Company registration number: 06291022 Charity registration number: 01120656
## Norman Garon Trust
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2021
Edmund Carr LLP Chartered Accountants & Statutory Auditor 146 New London Road Chelmsford Essex CM2 0AW
## **Norman Garon Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 5|
|Independent Auditors' Report|6 to 9|
|Consolidated Statement of Financial Activities|10|
|Consolidated Balance Sheet|11|
|Balance Sheet|12|
|Consolidated Statement of Cash Flows|13|
|Statement of Cash Flows|14|
|Notes to the Financial Statements|15 to 36|
## **Norman Garon Trust**
## **Reference and Administrative Details**
|**Company Registration Number**|06291022|
|---|---|
|**Charity Registration Number**|01120656|
|**Trustees**|P J Tolhurst|
||R A Bye|
||R C L Furlonger|
||M E Hughes|
||P J Stennett|
|**Secretary**|P J Tolhurst|
|**Registered Office**|Third Floor|
||Marlborough House|
||Victoria Road South|
||Chelmsford|
||Essex|
||CM1 1LN|
||The charity is incorporated in England and Wales.|
|**Solicitors**|Marlborough House Partners LLP|
||Marlborough House|
||Victoria Road South|
||Chelmsford|
||Essex|
||CM1 1LN|
|**Bankers**|Lloyds Bank Plc|
||77 High Street|
||Southend-on-Sea|
||Essex|
||SS1 1HT|
|**Auditor**|Edmund Carr LLP|
||Chartered Accountants & Statutory Auditor|
||146 New London Road|
||Chelmsford|
||Essex|
||CM2 0AW|
Page 1
## **Norman Garon Trust**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity trust deed, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objectives and activities**
## _**Objects and aims**_
The objectives of the charity are such charitable purposes as the Trustees determine and in particular to promote and provide funding for scouting organisations in Essex and to generally assist young people in the same area. The charity aims in particular to establish and maintain a scouting presence in Sutton Manor and the immediate and surrounding areas. In achieving its objectives and aims the charity hopes to enrich the lives of Essex’s youth and local communities.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Grant making policies**_
The charity makes funds available primarily to the Essex County Scout Council (The Scout Council) for distribution amongst Scout ‘Units’ within Essex. The amount made available for distribution is based on an annual budget of projected applications received from The Scout Council, with actual expenditure monitored by the trustees by way of reports received from The Scout Council. Applications received by the Scout Council’s Grants Committee are from Scout Groups, Scout Districts, individual Scout members and the County itself, with members of the Committee visiting the applicants to assess such requests and ensure that all grants are properly spent. Additionally the charity makes grants for capital projects undertaken by The Scout Council itself, as well as supporting specific scouting activities in the Sutton Manor area. Further, the charity supports a number of other projects to help young people from the Southend-on-Sea and Essex area.
Page 2
## **Norman Garon Trust**
## **Trustees' Report**
## **Financial review**
The group received income from the following sources during the year:-
- a. Investment income from letting residential properties.
- b. Income from the golf complex at Garon Park.
- c. Income from the adventure golf facility at Garon Park.
The Trust relies on the income yield from its investments and monitors this by;
- Regular reports from, and by, retaining a seat on the board of Garon Park Golf Complex Limited
- Active management, through an agent, of its residential portfolio.
During the year the group received income of £2,233,343 (2020: £1,441,345).
The costs of generating funds during the year were for governing the charity, maintaining the investment properties and pursuing opportunities for further capital profits. Marlborough House Partners LLP, in which firm trustee P.J. Tolhurst is a partner, provided administrative, development and compliance services during the year. Whirledge & Nott, chartered surveyors, in which trustee, M.E. Hughes is a director, provided management and valuation services in respect of the investment properties.
During the year the group incurred costs of £1,845,848 (2020: £1,316,288) including £125,000 (2020: £95,300) in respect of grants and sponsorship.
At the year-end the group had total unrestricted funds of £5,105,471 (2020: £4,337,976).
## _**Policy on reserves**_
The trustees endeavour to ensure that the funds of the charity retain their value in real terms. This has previously been achieved by accumulating sufficient income in reserves to at least match inflation. Additionally, the Trustees look to a level of reserves now maintained to ensure the smooth running of the charity and to enable the trustees to maintain a steady level of grants without resorting to capital funds.
