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2022-06-30-accounts

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

Registered number: 06918381 Charity number: 1130272

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 9
Independent Auditors' Report on the Financial Statements 10 - 13
Consolidated Statement of Financial Activities 14
Consolidated Income and Expenditure Account 15
Consolidated Balance Sheet 16 - 17
Company Balance Sheet 18 - 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 - 44

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022

Trustees Mr M A Bermann
Mrs R A Bonnett
Mr D S Buck (resigned 7 December 2022)
Mr C Carr
Dr C R Hiley
Mr A Muston (appointed 1 July 2021)
Miss P Smith
Company registered
number
06918381
Charity registered
number
1130272
Registered office
1 Fairway
Girton
Cambridge
CB3 0QF
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Station Road
Cambridge
CB1 2LA
Bankers
Lloyds Bank plc
Cambridge
CB2 3HQ
Solicitors
HCR Hewitsons
50-60 Station Road
Cambridge
CB1 2JH

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2022

The Trustees of Girton Town Charity (the Charity), who are also directors of the Charity for the purposes of the Companies Act, present their Annual Report together with the Charity's audited Consolidated Financial Statements for the year ended 30 June 2022. We confirm that the Annual Report and Financial Statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition – October 2019 effective 1 January 2019).

Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

Objects of the Charity

The Charity’s objects, as set out in the Memorandum and Articles of Association, are to maintain the property of the Charity, to apply the income of the Charity for the benefit of the residents of its almshouses and for relief of need in the Parish of Girton Cambridgeshire, and to any charitable purpose that is for the general benefit of the inhabitants of Girton (the Village).

Almshouses

The Charity's prime purpose is to provide almshouses in the Village with an emphasis on housing the elderly. The Charity currently has 13 homes within Girton; a mix of over-55 residents and families from the community occupy these almshouses. Over-55’s and anyone with a registered disability are appointed as permanent residents. Families are appointed for three years; however, an appointment may be extended to five years at the discretion of the Charity.

Grant making policy aims and objectives

In addition to providing almshouses, the Charity can use its income to make grants to individuals, organisations or other charities providing they are for the purposes set out in the Memorandum and Articles of Association. Applicants will generally be expected to meet part of the costs from their own resources.

Grant Applications: priorities and selection criteria

The grant-making process is designed to be as easy as possible whilst still ensuring Trustees have the key information needed for a decision. If we are unsure, then we will approach our advisers, the Charity Commission, or both, for advice and guidance. The Trustees have no prime area for making grants but will consider any application on its merits. The Charity does not actively seek to raise additional funds, as the permanent endowment is sufficient to meet the need for grants in the foreseeable future.

Statement of Public Benefit

The Trustees confirm they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on Public Benefit.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The Charity provides almshouses for the residents of the Area of Benefit who are in need, currently 10 families and seven over-55 households (including four households resident at Gretton Court and waiting to transfer to Dovehouse Court when construction is completed). Applications for vacant almshouses, and the Charity's grantmaking schemes, are advertised widely in the Village through the GTC website and leaflets, local organisations, Village notice boards, and the Girton Parish News - a free newsletter delivered monthly to each house in the Village. Any individual can make an application to the Trustees who then assess the relative merits of each case by applying agreed assessment criteria. Public Benefit is provided by widening the availability and type of low cost housing within the Village.

The Charity also makes grants to residents of the area typically to relieve need, to further education or to assist with health-related issues such as mobility. All those who might benefit from the Charity are encouraged to apply for financial assistance or to contact the Trustees to discuss a possible application. All applications are assessed with a view to providing appropriate help as quickly and easily as possible, and in a way which allows the beneficiaries to meet their needs without undue stress.

Further grants are made to Village to enhance the local environment and to organisations such as St. Andrew’s Church, Girton Glebe School and Girton Colts Football Club with a focus on relieving need in specific areas, or to assist with education and development in areas not supported by statutory services.

The Charity advertises its purposes and the names and contact details of its Trustees regularly in the Girton Parish News as well as monthly reports on Schemes and Grant activity; this ensures a high visibility to potential beneficiaries. Further visibility of the Charity is maintained through its website and through presentation of a report of its activities to the Annual Parish Meeting as well as attendance at monthly Parish meetings.

The Trustees at all times try to provide help that is not available from the authorities or where it is not available in the timescale, or to the specification, required. Public Benefit accrues from the ability of beneficiaries, for instance: a) to continue to live independently in their own houses by providing aid otherwise not available to them (e.g. by assistance with installing suitable bathroom facilities or services/equipment to improve quality of life); b) to enhance their skills and talents for their own development and the benefit of the wider community (e.g. through specialist training or the provision of essential equipment or books); or c) to access health provision without undue financial or other stress or to purchase suitable mobility aids (e.g. by helping with the costs of suitable transport to hospital appointments or the purchase of mobility aids).

ACHIEVEMENTS AND PERFORMANCE

Review of Activities

COVID-19

Following the lifting of COVID restrictions in March 2022 Trustees reinstated socially distanced, face-to-face meetings at the William Collyn Community Centre and some activities which had been put on hold (Youth Group, Relate, Girton Glebe Primary School after school activities) could eventually resume, resulting in higher levels of grants awarded to those recipients than in the year prior.

The almshouse provision was largely unaffected by the pandemic with residents continuing to live independently in 13 different properties spread around the village.

Also largely unhampered by Covid was the Dovehouse Court almshouse development on the historical site of the High Street for 15 new apartments and bungalows and an office for the Charity. The funding had been secured as early as December 2019, planning approval was granted in October 2020 and several construction milestones were reached throughout the financial year by the appointed contractor, Barnes Ltd.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The Charity's office continued to operate from temporary accommodation at St Andrew’s Church Parish Office. The office remained open, and although visits have not been encouraged, staff have since returned to a normal working pattern in the office with the option to work from home.

