CHARITY REGISTRATION NUMBER: 274450
E C GRAHAM'S CHARITABLE SETTLEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
5 APRIL 2024
David Allen
Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY
E C GRAHAM'S CHARITABLE SETTLEMENT
CONTENTS
| Reference and administrative details | 1 |
|---|---|
| Trustees' report | 2 to 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 to 20 |
E C GRAHAM'S CHARITABLE SETTLEMENT
REFERENCE AND ADMINISTRATIVE DETAILS
| Trustees | Mr A I Thompson (resigned 1 August 2024) |
|---|---|
| Mr N H Marriner | |
| Mr T J Bacon | |
| Mr M J T Nicholls (appointed 1 August 2024) | |
| Charity number | 274450 |
| Principal office | Victoria House |
| Wavell Drive | |
| Rosehill | |
| Carlisle | |
| CA1 2ST | |
| Solicitors | Burnetts Solicitors |
| Victoria House | |
| Wavell Drive | |
| Rosehill | |
| Carlisle | |
| CA1 2ST | |
| Independent examiner | Alison Welton FCA |
| David Allen | |
| Chartered Accountants | |
| Dalmar House | |
| Barras Lane Estate | |
| Dalston | |
| Carlisle | |
| CA5 7NY |
- 1 -
E C GRAHAM'S CHARITABLE SETTLEMENT
TRUSTEES' REPORT
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024.
TRUSTEES
Mr A I Thompson (resigned 1 August 2024)
Mr N H Marriner
Mr T J Bacon
Mr M J T Nicholls (appointed 1 August 2024)
OBJECTIVES AND ACTIVITIES
The objective of the charity is to make donations for charitable purposes.
The income and capital of the trust fund is held on such trusts (whether of capital and its resulting income or income alone) for the benefit of such charity or charities as the trustees shall in their absolute discretion appoint and, in default, to pay or apply the net income of the trust fund to or for such charitable purposes as the trustees may from time to time determine.
The trustees' policy is to make donations to smaller charities where they are more likely to be able to make a significant difference.
Charities are chosen from those who submit applications and others where the trustees have personal knowledge of their good work. The trustees are particularly willing to consider smaller charities and charitable projects principally in and around Carlisle in order to benefit the local community.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The charity has no voluntary, seconded or paid staff.
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E C GRAHAM'S CHARITABLE SETTLEMENT
TRUSTEES' REPORT (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE
During the year donations totalling £99,750 (2023 - £95,800) were made, these mostly went to charities principally in and around Carlisle.
The income from the Hayton Estate for the year decreased compared to 2023 and totalled £81,880 (2023 - £85,310). During the year there was £13,257 (2023 - £Nil) expenditure incurred on property maintenance and repair costs. No additions/capital improvements were made to the Estate during the year.
The total income from UK and non-UK quoted investments decreased by £14,350 in the year. The overall value of the investment portfolio has increased by £485,372, with net gains on the revaluation and disposal of investment assets being £398,358 (2023 - losses of £261,169) during the year.
Overall, this resulted in a net increase in funds of £371,953 (2023 - net decrease in funds of £243,568).
FINANCIAL REVIEW
The Hayton Estate, owned by the charity, is managed locally by chartered surveyors and land agents.
The charity also owns a portfolio of UK and non-UK quoted investments. This is managed on a discretionary basis by Brewin Dolphin Ltd on the basis of a written statement summarising the trustees' investment policy which they consider was complied with.
The charity holds unrestricted funds at the year end of £8,171,652 (2023 - £7,799,699).
As the charity carries out no direct charitable activities and does not generally make commitments from year to year to future giving, there is no need to retain reserves for this purpose. However, the trustees aim to maintain reserves at a level which equates to approximately one year of expenditure. The trustees consider that this level will provide sufficient funds to respond to donation applications, to cover administration and governance costs and to meet expenses relating to the maintenance, repair and management of the Hayton Estate.
The trustees will also only commit to making donations if they consider there to be sufficient funds available for known and/or anticipated expenditure relating to the maintenance, repair and management of the Hayton Estate.
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E C GRAHAM'S CHARITABLE SETTLEMENT
TRUSTEES' REPORT (CONTINUED)
The trustees have the investment powers of an absolute owner beneficially entitled. The trustees also have the power to delegate such powers and discretions as the trustees think fit to any person or persons for the purposes of managing or advising upon or otherwise assisting in the management of any land or investments comprised in the trust fund.
The trustees are authorised to retain the Hayton Estate for as long as they think fit and without any obligation to diversify.
The investment portfolio is held with Brewin Dolphin Ltd and there are no restrictions on any particular ethical or moral grounds as to the nature of the investments to be held.
The trustees review their investment policy at the annual trustees' meeting.
