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:
- 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.
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;
- 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 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:
- 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 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