2022-12-31-accounts - The Greencliffe Foundation Ltd

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			Page
Report ofthe trustees			I tod
Report ofthe independent auditors			5 to 7
Consolidated statement	offinancial	activities
Consolidated balance sheet
Consolidated cash flow	statement		10
Notes to the consolidated	cash flow	statement
Notes to the consolidated	financial	statements	12to 23

			Period ended 31	Period ended 28	Period ended 28
			December 2022	February	2022
			Unrestricted	Unrestricted
			fund	fund
		Notes	5
INCOME AND ENDOWMENTS	FROM
Donations and legacies			5,750,000
Other trading activities
Commercial trading operations			63 ~5 5II
Total			68&9959150
EXPENDITURE ON
Costs ofraising funds
Commercial trading operations			61,403,877
Charitable activities
Other			17,653
Total			61,421,530
Net gains on investments			1,350,000
NEI' INCOME			8,923,620
OTHER RKCOGNIS EDGAINS/(LOSSES)
Other income arising on consolidation		12	12,030,025
NKT MOVEMKNT IN FUNDS			20,953,645
RECONCILIATION OF FUNDS
Total funds brought formtrd		19
TOTAL FUNDS CARRIED FORWARD			25,95364~

			Group	Group		Charity	Charity
			31December	28	February	31December	28	February
			2022		2022	2022		2022
			Unrestricted	Unrestricted		Unrestricted	Unrestricted
			fund		fund	fund		fund
		Notes
FIXEDASSEl'S
Tangible assets		10	2,896,696
Investments
Investments		I l	11,700,000			15,576&000
Investment propeity		13	5,750,000			5,750,000
			20&346,696			21,326,000
CURRENT ASSEl'S
Debtors: amounts	falling due within one year	14	18,898,180			I&764,215
Stocks		15	16,729&755
Cash at bank			2,119,799
			37,747&734			1,764,215
CREDITORS
Amounts falling due within one year		16	(10,707,049)			(19,104)
NEI' CURRENT ASSEES			27,040,685			1&745&111
TOTAL ASSEl'S	LESS CURRENT LIABILITIES		47,387,381			23,071,111
Amounts falling due in more than one year		17	(25,819,539)
Provision for liabilities		18	(614,197)
NET ASS EI'S			20,953,645			23,071&111
FUNDS		19
Unrestricted funds			20,953&645			23,071,111
TOTAL FUNDS			20,953,645			23,071&II1

						Period ended 31	Period ended 28	Period ended 28
						December 2022	February	2022
					Notes
Cash flea from operating	activities
Cash generated from operations						(1,963,994)
Interest paid						(981,055)
Net cash (used in)/provided		by operating		activities		(2,945,049)
Cash fion from investing	activities
Purchase oftangible fixed	assets					(619&131)
Sales oftangible fixed assets						1,775
Cash acquired fromdonation		ofsubsidiary				1,105,264
Interest received						82,500
Dividends received						417,653
Net cash used in investing	activities					988,061
Cash flons from flnancing	activities
Loan repayments						(2,199,040)
New loans in the year						6,275,827
						4,076,787
Change in cash and cash equivalents reporting period			in the			2,119,799
Cash andcash equivalents	at	the beginning		ofthe
reporting period
Cash and cash equivalents	at	the end	ofthe
reporting period						2,119,799

RECON	CILIATION	OF NEI'	INCOME TO NEf CASH FLOW FR	OM OPERATING	C~
				Period ended	Period ended
				31December	28 February
				2022	2022
				5
Net income for the financial activities)		reporting	period (as per the Statement of	8,923,620
Adjustments for:
Depreciation charges				495,876
Loss on	disposal offixed assets			50
Gain on	revaluation	offixed assets		(1,350&000)
Finance	costs			981,055
Finance	income			(82,500)
Donated	assets			(5,750,000)
(Increase)/decrease		in stocks		(3,842&129)
Decrease/(increase)		in debtors		(7,289,143)
Increase	in creditors			5,949,177
Net cash	(used in)/provided by		operations	(1,963,994)

		Cash flow	At31.12.22
Net cash
Cash at bank		2&119,799	2,119,799
		2,119,799	2,119,799
Net debt
Debts falling due within	l year	(10,707&049)	(10&707,049)
		(10,707,049)	(10,707,049)

Periodended31	Period ended 28
December 2022	February 2022
5755.1100

acquired upo	n donatio	n ofthe share capital on I M	n ofthe share capital on I M	arch 2022.	arch 2022.
TChoithram	&Sons	(London) Ltd (incorporating		100 %%d subsidiary Natco Foods		Ltd)
				Period ended
				31	December
					2022
					63,245,150
Expenditure				(61,243,877)
Profit for the	period				2,001,273
Other recognised gains					1,350,000
Charitable donations					360,000
Profit forthe financial		year			2,991,273
Distributions	(Gift Aid)				1,562,764
Net income for the year					1,428,509
SUPPORT COSTS
			Finance		Other	Totals
Otherresources	expended				17653	17,653
The breakdown	ofsupport costs is shown		in the table below:
Costtype					Period ended 31 December 2022 I	Period ended 28 February 2022
Finance
Other
Audit and accountancy Legal and professional		fees			8,500 9,153
					17653

		Period ended 31	Period ended 28	Period ended 28
		December 2022	February	2022
			K
Auditors remuneration -parent charity		8,500
Expenditure charged in subsidiary	company:
Depreciation -owned assets		579,254
—assets held under finance leases		4,103
Foreign exchange differences		(207,974)
Auditors' remuneration -audit services		14,855
Auditors' remuneration -non-audit	services	14,855
Operating lease rentals —land &buildings		997,750
Stockrecognised as an expense during the year		54,391,532
		55,802,875

