Charity number: 210629 THE COLTON'S ACRE GENERAL TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE COLTON'S ACRE GENERAL TRUST CONTENTS Page Referon¢fr and admlnistratfve details of the Char5ty, its Trn$tees and advlsers Trustee8' report Independent examiner's report Statement of financlal a¢tivltles Balan¢e sheet Noteg to thg flnancial 8tatements 9-16
THE COLTON'S ACRE GENERAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARirY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mark Oxley. Chair Katie Toms Richard Bracewell Father Alaric Lewis (resigned 12 June 20231 Pllya Godfrey-Evans (appointed 12 June 20231 Lindsey Green lappoinled 12 June 20231 Charlty registered number 210629 Prlnclpal office 7 The cfose Norwich Norfolk NR14DJ Accountants MA Partners LLP Chartered Accountsnts 7 The Close Nor¥wch Norfolk NR14DJ Investment Manager Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page 1
THE COLTON'S ACRE GENERAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financi81 statement$ of the Charty for the year 1 April 2023 to 31 March 2024. Objectlvos and activi&S a. Pollcles and oblectivas The object of the Charity as set out in its goveming document is "the general benefil of the inhabilanls of the area of benefit for such charitable purposes as the Trustees see T. The goveming document states that 'Yhe "ar8a of beneffv, means the Ecclesiastical Parish of St Giles-on-the-Hill, in the County of Norfolk In s&tting objectives and planning for activits'es. the Trustee$ have given due consideration to general guidance published by the Charity Commission relab.ng to public benefit, including the guidance 'Public benefft.. rLJnning a charity IPB21'. b. Stratggies for achievlng objectives To achieve the Charty's objectives the Trustees awdid grants to qualifying indwiduals or organisations. c. Maln activitie8 undert4k8n lo further the CharitS purposes for the public beneftt Details of grants awarded in the year a gwen in note 5 to the flnan¢ial statements. Achievements and perfomiance . Maln achlevements of the Charlty Grants of £26.11712022- £28,949 were awarded in the year as detailed in note 5 to the financial Slalemenls. The Trustees review&Y the perfomiance of the Charills investments assisted by a presentation from the investment manager. The Trustees are working within their agreed Donations Plan Framework 2021-2026 Financial r¢vl8W Going conc¢rn After making appropriate enquiries, the Trustees have a reasonable expeclation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For thi5 reason, they continue to adopt the going concern basis in preparing the financial statements. Page 2
THE COLTON'S ACRE GENERAL TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 b. Reser¥&s pollcy The Trustees aim to hold suff cient reserves to provKle certainty of funding for grants whilst maintaining the Charitys capital base to ensure financial resilience. In the Donations Plan Framework 2021-2026 the TTU51ees agreed ID maintain the current capital base of £1,600,000 plus CPI over the period. subject to a withdrawal of up to £40,000 per annum to funé charitable giving in accordance with the Framework. As at the balan¢e sheet date the Charity had reserves of£1,693,21012023- £1,566,502). c. Flnanclal summary The Charty's nel assets increased from £1,566,502 as at 1 April 2023 to £1.693.210 as at 31 March 2D24. Structurob governance and managem&nt a. Constitutlon The Colton's Acre General Trust is a registered chanty. number 210629, and is nstitute under a Trust deed, b. Methods of appointmgnt or election of Trustees The management of the Charity is the responsibilty of the Trustee5 who are elected and c&opted under the terms of the Trust deed. Plans for future perlods The Trustees are mindful that the Charity was estsblished over 500 yeats ago and therefore take a long-term view when making investment and expenditure decisKJns to protect its longevity. Page 3
THE COLTON'S ACRE GENERAL TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 statemgnt of Trustees, r•sponslbilities The Trustees are responsible for preparing the Trustees, report 2nd the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generalty ACpted Accounting Practice). The law applicable to charib.es in England & Wales requires the Tnjstees lo prepare financial ststements for each financial year which give a true and fair view of the stale 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 lo-. select suitable accounting policies and then apply them consistentty., observe the methods and principles of the Charities SORP IFRS 102},' make judgments and accounb'ng estimates that are asOnable and pwdenl., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial slalements on the going concem basis unless it is inappropriate to presume thal the Charity will contine in business. The Trustees are iesponsible for keeping adequate accounting records that are sufficlent to show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial statements comply wth the Charities A¢1 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trusl deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularitie5. Approved by order of the members of the board of Trustees and signed on their behalf by- Mark Oxtey. Date. 10 June 2024 Page 4
