2022-12-31-accounts

Company registration number: 06291022 Charitable company registration number: 01120656

Norman Garon Trust

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022

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 38

Norman Garon Trust

Reference and Administrative Details

Company Registration Number	06291022
Charitable company Registration	01120656
Number
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 charitable company 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 2022.

Objectives and activities

Objects and aims

The objectives of the charity are such charitable purposes as the Trustees determine and in particular to promote community participation in healthy recreation by providing facilities for playing particular sports and to provide funding for scouting organisations in Essex and to generally assist young people in the same area. The charity aims in particular to support 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 capital projects undertaken by the Scout Council and 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 as appropriate to assess such requests and ensure that all grants are properly spent. Additionally, the charity makes grants 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.

Financial review

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.

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 2

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 3

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group 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 accounting standards, comprising FRS 102 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 parent charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group 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 parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 charitable company'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.

Page 4

Norman Garon Trust

Trustees' Report

The annual report was approved by the trustees of the charitable company on .................... and 7 June 2023 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 subsidiary (the 'group') for the year ended 31 December 2022, 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 charitable company's affairs as at 31 December 2022 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 Trustees' 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 matter 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 4), 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 charitable company'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 charitable company 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.

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.

• Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations

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.

Page 8

Norman Garon Trust

Independent Auditor's Report to the Members of Norman Garon Trust

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 A 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

Date:............................. 23 June 2023

Page 9

Norman Garon Trust

Consolidated Statement of Financial Activities for the Year Ended 31 December 2022 (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 £ 3,032 2,680,782 79,829 2,763,643 1,880,011 494,178 84,911 2,459,100 - 304,543 304,543 5,194,700 5,499,243	Restricted funds £ - - - - - - - - - - - - -	Total 2022 £ 3,032 2,680,782 79,829 2,763,643 1,880,011 494,178 84,911 2,459,100 - 304,543 304,543 5,194,700 5,499,243	Total 2021 £ (As restated) 82,605 2,136,744 55,890
				2,275,239
				1,550,512 242,779 84,911
				1,878,202 380,000
				777,037
				777,037 4,417,663
				5,194,700

All of the group's activities derive from continuing operations during the above two periods.

The funds breakdown for 2021 is shown in note 22.

Page 10

Norman Garon Trust

(Registration number: 06291022) Consolidated Balance Sheet as at 31 December 2022

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 assets/(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	2022 £ 594,375 3,245,412 1,800,000 5,639,787 142,049 42,226 339,568 523,843 (511,082) 12,761 5,652,548 (153,305) 5,499,243 5,499,243 5,499,243	2021 £ (As restated) 679,286 3,298,737 1,800,000
		5,778,023
		93,854 24,926 263,747
		382,527 (754,381)
		(371,854)
		5,406,169 (211,469)
		5,194,700
		5,194,700
		5,194,700

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 38 were approved by the trustees, and authorised for issue on .................... 7 June 2023 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 2022

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 charitable company: Unrestricted income funds Unrestricted funds Total funds 22	2022 £ 2,899,991 3,215,000 6,114,991 76,165 68,518 144,683 (208,369) (63,686) 6,051,305 (153,305) 5,898,000 5,898,000 5,898,000	2021 £ (As restated) 2,940,702 3,215,000
		6,155,702
		- 11,241
		11,241 (525,028)
		(513,787)
		5,641,915 (176,947)
		5,464,968
		5,464,968
		5,464,968

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 38 were approved by the trustees, and authorised for issue on .................... 7 June 2023 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 2022

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 (Increase)/decrease in stocks 16 (Increase)/decrease in debtors 17 Decrease 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 Purchase of tangible fixed assets 14 Net cash flows from investing activities Cash flows from financing activities Repayment of loans and borrowings 19, 20 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	2022 £ 304,543 92,960 84,911 (79,829) - 402,585 (48,195) (17,300) (2,246) 17,552 352,396 79,829 (39,635) 40,194 (316,769) 75,821 263,747 339,568	2021 £ (As restated) 777,037 94,498 84,911 (55,890) (380,000)
		520,556 11,481 70,071 (164,577) 9,616
		447,147
		55,890 (65,861)
		(9,971) (447,384)
		(10,208) 273,955
		263,747

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 2022

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 (Increase)/decrease in debtors 17 Decrease 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 Net cash flows from investing activities Cash flows from financing activities Repayment of loans and borrowings 19, 20 Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 18	2022 £ 433,032 40,711 (275,188) - 198,555 (76,165) (67,693) 54,697 275,188 - 275,188 (272,608) 57,277 11,241 68,518	2021 £ (As restated) 898,729 40,711 (265,890) (380,000)
		293,550 80,962 (143,387)
		231,125
		265,890 (48,124)
		217,766 (441,545)
		7,346 3,895
		11,241

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 2022

1 Charitable company status

The charitable company 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 charitable company 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 charitable company and its subsidiary undertakings drawn up to 31 December 2022.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charitable company made a surplus after tax for the financial year of £433,032 (2021 - surplus of £898,729).

