Charity reglstratlon numb8r. 279046 Georgeham Old Rectory Trust Annual R8POrt and Fjnanoal Stai8ments for the Year Ended 31 Decemb8r 2023 WESTCOTTS MARTeRED ACCOLINfANTS I •USINES$ ADV15ER5
Gaorgaham Old Rectory Trust Contents (continued) Trustee's Report 1103 Independent Examinerfs ReFQrt Statement of Flnancl81 A(thltles Ba18nc£ Sheet Notes to the Flnanclal St8tements 7t017
Georgeham Old Rectory Trust Trustee's Report The Irust& presents the annual report together wth the unaudlted financlal statements of the charity for the year ended 31 December 2023. Rèference and Admlnlstrallve Detalls Charty Reglstration Number. 279046 Prlndpal Office.. St George's House Georgeham Braunton Devon EX33 1JN Independent Examiner: lan Huggett FCA Westcotts (SWI LLP 47 Boutport Street Bamstsple Devon EX311SQ Emall admln@sghdevon.org Webslte www.sghdevon.org.uk Tèlephone 01271890755 Tru8tee- G•org•ham Old Rectory Trustee Company Limited Directots Mr M Eltyatt, Mr A Mortimer, Mr M Scott. Mrs E Matthews, Mr M Reece, Mrs R. Rlddall. Melhod of appointment of dlrectors The Directors of the Georgeham Old Rectory Trust Co Ltd whith acts as the Trustee for the Georgeham Old Rectory Trust m8y appoint directors by simple majority. There may not be more than slx directors nor less than four. Appointment formally agreed 8t the following Dlrectors meetlng. Objectives and actlvllle8 Publi¢ Benefit We have referd to the guidance contslned in the Charity Commlsslon's general guidan¢e on publlc benefrt when reviewlng our aims and ObjeCte$ and in planning our future activities. Achievomènts and performancè The year 2023 wa$ our 45th year of operation. This year we continued to welcome groups to stay at the house and experience the beautifijl ar8a that we live in. We oft agaln had the opportunity to fulfil Ihe primary objective of our Trust which is to provide a Christian Conference and Outdoor Centre at 8n affordable level. The work Is based at a converted Old Rectory called St. George's House, owned by the Trust. W¢ aim to promote the Christian Faith by working in a sensltlve manner on a non4enominational basis. Paga I
Georgeham Old Rectory Trust Trustee's Report (continued) We work whh 2 varfety of groups, mainly young people, from all teS of background both Chrfstlan and non-christlan. In addition, we are involved in helping to run local youth work and have a small Input to some of thÈ local schools. The support that we receive has been a real encouragement. Fr( February, groups hav8 continuad to arrlve wilh more 8nthusiasm th8n expected. We have had approximalety 2000 young people at the house and work wlth around 60 groups been March and mid-Novemb8r. Groups come from a variety of backgrounds, for a minority of young people this is their only trip away from their home environment. Part of thelr experlence Is an opportunity to view, enjoy and leam to appreciate the unique environment ol the North Devon coast and countyside which is a wonderful example of God's creation. We have an educational blas In our wor1(. pro)Adlng and running courses for schools and colle groups. Each group is offered a varlety of experrences from a wide range of outdoor activitses. These include Climbing. Canoelng, CoasteÈring, Surfing, Archery, Mountain Biking and Ringo. We use a range of game9 and experl&nces which are designed to encourage personal development and team aw£reness. We also run Fi&ld Studi85 courses. We hope and pray that thn89 who stay experSence somethlng of the love of Chrlst In the way that we look after them as a staff team. We maintain a generous prlclng polScy to enccurage the maximum access by young peopb to Ihe Centrg, particularfy Ihose who may not otherwlse have the opportunlty. Groups recalvlng additlonal assistance in 2023 were 2 schools from N Devon, 1 from London, 1 from Mldlands and som& individual bursaries and reduced numbers for youth groups. We support local church youth work wlth staff and other resources. The Point youth worf( Is run in Georgeham for years 6 - 9 