Company No: 03340350 Charity No:1062762
## GREENHAM TRUST LIMITED
(A company limited by guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2025
## GREENHAM TRUST LIMITED
## The Annual Report of the Directors and Trustees
## YEAR ENDED 31 MARCH 2025
|CONTENTS|PAGES|
|---|---|
|Chairman’s Statement|3|
|Reference and Administrative Details|5|
|Objectives and Activities|6-7|
|Strategic Report including:|8-11|
|Achievements and performance||
|Financial review||
|Plans for Future Periods||
|Principal Risks and Uncertainties||
|Structure, Governance and Management|11-13|
|Independent Auditors’ Report to the Members|14|
|Consolidated Statement of Financial Activities|17|
|Consolidated Balance Sheet|19|
|Company Balance Sheet|20|
|Cash Flow Statement|21|
|Notes to the Financial Statements|22-33|
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
## Chairman’s Statement
The financial year was another successful one for the Trust. The property portfolio continues to be well managed which enabled the Trust to make grants during the year of £5.4M.
The charitable needs of the local community in West Berkshire and North Hampshire, driven by ongoing national economic pressures and lack of statutory funding, made for another year where Greenham Trust was pivotal in helping local charities deliver their services to those requiring additional support.
As usual, our grant giving was diverse and across all sectors, from poverty to homelessness and mental health, domestic abuse to the Arts. The latter often being used as a platform to support those with challenges in life, disability or learning difficulties through our two local Arts organisations, The Watermill and Newbury Corn Exchange.
The year saw one of the largest grants ever committed by the Trust finally disbursed following years of fundraising and planning by the Ark Cancer Charity in Basingstoke. The Trust made a contribution of 50% amounting to £500,000 towards the redevelopment of the chemotherapy unit by the Ark at Basingstoke & North Hampshire Hospital. The new facility will be called the Greenham Oncology Centre and open in July 2025.
Work continues on the proposed Dementia Care Day Centre project and a site has now been identified adjacent to the West Berkshire Community Hospital campus. Terms have been agreed with the NHS for the Trust to acquire the site, and a new charity has been formed. A capital fundraising campaign for the proposed centre is planned to launch later in the year.
We have supported young people’s charity Young People and Children First (now re-named Bridge for Young People) for many years and own a house they occupy as a 4-bed hostel in Thatcham. In view of the increased demand for accommodation for young people leaving care we were asked to source a larger building suitable for residential conversion. The Trust acquired Wessex House, a period building with 1980s offices to the rear, situated at the northern end of Newbury. This has now been refurbished by the Trust to provide 13 apartments and leased to Bridge, opening in May 2025.
Through the Trust’s Let’s Get Mindful Fund, jointly with West Berkshire Council we have helped fund much needed counselling and mental health support in all secondary schools in West Berkshire with the local children counselling charity, Time to Talk. In the education sector, the now annual careers fair funded by the Trust and promoted by Education Business Partnership West Berkshire, Destinations Expo, had a successful second year and continued to grow with over 1,500 local secondary school children taking part. This will run again in 2025.
Our support for the Berkshire Music Trust continues with various programmes now on offer for children in West Berkshire Schools, including music and instrument taster sessions, bursaries and subsidised lessons. We have agreed to fund three “community” pianos in West Berkshire libraries in Thatcham, Newbury and Hungerford.
Turning to income generation, at Greenham Business Park, the Trust’s first ever speculative warehouse/production building was successfully leased shortly after completion to document recovery business, R3 Polygon. The building is 32,000 sq.ft. and sits in a prominent position. Further development took place to improve the road infrastructure on the Park, upgrading and re-resurfacing the main entrance roundabout and creation of a new link road to open up further development plots and provide direct access to the rear of the development.
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## GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
After a long delay, Planning consent was finally secured on the Newbury College site and although there are still delays linked to services, construction should commence on a retail unit for Aldi in early autumn 2025. This will provide a rental income generating over £200,000 of additional charitable giving for the Trust. In addition, the construction of a new GP surgery should also commence by the Trust at the College site in the next 12 months. This is a relocation of an existing surgery in Newbury.
To support the next phase of development on Greenham Business Park and elsewhere a revolving credit facility of £25m was agreed with a major bank in December 2024.
Back to Greenham Business Park there was another active programme at The Base Arts Centre, which is managed on the Trust’s behalf by the Newbury Corn Exchange team. This included the annual World Wildlife Photography exhibition, leading contemporary artist, Kurt Jackson’s Oak exhibition and Open Studios showcasing the work of over 100 local artists. There was a significant schools’ outreach programme culminating in an opportunity for local sixth-form pupils to show their work.
Our relationship with West Berkshire Council has been enhanced by a bi-monthly senior leadership team meeting covering all aspects from shared objectives and projects, charitable giving and bearing in mind the extensive property development activities of the Trust, Town Planning issues. We have embarked on a shared programme to enhance the towpath of the Kennet & Avon Canal over a 20-year period in association with the Canal & River Trust and sustainable transport charity, SUSTRANS.
The strategy of central government for devolution and the merging of local government bodies could have a significant impact on our local area with West Berkshire Council looking to merge with Vale of White Horse and South Oxfordshire Councils to create a new unitary authority, Ridgeway Council. The Trust is in discussions with the Council about the likely charitable requirements of a larger area.
In view of the resounding success of the Trust’s inaugural Charity Awards in 2023, this has now become firmly established in the local calendar and was followed with another successful event in early November, again at Newbury’s Corn Exchange. Over 430 people attended from the local charitable and voluntary sector and 8 awards were presented by our host for the evening, radio presenter Ken Bruce MBE.
In November members of the senior management team took part in a sponsored “sleep-out” in Newbury town centre. Supported by local homelessness charity, Newbury Soup Kitchen, they raised over £13,000 for the Trust’ s Cost of Living Fund, which is jointly funded with and administered by the Trust in partnership with West Berkshire Council.
The next financial year should prove to be an exciting one for the Trust as we see further development on Greenham Business Park and at the Newbury College site. This will continue to increase our property rental revenues to provide more charitable support and to create some interesting growth opportunities.
Charles Brims
Chairman
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
||YEAR ENDED 31 M|
|---|---|
|Reference and Administrative|Details|
|Company reference number|03340350|
|Charity reference number|1062762|
|Patrons|Sir Peter Michael|
||The Earl of Carnarvon|
|Directors and Trustees|Charles D Brims (Chairman)|
||David J Bailey|
||Justin Barnes|
||Zoe Benyon|
||C Julian Cazalet|
||Biddy Hayward|
||Sir Peter Michael|
||Malcolm V Morris|
||Sarah Scrope|
||Fiona Spencer-Jones|
||Gavin Thistlethwaite|
||Justyn Waterworth|
||Robert Woods|
|Chief Executive|Christopher G Boulton|
|Company Secretary|Oonagh Dockley|
|Registered and Principal|Liberty House|
|Office|The Enterprise Centre|
||Greenham Business Park|
||Greenham, Thatcham|
||Berkshire|
||RG19 6HS|
|Auditors|Crowe UK LLP|
||R+ Building|
||2 Blagrave Street|
||Reading|
||RG1 1AZ|
|Bankers|Svenska Handelsbanken AB|
||St Anthony’s House|
||Oxford Square,|
||9-21 Oxford St, Newbury,|
||RG14 1JQ|
||Barclays Bank Plc|
||4thFloor, Apex Plaza|
||Forbury Road|
||Reading|
||RG1 1AX|
|Solicitors|Blandy & Blandy LLP|
||1 Friar Street|
||Reading|
||RG1 1DA|
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
## Objectives and Activities
The objectives of the Trust are to promote any charitable purpose for the benefit of the inhabitants of Newbury and its environs. These very general objectives allow the Trust to respond to changing needs within the community. Since inception in 1997 the aim has been to build a secure asset base to provide a long-term income stream to be used for the benefit of local people. The former Greenham Air Base was purchased and transformed into what is now Greenham Business Park. The Park forms the largest part of a property portfolio from which the Trust derives its income. The Trust has supported a substantial number of local groups and projects through grants and has developed a range of direct activities and projects. In total over 3,000 local groups have been supported in this way and a total of over £80 million distributed.
