OXSHorrTRUST FUND (Registered Charity No. 305089) Accounts forthe Year ended 31st March 2021 Page I Contents Page5 Contents Trustees, Report 2and3 Independent Examinerfs ReFK)rt Statement of Financial Artivities Balance Sheet Notes to the Accounts 7and8 Prlncipal address of the Trust Bankers Oxshott Willage Centre 19 Holtwood Road Oxshott Surrev KT12 OQL Barclays Bonk PIC 8-12 Church Street Esher Surrey 12 2W¥V OXSHo￿TRusr FUND (Registered Charity No. 305089) Page 2 Trustees, Re rt for the ear ended 31st March 2021 TRUSTEES- the following seNed as Trustees during the period= Legal Trustees: Geoffrey Moyle Michael Carpenter Ted Horne Chaim)an The following were administrative trustees by virtue of co-option or nomination- Hilary Dyson Honorary Secretary Ann Harper Angela Horne Stuart Knee Don Porter Andrew Thompson Lindy Wheeler All the above are residents of Oxshott except for Hilary Dyson Honorary Treasurer GOVERNING INsfRUMENTS AND OBJECTIVES The Oxshott TrL¢St Fund is a charity governed by a Trust Deed dated 27th April 1959. The objects are charitable purposes for the benefft of the inhabitants of Oxshott and its immediate vicinity. REVIEW OF ACTtVlTIES The Oxshott Trust Fund currently meets its objects through its role as owner and manager of the Oxshott Village Centre, which operates from a site in Holtwood Road, Oxshott under the terms of a lease granted on 17th December 1963 for the period to 2060 by the Crown Estate, which is the owner of the land. During the year the Trust continued to manage the Oxshott Village Centre and to act as landlord and licensor to the Oxshott Medical Practice and as licensor to the Vernon Educational Trust Ltd. The sub lease granted to the Oxshott Medical Practice expired on the 30th September 2019 and was extended fora furtherthree years. Discussions with the Crown Estste and the Oxshott Medical Practice are still ongoing with regard to a possible extension of the head lease and the construrtion of a new surgery adjacent to the current building. RESERVES The Trustees set up some time ago, a separate Property Reserve for the pupose of providing for any exceptional costs relating to lil the refurbishment of the existing buildings (ill the extension of the Head Lease from the Crown Estate and liiil the development of a new medical centre. These designated funds are represented by a combination of investments and deposits. The ReseNe was established by an initial transfer from the Accumulated Fund. which has been subsequently increased by transfers out of operating surpluses and reduced by any exceptional costs incurred. OXSHOTh TRUST FUND {Registered Charity No. 305089) Trustees. Report {continued) Page 3 FINANCIAL REVIEW Despite the adverse impact caused by Covid-19. the Trustees are pleased to report an overall surplus for the year to 31sf March 2021 of just over £88k- this represents an increase of over £43k compared with the previous year.The series of Government lockdowns forced the closure of large parts of the Village Centre for long periods during the year resulting in a significant reduction in lettings income. However the Medical Practice and the car parks remained partly open enabling our other income streams to be rnaintsined. The financial markets, which were adversely affected at the start of the pandemic, stabilised during the year leadingto an improved performance from our two longte￿n investments. The key items impacting the results are explained in more detail below: Management of the Village Centre= The gross lettings, derived from hiring out the halls. decreased by almost £28k due to the closure of the ha115 for long periods during the year- this resulted in the operating deficit of managing the Village Centre to increase from £8.5k last year to £27.4k this year. There were some compensating redurtions in the variable overheads a5 a result of the closures. Day to day repairs and maintenance reduced significantly throughout the year and as no major refurbishment or improvement projects were undertaken in the year. the net annual repair and maintenance cost reduced by almost £7k. Other Income= The level of rental income received from the Medical Practice remained the same as last year at £41.479 after payments to the Crown Estate. Licence fee income and deposit account interest remained broadly at the same level as last year. The performance of our I￿0 investments in charity funds improved during the year and an unrealised gain of £46.2k arose at the year end compared with a deficit of over £16k last year. This significant gain contribLrted to an overall surplus of £88k being reported for the year_ A transfer of £40.4k was made to the Property Reserve out of the operating surplus for the year and the remaining surplus of £47.6k was transferred to the Accumulated Fund. Reserves: As at 315t March 2021 the Trust had net current assets of £616k and total Reserves of £1.052k, all of which are unrestritted. £6(K]k of these Reserves are designated as the Property Reserve and the remaining reseTves amounting to £452k are general fund5 available for the operations of the charity. Any ongoing problems caused by Covid-19 and any further closures of the Centre will have an adverse impact on the results for the current year. However the level of reseNes carried by the Trust should be adequate to absorb any shortfall in income that might arise in the current year. DECLARATION The Trustees declare that they have approved the above Trustees, Report on 2nd August 2021 and it is signed on the Trustees. behalf by= G H Moyle Chairman SRKnee Treasurer OXSHo￿TRuSr FUND {Registered CharFty No. 3050891 Page 4 INDEPENDENT EXAMINER'S REPORT TO ThE TRusfEES I report on the accounts of the above charity I"theTru5t") forthe year ended 31 March 2021 which are Set out on pages 5- 8 