DIBDEN ALLOTMENTS FUND TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
DIBDEN ALLOTMENTS FUND
INDEX TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2021
| Page | ||
|---|---|---|
| General Information | 1 | |
| Description of the trusts of the charity | 2 | |
| and its organisational structure | ||
| Statement of trustees’ responsibilities | 3 | |
| Public benefit | 3 | |
| Report of the trustees | 4 | |
| Investment managers’ report | 5 | |
| Report of the independent auditors | 6 | |
| Statement of financial activities | 7 | |
| Balance Sheet | 8 | |
| Notes to the financial statements | 9 - 14 |
DIBDEN ALLOTMENTS FUND
GENERAL INFORMATION
TRUSTEES: appointed to hold office for the term shown in brackets:
| Name | Period of office | |
|---|---|---|
| Alan Alvey(Retired as Chairman on 28 July 2021) | (for 4 years from May 2019) | |
| Sean Cullen | (for 4 years from June 2019) | |
| Declan English(Retired 16 May | 2021) | |
| Pat Hedges |
(for 5 years from July 2019) | |
| Christina James | (for 5 years from October 2017) | |
| Stephanie Osborne(Retired 22 September 2021) | ||
| Melody Roberts(Retired 19 May | 2021) | |
| Judy Saxby(Vice Chairman | effective from 28 July 2021) | (for 4 years from July 2020) |
| Jill Tomlin(Chairman effective from 28 July 2021) | (for 5 years from July 2019) | |
| Simon Lodge | (for 2 years from May 2021) | |
| Dan Poole | (for 5 years from September 2021) | |
| Sandra Delemare | (for 20 months from September 2021) | |
| CLERK TO THE TRUSTEES: | Valerie Stewart | |
| ADDRESS: | 7 Drummond Court | |
| Prospect Place | ||
| Hythe | ||
| Hampshire SO45 6HD | ||
| REGISTERED WITH THE CHARITY | ||
| COMMISSIONERS: | Number 255778 | |
| AUDITORS: | Graham Jones LLP | |
| Chartered Accountants | ||
| The South Street Centre | ||
| 16-20 South Street | ||
| Hythe | ||
| Hampshire SO45 6EB | ||
| PRINCIPAL BANKERS: | HSBC plc | |
| 17 The Marsh | ||
| Hythe | ||
| Hampshire SO45 6ZB | ||
| INVESTMENT MANAGERS: | Rathbone Investment Management Limited | |
| Fiennes House | ||
| 32 Southgate Street | ||
| Winchester | ||
| Hampshire SO23 9EH |
1
DIBDEN ALLOTMENTS FUND
DESCRIPTION OF THE TRUSTS OF THE CHARITY AND ITS ORGANISATIONAL STRUCTURE
Dibden Allotments Fund was formed as a result of an award of land in 1862 arising from the Inclosure Acts. The original purpose of the Fund was to provide ‘Allotments for the Labouring Poor of the Parish of Dibden’, and was managed by the Overseers of the Poor and the Church Wardens of the Parish. In 1894 these responsibilities were transferred to Dibden Parish Council (later re-named Hythe and Dibden Parish Council) under the provisions of the Local Government Act of that year.
In 1994 the Fund sold most of its land and received a capital sum in excess of £6.125 million. Administration of the Fund is now vested in nine Trustees and currently a clerk, with secretarial support, is employed to assist the Trustees.
In July 1995 the Charity Commission approved a new scheme as follows:
“Subject to payment of the expenses of the Charity the Trustees shall apply the income of the Charity in relieving either generally or individually persons resident in the Parish of Hythe and Dibden who are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons;
If the income cannot be applied as aforesaid, the Trustees shall apply the same for any charitable purposes for the benefit of the inhabitants of the said Parish as the Trustees think fit and if and in so far as the income cannot be applied for any such charitable purposes the Trustees shall apply the same for similar purposes in the Parishes of Marchwood and Fawley”.