The Trust supports a number of charitable sectors including the Arts, Education, Economic, Social and Community Development, Healthcare, Disadvantaged Groups, Nature and the Environment and Recreation and Leisure with particular emphasis on future generations. Some of the projects outlined later in this report give an indication of the way in which this policy is developing. Small grants will continue to play an important part in the Trust’s work. These can be crucial to the success of local organisations and make a real difference to the lives of local people.
The Trust considers committing grant aid over a number of years in appropriate circumstances. This enables organisations to concentrate on service delivery rather than struggling each year to raise funds.
## Statement on Public Benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.
The Trustees review the activities of the charity regularly against its aim of providing an income stream to be expended for the benefit of local people and are satisfied that all activities continue to be related to this aim.
The Trust takes care that beneficiaries are appropriate to the aim of the charity.
## What we do and how we do it
A total of £5,443,330 was spent this year on charitable activities. An analysis of how this money was spent in the local community is set out on page 26 of the accounts.
The Trust continues to use the Good Exchange platform for raising funds for appropriate topical causes, as follows:
## Let’s Get Mindful Fund
The Trust’s latest appeal fund is a joint initiative between West Berkshire District Council and the Trust. It succeeds the Surviving to Thriving Fund and continues offering grants to mental health projects in the West Berkshire area.
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
## External Grants
The Trust has continued its policy of supporting a wide range of local groups across West Berkshire and north Hampshire awarding grants totalling £5 million under a variety of giving schemes this year. More information can be found on the Trust’s website www.greenhamtrust.com Applications are invited from local organisations covering all charitable causes. Many schemes are awarded by designated distribution committees which meet at least quarterly to consider applications received.
The majority of grants are administered through the online grant portal provided by The Good Exchange. Grant applications can attract public donations and funding from other grant making organisations as well as being considered for Trust funding. The Trust will also match public donations to applications which are eligible with a Trust top up grant and apply gift aid where applicable.
## Nature Conservation
The Trust remains committed to improving local nature conservation. It has continued to protect and improve Sites of Special Scientific Interest (SSSI’s) within Greenham Business Park and the areas adjoining them by careful management and planting native species.
## Arts
The Trust continues to support various Arts organisations in West Berkshire by providing funding for learning and participation activities and for community benefit. The main beneficiary is the Newbury Corn Exchange which receives core funding as well as funding for various activities and programmes and a selection of free outdoor performance events in Newbury Town both large and small scale to entertain local residents, attracting more people into the town to boost the local economy. The Trust provides premises at Greenham Business Park for an outdoor arts creation space.
The Trust also supports Newbury Spring Festival, Hungerford and District Community Arts Festival and the visual arts Open Studios Insight Exhibition for local artists from West Berkshire and north Hampshire at The Base on Greenham Business Park.
The Trust continues to support a Community Associate post at the Watermill Theatre with the remit to work specifically with vulnerable adults and young people at risk from all sectors of the community. This work regularly engages a significant number of individuals who previously had little or no connection with the theatre. We continue working with The Watermill to help them secure ongoing funding to replace that withdrawn by the Arts Council in November 2022 with a local funding alliance.
Our three-year funding package for the provision of music lessons to children in primary schools throughout West Berkshire continues and has been broadened. The scheme is managed by Berkshire Music Trust with contributions from Pupil Premium funding and the Music Trust.
More details on our funding can be found on our website – www.greenhamtrust.com
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
## Strategic report
## Achievements and Performance
## Review of income generating activities
The Trust continues to redevelop accommodation on Greenham Business Park and will be embarking on a new development phase in the next financial year. Additional funding for this project was secured in December 2024.
## Financial Review
## Review of Financial Position
The Trust’s principal funding source continues to be the income generated from its investment in Greenham Business Park. In the year to 31 March 2025 the Trust generated a surplus available for charitable expenditure of £5,932,573 (2024 - £6,459,532.)
Charitable expenditure in the year to 2025 at £5,443,330 (2024: £4,884,562).
The Trust had an overall surplus of £13,097,130 after charitable expenditure in the year to 31 March 2025 (2024: deficit of £2,701,535.) The current year surplus is inclusive of net gains on investments of £12,608,086. (2024: net losses £4,276,505).
The Trust has a healthy cash position and is on a sound financial footing with net assets of £113 million. The Trust’s trading subsidiary, Greenham Business Park limited, also performed satisfactorily in the year making a loss of £1,497,269. This included a net loss on investments of £960,553 and a gift aid payment of £461,000. The operating loss for the year was £75,716.
## Reserves Policy
The Trust holds an expendable endowment fund which comprises its investment assets including the business park at Greenham Business Park. These assets are invested to produce income which is used for charitable purposes. The Trustees policy is to maximise the capital value of the expendable endowment fund whilst steadily increasing its income generation. At the year-end, the expendable endowment was valued at £86.8 million (2024: £74.7million)
The Trust holds restricted funds of £6.7 million and unrestricted funds of £19.1 million on 31 March 2025. Free reserves (funds not tied up in fixed assets net of loans, restricted and endowment funds) stood at £18.9 million (2024 £18.3 million). The Trust’s policy is to hold free reserves to meet fluctuations in the timing of grants and the Trustees consider a level of provisioning of 12 to 24 months of future charitable commitments to be adequate.
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
## Investment Policy
The Trust’s overall strategy is to manage its income producing assets so that the spending power of the income generated is preserved and preferably enhanced in real terms.
This strategy has been and is:
- To manage the business park at Greenham Business Park and to establish over the medium to long term an investment producing a return at least broadly comparable with reliable appropriate external indices.
- To work to establish diversity in the letting arrangements to protect against economic fluctuations in any one business sector.
- To consult external professional advisors who, together with employees of the Trust and its subsidiaries, assist the Trustees on all issues relating to the investment in Greenham Business Park and to monitor its performance.
- To undertake work on the buildings and infrastructure of Greenham Business Park essential to protect and enhance the overall value and to establish a sustainable long-term income stream.
- To consider proposals for the disposal of individual parcels of land where this is consistent with the objectives of the Trust.
- To invest with the Trust’s bankers or equivalent institutions any cash funds held prior to investment or grant decisions.
- To consider alternative investments after consultation with the Trust’s external professional advisors.
Care is taken to ensure that the business park at Greenham Business Park is maintained to a high standard for the benefit of our tenants and users of the business park.
## Plans for future periods
The Trust is focused on continuing to grow its property portfolio through the ongoing redevelopment of Greenham Business Park and via acquisition or the selective development of further property assets in the local area.
With the growth of rental income the Trust is reviewing its future strategy and this is being considered in light of Local Government devolution and the possible merger of West Berkshire Council with South Oxfordshire and Vale of White Horse Councils to form a new unitary administration, Ridgeway Council.
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
## Specific Targets for the Period to 2026
The Trustees have reviewed the targets below and consider them to be appropriate.
Arts & Music To continue to support The Corn Exchange Newbury and The Watermill Theatre, in view of their funding challenges and develop and support a range of arts activities, especially where they benefit health and wellbeing, with an average annual expenditure of not less than £500,000. Grants To make external reactive Grants totalling £360,000 for the year ending 31 March 2026 and a further £100,000 for allocation by the newly formed Tenants Distribution Committee A total of £500,000 of Top Up funds will also be available to match donations by the public to local charitable projects and activities. Major Projects To continue to support at least one major project each year including the proposed dementia care centre together with other smaller capital projects. Collaborative Funding Where possible to seek to fund projects and organisations alongside other local charitable trusts, local and national, reducing the overall exposure of Greenham Trust while assisting major grant applicants in their fund raising.
