Hungerford Town Council since 2019.| |Mr Bruce
Mayhew|2025|**Bruce Mayhew**has been a Trustee for over 30 years. He was
Constable from 1996 to 2000 and has served on the Fishery, Land
and Commons and Marketing Committees. His responsibilities have
included acting as Water Bailiff, Overseer of the Common and Keeper
of the Keys to the Common Coffer. He has also served on Hungerford
Town Council, was Chairman of Newbury Round Table, and is
currently President of Hungerford Rotary Club. Before retiring, Bruce
practised and lectured on dentistry.| |Mr Chris Scorey|2025|**Chris Scorey**was elected as a Trustee in 2012. He is currently the
Secretary of the Land and Commons Committee of which he has
been a member for 10 years. He has also served on the Marketing
Committee. He has over 35 years experience of international trade,
both as business owner and CEO. He was also a General Manager
with a large multi-national corporation and winner of a Queen's
Award for Export. Chris has undertaken a series of volunteer roles in
the local community for over 25 years, including as Chairman of the
Hungerford Town Plan and tennis club.| |Mrs Fiona
Hobson|2025|**Fiona Hobson**'s family has been involved with the Town and Manor
for generations; her great-grandfather was Constable in 1921 and
her mother was a trustee and the first lady Constable. Fiona was
elected as a Trustee in 2016. She is now Secretary of the Marketing
Committee, and has in addition served on the Fishery, Land and
Commons and Buildings Committees. She is also active in the local
community as Secretary of the United Reform Church and as Trustee
of the Town Band. She has also served on the Committees of the
Historical Association and the Chamber of Commerce.| |Mr Jonathan
Welfare|2025|**Jonathan Welfare**has been a Trustee for 10 years. He has been
Fishery Secretary, also a member of the Buildings, Marketing and
Investment Committees. Trustee, Chairman and CEO of a wide range
of charities for over 50 years, including the Northmoor Trust (now
the Earth Trust) and the £86m Bristol 2000 science and natural
history development. Currently also Trustee of Berkshire Historic
Churches Trust and a Council Member of the North Wessex Downs
AONB. Previously Director and Chairman of numerous SMEs.
Appointed OBE in January 2023.| |Mr Jon Dennis|2025|**Jon Dennis**is a Chartered Accountant. His practice includes large
corporate clients,SMEs,sole traders and charities. He also manages| Page 17 |**Trustee**|**Term**
**ends**|**Bio**| |---|---|---| |||the personal financial affairs of many local clients, many of whom are
High Net Worth Individuals. He was elected as a Trustee of the Town
and Manor in 2017 and is the current Treasurer responsible for
overseeing the accounting processes and providing advice to the
charity on all financial matters. He is a member of the Investment
Committee.| |Mr Julian Dickins|2028|**Julian Dickins**is the senior partner of solicitors in Hungerford and
has been a Trustee for 7 years. He is the Secretary of the Buildings
Committee which manages the buildings in the ownership of the
Town & Manor including the Town Hall and Corn Exchange and the
historic John O'Gaunt pub. Julian is also a Trustee of the Town Band,
the Miss Lawrence Trust and the Camburn Trust, and a member of
the Synod Pastoral Committee. He is a member of the Membury
Rotary Club and a fundraiser for Macmillan.| |Mrs Kate
Edwards|2028|**Kate Edwards**was elected in 2022. She was a teacher of geography,
biology and ecology in a number of large comprehensives. She has
also taught in pre-schools and primary schools, and is a specialist in
Early Years Education and Special Educational Needs and Inclusion.
She is also Forest School trained and has been much involved with
children's field centre education with the youngest, the Beavers to
the oldest, the Explorers. Kate has also been a member of the Scouts
Association, a School Governor and served on a number of Parent -
Teacher Associations.| |Mr Philip Porter|2025|**Philip Porter**was elected in 2019. Fishery Secretary also Hayward
and member of the Land and Commons and Investment
Committees. He had a 30 year career in the City in wealth
management, sales and marketing, and in capital markets, including
managing and training experts in these disciplines. 5 years managing
a commercial property portfolio. Latterly a professional coach in
public speaking, presentation and negotiation skills.| |Mr Simon Lee-
Smith|2028|**Simon Lee-**Smith holds an Executive MBA from Said Business School, Oxford
and post-graduate MBAs from Heriot Watt and Kingston Universities.
