**Charity number: 249105**
# **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and administrative details of the charity, its trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Independent examiner's report**|4 - 5|
|**Receipts and payments account**|6|
|**Statement of assets and liabilities**|7|
|**Notes to the financial statements**|8 – 10|
||11 - 13|
|**Management Information Schedules**||
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees**
Trustees during the year were:
M Parry, Chairman A P Machin, Treasurer Rev L Brabin-Smith A Whitworth N Sardeson P Hobbs (appointed 21 April 2022)
One Trustee holds office by virtue of being Chair of the Parish Council. Three Trustees are nominated by the Parish Council. Two Trustees are co-opted.
## **Charity registered number**
249105
## **Principal office**
The Gables, Barff Road, Potterhanworth, Lincoln, LN4 2DU
Those wishing to contact the trustees should write to the above address.
## **Accountants**
Streets LLP, Tower House, Lucy Tower Street, Lincoln, LN1 1XW
## **Bankers**
National Westminster Bank plc
## **Investment Custodians**
M & G Group, Cheltenham
Page 1
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
The Trustees present their annual report together with the financial statements of The Culfrey Lands Charity (the charity) for the year ended 31 December 2022. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements and the requirements of the charity's governing document.
## **Structure, governance and management**
## **a. CONSTITUTION**
The Culfrey Lands Charity incorporates the charities of Mary Briggs and Richard Newbee under an order of the Charity Commission dated 27 July 1971. The Charity is registered under the Charities ct 1960, number 249105.
The principal object of the charity is to apply surplus income in relieving either generally or individually persons resident in the parish of Potterhanworth who are in condition of need, hardship or distress.
## **b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES**
The management of the charity is the responsibility of the Trustees. One trustee holds office by virtue of being Chair of the Parish Council. Three trustees are nominated by the parish Council. Two trustees are co-opted.
## **c. OBJECTIVES AND ACTIVITES**
The permanent capital of the Charity comprises 15 acres (approximately) of arable land, two bungalows known as the Culfrey Cottages, and a small amount of income producing investments.
In accordance with the Trust Deed, and after the expenses of management of the charity’s assets, a yearly sum is paid towards the maintenance of the local church clock, and in the year ended 31 December 2022 the sum paid was £200 (2021: £200). The Trust deed also provides that an annual sum be paid to the Official Custodian of Charities in respect of Extraordinary Repair Fund for the extraordinary repair, improvement or rebuilding of the almshouses and other property. In the year ended 31 December 2022 £480 (2021: £480) was transferred to this fund.
Subject to the above payments any surplus income may be applied in relieving either generally or individually persons resident in the parish of Potterhanworth who are in condition of need, hardship or distress.
The charity has continued to operate within its charitable purposes during the year, providing affordable accommodation in the Culfrey Cottages and making appropriate charitable payments. The Trustees intend to continue with this type and scale of activity in the future.
## **d. INVESTMENT POLICY AND PERFORMANCE**
The Trustees’ investment policy is to secure reasonable rates of return, including some element of participation in stock market movements, while minimising individual investment risks. This is achieved by investing surplus funds in a mixture of unit-based investments designed specifically for the charity sector, with some investment in building society deposit accounts.
Page 2
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **e. GOING CONCERN**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## **f. RESERVE POLICY**
The Trustees have a Reserves policy which is reviewed on an annual basis, or more frequently if deemed necessary. This review encompasses the nature of income and expenditure streams, the need to match income with commitments. The Trustees have determined that reserves have to be sufficient to build a contingency for unexpected repairs to the almshouses operated by the charity.
This report was approved by the Trustees on ________ and signed on their behalf by:
## **A P MACHIN**
Treasurer
Page 3
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
I report on the financial statements of the charity for the year ended 31 December 2022 which are set out on pages 6 to 13.
This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. 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.
