The Gredley Charitable Trust
REPORT AND UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 March 2025
Charity Registration No 1000266
The Gredley Charitable Trust INDEX TO ACCOUNTS
| Legal and administrative information | 1 |
|---|---|
| Report ofthe Trustees | 2-3 |
| Trustees’ responsibilities | 4 |
| IndependentExaminer’s Report | 5 |
| Statementoffinancial activities | 6 |
| Balance sheet | 7 |
| Accounting policies | 8-9 |
| Notestotheaccounts | 10-15 |
The Gredley Charitable Trust
LEGAL AND ADMINISTRATIVE INFORMATION
Year ended 31 March 2025
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 9TN
INDEPENDENT EXAMINER
RSM UK Tax and Accounting Limited 1 Floor, Platinum Building St John’s Innovation Park Cowley Road Cambridge CB4 ODS
BANKERS
Coutts & Co 440 Strand London WC2R 0QS
Pagel
The Gredley Charitable Trust REPORT OF THE TRUSTEES Year ended 31 March 2025
The trustees present their report together with the financial statements of the charity for the year ended 31 March 2025. The financial statements comprise the Statement of Financial Activities and the Balance Sheet, 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 10 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 coast, social outings and a Christmas dinner for the older residents of Newmarket, 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 activities unchanged. The trustees confirm 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 determining the grant making policy for the year, and in planning future activities.
ORGANISATION
The trustees who have served during the year and since the year end are set out on page 1. 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 external training events where these will facilitate 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 as 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 settlor and trustee, WJ Gredley. In aggregate the companies derive no profit from the provision of these services.
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 basis. No remuneration was paid during this or the previous year.
ACHIEVEMENTS AND PERFORMANCE
The charity continued to achieve its stated objectives and performance during the year.
Page 2
The Gredley Charitable Trust REPORT OF THE TRUSTEES
Year ended 31 March 2025
FINANCIAL REVIEW
During the year the charity had a net decrease in funds of £67,271 (2024: £547,396). The principal funding source for the year was the rent and associated income on the investment property of £20,992 (2024: £60,911).
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 funds to purchase an investment property. Rents receivable from this property have generated a yield of approximately 1.2% (2024: 1.2%) in the year.
RESERVES POLICY
At 31 March 2025 total reserves were £1,894,292. It 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.
RISK MANAGEMENT
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm 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 has developed an internal framework for identifying risks that each investment is exposed to and their impact on economic capital. This process is risk based and utilises trustee member knowledge and experience to manage the capital requirements and to ensure that the charity 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 property is expected to fund continuing charitable activities.
Approved on behalf of the Trustees on 7 October 2025.
TCO Gredley
Trustee
Page 3
The Gredley Charitable Trust TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF UNAUDITED FINANCIAL STATEMENTS Year ended 31 March 2025
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance 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 Accepted 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 ofthe 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 are required to:
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° select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP;
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e make judgments and estimates that are reasonable and prudent;
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° state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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° 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 reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GREDLEY CHARITABLE TRUST
] 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 2025, which are set on pages 6 to 15.
Responsibilities and basis of report
As the trustees ofthe charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the 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 carrying out my examination, I have followed all the 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 all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I 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 confirm 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:
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e the accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011; or
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e the financial statements do not accord with the accounting records; or
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e the financial statements 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 financial statements to be reached.
Name: Claire Sutherland
Name of applicable listed body: The Institute ofChartered Accountants in England and Wales Relevant professional qualification or membership of professional body: Chartered Accountant
On behalf of RSM UK Tax and Accounting Limited Chartered Accountants 1* Floor, Platinum Building St John’s Innovation Park Cowley Road Cambridge CB4 0DS
Page 5
The Gredley Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 March 2025
| Notes | Total funds | Total funds | |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Income and endowments from: | |||
| Donations and legacies | 1 | - | 100 |
| Investments | 1 | 38,734 | 78,658 |
| Total income | 38,734 | 78,758 | |
| Expenditure | |||
| Investmentmanagement costs | 2 | 9,086 | 8,037 |
| Expenditure on charitable activities | 2 | 96,919 | 90,462 |
| Total expenditure | 106,005 | 98,499 | |
| Exceptional costs | |||
| Fairvalue movement in investment properties | - | (527,655) | |
| Netmovement in funds | (67,271) | (547,396) | |
| Reconciliation offunds | |||
| Total funds brought forward at 1 April 2024 | 9 | 1,961,563 | 2,508,959 |
| Totalfundscarriedforwardat31March2025 | 9 | £1,894,292 | £1,961,563 |
Page 6
The Gredley Charitable Trust BALANCE SHEET
31 March 2025
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----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Notes|2025|2024|
|£|£|
|FIXED|ASSETS|
|Tangible|assets:|
|Investment|properties|5|1,000,000|1,000,000|
|Investments|6|100|100|
|1,000,100|1,000,100|
|CURRENT ASSETS|
|Debtors|7|999,405|1,023,814|
|Cash|at bank|11,194|9,703|
|1,010,599|1,033,517|
|CREDITORS:|
|Amounts|falling|due within|one|year|8|(116,407)|(72,054)|
|NET CURRENT ASSETS|894,192|961,463|
|TOTAL NET ASSETS|£1,894,292|£1,961,563|
|FUNDS|- UNRESTRICTED|9|£1,894,292|£1,961,563|
----- End of picture text -----
The financial statements on pages 6 to 15 were approved and authorised for issue by the trustees on 7 October 2025 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 Recommended 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).