## Principal risks and uncertainties
The Trustees consider the principal risks and uncertainties that can seriously affect the performance, future prospects or reputation of the charity including its viability. A risk matrix is prepared, updated and reviewed regularly. The Trustees consider most risks to be of low or medium consequence. There are two areas which the Trustees consider to be of higher risk.
Where the Trust is involved in partnership/collaborative activities with other organisations a lack of clarity of roles could lead to confusion. Here, the Trust will aim to have documentation proportionate to the activities involved and the risk to the Trust. In some cases, this may be an exchange of correspondence, in other cases it may be more appropriate to have a more formal service level agreement or memorandum of understanding. Secondly additional resources have been put into monitoring and evaluating the transparency of information on the Trust’s subsidiary website www.thegoodexchange.com to ensure its validity and minimise any adverse effect on the Trust’s standing in the community.
The Trustees have considered their risks. The general business environment remains challenging for many tenants. The Trustees will continue to monitor this situation as revise their considerations accordingly.
## Structure Governance and Management
The Directors of Greenham Trust Limited (“the Trust”) are the Trustees for the purposes of charity law.
The Trustees present their report, which comprises both the Directors’ Report and Strategic Report, for the purposes of company law, and the financial statements of the Trust for the year ended 31 March 2025.These financial statements have been prepared in accordance with the requirements of the Trust’s governing
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GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
documents and the Statement of Recommended Practice “Accounting and Reporting by Charities” 2015 (FRS102).
## Legal Status
The Trust is a company limited by guarantee, not having a share capital. It was registered as a charity on 7 June 1997. The constitution of the Trust is regulated by the Memorandum & Articles of Association. The Members each have a liability of £1 on the liquidation of the Trust.
## Trustees
All Trustees are Members of the Trust and appoint new Trustees in their capacity as Members. The appointments seek to ensure that the board has a wide range of top-level experience and expertise across a range of professional and operational areas. A skills audit matrix is kept, to assist in this process. None of the Members or Trustees has received any payments or claimed any expenses during the year, nor during the previous year. New Trustees are given a full induction training package which includes the working of the Trust.
The Directors and Trustees who served during the year were:
Charles D Brims David J Bailey (retired 4 June 2024) Zoe Benyon Justin Barnes C Julian Cazalet Biddy Hayward Sir Peter Michael (retired 4 June 2024) Malcolm V Morris (retired 4 June 2024) Sarah Scrope Fiona Spencer-Jones Gavin Thistlethwaite (appointed 4 June 2024) Justyn Waterworth Robert Woods
## Organisational Structure
The Trustees meet regularly to manage the Trust’s affairs. Their primary focus is strategic, but they also exercise an overview of the Trust’s operational activities and effectiveness. They have set up an Audit Committee of three Trustees that meets at least twice a year to consider all issues relating to accounting practice and reporting. The Finance & Investment Committee meets four times a year and considers all matters relating to investment decisions, financial management and strategic financial decisions.
Applications for major grant aid are considered by the Board of Trustees. In the event of a Trustee having an interest in a proposal for grant aid such interest is declared, and the Trustee takes no part in the decision process for approval of the grant.
The Community Grant programme is considered by a Distribution Committee of eight local people drawn from a wide cross-section of public and voluntary sector organisations. The patrons act in an advisory capacity to this Committee and are ambassadors for the Charity.
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## GREENHAM TRUST LIMITED YEAR ENDED 31 MARCH 2025
## The Annual Report of the Directors and Trustees
There is also a Youth Distribution Committee (YDC) comprising students from local state secondary schools. This was established in 2003 and continues to operate successfully. The YDC advised on the distribution of £15,000 of the total allocated considering all applications under £2,000.
The Trust has latterly created a Tenant Distribution Committee. They operate in the same manner as both the Community Gran t Committee and the Youth Distribution Committee. The are allocated a budget of up to £150,000 for distribution throughout the year.
All matters relating to administration, trading operations and financial controls are dealt with through Greenham Business Park Limited the Trust’s wholly owned trading subsidiary. The management team of Greenham Business Park Limited report to the Board of the Trust at their quarterly meetings.
## Fundraising
All fundraising activities are managed on www.thegoodexchange.com where other charities, corporates and members of the public can make donations to the general funds of the Trust or to the various appeal funds that we create. The Trust does not use professional fundraisers. All fundraising activities are managed by the grants team and are monitored by the Finance Director, with overall oversight by the members of the Board of Trustees and the Chief Executive.
No complaints relating to fundraising activities have been received by the Trust during this financial period. However, the Trust has in place procedures that would be followed in the event of a complaint being received with the initial response being the responsibility of the grant manager. Any continuing issues would then be passed to the Chief Executive to determine what further action might be required.
The Trust does not currently subscribe to any specific fundraising standards or schemes for fundraising regulation but considers that it has set appropriate standards for the operation and management of its fundraising activities. In particular, the Trust considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person’s privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or other property.
## Policy for setting remuneration
The Trust is committed to ensuring that we pay our staff fairly and in a way that ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. All salary increases are approved at Board level. Senior management meet to discuss and recommend any annual percentage increase in the payroll for staff. The Chief Executive makes recommendations relating to the senior team and the Chief Executive’s remuneration package is set by the Board. The appropriateness and relevance of remuneration is kept under review. There is access to a contributory pension scheme for all qualifying members of staff.
## Trustees Responsibilities
Company law 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 Trust at the end of the year and of the surplus or deficiency for the year then ended.
In preparing those financial statements, the Trustees are required to:
- Select suitable accounting policies, as described on page 2 2 and then apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
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The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2025
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and to enable them to ensure that the financial statements are prepared in accordance with applicable law, United Kingdom Accounting Standards and the Charities Statement of Recommended Practice (United Kingdom Generally Accepted Accounting Practice). The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Provision of information to auditors
Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:
- So far as each Trustee is aware, there is no relevant audit information of which the company’s auditors are unaware, and
- Each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the company’s auditors in connection with preparing their report and to establish that the company’s auditors are aware of that information.
## Auditors
A resolution to re-appoint Crowe UK LLP as auditors for the ensuing year will be proposed at the annual general meeting in accordance with Section 485 of the Companies Act 2006.
## Approval of report
This Trustees’ Annual Report, comprising both the Directors’ Report and Strategic Report for the purposes of company law, has been approved by the Board.
Signed by on behalf the Board
Charles Brims
Chairman and Trustee 3 June 2025
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Independent Auditors’ Report for the Members of GREENHAM TRUST LIMITED YEAR ENDED 31 MARCH 2025
## **Opinion**
We have audited the financial statements of Greenham Trust Limited for the year-ended 31 March 2025 which comprise the consolidated statement of financial activities, the comparative statement of financial activity, the consolidated and company balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies including significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).
In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2025 and of the group’s and the parent charitable company’s profit/loss 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 Companies Act 2006
## **Basis for opinion**
We conducted 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 group and charitable company 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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report **.**
## **Other information**
The directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information 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 determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
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Independent Auditors’ Report for the Members of GREENHAM TRUST LIMITED YEAR ENDED 31 MARCH 2025
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion based on the work undertaken in the course of our audit
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the directors report and from the requirement to prepare a strategic report.
## **Responsibilities of directors**
As explained more fully in the directors’ responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and charitable company’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 directors either intend to liquidate the group and charitable company or to cease operations, or have no realistic alternative but to do so.