He is currently a Global Commercial Director with Vodafone. His career has
included over 30 years’ experience in business planning and development,
finance, procurement, sales, corporate management and governance.
Simon is a member of the PR and Communications Committee. He was
elected as a Trustee in 2022.
.| ## **How we are elected** Unlike many charitable boards where you are elected until resignation, each trustee is elected for a six year Page 18 fixed term where upon its expiry, they have to offer themselves to the electorate in order get re-elected. The elections are administered by Hungerford Town Council, and overseen by the Electoral commission. When new trustees are elected, they are introduced to the activities of the Charity by being provided with copies of the Charity Commission Scheme, recent accounts and relevant documentation, as well as being briefed on the duties of a trustee. It is recommended that Trustees are members of at least one committee. ## **Who can vote?** Trustee elections are open to all and held every three years when half of the board stand down and may offer themselves for re-election. This is in order to maintain continuity of Trustees knowledge. Those eligible to vote are the inhabitants of the ancient Manor of Hungerford and Tithing of Sanden Fee not including those areas of modern Hungerford north of the A4. ## **Structure of the board** The Charity is run by a body of Trustees which, when complete, consists of a minimum of twelve and a maximum of fourteen competent persons as follows: - Ten Trustees are elected usually on a triennial basis - Two Ex-Officio Trustees, being the Constable of the Town and Manor of Hungerford and the Constable Elect - In addition, the Trustees are permitted to co-opt up to two additional Trustees. The Constable elect is not the deputy Constable, but rather someone who is eligible to become Constable in the future who sits in the Trustees meetings so they are kept up to speed with business of the Town & Manor, so that if they were to stand in, they’ll have a good level of institutional knowledge on day one. They do not have a vote. Once elected as a trustee, all trustees are equal within meetings, save for the Constable who is automatically the chair of all committees. ## **How we govern** The Governing Document of the Charity is based on a Charity Commission Scheme dated 11th February 1908, as amended 9th May 1990, 13th June 2012, 9th September 2015 and 18th November 2018. There are few restrictions imposed by the Governing Document, but the Trustees shall not, without the sanction of the Commissioners or a competent court, create a tenancy wholly or partly in consideration of a fine or for a term ending more than 22 years after it is granted or for less than the best possible rent obtainable. In addition, the Trustees shall not apply income of the Charity directly in relief of rates, taxes or other public funds, but may apply income supplementing relief or assistance provided out of public funds. The Charity is run by a series of Committees, with main Board of Trustees which meets monthly, except for August. The Buildings, Fishery, Land and Marketing committees meet approximately six times per year. The Finance Committee which meets monthly, with two sub committees meeting at least once a year (Investment committee and Renumeration committee). Each Committee produces written reports to the main Board of Trustees. There is an annual budget process which is approved by the main Trustees. This gives authority for each Honorary secretary to run its committee and achieve the business aims set. Page 19 ## **Risk register** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The major risks are: **Property Risk:** The properties held by the Charity could suffer significant damage or need major repair. Catastrophic events are insured for, and reserves are kept dealing with any repairs needed at short notice. The most significant risk is the Town Hall for which further consideration is made to ensure in the long term this building is maintained to sufficient standards. The buildings are