Charity registration number 1096632 (England and Wales} Company registration number 4626536 THE GRAIN HOUSE TRUST ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE GRAIN HOUSE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr C M Ellis {Chair) Mr G Bland Mrs S Mills MrsA Diarra Mr P Haddow Mr A Lawrence Secretary Mr C Burrell Senlor management MrA C Lawren Senior Pastor Charity number (England and Wales) 1096632 Company number 4626536 Registered offlGe Alton Maltings Centre Maltings Close Alton Hampshire GU34 1 DT Auditor Frances Wilde FCCA DChA Warner Wilde Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF Bankers Co-operative Bank PLC - Manchester 1 Balloon Streel Manchester M60 4EP
THE GRAIN HOUSE TRUST CONTENTS Page Trustees, report Statement of truslees, responsibililies Independent auditor's report 9-11 Consolidated slalement of financial activities 12-13 Consolidated balance sheet 14 Balance sheet 16 Consolidated statement of cash flows 16 Notes to the financial statements 17-30
THE GRAIN HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their annual report and consolidated financial statements for the year ended 30 June 2024. 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 charty's governing document, the Companies Act 2006, 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" Objectives and actlvities The charity's objects are to advance the Christian faith in accordance with the Statement of beliefs appearing in the Schedule to the Memorandum of the Trust,. to relieve persons in conditions of need or hardship or who are aged, infirm or sick,. to promote and fulfil such other Gharilable purposes as the trustees think fil,. such objectives a5 would be beneficial to the Community in Alton, the United Kingdom and the world. The trustees confirm that they have referred to the guidan ¢onlained in the Charity Commission's general guidance on public benefit when reviewing the Trust'5 aims and objedives and in planning future activities. Aims, Objectives, Strategles and Activities for the year. The aim of The Grain House Trusl is to communicate the gospel of Jesus Christ through the minislry of Harvest Church Atton by demonstrating his love within the Community. Objectives: Finance - The key objective of The Grain House Trust continues to be to ensure good financial resourcing lo run Harvest Church effectively. and to provide on90ing maintenance of the Alton Maltings. People - To play an active parl in our local community by offering our current projeds and services at the Alton Maltings or by going out into the local community and offering them there. Assets To increase the use of Alton Mallings by Harvest Church, Ihe community, and outside agencies through the Alton Maltings Centre Community Interest Company (AMCCIC). Stratsgies: Finance Most of the funding for the trust continues to be the generous giving by the members and supporters of Harvest Church. Non-charitable trading continues to be managed by the AMCCIC that manages Alton Maltings under a licence agreement. running conferencing, room hire and catering. People The leadership focus is to equip, empower and release each person to see Ihe kingdom of God expressed in and through each of our lives. We do this through creating multiple opportunities for people to re¢eive training via our Sunday meetings, being part of our Life and interest groups, being part of other ministry leams and one-off specific training opportunities. The leadership also provides encouragement for interaction in the community, be it in Alton or further afield. Assets For the major asset, Alton Maltings, to become more recognised as a community venue which can be widely used, be it by Harvest Church or those in Alton and the surrounding area. Alton Maltings is promoted intemally and externally so that it is used as frequently as possible by the church, groups, and individuals. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
THE GRAIN HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 CHARITABLE ACTIVITIES AND ACHIEVEMENTS 2023-24 has been another year of notable change for the trust, including.. 1. We have continued to welcome many new people into the church family seeing approximately thirty people coming through our Exploring Membership course. Many of Ihese new folk have moved lo Atton from overseas and sometimes struggle to adjust to life in the UK. Around hundred adults and children meet on a typical Sunday however we are in touch with close to three hundred over the course of a typiGal month. 2. We have added to our staff team a Part- time Children's and Families Ministry Leader. They started in Jan 2024 and have already made a significant difference to The Source our Sunday ministry, bringing clarity and resources to what were overslrelched teams. Our children's work has not only been strengthened but also grown to around Thirty five children. This also reflects the healthy increase in the number of families with young children who are now a part of us. The Source does however require more volunteer leaders and helpers to acMModate current growih and create a stronger foundation for future. 3. 