FE Docusion Envelope ID.. 1B85FBF&6E67485D-A93B-629A09216869 Charity registration number. 219207 The Enrolled Freemen of the Borough of Great Grimsby Annual Report and Financial Slalemenls for the Year Ended 29 February 2024 L, Forrester Boyd CHAR TEREO ACCOUEITANTS
Dowsrgn Envelope ID.. 1B85F8F9*E67485D.A938-629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Contents (continued) Reference and Adminislialive Details Trustees, Report 2107 Slalemenl of Trustees, Responsibilities Independent Auditors, Report 91011 Statement of Financial Activities 12 10 13 B8lance Sheet 14 Cash Flow Slalelnenl 15 Notes lo the Financial Slalements 161032
Docusign Envelope10.. IB85FBFSE67-4asD-Ag3B-6zgAo9216Q6g The Enrolled Freemen of the Borough of Great Grimsby Reference and Administrative Detalls Trustees (Pasture$ Committee) Sara J Morris. Chair Richard A Bellarny Ali50n Klug Louis Meller Tony M North Sarah Palmer Hannah Salah James R Steer stephen T Wakefield stephen P White Claire Elheridge The Hub Freeman Street Market Nelson Street Grimsby DN32 7DS C Jensen, a partner in Forrester Boyd 26 South Sl Marls Gate Grimsby DN31 1LW R Hobson, a partner in Jackson Green & Preston 19 Wesl Sl Marls Gale Grimsby DN31 1LE Clerk, Pastures Office and Principal Office Treasurer (Chartered Accountant} Property Surveyor and Valuer (Chartergd Surveyor) Investmènt Advlsers Brewin Dolphin 1 sl Floor Olympic House 995 Doddinglon Road Lincoln LN6 3SE Xeinadin Audit Limited Becket House 36 Old Jewry London EC2R 8DD 219207 Audltors Charlty Reglstration Number Page 1
0sign Envelope 10.. 1B85FBF94E67-485D-A93B-629A0921e869 The Enrolled Freemen of the Borough of Great Grimsby Trustees. Report Trustee$ Sara J Morris, Chair Richard A Bellamy Marie Fitzgerald Iresigned 5th June 2023} Alison KILJg Louis Meller Tony M North Sarah Palmer lappoinled 5th June 20231 Hannah Salah lappoinled 5th June 20231 James R Steer Stephen T Wakeliel(J Stephen P While The affairs of the Enrolled Freemen of Grimsby are managed by the Pastures Committee, as Trustees of the Charity, and they present their annual report for the year ended 28 February 2023, together with the audited accounts for the year. The accounts have been prepared in a¢¢ordance with the Charities A¢1 2011, the Governing Instrun7ents and Accounting and Reporting by Charities.. Slalemenl of Recomrnended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}. Objectives and Activities The object ol the Charity is lo distribute the income generatecl from the assets held for the benefit of the Enrolled Freemen on the annual Roll. It is the aim of the Pastures Committee with the assistance of ils professional advisers lo maximise the income available for distribution lo the Enrolled Freemen, whilst also being mindful of the maintenance of the assets of the Charity for the future. The objectives and aims of the Charity have not changed during the year. Public Benefit In planning, Setting objectives and determining aclivilies, the Pastures Committee have paid due regard to the Charity Commission's'General Guidance on Public Benefit.. The objectives and aims of the Charity are sel out above and our achievements in the year have focused on continuing lo allempl to Provide financial benefit in the fomi of a bi-annual moiely lo the Enrolled Freemen of the Borough of Great Grimsby. Page 2
Docusign Envelope10'. 1B8sF8FE67485U-Ag3B-829A092168s9 The Enrolled Freemen of the Borough of Great Grimsby Trustees. Report (continued) The aims and objectives of the Charity are clearly defined within the Governing Inslrumenls, previously referred to 8nd compared lo the duties and responsibilities of the freemen prior lo the Municipa1 Act of 1835 are much diminished. Before 1835 the freernen had the lolal responsibility lor providing the local govemment and voting in elections. We do, however, still hold and manage vast areas of land acquired prior lo 1835 and one such are8 IS within the East Marsh where our rnarkel is situated. The East Marsh Ward has historically been in the lop 5 worst deprived wards in the whole of Europe, Government slatislics are damming and the area remains in dire need of urgent regeneration. It Would not be in the interests of the Enrolled Freemen lo be left managing an aa ol dereliction. It is for this reason that W8 initially embarked upon The Freemen's Community and Craft Project within the market, working with partners to start and tsckle the issues of workles5ness in the area and. Dn 8 much larger scale, why we continue lo actively work with various partners Dn the broader issues of regeneration in order lo ensure that we crèate a thriving and sustainable community for the future 11 is also for this reason why a successful application lor funding was made lo the ERDF in 2011 for the creation ol the Business Hub that is now complete and occupies what was a vacant, semi-derelicl area of the Market building. 11 is also the rea50n why the Trustees applied for and were granted ownership of the block of semi-derelicl land on Freem8n Street to the north ol the Market, now referred to as the Freeman Cenlre, with a view to this being an important part of the future regeneration of the East Marsh. The first stage of this has now been wmpleled with the YMCA Dpening their new building18St year. Trustees are working hard to create future opportunities lo make best use of the remaining land. Thi5 takes the Freemen back lo the very heart and soul of their original purpose as set out in the town's first Royal Charier of 1201, to be of public service and benefit. Achievements and Perfomiancg One of the challenges for this year wntinued to be the effective lelling and marnagement of the Business and Digital Hub within the north east corner Df the market. Wbth the m8jorily of the eighteen units having bèen let during the year, the locus continues lo be on raising the level of rents as reviews and opportunities 8rise. Although the Hub continued lo be loss making for the year, the directors remain focussed on the letting and rnanagement of the Hub in order that the Pastures Development Company IPDCI be in a position lo provide the Freemen with a financial ieturn on this investment, although this is unlikely for the foreseeable future. However, the Hub continues lo provide important services lo the area and is a great support lo the market. The Hub is included on the Freemen's balance sheet as Programme Related Investment in subsidiary undertaking. Although investments are primarily held to provide an investment retum for the Charity, the Trustees would class this particular regeneration project as a Programme related investment. Although it should generate some financial return. the primary motivation, as described in the 2015 accounts. is to furthei the object of the Charity In the longer term. This Is achieved by investing in the East Marsh Ward lo encourage and facilitate regeneration on a wider 5¢ale, lo cnsure that the Improvement of the community is reflected in maintaining and hopelLilly raising the future value of the Charity's freehold land and thereby securing a future Income strearTI appropriate lo the value of that a5sel. The Frettman Centre sile as a whole has returned surplu5 of income 01 £15,339 12023.. £2.5161. The main reason for the Increased surplus is a continued reduction in professional fee5 in 2024 due lo a change in approach lo development and regeneration of the sile. The Trustees continue lo actively work on finding a developer lor the Freemarn Centre bul without incurring high levels of external fees. They are hopeful that progress wll soon be made with the site to generate a stiong return for the charity and its beneficiaries. The principal sources of income ol the Charity remain the investment properties, the quoted investments and Freeman Street M8rkel. The net income receivable from investment Properties lias decreased by approximately £3,000 durinq the year. Increases in ground rents invoiced have been more Ih8n off-set by an increase in professional fee costs. At the year end the ground rent debtors h8ve remained static al £88.934 12023. £88.1211. Debts are being actively chased for recovery The forfeiture of 126-130 Freeman Slrèel look place al the end ol January 2024 and the Trustee5 are 8¢tively looking al how this property can be ulilised. The InMe from quoted investments ha5 increased in the year by 210h lo £45,941. See below for more detail on the quoted investments. Page 3
