## **THE TOWN ESTATE CHARITY SIBFORD GOWER AND BURDROP** ## **Registered charity number 253440** ## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## **Trustees** Five trustees are nominated by Sibford Gower and Burdrop Parish Council (four year terms, renewable) and four are co-opted by the general body of trustees (five year terms, renewable). Trustees who served during the year were: John Berry (co-opted) Joan Broady (Parish Council nominee) Paul Clayson (co-opted) Brian Heather (treasurer; appointed October 2020; Parish Council nominee) Frederick Inns (Parish Council nominee) Michael Lewis (treasurer; resigned September 2020; Parish Council nominee) Peter Morgan (co-opted) Oswyn Murray (Parish Council nominee) David Spackman (co-opted) Jean White (meetings chair; Parish Council nominee). ## **Secretary and Address of Charity** Peter Morgan is the secretary. The Charity’s address for correspondence is Pond Cottage, Sibford Gower, Banbury, Oxfordshire OX15 5RT. ## **Structure, governance and management** The Charity is regulated by a Charity Commission Scheme including appointment of Trustees dated 9[th] August 1996. Trustees are appointed as detailed above. ## **Objectives and activities** The purposes of the Trust set out in the Scheme are to apply income after expenses as follows: - One third for the relief of need, hardship or distress of persons resident in the area - One third to provide special benefits for Sibford Gower Endowed Primary School - One third for the general benefit of the inhabitants of the area. Applications for grants that fall into the above categories are considered by the Trustees, with due regard to the guidance issued by the Charity Commission on public benefit. ## **Achievements and performance** The Trustees were only able to have three ordinary general meetings in 2020 due to covid pandemic restrictions. However, the meetings were supplemented by much electronic discussion, and the Charity provided emergency support of £250 to fund a Sibfords’ support group set up to provide community support to villagers during pandemic restrictions. The accounts show an increase in rental income, with the School House being tenanted throughout the year. However, the surplus available for distribution was reduced, largely due to increased repairs and maintenance expenditure at Heath Farm, Wheathills Farm and Wheathills stables. The Charity continues to fund chiropody services, personal alarms, half the cost of coaches for outings arranged by the Friendship Club and contributes towards the funding of several village community organisations. It also pays for half of the maintenance cost of its ‘Millennium Field’, an attractive and well used amenity for villagers. Other major grants included £2,500 towards the Village Hall car park and £1,000 towards a defibrillator for the village. Distributions made in accordance with the Charity’s rules are as follows: Relief in Need £2,901 General Benefit £4,483 Primary School £0. ## **Financial review for the year** Surplus receipts before distribution were £12,678 and amounts paid out for the three purposes above were £7,384, leaving an excess of receipts over payments of £5,295 that has been added to accumulated distributable funds. The decrease in value of current asset investments of £13,039 has been set against distributable funds, which totalled £200,787 as at 31 December 2020. The distributable funds represent the accumulated surpluses attributable to the three purposes of the charity and available for payment should the need for payments or distributions exceed the available income in any particular year. ## **Declaration** The trustees declare that they have approved the trustees’ report above. Signed on behalf of the trustees: Peter Morgan 15[th] July 2021 Independent Examinerfs Report to the Trustees of the Town Eststes Charity for the year ended 31" 1)ecember 2020 I report on the accounts of the Charity for the year ended on 