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2025-04-05-accounts

Charity Number: 285162

Grange Farm Centre Trust

Trustees' Report and Financial Statements

For the Year Ended 5 April 2025

Grange Farm Centre Trust

Contents

Page
Legal and administrative information 1
Trustees report 2 - 9
Auditors' report to the trustees 10 - 12
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Notes to the financial statements 16 - 24

Grange Farm Centre Trust

Legal and Administrative Information

Charity name Grange Farm Centre Trust Charity number 285162 Registered Office 181 High Street Epping Essex CM16 4BQ Clerk to the Trustees Ms Laura Cleasby Trustees Mr T N Johnson Co-optative Trustee – Chairman reappointed March 2025 Mr J Salim Co-optative Trustee – Treasurer reappointed November 2025 Mr P Minoletti Co-optative Trustee Mrs M Sartin Nominated by Epping Forest District Council Cllr R W Church Nominated by Essex County Council Cllr R Morgan Nominated by Epping Forest District Council Mrs V Metcalfe Co-optative Trustee Cllr L Burrows Nominated by Epping Forest District Council Cllr L Scott Nominated by Epping Forest District Council appointed May 2024 Custodian Trustee Epping Forest District Council Civic Offices High Street Epping, Essex CM16 4BZ Auditors Haslers Chartered Accountants & Statutory Auditor Old Station Road Loughton, Essex IG10 4PL Bankers Barclays Bank Plc 75 High Street Brentwood, Essex CM14 4RP Investment Advisors Quilter Cheviot Ltd Senate Hose 85 Queen Victoria Street London EC4V 4AB Solicitors Foskett, Marr, Gadsby & Head LLP 181 High Street Epping, Essex CM16 4BQ

Page 1

Grange Farm Centre Trust

Report of the Trustees For the Year Ended 5 April 2025

The Managing Trustees present their report and the financial statements for the year ended 5 April 2025. The trustees who have served during any part of the year and up to the date of this report are set out on page 1.

The financial statements have been prepared in accordance with the Accounting Policies set 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 to Charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities.

Governing document

Grange Farm Centre Trust (“The Charity”) 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 2019 (“The Scheme”) approved and established by the Charity Commission.

Object of the charity and area of benefit

The object of the Charity is to provide or to assist in the provision of facilities for recreation and leisure-time occupation for the benefit of the inhabitants 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 Police District.

Public benefit statement

The Trustees are mindful of the need to meet the Public Benefit requirement and have been made aware of the guidance given to Trustees by the Charity Commission. They consider that the onus upon them to meet the Public Benefit requirement is discharged by:

The site at Chigwell provides the following:

Trustees

The Scheme provides for 9 Managing Trustees made up as follows:

The Co-optative Managing Trustees are appointed by the body of Trustees for a term of five years.

The Nominative Managing Trustees are appointed as follows:

Page 2

Grange Farm Centre Trust

Report of the Trustees For the Year Ended 5 April 2025

On appointment each Trustee is provided with a “Starter Pack” containing a full package of documents and from time to time receives education and training.

MANAGEMENT OF THE TRUST

During the year the Trustees, as a body, met on six occasions. Throughout the year Trustees received reports from working sub-committees created to deal with specific issues. These sub-committees comprise:

1. Grange Farm Site Management Committee (‘GFSMC’)

The membership of this committee is:

P Minoletti - Chairman R W Church R Morgan V Metcalfe M Sartin L Scott L Burrows T N Johnson (ex-officio) R Draper - Site Manager (ex-officio)

The remit of this Committee is to:

The committee meets monthly and receives reports from the Site Manager and where appropriate other sources. Minutes of all meetings are circulated to all Managing Trustees.

2. Finance & Investment Committee

The membership of this committee is:

J Salim - Chairman R W Church L Scott V Metcalfe L Burrows T N Johnson (ex-officio)

The remit of this committee is to:

Page 3

Grange Farm Centre Trust

Report of the Trustees For the Year Ended 5 April 2025

The committee meets at least 4 times each year and Minutes of all Meetings are circulated to Managing Trustees.

3. Grants Committee

The membership of this committee is:

T N Johnson P Minoletti

The remit of this committee is to:

The committee meets at least 4 times each year and Minutes of all Meetings are circulated to Managing Trustees.

