Charity number: 207481
THE J G GRAVES CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE J G GRAVES CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Trustees' responsibilities statement | 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 19 |
THE J G GRAVES CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | Mrs A C Womack,Chairman |
|---|---|
| J C Bramah | |
| P M Clarkson | |
| Dr D R Cullen | |
| Mrs J Drayton | |
| A T Graves | |
| R H M Plews | |
| Councillor P Price | |
| Ms K Streets | |
| Charity registered number 207481 Secretary and principal office Mrs J E Marshall BHP LLP 2 Rutland Park Sheffield S10 2PD Website www.jggravescharitabletrust.co.uk Bankers Virgin Money 66 Fargate Sheffield S1 2HE Investment advisers Investec Wealth & Investment Beech House 61 Napier Street Sheffield S11 8HA Independent examiner Miss H Jones ACA Hart Shaw LLP Europa Link Sheffield Business Park Sheffield S9 1XU |
Page 1
THE J G GRAVES CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report together with the financial statements of the charity for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Structure, governance and management
a. Governing document
The J G Graves Charitable Trust is constituted under a Declaration of Trust dated 7 August 1930 and is a registered charity number 207481.
b. Trustees
Trustees are appointed by the Board of Trustees except for three who are nominated as representative Trustees by Sheffield Town Trust, The Cutlers' Company in Hallamshire and Sheffield City Council.
The current trustees are listed in the reference and administrative information on page 1. All trustees give their time voluntarily and receive no benefit from the charity.
c. Induction and training
New trustees are provided with information concerning the charity including copies of the governing document, the most recent trustees' report and accounts and minutes of recent meetings. Information relating to the governance and operation, grant making policies, investments and trustee duties and responsibilities is also provided.
Trustees are encouraged to attend external trustee training sessions that are freely available in the region.
d. Organisation
The trustees meet quarterly to consider the work of the charity including grant making decisions. All decisions are then implemented via the secretary and her assistants.
The charity receives appeals for funding from areas throughout England. Those from outside Sheffield are declined except in exceptional circumstances. Certain appeals from within Sheffield are subject to further enquiry or a visit by a trustee. The majority of donations are made for capital projects though the trust does contribute to running costs. Grants are decided by the trustees at their quarterly meetings. Where a grant is awarded, confirmation that it has been applied for eligible purposes is sought from the recipient, through a grant monitoring process.
Page 2
THE J G GRAVES CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Structure, governance and management (continued)
e. Risk management
Attention is given regularly to the management of the assets of the charity which are held to enable it to carry out its charitable activities. Management of incoming and outgoing resources is considered at each meeting of trustees based on written summaries of financial transactions.
As a matter of good practice, the trustees are conscious of the need to consider risk.
The trustees have examined the major strategic and operational risks which the charity faces, which are recorded in a risk schedule and reviewed annually. They are satisfied there are adequate controls to safeguard the charity against such risks.
As part of the safeguards, the trustees engage professional investment managers who carry indemnity insurance and a professionally qualified secretary who carries professional indemnity insurance through her own practice.
Objectives and activities
a. Objects and Grant Making Policies
The objects of the Trust are to apply its income for the provision of parks, open spaces, libraries and art galleries, the advancement of education, the general benefit of the sick and poor and for such other charitable purposes as the trustees think fit.
The majority of grants are made to registered charities although other appropriately constituted groups may be assisted. Details of the objectives of the charity and the procedure to be followed in making applications are contained in various Directories of Grant Making Trusts and other similar information sources, both local and national. This information is also detailed on the trust’s website www.jggravescharitabletrust.co.uk. However, at the discretion of the trustees, all grant making is restricted to the beneficial area of Sheffield, as this is the area the trustees feel able to assess knowledgeably.
b. Public benefit
The trustees have referred to the guidance on public benefit issued by the Charity Commission when reviewing the trust’s objectives and grant making policies. Details of how the charity has carried out its grant making activites for the public benefit are given in the section below.
Page 3
THE J G GRAVES CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Achievements and performance
a. Main achievements of the charity
The charity has continued to meet its objectives and fulfil its public benefit requirements by making grants for charitable purposes. In making a decision on each individual appeal, the trustees place importance on benefiting as wide a range and as large a number of people as possible from a single grant. They also endeavour as far as possible to make grants where the funding will “really make a difference” rather than being lost in a larger pool of resources.
