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 2024
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 4 |
| Independent Auditors' Report | 5 to 8 |
| Consolidated Statement of Financial Activities | 9 |
| Consolidated Balance Sheet | 10 |
| Balance Sheet | 11 |
| Consolidated Statement of Cash Flows | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 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 2024.
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
During the year, the group had income of £3,197,344 (2023: £2,833,616) and expenditure of £2,940,157 (2023: £2,775,359) leading to a surplus of £257,187 (2023: £58,259).
At the year-end, the group held funds of £5,814,687 (2023: £5,557,500). All funds are unrestricted.
The Trust, so as to meet the objections of Southend-on-Sea City Council to its claim for statutory Charity Rate relief, absorbed the operating business of the Golf Centre into the Trust in 2023, and is now operating that directly, rather than through a wholly owned subsidiary.
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.
Page 2
Norman Garon Trust
Trustees' Report
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.
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.
During the year the Trustees recognised their over reliance on the Chairman to manage the operational parts of the Trust, and the vulnerability of the Trust should he not be available. They therefore resolved to appoint a full time Chief Executive to take over that role, and following a successful recruitment process, K Hepple took up office in April 2024.
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:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
The annual report was approved by the trustees of the charitable company on 23 September 2025 .................... and signed on its behalf by:
P J Tolhurst
......................................... P J Tolhurst Company Secretary and Trustee
Page 4
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 2024, 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 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 5
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:
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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
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 6
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 and Charities Act, 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.
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.
Page 7
Norman Garon Trust
Independent Auditor's Report to the Members of Norman Garon Trust
A Stone
...................................... Alex Stone FCCA (Senior Statutory Auditor) For and on behalf of Edmund Carr LLP, Statutory Auditor
146 New London Road Chelmsford Essex CM2 0AW Date:............................. 26 September 2025
Page 8
Norman Garon Trust
Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Charitable activities 3 Other trading activities 4 Investment income 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Other expenditure Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted funds £ 2,924,727 194,820 77,797 3,197,344 171,430 2,683,816 84,911 2,940,157 257,187 257,187 5,557,500 5,814,687 |
Restricted funds £ - - - - - - - - - - - - |
Total 2024 £ 2,924,727 194,820 77,797 3,197,344 171,430 2,683,816 84,911 2,940,157 257,187 257,187 5,557,500 5,814,687 |
Total 2023 £ 571,869 2,184,706 77,041 |
|---|---|---|---|---|
| 2,833,616 | ||||
| 1,653,688 1,036,760 84,911 |
||||
| 2,775,359 | ||||
| 58,257 | ||||
| 58,257 5,499,243 |
||||
| 5,557,500 |
All of the group's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 22.
Page 9
Norman Garon Trust
(Registration number: 06291022) Consolidated Balance Sheet as at 31 December 2024
| 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 |
2024 £ 424,553 3,249,573 1,800,000 5,474,126 120,761 25,377 787,295 933,433 (539,019) 394,414 5,868,540 (53,853) 5,814,687 5,814,687 5,814,687 |
2023 £ 509,464 3,290,492 1,800,000 |
|---|---|---|
| 5,599,956 | ||
| 139,355 47,212 328,661 |
||
| 515,228 (557,684) |
||
| (42,456) | ||
| 5,557,500 - |
||
| 5,557,500 | ||
| 5,557,500 | ||
| 5,557,500 |
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 9 to 38 were approved by the trustees, and authorised for issue on 23 September 2025 .................... and signed on their behalf by:
P J Tolhurst
......................................... P J Tolhurst Company Secretary and Trustee
Page 10
Norman Garon Trust
(Registration number: 06291022) Balance Sheet as at 31 December 2024
| Note Fixed assets Intangible assets 13 Tangible assets 14 Investments 15 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 charitable company: Unrestricted income funds Unrestricted funds Total funds 22 |
2024 £ 424,553 3,249,573 1,899,001 5,573,127 120,761 231,605 464,480 816,846 (521,433) 295,413 5,868,540 (53,853) 5,814,687 5,814,687 5,814,687 |
2023 £ 509,464 3,290,492 1,899,001 |
|---|---|---|
| 5,698,957 | ||
| 139,355 69,949 167,466 |
||
| 376,770 (518,227) |
||
| (141,457) | ||
| 5,557,500 - |
||
| 5,557,500 | ||
| 5,557,500 | ||
| 5,557,500 |
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 surplus for the financial year of the parent charity was £257,187.