Docu&gn Envelope ID.. 1885FBF9-6E67485D-A93B429A09216B69 The Enrolled Freemen of the Borough of Great Grirnsby Trustees. Report (continued) Sundry investment inctsme, which historically has principally been interest received on monies held on deposit, amoLJnled lo £2.698 reflecting higher returns received on cash balances. Funds held al the year-end have increased from £177,000 10 £258,000. Further detail of the charity's a¢hievemenls and performance can be found in the Chair's Report, which has been separately uploaded on the website. The balance sheet value of the Charills quoted equity investments held by the broker decreased slightly by £25,796 or 2/1 as al 29th February 2024 cornpared lo the previous year end. This year has again seen fluclualing year for the financial market with slight improvements towards the end ol the year, which reflects the slabilisalion in value al the year end poinl. The Trustees have asked their Financial Advisor lo focus on income generation lo help SLJPPOrt the moiely, rather than growth. As in recent years, Markets throughout the UK continue lo experience tough trading Conditions. AS seen al notes 4 and 6, Freeman Street Market is no exception. Despite the cost of living ciisis and inflationary environment, stall rents have seen no Inflationary YD increase during the year 12023.. 1Q/o Increase) in a continued attempt by the Trustees lo help support the local traders. Due lo some cost reductions the maiket trade has made an overall loss 01 £64,784 12023. £123,681). The loss reduction is in part due lo a change in the allocation of accounting support costs that are now shown within Governance costs We have previously looked to address the historic reduction in stall occupancy and rents by implementing a general Improvement programme together with increased marketing of the Market and, following the completion of the final phase of stall renewals in 2015, we saw an imprtsvemenl in occupancy levels and rent receipts with the Trustees having created a much improved retail environment. In more recent years due to the introduction of the various food stalls, and excellent Fnarkeling around this, we a have seen a good bounce back in footfall. This year has however seen the new food court area struggle lo retain slallholders and this has directly impacted stall rents. The investment in renewable energy with a lolal of five installations of solar panels has resulted in the Market benefilting from Solar Feed In Tariff income of £41.372 in the year, and a continuing saving on market electric costs ol approxiinately £63.000 from the use of self-generaled power The Skills Centre remains an Important element of the redevelopment of the Market, unfortunately the pandemic hil this area hard bul income has continued to recover over recent years. This year has seen a small decrease of £2.5k110/01. It continues to be our intention lo pul the Market right in the centre of the community and for the Business Hub, Skills Centre and the original Market lo complement and 'feed' off each other both economically and socially. We still hope the updated Market Sile will encourage our regeneration partners and private developers lo further invest in the area for the benefit of our Estate as a whole. Only by having taken such steps do we have any hope of stemming decades of economic decline and ensuring e¢onomi¢ and social renewal for the benefit of future generations of Freemen. The Pastures Committee would like lo express ils thanks to all of the market staff for their endeavours during the year. Financial Review Overall. the net income on unreslricled general funds. before transfers, was £17.826 12023.. £9.3791, as sel out in the Slalemenl of Financial Activities. Though nel income on unreslricteLY funds is a surplus, high deficits in recent years, compared to what was achieved historically, has continued lo have an effect on the distributions and the Treasurer annoijnced in November 2023 that there would be no moiely di51ribulion again thi5 year. The calculation of the amount available for dislribLJlion is based on the strict receipts and payments of the Charity in the year ended 31 st October. Steps are being taken to try and improve upon this position for the future, despite the difficult trading conditions. Any future distribution will be dependent accumulated current deficits been exceeded. The number of Enrolled Freemen on the Roll for 2023J24 redu again slightly in comparison with the previous year from 860 10 788. The Charity remains in a sound financial position as evidenced by the total funds held as al 29 February 2024. despite decreasing from £7,950.934 to £7,928,695. Page 4
DOcuSn Envelope ID." 1885FBF9*E67-485D-A93B429A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Trustees. Report (continued) Previously, the fixed assets of the Charity have been valued appropriately, as detailed in the Accounting Policies. with the exception of the remainder of the original land acquired in 1849. which ha5 been included al a nominal value of £1,000 wth the Sgreement of the Charity Commission. 11 was previously fell that the cost ol having this land professionally valued on a periodic basis would be worthwhile in the context of the Charity's Accounts and as such, lor the 2020 accounts, the Property Surveyor ID the Enrolled Freemen was asked lo value this original land. being the Freemen'3 commercial and residential freehold estate mainly situated within the East Marsh. The Trustees are satisfied the valuation provided of £3,597,516 is sufficient. The Trustees. investment policy is lo take appropriate professional advice before any purchase or sale of assets or other investments are considered. The Property Surveyor advises on all matters in connection with the land and properties owned, and she also advises on the suitability of any prospective 18nd and propety purchases. The Discretionary Investment Manager manages the investment portfolio, endeavouring lo achieve a balance between capilal growth and In¢ome producing investments, whilst having regard lo the interests ol both present and future Enrolled Freemen. As 8 consequence of the ongoing volatile market conditions and an increase in investment management charges and as reported In the 2016 year. the Trustees previously handed responsibility for the management of the quoted investment portfolio to their Investment Adwsers, Brewin Dolphin who are now engaged on a lull discretionary management basis. Reserves Policy The P8Stures Committee does not have a specific reserves policy beuSe all unrestricted funds other than the specifically designated speci81 repair fund are required to be paid lo the Enrolled Freemen on the Roll. by way of the bi-annual moiely The balance of the special repair fund was fully utilised in the 2010111 year lo assist with the funding ol the ongoing market improvement programme. Previously, the Trustees considered that the fund had been ulilised lor its Intended purpose," having assisted with funding the on-going repair programm& for the Market. With the previous receipt of the substantial rates refund, the Trustees