Grant monitoring forms are requested from recipients of grants detailing the use to which the grant has been put and these provide evidence of the benefit provided by the charity.
By making grants, the trust has furthered its charitable purposes for the public benefit.
Since the start of the COVID-19 pandemic the trustees have proactively sought out organisations where special one off grants would make a real difference. They have also been more flexible by, in some cases, making grants for core running costs and in other cases removing earlier imposed restrictions.
An analysis of grants made during the year is detailed in note 3.
Financial review
a. Going concern
Free reserves at 31 December 2021 including unrestricted fixed asset investments and after deducting the £2,000,000 exceptional and significant receipt detailed in the reserves policy are £1,355,512 (2020: £1,019,439).
The Trust has sufficient reserves to enable it to continue for the foreseeable future. Therefore the trustees believe it is appropriate for the financial statements to be prepared on the going concern basis.
b. Financial review
The charity was established with an endowment fund which is invested in securities. The original endowment was received from the trust’s settlor. Three legacies and a windfall property realisation are regarded as capital in nature by the trustees who decided the best method of using these funds in furtherance of the trust’s objectives was to invest the funds and distribute the income generated.
Income from invested funds totalled £178,255 (2020: £170,559), an increase of £7,696 from the previous year. Charitable grants totalled £154,335 compared with £140,548 in the previous year. Support costs totalled £19,234 (2020: £18,547) and investment management fees were £25,528 (2020: £23,052). Net expenditure before net gains/(losses) on investments was £20,842 compared with £11,588 in 2020. There were gains on investment assets of £696,805 compared with losses of £163,987 in 2020. The net movement in funds for the year is a surplus of £675,963 (2020: deficit of £175,575). Total funds carried forward at 31 December 2021 are £6,478,206 (2020: £5,802,243) of which £3,122,694 (2020: £2,782,804) are endowment funds and £3,355,512 (2020: £3,019,439) are unrestricted funds.
This year there were 73 successful applications, compared with 56 in 2020. The trustees have continued to judge each appeal on its merits and make grants of amounts they consider appropriate in each case.
Page 4
THE J G GRAVES CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Investment policy and performance
The overall investment strategy is for a balance of income and capital growth in a medium risk environment.
The trustees’ powers of investment are subject to the Trustee Act 2000. There are no other restrictions on the charity’s powers to invest.
In line with general stock market trends, investment performance during the year showed a 11.9% increase in value. In aggregate, the portfolio increased by £671,278 to £6,304,253 at the year end.
At the year end the trust held approximately 98% (2020: 98%) in Equity Based Managed Funds (Legal and General Funds and various other UK and Overseas funds) with the remaining 2% (2020: 2%) held in cash. As a precaution against investment risk, all the investments are managed on a discretionary basis by professional investment managers.
The Trust’s investment performance is monitored against a benchmark on an annual basis. In the year to 31 December 2021, the performance of the investment portfolio was above the benchmark. The benchmark set was 12.75% on a total return basis. The actual performance was 15.25% on a total return basis.
Reserves policy
It is the policy of the trustees to maintain unrestricted funds, which are the free reserves of the charity, at a level which would enable them to continue to make appropriate levels of donations to suitable applicants as the need arises, including major donations to exceptional projects.
In essence, all the available income after defraying necessary support and administrative expenses is available for distribution in accordance with the charitable objectives. This was broadly the case in 2021.
In years gone by, the Trust has been the beneficiary of certain exceptional and very significant receipts comprising three legacies and a windfall property realisation. These total approximately £2,000,000 and are held within unrestricted funds. At the time of their receipt, the Trustees took the view that the most beneficial way of utilising these funds was to invest them and for the income arising to enhance the Trust's capacity to make grants in accordance with its charitable objectives. This remains the Trustees' view. However, they remain very mindful that such funds remain available to fund significant grants to suitable major projects in pursuance of the Trust's charitable objectives and in furtherance of the public benefit. This they have done from time to time, most recently The J G Graves Woodland Centre in Ecclesall Woods in 2009.
Plans for the future
The Trustees intend to continue the existing pattern of grant making in accordance with the objectives of the charity to reach needy organisations in the City of Sheffield.
Approved by order of the members of the board of trustees and signed on their behalf by:
AC Womack AC Womack (May 5, 2022 09:57 GMT+1)
Mrs A C Womack
Date: May 5, 2022
Page 5
THE J G GRAVES CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.
