Registered charity number 276803
Guildford St Nicolas Dorothy Grover Trust
Report and Accounts
31 December 2025
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 N Roberts C Anderson
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 Fund Managers Limited One Angel Lane London EC4R 3AB
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 2025
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. On 14th November 2025 Peter Oldroyd retired and Catherine Anderson replaced him.
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 50% of its income, of which 45% 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 £3,205,721 (2024 £3,220,684) 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 £93,750 (2024 £103,345). The resources expended amounted to £47,113 (2024 £107,856), resulting in net incoming resources for the period of £46,637. Net total assets at the period end are £3,205,721 (2024 £3,220,684).
Investments increased by 9% (£204,869) during the period but £266,469 was spent on new investments during the period.
Current Year
Properties will continue to be revalued every three years. At the end of 2025 it was decided to leave the value the same.
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 2025 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. In 2026 the monthly payment is being increased to £5,000 per month.
3
Guildford St Nicolas Dorothy Grover Trust The report of the Trustees (continued)
The Trustees during the period ended 31 December 2025 were:-
D Coom
I Ferguson
P Oldroyd (resigned 14 November 2025)
N Roberts
C Anderson (appointed 14 November 2025)
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 :-
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select suitable accounting policies and then apply them;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence; and
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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 10 May 2026
D A Coom Trustee
4
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 2025, 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:
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. examine the accounts under section 145 of the Charities Act.
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. 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
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. 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
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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. to keep accounting records in accordance with section 130 of the Charities Act; and
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. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
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-
have not been met; or
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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 April 2026
5
Guildford St Nicolas Dorothy Grover Trust
Statement of Financial Activities for the 12 months ended 31 December 2025
| Note 2025 Unrestricted Funds £ Incoming Resources Incoming resources from generating funds - Investment income 5 93,750 Total Incoming Resources 93,750 Resources Expended Cost of generating funds - Investment management costs 7 4,363 - Charitable activities 8 42,000 - Governance costs 9 750 Total Resources Expended 47,113 Net Incoming (Outgoing) Resources for the Year 46,637 Gains/(losses) on Investments (26,763) Transfer between funds - Funds as at 1 January 2025 683,752 Funds as at 31 December 2025 703,626 |
2025 Endowment Funds £ - - - - - - - (34,837) - 2,536,932 2,502,095 |
2025 Total Funds £ 93,750 93,750 4,363 42,000 750 47,113 46,637 (61,600) - 3,220,684 3,205,721 |
2024 Total Funds £ 103,345 |
|---|---|---|---|
| 103,345 | |||
| 8,890 98,216 750 |
|||
| 107,856 | |||
| (4,511) 15,162 - 3,210,033 |
|||
| 3,220,684 |
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 2025
| 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 |
2025 £ 625,000 - 625,000 903,065 394,236 332,835 641,195 116,742 49,985 2,438,058 3,063,058 - 142,663 142,663 - 142,663 3,205,721 703,626 2,502,095 3,205,721 |
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 |
Approved on 10 May 2026 and signed on behalf of the Trustees by:
D A Coom
I Ferguson
N Roberts
C Anderson
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 2025
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 2025 Sale proceeds Loss on sale Value at 31 December 2025 |
2025 £ 891,469 (266,469) - 625,000 |
2024 £ 915,000 - (23,531) |
|---|---|---|
| 891,469 |
8
Guildford St Nicolas Dorothy Grover Trust Notes to the Accounts for the 12 months ended 31 December 2025
3 Investments
| Market value at 1 January 2025 Additional investment Net unrealised investment gains/(losses) Market value at 31 December 2025 COIF investment property COIF unrestricted COIF investment CBF investment CBF unrestricted CBF investment 4 Movement in Funds Unrestricted Fund Balance at 1 January 2025 Surplus/(Deficit) for the year Transfer between funds Balance at 31 December 2025 Endowment Fund Balance at 1 January 2025 Surplus/(Deficit) for the year Transfer between funds Balance at 31 December 2025 |
2025 £ 2,233,189 266,469 (61,600) 2,438,058 Units Unit Held Price (p) 843,198.28 107.10 20,403.56 1,932.19 17,225.78 1,932.19 28,884.88 2,219.83 5,259.05 2,219.83 2,251.75 2,219.83 2025 £ 683,752 19,874 - 703,626 2,536,932 (34,837) - 2,502,095 |
2024 £ 2,194,495 - 38,694 |
|---|---|---|
| 2,233,189 | ||
| Market Value 903,065 394,236 332,835 641,195 116,742 49,985 |
||
| 2,438,058 | ||
| 2024 £ 675,230 8,522 - |
||
| 683,752 | ||
| 2,534,803 2,129 - |
||
| 2,536,932 |
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 |
2025 £ 3,885 150 23,384 55,531 10,800 93,750 |
2024 £ 2,031 150 22,838 54,791 23,535 |
| 103,345 |
6 Employees
There were no employees during the year (2024 Nil)
9
Guildford St Nicolas Dorothy Grover Trust
Notes to the Accounts for the 12 months ended 31 December 2025
7 Investment Management Costs
| Legal fees Agents fees Repairs Insurance 8 Charitable Activities - Altar move - Church organ - Church expenses 9 Governance Costs Independent examination 10 Analysis of Net Assets Between Funds Tangible fixed assets £ Endowment Fund - Dorothy Grover bequest 625,000 Unrestricted Funds - 625,000 |
Legal fees Agents fees Repairs Insurance 8 Charitable Activities - Altar move - Church organ - Church expenses 9 Governance Costs Independent examination 10 Analysis of Net Assets Between Funds Tangible fixed assets £ Endowment Fund - Dorothy Grover bequest 625,000 Unrestricted Funds - 625,000 |
2025 £ 1,235 1,774 647 707 4,363 2025 £ - - 42,000 42,000 2025 £ 750 Investments Net current assets £ £ 1,877,095 - 560,963 142,663 |
2024 £ - 3,351 4,851 688 |
|---|---|---|---|
| 8,890 | |||
| 2024 £ 4,216 52,000 42,000 |
|||
| 98,216 | |||
| 2024 £ 750 |
|||
| Total £ 2,502,095 703,626 |
|||
| 625,000 | 2,438,058 142,663 |
3,205,721 |
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 (2024 £Nil) nor were reimbursed any expenses (2024 £Nil) during the year.
10
Guildford St Nicolas Dorothy Grover Trust Income and Expenditure Account for the 12 months ended 31 December 2025
| Income Bank interest Ground rents received Rents received CBF Dividends COIF Dividends Total Income Expenditure Legal fees Agents' fees Repairs Insurance Altar move Chruch organ Church expenses Independent examination Total expenditure Surplus / (Deficit) for the period |
2025 £ 1,235 1,774 647 707 - - 42,000 750 |
2025 £ 3,885 150 10,800 23,384 55,531 |
2024 £ - 3,351 4,851 688 4,216 52,000 42,000 750 |
2024 £ 2,031 150 23,535 22,838 54,791 |
|---|---|---|---|---|
| 93,750 47,113 |
103,345 107,856 |
|||
| 46,637 | (4,511) |
11