The name of the Fund was changed from Dibden Allotments Charity to Dibden Allotments Fund in accordance with a special resolution of the Trustees passed on 27 January 2010.
The Trustees may pay for such items, services or facilities by way of donations or subscriptions to institutions or organisations which provide or undertake in return to provide such items, services or facilities for such persons.
The Fund owns allotment land of approximately 0.68 acre at Clayfields Lane, Dibden which until October 2003 was managed on behalf of the Charity by Hythe and Dibden Parish Council. This land was valued by The Valuation Office in February 2003 at £8,000 (this figure is not included in the financial statements).
The body of Trustees is to comprise 9 competent persons, including 5 nominated and 4 co-opted Trustees. Of the nominated Trustees, 3 are to be appointed by Hythe and Dibden Parish Council, 1 by Marchwood Parish Council and 1 by Fawley Parish Council. The Trustees are responsible for running the Fund and full Trustees’ meetings are held monthly. In addition, there are two separate subcommittees of the Trustees, dealing respectively with finance and policy. These subcommittees meet as required.
New Trustees are introduced to the staff; given a tour of the office; and provided with the Fund’s Operations Manual and “The Good Trustees Guide”. They are given access to Trustee Information and Guidelines, as well as training in procedures at meetings; handling possible conflict of interest situations; and procedures and safeguards for visits to applicants.
The Trustees have delegated responsibility for the Fund’s investments to investment managers and their report is set out on page 4. The investment managers are required to achieve the maximum annual income consistent with long term growth of the capital value of the permanent endowment fund by at least inflation.
Because the Fund does not rely on fundraising for its income, a rigid reserves policy is not considered to be a priority. However, the aim of the Trustees is to keep at least 3 months’ running costs in hand to cover possible variations on income from the investment portfolio.
Grants are made by the Trustees in accordance with the 1995 scheme set out above and subject to available funds and anticipated future income. Grants are made to both individuals and organisations and details are set out in note 4 to the financial statements.
The Charity Commission requires all larger Charities to report on the risks to which they are exposed. A comprehensive review of the activities of the Fund has therefore been undertaken which concluded that theft of property, fraud and operational integrity are the main potential risks to which the Fund may be exposed. The trustees will continue to seek to mitigate these risks by a programme of internal and external audit, reporting and review procedures and insurance.
2
DIBDEN ALLOTMENTS FUND
STATEMENT OF TRUSTEES’ RESPONSIBILITIES AND PUBLIC BENEFIT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Charity law 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 net movement of resources for that period. In preparing those financial statements, the trustees are required to:
-
a) select suitable accounting policies and then apply them consistently;
-
b) make judgements and estimates that are reasonable and prudent;
-
c) prepare the financial statements on the going concern basis unless it is inappropriate to do so.
The trustees are responsible for keeping proper accounting records which disclose at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the requirements of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PUBLIC BENEFIT
Under the terms of the scheme approved by the Charity Commission in July 1995, as set out on page 2, the Fund aims to relieve conditions of need, hardship and distress and to support other charitable purposes in the parishes of Hythe and Dibden, Marchwood and Fawley. This aim is achieved by making grants to individuals and to relevant local charities and other organisations. Applications are invited from such individuals and organisations and each application is considered by the Trustees on its merits.
Financial Objectives for the year are set by the preparation of an Annual Budget and performance against these objectives are determined by monthly comparison of actual income and expenditure to the budget.
A summary of grants approved in the year is given in notes 7 and 8 to the financial statements and this includes the names of all organisations to which grants have been made. In addition, the Trustees’ report on page 4 gives further information about grants made during the year.
As required by section 4 of the Charities Act 2011, the Trustees have considered the guidance published by the Charity Commission in respect of public benefit. They believe that the Fund’s aim, as set out above, falls within the definition of charitable purposes in section 2 of the Act. Although the Fund’s activities are restricted under the July 1995 scheme to the parishes set out above, no restrictions are applied within those parishes which would exclude individuals from the opportunity to benefit.
