REGISTERED CHARITY NUMBER.. 1092201 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 FOR THE GEORGE'S GARAGE (GEORGE AND MAISIE BIACKBURN) CHARITABLE TRUST Rushtons Chartered Accountants Shorrock House 1 Faraday Court Fulwood PStOn Lancashire PR2 9NB
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Page Report of the TteeS Independent Examinerfs Report ststement of Financial Activities Balance Sheet Notss to the Financial Statements 7 to 13 Detailed Statement of Financial Activlties 14
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL2024 The trustees pr&8ent their report with the financial statements of the chaiity for the year ended 30 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the trust. as set out in the teS of the will, are to apply the income and capital for the furtherance of such charitable objects or purpose in such proportions as the trustees shall from time to time think frt. The charity invites charttable organisations to apply for grants. which are awarded at the truste6s' discretion. The Trustees seek to support charitable organisation for the benefit of children and young people in the South Fylde areas. The trustees confirm that they have referred to the guidan contained in the Charrty Commission's generdl guidan on public benefft when reviewing the Trust's aims and objecttves and in planning future activities and setting th8 grant making policy for the year. ACHIEVEMENT AND PERFORMANCE Charitable activities Detsils of the grants made during the year in the furtherance of these objectives are set out in the notes to the accounts. FINANCIAL REVIEW Financial position The details of the charity's income and expenditure for the year and its net assets at 30 April 2024 are on statement of financial activities and balan sheet of the accounts. There are no restrictions on the charity's power to invest. The investment strategy is reviewed regularfy by the trustees and takes account of demand for funds. Reserves policy The reseNes policy is to hold the original (2pttal received under the terms of the will and to generate an appropriate level of investment income to be applied for the provision of grants and to cover annual management and administration costs. At 30 April 2024, £1.559,639 was held in the capital account to generdte fLrture investment income. At 30 April 2024 £150,645 was held in the income fund to be used to fund future grant applications and management and administration costs. FUTURE PLANS The trustees plan to apply income for the provision of grants for chaiitable objects or purposes as appropriate. Local charitable organisations have bn made aware of the availability of grants for appropriate projects and an increase in applications is expected as this becomes more widely know. The trustees wish to distribute the accumulated income within the coming year but have in the past been unable to so do because of the limited number and nature of applications. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming dccument. a deed of trust and constitutes an unincorporated charity. Page 1
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL2024 The Trust was established on 2 November 1999 under the temis of the last will of George William Blackbum dated 5 May 1998. The Trust is subject to the Standard Provisions of the Society of Trust and Estate Practitioners (1st Edilion). the residue of the estate was transferred to the Trust in January 2006 and was subsequently invested. Recruitment and appointment of new trustees In identfying and appointing trustees the existing trustees approach prospective candidates which are resident in the communities which are primarily served by the Trust. who have appropriate business or professional experien in management and administration, and also are already engaged in public service. Before appointments they are asked to supply a CV and are interviewed before an invitation is made. Thereafter. appropriate identrfication checks for anti-money laundering and other purposes are concluded before appointment 15 ratrfied. Risk management The trustees have assessed the major risks thich may arise in the conduct of the charity and will monitor these annually. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1092201 Principal address CIO Harrison Drury Assembly Rooms Dicconson Terrace Lytham Lancashire FY8 5JY Trustees J D G Hinchliffe E Townsend C R Dickson Independent Examiner Rushtons Chartered Accountants Shorrock House 1 Faraday Courf( Fulwood Preston Lancashire PR2 9NB Approved by order of the board of trustees on behalf by: 2711112024 and signed on its C R Dickson - Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARrrABLE TRUST Independent examinerfs report to the trustees of The George's Garage (George and Malsie Blackburn) Charitable Trust I report to the charity trustees on my examination of the accounts of The George's Garage (George and Maisie Blackbum) Charitable Trust (the Trust) for the year ended 30 April 2024. Responsibillties and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Yhe Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the ACL Independent examinerfs ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Sectton 130 of the Act,. or the accounts do not accord wth those records; or the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the CharitFes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no cOnmS 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 accounts to be reached. C.N.CJ Christopher Calvert ACA Rushtons Chartered Accountants Shorrock House 1 Faraday Court Fulwood Preston Lanca5hire PR2 9NB Date.. 0311212024 Page 3
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 42.201 33.394 EXPENDITURE ON Raising funds 13,574 12,974 Charitable activities Grants 12.580 21,000 Other 5,606 4.594 Total 31,760 38,568 NET INCOMEI{EXPENDITURE) Other recognised gainsl(losses) Gains/(losses) on revaluation of fed assets 10,441 (5,174) 119,646 (68,036) Net movement in funds 130.087 (73,210) RECONCILIATION OF FUNDS Total funds brought foward 1,580.197 1,653.407 TOTAL FUNDS CARRIED FORWARD 1,710,284 1,580,197 The notes fomi part of these financial statements Page 4
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARrrABLE TRUST BALANCE SHEET 30 APRIL 2024 2024 UnStriCted funds 2023 Totsl funds Notes FIXED ASSETS Investments 1.568.714 1,461,525 CURRENT ASSETS Cash at bank 155,142 136,771 CREDITORS Amounts falling due within one year (13,572) (18.099) NET CURRENT ASSETS 141.570 118,672 TOTAL ASSETS LESS CURRENT LIABILITIES 1,710,284 1,580.197 NET ASSETS 1,710,284 1,580.197 The notes form part of these firk3ncial statements Page 5 continued...
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST BALANCE SHEET- continued 30 APRIL 2024 FUNDS Unrestricted funds: Unrestricted income 10 150,645 132,587 1,559,639 1,447,610 Unrestricted capital 1.710,284 1,580,197 TOTAL FUNDS 1,710,284 1.580,197 The financial statements were approved by the Board of Trustees and authorised for issue on .27J.1.I22024...................... and were signed on its behalf by". J D G Hinchliffe - Trustee E Townsend - Trustee C R Dickson - Trustee The notes fonn part of these financial statements Page 6
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 LEGAL FORM The trust is a registered charity, estsblished under th8 last will of George William Blackbum. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance wiÈh the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),. Financial ReportÉng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements are prepared on a going concem basis. The trustees are required to assess whether the use of going concem is appropriate. i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the chaiity to continue as a going COnM. The Trustees make this assessment in respect of a period of at 12 months from the date of authorisation of the accounts. The majority of the expendtture of the charity is at the discretion of the Trustees and the charity also has sufficient reserves to offset any potential reduction in investment income. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity, therefore the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. Income All income is recognised in the Ststement of Financial Activthes once the charity has entitlement to the funds. it is probable that the income will be r]Ved and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commffting the charity to that expenditure, Ft is probable that a transfer of economic benefits will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attrÉbuted to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have mt bn rnet at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charty is exempt from tsx on its chartlable activities. Page 7 continued...
THE GEORGE'S GARAGE {GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES - continued Fund accounting UnrestriGted funds can be used in accordance viith the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the chaiity. Restrictions arise when specffied by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Investments Investments are stated at market value as provided by Canaccord Genuity Wealth Management. Investment income is credited to the income furKI on an accrual basis. INVESTMENT INCOME 2024 2023 Deposit account interest Dividend income Investment interest 2,542 38.890 769 616 32,368 410 42,201 33,394 RAISING FUNDS Investment management costs 2024 2023 Portfolio management 13.574 12,974 GRANTS PAYABLE 2024 2023 Grants 12,580 21,000 Page 8 continued...