Grant giving is focussed on the Charity’s primary purpose; the provision and long-term maintenance of almshouses and responding to the needs of the elderly and vulnerable residents in our Village.

The provision of grants to organisations such as Arthur Rank Hospice, EACH, and Macmillan Cancer Care continued into 2021/22. Following final payments for multi-year commitments to these organisations, Trustees have agreed to change how to award grants by inviting these third-party providers to seek certain reimbursements on the basis of periodic reporting of benefits or care provided specifically to Girton residents.

An agreement with Connections Bus Project to provide a weekly Youth Group for residents aged 11 – 16 was signed in March 2020. Whilst the project had to be paused both due to COVID restrictions and when new staff had to be recruited, the new Youth Group, once up and running, has been well received in the Village.

Assets

Girton Town Charity holds the following assets in Girton: Almshouses

Centenary Court: Nos. 296, 298, 300, 302, 304, 314, 316 Wellbrook Way, Girton, CB3 0GJ* Suffolk Terrace: Nos.23, 25, 27 High Street, Girton CB3 0QD 1a Fairway, Girton CB3 0QF 88 Girton Road, Girton CB3 0LN

1 St Vincent’s Close, Girton CB3 0PB 1 – 15 Dovehouse Court, High Street, Girton CB3 0PT (currently under construction) GTC Office 22 High Street, Girton CB3 0PU (currently under construction)

Land and buildings Part of a field on Oakington Road currently rented for agricultural use by Mr. H (the rest of the field is owned by Girton Parochial Church Council) Part of a field in Westwick currently rented for agricultural use by Mr. H (the rest of the field is owned by Oakington charity)

Part of the land currently used as allotments and managed by Girton Allotment Society on Hicks Lane and Cambridge Road (the rest of the land is owned by Girton Parochial Church Council) Sensory Garden on the corner of Wellbrook Way*

Girton Goose Railings Sculpture between St Andrews Churchyard and Girton Parish car park The William Collyn Community Centre, William Collyn Community Garden and two car park areas all on Wellbrook Way*.

*Endowment assets

Almshouses

New development

This year has seen significant progress in expanding the Charity's almshouse provision with modern, energy efficient, houses. The major project to redevelop the flagship almshouse site on High Street of Girton has continued through the year. The new Dovehouse Court development will provide 15 comfortable and attractive homes for persons over the age of 55 who are resident in, or who have a strong connection with Girton as well as a new office for GTC. Barnes Construction Ltd was appointed as contractor in March 2021 after a Strategy meeting was held on 22nd February 2022 to discuss appointment criteria for Dovehouse Court. A fixed term contract of 63 weeks was agreed at a fixed cost of approx. £4.6m. Enablement works were carried out during 2021 with Barnes Construction starting on site 23rd August 2021 and a Ground Breaking ceremony held on 13th December 2021.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The Trustees agreed to apply for a grant towards the building of these homes from Cambridgeshire and Peterborough Combined Authority (CPCA). An application was submitted in May 2021 and a grant of £625,000 was approved by the Authority with the first 50% instalment received in January 2022.

Maintenance and Management

In order to cover the long-term needs for repair and upkeep of a total of 28 properties on completion of the Dovehouse Court project, the Trustees agreed to devote a larger proportion of its unrestricted cash reserves to its cyclical maintenance fund over the years to come, and to explore the possibility of employing a Maintenance Manager responsible for day-to-day maintenance requirements with a view to running a more cost effective almshouse management programme than that provided under the terms of the current contract with CHS Group.

Residents from the almshouses on Michael’s Close and the High Street continued to live at Gretton Court with the difference between the rent payable, and the residents’ Weekly Maintenance Contributions (WMC) to GTC, being paid by GTC.

Centenary Court properties are now 10 years old and, in order to maintain them to a high-quality standard, the Trustees approved external decoration for the seven properties in July 2021 and also replacement of some heat recovery systems. The properties are typically redecorated when families move out following a three- or five-year appointment. GTC suffered from a single incidence of failure to pay WMC over a considerable period of time which led to arrears accumulating up to £3,000. Following legal action, delayed due to COVID, the full arrears were eventually recovered and the residents voluntarily moved on to a new place of residence.

At their Strategy Day held in July 2022, the Trustees agreed to increase the WMC for all properties and that payment of water bills would become to the responsibility of the appointees.

William Collyn Community Centre

Following the decisions to move away from management of the William Collyn Community Centre by Cambridgeshire ACRE, the Centre is run and managed by three part time GTC employees acting as Duty Managers at different times of day during the week.

Bookings, whether from local groups or residents – at beneficial rates - or from organisations outside the village have helped the Centre build up an aggregate of £44,000 of hiring charges in 2021/22. The cost of maintaining the building and the venue in prime condition as well as ensuring that a member of staff is present at all times amounted to £110,000, the difference of £66,000 is met by GTC from unrestricted funds.

Village infrastructure

The sculptural railings continue to be enjoyed by residents and visitors alike. The decision by Girton Parish Council to install safety bollards in the car park to prevent cars mounting the pavement remains unresolved.

The Sensory Garden is now well-established, used and much appreciated by Village residents. A contract with the design company provides maintenance of the garden on a weekly basis. The Trustees anticipate that some replanting and upgrading will be required during 2022/23.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The William Collyn Community Garden is also enjoyed by residents particularly those living in Wellbrook Way. GTC appointed a new contractor to replant this garden where necessary as well as the areas around the William Collyn Centre and its car parks and put in place monthly maintenance. Elsewhere, the almshouses public space at Centenary Court, Suffolk Terrace and three individual almshouses in the village are maintained on an ad hoc basis by local contractors.

