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2023-06-30-accounts

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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 2023

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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
Trustees' Responsibilities Statement 10
Independent Auditors' Report on the Financial Statements 11 - 14
Consolidated Statement of Financial Activities 15
Consolidated Income and Expenditure Account 16
Consolidated Balance Sheet 17 - 18
Company Balance Sheet 19 - 20
Consolidated Statement of Cash Flows 21
Notes to the Financial Statements 22 - 45

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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 2023

Trustees Mr M A Bermann
Mrs R A Bonnett
Mr D S Buck (resigned 6 December 2022)
Mr C Carr
Mrs G R Cockley (appointed 16 May 2023)
Dr C R Hiley (resigned 20 October 2023)
Mr A Muston
Miss P J Smith
Company registered
number
06918381
Charity registered
number
1130272
Registered office
22 High Street
Girton
Cambridge
CB3 0PU
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Statutory Auditors
Station Road
Cambridge
CB1 2LA
Bankers
Lloyds Bank plc
Cambridge
CB2 3HQ
Solicitors
HCR Hewitsons
50-60 Station Road
Cambridge
CB1 2JH

Page 1

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

The Trustees of Girton Town Charity (the Charity, GTC), 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 2023. 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 28 homes within Girton; a mix of over 55 households with a close connection to 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 the Trustees have the key information needed for a decision. If Trustees are unsure, they will approach professional 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.

Page 2

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

OBJECTIVES AND ACTIVITIES (CONTINUED)

Statement of Public Benefit (continued)

The Charity provides almshouses for the residents of the Area of Benefit who are in need, currently 10 families and 17 over 55 households. Applications for vacant almshouses, and the Charity's grant-making schemes, are advertised widely in the Village through the GTC website, printed 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, for further education or to assist with health-related issues. 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 the support of professional agencies where necessary, 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 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 is committed to Equity, Diversity, and Inclusion across all areas of benefit and within its own organisation and strives to create an inclusive workplace, where our objectives are embedded in our practices and behaviours.

The Charity advertises its purposes and the names and contact details of its Trustees regularly in the Girton Parish News as well as providing monthly reports on its activities or Schemes and Grant; 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 regular attendance at Parish Council 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 providing facilities or 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 (e.g. by helping with the costs of suitable transport to hospital appointments) or to purchase suitable mobility aids.

ACHIEVEMENTS AND PERFORMANCE

Review of Activities

Following final grant payments to organisations such as Arthur Rank Hospice, EACH, and Macmillan Cancer Care, Trustees agreed they be invited to present retrospective claims from September 2023 and then annually going forwards, for funding support of Girton residents.

The agreement with Connections Bus Project to provide a Youth Group for residents aged 11 – 16 has continued. Whilst the project was slow to start with, the new Youth Group has been well received in the Village and regular dialogue with the Project Leader ensures local communication continues to encourage young residents to take part in the club.

Page 3

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Review of Activities (continued)

Redevelopment of the High Street site progressed as planned. The Charity's office continued to operate from temporary accommodation at St Andrew’s Church Parish Office until March 2022 when it relocated to the new office at 22 High Street.

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*

Office

GTC Office 22 High Street, Girton CB3 0PU*

Land and buildings

Shared ownership (with PCC) of a field on Oakington Road currently rented for agricultural use by Mr. Hales rent received £244 (PCC also receives £244)

Field in Westwick

Shared ownership (with PCC) of land currently managed by Girton Allotment Society on Hicks Lane 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

This year has seen significant progress in expanding the Charity's almshouse provision with modern, energy efficient, apartments. The new Dovehouse Court development provides 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. This major project to redevelop the central almshouse site on High Street, Girton continued throughout the year.