## **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 (UK) 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, to 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:
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## Independent Auditors’ Report for the Members of GREENHAM TRUST LIMITED YEAR ENDED 31 MARCH 2025
We obtained an understanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be income recognition and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the group and charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and charitable company’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 other than the group and charitable company and the group and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Alastair Lyon (Senior Statutory Auditor)**
For and on behalf of **Crowe U.K. LLP** Statutory Auditor R+ Building 1 Blagrave Street Reading Berkshire RG1 1AZ **Date:** 15 July 2025
16
GREENHAM TRUST LIMITED Consolidated Statement of Financial Activities (including an income and expenditure account) YEAR ENDED 31 MARCH 2025
|Note
Donations & Legacies
2
Other trading activities
3
Investment Income
4
Total
Expenditure on:
Raising Funds
5
Investment management costs
6
Charitable Activities
7
Total
Loss on impairment
Net (losses)/gains on investments
Net gains on fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Transfers between funds
Total funds carried forward
Income & Endowments from:
Net (expenditure)/ income for the year|Unrestricted
Funds
£
1,331,757
5,283,632
9,365,035|Restricted
Funds
£
59,337
-
232,247|Endowment
Funds
£
-
-
-|Total Funds 2025
£
_1,391,094_
_5,283,632_
_9,597,282_|_Total Funds 2024_
_£_
_1,723,169_
_6,545,172_
_8,239,916_|
|---|---|---|---|---|---|
||15,980,424|291,584|-|16,272,008|_16,508,257_|
||5,420,696
4,729,779
5,091,298|-
189,159
352,032|-
-
-|_5,420,696_
_4,918,938_
_5,443,330_|_6,225,145_
_3,823,580_
_4,884,562_|
||15,241,773|541,191|-|15,782,964|_14,933,287_|
||-
-|-
475,078|-
12,133,008|_-_
_12,608,086_|_-_
_(4,276,505)_|
||738,651|225,471|12,133,008|13,097,130|_(2,701,535)_|
||-|-|-|-|_-_|
||738,651|225,471|12,133,008|13,097,130|(2,701,535)|
||18,424,856
(52,682)|6,469,762
52,682|74,700,184
-|99,594,802
-|_102,296,337_
_-_|
||19,110,825|6,747,915|86,833,192|112,691,932|99,594,802|
The Statement of Financial Activities incorporates all of the gains and losses for the year. All of the activities of the Trust are classed as continuing. There was no restricted income and expenditure in the preceding period. The surplus for the year for the purposes of the Companies Act 2016 is £258,123 (2024: £1,574,970).
17
## GREENHAM TRUST LIMITED
Comparative Consolidated Statement of Financial Activities (including an income and expenditure account)
YEAR ENDED 31 MARCH 2024
|Note
Donations & Legacies
2
Other trading activities
3
Investment Income
4
Total
Expenditure on:
Raising Funds
5
Investment management costs
6
Charitable Activities
7
Total
Loss on impairment
Net (losses)/gains on investments
Net gains on fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Transfers between funds
Total funds carried forward
Income & Endowments from:
Net (expenditure)/ income for the year|Unrestricted
Funds
£
1,633,169
6,545,172
8,019,770|Restricted
Funds
£
90,000
-
220,146|Endowment
Funds
£
-
-
-|Total Funds 2024
£
_1,723,169_
_6,545,172_
_8,239,916_|_Total Funds 2023_
_£_
_1,258,778_
_3,068,880_
_7,893,474_|
|---|---|---|---|---|---|
||16,198,111|310,146|-|16,508,257|_12,221,132_|
||6,225,145
3,779,053
4,590,264|-
44,527
294,298|-
-
-|_6,225,145_
_3,823,580_
_4,884,562_|_3,064,044_
_3,476,261_
_5,519,228_|
||14,594,462|338,825|-|14,933,287|_12,059,533_|
||-
(178,737)|-
415,889|-
(4,513,657)|_-_
_(4,276,505)_|_-_
_706,224_|
||1,424,912|387,210|(4,513,657)|(2,701,535)|_867,823_|
||-|-|-|-|_-_|
||1,424,912|387,210|(4,513,657)|(2,701,535)|867,823|
||17,043,873
(43,929)|6,038,623
43,929|79,213,841
-|102,296,337
-|_101,428,514_
_-_|
||18,424,856|6,469,762|74,700,184|99,594,802|102,296,337|
The Statement of Financial Activities incorporates all of the gains and losses for the year. All of the activities of the Trust are classed as continuing. There was no restricted income and expenditure in the preceding period. The surplus for the year for the purposes of the Companies Act 2016 is £1,607,038 (2023: £161,600).
18
GREENHAM TRUST LIMITED Consolidated Balance Sheet AS AT 31 MARCH 2025
Company No: 03340350
||Notes|_2025_|_2024_|
|---|---|---|---|
|Fixed Assets||_£_|_£_|
|Tangible assets|10|_111,485_|_162,726_|
|Investments|11|_128,599,514_|_112,716,668_|
|||_128,710,999_|_112,879,394_|
|Current Assets||||
|Debtors: Amounts falling due after more than one year|12|_3,486,771_|_6,658,447_|
|Debtors: Amounts falling due within one year|12|_6,070,176_|_5,190,770_|
|Cash at Bank||_4,100,177_|_5,464,767_|
|||_13,657,124_|_17,313,984_|
|Creditors: Amounts falling due within one year|13|_(4,676,191)_|_(5,598,576)_|
|Net Current Assets||_8,980,933_|_11,715,408_|
|Total Assets less Current Liabilities||_137,691,932_|_124,594,802_|
|Creditors: Amounts falling due after more than one year|13|_(25,000,000)_|_(25,000,000)_|
|Net Assets||_112,691,932_|_99,594,802_|
|The Funds of the Charity||||
|Endowment Funds|14|_86,833,192_|_74,700,184_|
|Restricted Funds|14|_6,747,915_|_6,469,762_|
|Unrestricted Funds|14|_19,110,825_|_18,424,856_|
|Total Charity Funds||_112,691,932_|_99,594,802_|
_-_
These financial statements were approved and authorised for issue by the Trustees on the 3rd June 2025 and are signed on their behalf by:
C D Brims
C J Cazalet
19
GREENHAM TRUST LIMITED Company Balance Sheet AS AT 31 MARCH 2025
Company Number: 03340350
||Notes|_2025_|_2024_|
|---|---|---|---|
|Fixed Assets||_£_|_£_|
|Tangible assets|10|_16,333_|_21,638_|
|Investments|11|_124,788,402_|_107,945,003_|
|||_124,804,735_|_107,966,641_|
|Current Assets||||
|Debtors: Amounts falling due after more than one year|12|_3,486,771_|_6,658,447_|
|Debtors: Amounts falling due within one year|12|_6,597,501_|_5,498,713_|
|Cash at Bank||_3,882,310_|_4,319,648_|
|||_13,966,582_|_16,476,808_|
|Creditors: Amounts falling due within one year|13|_(4,351,712)_|_(4,624,830)_|
|Net Current Assets||_9,614,870_|_11,851,978_|
|Total Assets less Current Liabilities||_134,419,605_|_119,818,619_|
|Creditors: Amounts falling due after more than one year|13|_(25,000,000)_|_(25,000,000)_|
|Net Assets||_109,419,605_|_94,818,619_|
|The Funds of the Charity||||
|Endowment Funds|14|_84,170,921_|_70,461,470_|
|Restricted Funds|14|_6,747,915_|_6,469,762_|
|Unrestricted Funds|_18,500,769_
14|_18,500,769_|_17,887,387_|
|Total Charity Funds||_109,419,605_|_94,818,619_|
Total Charity Funds
The movement in funds of the charitable company only was a surplus of £13,400,986, (2024 - deficit of £2,349,766).