2023-24 was a very significant year for us as we were able to fully repay the mortgage on Alton Maltings. The removal of this regular expense gives the trustees the opportunity to explore ways of developing the work of the trust by deploying resource elsewhere, including the possibility of adding a second full-time elder to the staff. We asked people who regularly gave to the building fund to consider moving their gift to our General Fund. This combined with the growth of our church family has resulted in a £3,500 per month increase in our General Fund giving. Vvhile the increased revenue is most welcome. we are also conscious the impact of increases in costs due to new energy contracts and potential costs on a building which we have occupied for nearly 20 years. 4. The significant increase in energy costs combined with clearing our mortgage have also prompted us to explore the installation of Pholo Voltaic panels on the back roof of Alton Maltings. The anticipated cost is more than £65,000. We have started to apply for grants to help with Ihe cost. We expect there to be significant cost benefits should we proceed. which could reduce our general running costs of Alton Maltings by more than £5.000 per year. 5. During this last year we have also Celebrated 2 important anniversaries, the 75th of Harvest Church starting to gather (initially called Alton Evangelical Free Church) and the 10th anniversary of starting Christians Against Poverty in Alton, which has recently seen its 1 Oolh household become debt free. A wonderful achievement in helping address poverty in Alton. Additionally, we have relaunched Ihe Cap Money Course to help people budget well. We have and support several other ministries which help those struggling with isolation & poverty. This area has particularly come into focus as those joining us from overseas often experience poverty due lo the high costs of living in the UK especially the costs of renting homes in relation to Iheir income. We conlinue to support cross town initiatives such as Food Bank and ADCRF (Alton and District Community Relief Foundation) 6. We have had the privilege of baplising six people in this last year, a refFection of the ongoing hard work of a small team running Alpha courses across our churches in Alton. There appears to be a growing desire from people to find out more about Jesus and explore their spirituality. 7. Sending in Aug 2023 Nathan Silvester and his family to North Carolina USA to train with our wider family of churches was another important milestone for us as we have started to intentionally re-engage in international Mission, beyond what we have been doing in supporting projecls in Uganda. The loss of one of Iwo full time elders has however left the eldership team slrelched and so far, our plans to raise up and idenlify further elders have not borne fruit. Strengthening the eldership team is a high priority for us.
THE GRAIN HOUSE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 8. We continue to see helping people grow in their relalionship with God as a key activity. To this end our Discipleship Triplets have continued to grow organically with six triplets now running and with positive results. We will continue to invest in these and expect to see consistent growth in this fomi of discipleship. 9. We also encourage the church to prioritise involvement in Life Groups and with approximately 160 aduMs involved in them. We have started a special Life Group focused around helping internationals lo settle and had our first Intemational Sunday in August 2023 where we could identify over twenty different nations represented. 10. Our deacons continue to carry key areas of responsibilty well and have grown in their roles as well as helping the elders reflecl on key issues and derisions. We anticipate recognising more deacons in the year ahead for some key areas of responsibility. Any organisation is only as effective as the people involved in it. We have excellent staff, voluntary leaders and members covering so many areas of our church's life. We are so grateful for Iheir wholehearted support and devotion lo Ihe Harvest Church family and our vision lo impact Alton and our District. Regular Activities Life Groups. Continue to be the key for the life of Hae$l Church providing pastoral care, friendship, fellowship, Bible study, prayer, and practical support. Youth Life Group for those in school year 10-13. Interest Groups for a variety of interest aclivilies where lik&minded people can meet. The Source Work with children and young people to School year 9. Alpha. we ran an Alpha course with other churches in Alton. the course explains and explores the Christian message. The ¢outse consisls of 10 or 11 sessions. Stepping Stones Toddler Groups. The church runs two groups for pre-school children and their carers. Llghthouse is a group for adulls from 18 years onwards who have learning difficullies. One Way is a group that tries to cross the barrier to people in the Gommunity who may be isolated, for reasons suth as physical or mental health issues, addictions, or homelessness. Fresh Start supporting people find freedom from lrfe controlling habits. Christians Agalnst Poverty ICAP) - CAP Debt Help SeNlce, and CAP Job Club. We continue to support CAP with the various ministries. Alton Food Bank (Alton Chrislian Care Ltd.) The church continues to adively support the Food Bank. 11 provides dedicated warehouse space to store 3000Kg of food with its own enlrance in which the food bank checks and was able to distribute 28,OOOkg of food donations during the year.