Barnes Construction were appointed as contractor in March 2021. A fixed term contract of 63 weeks was agreed at a fixed cost of £4.6m. Trustees acknowledged the support received throughout the project from Northmores (Projection Managers), Mole (Architects). Trustees further acknowledged that Barnes (Construction) had been a good choice, supported by Faithful & Gould (QS) and Munro (M&E). Barnes’ site manager, Paul Darrington had been excellent in managing to keep the project on track despite challenges created by Covid and Brexit, and had developed a good relationship with the neighbours ensuring that the considerable disruption caused by relatively large-scale construction on a small residential street, was minimised and that concerns raised were dealt with effectively and efficiently.

Page 4

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Almshouses (continued)

Delays experienced due to adverse weather, Covid, Customs issues due to Brexit, resourcing materials and ensuing problems in works rescheduling when delays occurred, resulted in changes to specification including to Passivhaus requirements by WARM. The Charity Project Managers negotiated with Barnes and agreed an increase in final construction costs to £4,995,000.

The Trustees had 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.

The first residents moved in to Dovehouse Court apartments on 22nd March 2023 with a formal opening event held on 29th April 2023 to which Trustees past and present, Parish and District Councillors, professional consultants and contractors were invited. The day continued with Open House for Girton residents.

In order to cover the long-term needs for repair and upkeep of a total of 28 properties the Trustees agreed to devote a larger proportion of its unrestricted cash reserves to its cyclical maintenance fund over the years to come. It also decided to take over the maintenance of all almshouses from the existing contract with CHS Group with the intention to ensure an efficient and cost-effective day-to-day maintenance service managed through the office by a Maintenance Supervisor. An appointment was made to this role in March 2023.

At Strategy Day July 2022, Trustees discussed and agreed increasing the WMC for all properties and that the responsibility for water rates along with all utilities would transfer to the appointees.

New residents of Dovehouse Court will pay £116 per week plus utilities. Existing residents will increase to £105 per week plus utilities with incremental increases to lift to £116 per week. Two-bedroom houses will increase to £116 per week plus utilities. Three-bedroom houses will increase to £130 per week plus utilities. 1a Fairway to increase incrementally to £116 per week plus utilities over time. 88 Girton Road to remain as existing.

William Collyn Community Centre

Following the decision to move away from management of the William Collyn Community Centre by Cambridgeshire ACRE, the Centre was run and managed by three part time GTC employees. In March 2023 the decision was made to appoint a full-time manager to the Centre with the remit of running the Centre on a more stand-alone basis albeit with a significant grant input from the Charity.

The Centre realised annual income for 2022-23 amounted to £39,000 (2022: £44,000).

The WCCC running costs (excl. depreciation) increased to £139,000 (2022: £96,000) in 2023 due to across-theboard cost inflation (insurance, utilities, wages, maintenance). Breaking even has never been regarded as the primary objective of the Charity for the Centre but maximising usage at a reasonable cost for the community is. Based on current hiring charges vs. corresponding running costs, it would be unlikely that the Centre balances its books even if it experienced a substantial increase in bookings.

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

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. Sylvia Newman Garden Design continued to manage and maintain the garden on a weekly basis.Replanting and upgrading some plants was carried out 2022/23.

The William Collyn Community Garden is also enjoyed by residents particularly those living on Wellbrook Way. Majestic Garden Services continue to maintain this space and the areas around the William Collyn Centre and its car parks, on a monthly basis. The Almshouse public space at Centenary Court, Suffolk Terrace, and gardens to three individual almshouses in the village were looked after on an ad hoc basis by Angus Garden Services.

Grants awarded

An analysis of charitable expenditure is given at Note 7 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: https://girtontowncharity.org.uk. The following is a summary of the types and purpose of the grants and commitments made during the period. Total grants awarded for 2022/23 were £133,000.

Education and youth work: £36,000 (2022: £34,000)

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. Grants for enrichment support had been awarded to Girton Glebe Primary School. Following the School's conversion to Academy status in a multiacademy trust, the Trustees reviewed their policies and agreed to cease funding 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 Enrichment Activity Clubs would continue to be supported along with Residential Visits for Pupil Premium families.

