Charity registration number. 279046 Georgeham Old Rectory Trust Annual Repxyt and Flnancial Statements for the Y8ar Ended 31 December 2024 WESTCOTTS ¢WARTRE0 ACCOUMT*WTS a BUSlllq5¥ ADVISIR
Georgeham Old Rectory Trust Contents (contlnued) Trustee's Repcyt 1to3 Independent Examlnerts Rep)rt Statem&nt of Financlal A(*vltl&s Balance Sheet Notes to the Flnan¢lo1 Statements 7t017
Georgeham Old Rectory Trust Truste•'s Report The trustee presents the annual report together wlth the unaudlted financial statements of the charlty for the year ended 31 December 2024. Referenc& and Admlnlstrative Detalls Charty Regislration Number. 279046 Principal Office- Sl George's House Georgeharn Braunton Devon EX33 1JN Auditor . lan Huggett FCA WestGotts ISWI LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Email admin@sghdevon.org Webslte W.$ghtj0VQn.Qrg.uk Telephone 01271 890755 Trustee- G¢orggharn Old Rectory Trustee Company Lirnitgd Di¢10r8 Mr M Ellyatt. Mr A Mortimer, Mr M Scott, Mrs E Matth&ws. Mr M Rees, Mrs R. Rijdall. Mèthod of appolntment of directors The Dlrectors of th8 Georgeham Old Rectory Trust Co Ltd whlch acts as the Trustgo for the Georgeham Old Rectory Trust may appolnt dirgctors by slmple malorlty. There may not bg more Ihan six dir8Ctors nor less than four. Obj•ctlv•s and actlvltles Public Benefft We have referred to the guidance contained in the Charity Commission's general guidants on wbllc benefft when reviewing our aims and objectives and in plannlng our future activities. Achievements and perfornian¢e The year 2024 was our 46th year of operation. This year we contsnued to welcome groups to stay at the house and experience the beauts'fvl area that we live in. Page 1
Georgeham Old Rectory Trust Trustee's Report (continued) We On again had the opportunity to fulfll the prlmary objective of our Trust which is to provide a Christian Conference and Outdoor Centre at an affordable level. The wort is based at a converted Old Rectory called St. George's House. owned by the Trust. We aim to Pfofnote the Christian Faith by working in a sensithie manner on a non4enominational basis. We wort wlth a variety of groups. mainty young people, from all types of background both Christian and non-christian. In addltlon. we ar8 involved in helping to run local youth work and hava a small input to some of the local schools. The support that we recelve has been a real èn¢ourag8ment. From February groups have continued lo athve wllh more enthusiasm than expected. We have had approximately 1800 young people at the house and work with around 60 groups beeen March and mid-November. Groups come from a varlety of backgrounds, for a minority of young people thls is thelr only Irlp away from thelr home envlronmenl. Part of their experience is an opportunity to view. enjoy and learn lo appreciate the unique environment of the North Devon coast and countryside whith Is a wonderful example of God's ¢reation. We have an educational èlement to our work. provldlng and running courses for schr)ols and college groups. Each group is offered a variety of experiences from a wlde range of outdoor activities. These indude Cllmbing, Canoeing, Coasteering, Suffing, Archery. Mountain Biking and Ringo. We use a nqe of games and experiences which are designed to encourage personal development and team awareness. We also run Field Studies courses. We hope and pray that those who stay experience somethlng of th& love of Christ in the way that we look after them as 8 staff team. We maintain a generous prfcing pollcy to encou& the maximum access by young people to the Cgntre, particularly those who may not otheIs8 hav& the opportunity. Groups receiving addilM)nal assistance in 2024 were 2 schools from N Devon, 1 from London, 1 from Midlands and some individual bur5arigs and reducgd minimum numbers for youth groups. We support local church youth work wlth staff and other r¢SrS. The Point youth work is provlded free of charge in Georgeham for years 6 - 9 and has been running for more than 14 y8ars_ The local young people are very enthuslastic and there has been on average 20 plus attending each