THE GRAIN HOUSE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Alton & District Community Relief Foundation (ADCRF) This is a joint project involving Harvest Church & other local churches, Alton Lions, Rotary Club, CAB. ADCRF aims to provide aid and assistance to individuals primarily as well as groupslorganisations and help with the relief of poverty in Alton and the surround areas. Where possible ADCRF aims to collaborate with other local charities, service organisations and funding sources to promote a joined-up response and to maximise impact and good practice to support those in need. Lettings to outside parties managed through Alton Mallings Cenlre Community Interest Company (AMC CIC). Users range from personal customers for parties and wedding receplions and small community groups to public sector clients such as Hampshire County Council, the NHS, and Police Authorities. In addition. local and national businesses have made use of the facilities. Voluntsers Volunteers continue to be essential lo the Trust's operation, providing resources to run the Church and Community aclivities. We have over a hundred volunteers commttted to regulady support our Sunday gatherings many on a rota basis. We also have, 15 Life and 9 Interest groups, involving forty-five volunteer leaders. These groups are open for all to attend They are a wonderful way of connecting wilh us. 2 Pastoral Groups- Discipleship, Long & Short-term care, and support, involving 12 volunteers. A further fifty-five volunteers assist mid-week to facilitate community activities such as Stepping Stones as well as Bereavement Journey, One Way, Lighthouse, Seminars & CAP Fifty-eight percent of those regularly attending Harvest Church, of all ages, volunteer to serve one way or another throughout the year across a full range of activities. Factors affecting the Achievement of Objectives 1.Whilst the giving of those who are part of Harvest Church has kept pace with our regular financial commitments, we may find that the current economic situation and cosl of living challenges may affect people's ability to contribute financially during the year ahead. 2.The numerous groups and activities that the charity supports are dependent on members of the churth volunteering their time and energy. We are delighted that significant numbers of people regularly volunteer from a few hoLtrs to a few days a week to fulfil the activities of the trust. Further expansion of those activities is limited by the availability of additional volunteers and the Irust is actively seeking people who feel they could contribute to the mission of the trusl. 3.The Alton Maltings is important for many local organizations who host their aclivities in the building. To support them the building is staffed Monday to Friday and ofien Saturday from 8am to 10pm. This requires a team of trained staff who can look after visitors lo the Alton Maltings. Recruiting, training. and retaining of the slaff team impacts on the running of the charity.
THE GRAIN HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Financial review The truslees report income for the year of £526,58812023 £500,953). Of this £135,795 (2023 £116,560) related to Alton Malting5 Centre Community Inlerest Company and £135,795 (2023 £116,560) related to project restricted activities. There was net income of £84.442 (2023 £90,901) in the year, induding a profit of £21,665 {2023 £13,639) made by AOn Maltings Centre Community Interest Company. Reserves Pollcy The trustees have reviewed and approved the church's policy for its funds developed over many years. The General Fund demonstrates Ihe generosity and support of those attending the Church and is operated with a balance of at leasl one month's cash flow. The restricted funds are held in inlerest earning accounts permitting these reserves to be available for the purpose for which they were given. At the end of the year, the group's reserves can be summarised as follows.. - Reslricled Funds Invested in fixed assets Other funds held on short term basis 730,510 218,422 948.932 Designated funds Alton Mallings Centre CIC net assets other funds held on short term basis General fvnds Invested in fixed assets Free reserves 2,427,047 (31,244) 2,395,803 3,344,735 Total reserves Reserves policy It is the policy of the charily that unrestricted funds which have not been designated for a specrfic use should be maintained at a level equivalent lo beMeen three and six month's expenditurè. The trustees consider that reserves al Ihis level will ensure that. in the event of a significant drop in funding, they will be able to continue the charity's currenl activilies while consideration is given to ways in which additional funds may be raised. This level of reseeS has been maintained throughout the year. Principal funding sources The overwhelming majority of funding came through voluntary donations from those committed to the Church. Contributions were also received from the Alton Mallings Centre Community Interest Company. Major risks Trustees have assessed the major risks to which the charity is exposed and have pul in place procedures and syslems lo mitigate these risks. The highest potential risks identified in May 2021 that would have Ihe biggest impact were: Issues following the Pandemic. Public disorder or offences committed in or around Maltings Significant reduction in income, from eilher AMC CIC activities or giving.