Page 15

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 subsidiary, 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 charitable company 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 2022

Charitable activities

Charitable expenditure comprises those costs incurred by the charitable company 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 charitable company’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees 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 2022

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 2022

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 charitable company 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 2022

3 Income from donations and legacies

Grants from companies Government grants - Furlough income Grants from companies 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 £ 3,032 3,032 Unrestricted funds £ 61,993 20,612 82,605 Unrestricted funds £ 1,571,732 316,251 548,864 133,295 110,640 2,680,782 Unrestricted funds £ 1,359,630 272,559 321,305 173,158 10,092 2,136,744	Restricted funds £ - - Restrcited funds £ - - - Restricted funds £ - - - - - - Restricted funds £ - - - - - -	Total 2022 £ 3,032
			3,032
			Total 2021 £ 61,993 20,612
			82,605
			Total 2022 £ 1,571,732 316,251 548,864 133,295 110,640
			2,680,782
			Total 2021 £ 1,359,630 272,559 321,305 173,158 10,092
			2,136,744

Page 20

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

5 Investment income Interest receivable and similar income Income from rents Income from rents	Unrestricted funds £ 2,709 77,120 79,829 Unrestricted funds £ 55,890 55,890	Restricted funds £ - - - Restricted funds £ - -	Total 2022 £ 2,709 77,120
			79,829
			Total 2021 £ 55,890
			55,890

Page 21

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 £ 1,056,173 52,249 758,312 1,866,734 Unrestricted funds £ 858,102 53,787 624,436 1,536,325 Unrestricted funds £ 13,277 13,277 Unrestricted funds £ 14,187 14,187	Restricted funds £ - - - - Restricted funds £ - - - - Restricted funds £ - - Restricted funds £ - -	Total 2022 £ 1,056,173 52,249 758,312
			1,866,734
			Total 2021 £ 858,102 53,787 624,436
			1,536,325
			Total 2022 £ 13,277
			13,277
			Total 2021 £ 14,187
			14,187

Page 22

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 £ 330,115 107,342 16,010 40,711 494,178 Unrestricted funds £ 125,000 62,068 15,000 40,711 242,779	Restricted funds £ - - - - - Restricted funds £ - - - - -	Total 2022 £ 330,115 107,342 16,010 40,711
			494,178
			Total 2021 £ 125,000 62,068 15,000 40,711
			242,779

Page 23

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

8 Analysis of governance and support costs

Charitable activities expenditure

Repairs Rates Insurance Professional fees Interest payable Bank charges Sundry expenses Repairs Rates Insurance Professional fees Interest payable Bank charges Sundry expenses	Unrestricted funds £ 12,868 15,865 13,997 38,642 21,394 551 4,025 107,342 Unrestricted funds £ 2,552 7,921 5,214 12,230 31,846 514 1,791 62,068	Restricted funds £ - - - - - - - - Restricted funds £ - - - - - - - -	Total 2022 £ 12,868 15,865 13,997 38,642 21,394 551 4,025
			107,342
			Total 2021 £ 2,552 7,921 5,214 12,230 31,846 514 1,791
			62,068

Governance costs

Audit fees Audit of the financial statements Other fees paid to auditors	Total 2022 £ 10,200 5,810 16,010	Total 2021 £ 9,500 5,500
		15,000

Page 24

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

9 Grant-making

Analysis of grants

Analysis Grants payable	Grants to institutions 2022 £ 2021 £ 330,115 125,000

The support costs associated with grant-making are £Nil (31 December 2021 - £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 Fowler, Smith & Jones Trust Essex Golf Union	2022 £ 300,000 26,115 4,000 330,115	2021 £ 125,000 - -
		125,000

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	2022 £ 108,040 10,200 5,810 92,960 84,911	2021 £ 77,018 9,500 5,500 94,498 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 2022

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were: Wages and salaries Social security costs Pension costs	2022 £ 703,040 43,830 11,442 758,312	2021 £ 585,021 31,296 8,119
		624,436

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed by head count was as follows:

Employees	2022 No 42	2021 No 34

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.

