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2024-03-31-accounts

Charity Registration No. 233120

JOHN GREGSON TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

JOHN GREGSON TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees James Chiriyankandath
Catrin Davies
Dorothy Hewerdine
Helen Mason
Derek McAuley (Chair)
Mark Pearce
Melanie Prideaux
James Lister Croft (Appointed 26 June 2024)
Secretary Nina Caddick
Charity number 233120
Principal address Essex Hall
1-6 Essex Street
Strand
London
WC2R 3HY
Independent examiner Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment advisors Redmayne Bentley
8-10 Victoria Avenue
Harrogate
HG1 1ED

JOHN GREGSON TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

JOHN GREGSON TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the The John Gregson Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

(i) The objects of the Trust are the promotion of corporate worship amongst those who profess Christianity in its most simple and intelligible form, including those churches which are on the Role of the General Assembly of Unitarian and Free Christian Churches. (ii) The Trustees shall have special regard for the maintenance of the fabric of places of worship within the sphere of (i) above which, in their opinion, are of historical and architectural importance.

Achievements and performance

Significant activities and achievements against objectives

The trust has received funding in the form of investment income from its investments which are managed by the Investment Managers. This has enabled it to support a wide range of projects. Grants totalling £8,700 (2023: £6,400) have been authorised during the year. At the year-end there were grants outstanding of £3,000 (2023: £18,500).

Financial review

Reserves policy

It is the policy of the Charity to retain sufficient funds to meet future commitments. Grants are only paid from funds in hand. If insufficient suitable applications for grants are received, the surplus is invested for future income generation or retained for future grant making.

Structure, governance and management

The John Gregson Trust (which incorporates the John Gregson Fund and the Charles Booth Fund) is constituted as an unincorporated Charity under a trust deed dated 3 August 1956.

The declaration of trust states that the administration of the trust shall be undertaken by the Hibbert Trust and hence only trustees of the Hibbert Trust are eligible to be appointed as trustees of the John Gregson Trust.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Michael Barber (Resigned 26 April 2023)
James Chiriyankandath
Catrin Davies
Dorothy Hewerdine
Helen Mason
Justin Meggitt (Resigned 15 November 2023)
Derek McAuley (Chair)
Mark Pearce
Melanie Prideaux
James Lister Croft (Appointed 26 June 2024)

Public benefit

The charitable activities for the year are in accordance with the Charity Commission's guidance on public benefit. The charity continues to provide grants subject to satisfactory application for funding within its charitable aims and objectives as explained above.

JOHN GREGSON TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Trustees' responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' report was approved by the Board of Trustees.

.............................. D McAuley Derek McAuley (Chair)

Trustee

Date: .............................................31 Jan 2025

JOHN GREGSON TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JOHN GREGSON TRUST

I report to the Trustees on my examination of the financial statements of John Gregson Trust (the The John Gregson Trust) for the year ended 31 March 2024.

Responsibilities and basis of report

As the Trustees of the The John Gregson Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the The John Gregson Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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

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 financial statements to be reached.

Samantha Daniels

Samantha Daniels FCA for and on behalf of Shaw Gibbs Limited 264 Banbury Road Oxford OX2 7DY

Dated: .........................31 Jan 2025

JOHN GREGSON TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Unrestricted
funds
funds
general
capital
2024
2024
Notes
£
£
Income from:
Investments
3
28,977
-
Total income
28,977
-
Expenditure on:
Raising funds
4
4,881
-
Charitable activities
5
(8,600)
-
Administrative costs
6,155
-
Total expenditure
2,436
-
Net gains/(losses) on
investments
10
(1,585)
(4,522)
Net income/(expenditure) and
movement in funds
24,956
(4,522)
Reconciliation of funds:
Fund balances at 1 April 2023
215,999
616,521
Fund balances at 31 March
2024
240,955
611,999
Total
Unrestricted Unrestricted
Total
funds
funds
general
capital
2024
2023
2023
2023
£
£
£
£
28,977
30,811
-
30,811
28,977
30,811
-
30,811
4,881
5,871
-
5,871
(8,600)
6,400
-
6,400
6,155
2,797
-
2,797
2,436
15,068
-
15,068
(6,107)
(31,734)
(97,698)
(129,432)
20,434
(15,991)
(97,698)
(113,689)
832,520
231,990
714,219
946,209
852,954
215,999
616,521
832,520

The notes referred to above form part of these Financial Statements.

JOHN GREGSON TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
The funds of the The John Gregson Trust
Unrestricted funds - general
16
Unrestricted funds - capital
15
2024
£
55,348
5,733
61,081
(7,238)
£
799,111
53,843
852,954
240,955
611,999
852,954
2023
£
36,739
5,880
42,619
(19,730)
£
809,631
22,889
832,520
215,999
616,521
832,520

31 Jan 2025 The financial statements were approved by the Trustees on .........................

.............................. D McAuley Derek McAuley (Chair)

Trustee

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

John Gregson Trust is an unincorporated charity. It is registered in England and Wales with charity registered number 233120. The principal address of the Charity is Essex Hall, 1-6 Essex Street, Strand, London, WC2R 3HY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the The John Gregson Trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The The John Gregson Trust is a Public Benefit Entity as defined by FRS 102.

The The John Gregson Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the The John Gregson Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the The John Gregson Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the The John Gregson Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The The John Gregson Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the The John Gregson Trust's balance sheet when the The John Gregson Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9 Taxation

The Charity does not trade for tax purposes and hence is not liable to Corporation Tax on its surplus.

1.10 Fund Accounting

The Charity maintains a capital fund. The capital fund is established to protect the real value of the funds into the future and are not available for distribution.

