Charity registration number: 272435
Guiting Manor Amenity Trust
Trustees’ Report and Consolidated Financial Statements
for the Year Ended 30 April 2022
Just Audit & Assurance Ltd Statutory Auditors 37 Market Square Witney Oxfordshire OX28 6RE
Guiting Manor Amenity Trust
Contents
| Contents | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 to 8 |
| Statement of Trustees' Responsibilities | 9 |
| Independent Auditors' Report | 10 to 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 to 32 |
Guiting Manor Amenity Trust
Reference and Administrative Details
Trustees
C H Arkell
R P Beckley (retired 4 May 2022) M F Greenhill C Hayes
M Hunt
A Price J E Spreckley (appointed 25 October 2022)
Senior Management Team
Mrs D Bevis who deals with the administration of the affairs of the Trust on a day to day basis, Trust Administrator
Mr A Tatlow who runs the in-house building team, dealing with the maintenance, repair and renovation of the property portfolio, Building Manager
Mr N Bumford who oversees the conservation projects undertaken on behalf of the Trust, Farm Manager and Managing Director of Guiting Manor Farms Limited
Principal Office
Estate Office Guiting Power Cheltenham Gloucestershire GL54 5UR
Charity Registration Number
272435
Solicitors
Willans Solicitors LLP 28 Imperial Square Cheltenham Gloucestershire GL54 0AY
Bankers
Lloyds Bank plc Moreton in Marsh Gloucestershire GL54 0AY
Auditor
Just Audit & Assurance Ltd Statutory Auditors 37 Market Square Witney Oxfordshire OX28 6RE
Page 1
Guiting Manor Amenity Trust
Trustees' Report
The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 30 April 2022.
Objectives and activities
Objects and aims
The principal objective of the Trust is the conservation of the land and buildings of beauty and historical interest within the Parish and elsewhere, especially within the Cotswold Hills, and is extended to include preserving the local rural and visual character and amenities of the area.
The Trust fulfils its objectives by sympathetically renovating the properties it owns and endeavouring to ensure that commercial enterprises can find space to rent in the Trust's commercial properties at reasonable rents. There are two shops in the village, both in Trust properties, a bakery/delicatessen and a café which also sells a more general range of goods. The former enterprise opened during the year following the retirement of a longstanding Trust tenant whilst the latter enterprise also recently changed tenants and houses the mobile post office which visits the village twice a week.
The school building is now occupied by an OFSTED ‘outstanding’ rated, Montessori preschool.
The Trust supports the North Cotswold Food Bank, which occupies one of the Trust's commercial units.
Objectives, strategies and activities
Property refurbishment
The priority of the Trust for the year ended 30 April 2022 was, in accordance with the Trust’s objectives, to ensure that the maximum number of properties were available for letting and refurbishments were undertaken when necessary and appropriate.
Also, there continues to be an emphasis on the ongoing programme to improve the energy efficiency of the trust properties by upgrading overall insulation and fitting double or secondary glazing to windows and moving from oil central heating to other energy efficient sources. Wood-burning stoves and their associated flues are also being upgraded to ensure maximum efficiency. Unfortunately, the stone-built houses and cottages in Guiting Power are not suitable for other types of improvement, for example cavity-wall insulation, which would provide enhanced energy efficiency.
Village landscape
The Trust, in renting out the houses it owns, ensures that there is a choice between owner occupation and renting for residents of the Cotswolds, and the village of Guiting Power in particular. In order to maintain a thriving village the properties are generally let to people who work in the area. None of the Trust properties are occupied by weekenders.
The Trust seeks to improve the village landscape by, as and when practicable, replacing non-local building materials with ones which are compatible with the architecture of a Cotswold village, for example replacement of sheet and slate roofing with stone tiles and the use of cast iron guttering and downpipes. Open spaces throughout the village are maintained in a manner sympathetic to the surroundings, for example the grass is mown regularly, car parks are landscaped, and shrubs and trees are maintained to look good all year round.
Page 2
Guiting Manor Amenity Trust
Trustees' Report
Farming methods
Through its subsidiary, Guiting Manor Farms Limited (GMFL), the Trust ensures that, on Trust owned land, farming methods comply with conservation objectives which seek to maximise wildlife and habitat enrichment as well as visible landscape improvement.
This involves such items as hedge-laying, coppicing, tree planting and glade creation in woodland. In accordance with habitat schemes hedge cutting is carried out in one, two or three year cycles. This has been instituted to maximise the benefit for wildlife. GMFL creates and manages a wide range of feeding, nesting and rearing habitats for farmland birds. A number of raptor nesting boxes are installed on the Farm and GMFL works closely with the bird recording and monitoring schemes, which are volunteer led
Guiting Manor Farms Limited (GMFL)
GMFL continues to host regular visits from both Hartpury-UWE and The Royal Agricultural University’s faculties (when COVID rules allow) demonstrating agricultural and land management practices. These visits are often used for setting both course work and examination assessments.
GMFL continues to be used as a beacon farm and hosts visits on behalf of organisations such as Natural England, FWAG, NFU and other farming groups as well as visits from MPs. It participates in the biennial Open Farm Sunday event which usually attracts around 500 members of the public, who are able to gain an insight into how the farm works.
The ongoing pandemic has clearly had an impact on most activities on the Farm during recent times but things are fortunately now getting back to normal.
GMFL has installed photo voltaic panels on the roofs of some buildings which are capable of producing 200kWh of electricity. Surplus electricity is fed back into the National Grid thereby aiding UK's achievement of its renewable energy targets.