and has been running for more than 10 years. The Iccal young people are very enthuslastlc 8nd there has been on avernge 20 uS attending each week. Matthew and Lorraine Upward and thelr 3 children live in St George5 House. Matt, th8 Centre Manager, is responsible for the d8y lo day wnning of the House. Chris Barrow also on the management team INes cn site wilh Amy and their family. Martin Larrington the Head of Centre Ilves in thg village. Jake Eagles, Matt Brook, Josh Eastham, 1s5y TNey, Ayers Oli Veale and Franc8sca Priestley as outdoor activity providers dlsplaygd a high rgvel of commitment, ability and success in delNering courses. We were very fortunate lo recgive additional help from a few volunteers and freelance instructors. God always seems to provide for us and the quality of the staff never seems to drop. We never qulte know where the new team will come from, but as we finlsh th8 year. we are blessed wlth real quallty coming in to add to the Team. Financ• We have had massive support this year from Indlvlduals and govemment grants. Gifts to the Trust 8re just under 10% of our income. Of whlch Total Income donatlons 341,190 34,266 Expendlture 314,245 Financlal Rlsk Ass888ment Pollcy Th8 finances of the House remain strong, as we had another full season of groups in 2023. We thank God that the House has been blessed by the glfts and prayers of supporters. A degree of cautlon 19 still requlred due to the currenl economical climat8 . Rising infiation 8nd utilty cost rises sees a gr8alBr need for us to support individuals as we go forwaid. Page 2
Georgeham Old Rectory Trust Trustee's Report (continued) Possible Contingency Requlrements Unexpected BiIlsAegislatiost8ff illnesslstaff Inlury 50,000 Reservés Pollcy . Nine months exFenditiJre to be held on account to cover contingencles lapprox . £236,000) . Balance to cover malntenancel replacementsl expansion of maln objectiv85. Aso, to cover flurtuations to income year to year. As at 31 Dember 2023 totsl reserves amounted to £823,128 of which, £690,350 related to unr&strlcted res8rv8s and £132.778 related to restricted. This is In excess of the truslees reserve policy. but the trusteas feel it necessary to retsln unrestricted reserves to ensure the long term sustsinabilty of the charity. Operatlonal Rlsk Pollcy The operational rlsk is the maln area of concem for the Trustees as it covers the care of young people and the possibiltty of uninsured clalms. The follovAng safeguards are reported and revlewed at Trustees meetings each year for an annual health check. (AIM provlde liabilty covor of £10 million and ANSVAR bulldlngs cover from May 20131 . Nomial Activty Rlsk Assessment . Ac¢ldenl reports and near mlss8s on activities and around the site Revlew of Insurance {buildings, activlties, public liability and employ8rs liabilty) . Updates to Child Prot8ction Pollcy Ipemianent agenda item) Plans for tho Future The charlty is advely $88klng opportunities lo extend the land and prop8ty, In order to accommodate more staff and broad8n the scope of its activlties. We have installed solar panels on the Coach House at a cost of £10,000. Heating up grades and an addtllonal bathroom facdty are in motlon at an expected cost In the reglon of £40,000. Approval of Annual Report and Accounts The above report and acuntS have approved unanimously by the directors of the Georgeh8m Old Rectory Trusteg Company Ltd. The trusts8's annual report was approved on ........ ............... trustees by. . and signed on behatf of the board of Signed by Andrew Mortimer on behalf of the directors Page 3