week. Matth8w and Loffaine Upward and thelr 3 children in Sl Ggorges House. Matt. the Centre Manager, is responsible for the day to day running of th8 House. Chris Barrow also on the management team lives on site with Amy and their family. Martin Larrington the Head of Centre lives in the village. Jake Eagles, Matt Brook. Josh Eastham. Issy Tivey, Evie Trafford and Erin Prlce as outdoor activity providers displayed a high level of commitm8nl, ability and success in delivering courses. We were very fortunate lo receive additional help from a few volunteers and freelance instructors. God always saams to provide for us and the qualty of the staff never seems to drop. We never qurte know where th8 new team will com8 from but as we finish the year. we are blessed with real quallty ¢omlng In lo add to the T8am. Financè W9 have had massiva support thls year from individuals much of which will be used in the purchase of the bungalow on Longland Lane. Gffts lo th8 Trust ara just over 20•h of our income. Olwhich Total Income donations 389.338 80,391 Expendltu 319,713 Flnanclal Rlsk As8es8ment Policy Page 2
Georgeham Old Rectory Trust Trusteo's Report (contlnued) The finances of the House remain strong a5 we had another full season of groups In 2024. We thank God that the House has been blessed by the glfts and prayers of supporters. A degree of caution is still required due to the current economical climate. Rlsing inflation and utllty cost rfses sees a greater need for us to support individuals as w8 go frjrward. Possible Contingency Requlrements Unexpected Billsnegislationlstsff Illnesslstsff Injury 50.000 Reserves Pollcy . Nine months expenditure lo bg held on account to cover contingencies18pprox. £220.0001 Balance to cover malnlenancel replacementsl expansion of maln oblectives. Also, to cover fluctuations to income year to year. As at 31 December 2024 total reserves amounted lo £892,753 of whlch. £690.350 related to unrestricted reserves and £132,778 related to restricted. This is in excess of Ihe trustees reserve policy, but the twstees feel it necessary to retsin unrestricted rÈseNes to ensure the long terrn sustainability of the charity. Operatlonal Risk Policy The operatlonal rtsk is the main area of (nCern for the Tnjstees as It o)vers the care of young people and the possibility of uninsured claims. The followlng safeguards are reported and revlewed at Trustees meetings each year for an annual health check. (AIM provide liablllty covèr of £10 million and ANSVAR bulldings cover from May 20131 . Normal Activity Risk A5$955ment . Accident reports and near mlsses on activiti88 and around the site Revlew of Insurance (buildings, activities, public liabilty and employers liabilty) . Updates to Child Protecllon Pollcy Ipenn8nent agenda item) Plans for the Future Heatlng up grades and an additional bathroom facllity have been completed at a cost of £35.000. In February 2025 we purchased a Bungalow In th8 village that wll be used for staff accommodation. We have been contemplating it for years and had a substantial cash resarve built up. The chance finally came for an appropriate purchase of a bungalow for 420k. W8 are blessed by God's prowsion for the full costs. including 110k of gifts and 115k of loans. Th8 new property will meet a real need for appropriate accommodation for our staff team. Approval of Annual Report and Accounts The above report and accounts have been approved unanimously by the dlrectors of the Georggharn Old Rectory Trustee Company Ltd. The trustee's annual report was approved on trustees by.. nd signed on behalf of the board of Signed by Andrew Mortimer on behalf of the dir8Ctors Page 3