The financial statements on pages 9 to 38 were approved by the trustees, and authorised for issue on 23 September 2025 .................... and signed on their behalf by:
P J Tolhurst
.........................................
P J Tolhurst
Company Secretary and Trustee
Page 11
Norman Garon Trust
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
| Note Cash flows from operating activities Net income Adjustments to cash flows from non-cash items Depreciation 14 Amortisation 14 Investment income 5 Working capital adjustments Decrease in stocks 16 Decrease/(increase) in debtors 17 Increase in creditors 19 (Decrease)/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 |
2024 £ 257,187 99,322 84,911 (77,797) 363,623 18,594 21,835 121,472 (29,159) 496,365 77,797 (58,403) 19,394 (57,125) 458,634 328,661 787,295 |
2023 £ 58,257 99,038 84,911 (77,041) |
|---|---|---|
| 165,165 2,694 (4,986) 63,168 3,771 |
||
| 229,812 | ||
| 77,041 (144,118) |
||
| (67,077) (173,642) |
||
| (10,907) 339,568 |
||
| 328,661 |
All of the cash flows are derived from continuing operations during the above two periods.
Page 12
Norman Garon Trust
Statement of Cash Flows for the Year Ended 31 December 2024
| Note Cash flows from operating activities Net income/(expenditure) Adjustments to cash flows from non-cash items Depreciation 7 Amortisation 6 Investment income Revaluation of investments Fixed assets donated from subsidiary Working capital adjustments Decrease/(increase) in stocks 16 (Increase)/decrease in debtors 17 Increase in creditors 19 (Decrease)/increase in deferred income 20 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 |
2024 £ 257,187 99,322 84,911 (77,797) - - 363,623 18,594 (161,656) 143,343 (29,159) 334,745 77,797 (58,403) 19,394 (57,125) 297,014 167,466 464,480 |
2023 £ (340,500) 55,277 84,911 (227,041) 721,624 (424,481) |
|---|---|---|
| (130,210) (139,355) 6,216 182,448 147,747 |
||
| 66,846 | ||
| 227,041 (21,297) |
||
| 205,744 (173,642) |
||
| 98,948 68,518 |
||
| 167,466 |
All of the cash flows are derived from continuing operations during the above two periods.
Page 13
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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 2024.
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 for the financial year of £257,187 (2023 - deficit of £340,500).
Page 14
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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
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.
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.
Page 15
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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 £5,000 or more are included within fixed assets and are initially recorded at cost. Tangible fixed assets are subsequently recorded at cost less accumulated depreciation.'
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:
Asset class Amortisation method and rate Goodwill 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 2.6% - 20% straight line Furniture and equipment 20% or 33.3% reducing balance Motor vehicles 20% reducing balance
Page 16
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
The golf complex land and buildings are not being depreciated. The freehold land and buildings are being carried at their deemed cost on transition to FRS102, as allowed under section 35. Subsequent additions specifically relating to the clubhouse are also not being depreciated. The trustees have taken the decision not to depreciate the buildings used for charitable purposes as they are regularly maintained and refurbished.
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.
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 weighted average cost method.
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.
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.