THE COLTON'S ACRE GENERAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indopondent examlnerfs report to the Trustees of The Cotton's Acrg Gonoral Trust I'the Charlty'} I report to the charity Trustees on my examination of Ihe accounts of the Charity for the year ended 31 March 2024. Responsibilities and basls of report As the Trnslees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the 2011 ACV). I report in respect of my examinakn'on of the Charrty's accounts carried out under sects'on 145 of the 2011 Act and in carying out my examination I have followed the applicable Directions given by the Charity Commission under section 145{5llb) of the 2011 ACL Independent examlnerfs statement Your attenhon is drawp) to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charib'es.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 in pference lo the Accounting and Reporting by Charities.. Statement ol Recommended Prdclice Issued on 1 April 2005 which is referred to in the extant reguLations but has been withdrawn. l understsnd that this has been done in order tor the accounts to prowde a true and fair view in accordance with the Generally Accepted Accounting Practice effecbve for rEFX)iting periods Winning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in conn8clion with the examination giving me Cause to believe that in any tnaterial respect.. ac¢ounbng records were not kept in respect of the Chaiity as required by section 130 of the 2011 Act,. or the accounts do not acr wtth those records.. or the accounts do nol comply wth the applicable requirements conceming the fomi and content of accounts sel out in the Chanlies (Accounts and Reports) Regulations 2008 olher 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 lo which attention should be drawn in this report in order lo enable a proper understanding ol the accounts to be reached. Page 5
THE COLTON'S ACRE GENERAL TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 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. My work has been undertaken so that I might slate to the Charity's Trustees those matters l am required to slate lo them in an Independent examiner's report and for no other purpose. To the lullesl exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Mr F M E Shippam Bsc FCA DChA MA Partners LLP Chartered Accounlanls 7 The Close Norwich Norfolk NR14DJ Dated.. 10 June 2024 Page 6
THE COLTON'S ACRE GENERAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unre5trictgd lunds 2024 Total funds 2024 Total funds 2023 Note Incom8 from: Investments 44,791 44,791 43,522 Totsl Income 44.791 44,791 43,522 Expenditure on: Raising funds Charitable acb'vib'es 12,300 39,813 12,300 39.813 It,452 38,651 Total expendlture 52,113 52,113 50,103 Net expendlture before net goinslllossosl orb investments Nel gainslllossesl on investments 17,322) 134.030 17,3221 134,030 (6, 581) (83, 586) Net movement in funds 126.708 126.708 (90, 167) Reconciliation of funds: Total funds bmughl forward Net movement in funds 1,566,502 126,708 1,566,502 126,708 1,656,669 (90. 167) Total funds carrfed f0Thrd 1,693,210 1,693,210 1,566,502 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 9 to 16 fom) part of these financial statements. Page 7
THE COLTON'S ACRE GENERAL TRUST BAL4NCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 1,650,382 1,509,054 1,650,382 1,509,054 Current assets Cash at bank and in hand 44,028 58,648 44,028 58,648 Creditors.. amounts falling due wthin one year 10 {1.21)0) (q,200J Net Currnnt assets 42,828 57,448 Totsl assgts le88 current IlabllStiOS 1.693,210 1,566,502 Totsl net assets 1,693,210 1,566, 502 Charity funds Unre$tricted funds 11 1,693.210 1.566,502 Total fund¥ 1.693,210 1,566, 502 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: P•lark Oxle Date.. 10 June 2024 The notes on pages 9 10 16 forn) part of ihese financial statements. Page 8
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Colton's Acre General Trust is an unincorporated chanty registered in England and Wales. Accountlng polici83 2.1 Basls of preparatlon of financial statements The financial 51alernenls have been prepared in accordance wth the Charities SORP IFRS 1021 Accounting and Reporb"ng by Charithes.. Statement of Recommended Practice applicable to ch2riliè$ preparing their accounts in accordance vAth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffects've 1 January 2019), the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have ken prepared to give a 'true and fairf view and have departed from the Charities IAc¢ounts and Reports} Regulations 2008 only to the extent required lo provide a 'true and fair. view. This departure has involved folk)wing the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Char$.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Colton's Acre General Trust meets the definib.on of a public benefit entity under FRS 102. Assets and liabilib'es are initialty recognised at historical cost or transaction value unless otherwise stated in the relevant accounting Fxjlicy. 2.2 Income A51 income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.3 Exponditure Expenditure is recognised once the is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in setdement and the amounl of the obligation can be measured reliably. Exnditre on raising funds includes all expendfture incurred by the Charity to raise funds for ils charitable purposes and includes costs of all lUndls1ng activth'es events and non-charitable tfftding. Expenditure on charitable activities is incurred on directy undertaking the activities which further the Charity's objectives, as well as any asstKiated support costs. Grants payable are charged in ttTe year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfflled. Grants offered subject lo conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive ot irwoverable VAT. 2A Interest reeelvable Interest on funds held on deposit is included when recervable and the amount can be measured reliably by the Charity., this is normalty upon notification of the interest pald or payable by the institution with whom the funds are deposited. Page g
