Grange Farm Charity Number: 285162 Grange Farm Centre Trust Trustees, Report and Financlal Statements Forthè Year End9d 5 April 2024
Grange Fami Centre Trust Contents Grange Farm Page Legal and adminislralive information Trustees report Auditors, report lo the Iruslees 10-12 Statement of financial activities 13 Balance sheet 14 Cash flow slalemenl Notes lo the financial slalemenls 16-24
Grango Farm Centre Trust Legal and Administrative Information Grange Farm Charity name Grange Farm Centre Trust Charity number 285162 Re9lStered Office 181 High Sireel Epping Essex CM16 4BQ Clerk to the Trustees Ms Laura Cleasby Trustees Mr T N John50n Mr J Salim Mr P Minolelli Mrs M Sartin Cllr R W Church Cllr M Vance Cllr R Morgan Mrs V Melcalfe Cllr L Burrows Cllr L Scott C(Foplalive Trustee- Chairman reappointed March 2024 Co-oplalive Trustee- Treasurer Co-optalive Trustee Nominated by Epping Forest Distriot Council reappointed June 2023 Nominated by Essex County Council Nominated by Essex County Council - retired May 2024 Norninated by Epping Forest Oistrict Council reappointed June 2023 Co-oplative Trustee Nominated by Epping Forest Distri¢l Council appointed June 2023 Nominated by Epping For8sI District Counal appointed May 2024 Custodian Trustee Epping Forest District Council Civic Offices High Sireel Epping, Essex CM16 4BZ Auditors Haslers Chartered Accountants & St81ulory Auditor Old Slalion Road Loughlon, Essex IG10 4PL Bankers Barclays Bank Pl 75 High Sireel Brentwood, Essex CM14 4RP Investment Advisors Quilter Cheviol Ltd Senate Hose 85 Queen Victoria Street London EC4V 4AB Solicltors Foskell, Marr, Gadsby & Head LLP 181 High Street Epping, Essex CM16 4BQ Page I
Grange Farm Centre Trust Report of th¢ Trustees For the Year Ended 5 April 2024 Grange Farni The Managing Trustees present their report and the financial statements for the ye8r ended 5 April 2024. The Iruslees who have served during any parl of the year and up lo the dale of this report 8re sel out on page 1. The financial slalements have been prepared in accordan with the Accounting Policies sel up in Note 1 to the accounts and comply with the Charity's governing document, the Charities Act 2011, and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Ch8rilies preparing their accounts in accordance with the Financial Reporting Standard for Smaller Enlilies. Governing document Grgnge Farm Centre Trust l The Charily'l is administered and managed subject to and in conformity with the provisions of a Scheme dated 25 September 1984 which was amended on 5 September 20191"The Scheme") approved and established by the Charity Commission. Object of the charity and area of benefit The object of the Charity is lo provide or lo assist in the provision of facilities for recreation and leisur&time 0uPation for the benefit of the inhabilanls of the area of benefit in particular and the public generally with the object of improving the Conditions of life of the said inhabitants. The area of benefit is The Metropolitan Police District and such part of the district of Epping Forest, in the County of Essex. as is not included in the said poli District. Public benefit statement The Trustees sre mindful of the need lo meet the Public Benefit requirement and have been made aware of the guidance given lo Trustees by the Charity Commission. They consider that the onus upon them lo meet the Public Benefit requirement is discharged by.. al The provision & maintenance of the sile al Grange Farm, Chigwell, Essex, for recreation and leisure lime occupation for the benefit of the public. bl The provision of grants lo qualrfying organisalions within the area of benefit. cl The giving of illuslraled talks on the history and current activities al the sile lo local gTOUPS & organisalions. The sile al Chigwell provides the following.. Sports fields A Pavilion which includes two community halls and an Interpretation Centre I"The Pavilion l. Meadow18nds with swale, balancing pond, and wildflower meadows. Part of Roding Valley Nature Reserve I'RVNR'I, described as a"Local Nature Reserve. In accordance with S21 National Parks & Access lo the Countryside Act 1949, which Is managed on behalf of the Charity by Essex Vvildlife Trust I"Ewf"i under a 25 year management agreement dated 16 March 2011. The Pelican Playground for young children. Over the past few years, the Charity has planted over 950 metres of new hedgerows with plants provided by The Woodland Trust and planted by local volunteers Trustees The Scheme provides for 9 Managing Trustees made up as follows.. 4 Co-oplalive Managing Trustees. 5 Norllinalive Managing Trustees. The Co-oplalive Managing Trustees are appointed by the body of Trustees for a term of five years. The Nominative Managing Trustees are appointed as follows.. 3 by Epping Forest District Council for terms of 4 years 2 by Essex County Council both for a term of office ending on the dale of the appointment of their successors. Page 2
Grange Farm Centre Trust Report of the Trustees For the Year Ended 5 April 2024 Grar)ge Farm On appointment each Trustee is provided with a °Slarter Pack. containing a full package of documents and from time lo time receive5 education and training. MANAGEMENT OF THE TRUST During the year the Trustees, as a body. mel on six occasions. Throughout the year Trustees received reports from working SLJb-commitiees created lo deal with specific issues. These sub-commillees comprise.. 1. Grange Fami Site Management Committee I'GFSMC'I The membership of this committee is.. P Minolelli - Chairman R W Church R Morgan V Melcalfe M Sarlin L Scoll T N Johnson lex-officiol R Draper- Sile Manager lex-officiol The remit of this Commillee is lo.. Oversee the Management of land 8nd premises al Grange Farm held within the Charity as directed by the Managing Trustees lrnplemenl, maintain, and monitor the operational and capital budgets as approved by the Managing Trustees Provide recommend21ions lo the Managing Trustees from lime lo time The committee meets monthly and receives reports from the Sile Manager and where appropriate other sources. Minutes of all meetings are circulated lo all Managing Trustees. 