The difficulty with Ash Die Back continues. Advice has been taken, and is regularly being taken, about the state of the ash trees in the woodland and hedgerows owned by the Trust. A large number of ash trees have already been felled from a safety perspective and more are earmarked for felling. It is pleasing to note that new plantings have already begun particularly in hedgerows and this is now seen as an ongoing project in view of the number of ash trees removed or earmarked for removal.
Endangered species
Specifically undisturbed areas for insects, birds and small mammals, are being created throughout the farmland. There are some small areas of species-rich limestone grassland containing rare and endangered species which are being carefully managed to ensure its preservation.
Public Access
Trust owned land, where practicable, is available for public access, through permissive routes, not restricted merely to historic footpaths and bridleways, which involves close liaison with the Cotswold AONB wardens.
A public car park is available to facilitate public access to the Trust land and a large area of open parkland and wood pasture is available for recreational purposes. The Trust is looking at further opportunities to facilitate car parking within the village.
During the year to 30 April 2022 the Trust spent £323,446 (2021 - £349,927) on the inclusive costs of maintenance and repair with £313,318 (2021 - £363,459) spent on capital property projects.
Page 3
Public benefit
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The residential properties of the Trust have been maintained throughout and upgraded when appropriate, usually on the change of tenant. The Trust are fortunate in having to maintain a waiting list of prospective tenants for occupation of their properties. The new builds at the Tally Ho site continue to be fully occupied, which is pleasing to note.
Maintenance work has continued around the village and this has been undertaken by both the employees of the Trust and the farm. As noted above, Ash Die Back is a significant problem in the woodland areas and on roadside hedges and work is being undertaken to assess the condition of the trees with felling an all too familiar sight. Replanting commenced during the year and this will continue for the foreseeable future.
During the year, an archaeological dig has been undertaken in a field known as Parsons Piece. The finds are most encouraging and evidence of a substantial structure has been uncovered. The site was open to visitors and schools will be invited to visit in 2023. Further work is now being undertaken to take the investigation to the next stage and identify and date the structure.
Guiting Manor Farms Limited - the farming company, wholly owned by the Trust, has continued to farm in an environmentally friendly manner on the land surrounding the village and has donated £173,516 (2021 - £13,820) to the Trust during the year.
During the year, the Trust commissioned an independent Benchmark report on the farming activities of the subsidiary, Guiting Manor Farms Limited, to inform the Trustees as to the support for the aims and objectives of the Trust. The report was carried out by Fisher German LLP, Property Consultants and Chartered Surveyors, and the satisfactory results were presented to the Trustees by Fisher German at their meeting in April 2022.
The share portfolio, which is professionally managed by Investec, continued to recover during the financial year after the volatility caused by the Covid pandemic..
Financial review
The financial statements appended to this report reflect the activities outlined above and have been drawn up to comply with the Statement of Recommended Practice for charities. The principal income source for the Trust is the rental income from the letting of the Trust properties, both residential and commercial, and there have been no significant bad debts to note.
As in the previous year, the financial statements are drawn up with expenditure on properties being reported as Charitable Activities. This is in line with the Trust’s objects of conservation of land and buildings and the Trustees believe that this presentation, properly reflects the Trust’s activities.
Net incoming resources exceeded net resources expended, before gains/losses on investments, by £805,663 (2021 - £639,983). Realised losses on the sale of quoted investments amounted to £(6,859) (2021 – £4,154), Unrealised gains/(losses) on the revaluation to market value of quoted investments amounted to £(50,800) (2021 - £229,660), Unrealised gains on the revaluation to market value of investment properties amounted to £4,466,805 (2021 - £1,134,664) and unrealised gains/(losses) on the revaluation of fixed assets amounted to £1,546,182 (2021 - £(980)) resulting in a net increase in funds of £6,760,990 (2021 - £2,007,481). The overall funds available to the Trust should be sufficient to enable it to continue to carry out its stated objectives for the foreseeable future.
Page 4
Guiting Manor Amenity Trust
Trustees' Report
Policy on reserves
The trustees have considered the level of free reserves to be held in the Trust and are of the opinion that these should be held at approximately three months’ worth of normal expenditure.
The main source of income is rent from the properties owned by the Trust and as such is regular and relatively secure. The pandemic has not had a significant impact on the rent collection from tenants and all arrears of rent caused by the pandemic were received during the year.
Investment income is more sporadic by nature and is reinvested into the investment portfolio. The pandemic has had some effect on the dividend income in the year, but this is not significant in the overall context of the Trust assets. The investments themselves are realised as necessary to release funds for major investment projects, as required.
The free reserves held at the end of the year (defined as excluding investments as these are required to generate income for the Trust) and after designated income already committed to building projects, were deemed adequate at the balance sheet date.
Investment policy and objectives
The trustees hold a low/medium-risk investment portfolio managed professionally by Investec Stockbrokers. The portfolio is being managed by Investec in accordance with the risk mandate given to them by the trustees and there are no restrictions placed on the investment of monies although Environmental, Social & Governance considerations are being thought through by the trustees.
Fundraising
The Trust is committed to high standards with regard to fundraising activity and has complied with all laws relating to charities and fundraising. We are clear, honest and open about our activities and fund raising requirements.
We do not employ any professional fundraisers or use commercial participators nor do we cold-call members of the public. No fundraising activities are carried out on the Trust’s behalf by external parties; no complaints were received about our fundraising activities during 2022.
Page 5
Guiting Manor Amenity Trust
Trustees' Report
Plans for future periods
Aims and key objectives for future periods
The Trust continues to seek to renovate and upgrade the properties it owns. Major refurbishments are normally carried out as and when a property becomes vacant. This is largely because, given the age of some of the tenants, there is a natural reluctance, from both the tenant and the Trust, to suffer or inflict major disruption by an enforced house move for a period while the work is undertaken. For this reason, it is difficult to forecast how many substantial upgrades are to be completed, but the Trustees expect there to be two to three each year. The Trust has nearly completed its aim of improving the energy efficiency of all properties in line with government requirements and some of the properties have a considerably better rating than the minimums required.