GTC Educational Grant Scheme provides assistance in buying books and equipment for recent school leavers who have moved on to further and higher education. The Charity also meets other educational needs on an individual grant basis. During the period, individual awards totalling £3,987 (2022: £6,018) were made to 18 recipients (2022: 25).

The Connections Bus Project received a grant of £5,000 to continue a weekly youth group operating from the Cotton Hall. Attendance is variable due to other Village activities available to young people, but Trustees are committed to providing this opportunity for young people.

St Andrews Church Support Worker running Bobtails (Parents and Toddlers) received a grant of £5,000.

Welfare and Personal Development of People in Financial Need: £10,000 (2022: £1,000)

Grants were made to 24 people during the year 2022/23, ranging from 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.

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Grants awarded (continued)

Medical: £72,000 (2022: £59,000)

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. Three-year commitments to the following organisations ended in September 2022: Arthur Rank Hospice, Camsight, East Anglia’s Children's Hospices (EACH), and Headway. In July 2022, Trustees agreed that following final payments, these organisations would be invited to present retrospective claims for funding support of Girton residents in September 2023 and annually going forwards.

The Charity's Care Plus Scheme continued to meet a significant demand for assistance and payments of £39,214 (2022: £22,000) were made to providers during the year. 33 residents (2022; 26) 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 noted that the charity had seen an increase in grant requests over the last twelve months and that there had been difficulties getting care cover from care providers for residents in receipt of CarePlus awards.

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 210 members (2022: 250). The award for 2022/23 £15,862. Grants also continue to be made where more specialist transport is required and two grants of this nature were made in the year.

Community Support in the Village: £15,000 (2022: £47,000)

The Charity supports the Village's Community Warden Scheme provided by Age UK. The Warden continues to help and give reassurance to around 16 households who subscribe to the Scheme. Grants of £15,519 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 £7,706.

The Charity also made a payment of £4,800 to Relate which provides a counselling service in the Village. In line with the Charity current arrangements for organisations, the three-year grant ceased in September 2022 and Relate commenced quarterly retrospective claims for full cost recovery of £70.00 per session up to six sessions for Girton residents.

Cogwheel Trust received a grant of £3,000 for family counselling in the Village and will also be invited to make retrospective claims from September 2022.

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. Detailed reports are required from organisations, 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.

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

FINANCIAL REVIEW

The Charity’s main source of income remains that arising from financial investments, which amounted to £748,000 (2022: £681,000). In addition, there was £143,000 (2022: £149,000) of income arising from the maintenance contributions from almshouse residents, land (marginally) and income hiring charges from the Community Centre. The Charity itself also received Gift Aid of £141,000 (2022: £136,000) from its wholly owned subsidiary GTC Developments Ltd during the year.

Charitable expenditure was £615,000 (2022: £608,000). 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 £131,000 (2022: £146,000). The net income before investment gains or losses for the year was £444,000 (2022: £462,000).

The end-of-year revaluation of the Charity's investment assets produced a net gain of £141,000 (net loss 2022: £1,658,000).

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.

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. With the addition of 15 properties at Dovehouse Court, Trustees have agreed to significantly increase the endowment to the Almshouse maintenance fund and review investment partners to ensure the best return for the fund.

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.

Total funds at the end of the year were £39,307,000 (2022: £38,723,000) of which unrestricted funds were £3,559,000 (2022: £2,959,000). At the end of the year the Charity had reserves (unrestricted funds not represented by fixed assets, designations or commitments) of £997,000 (2022: £1,320,000). 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.

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

FUTURE PLANS

Trustee time continued to focus on the completion of Dovehouse Court which extended into Spring 2023 as well as planning processes for the interviewing and appointment of residents to the almshouses. Future maintenance arrangements for all almshouses along with IT and staffing requirements to manage a significant shift in the Charity working practices has required considerable input from Trustees during this year. Trustees’ strategic decisions include focus on consolidating the new working practices over the next year. Building a secure Maintenance fund for the future of the Almshouses and strategic purchases of land if anything appropriate became available in order to build the Charity landbank for the future.