insured for the normal commercial risks. **Investment Risk:** The reserves held by the Charity are essential to keeping it in a secure position should any serious incidents affect its financial position. Investments are currently held with an approved Fund Manager (Everlyn Partners, formally Smith & Williamson) and are regularly reviewed. On a quarterly basis, the investment return is reviewed, with an annual review with the investment manager. **Income Risk:** The Charity is heavily dependent upon income from the Fishery for its financial stability. This income can be affected by events on the river Kennet, such as pollution or drought. The Trustees work to address these risks where they are within their control and also contribute staff and management resources to various schemes to improve the Kennet through organisations such as Action for the River Kennet, Natural England, Sparkling Streams and the Environment Agency. The reserves are maintained to a sufficient level to provide a buffer against a significant or sustained loss in income from the Fishery. Page 20 ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** ## **Independent examiner's report to the Trustees of Town and Manor of Hungerford ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Chartered Institute of Management Accountants, which is one of the listed bodies. Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no 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 2011 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. Page 21 ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Dated: 27 September 2023 Victoria Wagg **ACMA CGMA** ## **Panthera Accounting** Management Accountants 62 Foxhall Road Didcot Oxfordshire OX11 7AD Page 22 ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** |**Note**
**Income from:**
Charitable activities
2
Investments
4
Other income
3
**Total income**
**Expenditure on:**
Raising funds:
Investment management funds
Charitable activities
8
**Total expenditure**
**Net income before net gains on**
**investments**
Net (losses)/gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**||**Unrestricted**
**Funds**
**2022**
£
474,638
16,663
-
491,301
4,923
451,793
456,716
34,585
(54,791)
(20,206)
1,204,653
(20,206)
1,184,447||| |---|---|---|---|---| |||||| |||||| |||||| |||||| |||||| |||||| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 26 to 43 form part of these financial statements. Page 23 ## **STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022** |**Note**
**Fixed assets**
Tangible assets
12
Heritage assets
13
Investments
14
**Current assets**
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due
within one year
16
**Net current (liabilities)/assets**
Total assets less current
liabilities
Creditors: amounts falling due
more than one year
17
**Total net assets**
**Charity funds**
Unrestricted funds
18
**Total funds**||**2022**
**£**
**292,557**
**406,154**
**600,909**
**1,299,620**
**188,539**
**113,482**
**302,021**
**(371,735)**
**(69,714)**
**1,229,906**
**(45,459)**

**1,184,447**
**1,184,447**
**1,184,447**||_2021_
_£_
263,947
406,154
544,852
1,214,953
197,592
142,479|_2021_
_£_
263,947
406,154
544,852
1,214,953
197,592
142,479| |---|---|---|---|---|---| |||||340,071
(313,910)
26,161
1,241,114
(36,461)
|340,071
(313,910)| |||||1,204,653
1,204,653
1,204,653|| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: J Lloyd Trustee, Constable Date: 27[th] Sept 2023 The notes on pages 26 to 43 form part of these financial statements. Page 24 ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
21
**Cash flows from investing activities**
Dividends and interest from investments
Proceeds from the sale of tangible fixed assets
Purchase of heritage assets
Purchase of tangible fixed assets
Cash sent to investments
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
New finance leases
Repayments of Loans
Repayments of finance leases
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
22|**2022**
**£**
**94,548**
**211**
**-**
**-**
**(33,401)**
**(100,000)**
**(133,190)**
**-**
**28,505**
**(9,622)**
**(9,238)**
**9,645**
**(28,997)**
**142,479**
**113,482**|||_2021_
_£_