STRUCTURE, GOVERNANCE AND MANAGEMENT
E C Graham's Charitable Settlement was constituted by a Deed of Settlement dated 10 December 1976 as amended by a Deed of Variation made 25 September 1977. The charity is an unincorporated charity.
The charity is registered with the Charity Commission under number 274450. The principal office of the charity is Victoria House, Wavell Drive, Rosehill, Carlisle, CA1 2ST.
Following the death of the settlor on the 30 April 1996, the power of appointment of new trustees is vested in the present trustees. Since the year end Mr A I Thompson retired as trustee and was replaced with Mr M J T Nicholls.
The trustees give their time freely and no trustee remuneration was paid in the year. One of the trustees is a solicitor whose firm provides professional and administrative services to the charity. One of the other trustees charges the expenses in relation to attending meetings and postage. Details of trustee expenses and related party transactions are disclosed in notes 8 and 17 to the financial statements.
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E C GRAHAM'S CHARITABLE SETTLEMENT
TRUSTEES' REPORT (CONTINUED)
With regard to risk assessment, the trustees have formed a view of the risks to which they consider the charity is exposed and are taking such preventative action as they believe to be appropriate.
FINANCIAL INSTRUMENTS
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
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E C GRAHAM'S CHARITABLE SETTLEMENT
TRUSTEES' REPORT (CONTINUED)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the settlement. The trustees 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 annual report was approved by the trustees of the charity on 18 October 2024 and signed on its behalf by:
......................................... Mr N H Marriner Trustee
......................................... Mr T J Bacon Trustee
......................................... Mr M J T Nicholls Trustee
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E C GRAHAM'S CHARITABLE SETTLEMENT
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF E C GRAHAM'S CHARITABLE SETTLEMENT
I report to the charity trustees on my examination of the accounts of E C Graham's Charitable Settlement (the charity) for the year ended 5 April 2024 which are set out on pages 8 to 20.
Responsibilities and basis of report
As the charity trustees of E C Graham's Charitable Settlement 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 charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
-
accounting records were not kept in respect of E C Graham's Charitable Settlement as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
...................................... Alison Welton FCA Independent Examiner
David Allen Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY
18 October 2024
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E C GRAHAM'S CHARITABLE SETTLEMENT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Total | ||||
|---|---|---|---|---|
| Unrestricted | 2024 | |||
| Note | £ | £ | ||
| Income from: | ||||
| Investment income | 2 | 152,535 | 152,535 | |
| Expenditure on: | ||||
| Raising funds | 3 | (59,815) | (59,815) | |
| Charitable activities | 4 | (119,125) | (119,125) | |
| Total expenditure | (178,940) | (178,940) | ||
| Gains on investment assets | 12 | 398,358 | 398,358 | |
| Net movement in funds | 371,953 | 371,953 | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 7,799,699 | 7,799,699 | ||
| Total funds carried forward | 15 | 8,171,652 | 8,171,652 | |
| Total | ||||
| Unrestricted | 2023 | |||
| Note | £ | £ | ||
| Income from: | ||||
| Investment income | 2 | 167,988 | 167,988 | |
| Expenditure on: | ||||
| Raising funds | 3 | (40,068) | (40,068) | |
| Charitable activities | 4 | (110,319) | (110,319) | |
| Total expenditure | (150,387) | (150,387) | ||
| Losses on investment assets | 12 | (261,169) | (261,169) | |
| Net movement in funds | (243,568) | (243,568) | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 8,043,267 | 8,043,267 | ||
| Total funds carried forward | 15 | 7,799,699 | 7,799,699 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 and 2023 are shown in note 15.
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E C GRAHAM'S CHARITABLE SETTLEMENT
BALANCE SHEET AS AT 5 APRIL 2024
| 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 12 | 7,989,347 | 7,503,975 | ||
| Current assets | |||||
| Debtors | 13 | 8,250 | 12,285 | ||
| Cash at bank and in hand | 200,044 | 298,888 | |||
| 208,294 | 311,173 | ||||
| Creditors: Amounts | |||||
| falling due within one | |||||
| year | 14 | (25,989) | (15,449) | ||
| Net current assets | 182,305 | 295,724 | |||
| Net assets | 8,171,652 | 7,799,699 | |||
| Funds of the charity: | |||||
| Unrestricted income | |||||
| funds | |||||
| Unrestricted funds | 8,171,652 | 7,799,699 | |||
| Total funds | 15 | 8,171,652 | 7,799,699 |
The financial statements on pages 8 to 20 were approved by the trustees, and authorised for issue on 18 October 2024 and signed on their behalf by:
.........................................
Mr N H Marriner Trustee
......................................... Mr T J Bacon Trustee
......................................... Mr M J T Nicholls Trustee
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 ACCOUNTING POLICIES
Statement of compliance
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
E C Graham's Charitable Settlement meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income
Investment income is accounted for in the period in which the charity is entitled to receipt.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
1 ACCOUNTING POLICIES (continued)
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees’ meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of 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 to charitable purposes.