Respective Responsibilities of the Trustees and the Examiner The charitws trustees are responsible for the preparation of the accounts. The charivs trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ithe Act) and that an independent examination is needed. It is my responsibility to= examine the accounts under section 145 of the Act follow the procedures laid down in the General Directions given by the Charity Commission under section 14515llb} of the Act state whether particular matters have come to my attention. Basis of the Independent Examinerfs Report My examination was carried out in accordance with the General Directions given by the Charity Commission. This examination includes a review of the accounting records of the Trust and a comparison of the accounts with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustee5 concerning such matters.The procedures undertaken do not provide a51 the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limÈted to those matters set out in the next statement. Independent Examiner's Staternent I confirm that no matter has come to my attention in connertion with the examination: 111 which gives me cause to believe that in any material respect:_ • the accounting records were not kept in accordance with section 130 of the Art: or the accounts did not accord with the accounting records: or the accounts did not comply with the applicable requirements conceming the format and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2(K)8 other than that the accounts give a "true and fair view" which as explained above is not a matter considered as part of the examination: or 121 to which in my opinion, attention should be drawn in order to enable a proper understanding ofthe accounts to be reached. lan Dilks Highland5 7 Holtwood Road Oxshott Surrey tt22 OQL Date= OXsHo￿TRUST FUND (Reoistered Charity No 305089) 5fATEMENT OF FINANCIAL ACTIVITIES for the year ended 3tst March 2021 Page 5 Mana ernentof the Will e Centre 2020 2021 Lettings Income 35,963 8,051 ratin Ex Water and Waste Collection less.. Recharged to Medical Practice Net Water and Waste Collertion Lighting and HeatiTbg Insurance Cleaning Upkeep of Ground5 Repairs and Maintenan Administration Ground Rent OfFice and Sundry Expenses Total Operating Expenses nses: 4,(K)S 1,941 2,064 2,948 3,772 6,931 6,240 14,011 7.200 120 467 4,296 2,050 2,246 2,193 3,773 5,679 6,240 7,258 7,200 120 720 (Note 21 43,753 35.429 Deficit before Exceptional Item5 7,790 27.378 Exceptional Items {Note 31 720 Deficit after Exceptional Items 8,510 27,378 Other Income Rentals les5= paid to the Crown Estate 47,405 5,926 41,479 21,031 6.437 569 69.516 47,405 5,926 41,479 21,440 6,300 Licence Fees Bank and Deposit Interest Sundry Income (Note 11 69,219 Operating Surplus befo￿ Investrnent Gains 61.006 41,841 Unrealised Iloss) / gain on inve5tmeT)ts INote 41 16,311 46,187 Surplus for the year after Investment Gains 44,695 88,028 Transfer to Property Reserve 40.355 Surplus for the year transferred to the Accumulated Fund 44,695 47,673 Accumulated Fund brought forward at 1st April 2020 360,244 404,939 Accumulated Fund carried fonmard at 31st March 2021 {Note 61 404,939 452.612 OXSHOTh TRUSf FUND (Registered Charity No 305089) Page 6 BALANCE SHEEf as at 31st March 2021 2020 2021 Fixed Assets Note I 217,113 217,113 Investments Note 4 173,279 219,466 Current Assets Debtors Deposit Accounts Cash and Bank Balances 8.883 566.889 3,337 6,870 602,803 10,472 Note I Totsl Current Assets 579.109 620,145 Le55: Creditors 4,917 4,112 Net Current Assets 574,192 616,033 964.584 1.052.612 RESERVES Property Reserve Note 5 559.645 600,000 Accumulated Fund Note 6 404.939 452,612 TOTAL RESERVE5 964.584 1,052,612 OXSHorr TRusf FUND (Registered Chority No 305089) Notes to the Accounts Page 7 Note I Accounting Policies. Basis of Accounting: The accounts have been prepared in accordance with the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities. issued by the Charities Commission. The accounts have been prepared under the historical cost convention, except for investments. which are included at market value Ibid pricel. All income and expenditure is recognised on an accruals basis. Fixed Assets: Fixed assets comprise the original cost of the building and site works. Deposits: The deposit accounts have notice periods or maturity dates of no more than one year Licence Fees: Licence fees comprise the fees received for lil the parking concessions granted to the Medical Practice and to Vemon Trust Limited on behalf of Danes Hill School and lill the use of the grassed area on the slte by Danes Hill School. Note 2 Analysis of Operating Expenses. 2020 2021 Direct Charitable Expenditure FL¢ndroising Admirbi5tration 36,553 28,229 7,200 43,753 7.200 35,429 Note 3 Exceptional Items. There were no exceptional items in the current year. In the previous year legal fees gf £720 were incurred in respect of the extension of the sub lease granted to the Oxshott Medical Practice Z020 2021 Legal fees 720 Note 4 Investments. 2020 2021 Market Value brought forward Unrealised {105s11 gain on revaluation Market Value carried forward 189.590 16,311 173.279 173,279 46,187 219,466 The historical cost of the investments is £150,000 (2020 £150.0001 OXSHorrTRUST FUND (Registered Charity No 305089) Notes to the Accounts (continued) Page 8 Note 5 Property Reserve 2020 2021 Balance brought forward Transfer from Statement of Financial Activities Balance carried forward 559.645 559,645 40,355 600,000 559,645 Note 6 Accurnulated Fund 2020 2021 Balance brought forward Transfer from Statement of Financial Activlties Balance carried forward 360,244 44,695 404,939 404,939 47,673 452,612 The Accumulated Fund includes net unrealised gains of £69,466 (2020 £23,279} arising from the revaluation of Investments.