Company registration nuinber: 07969941 Charity registration number: 1146366 The Grocott Family Charitable Trust (A company limited by guaranl¢e) Annual Report and Financial Statements for th¢ Year Ended 31 March 2024
The Grocott Family Charitable Trust Contents Reference and Adininistrative Details I'i'iistees, Report 2to4 Independent Exai)iiner's Repoit Statement of Financial Activitie5 Balance Sheet Notes to the Financial Stat¢inents 8t0 14
The Grocott Family Charitable Trust Reference and Administrative Details Trustees D V Grocott L M Grocott Secretary H Midwood ChuJ'i¢y Regi51i'ation Number 1146366 Company Registration Number 07969941 The charity is incory)orated in England and Wales. Brookdale Station Road Prees Shropshtre SY13 2DW Registered Office Independent Examiner CBSL Accountants Limited Chartered Accounlanr Rowan House North l The Professional Quarter Shrew5bury Business Park Shrew5bury Shropshire SY2 6LG Page I
The Grocott Family Charitable Trust Trustees, Report The truste¢s. who are directors for the purposes of company law. present the annual report together witli the financial stat¢inenls of the charitable company for the year ended 31 March 2024. Objectives and activities Objecls aiid nliiis The objectives of the cliaritable trust are to fvrther such objects or purposes which are exclusively charitable accoi'ding to the law of England and Wales. in Whilchurch and the surrounding area and in such a inanner as the ti'ustees may in their absolute discrelion think fit. Piibllc beiiefil The trustees confirni that ihey have complied with the requirements of section 17 of ihe Charitie5 Act 201 I to have due i'¢gard to the public benefit guidance piiblished by the Charity Commission for England and Wales. Truste¢s and OleerS The ti'ustees and officers serving dui-ing the year and since the year end were as follows.. Ti'u5tees'. R V Grocott (resigned l October 2023) D V Grocott L M Grocott Secretary; H Midwood Structure) governance and management Niiliire ofgoveriiiiig iloclliiieiil The chai'ilable trust is governed by a Memorandum and Articles of Association dated l Oth October 2011. Aehievernents and perforniAnce The charitable trust continued lo let eight retirement bungalows, which provide high-quality, economical-to-run and affordable ac¢ominodation for older people in the local community- In addition the charitable trust provided grants totalling £11,856 to local charitable purposes. Financial revieiv The ch<iritdbl¢ trust received rental income of £48,416 during the year. Costs in the year relate to tlie running costs of mdintaining the rental properties, general site inainlenance, donations made to local charilable causes and pi'ofessional fee5. At 31 March 2024 the charitable liijst's net assets totalled £l.864.732. Policy oli reserves All funds are unrestricted to be used for the general charitable objectives of the charitable trust. The Trustees hold reserves to enable the charitable trust to meet its residents, needs by maintaining the accominodation to a high 5tarEdai'd, which should total around twelve months average expenditure of £17,000. Additional reserves held are for Trustees lo continue to identify further charitable needs within the local cominunity to support. The cliaritable trust holds unrestricted reserves of £307.281 ai 31 March 2024. The Trustees continue to look for local Ch-Itable projects to support. Page 2
The Grocott Family Charitable Trust Trustees, Report Plaiis for future periods Aliiis and key objeclivesforfiiliireperiods The Ti'ustees continue to review other charitable projects in the surrounding area to support in future periods. Finaneial instruineiits Objecilyes aiidpolicie The TTUStees review the risks to which th¢ charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by th¢ impl¢menlation of procedures for authorisation of all transaction5 and projects and to ensure consistent quality of delivery for all operational aspects of the charilable Company. These procedures are periodically reviewed to ensure that they still meet the needs of Ihe chaiity. The charity does not use derivative financial instruments for speculative purposes. Statement of Responsibilities The truslces (who ar¢ also the directors of The Grocott FarnTly Charitable Trust for the puiposes of company law) are responsible for preparing the trustees, repoit and the financial statements in accordance with appli¢able law and United Kingdoin Accounting Siandai'ds (United Kingdoin Generally A¢cept¢d Accounting Pi'actice), includiiig FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Coinpany law requires the trustees to prepare financial slaleinents for each financial year. Under compaiiy law tl)e trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable coinpany and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial stateinenls, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SOIIP. make judgements and estitnates that are reasonable and prudent. slate whether applicable accounting standards, coinprising FRS 102 have been followed, subject to any Inaterial departures disclosed and explained in the financial siateinents. and prepare the financial statements on the going concern basis unless it is inappropriate to presuiy)e that the charilable company will continue in business. The trustees are responsible for keeping proper accounling records that can disc105e with reasonabl¢ accuracy at any tiine the financial position of the charitable coinpany and enable thein to ensure that the financial statements coiiiply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corpoi'ate and financial information included on the charitable company's websile. Legislation governing the preparation and di5seinination of financial slalements may differ from legislation in other jurisdictions. Page 3