Page 17
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
3 Income from charitable activities
| Provision of golf and golf related services to members Provision of golf and golf related services to members |
Unrestricted funds £ 2,924,727 Unrestricted funds £ 571,869 |
Restricted funds £ - Restricted funds £ - |
Total 2024 £ 2,924,727 |
|---|---|---|---|
| Total 2023 £ 571,869 |
Page 18
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| 4 Income from other trading activities Trading income in subsidiary Sponsorship income Other income Trading income in subsidiary Other income 5 Investment income Interest receivable and similar income Income from rents Interest receivable and similar income Income from rents |
Unrestricted funds £ 179,458 700 14,662 194,820 Unrestricted funds £ 2,172,950 11,756 2,184,706 Unrestricted funds £ 757 77,040 77,797 Unrestricted funds £ 1 77,040 77,041 |
Restricted funds £ - - - - Restricted funds £ - - - Restricted funds £ - - - Restricted funds £ - - - |
Total 2024 £ 179,458 700 14,662 |
|---|---|---|---|
| 194,820 | |||
| Total 2023 £ 2,172,950 11,756 |
|||
| 2,184,706 | |||
| Total 2024 £ 757 77,040 |
|||
| 77,797 | |||
| Total 2023 £ 1 77,040 |
|||
| 77,041 |
Page 19
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
6 Expenditure on raising funds
a) Costs of trading activities
| Golf course trading costs Staff Costs Golf course trading costs Depreciation, amortisation and other similar costs Staff Costs b) Investment management costs Amounts payable to property managers Allocated support costs Amounts payable to property managers Allocated support costs |
Unrestricted funds £ 87,647 61,885 149,532 Unrestricted funds £ 972,010 43,761 617,001 1,632,772 Unrestricted funds £ 16,679 5,219 21,898 Unrestricted funds £ 16,306 4,610 20,916 |
Restricted funds £ - - - Restricted funds £ - - - - Restricted funds £ - - - Restricted funds £ - - - |
Total 2024 £ 87,647 61,885 |
|---|---|---|---|
| 149,532 | |||
| Total 2024 £ 972,010 43,761 617,001 |
|||
| 1,632,772 | |||
| Total 2024 £ 16,679 5,219 |
|||
| 21,898 | |||
| Total 2023 £ 16,306 4,610 |
|||
| 20,916 |
Page 20
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| 7 Expenditure on charitable activities Note Provision of golf and golf related services to members Grant funding of activities Staff costs Allocated support costs 8 Governance costs 8 Depreciation and amortisation Note Provision of golf and golf related services to members Grant funding of activities Staff costs Allocated support costs 8 Governance costs 8 Depreciation and amortisation |
Unrestricted funds £ 1,243,054 356,773 931,161 15,906 37,600 99,322 2,683,816 Unrestricted funds £ 358,892 325,300 212,351 33,578 51,362 55,277 1,036,760 |
Restricted funds £ - - - - - - - Restricted funds £ - - - - - - - |
Total 2024 £ 1,243,054 356,773 931,161 15,906 37,600 99,322 |
|---|---|---|---|
| 2,683,816 | |||
| Total 2023 £ 358,892 325,300 212,351 33,578 51,362 55,277 |
|||
| 1,036,760 |
Page 21
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
8 Analysis of governance and support costs
| Raising funds expenditure Charitable investment management costs Repairs Repairs Charitable activities expenditure Interest payable Sundry expenses Interest payable Sundry expenses |
Unrestricted funds £ 5,219 Unrestricted funds £ 4,610 Unrestricted funds £ 7,782 8,124 15,906 Unrestricted funds £ 8,100 25,479 33,579 |
Restricted funds £ - Restricted funds £ - Restricted funds £ - - - Restricted funds £ - - - |
Total 2024 £ 5,219 |
|---|---|---|---|
| Total 2023 £ 4,610 |
|||
| Total 2024 £ 7,782 8,124 |
|||
| 15,906 | |||
| Total 2023 £ 8,100 25,479 |
|||
| 33,579 |
Page 22
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| Governance costs Audit fees Audit of the financial statements Other fees paid to auditors Other governance costs |