Reflecting the long term nature of the trustee investment portfolio, the trustees believe that sufficient resources should be retained equivalent to the greater of 6 months income or 6 months overheads and committed grants at any time, to mitigate any temporary loss of income.
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
The charity’s future aims are to maintain and enhance its income stream so as to be able to increase the quantum of grants it can make and also, or in the alternative, to provide direct and indirect benefits to the community in the Southend-on-Sea and Rochford areas. It is currently pursuing plans for further developments at Garon Park.
## **Going concern**
After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Page 3
## **Norman Garon Trust**
## **Trustees' Report**
## **Structure, governance and management**
## _**Recruitment and appointment of trustees**_
The power to appoint new trustees is vested in the trustees. Upon appointment a new trustee is provided with copies of the last report and accounts, the minutes of the last meeting and a copy of the grant making policies.
## _**Induction and training of trustees**_
At the new trustee’s first meeting the Chairman explains how the charity operates, answers any questions and explains points throughout the meeting and all subsequent meetings.
## _**Organisational structure**_
The Norman Garon Trust charity is established as a company limited by guarantee incorporated on 25 June 2007, under company number 6291022. It is also registered as a charity with the Charity Commission, number 1120656. The charity's governing document is its Memorandum and Articles of Association. The investment policy of the trustees is to maximise the long-term income of the charity to meet its stated main objectives of providing grants and loans to organisations in Essex.
## _**Major risks and management of those risks**_
The trustees have reviewed the major risks for the charity and have ensured adequate procedures have been established to manage the risks. As a consequence, the trustees believe that the charity is well placed to manage its business risks successfully despite the current uncertain economic climate.
Page 4
## **Norman Garon Trust**
## **Trustees' Report**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Norman Garon Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements 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 the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
## **Reappointment of auditor**
The auditors Edmund Carr LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
The annual report was approved by the trustees of the charity on 4 May 2022 and signed on its behalf by:
## P J Tolhurst
......................................... P J Tolhurst Company Secretary and Trustee
Page 5
## **Norman Garon Trust**
## **Independent Auditor's Report to the Members of Norman Garon Trust**
## **Opinion**
We have audited the financial statements of Norman Garon Trust (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (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 and parent charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the 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 going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Trustees' Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trsutees' Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 6
## **Norman Garon Trust**
## **Independent Auditor's Report to the Members of Norman Garon Trust**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
- In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether 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 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 7
## **Norman Garon Trust**
## **Independent Auditor's Report to the Members of Norman Garon Trust**
## **Auditor responsibilities for the audit of the financial statements**
We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;
• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
• Considered the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;
• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
• Considered the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations
Page 8
## **Norman Garon Trust**
## **Independent Auditor's Report to the Members of Norman Garon Trust**
To address the risk of fraud through management bias and override of controls, we;
• Performed analytical procedures to identify any unusual or unexpected relationships
- Tested journal entries to identify unusual transactions
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation
- Enquiring of management as to actual and potential litigation and claims
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## S Morrell
......................................
Sandra Morrell FCCA (Senior Statutory Auditor) For and on behalf of Edmund Carr LLP, Statutory Auditor
146 New London Road Chelmsford Essex CM2 0AW
13 May 2022
Page 9
## **Norman Garon Trust**
## **Consolidated Statement of Financial Activities for the Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and grants
3
Other trading activities
4
Investment income
5
Total income
**Expenditure on:**
Raising funds
6
Charitable activities
7
Other expenditure
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
22|**Unrestricted**
**funds**
**£**
82,605
2,119,281
31,457
2,233,343
1,526,079
234,858
84,911
1,845,848
380,000
767,495
767,495
4,337,976
5,105,471|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**2021**
**£**
82,605
2,119,281
31,457
2,233,343
1,526,079
234,858
84,911
1,845,848
380,000
767,495
767,495
4,337,976
5,105,471|**Total**
**2020**
**£**
69,473
1,260,747
111,125|
|---|---|---|---|---|
|||||1,441,345|
|||||1,009,783
221,594
84,911|
|||||1,316,288
-|
|||||125,057|
|||||125,057
4,212,919|
|||||4,337,976|
All of the group's activities derive from continuing operations during the above two periods.
The funds breakdown for 2020 is shown in note 22.