Georgeham Old Rectory Trust Ind&pendent Examinerfs Report to the trustee of Georgeham Old Rectory Trust I report to the trustee on my examination of the accounts of Georgeham Old ReGtory TTU5t ft)r the year ended 31 December 2023. Responslbllltles and basis of report As the charity trustee of Georgeham Old Re¢tory Trust YJU are responsible for the preparation of the a¢counls in accordance with the requlrements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Georgeham Old Rectory Tru5fs accounts carried out under section 145 of the 2011 Act and in catyng out my examination I have follow&J all the applicable Directions given by the Charity Commission under sedion 145(5){bl of the Act. Independent examlneffs statement Since Georgeham Old Rectory Trusrs gross income exceeded £250,000 your gxaminer must be member of a body listed in section 145 of the 2011 Act. I confirm that l arn qualffied to undertake the examinall()n because l am a member of. whith Is one of the listed bodKgS. I have complete¢J my examination. I confimi that no material matters hav8 come to my attentlon in cthnection with the examination gNing me cause to bgli•ve Ihat in any material respect: 1. accounting records wera not kept in respect of Georgeharn Old Redory Trust as requlred by section 130 of the Act., or 2. the accounts do not accord with those records; or 3. the accounts do not comply wth the accounting requlrements ¢onGerning the form and content of accounts set out in the Charities (Accounts and Reports) RegUlaOn$ 2008 other than any requirement that the aecounts give a 'lrue and fair view. wliidi Is not a mattor considered a8 part of an irMlependÈnt oxamination. I have concems and have come across no olher matters in connection vAth the eXamInaOn to whith attention should be drawn in this report in order to enable a proper understandlng of the accounts to be reached. lan Huggett W8sto)tts (SW) LLP 47 Boutp Street Bamstaple Devon EX31 1SQ Oate:.. Pago 4
Georgeham Old Rectory Trust Statement of Flnanclal Activities for the Year Ended 31 Docernber 2023 Unrèstrlcted funds Restricted funds Total 2023 Total 2022 Note Income and Endowments from: DOnaonS 8nd legacies Chafitable activitles Other trading actwitios Investment income Other incomè 34,266 293.385 4,272 765 8,502 34,266 293,385 4.272 765 8,502 38,389 259,871 2,502 97 7,892 Totsl Income 341,190 341.190 308.751 Expenditure on: Ralslng funds Charitable activities (3,147) 309,344) 13.1471 {311.098) 12,3161 {261.135 (1,754 (1,754 Total ftXpendure 312.491) {314,2451 1263,4511 Net 1ncomel{expendUreI Net movement In fvnds 28,699 {1,754) ,945 45,300 28.699 11,7541 26.945 45,300 Recon¢iliatlon of funds Total funds brought fomrd Totsl fvnds carried forward 20 661,651 134,532 796,183 750,883 690.350 132,778 823,128 796.183 JI of the charity's actlvlues derlve from continuing operatlons during the al)ove tsvo periods. The funds breakdown for 2022 Is shown in not8 20. The notes on pages 7 to 17 form an integral part of these finanaal statements. Page S
Georgeham Old Rectory Trust (Reglstratlon number: 279046) Balance Sheet as at 31 D•Camr 2023 2023 2022 Flxod assets Tangible assets Current assets Stocks Debtr)rs Cash at bank and in hand 14 451,586 446,871 15 16 17 3.750 20,542 391,470 415,762 {44,2201 2,500 17,018 363,676 383,194 133,882) Crodltors: Amounts falllng wlthln one year Net current assets 18 371,542 349,312 Not assets 823,128 796,183 Funds of th• charity: Rostrietèd income funds Reslrlcted funds 132,778 134,532 Unrestrfcted In¢ome funds Unrestricted funds 690.350 661,651 Total funds 20 823,128 796,183 The ncid statements C pages 5 to 17 were approved by the trustee , and authorised for is8ue on and signed on their behaw by. gr- Director on behalf of The Getyg8ham Old Rectory Trustee Company Limited Trustee The notes on pages 7 to 17 form an Integral part ofth8se finanual statements. Pag8 6
