Registered charity number 276803
## **Guildford St Nicolas Dorothy Grover Trust**
## **Report and Accounts**
## **31 December 2024**
Julian Ansell FCCA Chartered Certified Accountant Reading RG4 8SR
## _Guildford St Nicolas Dorothy Grover Trust_ **Report and accounts**
## **Contents:**
||**Page**|
|---|---|
|Charity information|1|
|Trustees' report|2|
|Independent Examiner's report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the financial statements|8|
|Detailed Income and Expenditure account|11|
_Guildford St Nicolas Dorothy Grover Trust_ **Charity Information**
## **Trustees**
D Coom I Ferguson P Oldroyd N Roberts
## **Principal Contact**
D Coom
## **Principal Address**
15 The Crossways Onslow Village Guildford Surrey GU2 7QQ
## **Independent Examiner**
J M Ansell FCCA 19 Brooklyn Drive Emmer Green Reading RG4 8SR
## **Bankers**
NatWest Bank plc 151 High Street Guildford GU1 3AH
CCLA Investment Management Limited COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET
## **Registered Charity Number**
276803
1
## _Guildford St Nicolas Dorothy Grover Trust_ **The report of the Trustees**
The Trustees present their report and accounts for the 12 months ended 31 December 2024
## **Structure, Governance and Management**
The Dorothy Grover Trust's governing document is Dorothy Grover's will which directs that a Trust should be created and managed for the 'welfare of St Nicolas Church'. The Trust is a registered charity number 276803.
The Trust was established by an initial gift from the Estate of Dorothy Grover, as a permanent endowment fund. The gift was made to the Trust on condition that it is held as permanent endowment, the income from which is freely available to fund the activities of the Trust.
The governing document of the Trust requires there to be four Trustees including the Rector.
New Trustees can only be appointed with the full agreement of the remaining Trustees, which shall exclude the retiring Trustee, at a properly convened Dorothy Grover Trust meeting.
Where possible persons independent of the PCC should be sought on any vacancies. The newly appointed Trustee should be of relevant ability for the Trustee position required.
The Trust works closely with the PCC so that its decisions reflect the PCC's strategy.
Apart from the St Nicolas PCC there are no relationships with other parties or with other charities or organisations.
## **Objectives and Activities**
The Dorothy Grover Trust is used to fund activities that contribute to the 'welfare of St Nicolas Church' and could not be funded from day-to-day financing. Four Trustees normally manage the Dorothy Grover Trust working closely with the PCC. The PCC is responsible for the future direction of the parish as well as the management of its day-to-day affairs.
A key objective is to confine spending to the income generated from the invested capital. This is considered prudent against the likely future need for the parish to fund activities that hitherto have been covered by central (Church Commissioners) funds.
## **Grant Making Policy**
The Trustees consider requests for funding received from the PCC and, if approved, notify the PCC accordingly. The Trustees do not seek applications from any other sources.
## **Achievements and Performance for the Public Benefit**
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake.
During the financial period the Dorothy Grover Trust spent 104% of its income, of which 95% was spent on projects deigned to maintain and improve the church fabric and help to cover church expenses. Expenditure during the year was for the welfare of St Nicolas Church.
The Dorothy Grover Trust has capital assets of £3,220,684 (2023 £3,210,033) split between property and equity investments. These are held to generate income against the likely increased future need for funding for the parish.
2
## _Guildford St Nicolas Dorothy Grover Trust_ **The report of the Trustees (continued)**
## **Financial Review**
## Investment Policy
The investment policy is to hold a mixed portfolio of property and equities with equity funds invested in COIF Charity Funds set up under the Charities Act 1960 and CBF investments. These were chosen because they have a good record of delivering income even when capital values are depressed.
## Reserves Policy
The aim of the Dorothy Grover Trust is for the welfare of St Nicolas church and that the funds of the Dorothy Grover Trust should be used for the good of St Nicolas Church which include capital projects, maintenance and staff costs should this be necessary. As costs are long term, reserves will rise and fall according to the needs of St Nicolas Church.