77,165
15
-
-
(2,982)
-| |---|---|---|---|---| |||||_(2,967)_
_-_
_-_
_(4,724)_
_(5,905)_| |||||_(10,629)_| |||||_63,569_
_78,910_| |||||_142,479_| The notes on pages 26 to 43 form part of these financial statements Page 25 ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. Accounting Policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 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 Charities SORP (FRS 102) published 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. Town and Manor of Hungerford meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **1.2 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **1.3 Going concern** The trustees have considered the impact of the global Covid-19 pandemic on the ability of the charity to continue trading for the foreseeable future. This review has included considering the impact of the pandemic to the date of signing the financial statements. Based on this review the trustees believe that the financial statements have been prepared appropriately on the going concern basis. ## **1.4 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 26 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. Accounting policies (continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. ## **1.6 Government grants** Government grants, including Covid-19 related grants, are credited to the Statement of financial activities as the related expenditure is incurred. ## **1.7 Tangible fixed assets and depreciation** A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. The trustees consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the Statement of Financial Activities. Motor vehicles are depreciated at a rate of 25% using the reducing balance method. Page 27 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. Accounting policies (continued)** ## **1.8 Heritage assets** The heritage assets represent land and buildings in Hungerford. The assets consist of Hungerford Town Hall Complex, Hungerford Portdown Common and Freeman's Marsh, Harvey's Meadow, The Fishery, The Croft, Hungerford Marsh, Picket Mead and Eddington Lake. The assets are included in the balance sheet at cost. The assets are deemed to have an indefinite useful life and therefore depreciation is deemed to be immaterial. Expenditure which is required to preserve or maintain the assets is recognised in the Statement of Financial Activities when it is incurred. The management policy in respect of heritage assets is summarised in note 13. ## **1.9 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of Financial Activities. ## **1.10 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.11 Cash at bank and in hand** Cash at bank and 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. ## **1.12 Liabilities** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **1.13 Financial instruments** 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. Page 28 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. Accounting policies (continued)** ## **1.14 Finance leases and hire purchase** Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. ## **1.15 Pensions** The Charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. ## **1.16 Critical accounting estimates and areas of judgement** Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no accounting judgements deemed critical to the accounts. ## **2. Income from charitable activities** |Rents received
Wayleaves and licenses
DEFRA income
Hocktide income
Other income
Rod fees and grazing
**Total 2022**|**Unrestricted**
**Funds**
**2022**
£
100,963
134,871
37,648
3,606
20,978
176,572
**474,638**|**Total**
**Funds**
**2022**
**£**
**100,963**
**134,871**
**37,648**
**3,606**
**20,978**
**176,572**
**474,638**|_Total_
_Funds_
_2021_
_£_
_60,553_
_56,616_
_37,332_
_0_
_206,921_
_155,233_| |---|---|---|---| ||||_516,655_| Page 29 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |**3.Other income**
Other income
Covid-19 grants
Profit on disposal of fixed assets
**Total 2022**
_Total 2021_
**4.Investment income**
Dividends
Deposit account interest