Georgeham Old Roctory Trust Notes to the Financlal Statements for the Year Ended 31 Decomber 2023 1 Accounting policies Statement of compliance The financial statam8nls have baen prepared in accordance the second edition of the Chariti8s Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. Basis of pmparatlon Georgeham Old Rectory Trust meets the definltion of a public benefrt entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention wlth Items recognlsed at cosl or Iransadion value unless otherwise stated in tho r•lovant note{s) to these accounts. Golng concern The trustee conslder that there are no rnaterial untxrtaintles about the chariVs ability to continue as a going.conc&m. Incom• and endowments Voluntary income including donations, glfts, legacies and grants thal provide core fundlng or are of a general nature is recognised wh8n the charity has entitlement to the in¢ome, it Is pn)bable that the income will b8 received and the amount can be measured with sufficient reliability- Donations and legacies Donations and legacies are r&cc4Jnlsed on a recelvable basis vthen recelpt Is probable and the amount can be reliably measured. Grants recelvab Grants ara r8cognised when the charty has an enement to the funds and any conditions linked to the grants have been met. Vvhere p8rfomianc8 conditlons are attached to the grant and are yet lo b& met. the Income is recognlsad as a liabilty and included on the balance sheet as deferred income to be leased. Deferred income represents amounts r8ceNed for luiure periods and is released to Incomlng resources in Ihe perfod for which, f( has been received. Such Income is only deferred whèn: - The donor specffies Ihat the grant or donation must only be usad in future accounting perlods., or The donor has imposed nditionS which must be met before the charlty has unconditional entitlement. Inv8stment income Dlvldends are recognised once the dividend has been dedared and notification has baen r8calved of the dividend due. Page 7
Georgeham Old Rectory Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2023 (continued) Expendlture All expendilure is recognised onts there is a legal or constructive obligation tr) that expendlture, It Is probable settlement is required and thè amount can be measured reliably. Al ¢osts are allocated to the applicable 8xpenditur8 heading that aggrogate similar costs to that category. Where costs cannot be direcuy attributed to partIlar headings they have been allocated on a basis consistent wth the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support sIS are allocated based on the spread of staff costs. Ralslng funds These are costs incurred In attractlng voluntary Incoma. the management of Investments and those Incurred In trading activttles that raise funds. Chafftable actlvlti8$ Charitable expenditure comprlses those costs Incurred by the charlty in the dellvery of Its actlvltl&s and seNlces for Its beneficlarles. It Includes both costs thal can be allocated dlrectfy to such advllles and those costs of an indirect nature necessary to support them. Government grants Government gr8nts are recognised based on the accnjal model and are measured at the fair value of the asset received (Y receivable. Grants are classffied as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to as8ats ar8 recognised over the expected useful lite of the 8sset. Where part of a grant relatlng to an assel Is deferred, it Is re¢xgnlsed as deferred Income. Tanglble flxed assets Indtvidual fixed assets costing £1000 or more are initialty recorded at cost, less any subsequent aGGumulated depreclauon and subsequent accumulated impairment losses. 0oprè¢iation and amortlsatlon Depreciation is provided on tangible fixed assets so as to wrfte off the cost or valuation, less any estimated residual value. over their expected useful 8conomlc Ilfe as follows.. Asset class Property Equlpment Biomass boilor Depreclation method and rate 1% straight line 25% reducing balance 20% slraight line Stock Stock Is valued at the lower of Cost and estimated selling price loss costs lo ¢omplele and sell, after due regard for obsolet8 and stow moving stocks. Cost is detemiined using the first-in, ffirstnout {FIFO>. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highty liquid investments that ar8 readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 8