13 Intangible fixed assets

Group

Cost At 1 January 2022 At 31 December 2022 Amortisation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Goodwill £ 849,108 849,108 169,822 84,911 254,733 594,375 679,286	Total £ 849,108
		849,108
		169,822 84,911
		254,733
		594,375
		679,286

Page 26

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

14 Tangible fixed assets

Group Cost At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 Charitable company Cost At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Land and buildings £ 3,434,423 32,077 3,466,500 250,581 51,364 301,945 3,164,555 3,183,842	Furniture and equipment £ 391,141 7,558 398,699 276,609 41,524 318,133 80,566 114,532	Motor vehicles £ 5,000 - 5,000 4,637 72 4,709 291 363 Land and buildings £ 3,062,307 3,062,307 121,605 40,711 162,316 2,899,991 2,940,702	Total £ 3,830,564 39,635
				3,870,199
				531,827 92,960
				624,787
				3,245,412
				3,298,737
				Total £ 3,062,307
				3,062,307
				121,605 40,711
				162,316
				2,899,991
				2,940,702

Page 27

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

15 Fixed asset investments Group Investment properties Investment properties Cost or Valuation At 1 January 2022 Provision At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 The investment properties were revalued in February 2022 by Whirledge & Nott	2022 £ 1,800,000 Limited.	2021 £ 1,800,000
		Investment properties £ 1,800,000
		-
		1,800,000
		1,800,000

Page 28

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

Charitable company Investment properties Shares in group undertakings and participating interests	2022 £ 1,800,000 1,415,000 3,215,000	2021 £ 1,800,000 1,415,000
		3,215,000

Shares in group undertakings and participating interests

Cost At 1 January 2022 At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	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 charitable company holds 20% or more of the nominal value of any class of share capital are as follows:

	Country of		Proportion of voting rights	Principal
Undertaking	incorporation	Holding	and shares held	activity
			2022 2021
Subsidiary undertakings
Garon Park Golf Complex Limited	England and Wales	Ordinary	100% 100%	Golf course complex

Page 29

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

16 Stock

16 Stock
		Group				Charity
	2022		2021		2022		2021
	£		£		£		£
Stocks	142,049		93,854			-	-
Group
The cost of stock recognised as an expense in the year		amounted to £346,302 (2021 - £296,174).
17 Debtors
		Group				Charity
	2022		2021		2022		2021
	£		£		£		£
Trade debtors	2,128			-	2,128		-
Due from group undertakings		-		-	58,122		-
Prepayments	27,143		12,496		4,283		-
VAT recoverable	1,322		12,430			-	-
Other debtors	11,633			-	11,632		-
	42,226		24,926		76,165		-
18 Cash and cash equivalents
		Group				Charity
	2022		2021		2022		2021
	£		£		£		£
Cash at bank	339,568		263,747		68,518		11,241

Page 30

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

19 Creditors: amounts falling due within one year

Bank loans Trade creditors Other loans Due to group undertakings Other taxation and social security VAT Other creditors Pension scheme creditor Accruals Deferred income	Group 2022 £ 2021 £ (As restated) 23,642 32,247 88,116 37,184 150,000 400,000 - - 11,074 8,107 14,474 13,981 25,415 84,926 7,644 5,614 46,741 45,898 143,976 126,424 511,082 754,381	Charity 2022 £ 2021 £ (As restated) 23,642 22,608 - 663 150,000 400,000 - 8,287 - - 14,474 13,981 - 50,000 - - 20,253 29,489 - - 208,369 525,028	Charity 2022 £ 2021 £ (As restated) 23,642 22,608 - 663 150,000 400,000 - 8,287 - - 14,474 13,981 - 50,000 - - 20,253 29,489 - - 208,369 525,028
			525,028

Creditors due within one year includes the following liabilities on which security has been given:

Bank loans Other loans	Group 2022 £ 2021 £ 23,642 22,608 150,000 400,000 173,642 422,608	Charity 2022 £ 2021 £ 23,642 22,608 150,000 400,000 173,642 422,608	Charity 2022 £ 2021 £ 23,642 22,608 150,000 400,000 173,642 422,608
			422,608

The bank loan is secured against the investment properties of the charity.

The loan from the Fowler, Smith & Jones Trust is secured against the leasehold property at Garon Park Golf Complex.

Page 31

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 £176,947 (2021 - £199,555).

Other borrowing

A loan from the Fowler Smith & Jones Trust with a carrying amount at the year end of £150,000 (2021 - £400,000) is denominated in £ with a nominal interest rate of 4% (2021 - 4%). .

Deferred income

Deferred income
Deferred income at 1 January 2022 Resources deferred in the period Amounts released from previous periods Deferred income at year end	2022 £ 126,424 143,976 (126,424) 143,976	2021 £ 116,808 126,424 (116,808)
		126,424

The deferred income relates to membership fees received by the subsidiary that relate to future periods.