Page 10
## **Norman Garon Trust**
## **(Registration number: 06291022) Consolidated Balance Sheet as at 31 December 2021**
|**Note**
**Fixed assets**
Intangible assets
13
Tangible assets
14
Investments
**Current assets**
Stocks
16
Debtors
17
Cash at bank and in hand
18
**Creditors: Amounts falling due within one year**
19
**Net current liabilities**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
20
**Net assets**
**Funds of the group:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
22|**2021**
**£**
679,286
3,298,737
1,800,000
5,778,023
93,854
24,926
263,747
382,527
(843,610)
(461,083)
5,316,940
(211,469)
5,105,471
5,105,471
5,105,471|**2020**
**£**
764,197
3,327,374
1,420,000|
|---|---|---|
|||5,511,571|
|||105,335
94,997
273,955|
|||474,287
(1,206,607)|
|||(732,320)|
|||4,779,251
(441,275)|
|||4,337,976|
|||4,337,976|
|||4,337,976|
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006.
The financial statements on pages 10 to 36 were approved by the trustees, and authorised for issue on 4 May 2022 and signed on their behalf by:
## P J Tolhurst
.........................................
P J Tolhurst
Company Secretary and Trustee
Page 11
## **Norman Garon Trust**
## **(Registration number: 06291022) Balance Sheet as at 31 December 2021**
|**Note**
**Fixed assets**
Tangible assets
14
Investments
15
**Current assets**
Debtors
17
Cash at bank and in hand
18
**Creditors: Amounts falling due within one year**
19
**Net current liabilities**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
20
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
22|**2021**
**£**
2,940,702
3,215,000
6,155,702
-
11,241
11,241
(525,002)
(513,761)
5,641,941
(176,947)
5,464,994
5,464,994
5,464,994|**2020**
**£**
2,933,289
2,835,000|
|---|---|---|
|||5,768,289|
|||80,962
3,895|
|||84,857
(880,544)|
|||(795,687)|
|||4,972,602
(396,795)|
|||4,575,807|
|||4,575,807|
|||4,575,807|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 10 to 36 were approved by the trustees, and authorised for issue on 4 May 2022 and signed on their behalf by:
## P J Tolhurst
.........................................
P J Tolhurst
Company Secretary and Trustee
Page 12
## **Norman Garon Trust**
## **Consolidated Statement of Cash Flows for the Year Ended 31 December 2021**
|**Note**
**Cash flows from operating activities**
Net income
**Adjustments to cash flows from non-cash items**
Depreciation
14
Amortisation
14
Investment income
5
Revaluation of investments
**Working capital adjustments**
Decrease/(increase) in stocks
16
Decrease/(increase) in debtors
17
(Decrease)/increase in creditors
19
Increase in deferred income
20
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
5
Net of payment on acquisition of subsidiary less subsidiary cash
13
Purchase of tangible fixed assets
14
Net cash flows from investing activities
**Cash flows from financing activities**
Value of new loans obtained during the period
19, 20
Repayment of loans and borrowings
19, 20
Net cash flows from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December|**2021**
**£**
767,495
94,498
84,911
(31,457)
(380,000)
535,447
11,481
70,071
(171,677)
26,258
471,580
31,457
-
(65,861)
(34,404)
-
(447,384)
(447,384)
(10,208)
273,955
263,747|**2020**
**£**
125,057
95,059
84,911
(111,125)
-|
|---|---|---|
|||193,902
(105,335)
(50,586)
275,068
206,884|
|||519,933|
|||111,125
(849,108)
(68,925)|
|||(806,908)|
|||850,000
(242,074)|
|||607,926|
|||320,951
(46,996)|
|||273,955|
All of the cash flows are derived from continuing operations during the above two periods.
Page 13
## **Norman Garon Trust**
## **Statement of Cash Flows for the Year Ended 31 December 2021**
|**Note**
**Cash flows from operating activities**
Net income
**Adjustments to cash flows from non-cash items**
Depreciation
7
Investment income
Revaluation of investments
**Working capital adjustments**
Decrease/(increase) in debtors
17
(Decrease)/increase in creditors
19
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
Purchase of tangible fixed assets
14
Acquisition of investments in subsidiary undertakings
Net cash flows from investing activities
**Cash flows from financing activities**
Value of new loans obtained during the period
19, 20
Repayment of loans and borrowings
19, 20
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
18|**2021**
**£**
889,187
40,711
(265,890)
(380,000)
284,008
80,962
(133,845)
231,125
265,890
(48,124)
-
217,766
-
(441,545)
(441,545)
7,346
3,895
11,241|**2020**
**£**
362,888
40,711
(262,628)
-|
|---|---|---|
|||140,971
(36,551)
221,477|
|||325,897|
|||262,628
(10,560)
(1,085,000)|
|||(832,932)|
|||800,000
(242,074)|
|||557,926|
|||50,891
(46,996)|
|||3,895|
All of the cash flows are derived from continuing operations during the above two periods.
