OXSHOTT TRUST FUND
(Registered Charity No. 305089)
Accounts for the Year ended 31st March 2023
| Contents | Pages |
|---|---|
| Contents | 1 |
| Trustees' Report | 2 and 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
| Principal address of the Trust | Bankers |
|---|---|
| Oxshott Village Centre | Barclays Bank Plc |
| 19 Holtwood Road | 8-12 Church Street |
| Oxshott | Esher |
| Surrey | Surrey |
| KT12 0QL | KT12 2YW |
OXSHOTT TRUST FUND
(Registered Charity No. 305089)
Trustees' Report for the year ended 31st March 2023
GOVERNING INSTRUMENTS AND OBJECTIVES
The Oxshott Trust Fund is a charity governed by a Trust Deed dated 27th Apr are charitable purposes for the benefit of the inhabitants of Oxshott and its i TRUSTEES - the following have served as Trustees:
Trustees:
Geoffrey Moyle Chairman Michael Carpenter Stuart Knee Treasurer
The following were administrative trustees by virtue of co-option or nominati management committee;
Oliver Chappell Hilary Dyson Honorary Secretary Angela Horne Roger Marsden (Appointed 6th February 2023) Liz McGibbon (Appointed 6th February 2023) Don Porter Jackie Topp Lindy Wheeler Ann Harper (Resigned 7th November 2022) Andrew Thompson (Retired 7th November 2022)
All the above are residents of Oxshott except for Hilary Dyson and Roger Mar The Trust Deed does not stipulate a specific term of office for Trustees and m management committee and therefore varying periods are served. The comp Committee is reviewed and refreshed at regular intervals to ensure the struc the decision making that is in the charity's best interests. Where significant is in progress, such as the proposed new surgery, members will tend to serve fo
REVIEW OF ACTIVITIES
The Oxshott Trust Fund currently meets its objects through its role as owner Oxshott Village Centre, which operates from a site in Holtwood Road, Oxshot a lease granted on 17th December 1963 for the period to 2060 by the Crown the owner of the land. During the year the Trust continued to manage the Ox Centre and to act as landlord and licensor to the Oxshott Medical Practice an Vernon Educational Trust Ltd.
Agreement has been reached with the Crown Estate for a joint development new medical centre adjacent to the current building. Under that agreement a be granted once planning consent has been obtained for the new building an entered into for its construction.
The sub lease granted to the Oxshott Medical Practice expired on the 30th Se Agreement has been reached to extend the lease for a further five years, or t Oxshott Medical Practice becomes entitled to occupy the new medical centre to that agreement is required before final signature.
RESERVES
The Trustees have set up a separate Property Reserve for the pupose of prov exceptional costs relating to (i) the refurbishment of the existing buildings (ii Head Lease from the Crown Estate and (iii) the development of a new medica designated funds are represented by a combination of investments and depo established by an initial transfer from the Accumulated Fund, which has been increased by transfers out of operating surpluses and reduced by any except
OXSHOTT TRUST FUND
(Registered Charity No. 305089) Trustees' Report (continued)
FINANCIAL REVIEW
The Trustees are pleased to report an overall surplus of £64.9k for the year e compared with £77.6k last year, which benefitted from a large unrealised ga investments. Despite continued covid disruption in the early part of the finan has been a welcome increase in the use of the halls with several of our regul but the overall level of lettings income is still below the pre covid level. Our l interest received increased and although our utility costs increased significan the general market movement, we were able to reduce the operating deficit Although the financial markets continued to be volatile, our two long term inv thankfully reasonably stable during the year, resulting in only a small deficit We did incur some preliminary professional costs on the new surgery, which shown within sundry expenses. The key figures impacting the results are set
Management of the Village Centre:
-
The gross lettings, derived from hiring out the halls, increased this to £31k.
-
Repairs and maintenance costs reduced this year to £12k - the ma spend were furniture for the halls (£2k), floor scrubber (£2.2k), line car park (£1.1k), fencing repairs (£1k) and general electrical repai
-
• All the utility costs suffered significant price increases this year du
-
• Sundry expenses includes £1,276 of professional fees relating to t • The net operating deficit of the Centre reduced by £4k mainly due lettings income noted above.
