OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Stretham Charity

2024-12-31-accounts

Charity registration number 1076863 (England and Wales)

STRETHAM CHARITY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STRETHAM CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

eee eee
Trustees Mr K Petherick
Ms J Parish
Ms E Leeke
MrM Murfitt
Ms L Roberts
Mr P Lee
Ms J Markam
Ms J Chapman
Mr P Frost
Clerk Ms JoTaylor
Charity number (England and Wales) 1076863
Registered office 4Top Street
Stretham
Ely
Cambridgeshire
CB6 3JL
Independentexaminer 1G C Piper
Whitings LLP
George Court
Bartholemews Walk
Ely
Cambridgeshire
CB7 4JW
Bankers Lloyds TSB
Minister Place
Ely
Camridgeshire

ee

STRETHAM CHARITY

CONTENTS

eee eee
Page
Trustees’ report 1-3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cash flows
Notestothefinancialstatements 7-14

eee

STRETHAM CHARITY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

nner

The trustees present their annual report and financial statements for the year ended 31 December 2024.

Stretham Charity started in 1553 when the Revd. Dr Richard Rysley, then Rector of Stretham, left bequests to assist the poor of Stretham, and to help with their education; his foresight and generosity continued in every parish to which he was called. Later bequests by local resident, Mrs Martha Digby and by Lady Effingham Howard were added, and all are now administered together under the Charity Commission's Regulating Scheme No. 1076863 of 1st July 1999, and in accordance with the Charity's Standing Orders

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of freland” and the Charities SORP “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)”.

Objectives and activities

Our Clerk is Ms Joanne Taylor of 4 Top Street, Stretham, Ely, Cambridgesire. Jo can be contacted by telephone 07761655511 or email strethamcharityclerk@gmail.com

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ee

-1-

STRETHAM CHARITY

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

a

Financial review in 2024 the Charity's income was £41,980 and an increase from £40,548 in 2023. This was due to an increase in allotment rentals with the splitting of plots and more taken up of allotments The Trustees are still aiming to purchase a 6th property and will just wait until a suitable property within the Charities budget. Grants were made from income in accordance with the objects of the Charity, having regard to its limitations. When considering applications for help with the education fees, costs of study material, travel, courses etc, the Trustees have also had regard to any hardship or need factor in the household affecting the applicant, which may override any purely educational consideration... During 2024 grants were made for assistance with education and hardship for year 6 residential trip for Stretham Primary School and towards the refurbishment of the swimming pool, equipment and software for a deaf child to assist with school learning. in 2024 grants were made as follows:

Hardship Hardship Education Grants grants to widows/widowers: 24 Grants £3,000 ailocated education/hardship 7 Grants £6,493 £8,884

Total grants £18,377(2023:£16,646)

The Charity's income is from allotments and five cottages in Stretham.

The Rysley Property Reserve is invested in the Equities Investment Fund for Charities (M&G Charifund Accumulation Units) valued at £145,638 as at 31 December 2024.

The Charity owns four cottages in Top Street, and 29a High Street which are let. Three cottages and 29a are on Assured Shorthold tenancies and one cottage is on a Regulated Tenancy. During the year the Trustees have made further improvements to the properties, including new flat roofs to the rear and new heating systems in the four top street cottages. The Trustees will look at fencing replacement and further maintenance tasks to keep the trust assets in the best condition.

The grazing paddock agreements have been renewed for a further 12 months in one block to one tenant. The allotment land is at present outside of the permitted development area of Stretham but its extent and proximity te the village centre and long term development potential needs to be watched by the Trustees.

Reserves policy

General reserves of the Charity stood at £352,279 at 31st December 2024 (2023- £354,528) and the Trustees policy is to keep a General Reserve of £15,000 to £20,000 to ensure that adequate funds are available to meet the commitments to update the properties and any unforeseen requests for help received during 2025 from the Trustees. With interest rates now on the increase, the Trustees are reviewing the best place to invest some of the reserve keeping in mind the long term objective of purchasing another property.

Structure, governance and management

eerie -2.

STRETHAM CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Scan nnn nRTEnIDeeeereneeeeeeeeeeeee

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr K Petherick

Ms J Parish

Ms E Leeke

Mr M Murfitt

Ms L Roberts

Mr P Lee

Ms J Markam Ms J Chapman

Mr P Frost

Recruitment and appointment of trustees

There should be nine Trustees including the Team Vicar of Stretham (ex-officio) and who each serve for five years. Trustees together appoint a further three members who each serve for five years. All newly-appointed Trustees are provided inter-alia with a copy of the Regulating Scheme, Standing Orders, copies of the last two Annual Reports and Accounts and Minutes of the last two Ordinary Meetings. All Trustees sign an Acceptance of Office.