An amount equal to the increase in value of investments in line with RPI is set aside from realised or unrealised gains in the year and credited to the capital fund. Any excess realised or unrealised gains are allocated to the unrestricted fund and are to be used in accordance with the charitable objects.

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the The John Gregson Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 28,664 30,811
Interest receivable 313 -
28,977 30,811

4 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Investment management 4,881 5,871
Expenditure on charitable activities
Grants Grants
awarded awarded
2024 2023
£ £
Direct costs
Grants approved (8,600) 6,400
Analysis by fund
Unrestricted funds - general (8,600) 6,400

5 Expenditure on charitable activities

6 Administrative costs

The Hibbert Trust provides administration services to the John Gregson Trust. This service cost £3,154 (2023: £2,797). Included in this amount is a proportion, £1,286 (2023: £1,114) of the total Independent Examiner's fee of £3,990 (2023: £3,714)

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Grants awarded

Grants awarded
Grants Grants
awarded awarded
2024 2023
£ £
Grants to institutions:
Brookfield - 600
Fulwood - 600
Leicester - 1,500
Monton - 600
Urmston - 600
Whitby - 2,500
Flowery Field 600 -
Dean Row 600 -
Chatham 600 -
Norcliffe Chapel 600 -
Shrewsbury 3,500 -
Kind Edward St. Macclesfield 600 -
Bayshill Cheltenham 1,000 -
Chorley 600 -
Gellionen and Craig 600 -
8,700 6,400
Grants cancelled
Altrincham (2,500) -
Brookfield (600) -
Christchurch (600) -
Ditching (5,000) -
Maidstone (3,600) -
Newry (5,000) -
(17,300) -

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Secretary & Fin Man
Travel
Sundry
Website
Governance costs
Analysed between:
Administrative costs
Governance costs comprise:
Independent examination fees
Accountancy
2024
£
890
614
365
-
4,286
6,155
6,155
2024
£
1,286
3,000
4,286
2023
£
1,049
513
93
28
1,114
2,797
2,797
2023
£
1,114
-
1,114

9 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

10 Gains and losses on investments

Unrestricted Unrestricted
funds
funds
general
capital
2024
2024
Gains/(losses) arising on:
£
£
Revaluation of
investments
(829)
(4,522)
Sale of investments
(756)
-
(1,585)
(4,522)
Total
Unrestricted Unrestricted
Total
funds
funds
general
capital
2024
2023
2023
2023
£
£
£
£
(5,351)
(33,974)
(97,698)
(131,672
(756)
2,240
-
2,240
(6,107)
(31,734)
(97,698)
(129,432

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Fixed asset investments

Cost or valuation
At 1 April 2023
Additions
Valuation changes
Disposals
At 31 March 2024
Carrying amount
At 31 March 2024
Investments at fair value comprise:
Fixed asset investment
UK equity funds
Overseas equity funds
Multi-asset funds
Property
Alternative funds
13
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
Listed
investments
£
809,631
39,215
(6,106)
(43,629)
799,111
799,111
2024
2023
£
£
134,468
131,289
103,944
77,000
299,331
236,270
52,593
95,297
93,272
115,186
115,503
154,589
799,111
809,631
2024
2023
£
£
54,910
34,213
438
2,526
55,348
36,739

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income
2024
£
3,000
4,238
7,238
2023
£
18,500
1,230
19,730

15 Unrestricted funds - capital

These are unrestricted funds which are material to the The John Gregson Trust's activities.

At 1 April Gains and At 31 March
2023 losses 2024
£ £ £
Capital fund 616,521 (4,522) 611,999
Previous year: At 1 April Gains and At 31 March
2022 losses 2023
£ £ £
Capital fund 714,219 (97,698) 616,521

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £
General funds 215,999 28,977 (2,436) (1,585) 240,955
Previous year: At 1 April Incoming Resources Gains and At 31 March
2022 resources expended losses 2023
£ £ £ £ £
General funds 231,990 30,811 (15,068) (31,734) 215,999

JOHN GREGSON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds

Unrestricted
Unrestricted
funds
funds
general
capital
2024
2024
£
£
At 31 March 2024:
Investments
187,112
611,999
Current assets/(liabilities)
53,843
-
240,955
611,999
Unrestricted
Unrestricted
funds
funds
general
capital
2023
2023
£
£
At 31 March 2023:
Investments
193,110
616,521
Current assets/(liabilities)
22,889
-
215,999
616,521
Total
2024
£
799,111
53,843
852,954
Total
2023
£
809,631
22,889
832,520

18 Related party transactions

None of the trustees were paid remuneration by the Charity during the year (2023: nil).

For administrative purposes, all of the bank transactions of the John Gregson Trust are undertaken by the Hibbert Trust. This results in an amount due to or from the Hibbert Trust. That amount at the year-end is £54,910 due from the Hibbert Trust (2023: £34,213). All of the trustees of the John Gregson Trust are also trustees of the Hibbert Trust and vice versa.

Administrative costs of the Hibbert Trust are incurred in common with the John Gregson Trust. The Hibbert Trust charges an appropriate amount to the John Gregson Trust annually. The amount for the current year is £3,154 (2023: £2,797).

During the year the 6 trustees (2023: 3) were reimbursed expenses of £2,302 (2023: £804) to cover travel costs to meetings and small items of expenditure made on behalf of the Hibbert Trust. A proportion of these costs totalling £376 were charged to the John Gregson Trust.

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Fri, 31st Jan 2025 14:23:51 GMT Envelope generated by Debbie Arundale (213.129.74.45)