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable properties determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Financial instruments
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into.
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
1 ACCOUNTING POLICIES (continued)
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 INVESTMENT INCOME
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | |||||
| Total | Total | ||||
| General | 2024 | 2023 | |||
| £ | £ | £ | |||
| Interest receivable and similar income; | |||||
| Interest receivable on bank deposits | 3,035 | 3,035 | 708 | ||
| Income from listed investments | 67,620 | 67,620 | 81,970 | ||
| Income from investment properties | 81,880 | 81,880 | 85,310 | ||
| 152,535 | 152,535 | 167,988 |
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
3 EXPENDITURE ON RAISING FUNDS
a) Investment management costs
Unrestricted funds
| Unrestricted funds |
|||||
|---|---|---|---|---|---|
| Total | Total | ||||
| General | 2024 | 2023 | |||
| £ | £ | £ | |||
| Other investment management costs; | |||||
| Amounts payable to investment managers | 23,889 | 23,889 | 23,107 | ||
| Amounts payable to property managers | 12,175 | 12,175 | 8,482 | ||
| Property costs | 13,257 | 13,257 | - | ||
| Insurance | 10,494 | 10,494 | 8,479 | ||
| 59,815 | 59,815 | 40,068 |
4 EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| General | 2024 | 2023 | ||||
| Note | £ | £ | £ | |||
| Grant funding of activities | 6 | 99,750 | 99,750 | 95,800 | ||
| Governance costs | 5 | 19,375 | 19,375 | 14,519 | ||
| 119,125 | 119,125 | 110,319 | ||||
| Activity | ||||||
| undertaken | ||||||
| directly | 2024 | 2023 | ||||
| £ | £ | £ | ||||
| Charitable donations made | 99,750 | 99,750 | 95,800 |
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
4 EXPENDITURE ON CHARITABLE ACTIVITIES (continued)
£119,125 (2023 - £110,319) of the above expenditure was attributable to unrestricted funds and £Nil (2023 - £Nil) to restricted funds.
5 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Governance costs
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | |||||
| Total | Total | ||||
| General | 2024 | 2023 | |||
| £ | £ | £ | |||
| Independent examiner fees | |||||
| Examination of the financial statements | 725 | 725 | 690 | ||
| Other fees paid to examiners | 4,435 | 4,435 | 4,160 | ||
| Legal fees | 14,212 | 14,212 | 9,665 | ||
| Bank charges | 3 | 3 | 4 | ||
| 19,375 | 19,375 | 14,519 |
6 GRANT-MAKING
Analysis of grants
| Grants to institutions | Grants to institutions | Grants to institutions | |||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Analysis | |||||
| Charitable | donations | made | 99,750 | 95,800 |
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
6 GRANT-MAKING (continued)
The support costs associated with grant-making are £Nil (5 April 2023 - £Nil).
Below are details of material grants made to institutions by the charity
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Name of institution | £ | £ | ||||
| Eden Rivers Trust | 12,000 | 12,000 | ||||
| Promoting Autonomy and Change | 17,000 | 17,000 | ||||
| Great North Air Ambulance Service | 5,000 | 5,000 | ||||
| The Rock Currock Youth Project | 20,000 | 20,000 | ||||
| Cumwhitton Play Park | 7,000 | 8,000 | ||||
| Eden Valley Hospice | 6,000 | 5,000 | ||||
| Hospice at Home Carlisle and North | ||||||
| Lakeland | 6,000 | 5,000 | ||||
| Carlisle Youth Zone | 12,000 | 10,000 | ||||
| Flynne's Barn | 3,000 | 3,000 | ||||
| Turnmire Common Childrens Play | - | 2,800 | ||||
| Lanercost Cricket Club | - | 3,000 | ||||
| Cumbria Youth Alliance | 5,000 | 5,000 | ||||
| Brampton and District Red Squirrel | ||||||
| Group | 2,000 | - | ||||
| Wetheral Brownies | 2,000 | - | ||||
| Dick Harrison Trust | 750 | - | ||||
| Burning Nights CRPS Support | 2,000 | - | ||||
| 99,750 | 95,800 | |||||
| 7 NET INCOMING/OUTGOING RESOURCES | ||||||
| Net (outgoing)/incoming resources for the year include: | ||||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Independent examination of the financial statements | 725 | 690 |
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
8 TRUSTEES REMUNERATION AND EXPENSES
During the year the charity made the following transactions with trustees:
Mr A I Thompson
Mr A I Thompson, trustee, during the year was a partner in Forsters LLP, who provide legal services to the charity. During the year £14,212 (2023 - £9,665) was charged by Forsters LLP, of which £3,559 was included within accruals at the balance sheet date (2023 - £497).
