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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 224309

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

Page
Trustees' Report 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 14
Detailed Statement of Financial Activities 15 to 16

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objects

The charity is required to administer and manage its freehold properties in Edenbridge, its investments and all other property of the charity in conformity with the Schemes dated 10 May 1978 and 26 June 1996. Out of the income of the charity the trustees are to pay the cost of repairs and insurance of the freehold properties and the other expenses of and incidental to the administration and management of the charity. Subject to these payments the trustees are required to apply out of the income a yearly sum of not less than £1,000 in promoting the education of persons under the age of twenty five years and/or providing benefits for any school or other educational establishment in the Parish of Edenbridge. Subject to this the trustees are required to apply the income of the charity as they think fit for any charitable purposes for the general benefit of the inhabitants of the Parish of Edenbridge.

Public benefit

The main object of the Trust is to benefit the inhabitants of Edenbridge at large. It is the Trustees' policy to spread this benefit as widely as possible within the community through the grants which they make.

ACHIEVEMENT AND PERFORMANCE

Review of activities

The Trust continued with its objectives of managing and maintaining the trust properties and investments in accordance with the Governing Schemes to provide grants for the benefit of the inhabitants of Edenbridge.

At the year end the trust had not made any commitments to pay grants.

The income decreased from the previous year to £150,886 and expenditure decreased to £147,788. This included an increase in grants made to £106,551 from £103,553. In particular the cost of insurance reduced by £13,387. The grants are made to 40 organisations in and around Edenbridge whose activities cover a wide range of religious, educational, social, medical, sporting and other community support activities. No large grants were made so that the spread of activities supported could be maintained.There was one grant to an individual.

FINANCIAL REVIEW

Investment policy and objectives

The Trust's investments are managed by their stockbrokers under delegated authority from the Trustees. The current policy, which is subject to ongoing review, is to maximise total returns within a medium to low risk profile and maintain a balance between equity and fixed interest investments.

Reserves policy

The Trustees aim to maintain reserves at a minimum of £250,000 in the Trust's investment portfolio which can be readily realised as cash, when needed to cover a year of charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to grant applications and ensure that support and governance costs are covered.

Financial review

The Trust made a profit of £3,599. The investments maintained their value over the year. The investments have been kept under review by the Investments Committee with regular meetings with the stockbrokers.

The Trustees had £41,178 net current assets in hand at the year end for future use.

Page 1

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The Great Stone Bridge Trust of Edenbridge is constituted by Schemes of the Charity Commissioners of 19 November 1909, 21 August 1936, 3 June 1970, 10 May 1978, 26 June 1996 and 10 January 2003. The latter Scheme was an Order of the Charity Commission to widen the administrative powers of the Trust.

Organisation

The Trustees have appointed a Clerk who acts as the charity's secretary and treasurer and deals with the day to day administration of the Trust. The Trustees also retain stockbrokers who advise on the management of the properties and the investments and employ a surveyor to advise on property matters as they arise.

Risk management

The Trustees have assessed the major risks to which the Trust is exposed in relation to the operations and finances of the Trust and the maintenance of the Trust properties and are satisfied that systems are in place to mitigate exposure to the major risks.

Insurance

The Trust properties are insured through an insurance broker and the Trustees have Directors and Officers insurance cover both of which have been reviewed during the year.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

224309

Principal address

First Floor 13a High Street Edenbridge Kent TN8 5AB

Trustees

Ben Brownless Roy Cunnington John Hodson Giles Jackman Mrs Julie Johnson Councillor Robert Todd Miss Julie Thompsett (resigned 12.1.2023) Councillor Margot McArthur Alan Smart OBE Dr Simon Morrison Peter Stephen Brook Elizabeth Crothall (appointed 22.2.2023)

The charity is administered by a body of up to eleven trustees of whom two are nominative trustees appointed by the Town Council of Edenbridge. The remaining nine co-optative trustees are persons who have special knowledge of the town of Edenbridge. The nominative trustees are Councillors Robert Todd and Margot McArthur.

Nominative trustees are appointed for a term of four years and co-optative trustees for a term of five years.

Page 2

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Mrs I. J. Currie Currie Accountancy Limited Chartered Accountants First Floor 13a High Street Edenbridge Kent TN8 5AB

Solicitors

Baldwin and Robinson Law Limited 4 Oxted Chambers 185-187 Station Road East Oxted Surrey RH8 0QE

Bankers

Lloyds Bank plc 1-3 London Road East Grinstead West Sussex RH19 1AH

Stockbrokers

J. M. Finn and Company Salisbury House London Wall London ECM 5TA

Sarasin Juxon House 100 St Paul's Churchyard London EC4M 8BU

Clerk to the Trustees

Chloe Way c/o Currie Accountancy Ltd First Floor, 13a High Street Edenbridge TN8 5AB

Approved by order of the board of trustees on 17th April 2024 and signed on its behalf by:

Mrs Julie Johnson - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

Independent examiner's report to the trustees of The Great Stone Bridge Trust of Edenbridge