**Total 2022**
_Total 2021_
**5.Analysis of donations**
**Donations to**
**organsations**
**2022**
**£**
Donations to local
organsations
**22,395**|**Unrestricted**
**Funds**
**2022**
£
**Total**
**Funds**
**2022**
**£**
_Total_
_Funds_
_2021_
_£_
-
**-**
_1,027_
-
**-**
_29,842_
-
-
_-_
-
**-**
_30,869_
_30,869_
_30,869_
**Unrestricted**
**Funds**
**2022**
£
**Total**
**Funds**
**2022**
**£**
_Total_
_Funds_
_2021_
_£_
16,452
**16,452**
_13,586_
211
**211**
_15_
16,663
**16,663**
_13,601_
_13,601_
_13,601_
**Total**
**Funds**
**2022**
_Total_
_Funds_
_2021_
**£**
**£**
**22,395**
**11,100**||_Total_
_Funds_
_2021_
_£_
_1,027_
_29,842_
_-_| |---|---|---|---| ||||_30,869_| ||||_Total_
_Funds_
_2021_
_£_
_13,586_
_15_| ||||_13,601_| Page 30 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **5. Donations to local organsations (continued)** |**5. Donations to local organsations (continued)**|| |---|---| ||**2022**| ||**£**| |Hungerford Extravaganza|**220**| |Hungerford Theatre company|**1,000**| |Hungerford Summer festival|**500**| |Hungerford Youth and community|**3,500**| |Hungerford Food community|**500**| |Cambourne Trust|**1,500**| |SHOAL|**750**| |Hungerford Town Band|**1,500**| |Hungerford Cricket Club|**500**| |HTC - Platinum Jubilee|**500**| |Croft Childrens art festival|**25**| |The Constables fund|**10,000**| |South Central Ambulance|**150**| |HTC – Christmas lights|**1,000**| |Royal British legion|**200**| |Hungerford Primary school|**500**| |Rotary Club of Hungerford|**50**| |**Total**|**22,395**| Page 31 ## **TOWN AND MANOR OF HUNGERFORD** ## **6. Direct costs** |Repairs and maintenance costs
Fish re-stocking costs
Wages and salaries
National insurance
Pension costs
Fish pass costs
Other direct costs
Hocktide expenses|**2022**
**£**
_2021_
_£_
**36,892**
_31,003_
**_16,040_**
_12,306_
**37,080**
_34,718_
**921**
_1,438_
**879**
_967_
**-**
_86,913_
**2,429**
_3,950_
**6,917**
_-_
**101,158**
_171,295_| |---|---| Page 32 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |**7.Support costs**
Utilities and insurance
Repairs and maintenance
Clerk’s office expenses
Legal and professional
Accountancy and tax
Governance costs
Stationery and sundry
Depreciation
Bad debts
Wages and salaries
National insurance
Pension cost|**2022**
**£**
**24,938**
**88,181**
**5,431**
**13,336**
**11,760**
**4,399**
**58,595**
**4,791**
**-**
**112,256**
**2,206**
**2,347**
**328,240**|_2021_
_£_
_21,971_
_121,918_
_4,727_
_53,177_
_11,760_
_5,624_
_17,770_
_3,576_
_(8,293)_
_100,283_
_3,606_
_2,065_| |---|---|---| |||_338,184_| ## **8. Analysis of expenditure on charitable activities Summary by fund type** |Direct and support costs
Donations to local organsations
**Total 2022**
_Total 2021_||**Unrestricted**
**Funds**
**2022**
£
429,398
22,395
451,793
520,579|**Total**
**Funds**
**2022**
**£**
_Total_
_Funds_
_2021_
_£_
**429,398**
_509,479_
**22,395**
_11,100_
**451,793**
_520,579_
_520,579_| |---|---|---|---| ||||| Page 33 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **8. Analysis of expenditure on charitable activities (continued)** ## **Summary by expenditure type** |Direct and support costs
Donations to local
Organsations
_Total 2021_|**Staff costs**
**2022**
**£**
155,689
-
155,689
_143,077_|**Depreciation**
**2022**
**£**
4,791
-
4,791
_3,576_|**Other costs**
**2022**
**£**
268,918
22,345
291,263
_373,926_|**Total**
**Funds**
**2022**
**429,398**
**22,345**
**451,743**
_520,579_|_Total_
_Funds_
_2021_
_509,479_
_11,100_| |---|---|---|---|---|---| ||||||_520,579_| ||||||| ## **9. Staff costs** |**taff costs**||| |---|---|---| |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2022**
**£**
**149,336**
**3,127**
**3,226**
**155,689**|_2021_
_£_
_135,001_
_5,044_
_3,032_| |||_143,077_| The average number of persons employed by the Charity during the year was as follows: |Fishery/land management
Office
Property|**2021**
**No**
**2**
**2**
**2**
**6**|_2020_
_No_
_2_
_2_