Page 6
THE J G GRAVES CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Independent examiner's report to the trustees of The J G Graves Charitable Trust ('the charity')
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity'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 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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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.
H Jones
Signed: H Jones (May 5, 2022 10:34 GMT+1) Dated: May 5, 2022
Miss H Jones ACA
Hart Shaw LLP Europa Link Sheffield Business Park Sheffield S9 1XU
Page 7
THE J G GRAVES CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Investments Bank interest Income tax repayment Total income Expenditure: Raising funds: Investment management costs Charitable activities: Grants to institutions 3 Support costs 4 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net (expenditure)/income Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 178,255 - - 178,255 13,390 154,335 19,234 186,959 (8,704) 344,777 336,073 336,073 3,019,439 336,073 3,355,512 |
Endowment funds 2021 £ - - - - 12,138 - - 12,138 (12,138) 352,028 339,890 339,890 2,782,804 339,890 3,122,694 |
Total funds 2021 £ 178,255 - - 178,255 25,528 154,335 19,234 199,097 (20,842) 696,805 675,963 675,963 5,802,243 675,963 6,478,206 |
Total funds 2020 £ 169,833 235 491 170,559 23,052 140,548 18,547 182,147 (11,588) (163,987) (175,575) (175,575) 5,977,818 (175,575) 5,802,243 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
Page 8
THE J G GRAVES CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 9 Unrestricted funds 9 Total funds |
55,733 123,930 179,663 (5,710) |
2021 £ 6,304,253 6,304,253 173,953 6,478,206 6,478,206 3,122,694 3,355,512 6,478,206 |
50,247 124,731 174,978 (5,710) |
2020 £ 5,632,975 |
|---|---|---|---|---|
| 5,632,975 169,268 |
||||
| 5,802,243 | ||||
| 5,802,243 | ||||
| 2,782,804 3,019,439 |
||||
| 5,802,243 |
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
AC Womack
AC Womack (May 5, 2022 09:57 GMT+1)
Mrs A C Womack
Date: May 5, 2022
The notes on pages 10 to 19 form part of these financial statements.
Page 9
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
The J G Graves Charitable Trust is an unincorporated charity. The address of the registered office is given in the charity reference and administrative details on page 1. The nature of the charity's operations and principal activity is grant-making activities. The J G Graves Charitable Trust meets the definition of a public benefit entity under FRS 102.
2. Accounting policies
2.1 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) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Investment income
Investment income is earned through holding assets for investment purposes. Investment income is recognised for the period in which the chairty is entitled to the receipt.
2.3 Expenditure on raising funds and charitable activities
Expenditure is included on an accruals basis. Where applicable, it includes irrecoverable VAT.
Grants payable are charged in the year when the offer is conveyed to the recipient 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.
All governance and secretarial costs are akin to support costs under SORP (FRS102). All costs other than investment fees are therefore shown as support costs under charitable expenditure.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Page 10
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.3 Expenditure on raising funds and charitable activities (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
2.4 Investments
Quoted investments are included at closing market value at the balance sheet date. Any gain or loss on revaluation is recognised in ‘Net gains/(losses) on investments’ in the Statement of Financial Activities.
2.5 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income.
2.6 Debtors
Prepayments are valued at the amount paid in advance.
2.7 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.