had considered it appropriate to replenish the 5peci81 repair fund and agreed lo transfer an amount of £144,000 from the General lunds a5 at 29 February 2013. which used the 8llowanc&s available for 2004105 to 2012113. Following a transfer for the 2013114 year and the allocation of stall renovation costs in 2013114, the Trustees considered Il necessary to ulilise some of this fund for urgent roof repairs, leaving a balance al 29 February 2020 01 £49.206. Durin9 2022 £8,148 was utilised from this ftjnd for further Food Court development costs and in 2023 £4,000 was ulilised for Freeman Centre roof repair costs, leaving a balance of £37,058. Total reserves. after accounting for funds that can only be realised by disposing of tangible fixed assets or programme related inveslmenls, sland at £2,387.287. This includes unrestricted funds of £124.665, reslricled funds of £2,610 and the remaining balance of £2,260,012 being endowment lurids. Risk Management The Pastures Committee regularly monitors the risks lo which the Charity is exposed, with the assistance of ils advisers, to ensure that all risks are mitigated as far as possible. The General Manager carries out a iegular iisk review of all aspects of the operation of Freeman Street Market. The Business Hub Is operated through the Pastures Development Company and the General Manager also carries out regular risk review5 of this operation. ND fundraising activitie5 are carned out by the charity. Plans for Future Periods The Pasture5 Committee is committed to maintaining the assets currently held for the benefit of ¢urrent and future Enrolled Freemen and lo increase the annual amount available for distribution. The current year, 2023124, will focus on increasing lootfall in the market through excellent marketing. particularfy through social media. Efforts will continue lo be directed to the regeneration of the Freeman Centre land and finding new development opportunities. Page 5
Docusign Envelope ID.. 1B85F8F9ffjE674850-A93B-629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Trustees. Report (continued) In addition lo this, the ¢harily will focus on improving the rent rate of the Business and Digital Hub, whilst reducing associated costs within the Market and Hub. Structure, Governance and Management Governing Instruments The governing inslrLJmenls of the Charity are the Grimsby Pastures Acts 1849 and 1949 as amended by the Humberside Act 1982. The Enrolled Freemen of Grimsby is iegistered as a charity with the Charity Commission for England and Vvales under ils full charitable nan)& of Grimsby Pastures for the 8enefil of the Enrolled Freemen of Grimsby Appointment. IndLrction and Training of the Pastures Committee. The Pastures Committee Is elected annually at the Annual General Meeting. New TrLJslees are indLJcled at their first Pastures Committee meeting when the operation of the Charity is explained lo them. They ale also given copies of the minutes of previous meetings and relevant Charity Commission publications. New Trustees are familiar with the annual accounts as they are required lo be Enrolled Freemen on the current Roll when they are appointed and whilst they serve on the Pastures Committee. Organisatlonal Structure The Pastures Committee meets eleven times dunng the year on the third Tuesday of each month, except in August, when there is no meeting. The Committee is responsible for the strategy and policies of the Charity. The Clerk and the Treasurer assist with the day lo day running ol the Charity anrl also allend and report lo the Pastures Committee meetings. 11 is the view of the Trustees that there are no key management personnel other than the members of the Pastures Committee. All members of the Pastures Committee give their time freely and no remuneration is paid by the Enrolled Freemen lo any trustee. The directors of the Pastures Development Company Limited, who are also members of the Pastures Committee, raise fee invoices in respect of work undertaken as disclosed in note 1110 these accounts. There are three SLJb-commillees of the Pastures Committee, the Estates Sub-committee and Finance SLJb-Commillee and the Market Sub-committee, which meet on an as required basis during the year. Each sub-committee consists ol members of the Pastures Committee and reports to the Pastures Comrnittee meeting immediately following the sub-¢ommillee meeting. The Estates Committee monitors th& properties owned by the Enrolled Freemell and ieceives advice from the Property Surveyor, the Clerk and the Treasurer. as appropriate. The Finance Committee oversees the finances, accounts and investments of the Enrolled Freemen and mainly receives advice from the Treasurer and the Investment Advisors. The Market Committee oversees the running of Freeman Street Market, Grimsby and the day to day running thereof is delegated lo the Gèneral Thljanager who also attends and provi(les a report to each P2$1ures Committee ffleeling. The Charity has previously formed a wholly owned subsidiary company named the Pastures Development Company Limited IPDCI. As advised in previous reports, this company was required to be formed as part of the application process for the European Regional Development Fund IERDFI funding. The directors ol this company are 811 members ol the Pastures Committee and report directly to the Pastures Committee. With the ERDF funding having been previously approve(l and work on the constrLJclion of the Business Hub having been completed, the continued management and lelling of the Hub has required that the directors have and continue to meet on regular basis. Page 6
DocuSvJn Envelope10. 1B85FBF9-6E67485D-A93B-629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Trustees. Report (continued) Approved by the Pastures Committee on 23 April 2024 and signed on ils behalf by.. DEè24C619F321M.. S Morris Chair Page 7
Docusun Envelope ID." 188sF8FSE67.485D-Ag38-629AO92l6BSg The Enrolled Freemen of the Borough of Great Grimsby ststement of Trustees, Responslbilitles The Iruslees are responsible for preparing thè Iruslees, report and the financial statements in accordance with the United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trLJStees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resoLJrces of the charity for that period. In preparing these financial slalements. the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP,. make judgements and eslimales that are reasonable and prudent., stale whether applicable accounting standarcls have been followed, subject to any material departures disclosed and explained in the financial stalemenls., 2nd prepare the financial statements on the going concem basis unless il 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 al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities IAccounls and Reports) Regulaty'ons 2008, and the provisions of the conslitulion. The trustees are also responsible lor safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and inlègrily of the corporate and financial information included on the charitable cornpany's website. Legislation governing the preparation and dissemination of financial slalements may differ from legislation in other jurisdictions. Approved by the Iruslees of the charity on 23 April 2024 and signed on ils behalf by". Sara J Morris Trustee Page 8