_2_| |---|---|---| |||_6_| No employee received remuneration amounting to more than £60,000 in either year. Page 34 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **10. Independent examiner’s remuneration** The independent examiner’s remuneration amounts to an independent examiner fee of £2,775 _(2021 -£2,775)._ ## **11. Trustees’ remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). During the year ended 31 December 2022, expenses totaling £3,220 were reimbursed or paid directly to five Trustees _(2021 - £2,026 to two Trustees)._ ## **12. Tangible fixed assets** ||**Freehold**|**Plant &**|**Motor**|| |---|---|---|---|---| ||**Property**|**Machinery**|**Vehicles**|**Total**| |**Cost or valuation**|**£**|£|**£**|**£**| |At 1 January 2022|**252,121**|**2,982**|**18,066**|**273,169**| |Additions||**9,794**|**23,607**|**33,401**| |At 31 December 2022|**252,121**|**12,776**|**41,673**|**306,570**| |**Depreciation**||||| |At 1 January 2022|-|**471**|**8,751**
|**9,222**| |Charge for the year||**1,973**|**2,818**
|**4,791**| ||-|||| |At 31 December 2022|**-**|**2,444**|**11,569**|**14,013**| |**Net book value**||||| |At 31 December 2022|**252,121**|**10,332**|**30,104**|**292,557**| |||||| |At 31 December 2021|_252,121_|_2,511_|9,315|_263,947_| Page 35 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **12. Tangible fixed assets (continued)** The freehold property consists of: |Charnham Street Meadows
John O’Gaunt Inn
Waterkeeper’s House
Undy’s Meadow
Canal Walk||**2022**
**£**
**15,745**
**-**
**96,905**
**131,471**
**8,000**| |---|---|---| |||**252,121**| ## **13. Charity heritage assets** **recognised at cost** |Carrying value at 1 January 2022
Additions
Carrying value at 31 December 2022||**Heritage**
**Assets**
**2022**
**£**
**406,154**
-
**406,154**||**Total**
**2022**
**£**
**406,154**
**-**| |---|---|---|---|---| |||||**406,154**| The Heritage assets represent land and buildings in Hungerford. The assets are included in the balance sheet at cost. Subject to approval of the Trustees and Charity Commission, the charity may dispose of these items. The assets are accessible to the residents of Hungerford to use. Page 36 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **13. Charity heritage assets (continued)** ## **Summary analysis of heritage asset transactions** |**2022**
**£**
**2021**
**£**
**2020**
**£**
**2019**
**£**
Purchases
**The heritage assets consist of:**
Hungerford Town Hall
Hungerford Common Port Down & Freeman’s
Marsh Harvey’s Meadow
The Fishery
The Croft
Hungerford Marsh
Picket Mead
Eddington lake and mill pond
-
-
153,461 -|**2018**
**£**
-
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**220,629**
**32,064**
**153,461**| |---|---| ||**406,154**| Page 37 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |**14.Fixed asset investments**
**Cost or valuation**
At 1 January 2022
Additions
Disposals
Net (losses) on investments
Income reinvested
Investment manager’s fees
At 31 December 2022
**Net book value**
As at 31 December 2022
As at 31 December 2021
**Investments at valuation comprise:**
Listed investments
Cash
**Total market value**|**Listed**
**Securities**
**£**
**496,552**
**113,729**
**-**
**(54,727)**
**-**
**(679)**
**554,875**
**554,875**
_496,552_|**Other**
**Investments**
**£**
**48,300**
**100,000**
**(113,802)**
**-**
**16,452**
**(4,916)**
**46,034**
**46,034**
_48,300_
**2022**
**£**
**554,875**
**46,034**
**600,909**|**Total**
**£**
**544,852**
**213,729**
**(113,802)**
**(54,727)**
**16,452**
**(5,595)**
**600,909**
**600,909**
_544,852_
_2021_
_£_
_496,552_
_48,300_
_544,852_| |---|---|---|---| Page 38 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |**15.Debtors**
Rod fee debtors
Other debtors
Prepayments and accrued income
**16.Creditors: Amounts falling due within one year**
Bank loan
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase
contracts
Other creditors
Accruals and deferred income
**17.Creditors: Amounts falling due after more than one year**
Bank Loan
Obligations under finance lease and hire purchase
contracts|**2022**
**£**
**158,177**
**28,507**
**1,855**
**188,539**
**2022**
**£**
**9,038**
**12,567**
**30,331**
**4,701**
**17,370**
**297,728**
**371,735**
**2022**
**£**
**26,616**
**18,843**
**45,459**|_2021_
_£_
_172,286_
_23,825_