31" December 2020 as set out on the following five pages. RespectAe responsiTrilrties of the t￿￿tee5 and exarTpiner A5 the Charitws trustees you are responsible for the preparation of accounts. You consider that the audit requirement of section 43121 of the Charities Act 1993 (the Art) does apply. It 15 my responsibility to state. on the basis of the procedures specFfied in the General Directions given by the Charity Commissioners under settion 4317llbl of the Act, whether particular matters have come to my attention. Basls of the independent examlnerfs report My examination w85 carried out in accordance with the Gener31 Directions given by the Charitv Commissioners. An examination includes a review of the 3ccounting records kept by the Charity and comparison of the èccounts pre5eT)ted with those recoTds. It also incltsde5 consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any Such matters. The pr(Yedures undertaken do not provp(Je all thp evidence that would be required in an audit, ènd consequently I do not expres5 an audit opinion on the view given by the accounts. Independent examinerfs statement In connection with my examination, no matter has come to my attention.. al Which gives me reasonable cause to believe that in any material respea the requirements-. To keep accounting records in accordance with section 41 of the Act- and To prepare accounts which accord with the accounting re￿rdS and to comply with the accounting requirernents of the Act in so far as thi5 applies to the r￿ipts and payments ba51S. have not been met,. or b) To which. in my opinion. attertion should be drawTr in order to enable a proper unclerstanding of the accoEtrTts to be fftached. i-4•w S Wilson Woodway Farm Sibford Ferries Banbury OX15 5DA Date . ## THE TOWN ESTATE CHARITY – SIBFORD GOWER AND BURDROP ## RECEIPTS AND PAYMENTS ACCOUNT Year ended 31[st] December 2020 2019 **----- Start of picture text -----**
Receipts
£ 17,723 Rents : Heath Farm £ 18,000
£ 2,310 Other farmlands £ 2,310
£ 2,625 School House £ 10,500
£ 5,100 Mast Site £ 5,100
£ 223 Wayleaves £ 223
£ 750 Wheathills Farm £ 750
£ 10,785 Wheathills Stables £ 8,350
£ 165 Refunds £ -
£ 39,681 £ 45,233
£ 120 Interest : Natwest £ 43
£ 159 Coventry Building Society £ 59
£ 279 £ 102
£ 1,436 Charitable Funds : Barings Funds Managers £ 870
£ 310 SUTL Cazenove Charity Bond A Income £ 248
£ 4,773 SUTL Cazenove Charity Equity Value Fund A Income £ 3,259
£ 1,124 Charities Official Investment Fund £ 1,549
£ 7,643 £ 5,927
£ 47,603 £ 51,262
Payments
£ 2,739 Maintenance : School House £ 1,569
£ 10,208 Heath Farm £ 16,739
£ 208 Wheathills Farm £ 1,510
£ 1,248 Wheathills Stables £ 4,755
£ - Land - Butcher £ -
£ 673 Millenium Field £ 785
£ - Trustee Expenses £ -
£ - Other Payments £ 30
£ 3,753 Insurance £ 3,484
£ 14,839 Review of and Advice on Property Portfolio £ 9,712
£ 33,667 £ 38,584
£ 13,936 Surplus receipts before distribution £ 12,678
Distributions
£ 7,500 Sibford Gower Endowed Primary School £ -
£ 43,790 Relief in Need £ 2,901
£ 1,211 General Benefit £ 4,483
£ 52,501 £ 7,384
-£ 38,565 Net decrease/increase in Distributable Funds £ 5,295
**----- End of picture text -----**
THE TOWN ESTATE CHARITY – SIBFORD GOWER AND BURDROP ## APPORTIONMENT of SURPLUS RECEIPTS Year ended 31[st] December 2020 2019 ## **Surplus Receipts before Distribution** **----- Start of picture text -----**
£ 13,936 Surplus Receipts before Distribution £ 12,678
Balance divided into three one-thirds
£ 4,645 1/3rd Sibford Gower Primary School £ 4,226
£ 7,500 -£ 2,855 Less Paid out in year £ - £ 4,226
£ 4,645 1/3rd Relief in Need £ 4,226
£ 43,790 -£ 39,145 Less Paid out in year £ 2,901 £ 1,325
£ 4,645 1/3rd General Benefit £ 4,226
£ 1,211 £ 3,435 Less Paid out in year £ 4,483 -£ 256
-£ 38,565 £ 5,295
**----- End of picture text -----**
## **SUMMARY of DISTRIBUTABLE FUNDS** |Balance at 1st January 2020
Add
Less
Decrease in Assets
Balance at 31st December 2020
2020|Sibford Gower
Primary School
61,929
£