2. Flnance & Investment Committee The membership of this committee is.. J Salim - Chairman R W Church L Scoll V Melcalfe L Burrows T N Johnson lex-officiol The remit of this committee is 10.. To oversee the finances of the Charity and set Financial Conliol Policies for approval by the body of Trustees. To receive the monthly valuation report prepared from information provided by the Investment Manager. To receive the quarterly management accounts and report to the Managing Trustees. To receive the Annual Report and Accounts review and recommend lo Managing Trustees for their approval. To receive a revenue and capital budget for the following year and recommend lo the Managing Truslees for their approval. Oversee investments of the Charity for growth and income. Provide regular reports lo the Managing Trustee5 on investment performance. Provide recommend81ions lo the Man8ging Trustees for the appointment of Investment Fund Managers & maintain relationships with 8ppoinled Investment Fund Managers. Page 3
Grange Farm Centre Trust Report of the Trustees For tho Year Ended 5 April 2024 Grange Farm Provide assurance5 to the Managing Trustees on conformity to prevailing Financial, Taxation and Charity Commission Regulations. The committee meets al least 4 limes each year ar)d Minutes of 811 Meetings are circulated lo Managing Trustees. 3. Grants Committge The membership of this committee is.. T N Johnson P Minolelli The remit of this committee is lo.. Consider grant applications and ensure that these Comply with the area of benefit and objects of the Charity. Investigate applications and make recommendations lo the Managing Trustees at their quarterly meetings. Report on follow up visits as and when appropriate. The committee meets al least 4 limes each year and Minutes of all Meetings are circulated lo Managing Trustees. 4. Governance and Future Vlslon Committee The membership of this committee is.. T N Johnson- Chairman P Minolelli J Salim M Sarlin R W Church L Burrows R Draper- Slte Manager {ex-officio} The remit of this committee is lo.. Keep governance for the Trust under regular review. Regulady review Charity Commission A23 Wrillen Policies and additional policies required by insurers and lo ensure the Charity meet health and safely and other legal requirements. Arrange periodic training seminars for Trustees. Prepare and periodically review a Future Vision Plan. The committee meets al least twice each year and Minutes of all Meelings are circu121ed lo Managing Trustees. In addition to the above the Charity is represented on thg followlng committees: Roding Valley Nature Reserve.Managgment Committee.. R W Church represents the Charity on the Management Committee of the Reserve. The remit of the represenlalive is.. To represent the Charity under the Management Agreement dated 16 March 2011 referred to above. To allend meetings of the Management Committee and other Groups and lo report lo the quarterly meetings of the Managing Trustees. Grange Fami Football Developmgnt Group: The Charity Chairman and the Sile Manager currently represent the Charity on this Group. Page 4
Grange Farm Centro Trust Report of the Trustees For the Year Ended 5 April 2024 Grange Farm The aims of this committee are.. To manage and co-ordinate the planning, development, implementation. maintenance, monitoring and evaluation of the Grange Farm Football Project facility. To ensure the facility al Grange Farm achieves ils full potential and impact on the local football community and becomes a hub centre for football activity. To ensure the largels sel in the Football Development Plan are achieved. The remit of the represenlalives is.. To represent the Charity al the quarterly meetings. To report lo the quarterly meetings of the Managing Trustees. REVIEW OF THE YEAR Slte at Grange Farm, Chigwell During the year ended 5 April 2024 the follomng improvements and projects were canied out or agreed by the Trustees al the Grange Farm Sile.. al Construction of the groundsman's house, fully completed in August 2024., b) Replacement of existing lighting in the main building lo LED efficient Iighling,. cl Ditch remedial works lo divert the main drainage ditch lo avoid flooding risks,. dl Replacement of swings and other apparatus in the Playground.. el Inslallalion of sliding gale and height reslriclion barrier for the sports pitch car park The very popular Pelican Playground remained fully open throughout the year, The pavilion building and all organised activities on the sile also continued as usual throughout the year. Roding Valley Nature Reserve and Chigwell Meadows had increased visitors from the public. The new Community Garden, which was opened in 2021, continued lo be very popular with local community groups. The operation of the sile is conducted by Grange Farm Sports Centre Limited and Chigwell Meadows Limited, both companies being wholly owned by the Charity. FINANCIAL REVIEW Restrlcted Funds Reslricled Funds are those subject lo special conditions imposed by the Scherne. The Managing Trustees believe the following.. Fund A- Comprises approximately 25 acres of land lo the North of the M11 motorway lo be preserved and maintained as an open space for the use and benefit of the inhabilanls of the area of benefit. This land forms part of Roding Valley Nature Reserve. Fund B - comprises approximately 68 acres of land which has been restored and upon which The Pavilion, the children's playground and car parks have been constructed Fund C- comprises proceeds from the sale of property which have been invested for the benefit of the Charity. The income from the above funds form part of the Unreslricled Income of the Charity. Page 5