There is an annual visit to all properties, undertaken by a surveyor. From this an annual plan for day to day maintenance is drawn up to ensure that the properties do not deteriorate. These works may include such significant items as roof, chimney and window repairs, energy efficiency projects and external painting. Such major projects are usually undertaken by external contractors.
The Trust continues actively to review its property portfolio to ensure all buildings are useful assets to Guiting Power. This means that some properties which are no longer appropriate for their original use, such as historic barns, have been converted to offices and workshop areas so that they can perform new roles, offer employment opportunities and generally enhance the life of the village. The most recent significant project was to build one and two bedroomed houses for rent on a ‘brownfield’ site known as Tally Ho, the former garage site in Guiting Power. This project was successfully completed in the previous financial year. These properties have provided much more suitable accommodation for elderly tenants than the Trust's existing cottages which invariably have steep stairs. Also, the Trustees are considering converting a remotely sited redundant stone barn into an eco-house.
The Trust is always looking to increase its property portfolio. The Trustees have drawn up a schedule of properties which are not currently owned by the Trust but which would enhance the portfolio, for example the sole house in a terrace which is not in Trust ownership. In expectation of carrying out these large projects, the Trust therefore seeks to retain a higher percentage of net income than would otherwise be the case.
The Trust continues to preserve and significantly enhance the environment and the amenities in and around Guiting Power. It continues to work through its subsidiary, Guiting Manor Farms Limited to enhance the landscape and external environment. The refurbishment and maintenance of the property portfolio, which comprises well over 50% of the houses in the village, enhances the visual character of the beautiful Cotswold landscape which is Guiting Power.
During the year, the Trust agreed in principle to support a rebuilding project of some classrooms at the Primary School in Temple Guiting with a significant donation and has also supported a number of other educational charities.
Page 6
Guiting Manor Amenity Trust
Trustees' Report
Structure, governance and management
Nature of governing document
The governing document of the Trust was a Trust Deed dated 1 November 1976 but the Trust converted to a Charitable Incorporated Organisation on 1 May 2022, being the start of the next financial year. The Constitution of the Charitable Incorporated Organisation is dated 5 November 2021 and has identical aims and objectives of the original trust.
Recruitment and appointment of trustees
When necessary, new Trustees are selected through personal recommendation and enquiries, bearing in mind criteria as suggested in the Trust Deed. Potential Trustees are interviewed both formally and informally. They are then given access to minutes and accounts and invited to attend meetings as an observer. Once appointed, ongoing training includes access to appropriate publications, such as those produced by the Charity Commission, and formal training courses.
Organisational structure
Overall control of the Trust is held by the Board of Trustees who make policy which is communicated to and carried out, on a day to day basis, by the Trust Manager and the Building Manager.
Staff, as set out above, are notified of the decisions of the Trustees at their regular meetings, as appropriate, and report back to the trustees where required.
There is one formal sub-committee of the Trust, the Property Management Committee, on which five Trustees sit. The remit of this Committee is to produce plans for property maintenance and renovation for approval by the full Trustee body. It also produces more detailed guidance on property management and approves, subject to limits set by the Trustees, proposals for such. In addition, it has general oversight of the building works programme.
Trustees’ and Property Management meetings are held four times a year.
Page 7
Guiting Manor Amenity Trust
Trustees' Report
Relationships with related parties
Guiting Manor Farms Limited
The Trust is the holder of 100% of the share capital of Guiting Manor Farms Limited, a farming company incorporated in England. One of the directors is also a Trustee.
Major risks and management of those risks
Risk management
The Board of Trustees is responsible for the management of risks faced by the Trust with matters of detail being delegated as appropriate.
A formal Risk Register has been produced. This seeks to identify risks the Trust may face, the likelihood and impact of such risks occurring and what can be done to mitigate the effects. This document is reviewed and updated, where necessary, at Trustees’ meeting.
In addition, the key controls used by the Trust are:
-
Formal agendas for Trustees’ and Property Management meetings.
-
Regular planning and budgeting reviews.
-
Monthly accounts and monthly rolling cash flow forecasts.
-
Quarterly reports by Investec Stockbrokers who manage the Trust's investment portfolio. - Formal written policies.
Through this risk management process, the Trustees have obtained reasonable assurance that the major risks have been adequately managed.
APB Ethical Standards - Provisions Available for Small Entities
In common with many other businesses of our size and nature, we use our auditors to prepare and submit returns to the tax authorities.