Page 14
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Norman Garon Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Basis of consolidation**
The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2021.
No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus for the financial year of £889,187 (2020 - surplus of £362,888).
Page 15
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.
## **Going concern**
The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Grants receivable**_
Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## _**Deferred income**_
Deferred income represents membership fees and block and season ticket fees received for future periods and is released to incoming resources in the period for which it has been received.
## **Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
## _**Raising funds**_
These are costs incurred in trading activities that raise funds.
Page 16
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
The subsidiary is subject to corporation tax on any profit not donated to the parent charity.
## **Goodwill**
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
## **Tangible fixed assets**
Individual fixed assets costing £1,000.00 or more are initially recorded at cost.
## **Amortisation**
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Page 17
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
**Asset class** Goodwill on consolidation
**Amortisation method and rate** 10% straight line
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Freehold land & buildings 5% straight line Leasehold land and buildings Straight line over the life of the lease Furniture and equipment 20% or 33.3% reducing balance Motor vehicles 20% reducing balance
## **Investment properties**
Investment property is carried at fair value, valued with sufficient regularity by the trustees. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
## **Business combinations**
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
## **Stock**
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
## **Trade debtors**
Debtors with no stated interest rate and receivable within one year are recorded at transaction price.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 18
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **Trade creditors**
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the group.
## **Pensions and other post retirement obligations**
The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
## **Financial instruments**
## _**Classification**_
The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.
Page 19
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **3 Income from donations and legacies**
|Government grants - Furlough income
Grants from companies
Government grants - Furlough income
**4**
**Income from other trading activities**
Trading income;
Golf course
Shop sales
Food and catering sales
Adventure golf
Other trading income
Trading income;
Golf course
Shop sales
Food and catering sales
Adventure golf
Other trading income|**Unrestricted**
**funds**
**£**
61,993
20,612
82,605
**Unrestricted**
**funds**
**£**
69,473
69,473
**Unrestricted**
**funds**
**£**
1,342,167
272,559
321,305
173,158
10,092
2,119,281
**Unrestricted**
**funds**
**£**
843,895
172,391
122,112
110,198
12,151
1,260,747|**Restricted**
**funds**
**£**
-
-
-
**Restrcited**
**funds**
**£**
-
-
**Restricted**
**funds**
**£**
-
-
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-
-
-|**Total**
**2021**
**£**
61,993
20,612|
|---|---|---|---|
||||82,605|
||||**Total**
**2020**
**£**
69,473|
||||69,473|
||||**Total**
**2021**
**£**
1,342,167
272,559
321,305
173,158
10,092|
||||2,119,281|
||||**Total**
**2020**
**£**
843,895
172,391
122,112
110,198
12,151|
||||1,260,747|
Page 20
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
The trading activites take place within Garon Park Golf Complex Limited. Before 14 April 2020, Garon Park Golf Complex Limited was accounted for as an associate and so its income and expenditure during that time was not required to be included in group accounts. The comparative figures therefore are not entirely comparable.
## **5 Investment income**
|**5**
**Investment income**||||
|---|---|---|---|
|Income from rents
Interest receivable and similar income
Income from rents|**Unrestricted**
**funds**
**£**
31,457
31,457
**Unrestricted**
**funds**
**£**
41
111,084
111,125|**Restricted**
**funds**
**£**
-
-
**Restricted**
**funds**
**£**
-
-
-|**Total**
**2021**
**£**
31,457|
||||31,457|
||||**Total**
**2020**
**£**
41
111,084|
||||111,125|
Before 14 April 2020, Garon Park Golf Complex Limited was accounted for as an associate and so any rent payable to Norman Garon Trust before that date was required to be included as group income. The comparative figures therefore are not entirely comparable.