4,226
£
4,346
-£
61,809
£|Relief in Need
81,322
£
1,325
£
4,346
-£
78,301
£|General Benefit
65,280
£
256
-£
4,346
-£
60,677
£|Total
208,531
£
5,295
£
13,039
-£
200,787
£| |---|---|---|---|---| THE TOWN ESTATE CHARITY – SIBFORD GOWER AND BURDROP **----- Start of picture text -----**
STATEMENT of ASSETS & LIABILITIES
As at 31 [st] December 2020
2019
PERMANENT ENDOWMENT
£ 642,850 Sibford Heath Farm 181.54 acres £ 642,850
£ 60,000 Allotment lands 30.62 acres £ 60,000
£ 8,000 Land at Sibford Heath 3 acres £ 8,000
£ 20,000 Oakwood £ 20,000
£ 25,000 Site for Transmitting Equipment 0.18 acres £ 25,000
£ 210,750 School House £ 210,750
£ - * School Land & Buidings £ -
£ 966,600 £ 966,600
OTHER FIXED ASSETS
£ 62,500 Wheathills & Barn £ 62,500
£ 283,077 Wheathills Stables £ 283,077
£ 29,262 Millennium Field £ 29,262
£ 374,839 £ 374,839
£ 47,937 Funds on deposit £ 67,937
£ 67,937
£ 1,389,376 £ 1,409,376
£ 20,000 Temporary Loan
£ 1,409,376 £ 1,409,376
CURRENT ASSETS
£ 27,303 Barings Fund Managers Ltd £ 26,461
£ 12,019 SUTL Cazenove Charity Bond A Income £ 12,739
£ 99,885 SUTL Cazenove Charity Equity Value Fund A Income £ 83,840
£ 50,581 Charities Official Investment Fund £ 53,710
£ 21,302 Coventry Building Society £ 1,362
Bank Accounts
£ 17,440 NatWest Account £ 23,772
£ 228,531 £ 201,883
-£ 20,000 Loan repayable
Cheques Not Cashed -£ 1,096
£ 208,531 £ 200,787
£ 1,617,907 Total Net Assets £ 1,610,163
REPRESENTED BY
£ 966,600 Permanent Endowment £ 966,600
£ 374,839 Other Fixed Assets £ 374,839
£ 47,937 Funds on deposit £ 67,937
£ 1,389,376 £ 1,409,376
£ 20,000 Temporary Loan
£ 1,409,376 £ 1,409,376
Distributable Fund
£ 232,142 Balance at 1st January 2019 £ 208,531 `
£ 14,954 Decrease in assets 2019 -£ 13,039
-£ 38,565 Net increase in Distributable Funds £ 5,295
£ 208,531 £ 200,787
£ 1,617,907 £ 1,610,163
* The Charity owns the land and buildings used by Sibford Gower Primary School but is not responsible for their insurance or
maintenance and receives no income there from. They are thus shown at a Nil value in these accounts.
**----- End of picture text -----**
The above Statement of Assets and Liabilities as at 31st December 2020 and the attached Receipts and Payments Account for the year ended 31st December 2020 have been prepared from the books and records of The Town Estate Charity and are in accordance therewith …...................................................... Brian Heather Date: 15th July 2021 THE TOWN ESTATE CHARITY – SIBFORD GOWER AND BURDROP NOTES TO THE ACCOUNTS Year Ended - 31st December 2020 ## Distributions - **1 Relief in Need** |School House Rent
Community Alarms
Sibford Primary School - Pupil Support
Distribution to individuals
Chiropodist
Fielding Day Centre - Lunches
**General Benefit**
Village Hall Car Park
Sibford Gower Parish Council - Defibrulator
Holy Trinity PCC - Church Bell Repair
Sibford Gower Parish Council - Emergency Support
Holy Trinity PCC - Graveyard Walling
Friendship Club
Village Hall - Catering
Sibford Tots & Babes
**School**|1,146.74
£
797.77
£
306.73
£
330.00
£
240.00
£
80.00
£
2,901.24
£
2,500.00
£
1,000.00
£
300.00
£
250.00
£
150.00
£
122.50
£
100.00
£
60.00
£
4,482.50
£
-
£
-
£
**7,383.74**
**£**| |---|---| ## **2 General Benefit** ## **3 School** ## **TOTAL** THE TOWN ESTATE CHARITY – SIBFORD GOWER AND BURDROP ## **Current Asset Funds at Fund Managers.** |Name
Barings Fund Managers Ltd.
C O I F
Schroders
Schroders|Account No.
Fund
Type
Units
T - 003149
Targeted Return Fund
Income Units
22771.51
886670001T
Charity Investment Fund
Income Units
2987.91
3432230
SUTL Cazenove Charity Bond A Income
Income Units
17730.08
3432230
SUTL Cazenove Charity Equity Value Fund A Income
Income Units
23804.70
As at 1st January 2020
Decrease in Assets|Bid Value
£1.1620
£17.9757
£0.7185
£3.5220|Date
26,460.50
£
31st December 2020
53,709.77
£
31st December 2020
12,739.06
£
31st December 2020
83,840.15
£
31st December 2020
**176,749.48**
**£**
189,788.22
£
13,038.74
-£| |---|---|---|---|