Disclosure of information to auditor
Each Trustee has taken steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 10 February 2023 and signed on its behalf by:
......................................... C Hayes Trustee
Page 8
Guiting Manor Amenity Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 the incoming resources and application of resources of the charity 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 in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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 the trustees of the charity on 10 February 2023 and signed on its behalf by:
......................................... C Hayes Trustee
Page 9
Guiting Manor Amenity Trust
Independent Auditors' Report to the Trustees of Guiting Manor Amenity Trust
Opinion
We have audited the consolidated financial statements of Guiting Manor Amenity Trust for the year ended 30 April 2022, which comprise the Consolidated Statement of Financial Activities, Trust and Consolidated Balance Sheets, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP – FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group’s and the parent charity’s affairs as at 30 April 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 10
Guiting Manor Amenity Trust
Independent Auditors' Report to the Trustees of Guiting Manor Amenity Trust
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 11
Guiting Manor Amenity Trust
Independent Auditors' Report to the Trustees of Guiting Manor Amenity Trust
Our assessment focused on key laws and regulations the charity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Charities Act 2011, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:
• obtaining an understanding of the charity's policies and procedures and how the charity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the charity and how the charity is complying with that framework;
• an understanding of the charity’s risk assessment process, including the risk of fraud;
- designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
J M Russell FCA (Senior Statutory Auditor) For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor
37 Market Square Witney Oxfordshire OX28 6RE
Date: 15 February 2023
Just Audit & Assurance Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 12
Guiting Manor Amenity Trust
Consolidated Statement of Financial Activities for the Year Ended 30 April 2022
| Unrestricted funds | |
|---|---|
| 2022 2021 |
|
| Note | £ £ |
| Incoming resources | |
Incoming resources from generated funds |
|
Voluntary |
|
| Donations | - - |
| Other activities for generating funds | |
| Trading turnover of subsidiary | 1,348,200 1,687,955 |
| Investment income | |
| Dividends received | 13,512 12,350 |
| Interest received | 10,328 8,172 |
| Rental income 3 |
752,338 751,593 |
| 776,178 772,115 |
|
| Other incomingresources | 15,955 11,962 |
| Total incoming resources | 2,140,333 2,472,032 |
| Resources expended | |
| Costs of generating funds | |
Trading costs of subsidiary |
839,732 1,309,435 |
| Charitable activities 5 |
409,132 429,562 |
| Investment management activities 6 |
12,348 11,254 |
| 1,261,212 1,750,251 |
|
| Governance costs 7 |
14,281 18,218 |
| Other resources expended 8 |
19,990 40,146 |
| Total resources expended | 1,295,483 1,808,615 |
| Net incoming resources before taxation | 844,850 663,417 |
| Corporation tax on net incomingresources | (39,187) (23,434) |
| Net incoming resources before gains/(losses) | 805,663 639,983 |
| Gains/losses on investment assets | 5,809,145 1,368,478 |
| Net income | 6,614,808 2,008,461 |
| Other recognised gains and losses | |
Gains/losses on revaluation of fixed assets for charity's own |
146,182 (980) |
| use | |
| Net movement in funds for the period | 6,760,990 2,007,481 |
| Funds brought forward at 1 May2021 | 52,817,768 50,810,287 |
| Funds carried forward at 30 April 2022 20 |
59,578,758 52,817,768 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 20.
Page 13
Guiting Manor Amenity Trust
(Registration number: 272435) Trust and Consolidated Balance Sheet as at 30 April 2022
| 2022 | 2022 | 2021 Group £ Trust £ - 13,645,343 1,074,458 38,019,629 49,764,088 51,664,972 50,838,546 300,347 1,013 227,381 49,457 1,186,622 170,210 1,714,350 220,680 282,011 147,014 1,432,339 73,666 53,097,311 50,912,212 111,106 - 168,437 - 52,817,768 50,912,212 52,817,768 50,912,212 |
|
|---|---|---|---|
| Group | Trust | ||
| Note | £ |
£ | |
| Fixed assets | |||
| Intangible assets 12 |
- | ||
| Tangible assets 13 |
15,432,660 | 1,263,011 | |
| Investments 14 |
42,753,532 | 55,897,991 | |
| 58,186,192 | 57,161,002 | ||
| Current assets | |||
| Stocks 15 |
498,765 | 2,495 | |
| Debtors 16 |
260,534 | 54,721 | |
| Cash at bank and in hand | 1,383,311 | 364,436 | |
| 2,142,610 | 421,652 | ||
| Creditors: amounts falling due | 345,485 | 54,700 | |
within oneyear 17 |
|||
| Net current assets/(liabilities) | 1,797,125 | 366,952 | |
| Total assets less current liabilities | 59,983,317 203,460 201,099 |
57,527,954 - - |
|
| Creditors: amounts falling due | |||
| after more than one year 18 |
|||
| Provisions for liabilities and | |||
| charges 19 |
|||
| Net assets | 59,578,758 | 57,527,954 | |
| Represented by | |||
| Total funds 20 |
59,578,758 | 57,527,954 |
The financial statements on pages 12 to 32 were approved by the trustees, and authorised for issue on 10 February 2023 and signed on their behalf by:
......................................... C Hayes Trustee
Page 14
Guiting Manor Amenity Trust
Consolidated Cash Flow Statement for the Year Ended 30 April 2022
| Unrestricted funds | |
|---|---|
| 2022 2021 |
|
| Note | £ £ |
| Cash flows from operating activities | |
| Net cash provided by (used in) operating activities | 805,663 639,983 |
| Adjustments to cash flows from non-cash items | |
| Depreciation | 241,013 225,499 |
| (Profit)/loss on disposal of tangible fixed assets | (184,624) (25,103) |
| Deferred tax provision | 32,662 23,423 |
| Finance costs | |
| Investment income | (23,840) (20,522) |
| 870,874 843,280 |
|
| Working capital adjustments | |
| (Increase) Decrease in stocks | (198,418) 243,161 |
| (Increase) Decrease in debtors | (33,153) 237,240 |
| Increase (Decrease) in creditors | (31,128) (554,261) |
| Increase (Decrease) in deferred income | (3,498) 1,922 |
| Net cash flows from operatingactivities | 604,677 771,342 |
| Cash flows from investing activities | |
| Interest receivable and similar income | 10,328 8,172 |
| Purchase of tangible fixed assets | (517,775) (364,530) |
| Sale of tangible fixed assets | 220,251 58,616 |
| Purchase of investments | (570,579) (545,872) |
| Sale of investments | 279,868 152,640 |
| Income from dividends | 13,512 12,350 |
| Cash deposits within investment portfolio | (34,046) 20,585 |
| Net cash from investingactivities | (598,441) (658,039) |
| Hire purchase and finance lease credit secured | 194,915 157,478 |
| Hire purchase and finance lease repayments | (4,462) (4,462) |
| Net cash from financingactivities | 190,453 153,016 |
| Net increase(decrease)in cash and cash equivalents | 196,689 266,319 |
| Cash and cash equivalents at 1 May | 1,186,622 920,303 |
| Cash and cash equivalents at 30 April | |
| 1,383,311 1,186,622 |
|
Page 15
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Guiting Manor Amenity Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Donations and legacies
Donations are accounted for when received
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
-
The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Other trading activities
Rental income is accounted for when it falls due
Investment income
Dividends are accounted for when received. Tax credits reclaimable are shown as part of the dividend. Any tax recoverable is shown in debtors.