The Grocott Family Charitable Trust Trustees, Report Small companies provision statement This i'epoit has been prepared in accordance with the small coinpanies regiine under the Coinpanies Act 2006. The annual report was approved by the trustees of the charity on ..b.11211.4... and signed on its behalf by: L M Gi'ocott Ti'ustee Page 4
The Groeott Family Charitable Trust Independent Examiner's Report to the trustees of The Grocott Family Charitable Trust ('the Company,) I repoit to the charity trustees on my examination of tlie accounts of the Company for the y¢ar ended 31 March 2024. Responsibilities and bllsis of report As the chai'ity'5 tlllstees of the Company (and also its directors for the purpose5 of company law) you ait responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('tlie 2006 Act,). Having satisfied myself that the accounts of the Coinpany are not required to be audited und¢r Part 16 of th¢ 2006 Act and are eligible for independent examination. I report in respect of my examination of your chai'ity's accounts as caii'i¢d out Linder section 145 of the Charities Act 2011 ('the 2011 Act.). In cairying out my ¢xaininalion I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent ¢xaminer'5 statement I have coimpleted my examination. I confirni that no matters have come to my attenlion in connection with the examination giving me cause to believe: l. accounting records w¢re not kept in respect of The GTocott Family Charitable Trust as required by sectioii 386 of the 2006 Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of ihe 2006 Act other than any requirement that the a¢counls give 8 'true and fair view, which is not a matter considei'ed as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recominend¢d Practice for accounting and ieporting by charities [applicable to charities preparing their accounts in accordance with the Financial Rcporting Standard applicable in the UK and Republi¢ of Iirland (FRS 102)]. I have no concerns and have Come across no other matters in connection with the exainination to which attention should be drawn in this report in ol'der lo enable a proper understandiiig of the accounts to be l'eached. IA>uise osselton FCA Chartered Accountant ICAEW Rowan House North l The Professional Quarter Shi'¢wsbury Business Park Shi'ewsbury Shropshire SY2 6LG CothS>Yr 201 Page 5
The Grocott Family Charitable Trust Statement of Financial Activities for the Year Ei nded 31 March 2024 (Including Income and Expenditure Account And Statement of Total Recognised Gains and Losses) Unrestricted runds Total 2024 Note Incoffle and EndoivmenÉs from: Donations and legacies Chai'itable activities Other income 3,331 48,416 493 3,331 48,416 493 Total income 52,240 52.240 I xpenditure on: Charitable activities 55,655 (55.655) Total expenditui'e Net expenditui'e Net movement in funds (55.655) (55,655) 3,415 3,415 {3,415) (3,415) Reconciliation of funds Total funds bi'ought forward 1,868,147 1.868.147 Total fjJnds carried forward 14 1,864.732 Unrestricted funds 1.864,732 Total 2023 Note Income and Endowrnents from; Donations and legacies Chai'itable activities Other income 1,116 43,410 448 1,116 43,410 448 Total incoine 44,974 44,974 Expenditure on: Cl)ai'itable activili¢s (52.848) 52,848 Total ¢xp¢Thditure (52,848 52,848) Net expenditure Net movement in funds (7,874) (7,874) (7,874) (7,874) Reconcillatlon of funds Total funds brought forward 1,876,021 1,876,021 Total funds carried forward 14 1,868,147 1,868,147 All of the charity's activities derive froin continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 14. The notes on pages 8 to 14 form an integral part of these fmancial statein¢nts. Page 6
The Grocott Family Charitable Trust (Registration number: 07969941) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets I'angible assets ,557,451 1,593,470 Cui'rent assets Debtors Cash at bank and in hand 12 3,634 307,824 650 278,907 311.458 279.557 Creditors: Amount5 falling due ivithin one year 13 4.177) 4.880 Net current assets 307,281 274,677 Iyet assets ,864,732 ,868,147 Funds of the charity: Unrestrieted income funds Unrests'icted funds 1,864,732 1,868,147 Total funds 14 1,864,732 1,868,147 For the fmancial year ending 31 March 2024 the charity was entitled to exemption from audit undei. section 477 of the Coinpanies Act 2006 relating to small companies. Dii'ectors, responstbilities". The tnembers have not required th¢ charity to obtain an audit of 115 accounts foi. the year in question in accordance with section 476; and The directors acknowledge their responsibilities for complying witli the requirements of the Act with respect to accounting records and the preparation of accounts. These financial stateinents have been pi'epared in accordance with the special provisions relating to coinpanies subject to the small coinpanies regime within Part 15 of th¢ Companies Act 2006. The financial slateinents on pages 6 to 14 were approved by the trustees, and authorised for issue on .tsl11..114..... and signed on iheir behalf by: L M Grocott Ti'ustee The notes orl pages 8 to 14 fonn an integral part of these financial slatements. Page 7
