OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

THE FARRER TRUST

TRUSTEES’ REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Registered Charity No: 800819

THE FARRER TRUST FOR THE YEAR ENDED 31 MARCH 2023

____________

CONTENTS
Page
General Information 1
Trustees Report 2 - 4
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 - 13

THE FARRER TRUST

GENERAL INFORMATION

Trustees G C Hartigan
A C F Hartigan (appointed 29 June 23)
R R Marchant
D W Wise
R M Steell
Independent Examiner Mr P Fenn
Mercer & Hole LLP
Silbury Court
420 Silbury Boulevard
Central Milton Keynes
MK9 2AF
Bankers Barclays Bank Plc
111 High Street
Bedford
MK40 1NJ
Registered Charity Number 800819
Principal Address Silbury Court
420 Silbury Boulevard
Central Milton Keynes
MK9 2AF

1

THE FARRER TRUST

TRUSTEES' REPORT

The Trustees present their Annual Report with the Financial Statements of the Charity for the year ended 31 March 2023.

The financial statements comply with the Charities Act 2011, the Trust’s Deed and 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).

OBJECTIVES OF THE CHARITY

The Trust was established by a charitable trust deed dated 1 November 1988.

The Trustees have a wide power to utilise the income and/or capital of the Trust for any charitable institution or purpose they think fit.

REVIEW OF THE DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS OF THE CHARITY

The Trust’s principal activities include the provision and upkeep of community facilities for the village of Cold Brayfield and the provision of support and secure accommodation for persons within the village community. The Trust provides the Cold Brayfield village hall and maintains public areas for the use of the local community. Labour and materials have been supplied for the maintenance of Cold Brayfield churchyard. The Trust also maintains parts of the park and grounds of Brayfield House for the use of the local community and supports the fundraising activities of other local charities.

The Trust is a long-standing benefactor of Cold Brayfield Church and since 2016, the Trust has supported the ministry of the incumbent of Cold Brayfield and adjacent parishes, which plays a key part in retaining an active ministry for the benefit of several local communities.

Donations were made during the year to:

2

THE FARRER TRUST

TRUSTEES REPORT cont’d

PUBLIC BENEFIT

The Trustees consider that the main activities of the Charity detailed in the objects above are for the public benefit and have given due regard to the Charities Commission guidance on public benefit.

TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees who served during the period under review until the date of approval of this report were as follows:-

G C Hartigan R R Marchant D W Wise R M Steell

TRUSTEE’S RESPONSIBILITIES

The trustees are responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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:

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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

3

THE FARRER TRUST

TRUSTEES REPORT cont’d

RISK ASSESSMENT

In accordance with the guidelines in the Charities Statement of Recommended Practice (SORP) the trustees have considered the major risks affecting the trust and have taken steps to mitigate these as far as possible.

The principal issue is ensuring that the Trust's grounds and properties comply with current Health and Safety legislation.

NEW TRUSTEE APPOINTMENTS AND TRAINING

New trustees receive information on the Farrer Trust in respect of its mission, objectives, business and management structure. Trustees are encouraged to attend appropriate external training events that will facilitate the undertaking of their role.

The trustees have regard to the need for any specialist skills which individuals bring to the Trust.

RESERVES POLICY

The trustees regard it as important to retain an adequate level of cash reserves to meet expected repair costs and other expenses of managing the properties owned by the Trust. Substantial expenditure is expected to be required to complete a repair and refurbishment programme so the trustees have taken the decision to endeavour to increase reserves to ensure funds are available to meet these costs as they are incurred. After the year-end date, the Trustees started a review of the amount designated for repair costs to ensure this properly takes into consideration any cost increases relating to the expected works.

INVESTMENT POLICY

The current investment policy of the trust is to invest cash funds in high interest bank accounts to ensure a low risk return. This investment policy is subject to amendment at the Trustees' discretion.

GOING CONCERN

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and for at least the next 12 months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Signed on behalf of the Trustees of The Farrer Trust.

A Hartigan

………………………………… A C F Hartigan, Trustee

30[th] November 2023

4

THE FARRER TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FARRER TRUST YEAR ENDED 31 MARCH 2023

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

P Fenn

……………………………………….

