The Gredley Charitable Trust For the year ended 31 March 2022 Charity Registration No l(KM1266 The Gredley Charitable Trust INDEX TO ACCOUNTS Legal and athn1nistratj￿ infornjation Report of tbe Truste¢5 T￿sl¢¢s. responsibiliti 1nde￿dellt Examiner's Report St8tement of financial ￿tivItieS Balance sheet Accounting policies Not¢8 to the a¢counts 10-15 The Gredley Charitable Trust LEGAL AND ADMINISTRATIVE INFORMATION Year ellded 31 March 2022 TRUSTEES WJ Gredley JV Gredley MS Butcher SM Porter TCO Gredley PG Scott PRINCIPAL OFFICE AND REGISTERED ADDRESS Unex House Church Lane Stetchwortb Newmarket CambTidgeshire CBS 9TN INDEPENDENT ExAM￿ER RSM UK Tax and Accounting LTmiied Blenheim House Newmarket Road Bury St Edmund8 Suffolk IP33 3SB BANKERS Coutts & Co 440 Strand Imdon WC2R OQS Page I The Gredley Charitable Trust REPORT OF IHE TRUSTEES Y¢ar ended 31 March 2022 The trustees ptrsent their report together with th¢ financial Sthl¢m¢nt$ of th¢ ¢harity for the yefjr endd 31 March 2022. The financial stAl¢m¢nts wnpri$¢ the Statement of Financial Activities and the Bklanrc Shcet, together with supporting Thotes. The fjnanctal statements have been preparcd in accordance with the accounttng policies set out on pages 8 alld 9 and Comply with the charty's trust dee￿ the Charities Act 2011 and Ac¢oulltitig aDd Rwtiug by Charities: Statement of Recommended Prnctice appli¢able to charities preparing thetr accounts in a¢¢ordan¢¢ with the Financial Reporting Standard applicAble in the United Kingdom and Republi¢ of Ireland (FRS 102). CONSTITtrrioN The Gredley Charitabl¢ Tr￿9¢ is ¢0[￿titut¢d und¢r a trust deed dated 10 August 1990 and is a registereAI cP￿rity No 1000266. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFrr The objeets of the ¢har&ty are th¢ pur8Uit of charitable a¢tivities, mainly the organisin8 atjd financing of annual summer day trips to the coas¢ 8rtial outings al￿ a Cknisbnas dinner for the older residents of Newmatlcet, Suffo]k and the surrounding villages. It al80 donat¢8 amounts lo other charities and to causes whi¢h hav¢ a ¢haritsble aim. The charity intends to Continue these activities unchanged. The ttwtees ¢onfirni that they have referred lo the guidance contained in the Charity Commission's genera] guidance on public benefit wkn reviewing the Ttust's aims and obje¢lives and in d￿ern)inIng the grant mAking policy for the year. and in pl&tming fiJtw¢ activities. ORGANISATION The ttustrts who bAve s¢ry¢d during th¢ year and Sill¢e the year end are set out on page l. The appointtnenl of new or additional trustees is vested in th¢ settlor. Mr WJ Gredley duringhis lifetime. The total nutnb¢r of tNstees shall not be more than eight and not lass than three. Decisions ar¢ made by a majority vote of the wt¢¢5, New trustees are identified and appotnted by th¢ Continuing trustxy and made aware of th¢ governing docwllen( administrative prOC￿UreS and the nature of the tswt genernlly. New trustees are given a copy of the Cbarity Commission's booklet on the responsibility of trustees and the ptEViOUg year's a￿unIs. The trnstees aTe encoura￿1 to attend appropriat¢ ¢xt¢rnal troining events where these will facilitate the undertaking of theirn)I The Charity has purchasoj indenmity insurance on behalf of the tn￿tee$. GRANf MAKING POLICY The trustees declde from time to time Twhat donations to make and wh&t activities io fimd in aeeordance with the ptincipal objects as set out above. Jn additio￿ unsolicited requuts for grants 8r¢ ttviewed as they are received. RELATED PARTIES The Charity uses the premises of companies controlled by family members of its settler aDd trustee, WJ Gr￿1¢y. In ag￿¥&1¢ th¢ Companies dfflve no Profil from the provision of these servie¢s. KEY MANAGEMENf PERSONNEL REMUNERATION The tru8te¢s ¢onsid¢r the Board of Trustees as comprising the key management personttd of the ch￿lty in Iwg¢ of dir￿ting and controlling th¢ tharity and running and operatillg the ch￿lty on a day to day basis. No r¢mun¢rntion w&s poid during thi$ or the previous year. ACHIEVEMENTS AND PERFORMANCE The charity continued io achieve lis stated objectivcq attd perforniatt¢¢ during the year with soJn¢ activities reacommencing following the Covid-19 pandemie. Page 2 The Gredley Charitable Trust REPORT OF THE I'RUSTEES Year ended 31 March 2022 FJNANCIAL REVIEW During th¢ year the charity had a net increase in funds of £49.342 (2021: £91,728). The principal funding source for th¢ year was the Tent and associated income on Ihe invesknent property of £96.485 (2021: £96,582). FUNDRAISING No external fundrdistng aclivities ar¢ undertaken by the Charity. INVESTMENT POLICY AND PERFORMANCE In March 2010 the trustees used £1,664,920 of the funds to purchase an investment property. Rents receivable from this property have gene￿¢d a yield of approximately 5.8Yo (2021: 5.8V•) in the year. RESERVES POLICY At 31 March 2022 totsl reserves were £2.568,279. It is the policy of the Charity to finance its expcndilure, as it aTi5e& from in¢ome. To the extent ih&i incoine is not fully utili5ed in any onc year, it is carried fonvard for use in future years. The tr￿8£te$ have decided to keep surplus cash on deposit to finance expendilure in the fvture. RISK MANAGEMENT The Iruslees have ¢xamined the major slrdlegi¢, business and operational risks which the charity faces and confirn) that systems have been established so that the n¢¢essary 51eps can b¢ taken lo lesscn the5¢ risks. The chority is ¢XPDsed to financial risks arising primarily from ihe investsnents that it holds. The Charity has developed an intemal framework for identifying risks that each investment 15 exposed to and their impl￿1 on economic capital. This process is risk bascd and utilises tr￿Stee member knowledge and experience to manage the capital requirements and to ensure Ihat the charity has Ihe financial strength and capital adequacy to support tts a¢tivilies. PLANS FOR THE FLrruRE The Tr￿st plans to continue organising and finaneing annual summer day trips and Christmas dinners for older residents in th¢ Newmarkel area and to mak¢ donations to other charities. Rental income from the Trust's investsnent property is expected to furLd continuing charitable activities. Approved on ￿£haIr of the Trustees on 12 December 2022. WJ Gre Trustee Page 3 The Gredley Charitable Trust TRUSTEES. RESPONSIBILITIES tN THE PREPARATION OF LfNAUDITED FINANCIAL STATEMENrs Year end￿ 31 March 2022 The trust￿$ are responsible for preparing the Trustees, Report th¢ finan¢iaI ststem¢nts in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial R¢twting Stsndard applicable in the UK and R¢publi¢ of Ireland (Uniied Kingdom Generally Accepted Ac¢ounting Pra¢ti¢e). The law appliGabl¢ lo chan'ties in England & Wales twuires the trustee8 to pr¢pare financial statements for each financial year which give a and fair view of the state of affAirs of the ¢harity and of th¢ ill¢ome and expenditure of the clwity for that period. In preparing these f￿anCIal ststern¢nts, the tNstees are required select suitable accowiting policies and then apply them consist¢ntly' observe the methods and principles in the Charities SORP. make judgments and estimkt¢s that are reasonable and pNdent' stste whether applicabl¢ a￿ounting standards have been followed. subject to any mAt¢rial departures disclosed and explained in the finan¢ial ststements. and prepare the financiAI statements on the going concern b&8is unless it is inappropriate to pr¢8ume that the chaTity will continue in bu8in¢ss. The trustees are ra8p)nsible for ke¢ping Proper accounting records that di￿10$¢ with reasonable accurncy at any lime the financial position of the Ch￿￿ty and enable IheTn to ensure that the financial statemenis Comply with the Charilies Act 2011. the C])arity (Accounts and Reports) Regulations 2008 and the provision$ of the trust deed. They are also r¢spoJ]sible for safeguarding the assets of the chAtity and hence for taking reasonable steps for the prevention and detection of ￿ud and other irregularities. Page 4 INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF THE GREDLEY CHARITABLE TRUST report to the trustee's on my examination of the financial ststements of Th¢ Gredley Charitabl¢ Tll￿t (the 'charity') for th¢ year ended 31 March 2022, which are set on pages 6 to 15. RespoDslbllltie8 and basi5 of report As th¢ trustees of the charity, you are responsible for the Prcparation of the financial statements in arcordan¢e with the requirements of the Clwities Act 2011 C'the 201 l A¢l"). I rep)rt in r¢sp¢¢t of my examination of the charity's financial staiements carried out under section 145 of the 2011 Act and in carrying out my examination. I have followed a]1 the applicabl¢ Dir¢¢tions given by the Charity Commission under ￿¢tion 145(S)(b) of the A¢t. An independent examinalton does not involve gathering all the evidence that would k required in an audit and consequentIy does not cover ail the matters that an audiior considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assuranee that a independent exaTnination can provide. Consequently, l express no opinion a5 to whether the financial statements present a 'true and fair view. and my report is limiled to those specific matters set out in ihe independent ¢xamin¢r's statement. Independent exominer's 5t8temelll I have completed my examination. l eonfim) that no material matters have cornc to my attention in connection with the eAamination which give5 me cause to believe that in. any material respect.. the accounting records weTe not kept in respect of the GhaTity as required by seclion 130 of th¢ Charities Aci 2011,. or the financial stal¢m¢nts do not accord with the accounting records" or the financial statements do not comply with the applicable requirements Concerning the forni and ontent of a¢¢ounts 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 noi a matter considered as part of an independent examination. I have no Concen￿ and have ¢ome across no other m&¢ters in conneeiion with the examination to which attention should be drawn in this Teport in order to enable a proper understsnding of the financial statements to b¢ reached. Name: Claire Sutherland Name of applicable listed bcdy.. The Inslilule ofCharteredAccowiianl$ in Engl