Georgeham Old Rg¢tory Trust Ind8p8ndent Examiner's Report to the trustee of Georgeham Old Rectory Trust I report to the trusteè on my examination ofthe accounts of Georg8ham Old Rectory Trust for the year ended 310ècernber 2024. Responslbllltlos and basls of report As th8 charity trustee of Georgeham Old Rectory Trust you are responsible for thg preparation of th8 accounts In accordance wlth the requirèmènts of the Charibes Act 2011 ('th8 Act'l. I report In rèspèct of my examination of the Georgeh8m Old Rectory Trusvs accounts Caled out under section 145 of the 2011 Act and in Cang oul my examination I have followgd all th applicable Directions givèn by the Charity Commission under section 14515)Ib) of the Act Independent examlner's $tslemont Slnce Georgeham Old Rectory Tnjst's gross Income exceeded £250,000 your examiner must be a member of a body Ilsted In section 145 of thè 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of , which is one of the listed bodies. I have completed my examlnallon. I confimi that no material matters have come to my attention in connection with the examlnallon glvlrKJ me Cause lo believe that in any material respect= accounting records were not k9Pt in respect of Georgeham Old R8Ctory Trust as requlr8d by section 130 of the Act.. or 2. the accoLtnts do not accord with those records. or 3. the accounts do not comply with the accounting requlrements concèmlng the form and content of accounts sel out in the Charftios (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give a 'tnJe and fair vlew which Is not a Matter considered as part of an independent examination. I have no coneems and have com8 across no other matters in connection with th8 examlnatlon lo which attention should be drawn in this report in order to enable a proper understandlng of the accounts to be reached. lan Hugg CA W8slcotts (SWI LLP 47 Boutport Street Bamslapl& Devon EX31 1SQ Date:. Page 4
Georgeham Old Rectory Trust Statement of Flnanclal Actlvltles for the Year Ended 31 December 2024 Unrestrlcted funds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legaaes Charitable actlvltles Other trading activities Investment income Other income 35,041 285,555 3,355 10,125 9.912 45,350 80.391 285,555 3.355 10,125 9,912 34,266 293,385 4,272 765 8,502 Total income 343,988 45.350 389,338 341.190 Expendlture on: Raising funds Charitable actSvttles 12,7471 {315,2121 {2,747) 1316,966 1319.713 69.625 13,1471 1311,0981 (1.7541 (1,754 Total expendlture Net incorne {317.9591 26,029 (314,2451 43.596 26.945 Nel movement in funds 26.029 43,596 69.625 26,945 Reconelllatlon of funds Total funds brought forward Totsl funds earriad forward 20 690.350 132,778 823.128 796,183 716,379 176,374 892.753 823.128 All of the charity's aCtivieS derive from continulng operations durfng Ihe above pèriods. The fvnds breakdown for 2023 is shown in note 20. The notes on pages 7 to 17 fomi an integral part of theso finan¢ial statements. Pag8 5
Georgaham Old Rectory Trust (RegistratSon number: 279046) Balance Sheet as at 31 Decembor 2024 2024 2023 Flxed asséts Tangible assets 14 466,871 451.586 Currnnt a5sgts stocks Debtors Cash 8t bank and In hand 15 16 17 4,000 17,923 469,343 3.750 20,542 391.470 491,266 415.762 Credltors: Amounts lalllng due wlthln one year 18 165,3841 425,882 {44,2201 Net currant assèts 371,542 Not a5s9ts 892,753 823,128 Fund5 of the charlty: Restricted income funds Restrlcted funds 176,374 132.778 Unreslrlcted Income funds Unr8Strfcted funds 716,379 690.350 Total funds 20 892.753 823,128 cial slat8mgnts on pages 5 to 17 were approved by the trustee . and authodsed for Issue on . and signed on thelr behalf by. Anilrew Morti Trustee - Director on behalf of The Georgoham Old Rectory Trustee Company Limited Thg notes on pag8s 7 to 17 fom) an integr81 part of these financial statements. Page 6
Georg•ham Old Rectory Trust Notes to the Financlal Statements for the Year Ended 31 December 2024 1 Accounting pollcl•s statement of compliance The finanGial stataments havo been prepared In accordance with the s8ix)nd edition of the Charities Stalgmgnt of Recommended Practice Issued in October 2019, the Financial Reporting Standard applicablg in the United Kingdom and Republic of Ireland IFRS 1021 and the Charlties Act 2011. Basis of preparation Geofgehatn Old Rectory TnJst meets the definition of a public b8nefrt entity under FRS 102. The a¢wunts (financial st8ternentsl have been prepared under the historical cost convention with items rewgnised al cost or Iransacuon value unless otherwise ststed in the relevant nole(sl to these