Page 16
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other expenditure
Staff costs are apportioned to property maintenance and property administration and capital costs on a time spent basis. Depreciation incurred on fixed assets is for the Trust's own use and allocated to either property maintenance, property administration or governance costs.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.
Government grants
Grants towards capital expenditure are netted off against the cost of the relevant asset. Grants towards revenue expenditure are released to the statement of financial activities as the related expenditure is incurred.
Pensions and other post retirement obligations
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Trust has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Page 17
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Land and buildings
Properties included in fixed assets are those properties which do not generate an income for the Trust and are used solely for administration purposes. All other properties are included as fixed asset investments.
Both fixed asset properties and investment properties are included in the accounts at current market value.
Depreciation is not provided on freehold properties included as fixed assts as residual values are high and useful lives are long due to regular maintenance and repairs.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Property improvements | over 40 years |
| Fencing | 10% per annum on cost |
| Equipment and farm machinery | 10% to 15% per annum on cost |
| Office and computer equipment | 10% to 25% per annum on cost |
| Motor vehicles | 20% per annum on cost |
| Tractors and combines | 20% per annum on cost |
Goodwill
Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Investment income is included in these accounts when receivable at the balance sheet date. Costs incurred in the purchase and disposal of investments are accounted for as investment management activities.
Page 18
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment is established when there is objective evidence that the Trust will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if they do not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
Page 19
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
2 Subsidiary company/group undertaking
Guiting Manor Farms Limited is a wholly owned subsidiary company incorporated in the UK with an issued share capital of £650.
The principal activity of the company is farming. Audited accounts have been filed with the Registrar of Companies and have been consolidated with those of Guiting Manor Amenity Trust in the group accounts presented here. The non-charitable trading activities of this subsidiary are summarised below:
| below: | |
|---|---|
| 2022 2021 |
|
| £ £ |
|
| Turnover | 1,266,802 1,612,960 |
| Cost of sales | 207,861 523,078 |
| Gross profit | 1,058,941 1,089,882 |
| Administrative expenses | 954,877 926,184 |
| Other operatingincome | 81,398 74,995 |
| Operating profit | 185,462 238,693 |
| Other interest receivable and similar income | 52 78 |
| Interestpayable and similar charges | 1,079 523 |
| Profit on ordinaryactivities before taxation | 184,435 238,248 |
| Tax onprofit on ordinaryactivities | (39,187) (23,434) |
| Retained profit for the year | 145,248 214,814 |
3 Rental income
| 3 Rental income |
|||
|---|---|---|---|
| 2022 | 2021 Group £ Trust £ 46,847 46,847 - 121,129 682,597 682,597 6,252 6,252 15,897 15,897 751,593 872,722 |
||
| Group £ |
Trust £ |
||
| Commercial | 56,814 | 56,814 | |
| Agricultural | - | 121,129 | |
| Residential | 688,130 | 712,170 | |
| Garages | 6,252 1,142 |
6,252 1,142 |
|
| Sundry | |||
| 752,338 | 897,507 |
Page 20
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
4 Net incoming/outgoing resources
Net incoming resources of the group before gains and losses is stated after charging/(crediting):
| 2022 | 2022 | 2021 | 2021 | ||
|---|---|---|---|---|---|
| Group | Trust | Group | Trust | ||
| £ | £ | £ | £ | ||
| Staff costs | 389,555 | 89,302 | 388,724 |
88,471 |
|
| Depreciation of tangible assets | 241,013 | 3,522 | 225,499 |
1,464 |
|
| (Profit)/loss on disposal of tangible assets | (184,624) | (1,500) | (25,103) |
(1,000) |
|
| Audit fees | 9,125 | 3,725 | 8,710 |
3,310 |
|
| Auditors remuneration for non-audit work | 1,250 | 1,250 | 1,250 |
1,250 |
Page 21
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
| 5 Charitable activities |
2021 Group £ Trust £ 56,719 56,719 3,538 3,538 2,429 2,429 515 515 495 495 10,495 10,495 3,121 3,121 16,800 16,800 5,105 5,105 5,362 5,362 15,263 15,263 176,244 176,244 51,640 51,640 1,090 1,090 - - 1,111 1,111 349,927 349,927 23,331 23,331 751 751 1,151 1,151 37 37 1,675 1,675 2,459 2,459 153 153 17,669 17,669 5,887 5,887 374 374 899 899 120 120 25,303 25,303 (174) (174) 79,635 79,635 429,562 429,562 |
||
|---|---|---|---|
| 2022 | |||
| Group | Trust | ||
£ |
£ | ||
| Property maintenance | |||
| Wages and salaries | 56,499 | 56,499 | |
| Employers NIC | 3,759 | 3,759 | |
| Staff pensions | 2,665 | 2,665 | |
| Life assurance | 540 | 540 | |