4. Governance and Future Vision Committee

The membership of this committee is:

T N Johnson – Chairman P Minoletti J Salim L Burrows R Draper - Site Manager (ex-officio)

The remit of this committee is to:

The committee meets at least twice each year and Minutes of all Meetings are circulated to Managing Trustees.

In addition to the above the Charity is represented on the following committees:

Page 4

Grange Farm Centre Trust

Report of the Trustees

For the Year Ended 5 April 2025

The remit of the representatives is:

REVIEW OF THE YEAR

• Site at Grange Farm, Chigwell

During the year ended 5 April 2025 the following improvements and projects were carried out or agreed by the Trustees at the Grange Farm Site:

The very popular Pelican Playground remained fully open throughout the year.

The pavilion building and all organised activities on the site 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 to be very popular with local community groups.

The operation of the site is conducted by Grange Farm Sports Centre Limited and Chigwell Meadows Limited, both companies being wholly owned by the Charity.

FINANCIAL REVIEW

• Restricted Funds

Restricted Funds are those subject to special conditions imposed by the Scheme. The Managing Trustees believe the following:

Fund A - Comprises approximately 25 acres of land to the North of the M11 motorway to be preserved and maintained as an open space for the use and benefit of the inhabitants 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 Unrestricted Income of the Charity.

Page 5

Grange Farm Centre Trust

Report of the Trustees For the Year Ended 5 April 2025

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 £913,000 Open Spaces Fund £401,000 Access Way Fund £101,000

All these Funds are considered Restricted Funds to be spent for the purpose designated.

In the year, the value of the Charity’s investment portfolio reduced in value in line with market conditions by £662,067 (2024 increased by £1,486,673).

Following legal advice sought by the Trustees, the Charity was advised that as part of the investment portfolio consisted of Unrestricted Funds a proportion of gains/(losses) on portfolio value and a proportion of Investment Managers fees should be attributed to Unrestricted Funds.

Unrestricted Funds

The Managing Trustees believe that all other funds are unrestricted funds.

During the year, the Unrestricted Funds had a deficit of £120,034 (2024: surplus of £19,901) mainly as a result of the movement in the value of investments in line with market conditions.

Applications for grants were received and dealt with resulting in awards totalling £72,499 to 10 applicants (2024: £64,229 to 11 applicants). All awards were made in accordance with the Charity's parameters for grants. Details of the recipients are set out below:

Wheely Tots St Mary the Virgin Stapleford Abbotts Buckhurst Hill Cricket and Lacrosse Club Loughborough Junction Action Group Theydon Garnon Scout Troup Half Moon Young People’s Theatre The Ahoy Centre The Redbridge Music Lounge Limes Farm Colts Voluntary Action Epping Forest

Investments

Quoted investments were held by Quilter Cheviot Ltd (“Quilter Cheviot”) as their Investment Managers The total return target for the investment portfolio has been set at inflation plus 3% p.a. net of fees. This implies a nominal target of 5% p.a. assuming the Bank of England’s official 2% target for CPI inflation. For the financial year 2024-2025, the income target was £420,000 compared to actual return of £448,301. For 20252026 the target has been set at £420,000 again.

The Trustees wish to be responsible investors therefore the Investment Manager is expected to take account Environmental, Social and Governance (ESG) issues in their investment analysis and decision-making processes and engage with company management where appropriate. 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 2025

The Managing Trustees appointed Quilter Cheviot to be investment advisers to the trust under S.11 of the Trustees Act 2000. Quilter Cheviot manage the funds with a single management team.

FREEHOLD – GRANGE FARM, CHIGWELL, ESSEX

As at 5 April 2025 the Charity owns the freehold of the site at Grange Farm, Chigwell Essex of approximately 93 acres. Title to the land is vested in the Custodian Trustee for the benefit of the Charity.

25 acres of land to the North of the M11 motorway is to be preserved and maintained as an open space for the use and benefit of the inhabitants of the area of benefit. This land forms part of the 160 acres Roding Valley Nature Reserve (RVNR”) described as a “Local Nature Reserve” in accordance with S21 National Parks & Access to the Countryside Act 1949, RVNR jointly owned with Epping Forest DC and comprises the largest surviving area of traditionally managed river-valley habitat in Essex and follows the River Roding. Part of the site comprises a Site of Special Scientific Interest (SSSI) in accordance with the citation from England Nature dated 1987. The reserve is managed by Essex Wildlife Trust under the governance of a management agreement dated 11[th] 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 constructed. The sports facilities are primarily used by Colebrook Royals Football Club (“CRFC”) under the terms of the Football Foundation grant of August 2009 providing for some 32 teams which includes 2 girls teams,1 veterans’ team and an increased number of under 7 teams. In addition, CRFC are participating.in “Soccer 6”, a scheme for 6 year olds to play in house games getting 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 Leyton Orient FC to give local children a route into a professional club.