a¢wunts. The financial statements have been prepared in slerling which Is the functional currency of the Charity- Golng concern The trustee consider that there are no material unrtaIntleS about the charivs abilty to contlnue as a going conc8m. Income and endowments Voluntary income including donations, gffts, legacles and grants that provide core ftjndlng or are of general nature is recognised when the charity has entitlement to the income, it is probable that the income wll be received and the amounl can be measured with sufficient reliability. Donations and lega¢les Donations and legacles are recognlsed on a recelvable basis when receipt is probable and the amount can te rellably measured. Grants r•c•lvable Grants are recognised when the charity has an entiU8menl to the fund5 and any condltions linked to the grants have been mel. Where perfomiance conditions are attached to the grant and ar8 y81 to be met. the Income Is rec4)gnlsed as a Ilabllty and included on the balan Sheet as def&rred income to bè released. Def8rred Income Deferred income represents amounts recgived foi future periods and is released to incomlng resources In the period for which, it has been receiv9d. Such inGome is only deferred when: - The donor spècifi8S that the grant or donatlon must only be used in future a¢¢ounling periods,. or The donor has Imposad conditions whlch must be met before the tharity has unconditional entiU8ment. Investment incomo Dividends are recognised once the dividond has been declared and notification has been receNed of the dividend due. Pag9 7
Ggorgeham Old Rectory Trust Notes to the Flnancial Statements for the Year Ended 31 December 2024 (contlnued) Expendltura All expenditure Is recognised once th8re is a legal or constructive obllgalion to that gxpenditure. it is prob8ble settlement is required and the amount can be measured reliably. All costs are allocated to the applicabl8 expenditure heading that aggregate simllar costs to that Category. Where c051s cannot be dir8clly attributed to particular headings they have begn allocated on a basis consistent wlth the Use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the assefs use. Other 5UPPOrt costs are allocated based on tha spread of staff costs. Raising funds These are costs incurred in attracting voluntary Sncome, the management of Investments and those incurred In trading activities that raise fvjnds. Charltable actlvltles Charitable expendlture comprises those Gosts incUed by the charity In the dellvery of Its acllvitles and services for its beneficlarfes. It include5 both ¢0sts that can be allocated dlrectly to such aclvitles and those costs of an Indirect nature necessary to support them. Govemmont grants Govemmenl grants are recognlsed based on the acryual model and are measured at the fair value of the asset received or receivable. Grants are cla55ifigd as relating either to revenue or to assets. Grants relating to revenue are recognlsed In Income over the period in which the related costs ate recognised. Grants relating to assets are recognised over the expected useful lrfe of the asset. Where part of a grant relating to an asset is deferred. it Is recognised as deferrgd income. Tanglble fixed assets Individual fixed assets costing £1000 or more are initially rècord8d at cost, less any subsequent accumtjlatod depreaation and subsequent accumulated Impaiment losses. Depreclatlon and amortlsation Dapreciation is provided on tangible fixed assets so as to writ8 off the cost or valuation, less any estimated residual value, over their expected useful economic Irf@ as follows.. Asset class Property Equipment Blomass boller Depreciation method and ratè 1 D/0 Straight line 25% reduclng balancg 20% straight line Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. after due regard for obsolete and slow moving stocks. Cost is determined using the first-in. first-out (FIFO)- Cash and cash oqulvalents Cash and cash equivalents cornprise Ga5h on hand and call deposlts, and other short-tem highly liquid investments that are readily convertible to a known amount of cash and are sublect to an insignificant risk of change in value. Page 8