| Staff training | 1,150 | 1,150 | |
| Architectural fees | 1,321 | 1,321 | |
| Motor and travel | 2,488 | 2,488 | |
| Notional rent for staff properties | 13,800 | 13,800 | |
| Rates | 4,882 | 4,882 | |
| Light, heat and power | 7,673 | 7,673 | |
| Repairs and maintenance | 29,107 | 29,107 | |
| Contractors | 142,938 | 142,938 | |
| Irrecoverable VAT | 52,419 | 52,419 | |
| Depreciation of plant and machinery | 3,212 | 3,212 | |
| Depreciation of motor vehicles | - | - | |
| Telephone and fax | 997 | 997 | |
| 323,450 | 323,450 | ||
| Property administration | |||
| Wages and salaries | 23,689 | 23,689 | |
| Employers NIC | 924 | 924 | |
| Staff pensions | 1,191 | 1,191 | |
| Life assurance | 35 | 35 | |
| Rates | 1,114 | 1,114 | |
| Light, heat and power | 2,629 | 2,629 | |
| Cleaning | 168 | 168 | |
| Insurance | 17,598 | 17,598 | |
| Irrecoverable VAT | 7,655 | 7,655 | |
| Depreciation of fixtures and fittings | 310 | 310 | |
| Telephone | 1,436 | 1,436 | |
| Website | 120 | 120 | |
| Legal and professional fees | 30,912 | 30,912 | |
| Bad debts written off | (2,099) | (2,099) | |
| 85,682 | 85,682 | ||
| Total costs of charitable activities | 409,132 | 409,132 |
Page 22
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
6 Investment management activities
Net incoming resources of the group before gains and losses is stated after charging/(crediting):
| 2022 | 2022 | 2021 Group £ Trust £ 11,254 11,254 |
|
|---|---|---|---|
| Group | Trust | ||
£ |
£ | ||
| Investment management fees | 12,348 | 12,348 |
7 Governance costs
| 7 Governance costs |
|||
|---|---|---|---|
| 2022 | 2021 Group £ Trust £ 8,710 3,310 1,250 1,250 4,773 4,773 1,152 1,152 1,677 1,677 384 384 32 32 200 200 40 40 - - 18,218 12,818 |
||
| Group | Trust | ||
£ |
£ | ||
| Audit of the financial statements | 9,125 | 3,725 | |
| Other fees paid to auditors | 1,250 | 1,250 | |
| Legal and professional fees | - | - | |
| Trustees indemnity insurance | 1,693 | 1,693 | |
Bookkeeping |
1,749 | 1,749 | |
Rates |
384 | 384 | |
| Bank charges | 32 | 32 | |
Gifts |
13 | 13 | |
| Trade subscriptions | 35 | 35 | |
| Depreciation on furniture | - | - | |
| 14,281 | 8,881 |
8 Other resources expended
| 8 Other resources expended |
|||
|---|---|---|---|
| 2022 | 2021 Group £ Trust £ 10,625 10,625 11,419 11,419 (25,103) (1,000) 17,106 17,106 1,996 1,996 16,043 40,146 |
||
| Group £ |
Trust £ |
||
| Grants payable | - | - | |
Goods purchased for recharge |
9,173 | 9,173 | |
(Profit)/loss on disposal tangible fixed |
(184,624) | (1,500) | |
assets for charity’s own use |
|||
| Charitable donations | 8,343 | 8,343 | |
| Sundry expenses | 3,974 | 3,974 | |
| (163,134) | 19,990 |
Page 23
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
9 Staff costs
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
| by category was as follows: | |||
|---|---|---|---|
| 2022 | 2021 Group £ Trust £ 7 - 2 2 1 1 - - 10 3 |
||
| Group | Trust | ||
£ |
£ | ||
| Subsidiary | 7 | - | |
| Property maintenance | 2 | 2 | |
Property administration |
1 | 1 | |
Capitalised |
- | - | |
| 10 | 3 |
The payroll costs of these persons were as follows:
| 2022 | 2022 | 2021 Group £ Trust £ 244,613 27,834 27,806 300,253 56,719 56,719 4,053 4,053 2,429 2,429 63,201 63,201 23,331 23,331 788 788 1,151 1,151 25,270 25,270 - - - - - - - - - - |
|
|---|---|---|---|
| Group | Trust | ||
| Trading costs of subsidiary | £ |
£ | |
| Wages and salaries | 244,613 | ||
| Social security costs | 27,834 | ||
Other pension costs |
27,806 | ||
| 300,253 | |||
| Property maintenance | |||
| Wages and salaries | 56,499 | 56,499 | |
Social security costs |
4,299 | 4,299 | |
| Other pension costs | 2,665 | 2,665 | |
| 63,463 | 63,463 | ||
| Property administration | |||
Wages and salaries |
23,689 | 23,689 | |
| Social security costs | 959 | 959 | |
Other pension costs |
1,191 | 1,191 | |
| 25,839 | 25,839 | ||
| Staff costs capitalised | |||
| Wages and salaries | - | - | |
Social security costs |
- | - | |
Other pension costs |
- | - | |
| Other costs | - | - | |
| - | - |
Contributions to the employee pension schemes for the year totalled £31,662 (2021 - £31,386). Other costs includes council tax, water and staff life assurance. No employee received emoluments of more than £60,000 during the year
Page 24
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
10 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Subject to capital adequacy the intention is that any taxable profit arising in the trading company will be covenanted to the Trust
12 Intangible fixed assets
| 12 Intangible fixed assets |
|
|---|---|
| Negative | |
goodwill |
|
| Cost | |
| At 1 May 2021 and 30 April 2022 | (122,396) |
| Amortisation | |
| At 1 May 2021 and 30 April 2022 | (122,396) |
| Net book value | |
| At 30 April 2022 | - |
| At 30 April 2021 | - |
The negative goodwill arose on the purchase of the subsidiary, Guiting Manor Farms Limited. The negative goodwill was written off to the statement of financial activities over the period in which it was utilised. In the opinion of the trustees, negative goodwill was utilised over four years.