The Trustees intend to protect the Endowment Fund to ensure that it retains its value in real terms. With this achieved, the trustees wish to optimise investment income arising from the investment assets, and to minimise overheads, in order to ensure that the best use of the Fund for those in need will continue to be made for the foreseeable future.
3
Dibden Allotment Fund Report of the Trustees It has been a r¢wnably successfid year for Dibden Allotments Fund as the value of the fun managoj by Rathbon. rose io just over £10.6M at the year erf up £1.4M on th¢ previous year. although the iome for the year fell to £313.0. This was du¢ to the impaci of COVID-19 where companies either significantly rsjuced their dividends or in some ca$ decid¢d to cancel dividends. However. the Fund WLS well positioned with cash deposits to continue achieving our goal of making substantial grants lo individuals and organisations in the thtre parishes ¢ov¢red by the charity. whilsi maintaining a reserve FK)licy of keeping to cover 3 months administratio inVtMents and audit costs. Grants to organisa¢ions t11 over £75.(KK) durinB the y¢ar. Si8nifi¢aDt awards in¢ludoJ £19,¢XK) lo Families Matter. charity helping families with young ¢hildrcn. The Fund again provided si8nificani supp)rt to The Handy Trust and Fawley Parish Council for their coniinu¢d youth work across the Waterside. Sch(M)Is were encouragol to apply for funding to support disadvantag¢xl children and in addition this year Orchard Seh(Kg1 was grameAI £S.OW for ouid¢x)r work includin8 the building of a shelter. As expted. the impad of COVID-19 was felt across all communities iti the area. As a Charity we reacted by providing funds lo th¢ St Andr¢w$ LUnchn Club who were making and delivering meals for those that w¢r¢ isolating ai home. We also help&J The Wat¢rsid¢ Focdb4nk with T¢sco vouchers to distribuie alongside their food parcels. Local schcrf)Is rx¢iv¢d fimdin8 for sch1 uniforms io help ttw)se families directly impactsj by reduceAI household income due io the Furlou8h scheme or RCdUnday. The Fund also awred to support a proj1 by Solent Mind to ty and reduce the iIdenCe of child suicida. The gardening herne continu lo bc very plar. The Fund has 150 clients, with 52 of them being over g) years of ag¢. Th¢ net cost lo th¢ Fund this year was less than 2020. due mainly to the Pandemic stalling the work of th¢ gardeners for a Couple of months. li remains an imp)rtant s¢rvi¢¢ io ih¢ Community. Another area where ihe Fund helps individuals is our shoe vouch¢r he wh¢re vouch5 are i5su¥J either through the charity or through local schools. Ev¢n with sch(KJl closures this year we still managoA to fijnd rrIY 280 pairs of shoes. The T15 have been able to oul our regular wks of assessing applications and allocaiing assistance on a voluntary basis without re£ompense. Due to r¢iir¢m¢nts and r¢signaiions. we have had somc changes to the Trusttts, but the new m¢mb¢rs have willingly iaken up their duties. The FutMI would like to thank all Trustees for iheir dedication. The continued presence of COV1D-19 has meant that we have had to continually review our working practices. However, l am pl¢as¢d lo b¢ able io rewrt thai the public continueAJ to be able to make contact with the 01¢¢ throughoui IM'S tim< and applications and rquests for help were able to be actioneAI. In these challenging times special thanks must be 8iVth to the three part lime stsff who hav¢ continued to maintsin the rordS and accounts, and for providing advice and io the Ttustees, dtspite all the difficulties due to the pandemic. Chair of the Tntstecs