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies (ntInued) 2.5 Investm•nts Fixed a5sel investsnents are a fom of financial instrument and are ir¢ilially recognised at their transaction cost and subsequently measured al fair valLJe at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Inveslment gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Statement of financial activities. 2.6 Cash at bank and in hand Cash al bank and in hand includes cash and short-terrn highly liquid investments with a short maturity of three months or less from the date of acquisitH)n or opening of the deposit or similar account. 2.7 Llabillties and provislons Liabilities are recognised when there is an obligation at the 8alance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in Settment and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has reiVed as advanced payments for the goods or Services it must provide. Provisions afft measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the piovision 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 Slatement of financial activities as a finance cost. 2.8 Flnanclal InstMents The Charity only has financial assets and ffnancial liabileS of a kihd that qualify as basic finanelal instruments. Basi¢ financial instruments are inittalty recognised at transaction value and subsequentty measured at their setuement value. 2.9 Fund accoUnng 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. Investment income, gains and losses are allocated to the appropriate fund. Page10
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Invèstmgnt Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Incorne from investments Interest recetvable 44.598 193 44,598 193 43,478 44 Total 2024 44,791 44,791 43, 522 Investment management costs Unrestrictod funds 2024 Total funds 2024 Total funds 2023 Investment management fees 12,300 12.300 11.452 Page 11
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants Grant9 to Grants to Institutlons Indlviduals 2024 2024 Total funds 2024 Total funds 2023 Grants 26,117 26,117 28,945 Tutal 2023 24,945 28,945 The Charity has made the following malerial grants to institutions during the year.. 2024 2023 Name of InstitutÉon Villiers PaTk Educattonal Trust YMCA The Salvation Army West Pottergate 10,115 10,01)O 5.000 1,002 8. 798 10,500 5,000 647 26,117 24,945 Page12
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by activities Actfvltles undertaken dire¢tly 2024 Grant ndlng of actlvttleg 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable a¢lNits'es 11,175 26,117 2.521 39.813 38,651 Total 2023 7,403 28.945 2.303 38.651 Analy818 01 dlrect cogts Total funds 2024 Total funds 2023 Perfect strangers pmject costs An Acre of Stories project costs 11,175 500 6,903 11,175 7,403 Analy$ls of support ¢osts Totsl funds 2024 Total funds 2023 Secretary Governance costs Insurance 1,290 1,080 151 1,215 906 782 2,521 2,303 Indèpendenl examinevs remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £1.08012023 - £906). Page 13
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneration and expense5 During the year, no Trustees receNed any remuneration or other nefIts (2023- £NILJ. During the year ended 31 March 2024. no Trustee expenses have been incUed (2023- £NIL). Flxed asset investments Llsted Inv6stments Cost or valuatlon At 1 April 2023 Additions Disposals Revaluations 1,509,054 44,598 125,0001 121,730 At 31 March 2024 1,650,382 10. Creditors". Amounts falllng due withln one year 2024 2023 Ac¢ruals and deferred In¢ome 1.200 1,200 Page 14
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statement of funds Statement of funds - currnnt ygar Balance at 31 March 2024 Balance at 1 April 2023 Galnsl (Losses) Income Expendlture Unrestricted fund$ General Funds - all funds 1,566.502 44,791 152,113) 134,030 1,693,210 statement of fund5 - prlor year Balancg at 31 Mah 2023 8alanoe al 1 April 2022 Gain (Losses) Income Expenditure Unrestrlcted funds General Funds - all funds 1.656.669 43.522 (50, 103) (83,586) 1,566,502 12. Anatysls of net assots between funds Anaty$is of net assets between funds- current period Unrestricted funds 2024 Total funds 2024 Fixed asset inve5trments Current assets Credilors due within one year 1,650,382 44,028 11,2001 1,650,382 44.028 (1,2001 Total 1,693,210 1,693,210 Page 15
THE COLTON'S ACRE GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysis of net assets between funds (contlnued Analysis of net assets between funds - prior perfod Unrestrioted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due wlhin one year 1,509,054 58,648 (1,2QO) 1,509,054 58,648 (1.200) Total 1,566,502 1,566,502 13. Related party transactlons The Charity has nol entered into any related party transaction during the year, nor are the any outstanding balances owing belfftn related parties and the Chanty al 31 March 2024. Page 16