Page 25
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
13 Tangible fixed assets
| 13 | Tangible fixed assets |
||||||
|---|---|---|---|---|---|---|---|
| Land and buildings £ 12,670,000 1,546,182 2,818 - - |
Plant and machinery £ 14,221 43,075 |
Furniture and equipment £ 14,522 |
Motor vehicles £ 14,018 (3,819) |
Guiting Manor Farms Limited £ Group Total £ 2,998,528 15,711,289 - 1,546,182 471,882 517,775 (363,867) (367,686) - - |
|||
| Group | |||||||
| Cost | |||||||
| At 1 May 2021 | |||||||
| Revaluations | |||||||
| Additions | |||||||
| Disposals | |||||||
| Transferred(to)/from investments | |||||||
| At 30 April 2022 | 14,219,000 | 57,296 | 14,522 | 10,199 | 3,106,543 17,407,560 |
||
| Depreciation | - | 10,668 3,212 |
13,617 310 |
14,018 - (3,819) |
2,027,643 2,065,946 237,491 241,013 (328,240) (332,059) |
||
| At 1 May 2021 | |||||||
| Charge for the year | |||||||
| Eliminated on disposals | |||||||
| At 30 April 2022 | - | 13,880 | 13,927 | 10,199 | 1,936,894 1,974,900 |
||
| Net book value | |||||||
| At 30 April 2022 | 14,219,000 | 43,416 | 595 | - | 1,169,649 15,432,660 |
||
| At 30 April 2021 | 12,670,000 | 3,553 | 905 | - | 970,885 13,645,343 |
All assets are used by the Group for either property maintenance, staff accommodation or administration purposes. Any assets that started to produce an income during the year have been transferred to fixed asset investments. The properties were mostly donated a considerable number of years ago and therefore it is not possible to state historical cost.
The fair value of the Group’s Land and Buildings was revalued on 30 April 2022 by Tayler & Fletcher, Chartered Surveyors. Hire purchase agreements included within the net book value of tangible fixed assets is £646,617 (2021 - £354,615) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £92,531 (2021 - £49,037)
Page 26
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
13 Tangible fixed assets
| 13 | Tangible fixed assets |
|||||
|---|---|---|---|---|---|---|
| Land and buildings £ 1,070,000 146,182 2,818 - - |
Plant and machinery £ 14,221 - 43,075 - - |
Furniture and equipment £ 14,522 - - - - |
Motor vehicles £ Trust Total £ 14,018 1,112,761 - 146,182 - 45,893 (3,819) (3,819) - - |
|||
| Trust | ||||||
| Cost | ||||||
| At 1 May 2021 | ||||||
| Revaluations | ||||||
| Additions | ||||||
| Disposals | ||||||
| Transferred(to)/from investments | ||||||
| At 30 April 2022 | 1,219,000 | 57,296 | 14,522 | 10,199 1,301,017 |
||
| Depreciation | - - - |
10,668 3,212 - |
13,617 310 - |
14,018 38,303 - 3,522 (3,819) (3,819) |
||
| At 1 May 2021 | ||||||
| Charge for the year | ||||||
| Eliminated on disposals | ||||||
| At 30 April 2022 | - | 13,880 | 13,927 | 10,199 38,006 |
||
| Net book value | ||||||
| At 30 April 2022 | 1,219,000 | 43,416 | 595 | - 1,263,011 |
||
| At 30 April 2021 | 1,070,000 | 3,553 | 905 | - 1,074,458 |
Page 27
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
| 14 Investments held as fixed assets |
||||
|---|---|---|---|---|
| Quoted | Other £ |
Land and Group |
||
| shares £ |
Library £ |
buildings £ Total £ |
||
| Group | ||||
| Cost | ||||
| At 1 May 2021 | 1,328,338 | 59 | 85,000 | 36,606,232 38,019,629 |
| Revaluations | (57,659) | 4,466,805 4,409,146 |
||
| Additions | 257,261 | 313,318 570,579 |
||
| Disposals | (279,868) | - (279,868) |
||
| Transferred (to)/from fixed assets | - - |
|||
| Movement in cash held on investment | 34,046 |
- 34,046 |
||
| At 30 April 2022 | 1,282,118 | 59 | 85,000 | 41,386,355 42,753,532 |
| Net book value | ||||
| At 30 April 2022 | 1,282,118 | 59 | 85,000 |
41,386,355 42,753,532 |
| At 30 April 2021 | 1,328,338 | 59 | 85,000 | 36,606,232 38,019,629 |
| Trust | £ |
|---|---|
| As above | 42,753,532 |
| Investment held by subsidiary company | (59) |
| Investment in subsidiary company | 43,048 |
| Property improvements by subsidiary company | 101,470 |
| Investment property – Guiting Manor Farms Ltd | 13,000,000 |
| 55,897,991 |
Listed investments are stated at their mid-market value at the balance sheet date.
Individual investments which comprise over 5% of the value of the portfolio are as follows:
Hermes Fd Mgrs F H US Smid Eq F2 GDP Dis (5.78%)
The library was professionally valued by Tayler and Fletcher, Chartered Surveyors, in April 2017 and this value has been included in the accounts.
Investment properties that are no longer used to generate an income but are now used by the Trust for either property maintenance, staff accommodation or administration purposes have been transferred to fixed assets; no such property was transferred this year.
