CHARITY REGISTRATION NUMBER: 1045027 The A M Stratford Charitable Trust Consolidated Financial Statements 5 April 2024
The A M Stratford Charitable Trust Consolidated Financial Statements Year ended S April 2024 Page Trustees, annual report Trustees, responsibilities statement Independent auditor's report to the members Statement of financial activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13
The A M Stratford Charitable Trust Trustees. Annual Report Year ended 5 April 2024 The trustees present their report and the financial statements of the charity for the year ended 5 April 2024. Reference and administrative details Registered charity name The A M Slratford Charitable Trust Charity registration number 1045027 Principal office 22-26 King Street King's Lynn Norfolk King's Lynn The trustees Mr J A Hazel Mrs S E M Kunes Mrs J D Chaplin Mr D L Stafford Mr P A J Croker Miss M Kennedy Clerk Mrs C L Melton Auditor Mapus-smith & Lemmon LLP Chartered Accountants & Statutory Auditor 48 King Street King's Lynn Norfolk PE30 1 HE Bankers Barclays Bank plc 91-92 High Street King's Lynn Norfolk PE30 1 BL Solicitors Kenneth Bush Solicitors 11 New Conduit Street King's Lynn Norfolk PE30 1 DG
The A M Stratford Charitable Trust Trustees. Annual Report (contlnued) Year ended 5 April 2024 Structure, governance and management Governing Document The trust is constituted under a deed dated 22nd December 1994. It is registered as a charity with the Charity Commission {charily number 10450271. Management The trustees meet together with the clerk on a quarterly basis al which time the trustees agree the broad strategy and areas of activity for the Trust, including consideration of projects to be undertaken, investment performance, reserves and risk management policies etc. The day to day adminislralion is dealt wilh by the chairman with the assistance of the clerk. Trustee Induction and Training The need for specialist skills are considered when considering and nominations for new trustees. New trustees attend a meeting with the existing trustees and are briefed with regard to their legal obligations under the charities acts, They are provided with a copy of the governing trust deed and given a brief history of the Trust. They are also provided with a copy minutes of the recent trustees meetings, and copies of the last three years, annual reports and accounts. All trustees are encouraged lo attend appropriate external training events which will assist them in fulfilling their role. The Iruslees give freely of their lime and no trustee remuneration was paid during the year. Details of related party transactions are contained within note 2 to the accounts Related Parties The charity has a subsidiary undertaking, Stratfords Limited a company registered under the Companies Acts. The trust owns all of the issued share capital of the company,. these being acquired as part of the legacy to the company from the estate of Miss Audrey Stratford in 2000. The company makes distributions of profil to the charity after taking into account the sums required for its day to day operations. Objectives and activities The objects of the Charity are lo benefit the inhabitants of King's Lynn and lo advance education by Ihe establishment and maintenance of a collection of documents, records and recordings illustrating the past, contemporary and developing history of King's Lynn. Making, acquiring, and maintaining records of any or every aspect of King's Lynn's geology, prehistory and history. Making, acquiring, indexing, storing and maintaining audio and visual recordings of the sounds and sights of contemporary and developing Kings Lynn. Commencing and advancing the compilation of a comprehensive street plan of King's Lynn, showing changes from the early settlements at King's Lynn until the modern industrial age and thereafter. Making such collections available for public use by educational institutions and by persons concerned with research. In general for such charitable purposes for the benefit of the inhabitants of King'5 Lynn as the Trustees shall think fit. The objectives for the year are shaped by these strategic aims with a view to maintaining a stable programme of recording both current and recent historical events and lifestyles I n view however of the reduction in the investment income received following the economic downturn the trustees have taken the decision lo postpone any major projects until matters improve.