_1,481_
_197,592_
_2021_
_£_
_8,815_
_22,928_
_5,993_
_4,277_
_17,356_
_254,541_
_313,910_
_2021_
_£_
_36,461_
_-_
_36,461_| |---|---|---| Page 39 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **18. Statement of funds** ## **Statement of funds – current year** |**Balance at 1**
**January**
**2022**
**£**
**Unrestricted funds**
General funds
**1,204,653**
**Statement of funds – prior year**
_Balance at_
_1 January_
_2021_
_£_
**Unrestricted funds**
General funds
_1,093,643_
**Summary of funds**
**Summary of funds – current year**
**Balance at 1**
**January**
**2022**
**£**
General funds
**1,204,653**
**Summary of funds – prior year**
_Balance at_
_1 January_
_2021_
_£_
General funds
_1,093,643_|**Income**
**£**
**491,301**
_Income_
_£_
_561,125_
**Income**
**£**
**491,301**
_Income_
_£_
_561,125_|**Expenditure**
**£**
**(456,716)**
_Expenditure_
_£_
_(524,665)_
**Expenditure**
**£**
**(456,716)**
_Expenditure_
_£_
_(524,665)_|**Gains/**
**(Losses)**
**£**
**(54,791)**
_Gains/_
_(Losses)_
_£_
_74550_
**Gains/**
**(Losses)**
**£**
**(54,791)**
_Gains/_
_(Losses)_
_£_
_74,550_|**Balance at 31**
**December**
**2022**
**£**
**1,184,447**
_Balance at 31_
_December_
_2021_
_£_
_1,204,653_
**Balance at 31**
**December**
**2022**
**£**
**1,184,447**
_Balance at 31_
_December_
_2021_
_£_
_1,204,653_| |---|---|---|---|---| ## **19. Summary of funds** Page 40 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **20. Analysis of net assets between funds** **Analysis of net assets between funds – current period** |**Analysis of net assets between funds – current period**|||||| |---|---|---|---|---|---| |**Analysis of net assets between funds – prior period**
Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Creditors due in more than one year
Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Creditors due in more than one year|||_Unrestricted_
_funds_
_2021_
_£_
263,947
544,852
406,154
340,071
(313,910)
(36,461)
1,204,653
Unrestricted
funds
2022
£
292,557
600,909
406,154
302,021
(371,735)
(45,459)
1,184,447||**_Total_**
**_Funds_**
**_2022_**
**_£_**
**292,557**
**600,909**
**406,154**
**302,021**
**(371,735)**
**(45,459)**| ||||||**1,184,447**| ||||||_Total_
_Funds_
_2021_
_£_
_263,947_
_544,852_
_406,154_
_340,071_
_(313,910)_
_(36,461)_
_1,204,653_| ||||||| Page 41 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **21. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income for the period (as per Statement of Financial
Activities
**Adjustments for:**
Depreciation charges
Profit/(Loss) on disposal of fixed assets
Losses/(gains) on investments
Dividends and interest from investments
Investment management fees
Realised loss on sale of investments
Decrease/(increase) in debtors
Increase in creditors
**Net cash provided by operating activities**
**22.Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**|_2022_
_£_
**(20,206)**
**4,791**
**(-)**
**54,791**
**(16,452)**
**4,923**
**72**
**9,053**
**57,576**
**94,548**
**2022**
**£**
**113,482**
**113,482**||_2021_
_£_
_111,010_| |---|---|---|---| ||||_3,576_
_(-)_
_(74,550)_
_(13,586)_
_4,086_
_854_
_(130,904)_
_176,679_| ||||_77,165_| ||||_2021_
_£_
_142,479_| ||||_142,479_| Page 42 ## **TOWN AND MANOR OF HUNGERFORD** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **23. Analysis of changes in net debt** |**nalysis of changes in net debt**|||||| |---|---|---|---|---|---| |Cash at bank and in hand
Loans
Finance leases||**At 1**
**January**
**2022**
**£**
**142,479**
**(45,276)**
**(4,277)**
**92,926**|**Cash flows**
**£**
**(28,997)**
**9,622**
**(19,267)**
**(38,642)**||**At 31**
**December**
**2022**
**£**
**113,482**
**(35,654)**
**(23,544)**| ||||||**54,284**| ## **24. Pension commitments** During the year contributions of £3,226 (2021: £3,031) were paid to a defined contribution scheme. As at the year-end £nil (2020: £nil) was unpaid. ## **25. Related party transactions** During the year, there were food purchases made of £770 (2021: £nil) from the Tutti Pole Teashoppe, a company in which a trustee is an owner manager. No amounts were unpaid as at the year-end (2021: £nil). Page 43