I report to the charity trustees on my examination of the accounts of The Great Stone Bridge Trust of Edenbridge (the Trust) for the year ended 31st December 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mrs I. J. Currie

Currie Accountancy Limited Chartered Accountants First Floor 13a High Street Edenbridge Kent TN8 5AB

9th May 2024

Page 4

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
Grants
Riverside and water meadows maintenance
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
Unrestricted
fund
£
-
99,703
51,183
150,886
33,249
106,551
7,988
147,788
501
3,599
669,509
673,108
Capital
£
-
-
-
-
-
-
-
-
-
-
3,086,932
3,086,932
2023
Total
funds
£
-
99,703
51,183
150,886
33,249
106,551
7,988
147,788
501
3,599
3,756,441
3,760,040
2022
Total
funds
£
500
116,924
50,706
168,130
47,232
103,553
6,752
157,537
449,365
459,958
3,296,483
3,756,441

The notes form part of these financial statements

Page 5

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

BALANCE SHEET 31ST DECEMBER 2023

Notes
FIXED ASSETS
Investments
Investments
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
14
Unrestricted funds:
General fund
Capital
TOTAL FUNDS
Unrestricted
fund
£
38,002
595,000
633,002
16,900
45,451
62,351
(22,245)
40,106
673,108
673,108
Capital
£
1,295,860
1,790,000
3,085,860
-
1,072
1,072
-
1,072
3,086,932
3,086,932
2023
Total
funds
£
1,333,862
2,385,000
3,718,862
16,900
46,523
63,423
(22,245)
41,178
3,760,040
3,760,040
673,108
3,086,932
3,760,040
3,760,040
2022
Total
funds
£
1,333,361
2,385,000
3,718,361
15,540
55,950
71,490
(33,410)
38,080
3,756,441
3,756,441
669,509
3,086,932
3,756,441
3,756,441

The financial statements were approved by the Board of Trustees and authorised for issue on 17th April 2024 and were signed on its behalf by:

Mrs Julie Johnson - Trustee

The notes form part of these financial statements

Page 6

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments and investment properties which are included at market value.

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants payable are payments made to third parties in furtherance of the charitable activities of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable.

Investment property

Freehold property is stated at valuation.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a special purpose.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 7

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

2.
DONATIONS AND LEGACIES
Donations
3.
TRADING ACTIVITIES
Rents receivable
Insurance recovered
Interest
4.
INVESTMENT INCOME
On assets held at stockbrokers
5.
RAISING FUNDS
Trading activities
Repairs and maintenance
Letting expenses
Legal fees
Insurance
Gas, electricity and rates
Other costs
Support costs
Investment management costs
Support costs
Aggregate amounts
2023
£
-
2023
£
91,828
7,741
134
99,703
2023
£
51,183
2023
£
2,712
1,105
1,400
9,130
2,121
728
10,605
27,801
2023
£
5,448
33,249
2022
£
500
2022
£
103,640
13,276
8
2022
£
500
2022
£
103,640
13,276
8
116,924
2022
£
50,706
2022
£
4,168
1,710
-
22,517
226
1,207
11,364
41,192
2022
£
6,040
47,232

continued...

Page 8

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

6. GRANTS PAYABLE

6. GRANTS PAYABLE
2023 2022
£ £
Grants 106,551 103,553
The total grants paid to institutions during the year was as follows:
2023 2022
£ £
To support organisations acting for the general benefit of the inhabitants of
the parish of Edenbridge 106,296 103,392
The total grants paid to individuals during the year was as follows:
2023 2022
£ £
To support individual inhabitants education 255 161
7. SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Other trading activities 9,677 928 10,605
Investment management costs 4,984 464 5,448
14,661 1,392 16,053
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 other than the reimbursement
costs expended on behalf of the Trust.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Total
fund Capital funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 500 - 500
Trading activities 116,924 - 116,924
Investment income 50,706 - 50,706
Total 168,130 - 168,130
EXPENDITURE ON
Raising funds 47,232 - 47,232

There were no trustees' expenses paid for the year ended 31st December 2023 other than the reimbursement of costs expended on behalf of the Trust.

continued...

Page 9

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
Capital
£
£
Charitable activities
Grants
103,553
-
Riverside and water meadows maintenance
6,752
-
Total
157,537
-
Net gains on investments
449,365
-
NET INCOME
459,958
-
RECONCILIATION OF FUNDS
Total funds brought forward
209,551
3,086,932
TOTAL FUNDS CARRIED FORWARD
669,509
3,086,932
10.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st January 2023
Revaluations
At 31st December 2023
NET BOOK VALUE
At 31st December 2023
At 31st December 2022
Investments held within the stockbrokers funds at fair value comprised:
2023
£
Equities
1,047,961
Fixed income
182,650
Liquid assets
18,016
Alternatives
85,235
1,333,862
ACTIVITIES -
Unrestricted
fund
£
103,553
6,752
157,537
449,365
459,958
209,551
669,509
ACTIVITIES -
Unrestricted
fund
£
103,553
6,752
157,537
449,365
459,958
209,551
669,509
continued
Capital
£
-
-
-
-
-
3,086,932
3,086,932
Total
funds
£
103,553
6,752
157,537
449,365
459,958
3,296,483
3,756,441
Listed
investments
£
1,333,361
501
1,333,862
1,333,862
1,333,361
2023 2022
£ £
1,047,961 1,040,854
182,650 158,056
18,016 24,192
85,235 110,229
1,333,862 1,333,361

continued...