The A M Stratford Charitable Trust Trustees, Annual Report (continuedj Year ended 5 April 2024 The trustees continue to explore other avenues to achieve the objectives of the trust. In shaping the activities for the year and considering the activities undertaken the trustees have considered the Charity Commission guidance on public benefit including the policy with regard to fee charging The trustees give careful consideration to all of these aspects when deciding upon the projects undertaken in general and upon the level of admission costs to public perfomiances for those eligible for concessions and those on low incomes. Achievements and performance The trust has been working on increasing its profile locally and continuing to improve its website with a view to making the objects of the trust clear and the grant making process easier for potential applicants. The trust has supported a number of projects this year and are mindful of trying to publicise such grants in order to increase the profile of the trust. The projects supported this year are.. Norfolk Records Society, to facilitate printing of a book "Socialism in King's Lynn and Suffragism in Great Yarmouth": King's Lynn Civic Society, lo create name plaques, a handy town guide and a a handy town guide and a children's book explaining the historic names of current King's Lynn streets,. Collusion. to produce an interactive and immersive light show at Greyfriars Tower in King's Lynn. Financial review The trust is reliant upon the income from investments to fund its operational and charitable aclivilies. Its overall aim therefore is to keep its expenditure in line with the income from the investments so as to preserve the capital value of the trust in real terms, Incoming r8sources increased during 2023-24 by £19,586 10 £71,404. In 2022-23 the income decreased by £4,521 to £51,818. This year the Irust has experienced a nel surplus of £76,862. In the previous year the results showe an overall deficit of £50,854. Net realised gains on listed shares sold amounted to £174 (2023 £1991. Last year there was a nel realised gain on investment property sold amounting to £55,362. There was an unreali5ed gain on listed investments in the year of £56,172 (2023. £54,420 loss}. There was no unrealised gain on revaluation of investment properties this year or last year. Last year, unrealised losses included £57,500 reversed gains from previous revaluations of the property sold in the year. The net incoming resources before taking into account the gains and losses on investments amounted to a surplus of £19,716 {2023 £5,505} As at 5 April 2024, the charity held total funds of £2,361,536 12023.. £2,285,474). There are no restricted or designated funds. The trustees consider this level of retained reserve lo be appropriate with regard to the charity's objectives. Group income has declined with a decrease of 11.04 % to £1,355.243. The gross trading profit of the group decreased to £55,65612023'. £235,315). Gross margin on trading declined at 4.330/0 compared to 16.11 % in 2023.
The A M Stratford Charitable Trust Trustees, Annual Report (continued) Year ended 5 April 2024 Nel Group income after gains on investments and the revaluation of investment property decreased by £43,582 to a £83.929 loss. As at 5 April 2024, the Group held total funds of £2.529,143 {2023'. £2,613,072). Principal Risks and Uncertainties The principal risks affecting the charity are market risks applying lo the valuations of listed investments and investment property. These are influenced by general economic conditions. The Irustees consider that the diversity of the charity's inveslment portfolio, together with the risk profile of the managed funds, is such that such risks are effectively mitigated. Plans for future periods The trustees will continue to encourage applications for funding and consider them in furtherance of the trusts objectives. The trustees, annual report was approved on of trustees by.. OU and signed on behalf of the board Mr J A Hazel Chairman
The A M Stratford Charitable Trust Trustees, Responsibilities Statement Year ended 5 April 2024 The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently, observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records thal are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.
The A M Stratford Charitable Trust Independent Auditor's Report to the Members of The A M Stratford Charitable Trust Year ended 5 April 2024 Opinion We have audited the consolidated financial statements of The A M Stralford Charitable Trust and its subsidiaries (the 'Group') for the year ended 5 April 2024 which comprise the consolidated statement of financial activities. the consolidated balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements.. give a true and fair view of the state of the group's affairs as at 5 April 2024 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducled our audit in accordance with International Standards on Auditing (UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us lo report to you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate.. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the charity's ability lo continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The A M Stratford Charitable Trust Independent Auditor's Report to the Members of The A M Stratford Charitable Trust (continued) Year ended 5 April 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent olherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to delemine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in Ihis regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misslat8menls in the trusl8es' report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial statements., or adequate accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the infomiation and explanations we require for our audil. Responslbilitles of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the truslees detemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the consolidated financial statements, the Iruslees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so.