Grange Farm Contre Trust Report of the Trustees For the Year Ended 5 Aprll 2024 Grange Farm On 1 August 2016, the Charity entered into a S106 agreement. Under the terms of the new agreement the Charity received the following sums.. Sports Field and Pavilion Fund Open Spaces Fund Access Way Fund £913,000 £401,000 £101,(K)O All these Funds are considered Reslricled Funds lo be spent for the purpose designated. In the year, the value of the Charity's inve51menl portfolio increased in value in line with market conditions by £1,486,67312023 decreased by £1,290,834). Following legal advice sought by the Trustees, the Charity was advised that as part of the Investment portfolio consisted of Unreslricled Funds a proportion of gainslllossesl on portfolio value and a proportion of Investment Managers fees should be attributed lo Unrestricted Funds. Unrgstricted Funds The Managing Trustees believe that all other funds are unreslricled fvnds. During the year, the Unreslricled Funds had a surplus of £19,99112023-. deficit of £145,301) mainly as a result of the movement in the valLJe of investments in line with market conditions. Applications for grants were received and dealt with resulting in awards lolalling £64,229 to 10 applicants 12023". £54,512 10 13 8pplicanlsl. All awards were made in accordance with the Charity's parameters for grants. Details of the recipients are sel out below.. Grants approved in the year: Sunflower Group Sl George's (Hanworthl Youth Club Daisies Kids Club Teens Trailblazers Harrow Association of Disabled People The H.O.M.E. al School Association Lid The Lewisham Sports Consortium A Spark in the Dark Ltd Children Ahead Voluntary Action Epping Forest Investments Quoted investments were held by Quilter Cheviol Ltd I"Quiller Cheviof'i as their Investment Managers The lolal return largel for the investment portfolio has been sel al inflation plus 30h p.a. nel of fees. This implies a nominal largel of 5010 p a. assuming the Bank of England's official 2Vlo largel for CPI inflation. For the financial year 2023-2024, the income largel was £420,000 compared lo actual return of £440,165. For 2024- 2025 the largel has been sel al £420,000 again. The Trustees wish to be responsible investors therefore the Investment Manager is expected lo lake account Environmental, Social and Governance {ESGI issues in their investment analysis and decision-making processes and engage with company management where appfopriale. These objects are monitored regularly by the Charity's Finance and Investment Committee. Page 6
Grange Farm Centre Trust Report of the Trustees For the Year Ended 5 April 2024 Grange Farm Investment risk The Managing Trustees appointed Quilter Cheviol lo be investment advisers lo the trust under S.11 of the Trustees Act 2000. Quilter Cheviol manage the funds with a single management team. FREEHOLD~ GRANGE FARM, CHIGWELL, ESSEX As al 5 April 2024 the Charity owns the freehold of the sile al Grange Farm, Chigwell Essex of approxlmalely 93 acres. Tille lo the land is vested in the Custodian Trustee for the benefit of the Charity. 25 acres of land lo the North of the M11 molofway is lo be preserved 2nd maintained as an open space for the use and benefit of the inhabilanls of the area of benefit. This land forms part of the 160 acres Roding V211ey Nalufe Reserve IRVNR'I described as a Local Nature Reserve. in accordance with S21 National Parks & Access lo the Countryside Act 1949, RVNR jointly owned with Epping Forest DC and comprises the largest surviving area of Iradilionally managed river-valley habi181 in Essex and follows the River Roding. Part of the sile comprises a Sile of Special Scientific Interest ISSSII in accordance with the ¢ilalion from England Nature dated 1987. The reserve is managed by Essex Wildlife Trust under the governance of a management aoreemenl d8led 111h March 2011, which is reviewed by a management committee. The balance comprises approximately 68 acres of land which has been restored and upon which The Pavilion sports facilities, a pond, swale with wildflower meadow, a children's playground and car parks have been ¢onslrucled. The sports facilities are primarily used by Colebrook Royals Football Club I CRFC") under the terms of the Football Foundation grant of August 2009 providing for some 32 teams which includes 2 girls leams.1 veterans, team and an increased number of under 7 teams. In addition, CRFC are participaling.in Soccer 6" a scheme for 6 year olds lo play in house games gelling ready for league football when they reach age 7. Over 100 children participate in a Football School each Saturday and for 2 weeks in the summer and autumn. CRFC have a formal agreement with Leylon Orient FC lo give local children a roule into a professional club. By 5 April 2024 fourteen12023". fourteen) community groups were using the Community Halls. In addition, the halls were used by the local community for family gatherings and functions. The building is capable of being the base for increasing nijmbers of school children from local schools allending Classes run in the year by Essex Wildlife Trust. A programme of themed activities is usually run for children and adults throughout the year, such as caterpillar clubs, junior rangers, dawn chorus, foraging awareness and an Easter egg hunt. The charity funds an Ewf part-liffle Recreational Officer lo assist with these aclivilies. Over the years the charity has developed a partnership with Ace Aelivilies parl of Voluntary Action Epping Forest which provides al Grange Farm mulli 8clivilies for people with learning difficulties. 