Four new three-seater benches were installed in Village locations during October 2021 (William Collyn Community Garden and Mayfield Road garden) for the benefit of residents – particularly to enable socially distanced seating for residents walking and meeting outdoors during the pandemic.

Grants awarded

An analysis of charitable expenditure is given at Note 8 of the accounts and further detailed information on the grants awarded, and the activities undertaken by the Charity, is set out on the Charity’s website. The following is a summary of the types and purpose of the grants and commitments made during the period.

Education and youth work: £34,000 (2021: £(9,000))

Trustees regard the provision of prompt assistance and an enriched school environment to be essential for the wellbeing and educational progress of the young people of the Village. Although grants for enrichment support had been awarded to Girton Glebe Primary School, much of this activity did not take place due to the pandemic. Following the School's conversion to Academy status in a multi-academy trust, the Trustees reviewed their policies and agreed not to provide funding for direct educational support. Family and child support continued to be funded and delivered by Relate Cambridgeshire for families in need identified by the School. It was agreed that Activity Clubs and Residential Visits would continue to be supported although they did not run due to the pandemic.

As a result, the total of new educational grants made to institutions shows a net reduction to the commitments made by the Charity at the start of the Financial Year.

GTC Educational Grant Scheme provides assistance towards buying books and equipment for recent school leavers who have moved on to further and higher education. We also meet other educational needs on an individual grant basis. During the period, individual awards totalling £6,018 (2021: £7,400) were made to 25 recipients (2021: 29).

During 2021 the Trustees investigated options to offer a Youth Group from a new provider and in December 2021, were pleased to award the Connections Bus Project a grant to commence a weekly youth group operating from the Cotton Hall.

Welfare and Personal Development of People in Financial Need: £1,000 (2021: £6,000)

Grants were made to 14 people during the year (2021: 15). These included helping with costs such as essential household goods, support for special needs, enhancement of mobility and contributions towards the costs of coping with medical conditions. Three grants were made to individuals to enable them to access specialised education or training.

Medical: £59,000 (2021: £44,000)

GTC aims to increase well-being in the Village by supporting a wide range of specialist providers to enable them to give support and advice to Girton residents. Further payments were made for existing hree-year commitments to the Arthur Rank Hospice, East Anglia’s Children's Hospices, and Headway, a brain injuries charity. These will end in September 2022. As noted above, new arrangements have been proposed to those charities. Trustees agreed they will be invited to apply retrospectively for grants towards funding support that they had provided to Girton residents in September 2023 then annually going forwards.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The Charity's Care Plus Scheme continues to meet a significant demand for assistance and payments of £19,000 (2021: £31,000) were made to providers during the year. 26 residents (2021: 36) benefited from the help provided. The objective of the scheme is to assist Girton residents to live independently by providing additional short-term care over and above any statutory care to which they are entitled. It was always anticipated that there would be a strong demand as the authorities reduced the adult care provision, which in turn increased the need for respite care and placed additional demands on private sector providers.

The Charity supports a hospital transport scheme which provides a subsidised taxi service to help patients get to hospitals on the Cambridge Biomedical Campus, Brookfields Hospital in Mill Road, and the ARU University Eye Clinic. This continues to be a greatly appreciated programme and currently has 250 members (2021: 230). Grants also continue to be made where more specialist transport is required and five grants of this nature were made in the year.

30 Individual grants (2021: 14) were made during the year to help individuals meet needs arising from a range of requests.

Community Support in the Village: £48,000 (2021: £33,000)

The Charity supports the Village's Community Warden Scheme provided by Age UK. The Warden continues to help and give reassurance to around 20 villagers who subscribe to the Scheme. Grants of £14,900 were made during the year to support this initiative. Age UK also provide an Older Residents' Co-ordinator who is funded by Girton Town Charity by a grant of £11,000. Cam Sight will also receive £2,000 per year for three years.

The Charity also made payments of £8,400 per annum to Relate which provides a counselling service in the Village though this has been in abeyance during the pandemic because of the restricted the availability of counsellors and removed face-to-face support by Relate. The Trustees have agreed that for the future, they will consider quarterly retrospective applications from Relate will make for full cost recovery of £70 per session for Girton residents.

Cambridge CAB ceased face-to-face meetings during the pandemic and all requests and response to advice are made via their web site. Residents requesting support from CAB are directed to its web site. CAB no longer request funding from GTC.

The expenditure under this heading also represents completion of projects, such as the work around the Suffolk Terrace and maintenance of the sensory garden. No new projects have been financed this year and none are planned for the immediate future.

Performance monitoring and review

Grant payments are only made against actual expenditure incurred. For projects that extend beyond one year, regular detailed reports are required, and further funding only approved where the grant conditions have been met. The Charity seeks to achieve a consistency in its grant making methodology and looks for measurable outcomes in order to assess value for money more objectively.

FINANCIAL REVIEW

The Charity’s main source of income remains that arising from investments, which amounted to £681,000 (2021: £640,000). In addition, there was £149,000 (2021: £110,000) of income arising from the rental of almshouses and land and income from the Community Centre. The Charity itself also received a Gift Aid payment of £136,000 (2021: £56,059) from its wholly owned subsidiary GTC Developments Ltd during the year.

The Trustees successfully applied for a grant of £675,000 from Cambridgeshire and Peterborough Combined Authority (CPCA) towards the construction of Dovehouse Court properties, The first instalment was paid in January 2022 with £376,000 recognised as income in line with the stage of completion.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Charitable expenditure was £584,000 (2021: £505,000). The amount continues to reflect the multi-year commitments made during the year and the year past as well as revisions made to these commitments. Investment Management Fees were £140,000 (2021: £117,000). The net income before investment gains or losses for the year was £481,000 (2021: £157,000).

