31 December
Poynter Charitable 2023 Trust
Registered Charity number 801752
Annual Accounts
The Poynter Charitable Trust
Report of the Trustees Year ended 31 December 2023
1. OBJECTIVES AND ACTIVITIES
The Trust’s objects are to assist in the provision of facilities which will enable and encourage young people to row and scull as part of their education.
2. ACHIEVEMENTS AND PERFORMANCE
During the year the professional coach employed by Star Club resigned and the Trust has now set up an arrangement, funded by British Rowing’s charitable arm Love Rowing, for an outreach programme run by a professional coach supported by Bedford School, which introduces State School children to the sport.
The Trust seeks to ensure that there are no barriers to competing at elite level in rowing. During the year we have funded 1 athlete to enable them to compete at a high level (2022: 1 athlete).
Progress continues to be made on the Bedford Rowing Lake project. Bedford River Valley Park (BRVP) is an area of 868ha (3½ square miles) to the east of Bedford on the River Great Ouse floodplain destined to become a major new area of greenspace. Considerable mineral extraction (sand/gravel) in the area has scarred the landscape yet provided the opportunity for creative restoration across a large area on the urban fringe to deliver major biodiversity, landscape, flood storage, access and recreation benefits.
Following information gathering, assessments and extensive consultation with key stakeholders and over 48,000 local households during 2006 and 2007, the ‘Framework’ document was published in March 20081. Endorsed by the Department for Communities and Local Government, local authorities, Government agencies and private sector partners (including Anglian Water), the Framework provides a shared vision of how the 868ha Bedford River Valley Park will look as it’s created over the next decade or so and defines a set of ‘key principles’ to guide all future work. An area of c.240ha is proposed for conversion to ‘floodplain forest’ (a mosaic of woodlands, wetlands and grasslands) to provide an ‘ecological heartland’ to BRVP of potentially national biodiversity value.
A proposed 2.3km rowing lake is identified as a major potential asset to BRVP whilst the existing and well-used National Cycle Network Route 51 forms the recreational ‘spine’ through BRVP from which additional access routes within BRVP will flow. The project as a whole will provide a major new area of multi-functional greenspace (of unprecedented scale) on the urban fringe of Bedford to serve the recreational needs of an expanding population and provide an attractive ‘green gateway’ to Bedford from the east.
Landowners continue to cooperate and progress in accordance with Bedford Borough Council’s planning actions and time scales. All landowners have now accepted and agreed to record in the pending Delivery Statement that the Watersports Lake will be a condition of development permission being granted.
1 - http://www.bedfordrivervalleypark.org.uk/wp content/uploads/2013/10/BRVPFramework.pdf
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The Poynter Charitable Trust
Report of the Trustees (continued) Year ended 31 December 2023
3. FUTURE PLANS
The trustees are considering the options available and will do all they can to continue to facilitate rowing and sculling amongst young people in Bedfordshire and the region as an important part of their education. Our strategy for the future is
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To continue to fund junior rowing to generate opportunities for State School pupils to develop through the sport of rowing;
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To continue to support the development of a Rowing Lake in Bedford;
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On completion of the Rowing Lake, to consider the investment of the capital of the Trust into facilities at the Lake, such as a boathouse and other training facilities;
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To seek to develop the next generation of rowing coaches through apprenticeship schemes;
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To generate opportunities for young people in full time education to enjoy the sport through grants for equipment and coaching;
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To seek opportunities for students in tertiary education (e.g. University of Bedfordshire) to develop through the sport;
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To help athletes and coaches to develop through mentoring;
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To seek out new Trustees to take the Trust forward and deliver all of the above.
4. PUBLIC BENEFIT
The Poynter Charitable Trust is dedicated to delivering services for the benefit of the public. It does this by
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Supporting a coaching resource that is dedicated to making the sport of rowing accessible to all through introducing the sport and developing athletes in state schools;
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Supporting athletes on low incomes to enable them to compete at a high performance level;
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Supporting the development of the Bedford River Valley Park, which will be a valuable leisure facility for the general public as well as providing excellent training facilities for rowing.
5. FINANCIAL REVIEW
The value of our investments rose during 2023 in line with global markets. Investment income in the year decreased from £16,277 in 202 to £14,451.