Georgeham Old Rèctory Trust Notes to the Financial Staternènts for Ihe Year Ended 31 December 2024 (contlnuedl Fund Strucre Unrestricted income fijnds arg general funds that are avallable for use at the trustee dlscretion in furtherance of the objectives of the charity. Restrict8d income funds are those donated for use In 8 P8rticular area or for spedfic purposes, the use of which is restricted to that area or purpose. Penslons and other post retlrement obllgatlons The eharlty operates a deflned conlributlon pension scheme whiGh Is 8 pension plan under which fixed ttjntributions are paid into a pension fund and Ihe charity has leg81 or constructive obligation to pay fvrther contrlbullons even If the fund does not hold sufficlenl assets to pay all employees the benefits relatlng to employee servlce In the current and prior perlods. Contributions to defined contribuilon plans are recognised in the Slatement of Financial AclNities when they are due. If contrlbutlon payments exceed the o)ntribuUon due for service, the excess is recognised as a prepaent. 2 Income from donations and legacies Unrestrfcted lunds General Restrlctsd funds T¢Aal 2024 DonatK)ns from indlvlduals Gift aid reclaimed 21,963 13.078 45,350 67.313 13,078 35,041 45,350 80,391 Unrestrictsd funds General Total 2023 Donatlons from Indlviduais Grft aid reclaimed Government grants 24,949 9,167 150 24.949 9,167 150 34,266 34,266 Page 9
Georgeham Old Rectory Trust Notes to the Flnanclal Statements for the Yoar Ended 31 December 2024 (continued) 3 InGomp from charltable actlvltl85 Unrestrlcted funds General Total 2024 Catered income Non-catered income Activities: Archery Activlbes: Bikes Activities: Canoeing Activities.. Climbing Actlvlties.. Coasteering Activitie5: Field stsjdy Activitie8: NGOT Actlvltles: Rlngo Activities: Surfing Deposits forfelted 107,380 73.668 13,104 3,589 18,491 16.929 3.040 13.375 3,391 5.688 26,817 83 107.380 73.668 13,104 3.589 18,491 16,929 13,375 3.391 26,817 83 285.555 285.555 Unrestrlcted funds Genoral Total 2023 Catered Incom8 NOnaterd incorne Aetivities: Arthery Activities.. Bikes Ac11veS.' Canoelng AdiveS.' Cllmblng Activities: Coasteertng Activitses: Field study Actlvltles: NGOT A¢tivibes- Ringo Activities: Surfing Depostts 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 Pagg 10
Georgoham Old Rectory Trust Not85 to the Financial Statements for the Year Ended 31 December 2024 (continued) 4 Income from other tradlng actlvltJe$ Unrestrlcted funds Genaral Total 2024 Trddlng Income., Sal8s of goods and services 3,355 3,355 3.355 3,355 Unrestrlcted funds General Totsl 2023 Trading income: Sa18s of goods and services 4,272 4,272 4.272 4.272 5 Investment Income Unrgstrictod funds General Totsl 2024 Interest receivable and similar Income., Interest recelvable on bank deposit5 10,125 10.125 10,125 10,125 Unrostrlcted funds G8noral Totsl 2023 Interest rèceivablo and similar income., Interest recelvable on bank d8posits 765 765 765 765 Page11
Georgeham Old Rectory Trust Notes to the Flnancial Statemonts for the Year Ended 31 December 2024 (continued) 6 Olher income Unrostrictsd funds Genoral Total 2024 RHI Blomass Income Other incorne Gains on sale of tangible fixed assets for chariws own use 7,383 2.226 303 7,383 2,226 303 9,912 9.912 Unr8strlct•d funds Gtrnèral Totsl 2023 RHI Bioma55 Incorne Other Income Gains on sale of tangiblo fixed assels for charivs use 6,440 1.858 204 6,440 1,858 204 8,502 8,502 7 Expendlture on ralslng fund$ a) Costs of trading activities Unrostrlcted funds G?neral Total 2024 Nots Costs of gc*>Js sold 2.747 2.747 2,747 2,747 Unrèstrictèd funds General Total 2023 Costs of g¢)od5 $0ld 3.147 3,147 3.147 3.147 Page 12
Georgeham Old Rectory Trust Notos to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) 8 Expendlturo on charitablg aetivilles Unrèstrlcted funds General RestrfGted funds Total 2024 Note Christian Outdoor Centre 315,212 1,754 316,966 Unrestrlcted funds General Restrlcted funds Total 2023 Christian outd Centre 309,344 1,754 311.098 9 Net Incomlngloutgolng resources Net incoming resources for the year Include: 2024 2023 DepdatiOn of fixed assets 24,619 17,869 10 Truste• remuneratlon and gxpgnses No Irustee, nor any persons connected with them, have received any remuneration from the chaty during the year. No truste8s have receNed any reimbursed expenses from the Chafity durlng the year. Page 13