DIBDEN ALLOTMENTS FUND INVESTMENT MANAGERS. REPORT The 12 months ending in Marth 2021 have been a good period for the investments. The charItS portfolio was back above £10 million, valued at £10,616,113 at the financial year end. The COVID Inspired setback last year has been more than overcome. with the retum for the year being +19.3%. following last yearfs 6.9% ne8ative return. At the same time the intome has bounced back, forecast at £376,IX#J for the year. ABainst these volatile markets, the portfolio. havir* outperfornied Its comparator In the fall the previous year has lagged by the same amount in the recovery. The fixed interest holdings, such as the M&G and Church House bond funds. whith are amon8 the most conservative part of the portfolio, were generally down on the year. This partly reflerts a predictable reaction to their strength when things were 8loomy a year earlier, but also the continued low rates of interest. Nevertheless, we will always hold them as a bulwark of liquidity and prudence for the long-term nature of the charity. Yet there were clearty many stron8 performances from equities which have delivered the good overall perfom)ance. The most satisfactory from the charlS point of view wa5 the company who were the ori8inal source of the funds, Tesco. who we purchased midway through the year. The sale of their Asian buslness produced a É5billion dividend for shareholder5 and they were one of the buslnesses to find sllver linlng5 in the lockdown. Another was Dunelm whose online leS growth was strong, and Warehouse Real Estate Investment Trust, whose urban warehouses are an intrinsic part of modern onlSne shopping logistics. The other area that realty thrtved in lockdown was technology and the holding of Scottish Mortgage benefitted from that. The declslon to broaden the overseas aspect of the portfollo has been a good one, as the UK has been one of the weaker stockmarkets, and we now have 21% overseas, up from 12% two years a80. It Is perhaps disappointln8 that we seem to have less world-leading companies in the UK than of old, but the world chan8e5. and we adjust our investment focus accordin81y. We are watchln8 and listenin8 to companies like Tesco and Dunelm as they are faclng supply chaln i55ues which are a global problem as the world returns to 8rowih. These shortages. tO8ether with labour market Issues, and underinvestment In certaln parts of the energy sector have combined to push inflation up. However, shortages are a reflection of strong demand, and generally inflation is reflected by growth in stock markets, and well managed companies can benefit. But there Is always concern about what the pM)licy sponSe will be from central banks, and we are keeping a close eye on how and when the tapering starts (the reverse of quantitative easin& so turnin8 off the taps of the stSmulus they have been providing). A year a80, we felt confident that the portfolio was well p05itioned to COVer from the market setback, and we have the same confidence that it is now well w)sitioned for the slightly uncertaln future we face as the climate crisis become5 one of the key issues dominating thinking. We have held the WHEB sustainability fund in the portfolio for 7 years now. so we have always been aware of the Issue and are confident the portfollo Is Sn a stron8 Positlon for the years ahead. TSM 8olton<arter Senior Regional Direttor Rathbones Investment Management