Do¢uSign Envelope10' lB85FBF6E6748sD-A93S29A092l669 Tlie Enrolled Freom•n of the Borough of Great Grimsby Independent Audltorfs Report to the Members of The Enrolled Freemen of the Borough of Great Grimsby Oplnion We have audited the financial statements of The Enrolled Freemen of the Borough of Great Grimsby Ilhe 'charity'l for the year ended 29 February 2024 which comprise the Statement of Financial Aclivilies, the Balance Sheet and notes lo the financial stalemènls, including a summary of significant accounting policies The financial reporting framework that hAs been applied in their preparation is applicable law and United Kingdom Accounting Standards (Unitèd Kingdom Generally Accepted Ac¢ounling Practice). In our opinion the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as al 29 February 2024 and of its incoming resources and application of resources, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in aOrdanCe with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and 8pplicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in ac¢ordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibi1ilies in accordance with these requirements. We believe that the 8udil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In aLJdiling the financial slalements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial slalernents is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin9 to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue a5 a going concern for a period ol at least twelve months from when the financial slalement5 are 8Uthorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant se¢tions of this report. Other Informatlon The trustees are responsible for the other information. The other information ¢omprises the information included in the Annual Report. other than the financial 518temenls and our Report ol the Independent Auditors Ihereon Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in Dur report. we do not express any form of assurance Conclusion thereon In connection with our audit of the financial slalemenls. our responsibility is to read the other information and, in doing so, consider whether the other information is m8terially inconsistent with the financial slalemen15 or our knowledge obtained In the audit or otherwise appears to be matèrially misstated. If we Identify such material Inconsistencies or apparent rnaterial misstatements. we are required lo determine whether Iliis gives risc to a maler1al misstatement in the financial statements themselves. 11, based on the work we have performed, we conclude that there is 8 materi81 misstatement of this other information, we arè required to report that fact. We have nothing lo report In this regard. Matters on whi¢h we are required to report by exception We have nothing to report in respect of the following rnatlers where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. Page 9
Docusyn Envelope ID.. 1B85FBF9-6E67-485D-A93B429A09216889 The Enrolled Freemen of the Borough of Great Grimsby Independent Auditor's Report to the Mernbers of The Enrolled Freemen of the Borough of Great Grimsby (continued) the information given in the Report of the Truslees is innSiStent in any material respect with the financial slatemenls.. or sufficient ac¢ounting records have not been kept,. or the financial slalements are not in agreement with the accounting rewrds and returns,. or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As expla5ned more fully in the Slalemenl of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine Is necessary lo enable the preparation ol financial slalemenls that are free froffl material misstatement, whether due to IraLJd or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable, matters related lo going conrn and usin9 the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no Tealistic allernalive bul lo do $0. Our responsibilities for the audlt of the financlal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misslalemenl, whether due to fraud or error. and lo issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in a¢cordanc& with ISAS IUKI will always delect a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financi81 stalemenls. The extent lo which our procedures are capable of detecting irregularities, including fraud Is detailed below.. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law5 and regulations. was as follows.. The engagement partner ensured that the engagement learn collectively had the appropriate competence. capabilities and skills to Identify or recognise non-compliance with applicable laws and regulations., We Identified the laws and regulations applicable to the charity through discussions with the management and from our knowledge and experience of the charitable sector., We focused on specific 1aw5 and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including relevant legislation such as the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (issued on 16 July 2014 and updated with the second edition in October 20191- Icharilies SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011., We assessed the exlenl ol compliance with the laws and rulationS identified above through making enquiries of management and inspecting legal correspondence., and Identified laws and regulations were communicated within the audit team regularly and the team remained alert to Instances ol non-compliance throu9houl the audit. Vve assessed the susceptibility of the company's financial statement5 to material rnisstatèmenl, including obtaining an understanding ol how fraud might occur. by.. Page10
Dw&gn Envelope ID.. 1B85FBF9-6E67-4850-A93B-629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Independent Auditor's Report to the Members of The Enrolled Freemen of the Borough of Great Grimsby {continued} Making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud., Considering the intemal controls in place to miligale risks of fraud and non-complian with laws and regulations.. To address the risk of fraud through management bias and override of controls, we". Performed analytical procedures lo identify any unusual or unexpected relationships, Tested joumal entries lo identify unusual Iransaclions., Assessed whether judgements and assumptions made in determining the accounting estimates sel out in Note 16 were indicab've of potential bias., investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, bul were not limited lo.. Agreeing financial statement disclosures lo underlying supporting dDcumenlalion". Reading the minutes of meetings of those charged with governance", Enquiring of management as lo actual and potential liligalion and claims., Reviewng any correspondence with HMRC, regulators and the charills legal advisors. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al www.fr¢.org.uklaudilorsresponsibililies. This description forms part of our Report of the Independent Auditors. Use ofour report This report is macle solely lo the Charity's Iruslees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might slate lo the Charity's trustees those mallers we are required to slate lo them in an auditors, report and for no other purpc>se To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the ch8rily's trustees as a body, for our audit work, fnr this report, or for the opinions we have formed. Xeinadin Audit Limited Becket House 36 Old Jewry London EC2R 8DD Dale. 13 May 2024 Page 11