At the end of the financial year, Girton Town Charity had readily available cash or cash equivalents of £813,000 (2022: £2,902,000) 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

Trustee Date: 26 March 2024

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2023

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Mrs R A Bonnett Trustee

Date: 26 March 2024

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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 2023 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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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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:

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DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

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

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.

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:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 13

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

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

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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: 26 March 2024

Page 14

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

Note
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies
4
Charitable activities
5
Investments
3
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL
EXPENDITURE
NET
(EXPENDITURE)/IN
COME BEFORE NET
GAINS/(LOSSES)
ON INVESTMENTS
Net gains/(losses) on
investments
NET
(EXPENDITURE)/IN
COME
Transfers between
funds
20
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
TOTAL FUNDS
CARRIED
FORWARD
20		 Endowment
funds
2023
£000
-
-
-
-
131
211
342
(342)
134
(208)
-
(208)
35,281
35,073		 Restricted
funds
2023
£000
299
-
-
299
-
-
-
299
6
305
(113)
192
483
675		 Unrestricted
funds
2023
£000
-
143
748
891
-
404
404
487
-
487
113
600
2,959
3,559		 Total
funds
2023
£000
299
143
748
1,190
131
615
746
444
141
584
-
584
38,723
39,307		 Total
funds
2022
£000
376
149
681
1,206
136
608
744
462
(1,658)
(1,196)
-
(1,196)
39,919
38,723

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

The notes on pages 22 to 45 form part of these financial statements.

Page 15

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

Income
Gains on investments
GROSS INCOME IN THE
REPORTING PERIOD
Less: Total expenditure
NET
INCOME/EXPENDITURE)
FOR THE REPORTING
PERIOD		 Unrestricted
funds
2023
£000
891
-
891
(404)
487		 Restricted
funds
2023
£000
299
6
305
-
305		 Restricted
funds
2023
£000
-
-
-
(6)
(6)		 Total funds
2023
£000
1,190
6
1,196
(404)
792		 Total funds
2022
£000
1,205
5
1,210
(435)
775

The notes on pages 22 to 45 form part of these financial statements.

Page 16

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2023

Note
FIXED ASSETS
Investments
12
Tangible assets
13
CURRENT ASSETS
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
17
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
TOTAL FUNDS		 510
479
1,438
2,427
(534)		 2023
£000
26,376
11,038
37,414
1,893
39,307
-
39,307
35,073
675
3,559
39,307		 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

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 17

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023

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 Trustee Trustee Date: 26 March 2024 26 March 2024

The notes on pages 22 to 45 form part of these financial statements.

Page 18

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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

COMPANY BALANCE SHEET AS AT 30 JUNE 2023

Note
FIXED ASSETS
Investments
12
Tangible assets
13
CURRENT ASSETS
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
17
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
TOTAL FUNDS		 1,255
479
813
2,547
(651)		 2023
£000
26,376
11,593
37,969
1,896
39,865
-
39,865
35,125
675
4,065
39,865		 214
905
2,902
4,021
(141)		 2022
£000
26,236
9,223
35,459
3,880
39,339
(19)
39,320
35,281
482
3,557
39,320

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 surplus of £119,000 (2022: deficit of £1,195,000).

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 19

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

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

COMPANY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023

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 Trustees Trustee Date: 26 March 2024 26 March 2024

The notes on pages 22 to 45 form part of these financial statements.

Page 20

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

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
Proceeds from sale of investments
Purchase of investments
Net movement on current asset investments
Movement in cash investments
NET CASH (USED IN)/PROVIDED BY INVESTING 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		 2023
£000
(479)
748
(131)
(2,529)
3,705
(3,769)
426
67
(1,483)
(1,962)
3,400
1,438		 2022
£000
428
681
(140)
(2,686)
2,936
(2,681)
3,503
(270)
1,343
1,771
1,629
3,400

The notes on pages 22 to 45 form part of these financial statements

Page 21

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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 22

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

(A Company Limited by Guarantee)

GIRTON TOWN CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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 recognised 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.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 23

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.6 EXPENDITURE (CONTINUED)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

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.