11 offers a range of opportunitie5 which include gardening, self-calering. conserv81ion, music, and arts & crafts. This has continued throughout the year. MANAGEMENT POLICY Operational responsibility for the playing fields and The Pavilion vest with Grange Farm Sports Centre Limited I GFSC°l a company wholly owned by the Charity As agreed with the Charity Commission on 19 September 2018, a lease was granted by the Trust for GFSC for five years al a market rent of £30,000 per annum. Under the terms ol the lease, GFSC can reclaim unrecovered expenses from the Charity. In the year ended 5 April 2024 GFSC claimed £320,00012023. £310,000). Operational responsibility for the meadow lands swale and pond vest with Chigwell Meadows Limited I'CM l a company wholly owned by the Charity. On 19 September 2018, 8 lease was granted by the Trust lo CM for five years al a peppercorn rent. Under the terms of the lease CM can reclaim unrecovered expenses from the Trust. In the year ended 5 April 2024 CM claimed £55,00012023". £42,000). Under the terms of the S106 agreement the freeholder of the 2djacenl housing development is required lo contribute towards the maintenance of the pond and swale. In the year ended 5 April 2024 CM received £7,848 12023.. £7,332). Page 7
Grange Farm Centre Trust Report of the Trustees For the Year Endod 5 April 2024 Giange Farm The operation of the Iwo subsidiary companies is monitored by the GFSMC on behalf of the Charity. During 2023124, the Trustees revised the Financial Controls Policy lo continue to provide a structure in the way the Trust operates and to proteel the Trust's assets, following advice from the Finance & Investment Commillee. The Charity has also developed and inlegraled a series of policies for the conduct of staff and visitors al the sile. These are kept under regular review by the Charity's Governance & Future Vision Committee. RESERVES POLICY The Msnaging Trustees considers that the current level of the Restricted Fund constitutes a strong reserve and ils maintenance in real term5 is a priority of the Managing Trustees. The Managing Trustees consider that the current level of the Unrestricted Fund is necessary in view of the expected excess of expenditure over inwme for the foreseeable future. THE FUTURE The Charity is faced with the volalilily in the financial markets caused by other international factors which imp2cIs the investment portfolio land possible long term income) and subslanlial inflationary pressures. However, the income forecast in the short term remains strong and the Trustees meet regularly throughout the year lo review the position. The building and Pelican Playground, together with the Roding Valley Nature Reserve and Chigwell Meadows have seen greatly enhanced numbers of visitors which is welcome. The groundsman's house has now been fully completed as a result of the increased use of the sile which will enable 24 hour attendance on sile of staff. The TrLJStees are continuing lo look at and invest in suslainabilily projects lo reduce energy consumption and be more environmentally friendly. The Managing Trustees continue to look al ways of involving the public generally in the use of the sile al Chigwell and using their expertise lo assist other similar siles in the area of benefit. Despite the long term economic uncertainly. the Managing Trustees continue lo accept and Gonsider grant applications from qualifying bodies from within the area of benefit. Grants will continue lo be paid with an emphasis on smaller applicants. Page 8
Grange Farm Centre Trust Report of the Trustees For the Year Ended 5 April 2024 Grange Farm STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS In so far as the Iruslees are aware". there is no relevant audit information of which the charity's auditors are unaware., and the Iruslees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responsible for preparing the Annual Report and the Financial Slalements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practi. The law applicable lo charities in England and Wales requlres the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of ils financial position al the end of the year. In preparing financial slalemenls giving a true and fair view, the Iruslees are required lo". select suitable accounting policies and Ihen apply them consislenlly. make judgements and estimates that are reasonable and prudent,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for 18king reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the board L Cleasby- Clerk Dale.. l+ J2nuac zozs Page 9
Grange Farm Centre Trust Grange Farm Independent Auditorfs Report to the Trustees of Grange Farm Centre Trust Opinion We have audited the financial slalemenls of Grange Farm Centre Trust (the 'charily'l for the year ended 5 April 2024 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet, the Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Sl8ndards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Praclicel. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Sland8rds applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounling and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulations bul has been withdrawn. This has been done in order for the accounts lo provide a true and fair view In accordance with the Generally A¢pIed Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as al 5 April 2024 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prep8red in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material Ljncertainlies relaling lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo conlinue as a going concern for a period of al least twelve months from when the financial slalemenis are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the inform81ion included in the Annual Report, other than the financial slalemenls and our Auditors. Report Ihereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran conclusion Ihereon. Independent Auditor'$ Report to the Trustees of Grange Farm Centre Trust Icont'd} In connection with our audit of the financial slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material Page 10
