The Gredley Charitable Trust REPORT AND UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2024 Charity Registration No 1000266
The Gredley Charitable Trust INDEX TO ACCOUNTS Legal and administrative inforn]ation R¢port of the 'fruste¢s Tntstees, responsibilities Independent Examiner's Report Statement of financial activities Balance sheet Accounting policies Notes to the accounts 10- 15
The Gredley Charitable Trust LEGAL AND ADMINISTK4TIVE INFORMATION Year ended 31 March 2024 TRUSTEES WJ Gredley JV Gredley MS Butcher, Chair SM Porter TCO Gredley PG Gredley PRINCIPAL OFFICE AND REGISTERED ADDRESS Unex House Church Lane Stetchworth Newmarket Suffolk CB8 9Tr4 INDEPENDENT EXAMINER RSM UK Tax and Accounting Limited 1st Floor, Platinum Building St John's Innovation Park Cowley Road Cambridge CB4 ODS BANKERS Coutts & Co 440 Strand London WC2R OQS Page I
The Gredley Charitable Trust REPORT OF THE TRUSTEES Year ended 31 March 2024 The trustees present their report together with the financial statements of the charity for the year ended 31 March 2024. Th¢ financial statements comprise the Ststement of Financial Activities and the Balance SheeL together with supporting notes. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with the charity's trust deed, the Charities Act 2011 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 United Kingdom and Republic of Ireland (FRS 102). CONSTITUTION The Gredley Charitable Trust is constituted under a trust deed dated l O August 1990 and is a registered charity No 1000266. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the charity are the pursuit of charitable activities, mainly the organising and financing of annual summer day trips to the coasL sociaI outings and a Christmas dinner for the older residents of Newmarke¢ Suffolk and the surrounding villages. It also donates amounts to other charities and to causes which have a charitable aim. The charity intends to continue these aclivities unchanged. The trustees confirni that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in deterniining the grant making policy for the y¢at, aT)d in planning future activities. ORGANISATION The trustees who have served during the year and since the year end are set out on page l. The appointment of new or additional trustees is vested in the settlor, Mr WJ Gredley during his lifetime. The total number of trustees shall not be more than eight and not less than three. Decisions are made by a majority vote of the trustees. New trustees are identified and appointed by the continuing trustees and made aware of the governing document, administrative procedures and the nature of the trust generally. New trustees are given a copy of the Charity Commission's booklet on the responsibility of trustees and the previous year's accounts. The trustees are encouraged to attend appropriate extemal training events where these will facilttate the undertaking of their role. The Charity has purchased indemnity insurance on behalf of the trustees. GRANT MAKING POLICY The trustees decide from time to time what donations to make and what activities to fund in accordance with the principal objects &8 set out above. In addition, unsolicited requests for grants are reviewed as they are received. RELATED PARTIES The charity uses the premises of companies controlled by family members of its settler and irustee, WJ Gredley. In aggregate the companies dcrivc no profit from the provision of these SCTVICCS. KEY MANAGEMENT PERSONNEL REMUNERATION The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basi5. No remuneration was paid during this or the previous year. ACHIEVEMENTS AND PERFORMANCE The charity continued to achieve its stated objextives and perfom)ance during the year. Page 2
The Gredley Charitable Trust REPORT OF THE TRUSTEES Year ended 31 March 2024 FINANCIAL REVIEW During the year the charity had a net decrease in funds of £19,741 (2023: £59,320). The principal funding source for the year was the rent and associated income on the investment propety of £60,911 (2023: £40,157). FUNDRAISING No external fundraising activities are undertaken by the Charity. INVESTMENT POLICY AND PERFORMANCE In March 2010 the trustees used £1,664,920 of the fund.8 to purchase an tnvestment property. Rents receivabl¢ from this property have generated a yield of approximately 1.20/0 (2023.. 2.4 % ) in the year. RESERVES POLICY Al 31 March 2024 total reserves were £1,961,563. Et is the policy of the charity to finance its expenditure, as it arises. from income. To the extent that income is not fully utilised in any one year, it is carried forward for use in future years. The trustees have decided to keep surplus cash on deposit to finance expenditure in the future. RISK MANAGEMENT The trustees have examined the major strategic, business and operational risks which the charity faces and confirni that systems have been established so that the necessary steps can be taken to lessen these risks. The charity is exposed to financial risks arising primarily from the investments that it holds. The charity h&s d¢vclopcd an internal framework for identifyin¥ risks. that each investmcnt is exp05ed to and their impact on economic capital. Thi5 process is risk based and utilises trustee member knowledge and experience to managc the capital requirements and to ensur¢ that the charily has the financial strength and capital adequacy to support its activities. PLANS FOR THE FUTURE The Trust plans to continue organising and financing annual summer day trips and Christmas dinners for older residents in the Newmarket area and to make donations to other charities. Rental income from the Trust's investment propety is expected to fund continuing charitable activities. Approved on behalf of the Trustees on l October 2024. TCO Gredley Trustee Page 3