The end-of-year revaluation of the Charity's investment assets produced a net loss (2021: gain) of £1,656,000 (2021: £3,960,000). Total funds at the end of the year were £38,743,000 (2021: £39,919,000) of which unrestricted funds were £2,978,000 (2021: £2,517,000).

Investment policy and performance

A major part of the Charity’s assets is placed with three investment fund managers. At the start of the year they were Cazenove, Quilter Cheviot and CCLA. Each manager is given the same investment policy and risk profile. The Trustees receive quarterly reports from the investment managers and consider them at their regular meetings. The Investment Committee, which is made up of five of the Trustees, meets on an annual basis to discuss the managers’ performance over the past year, and provide guidance for the current year.

In order to conserve the capital value of the investments, the Trustees set a total income target for 2021/22 to 2.0-2.5% of the funds invested was set for the three managers (2020/21: 2.0-2.5% The actual income received met or exceeded this target and ensured that the Charity continued to deliver on its portfolio of grant making and other charitable activities.

Reserves Policy

Girton Town Charity’s primary objective is the provision of almshouses within the village of Girton. This is met by ensuring that the Charity has sufficient reserves to take opportunities as and when they arise. The limiting factor is the availability of land on which development can take place, and properties to purchase. In both scenarios the ability to move swiftly is essential. Its secondary objective is to make grants and provide other assistance to those who are in need, hardship or distress. This latter objective is satisfied by ensuring that the Charity can generate sufficient income from its investments, on an annual basis, to meet its current and estimated future demands.

For longer-term maintenance of the almshouses, the Charity makes provisions in line with the recommendations of the Charity Commission and the Almshouse Association for both cyclical repairs and extraordinary repairs, and the funds are kept separately in appropriate investments.

The Trustees do not make grant commitments for periods that exceed three years and three-year grants are only made if the Trustees are satisfied that the Charity has sufficient reserves to cover them.

At the end of the year the Charity had reserves (unrestricted funds not represented by fixed assets, designations or commitments) of £1,320,000 (2021: £837,000). As it relies on the income from its Endowment Funds to finance future expenditure, the ways in which this will be utilised is set out in its future plans, detailed below

FUTURE PLANS

The Charity currently has one major almshouse project in progress – Dovehouse Court - to increase and modernise its almshouse provision. This is a redevelopment of the site formerly occupied by the Charity's six small bungalows at 16-22 High Street to produce 15 modern, energy efficient homes suitable for single or double occupation.

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Approval for the scheme was obtained from the local authority's Planning Committee in June 2020, and permission granted in October 2020. GTC have entered into a contract with Barnes Construction at a fixed cost of £4.6m (excluding some professional fees). The funds to cover this expenditure were withdrawn from long-term investments and placed in liquid, interest-bearing, accounts with a variety of banks. These are being drawn down as the contract progresses

At the end of the financial year, Girton Town Charity had readily available cash or cash equivalents of £2.9m (2021: £1.6m) which is sufficient to meet its current objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Girton Town Charity (1130272), a charitable company, is the Trustee of Town Charity Girton (203217) under a Scheme approved by the Charity Commission for England and Wales on 24 June 2009. The Commission also issued a uniting direction that the Town Charity Girton as at that date should be treated as forming part of Girton Town Charity for the purposes of Part II (registration), and Part VI (accounting) of the Charities Act 1993. The company is limited by guarantee and is governed by its Memorandum and Articles of Association.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mrs R A Bonnett (Chair of Trustees) Date: 10 March 2023

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GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GIRTON TOWN CHARITY

OPINION

We have audited the financial statements of Girton Town Charity (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Income and Expenditure Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS OF 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

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GIRTON TOWN CHARITY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GIRTON TOWN CHARITY (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the 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 in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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.

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GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GIRTON TOWN CHARITY (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;

• we obtained an understanding of the legal and regulatory framework applicable to the charity and how the entity is complying with that framework;

• we identified which laws and regulations were significant in the context of the charity; and

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the charity’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; and

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

To address the risk of fraud through management bias and override of controls, we;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias;

Page 12

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GIRTON TOWN CHARITY (CONTINUED)

• we assessed the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; and

• we tested significant transactions, in particular the evaluation of the business rationale for any which appeared unusual or outside the company’s normal course of business.

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;

• reading the minutes of meetings of those charged with governance; and

• we discussed with management, those charged with governance and the entity’s solicitors actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Hewett (Senior Statutory Auditor) for and on behalf of

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Station Road Cambridge CB1 2LA

Date: 10 March 2023

Page 13

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

Note
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies
4
Charitable activities
5
Investments
3
Other income
6
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL
EXPENDITURE
NET
(EXPENDITURE)/IN
COME BEFORE NET
(LOSSES)/GAINS
ON INVESTMENTS
Net (losses)/gains on
investments
NET
(EXPENDITURE)/IN
COME
Transfers between
funds
21
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
TOTAL FUNDS
CARRIED
FORWARD
21		 Endowment
funds
2022
£000
-
-
-
-
-
140
218
358
(358)
(1,662)
(2,020)
-
(2,020)
37,301
35,281		 Restricted
funds
2022
£000
376
-
-
-
376
-
-
-
376
5
381
1
382
101
483		 Unrestricted
funds
2022
£000
-
149
681
-
830
(4)
390
386
444
-
444
(1)
443
2,517
2,960		 Total
funds
2022
£000
376
149
681
-
1,206
136
607
744
462
(1,657)
(1,195)
-
(1,195)
39,919
38,724		 Total
funds
2021
£000
-
110
640
29
779
117
505
622
157
3,960
4,117
-
4,117
35,802
39,919

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 44 form part of these financial statements.

