REGISTERED CHARITY NUMBER: 1153085
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The Trustees agreed to be guided by the Settlor's letter of wishes in which she listed the following as beneficiaries she would like to benefit:-
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The Girl Guide movement
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For educational purposes, e.g. higher education
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Mount Pleasant Baptist Church, Kettering Road, Northampton.
The Trustees also agreed that they would favour making grants to individuals and organisations helping people in the county of Northamptonshire.
Public benefit
The Trustees have had regard to the Charity Commission guidance on public benefit. As the charity's activity is to distribute grants to those in need, the Trustees believe the public benefit in the charity's activities is clear.
ACHIEVEMENT AND PERFORMANCE
Grants
At their meeting in April and November 2022 the Trustees agreed to make grants totalling £30,450 being the majority of the income available to them.
FINANCIAL REVIEW
Financial position
The charity made a deficit of £94,692 for the year, after investments losses arising of £86,253.
As at 31 December 2022 the Trust has reserves of £908,239 all of which are unrestricted. The Trustees policy is to hold £1,000 as a contingency to cover costs. All on-going income is received as dividends from stocks and shares. There were grants made during the year that were in line with the criteria in the Trust Deed.
Investment policy and objectives
The investment policy and objectives is for the Trust to receive a balanced return from capital appreciation and income.
At their meeting on 19 November 2013, the Trustees agreed to instruct both Cave & Sons and Vartan Ravenscroft as investment managers. Each investment manager was sent £400,000 to invest, which would enable the Trustees to view performance on an annual basis. The Trustees also agreed that Cave & Sons should continue to manage the small portfolio that they had been managing on Mrs Greenhalgh's behalf, but that this should be ring-fenced and be accounted for separately from the £400,000.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Rosemary Elizabeth Greenhalgh died on 18 December 2012, and her Will was proved on 12 April 2013.
The Trust was created under the Will of Mrs Greenhalgh dated 1 July 1999, and the Trust was registered at the Charity Commission on 26 July 2013 with charity number 1153085.
A Supplemental Trust Deed dated 20 November 2019 was registered with the Charity Commission, and a Resolution under Section 280 of the Charities Act 2011 was passed on 10 July 2020.
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The appointment of trustees is covered in the Supplemental Trust Deed. There was no change to the board of Trustees during the year.
Risk management
The Trustees have given consideration to any major risks, but in their opinion, as there are no on-going commitments, the policy on reserves covers the situation.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1153085
Principal address
c/o HCR Hewitsons Lancaster House Nunn Mills Road Northampton Northamptonshire NN1 5GE
Trustees
Keith Thomas Davidson Roger Hampson Virginia Henley Susan Alcock
Independent Examiner
DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Bankers
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Clerk to the Trustees
HCR Hewitsons Lancaster House Nunn Mills Road Northampton Northamptonshire NN1 5GE
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS Financial Consultants
Caves and Sons Lockgates House Rushmills Bedford Road Northampton NN4 7UB
Ravenscroft The Singing Men's Chambers 19 Minster Precincts Peterborough PE1 1XX
Approved by order of the board of trustees on 18 October 2023 and signed on its behalf by:
V Henley - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
Independent examiner's report to the trustees of The Thomas and Rosemary Greenhalgh Charitable Trust
I report to the charity trustees on my examination of the accounts of The Thomas and Rosemary Greenhalgh Charitable Trust (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our independent examination work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our independent examination work, for this report, or for the opinions we have formed.
Nicola Fox FCA
DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Date: 20 October 2023
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Making Grants Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 34,096 7,829 34,706 42,535 (86,253) (94,692) 1,002,931 908,239 |
2021 Total funds £ 29,754 |
|---|---|---|
| 7,944 28,344 |
||
| 36,288 | ||
| 107,304 | ||
| 100,770 902,161 |
||
| 1,002,931 |
The notes form part of these financial statements
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
BALANCE SHEET 31 DECEMBER 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 875,368 - 36,661 36,661 (3,790) 32,871 908,239 908,239 908,239 908,239 |
2021 Total funds £ 981,562 1,528 22,293 23,821 (2,452) 21,369 1,002,931 1,002,931 1,002,931 1,002,931 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 October 2023 and were signed on its behalf by:
The notes form part of these financial statements
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on the going concern basis as no material uncertainties exist regarding going concern.