Page 24

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1. ACCOUNTING POLICIES (CONTINUED)

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.

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
2023
£000
Investment income
748
Unrestricted
funds
2022
£000
Investment income
681		 Total
funds
2023
£000
748
Total
funds
2022
£000
681

Page 25

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

4. INCOME FROM DONATIONS AND LEGACIES

Restricted
funds
2023
£000
Grants
299
Restricted
funds
2022
£000
Grants
376
5.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2023
£000
Property income
104
Community Centre income
39
143
Unrestricted
funds
2022
£000
Property income
105
Community Centre income
44
149		 Total
funds
2023
£000
299
Total
funds
2022
£000
376
Total
funds
2023
£000
104
39
143
Total
funds
2022
£000
105
44
149

Page 26

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

6. INVESTMENT MANAGEMENT COSTS

Investment management fees
Investment management fees		 Endowment
funds
2023
£000
131
Endowment
funds
2022
£000
140		 Total
funds
2023
£000
131
Total
funds
2022
£000
140

Page 27

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

7. 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
2023
Unrestricted
funds
2023
£000
£000
-
66
-
17
-
129
41
106
-
49
170
37
211
404
Endowment
funds
2022
Unrestricted
funds
2022
£000
£000
-
53
-
2
-
92
53
93
-
111
116
88
169
439		 Total
2023
£000
66
17
129
147
49
207
615
Total
2022
£000
53
2
92
146
111
204
608

Page 28

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Education and youth work
Welfare
Medical
Almshouses
Community Support in the Village
Community Centre		 Direct costs
2023
£000
-
-
-
125
20
88
233		 Grants
payable
2023
Support and
governance
costs
2023
£000
£000
36
29
10
8
72
56
-
22
15
14
-
119
133
248		 Total
funds
2023
£000
65
18
128
147
49
207
615
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
£000
34
1
59
-
48
-
142		 Support and
governance
costs
2022
£000
19
1
34
15
35
77
181		 Total
funds
2022
£000
53
2
93
146
111
203
608

Page 29

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Maintenance
Management costs
Depreciation
Rent
Other direct costs
Maintenance
Management costs
Depreciation
Rent
Other direct costs		 Almhouses
2023
£000
24
25
41
32
3
125
Almhouses
2022
£000
25
22
41
41
2
131		 Community
Support in
the Village
2023
£000
10
-
10
-
-
20
Community
Support in
the Village
2022
£000
9
-
19
-
-
28		 Community
Centre
2023
£000
3
6
68
-
11
88
Community
Centre
2022
£000
6
4
107
-
9
126		 Total
funds
2023
£000
37
31
119
32
14
233
Total
funds
2022
£000
40
26
167
41
11
285

Page 30

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs
Audit and accountancy
Legal and professional
Utilities
Office and administration
Insurances
Depreciation
Other		 Total
funds
2023
£000
150
33
12
11
38
2
1
1
248		 Total
funds
2022
£000
102
28
9
8
27
5
1
1
181

Page 31

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. 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
2023
£000
1
-
-
15
16
Grants to
Institutions
2022
£000
25
-
-
47
72		 Grants to
Individuals
2023
£000
35
10
72
-
117
Grants to
Individuals
2022
£000
9
1
59
-
69		 Total
funds
2023
£000
36
10
72
15
133
Total
funds
2022
£000
34
1
59
47
141

Page 32

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. ANALYSIS OF GRANTS (CONTINUED)

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

Education and youth work
Relate (Girton Glebe)
Cotton Hall Foundation
Education and youth work
Community Support in the Village
Age UK - CWs
Age UK - ORC
Girton Parish Council
The Connections Bus Project
WCCC writebacks
Cambridge & District Citizens Advice Bureau
The Cogwheel Trust
Community Support in the Village		 2023
£000
-
1
1
1
-
8
5
(3)
1
3
15
16		 2022
£000
25
-
25
28
19
-
-
-
-
-
47
72

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

Salaries
Social security costs
Pension costs		 Group
2023
£000
140
5
5
150		 Group
2022
£000
92
7
3
102		 Company
2023
£000
140
5
5
150		 Company
2022
£000
92
7
3
102

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

Group Group Company Company
2023 2022 2023 2022
No. No. No. No.
Employees 6 5 6 5

Page 33

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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

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 (2022 - None).