2.8 Creditors and provisions
Creditors are recognised where the trust 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 are normally recognised at their settlement amount.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 11
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
3. Grants paid
| ASSIST Sheffield Baby Basics Bags of Taste Ben's Centre Big Issue in the North Trust Bingham Park Community Group (Friends of the Porter Valley) Black Arts Theatre & Cultural Creative (BATCC) Bloom Sheffield Brightbox Makerspace CADS South Yorkshire Carousel Print Studio Cathedral Archer Project Ltd Cavendish Cancer Care Croft House Settlement Cruse Bereavement Care Sheffield Darnall Wellbeing De Hood Boxing Centre & Community Hub Dore Village Society Emmaus Sheffield Endeavour Training Ltd FareShare South Yorkshire Firvale Community Hub Friends of Chancet Woods Friends of Ellesmere Park Friends of Grenoside Steel Works Friends of the City of Sheffield Youth Orchestra Ltd Friends of Zion Graveyard Attercliffe Golddigger Trust Golf In Society Greaves House Farm Trust Green City Action Greentop Community Circus Centre Grimesthorpe Family Centre Grow Balance c/fwd |
2021 £ 2,000 - 1,500 3,000 3,500 3,000 - 1,500 - 2,000 2,000 - - 5,000 3,000 1,500 1,500 3,000 - 2,000 - 3,000 2,700 1,500 3,000 2,000 - 2,000 2,000 2,000 3,000 2,000 3,000 1,500 62,200 |
2020 £ 2,375 2,000 - 6,000 - - 2,300 - 2,850 - - 3,000 2,000 - - - - - 5,000 - 2,000 - - - - - 2,000 - - - - - 3,000 - |
|---|---|---|
| 32,525 |
Page 12
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
| Grants paid (continued) Balance bfwd Heeley Trust Hillsborough Arena Sports Association Hope City Church Hope English School Huntington's Disease Association Manor and Castle Development Trust Manor Training & Resource Centre Maya Productions Ltd Music In The Round National Schizophrenia Fellowship Nomad Opening Doors Paces Sheffield Park Community Action Pitsmoor Adventure Playground CIO Roundabout Ltd Ruskin Mill Trust S2 Food Poverty Network Share Psychotherapy Sharewear Clothing Scheme Sheffield City Archives Sheffield Children in Care Council Sheffield Churches Council for Community Care (SCCCC) Sheffield Family Holiday Fund Sheffield Flourish Sheffield Hospitals Charity Sheffield Industrial Museums Trust Ltd Sheffield Maternity Cooperative Sheffield Mencap and Gateway Sheffield Music School Sheffield Royal Society for the Blind Sheffield Samaritans Sheffield Theatres Trust Sheffield Women's Aid Sheffield Womens Counselling And Therapy Services Sheffield Yoga for ME/CFS Side by Side Balance c/fwd |
62,200 - - 2,000 1,500 - 2,500 - - - 2,500 3,000 2,000 1,500 - 2,000 3,000 - - 3,000 2,500 - - 3,000 - 3,000 - 4,500 3,000 - 5,000 - - 2,000 3,000 - - 111,200 |
32,525 3,546 2,000 - - 2,500 - 2,700 1,500 2,000 - - 3,000 - 8,000 3,000 1,500 2,500 2,500 - - 1,500 2,000 3,000 3,000 - 3,000 - - 1,500 - 3,000 5,000 6,000 3,000 1,500 2,650 |
|---|---|---|
| 102,421 |
Page 13
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
| Grants paid (continued) Balance b/fwd South Yorkshire County Scout Council St Augustine's Church St John's Owlerton St Luke's Hospice St Mary's Church St Thomas Crookes St Wilfrid's Centre (2 grants in 2021) Stannington Brass Band Stradbroke Ravens Subud Sheffield SVP Sheffield Furniture Store SwimYourSwim Ltd Target Housing Ltd The Arts Catalyst The Dilys Guite Players Ltd The Ethel Trust The Sheaf and Porter River Trust VIDA Weston Park Cancer Charity 15 (2020: 11) other grants of £1,000 or less (see below) |
111,200 - - 2,000 - 2,500 1,750 4,150 2,000 1,500 - 5,000 2,250 1,000 1,500 3,000 2,000 2,500 - - 142,350 11,985 154,335 |
102,421 3,000 2,000 - 3,000 7,500 - 3,000 - - 3,000 - - 1,500 - - 2,000 - 2,000 2,400 |
|---|---|---|
| 131,821 8,727 |
||
| 140,548 |
All donations are made to organisations. None are made to or for the benefit of individuals.
The following organisations received grants of £1,000 or less:
British Red Cross Society Deepcar Village Community Association Friends of Gillfield Woods Friends of Whinfell Quarry Garden Longley Park Street League The DATIC Trust Woodthorpe TARA
Cemetery Road Baptist Church Dickory Dock Nursery Friends of Waterthorpe Park Libre Digital Mums United Support Through Court The Delphi Trust
Page 14
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
4. Analysis of expenditure by activities
| Charitable activities Total 2020 |
Grants paid (note 3) 2021 £ 154,335 140,548 |
Support costs 2021 £ 19,234 18,547 |
Total funds 2021 £ 173,569 159,095 |
Total funds 2020 £ 159,095 |
|---|---|---|---|---|
Analysis of support costs
| Support costs for grant making Goverance costs (note 5) Total 2020 |
2021 £ 11,700 7,534 19,234 18,547 |
Total funds 2021 £ 11,700 7,534 19,234 18,547 |
Total funds 2020 £ 11,213 7,334 |
|---|---|---|---|
| 18,547 | |||
5. Governance costs
| Independent examiner's remuneration Secretarial fees Other costs |
2021 £ 1,200 6,300 34 7,534 |
2019 £ 1,240 6,038 56 |
|---|---|---|
| 7,334 |
The independent examiner's remuneration comprises an independent examiner's fee of £1,200 (2020: £1,240).