Page 21
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **6 Expenditure on raising funds**
## **a) Costs of trading activities**
|**a) Costs of trading activities**||||
|---|---|---|---|
|Trading subsidiary costs
Depreciation, amortisation and other similar costs
Staff Costs
Trading subsidiary costs
Depreciation, amortisation and other similar costs
Staff Costs
**b) Investment management costs**
Amounts payable to property managers
Amounts payable to property managers|**Unrestricted**
**funds**
**£**
833,669
53,787
624,436
1,511,892
**Unrestricted**
**funds**
**£**
550,655
38,714
399,227
988,596
**Unrestricted**
**funds**
**£**
14,187
14,187
**Unrestricted**
**funds**
**£**
21,187
21,187|**Restricted**
**funds**
**£**
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-
**Restricted**
**funds**
**£**
-
-
**Restricted**
**funds**
**£**
-
-|**Total**
**2021**
**£**
833,669
53,787
624,436|
||||1,511,892|
||||**Total**
**2020**
**£**
550,655
38,714
399,227|
||||988,596|
||||**Total**
**2021**
**£**
14,187|
||||14,187|
||||**Total**
**2020**
**£**
21,187|
||||21,187|
Page 22
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **7 Expenditure on charitable activities**
|**7**
**Expenditure on charitable activities**||||
|---|---|---|---|
|**Note**
Grant funding of activities
Allocated support costs
8
Governance costs
8
Depreciation and amortisation
**Note**
Grant funding of activities
Allocated support costs
8
Governance costs
8
Depreciation and amortisation|**Unrestricted**
**funds**
**£**
125,000
54,147
15,000
40,711
234,858
**Unrestricted**
**funds**
**£**
95,300
70,583
15,000
40,711
221,594|**Restricted**
**funds**
**£**
-
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-
-|**Total**
**2021**
**£**
125,000
54,147
15,000
40,711|
||||234,858|
||||**Total**
**2020**
**£**
95,300
70,583
15,000
40,711|
||||221,594|
Page 23
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **8 Analysis of governance and support costs**
## **Charitable activities expenditure**
|Repairs
Insurance
Professional fees
Interest payable
Bank charges
Sundry expenses
Repairs
Insurance
Professional fees
Interest payable
Bank charges
Sundry expenses|**Unrestricted**
**funds**
**£**
50,676
5,214
12,230
31,846
514
1,791
102,271
**Unrestricted**
**funds**
**£**
387
4,600
23,981
41,571
21
23
70,583|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-
-
-
-|**Total**
**2021**
**£**
50,676
5,214
12,230
31,846
514
1,791|
|---|---|---|---|
||||102,271|
||||**Total**
**2020**
**£**
387
4,600
23,981
41,571
21
23|
||||70,583|
## **Governance costs**
|Audit fees
Audit of the financial statements
Other fees paid to auditors|**Total**
**2021**
**£**
9,500
5,500
15,000|**Total**
**2020**
**£**
9,500
5,500|
|---|---|---|
|||15,000|
Page 24
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **9 Grant-making**
## **Analysis of grants**
|**Analysis**
Grants payable|**Grants to institutions**
**2021**
**£**
**2020**
**£**
125,000
95,300|
|---|---|
The support costs associated with grant-making are £Nil (31 December 2020 - £Nil).
The charity makes funds available primarily to the Essex County Scout Council (The Scout Council) for distribution amongst Scout ‘Units’ within Essex. The charity also supports a number of other projects to help young people from the Southend-on-Sea and Essex area.
Below are details of material grants made to institutions by the charity.
|**Name of institution**
Essex County Scout Council
Essex Golf Union
Other institutions|**2021**
**£**
125,000
-
-
125,000|**2020**
**£**
90,000
4,000
1,300|
|---|---|---|
|||95,300|
## **10 Net incoming/outgoing resources**
Net incoming resources for the year is stated after charging:
|Operating leases - plant and machinery
Audit fees
Other non-audit services
Depreciation of fixed assets
Amortisation of goodwill|**2021**
**£**
77,018
9,500
5,500
94,498
84,911|**2020**
**£**
39,142
9,500
5,500
95,059
84,911|
|---|---|---|
## **11 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 25
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **12 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2021**
**£**
585,021
31,296
8,119
624,436|**2020**
**£**
361,490
32,528
5,209|
|---|---|---|
|||399,227|
No employee received emoluments of more than £60,000 during the year.