EMPLOYEES	AND DIRECTORS
		Period ended 31	Period ended 28
		December 2022	February	2022
Wages and salaries		3,679,134
Social security	costs	363,212
Otherpensions	costs	80,079
		4,122,425
		Period ended 31	Period ended 28
		December 2022	February	2022
Directors' remuneration		17,567
		77 567

AVERAG	E NUMBER OFEMPLOYEES
		Period ended 31	Period ended 28
		December 2022	February	2022
Production	and warehosue	92
Sales and	administration	41
		133

	Leasehold &
	freehold	Plant tfr	Office	Motor
	premises	machinery	equipment	vehicles	Totals
		f
COST
Cost on acquisiton	3,385,572	7&486&718	2,115,054	548,168	13,535,512
Additions	23,815	529,042	66,274		619,131
Disposals		(74,797)		(20,831)	(95,628)
At 31December 2022	3,409,387	7,940,963	2,181,328	527,337	14,059,015
DEPRECIATION
Depreciation on acquisition	2,296,714	6,153,977	1,918,701	390,854	10,760,246
Charge for year	174,275	250,688	37,633	33,280	495,876
Eliminated on disposal		(74,797)		(19,006)	(93,803)
At 31December 2022	2,470,989	6,329,868	1,956,334	405,128	11,162,319
NETBOOK VALUE
At 31December 2022	938,398	1,611,095	224,994	122,209	2,896,696
NBVon acquisition	1,088&858	1,332,741	196353	157,314	2,775,266

	Fixed assets, included	Fixed assets, included	in the above, which are held	under hire purchase	contracts orfinance leases are as
	follows:
					Motor
					vehicles
	COST
	Cost on acquisiton
	and 31December 2022				443462
	DEPRECIATION
	Depreciation on	acquisition			28,050
	Charge for year				4,103
	At 31December	2022			32,153
	NETBOOKVALUE
	At 31December	2022			12,309
	At 28February	2022			16,412
11.	FIXEDASSETINVESTMENTS
					Listed
	GROUP				investments
	~VALUE
	On acquisition				10350,000
	Additions
	Revaluations				1850,000
	At 31December	2022			11,700,000
	NEI' BOOKVALUE
	At 31December	2022			11,700,000
	NBVon acquisition				30,330,000
	Cost orvaluation	at 31	December 2022 is represented	by:
					Listed
					investments
	Valuation in 2021				350,000
	Valuation in 2022				1,350,000
	Cost				10,000,000
					11,700,000

	Group	Group	Charity	Charity
	Period ended	Period ended	Period ended	Period ended
	31December	28February	31 December	28February
	2022	2022	2022	2022
Bank loans and overdrafls	162,254
Other loans	2,412,733
Trade creditors	6,441,048
Amounts owed to group
undertakings
Social security and other taxes	232,850
Other creditors	118,857
Amount owed to related
undertakings	940,370		10,604
Accrued expenses	398,937		8,500
	10,707,049		19,104

				Group	Group	Charity	Charity
				Period ended	Period ended	Period ended	Period ended
				31December	28February	31 December	28	February
				2022	2022	2022		2022
Amount	owed	to	related
undertakings				25,819539
				35519.539

		Group	Group	Charity	Charity
		Period ended	Period ended	Period ended	Period ended
		31December	28February	31December	28February
		2022	2022	2022		2022
				K
Deferred	taxation	614,197

		Deferred tax
		f.
Balance	on acquisition	195,113
Provided	during the year	419,084
Balance	at 31December 2022	614,197

			Net movement
		At (.3.22	in funds	At 31.12.22
Unrestricted	funds
General fund			20,953&645	20,953,645
TOTAL FUNDS			20953,645	211953.645

Net movement	in funds, inc	luded in th	e above are as	follows:
					Other
			Incoming	Resources	recognised	Movement
			resources	expended	gains/(losses)	in funds
				g
Unrestricted	funds
General fund			68,995,150	(61,421,530)	13,380,025	20,953,645
TOTAL FUNDS			68,995 150	~61,421,530	13300025	20 953645
Comparatives	for movenient	in funds
					Net movement
				At 5.7.21	in funds	At 28.2.22

Unrestricted	funds
General fund
TOTAL FUNDS

							Group	Group		Charity	Charity
						Period ended		Period ended		Period ended	Period ended
						31December		28	February	31December	28	February
							2022		2022	2022		2022
										0		f
Entities	(and affiliates)	with	control, joint control			or significant influence			over the	endty
Rent payable										200,000
Gift aid	donation									1&562,764
Amount	due tromrelated	party								1,562,764
										3825,528
Key management personnel			(including	directors)
Loans received							40,000
Interest	(accruing at 2.25%/1.75%plus			base	rate)		63,820
Salaries Amount	due to related party					120,000 ~2,236 656
						(2,012,830)
Close family ofkey management personnel
Loans received							100,000
Interest Amount	(accruing at 2.25%/1.75%plus due to related party			base	rate)	3&358 ~&56,553
							(52,725)
Other related parties (affiliated companies					and charities)
Sales							561,447
Loan received						27,071,611
Interest	accruing (at BOBbase rate +2.5%)						947301
Amount	due Irom related	party					443,893
Amount	due to related parties					(26,784,701)				(10,604)
						2,239,551				(10,604)