These financial statements were approved and authorised for issue by the Trustees on the 3rd June 2025 and are signed on their behalf by:
C D Brims
C J Cazalet
20
## GREENHAM TRUST LIMITED Consolidated Cashflow Statement
## YEAR ENDED 31 MARCH 2025
|Notes
Net cash provided by operating activities
Below
Investment income received
Net proceeds from sale/ (purchase) of property
Payments to acquire tangible fixed assets
Payments in respect of capitalised development costs
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
NOTE TO THE CASHFLOW STATEMENT
See above
At 1 April 2024
£
Cash
5,464,767
Loan notes due after one year
(25,000,000)
Net debt
(19,535,233)
Reconciliation of net income/(expenditure) to net cash used in operating activities
Net income/(expenditure)for the year
Net (gains)/ losseson investments
Loss on disposal of tangible fixed assets
Investment income receivable
Amortisation/ Depreciation
Decrease/(increase) in debtors > 1 year
(Increase)/ Decrease in debtors < 1 year
(Decrease)/ Increasein creditors|Notes
Net cash provided by operating activities
Below
Investment income received
Net proceeds from sale/ (purchase) of property
Payments to acquire tangible fixed assets
Payments in respect of capitalised development costs
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
NOTE TO THE CASHFLOW STATEMENT
See above
At 1 April 2024
£
Cash
5,464,767
Loan notes due after one year
(25,000,000)
Net debt
(19,535,233)
Reconciliation of net income/(expenditure) to net cash used in operating activities
Net income/(expenditure)for the year
Net (gains)/ losseson investments
Loss on disposal of tangible fixed assets
Investment income receivable
Amortisation/ Depreciation
Decrease/(increase) in debtors > 1 year
(Increase)/ Decrease in debtors < 1 year
(Decrease)/ Increasein creditors|2025
£
(7,682,686)|2024
£
(4,235,251)|
|---|---|---|---|
|||9,597,282
-
(4,426)
(3,274,760)|8,105,400
(1,450,000)
(18,439)
(9,157,849)|
|||6,318,096|(2,520,888)|
|||(1,364,590)
5,464,767|(6,756,139)
12,220,906|
|||4,100,177|5,464,767|
|||2025
£
13,097,125
(12,608,086)
-
(9,597,282)
55,667
3,171,676
(879,406)
(922,380)|2024
£
(2,674,083)
4,297,353
(17,000)
(8,105,400)
91,322
2,316,457
(765,523)
621,623|
|||(7,682,686)|(4,235,251)|
|||Cashflows
£
(1,364,590)
-|At 31 March
2025
£
4,100,177
(25,000,000)|
||(19,535,233)|(1,364,590)|(20,899,823)|
21
GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
## 1. Accounting Policies
## Entity status
Greenham Trust is a private charitable company limited by guarantee and registered with Companies House in England and Wales (no 3340350) and also a registered charity (no. 1062762) registered with the Charity Commission England and Wales.
## Basis of accounting
The financial statements have been prepared in accordance with 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP second edition (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charitable company is a Public Benefit Entity as defined by FRS102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Fair value movements are dealt with through the Statement of Financial Activities.
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In view of the level of assets held, the trustees have concluded that there is no material uncertainty that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## Basis of consolidation
The consolidated financial statements have been prepared for the Trust and its subsidiary compan y , Greenham Business Park Limited.
## Financial Instruments
Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.
## Income
All income is recognised on a receivable basis.
## Expenditure
## _Expenditure and allocation of costs_
Expenditure is brought to account on an accruals basis.
## _Costs of Raising funds_
Investment management costs and costs of services and other costs include the costs associated with generating incoming resources from all sources other than from undertaking charitable activities.
## _Charitable activities_
Charitable activities comprise all the resources applied by the Trust in undertaking its work to meet its charitable objectives. Grants payable are recognised once a funding decision by the Trustees has been communicated to the recipient.
22
## GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
## _Allocation of costs_
Support costs including the central office functions of management, finance, public relations and administration have been attributed between activity categories on the basis of time spent. Support costs include governance costs which comprise audit fees, legal advice for Trustees, the costs associated with constitutional and statutory requirements.
## Fixed Assets
Fixed Assets are capitalised at cost, with the exception of those which cost £250 or less. These are expensed through the Statement of Financial Activities. Intangible fixed assets are development costs which have been deferred over the expected life of the related project as in the opinion of the directors this is permissible under the criteria set out in FRS102.
## Depreciation and Amortisation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Equipment 33.3% per annum on cost Freehold & Leasehold Land & Buildings 20% per annum on cost Fixtures & Fittings 15.0% per annum on cost
## Funds Structure
## _Endowment Funds_
Endowment funds comprise investment assets including investment property, externally managed investments and cash investments. The fund is an expendable endowment with the Trustees having the power of discretion to convert endowed capital into income.
## _Unrestricted income funds_
Unrestricted income funds represent funds that are expendable at the discretion of the Trustees in furtherance of the objects of the Trust.
## _Restricted income funds_
Restricted income funds represent grants and donations made for purposes specified by the grantor or donor. Funds not expended on the specified purpose are carried forward to be expended in future periods.
## Investment properties
In accordance with FRS102, which overrides the requirements of the Companies Act 20 0 6, no depreciation or amortisation is provided in respect of freehold properties. The surpluses or deficits on revaluation of such properties are dealt with in the Statement of Financial Activities. Amortisation is one of many factors reflected in the valuation and the amount which otherwise would have been shown cannot be separately identified or quantified.
23
GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
## Cash Investments
Cash investments are stated at open market value.
## Investments in group undertakings
Investments in group undertakings are carried at cost.
## Tax
As a registered charity the Trust is potentially exempt from tax in respect of income and capital gains arising within categories covered by s505 of the Income and Corporation Taxes Act 1988 or s256 of Taxation of Chargeable Gains Act 1992, to the extent that the income and gains are applied to charitable purposes. The taxable profits of the active subsidiary company are donated to the parent charitable company under Gift Aid, so no tax charge arises. Accordingly, no corporation tax is provided for the group accounts.
## Pensions
The Trust operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Trust. The pension cost charges represent contributions by the Group to the scheme, which is recognised when payable.
## Judgments and estimates
The trustees consider the principal areas of judgment and estimation uncertainty to be the valuations of investment properties and intangible fixed assets.
24
GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
|2 Donations and Legacies
Donations to general charitable funds and appeals
3 Activities for generating funds
Income from supply of services
4 Investment income
Gross rental income
Gifts of rent in kind
Understatement of rental income relating to the prior year
Rental income
Interest receivable
5 Cost of services & other costs
Supply of services
6 Investment management costs
Interest payable
Other cost of generating rental income
Total costs of generating rental income|2025
£
1,391,094
1,391,094
2025
£
5,283,632
5,283,632
2025
£
8,937,387
(60,603)
558,453
9,435,237
162,045
9,597,282
2025
£
5,420,696
5,420,696
2025
£
1,026,049
3,892,889
4,918,938|2024
£
1,723,169|
|---|---|---|
|||1,723,169|
|||2024
£
6,545,172|
|||6,545,172|
|||2024
£
8,294,467
(296,424)
-|
|||7,998,043|
|||241,873|
|||8,239,916|
|||2024
£
6,225,145|
|||6,225,145|
|||2024
£
974,663
2,848,917|
|||3,823,580|
Costs are for work undertaken on the buildings and infrastructure of the business park and comprise general landlord maintenance, recoverable service charges, overheads, professional fees amongst other relevant costs.