Total 2024 £ 11,250 8,000 18,350 37,600 |
Total 2023 £ 10,700 6,150 34,512 |
|---|---|---|
| 51,362 |
Page 23
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
9 Grant-making
Analysis of grants
Analysis Grants payable
| Grants to | institutions |
|---|---|
| 2024 | 2023 |
| £ | £ |
| 356,773 | 325,300 |
The support costs associated with grant-making are £Nil (31 December 2023 - £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 Bar'n'Bus Elevator Arts Harlequin Rangers Seaquins (Westcliff) SEND The Right Message (STRM) Aspirations ATF Community Southend Carli Lansley Foundation Community Safety Education Lennox Children's Cancer Fund Narconon Drugs Education Southend YMCA The Caedmon Company The Phabulous Café Trinity Family Centre Vibe Southend Limited Wellbeing at Garon Park Just Ride Kaos Youth Club The Art Ministry Volunteering Matters |
2024 £ 300,000 4,000 3,700 1,820 2,000 1,000 2,150 3,500 3,000 2,000 2,200 2,240 1,000 2,000 2,000 2,000 8,413 2,000 3,000 2,250 2,000 2,500 2,000 |
|---|---|
| 356,773 |
Page 24
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
2024 £ 99,582 11,250 8,000 99,322 84,911 |
2023 £ 109,913 10,700 6,150 99,038 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 2024
12 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2024 £ 914,814 62,319 15,913 993,046 |
2023 £ 767,914 48,586 12,852 |
| 829,352 |
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 | 2024 No 43 |
2023 No 42 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
All staff costs up to 30 September 2023 were incurred in the trading subsidiary. From 1 October 2023, the majority of employees in the subsidiary were transferred to the charitable company.
Page 26
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| 13 Intangible fixed assets Group Cost At 1 January 2024 At 31 December 2024 Amortisation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Charitable company Cost At 1 January 2024 At 31 December 2024 Amortisation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Goodwill £ 849,108 849,108 339,644 84,911 424,555 424,553 509,464 Goodwill £ 849,108 849,108 339,644 84,911 424,555 424,553 509,464 |
Total £ 849,108 |
|---|---|---|
| 849,108 | ||
| 339,644 84,911 |
||
| 424,555 | ||
| 424,553 | ||
| 509,464 | ||
| Total £ 849,108 |
||
| 849,108 | ||
| 339,644 84,911 |
||
| 424,555 | ||
| 424,553 | ||
| 509,464 |
Page 27
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
14 Tangible fixed assets
| Group Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Charitable company Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Land and buildings £ 3,566,697 45,875 3,612,572 365,212 67,942 433,154 3,179,418 3,201,485 Land and buildings £ 3,566,697 45,875 3,612,572 365,212 67,942 433,154 3,179,418 3,201,485 |
Furniture and equipment £ 442,620 12,528 455,148 353,844 31,332 385,176 69,972 88,776 Furniture and equipment £ 442,620 12,528 455,148 353,844 31,332 385,176 69,972 88,776 |
Motor vehicles £ 5,000 - 5,000 4,769 48 4,817 183 231 Motor vehicles £ 5,000 - 5,000 4,769 48 4,817 183 231 |
Total £ 4,014,317 58,403 |
|---|---|---|---|---|
| 4,072,720 | ||||
| 723,825 99,322 |
||||
| 823,147 | ||||
| 3,249,573 | ||||
| 3,290,492 | ||||
| Total £ 4,014,317 58,403 |
||||
| 4,072,720 | ||||
| 723,825 99,322 |
||||
| 823,147 | ||||
| 3,249,573 | ||||
| 3,290,492 |
The majority of the depreciation on land and buildings relates to the adventure golf course. The trustees have taken the decision not to adopt the revaluation model of accounting for the golf course land and buildings so as not to risk overstating this value in the accounts. They also do not consider that the benefit would outweigh the cost involved in obtaining such a valuation.