The A M Stratford Charitable Trust Independent Auditor's Report to the Members of The A M Stratford Charitable Trust (¢ontinuedJ Year ended S April 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial statements, whether due lo fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environment and business performance including the key drivers for directors, remuneration,. the Companies own assessment of the risks that irregularities may occur either as a result of fraud or error., results of our enquiries of management, any matters we identified having obtained and reviewed the companies documentation of their policies and procedLsres relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud. In common with all audits under ISAS IUKI we are also required lo perform specific procedures to respond lo the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and lax legislation. As a result of perfomiing the above, we identified accounting estimates as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following, all material accounting estimates tested lo supporting documentation to assess compliance with provisions of relevant laws and regulations,. performance of analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misslalemenl due to fraud. As part of an audit in accordance with ISAS {UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misslalement of the financial stalemenls, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control.
The A M Stratford Charitable Trust Independent Auditor's Report to the Members of The A M Stratford Charitable Trust (continugd) Year ended 5 April 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in Ihe financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentalion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone olher than the charily and the charily's members as a body, for our audrt work, for this report, or for the opinions we have formed. Mrs Sharon Edwards F.C.A. (Senior Statutory Auditor) For and on behalf of Mapus-smith & Lemmon LLP Chartered Accountants & Statutory Auditor 48 King Street King's Lynn Norfolk PE30 1HE
The A M Stratford Charitable Trust Consolidated Statement of Financial Activities Year ended 5 April 2024 2024 2023 Unrestricted funds Total funds Total funds Note Income and endowments Incoming resources from generating funds.. Commercial trading operation Investment income Other income 1,285,320 65,509 4,414 1,285,320 65,509 4,414 1,460,904 62,412 94 Total income 1,355,243 1,355,243 1,523,410 Expenditure Expenditure on raising funds.. Commercial trading operation Investment management costs Expenditure on charitable activities Governance costs 11,435,034) (1,435,034) (1,453.455) (19,398) {19,398} 116.137) {25,830} (25,830} 122.882) 115.256) {15,256} 114,974) 9,10 Total expenditure (1,495.5181 11,495.5181 {1.507.448) Net {losses)Igains on investments 11 56,346 56,346 156,359) Net Income and net movement In funds (83,929) (83,929) (40,397) Reconciliation of funds Total funds brought forward Total funds carried forward 2,613,072 2,613,072 2,653,469 2,529,143 2,529,143 2,613,072 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The notes on pages 13 to 27 fomi part of these financial statements. 10
The A M Stratford Charitable Trust Consolidated Balance Sheet Year Ended 5 April 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Note Fixed assets Tangible assets Investments 15 16 238,440 1,665,983 212,212 1,611.482 1,965.800 1,911,299 1.904,423 1,823,694 1,965,800 1,911,299 Current assets Stock Debtors Cash al bank and in hand 296,665 185,301 410,783 261.610 213,733 607,977 17 106,704 300,374 107,898 276,349 892,749 1,083,320 407,078 384,247 Creditors: amounts falling due within one year 18 218,763 228,514 11,342 395,736 10,072 Net current assets 673,986 854,806 374,175 Total assets less Gurrent liabilities 2,578,409 2,678,500 2,361,536 2,285,474 Creditors: falllng due after more than one year 19 Provision for liabilities 20 28,481 20,785 65.428 Net assets 2,529,143 2,613.072 2,361,536 2,285,474 Funds of the charity Unrestricted funds 2.529,143 2,613,072 2,361,536 2,285,474 Total charity funds 2.529,143 2,613,072 2,361,538 2,285,474 These financial statements were approved by the board of trustees and avthorised for issue on .&. (Li2/2_.L5.. and are signed on behalf of the board by.. MrJAHaze Mr P A J Croker The notes on pages 13 to 27 fomi part of these financial ststements. 11