Other Income:
-
The level of rental income received from the Medical Practice rem last year at £41,479 after payments to the Crown Estate.
-
Licence fee income increased significantly this year to over £36k a park spaces taken by Danes Hill school has increased to 20.
-
The level of deposit interest increased to £6k as savings rates gen
-
• An unrealised loss of £2k was suffered on our two investments in thereby reducing the unrealised gain carried forward to £94k.
-
The overall surplus for the year amounted to £64,882 - a further £ the Property Reserve and £14,882 was transferred to the Accumul
Reserves:
- As at 31st March 2023 the Trust had net current assets of £734k a of £1,195k, all of which are unrestricted. £700k of these Reserves the Property Reserve and the remaining reserves amounting to £4 funds available for the operations of the charity.
DECLARATION
This report was approved by the management committee on 7th August 202 on their behalf by
G H Moyle S R Knee Chairman Treasurer
OXSHOTT TRUST FUND
(Registered Charity No. 305089)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report on the accounts of the above charity ("the Trust") for the year ended 31[st] March set out on pages 5 - 7
Respective Responsibilities of the Trustees and the Examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s that an audit is not required for this year under section 144(2) of the Charities Act 2011 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 Charit section 145(5)(b) of the Act
state whether particular matters have come to my attention.
Basis of the Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the This examination includes a review of the accounting records of the Trust and a compa with those records. It also includes consideration of any unusual items or disclosures in seeking explanations from you as trustees concerning such matters.The procedures un all the evidence that would be required in an audit and consequently no opinion is give accounts present a "true and fair view" and the report is limited to those matters set ou
Independent Examiner's Statement
-
I confirm that no matter has come to my attention in connection with the examination: [1] which gives me cause to believe that in any material respect:-
-
the accounting records were not kept in accordance with section 130 of the
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning t content of accounts set out in the Charities (Accounts and Reports) Regulat than that the accounts give a "true and fair view" which as explained above considered as part of the examination: or
-
-
[2] to which in my opinion, attention should be drawn in order to enable a prope of the accounts to be reached.
Ian Dilks Highlands 7 Holtwood Road Oxshott Surrey KT22 0QL Date:
OXSHOTT TRUST FUND
(Registered Charity No 305089) STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st March 2023
| Management of the Village Centre Lettings Income Operating Expenses: Water and Waste Collection less: Recharged to Medical Practice Net Water and Waste Collection Lighting and Heating Insurance Cleaning Upkeep of Grounds Repairs and Maintenance Administration and Ofce costs Ground Rent Sundry Expenses Total Operating Expenses (Note 2) Operating Defcit Other Income Rentals less: paid to the Crown Estate Licence Fees (Note 1) Bank and Deposit Interest Operating Surplus before Investment Gains (Note 3) Surplus for the year after Investment Gains and Exceptional Items Transfer to Property Reserve (Note 4) Surplus for the year transferred to the Accumulated Fund Accumulated Fund brought forward at 1st April 2022 (Note 5) Unrealised gain(loss)on investments Accumulated Fund carried forward at 31st March 2023 |
2022 £ 24,814 |
|---|---|
| 3,754 1,919 |
|
| 1,835 4,325 3,932 6,097 6,626 14,932 8,087 120 100 |
|
| 46,054 | |
| 21,240 | |
| 47,405 5,926 |
|
| 41,479 27,710 3,154 |
|
| 72,343 | |
| 51,103 26,512 |
|
| 77,615 50,000 |
|
| 27,615 452,612 |
|
| 480,227 |
OXSHOTT TRUST FUND
(Registered Charity No 305089)
BALANCE SHEET as at 31st March 2023
| Fixed Assets Note 1 Investments Note 3 Current Assets Debtors Deposit Accounts Note 1 Cash and Bank Balances Total Current Assets Less: Creditors Net Current Assets NET ASSETS RESERVES Property Reserve Note 4 Accumulated Fund Note 5 TOTAL RESERVES |
2022 £ 217,113 |
|---|---|
| 245,978 | |
| 11,560 651,693 10,384 |
|
| 673,637 6,501 |
|
| 667,136 | |
| 1,130,227 | |
| 650,000 480,227 |
|
| 1,130,227 |
OXSHOTT TRUST FUND
(Registered Charity No 305089) Notes to the Accounts
Note 1 Accounting Policies .