Grange Farm Centre Trust Grange Far misstalemenl in the financial slalements or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are requlred to report that fact. We have nothing lo report in this regard. Matters on whlch we are required to report by exception We have nothing lo report in respect of the following mallers where the Charities IAccounls and Reports) Regulations 2008 requires us lo report lo you rf, in our opinion.. the information gNen in the Trustees. Report is inconsislenl in any material respect with the financial stalemenls., or sufficient accounting records have not been kept,. or the financial sl8leTllenls are not in agreement with the accounting records and returns.. or we have not received all the information and explanations we require for our audit. Responsibilitleg of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial slalemenls which give a true and fair view, and for such internal control as the Trustees determine Is essary lo enable the preparation of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charity's 8bilily lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and Ljsing the going concern basis of accour)ling unless the Trustees either intend lo liquidate the charity or lo cease operations, or have no realistic allernalive bul lo do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordan with the Act and relevant regulations made or having effect Ihereunder. Our objectives sre lo obtain reasonable assurance about whether the financial statements as a whole are free from material miss121emenl, whether due lo fraud or error, and to Issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslatemenls Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregul8rilies, including fraud is de18iled below.. Based on our understanding of the legal and regulatory frameworks that are applicable lo the enlily we have considered those that have a direct and indirect material impact on the financi81 slalemenls and operations of the charity. These include bul are not limited lo the Charities Act 2011, GDPR, and Employment and Health & Safety legislation. We obtained an understanding of how the charity are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation gerieraled and assessing the exlenl of compliance Mlh the relevant laws and regulations. We discussed among the 2udil engagement team regarding the opporlLJnilies and incentives, including management override of controls, Ihal may exist within the organisalion for fraud and how and where fraud might occur in the financial slalemenls. Page 11
Grange Farm C¢ntre Trust Grringe. Farm As a result of performing the above, we Idenlrfied the greatest potential for maleri?I misstalemenls due lo fraud are in the followng areas, and Dur specifi¢ procedures porformed lo addre88 these are described below.. The risk of management override of control8 is the area where the flnanoial slalements were most susceptible to malerlal mi5slalem8nt due lo fraud. Procedures pgrfwmed to addre$8 these were as follows.. Identifying and assessing the design effeclThieness of conlrols management has in a¢8 to prevonl an(1 delect fraud, including known or Suspected instances of non-compliance with laws and regulations, and fraud. Underslandlng how those charged with govemance Considered and addressed the potential for override of controls or other inappropriate irrfluenee over financial reporting proce5S, Challenging assumptions and judgements made ty managernenl in Ils significant accounting estimates, Identifying and lesling journal entries, in particular any unusual jDurn81 entries posted around the year-end and journal entries posted by infreouenl system users, Ensuring that restricted and unrestricted reserves have been allocated correctly, and Reviewiro board minutes for any discussion of events or evidence which will have an impact on the financial sialements. Because of the inherent limitations of an audit, there is a risk that we will not delect all Irrtgularllres, inclLfding those leading lo a material misslalemenl in tho finsnclal slalemenls or non-compliance with regulation. This risk increases the MO that compliance with a law or regulation Is r&moved from the events and transactions reflected in the financial slalements, as we will be less likely to become aware of instances of non-complianco. The risk is also greatèr regarding irregularities occurring due lo fraud ralher than grror, as fraud involves intentional ¢oncealment, forgery, coIIu5ion. omlsslon or misreprèsentation. A further description of our responsibilities for the audlt of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.ukl8udilorsresponsibililies. This description fomis parl of our Auditors, Report. Use of our report This report is made solely lo the charity's trustees. as a body. In accordance with Part 4 of the Charities {Accounls and Reports) Regulations 2008. Our audll work has been undertaken so that we might stale to the ¢h8rlty's trustees those mallers we are required lo slate lo them in an Auditors, Report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charity and ils IrLJStges, as a body, for our audit work, for this report, or for the opinions we have formed. Haslers Chartered Ac¢ounlan15 Slalulory Auditor Old Slalion Road Loughton Essex IG10 4PL Dale.. 14 January 2025 Haslers are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 12
