Scutt Durrant Bequest CIO TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS For the Year Ended 31 December 2024 Charity No 1156437 Page 1
Scutt Durrant Bequest CIO Contents REPORT OFTHE TRUSTEES...,........................,...........,........................................................ History, Objectives andActivitt'es...........................,......,............. .......................................... Achievements and Performance...,,.................................................................., ... ......,....... Structure, Govemance and Management..,...................................................................,...... Reference and administralive details . Funds held as custodian trustees on behalf of others. ................................................. ....... Statement of trustee's responsibilities.,. Declaration....................................................................,... .....,...............................,,............. INDEPENDENT EXAMINERS REPORT TO THETRUSTEES OF scurr DURRANT BEQUEST CIO. Responsibililies and basis of report............................,....,......,......................,....... ............... Independent examinerfs slatement.............. ........,...........,................,,,................................, STATEMENTOFACCOUNTS...........,.....,....,....... ......................,......................,..................... Receipts and Payments,.....,.......................,... Statement of assets and liabilities..............,........,....,........ NOTES TOTHE FINANCIAL STATEMENTS..........,.....................,.........................,,..........,.... Accounting policies.........,.................,............,,.. Guarantees given by the CIO..............................,................,..... Debt outstanding..........,....................................... Investments......... ............,.........,..,,.......................,.....,....,....................................,.....,. Charitable giving....,,..................,....,..............................,. Cash Funds,.........................,......,...,......,............................................................,,.......10 Property . Related partie6..................................... .10 .10 Page 2
Scutt Durrant Bequest cio REPORT OF THE TRUSTEES The trustees present their report apd the examined financial slaterTients for the year ended 31 December 2024 History, Objectives and Activities The Ernest Scutt Trust was created on 30 August 1980 with thè principal Objective to provide accommodation for Ministers of the Church. The Trust was registered as a Charity with the Charity Commission under reference 281175. In accordance with the resolutions of Church Meetings of Guildford United Refonned Church { GURC") held on 28 J8nuary and 23 February 1988 and with the approval of the Charity Commissioners, GURC transferred to the trustees a residuary legacy from the estate of the late Elsie Durrant to be used for the main purpose of providing a retirement home for a future Minister or a home for an Assistant Minister. The amount of the legacy with accumulated interest, a total of £88,776, was transferred on 1 January 1988. In accordance with a further resolution of a GURC Church Meeting held in June 1990 the Capital Accounts of the Emest Scutt Trust and the Elsie Durrant Bequest, which stood at £97,747 and £99,106 respectively on 31 December 1989, were merged. The charity changed the trust into a Charitable I ncorporated Organisation (Cl O) with effect from 27 March 2014. The basic objectives of the charity v not changed but clarified within the new constitution and are stated as.. to provide or assist in providing a) Retirement Accommodation for the occupation of a Retired Minister or b) accommodation for any employee of the. Church where, in the opinion of the charity trustees, such Retired Minister or employee is unable, or likely to be unable, by reason of age, infimiity, disability, poverty or social or economic Clrcumstsns, to provide appropriate accommodation out of their own sOU rces; to advance Christian religion by advancing capital or income for such other general charitable purposes of the Church as the charity trustees determine, The CIO owns a property in Taunton and half owns 8 property in Alnwick both ofwhich were. occupied for the whole year. It also owns a property in Guildford which had 8 short void period in February 2024 due to a change in tenant. The new tenant is an employee of GURC and receives a discount on the market rent. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aim and objectives and in planning their future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Achievements and Performance The CIO has provided accommodation for fvrfo retired ministers throughout the year. The church's Children's and Families Worker and her family moved into the Guildford property in February 2024. In addition, the CIO made donations totalling £11 ,280 to GURC towards the cost of employing the Children's and Families worker and a Community Worker. Page 3
Scutt Durrant Bequest CIO Financial Review The financial statements have béen prepared in accordance wth the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Charity Commission guidance. The CIO had reiptS of £15,651 (2023". £19,474), Payments in the year totalled £17,193 (2023.. £14,617) including £11,280 charitable giving and £1,112 agent's fees relating to the management of repairs for one of the properties. Net payments were therefore £1,542 (2023: net receipts £4,857). The total cash funds at 31 December 2024 were £13,463 {2023: £15,005) 8nd investments in the COIF Charities Ethical Investment Fund were valued at £64,544 (2023: £61,069). The total value of the properties owned was estimated by the trustees as £890,000 (2022.. £803,000). Investmen Poli The Trustees have considered the most appropriate policy for investing funds and concluded that at present funds should remain invested in property or financial investment vehides with limited reserves held in cash for emergencies. rve Surplus funds are invested to accumulate funds to me8t the retirement needs in the future of any qualifying ministers or their widows, or other qualifying employee8. The bid market value at 31 Decembèr 2024 was £64,544 (2023: £61,069). Structure, Governance and Management The charity is constituted as a CIO and the governing document 18 Its constitution. The power to appoint a new trustee who shall be a member of the CIO is vested in the members of the GURC under C18use 10. 1 of the Constitution dated 27 March 2014. New Trustees are provided with copies of the constitution, recenl minutes of meetings held and other paperwork to enable them to contribute fully in the work of the trust. No Trustee has received any remuneration or expenses. Trustees may occasionally pay expenses on behalf of the CIO, for which they are reimbursed. The Trustees have reviewed the major risks, as identified by them, to which the CIO is exposed, and appropriate procedures have been established to mitig8te those risks. The Trustees meet annually, with additional meetings if activity dem8nds, to consider the affairs of the CIO. Reference and administrative details The charity name is Scutt Durrant B uest CIO, registered charity number 1156437. Page 4