The Gredley Charitable Trust TRUSTEES, RESPONSIBILITIES IN THE PREPARATION OF UNAUDITED FINANCIAL STATEMENTS Year ended 31 March 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in a¢¢ordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢c¢pted Accounting Practice). The law applicable to charities in England & 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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudenL' state whether applicable accounting standards have been followed, subject to any matsrlal departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 Charity (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 re&sonable steps for the prevention and detection of fraud and other irregularities. Page 4
tNDEPENDENT EXAMfNER'S REPORT TO THE TRUSTEES OF THE GREDLEY CHARITABLE TRUST I report to the trustee's on my examination of the financial statements of The Gredley Charitable Trust (the 'charity') for the year ended 31 March 2024, which are set on pages 6 to 15. Responsibllities and bas&s of report As the trustees of the charity, you are responsible for the preparation ofthe fAnan¢ial statements in accordance with the requirements of the Charities Act 2011 ("Ihe 2011 Act"). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carryirftg out my examlnation, I have followed all th¢ applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover ajl the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limtted assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial statements present a 'true and fair view, and my report is limited to those specific matters set out in the independent examiner's statement. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were noi kept in respect of the charity as required by section 130 of the Charities Act 2011- or th¢ fmancial statements do not accord with the accounting records. or the financial statements do not comply with the applicable requirements concerning the forn) 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 oiher mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the fLnan¢ial statements to be reached. 14110124 Name.. Claire Sutherland Name of applicable listed body: The Inslitule ofCharteredAccountants in Englaitd and Fvales Relevant professional qualification or membership of Professional Lx)dy.' CharleredAccountant On behalf of RSM UK Tax and Accounting Limited Chartered Accountants 1st Floor, Platinum Building St John's Innovation Park Cowley Road Cambridge CB4 ODS Page 5
The Gredley Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 March 2024 Notes Total funds Unrestricted 2024 Total funds Unrestricted 2023 Ineome and endowments from: Donations and legacies Investments loo 78,658 57,834 Total income 78.758 57,834 penditure Investment management costs Expenditure on charitable activities 8,037 90,462 14,472 102,682 Totsl expenditllre 98,499 117,154 Exceptional costs Fair value rnovement in investment properties {527,655) Net movement in funds (547,396) (59,320) Reconciliation of funds Total funds brought forward at l April 2023 2,508,959 2.568,279 Total funds carried forward at 31 March 2024 £1,961,563 £2,508,959 Page O
The Gredley Charitable Trust BALANCE SHEET 31 March 2024 Notes 2024 2023 FIXED ASSF.TS Tangible assets: Investment properties Inv¢stments I,000,000 100 1,500,000 I,000,ioo 1,500,100 CURRENT ASSETS Debtors Cash at bank 1,023,814 9,703 1,009,174 7,785 1,033,517 1,016,959 CREDITORS: Amounts falling due within one year (72,054) (8,100) NET CURRENf ASSETS 961,463 1,008,859 TOTAL NET ASSETS £1,961,563 £2,508,959 FUNDS - UNRESTRICTED £1,961,563 £2,508,959 The financial statements on pages 6 to 15 were approved and authorised for issue by ihe truslees on l October 2024 and signed on its behalf by: TCO Gredley Trustee Page 7