DBDEN ALLOTrkNTS FUND REPORT OF THE INDEPENDENT AUDITORS TO ThE TRUSTEES OF DIBDEN ALLOTMENTS FUNO We have audited the hnarKial Statents ol DtJ•) Alh)tments FuThJ forth8 y8ar8Th18d 31 March 2021 on pao•s 7 to 14. Theflnanckil reporting Irameth thal has b88n in thr1parat>n i% aable law and FinartiAI R8POrtino Standard applKablg in the UK and ReWtI of kekiTh1 IFRS 102). R•11>¥• Mponlblllll• ol twataes and audllor• As •xplain8d ftK)r• lulty irt lh• Trust88s' R8sponsits'1tsg8 Statwrnnt on 3. th• trusto88 Ar• r•sFmitrAg for thg eparalion and presfjntaln of tho finan ntS le¢ rrfd satisfi thai they oivo a tnJ• and fasr vi•w. Wa hav•bèan appointèd as aLhlitor8 underb'on 144 oftheChanbesl42011 and rgprytin a¢o)rdance with regulatKin8 mad& und•r S¢ction 154 of Ihal Ad. r resFthsibfity i8 to alit a1 exkw an c¢4nion on the financial slatem8nts In Accorda8 wilb applicab aThY Int•rnAth)nal Standards on Auditiryj (UK aThJ IrèLqndl. Thoso $taThJJrd¥ roquire us tts cLJmply with the Audrting Pradus Board's IAPB'sl EthKob for ALwJilCn. Scop• ol th• audlt of th• Ilnanelal t•t•m•nts An a111 invofves oblainino evKlonce about Ihe anTrnIs ar#J rIsek)S kn tha ffinandal statomonls suffklanl to g r?4¥onablg suranc9 lhat1 8talemenls are fr8efrom matwtsl rnisstsloment, whethercaused byfraud orerror. ThL8 InCIJ•S assossmont of whèthor thg acwintyng urg wowale to the lund'$ &uM¥1O8 arKI have tèn consist8ntty aFf4i80 ar ad#quat¢ty d&?$¢. Ihg reasonablWW of fv svjnifwt aoUn.g tiMat•S made th8 trustees,. and Iho overall w•s•nts)n oftro I141 statents. In 4dthtn. wo r•ad allth8 finwKi41 and non-linalal in1ormat in Ihe tru61ees' reFKJrt lo Jenbty matenal Irt0$19nQ0S wnth tho audil•J financial Stalemts and to Idèntity any inlormab'tyi that 1$ appargnlty wuvrect bas•J on. or matorialy if0)rlS1on1 wth, the krrtxledo& acqulred by us in th• Couw of pgrtorming Ihg awjn. M we bKomo awaro of any atparonl mat•rfal mlsststoments or InConsto9, w• eonsh1•r lh• Smpkations lor our rwrt. Oplnlon on lInal•l •l•t•mMI• In our onIc the finandal atements.. givo a truo and falr ¥knw of tho 8tat• ol tho luTrJ'8 affth a8 31 Mareh 2021 aThJ o16ts thrnlno r•8oure•& and aFWicaiion ol ré8ourc•s fef Ih• yew ?[d., hav• boon yrp8rty w•par•d In &x¥)rdaThx wrfh A•ptyltvJ Starthd 11Yd: h4ve bn wopurqd In KwdarKe wlth tho r•qutr•m•nts ol Charltkw 2011. M•tt•f• on whlch w• •r• r•qulrnd to r•pon by •X¢•Pllon We have nolhlry to reporl In rowecl ol th• tolo4rrfJ matttrs th• Chwth•8 Act 2011 r•qulr•s u8 to r•port to you M, n our opinlon.. tho inlomiaith ¥Th In fv TrLOteu' Anr11 Reixirt L8 IrKonththt In any materlal wtth tho flnanclal 81ai•m•nts,' or 6uffidonl accounttrvJ r(¢S hav• b•8n koFrt.' or Ihe linan9 ¥tatorn¥rts are not in agreement wilh th• ac¢(Jntsng and relUr., or we hav• noi ree•Ned thè inlorrnaixyb aThJ eWanal)ns we lor tr a1. ThLry rw is made lo th& trusi••s. as a bcoy. H) Prtordane• S•etion 144 of th• Charfti•s Act 2011. Our Atsdil work has been undertthen so that we mhJM s6 th• trusmes those matters we are reqvlr•J to stst• to Ihern Sn an alitOrs. rèport for no othér To lh¢ exlenl permrtted ty law, wg do not acceptor a8¥urn¢ re$kvnBibll to Anyon• Olher ttn lufKI •wJt worK for th fePYL or ts Il wntr)ns hove ltym*J. Jon•s For and on behaff ol GRAHAM JONES LLP Chartered A¢¢ountants Slalulory Audit¢ys South Slrg91 Cgntre 16-20 South Str8tt Hylhe. Scmthhaftwn S045 6EB
DIBDEN ALLOTMENTS FUND
Statement of Financial Activities for the Year ended 31 March 2021
| Unrestricted Funds Note £ Income and endowments from: Charitable activities 3 562 Investments 4 - Total 562 Expenditure on: Raising funds 5 - Charitable activities 6 205,308 Other 9 20,691 Total 225,999 Net gains/(losses) on investments - Net income/(expenditure) (225,437) Transfer between funds 14 274,971 Net movement in funds 49,534 Reconciliation of Funds Total funds brought forward 129,317 Total funds carried forward 178,851 |
Restricted Funds £ 15,086 - 15,086 - 15,086 - 15,086 - - - - - - |
Endowment Funds £ - 312,891 312,891 37,920 - - 37,920 1,427,435 1,702,406 (274,971) 1,427,435 9,341,050 10,768,485 |