Page 14

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022

Income
Gains on investments
GROSS INCOME IN THE
REPORTING PERIOD
Less: Total expenditure
NET
INCOME/EXPENDITURE)
FOR THE REPORTING
PERIOD		 Unrestricted
funds
2022
£000
829
-
829
(386)
443		 Restricted
funds
2022
£000
376
5
381
-
381		 Restricted
funds
2022
£000
-
-
-
(5)
(5)		 Total funds
2022
£000
1,205
5
1,210
(386)
824		 Total funds
2021
£000
779
5
784
(321)
463

The notes on pages 21 to 44 form part of these financial statements.

Page 15

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee) REGISTERED NUMBER: 06918381

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2022

Note
FIXED ASSETS
Investments
13
Tangible assets
14
CURRENT ASSETS
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
18
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
21
Restricted funds
21
Unrestricted funds
21
TOTAL FUNDS		 263
905
3,400
4,568
(691)		 2022
£000
26,236
8,629
34,865
3,877
38,742
(19)
38,723
35,281
483
2,959
38,723		 100
4,408
1,629
6,137
(181)		 2021
£000
27,878
6,110
33,988
5,956
39,944
(25)
39,919
37,301
101
2,517
39,919

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 16

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee) REGISTERED NUMBER: 06918381

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mrs R A Bonnett Mr M A Bermann (Chair of Trustees) (Trustee) Date: 10 March 2023 10 March 2023

The notes on pages 21 to 44 form part of these financial statements.

Page 17

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee) REGISTERED NUMBER: 06918381

COMPANY BALANCE SHEET AS AT 30 JUNE 2022

Note
FIXED ASSETS
Investments
13
Tangible assets
14
CURRENT ASSETS
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
18
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
21
Restricted funds
21
Unrestricted funds
21
TOTAL FUNDS		 214
905
2,902
4,021
(141)		 2022
£000
26,236
9,223
35,459
3,880
39,339
(19)
39,320
37,161
101
2,058
39,320		 117
4,408
1,586
6,111
(156)		 2021
£000
27,878
6,704
34,582
5,955
40,537
(25)
40,512
37,301
101
3,110
40,512

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The statement of financial activities for the year dealt with in the accounts of the company was deficit of £1,195,000 (2021: surplus of £4,131,000).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 18

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee) REGISTERED NUMBER: 06918381

COMPANY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mrs R A Bonnett Mr M A Bermann (Chair of Trustees) (Trustee) Date: 10 March 2023 10 March 2023

The notes on pages 21 to 44 form part of these financial statements.

Page 19

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Investment management fees
Net additions to tangible fixed assets
Net proceeds from sale of investments
NET CASH PROVIDED BY INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH PROVIDED BY FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
The notes on pages 21 to 44 form part of these financial statements		 2022
£000
427
681
(140)
(2,686)
3,489
1,344
-
1,771
1,629
3,400		 2021
£000
(387)
640
(117)
(696)
844
671
-
284
1,345
1,629

Page 20

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

(A Company Limited by Guarantee)

GIRTON TOWN CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Girton Town Charity 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The charity is a company limited by guarantee. The members of the charity are the trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.2 GOING CONCERN

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

1.3 FUND ACCOUNTING

Endowment funds represent those assets which must be held permanently by the Charity. Income arising on the endowment funds is included as unrestricted income. Any capital gains/losses arising from the investments form part of the fund. Permitted costs relating to the endowment assets including investment management fees plus property management and maintenance fees (including staff costs) relating to the almhouses and community centre are included in the endowment fund.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Page 21

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

(A Company Limited by Guarantee)

GIRTON TOWN CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.4 INCOME

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Property income is derived from the renting of the almshouses, an activity which constitutes a prime charitable objective. Property income is recognised in the period to which it relates.

Dividend income is accounted for in the period within which the Charity is entitled to receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.5 GOVERNMENT GRANTS

Income from grants is recognised when there is evidence of entitlement, receipt is probable and its amount can be measured reliably. Grants are recognised under the performance model as permitted by the SORP. Grant income towards capital projects have been recognosed in line with costs defrayed, as a proportion of total funded costs.

1.6 EXPENDITURE

All expenditure is accounted for on an accruals basis, including irrecoverable VAT, and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Support costs, including governance costs, are those costs incurred directly in support of expenditure on the objects of the charity and include office costs. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Support costs are allocated to each activity. 75% of support costs are allocated to grant activities and the remainder allocated to direct costs in proportion to the cost of the direct activity.

All individual items of capital expenditure costing less than £2,500 (inc. VAT) are written off in the year of purchase.

Page 22

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.7 INVESTMENTS

Investments are stated at fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Where there is a permanent diminution in the value of investments, the deficit is treated as a realised loss.

Current asset investments comprise listed investments held pending their sale and cash held for investment purposes rather than to meet short term cash commitments as they fall due. These investments are stated at fair value at the balance sheet date. The Statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Investments in subsidiaries are valued at cost.

1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Historic non purchased fixed assets which form part of the endowment have been capitalised in these accounts at a cost of £Nil. These assets are disclosed in the notes to the accounts.

Freehold property built on endowment land is depreciated over its estimated useful life. Other property is not depreciated as its residual value is considered to be in excess of the book value. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company. These assets are reviewed annually for impairment. Assets in the course of construction are not depreciated until they are brought into use.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Artwork - 1.25% straight line Furniture & fixtures - 20.00% straight line - Property 2.00% straight line - Plant & machinery 4.00-10.00% straight line

1.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 23

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.12 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION 2. UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The key areas in the financial statements where these judgements and estimates have been made are as follows:

The treatment of the above key areas is set out in the respective accounting policy.