The Grocott Famity Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The chai'ity is limited by guarantee, incorpordted in England and Wales, and consequently does not have share capital. Each of the Irustces is liable lo contribiite an amount not exceeding £1 O towards the assets of the cliarity in the event of liquidation. The address of its registered office is: Brookdale Station Road Pi'ees Shi'opshire SY13 2DW 2 Accounting policles Summary of significant accounting policies and key accounling estlniales The principal accounting policies applied in the PTeparaiion of these financial slalements are set out below, These policies have been consistently applied to all the years presented, unless otherwise slated. Ststement of compliance The financial stalein¢nts have been prepared in accordance WTth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accoi'dance with the Financial Repoiting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l Januai'y 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Coinpanies ACÉ 2006. Basis of preparation The Grocolt Faimily Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valiie unless othenvise stated in ihe relevant accounting policy notes, Going concern The ti'ustees consider that th¢re are no matei'ial uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the chai'ity. Exemption from preparing a oash flow statement The charity opted to early adopt Bulletin I piiblished on 2 February 2016 and have therefore not included a cash flow stateinenl in these fmancial statements. Ineome and endowments All incoine is r¢cognised once the charity has entitleinent to the income, it is probable that the income will be received and the amount of the income receivable cali be measureil reliably. Page 8
The Grocott Family Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Doiiulloiis lliid lÈgtteles Donations al'e recognised when the charity has been notified iii writing of both ihe amount and settleinent date. In the ev¢nt tliat a donation is subject to conditions that requTre a level of performance by the chai'ity before the chai'ity is entitled to the funds, the income is deferred and not recognised until either those conditions al'e fully mel, oi. the fulfilinent of those conditions is wholly within the control of the charity and it is probable that these conditions will b¢ fulfilled in the reporting period. Cliarifiible ucllvliles Rental income is recognised over each agreed tenancy period. Expendilure All exp¢nditure is recognised once there is a legal or constructive obligation to that expenditure, it is pi'obable settleinent is required and the ainount can be measured rellably. All costs allocated to the applicable expenditui'e heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particulai. headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocated on th¢ basis of time spent, and depreciation cl)arges allocated on the portion of the asset's use. Othei. support costs are allocated based on the spread of staff costs. Cliarllable aellvllles Charitable expenditLire comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect iiature necessary io support them. Grnntprovlsioiis Provisions for grants are made when the intention to make a grant has beei) colnunicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Suppor¢ costs Suppoit costs includc central functions and have been allocated to activity Cost categories on a basis consistent with the use of resources. Governance costs These incliide the cost5 attributable lo the charity's compliance with constitutional and statutory requii'¢ments, including audit, strategic Inana8ement and trustees meetings and reiinbursed expenses. Taxation The chai'ity is Considered to pass the tests set out in Paraap I Schedule 6 of the Finance Act 2010 and therefore it Ineets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is Potentially exempt fi'om laxation in respect of income or capital gains received within Lategories overed by Chapter 3 Part I l of the Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied eKcIu5ively to cl)ai'itable purposes. Tangible fixed assets IndivÈdual fixed assets are initially recorded at cost. less any subsequent accuinulated depreciation and subsequent accumulated itnpairtnent losse5. Land is not depreciated. Page 9