30[th] November 2023

Philip Fenn ACA FCCA

Mercer & Hole LLP Silbury Court 420 Silbury Boulevard Central Milton Keynes MK9 2AF

5

THE FARRER TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 INCLUDING INCOME AND EXPENDITURE ACCOUNT

Notes
Income from:
Income from:
Donations and legacies
Activities for generating
funds:
Investment income
2
Charitable Activities
Total Income
Expenditure on:
Expenditure on:
Raising funds
- investment management
costs
3
Charitable activities:
- donations
4 / 13
- maintenance of public
areas
4
Other
6
Total Expenditure
Total funds brought
forward
at 1 April
Net income/(expenditure)
Total funds carried forward
at 31 March		 Total
Unrestricted
Funds
£
-
218,277
-
218,277
119,397
16,027
51,424
11,316
198,164
1,179,577
20,113
1,199,690		 Total
Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Unrestricted
Funds 2023
£
-
218,277
-

218,277
119,397
16,027
51,424
11,316

198,164
1,179,577
20,113

1,199,690		 Total
Unrestricted
Funds 2022
£
-
204,764
-
204,764
148,360
15,650
45,801
9,011
218,822
1,193,635
(14,058)
1,179,577

The notes on pages 8 to 13 form part of these Financial Statements.

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derives from continuing activities.

6

THE FARRER TRUST

BALANCE SHEET AS AT 31 MARCH 2023

Notes
Tangible Fixed Assets
7
Current Assets
Debtors
8
Cash at bank and in hand
Total Current Assets
Creditors (amounts falling due
within one year)
9
Net Current Assets
Total Net Assets
Accumulated Funds
Unrestricted general funds
11
Unrestricted designated funds
11
Restricted funds
Total Funds of the Charity		 4,879
57,476		 31 March
2023
£
1,163,865
35,825
1,199,690
749,690
450,000
-
1,199,690		 3,877
58,948		 31 March
2022
£
1,159,202
62,355
(26,530)		 62,825
(42,450)
20,375
1,179,577
729,577
450,000
-
1,179,577

Approved by the Board of Trustees on 30[th] November 2023 and signed on their behalf by:

A Hartigan

…………………………………..

A C F Hartigan Trustee

The notes on pages 8 to 13 form part of these accounts.

7

THE FARRER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

Legal Form

The Charity is a registered charity (no. 800819) in England & Wales. The registered office is Silbury Court, 420 Silbury Boulevard, Central Milton Keynes, MK9 2AF.

Basis of preparation

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) 2019).

The Farrer Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The Trustees have taken advantage of the exemption in FRS102 Charity SORP from including a cashflow statement in the financial statements on the grounds that the organisation is small.

1.1 Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees of The Farrer Trust in furtherance of the general charitable objectives. Designated funds are unrestricted funds that the Trustees have designated or allocated for identifiable future expenditure. Restricted funds are amounts for specific purposes as defined by the donor.

1.2 Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and for at least the next 12 months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

Income is recognised at the point of receipt of monies.

8

THE FARRER TRUST

NOTES TO THE FINANCIAL STATEMENTS Cont’d FOR THE YEAR ENDED 31 MARCH 2023

1.4 Expenditure

Those costs which are attributable to different functions of the charity are allocated as such. Where costs relate to more than one function of the charity, the Trustees do not consider it appropriate to allocate individual costs at the point where the cost is incurred. Alternatively, the Trustees apportion aggregated costs in proportions which they consider to be a fair estimate of their functional split.

1.5 Depreciation

Depreciation is provided to write off the cost of fixed assets over their estimated useful lives using the following rates:

Equipment - 15% reducing balance

No depreciation is provided in respect of freehold land and property because in the opinion of the Trustees, the buildings have indefinite useful economic lives. Whilst this is not in accordance with the FRS 102 SORP and Accounting Standards in the United Kingdom, in the Trustees’ opinion this is necessary for the accounts to provide a true and fair view of the charity’s financial position.

1.6 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts.