## Financial Review
Total income for the period consisting of rents, dividends and interest received was £103,345 (2023 £98,409). The resources expended amounted to £107,856 (2023 £66,773), resulting in net outgoing resources for the period of £4,511. Net total assets at the period end are £3,220,684 (2023 £3,210,033).
Investments increased by 2% (£38,694) during the period. Property values decreased by 3% (£23,531) to reflect the sale proceeds received for 20 Grosvenor House in 2025.
## Current Year
All properties will continue to be revalued every three years. A review was held at the end of 2022 and it was decided to leave the values the same. In late 2024 it was decided to sell 20 Grosvenor House as it would become vacant in early 2025. The net sale value received has been included in these accounts.
## Major Risks
The Trustees consider that the major risks are declining equity values of the investments held and a reversal in the property market leading to a reduction in annual income. These risks are managed by the Trustees through regular reviews of the investments held.
## **Plans for the Future for the Public Benefit**
The Trustees always seek to manage the Trust so that its spending complements the wishes and resources of the PCC.
The PCC sets out a Development and Capital Project Plan which lays out the long term spending plan on projects of maintenance and capital purchases. This is used in co-ordination with Dorothy Grover Trust to agree funding of these projects. A target contribution of £60,000 per annum on a rolling three year basis is currently being made available to the church.
During the year ended 31 December 2024 the Church received £3,500 per month to aid the general expenses of the Church in addition to the specific items in the Development and Capital Projects Plan.
3
## _Guildford St Nicolas Dorothy Grover Trust_
## **The report of the Trustees (continued)**
## **The Trustees during the period ended 31 December 2024 were:-**
D Coom I Ferguson P Oldroyd N Roberts
## **Statement of Trustees' Responsibilities**
Charity Law 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 as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
- select suitable accounting policies and then apply them;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence; and
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The Trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with generally accepted accounting practice. 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.
This report was approved by the Board of Trustees on 7 September 2025
D A Coom Trustee
4
_Guildford St Nicolas Dorothy Grover Trust_
## **Independent Examiner’s Report**
## **Independent Examiner’s Report to the Trustees of Guildford St Nicolas Dorothy Grover Trust**
I report on the accounts of the trust for the 12 months ended 31 December 2024, which are set out on pages 6 to 10.
## **Respective responsibilities of the Trustees and Independent Examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.
It is my responsibility to:
- **.** examine the accounts under section 145 of the Charities Act.
- **.** to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
- **.** to state whether particular matters have come to my attention.
## **Basis of Independent Examiner's report**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
## **Independent Examiner's Statement**
In connection with my examination, no matter has come to my attention
- 1 which gives me reasonable cause to believe that, in any material respect, the requirements:
- . to keep accounting records in accordance with section 130 of the Charities Act; and
- . to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
- have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Julian Ansell FCCA Chartered Certified Accountant 19 Brooklyn Drive Emmer Green Reading RG4 8SR
- 23 July 2025
5
_Guildford St Nicolas Dorothy Grover Trust_
## **Statement of Financial Activities for the 12 months ended 31 December 2024**
|**Note**
**2024**
**Unrestricted**
**Funds**
**£**
_Incoming Resources_
Incoming resources from generating
funds - Investment income
5
103,345
**_Total Incoming Resources_**
**103,345**
_Resources Expended_
Cost of generating funds
- Investment management costs
7
8,890
- Charitable activities
8
98,216
- Governance costs
9
750
**_Total Resources Expended_**
**107,856**
**_Net Incoming (Outgoing) Resources for the Year_**
**(4,511)**
Gains/(losses) on Investments
13,033
Transfer between funds
-
Funds as at 1 January 2024
675,230
**_Funds as at 31 December 2024_**
**683,752**|**2024**
**Endowment**
**Funds**
**£**
-
**-**
-
-
-
**-**
**-**
2,129
-
2,534,803
**2,536,932**|**2024**
**Total**
**Funds**
**£**
103,345
**103,345**
8,890
98,216
750
**107,856**
**(4,511)**
15,162
-
3,210,033
**3,220,684**|**2023**
**Total**
**Funds**
**£**
98,409|
|---|---|---|---|
||||**98,409**|
||||8,697
57,326
750|
||||**66,773**|
||||**31,636**
103,872
-
3,074,525|
||||**3,210,033**|
All amounts relate to continuing activities and there has been no change in the nature of the Charity's activities in the 12 months and the prior period.