Grange Fami Cèntre Trust Statement of Financial Activities For the Year Ended 5 April 2024 Grange Farm Unrestrlcted Funds Restrlcted Funds 2024 Total 2023 Total Notgs INCOME FROM: Investments Lelling Total income 390,056 30,000 50,109 440,165 30,000 458,608 30,000 420,056 50,109 470.165 488,608 EXPENDITURE ON: Charitable activities 509,610 188.298 697,908 669,541 Total expenditure 509,610 188,298 697,908 669,541 Nel gains I Ilossesl on investment assets 109,545 1,377,128 1,486,673 11,290.834) Net income I lexpenditurel 19,991 1,238,939 1,258,930 11,471,767) Other recognised gains I (losses) Net movement in funds 19,991 1.238,939 1,258,930 11.141.767) Reconclllation of funds.. Total funds brought forward 1,020,046 15,405,161 16,425,207 17,896,974 Total funds carried forward 1,040,037 16.644.100 17,684,137 16,425,207 The notes on pages 16 to 25 form an integral part of these financial statements Page 13
Grange Farm Centre Trust Balance Sheet As at 5 April 2024 Grange Farm 2024 2023 Notes Fixed Assets Freehold land and buildings Investments Investments in Subsidiaries 2,950,908 14.549,322 12 2,682,276 13,734,939 12 17,500,242 16,417.227 Current Assets Debtors Cash at bank 99,256 184,709 61,097 147,618 Total resources expendod 283,965 208.715 Less.. Creditor$'. amounts falllng due within one year Net current assetsl Iliabilitiesl Net assets 10 100,070 200,735 183,895 7,980 17,684,137 16,425,207 Funds Reslricled funds Unreslricled funds 12 13 16,644,100 1,040,037 15,405,161 1,020,046 Total funds 17,684,137 16,425,207 The financial slalemenls were approved and aulhorised for issue by the trustees on 14 signed on Ils behalf by J 2045and MrTJo Chairman son Mr J Salim Treasurer Dale.. l * J4rtt40 The notes on pages 16 to 25 form an integral part of these financial Statements Page 14
Grange Farm Centre Trust Statement of Cash Flows For the Year Ended 5 April 2024 Grange Farm 2024 2023 Notes Cash flows from operating activities: Cash generated from operations CF1 1680,0751 1680,0751 1451.8711 Net ca$h {used in) I provided by opgrating activltles 1451.8711 Cash flows from investing activities.. Purchase of tangible fixed assets Purchase of fixed assel investments Sale of fixed asset investments Interest and dividends received 1395,2891 11,991,631 } 2,899,202 440,165 179,7261 13.263,0581 3,055,038 458,608 Net cash providgd by (used in) investing activities 952,447 170,862 Change In cash & cash equivalents {note 151 272,372 {281,0091 Cash & cash equivalents at 6 April 2023 Cash & cash equivalents at 5 April 2024 28,767 309,776 301,139 28,767 Notes to the Statement of Cash Flows CF1 Reconclllation of net income {expenditurel to not cash Ilow from operating activltles 2024 2023 Net income l {expenditurol 1.258,930 11,471,767) Adjustments for: Nel Igainslllosses on investment assets Depreciation charges Interest and dividends reIVed Ilncreasel I de¢r6ase in debtors Increasel Idecreasel in creditors Net cash (used inl I provided by operatlng activities 11,486,6731 126,657 {440,1651 138,1591 100,665 1680,0751 1,290,834 126,657 1458,6081 1,420 59,593 {451,8711 The notes on pages 16 to 25 form an integral part of these flnancial statements Page 15
Grange Farm Centre Trust Notes to the Financial Statements For the Year Ended 5 April 2024 Grange Farm Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. Basis of accounting The financial slalemenls of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with applicable accounting standards including FRS 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their a¢coun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelarTrd IFRS 1021 leffeclive 1 January 20191 and the Charities Act 2011. The financial slalemenls have been prepared under the historical cost convention as modified for the valuation of investment. The financial statements have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required to provide a 'lrue and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial slalemenls are presented in sterling ane rounded lo the nearest £1. The Iruslees consider that there are no material uncertainties about the Charity's ability lo continue 8$ a going concern. The Trust has two subsidiaries Grange Farm Sports Centre Limited and Chigwell Meadows Limited. The Trustees have taken advantage of the exemption under section 139{21 of the Charities Act 2011 and have not consolidated the results of these two subsidiaries. 1.2. Fund accountlng Unrestricted Funds represent income received for use al the discretion of the Iruslees in furtherance of the general objectives of the Charity. Restricted Funds are those subject to special conditions imposed by the provider. The reslriclions are binding upon the Iruslees. 1.3 Restricted funds Are formed by five amounts. FLJnd A- comprises approximately 25 acres of land lo be preserved and maintained as an open space for the use and benefit of the inhabilanls of the area of benefit. This land forms part of the Roding Valley Nature Reserve. The Iruslees have placed a value of £100 on Ihis land. Fund B- comprises 68 acres of land over which comprises Chigwell Meadows, a pond and sw8le, a Children's Playground, sports field and community garden, together with a Pavilionllnlerpre181ion Centre for the use and benefrt of the inhabilanls of the area. The Iruslees have placed a value of £5,000 on this land. Page 16
Grange Farm Centre Trust Notes to the Flnancial Statements For the Year Ended 5 April 2024 Grange Farm The balance of the Restricted Fund capital has been invested in trust for the Charity and can only be applied by the Iruslees in purchasing of other land and buildings lo be settled upon trust for use in the object of the Charity. As such the Trustees believe this is a Reslricled Fund. There are three other Funds reIved under a S106 Agreement for specific purposes. These funds are invested in trust for the Charity. The income capi181 growth less investment fees is available lo assist the Unrestricted Fund in maintaining the specrfic areas named in the respective Funds, the lilles of which are'.- Sports Field & Pavilion Fund Open Spaces Fund Access Way Fund In view of the restriction in the way the Funds may be used, the Trustees believe that these are Reslricled Funds. 