Qocusign Envelope ID.. IB8SF8F9-6E67-485D-A938429A09216B69 The Enrolled Freemen of the Borough of Great Grimsby statement of Financial Activities for the Year Ended 29 February 2024 Endowment Unrestricted Total 2024 Total 2023 Designated General Restrl¢ted Expendable Note Income and Endowments from.. Freeman Cenlie Income from Investment properties Trading activity- Freeman Street Market Interest receivable and similar income Other income from fixed asset investments 60,415 60.415 58,271 170,153 170,153 163,168 297,615 35,813 333,428 316,372 2,698 2,698 410 45,941 45,941 37,959 576.180 Total Income 576,822 35,813 612.635 Expenditure on.. Fieeman Centre Freeman Slreel Market Investment management costs Investment properties Governance and support costs Share of NELC income Dividends payable 145,0761 1362.3991 145,0761 159,7551 1397,2781 1440,0531 110,4471 110.4471 114.5491 150,4491 {40.2911 199,5881 129,7071 11,4841 12,8691 1201 134,8791 150.4491 199,5881 11,4841 21 1201 {20 1558,996 34,8791 110,4471 604,3421 587,2241 Total Expenditure Realised gains on Investment properties Realised gainslllossesl on quoted Investments Revaluation of quoted investments 19.400 18271 18271 11.5651 11,5651 141,6981 17,6171 117,617} 161,1451 130,4561 111.7161 194,4871 Nel lexpendituiellincome Gloss transfers between funds Other recognised galns and losses Revaluation of Programme related investTllent in subsidiary 1201 13,4801 17,828 3,480 934 110,5231 110,5231 110.903} 140,9791 122,2391 1105.3901 Net movement in funds 13,5001 21.306 934 Reconciliation of funds Total funds brought forward Total funds Carried forward 49,381 59,043 24,056 7,818.454 7,950,934 8,056,324 24,990 7,777,475 7,928,695 7,950.934 21 45,881 80.349 The notes on pages 16 10 32 fom an integral part of these financial statements. Page 12
tsow&gn Envebpe ID. IB85FBF9fjE87-485D.A93B-629A0921e869 The Enrolled Freemen of the Borough of Great Grimsby Statement of Financial Activities for the Year Ended 29 February 2024 {continued) Unrestrlcted Endowment Total 2023 Designated General Note Income and Endowments from.. Freeman Centre Income from investment properties Trading activity- Freeman Street Market Investment income Restricted Expendable 58,271 58.271 163,168 163,168 310,252 38,369 8,120 316,372 38.369 Total Income 570,060 8,120 576.180 Expendlture on.. Freeman Centre Freeman Street Market Investment management costs Investment properties Support costs Share of NELC income 14,0001 155,7551 1432,0591 159.7551 1440,0531 114,5491 140.2911 129.7071 12,889 17,9941 114,5491 140,2911 129,7071 2,8691 Total Expenditure Realised gains on investment properties Realised g8insl{lossesl on quoted investments Revaluation of quoted investments 14,0001 {560,6811 17,994 114,549 1587.2241 19.400 19,400 141.6981 141,8981 161 1451 61,1451 Nel lexpendilure}lincome Gross transfers between funds other re¢ognlsed gains and losses Revaluation of Programme related investment in subsidiary Nel movement in funds 14,0001 {3,9041 9,379 3,904 11,8741 197.9921 194,4871 110.9031 110,9031 17,9041 13.283 11.8741 1108,8951 1105,3901 Reconclllation of funds Total funds brought forward Total funds carried forward 57.285 45,760 25,930 7,927,349 8,056.324 21 49.381 59,043 24.056 7,818,454 7.950,934 The notes on pages 16 to 32 form an integral part of these financial stalemenls. Page 13
DO$jn Envelope 10.. 188SFBF6ES748sD-A938.629A092l669 The Enrolled Freemen of the Borough of Great Grlmsby (Registration number: 219207) Balance Sheet as at 29 February 2024 2024 2023 Tangible assets Programme related investments in group undertakings and participating interests Other investments Cash held as part of quoted investment portfolio Note 4,573,674 4.680,273 16 16 16 967.734 1,340,913 25,678 978,257 1,366,709 28,373 Debtors due within one year due after one year Cash al bank and In hand 6,907,999 7,053,612 17 121,434 715,143 258,838 149,228 658,131 177.162 1,095,415 984,521 Creditor5'. Amounts falling due within one year Net current assets 174.719 87,199 1,020,698 897,322 Net assets 7,928,695 7.950,934 Funds of the Charity: Endowment 7,777,475 7,818.454 Restricted 24,990 24,056 Unrestrlcted income funds Designated funds General funds 21 45,881 80,349 49,381 59,043 Total unrestricted 126,230 108,424 Total funds 21 7,928,695 7,950,934 The financial statements Dn pages 12 10 32 were approved by the Iruslees. and aulhorised for issue on 23 April 2024 and signed on their behalf by.. Oocyswmd by Sara J Morris Trustee The notes on pages 16 to 32 form an integral part of these financial slatemenls. Page 14
OoGuSpJn Envelope ID." 1B8sFBFSE6748SD-Ag3B*2gAO9216B69 The Enrolled Freemen of the Borough of Great Grlmsby Cash Flow Statement for the Year Ended 29 February 2024 2024 2023 Notè Cash flows from operatlng activities Nel expenditure Adjustments to cash flows from non-cash items Depreciation Investment income Lossllprofill on disposal of tangible fixed assets Loss on disposal of investments Revaluation of investments 122,2391 1105.3901 67.721 138,3891 119,4001 41,698 72,045 58,946 148,6391 827 1.565 28,140 18.600 18,305 Worklng Capital adjustments In¢rea5e in debtors IDe¢reas&llincrease in creditors Net cash flows from operating activities Cash flows from investing activitles Interest receivable and similar income Purchase of tsngible fixed assets Sale of tangible fixed assets Purchase of investments Sale of investments Income from dividends Movement In cash inve51menl depDsII Nel cash flows from Investing activities Nel incre8sellde¢reasel in cash and cash equivalents Cash and cash equivalents at 1 March Cash and cash equivalents at 29 February Recon¢lliation of net cash flow to movement In net funds Incieaselldecreasel in cash Nel funds al 1 March 2023 Nel funds at 29 February 2024 129.21 $1 112,480 23,0981 1128,5791 18.448 19 91,8261 2,698 122,3471 69.173 1172.2411 178.855 45,941 2.695 410 135,5521 36.700 1346.8001 361.446 37,959 16 104,774 48,923 81,676 142,9031 220.065 177.162 258,838 177,162 81,676 142,903) 220,065 177,162 258,838 177,162 The notes on pages 16 10 32 form an integral part of these financial statements. Page 15
D[UsI9n Envelope ID 1885F8F96E67485D-A93B-629A09216869 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 1 Accounting policies General Informatlon The Enrolled Freemen of Grimsby is an unincorporated charity registered in England and Wales Ils principle office addres5 is 26 South Sl Marys Gate, Grimsby DN31 1 LW. The main operations are carried out from Freeman Street Market, Grimsby, DN32 7DS. The financial slalements cover Ihe individu81 charity and ale not group accounts. Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. statement of Recommended Practice applicable lo charities preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lissued on 16 July 2014 and updated with the second edition in October 20191 {Charities SORP IFRS 102)), the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Charities Act 2011. The charity is a public benefit entity. Basis of preparation The Enrolled Freemen ol the Borough of Great Grimsby meets the definition of a public benefit entity under FRS 102. The ac¢ounts Ilinancial statements) have been prepared under the historical cost Convenlion with items recognised al cost or transaction value unless otherwise slated in the relevant notelsl to these accounts. The financial slalements are prepared in sterling and aTe rounded lo the nearest pound. Golng concern The Iruslees consider that there are no maleiial uncertainties about the charities ability to Continue as a going cgncern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemptlon from preparing group accounts The charity has taken advanta9e ol the exemption provided by section 139121 ol the Charities Act 2011 iyroup 8¢countsl Regulations 2015 IS1201513221 and has not prepared consolidaled accounts. Income and endowments All Income is recognised once the Charity has enlillement lo the income, there is sufficent certainly of receipt and so il is probable that the income will be received, and the amount can be measured reliably. Freeman Street Market and Freeman Centre - Income represents the amount receivable for the year exclusive of Investment properties- Income represents ground rents and property ren15 receivable for the year. Quoted investments- Income is recognised when dividends and interest become payable. Other income - Other income is recognised as il is received. Grants receivable All grants, including those for the purchase of fixed assets are recognised in full in the SOFA in the year in which they are receivable. Expenditure All expenditure is recognised once there is a legal or constructive obligation lo that expenditure. il is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expendilure heading that aggregate similar costs to that category. Where costs cannot be dIrelY attributed lo particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Page 16