Basis of Accounting The accounts have been prepared in accordance with t Recommended Practice applicable to Charities preparing their accounts in ac Financial Reporting Standard for Smaller Entities, issued by the Charities Com accounts have been prepared under the historical cost convention, except fo which are included at market value (bid price). All income and expenditure is accruals basis.
Fixed Assets: Fixed assets comprise the original cost of the building and sit Deposits: The deposit accounts have notice periods or maturity dates of no m Licence Fees: Licence fees comprise the fees received for (i) the parking co to the Medical Practice and to Vernon Trust Limited on behalf of Danes Hill Sc use of the grassed area on the site by Danes Hill School.
| Note | 2 | Analysis of Operating Expenses. | 2022 |
|---|---|---|---|
| £ | |||
| Direct Charitable Expenditure | 37,967 | ||
| Fundraising | 0 | ||
| Administration | 8,087 | ||
| 46,054 | |||
| Note | 3 | Investments. | 2022 |
| £ | |||
| Market Value brought forward | 219,466 | ||
| Unrealised gain (loss) on revaluation | 26,512 | ||
| Market Value carried forward | 245,978 | ||
| The historical cost of the investments is £150,000 (2022 £150,000) | |||
| Note | 4 | Property Reserve | 2022 |
| £ | |||
| Balance brought forward | 600,000 | ||
| Transfer from Statement of Financial Activities | 50,000 | ||
| Balance carried forward | 650,000 | ||
| Note | 5 | Accumulated Fund | 2022 |
| £ | |||
| Balance brought forward | 452,612 | ||
| Transfer from Statement of Financial Activities | 27,615 | ||
| Balance carried forward | 480,227 |
The Accumulated Fund includes net unrealised gains of £94,031 (2022 £95,9 from the revaluation of Investments.
Note 6 Post Balance Sheet Note
As part of the process for the construction of the new medical centre, the Tru the conversion of the Trust to a Charitable Incorporated Organisation (CIO). U the assets and liabilities of the Trust would all be transferred to the CIO but t expect there to be any significant change in value resulting from thr tr
Page I
Page 2
ril 1959. The objects mmediate vicinity.
on to the
rsden.
members of the position of the ture still supports ssues or projects are or longer periods.
and manager of the t under the terms of n Estate, which is xshott Village nd as licensor to the
on a 50/50 basis of a a new 99-year lease will nd a building contract
eptember 2022. to a date on which the e. Approval by the NHS
viding for any ) the extension of the al centre. These osits. The Reserve was n subsequently tional costs incurred.
Page 3
ended 31st March 2023 in of £26k on our ncial year there ar hirers returning icence fee and ntly in line with on the Village Centre. vestments were at the year end. have been out below:
s year by over £6k
ain items of one off e markings in the rs (£2k). ue to market forces. the new surgery e to the higher
ained the same as
as the number of car
nerally increased. charity funds
50k was transferred to lated Fund.
and total Reserves are designated as 495k are general
3 and signed
Page 4
h 2023 which are
trustees consider 1 (the Act)
ty Commission under
Charity Commission. rison of the accounts the accounts and dertaken do not provide en as to whether the ut in the next statement.
e Act; or
he format and tions 2008 other e is not a matter
er understanding
Page 5
2023 £ 31,095
4,593 2,270 2,323 6,015 4,013 6,275 7,279 12,809 8,148 120 1,411 48,393 17,298 47,405 5,926 41,479 36,654 5,994 84,127 66,829 1,947 64,882 50,000 14,882 480,227
495,109
Page 6
2023 £ 217,113 244,031 11,186 715,983 11,032 738,201 4,236 733,965
1,195,109
700,000 495,109
1,195,109
Page 7
the Statement of ccordance with the mmission. The r investments, s recognised on an
te works . more than one year oncessions granted chool and (ii) the
2023 £ 40,245 0 8,148 48,393
2023 £ 245,978 1,947 244,031
2023 £ 650,000 50,000 700,000 2023 £ 480,227 14,882 495,109
978) arising
ustees are considering Under this conversion he Trustees do not ransfer.