1.4 Unrestricted funds Comprised the income from Reslricled Fund B and from other Income realised in the year, which is ulilised lo provide or lo assist in the provision of facilities for recreation and leisure lime occupation for the benefit of the inhabilanls of the area of benefit. 1.5 Incomg All incoming resources are included in the slalemenl of financial activities when the charity is enlilled lo the income and the amount can be quantified with reasonable accuracy. The following specrfic policies are applied lo partiCLJlar categories of income.. Income from investments is included in the year in which It is receivable. Income from London Square Limited is induded in the year lo which il relates. Income from rent from Grange Farm Sports Centre Limited is included in the year lo which it relates. Expenditure Liabilities are reCnied as experidilure as soon as there is a legal or conslruclive obligation commilling the charity lo that expenditure, il is probable Ihal 8 transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consislenl with the use of resources. Grants are included as expenditure in the period for which the award is given. Details of recipients of grants paid are listed in the Trustees Report. Subsidies lo fund the excess expenditure of the two subsidiaries are shown as a cost. Page 17
Grange Fami Centre Trust Notès to the Financlal Statements For the Year Ended 5 April 2024 Grange Farm Governance costs are those costs relating lo the governance infraslruclure which allows the charity to operate and to generate the information required for public accounlabilily, Support costs comprise those costs relating lo the direct management and general running of the charity. They are allocated across the expense categories on a basis which reflects their effective contribution lo that expense category. 1.7 Tangible fixed assets Tangible fixed assets are slated al cost less accumulated depreciation and any impairment losses. Depreciation is provided al rates calculated lo write off the cost less residual value of each asset over ils expected useful life. a5 follows.. Freehold land Freehold buildings Playground and car parks Not depreciated Between 20/0 and 100kn per annum lo reflect the useful life of the buildings 10¥0 per annum lo reflect the useful life of the facility 1.8 Impairment Al each Balance Sheet dale, the buildings, playground and car parks are assessed lo determine if there are indicators that the assets may be impaired in value,. if there are such indicators of impairment, then a comparison of the assets, carrying value compared lo their recoverable amount, is undertaken. Any excess over the recoverable amount is recognised as an impairment loss and charged as expenditure in the Sialemenl of Financial Aclivilies,. the carrying value is reduced appropriately. 1.9 Investments Investments ale measured initially al cost and subsequently al fair value Ilheir market value) al the balance sheet dale. The SOFA in¢ludes the nel gains and losses arising on revaluations and disposals throughout the year. The Iruslees adopt a cautious investment policy so as lo minimise risk. Investments are monitore and reviewed by Iruslees on a regular bas1S. 1.10 Cash at bank and in hand Cash al bank and in hand includes bank current accounts and bank deposit accounts with no withdrawal limitations. 1.11 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds lo a third party and the amount due lo sellle the obligation Can be measured or eslimaled reliably. Creditors are recognised al their selllemenl amount. 1.12 Financial Instruments Financial assets and financial liabilities are recognized in the statement of financial position when the Charity becomes a party lo the conlraclual provisions of the inslrumenl. Trade (including rental) and other debtors and creditors are classified 8s basic financial inslrurnenls and measured al initial recognition al transaction price. Debtors and creditors are subsequently measured al amortized cost using the effective interest rale method. A provision is established when there is objective evidence that the Charity will not be able lo collect all amounts due. Cash and cash equivalents are elassrfied as basic financial instruments and comprise cash in hand and al bank, short-lerm bank deposits with an original maturity of three months or less and bank overdrafis which are an integral part of the Chafily's cash management. Page 18
Grange Farm Centro Trust Notes to the Financial Statements For the Yoar Ended S April 2024 Grange Farm Unrestricted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Investment Income Bank interest receivable and currency gains Overseas equities Reall0caln 3,107 437.058 (50,1091 39),056 3,107 437.058 295 458,313 50,109 50,109 440,165 458,608 Lettlng Income Grange Farm Sports Centre Limited 30,000 30,000 30,000 30,000 30,000 30,000 Charltable activities Grants payable Support costs Inole 51 64,229 445,381 509,610 64,229 633,679 697,908 54,512 615,029 669,541 188,298 188,298 Analysis of support Costs Unrestricted Funds Restricted Funds Total 2024 Total 2023 Audit fees Clerks management fees Bank charges Legal and professional fees Investment management fees Roding Valley Nature Reserve Grange Farm Sports Centre Ltd Chigwell Meadows Limited Depre¢iation- buildings car parks and playground Sundries 11,200 27,840 11,200 27,840 10,926 27,840 2,800 4,904 23,637 320,000 55,000 2,800 66,545 23,637 320,000 55,000 6,767 67,020 20,697 310,000 42,000 61,641 126,657 126,657 126,656 3,123 615,029 445,381 188,298 633,679 During the year ended 5 April 2024, no Trustee expenses have been incurred12023 - £NIL}. Page 19