During the year, the Group paid directly or reimbursed 1 Trustee (2022 - 2) totalling £122 (2022 - £176), which related entirely to the cost of travel to attend meetings, seminars, and courses, and general expenses.

11. AUDITORS' REMUNERATION

2023 2022
£000 £000
Fees payable to the Company's auditor in respect of:
Auditors' remuneration - audit 15 12
Auditors' remuneration - accountancy and bookkeeping 13 12

12. FIXED ASSET INVESTMENTS

GROUP AND COMPANY
MARKET VALUE
At 1 July 2022
Additions
Disposals
(proceeds £3,705k)
Revaluations
Cash movements
AT 30 JUNE 2023		 Investments
£000
25,868
3,769
(3,824)
260
-
26,074		 Cash
investments
£000
369
-
-
-
(67)
303		 Total
£000
26,237
3,769
(3,824)
260
(67)
26,377

Page 34

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

12. 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 2,631 2,490 141

Page 35

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

13. TANGIBLE FIXED ASSETS

GROUP

COST
At 1 July 2022
Additions
Transfers between classes
At 30 June 2023
DEPRECIATION
At 1 July 2022
Charge for the year
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2023		 Property
Assets
under
construction
£000
£000
5,708
3,378
-
2,519
5,897
(5,897)
11,605
-
610
-
116
-
726
-
10,879
-
5,098
3,378		 Furniture,
fixtures, and
office
equipment
£000
14
10
-
24
8
2
10
14
5		 Artwork
£000
155
-
-
155
7
2
9
146
148		 Total
£000
9,255
2,529
-
11,784
625
120
745
11,039
8,629

Page 36

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

13. TANGIBLE FIXED ASSETS (CONTINUED)

COMPANY

COST
At 1 July 2022
Additions
Transfers between classes
At 30 June 2023
DEPRECIATION
At 1 July 2022
Charge for the year
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Property
Assets
under
construction
£000
£000
6,181
3,530
-
2,519
6,049
(6,049)
12,230
-
655
-
155
-
810
-
11,420
-
5,526
3,530		 Furniture,
fixtures, and
office
equipment
£000
14
10
-
24
8
2
10
14
5		 Artwork
£000
169
-
-
169
7
2
9
160
162		 Total
£000
9,894
2,529
-
12,423
670
159
829
11,594
9,223

At 30 June 2023, the Trustees obtained an independent market valuation by Maxey Grounds of the Charity's main property assets. The Charity has considered these valuations as part of their annual impairment review. The Charity has not adopted a policy of revaluation of tangible fixed assets.

Other endowment assets retained for the Charity's own use:

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: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

14. DEBTORS

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2023
£000
2
-
23
437
48
510		 Group
2022
£000
7
-
-
111
145
263		 Company
2023
£000
2
815
-
438
-
1,255		 Company
2022
£000
7
93
-
114
-
214
15.
CURRENT ASSET INVESTMENTS
Market value at 1 July 2022
Net movement in year		 Group
2023
£000
905
(426)
479		 Group
2022
£000
4,408
(3,503)
905		 Company
2023
£000
905
(426)
479		 Company
2022
£000
4,408
(3,503)
905

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Grants payable
Other taxation and social security
Accruals and deferred income		 Group
2023
£000
326
53
-
155
534		 Group
2022
£000
476
82
3
130
691		 Company
2023
£000
13
53
-
585
651		 Company
2022
£000
9
82
3
47
141