Georgeham Old Rectory Trust Notes to the Financial Ststements for tha Year Ended 31 December 2023 (continued) Fund structure Unrestricted income fvnds are general funds Ihat are avallable for use at the trustee dlscretion in furthorance of the objectives of the charity. Reslricled income fvnds are those donated for use In a particular area or for sp8crfic purpjses, the use of which is restricted to that area or purpose. Penslons and other post retlrement obligatlons Th8 charity operates a defined contribution penslon scheme which ig a penslon plan under thich fixed ContbUtIOnS are paid into a pension fijnd and the charity has no legal or constructive obllgalion to pay further conlributions even rf the fund does not hold sufficient assèts to pay all employees the benefits relating to emplo Servi In Ihe current and prior perfods. ContribLrtlons to defined contribution plan$ are recognised in the Statement of Finandal ActiV8S when they are due. If contribution payments exceed the contribution due for servi, the excess is recognised as a prepayment. 2 Income from donations and legacles Unrestricted funds General Total 2023 Donations and legacies. Donatlons from individuals Gift aid reclaimed Grants, including capitsl grants.. Govemment grants 24,949 9,167 24.949 9,167 150 150 34,266 34,266 Unrestrlctèd funds Gèneral Total 2022 Donations and18gacles', Donations from individuals Gift aid reclalmed Grants. including capital grants., GovemmÈnt grants 26,187 9,535 26,187 9,535 2.667 2.667 38.389 38,389 Page 9
Goorgoham Old Rectory Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 3 In¢om• from ¢hvit¥bl? actiVTtie$ Unrastrict•d fund$ Gonoral Total 2023 Catered income Non-catered Income Activities: Archery Activities: Bikes ACtItIes. Canoelng Actlvlties: Clirnbing Actlvltles: Coasteerlng Activities- Field study Actlvlties: NGOT Activities- Ringo Actlvlties: Surftng Deposits forfeited 109,076 75.723 14,666 5,701 17,620 15,975 2,897 11,494 6,024 6,059 27.233 917 109,076 75.723 14,666 5,701 17,620 15,975 2,897 11,494 6,024 6,059 27,233 917 293,385 293.385 Unrnstri¢t funds Gan•ral Total 2022 Caterad Incoma Non-catergd income Activlties: Archery Activibes: Bike$ Actwibes: Canoeing Actlvlues: Cllmblng Activlties: Coasteerfng Activities: Field study Activities: NGOT Actlvlles: Fng0 Activities: Surfing 93.085 67,692 12,903 3,359 15,412 16,196 5,182 12.078 93,085 67,692 12,903 3,359 15,412 16,196 5,182 12.078 4,565 6,366 23,033 259.871 23,033 259,871 Page 10
Georgeham Old Rectory Trust Notes to the Financlal Statements ft>r the Year Ended 31 Decembor 2023 (continued) 4 Incomè from other trading a¢livltles Unrestrlcted funds Gengral Total 2023 Trading Income. Sales of goods and servlces 4.272 4,272 4,272 4,272 Unrestrfcted funds Genéral Total 2022 Trading income., Sales of goc#Js and servlc88 2,502 2.502 2,502 5 Inveslmont Income Unrestrlded funds General Total 2023 Interest receble and slmllar income., Interest rec8lvable on bank depostts 765 765 765 765 Unrestrictsd funds General Total 2022 Interest receivabl8 and simllar Income.. Interest recelvable on bank deposits 97 97 97 97 Pa90 11
Georgeham Old Rectory Trust Notes to the Flnancial Statamonts for tha Year Endod 31 Docambor 2023 (contlnued) 6 Other Income Unrestrlcted funds General Total 2023 RHI Blomass Income Other inGome Gains on sale oftangible fixed assets for charltys own use 6,440 1,858 204 8.502 8.502 Unrestrlcted funds General Total 2022 RHI Blomass Income other income Galns on sale of tanglble fixed assets for charity's own use 6,254 1,189 449 6,254 1,189 449 7,892 7,892 7 Expendlture on ralslng lunds a) Costs of tradlng actlvltle8 Unrestricted fund8 General Total 2023 Costs of goods sold 3.147 3.147 3,147 3,147 Unrestrictsd funds General T¢)tal 2022 Costs of goods sold 2.316 2.316 2,316 2.316 Page 12
Georgeham Old Rectory Trust Notes to the Financial Statements for the Yèar Ended 31 December 2023 (contlnued) 8 Expenditure on charltable activitios Unrèstrlcted funds General Restrlcted fund5 Total 2023 Note Christian Outdoor Centre 309.344 1,754 311.098 Unrestrlctod funds General Restricted funds Total 2022 Note Christian Outdoor Centre 259,381 1,754 261,135 9 Net Incomlngloutgolng resourcas Net Incoming resources for the year indude: 2023 2022 Profit on disFK)sal of tangible red assets Depreciation of fixed assets (449) 14,593 17,869 10 Trustee remuneration and oxpenses No Iru$tee. nor any persons conn8cted wlth them, have rec8iv8d ary remuneratlon from the charity during the year. No trustees have received any relmbursed expenses from the charity during tha year. Page 13