By 5 April 2025 fourteen (2024: 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 numbers of school children from local schools attending 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 EWT part-time Recreational Officer to assist with these activities.

Over the years the charity has developed a partnership with Ace Activities part of Voluntary Action Epping Forest which provides at Grange Farm multi activities for people with learning difficulties. It offers a range of opportunities which include gardening, self-catering, conservation, 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 (“GFSC”) 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 at a market rent of £30,000 per annum. The terms for the new lease from 2025 are being finalised following on from the valuation of the properties. Under the terms of the lease, GFSC can reclaim unrecovered expenses from the Charity. In the year ended 5 April 2025 GFSC claimed £320,000 (2024: £320,000).

Operational responsibility for the meadow lands swale and pond vest with Chigwell Meadows Limited (“CM”) a company wholly owned by the Charity. On 19 September 2018, a lease was granted by the Trust to CM for five years at a peppercorn rent. Under the terms of the lease CM can reclaim unrecovered expenses from the Trust. In the year ended 5 April 2025 CM claimed £40,000 (2024: £55,000).

Under the terms of the S106 agreement the freeholder of the adjacent housing development is required to contribute towards the maintenance of the pond and swale. In the year ended 5 April 2025 CM received £8,315 (2024: £7,848).

Page 7

Grange Farm Centre Trust

Report of the Trustees For the Year Ended 5 April 2025

The operation of the two subsidiary companies is monitored by the GFSMC on behalf of the Charity.

During 2024/25, the Trustees revised the Financial Controls Policy to continue to provide a structure in the way the Trust operates and to protect the Trust’s assets, following advice from the Finance & Investment Committee.

The Charity has also developed and integrated a series of policies for the conduct of staff and visitors at the site. These are kept under regular review by the Charity’s Governance & Future Vision Committee.

RESERVES POLICY

The Managing Trustees considers that the current level of the Restricted Fund constitutes a strong reserve and its maintenance in real terms 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 income for the foreseeable future.

THE FUTURE

The Charity is faced with the volatility in the financial markets caused by other international factors which impacts the investment portfolio (and possible long-term income) and substantial inflationary pressures. However, the income forecast in the short term remains strong and the Trustees meet regularly throughout the year to 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 site which will enable 24 hour attendance on site of staff.

The Trustees are continuing to look at and invest in sustainability projects to reduce energy consumption and be more environmentally friendly.

The Managing Trustees continue to look at ways of involving the public generally in the use of the site at Chigwell and using their expertise to assist other similar sites in the area of benefit.

Despite the long-term economic uncertainty, the Managing Trustees continue to accept and consider grant applications from qualifying bodies from within the area of benefit. Grants will continue to be paid with an emphasis on smaller applicants.

Page 8

Grange Farm Centre Trust

Report of the Trustees For the Year Ended 5 April 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

In so far as the trustees are aware:

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales requires the trustees to 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 its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board

L Cleasby - Clerk

Date: 19 January 2026

Page 9

Grange Farm Centre Trust

Independent Auditor's Report to the Trustees of Grange Farm Centre Trust

Opinion

We have audited the financial statements of Grange Farm Centre Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement 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 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 10

Grange Farm Centre Trust

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to 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 accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the charity. These include but are not limited to 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 generated and assessing the extent of compliance with the relevant laws and regulations.

We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for material misstatements due to fraud

are in the following areas, and our specific procedures performed to address these are described below:

Page 11

Grange Farm Centre Trust

The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud.