THE GEORGEE GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 GRANTS PAYABLE - continued 2024 2023 Freckleton Village Memorial Hall Kirkham & Wesham Amateur Swimming Club Fylde Mayoral Charities Fylde District Scout Council Medlar with Wesham C of E Prtmary School Christ Church Wesham Pre School Freckleton Parish Council 3,000 1,000 9,000 3,000 4,000 1,000 4,000 2,000 6,580 12,580 21,000 In considering grant applications the Trustees have sought to benefrt all sections of the community in South Fylde and all age groups but with particular emphasis on the Warton and Freckleton area in accordan with wishes expressed by the late George Blackbum. The grants therefore support particular activities or interest groups as well as benefrting the community as a whole in the provision of communty facilities and in the support of the Mayordl nominatsd charities for the year, all of which benefit the wider community. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remunerdtion or other beneffts for the year ended 30 April 2024 nor for the year ended 30 April 2023. Tnjstees. expenses There were no trustees, expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Investment income 33,394 EXPENDITURE ON Raising funds 12,974 Charitable activities Grants 21,000 Other 4,594 Total 38,568 Page g continued...
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 APRIL 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted funds NET INCOMEI{EXPENDITURE) Other recognised gainsl(losses) Gainsl(losses) on revaluation of fixed assets (5,174) (68.036) Net movement in funds (73,210) RECONCILIATION OF FUNDS Total funds brought fOard 1,653,407 TOTAL FUNDS CARRIED FORWARD 1.580,197 Page 10 continued...
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 FIXED ASSET INVESTMENTS Marf(et Value at Change 30 April in Value 2024 Market Value at 1 May 2023 Disposalsl reorganisa tions Cost at30 April 2024 Additions PortFolio UK Equities Domestic Bond Collectives Foreign Equity Collectives Investment in Fixed Interest Securities Real Estate Unit Trusts & OEICS Investment Twsts 430,043 25.167 22,7 478.118 302,148 150,762 74,870 (203) (2,294) 223.135 229,971 153,131 15.000 38 42,438 210.607 98,675 58,457 (46.138) (3,713) 8.606 9,742 25.360 {25.916) 556 565,073 18.001 (37,878) 58,453 603.649 403,878 Sub Total 1,382,826 107,871 {84,930) 118.347 1,524.116 1,044.414 Cash Balance 78,699 44,598 44,598 1,461,525 568,714 1,089,012 Page11 continued...
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 13,572 18,099 10. MOVEMENT IN FUNDS Net movement in funds At 30.4.24 At 1.5.23 Unrestricted funds Unrestricted income 132,587 1,447,610 18,058 150,645 112.029 1,559,639 Unrestricted capital 1,580,197 130.087 1,710,284 TOTAL FUNDS 1.580,197 130.087 1,710,284 Net movement in funds. included in the above are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds Unrestricted income 42.201 (24,143) (7.617) 18,058 112,029 Unrestrtcted capital 119,646 42,201 (31.760) 119.646 130,087 TOTAL FUNDS 42.201 (31,760) 119,646 130,087 Page 12 continued...
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 10. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement IV*.. At in funds 30.4.23 At 1.5.22 Unrestricted funds Unrestricted income 130,581 1,522.826 2.006 132,587 (75,216) 1,447.610 Unrestricted capital 1,653,407 (73.210) 1,580.197 TOTAL FUNDS 1.653.407 (73,210) 1,580,197 Comparative net movement in furKls, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds Unrestricted income 33,394 (31,388) (7,180) 2.006 (75,216) Unrestricted capital (68.036) 33.394 (38,568) (68,036) (73,210) TOTAL FUNDS 33,394 (38.568) (68.036) (73.210) 11. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 30 April 2024. Page 13
THE GEORGE'S GARAGE (GEORGE AND MAISIE BLACKBURN) CHARITABLE TRUST DETAILED STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Deposit account interest Dividend income Investment interest 2.542 38.890 769 616 32,368 410 42,201 33,394 Total incoming resources 42.201 33,394 EXPENDITURE Investment management costs Portfolio management 13,574 12.974 Charitsble activities Grants to institutions 12,580 21,000 Support costs Finance Bank charges 65 62 Governance costs Accountancy and legal fees 5,541 4.532 Total resources expended 31,760 38,568 Net incomel{expenditure) 10.441 (5,174) This page does not form part of the statutory financial statements Page 14