Georgeham Old Roctory Trust Notas to the Flnancial Statements for the Year Endod 31 Docember 2023 (contlnued) 11 staff costs The aggregate payroll costs were as follows: 2023 2022 Staff costs durfng the year were: Wag8s and salaries Social security cosls Penslon costs 171,573 7,263 8,819 187.655 127,466 3,520 7,833 138,819 The monthly average number of persons (induding senior management I leadershlp team) employed by the charfty durlng the year was as follows.. 2023 No 2022 No Employ8es No employee received emoluments of more than £60,000 durlng the year 12 Independent examlnetrs remunerntlon 2023 2022 Independent examlnatlon fees 1,400 1.300 13 Taxetlon The charity is a reglstered charty and is th&refor8 exempt from taxation. Page 14
Georgeham Old Rectory Trust Notes to the Financlal Statements for the Year Ended 31 Decgmber 2023 (continued) 14 T4nglble fixed assets Furnlture and equlpment Land and bulldlngs Totsl At 1 January 2023 Additions Dlsposals At 31 December 2023 500.757 338,052 22,684 {750) 838,809 22,684 {750) 500,757 359,986 860,743 DepreGlatlon At 1 January 2023 Charge for the year Eliminated on dlsposals 82.609 5,008 309,329 12,861 1650} 391,938 17,869 1650 At 31 December 2023 87,617 321,540 409.157 Net book value At 31 December 2023 413,140 451,586 At 31 December 2022 418,148 28.723 446,871 13 StoGk 2023 2022 Stocks 3,750 2,500 16 Debtors 2023 2022 Trade d8btors Prepayments Other debtors 11.080 4,378 5.084 8,143 4.031 20,542 17,018 17 Cash and cash equivalents 2023 2022 Cash at bank 391.470 363,676 Page 15
Georgeham Old Rectory Trust Notos to the Flnancial Statsments for the Year Ended 31 December 2023 (continued) 18 Crgdit()rs: amounts falling due withln ono year 2023 2022 Trade creditors Other t8xation and 80cl81 se(#J other Creditors Accruals Deferred Income 4,215 10,669 2,173 2.122 25.041 4,019 6,214 1.737 1.976 19,936 44,220 33,882 19 Penslon and other schemes Dellned contrfbutlon ponslon schem? The tharlty op8rates a defined conffibutlon penslon scheme. The pension cost charge for the year represents contributions payable by the charlty to the scheme and amounted lo £8,819 12022 £7,833). 20 Fund8 Balance al 1 January 2023 Balance at Resources 31 December expended 2023 Incomlng re80urces Unrestrlct•d funds General General FurKIs 661,651 341,190 {312,491) 690.350 Restrlctsd funds Coach House Bulldlng Fund 134,532 {1,7541 132,778 Total lund$ 796.183 341,190 1314,2451 823.128 Page 16
Georgaham Old Rectory Trust Notes to tha Financial Statements for the Year Ended 31 December 2023 (continuèd) Balance at I January 2022 Balance at Resources 31 December expended 2022 Incoming resources Unrestricted funds Gan•ral General Funds 614.597 308,751 (261,697} 661,651 Restrlcted funds Coach House Bulldlng Fund 136,286 (1.7541 134,532 Total funds 750,883 308,751 263,4511 796.183 The spe¢Mc purposes forwhlch the ndS are to be applied are as follows: The Coach House Building Fund shows fvnds recelved in response to an appeal that enabled the constructlon of th8 Coach House building 21 Analysls of net assots bètween funds T*)tsl fundG at31 December 2023 Unrestrlcted funds General Restrfctod funds Tangible fixed assets Current assets Current liabllldes 318,808 415,762 44.220 132,778 451,586 415,762 144.2201 823.128 Total net assets 690,350 132,778 Totsl funds at31 December 2022 Unrestrlctsd funds Genèral RestriGtsd funds Tangible fixed assets Current assets Current liabilibes 312,339 383,194 33,882 134,532 446.871 383,194 33.882 Total net assets 661,651 134,532 796,183 22 Related party transactlons There were no related party trans8¢Xions in the year {2022: none). Page 17