Total Funds 2021 £ 15,648 312,891 328,539 37,920 220,394 20,691 279,005 1,427,435 1,476,969 - 1,476,969 9,470,367 10,947,336 |
2020 £ 20,195 408,377 |
|---|---|---|---|---|
| 428,572 | ||||
| 37,024 340,021 22,282 |
||||
| 399,327 | ||||
| (1,042,644) | ||||
| (1,013,399) | ||||
| - | ||||
| (1,013,399) 10,483,766 |
||||
| 9,470,367 |
The notes on pages 9 to 14 form an integral part of these financial statements
7
DIBDEN ALLOTME1$ FUND Balan¢• Sho•t as al 31 IAar¢h 2021 2020 Tongible #98ots Investments 10 11 95,472 9.188,676 10.616.111 Tow fixed a88¢ts 10.708.874 9284,148 Curr•nt ••••ts Debiors Cth at bonk and ha1 Total eurr•rtt ass•ts 12 134.114 121,275 255J89 140.780 68,058 208018 Crndltorn.. •mount• l•lllr4 du• wlthln y•w Ngt ¢urrgnl •¥••l• 13 18.¥27 238.462 Totsi •*Ml• l•M ¢urnnt knblltl•• 10,947.336 9,470,367 10,947.338 9,470,367 Tol•l n•t •M•t• 10947336 9 470 367 Pund• Endowment UnrOStrl¢tod 10.768.485 178.851 9.341.050 129,317 14 9 470 367 8IW on IMr b•haY ty: Thg on pw 9b) 14 lom) an part 01th flrwkual slalgrnty
DIBDEN ALLOTMENTS FUND
Notes to the financial statements for the year ended 31 March 2021
1. Accounting policies
Basis of Accounting. The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102 ("the SORP"), the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Incoming resources
Recognition of incoming resources
These are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Income from Charitable activities
Income from the supply of services from charitable activities is recognised upon delivery of the contracted service.
Investment income
Interest receivable is included in the accounts when receivable. Income from UK and Overseas listed investments is recognised when its receipt is probable and the amount receivable can be measured reliably. Measurement for Dividends is at the fair value receivable, which will be the transaction value upon receipt.
Expenditure
Governance costs include costs of the preparation of statutory accounts and auditors fee, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Support costs are allocated to or apportioned between activity cost categories on a basis consistent with the use of resources, including staff costs by time spent, where costs are incurred for more than one activity.
Depreciation of tangible fixed assets is provided for as follows in order to write of each asset over its estimated useful life: Long leasehold building - straight line over the length of the lease Office equipment - straight line over 5 years
Investments are revalued at the balance sheet date to market value. Unrealised gains or losses are taken to the Statement of Financial Activities.
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation as a result of a past transaction, committing the charity to pay out resources.
Taxation
As a registered charity the Fund benefits from rates relief and is generally exempt from Income Tax and Capital Gains Tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
Leased Assets
Fixed assets acquired under finance leases are included in the balance sheet at cost, appropriate provision being made for depreciation. The present value of future rentals is shown as a liability. Interest payable in each period is charged to the Statement of Financial Activities in proportion to the amount outstanding under the lease. Operating lease rentals are charged to the Statement of Financial Activities as incurred.
9
DIBDEN ALLOTMENTS FUND
Notes to the financial statements for the year ended 31 March 2021
2. Legal Form and Other Information
Dibden Allotments Fund is a charity incorporated in England and Wales. It is a public benefit entity.