25
GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
## 7 Charitable Activities
|Grants to
Institutions
Grants to
Individuals
Category
£
£
Arts
439,695
Community
1,079,243
Education
260,983
69,345
Health
342,927
Nature & Conservation
41,280
Sport
332,532
Youth
158,286
Disability
334,610
Diversity
-
Elderly
141,758
Economic
19,000
Emergency Services
-
3,150,314
69,345
Support costs
Total
Material Grants paid and payable to Institutions are as follows:
_Organisation_
Corn Exchange Newbury
The Watermill Theatre - 3 year funding
Fair Close Centre (Age Concern, Newbury & District)
Citizens Advice West Berkshire
Berkshire Youth
The Almshouses of John Isbury & Jacob Hardrett
The Newbury Community Resource Centre Limited
Burghfield Parish Council
Swings & Smiles
The Base Greenham
St Lawrence's Church, Hungerford
Canal & River Trust
Total
2024 Comparatives
Grants to
Institutions
Grants to
Individuals
Category
£
£
Arts
339,164
-
Community
1,214,058
-
Education
193,779
36,607
Health
193,407
-
Nature & Conservation
43,561
-
Sport
179,619
-
Youth
200,826
-
Disability
348,728
-
Diversity
(31,000)
-
Elderly
91,375
-
Economic
72,666
-
Emergency Services
-
-
2,846,183
36,607
Support costs
Total
Material Grants paid and payable to Institutions are as follows:
_Organisation_
Corn Exchange Newbury
Canal & River Trust
Berkshire Youth
The Base Greenham
Citizens Advice West Berkshire
St Lawrence's Church, Hungerford
The Watermill Theatre - 3 year funding
Corn Exchange Newbury - Careers in the Arts
Community Youth Project - 3 year funding of 2 major initiatives
The Almshouses of John Isbury & Jacob Hardrett
Total
-
-
-
-
-
-
-
-
-
-
-|Rent Grants
£
29,000
486,768
515,768
Rent Grants
£
-
22,233
-
-
-
-
-
195,672
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-|Partnerships
£
556,376
464,407
7,568
1,028,351
Partnerships
£
629,409
475,465
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Peter Baker Fund
£
24,500
59,309
19,500
28,328
7,656
12,580
29,009
12,288
-
6,096
-
199,266
Peter Baker Fund
£
13,440
66,220
15,729
4,607
3,500
20,500
38,850
15,178
-
9,227
-
-
-|2025
£
1,020,571
1,631,959
349,828
371,255
56,504
345,112
187,295
833,666
-
147,854
19,000
-
4,963,044
480,286
5,443,330
2025
£
701,240
178,516
153,295
123,142
117,004
114,778
97,846
90,729
85,887
54,850
30,348
25,063
1,772,698
2024
£
982,013
1,777,976
246,115
198,014
47,061
200,119
239,676
559,578
(31,000)
100,602
72,666
-|2024
£
982,013
1,777,976
246,115
198,014
47,061
200,119
239,676
559,578
(31,000)
100,602
72,666
-|
|---|---|---|---|---|---|
||||||4,392,820|
||||||491,742|
||||||4,884,562|
||||||2024
£
582,704
54,504
-
80,000
90,000
-
-
-
-
90,000
66,077
166,000|
||||||1,129,284|
||||||2023
£
1,055,101
2,296,574
366,249
158,710
30,167
113,210
427,683
337,677
-
77,550
152,405
-|
||217,905|1,104,874|187,251|4,392,820|5,015,326|
|||||491,742
4,884,562
2024
£
582,704
166,000
90,000
90,000
80,000
66,077
54,504
-
-
-
1,129,284|503,902|
||||||5,519,228|
||||||2023
£
567,917
-
137,994
-
-
109,336
248,553
276,600
157,000
105,000|
||||||1,602,400|
26
|GREENHAM TRUST LIMITED
Notes to the Financial Statements
YEAR ENDED 31 MARCH 2025
8 Support Costs
Management
Finance
Public Relations
Administration
Governance
Auditors' remuneration
9 Payroll & Pensions
The aggregate payroll costs were:
Wages & Salaries
Social security costs
Pension costs
£260,000 - £270,000
£250,000 - £260,000
£150,000 - £160,000
£140,000 - £150,000
£70,000 - £80,000
£60,000 - £70,000
Suppport costs are allocated to activities on the basis of time spent.
Fees payable to the company's auditors and its associates for the audit of the company's annual financial statements
Fees payable to the company's auditor and its associates in respect of:
Taxation and compliance services
The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in:|2025
£
207,864
59,854
60,044
21,305
131,220
480,286
2025
£
33,140
5,358
2025
£
1,151,034
139,347
93,818
1,384,199
2025
1
-
1
1
1
3|2024
£
212,822
61,281
61,476
21,813
134,350|
|---|---|---|
|||491,742|
|||2024
£
31,859|
|||8,500|
|||2024
£
1,089,842
129,454
92,447|
|||1,311,743|
|||2024
-
1
1
1
0
4|
The key management personnel of the group comprise the Trustees and Senior Management Team. The total employee benefits of the key management personnel was £692,757 (2024 - £6 6 4,145)
The average number of staff employed by the Trust during the financial year amounted to:
## Administration staff
|2025||2024||
|---|---|---|---|
||19||18|
No trustees received any remuneration, benefits or reimbursement of expenses during the current or prior years. During the year amounts were paid into the money purchase pension schemes for seven members of staff earning more than £60,000 (2024 - 7). The total value of these contributions was £63,655 (2024 - £60,857). These amounts were paid by Greenham Business Park Limited. No such amounts were paid by other group companies.
27
GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
## 10 Tangible Fixed Assets
|Group
Cost
At 1 April 2024
Additions
Disposals
Transferred to Investment Assets
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net Book Value
At 31 March 2024
At 31 March 2023
Company
Cost
At 1 April 2024
Additions
Disposals
Transferred to Investment Assets
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net Book Value
At 31 March 2025
At 31 March 2024|Office Equipment
£
304,225
3,014
-
-
307,239
295,677
7,584
-
303,261
3,978
8,548
40,672
-
-
-
40,672
40,672
-
-
40,672
-
-|Fixtures & Fittings
£
1,899,613
1,412
-
-
1,901,025
1,745,436
48,083
-
1,793,519
107,507
154,178
1,052,704
853
-
-
1,053,557
1,031,066
6,158
-
1,037,224
16,333
21,638|Total
£
2,203,838
4,426
-
-|
|---|---|---|---|
||||2,208,264|
||||2,041,113
55,667
-|
||||2,096,780|
||||111,485|
||||162,726|
||||1,093,376
853
-
-|
||||1,094,229|
||||1,071,738
6,158
-|
||||1,077,896|
||||16,333|
||||21,638|
28
GREENHAM TRUST LIMITED Notes to the Financial Statements
## YEAR ENDED 31 MARCH 2025
|Investments
UK investment property
Cash investments
Investments in group undertakings
Movement in market value of UK investments
Market value at 1 April
Net gains/ (losses) on revaluation in the year
Acquisitions at cost
Disposals
Market value at 31 March
Historical cost at 31 March|2025
2024
£
£
128,599,514
112,716,668
-
-
-
-
128,599,514
112,716,668
Group|Company
2025
2024
£
£
123,069,514
106,226,115
-
-
1,718,888
1,718,888
124,788,402
107,945,003
2025
2024
£
£
112,716,668
106,388,379
12,608,086
(4,280,253)
3,274,760
10,958,542
-
(350,000)
128,599,514
112,716,668
63,142,479
59,867,719|Company
2025
2024
£
£
123,069,514
106,226,115
-
-
1,718,888
1,718,888
124,788,402
107,945,003
2025
2024
£
£
112,716,668
106,388,379
12,608,086
(4,280,253)
3,274,760
10,958,542
-
(350,000)
128,599,514
112,716,668
63,142,479
59,867,719|
|---|---|---|---|
||||107,945,003|
||||2024
£
106,388,379
(4,280,253)
10,958,542
(350,000)|
||||112,716,668|
||||59,867,719|
## 11 Investments
The investment properties are commercial buildings predominantly on the site of the former airbase at Greenham Common . A formal valuation of the investment properties is carried out every three years with the latest valuation being undertaken as at 31 July 2024 by Savills (UK) Limited.
## Investments in Group Unde r takings and Associates
At the year end the Trust owned 100% of the issued share capital of Greenham Business Park Limited , a compan y incorporated in England. The registered office of the subsidiary company is Liberty House, The Enterprise Centre, Greenham Business Park, Thatcham, Berkshire RG19 6HS. The Good Exchange Limited and Greenham Common Trading Limited were dissolved in November 2024 and are no longer wholly owned subsidiaries.