The notes on pages 8 to 10 form part of these financial statements.
6
_Guildford St Nicolas Dorothy Grover Trust_
## **Balance Sheet at 31 December 2024**
|**Note**
**Fixed Assets**
Freehold Investment Properties
- 47 Badminton Road
- 20 Grosvenor House
2
Investments
- COIF investment property
- COIF unrestricted
- COIF investment
- CBF investment
- CBF unrestricted
- CBF unrestricted
3
**Total Fixed Assets**
**Current Assets**
Cash at Bank
- Liquidity Manager 95 day account
- Current account
**Less Current Liabilities**
Sundry Creditors
**Net Current Assets**
**TOTAL ASSETS Less Current Liabilities**
**Reserves**
General Fund
4
Endowment Fund
4
**TOTAL RESERVES**|**2024**
**£**
625,000
266,469
891,469
627,999
414,056
349,568
667,896
121,603
52,067
2,233,189
3,124,658
52,117
43,909
96,026
-
96,026
**3,220,684**
683,752
2,536,932
**3,220,684**|**2023**
**£**
625,000
290,000|
|---|---|---|
|||915,000|
|||625,006
404,909
341,846
652,951
118,882
50,901|
|||2,194,495|
||||
|||3,109,495|
|||50,086
50,452|
|||100,538
-|
|||100,538|
||||
|||**3,210,033**|
|||675,230
2,534,803|
|||**3,210,033**|
Approved on 7 September 2025 and signed on behalf of the Trustees by:
D A Coom
I Ferguson
P Oldroyd
N Roberts
The notes on pages 8 to 10 form part of these financial statements
7
## _Guildford St Nicolas Dorothy Grover Trust_ **Notes to the Accounts for the 12 months ended 31 December 2024**
## **1 Accounting Policies**
a) _Basis of preparation_
The financial statements have been prepared in accordance with the Charities SORP FRS 102 applicable to charities preparing their accounts in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006.
The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
a) _Preparation of the accounts on a going concern basis_ After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
## **Income**
Dividends on quoted investments, bank interest and rental income are accounted for on a received basis.
## **Expended Resources**
Investment management costs are accounted for on a paid basis.
Charitable activities are grant payments for the welfare of St Nicolas Church.
Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. The costs are accounted for on a paid basis.
## **Funds**
The purpose and use of the Permanent Endowment Fund is imposed by the donor. The unrestricted (general) fund can be used in accordance with the charitable object, at the discretion of the trustees.
## **Investments**
The properties were revalued at 31 December 2022. Where appropriate the valuation of these freehold investment properties has taken into account the fact that there are sitting tenants. One property became vacant in early 2025 and was then sold. The net sale value received has been included in these accounts.
Securities held have been revalued and are shown at their market value as at the balance sheet date. Movements in the investment value are taken to the Statement of Financial Activities and shown as gains/losses on investment assets.
## **Cashflow statement**
The Trust has taken advantage of the exemption in Financial Reporting Standard No.1 from producing a cashflow statement on the grounds that it is a small charity.