3. INVESTMENT INCOME

Unrestricted
funds
2022
£000
Investment income
681
Unrestricted
funds
2021
£000
Investment income
640		 Total
funds
2022
£000
681
Total
funds
2021
£000
640

Page 24

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

4. INCOME FROM DONATIONS AND LEGACIES

Restricted Total Total
funds funds funds
2022 2022 2021
£000 £000 £000
Grants 376 376 -

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2022
£000
Property income
105
Community Centre income
44
149
Unrestricted
funds
2021
£000
Property income
96
Community Centre income
14
110		 Total
funds
2022
£000
105
44
149
Total
funds
2021
£000
96
14
110

Page 25

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

6. OTHER INCOME

Total funds 2022 £000

Insurance income
Grant income		 Unrestricted
funds
2021
£000
17
12
29		 Total
funds
2021
£000
17
12
29

7. INVESTMENT MANAGEMENT COSTS

Investment management fees
Investment management fees		 Endowment
funds
2022
£000
140
Endowment
funds
2021
£000
117		 Total
funds
2022
£000
140
Total
funds
2021
£000
117

Page 26

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Education and youth work
Welfare
Medical
Almshouses
Community Support in the Village
Community Centre
Education and youth work
Welfare
Medical
Almshouses
Community Support in the Village
Community Centre		 Endowment
funds
2022
Unrestricted
funds
2022
£000
£000
-
53
-
2
-
92
53
93
-
111
165
39
218
390
Endowment
funds
2021
Unrestricted
funds
2021
£000
£000
-
(26)
-
20
-
99
34
76
-
118
150
34
184
321		 Total
2022
£000
53
2
92
146
111
204
607
Total
2021
£000
(26)
20
99
110
118
184
505

Page 27

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Education and youth work
Welfare
Medical
Almshouses
Community Support in the Village
Community Centre		 Direct costs
2022
£000
-
-
-
131
28
126
285		 Grants
payable
2022
Support and
governance
costs
2022
£000
£000
34
19
1
1
59
33
-
15
48
35
-
77
142
180		 Total
funds
2022
£000
53
2
92
146
111
203
607
Education and youth work
Welfare
Medical
Almshouses
Community Support in the Village
Community Centre		 Direct costs
2021
£000
-
-
-
94
36
122
252		 Grants
payable
2021
£000
(9)
6
44
-
33
-
74		 Support and
governance
costs
2021
£000
(14)
11
55
15
48
64
179		 Total
funds
2021
£000
(23)
17
99
109
117
186
505

Page 28

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Maintenance
Management costs
Depreciation
Other direct costs
Rent
Depreciation
Maintenance
Management costs
Depreciation
Other direct costs
Rent		 Education
and youth
work
2022
£000
-
-
-
-
-
-
Education
and youth
work
2021
£000
1
-
-
-
-
-
1		 Almhouses
2022
£000
25
22
41
2
41
131
Almhouses
2021
£000
-
12
18
22
2
40
94		 Community
Support in
the Village
2022
£000
9
-
19
-
-
28
Community
Support in
the Village
2021
£000
-
30
-
5
-
-
35		 Community
Centre
2022
£000
6
4
107
9
-
126
Community
Centre
2021
£000
-
8
18
90
6
-
122		 Total
funds
2022
£000
40
26
167
11
41
285
Total
funds
2021
£000
1
50
36
117
8
40
252

Page 29

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Audit fee
Legal and Professional
Staff Costs
Utilities
Office and Admin Costs
Insurances
Audit fee
Legal and Professional
Staff Costs
Utilities
Office and Admin Costs
Insurances		 Education
and youth
work
2022
£000
5
-
9
-
4
1
19		 Welfare
2022
£000
-
-
1
-
-
-
1		 Medical
2022
£000
9
1
15
-
7
1
33		 Almhouses
2022
£000
3
-
6
3
2
1
15
Community
Centre
2022
£000
3
2
59
5
8
1
78		 Community
Support in
the Village
2022
£000
8
6
13
1
6
1
35
Total
funds
2022
£000
28
9
103
9
27
5
181

Page 30

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS (continued)

Audit fee
Legal and Professional
Staff Costs
Utilities
Office and Admin Costs
Insurances
Depreciation		 Education
and youth
work
2021
£000
(3)
-
(5)
-
(4)
-
(2)
(14)		 Welfare
2021
£000
2
-
4
-
3
1
1
11		 Medical
2021
£000
12
-
20
-
16
1
6
55		 Almhouses
2021
£000
2
-
4
4
3
-
2
15		 Community
Support in
the Village
2021
£000
10
2
17
-
14
-
5
48
Audit fee
Legal and Professional
Staff Costs
Utilities
Office and Admin Costs
Insurances
Depreciation		 Community
Centre
2021
£000
3
3
47
2
7
-
2
64		 Total
funds
2021
£000
26
5
87
6
39
2
14
179

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DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

10. ANALYSIS OF GRANTS

Education and youth work
Welfare of people in financial need
Medical
Community Support in the Village
Education and youth work
Welfare of people in financial need
Medical
Community Support in the Village		 Grants to
Institutions
2022
£000
25
-
-
47
72
Grants to
Institutions
2021
£000
(16)
-
-
33
17		 Grants to
Individuals
2022
£000
9
1
59
-
69
Grants to
Individuals
2021
£000
7
6
44
-
57		 Total
funds
2022
£000
34
1
59
47
141
Total
funds
2021
£000
(9)
6
44
33
74

Page 32

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

10. ANALYSIS OF GRANTS (CONTINUED)

The Group has made the following material grants to institutions during the year:

Education and youth work
Relate (Girton Glebe)
Girton Glebe school
YMCA
Cottontail preschool
Kings Junior Voices
Education and youth work
Community Support in the Village
Age UK - CWs
Age UK - ORC
cmb citizen
Relate (Village)
Community Support in the Village		 2022
£000
25
-
-
-
-
25
28
19
-
-
47
72		 2021
£000
-
10
(23)
(5)
2
(16)
33
31
(11)
(20)
33
17

11. STAFF COSTS, TRUSTEES EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION

Salaries
Social security costs
Pension costs		 Group
2022
£000
92
7
3
102		 Group
2021
£000
77
6
3
86		 Company
2022
£000
92
7
3
102		 Company
2021
£000
77
6
3
86

Page 33

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

11. STAFF COSTS, TRUSTEES EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION (CONTINUED)

The average number of persons employed by the Company during the year was as follows:

Group Group Company Company
2022 2021 2022 2021
No. No. No. No.
Employees 5 5 5 5

No employee received remuneration amounting to more than £60,000 in either year.

The Trustees are considered the key management personnel of the Group. During the year, no Trustee received remuneration or benefits-in-kind (2021 - £nil).

During the year, the Group paid directly or reimbursed 2 Trustees (2021 - 1) totalling £176 (2021 - £75), which related entirely to the cost of travel to attend meetings, seminars and courses, the cost of seminars, and general expenses.

12.

AUDITORS' REMUNERATION

Fees payable to the Company's auditor in respect of:
Auditors' remuneration - audit
Auditors' remuneration - accountancy and bookkeeping
13.
FIXED ASSET INVESTMENTS		 2022
£000
15
9		 2021
£000
13
9
GROUP AND COMPANY
MARKET VALUE
At 1 July 2021
Additions
Disposals
Revaluations
Cash movements
AT 30 JUNE 2022		 Investments
£000
27,878
2,681
(3,327)
(1,266)
-
25,967		 Cash
investments
£000
-
-
-
-
270
270		 Total
£000
27,878
2,681
(3,327)
(1,266)
270
26,237

Page 34

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

13. FIXED ASSET INVESTMENTS (CONTINUED)

All the fixed asset investments are held in the UK.

All investments are carried at their fair value with the exception of the investment in the subsidiary which is carried at cost. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the Group is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.

The main risk to the Group from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so there ability to buy and sell quoted equities and stock is anticipated to continue. The Group‘s investments are mainly traded in markets with good liquidity and high trading volumes. The Group has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Group manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Group does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.

PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Company:

Name Registered office or principal Principal activity Holding
place of business
GTC Developments Limited 1 Fairway, Girton, England, CB3 Property development 100%
0QF

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss)
£000 £000 / Surplus/
(Deficit) for
the year
£000
GTC Developments Limited 2,767 2,631 136

Page 35

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

14. TANGIBLE FIXED ASSETS

GROUP

COST
At 1 July 2021
Additions
At 30 June 2022
DEPRECIATION
At 1 July 2021
Charge for the year
At 30 June 2022
NET BOOK VALUE
At 30 June 2022
At 30 June 2021		 Furniture,
fixtures, and
office
equipment
£000
14
-
14
8
1
9
5
6		 Property
£000
5,700
8
5,708
446
164
610
5,098
5,254		 Artwork
Assets
under
construction
£000
£000
155
700
-
2,678
155
3,378
5
-
2
-
7
-
148
3,378
150
700		 Total
£000
6,569
2,686
9,255
459
167
626
8,629
6,110

Page 36

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

14. TANGIBLE FIXED ASSETS (CONTINUED)

COMPANY

COST
At 1 July 2021
Additions
At 30 June 2022
DEPRECIATION
At 1 July 2021
Charge for the year
At 30 June 2022
NET BOOK VALUE
At 30 June 2022
At 30 June 2021		 Furniture,
fixtures, and
office
equipment
£000
14
-
14
8
1
9
5
6		 Property
£000
6,173
8
6,181
491
164
655
5,526
5,682		 Artwork
Assets
under
construction
£000
£000
169
852
-
2,678
169
3,530
5
-
2
-
7
-
162
3,530
164
852		 Total
£000
7,208
2,686
9,894
504
167
671
9,223
6,704

Assets retained for the Charity's own use - Endowment funds

1 – 15 Dovehouse Court, High Street, Girton CB3 0PT (currently under construction) GTC Office 22 High Street, Girton CB3 0PU (currently under construction)

2.76 acres of land fronting Cambridge Road, Girton, Cambridgeshire used as allotments

3.60 acres of land fronting Cambridge Road, Oakington

0.57 acres of land at Westwick

Retained land at Wellbrook Way used for additional Almshouses, 296, 298, 300, 302, 304, 314, and 316 Wellbrook Way, Girton, Cambridgeshire.

Less than one quarter acre of land between the fence of 88 Girton Road and the boundary of the public highway.

The above assets which have been the property of the Charity for many years have been included on the balance sheet at £NIL cost.

