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 M￿sUred 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 measU￿d
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 F￿ANCIAL 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)
Defe￿ed 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