20 Creditors: amounts falling due after one year

Bank loans	Group 2022 £ 2021 £ 153,305 211,469	Charity 2022 £ 2021 £ 153,305 176,947

Creditors amounts falling due after more than one year includes the following liabilities on which security has been given:

Bank loans	Group 2022 £ 2021 £ 153,305 176,947	Charity 2022 £ 2021 £ 153,305 176,947

The bank loans are secured against the investment properties of the charity.

Page 32

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 After five years	Group 2022 £ 2021 £ 109,913 108,040 63,342 160,839 3,725 - 176,980 268,879	Charity 2022 £ 2021 £ - - - - - - - -	Charity 2022 £ 2021 £ - - - - - - - -
			-

Page 33

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

22 Funds Group Unrestricted funds Unrestricted funds Unrestricted funds Unrestricted funds Charity Unrestricted funds Unrestricted funds Unrestricted funds Unrestricted funds	Balance at 1 January 2022 £ 5,194,700 Balance at 1 January 2021 £ 4,417,663 Balance at 1 January 2022 £ 5,464,968 Balance at 1 January 2021 £ 4,566,239	Incoming resources £ 2,763,643 Incoming resources £ 2,275,239 Incoming resources £ 932,237 Incoming resources £ 767,695	Resources expended £ (2,459,100) Resources expended £ (1,878,202) Resources expended £ (499,205) Resources expended £ (248,966)	Other recognised gains/(losses) £ - Other recognised gains/(losses) £ 380,000 Other recognised gains/(losses) £ - Other recognised gains/(losses) £ 380,000	Balance at 31 December 2022 £ 5,499,243
					Balance at 31 December 2021 £ 5,194,700
					Balance at 31 December 2022 £ 5,898,000
					Balance at 31 December 2021 £ 5,464,968

Page 34

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 £ 594,375 3,245,412 1,800,000 523,843 (511,082) (153,305) 5,499,243 Unrestricted funds £ 679,286 3,298,737 1,800,000 382,527 (754,381) (211,469) 5,194,700	Restricted funds £ - - - - - - - Restricted funds £ - - - - - - -	Total 2022 £ 594,375 3,245,412 1,800,000 523,843 (511,082) (153,305)
			5,499,243
			Total 2021 £ (As restated) 679,286 3,298,737 1,800,000 382,527 (754,381) (211,469)
			5,194,700

Page 35

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 £ 2,899,991 3,215,000 144,683 (208,369) (153,305) 5,898,000 Unrestricted funds £ 2,940,702 3,215,000 11,241 (525,028) (176,947) 5,464,968	Restricted funds £ - - - - - - Restricted funds £ - - - - - -	Total 2022 £ 2,899,991 3,215,000 144,683 (208,369) (153,305)
			5,898,000
			Total 2021 £ (As restated) 2,940,702 3,215,000 11,241 (525,028) (176,947)
			5,464,968

Page 36

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

24 Analysis of changes in net debt

Group

Cash at bank and in hand Debt due within one year Debt due after more than one year Net debt Cash at bank and in hand Debt due within one year Debt due after more than one year Net debt	At 1 January 2022 £ 263,747 (432,247) (211,469) (379,969) At 1 January 2021 £ 273,955 (644,305) (441,275) (811,625)	Financing cash flows £ 73,436 258,605 58,164 390,205 Financing cash flows £ (10,208) 212,058 229,806 431,656	At 31 December 2022 £ 337,183 (173,642) (153,305)
			10,236
			At 31 December 2021 £ 263,747 (432,247) (211,469)
			(379,969)

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, £25,000 (2021: £22,000) 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 Marlborough House Partners LLP was £Nil (2021 - £Nil).

Whirledge and Nott

(M E Hughes is a director and shareholder)

During the year, £4,277 (2021: £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 (2021 - £Nil).

Page 37

Norman Garon Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 £12,886 (2021: £15,825).Norman Garon Trust also has an arrangement to pay grant monies to the Fowler, Smith & Jones Trust for redistribution to other charities. At the balance sheet date the amount due to Fowler Smith & Jones Trust was £150,000 (2021 - £400,000).

Essex County Scout Council

(P Stennett & R Bye are trustees)

During the year, the Essex County Scout Council received £300,000 of grants from Norman Garon Trust. At the balance sheet date the amount due to/from Essex County Scout Council was £Nil (2021 - £Nil).

26 Prior period adjustment

The figures in prior periods have been adjusted to reflect the correct treatment of deferred membership fees in the subsidiary. As a result, in the comparative figures, income has increased by £17,463, accruals and deferred income has decreased by £106,718, and the retained earnings carried forward has increased by £89,255.

The prior period figures have also been adjusted to include additional accruals in the charity as at 31 December 2021. This has the effect of increasing expenditure by £7,921, increasing accruals by £17,489, and reducing retained earnings carried forward by £9,568.

Page 38