Page 28
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| 15 Fixed asset investments Group Investment properties Investment properties Cost or Valuation At 1 January 2024 Provision At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
2024 £ 1,800,000 |
2023 £ 1,800,000 |
|---|---|---|
| Investment properties £ 1,800,000 |
||
| - | ||
| 1,800,000 | ||
| 1,800,000 |
The investment properties were revalued in February 2022 by Whirledge & Nott Limited.
Page 29
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| Charitable company Investment properties Shares in group undertakings and participating interests |
2024 £ 1,800,000 99,001 1,899,001 |
2023 £ 1,800,000 99,001 |
|---|---|---|
| 1,899,001 |
Shares in group undertakings and participating interests
| Shares in group undertakings and participating interests | ||
|---|---|---|
| Cost At 1 January 2024 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Details of undertakings |
Subsidiary undertakings £ 99,001 99,001 99,001 99,001 |
Total £ 99,001 |
| 99,001 | ||
| 99,001 | ||
| 99,001 | ||
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 |
| 2024 2023 |
||||
| Subsidiary undertakings | ||||
| Garon Park Golf Events Limited |
England and Wales | Ordinary | 100% 100% |
Golf course complex |
Page 30
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
16 Stock
| 16 Stock | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Stocks | 120,761 | 139,355 | 120,761 | 139,355 |
Group
The cost of stock recognised as an expense in the year amounted to £435,223 (2023 - £448,109).
17 Debtors
| Trade debtors Due from group undertakings Prepayments VAT recoverable 18 Cash and cash equivalents Cash at bank |
Group 2024 £ 2023 £ 980 - - - 11,884 25,307 12,513 21,905 25,377 47,212 Group 2024 £ 2023 £ 787,295 328,661 |
Charity 2024 £ 2023 £ 980 - 218,741 51,477 11,884 18,472 - - 231,605 69,949 Charity 2024 £ 2023 £ 464,480 167,466 |
|---|---|---|
Page 31
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
19 Creditors: amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security VAT Other creditors Accruals Deferred income |
Group 2024 £ 2023 £ 42,327 153,305 104,601 76,888 14,023 15,687 39,176 41,168 33,842 85,101 186,462 37,788 118,588 147,747 539,019 557,684 |
Charity 2024 £ 2023 £ 42,327 153,305 98,904 54,728 13,133 14,970 39,176 41,168 32,398 79,771 176,907 26,538 118,588 147,747 521,433 518,227 |
Charity 2024 £ 2023 £ 42,327 153,305 98,904 54,728 13,133 14,970 39,176 41,168 32,398 79,771 176,907 26,538 118,588 147,747 521,433 518,227 |
|---|---|---|---|
| 518,227 |
Creditors due within one year includes the following liabilities on which security has been given:
| Bank loans | Group 2024 £ 2023 £ 42,327 153,305 |
Charity 2024 £ 2023 £ 42,327 153,305 |
|---|---|---|
The bank loan is secured against the investment properties of the charity.
Bank borrowings
Lloyds Bank loans is denominated in £ with a nominal interest rate of 4.51%, and the final instalment is due on 18 July 2029. The carrying amount at year end is £96,180 (2023 - £153,305).
Deferred income
| Deferred income | ||
|---|---|---|
| Deferred income at 1 January 2024 Resources deferred in the period Amounts released from previous periods Deferred income at year end |
2024 £ 147,747 118,588 (147,747) 118,588 |
2023 £ 143,976 147,747 (143,976) |
| 147,747 |
The deferred income relates to membership fees received in advance for future periods.
20 Creditors: amounts falling due after one year
| Group | Charity | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Bank loans | 53,853 | - | 53,853 | - |
Page 32
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
Creditors amounts falling due after more than one year includes the following liabilities on which security has been given:
| Bank loans | Group 2024 £ 2023 £ 53,853 - |
Charity 2024 £ 2023 £ 53,853 - |
|---|---|---|
The bank loans are secured against the investment properties of the charity.