Procedures performed to address these were as follows:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Haslers

Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL

Date: 22 January 2026

Haslers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 12

Grange Farm Centre Trust

Statement of Financial Activities For the Year Ended 5 April 2025

Notes
INCOME FROM:
Investments
2
Letting
3
Total income
EXPENDITURE ON:
Charitable activities
4
Total expenditure
Net (losses)/ gains on investment assets
Net (expenditure)/ income
Other recognised gains / (losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
397,148
30,000
427,148
508,224
508,224
(38,958)
(120,034)
-
(120,034)
1,040,037

920,003
 Restricted
Funds
£
51,153
-
51,153
223,735
223,735
(623,109)
(795,691)
-
(795,691)
16,644,100
15,848,409		 2025
Total
£
448,301
30,000
478,301
731,959
731,959
(662,067)
(915,725)
-
(915,725)
17,684,137
16,768,412		 2024
Total
£
440,165
30,000
470,165
697,908
697,908
1,486,673
1,258,930
-
1,258,930
16,425,207
17,684,137

The notes on pages 16 to 24 form an integral part of these financial statements

Page 13

Grange Farm Centre Trust

Balance Sheet As at 5 April 2025

Notes
Fixed Assets
Freehold land and buildings
6
Investments
7
Investments in subsidiaries
8
Current Assets
Debtors
9
Cash at bank
Total resources expended
Less: Creditors: amounts falling
due within one year
10
Net current assets/ (liabilities)
Net assets
Funds
Restricted funds
12
Unrestricted funds
13
Total funds		 £

70,503
126,412
196,915
116,530


 2025
£
3,066,354
13,621,661
12
16,688,027
80,385
16,768,412
15,848,409
920,003
16,768,412		 £

99,256
184,709
283,965
100,070


 2024
£
2,950,908
14,549,322
12
17,500,242
183,895
17,684,137
16,644,100
1,040,037
17,684,137

The financial statements were approved and authorised for issue by the trustees and signed on its behalf by

Mr T Johnson Mr J Salim Chairman Treasurer

Date: 20 January 2026

The notes on pages 16 to 24 form an integral part of these financial statements

Page 14

Grange Farm Centre Trust

Statement of Cash Flows

For the Year Ended 5 April 2025

Notes
Cash flows from operating activities:
Cash generated from operations
CF1
Net cash (used in) / provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest and dividends received
Net cash provided by (used in) investing activities
Change in cash & cash equivalents (note 15)
Cash & cash equivalents at 6 April 2024
Effect of foreign currency
Cash & cash equivalents at 5 April 2025		 2025
£
(520,581)
(520,581)
(249,342)
(799,081)
1,283,207
448,301
683,085
162,504
301,139
(2,269)
461,374		 2024
£
(680,075)
(680,075)
(395,289)
(1,991,631)
2,899,202
440,165
952,447
272,372
28,767
-
301,139

Notes to the Statement of Cash Flows

CF1 - Reconciliation of net income (expenditure) to net cash flow from operating activities

Net (expenditure) / income
Adjustments for:
Net losses / (gains) on investment assets
Depreciation charges
Profit/ loss on foreign exchange
Interest and dividends received
Decrease/ (Increase) in debtors
Increase/ (Decrease) in creditors
Net cash (used in) / provided by operating activities		 2025
£
(915,725)
662,067
133,896
2,269
(448,301)
28,753
16,460
(520,581)		 2024
£
1,258,930
(1,486,673)
126,657
-
(440,165)
(38,159)
(100,665)
(680,075)

The notes on pages 16 to 24 form an integral part of these financial statements

Page 15

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1. Basis of accounting

The financial statements 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 (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention as modified for the valuation of investment.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are presented in sterling and rounded to the nearest £1.

The trustees consider that there are no material uncertainties about the Charity’s ability to continue as 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(2) of the Charities Act 2011 and have not consolidated the results of these two subsidiaries.

1.2. Fund accounting

Unrestricted Funds represent income received for use at the discretion of the trustees in furtherance of the general objectives of the Charity.

Restricted Funds are those subject to special conditions imposed by the provider. The restrictions are binding upon the trustees.

1.3 Restricted funds

Are formed by five amounts.

Fund A - comprises approximately 25 acres of land to be preserved and maintained as an open space for the use and benefit of the inhabitants of the area of benefit. This land forms part of the Roding Valley Nature Reserve. The trustees have placed a value of £100 on this land.

Fund B – comprises 68 acres of land over which comprises Chigwell Meadows, a pond and swale, a Children’s Playground, sports field and community garden, together with a Pavilion/Interpretation Centre for the use and benefit of the inhabitants of the area. The trustees have placed a value of £5,000 on this land.

Page 16

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

The balance of the Restricted Fund capital has been invested in trust for the Charity and can only be applied by the trustees in purchasing of other land and buildings to be settled upon trust for use in the object of the Charity. As such the Trustees believe this is a Restricted Fund.

