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.. IB85FBF￿SE67-4asD-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
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0￿￿sign 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.
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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 a￿a 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 In￿Me from quoted investments ha5 increased in the year by 210h lo £45,941. See below for more detail on
the quoted investments.
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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.
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DOcuS￿n 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 be￿uSe 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.
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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.
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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
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Docusun Envelope ID." 188sF8F￿SE67.485D-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
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Do¢uSign Envelope10' lB85FBF￿6E6748sD-A93￿S29A092l6￿69
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 a￿OrdanCe 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..
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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 in￿nSiStent 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 con￿rn 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 r￿ulationS 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..
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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.. 188SFBF￿6ES748sD-A938.629A092l6￿69
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." 1B8sFBF￿SE6748SD-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 dIre￿lY 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

00cus￿o 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 F￿ehOld 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

0￿￿gn 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 F￿eMan 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 re￿iVable 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
LI￿nceS 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

D￿USign 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. 1B85FBF9.6E67A85￿A93B_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 sha￿S
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