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 2024 £ 2023 £ 2,483 55,892 8,691 9,933 - 1,242 11,174 67,067 |
Charity 2024 £ 2023 £ - - - - - - - - |
Charity 2024 £ 2023 £ - - - - - - - - |
|---|---|---|---|
| - |
Page 33
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
22 Funds
Group
| Group | |||||
|---|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Unrestricted funds Unrestricted funds Charity Unrestricted funds Unrestricted funds Unrestricted funds Unrestricted funds |
Balance at 1 January 2024 £ 5,557,500 Balance at 1 January 2023 £ 5,499,243 Balance at 1 January 2024 £ 5,557,500 Balance at 1 January 2023 £ 5,898,000 |
Incoming resources £ 3,197,344 Incoming resources £ 2,833,616 Incoming resources £ 3,038,012 Incoming resources £ 1,514,411 |
Resources expended £ (2,940,157) Resources expended £ (2,775,359) Resources expended £ (2,780,825) Resources expended £ (1,133,287) |
Other recognised gains/(losses) £ - Other recognised gains/(losses) £ - Other recognised gains/(losses) £ - Other recognised gains/(losses) £ (721,624) |
Balance at 31 December 2024 £ 5,814,687 |
| Balance at 31 December 2023 £ 5,557,500 |
|||||
| Balance at 31 December 2024 £ 5,814,687 |
|||||
| Balance at 31 December 2023 £ 5,557,500 |
Page 34
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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 Total net assets |
Unrestricted funds £ 424,553 3,249,573 1,800,000 932,073 (387,659) (53,853) 5,964,687 Unrestricted funds £ 509,464 3,290,492 1,800,000 515,228 (557,684) 5,557,500 |
Restricted funds £ - - - - - - - Restricted funds £ - - - - - - |
Total funds at 31 December 2024 £ 424,553 3,249,573 1,800,000 932,073 (387,659) (53,853) |
|---|---|---|---|
| 5,964,687 | |||
| Total funds at 31 December 2023 £ 509,464 3,290,492 1,800,000 515,228 (557,684) |
|||
| 5,557,500 |
Page 35
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| Charity 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 Total net assets |
Unrestricted funds £ 424,553 3,249,573 1,899,001 816,846 (371,433) (53,853) 5,964,687 Unrestricted funds £ 509,464 3,290,492 1,899,001 376,770 (518,227) 5,557,500 |
Restricted funds £ - - - - - - - Restricted funds £ - - - - - - |
Total funds at 31 December 2024 £ 424,553 3,249,573 1,899,001 816,846 (371,433) (53,853) |
|---|---|---|---|
| 5,964,687 | |||
| Total funds at 31 December 2023 £ 509,464 3,290,492 1,899,001 376,770 (518,227) |
|||
| 5,557,500 |
Page 36
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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 cash Cash at bank and in hand Debt due within one year Debt due after more than one year Net cash |
At 1 January 2024 £ 328,661 (153,305) - 175,356 At 1 January 2023 £ 337,183 (173,642) (153,305) 10,236 |
Financing cash flows £ 457,274 110,978 (53,853) 514,399 Financing cash flows £ (8,522) 20,337 153,305 165,120 |
At 31 December 2024 £ 785,935 (42,327) (53,853) |
|---|---|---|---|
| 689,755 | |||
| At 31 December 2023 £ 328,661 (153,305) - |
|||
| 175,356 |
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, £37,950 (2023: £33,500) 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 (2023 - £9,000).
Whirledge and Nott
(M E Hughes is a director and shareholder)
During the year, £3,769 (2023: £3,806) 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 (2023 - £Nil).
Essex County Scout Council
(P Stennett & R Bye are trustees)
During the year, the Essex County Scout Council received £150,000 (2023: £300,000) of grants from Norman Garon Trust. At the balance sheet date the amount due to/from Essex County Scout Council was £Nil (2023 - £Nil).
Page 37
Norman Garon Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
Fowler Smith & Jones Trust
(P J Tolhurst & R Furlonger are trustees)
Norman Garon Trust 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/from Fowler Smith & Jones Trust was £Nil (2023 - £Nil).
Page 38