The A M Stratford Charitable Trust Consolidated Statement of Cash Flows Year ended 5 April 2023 2024 2023 Cash flows from operating activities Net income {83,929) {40,397) Adjustments for Depreciation of tangible assets Revaluation reserve Net loss on disposal of tangible assets Net gainslllossl on investments Dividends. interest and rents from investments Other interest receivable and similar income Provision for deferred tax Tax on commercial profil 30,106 23,877 156,346) 162,842) 12,667) (44,643) 18,363) 56,359 161,931) (481 } 11,264) 18,590) Changes in.. Stock Trade and other debtors Trade and other creditors <35,055) 31,072 24,453 16,0711 {21,282) 39,226 Cash generated from operations 1208,2141 (20,5541 Interest received Tax Paid 2,667 481 Nel cash used in operating activities (205,547) 120,0731 Cash flows from investing activities Purchase of tangible assets Proceeds of sale of tangible assets Dividends, interest and rents from investments Purchases of other investments Proceeds from sale of other inveslments 164,1421 7,808 62,842 61,931 12,476) 1202,212) 4,321 192,998 (33,635) Net cash (used in)Ifrom investing activities 1197,1941 Cash flows from financing activities Borrowings repaid Net cash used in financing activities Net Idecreasellincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (197,194) 607,977 19911 608,968 410,783 607,977 Tho notes on page 13 to 27 form part of these financial statements. 12
The A M Stratford Charitable Trust Notes to the Financial Statements (contlnued) Year ended 5 April 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ. These financial statements consolidate the results of the Charity and its subsidiary on a line by line basis. The subsidiary is a private company limited by shares, registered in England and Wales. The informalion consolidated for the subsidiary is per the financial statements for the year ended 31 January 2024. A separate statement of financial activitie5 and statement of cash flows is not presented for the Charity Itself following the exemptions available under the Companies Act 2006 and the Charities SORP. Statement of compliance These financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities (Charities SORP) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The charity is a public benefit entity. The financial statements have been prepared to give a "true and fairt, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and fair view,. This departure has involved following 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawrs. Accounting policies Realised gains and losses All Gairss and Losses are taken to the Statement of Financial Activities as they arise. Realised Gains and Losses on investments are calculated as the difference between the sale proceeds and the opening market value lor purchase date if later}. Unrealised Gains and Losses are calculated as the difference between the markel value at the year end and the opening market value or purchase price if later, Realised and unrealised gains and losses are not separated in the Statement of Financial Activities. Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial stalements are presented in pound sterling and rounded to the nearest pound. Going concern There are no material uncertainties about the charity's ability to continue. 13
The A M Stratford Charitable Trust Notes to the Financial Statements {continuedJ Year ended 5 April 2024 Accounting policies {continued) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. (il Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates. based on technological advancements, future investments, economic ulilisalion and the physical condition of the assets. See note 6 for the carrying amount of tangible assets and note 3 for the useful economic lives for each class of assets. liilTaxation The company establishes provisions based on reasonable estimates, for possible consequences of audits by the lax authorities. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing inlerprelations of lax regulations by the taxable entity and the responsible tax authority. Fund accounting Unrestricted funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or Ihrough the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when enlillement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the account5 when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 14
The A M Stratford Charitable Trust Notes to the Financial Statements fcontinuedj Year ended 5 April 2024 Accounting policies (continued) Income from trading activities is recognised when earned, as the related goods and services are provided. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is Classified under headings of the statement of financial activities lo which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charilable trading activities, and Ihe sale of donaled goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable aclivities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Fixed Assets All fixed assets are initially recorded at cost. Depreciation Depreciation is provided at the following rates in order to write off each asset over its useful economic life. Freehold property Plant & machinery Fixtures & fittings Motor vehicles 15 % on reducing balance 15010 on reducing balance 250/0 on reducing balance Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock lo its present location and condition. 15