1.7 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.8 Financial Instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

9

THE FARRER TRUST

N OTES TO THE FINANCIAL STATEMENTS Cont’d FOR THE YEAR ENDED 31 MARCH 2023

2. Investment income

Investment income comprises bank interest and rental income from properties totalling £218,277 (2022: £204,764).

3. Expenditure on raising funds

Investment management
costs
Office expenses
Repairs and maintenance
Insurance
Wages and salaries
Depreciation
Loss on disposal		 Total
Unrestricted
Funds
£
4,396
90,338
6,107
15,619
1,431
1,506
119,397		 Total
Restricted
Funds
£		 Total
Funds
2023
£
4,396
90,338
6,107
15,619
1,431
1,506
119,397		 Total
Funds
2022
£
3,457
115,483
3,552
25,526
342
-
148,360

Expenditure on repairs and maintenance is included in investment management costs, as these costs relate to repairs and maintenance in respect of properties which generate rental income.

4. Expenditure on charitable activities

Total Total Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2023 2022
£ £ £ £
Expenditure
Maintenance of public 51,424 51,424 45,801
areas
Charity donations 16,027 16,027 15,650

10

THE FARRER TRUST

NOTES TO THE FINANCIAL STATEMENTS Cont’d FOR THE YEAR ENDED 31 MARCH 2023

5.
Salary costs
Wages and salaries
Pension contributions		 2023
£
15,503
116
15,619		 2022
£
24,990
536
25,526

There was an average of 1 employee during the period (2022: 1).

No employees had emoluments in excess of £60,000 (2022: nil).

6.
Other expenditure
Governance Costs
Accountancy
Legal and other advice
Total		 2023
£
4,173
7,143
11,316		 2022
£
3,995
5,016
9,011
7.
Fixed assets
Cost
1 April 2022
Additions
Disposals
31 March 2023
Depreciation
1 April 2022
Charges for the year
Disposals
31 March 2023
Net book value
31 March 2023
31 March 2022		 Freehold
properties &
improvements
Plant &
machinery
£
£
1,157,262
10,743
-
7,600
-
(6,500)

1,157,262
11,843
-
8,803
-
1,431
-
(4,994)

-
5,240

1,157,262
6,603
1,157,262
1,940		 Total
£
1,168,005
7,600
(6,500)
1,169,105
8,803
1,431
(4,994)
5,240
1,163,865
1,159,202

11

THE FARRER TRUST

NOTES TO THE FINANCIAL STATEMENTS Cont’d FOR THE YEAR ENDED 31 MARCH 2023

8.
Debtors
Prepayments
Total
9.
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals
Total		 2023
£
4,879
4,879
2023
£
427
10,923
15,180
26,530		 2022
£
3,877
3,877
2022
£
2,008
26,762
13,680
42,450

10. Related Parties

Rent of £4,800 (2022: £4,800) was paid to the Trust by Brayfield Farms Limited and costs of £23,500 (2022: £22,000) were recharged to the Trust in respect of repair and maintenance costs by Brayfield Farms Limited during the period. G C Hartigan, A C F Hartigan and R M Steell are directors of Brayfield Farms Limited.

The amount owed to Brayfield Farms Limited at the year-end was £3,619 (2022: £14,709). The amount owed to Brayfield Estate was £nil (2022: £1,051).

11. Funds

All assets and liabilities are held as unrestricted funds, £450,000 of the unrestricted funds has been designated for property repairs. After the year-end date, the Trustees started a review of the amount designated for repair costs to ensure this properly takes into consideration any cost increases relating to the expected works. There are no restricted funds.

12. Remuneration to Trustees for services

None of the Trustees received any remuneration or reimbursement for expenses in respect of their services as a Trustee during the period.

12

THE FARRER TRUST

NOTES TO THE FINANCIAL STATEMENTS Cont’d FOR THE YEAR ENDED 31 MARCH 2023

13. Charitable activities – Donations

Donations were made during the year to:

14. Control

The Charity is controlled by the trustees.

15. Net income/expenditure for the period

This is stated after charging:
Independent Examiner’s fees		 2023
2022
£
£
1,890
1,800

13