The summarised balance sheet and profit and loss account of the trading subsidiaries is as follows:
|Balance Sheet
Fixed Assets
Net current(liabilities)/ assets
Net Assets
Shareholders' Funds
Share capital
Reserves
Total Funds
Profit & Loss Account Income
Expenditure
Profit/ (Loss) for the year
Debtors: Amounts due after more than one year
Other debtors
Debtors: Amounts due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments
Tax recoverable|2025
2024
3,486,771
6,658,447
2025
2024
£
£
1,850,860
1,637,316
-
-
4,010,886
3,233,032
208,430
149,459
-
170,963
6,070,176
5,190,770
Group|04495954
GBP
£
5,625,152
(633,939)
4,991,213
1,718,886
3,272,327
4,991,213
5,602,894
(7,100,163)
(1,497,269)
2025
2024
3,486,771
6,658,447
2025
2024
£
£
1,515,753
1,275,787
1,328,490
1,255,233
3,626,000
2,724,000
127,258
72,730
-
170,963
6,597,501
5,498,713
Company|04495954
GBP
£
5,625,152
(633,939)|
|---|---|---|---|
||||4,991,213|
||||1,718,886
3,272,327|
||||4,991,213|
||||5,602,894
(7,100,163)|
||||(1,497,269)|
||||2024
£
1,275,787
1,255,233
2,724,000
72,730
170,963|
||||5,498,713|
12 Debtors: Amounts due after more than one year
29
## GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
|13 Creditors: Amounts falling due within one year
Bank Loan
Trade creditors
Amounts owed to subsidiary undertakings
Other taxation & social security
Other creditors
Accruals & deferred income
Deferred income brought forward
Released in the year
Introduced in the year
Deferred income carried forward|2025
2024
£
£
-
-
551,661
1,051,668
-
-
268,139
57,925
118,494
101,846
3,737,897
4,387,137
4,676,191
5,598,576
2025
2024
£
£
1,459,148
1,286,238
(1,459,148)
(1,286,238)
1,727,075
1,459,148
1,727,075
1,459,148
Group
Group|2025
2024
£
£
-
-
505,858
409,183
306,473
351,136
209,129
-
104,396
91,546
3,225,856
3,772,965
4,351,712
4,624,830
2025
2024
£
£
1,377,542
1,212,392
(1,377,542)
(1,212,392)
1,634,202
1,377,542
1,634,202
1,377,542
Company
Company|2025
2024
£
£
-
-
505,858
409,183
306,473
351,136
209,129
-
104,396
91,546
3,225,856
3,772,965
4,351,712
4,624,830
2025
2024
£
£
1,377,542
1,212,392
(1,377,542)
(1,212,392)
1,634,202
1,377,542
1,634,202
1,377,542
Company
Company|
|---|---|---|---|
||||1,377,542|
Rent and service charge is invoiced in advance. Rental income which relates to a rental period after the year end is deferred and recognised in that future period.
|Creditors: Amounts falling due after more than one year|Group||Company||
|---|---|---|---|---|
||2025|2024|2025|2024|
||£|£|£|£|
|Bank Loan|25,000,000|25,000,000|25,000,000|25,000,000|
Grants payable in accruals and deferred income amount to £1,141,662 (2024 - £1,987,088).
The Loan Notes are secured by mortgage charge over the Greenham Business Park which currently represents 71% of the investment assets of the Trust. Interest on the loan notes is fixed at 3.888% for a term of 25 years. Interest payments are made half yearly and the notes mature in 2028 (£5M), 2033 (£5M),2038 (£5M) and 2043 (£10M).
Greenham Trust entered into a revolving credit facility agreement 4 December 2024. This has a limit of £25,000,000. Interest is payable on a variable rate based on the 3 month SONIA rate on any outstanding balances. The Trust had not utilised the facility at the year end.
14 Funds Analysis
|14 Funds Analysis||||||
|---|---|---|---|---|---|
|Investments
Fixed Assets
Net current assets
Bank Loans
Transfers
Net Assets
Peter Baker Fund
Help Welcome Afghan refugess to West Berkshire
West Berkshire Physical Activity Fund
Cost of Living Crisis Appeal
Let's Get Active Fund
Let's Get Active Mindful
Total restricted funds
Endowment
Unrestricted
Total Funds
14 Funds Analysis continued
Investments
Fixed Assets
Net current assets
Bank Loans
Transfers
Net Assets
Surviving to Thriving Mental Health Fund
Abbeyfield (Newbury) Society Fund|Funds brought
forward
£
5,529,207
759,156
-
10,385
13,408
117,606
40,000
-
6,469,762
74,700,184
18,424,856
99,594,802|Income
£
212,100
20,147
-
-
-
9,337
-
50,000
291,584
-
15,980,424
16,272,008|Endowment
£
93,117,299
-
6,848,421
(25,000,000)
11,867,472
86,833,192
Expenditure
£
(388,424)
-
(23,067)
-
-
(80,926)
(40,000)
(8,774)
(541,191)
-
(15,241,773)
(15,782,964)
Endowment
£
87,678,484
-
6,848,421
(25,000,000)
14,644,016
84,170,921|Restricted
Unrestricted
£
£
3,970,926
31,511,289
-
111,485
742,601
1,389,911
-
-
2,034,388
(13,901,860)
6,747,915
19,110,825
Transfer
Gains/ Losses
£
£
-
475,078
-
-
23,067
-
(10,385)
-
-
-
-
-
-
-
40,000
-
52,682
475,078
-
12,133,008
(52,682)
0
-
12,608,086
Restricted
Unrestricted
£
£
3,970,926
33,138,992
-
16,333
742,601
2,023,848
-
-
2,034,388
(16,678,404)
6,747,915
18,500,769
Group 2025
Company 2025|Total
£
128,599,514
111,485
8,980,933
(25,000,000)
-|
||||||112,691,932|
||||||Funds carried
forwards
£
5,827,961
779,303
-
-
13,408
46,017
-
81,226|
||||||6,747,915|
||||||86,833,192
19,110,825|
||||||112,691,932|
||||||Total
£
124,788,402
16,333
9,614,870
(25,000,000)
-|
||||||109,419,605|
30
GREENHAM TRUST LIMITED Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
|Peter Baker Fund
Abbeyfield (Newbury) Society Fund
Coronavirus Emergency Appeal Fund
Laptops for learning Appeal Fund
Surviving to Thriving Mental Health Fund
25th Anniversary Appeal Fund
Help Welcome Ukrainians to West Berkshire Help
Welcome Afghan refugeesto West Berkshire
West Berkshire Physical Activity Fund
Cost of Living Crisis Appeal
Let's Get Active Fund
Let's Get Active Mindful
Total restricted funds
Endowment
Unrestricted
Total Funds|Funds brought
forward
£
5,529,207
759,156
-
-
-
-
-
10,385
13,408
117,606
40,000
-
6,469,762
70,461,470
17,887,387
94,818,619|Income
£
212,100
20,147
-
-
-
-
-
-
-
9,337
-
50,000
291,584
-
14,606,655
14,898,239|Expenditure
£
(388,424)
-
-
-
(23,067)
-
-
-
-
(80,926)
(40,000)
(8,774)
(541,191)
-
(13,331,089)
(13,872,280)|Transfer
£
-
-
-
-
23,067
-
-
(10,385)
-
-
-
40,000
52,682
-
(52,682)
-|Gains/ Losses
£
475,078
-
-
-
-
-
-
-
-
-
-
-
475,078
13,093,562
6,387
13,575,027|Funds carried
forwards
£
5,827,961
779,303
-
-
-
-
-
-
13,408
46,017
-
81,226|
|---|---|---|---|---|---|---|
|||||||6,747,915|
|||||||83,555,032
19,116,658|
|||||||109,419,605|
The Peter Baker Foundation Fund arose from the donation of property and cash. The area of benefit of the fund is restricted to a 20 mile radius of Newbury. The Abbeyfield Fund arose from a donation of cash and restricted for the benefit of the elderly.