Docusgn Envebp8 ID 1B85FBFg-6E67485D-A93B-629A09218889 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) Support costs Support costs include tsnlral functions and have been allocated lo aclivty cost categories on a basis consislenl with the use of resources. They include governance costs. Govornance costs These include the costs attributable lo the rharily's compliance with conslilulional and statutory reqLJirements, including audit. strategic management and Iruslees meetings and reimbursed expenses North East Lincolnshire Councll In accordance with the Grimsby Pastures Acts 1849 and 1949. as amended, Nortt East Lincolnshire Council is enlilled each year lo a one twenlielh share of the nel income before taxation of the Charity and. also, lo one twentieth share frorn certain surpluses derived from the sale of assets within the Permanent Endowment Fund Taxation The charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore Il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity Is potentially exempl from laxalion in respect ot income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Goodwlll Goc>dwill is amortised over its useful life, which shall not exceed len years if a reliable estimate of the useful life cannot be made. Tangible flxed assets Individual fixed assets costing £500 or more are initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Amortisatlon Amortisalion is provilled on intangible fixed assets so as lo write off the cost. less any eslimaled resiLlual value, over their expected useful economi¢ life as follows.. Asset class Goodwill Amortisatlon method and rate equal installments over 10 years Depreciatlon and amortisatron Depre¢ialion is provided on tangible fixed assets so as lo write off the Cost or valuation, less any eslimaled residual valLJe. over their expected useful economi¢ life as follows.. Asset cla55 Freeman Street Market Building alterations Freeman Centre Buildings Fixtures, Fittings & Equipment Depreciation method and rate over 10 10 25 years over 50 years over S 10 25 years Page 17
00cuso Envelope ID.. 1885F8F94E67.485D_A93B*29A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) Investment propertles Il Freehold Land Hay Croft, Little Field and Easl Marsh Estsles. This land originally aquired in 1849 and previously the Chanty commission had agreed that it may be included al a nominal value. Most of this land is let on ground leases of varying terms. Following a change of policy in 2016 FehOld Land and Fieehold Reversions are now valued al fair value. ill Freehold Reversions - Little Field and Yarboiough Eslales. These reversions are valued al fair value. iiil Freehold Land and Buildings - Other. Investment properties for which fair value can be measured reliably are measured al fair value al each reporting dale with changes in fair value recognised in Nel gains and losses on inveslmenls" Programme related investments Programme related investments are Tnade in furtherance of the charity 's objects and any investment return is secondary to the charitable purpose supported by the Investment. Such investments are included al their ¢osl. Any loss or Impairment arising from such investments is charged as part tsl charitable activities within the Statement of Financial Activities. Fixed asset Investments Fixed asset inveslmenls, other than programme related inveslmenls, are included al market value al the balance sheet dale. Realised gains and losses on investments are calculated as the olifference behNeen sales proceeds and their market value al the start of the year. or their subsequent cost, and are charged or credited to the Slalemenl of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and a credited or charged lo the Slalemenl of Financial Activities based on the market value al the year end. Trade debtors Trade Llebtors ale amounts due from customers for merchandise sold or services performed in the ordinary course of bLJsiness. Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of is established when there is objective evidence that the will not be able lo collect all amounts due according lo the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid inv&slmenls that are readily convertible lo a known amount of cash and are subject lo an Insignificant risk of change in value. Trade creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from supplier5. Ac¢ounls payable are classified as current liabilities if the Charity cloes not have an unconditional right, at the end of the reporting peiiod, to defer selll&ment of the creditor for al least twelve Tnonths after the reporting dale. If there is an unconditional right lo defer settlement for al least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price. Fund structure Unrestricted income funols are general funds that are available for use at the Iruslees, discretion in furtherance of the objectives of the Charity The General Fund represents the nel income received by the charity which will be allocated lo the Dividend Fund in due course. Page 18
0gn Efweh)pe ID.. 1B85FBF94E67485D-A93B-629A09216869 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 {continued} Designated funds are unrestricted funds set aside for specific purpose5 at the discretion of the trustees. There are four designated funds, as follows., il Dividend Fund - This fund represents the amounts sel aside from the General Fund in May and December each yèar for payment lo the Enrolled Freemen on the Roll. ill Unclaimed Dividend Fund - On 30th April and 31 sl October in each year the balance ol the Dividend Fund is transferred lo this fund. If the dividends remain unclaimed after six years, the amount unclaimed is returned lo the General Fund. iiil Special Repair Fund - This ftjnd was created lo assist in the lulure financing of major repairs lo Freeman Street Market. It is the subject of a specific order of the Charity Commission. The current aulhorised annual contributions are £15.000 plus approximately 30/0 of the annual amount of stsll rents received subject lo annual consideration by the trustees. iv) Fixed Asset Fund - This fund represents the nel book value of tangible assets funded originally by grant funding or other capital funding. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is reslricled lo that area or purpose. The Pemianent Endowment Fund represents asset5 which musl be held permanently by the Charity. principallly inve51menls. Income arising Dn the Endowment Fund Can be used In accordance with the objects of the Charity and is included as unrestricted income. Any capital gains 01 losses 8rising on the Investments form part ol the fund. Investment Management charges relating lo the fund are charged against the fund. The Iruslees do not have any power lo convert this fund Into income and apply it as such. Irrecoverable V.A.T. The Charity is registered for V.A.T. purposes bul part of ils income is regarded as exempt from V.A.T. which means that a partial exemption calculation is prepared quarterly and averaged on an annual basis to as¢ertain whether all or part of the V.A.T. input tax Incurred can be reclaimed by the Charity. Any irrecoverable V.A.T. is added to the relevant expenditure in the accounts. Penslon contributlons The Charity operates a defined contribution plan for the benefit of ils employees. Contributions are expensed as they become payable. 2 Freeman Centre Unrestricted Total 2024 Total 2023 General Car park income Property rental incomo Ground Rent 15,365 39.050 6,000 1 S,365 39,050 6.000 13.221 39.050 6.000 60,415 60,415 58,271 Page 19