All staff costs are incurred in the trading subsidiary. The parent charity has no employees. The staff costs shown are those incurred from 14 April 2020, when Garon Park Golf Complex Limited became a wholly owned subsidiary.
## **13 Intangible fixed assets**
## **Group**
|**Cost**
At 1 January 2021
At 31 December 2021
**Amortisation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**Goodwill**
**£**
849,108
849,108
84,911
84,911
169,822
679,286
764,197|**Total**
**£**
849,108|
|---|---|---|
|||849,108|
|||84,911
84,911|
|||169,822|
|||679,286|
|||764,197|
Page 26
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **14 Tangible fixed assets**
|**Group**
**Cost**
At 1 January 2021
Additions
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020
**Charity**
**Cost**
At 1 January 2021
Additions
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**Land and**
**buildings**
**£**
3,386,299
48,124
3,434,423
199,658
50,923
250,581
3,183,842
3,186,641|**Furniture and**
**equipment**
**£**
373,404
17,737
391,141
233,130
43,479
276,609
114,532
140,274|**Motor vehicles**
**£**
5,000
-
5,000
4,541
96
4,637
363
459
**Land and**
**buildings**
**£**
3,014,183
48,124
3,062,307
80,894
40,711
121,605
2,940,702
2,933,289|**Total**
**£**
3,764,703
65,861|
|---|---|---|---|---|
|||||3,830,564|
|||||437,329
94,498|
|||||531,827|
|||||3,298,737|
|||||3,327,374|
|||||**Total**
**£**
3,014,183
48,124|
|||||3,062,307|
|||||80,894
40,711|
|||||121,605|
|||||2,940,702|
|||||2,933,289|
Page 27
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|**15 Fixed asset investments**
**Group**
Investment properties
**Investment properties**
**Cost or Valuation**
At 1 January 2021
Revaluation
At 31 December 2021
**Provision**
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020
The investment properties were revalued in February 2022 by Whirledge & Nott|**2021**
**£**
1,800,000
Limited.|**2020**
**£**
1,420,000|
|---|---|---|
|||**Investment**
**properties**
**£**
1,420,000
380,000|
|||1,800,000
-|
|||1,800,000|
|||1,420,000|
||||
Page 28
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|**Charity**
Investment properties
Shares in group undertakings and participating interests|**2021**
**£**
1,800,000
1,415,000
3,215,000|**2020**
**£**
1,420,000
1,415,000|
|---|---|---|
|||2,835,000|
## **Shares in group undertakings and participating interests**
|**Cost**
At 1 January 2021
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**Subsidiary**
**undertakings**
**£**
1,415,000
1,415,000
1,415,000
1,415,000|**Total**
**£**
1,415,000|
|---|---|---|
|||1,415,000|
|||1,415,000|
|||1,415,000|
## **Details of undertakings**
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
||**Country of**||**Proportion of voting rights**|**Proportion of voting rights**|**Principal**|
|---|---|---|---|---|---|
|**Undertaking**|**incorporation**|**Holding**|**and shares held**||**activity**|
||||**2021**|**2020**||
|**Subsidiary undertakings**||||||
|Garon Park Golf Complex
Limited|England and Wales|Ordinary|100%|100%|Golf
course
complex|
|**16 Stock**||||||
|||**Group**||**Charity**||
||**2021**||**2020**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
|Stocks||93,854|105,335|-|-|
Page 29
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **Group**
The cost of stock recognised as an expense in the year amounted to £296,174 (2020 - £224,309).