Page 38

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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

Group Group Company Company
2023 2022 2023 2022
£000 £000 £000 £000
Grants payable - 19 - 19

18. GRANTS PAYABLE:

Grants payable at 1 July 2022
New commitments made in the year
Commitments cancelled/written back in the year
Commitments paid during the year
Grants payable at 30 June 2023		 2023
£000
101
136
(3)
(181)
53

19. FINANCIAL INSTRUMENTS

Group Group Company Company
2023 2022 2023 2022
£000 £000 £000 £000
FINANCIAL ASSETS
Financial assets measured at fair value
through income and expenditure 1,438 3,400 813 2,902

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

Page 39

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. 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 2022
£000
2,198
44
2,242
717
2,959
35,281
107
376
483
38,723		 Income
£000
-
-
-
891
891
-
-
299
299
1,190		 Expenditure
£000
-
-
-
(404)
(404)
(342)
-
-
-
(746)		 Transfers
in/out
£000
(636)
956
320
(207)
113
-
(113)
-
(113)
-		 Gains/
(Losses)
£000
-
-
-
-
-
134
6
-
6
140		 Balance at
30 June
2023
£000
1,562
1,000
2,562
997
3,559
35,073
-
675
675
39,307

Page 40

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. 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
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 41

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

20. 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. At the year end the accumulated balance has been transferred as it has been spent on Dovehouse Court.

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. At the year end the trustees have designated an additional £956,000 to establish a closing balance of £1m. This amounts will be used to maintain the Charity's growing number of property assets.

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.

The CPCA Grant fund represents the value of the grant towards the cost of Dovehouse Court. Whilst this asset was brought into use at the year end, the final grant claim was received in October 2023 and the value of the fund transferred to unrestricted fund post year-end.

Page 42

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Fixed asset investments
Tangible fixed assets
Current assets
Creditors due within one year
TOTAL		 Endowment
funds
2023
£000
26,272
8,801
-
-
35,073		 Restricted
funds
2023
Unrestricted
funds
2023
£000
£000
-
104
675
1,562
-
2,428
-
(534)
675
3,560		 Total
funds
2023
£000
26,376
11,038
2,428
(534)
39,308

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
2022
£000
26,131
7,000
2,150
-
-
35,281		 Restricted
funds
2022
£000
105
-
378
-
-
483		 Restricted
funds - class
ii
2022
£000
-
-
-
-
-
-		 Unrestricted
funds
2022
£000
-
1,629
2,039
(691)
(19)
2,958		 Total
funds
2022
£000
26,236
8,629
4,567
(691)
(19)
38,722

Page 43

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

22.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
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
Increase in debtors
Increase in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
23.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
24.
ANALYSIS OF CHANGES IN NET DEBT
At 1 July
2022
£000
Cash at bank and in hand
3,400
3,400		 FROM OPERATING
Group
Group
2023
2022
£000
£000
584
(1,196)
120
167
(140)
1,657
(748)
(681)
131
140
(797)
(163)
371
504
(479)
428
Group
Group
2023
2022
£000
£000
1,438
3,400
1,438
3,400
Cash flows
At 30 June
2023
£000
£000
(1,962)
1,438
(1,962)
1,438

Page 44

DocuSign Envelope ID: 2708A7A9-CA0C-4347-BD6E-12E55E9023E1

GIRTON TOWN CHARITY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

25. RELATED PARTY TRANSACTIONS

During the year the subsidiary company made sales to the charity of £2,631,000 (2022: £2,768,000) of which £2,519,000 (2022: £2,636,000) has been capitalised as additions to fixed assets.

During the year the subsidiary company also charged Girton Town Charity administration fees amounting to £108,000 (2022: £132,000).

During the year the subsidiary company donated £141,000 (2022: £136,000) to Girton Town Charity. At the year end a balance of £815,000 (2022: £93,000) was due from the Subsidiary to the Charity.

Page 45