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THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
6. Investments
| Market value at 1 January 2021 Additions Net disposal proceeds Revaluation Market value at 31 December 2021 Investment cash |
2021 £ 5,515,333 61,872 (119,203) 696,805 6,154,807 149,446 6,304,253 |
2020 £ 5,653,858 798,096 (772,634) (163,987) 5,515,333 117,642 5,632,975 |
|---|---|---|
The historical cost of the fixed asset investments is £4,634,815 (2020: £4,683,473) which is split £2,406,358 (2020: £2,416,758) of unrestricted funds and £2,228,457 (2020: £2,266,715) of endowment funds.
The percentages of the total portfolio value represented by individual investments are as follows:
| Endowment Funds Legal & General Equitrack Fund 10.52% 7. Debtors 2021 £ Prepayments and accrued income 55,733 55,733 8. Creditors: Amounts falling due within one year 2021 £ Accruals 5,710 |
Unrestricted Funds 7.43% 2020 £ 50,247 50,247 2020 £ 5,710 |
|---|---|
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THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
9. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds Statement of funds - prior year Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
Balance at 1 January 2021 £ 3,019,439 2,782,804 5,802,243 Balance at 1 January 2020 £ 3,132,725 2,845,093 5,977,818 |
Income £ 178,255 - 178,255 Income £ 170,559 - 170,559 |
Expenditure £ (186,959) (12,138) (199,097) Expenditure £ (171,186) (10,961) (182,147) |
Gains/ (Losses) £ 344,777 352,028 696,805 Gains/ (Losses) £ (112,659) (51,328) (163,987) |
Balance at 31 December 2021 £ 3,355,512 |
|---|---|---|---|---|---|
| 3,122,694 | |||||
| 6,478,206 | |||||
| Balance at 31 December 2020 £ 3,019,439 |
|||||
| 2,782,804 | |||||
| 5,802,243 |
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THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 3,181,559 179,663 (5,710) 3,355,512 |
Endowment funds 2021 £ 3,122,694 - - 3,122,694 |
Total funds 2021 £ 6,304,253 179,663 (5,710) 6,478,206 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 2,850,171 174,978 (5,710) 3,019,439 |
Endowment funds 2020 £ 2,782,804 - - 2,782,804 |
Total funds 2020 £ 5,632,975 174,978 (5,710) 5,802,243 |
|---|---|---|---|
11. Commitments
At 31 December 2021 the charity had commitments to make future payments of:
| Not later than 1 year Later than 1 year and not later than 5 years |
2021 £ 17,500 11,000 28,500 |
2020 £ 17,090 5,000 |
|---|---|---|
| 22,090 |
Page 18
THE J G GRAVES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12. Taxation
The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
13. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 December 2021, expenses totalling £35 were reimbursed or paid directly to 1 trustee for flowers (2020 - £55 for refreshments at trustee meetings).
14. Related party transactions
Ms K Streets, a Trustee, has a mutual interest in Brightbox Makerspace and St Wilfrid's Centre. During the year no grants were awarded to Brightbox Makerspace (2020: £2,850) and St Wilfried's Centre received grants of £4,150 (2020: £3,000).
Mr R H M Plews, a Trustee, is a trustee of Target Housing. In 2021, Target Housing received a grant of £1,000 from the Trust (2020: £1,500).
Mr R H M Plews, a Trustee, was a trustee of Sheffield Industrial Museums Trust Limited. During the year no grants were awarded to Sheffield Industrial Museums Trust Limited (2020: £3,000).
Mr R H M Plews, a Trustee, has a mutual interest in Weston Park Development Fund (known as Weston Park Cancer Charity). During the year no grants were awarded to Weston Park Development Fund (2020: £2,400).
Councillor Peter Price, a Trustee, is a Trustee of Grimesthorpe Family Centre. In 2021, Grimesthorpe Family Centre received a grant of £3,000 from the Trust (2020: £3,000).
Mrs J Drayton, a Trustee, has a mutual interest in Sheffield Children in Care Council. During the year no grants were awarded to Sheffield Children in Care Council (2020: £1,500).
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