The Grocott Family Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Depreciation and amort15ation Depreciation is calculated so as to write off the cost of an asset. less its residual value, over tlie useful economic life of that asset. Freehold land is not deprecRated. Assets under construction are not depreciated until they are brought into use. Asset elass Freehold biiildings Fixtures and fittings Depreciation method and rate 20/0 Straight line 20 % straight line Trade debtors Trade debtot's are amounts due from customers for services perfornied in the ordinary course of business. Trade debtors al'e iycognised initially at the transaction price. They are subseqiiently measured at aiMorti5ed cost Iising the effective intei'est method, less provision for iittpairment. A provision for th¢ impairinent of trad¢ debtors is established wh¢n there is obj¢¢tive evidence that the charity will not be able to collect all amounts du¢ according to the original teiThs of the receivables. CAsh and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-terni highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificanl risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business froin suppliers. Accoiints payable are classified as current liabilities if the charity does not have an uncoiiditioiial right, at the end of the i'eporting period, to defer settlement of the creditot. for at least twelve Inonths after the I'epoi'ling date. If there is an unconditional right to defer settlemeni foi. at least twelve months after the reporting date, they are preseiited as n0n-cuent liabilities. Ti'ade creditoi's are recognised initially at the tTansaction price and subsequently measured at ainoTtised cost Lising the effective interest method. Fund slrueture Unresti'icted income funds are general funds that are available for at the trustees discretion in furtherance of the objectives of the Charity. 3 Incom¢ from donation5 Mnd legxcies Uiire5tricted funds General Total 2024 Total 2023 Donations and legacies; Donations from individuals 3,331 3,331 ,116 3,331 3,331 1,116 Page 10
The Grocott Family Charitable Trust Notes to the FinancAal Statements for the Year Ei nded 31 March 2024 4 Inco]ne from Charitable activities Unrestricted funds General Total 2024 Total 2023 Pi'ovision of affordable I'ental properties for older people & local con]munity facililies 48,416 48.416 43,410 5 Other income Unrestrieted funds General Total 2024 Total 2023 Other income - RHI receipts 493 493 448 6 Expenditure on charitable activities Unresti'i¢ted funds General Total 2024 Total 2023 Note Depreciation, ainortisation and other similar costs Grant funding of activities Allocated support costs Governance cvsls 36,019 11.856 7,155 625 36.019 I I,856 7,155 625 36,018 8,525 7,805 500 55,655 55,655 52,848 Page 11
The Grocott Family Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 7 Analysis of governance and support Costs Support costs allocated to ebaritable aetivitie5 Premises eosts Administration including Costs depreciation Total 2024 Tolal 2023 Basis of Allocation Rates Light, heat and powei. Insui'ance Repair5 and inaintenance Legal and professional fees Printin& postage and stationei'y Bank charges 40 731 1,602 4,207 40 731 1.602 4,207 340 IOO/o IOOYO 381 1,490 5,446 180 I OOO/o 340 I OOO/o IOOO/o 95 213 235 235 575 6,580 7,155 7,805 Covernanee costs Unrestrtcted funds General Total 2024 Total 2023 Independent exaininei. fees Examination of the financial stateinents 625 625 500 625 625 500 8 Trustees remuneration and expeiises No trustees, nor any p¢rsons connected with them, have received any remunerdtion froin the Charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity dui-ing the year. 9 Independent examiner's reTDuJi¢ration 2024 2023 Exainination of the financial statements 625 500 Page 12
The Grocott Family Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 10 Taxation Tlie chai'lty is a registered charity and is therefore exempt from taxation. I l Tangible fixed assets Land and buildings Fui-niture and equiprnent Total Cost At l April 2023 1.826,087 985 1,827,072 At 31 Mai'ch 2024 1,826,087 985 1,827,072 Depreciatlon At l April 2023 Charge foi. the year 233,027 35,822 575 197 233,602 36.019 At 31 March 2024 268.849 772 269,621 Net book value At 31 March 2024 ,557,238 213 1,557,451 At 31 March 2023 1,593,060 410 1,593.470 12 Debtors 2024 2023 Trade debtors Prepayments 2,951 683 650 3,634 650 13 Creditors: amounts falling due within one year 2024 2023 Trade creditors VA T grant repayable Other ci'edilors Accruals 162 378 191 3,446 486 294 191 3,909 4,177 4,880 Page 13
The Grocott Family Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 14 Funds Balance at I April 2023 Incoming re50urc Resources expended BAlanct at 31 March 2024 Unrestrieted funds General 1,868.147 52.240 55,655 1,864,732 Balance at I April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted fujids General 1,876,021 44.974 52,848 1.808.147 15 Analysis of net a55ets between funds Unrestricted funds General Total funds at 31 March 2024 Tangible fixed assets Current assets Current liabilities 1,557.451 311,458 4,177 1,557,451 311,458 4,177 Total net assets 1,864,732 1,864,732 Unrcstricted runds General TotHI fullds at 31 March 2023 Tangiblc fixed assets Cui'rent assets Curi'ent liabilities 1,593,470 279,557 4,880 1.593,470 279,557 4,880 Total net assets 1,868,147 ,868,147 16 Related party transactions During the year the charity inade the following related party transactions- Gi'ocott Developments Limitcd (The Trustees al'e also directors of Grocott Developinents Limited) At the balance sheet date the alont due to Grocolt Developments Limited was £90 (2023 - £90). Page 14