The A M Stratford Charitable Trust Notes to the Financial Statements (conlinuedj Year ended 5 April 2024 Accounting policies (continued) Investments Unlisted equity investments are initially recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured al cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investment propety Investment property is revalued to ils fair value at each reporting date and any changes in fair value are recognised in profrt or loss. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price, At each reporting dale, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Provlslons Provisions are recognised when the entity has an obligation al Ihe reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet, and the amount of any provision in the year as an expense. Financial instruments A financial asset or a financial liability is recognised only when the enlity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised al the transaction price, unless the arrangement constitutes a financing Iransaclion, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Accounting policies (continued} Financial assets that are measured al cost or amortised cosl are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 16
The A M Stratford Charitable Trust Notes to the Financial Statements (continued) Year ended 5 April 2024 Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating lo financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share Capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions felating to equity instruments are debited direct to equity. Taxation Taxation for the year comprises current and deferred tax, Tax is recognised in Ihe Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet dale. Deferred tax Deferred tax is recognised in respecl of all timing difference5 that have originated but not reversed al the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial slatements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved lax losses and other deferred tax assets are recogni5ed only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Hire purchase and leasing commitments Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. 17
The A M Stratford Charitable Trust Notes to the Financial Statements fcontinued) Year ended 5 April 2024 Accounting policies Icontinuedl Pension costs and other post-retirement benefits The company operates a defined contribution pension scheme. Contributions payable lo the company's pension scheme are charged to profit or loss in the period to which they relale. Financial activittes of the Charity The financial activities shown in the consolidated stalement include those of the charity's wholly-owned subsidiary. A summary of the financial activities undertaken by the charity excluding tts subsidiary is set out below'.- 2024 2023 Gross incoming resources Total expenditure on charitable activities Investment management costs Governance costs I nvestment gainlllossl 71,404 (25.8301 (10,6021 (15,2561 56,346 51,818 122.882} 18.4571 114,974} 156,3591 Net movement incoming resources 76,062 150,8541 Total funds brought forward 2,285,474 2,336,328 Total funds carried forward 2,361,536 2,285,474 Incoming resources from activities for generating funds The trading subsidiary company, Straffords Limited, pays its profits, other than those sums required for its trading activities, as a distribution to the charity. The charity owns 100 % of Ihe issued share capital of the company. A summary of the trading results for the year to 31 January 2024 and 2023 is shown below'.- Turnover Cost of sales and administration costs Other income Interest receivable Interest payable Taxation 1,285,320 (1,491,570) 13,000 19 18,126) 48,826 1,460,904 11,458,070) 15,000 14,5051 12,9191 Net {loss)Iprofit after taxation Revaluation reserve transfer {152,531) 10.411 Retained in the subsidiary {152,531) 10,411 18
The A M Stratford Charitable Trust Notes to the Financial Statements (continued) Year ended 5 April 2024 Incoming Resources Icontinuedl 2024 2023 Fixed Asset5 Current Assets Current Liabilities Long Term Liabilities 598,666 614,503 (207,4211 (128,481) 572,478 799,073 {218,442) (115,811) Net Assets 877,267 1,037,298 Investment income Unrestricted Total Funds Funds 2024 Total Funds 2023 Income from investment properties Income from listed investments 37.420 25,422 37.420 25,422 38.694 23,237 Bank interest receivable Barclays bank plc 2,667 2,667 481 65,509 65,509 82,412 Other income Unrestricted Total Funds Funds 2024 Total Funds 2023 Compensation Public Library lending royalties 4,288 126 4,288 126 94 4,414 4,414 94 19