## **17 Debtors**
|**Group**
**2021**
**£**
**2020**
**£**
Due from group undertakings
-
-
Prepayments
12,496
44,508
VAT recoverable
12,430
48,986
Other debtors
-
1,503
24,926
94,997
**18 Cash and cash equivalents**
**Group**
**2021**
**£**
**2020**
**£**
Cash at bank
263,747
273,955
**19 Creditors: amounts falling due within one year**
**Group**
**2021**
**£**
**2020**
**£**
Bank loans
32,247
49,825
Trade creditors
37,184
58,387
Other loans
400,000
600,000
Due to group undertakings
-
-
Other taxation and social security
8,107
5,103
VAT
13,981
19,439
Other creditors
84,926
240,352
Pension scheme creditor
5,614
1,232
Accruals
28,409
25,385
Deferred income
233,142
206,884
843,610
1,206,607|**Charity**
**2021**
**£**
**2020**
**£**
-
79,455
-
-
-
-
-
1,507
-
80,962
**Charity**
**2021**
**£**
**2020**
**£**
11,241
3,895
**Charity**
**2021**
**£**
**2020**
**£**
22,608
44,305
663
10,800
400,000
600,000
25,750
-
-
-
13,981
19,439
50,000
190,000
-
-
12,000
16,000
-
-
525,002
880,544|**Charity**
**2021**
**£**
**2020**
**£**
-
79,455
-
-
-
-
-
1,507
-
80,962
**Charity**
**2021**
**£**
**2020**
**£**
11,241
3,895
**Charity**
**2021**
**£**
**2020**
**£**
22,608
44,305
663
10,800
400,000
600,000
25,750
-
-
-
13,981
19,439
50,000
190,000
-
-
12,000
16,000
-
-
525,002
880,544|
|---|---|---|
|||880,544|
Creditors due within one year includes the following liabilities on which security has been given:
Page 30
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|Bank loans|**Group**
**2021**
**£**
**2020**
**£**
22,608
44,305|**Charity**
**2021**
**£**
**2020**
**£**
22,608
44,305|
|---|---|---|
The bank loans are secured against the investment properties of the charity.
## **Bank borrowings**
A Lloyds Bank 5 year loan is denominated in £ with a nominal interest rate of 4.51%, and the final instalment is due on 18 July 2024. The carrying amount at year end is £199,555 (2020 - £221,093).
The bank loan in the parent charity is secured against the investment properties.
A Lloyds Bank bounce back loan, held by the subsidiary, is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 11 May 2026. The carrying amount at year end is £44,161 (2020 - £50,000).
## **Other borrowing**
A loan from the Fowler Smith & Jones Trust with a carrying amount at the year end of £400,000 (2020 - £600,000) is denominated in £ with a nominal interest rate of 4% (2020 - 4%). .
## **Deferred income**
|Deferred income at 1 January 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end|**2021**
**£**
206,884
233,142
(206,884)
233,142|**2020**
**£**
152,068
206,884
(152,068)|
|---|---|---|
|||206,884|
The deferred income relates to membership fees and season & block ticket income received in the subsidiary relating to future periods.
## **20 Creditors: amounts falling due after one year**
||**Group**||**Charity**||
|---|---|---|---|---|
||**2021**|**2020**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Bank loans|211,469|441,275|176,947|396,795|
Creditors amounts falling due after more than one year includes the following liabilities on which security has been given:
Page 31
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|Bank loans|**Group**
**2021**
**£**
**2020**
**£**
176,947
396,795|**Charity**
**2021**
**£**
**2020**
**£**
176,947
396,795|
|---|---|---|
The bank loans are secured against the investment properties of the charity.
## **Charity**
Included in the creditors are the following amounts due after more than five years:
|After more than five years by instalments|**2021**
**£**
-|**2020**
**£**
101,795|
|---|---|---|
## **21 Obligations under leases and hire purchase contracts**
## **Operating lease commitments**
Total future minimum lease payments under non-cancellable operating leases are as follows:
|**Other**
Within one year
Between one and five years|**Group**
**2021**
**£**
**2020**
**£**
108,040
23,608
160,839
1,833
268,879
25,441|**Charity**
**2021**
**£**
**2020**
**£**
-
-
-
-
-
-|**Charity**
**2021**
**£**
**2020**
**£**
-
-
-
-
-
-|
|---|---|---|---|
||||-|
Page 32
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **22 Funds**
|**Group**
**Unrestricted funds**
Unrestricted funds
**Unrestricted funds**
Unrestricted funds
**Charity**
**Unrestricted funds**
Unrestricted funds
**Unrestricted funds**
Unrestricted funds|**Balance at 1**
**January**
**2021**
**£**
4,337,976