In 2023 the Trust received a grant of £12,000 from the Love Rowing towards community coaching. £4,000 of this was spent during 2023, leaving £8,000 to spernd of the rest of the academic year. No further grants were received during the year.
The trustees gave grants of £3,000 to elite level athletes (2022: £3,500) to help with education and accommodation costs. The surplus for the year was £42,776 (2022: deficit of £36,411).
Total return on investments for the year was £44,949 (2022: minus £11,274). This amounts to a return of 11.6% of the value of investments and bank accounts at the beginning of the year (2022: minus 4.0%). The Trustees aim for an average Total Return on investments of 7.0% and aims to spend 4.5% of the opening value of investments each year, leaving 2.5% to protect the real value of our investments.
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The Poynter Charitable Trust
Report of the Trustees (continued) Year ended 31 December 2023
6. STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust was formed as a Registered Charity No 801752 by a Trust Deed dated 10 September 1988. The trustees meet two to three times a year to decide strategy and monitor performance.
Trustees who served on the Board during the year were as follows.
Mr D R Gillard
Mr P R Mulkerrins
Mr D J Oldham
Mr A S Rowe
Mr A Smith
Mr Rowe was appointed trustee by the trust deed. Mr Mulkerrins and Mr Oldham were appointed trustees in July 2005. Mr. Gillard was appointed a Trustee in February 2012. Mr Smith was appointed in February 2019. All the trustees are vice presidents of Star Club.
Bankers: Lloyds Bank, 34 High Street, Bedford, M40 1SB
CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET
P R Mulkerrins D J Oldham
Registered Office
33 Mauntley Avenue, Brigstock, Kettering, Northants, NN14 3HF
2024
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The Poynter Charitable Trust
Registered Charity number 801752 Balance Sheet 31 December 2023
| 2023 Note Restricted Unrestricted Total £ £ £ Fixed assets held For charitable purposes Loan to Star Club 2 - 3,274 3,274 Loan to Bedford Rowing Lake CIC 3 - - - - For investment, at market value Fixed interest 4 - 34,772 34,772 Equities 4 - 367,306 367,306 - 402,078 402,078 Current assets Coif Deposit 8,667 - 8,667 Bank Account 923 29,900 30,823 Broker’s accounts - 10,405 10,405 9,590 40,305 49,895 Creditors payable within one year Accruals - (946) (946) Net Current Assets 9,590 39,359 48,949 Total assets less current liabilities 9,590 444,711 454,301 Accumulated funds 5 9,590 444,711 454,301 |
2022 Rest. Unrest. Total £ £ £ - 5,454 5,454 - - - |
|---|---|
| - 5,454 5,454 |
|
| - 25,625 25,625 - 353,492 353,492 |
|
| - 379,117 379,117 |
|
| 1,590 6,713 8,303 - 12,744 12,744 - 6,825 6,825 |
|
| 1,590 26,282 27,872 - (918) (918) |
|
| 1,590 25,364 26,954 |
|
| 1,590 409,935 411,525 |
|
| 1,590 409,935 411,525 |
Approved by the Trustees on 27 March 2024
P R Mulkerrins Trustee
D J Oldham Treasurer
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The Poynter Charitable Trust
Statement of Financial Activities Year ended 31 December 2023
Incoming resources Grants Investment income Interest Dividends Incoming resources Resources expended Costs of generating funds Investment management Charitable expenditure Contribution to cost of professional coach Training grants Provision for write-off of loan Net incoming / (outgoing) resources Gain / (Loss) on listed investments Net movement in funds Total funds brought forward Total funds carried forward |
2023 Restricted Unrestricted Total £ £ £ 12,000 - 12,000 - 711 711 - 13,740 13,740 12,000 14,451 26,451 - 3,795 3,795 4,000 1,198 5,198 - 3,000 3,000 - 2,180 2,180 4,000 10,173 14,173 8,000 4,278 12,278 - 30,498 30,498 8,000 34,776 42,776 1,590 409,935 411,525 9,590 444,711 454,301 |
2022 Rest. Unrest. Total £ £ £ - - - - 968 968 - 15,310 15,310 |
|---|---|---|
| - 16,278 16,278 |
||
| - 5,465 5,465 3,836 10,156 13,992 - 3,500 3,500 - 2,180 2,180 |
||
| 3,836 21,301 25,137 |
||
| (3,836) (5,023) (8,859) - (27,552) (27,552) |
||
| (3,836) (32,575) (36,411) |
||
| 5,426 442,510 447,936 |
||
| 1,590 409,935 411,525 |
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The Poynter Charitable Trust
Notes to the Financial Statements Year ended 31 December 2023
1. Valuation of fixed assets
Fixed assets held for investment are valued at market value.
