**REGISTERED CHARITY NUMBER: 1122732**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **FOR**
## **THE GREENHALGH FAMILY TRUST**
Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP
**THE GREENHALGH FAMILY TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 2|
|**Statement of Financial Activities**|3|
|**Balance Sheet**|4|
|**Notes to the Financial Statements**|5 to 9|
## **THE GREENHALGH FAMILY TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The main objective of the charity is to promote social inclusion and address issues of social need for the public benefit. It achieved this in the year by making grants to charitable organisations that help improve people's lives through their work. The (non- exclusive) focus of grant-making is on UK based organisations.
## **Public benefit**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this report.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the year the charity received a substantial gain on a prior investment. This enabled the Charity to meet its objectives by increasing the amount and number of grants made in the year.
## **FINANCIAL REVIEW**
## **Financial position**
During the year ended 31 December 2023 £1,767 (31.12.22: £nil) investment income was received.
Expenditure in this year and the previous year principally relates to providing grants to organisations to promote social inclusion. Total expenditure for the year was £38,186 (31.12.22: £5,000).
Net gains on investments was £614,089 (31.12.22: £nil).
The charity therefore has a net surplus of £577,670 this year (31.12.22: £5,000 deficit).
Unrestricted funds at the balance sheet date total £583,329 (31.12.22: £5,659).
## **Reserves policy**
The charity has few overhead costs. The reserves policy is set at holding in cash an amount at least equivalent to one year of expected overhead costs. As at 31.12.23 the charity had free reserves of £123K. Free reserves have been calculated as total unrestricted funds (£583K) less investments (£461K), as these are held to generate income for future grant making.
The level of free reserves is therefore considered sufficient to cover the charity overheads for a year.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The existing trustees appoint new trustees. On appointment trustees are provided with information about the charity and guidance on what being a charity trustee entails.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1122732
Page 1
**THE GREENHALGH FAMILY TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Principal address**
The Stewards House Bignor Park Road Bignor Pulborough West Sussex RH20 1HQ
## **Trustees**
Mr E S Greenhalgh Mrs C A Greenhalgh
## **Bankers**
Handelsbanken plc 40 North Street Chichester West Sussex PO19 1LX
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 21 September 2024 and signed on its behalf by:
Mr E S Greenhalgh - Trustee
Page 2
**THE GREENHALGH FAMILY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|||31.12.23|31.12.22|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Investment income|2|1,767|-|
|**EXPENDITURE ON**||||
|Raising funds|3|106|-|
|**Charitable activities**|4|||
|Providing grants to organisations||38,080|5,000|
|**Total**||38,186|5,000|
|Net gains on investments||614,089|-|
|**NET INCOME/(EXPENDITURE)**||577,670|(5,000)|
|**RECONCILIATION OF FUNDS**||||
|Total funds brought forward||5,659|10,659|
|**TOTAL FUNDS CARRIED FORWARD**||583,329|5,659|
The notes form part of these financial statements
Page 3
**THE GREENHALGH FAMILY TRUST**
## **BALANCE SHEET 31 DECEMBER 2023**
|Notes
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|31.12.23
Unrestricted
fund
£
460,628
112
123,489
123,601
(900)
122,701
583,329
583,329
583,329
583,329|31.12.22
Total
funds
£
-
-
5,659|
|---|---|---|
|||5,659
-|
|||5,659|
|||5,659|
|||5,659|
|||5,659|
|||5,659|
The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 21 September 2024 and were signed on its behalf by:
Mr E S Greenhalgh - Trustee
The notes form part of these financial statements
Page 4
**THE GREENHALGH FAMILY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is earned through holding assets for investment purposes such as shares and cash deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity's right to receive payment is established.
## **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. It is categorised:
- Costs of raising funds; which includes the costs of organising events and investment management fees.
- Expenditure on charitable activities; which includes grants made to beneficiaries and costs incurred to support those activities.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Investments**
The investment portfolio has been valued at market value at the balance sheet date. The SOFA includes the net gains and losses on investments arising on revaluation at the year end and on disposals throughout the year. Realised gains and losses on sales of investments are calculated as the difference between the sale proceeds and opening market value. Unrealised gains and losses represent the movement between market value.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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continued...
