REGISTERED COMPANY NUMBER: 06249803 (England and Wales) REGISTERED CHARITY NUMBER: 1119695
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2025
for
The J.W. Sly & Sons (Northleach) Charitable Trust
Monahans Oakley House Tetbury Road Cirencester Glos GL7 1US
The J.W. Sly & Sons (Northleach) Charitable Trust
Contents of the Financial Statements for the Year Ended 31 May 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
The J.W. Sly & Sons (Northleach) Charitable Trust
Report of the Trustees for the Year Ended 31 May 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main aim of the charitable company is to provide affordable housing within the Parish of Northleach for the benefit of employees working within Community Facilities and Services, including, but not exclusively, schools, shops and churches.
It also aims:
-
To support local family life within the community
-
To utilise buildings and facilities of the trust to support local community enterprises which help topreserve historic artefacts and support modern education in relation to local trades as practised inNorthleach in past
-
- times;
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To support students within the parish requiring financial assistance with course literature; and
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To make grants to other charities and not-for-profit organisations operating in Northleach.
Achievements and performance
Refurbishment and expansion of the third bequeathed property has now been completed giving eleven Trust properties now under full occupancy.
Archiving of the Sly family documents continues. The trust is in discussions with other local charities and organisations regarding the archive and joint promotion of other elements of local history and associated artefacts and documents.
Public benefit
The trustees have given due regard to the Charity Commission's guidance with regard to public benefit. The trust has provided 8 affordable houses which continue to be occupied by local residents of Northleach during the year under review, within the spirit of the trust deed.
FINANCIAL REVIEW
Financial position
The charitable company held total unrestricted funds of £3,110,235 at 31 May 2025 (2024: £3,069,881), which was primarily represented by the property, property development undertaken and cash at bank. The trustees consider the level of reserves to be adequate for supporting the immediate future plans of the charitable company.
Maintenance provisions continue in line with our policies, and will continue until the level of provision is reviewed by trustees in line with anticipated potential repair work.
Plans for future periods
Letting of the Trust properties will continue, as now, within the policies of the Trust to provide letting accommodation for the local community at affordable rentals.
The Trust acquired The Old Wool House and Black Cat cafe premises. Completion took place on 1 March 2024 enabling the Trust to embark on a project to provide an additional affordable housing unit and groundfloor premises to be let and utilised as a community cafe.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The trustees are recruited amongst family members and members of the local community who the trustee body believe have the necessary experience to enhance the aims of the charitable company.
Induction and training of new trustees
All trustees are fully involved in the work of the trust from the outset with the necessary support from their co-trustees.
Remuneration and expenses of trustees
All trustees provide their services totally voluntarily and no payments for trustees' remuneration and no claims for expenses have been made in the year ending 31 May 2025.
Page 1
The J.W. Sly & Sons (Northleach) Charitable Trust
Report of the Trustees for the Year Ended 31 May 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trust has mechanisms in place to ensure the security of its assets. During the past year, the trust has continued further with planning and building activity for the provision of affordable housing, employing architectural and design consultants, to ensure regulatory compliance in the construction phase.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06249803 (England and Wales)
Registered Charity number 1119695
Registered office
Wheelwrights West End Northleach Gloucestershire GL54 3EZ
Trustees
Mr C Hancock Mr I P Sanders Ms L J Blundell Mr D G Ebsworth Mrs F D E Ebsworth Ms E J Hartnell Mr D M Louisson Mr R C Owen Ms E G Sly Ms S James
Company Secretary Mr I P Sanders
Independent Examiner
Helen Jones Monahans Oakley House Tetbury Road Cirencester Glos GL7 1US
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr C Hancock - Trustee
Page 2
Independent Examiner's Report to the Trustees of The J.W. Sly & Sons (Northleach) Charitable Trust
Independent examiner's report to the trustees of The J.W. Sly & Sons (Northleach) Charitable Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I 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 accounts to be reached.
Helen Jones
Monahans Oakley House Tetbury Road Cirencester Glos GL7 1US
Date: .............................................
Page 3
The J.W. Sly & Sons (Northleach) Charitable Trust
Statement of Financial Activities for the Year Ended 31 May 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Assisted living Investment income 3 Total EXPENDITURE ON Charitable activities 5 Assisted living Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted funds £ 25,000 84,540 1,071 110,611 74,802 4,545 40,354 3,069,881 3,110,235 |
2024 Total funds £ 50,000 85,360 1,013 |
|---|---|---|
| 136,373 | ||
| 72,273 | ||
| 4,193 | ||
| 68,293 3,001,588 |
||
| 3,069,881 |
The notes form part of these financial statements
Page 4
The J.W. Sly & Sons (Northleach) Charitable Trust
Balance Sheet
31 May 2025
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
2025 Unrestricted funds £ 3,067,468 49,235 3,116,703 8,075 34,508 42,583 (6,051) 36,532 3,153,235 (43,000) 3,110,235 3,110,235 3,110,235 |
2024 Total funds £ 3,044,870 43,507 |
|---|---|---|
| 3,088,377 6,284 29,121 |
||
| 35,405 (5,901) |
||
| 29,504 | ||
| 3,117,881 (48,000) |
||
| 3,069,881 | ||
| 3,069,881 | ||
| 3,069,881 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Mr C Hancock - Trustee
The notes form part of these financial statements
Page 5
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 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.
Going Concern
There are no material uncertainties about the charity's ability to continue.
Income
Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property
- 1% straight line
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified 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 listed or traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
2. DONATIONS AND LEGACIES
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Donations | 25,000 | 50,000 |
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continued...