The A M Stratford Charitable Trust Notes to the Financial Statements {continuedJ Year ended 5 April 2024 Investment management costs Unrestricted Total Funds Funds 2024 Total Funds 2023 Portfolio management Property management costs Property costs - repairs and maintenance Property costs - Electricity Property costs - Insurances Property cosls - Council tax Property costs - Bad debts wrrtten off Property costs- Sundry Property costs- Legal and professional Property costs - Loan interest 1.775 9,605 1.775 9,605 2,955 9,419 4,769 40 1,699 4,769 40 1,699 328 260 1,833 112} 606 6C 534 904 904 820 19,398 19,398 16,137 Expenditure on charitable activities by fund type Unreslricled Total Funds Funds 2024 Total Funds 2023 GranlslDonalions to institutions Support costs 25,830 15,256 25.830 15,256 22,882 14,974 41,086 41,086 37,856 10. Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 GrantslDonalions lo institutions Governance costs 25,830 25,830 15,256 22,882 14,974 15,256 25,830 15,256 41,086 37,856 20
The A M Stratford Charitable Trust Notes to the Financial Statements (continued) Year ended 5 April 2024 10a. Expenditure on charitable activities Grantsldonations to institutions Activities undertaken directly 2024 2023 King's Lynn Civic Society All Saints Church Collusion Festival Too St Peters Church Norfolk Records Office Norfolk Records Society Tapping House 10,530 5,000 3,000 10,000 10,000 5.000 2,882 2.000 300 25,830 22,882 Governance costs Governance costs - insurance Governance costs - accountancy fees Governance costs- audit fees Governance costs- legal and professional fees 436 10,740 4,080 574 10,320 4,080 15,256 14,974 Expenditure on charltable activities 41,086 37,856 11. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Unrealised fair value adjustmenls on investment assets Realised gains on investment assets 56,172 174 56,172 174 1111,920) (111,9201 55,561 55,561 56,346 56,346 156,3591 (56,359} 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statemenls 19,080 16.080 13. Staff costs and emoluments The tolal staff costs and employee benefits for the reporting period are £451,251 {2023'. £372,653) The average head count of employees during the year was 18 {2023.' 171. No employee received employee benefits of more than £60.000 during the year12023'. nill. 21
The A M Stratford Charitable Trust Notes to the Financial Statements (continuedj Year ended 5 April 2024 14. Trustee remuneration and expenses A trustee, Mr J Hazel, received remuneration, as director of the subsidiary company, amounting lo £5,208 {2023 - £5,208) A trustee, Mr P Croker, received remuneration, as director of the subsidiary company, amounting to £5,20812023 - £4.774). No reimbursement of expenses arose during the year. 15. Tangible Fixed Assets {Group only) Freehold Property Plant & Machinery Fixtures & Fittings Motor Vehicles Total Cost or valuation At 6 April 2023 Additions Disposals Revaluations 195,928 6,000 87.414 29,250 52,225 1,592 129,225 464.792 27,300 64,142 139,061) 139,061) At 5 April 2024 201,928 116,664 53,817 117,464 489,873 Depreciation Al 6 April 2023 Charge for the year Disposals Transfers 87,810 4.039 57,851 6,811 31,345 3,276 75,574 252,580 15,980 30,106 {31.253) {31,253) At 5 April 2024 91.849 64,662 34,621 60,301 251,433 Net book value At 5 April 2024 110,079 52,002 19,196 57,163 238,440 At 5 April 2023 108.118 29,563 20,880 53,651 212,212 22
The A M Stratford Charitable Trust Notes to the Financial Ststements (¢ontinued) Year ended 5 April 2024 16. Investments Group Cash or cash equivalents Listed investments Investment properties Total Cost or valuation At 6 April 2023 Additions Disposals Fair value movements 1,030 2,476 (1,844) 815,452 795,000 1,611,482 2,476 {4,147} 56,172 {2,3031 56,172 At 5 April 2024 Carrying amount At 5 April 2024 Al 5 April 2023 1,662 869,321 795,000 1,665,983 1,662 869,321 795,000 1,665,983 1,030 815,452 795,000 1,611,482 The above carrying amounts are recognised as follows.. Cash or cash equivalents Listed investments Investment properties Total At 5 April 2024 Held at fair value 1,662 869,321 795,000 1,665,983 Al 5 April 2023 Held at fair value 1,030 815,452 795,000 1,611,482 Charit Shares in Cash or cash Listed Investment group equivalents investments properties undertakings Total Cost or valuation At 6 April 20223 Additions Disposals Fair value movements 1,030 2,476 11,8441 815,452 435,000 659,817 1,911,299 2,476 (4,147) 56,172 12,3031 56,172 At 5 April 2024 Carrying amount At 5 April 2024 At 5 April 2023 1.662 869,321 435,000 659,817 1,965,800 1,662 869,321 435,000 659,817 1,965,800 1,030 815,452 435,000 659,817 1,911,299 23