The Gredley Charitable Trust adopts the Charities SORP (FRS 102) as updated in January 2019, rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure has been necessary for the financial statements to showa true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2019.
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 charitable 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 information about the charity as an individual entity and not about its group. The charity and its subsidiary undertaking comprise a small sized group. The charity has therefore taken advantage of the exemptions provided by the Charities Act 2011, 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 INCOME
Investment income is accounted for in the period to which it relates.
EXPENDITURE
Expenditure is included on an accruals basis as a liability is incurred. It includes any VAT 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 purpose and are available as general funds.
Page 8&8
The Gredley Charitable Trust ACCOUNTING POLICIES
TANGIBLE FIXED ASSETS AND DEPRECIATION
All assets costing more than £1,000 are capitalised.
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.
INVESTMENTS
Investments in subsidiary are stated at cost (Note 6).
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised when the Charity becomesa 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 contractual arrangements entered into. An equity instrument is any contract that evidencesa 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 constitute a financing transaction are initially measured at the transaction price and subsequently measured 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 measured at amortised cost, being the transaction price less any amounts settled.
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The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2025
] INVESTMENT AND OTHER INCOME
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Other|interest|17,742|17,747|
|Rental|and|associated|income|20,992|60,911|
|Donations|-|100|
|£38,734|£78,758|
|EXPENDITURE|
|Investment|
|management|Charitable|Total|Total|
|costs|activities|2025|2024|
|Costs|directly allocated|to|activities|
|Transport/Catering/|
|Entertainment|-|85,657|85,657|78,644|
|Grants|payable|and|donations|-|-|-|3,000|
|Insurance &|other admin|costs|-|5,212|5,212|4,968|
|Accountancy|fees|-|6,050|6,050|3,850|
|Property|insurance|and|repairs|9,086|-|9,086|8,037|
|Total|resources|expended|2025|£9,086|£96,919|£106,005|£98,499|
|Total|resources|expended 2024|£8,037|£90,462|
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2 EXPENDITURE
Accountancy fees include £5,000 (2024: £3,750) in respect of independent examiners fees.
3 REMUNERATION OF EMPLOYEES AND KEY MANAGEMENT PERSONNEL
The Charity considers its key management personnel to be its Trustees. The total employment benefits, including employer pension cost of key management personnel, were £Nil (2024: £Nil). There were no employees in this Charity in 2024 or 2025.
Trustees received no remuneration (2024: £Nil) and were not reimbursed for any of their expenses in the year (2024: £Nil).
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The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2025
| 4 | GRANTS PAYABLE | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| No grants (2024: 2) as follows: | |||
| StLouis Catholic Academy | - | 2,000 | |
| Gazeley Parochial Church | - | 1,000 | |
| £- | £3,000 | ||
| 5 | TANGIBLE FIXED ASSETS | ||
| Investment | |||
| property | |||
| £ | |||
| Valuationat31March2024and31March2025 | £1,000,000 |
The historic cost of the property is £1,692,920 (2024: £1,692,920) as at 31 March 2025.
The fair value of the company’s investment properties has been arrived at by WJ Gredley (a trustee) and AG Morris using a basis of market value. The valuation was based on recent market transactions on an arm’s length basis for similar properties.
The tangible fixed assets are primarily held to provide an investment return.
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The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2025
7 DEBTORS
6 INVESTMENTS
| Investment | ||
|---|---|---|
| in subsidiary | ||
| £ | ||
| Valuation ornominal value or cost | ||
| At I April 2024 and 31 March2025 | £100 | |
| Investment in subsidiary: | ||
| Class of | Proportion | |
| Name | holding | held |
| OftenfactLimited | Ordinary | 100% |
The registered office of Oftenfact Limited is Unex House, Church Lane, Stetchworth, Newmarket, Suffolk, CB8 9TN.