THE GRAIN HOUSE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 HARVEST CHURCH FUTURE PLANS 202412025 Increase lrfe Groups by five Recognise further elders, ideally Imo more and Add 1 fulktime elder to the team. Recognise and appoint more Deacons. We expect to start work towards the possible launch of a North Alton church community in Sept 2025 We need to continue to strengthen our The Source and Youth teams. Help each person who is part of our harvesl Church family go grow into deeper relationships with God and to be able to share these with those who do not yel know Him. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Charity is a company limited by guaranlee and wa5 fomied on 31st December 2002. It is governed by its Memorandum and Article5 of Association as amended on 28th June 2004. 19th June 2006, and 15th December 2013. Trustees Trustees are proposed and elected by the members of the charity (who are currenlly the serving elders of Harvest Church in Alton) al any general meeting. The minimum number of trustees shall be three. Trustees serve for a period of three years and retire by rolation at every annual general meeting. Newly appointed trustees are provided with a comprehensive induction to the oharity through provision of training courses and mentoring by established trustees. Oryanisational Structure Overall control of the charity rests with the Trustee Board. Trustees meet most months and delegate day-to-day organisational management of the Alton Maltings to the Alton Maltings Management through the Allon Maltings Centre Community Inlerest Company. Policies and procedures are regularly reviewed, and changes made to ensure that they are in step with current and proposed stralegies. The skills base of the trustees is a150 reviewed, and training provided both externally and internally as required. The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the dale of signature of the financial statements were.. Mr C M Ellis {Chair) Mr G Bland Mrs S Mills Mrs A Diarra Mr P Haddow Mr A Lawrence Alton Maltings Centre Community Intsrest Company Alton Mallings Centre Community Interest Company has operaled the activities of the charity's freehold property- The Alton Mallings Centre since 1 July 2007. The company is a Community Interest Company, limited by guarantee and registered in England & Wales No. 6258001. The charity has dominant conlrol over ils subsidiary by virtue of the fact that most of ils members are either the charity's trustees or ils members. Audltor In accordance with the company's articles, a resolution proposing that Frances Wilde FCCA DChA be reappointed a5 auditor of the company will be put at a General Meeting.
THE GRAIN HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The trustees, report was approved by the Board of Trustees. Mr C M Ellis (Chair) Trustee Date.. fry /kn2<
THE GRAIN HOUSE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 The tnjstees, who are also the directors of The Grain House Trust for the purpose of company law. are responsible for preparing the Trustees, Report and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally A¢cepled Accounting Praclice). Company law requires the Irustees to prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resoUrS and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consislently., observe the methods and principles in the Charities SORP.. make judgemen15 and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operalion. The trustees are responsible for keepin9 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities.
THE GRAIN HOUSE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GRAIN HOUSE TRUST Oplnion We have audited the consolidated financial statements of The Grain House Trust (the parent charty and its subsidiary. together 'the group") for the year ended 30 June 2024 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the summary incomè and expenditure account, the consolidated statement of cash flows and notes to the financial statements. including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom AcLounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group's affairs as at 30 June 2024 and of the group's and parent harilable company's incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pradice., and have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in acwrdancè with Inlemational Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial slatements section of our report. We are independent of the group and charitable company in aordanCe with the ethical requirements Ihal are relevant to our audit of Ihe 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 golng concern In auditing the financial statements, we have concluded Ihat the truslees, use of the going Conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainlies relating to events or conditions that, individually or colleclively, may cast significant doubt on the charity's ability to continue as a going COnM for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. Other inforniation The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information conlained within the annual report. Our opinion on the financial statements does not cover the other infomation and 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 statemenls or our knowledge obtained in the course of the audit. or otheise appears lo be malerially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a malerial misstatement in the financial statements themselves. If, based on the work we have performed, we condude Ihat there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