Page 37

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

15. DEBTORS

Group
Group
2022
2021
£000
£000
Trade debtors
7
5
Amounts owed by group undertakings
-
-
Prepayments and accrued income
111
95
Tax recoverable
145
-
263
100
16.
CURRENT ASSET INVESTMENTS
Group
Group
2022
2021
£000
£000
Market value at 1 July 2021
4,408
5,253
Net movement in year
(3,503)
(845)
905
4,408
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 Company
2022
£000
7
93
114
-
214
Company
2022
£000
4,408
(3,503)
905		 Company
2021
£000
5
17
95
-
117
Company
2021
£000
5,253
(845)
4,408
Trade creditors
Grants payable
Other taxation and social security
Accruals and deferred income
Other creditors		 Group
2022
£000
476
82
3
130
-
691		 Group
2021
£000
29
92
-
54
6
181		 Company
2022
£000
9
82
3
47
-
141		 Company
2021
£000
10
92
-
52
2
156

Page 38

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Group Company Company
2022 2021 2022 2021
£000 £000 £000 £000
Grants payable 19 25 19 25

19. GRANTS PAYABLE:

Grants payable at 1 July 2021
New commitments made in the year
Commitments cancelled in the year
Commitments paid during the year
Grants payable at 30 June 2022		 2022
£000
117
114
(7)
(123)
101

20. FINANCIAL INSTRUMENTS

Group Group Company Company
2022 2021 2022 2021
£000 £000 £000 £000
FINANCIAL ASSETS
Financial assets measured at fair value
through income and expenditure 3,400 1,629 2,902 1,586

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Page 39

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

21. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Fixed asset fund
Cyclical
maintenance fund
GENERAL FUNDS
General fund
TOTAL
UNRESTRICTED
FUNDS
ENDOWMENT
FUNDS
Endowment fund
RESTRICTED
FUNDS
Extraordinary repair
fund
CPCA Grant
TOTAL OF FUNDS		 Balance at 1
July 2021
£000
2,234
43
2,277
240
2,517
37,301
101
-
101
39,919		 Income
£000
-
-
-
829
829
-
-
376
376
1,205		 Expenditure
£000
-
-
-
(386)
(386)
(358)
-
-
-
(744)		 Transfers
in/out
£000
(36)
1
(35)
34
(1)
-
1
-
1
-		 Gains/
(Losses)
£000
-
-
-
-
-
(1,662)
5
-
5
(1,657)		 Balance at
30 June
2022
£000
2,198
44
2,242
717
2,959
35,281
107
376
483
38,723

Page 40

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

21. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Fixed asset fund
Cyclical
maintenance fund
GENERAL FUNDS
General fund
TOTAL
UNRESTRICTED
FUNDS
ENDOWMENT
FUNDS
Endowment fund
RESTRICTED
FUNDS
Extraordinary repair
fund
TOTAL OF FUNDS		 Balance at
1 July 2020
£000
-
42
42
2,017
2,059
33,647
96
35,802		 Income
£000
-
-
-
779
779
-
-
779		 Expenditure
£000
-
-
-
(321)
(321)
(301)
-
(622)		 Transfers
in/out
£000
2,234
1
2,235
(2,235)
-
-
-
-		 Gains/
(Losses)
£000
-
-
-
-
-
3,955
5
3,960		 Balance at
30 June
2021
£000
2,234
43
2,277
240
2,517
37,301
101
39,919

Page 41

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

21. STATEMENT OF FUNDS (CONTINUED)

The Endowment fund consists of the original Town Charity’s almshouses, land and some listed investments. It also consists of the proceeds of the sale of some of the Charity's original land. In recent years listed investments have been realised and additional almhouses and the community centre have been built using these funds along with unrestricted funds which have been added to the endowment. Income from investment and property assets in the Endowment fund is included in unrestricted funds.

The Extraordinary repair fund must be established by the Trustees for the extraordinary repair, improvement or rebuilding of the almshouses and other property belonging to the Charity. The fund must be maintained by the transfer to it of not less than £390 per year or in such manner as the Commissioners from time to time approve or direct.

The Cyclical maintenance fund may be established by the Trustees for the ordinary maintenance or repair of the almshouses and other property belonging to the Charity which recur at infrequent intervals. The fund may be maintained by the transfer to it of £540 per year or such other sum as the Commissioners from time to time approve.

The fixed asset fund represents the net book value of tangible fixed assets held as unrestricted funds that are not readily available for the use of the Charity.

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one
year
TOTAL		 Endowment
funds
2022
£000
7,000
26,131
2,150
-
-
35,281		 Restricted
funds
2022
£000
-
105
378
-
-
483		 Restricted
funds -
class ii
2022
Unrestricted
funds
2022
£000
£000
-
1,629
-
-
-
2,039
-
(691)
-
(19)
-
2,958		 Total
funds
2022
£000
8,629
26,236
4,567
(691)
(19)
38,722

Page 42

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Fixed asset investments
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Endowment
funds
2021
£000
27,777
3,876
5,648
-
-
37,301		 Restricted
funds
2021
£000
101
-
-
-
-
101		 Unrestricted
funds
2021
£000
-
2,234
490
(181)
(25)
2,518		 Total
funds
2021
£000
27,878
6,110
6,138
(181)
(25)
39,920

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 23. ACTIVITIES

Net income/expenditure for the year (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Investment management fees
Decrease/(increase) in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		 Group
2022
£000
(1,195)
167
1,656
(681)
140
(163)
503
427		 Group
2021
£000
4,117
131
(3,960)
(640)
117
4
(156)
(387)

Page 43

DocuSign Envelope ID: 52B3F06C-3148-4347-BFAC-67F007DBDA33

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

24. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2022
£000
3,400
3,400		 Group
2021
£000
1,629
1,629

25. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At 1 July
2021
£000
1,629
1,629		 Cash flows
£000
1,771
1,771		 At 30 June
2022
£000
3,400
3,400

26. RELATED PARTY TRANSACTIONS

During the year the subsidiary company made sales to the charity of £2,636,000 (2021: £760,000) of which £2,636,00 (2021: £690,000) has been capitalised as additions to fixed assets. During the year the subsidiary company also charged Girton Town Charity administration fees amounting to £132,000 (2021: £36,000). During the year the subsidiary company donated £136,000 (2021: £56,000) to Girton Town Charity. At the year end a balance of £93,000 (2021: £17,000) was due from the Subsidiary to the Charity.

Page 44