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 May 2025
| 3. INVESTMENT INCOME 2025 £ Dividends 703 Deposit account interest 368 1,071 4. INCOME FROM CHARITABLE ACTIVITIES 2025 Activity £ Rent received Assisted living 84,540 Other income Assisted living - 84,540 5. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 6) £ £ Assisted living 40,954 33,848 6. SUPPORT COSTS Governance Management costs £ £ Assisted living 33,118 730 Support costs, included in the above, are as follows: 2025 Assisted living £ General office 1,236 Advertising & website 619 Legal costs 368 Depreciation of tangible and heritage assets 30,895 Accountancy and legal fees 636 Other finance costs 94 33,848 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 2025 £ Depreciation - owned assets 30,895 Independent examiners fee 636 |
2024 £ 822 191 1,013 2024 £ 85,341 19 |
|---|---|
| 85,360 | |
| Totals £ 74,802 |
|
| Totals £ 33,848 |
|
| 2024 Total activities £ 1,537 884 358 30,653 600 88 |
|
| 34,120 | |
| 2024 £ 30,653 600 |
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continued...
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Assisted living Investment income Total EXPENDITURE ON Charitable activities Assisted living Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 50,000 85,360 1,013 |
|---|---|
| 136,373 | |
| 72,273 | |
| 4,193 | |
| 68,293 3,001,588 |
|
| 3,069,881 |
10. FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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continued...
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
11. TANGIBLE FIXED ASSETS
| COST At 1 June 2024 Additions At 31 May 2025 DEPRECIATION At 1 June 2024 Charge for year At 31 May 2025 NET BOOK VALUE At 31 May 2025 At 31 May 2024 12. FIXED ASSET INVESTMENTS MARKET VALUE At 1 June 2024 Additions Disposals Revaluations At 31 May 2025 NET BOOK VALUE At 31 May 2025 At 31 May 2024 There were no investment assets outside the UK. Cost or valuation at 31 May 2025 is represented by: Valuation in 2025 |
Freehold property £ 3,089,471 2,240 3,091,711 178,459 30,895 209,354 2,882,357 2,911,012 |
Assets in the course of construction £ 133,858 51,253 185,111 - - - 185,111 133,858 |
Totals £ 3,223,329 53,493 3,276,822 178,459 30,895 209,354 3,067,468 3,044,870 Listed investments £ 43,507 4,161 (2,926) 4,493 49,235 49,235 43,507 Listed investments £ 49,235 |
|---|---|---|---|
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continued...
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
| 13. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other debtors 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 16) Other creditors Accruals and deferred income 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 16) 16. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years 17. MOVEMENT IN FUNDS Net movement At 1.6.24 in funds £ £ Unrestricted funds General fund 2,918,181 40,354 Maintenance fund - cyclical 47,500 - Maintenance Fund - long term 104,200 - 3,069,881 40,354 TOTAL FUNDS 3,069,881 40,354 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 110,611 (74,802) TOTAL FUNDS 110,611 (74,802) |
2025 £ 8,075 2025 £ 5,000 26 1,025 6,051 2025 £ 43,000 2025 £ 5,000 43,000 Transfers between funds £ (23,800) 6,900 16,900 - - Gains and losses £ 4,545 4,545 |
2024 £ 6,284 2024 £ 5,000 - 901 5,901 2024 £ 48,000 2024 £ 5,000 48,000 At 31.5.25 £ 2,934,735 54,400 121,100 |
2024 £ 6,284 2024 £ 5,000 - 901 5,901 2024 £ 48,000 2024 £ 5,000 48,000 At 31.5.25 £ 2,934,735 54,400 121,100 |
2024 £ 6,284 2024 £ 5,000 - 901 5,901 2024 £ 48,000 |
2024 £ 6,284 |
|
|---|---|---|---|---|---|---|
| 2024 £ 5,000 - 901 |
||||||
| 5,901 | ||||||
| 2024 £ 5,000 |
||||||
| 48,000 | ||||||
| 3,110,235 | ||||||
| 3,110,235 | ||||||
| Movement in funds £ 40,354 40,354 |
||||||
| 40,354 |
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continued...
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.6.23 | in funds | funds | 31.5.24 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 2,875,488 | 68,293 | (25,600) | 2,918,181 |
| Maintenance fund - cyclical | 39,000 | - | 8,500 | 47,500 |
| Maintenance Fund - long term | 87,100 | - | 17,100 | 104,200 |
| 3,001,588 | 68,293 | - | 3,069,881 | |
| TOTAL FUNDS | 3,001,588 | 68,293 | - | 3,069,881 |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 136,373 | (72,273) | 4,193 | 68,293 |
| TOTAL FUNDS | 136,373 | (72,273) | 4,193 | 68,293 |
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2025.
Page 11
The J.W. Sly & Sons (Northleach) Charitable Trust
Detailed Statement of Financial Activities
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Dividends Deposit account interest Charitable activities Rent received Other income Total incoming resources EXPENDITURE Charitable activities Insurance Agent fees Void costs of empty property Property running costs Building costs Archive costs Donations Support costs Management General office Advertising & website Legal costs Freehold property Governance costs Accountancy and legal fees Other finance costs Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
for the Year Ended 31 May 2025 | 2025 £ 25,000 703 368 1,071 84,540 - 84,540 110,611 8,264 14,676 (3,216) 1,840 14,401 4,389 600 40,954 1,236 619 368 30,895 33,118 636 94 730 74,802 35,809 4,545 40,354 |
2024 £ 50,000 822 191 |
|---|---|---|---|
| 1,013 85,341 19 |
|||
| 85,360 | |||
| 136,373 6,156 15,439 49 100 10,208 5,126 1,075 |
|||
| 38,153 1,537 884 358 30,653 |
|||
| 33,432 600 88 |
|||
| 688 | |||
| 72,273 | |||
| 64,100 4,193 |
|||
| 68,293 |
This page does not form part of the statutory financial statements
Page 12