The Gredley Charitable Trust ACCOUNTING POLICIES BASIS OF ACCOUNTING The accounts have been prepared under the historical cost Convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The accounts have been prepared in accordance with the Statement of Rewmmended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). GOING CONCERN The charity is considered to be a going concern on the basis that it has net current assets at the balance sheet date. When assessing the going concern position of the charity, the Trustees have considered the financial position of the charity. The charity has minimal overhead expenses, does not incur any staff Costs and charltable expenditure is at the discretion of the Trustees so this can be amended in any year in order to remain in line with the level of income. Therefore. the Trustees have concluded that it is appropriate to continue to prepare the financial statements on the going concern basis. GROUP ACCOUNTS The financial statements present infomiation about the charity a5 an individual entity and not about its group. The charity and its subsidiary undertaking comprise a small si7£d group. The charity has therefore laken advantage of the exemptions provided by the Charities Act 201 I, and the Charities (Accounts and Reports) Regulations 2008 not to prepare group accounts. DONATIONS AND LEGACIES Income from donations are recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount of the income can be reliably measured. INVESTMENT tNCOME Investment income is accounled for in the period to which it relates. EXPENDITURE Expenditure is included on an accruals basis as a liabiliiy is incurred. It includes any VA T which cannot be recovered and is part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities for its beneficiaries. Property costs relate to those costs incurred by the charity in relation to property insurance and repairs, and are included in the Statement of Financial Activities as investment management costs. GRANTS PAYABLE Grants payable are accounted for when paid or where an unconditional commitment to payment is made. FUNDS Unrestricted funds are donations and other incoming resources received or generated for the objects of the charity without further specified puwe and are available as general funds. Poge 8
The Gredley Charitable Trust ACCOUNTING POLICIES TANGIBLE FIXED ASSETS AND DEPRECIATION All assets costing more than £1,000 arc capitalised. Investment properties are initially measured at cosl and subsequently MsUred at fair value. Changcs in fair value arc recognised in profit or loss. INVESTMENTS Investments in subsidiary are stated at Cost (Note 6). FINANCIAL INSTRUMENTS Financial assets and fmancial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument, and are offset only when the Charity currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial liabilities and equity instruments are classified according to the substance of the contractua] arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. FINANCIAL ASSETS Amounts owed by subsidiary undertaking and trade debtors which are receivable within one year and do not ¢onstitut¢ a financing transaction are initially measured at th¢ transaction price and subsequently measUd at amortised cost. FINANCIAL LIABILITIES Other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently me&8ured at amortised cost, being the transaction price less any amounts settled. Page 9
The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2024 INVESTMENT AND OTHER INCOME 2024 2023 Other interest RentaI and associated income Donations 17,747 60,911 100 17,677 40,157 £78,758 £57,834 EXPENDITURE Investment management Charitable costs activities Total 2024 Total 2023 Costs directly allocated to activities Transport/Catering/ Entertainmcnt Grants payable and donations Insurance & other admin costs Accountancy fees Property insurance and repair5 78,644 3,000 4,968 3.850 78,644 3.000 4,968 3,850 8,037 76,793 20.500 1,889 3,500 14,472 8,037 Total resources expended 2024 £8,037 £90,462 £98,499 £117,154 Total resources expended 2023 £14,472 £102,682 Accountancy fees include £3,750 (2023: £3.5(K)) in respect of independent examiners fees. REMUNERATION OF" EMPLOYEES AND KEY MANAGEMENT PERSONNEL The Charity considers its key management personnel to be its Trustees. The lotal employment benefits, including employer pension cost of k¢y management personnel, were £Nil (2023: £Nil). There were no employees in this Charity in 2023 or 2024. Truskes received no remuneration (2023.. £Nil) and were not reimbursed for any of their expenses in the year (2023.. £Nil). Page 10
The Gredley Charitable Trust NOTES TO THE UNAUDITED FtNANCIAL STATEMENTS For the year ended 31 March 2024 GRANTS PA YABLE 2024 2023 2x grants (2023.. 6) as follows-. St Louis Catholic Academy Gazeley Parochial Church East Anglian Air Ambulance Kettlefields Primary School Our Special Friends Ellesmer¢ Devils Society Dullingham Charities St Nicholas Hospice Care 2,000 1,000 I,000 2,500 I,O(K) 5,000 1,000 io,000 £3,000 £20,5(M) TANGIBLE FIXED ASSE13 Investment propety Valuation At l April 2023 Additions Fair value movement 1,500,000 27,655 (527,655) At 31 March 2024 £1,000,000 The historic cost of the propety is £1,692,920 (2023". £1,664,920) as at 31 March 2024. The fair value of the company's inveslment properties has been arrived at by WJ Gredley (a trustee) and AO Morrls using a basis of market value. The valuation was based on recent market transactions on an arni's length b&sis for similar properties. The tangible fixed assets are primarily held to provide an investment return. Page Jl