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **BASIS OF INDEPENDENT EXAMINER'S REPORT**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Page 4
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **INDEPENDENT EXAMINER'S STATEMENT**
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 130 of the Charities Act or
- the accounts do not accord with the accounting records
I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Linda Lord BSc FCA TEP** Streets LLP Tower House Lucy Tower Streets Lincoln LN1 1XW
Dated:
Page 5
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Note**
**RECEIPTS**
Donation
Activities for generating funds
Investment income
2
**TOTAL RECEIPTS**
**PAYMENTS**
Property expenditure
3
Administration costs
4
Grants
Asset and investment purchases
5
**TOTAL PAYMENTS**
**NET RECEIPTS/PAYMENTS**
_Cash funds last year end_
**TOTAL FUNDS AT 31 DECEMBER 2022**|**Unrestricted**
**funds**
**2022**
**£**
**-**
**32,787**
|**Unrestricted**
**funds**
**2022**
**£**
**-**
**32,787**
|**Total**
**funds**
**2022**
**£**
**-**
**32,787**|_Total_
_funds_
_2021_
_£_
_-_
_18,526_
_18,526_|
|---|---|---|---|---|
|||**32,787**
|
**32,787**||
||||||
|||**26,618**
**800**
**7,380**
**480**
|
**26,618**
**800**
**7,380**
**480**|
_10,491_
_870_
_3,800_
_1,140_
_16,301_
_2,225_
_4,289_
**_6,514_**|
|||**35,278**|
**35,278**
**(2,491)**
**6,514**||
|||
**(2,491)**
**6,514**|||
|||**4,023**|
**4,023**||
The notes on pages 8 to 10 form part of these financial statements.
Page 6
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
|**STATEMENT OF ASSETS AND LIABILITIES**
**AS AT 31 DECEMBER 2022**|**STATEMENT OF ASSETS AND LIABILITIES**
**AS AT 31 DECEMBER 2022**|
|---|---|
|**Note**
**£**
**CASH FUNDS**
Bank Current Account
Bank Deposit Account
**INVESTMENT ASSETS**
Short Term Investments
6
**ASSETS RETAINED FOR CHARITY’S**
**OWN USE**
Freehold Land and Buildings
7
**TOTAL ASSETS**
**TOTAL LIABILITIES**
**TOTAL ASSETS LESS LIABILITIES**|**2022**
_2021_
**£**
_£_
_£_
**4,023**
_6,514_
**- **
_-_
**4,023**
_6,514_
**113,859**
_133,780_
**7,243**
7,243
**125,125**
147,537
**-**
_-_
**125,125**
_147,537_|
The financial statements were approved by the Trustees on ________ and signed on their behalf, by:
**M PARRY** Chairman
**A P MACHIN** Treasurer
The notes on pages 8 to 10 form part of these financial statements.
Page 7
**THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **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 under the historical cost convention, with the exception of investments which are included at market value, and have been prepared on the receipts and payments basis and take no account of debtors or creditors at the year end.
## **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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **1.3 Investments**
Investments are stated at market value at the balance sheet date.
## **1.4 Repair costs**
Repair costs incurred in the year are reflected in the Receipts and Payments Accounts.
## **2. INVESTMENT INCOME**
|Charinco/Charifund income shares
Land rent
Bungalow rent
Wayleaves
Caravan Storage
Renewable Heat Incentive
Receipts from Reserve Account
Disposal proceeds from sale of shares
Dividend income from shares
M&G investments- solar
M&G investments - compensation|**Unrestricted**
**funds**
**2022**
**£**
**-**
**2,314**
**6,733**
**15**
**1,100**
**1,197**
**-**
**20,000**
**1,428**
**-**
**-**|**Total**
**funds**
**2022**
**£**
**-**
**2,314**
**6,733**
**15**
**1,100**
**1,197**
**-**
**20,000**
**1,428**
**-**
**-**
|
|_Total_
_funds_
_2021_
_£_
_2_
_2,314_
_6,760_
_15_
_1,000_
_1,160_
_16_
_660_
_1,499_
_5,000_
_100_
|
|---|---|---|---|---|
||**32,787**|**32,787**||_18,526_|
Page 8
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **3. PROPERTY EXPENDITURE**
|**Unrestricted**
**funds**
**2022**
**£**
Insurance
**523**
Water rates
**566**
Repairs and maintenance
**6,997**
Solar Panels
**-**
Barn refurbishment
**18,532**
**26,618**
**4.**
**ADMINISTRATION COSTS**
**Unrestricted**
**funds**
**2022**
**£**
National Almshouse Associations Subscriptions