In 2024 Kier Petherick continued as Chairman and Peter Lee continued as Vice Chairman

The net income of the Charity has to be applied in the following manner: » For the promotion of education in the Parish of Stretham in such ways as the Trustees think fit and « The remaining income shall be applied for the retief of person, including widows and widowers resident in the Parish of Stretham, who are in conditions of need, hardship or distress, either in gifts in kind or grants of money, which may include grants to any almshouse or other charitable institution established for the benefit of such persons.

The trustees’ report was approved by the Board of Trustees.

Mr K Petherick Trustee Date: HRS...

nna

-3-

STRETHAM CHARITY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF STRETHAM CHARITY

ce

i report to the trustees on my examination of the financial statements of Stretham Charity (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

| report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination { have followed the Directions given by the Charity Commission under section 145(5)}(b) of the Charities Act 2011.

independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be 1G C Piper, E.C.A. " Whitings LLP George Court Bartholemews Walk Ely Cambridgeshire CB7Date:4JW | A -Jul _ 2S

Sere -4-

STRETHAM CHARITY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024
Tn
Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
Notes £ £ £ £ € £
Income from:
Donations and legacies
Charitable activities
Investments		 2
3
4		 -
41,980
9,578		 .
-
-		 -
41,980
9,578		 900
40,548
6,995		 -
-
-		 900
40,548
6,995
Total income 51,558 - 51,558 48,443 - 48 443
Expenditure on:
Charitable activities 5 45,901 - 45,901 27,983 - 27,983
Total expenditure 45,901 - 45,901 27,983 - 27,983
Net gains/(losses) on
investments g 4,129 - 4,129 (2,317) - (2,317)
Net income and movement in
funds 9,786 - 9,786 18,143 - 18,143
Reconciliation of funds:
Fund balances at 1 January
2024 488,131 1,010,100 1,498,231 469,988 1,010,100 1,480,088
Fund balances at 314
December20274 497,917 1,010,100 1,508,017 488,131 1,010,100 1,498,231

The statement of financial activities includes all gains and tosses recognised in the year. All income and expenditure derive from continuing activities.

Sn eee

-§-

STRETHAM CHARITY

BALANCE SHEET

AS AT 31 DECEMBER 2024

eee eee eee eee eee eee
2024 2023
Fixed assets Notes £ £ £ £
Tangible assets
Investments		 11
12		 1,270,641
145,638		 1,272,878
133,603
Current assets 1,416,279 1,406,481
Cash at bankand in hand 93,539 93,809
Creditors; amounts falling due within one 13
year (1,801} (2,059)
Net current assets 91,738 91,750
Total assets less current liabilities 1,508,017 1,498,231
The funds ofthe charity
Endowment funds
Unrestricted funds		 14
15		 1,010,100
497,917		 1,010,100
488,131
1,508,017 1,498,231

The financial statements were approved by the trustees on Alerbs saeeee

Mr K Petherick Trustee

eee -6-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ree

Charity information

The Stretham Charity is registered with the Charity Commission Scheme dated 1st July 1999, domiciled and FRS102..registered in England (charity number 1076863), which constitutes a Public Benefit entity as defined by

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicableFRS 102. in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

I

-7-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Sn eeeneeee 1 Accounting policies

==> picture [46 x 14] intentionally omitted <==

----- Start of picture text -----
(Continued)
----- End of picture text -----

1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured retiably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Nil Fixtures and Equipment 10% per annum ona straight-line basis

Fixtures and Equipment

The gain or loss arising on the disposal of an asset is determined as the difference between the sate proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method untess the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

a -8-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

nee

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

cancelled.Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or

1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Z Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts - 900
income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
€ £
Income
Cottage rents
Allotment income		 37,724
4,256		 36,469
4,079
41,980 40,548