THE GRAIN HOUSE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GRAIN HOUSE TRUST Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charilies {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial slalements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records.. or we have nol reiVed all the informalion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalements that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to Continue as a going concern, disclosing. as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under seclion 144 of the Charities Act 2011 and report in accordance with the Acl and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misslalemenl. 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 conduGted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to whi¢h our procedures are capable of detecting irregularilies, including fraud. is detailed below: We obtained an understanding of the legal and regulatory frameworks applicable to the group and Ihe sector in which it operates. We determined that the following laws and règulations were most significant: the Companies Act 2006, the Charities Act 2011 and UK corporate taxation laws. We obtained an understanding of how Ihe group is complying with those legal and regulatory frameworks by making enquiries of the management. We corroborated our enquiries through our review of Board Minutes and papers provided to the board of trustees. We assessed the susceptibility of Ihe group's financial stalements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included.. identifying and assessing the design effediveness of controls which management has in pla¢e to prevent and detect fraud. 2. Understanding how those ¢harged with governance considered and addressed the potential for overrtde of controls Of Other inappropriate influence over the financial reporting process., 3. Challenging assumptions and judgements made by management in its significant accounting eslimales., 4. Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations- and 5. Assessing the extènt of compliance wilh the relevant laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:11 www.frc.org.uklauditorsresponsibililies. This description forms part of our audilorfs report. 10-
THE GRAIN HOUSE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GRAIN HOUSE TRUST Use of our report This report is made solely to the charity groups's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audil work has been undertaken so that we mighl state to the charity's trustees those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility to anyone other than the trustees and directors of the group and charitable company as a body, for our audit work, for this report, or for the opinions we have formed. F J Wilde FCCA DChA Senior Statutory Auditor For and on behalf of Warner Wilde Limiled, Statutory Auditor Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF Date.. Wamer Wilde Limited is eligible for appointment as auditor of Ihe charity by virtLse of its eligibility for appointment as auditor of a company under section 1212 oflhe Companies Act 2006. 11
THE GRAIN HOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Current financial year Unrestrfcted Unrestricted funds funds general Designated 2024 2024 Restricted funds Total Totsl 2024 2024 2023 Notes Income from: Donations and legacies Charitable activities Other trading aclivilies Investments 258,929 1,684 3,000 128,741 390,670 2,228 132,795 895 383,813 132,795 116,560 580 895 Total income 261.508 135,795 129,285 526.588 500,953 Expendlture on: Raising funds Charitable a1VitieS 114.130 114,130 328.016 70,425 339,627 255,680 72,338 Total expenditure 255.680 114,130 72.336 442.146 410,052 Net Income 5,828 21,665 56,949 84,442 90,901 Transfers beeen funds 17,383 (21,665) 4,282 Net movement in funds 10 23.211 61.231 84,442 90,901 Reconciliation of funds: Fund balances at 1 July 2023 2.372,592 887,701 3,260.293 3,169,392 Fund balances at 30 June 2024 2,395,803 948,932 3,344,735 3,260,293 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
THE GRAIN HOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Priorfinancial year Unrestrictsd Unrestricted funds funds general Designated 2023 2023 Restricted funds Total 2023 2023 Notes Income from: Donations and legacies Other trading aclivilies Investments 223,737 160,076 383,813 116,560 580 116,560 580 Total income 224,317 116,560 160,076 500,953 Expenditure on: Raising funds Charitable actiwlies 70,425 32.496 70,425 339,627 127.345 179,786 Total expenditure 127,345 102.921 179.786 410,052 Net incomel(expenditure) 96,972 13,639 (19.710) 90,901 Transfers beeen funds 11,194 (17,1391 5,945 Net movement in funds 10 108,166 (3,5001 (13,765) 90.901 Reconciliation of funds: Fund balanS at 1 July 2022 2.264,426 3,500 901,466 3,169,392 Fund balances at 30 June 2023 2.372.592 887,701 3,260,293 13
THE GRAIN HOUSE TRUST CONSOLIDATED BALANCE SHEET AS AT30 JUNE 2024 2024 2023 Notes Fixed assets Tangible assets 14 3,157,557 3,191,109 Current assets Stocks Debtors Cash al bank and in hand 15 16 780 30,927 174,893 780 26,407 171,840 206,600 199,027 Credltors: amounts falling due within one year 18 119.422) (49.184) Net current assets 187.178 149.843 Total assets less current liabilities 3,344,735 3,340,952 Creditors: amounts falling due after more than one year 19 (80,659) Net assets 3.344,735 3,260,293 The funds of the ¢harity Reslricted income funds Unrestricted funds 21 23 948,932 2,395,803 887,701 2,372,592 3.344,735 3,260,293 Whilst the company is èntitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for Ihe year ended 30 June 2024, the company is subject lo audit under the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company lo obtain an audit of its financial statements under the requirements of the Companies Ad 2006, for the year in question in accordance with section 476. These financial slatemènts have been prèpared in accordan with the provisions applicable to companies subject to the small companies regime. The directors have prepared group accounts in accordance with section 222A of the CompaniesAct and the CharitiesAct 2011. The financial statements were approved by the trustees on . Mrs S Mills Trustee rs A Diarra Trustee Company registration number 4626536 (England and Wales) 14-