3. Charitable activities
| Clayfields Allotments Gardening Receipts 4. Investments Income from listed investments Interest receivable 5. Expenditure on Raising Funds Investment management costs 6. Expenditure on Charitable Activities Gardening scheme Allotment costs Grants payable - individuals(Note 7) Grants payable - organisations(Note 8) Support costs(Note 9) 7. Grants payable - individuals Grants payable Individuals General Education Gardening Shoe project |
2021 Number 92 - 150 278 520 |
£ 42,546 - 42,744 8,340 93,630 |
2021 £ 562 15,086 15,648 312,772 119 312,891 37,920 37,920 2,734 825 93,630 75,281 47,924 220,394 2020 Number 136 2 165 592 895 |
2020 £ 577 19,618 |
|---|---|---|---|---|
| 20,195 | ||||
| 406,809 1,568 |
||||
| 408,377 | ||||
| 37,024 | ||||
| 37,024 | ||||
| 3,863 946 171,645 117,478 46,089 |
||||
| 340,021 | ||||
| £ 89,543 580 64,319 17,203 |
||||
| 171,645 |
10
DIBDEN ALLOTMENTS FUND
Notes to the financial statements for the year ended 31 March 2021
| 8. Grants payable - organisations Organisations a) Schools/Colleges/Preschools Applemore College Greenwood School New Forest Academy Noadswood School Orchard Junior School Orchard Infant School Twiggs Lane Preschool Good Shepherd Pre School Marchwood Junior School Oak Lodge School b) Youth Fawley Parish Council Handy Trust Redfoot Sports Ltd c) Community Age Concern New Forest Dibden PCC Families Matter Fawley Association Football Club Home Start Hampshire Hythe Pier Heritage It's Your Choice Old Mac Mower Garden Services Our Time Waterside Ecumenical Project Wessex Cancer Trust C J Woods Marchwood Scout & Guide Building Project Family Church Waterside Go South Coast Ltd Hythe & Dibden Football Club Hythe Alive Kidz Supersportz Marchwood Community Association Red & Green Practice Rose Road Association Rotary Club of Becton and Dist. Solent Dolphin The Crossings Wayne Edwards |
2021 £ 1,000 300 1,000 1,000 5,000 1,500 1,000 - - - 10,800 7,077 10,826 - 17,903 2,000 7,250 19,000 1,769 2,000 5,000 2,000 459 600 4,500 2,000 - - - - - - - - - - - - - - 46,578 |
2020 £ - - - 1,002 1,200 - - 1,750 2,600 5,000 |
|---|---|---|
| 11,552 | ||
| 5,668 20,965 960 |
||
| 27,593 | ||
| 5,000 - 20,000 1,764 4,000 - 2,000 - - 450 - 1,000 20,000 500 105 644 1,000 672 3,460 298 2,000 940 5,000 3,000 1,500 |
||
| 73,333 |
11
DIBDEN ALLOTMENTS FUND
Notes to the financial statements for the year ended 31 March 2021
| d) Medical Welfare Oakhaven Hospice Trust Totals |
2021 £ - - 75,281 |
2020 £ 5,000 |
|---|---|---|
| 5,000 | ||
| 117,478 |
9. Other expenditure
Other expenditure consists of Management and Administration costs which are allocated as follows:
| Support costs Governance costs Management and Administration costs consist of: Rent rates and utilities Staff costs (see below) Postage and stationery Computer maintenance and support Telephone Publicity costs Sundry expenses Repairs and maintenance Insurance Auditors' remuneration Recruitment Depreciation and loss on disposal of fixed assets Bank charges Travel Seminar/Course Staff costs comprise: Salaries Defined Contributions Pension |
47,924 20,691 68,615 3,706 42,821 2,535 4,979 1,337 183 - 1,093 1,395 7,276 - 2,709 133 377 71 68,615 38,928 3,893 42,821 |
46,089 22,282 |
|---|---|---|
| 68,371 | ||
| 2,926 41,599 1,986 4,679 1,277 532 125 2,526 1,481 7,043 82 2,709 443 577 386 |
||
| 68,371 | ||
| 37,823 3,776 |
||
| 41,599 |
The Fund had 3 (2020: 3) employees during the year, equivalent to 1.5 (2020: 1.5) full time employees.