The aggregate capital and reserves and results for the year are included in Note 10.
The unlisted investments were primarily held to provide an investment return.
| DEBTORS | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Trade debtors | - | 2,069 |
| Amountdue from subsidiary undertaking | 631,900 | 617,430 |
| Amount due from related undertaking | 367,505 | 364,315 |
| Prepayments and accrued income | - | 40,000 |
| £999,405 | £1,023,814 |
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The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2025
9 MOVEMENTS IN FUNDS
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|8|CREDITORS|
|2025|2024|
|£|£|
|Accruals|and|deferred|income|9,600|8,350|
|Amounts due|to|related|undertaking|106,807|63,704|
|£116,407|£72,054|
|Deferred|income|comprises:|
|Brought|forward|4,600|4,600|
|Deferred|in|the|year|4,600|4,600|
|Released|in the year|(4,600)|(4,600)|
|Deferred|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|1|April|Incoming|Outgoing|Revaluation|At31|March|
|2024|Resources|Resources|Deficit|2025|
|£|£|£|£|£|
|Unrestricted|funds:|
|General|reserves|1,961,563|38,734|(106,005)|-|1,894,292|
|Total|unrestricted|
|funds|£1,961,563|£38,734|£(106,005)|£-|£1,894,292|
|At|1|April|Incoming|Outgoing|Revaluation|At31|March|
|2023|Resources|Resources|Deficit|2024|
|£|£|£|£|£|
|Unrestricted|funds:|
|General|reserves|2,508,959|78,758|(98,499)|(527,655)|1,961,563|
|Total|unrestricted|
|funds|£2,508,959|£78,758|£(98,499)|— £(527,655)|£1,961,563|
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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.
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The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2025
10 SUBSIDIARY COMPANY
The charity owns the whole of the issued ordinary share capital of Oftenfact Limited, a company registered in England. The subsidiary company is an investment holding company.
| A summary ofthe results ofthe subsidiary is shown below: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Turnover | - | 600 |
| Related costs | (3,649) | (7,595) |
| Gross (loss)/profit | (3,649) | (6,995) |
| Administrative expenses | (250) | - |
| Operating (loss)/profit | (3,899) | (6,995) |
| Interest receivable and similar income | - | - |
| Interest payable | (14,470) | (14,470) |
| Loss on ordinary activities before and aftertaxation | £(18,369) | £(21,465) |
| 2025 | 2024 | |
| The aggregate ofthe assets, liabilities and funds was: | £ | £ |
| Assets Liabilities |
601,230 (643,562) |
600,000 (623,963) |
| Net liabilities | £(42,332) | £(23,963) |
| Capital and reserves: | ||
| Called up share capital (representing 100 ordinary shares of£1 | ||
| each) | 100 | 100 |
| Revaluation reserve | 50,138 | 50,138 |
| Profit and loss account | (92,570) | (74,201) |
| £(42,332) | £(23,963) |
The company owns a freehold property which it intends to develop profitably.
11 TAXATION
The Gredley Charitable Trust is a registered charity and, as such, its income 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 that they are applied to its charitable objectives.
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The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2025
14 RENT RECEIVABLE
12 RELATED PARTY TRANSACTIONS
Interest of £3,190 (2024: £3,190) was receivable on the bank balance held by Unex Holdings Limited, a related company by virtue of a director being a trustee, on behalf of the Charity. At 31 March 2025 £367,505 (2024: £364,315) was due from the company 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 £104,095 (2024: £125,609) for expenses incurred on its behalf, and collected rent and associated income of £60,992 (2024: £20,911) on behalf of the charity, At 31 March 2025 the balance due to this entity was £106,807 (2024: £63,704).
In a previous year the charity loaned £250,000 (2024: £250,000) to its subsidiary company, Oftenfact Limited, repayable on demand. The loan is secured and interest is payable at the rate of 3% per annum above the base rate. In addition, £381,900 (2024: £367,430) is due from the subsidiary company on its current account. During the year ended 31 March 2025, the total interest payable was £14,470 (2024: £14,470).
13 SECURITY
The Trust has the benefit of a legal charge over Oftenfact Limited’s freehold property in respect of all monies due from the subsidiary company, Oftenfact Limited.
At the year end the charity had contracted with tenants under non-cancellable operating leases, for the following future minimum lease payments:
| 2025 | 2024 | |
|---|---|---|
| Amounts receivable: | £ | £ |
| Within one year | 19,500 | 19,500 |
| Between twoand five years | 29,437 | 48,937 |
| £48,937 | £68,437 |
The operating leases represent leases of one property to third parties. The leases are registered over terms of 5 years (2024: 5 years). There are no options in place for either party to extend the lease terms.
Page 15