THE GRAIN HOUSE TRUST BALANCE SHEET (CONTINUED) AS AT30 JUNE 2024 2024 2023 Notes Fixed assets Tangible assets 14 3,157.557 3,191,109 Current assets Debtors Cash at bank and in hand 16 52,215 150,771 42,100 149,198 202,986 191,298 Creditors: amounts falling due withln one year 18 (15,808) (41,455) Net current assets 187,178 149,843 Totsl assets less current liabilities 3.344,735 3,340,952 Creditors". amounts falling due after more than one year 19 {80,659} Net assets 3,344.735 3,260,293 The funds of the Charlty Restricted income funds Unrestricted funds 21 23 948,932 2.395,803 887.701 2,372,592 3.344,735 3,260,293 Whilst the company is entitled to the exemption from the audit requirement contained in section 477 of Ihe Companies Act 2006, for the year ended 30 June 2024, the company is subject lo audit under the Charities Act 2011. The direclors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and Ihe preparation of financial statèmenls. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial slatements have been prepared in accordan with the provisions applicable to companie5 subject to the small companies regime. The directors have prepared group accounts in accordance wilh section 222A of the Companies Acl and the Charities Act 2011. The financial statements were approved by the trustees on . Mrs S Mills Trustee Mr5 A Diarra Trustee Company registration number 4626536 (England and Wales) 15
THE GRAIN HOUSE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 27 113.909 116,377 Investing activitles Purchase of tangible fixed assets Investment income received (2,858) 895 580 Net cash (used inllgenerated from Investing activities (1.963) 580 Financing activities Repayment of bank loans (108.892) (116,192> Net cash used in financing activities (108,892) (116,192) Net Increase in cash and cash equlvalents 3,054 765 Cash and cash equivalents at beginning of year 171,840 171,075 Cash and cash equivalents at end of year 174.893 171,840 16-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity infomiation The Grain House Trust is a private company limited by guarantee incorporated in England and Wales. The regislered office is Alton Maltings Centre, Maltings Close, Alton, Hampshire, GU34 1 DT. 1.1 Accounting convention The financial statements have been prepared in aGcordance with the ¢harity's goveming document. the Companies Acl 2006, FRS 102 "The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Pradi¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, whi¢h is the functional ¢urren¢y of the charity. Monelary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The consolidated acGounls present the financial statements of The Grain House Trust and its subsidiary Alton Maltings Centre CIC as if they formed a single entity. Inlercompany transactions and balances have therefore been eliminated. The group has taken advantage of section 408 ofthe Companies Acl 2006 by not providing separate statement of financial activities for the subsidiary. 1.2 Going Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to conlinue in operational existence for the foreseeable future. Thus the trustees continue lo adopl the going concern basis of accounting in preparing the finanGial statements. 1.3 Charitsble funds Unrestricted fvnds are available for usè at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as lo 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 capilal musl be maintained by the charity. 1.4 Income 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 il is probable that income will be received. Cash donations are re¢ognised on receipt. Olher donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or othernvise if the charity has been notified of an impending distribulion, the amount is known, and re¢eipt is expected. If the amount is not known, the legacy is treated as contingent asset. 17-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Icontinuedl 1.5 Expendlture Expenditure is recognised once there is a legal or Constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditufe is classified by activity. The costs of each activity are made up of the totsl of direct cosls and shared costs, including 5UPPOrt costs involved in undertaking each activity. Direct cosls attributable to a single activity are allocated directly to that activity. Shared costs which conlribule lo more than one activily and support costs which are nol attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and deprecialion charges are allocated on the portion of the asset's use. 1.6 Tangible fjxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to wrile off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Fixtures and fittings 1.fi straighl line 3 to 5 years straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset. and is recognised in the statemenl of financial activities. 1.7 Impairnient of fixed assets At each reporting end dale, the charity reviews the carrying amounls of ils tangible assets to determine whether Ihere is any indication that those assets have SLtffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three monlhs or less, and bank overdrafis. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnancial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslruments. Financial instruments are recognised in the charity's balan sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an inlention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assels, which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are SLFbsequenlly carried at amortised Cosl using the effe1ve interest method unless the arrangement constitutes a financing Iransaction. where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. 