Georgeham Old Rectory Trust Notes to the Flnanclal Statoments for the Year Ended 31 December 2024 (continued) 11 Stsff Gosts The aggregate payroll costs were as follows: 2024 2023 Staff costs durfng the year were: Wages and salari&s Soelal sècurity costs Pension costs 158.273 6,514 7,626 171.573 7,263 8,819 187.655 172,413 The monthly average number of Fersons (Induding senior management I leadership team) Èmployed by the charity during the year was as follows: 2024 2023 No Employees 10 No employee recelved emoluments of more than £60.000 during the year 12 Independent examlneV$ remuneratlon 2024 2023 Independent exam5nation fees 1,376 1,400 13 Taxation The charity is a registered charfty and is therefore exempt from taxalion. Page 14
Georgoham Old Rectory Trust Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) 14 Tanglble flxed assets Furnlture and equlprnenl Land and bulldlng$ Total Cost At 1 January 2024 Additlons Dlsposals 5C().757 359,986 39,949 1,0001 860.743 39,949 11.0001 At 31 December 2024 500,757 398.935 899.692 Depreciatlon At 1 January 2024 Charge for the year Eliminated on disposals 87,617 5.008 321.540 19,611 (955 340.196 409,157 24.619 1955) At 31 December 2024 92.625 432,821 Net book value At 31 December 2024 408,132 58,739 466,871 At 31 December 2023 413,140 38.446 451,586 15 Stock 2024 2023 Stocks 4,000 3.750 16 Debtors 2024 2023 Trade debtors Prepayments Other debtors 6,072 4,614 7.237 11,080 4,378 5.084 17,923 20.542 17 Cash and cash equlvalents 2024 2023 Cash at bank 469,343 391,470 Page 15
Georgeham Old Rectory Trust Notes to the Financial Statements for tho Yoar Ended 31 December 2024 (contlnued) 18 Credltors: amounts falling due wlthln one year 2024 2023 Trade credttors Other loans Other taxation and so¢lal $&¢urity Othgr creditors Accruals DefeThed income 4.180 20.000 10,663 1.049 3,676 25,816 4,215 10.669 2,173 2.122 25,041 65,384 44,220 19 Penslon and other schemes Deflned contrlbutlon penslon scheme Thg Charity operates a defined contrlbulon pension scheme. The pension c08t charge for the year rgprè5ents contributions payable by the ¢harity lo the scheme and amounted to £7.626 {2023 £8,819). 20 Funds Balan¢9 pt 1 January 2024 Balancg at 310ècèmb8r 2024 Incomlng rgsoufGes Resources expended Unréstrictod lunds Gon8ro1 General Funds 690.350 330,910 1317.9591 703,301 R•$trfct•d funds Coach House Building Fund Longland Lane Accommodauon Fund 132.778 35,350 11.7541 166,374 10,OL)) 45,350 10,0 132,778 (1,754) 176.374 Total fund8 823,128 376,260 {319,713} 879.675 Page 16
Georgeham Old Rectory Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continuod) Balance at 1 January 2023 Balance al 31 December 2023 InGomlng re50urGe$ Resourc05 expended Unrestrlctsd funds General General Funds 661,651 341.190 1312,4911 690,350 R•stricted funds Coach House Buildlng Fund 134.532 1,754 132.778 Total funds 796,183 341.190 (314,245 823,128 The speafic purposes for which the funds are to be applied are as follows: The Coach House Building Fund shows fvnds received in responso to an appeal that enabled the construction of the Coach House building. The Longland Lane Accornmodation Fund shows funds received related to staff accomrnodation. 21 Analysls of net assets betwéén funds Total funds at31 Decembgr 2024 Unrestricted funds General R•5trirtèd funds Tanglble flxed assets Current assets Currant liabiliti8S 335,847 425,916 (45,3841 716.379 131.024 65.350 20.000 466,871 491,266 165.384) 892.753 Total nel assets 176.374 Totsl funds at31 Decembor 2023 Unrestrlcted funds Gonèral Restr?ctad funds Tangible fixed assets Current assets Current liabilities 318,808 415,762 44,220 132.778 451.586 415.762 144,2201 823,128 Total net assets 690.350 132.778 22 Related party transactions There were no related paty transactions in the year (2023: none). Page 17