Docu&gn Envek)pe ID". 1B85FBF9-6E67485D-A938*29A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) 3 Income from investment properties Unrestricted Total 2024 Total 2023 Ggneral Ground rent Rental property income 148,441 21,712 148.441 21,712 141,292 21,876 170,153 170,153 163.168 4 FeMan Street Market income Unrestricted Totsl 2024 General Total 2023 Restricted Government grants Stall rents Skills Centre income ATM income Electricity charges Solar Feed-ln tariff income Grants - other agencies Hub room rent Other income 4,920 185,867 24,829 236 55,965 38.498 1,200 2.583 2,274 169,374 22.271 169,374 22.271 61,098 41,372 61,098 41,372 35,813 2.328 1,172 35,813 2,328 1,172 297,615 35,813 333,428 316,372 5 Investment Income Unrestricted Total 2024 Total 2023 General Inleiest reiVable and similar income. Bank and building society Other inwme from fixed asset investments 2,898 45.941 2.698 45,941 410 37.959 48,639 48,639 38,369 Page 20
Docusyn Envelope ID". 1885FBF9-6E67485D-A93B*29AO9216869 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (Gontinued) 6 Freeman Street Market Unrestrlcted Total 2024 Total 2023 General Restricted 122,901 122.901 128.292 Salaries and wages Pension costs - Contribution into employee's personal pension schemes Share of Officials salaries Rent Rates, water and sewerage Light, heal and power Insurance Repairs and maintenance Security expenses Telephone, printing and postage Grant &xpendilure Sundry expenses Cleaning and waste disposal The audit of the charit¥s annual accounts Bank charges LInceS and IT support Bad debts written off Professional fees - payroll & VAT Professional lees- property and other Marketing and publicity Depreciation, amortisation and other similar costs 2.492 2,492 3.185 42,433 16.584 12,889 52,475 13,017 19.912 18.184 3,323 549 4.585 20.173 2.223 14,158 18,694 46,722 14,143 19,183 7,011 2,587 33.854 14,158 18.694 46,722 14.143 19,183 7,011 2,587 33,854 3,486 13.193 2,818 13.193 2,818 1,958 19.854 3,269 1,796 15,978 1,958 19,654 3,269 1,796 15.978 3.068 7.735 6,460 7.487 15,314 1,025 53.381 62,157 440,053 52,356 362.399 34,879 397,278 Page 21
Docusign Envelope 10.. 1B85FBFg6E67485D.A938-629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Ststements for the Year Ended 29 February 2024 {continued) al Freeman Centre Unrestricted Total 2024 Total 2023 General Light, heal and power Car park costs InsLJrance cost Roof repairs Property expenses Property management charges Promotional sile costs Other site costs Professional fees Depreciation, amortisalion and other similar costs 44 21,985 7,488 44 21,985 7,488 1,213 20,391 6.733 4,000 2.280 4,565 2,287 1,660 11,901 4,725 3,680 4,625 3,680 4,625 351 2,177 4,726 351 2,177 4,726 45,076 45,076 59,755 7 Investment management costs Endowment Total 2024 Total 2023 Expendable Other investment management costs, Costs ol obtaining investment advice 10,447 10,447 10,447 14,549 10,447 14,549 8 Expendlture on Investment properties Unrestrlcted Total 2024 Total 2023 General Insurance Repairs and maintenance Sundry expenses Manag&menl costs Professional fees - general property Professional fees - administration 3,244 3,164 3,244 3,164 3,150 2,226 23 17.713 15,553 1,626 76,919 26,538 578 16.919 28,538 578 50,449 50,449 40,291 Page 22
Docusiori Envelope ID.. 1885F8F9.6E67485D.A93B429A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Flnancial Statements for the Year Ended 29 February 2024 (continued) 9 Analysis of governance and support costs Governance costs Unrestricted Total 2024 Total 2023 Genèral Staff Costs Wages and salaries Pension costs A¢counlancy support Licenses and IT support Depreciation, amortisation and other similar costs Share of officials salaries Trustee Indemnity insurance Telephone. printing and postage Professional fees Sundry expenses The aLJdil of the ¢harily's annual accounts Bank Charges 30,088 613 29.572 1,644 839 3,312 577 1,401 24.384 3,970 2.818 370 30.088 613 29,572 1,644 839 3,312 S77 1.401 24,384 3.970 2,818 370 4,105 55 463 839 8,487 610 2,060 8.329 2,229 2.224 306 99,588 99.588 29,707 Page 23
Docusign Envelope ID.. 1885FBF9-6E67-485D-A93B429A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the FlnanGial Statements for the Year Ended 29 February 2024 (continued) 10 Net Incomingloutgoing resources Nel incominglloulgoing} resources for the year include". 2024 2023 Au(lit fees Lossllprofill on disposal of tangible fixed assets Loss on disposal of investments Depreciation of fixed assets 4,850 827 1,565 58,946 4.250 119.4001 41,698 67.721 11 Trustees remuneration and expenses No trustees, nor any persons connected with them, have rec&ived any remuneration from the ch8rily during the year. One trustee received reirnbursed expenses of £25 {2023". £131 In the year. The four members of the Pastures Committee who are also directors of the Pastures Development Company Limited have raised fee Invoices in the year lotalling £4,167 12023.. £26,000) for specialist services rendered in respect of the on-going management and promotion of the the Business Hub and associated adivity. The three members being S.P. While, S.T. Wakefield and R.A. Bellamy, are engaged under the terms of self-employed Servi agreements previously aulhorised by the Pastures Committee. s J. Thnorris resigned as a director of Pastures Development Company Limited on 2 March 2023. Page 24
Docusign Erivelope10' 1B85FBF9.6E67.485D.A938.S29A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financlal Statements for the Year Ended 29 February 2024 (continued) 12 Staff costs 2024 2023 Salaries and wages Social security costs Pension costs- contributions into employee's personal pension schemes Defined contributions pension costs Totsls 181.521 7.569 141.587 6,433 823 3,101 172,191 2,361 151,204 The monthly average number of persons (including senior m8nagemenl leaml employed by the charity during the year was as follows". 2024 2023 No No Average number of employees No employee received emoluments of more than £60,000 during the year 13 Auditors. remuneratlon 2024 2023 4.850 4,250 Audit ol finanaal statements Page 25
DUSign Envelope ID.. 1B85F8F9-6E67-485D.A93B.629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 {continued) 14 Intangible fixed assets Goodwill Total Cost Al 1 March 2023 10,000 10,000 Al 29 February 2024 Amortisation Al 1 March 2023 10,000 10,000 10.000 10,000 At 29 February 2024 Net book value 10,000 10,000 Al 29 February 2024 Al 28 February 2023 15 Tangible fixed assets Land and bulldings Furniture and equipment Investment Properties Total Cost Al 1 March 2023 Additions Disposals 1,113,773 877,165 8,376 158,6271 3,653,545 5,644.483 13.971 22,347 170,0001 1128,627 3,597,516 5,538,203 At 29 February 2024 Depreciation Al 1 March 2023 Charge for the year Eliminated on disposals Al 29 February 2024 Net book value 1,113,773 826,914 550,118 21,443 414,092 37,503 158,627 964,210 58,946 158,6271 964,529 571,561 392,968 Al 29 February 2024 Al 28 February 2023 542,212 433,946 3.597,516 4,573,674 3,653,545 4,680,273 563,855 463.073 Investment properties Land and buildings The Trustees consider that the valuation report prepared in April 2019 by the propety surveyors, Jaekson Green and Preston who are external lo the organisalion, is still appropiale at the year end. This class of assets have a fair value of £3,597,516 and were previously inclLJded al a cost of £311,785 including a nominal value of £6,152 for the Freehold Land and Building Reversions. The depreciation on the historical costs is £Nil. Page 26