18-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting pollcies IContinued} Basic flnanclal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at Iransaclion price unless the arrangement constilules a financing transaction, where the debt instrument is measured at the present value of the future paymenls discounted al 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 inlerest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounls payable are classified as current liabilitiès if payment is due within one yèar or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition ol financial liabllities Financial liabilities are derecognised when the charity's conlrarlual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Terminalion benefits are recognised immediately as an expense when the charity is demonstrably commttted to terminate Ihe employment of an employee or lo provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. cr1Cal accounting estimatss and judgements In the application of the charity's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimate5 and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects bolh current and fulure periods. 19-
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THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from charitable actlvllles Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Charitable activities Other income 1,684 2,228 Income from other trading a¢tivities Unrestrlcted Unrèstricted funds funds Designatsd Designatsd 2024 2023 Alton Maltings Centre hire charges 132,795 116,560 Income from inveslments Unrestricted Unrestrfcted funds funds 2024 2023 Interest receivable 895 580 21
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on charitable activities Charitable activities 2024 Charltable activities 2023 Direct costs Staff costs Meetings and activities Non payroll slaff costs 124,138 14,859 2,657 138,889 15,845 2,798 141,654 157,532 Grant funding of activities (see note 8) 45,465 20,666 Share of support and governance costs (see note 91 Support Govemance 112.998 27,899 133,735 27,693 328,016 339,626 Analysi5 by fund Unrestricted funds - general Restricted funds 255,680 72,336 159,840 179,786 328,016 339,626 Grants payable Charitable activities Charitable activities 2023 2024 Grants to institutions.. Other 45,465 20,666 -22-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Support costs allocated to activities 2024 2023 Depreciation Premises Office costs Mortgage and loan interest Govemance costs 36,409 63,546 9.564 3.479 27,899 36.409 77.925 9,671 9,730 27,693 140,897 161,428 Analysed between: Charitable activities 140,897 161,428 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 8.817 36,409 7,646 36,409 11 Trustees A salary of £49,600 was paid to trustee Andrew Lawren in his capacity as chur¢h leader {2023: £49,680). 1 trustee was reimbursed travel and subsisteno expenses totalling £1,453 (2023.. 2 truslees were reimbursed expenses lotalling £1,726). 7 trustees made donations to the church in the year totalling £63,465 {2023.' 9 trustees donated £53,340) (including trustees from The Grain House Trust and direclors from Allon Maltings Centre Community Interest Company. 12 Employees The average monthly number of employees during the year was.. 2024 Numb8r 2023 Number Full time equivalent number of staff employed Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 178,058 8,959 3,121 183,809 12,252 2,828 190,138 198,889 -23-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 12 Employees {Continued) The average number of staff in the year, headcount ralher than full time equivalent, was 9 (2023.. 8). There were no employees whose annual remuneratlDn was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows= 2024 2023 Aggregate compensalion 91,543 49,600 13 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 14 Tangible fixed assets Freehold land FiXtuS and and bulldlngs fltting$ Total Alton Maltings Contra CIC Total Cost At 1 July 2023 Additions Disposals 3,806,161 347,742 4,153,903 2.858 2,858 {5.190) (5,190) 17,503 4,171,406 2,858 (5,190) At 30 June 2024 3,806,161 345,410 4.151,571 17,503 4,169,074 Depreclation and impairment At 1 July 2023 Depreciation charged in the year Eliminated in respect of disposals 615,052 36,409 347,743 962,795 17,503 980,298 36,409 (5,190) {5,190) (5,190) At 30 June 2024 651.461 342,553 994,014 17,503 1,011,517 Carylng amount At 30 June 2024 3,154,700 2,857 3,157,557 3,157.557 At 30 June 2023 3,191,109 3,191,109 3,191,109 15 Stocks Group 2024 Charity 2024 2023 2023 Bookshop. coffee shop and sundry stocks 780 780 -24-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 16 Debtors Group 2024 Charity 2024 2023 2023 Amounts falling due within one year: Trade debtors Amounls owed by subsidiary undertakings Other debtors Prepaymenls and accrued income 17,745 14,424 6,140 35,665 4,306 6,104 215 32,271 5,802 3,812 2,583 10,598 5,802 6,181 30,926 26,407 52,215 42,100 17 Loans and overdrafts 2024 2023 Bank loans 108,892 Payable within one year Payable after one year 28,233 80.659 The bank loan is secured by a legal charge over The Alton Maltings Centre, Alton which has a net book value at 30 June 2021 of £3.191,109 and represents 3.40% oflhis value. The loans were made on the following ternis:_ Triodos Bank NV 23 years from 17 September 2004 at 24/0 above bank base rate 18 Creditors: amounts falllng due within one year Group 2024 Charity 2024 2023 2023 Notss Bank loans Other taxation and social security Trade creditors Amounts owed to subsidiary undertakings Other creditors Accruals and deferred income 17 28.233 2,907 4.250 28,233 2,907 3,554 2,025 5,646 2.025 3,945 3,608 741 5,489 803 10,948 13,794 6,761 19,422 49,184 15,808 41,455 19 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 17 80,659 -25-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 20 Retirement benefit schemes 2024 2023 Defined contributlon schemes Charge to profit or loss in respect of defined contribution schemes 3,121 2,828 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from Ihose of the charity in an independently administered fund. 21 Restri¢tsd funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 July 2023 Incoming resources Resources expended Transfers At 30 June 2024 Building capital fund Building fund (ongoing giving) Caring fund ADCRF Stepping stones Gift day Christians against povety Specifi¢ offerings 766,919 81,543 6,290 16,175 (36,409) 730,510 128,507 4,892 6,226 46,964 2,213 265 544 66,310 5,863 7.126 (3,611) (10.214) (845) (5.038) (9,844) (6,375) 301 16,450 77,722 3.981 324 1,075 887,701 129,285 (72,338) 4,282 948,932 Prevlous year: At 1 July 2022 Incoming resources Resources expended Transfers At 30 June 2023 Building capital fund Building fund (ongoing giving) Caring fund ADCRF stepping stones Toy Library Gift day Christians against Poverty Specffic offerings 803.328 92,438 6,050 (36.409) {125.922) (3,005) (1,254) {1,076) 766,919 81,543 6,290 16,175 66,815 3,245 215 167 48,212 17,214 1,119 (3,132) (65,926) 8,458 (210) 3,132 86,307 3,003 324 {3,931) {8.189) 16,450 (3,272) 324 901,466 160,076 (179,786) 5.945 887,701 -26-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 21 Restricted funds (Continued) (a) The building capital fund represents the original building costs funded by specific offerings, less depreciation charged to date. (b) The building fund (ongoing giving) represents specific offerings received to fund mortgage repayments and building improvements. Transfers represenl part of the capital repayments on the mortgages funded by the specifi¢ offerings. {c) The caring fund represents specific offerings received to fund donation5 to needy people in the community. {d) ADCRF was a joint venture contributed to by the council and churches inAllon, which is now in the process of set up under a separate charity. (e) Stepping Stones is a parent and toddler group run by the church in Alton Maltings Centre. (Q The Toy Library no longer functions and all its assets have been sold or disposed of. 22 Unrestricted funds - Designated These are unrestricted fltnds which are material to the charity's activities. At 1 Juty 2023 Incoming Rèsource$ resources expended Transfers At 30 June 2024 Alton Maltings Centre CIC 135,795 {114,130} (21.665) 135,795 (114,130) (21.665) Previous year: At 1 July 2022 Incoming Resources resources expended Transfers At 30June 2023 Training and development Alton Maltings Centre CIC 3,500 (3.500) (13,639) 116,560 (102,921) 3,500 116.560 (102,921) {17,139) 23 Unrestri¢ted funds The unrestricted funds ofthe charity Gomprise the unexpended balances of donations and grants whi¢h are not subjecl to specific conditions by donors and grantors as to how they may be used. These include designated fund5 which have been set aside out of unrestricted funds by the Irustees for specific purposes. At 1 July 2023 Incoming Resources resources exponded Trnnsfers At 30 June 2024 General funds 2,372,592 261,508 (255,680) 17,383 2,395.803 -27-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 23 Unrestrlctsd funds Icontinued) Previous year: At 1 July 2022 Incomlng resources Resources expended Transfers At 30 June 2023 General funds 2.264,426 224,317 (127,3451 11,194 2,372,592 24 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 30 June 2024: Tangible assets Current assetsl(liabilities) 2,427.047 (31.244) 730,510 218,422 3,157,557 187,178 2.395,803 948,932 3,344,735 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 30 June 2023: Tangible assets Current assetsllliabililies) Long term liabilities 2,424,190 29,061 {80,659) 766.919 120,782 3,191,109 149,843 (80,659) 2.372.592 887,701 3.260,293 25 Related party transactions A salary of £6,260 (2023 £1,929) was paid to Ktl Lawrence, th8 son of trustee Andrew Lawrence. A salary of £4,254 was paid to Hannah Diarra, the daughter of trusteeAli Diarra. Transactions with trustees are detailed in note 11. -28-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 26 Subsidiaries The results of the subsidiary, Atton Maltings Centre CIC, for the year including inter group trading, is as follows.. 2024 2023 Income from third parties Services provided to The Grain House Trust 135,795 116,560 31,508 26,034 167,303 (143,086) 142,594 (125,455> Expenditure 24,217 17,139 Li¢ence fee paid to the Grain House Trust Loan interest paid to The Grain House Trust (2,000) (2,000) (552) (552) 21,665 (21,665) 14,587 {14,587) Donation under gift aid to The Grain House Trust Aggregate assets (liabilities) The Grain House Trust have agreed to maintain support to Alton Maltings Centre CIC and their accounts have therefore been drawn up on the going concern basis. The constitution of the Alton Maltings Cenlre CIC mandales Ihal members of Ihe CIC must be trustee5 or members of The Grain house Trust. the CIC is 100° controlled by the Grain House Trust. -29-
THE GRAIN HOUSE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 27 Cash generatsd from operntions 2024 2023 Surplus for the year 84,442 90,901 Adjustments for: Investment income reGognised in statement of financial aotivities Depreciation and impairment of tangible fixed assets (895) 36,409 (580) 38,409 Movements In working capital: (Increase) in stocks (Increase) in debtors (Decrease) in creditors {99) (1,475) (8,779) (4,518) (1.529) Cash generated from operations 113,909 116,377 Difference (1.482) (18,525) Per cash flow statement page 112,427 97.852 28 Analysis of Changes in net funds At 1 July 2023 Cash flows At 30Jun• 2024 Cash at bank and in hand 171,840 3.053 174,893 Loans falling due within one year Loans falling due after more than one year (28,233) (80,659) 28.233 80.659 62,948 111,945 174,893 -30-