No employees received emoluments of more than £60,000.
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity. No trustee expense have been incurred in the year.
12
DIBDEN ALLOTMENTS FUND
Notes to the financial statements for the year ended 31 March 2021
| 10. Tangible Fixed Assets Cost: At 1 April 2020 Additions Disposals At 31 March 2021 Depreciation: At 1 April 2020 Charge for the year Disposals At 31 March 2021 Net Book Value: At 31 March 2021 At 31 March 2020 11. Investments Listed Cash and settlements pending held as part of the investment portfolio Market Value: At 1 April 2020 Additions at cost Disposal proceeds Realised and unrealised gains / (losses) Cash held At 31 March 2021 12. Debtors Debtors due in less than one year: Accrued income Other debtors and deposits Prepayments Debtors due in more than one year: Other debtors and deposits 13. Creditors: amounts falling due within one year Accruals Other |
Long Leasehold Property £ 110,050 - - 110,050 19,760 1,140 - 20,900 89,150 90,290 |
Office equipment £ 25,503 - - 25,503 20,321 1,569 - 21,890 3,613 5,182 2021 £ 10,403,515 212,596 10,616,111 2021 £ 8,397 121,238 2,979 132,614 1,500 134,114 16,727 200 16,927 |
Total £ 135,553 - - |
|---|---|---|---|
| 135,553 | |||
| 40,081 2,709 - |
|||
| 42,790 | |||
| 92,763 | |||
| 95,472 | |||
| 2020 £ 8,398,763 789,913 |
|||
| 9,188,676 | |||
| £ 9,188,676 1,941,150 (1,363,833) 1,427,435 (577,317) |
|||
| 10,616,111 | |||
| 2020 £ 15,254 121,138 2,869 |
|||
| 139,260 1,500 |
|||
| 140,760 | |||
| 22,409 190 |
|||
| 22,599 |
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DIBDEN ALLOTMENTS FUND
Notes to the financial statements for the year ended 31 March 2021
| 14. Funds At 1 April 2020 Net incoming resources for the year Transfers between funds Investment gains and losses on disposal and revaluation At 31 March 2021 Represented by: Tangible fixed assets Fixed asset investments Net current assets |
Unrestricted Income Fund £ 129,317 (225,437) 274,971 - 178,851 Unrestricted Income Fund £ - - 178,851 178,851 |
Endowment Fund £ 9,341,050 274,971 (274,971) 1,427,435 10,768,485 Endowment Fund £ 92,763 10,616,111 59,611 10,768,485 |
Total Funds £ 9,470,367 49,534 - 1,427,435 |
|---|---|---|---|
| 10,947,336 | |||
| Total Funds £ 92,763 10,616,111 238,462 |
|||
| 10,947,336 |
The Endowment Fund represents the capital received by the Fund in 1994 when it sold most of its land, as described in the Description of the Trusts of the Charity and its Organisational Structure on page 2.
15. Trustees' Remuneration and Related Party Disclosures
No remuneration was payable, or out of pocket expenses reimbursed, to any of the Trustees in the year (2020 - £nil).
There were no other transactions in this or the previous year between the Fund and the Trustees or those connected to them.
16. Commitments and contingent labilities
Operating leases
As at 31 March 2021 the Fund had annual commitments under non-cancellable operating leases as follows:
| Operating leases which expire within one year: Operating leases which expire within two and five years: |
2021 £ 317 - |
2020 £ - 317 |
|---|---|---|
17. Retirement benefits - Defined benefit scheme
During the year ended 31 March 2000, the Fund established a contributory, defined pension scheme for its employees. The scheme was administered through Hampshire County Council and was closed in March 2020.
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