**-**
Accountancy fees
**792**
Other subscriptions
**8**
**800**
**5.**
**ASSET AND INVESTMENT PURCHASES**
**Unrestricted**
**funds**
**2022**
**£**
Current asset investment additions
**480**
**480**|**Unrestricted**
**funds**
**2022**
**£**
Insurance
**523**
Water rates
**566**
Repairs and maintenance
**6,997**
Solar Panels
**-**
Barn refurbishment
**18,532**
**26,618**
**4.**
**ADMINISTRATION COSTS**
**Unrestricted**
**funds**
**2022**
**£**
National Almshouse Associations Subscriptions
**-**
Accountancy fees
**792**
Other subscriptions
**8**
**800**
**5.**
**ASSET AND INVESTMENT PURCHASES**
**Unrestricted**
**funds**
**2022**
**£**
Current asset investment additions
**480**
**480**|
|**Total**
**funds**
**2022**
**£**
**523**
**566**
**6,362**
**-**
**-**
**7,451**
**Total**
**funds**
**2022**
**£**
**-**
**792**
**8**
**800**
**Total**
**funds**
**2022**
**£**
**480**
**480**|**Total**
**funds**
**2022**
**£**
**523**
**566**
**6,362**
**-**
**-**
**7,451**
**Total**
**funds**
**2022**
**£**
**-**
**792**
**8**
**800**
**Total**
**funds**
**2022**
**£**
**480**
**480**|_Total_
_funds_
_2021_
_£_
_470_
_581_
_3,670_
_5,770_
_-_
_10,491_
_Total_
_funds_
_2021_
_£_
_142_
_720_
_8_
_870_
_Total_
_funds_
_2021_
_£_
_1,140_
_1,140_|
|---|---|---|---|---|---|
||||
**Total**
**funds**
**2022**
**£**
**-**
**792**
**8**|||
||||**800**|||
||||**Total**
**funds**
**2022**
**£**
**480**|||
||||**480**|||
Page 9
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6. SHORT TERM INVESTMENTS**
|**Cost**
Beginning of year
Additions
Accumulated income re-invested
Disposals
Transfers to Multi Asset Fund
End of year
**Market value**
**7.**
**FREEHOLD LAND AND BUILDINGS**
Freehold arable land; 15.468 acres (not valued)
Freehold bungalows; 1 and 2 Culfrey Cottages,
|
|**2022**
**£**
**100,915**
**480**
**4**
**(18,106)**
**-**
|**2022**
**£**
**100,915**
**480**
**4**
**(18,106)**
**-**
|
||_2021_
_£_
_52,667_
_1,140_
_3_
_-_
_47,105_
|
|---|---|---|---|---|---|---|
|||**83,293**
**113,859**
**2022**
**£**
**-**
**7,243**
**-**|**83,293**|||_100,915_|
|||||||
_133,780_|
|||||||
_2021_
_£_
_-_
_7,243_
**-**
_7,243_|
|||**7,243**|||||
Page 10
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **MANAGEMENT INFORMATION SCHEDULES FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE CULFREY LANDS CHARITY**
MANAGEMENT INFORMATION SCHEDULES
YEAR ENDED 31 DECEMBER 2022
Page 11
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **MANAGEMENT INFORMATION SCHEDULES FOR THE YEAR ENDED 31 DECEMBER 2022**
|**CHARITY FUNDS**
**Designated funds**
**Sinking Fund**
**£**
Beginning of year
**53,883**
Income re-invested
**-**
Disposals
**(20,000)**
Additions
**-**
Unrealised gain/(loss) on
investments
**(1,021)**
**32,862**
**General funds**
Beginning of year
Excess of receipts over payments
End of the year
Total Unrestricted funds|**Routine**
**maintenance**
**£**
**2,000**
**4**
**-**
**-**
**-**
**2,004**|
**Extra**
**ordinary**
**repairs**
**£**
**77,897**
**-**
**-**
**480**
**616**
**78,993**
|
**Extra**
**ordinary**
**repairs**
**£**
**77,897**
**-**
**-**
**480**
**616**
**78,993**
|**Total**
**£**
**133,780**
**4**
**(20,000)**
**480**
**(405)**
**113,859**
**General**
**fund**
**£**
**13,757**
(2,491)
**11,266**
**125,125**|
|---|---|---|---|---|
|||**78,993**|
||
||||
||
Page 12
## **THE CULFREY LANDS CHARITY (INCLUDING THE CHARITIES OF MARY BRIGGS AND RICHARD NEWBEE)**
## **MANAGEMENT INFORMATION SCHEDULES FOR THE YEAR ENDED 31 DECEMBER 2022**
## **INVESTMENTS**
|||**Net book**|||
|---|---|---|---|---|
|||**value**|**Market value**|_Market value_|
|||**2022**|**2022**|_2021_|
|||**£**|**£**|_£_|
|**i)**|
**HELD AS SHORT TERM (OR CURRENT)**||||
||**ASSETS**||||
|Accumulated income:|||||
||37,212 NAACIF income shares (M&G||||
||Investments)|**30,761**|
**32,862**|_53,883_|
||749 NAACIF accumulated shares (M&G||||
||Investments)|**50,528**|**78,993**|_77,897_|
||Routine maintenance fund:||||
||NatWest Business Reserve Accounts|**2,004**|**2,004**|_2,000_|
|||**83,293**|**113,859**|_133,780_|
Page 13