Page 10

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

10. FIXED ASSET INVESTMENTS - continued

Investments comprising more than 5% of the total valuation were:
2023 2022
£ £
Sarasin Income and Reserves Class A Income Units 103,040 83,080
Sarasin Global Higher Dividend (Sterling Hedged) Units 138,092 147,525
Sarasin Global Higher Dividend Units 292,826 290,259

The Trust having been in existence since 1909 and being exempt from tax, it is neither useful nor possible to show the original cost of the investments.

11. INVESTMENT PROPERTY

FAIR VALUE
At 1st January 2023
and 31st December 2023
NET BOOK VALUE
At 31st December 2023
At 31st December 2022
Fair value at 31st December 2023 is represented by:
Valuation in 2022
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
2023
£
10,900
6,000
16,900
£
2,385,000
£
2,385,000
2,385,000
2,385,000
£
2,385,000
2022
£
10,540
5,000
15,540

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

continued...

Page 11

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
VAT
Grant commitments
Rent deposit
Prepaid income
Accrued expenses
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Capital
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Capital
TOTAL FUNDS
follows:
Incoming
resources
£
150,886
150,886
At 1.1.23
£
669,509
3,086,932
3,756,441
3,756,441
Resources
expended
£
(147,788)
(147,788)
At 1.1.22
£
209,551
3,086,932
3,296,483
3,296,483
2023
£
336
4,253
-
6,662
9,794
1,200
22,245
Net
movement
in funds
£
3,599
-
3,599
3,599
Gains and
losses
£
501
501
Net
movement
in funds
£
459,958
-
459,958
459,958
2022
£
672
5,440
6,000
6,604
13,494
1,200
33,410
At
31.12.23
£
673,108
3,086,932
3,760,040
3,760,040
Movement
in funds
£
3,599
3,599
At
31.12.22
£
669,509
3,086,932
3,756,441
3,756,441

14. MOVEMENT IN FUNDS

continued...

Page 12

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

14. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS
Incoming
resources
£
168,130
168,130
Resources
expended
£
(157,537)
(157,537)
Gains and
Movement
losses
in funds
£
£
449,365
459,958
449,365
459,958
Gains and
Movement
losses
in funds
£
£
449,365
459,958
449,365
459,958
459,958

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Capital
TOTAL FUNDS
At 1.1.22
£
209,551
3,086,932
3,296,483
3,296,483
Net
movement
in funds
£
463,557
-
463,557
463,557
At
31.12.23
£
673,108
3,086,932
3,760,040
3,760,040

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS
Incoming
resources
£
319,016
319,016
Resources
expended
£
(305,325)
(305,325)
Gains and
Movement
losses
in funds
£
£
449,866
463,557
449,866
463,557
Gains and
Movement
losses
in funds
£
£
449,866
463,557
449,866
463,557
463,557

The capital fund arose some years ago and reflected the value of the investment properties and the portfolios of investments held by stockbrokers and was adjusted when valuations were done. Under current accounting standards valuations of investments are taken to the statement of financial activities on a yearly basis.

continued...

Page 13

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2023.

Page 14

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

2023
Unrestricted
funds
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations
-
Trading activities
Rents receivable
91,828
Insurance recovered
7,741
Interest
134
99,703
Investment income
On assets held at stockbrokers
51,183
Total incoming resources
150,886
EXPENDITURE
Trading activities
Repairs and maintenance
2,712
Letting expenses
1,105
Legal fees
1,400
Insurance
9,130
Gas, electricity and rates
2,121
Other costs
728
17,196
Charitable activities
Riverside Walk maintenance
4,501
Water meadows maintenance
3,487
Grants to institutions
106,296
Grants to individuals
255
114,539
Support costs
Management
Rates and water
4
Bank charges
77
Clerk's fees
14,400
Carried forward
14,481
2022
Total
funds
£
500
103,640
13,276
8
116,924
50,706
168,130
4,168
1,710
-
22,517
226
1,207
29,828
4,760
1,992
103,392
161
110,305
-
84
16,000
16,084

This page does not form part of the statutory financial statements

Page 15

THE GREAT STONE BRIDGE TRUST OF EDENBRIDGE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

2023
Unrestricted
funds
£
Management
Brought forward
14,481
Agents, certification and risk assessment fees
180
14,661
Governance costs
Accountancy
1,392
Total resources expended
147,788
Net income before gains and losses
3,098
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
501
Realised gains/(losses) on investment property
-
Net income
3,599
2022
Total
funds
£
16,084
-
16,084
1,320
157,537
10,593
(145,635)
595,000
459,958

This page does not form part of the statutory financial statements

Page 16