Scutt Durrant Bequest CIO Principal address: Guildford United Refomied Church• 83 Portsmouth Road Guildford GU2 4BS Charity Trustees: Trustse name Office (if any) Dates acted if not for whole year Name of person or body entitled to appoint trustee if a Guildford United Reformed Church Guildford United Reformed Church Guildford United Reformed Church Guildford United Refomed Church lan J Cornish Martin E Goodman Chairman Alison Toplas Susan Reekie Treasurer There were no corporate trustees and no trustees held title to property belonging to the charity. No funds were held as custodian trustees on behalf of others. The charities bankers were.. Lloyds Bank Ltd PO Box 1000 Andover BX1 1LT and Bath Building Society 15 Queen Square Bath BA12HN Funds held as custodian trustees on behalf of othe. The CIO does not have any assets held in this capacity Statement of trustee's responsibilities The trustees are responsible for preparing the Annual Report and th8 financial ststements in accordance with the United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to ppare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. I n preparing these financial statements, the trustees are required to: Page 5
Scutt Durrant Bequest CIO select suitable accounting policies and then apply them consistently obser4e the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Declaration The trustees declare that they approved the trustees report above at a meeting on 31 March 2025 Signed on behalf of the CIO'S trustees: Sge Martin man, Chalman Susan Reekie, Treasurer Date: 10112 Date: lo /lir Page 6
Scutt Durrant Bequest CIO INDEPENDENT EXAMINERS REPORT TO THE TRUSTEESQF SCUTh DURRANT BEQUEST CIO For the year ended 31 December 2024 Charity number: 1156437 I report to the trustees on My examination of the accounts of the above charily {Yhe CIO"} for the year ended 31 December 2024 set out in pages 8 - 10 Responsibilities and basis of report As the charity truslees of the CIO. you are responsible for Ihe preparation of the accounts in accordan with the requirements of the Charities Acl 2011 (tthe Act"). I report in respect of my examination of the CIO'S accounts carried out under Section 145 of the 2011 Act and in carrying out my examination. I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Acl. Independent examinerfs statement I have completed my examination. I confirm thal no material matters have come lo rny attention in connection with the examination which gives me cause to believe that in, any material respect: accountlng records were not kept in accordance with section 130 of the Act. or the accounts do not accord with the accounting record8,' or the accounls did not comply wfth Ihe applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other th8n any requirement that the ae£ounts give a 'lru8 and fairt view which is not matter considered as part of an independent exarnination. I have no concems and have come across no other matters in connection with the examlnation lo which attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Signed: Date: Name: R M Dunnett Address: 20 Slrathavon Close Cranleigh GU6 8PW Page 7
Scutt Durrant Bequest CIO STATEMENT OF ACCOUNTS Receipts and Payments For tho year ended 31 December 2024. The CIO does not have any Restricted or Endowment Funds Notes Goneral General Fund Fund 2024 2023 Recelpts Rental income Interest Totsl raceipts 15,197 454 16,651 19,474 19,474 Payments Charitable giving Major repairslrefurbishment Agent's Fees Repairs & maintenance Insurance Landlord costs Administrative costs utilities Total payments 11,280 8,430 660 1,990 1,390 872 826 358 93 14,617 1,123 3,180 949 544 103 14 17,193 Not rgceiptsl(paym8nts) Cash funds al slart of year (1 January) Cash funds at end of year {31 Decembor) -1,542 15,005 4,857 10,148 13,463 15,005 statement of assets and liabilities At 31 December 2024 Notes Gen8ral Fund 2024 Gan•ral Fund 2023 Cash fund8 Inveslmont Ass•ts COIF Charitses Ethical Investment Fund Pro Totsl Assets 13,463 15,005 64.544 61,069 890,000 968,007 803,000 879,074 The eso rm of these accounts. Goo S Reekie, Treasurer Date.. /0141z5- Date". /c4¥izf Page 8
Scutt Durrant Bequest CIO NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 Decembe[2024 1. Accounting policies 1.1. Basis of preparation The financial statements have been prepared in accordance with Charities Act 2011 (which permits charities that are not companies to prepare receipts and payments accounts provided that the gross income is not over £250,000) and the Charitable Incorporated Organisations (General) Regulations 2012. 1.2. Fund Accounting The General Fund is an unrestricted fund, and as such. is available for use or retention at the discretion of the trustees, in accordance with the CIO'S Objectives 1.3. Incoming Resources and Resources Expended All income is included when received. All expenditure is accounted for when made. 2. Guarantee8 given by the CIO The CIO does not have any outstanding guarantees. 3. Debt outstsnding There Is no debt outstanding which is secured by an express chaffJe on any assets of Ihe CIO 4. Investments 2024 2023 COIF Ch8ritable Investment Fund Balance at 1 January Purchases Sales Change in value Balance at 31 December 61,069 53,965 3,475 64,544 7,104 5. Charitable givlng 2024 2023 Guildford URC - Community Worker Guildford URC - Children's and Families, Worker 5,500 5,780 11,280 4,580 3,850 8,430 Page 9
Scutt Durrant Bequest CIO 6. Cash Funds At At 31.12.24 31.12.23 Bath Building Society Lloyds bank 10,430 3,033 13,463 13,677 1,328 15,005 7. Property 202 2023 Trustees, valuation at 1 January Purchases in the year Sales in the year Change in v81ue in year Trustee5' valuatlon at 31 December 803,000 786,717 87,000 890,000 16,283 803,000 The CIO owns two properties (in Guildford and Taunlon) and a half share of a property in Alnwick. The original cost, including additions, is £802,723. The trustee8' valuation is based on infomation available to them in January 2025 and allows forlhe properties having sitting tenants. 8. Related parties Because of the con8titution, the CIO has a close relatlonship with Guildford Uniled. Reformed Church. All of the trustees are members of that Church. Page 10