Fixed assets held for the purpose of the charity have been retained at cost less amounts written off.
2. Loan to Star Club
The Trust has made a long-term loan to Star Club to help fund the acquisition of buildings and equipment. Over many years, Star Club has continued to provide facilities and coaching for young persons in full time education, and the Trust has set a condition for the loan that this will continue. Provided this condition continues to be met the Trustees intend to write off the loan after ten years.
| Amount due at 1 January 2021 Amount due at 31 December 2021 Less provision for write-off At 1 January 2021 Provision during the year At 31 December 2021 Balance at 31 December 2021 |
2023 £ 21,804 21,804 16,350 2,180 18,530 £3,274 |
2022 £ 21,804 |
|---|---|---|
| 21,804 | ||
| 14,170 2,180 |
||
| 16,350 | ||
| £5,454 |
3 Proposed Rowing Lake
As explained in the Trustees’ Report the trustees are actively pursuing the possibility of constructing a rowing lake within a proposed community country park. Planning consent for the lake was obtained in July 2006. Since 2003 the Trust has received grant funding totaling £142,141 for the feasibility study required to support the planning application and subsequent related work on the project.
The Trust has loaned a total of £155,441, including £141,041 of this funding, to Bedford Rowing Lake CIC, a Community Interest Company limited by guarantee. The Trust is one of three members of the company and the company is therefore a “Related Party”. The company has already applied most of this loan in payment of professional fees for the feasibility study and master plan for delivery of the lake and is committed to apply the remainder for the same purposes. The loan is interest free and repayment of all or part of the loan will only be called for if the Company has surplus assets available. As no repayment of any significant part of the loan is expected in the foreseeable future the loan has been fully provided for in these financial statements. The Memorandum of the company provides that in the event of a dissolution of the company 80% of the assets are to be distributed to the Poynter Charitable Trust and 20% to The Bedford Charity.
£141,041 of this loan account is a Restricted Fund. Any proceeds resulting from it may only be used by the Trust for the purposes of providing a rowing lake within the proposed Bedford River Valley Park or such other purposes within the Trust’s objects as may be agreed by such of the donors as it is reasonably practicable to contact.
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The Poynter Charitable Trust
Notes to the Financial Statements – contd. Year ended 31 December 2023
3. Proposed Rowing Lake contd.
The objects of Bedford Rowing Lake CIC are “to provide for the benefit of all members of the community recreational facilities for rowing and related water sports including fishing and to promote and improve the standard of proficiency in such sports by providing education and training”. The loan is intended to secure the long-term availability of the lake for rowing and sculling for young people.
Loan to Bedford Rowing Lake CIC
| Loans made to 31 December 2003 Loan commitment at 31 Dec 2003 At 31 December 2003 Loan made in 2004 At 31 December 2004 and 2005 Loans made in 2006 At 31 December 2006 Loan made in 2007 At 31 December 2022 and 31 December 2023 |
Loan Provision for non-recovery £ £ 62,592 62,592 20,824 20,824 83,416 83,416 4,400 4,400 87,816 87,816 65,625 65,625 153,441 153,441 2,000 2,000 |
|---|---|
| £155,441 £155,441 |
4. Investments
| At 1 January 2023 Additions Disposals Gains / (Losses) on revaluation At 31 December 2023 |
Equities Fixed Interest Total £ £ £ 353,492 25,625 379,117 10,000 8,000 18,000 (24,522) - (24,522) 28,386 1,147 29,.483 |
|---|---|
| 367,306 34,772 402,078 |
5. Restricted Funds
| Bedfordshire Schools University of Bedfordshire |
At 1 January 2023 Income Expenditure At 31 December 2023 £ £ £ £ - 12,000 (4,000) 8,000 1,590 - - 1,590 |
|---|---|
| 1,590 12,000 (4,000) 9,590 |
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