**Balance at 1**
**January**
**2020**
**£**
4,212,919
**Balance at 1**
**January**
**2021**
**£**
4,575,807
**Balance at 1**
**January**
**2020**
**£**
4,212,919|**Incoming**
**resources**
**£**
2,233,343
**Incoming**
**resources**
**£**
1,441,345
**Incoming**
**resources**
**£**
750,232
**Incoming**
**resources**
**£**
597,669|**Resources**
**expended**
**£**
(1,845,848)
**Resources**
**expended**
**£**
(1,316,288)
**Resources**
**expended**
**£**
(241,045)
**Resources**
**expended**
**£**
(234,781)|**Other**
**recognised**
**gains/(losses)**
**£**
380,000
**Other**
**recognised**
**gains/(losses)**
**£**
-
**Other**
**recognised**
**gains/(losses)**
**£**
380,000
**Other**
**recognised**
**gains/(losses)**
**£**
-|**Balance at**
**31**
**December**
**2021**
**£**
5,105,471|
|---|---|---|---|---|---|
||||||**Balance at**
**31**
**December**
**2020**
**£**
4,337,976|
||||||**Balance at**
**31**
**December**
**2021**
**£**
5,464,994|
||||||**Balance at**
**31**
**December**
**2020**
**£**
4,575,807|
Page 33
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **23 Analysis of net assets between funds**
## **Group**
|Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**£**
679,286
3,298,737
1,800,000
382,527
(843,610)
(211,469)
5,105,471
**Unrestricted**
**funds**
**£**
764,197
3,327,374
1,420,000
474,287
(1,206,607)
(441,275)
4,337,976|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-
-
-
-|**Total**
**2021**
**£**
679,286
3,298,737
1,800,000
382,527
(843,610)
(211,469)|
|---|---|---|---|
||||5,105,471|
||||**Total**
**2020**
**£**
764,197
3,327,374
1,420,000
474,287
(1,206,607)
(441,275)|
||||4,337,976|
Page 34
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|**Charity**
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**£**
2,940,702
3,215,000
11,241
(525,002)
(176,947)
5,464,994
**Unrestricted**
**funds**
**£**
2,933,289
2,835,000
84,857
(880,544)
(396,795)
4,575,807|**Restricted**
**funds**
**£**
-
-
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-
-
-|**Total**
**2021**
**£**
2,940,702
3,215,000
11,241
(525,002)
(176,947)|
|---|---|---|---|
||||5,464,994|
||||**Total**
**2020**
**£**
2,933,289
2,835,000
84,857
(880,544)
(396,795)|
||||4,575,807|
## **24 Analysis of net funds**
## **Group**
|Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Net debt|**At 1 January**
**2021**
**£**
273,955
(644,305)
(441,275)
(811,625)|**Financing cash**
**flows**
**£**
(10,208)
212,058
229,806
431,656|**At 31**
**December**
**2021**
**£**
263,747
(432,247)
(211,469)
(379,969)|
|---|---|---|---|
Page 35
## **Norman Garon Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|Cash at bank and in hand
Bank overdraft
Debt due within one year
Debt due after more than one year
Net debt|**At 1 January**
**2020**
**£**
-
(46,996)
(46,996)
(42,642)
(440,532)
(530,170)|**Financing cash**
**flows**
**£**
3,895
46,996
50,891
(601,663)
43,737
(507,035)|**Acquisition of**
**subsidiaries**
**£**
270,060
-
270,060
-
(44,480)
225,580|**At 31**
**December**
**2020**
**£**
273,955
-|
|---|---|---|---|---|
|||||273,955
(644,305)
(441,275)|
|||||(811,625)|
## **25 Related party transactions**
## **Group**
During the year the group made the following related party transactions:
## **Marlborough House Partners LLP**
(P J Tolhurst is a partner)
During the year, £22,000 (2020: £15,000) was paid to Marlborough House Partners LLP for the management and administration of the charity. At the balance sheet date the amount due to/from to Marlborough House Partners LLP was £Nil (2020 - £10,800).
## **Whirledge and Nott**
(M E Hughes is a director and shareholder)
During the year, £3,187 (2020: £3,187) was paid to Whirledge and Nott, Chartered Surveyors, These fees are in respect of management charges for collecting rents and arranging maintenance of the properties on the charity’s behalf. At the balance sheet date the amount due to/from Whirledge and Nott was £Nil (2020 - £Nil).
## **Fowler Smith & Jones Trust**
(P J Tolhurst & R Furlonger are trustees)
A loan agreement was entered into in 2020 in which the charity borrowed £800,000 from the Fowler Smith & Jones Trust. During the year, the charity paid the Fowler Smith & Jones Trust interest of £15,825 (2020: £22,500). At the balance sheet date the amount due to Fowler Smith & Jones Trust was £400,000 (2020 - £600,000).
Page 36