The A M Stratford Charitable Trust Notes to the Financial Statements (continuedj Year ended 5 April 2024 The above carrying amounts are recognised as follows.. Shares in Investment group properties undertakings Cash or cash Listed equivalenls investments Total At 5 April 2024 Held at fair value Held at historical cost less impairment 1,662 869,321 435,000 1,305,983 659,817 659,817 At 5 April 2023 Held at fair value Held al historical cost less impairment 1,030 815,452 435,000 1,215,482 659,817 859,817 Llsted investments The aggregate market value of listed investments is £869,321 {2023.' £815,452). Investment properties The freehold inveslmenl properties were revalued as al 5th April 2022 by Geoffrey Collings & Co, Chartered SuNeyors. The Tru51ees have again reviewed these property values and are satisfied that there is no requirement for any adjuslmenl this year. Ftnancial assets held at fair value The fair value of listed investments represents the market value as at 05.04.2024, being Ihe mid-market buylsell price at market close. The aggregate cost of listed investments at 05.04.2024 was £764,736 {2023.' £767,038). As noted above, the investment properties were revalued by the Trustees during the year, The valuation of these properties was on an open market basis. The aggregate cost of investment properties at 05.04.2024 was £231,844 {2023.. £231,844). Subsidiaries The inveslmenls in subsidiaries relates to the 1000/0 share capital held in Stratfords Limited, registered in England & Wales number 00167923. The results for the company for the year ended 31 January are as follows.. 2024 2023 Turnover (LossJlProfit Aggregate value of assets and liabilities 1.285,320 {152,5311 877,267 1.460,904 10.411 1.037,298 Registered office.. 22-26 King Street King's Lynn Norfolk PE30 1HJ 24
The A M Stratford Charitable Trust Notes to the Financial Statements (con¢inued) Year ended 5 April 2024 17. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Trade debtors Amounts owed by group undertakings Corporation Tax Prepayments and accrued income Other debtors 163,229 193,799 100,000 100,000 2,640 12,513 6,919 13,437 6,497 1,287 5,417 1,401 6,497 185,301 213,733 106,704 107,898 Debtors include the sum of £100,000 advanced to a subsidiary, Slralfords Limited. The loan bears interest at 20/0 above the Bank of England base rate and is secured on freehold property owned by the company The loan is repayable on demand. A sum of £100.000 was advanced to the subsidiary in September 2024 under the same terms detailed above. 18. Creditors: amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charlty 2023 Hire purchase Trade creditors Corporation Tax Other taxes and social security costs Other creditors 10,185 149,883 156,979 5,723 30,060 35,752 18,909 39,786 11,342 10,072 218,763 228,514 11,342 10,072 19. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Hire purchase 28,481 28,481 25
The A M Stratford Charitable Trust Notes to the Financial Statements (continuedj Year ended 5 April 2024 20. Provision for liabilities Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred taxation 20,785 65,428 20,785 65,428 21. Analysis of charitable funds Unrestrlcted funds At 6 April 2023 Gains and At losses 5 April 2024 Income Expenditure General funds 2,285,474 71.404 (51,688) 56,346 2,361,536 At 6 April 2022 Gains and At losses 5 April 2023 Income Expenditure General funds 2,336,328 51,818 {46,313) 156,359) 2,285,474 22. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Investments Current Assets Creditors less than 1 year Net assets 1,965,800 407,078 111.342) 2,361,536 1,965,800 407,078 (11,342) 2,361,536 Unrestricted Tolal Funds Funds 2023 Investments Current Assets Creditors less than 1 year Net assets 1,911,299 384,247 110,072) 2,285.474 1,911,299 384,247 110,0721 2,285,474 26
The A M Stratford Charitable Trust Notes to the Financial Statements (contlnuedj Year ended 5 April 2024 23. Financial instruments The carrying amount for each category of financial instrument is as follows.. 2024 2023 Financial assets measured at fair value through income and expenditure Financial assets measured at fair value through income and expenditure 1,665,983 1,611.482 Financial assets that are debt instruments measured at amortised cost Financial assets that are debt instruments measured al amortised cost 170,148 200,296 Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost 189,669 192,731 24. Cash and cash equivalents 2024 2023 Cash at bank and in hand Bank overdraft 410,783 607,977 410,783 607,977 2S. Related parties A trustee, Mr J Hazel, is a partner at Geoffrey Collings & Co estate agents, who received fees tolalling £2,745 {2023.' £4,779) in respect of services provided including the collection of rents from the properties owned by the trust. A trustee, Mr P Croker, is a director of Kenneth Bush Ltd, Solicitors. No fees were paid this year (2023. £5,686} in respect of services provided to the group. 27