The Greenham Trust Appeal Funds commenced in 2020 to address specific areas of need identified during the pandemic. The Trust has raised funds in collaboration with other funders and generous donations from the public. In the current year the Trust has created a new Let's Get Mindful Appeal Fund to address the challenges that people are facing at this time. This new appeal is jointly funded with West Berkshire District Council. West Berkshire Physical Activity fund is a restricted fund with monies contributed by West Berkshire District Council. The Trust have and will continue to make approrpriate awards to charities for any charitable purpose which matches the criteria of the funds above.
The expendable endowment was created under order by the Charity Commission in January 2006. The purpose of the expendable endowment is to provide a secure income stream sustainable over the long term. Income from the expendable endowment is added to the free reserves of the charity and expended in line with the policies of the Trustees. The Trustees have the power to convert endowment funds into expendable income subject to approaching the Charity Commission prior to such a disposal.
|Comparatives for 2024
Investments
Fixed Assets
Net current assets
Bank Loans
Transfers
Net Assets
Peter Baker Fund
Abbeyfield (Newbury) Society Fund
Surviving to Thriving Mental Health Fund
25th Anniversary Appeal Fund
Help Welcome Ukrainians to West Berkshire Help
Welcome Afghan refugeesto West Berkshire
West Berkshire Physical Activity Fund
Cost of Living Crisis Appeal
Let's Get Active Fund
Total restricted funds
Endowment
Unrestricted
Total Funds|Funds brought
forward
£
5,130,156
753,950
46,134
-
8,131
10,385
13,408
76,459
-
6,038,623
79,213,841
17,043,873
102,296,337|Income
£
214,940
5,206
-
-
-
-
-
70,000
20,000
310,146
-
16,198,111
16,508,257|Endowment
£
78,426,995
-
8,010,449
(25,000,000)
13,262,740
74,700,184
Expenditure
£
(231,778)
-
-
-
(8,131)
-
-
(98,916)
-
(338,825)
-
(14,594,462)
(14,933,287)|Restricted
Unrestricted
£
£
3,394,922
30,894,751
-
162,726
(862,352)
4,567,311
-
-
3,937,192
(17,199,932)
6,469,762
18,424,856
Transfer
Gains/ Losses
£
£
-
415,889
-
-
(46,134)
-
-
-
-
-
-
-
-
-
70,063
-
20,000
43,929
415,889
-
(4,513,657)
(43,929)
(178,737)
-
(4,276,505)
Group 2024
-|Total
£
112,716,668
162,726
11,715,408
(25,000,000)
-|
|---|---|---|---|---|---|
||||||99,594,802|
||||||Funds carried
forwards
£
5,529,207
759,156
-
-
-
10,385
13,408
117,606
40,000|
||||||6,469,762|
||||||74,700,184
18,424,856|
||||||99,594,802|
31
## GREENHAM TRUST LIMITED
## Notes to the Financial Statements
## YEAR ENDED 31 MARCH 2025
|Investments
Fixed Assets
Net current assets
Bank Loans
Transfers
Net Assets
Peter Baker Fund
Abbeyfield (Newbury) Society Fund
Coronavirus Emergency Appeal Fund
Laptops for learning Appeal Fund
Surviving to Thriving Mental Health Fund
25th Anniversary Appeal Fund
Help Welcome Ukrainians to West Berkshire Help
Welcome Afghan refugeesto West Berkshire
West Berkshire Physical Activity Fund
Cost of Living Crisis Appeal
Let's Get Active Fund
Total restricted funds
Endowment
Unrestricted
Total Funds|Funds brought
forward
£
5,130,156
753,950
-
-
46,134
-
8,131
10,385
13,408
76,459
-
6,038,623
74,975,027
16,154,735
97,168,385|Income
£
214,940
5,206
-
-
-
-
-
-
-
70,000
20,000
310,146
-
14,187,715
14,497,861|Endowment
£
74,188,180
-
8,010,449
(25,000,000)
13,262,841
70,461,470
-
Expenditure
£
(231,778)
-
-
-
-
-
(8,131)
-
-
(98,916)
-
(338,825)
-
(12,411,134)
(12,749,959)|Restricted
Unrestricted
£
£
3,394,922
30,361,901
-
21,638
(862,352)
4,703,881
-
-
3,937,192
(17,200,033)
6,469,762
17,887,387
Transfer
Gains/ Losses
£
£
-
415,889
-
-
-
-
-
-
(46,134)
-
-
-
-
-
-
-
-
-
70,063
-
20,000
-
43,929
415,889
-
(4,513,557)
(43,929)
-
-
(4,097,668)
Company 2024|Total
£
107,945,003
21,638
11,851,978
(25,000,000)
-|
|---|---|---|---|---|---|
||||||94,818,619|
||||||Funds carried
forwards
£
5,529,207
759,156
-
-
-
-
-
10,385
13,408
117,606
40,000|
||||||6,469,762|
||||||70,461,470
17,887,387|
||||||94,818,619|
The Peter Baker Foundation Fund arose from the donation of property and cash. The area of benefit of the fund is restricted to a 20 mile radius of Newbury. The Abbeyfield Fund arose from a donation of cash and restricted for the benefit of the elderly.
The Greenham Trust Appeal Funds commenced in 2020 to address specific areas of need identified during the pandemic. The Trust has raised funds in collaboration with other funders and generous donations from the public. In the current year the Trust has created a new Cost of Living Crisis Appeal Fund to address the challenges that people are facing at this time. West Berkshire Physical Activity fund is a restricted fund with monies contributed by West Berkshire District Council. The Trust have and will continue to make approrpriate awards to charities for any charitable purpose which matches the criteria of the funds above.
The expendable endowment was created under order by the Charity Commission in January 2006. The purpose of the expendable endowment is to provide a secure income stream sustainable over the long term. Income from the expendable endowment is added to the free reserves of the charity and expended in line with the policies of the Trustees. The Trustees have the power to convert endowment funds into expendable income subject to approaching the Charity Commission prior to such a disposal.
## 15 Company Status
The Trust is a company limited by guarantee. The members each have a liability of £1 should the Trust be liquidated at a future date.
## 16 Capital Commitments
At 31 March 2025 the Trust had outstanding capital commitments in relation to construction contracts of £Nil (2024 - £Nil) and charitable commitments of £Nil (2024 - £Nil).
17 Commitments under operating leases
At 31 March 2025, the company had no commitments under operating leases. (2024 - None).
18 Lessor commitments
|Lessor commitments|||
|---|---|---|
|Amounts falling due on Tenant leases in less than 12 months
Amounts falling due on Tenant leases in 2 to 5 years
Amounts falling due on Tenant leases in more than 5 years
Total amounts falling due on Tenant leases|2025
£
7,842,409
21,298,639
24,670,551
53,811,599|2024
£
6,406,641
17,808,583
21,745,594|
|||45,960,818|
32
GREENHAM TRUST LIMITED
Notes to the Financial Statements YEAR ENDED 31 MARCH 2025
## 19 Related Party Transactions
The remuneration of the Key Management Personnel and the Trustees' non-remuneration and expenses are disclosed in note 9.
Intra-group transactions during the year resulted in the following year end balances;
|Intra-group transactions during the year resulted in the following year end balances;|||
|---|---|---|
|_Amounts owed to group companies_
Greenham Business Park
_Amounts charged to companies in the year:_
Greenham BusinessPark
_Amounts charged by companies in the year:_
Greenham Common Trading
Greenham Business Park|2025
306,473
2025
£
58,966
-
5,030,943
5,030,943|2024
351,136|
|||2024
£
50,796|
|||2,017
5,485,258|
|||5,487,275|
9 Trustees, Senior Management and close family members of both have made donations to the Trust during the year which total £2,400. There are no amounts outstanding at the year end.
## 20 Post Balance Sheet Events
There are no matters of a material nature to report in the post balance sheet period
33