Similarly, properties that are no longer required for administrative purposes but where income can be generated are transferred in the other direction; no such properties were transferred this year
Page 28
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Undertaking | Country of incorporation |
Holding | Proportion of voting rights and shares held |
Principal activity |
|---|---|---|---|---|
| 2022 2021 |
||||
| Subsidiary undertakings | ||||
| Guiting Manor Farms Limited |
England and Wales |
Ordinary £1 | 100% 100% |
that of farming |
| Guiting Manor Farms Limited |
England and Wales |
Ordinary 'A' | 100% 100% |
that of farming |
Subsidiaries
The shares in Guiting Manor Farms are stated at cost. As the company is a private one there is no ready market for the shares. In the opinion of the Trustees the value reflected in the accounts is the maximum that could be realised on their disposal.
15 Inventories
| 15 Inventories |
|||
|---|---|---|---|
| 2022 | 2021 Group £ Trust £ 300,347 1,013 2021 Group £ Trust £ 163,471 2,589 24,572 7,530 6,596 6,596 23,367 23,367 9,375 9,375 227,381 49,457 |
||
| Group | Trust | ||
£ |
£ | ||
| Inventories | 498,765 | 2,495 | |
| 16 Debtors |
|||
| 2022 | |||
| Group | Trust | ||
£ |
£ | ||
| Trade debtors | 208,237 | ||
| Due from group undertakings | 2,589 | ||
| Other debtors | 12,724 | 12,559 | |
| Other taxes | - | - | |
| Prepayments | 30,198 | 30,198 | |
| Accrued income | 9,375 | 9,375 | |
| 260,534 | 54,721 |
Page 29
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
17 Creditors: amounts falling due within one year
| 2022 | 2022 | 2021 Group £ Trust £ 41,910 174,891 91,647 19,800 3,685 3,583 7,976 2,832 38,397 14,000 15,152 15,152 282,011 147,014 |
|
|---|---|---|---|
| Group | Trust | ||
£ |
£ | ||
| Obligations under hire purchase contract | 140,009 |
||
Trade creditors |
128,308 |
21,897 | |
| Corporation tax | |||
| Due to group undertakings | - | - | |
Other creditors |
6,140 | 5,400 | |
| Social security and other taxes | 14,758 | 3,865 | |
| Accruals | 44,616 | 11,884 | |
| Rents paid in advance deferred income | 11,654 | 11,654 | |
| 345,485 | 54,700 |
18 Creditors: amounts falling due after more than one year
| 2022 | 2022 | 2021 Group £ Trust £ 111,106 - |
|
|---|---|---|---|
| Group | Trust | ||
£ |
£ | ||
| Obligations under hire purchase contract | 203,460 |
- |
19 Provisions for liabilities and charges
| 19 Provisions for liabilities and charges |
|
|---|---|
| 2022 Group £ Trust £ 168,437 - 32,662 201,099 - |
|
| Deferred tax provision | |
| At 1 May 2021 | |
| Deferred tax provision charged to the profit and loss account | |
| At 30 April 2022 |
Page 30
Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
| 20 Total funds |
2022 Group £ Trust £ - - 52,817,768 50,912,212 805,663 660,415 5,809,145 5,809,145 146,182 146,182 59,578,758 57,527,954 |
|---|---|
| Group | |
£ |
|
| Restricted funds | |
| At 1 May2020 and 30 April 2021 | - |
| Unrestricted funds | |
| At 1 May 2021 | 52,817,768 |
| Net incoming resources before gains/(losses) | 805,663 |
| Realised gains/(losses) on sale of quoted investments | 5,809,145 |
| Revaluation of fixed assets | 146,182 |
| Revaluation of investments held as fixed assets | |
| At 30 April 2022 | 59,578,758 |
The unrestricted funds are represented by the total assets of the Trust
| Analysis of funds | 2022 2021 £ £ 15,432,660 13,645,343 42,753,532 38,019,629 2,142,610 1,714,350 (345,485) (282,011) (203,460) (111,106) (201,099) (168,437) 59,578,758 52,817,768 |
|---|---|
| Tangible fixed assets | |
| Fixed asset investments | |
| Current assets | |
| Current liabilities | |
| Creditors falling due outside one year | |
| Provisions for liabilities | |
| Total net assets |
21 Commitments
Capital commitments
The total amount contracted for but not provided in the financial statements was £108,823 (2021 - £30,158).
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Guiting Manor Amenity Trust
Notes to the Consolidated Financial Statements for the Year Ended 30 April 2022
22 Related parties
Controlling interest The Trustees have joint control of the Trust.
Related party transactions
During the year the charity made the following related party transactions:
Guiting Manor Farms Limited (The Trust is related to Guiting Manor Farms Limited and the estate of Mr E R Cochrane)
During the year, the Trust received £145,169 (2021 - £135,014) rental income and £173,516 (2021 - £13,820) gift aid donation from Guiting Manor Farms Limited.
At the balance sheet date the amount due to Guiting Manor Farms Limited was £NIL (2021 - £19,800). The amount owing from Guiting Manor Farms Limited was £2,589 (2021 - £2,589)
Tayler & Fletcher (One of the Trustees is a partner in Tayler & Fletcher.)
£7,275 (2021 - £4,172) was paid during the year for estate agency fees.. At the balance sheet date the amount due to/from Tayler & Fletcher was £Nil (2021 - £Nil).
S3 Design Limited (One of the Trustees is a director of S3 Design Limited.)
£18,411 (2021 - £20,130) was paid during the year for architectural fees for properties.. At the balance sheet date the amount due to/from S3 Design Limited was £Nil (2021 - £Nil).
Willans LLP (One of the Trustees is a partner at Willans LLP, Solictors.)
£NIL (2021 - £4,768) was paid during the year for legal fees.. At the balance sheet date the amount due to/from Willans LLP was £Nil (2021 - £Nil).
All fees were negotiated at arm’s length. Balances owing to related parties at the end of the year are included in the trade creditors figure.
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