-Q-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

eee

4 income from investments

==> picture [446 x 478] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |income|from|listed|investments|7,906|6,995| |interest|receivable|1,672|:| |9,578|6,995| |5|Expenditure|on|charitable|activities| |2024|2023| |Direct|costs|£|£| |Depreciation and|impairment|2,237|2,237| |Hardship|grants|6,493|4,046| |Education|grants|8,884|9,300| |Widow grants|3,000|3,300| |Independent|examination|fees|1,980|900| |Insurance|1,273|1,300| |IT siftware and consumables|172|177| |Printing|and|stationery|116|77| |Repairs|and|maintenance|18,084|1,894| |Allotment|maintenance|562|1,655| |Clerk's|honorarium|3,100|3,100| |45,901|27,983| |Analysis|by|fund| |Unrestricted|funds|45,901|27,983| |6|Net|movement|in|funds|2024|2023| |The|£|£| |net|movement|in|funds|is|stated|after|charging/|(crediting):| |Fees|payable|for|the|independent|examination|of|the|charity's|financial| |statements|1,980|900| |Depreciation|of owned|tangible|fixed|assets|2,237|2,237|

----- End of picture text -----

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

ree ~10-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

ieee

& Employees

The average monthly number of employees during the year was:

Total

2024 2023 Number Number - -

There were no employees whose annual remuneration was more than £60,000.

9 Gains and losses on investments

Unrestricted Unrestricted
funds funds
Gains/ (losses) arising on: 2024
£		 2023
£
Revaluationofinvestments 4,129 (2,317)

10 Taxation

The charity is exempt from taxation on its activities because ail its income is applied for charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
Freehold land Fixtures and Total
and buildings Equipment
Cost £ £ £
At 1 January 2024 1,260,000 21,825 =1,281,825
At 31 December2024 1,260,000 21,825 1,281,825
Depreciation and impairment
At 1 January 2024
Depreciation charged in theyear		 -
-		 8,947
2,237		 8,947
2,237
At 31 December2024 - 11,184 11,184
Carrying amount
At 31 December2024 1,260,000 10,641 1,270,641
At31December2023 1,260,000 12,878 1,272,878

a -ti-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THETO THETHE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDEDENDED 31 DECEMBER 2024		 NOTES TO THETO THETHE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDEDENDED 31 DECEMBER 2024		 NOTES TO THETO THETHE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDEDENDED 31 DECEMBER 2024		 NOTES TO THETO THETHE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDEDENDED 31 DECEMBER 2024
TT
11. Tangible fixed assets (Continued)
The carrying value ofland included in land and buildings comprises:
2024 2023
£ £
29a High Steet
TopStreet Cottages@ £235,000each		 320,000
940,000		 320,000
940,000
1,260,000 1,260,000

12 Fixed asset investments

Listed
investments
Cost or valuation £
At 1 January2024
Valuationchanges
Dividend additions		 133,603
4,129
7,906
At 31 December2024 145,638
Carrying amount
At 31 December2024 145,638
At 31 December2023 133,603
Creditors: amounts fallingdue within one year
2024 2023
£ £
Trade creditors
Accruals and deferred income		 -
1,801		 1,159
900
1,801 2,059

13 Creditors: amounts falling due within one year

TTT

-12-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Sanne

14. Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and fs included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January At 31
2024 December
2024
£ £
Permanent endowments
Permanent Endowment Fund 4,010,100 1,010,106
Previous year: At 1 January At 31
2023 December
2023
£ £
Permanent endowments
PermanentEndowmentFund 7,010,100 1,016,100

The permanent endowment fund consists of: « Approximately thirty-two acres of land in Startock and Hay Fen Common, Stretham, as detailed in the Charity Commission's Regulating Scheme of 1913. « Four cottages, No's 8, 10,12 & 14 Top Street, Stretham, built in 1844.

The income is provided to the Charity on an unrestricted basis for general use in pursuit of the charity's overall objectives. 15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £
General fund
Rysley property Reserve		 354,528
133,603		 43,652
7,906		 (45,901)
-		 -
4,129		 352,279
145,638
488,131 51,558 (45,901) 4,129 497,917

eee nnn

~13-

STRETHAM CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

See See cc cc
15 Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £
General fund
Rysley property Reserve		 341,064
128,924		 41,447
6,996		 (27,983}
-		 -
(2,317)		 354,528
133,603
469,988 48,443 (27,983) (2,317) 488,131

16 Analysis of net assets between funds

Unrestricted Endowment Total
funds funds
2024 2024 2024
£ £ £
At 31 December 2024:
Tangible assets
Investments
Current assets/(liabilities)		 260,541
145,638
91,738		 1,010,100
-
-		 1,270,641
145,638
91,738
497,917 1,010,100 1,508,017
Unrestricted Endowment Total
funds funds
2023 2023 2023
£ £ £
At 31 December 2023:
Tangible assets
Investments
Current assets/(liabilities)		 262,778
133,603
91,750		 1,010,100
-
-		 1,272,878
133,603
91,750
488,131 1,010,100 1,498,231

17 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

eee

-~14-