## **2 Freehold Investment Properties**
|Value 1 January 2024
Sale proceeds
Loss on sale made in 2025
Value at 31 December 2024|**2024**
**£**
915,000
-
(23,531)
891,469|**2023**
**£**
915,000
-
-|
|---|---|---|
|||915,000|
8
## _Guildford St Nicolas Dorothy Grover Trust_ **Notes to the Accounts for the 12 months ended 31 December 2024**
## **3 Investments**
|Market value at 1 January 2024
Additional investment
Net unrealised investment gains/(losses)
Market value at 31 December 2024
COIF investment property
COIF unrestricted
COIF investment
CBF investment
CBF unrestricted
CBF investment
**4 Movement in Funds**
Unrestricted Fund
Balance at 1 January 2024
Surplus/(Deficit) for the year
Transfer between funds
Balance at 31 December 2024
Endowment Fund
Balance at 1 January 2024
Surplus/(Deficit) for the year
Transfer between funds
Balance at 31 December 2024|**2024**
**£**
2,194,495
-
38,694
2,233,189
Units
Unit
Held
Price (p)
598,664.35
104.90
20,403.56
2,029.33
17,225.78
2,029.33
28,884.88
2,312.27
5,259.05
2,312.27
2,251.75
2,312.27
**2024**
**£**
675,230
8,522
-
683,752
2,534,803
2,129
-
2,536,932|**2023**
**£**
2,090,624
-
103,871|
|---|---|---|
|||2,194,495|
|||Market
Value
627,999
414,056
349,568
667,896
121,603
52,067|
|||2,233,189|
|||**2023**
**£**
594,279
80,951
-|
|||675,230|
|||2,480,246
54,557
-|
|||2,534,803|
The endowment fund was established to be used for the welfare of St Nicolas Church as stated in the will of Dorothy May Grover.
## **5 Investment Income**
|**5 Investment Income**|||
|---|---|---|
|Bank interest
Ground Rent Received - 48 Badminton Road
CBF Dividends
COIF Dividends
Rents received|**2024**
**£**
2,031
150
22,838
54,791
23,535
103,345|**2023**
**£**
85
150
22,489
54,026
21,659|
|||98,409|
## **6 Employees**
There were no employees during the year (2023 Nil)
9
## _Guildford St Nicolas Dorothy Grover Trust_
## **Notes to the Accounts for the 12 months ended 31 December 2024**
## **7 Investment Management Costs**
|Agents fees
Repairs
Insurance|**2024**
**£**
3,351
4,851
688
8,890|**2023**
**£**
3,104
4,919
674|
|---|---|---|
|||8,697|
## **8 Charitable Activities**
|- Altar move
- Church organ
- Church chairs
- Church expenses
**9 Governance Costs**
Independent examination
**10 Analysis of Net Assets Between Funds**
**Tangible**
**fixed assets**
**£**
Endowment Fund
- Dorothy Grover bequest
891,469
Unrestricted Funds
-
891,469|- Altar move
- Church organ
- Church chairs
- Church expenses
**9 Governance Costs**
Independent examination
**10 Analysis of Net Assets Between Funds**
**Tangible**
**fixed assets**
**£**
Endowment Fund
- Dorothy Grover bequest
891,469
Unrestricted Funds
-
891,469|**2024**
**£**
4,216
52,000
-
42,000
98,216
**2024**
£
750
**Investments Net current**
**assets**
**£**
**£**
1,645,463
-
587,726
96,026|**2023**
**£**
-
-
15,326
42,000|
|---|---|---|---|
||||57,326|
||||**2023**
£
750|
||||**Total**
**£**
2,536,932
683,752|
||891,469|2,233,189
96,026|3,220,684|
## **11 Transfer Between Funds**
Investment income arising on the endowment capital is being included in the unrestricted fund. The original capital amount of the legacy remains in the endowment fund, enhanced by subsequent capital gains.
## **12 Trustees Remuneration and Expenses**
The Trustees received no remuneration (2023 £Nil) nor were reimbursed any expenses (2023 £Nil) during the year.
10
## _Guildford St Nicolas Dorothy Grover Trust_ **Income and Expenditure Account for the 12 months ended 31 December 2024**
|Income
Bank interest
Ground rents received
Rents received
CBF Dividends
COIF Dividends
Total Income
Expenditure
Agents' fees
Repairs
Insurance
Altar move
Chruch organ
Church chairs
Church expenses
Independent examination
Total expenditure
Surplus / (Deficit) for the period|**2024**
**£**
3,351
4,851
688
4,216
52,000
-
42,000
750|**2024**
**£**
2,031
150
23,535
22,838
54,791|**2023**
**£**
3,104
4,919
674
-
-
15,326
42,000
750|**2023**
**£**
85
150
21,659
22,489
54,026|
|---|---|---|---|---|
|||103,345
107,856||98,409
66,773|
||||||
|||||31,636|
11