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
9 STAFF COSTS
The average head count of employees during the year was Nil (2023: Nil)
No employee received emoluments of more than £60,000 during the year
10INDEPENDENT EXAMINER'S REMUNERATION
| 10INDEPENDENT EXAMINER'S REMUNERATION | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Examination of the financial statements | 725 | 690 | |
| Other fees to examiners | |||
| All other services | 4,435 | 4,160 |
11TAXATION
The charity is a registered charity and is therefore exempt from taxation.
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
12FIXED ASSET INVESTMENTS
| 12FIXED ASSET INVESTMENTS | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Investment properties | 3,958,350 | 3,958,350 | |
| Other investments | 4,030,997 | 3,545,625 | |
| 7,989,347 | 7,503,975 | ||
| Investment properties | |||
| Investment | |||
| properties | |||
| £ | |||
| Cost or Valuation | |||
| At 6 April 2023 | 3,958,350 | ||
| Provision | |||
| At 5 April 2024 | - | ||
| Net book value | |||
| At 5 April 2024 | 3,958,350 | ||
| At 5 April 2023 | 3,958,350 |
Investment properties were revalued in 2018 by Edwin Thompson, Chartered Surveyors.
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
12FIXED ASSET INVESTMENTS (continued)
Other investments
| Other investments | |||
|---|---|---|---|
| Listed | |||
| investments | Total | ||
| £ | £ | ||
| Cost or Valuation | |||
| At 6 April 2023 | 3,545,625 | 3,545,625 | |
| Revaluation | 410,075 | 410,075 | |
| Additions | 749,120 | 749,120 | |
| Disposals | (673,823) | (673,823) | |
| At 5 April 2024 | 4,030,997 | 4,030,997 | |
| Net book value | |||
| At 5 April 2024 | 4,030,997 | 4,030,997 | |
| At 5 April 2023 | 3,545,625 | 3,545,625 |
Valuations are prepared on the basis of the middle market price at the close of business on the valuation date, for certain securities the price may be last trade or bid price.
The total unrealised gains for the year are £410,075 (2023: losses of £244,899) and the total realised losses are £11,717 (2023: £16,270), resulting in a net gain on investments of £398,358 (2023: net loss of £261,169).
13DEBTORS
| 13DEBTORS | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | - | 4,035 | |
| Accrued income | 8,250 | 8,250 | |
| 8,250 | 12,285 |
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
14CREDITORS: amounts falling due within one year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | 384 | - | |
| VAT control account | 2,337 | 3,742 | |
| Accruals and deferred income | 23,268 | 11,707 | |
| 25,989 | 15,449 | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Deferred income at 6 April 2023 | 7,163 | 1,163 | |
| Resources deferred in the period | 7,163 | 7,163 | |
| Amounts released from previous periods | (7,163) | (1,163) | |
| Deferred income at year end | 7,163 | 7,163 |
Deferred income amounts at the year end represent rents received and relating to the next financial year.
15FUNDS
| 15FUNDS | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other | |||||||||||
| Balance at | recognised | Balance at | |||||||||
| 6 April | gains | 5 April | |||||||||
| 2023 | Income | Expenditure | /(losses) | 2024 | |||||||
| £ | £ | £ | £ | £ | |||||||
| **Unrestricted ** | funds | ||||||||||
| Unrestricted | income | funds | 7,799,699 | 152,535 | (178,940) | 398,358 | 8,171,652 | ||||
| Other | |||||||||||
| Balance at | recognised | Balance at | |||||||||
| 6 April | gains | 5 April | |||||||||
| 2022 | Income | Expenditure | /(losses) | 2023 | |||||||
| £ | £ | £ | £ | £ | |||||||
| **Unrestricted ** | funds | ||||||||||
| Unrestricted | income | funds | 8,043,267 | 167,988 | (150,387) | (261,169) | 7,799,699 |
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E C GRAHAM'S CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)
16ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 16ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||
|---|---|---|---|
| Unrestricted | Total funds | ||
| funds | at 5 April | ||
| General | 2024 | ||
| £ | £ | ||
| Fixed asset investments | 7,989,347 | 7,989,347 | |
| Current assets | 208,294 | 208,294 | |
| Current liabilities | (25,989) | (25,989) | |
| Total net assets | 8,171,652 | 8,171,652 | |
| Unrestricted | Total funds | ||
| funds | at 5 April | ||
| General | 2023 | ||
| £ | £ | ||
| Fixed asset investments | 7,503,975 | 7,503,975 | |
| Current assets | 311,173 | 311,173 | |
| Current liabilities | (15,449) | (15,449) | |
| Total net assets | 7,799,699 | 7,799,699 |
17RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
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