Legal form
The charity is unincorporated and is registered in England and Wales with the Charity Commission. Its registered office is as shown within the Trustees Report.
The presentational currency of the charity is pound sterling (£).
Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investments
Investments are included at fair value at the balance sheet date, with any gains or losses arising in the year being recognised in the statement of financial activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2. INVESTMENT INCOME
| Investment income Interest receivable 3. RAISING FUNDS Investment management costs Portfolio management 4. GRANTS PAYABLE Making Grants |
2022 £ 33,926 170 34,096 2022 £ 7,829 2022 £ 30,450 |
2021 £ 29,731 23 29,754 2021 £ 7,944 2021 £ 23,790 |
|---|---|---|
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
4. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| 2022 £ The Manna House Trust 3,000 Northamptonshire Association of Youth Clubs 1,000 Spencer Contact 2,000 Daventry Contact - Northampton Street Pastors 2,000 19th Northampton Guides - Young Enterprise - MNDA - Dogs for good 1,000 Northants Search & Rescue - Epilepsy Action 750 Warks & Northants Air Ambulance 1,750 Meningitis Now 1,500 Mount Pleasant Church 6,000 Accommodation Concern 1,500 The Girl Guides 1,000 Northampton Saints Foundation 3,000 Daventry District Scout 1,200 EN-FOLD 1,500 Motor Neurone Disease 3,000 30,200 The total grants paid to individuals during the year was as follows: 2022 £ Grants to individuals 250 5. SUPPORT COSTS Governance Management costs £ £ Making Grants 2,818 1,438 |
2021 £ 5,000 4,000 4,000 2,000 2,000 1,540 1,250 1,000 1,000 1,000 500 - - - - - - - - - 23,290 2021 £ 500 Totals £ 4,256 |
|---|---|
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| SUPPORT COSTS - continued Support costs, included in the above, are as follows: |
||
|---|---|---|
| 2022 | 2021 | |
| Making | Total | |
| Grants | activities | |
| £ | £ | |
| Clerks charges | 2,732 | 3,140 |
| Interest payable and similar charges | 86 | 104 |
| Independent Examiners fee | 1,438 | 1,310 |
| 4,256 | 4,554 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31st December 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 29,754 |
| EXPENDITURE ON | |
| Raising funds | 7,944 |
| Charitable activities | |
| Making Grants | 28,344 |
| Total | 36,288 |
| Net gains on investments | 107,304 |
| NET INCOME | 100,770 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 902,161 |
| TOTAL FUNDS CARRIED FORWARD | 1,002,931 |
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 There were no investment assets outside the UK. Cost or valuation at 31 December 2022 is represented by: Valuation in 2022 Cost 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Tax recoverable 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income |
Listed investments £ 981,562 106,429 (126,370) (86,253) 875,368 875,368 981,562 Listed investments £ 58,608 816,760 875,368 2022 2021 £ £ - 1,528 2022 2021 £ £ 1,350 143 2,440 2,309 3,790 2,452 |
|---|---|
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
11. MOVEMENT IN FUNDS
| At 1/1/22 £ Unrestricted funds General fund 1,002,931 TOTAL FUNDS 1,002,931 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 34,096 (42,535) TOTAL FUNDS 34,096 (42,535) Comparatives for movement in funds At 1/1/21 £ Unrestricted funds General fund 902,161 TOTAL FUNDS 902,161 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 29,754 (36,288) TOTAL FUNDS 29,754 (36,288) |
Net movement in funds £ (94,692) (94,692) Gains and losses £ (86,253) (86,253) Net movement in funds £ 100,770 100,770 Gains and losses £ 107,304 107,304 |
At 31/12/22 £ 908,239 908,239 Movement in funds £ (94,692) (94,692) At 31/12/21 £ 1,002,931 1,002,931 Movement in funds £ 100,770 100,770 |
|
|---|---|---|---|
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THE THOMAS AND ROSEMARY GREENHALGH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
12. RELATED PARTY DISCLOSURES
During the year a grant of £3,000 (2021: £5,000) was made to the Manna House Trust, a charity of which Mr K T Davidson is also a Trustee.
During the year, clerks charges of £2,732 (2021: £3,140) were incurred by Harrison Clark Rickerbys Limited, a partnership of which V Henley is a salaried partner.
13. ULTIMATE CONTROLLING PARTY
The charity is under the control of its trustees as listed within the Trustees Report.
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