Grange Farm Centre Trust Notes to the Financial Statements For the Year Ended 5 April 2024 Grange Farm Tangible fixed assets Restricted Funds Restricted Funds Total Total Buildings, car Freehold parks and Land Playground Asset under construction 2024 2023 Cost Al 6 April 2023 Additions 5.100 3,574,831 soo 76,726 394,789 471,515 3,656,657 395,289 4,051,946 3,576,931 79,726 3,656,657 Al 5 April 2024 5,100 3,575.331 Accumulated depreclation Al 6 April 2023 Provided in year Al 5 April 2024 974,381 126,657 1,101.038 974,381 126,657 1,101,038 847,724 126,657 974,381 Net book value Al 5 April 2024 5.100 2,474,293 471,515 2,950,908 2,682,276 Al S April 2023 5,100 2,600,450 76,726 2,682,276 2,729,207 Investments Total 2024 Total 2023 Valuation At 6 April 2023 Additions Disposals Revaluation 13,853,790 14,936,604 1,991,631 3,263,058 12,899,202) 13,055,038) 1,486,673 11,290,834) 14,432,892 13,853.790 Al 5 April 2024 Investments- Capi181 account 116,430 (118,8511 Total value at 5 April 2024 14,549,322 13,734,939 Investments are held within FX)rrfolios managed in the UK. Historical cost as al 5 April 2024 12,093,888 12,838.867 Historical cost as al 5 April 2023 12,838,867 13,155,344 Investments include no securities wrth a market value of 50/0 or more of the lolal portfolio. Page 20
Grange Farm Centre Trust Notss to the Financial Statements For the Year Ended 5 April 2024 Grarige Farm Investments In subsidiaries As al the 5 April 2024, the Trust had two subsidiaries12023.. two).. Grange Farm Sports Centre Limited - 1000/¢ owned by the Trust. The company is limited by guarantee. Nel assets al 31 March 2024 of £4,296,. Turnover of £365,051 and expenditure of £375,996 for the year ended 31 March 2024. Chigwell Meadows Lirniled - 1000/0 owned by the Trust. The company is limited by guarantee. Nel liabilities al 31 March 2024 of £379., Turnover of £62,848 and expenditure of £60.653 for the year ended 31 March 2024. Debtors Restricted Unrestricted Total 2024 Total 2023 Income tax Other debtors Grange Farm Sports Centre Ltd 2,950 67,516 28,790 2,950 67,516 28,790 2,950 58.147 99,256 99,256 61,097 10. Credilors.. amounts falling due within one year Restricted Unrestrlcted Total 2024 Total 2023 Grange Farm Sports Centre Ltd Other creditors Expense creditors 46,210 62,154 92,371 47,411 52,659 47,411 52,659 100,070 100,070 200,735 Page 21
Grange Farm Centrè Trust Notes to the Financial Statements For the Year Ended 5 Aprll 2024 Grange Farm 11. Analysis of net assets between funds Flxed Assets Invgstments Net current assets Total funds Restricted Funds Fund A Fund B Sports Field and Pavilion Fund Open Spaces Fund Access Vvay Fund Unrestricted Funds 100 2,950.808 11,668,874 1,279,288 589,352 155,678 856,142 14,549,334 14,619,682 1.279,288 589,352 155,678 1,040,037 17,684,137 183,895 2,950,908 183,895 In the opinion of the Iruslees, sufficient resources are held in an appropriate form to enable each fund lo be applied in accordance with any reslriclions. 12. Restrlcted Funds At At Capital Gainsl Ilossesl 5April 2022 Incoming resources Outgoing resources 5 April 2023 Restricted Fund A Reslricled Fund B Sports Pavilion Fund Open Space Fund Access Way Fund 100 100 1181,3811 13,581,674 14,5551 1,150.131 12,0031 532,576 529 140,680 1188,4681 15,405,161 14,817,102 1,208,650 558,300 147.475 16,731,627 11,054,047) 187,740} 138,5691 10,188 11,190,544) 33,776 14,848 3,922 52,546 At At Capltal Galnsl {losses) S April 2023 Incoming resourcgs Outgoing resources 5 April 2024 Reslricled Fund A Restricted Fund B Sports Pavilion Fund Open Space Fund Access Way Fund 100 13,581,674 1,150,131 532,576 140,680 100 {181,230) 14,619,682 14,5441 1,279,288 (1,9971 589,352 527 155,678 1188,2981 16,644,100 1,219,238 101,491 44,614 11,785 1,377,128 32,210 14,159 3,740 50,109 15,405,161 Page 22
Grango Farm Centre Trust Notes to the Financial Statements For the Year Ended 5 April 2024 Grange Farm 13. Unrestricted Funds At At Capital Gainsl (losses) 5April 2022 Incoming resources Outgoing resources 5 April 2023 Unrestricted Funds 1,165,347 436,062 1100,2go} 1481,0731 1,020,046 At At Capital Galnsl (losses) 5 April 2023 Incoming resources Outgolng resources 5 April 2024 Unrestrlcted Funds 1,020,046 420,056 109,545 1509.610} 1,040,037 14. Related party transactlons Grange Farm Sports Centre Limited leases the playing fields 8nd Pavilionllnterprelalion Centre for £30,000 12023.. £30,000>. Included within support costs is £320,00012023.. £310,000) payable lo the subsidiary for operational costs. The amount due from Grange Farm Sports Centre Lirlliled as al the year-end was £28,790 12023.. £46,210 due lo Grange Farm Sports Centre Limiledl. Chigwell Mesdows Limited leases the meadowlands swale and pond from the Trust for a peppercorn rent. Included within maintenance costs is £55,00012023'. £42,000) payable lo the subsidiary for operational costs. The amount due lo Chigwell Meadows Limited as al the year-end was £NIL12023.. £7,000}. 15. Analysis of changes in cash & cash equivalgnts At 5 Aprll 2023 At 5 April 2024 Cash flows Cash & cash equivalonts Cash al bank Inveslmenl cash 147,618 1118,8511 28.767 37,091 235,281 272,372 184,709 116,430 301,139 Page 23
Grange Farm Centre Trust Notes to thè Financial Statements For tho Year Ended S April 2024 Grange Farm 16. Prior year statement of flnancial a¢tivitles Unrestricted Funds Rostricted Funds 2023 Total 2022 Total Notes INCOME FROM: Investments Lelling Totsl income 406,062 30,000 52,546 458,608 30,000 436,606 30,000 436,062 52,546 488.608 466,606 EXPENDITURE ON: Ch8rilable activities 481,073 188,468 669,541 752,217 Total expendlture 481,073 188,468 669,541 752,217 Nel gains Illosses} on investment assets (100,2901 {1,190.5441 11,290,834) 789,020 Net income I lexpenditure) 1145,301} 11,326,466} 11.471,7671 503,409 Other recognised gains Illossesl Net movgment In funds 1145,301) 11,326,466) 11.471,7671 503,409 Reconciliation of funds.. Total funds brought forward 1,165,347 16,731,627 17,896,974 17,393,565 Total funds carried forward 1.020,046 15,405,161 16,425,207 17,896,974 17. Capital Commitment Amounts Contracted for bul not provided in the financial slalements.. £249,342 regarding the new building12023'. nil}. Page 24