**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;
- To support students within the parish requiring financial assistance with course literature; and
- 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:
1. 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
3. 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
4. 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
- (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|
Page 6
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|
Page 7
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.
Page 8
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|
|---|---|---|---|
Page 9
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|||
Page 10
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