Docusign Envelope ID. 1B85FBF9.6E67A85A93B_829Ao9216B89 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 {continued) 16 Flxed asset investments 2024 2023 Programme related investments in group undertakings and participating interests other investments 967,734 1,340.913 2,308.647 978,257 1,366.709 2,344.966 Programme related investments in group undertakings and partlcipating Interests Subsldiary undertakings Total Cost At 1 March 2023 1,072,312 1,072,312 1,072,312 1,072,312 Al 29 February 2024 Provision for impairment At 1 March 2023 Charge for year Al 29 February 2024 94,055 10,523 94,055 10.523 104,578 104,578 Net book value 967,734 987,734 At 29 February 2024 At 28 February 2023 978,257 978.257 Other Investments UK Listed investments Total Cost or Valuatlon Al 1 March 2023 RevalLJalion Additions Disposals Al 29 February 2024 Net book value 1,386.709 1,366.709 117,6171 117,6171 172,241 172,241 {180,420) 1180,4201 1.340.913 1,340.913 1,340,913 1,340.913 1,366,709 1.366,709 At 29 February 2024 At 28 February 2023 Page 27
Oowsign Envek)pe ID.. IB85FBF9-6E87485D-A93B-629A09216869 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Ststements for the Year Ended 29 February 2024 (Continued) Detalls of undertakings Details of the investments in which the charity holds 20% or more of the nominal value gf any class of share capital are as follows". Country of Incorporation and Co number Undertaklng Proportion of voting rights and shaS held Holdlng Princlpal actlvity Subsidiary undertakings Pastures Development Company Limited UK 7336811 Ordinary 100Q/o Propertylprojecl management development and The loss for the financial period of Pastures Development Company Limited wa5 £64,73612023 £66,736) and the aggregate amount of capital and resetves al the end of the period was £1650.281112023 - £1585.60811. 17 Debtors 2024 2023 Trade debtors Due fiom group undertakings Prepayments Other debtors 108,424 715,143 117,918 658,131 16,770 14.540 13,010 836,577 807.359 Debtors includes £715,14312023.. £658.1311 receivable after more than one year. 2024 2023 Due from group undertakings 715,143 658.131 Page 28
Docu&"gn Envelope ID. 1BB5F8F9-6E6748SD-A93B-829A09216B69 The Enrolled Freemen of the Borough of Great Grlmsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) 18 Cash and cash eqvlvalents 2024 2023 17 258,821 Cash on hand Cash at bonk 177.145 258,838 177,162 19 Creditors.. amounts falling due within one year 2024 2023 18.533 3,345 7,104 7799 39.938 24.164 3,823 10.890 9.123 39,199 Trade Creditors Other taxation and social security VAT Other creditors Accruals 74,719 87,199 20 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the ¢harily to the scheme and amounted to £3,101 12023 £2.3811. Page 29
DocuSi9n Envelope ID. IB85FBF9-6E67-485D-A93B429A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued} 21 Funds Balance at 1 March 2023 Balance al 29 February 2024 Incoffling resources Other re¢ognlsed Transfers galns11105se$l Resources expended Unrestricted funds General Unrestricted general fund 59,043 576.822 1558,9961 3.480 Designated Fixed asset fund Special repair fund Unclaimed diviclend fund 80,349 2,319 37,058 10,004 17541 1.565 37,058 7,258 1201 120 12,7261 13,4801 49,381 Total unrestricted funds Restricted funds Restricted fund Market warm spaces East Marsh People Power Fund C¢x>kery Workshop Fund Total restricted funds Endowment funds Permanent Endowment fund 45,881 108.424 576,822 559,0161 126,230 23.405 651 11,025} 16191 22,380 1,532 1,500 32,713 1,600 132,707} 15281 1.072 24,056 35,813 134,8791 24.990 7,818,454 7,818,454 7,950.934 110,447 10,447 130,5321 130,532) 130,5321 7,777,475 Total fund$ 7,777,475 612,635 604,3421 7,928,695 Page 30
OocuSvJn Envelope10'. 1B85F8F9-6E67485D-A93&429A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) Other Balance at 28 recognised February gainslllos5esl 2023 Balance at 1 March 2022 Incoming resources Resources expended Unrèstrlcted funds General Unreslricled general fund Designated Fixed asset fund Special repair fund Unclaimed dividend fund 59,043 45,760 570,060 1580.681} 3,904 11.0871 2.319 37,058 10.004 3,406 41,058 12,821 57,285 14,0001 12,8171 13,9041 14,0001 564,6811 49.381 Total unrestricted funds Restricted Restricted fund Ki¢kslart scheme Market warm spaces Totsl restricted funds Endowment funds 103,045 570,060 108,424 11.025) 16,4201 549 23,405 24.430 1,500 4,920 1,200 651 17,994) 24,056 25,930 6.120 Permanent Endowment fund 7,818,454 7,818,454 7,950,934 7.927.349 7,927.349 8,056,324 114,5491 114,5491 1587,2241 194,346) 194,346) 94,346} Total funds 576.180 Purpose of the designated funds: Please refer to the accounting policieq for details of each of the designated funds. Reslri¢ted grants include a 380/0 grant from the ERDF Smart Energy Greater Lincolnshire fund lo cover the cost of 8ddilional solar PV panels Installed al Freeman Street Market. The fund moniès are lo be released over lime lo match with depreciation of the solar panels Funding received in respect of the Kickstart Scheme. The fundin9 received is in respect ol employing a young person. It covers the minimum wage and on-cosls for a period of 6 months with set-up and support costs of the employee. Funding received from NELC and Grim5by & District Lions for the provision of a warm space at the market to support households facing increases in the cost of food and household bills. Funding received from the Arts Council and UK Shared Prosperity Fund INELCI lo ftjnd creative audien¢e development activities leading to a large scale outdoor performance in Grimsby on 21 July 2023. Also includes dance and visual arts workshops with communities In East Marsh and engagement with schools and Èvening shows. Funding received from NBForum to hold cookery workshop5 on Freeman Street market under a project badged under the theme 'New Year New Meals. New Year New Skills.. Page 31
DocuSE9n Envelope ID.. 1B85FBF96E67-485D-A93B.629A09216B69 The Enrolled Freemen of the Borough of Great Grimsby Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) 22 Analysls of net assets botween funds Totsl funds at29 February 2024 Endowment funds Permanent Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets 1,565 22.380 4,549,729 2.334.325 893,421 4,573,674 2,334.325 1.095,415 174,7191 7,928,695 155,068 174,7191 80,349 44,316 2,610 Total nel assets 45,881 24,990 7,777,475 Total funds at28 February 2023 Endowment funds Pemianent Unrestrlcted funds General Designated Re$trlcted funds Tangible fixed assets Fixed asset investments Current assets Current Iiabililies 2,319 23,405 4,654,549 2,373,339 790,568 4,680,273 2.373,339 984,521 87,1991 7,950,934 146,242 187,1991 47,062 851 Total nel assets 59,043 49,381 24,056 7,818,454 23 Related party transactions During the year the charity made the following related party transactions.. The Pastures Development Company Limited {PDC} (Wholly owned Subsidiary undertaking) The PDC leases two sites known as the Market Car Park anLI Freeman Street Community Hub from the charity. The 125 year leases commenced 1st August 2012 for a total premium of £120,000 and an annual peppercorn rental. In the year, costs 01 £110,858 12023". £88,948) relating lo eslablishmenl and salary costs anLI the adminislralion of the Business Hub were recharged to the POC. During the yeai, the Enrolled Freemen occupied three offices within the Business Hub from the PDC on lenanacies at Will, for a combined annual rental of £14,19512023.' £16,588). At the balance sheet dale the amount due from the related party was £715,14312023 - £658,131). J Steer (Wife of J Steer who Is a trusleel In the year. costs Of £1.700 12023.. £nill were paid lo carry out the role of annual investigator for checking of residential addresses of Pastures Roll members and reporting to the Clerk's office. Al the balance sheet dale the amount due lolfrom the related party was £Nil12023 - £Nil). Page 32