The Gredley Charitable Trust NOTES TO THE UNAUDIIED FtNANCIAL STATEMENTS For the year ended 31 March 2024 INVESTMENTS Investment in subsidiary Valuation or nominal value or cost At l April 2023 and 31 March 2024 £100 Investment in subsidiary: Class of holding Name Proportion held Oftenfact Limited Ordinary loo% The registered oifIce of Oftenfact Limited is Unex House, Church Lane, Stetchworth, NewmarkeL SuffolK CB8 9TN. The aggregate capitaI and reserves and results for the year are included in Note 10. The unlisted investments were primarily held to provide an investment return. DEBTORS 2024 2023 Trade debtors Amount due from subsidiary undertaking Amount due from related undertaking Prepayments and accrued income 2,069 617,430 364,315 40,000 2,069 602,960 402,119 2,026 £1,023,814 £1,009,174 Page 12
The Gredley Charitable Trust NOTES TO THE UNAUDITED FANCIAL STATEMENTS For the year ended 31 March 2024 CREDITORS 2024 2023 Accruals and d¢f¢ed income Amounts due to related undertaking 8,350 63,704 8,100 £72,054 £25,431 Deferred income comprises: Brought forward Deferred in the year Released in the year 4,600 4,600 (4,600) 21,900 4,600 {21,900) Defeed income carried forward £4,600 £4,600 Deferred income relates to rental income for the following quarter. Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. MOVEMENTS IN FUNDS At l April 2023 Incoming Resources Outgoing Revaluation At 31 March Resources DefIcit 2024 Unrestricted funds: General reserves 2,508,959 78,758 (98,499) (527,654) 2,489,218 Total unrestricted funds £2,508,959 £78,758 £(98,499) £(527,654) £1,961,564 At l April 2022 Incoming Resources Outgoing Revaluation At 31 March Resources Deficit 2023 Unrestricted funds: enerdl reserves 2,568,279 57,834 (117,154) 2,508,959 Total unrestricted funds £2,568,279 £57,834 £(117,154) £2,508,959 Purposes of unrestricted funds - General funds - To the extent that resources are not fully utilised in any year for the furtherance of the objects of the charity. such surplus resources are carried forward for use in subsequent years. Page 13
The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the ycar endcd 31 March 2024 10 SUBSIDIARY COMPANY The charity owns the whole of the issued ordinary share capital of Oftenfacl Limited. a company regist¢red in England. The subsidiary company is an investment holding company. A summary of the results of the subsidiary is shown below: 2024 2023 Turnover Related costs 600 (7,595) 600 (138) Gross (lossyprofit Administrative expenses (6,995) 462 Operating (loss)/profit (6,995) 462 Interest receivable and similar income Interest payable (14,470) (14,470) Loss on ordinary activities before and after taxation £(21,465) £(14,008) The aggregate of the assets, liabilities and funds was: 2024 2023 Assets Liabilities 600,000 (623,963) 600,462 (602,960) Net liabilities £(23,963) £(2,498) Capital and reserves: Called up share capital (representing l 00 ordinary shares of £1 each) Revaluation reserve Profit and loss account 100 50,138 {74,201) loo 50,138 (52,736) £(23,963) £(2,498) The Company owns a freehold property which it intends to develop profitably. TAXATION The Gredley Charltable Trust is a registered charity and, as such, its incorne and gains falling within Sections 518 to 564 of Part 10 of the Income Tax Act 2007 and Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent thal they are applied to its charitable objectives. Page 14
The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2024 12 RELATED PARTY TRANSACTIONS Interest of £3,190 (2023: £3,190) was receivable on the bank balance held by Unex Holdings Limited, a related conTrpany by virtue of a director being a trustee, on behalf of the Charity. At 31 March 2024 £364,315 (2023: £361,125) was due from the wmpany and this is included in debtors. Unex Finance Limited, a related company by virtue of a director being a trustee of the charity, recharged the charity £125,609 (2023.. £127,889) for expenses incurred on its behalf, and collected rent and associated income of £20,911 (2023: £36,050) on behalf of the charity. At 31 March 2024 the balance due to this entity was £63,704 (2023.. £40,994 due from). In a previous year the charity loaned £250,000 (2023: £250,OCX)) to its subsidiary company. Oftenfact Limited, repayable on demand. The loan is secured and interest is payable at the rate of 30/0 per annum above the base rate. In addition, £367,430 (2023.- £352,960) is due from the subsidiary company on its current account. During the year ended 31 March 2024, the total interest payable was £14,470 (2023: £14.470)- SECURITY 13 The Trust has the benefit of a legal charge over Oftenfact Limited's freehold propety in respect of all monies due from the subsidiary company, Oftenfact Limited. RENT RECEIVABLE 14 At the year end the charity had contracted with tenants under non-cancellable operating leases, for the following future minimum lease payments.. Amounts receivable: 2024 2023 Within one year Between two and five years 19,500 48,937 19,5(X) 68,490 £68,437 £87,990 The operating leases represent leases of one propety to third parties. The le&ses are registered over ternis of 5 years (2023.. 5 years). There are no options in place for either paty to extend the le&se terms. Page 15