**THE GREENHALGH FAMILY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
|**2.**|**INVESTMENT INCOME**||||
|---|---|---|---|---|
||||31.12.23|31.12.22|
||||£|£|
||Investment income||1,767|-|
|**3.**|**RAISING FUNDS**||||
||**Investment management costs**||||
||||31.12.23|31.12.22|
||||£|£|
||Portfolio management fees||106|-|
|**4.**|**CHARITABLE ACTIVITIES COSTS**||||
|||Grant|||
|||funding of|||
|||activities|Support||
|||(see note|costs (see||
|||5)|note 6)|Totals|
|||£|£|£|
||Providing grants to organisations|37,180|900|38,080|
|**5.**|**GRANTS PAYABLE**||||
||||31.12.23|31.12.22|
||||£|£|
||Providing grants to organisations||37,180|5,000|
|**6.**|**SUPPORT COSTS**||||
|||||Governance|
|||||costs|
|||||£|
||Providing grants to organisations|||900|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
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continued...
**THE GREENHALGH FAMILY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**8.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||
|---|---|---|---|
||||Unrestricted|
||||fund|
||||£|
||**EXPENDITURE ON**|||
||**Charitable activities**|||
||Providing grants to organisations||5,000|
||**NET INCOME/(EXPENDITURE)**||(5,000)|
||**RECONCILIATION OF FUNDS**|||
||Total funds brought forward||10,659|
||**TOTAL FUNDS CARRIED FORWARD**||5,659|
|**9.**|**FIXED ASSET INVESTMENTS**|||
||||Listed|
||||investments|
||||£|
||**MARKET VALUE**|||
||Additions||451,655|
||Disposals||(106)|
||Revaluations||9,079|
||At 31 December 2023||460,628|
||**NET BOOK VALUE**|||
||At 31 December 2023||460,628|
||At 31 December 2022||-|
||There were no investment assets outside the UK.|||
||The historical cost of the above investments is £451,549 (31.12.22: £Nil).|||
|**10.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||31.12.23|31.12.22|
|||£|£|
||Accrued income|112|-|
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continued...
**THE GREENHALGH FAMILY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**12.**
**MOVEMENT IN FUNDS**
At 1.1.23
£
**Unrestricted funds**
General fund
5,659
**TOTAL FUNDS**
5,659
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,767
(38,186)
**TOTAL FUNDS**
1,767
(38,186)
**Comparatives for movement in funds**
At 1.1.22
£
**Unrestricted funds**
General fund
10,659
**TOTAL FUNDS**
10,659
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
-
**TOTAL FUNDS**
-|31.12.23
31.12.22
£
£
900
-
Net
movement
At
in funds
31.12.23
£
£
577,670
583,329
577,670
583,329
Gains and
Movement
losses
in funds
£
£
614,089
577,670
614,089
577,670
Net
movement
At
in funds
31.12.22
£
£
(5,000)
5,659
(5,000)
5,659
Resources
Movement
expended
in funds
£
£
(5,000)
(5,000)
(5,000)
(5,000)|
|---|---|
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continued...
**THE GREENHALGH FAMILY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.22
£
10,659
10,659|Net
movement
in funds
£
572,670
572,670|At
31.12.23
£
583,329|
|---|---|---|---|
||||583,329|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|1,767|(43,186)|614,089|572,670|
|**TOTAL FUNDS**|1,767|(43,186)|614,089|572,670|
## **13. RELATED PARTY DISCLOSURES**
During the year Outside In Art, a charity which Mr E S Greenhalgh is a trustee was provided grants totalling £5,000 (31.12.22: £Nil).
During the year The Grange Festival, a charity which Mrs C A Greenhalgh is a trustee was provided grants totalling £19,680 (31.12.22: £5,000).
## **14. ULTIMATE CONTROLLING PARTY**
The charity is under the control of its trustees. No one trustee has control of the charity.
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