There are three other Funds received under a S106 Agreement for specific purposes.

These funds are invested in trust for the Charity. The income capital growth less investment fees is available to assist the Unrestricted Fund in maintaining the specific areas named in the respective Funds, the titles 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 Restricted Funds.

1.4 Unrestricted funds

Comprised the income from Restricted Fund B and from other Income realised in the year, which is utilised to provide or to assist in the provision of facilities for recreation and leisure time occupation for the benefit of the inhabitants of the area of benefit.

1.5 Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Income from investments is included in the year in which it is receivable.

Income from London Square Limited is included in the year to which it relates.

Income from rent from Grange Farm Sports Centre Limited is included in the year to which it relates.

1.6 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement 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 attributed to particular headings they have been allocated to activities on a basis consistent 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 to fund the excess expenditure of the two subsidiaries are shown as a cost.

Page 17

Grange Farm Centre Trust

Notes to the Financial Statements For the Year Ended 5 April 2025

Governance costs are those costs relating to the governance infrastructure which allows the charity to operate and to generate the information required for public accountability.

Support costs comprise those costs relating to the direct management and general running of the charity. They are allocated across the expense categories on a basis which reflects their effective contribution to that expense category.

1.7 Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Freehold land - Not depreciated Freehold buildings - Between 2% and 10% per annum to reflect the useful life of the buildings Playground and car parks - 10% per annum to reflect the useful life of the facility Impairment At each Balance Sheet date, the buildings, playground and car parks are assessed to 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 to their recoverable amount, is undertaken. Any excess over the recoverable amount is recognised as an impairment loss and charged as expenditure in the Statement of Financial Activities; the carrying value is reduced appropriately.

1.8 Impairment

1.9 Investments

Investments are measured initially at cost and subsequently at fair value (their market value) at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. The trustees adopt a cautious investment policy so as to minimise risk. Investments are monitored and reviewed by trustees on a regular basis.

1.10 Cash at bank and in hand

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 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

1.12 Financial Instruments

Financial assets and financial liabilities are recognized in the statement of financial position when the Charity becomes a party to the contractual provisions of the instrument.

Trade (including rental) and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortized cost using the effective interest rate method. A provision is established when there is objective evidence that the Charity will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Charity’s cash management.

Page 18

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

2.
Investment Income
Bank interest receivable and currency gains
Overseas equities
Reallocation
3.
Letting Income
Grange Farm Sports Centre Limited
4.
Charitable activities
Grants payable
Support costs (note 5)
5.
Analysis of support costs
Audit fees
Clerks management fees
Legal and professional fees
Investment management fees
Roding Valley Nature Reserve
Grange Farm Sports Centre Ltd
Chigwell Meadows Limited
Sports field renovations
Depreciation – buildings car parks and
playground
Profit/ loss on foreign exchange
Sundries		 Unrestricted
Funds
2025
£

2,140
446,161
(51,153)
397,148
30,000
30,000
72,499
435,725
508,224
Unrestricted
Funds
£
11,200
27,984
5,025
4,169
25,078
320,000
40,000
-
-
2,269
-
435,725		 Restricted
Funds
2025
£
-
-
51,153
51,153
-
-
-
223,735
223,735
Restricted
Funds
£
-
-
66,673
-
-
-
23,166
133,896
-
-
223,735		 Total
2025
£
2,140
446,161
-
448,301
30,000
30,000
72,499
659,460
731,959
Total
2025
£
11,200
27,984
5,025
70,842
25,078
320,000
40,000
23,166
133,896
2,269
-
659,460		 Total
2024
£
3,107
437,058
-
440,165
30,000
30,000
64,229
633,679
697,908
Total
2024
£
11,200
27,840
2,800
66,545
23,637
320,000
55,000
-
126,657
-
-
633,679

During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL).

Page 19

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

6.
Tangible fixed assets
Cost
At 6 April 2024
Additions
Reclassification
At 5 April 2025
Accumulated depreciation
At 6 April 2024
Provided in year
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024		 Restricted Funds
Freehold
Land
Buildings, car
parks and
Playground
£
£
5,100
3,575,331
-
-
-
720,857
5,100
4,296,188
-
1,101,038
-
133,896
-
1,234,934
5,100
3,061,254
5,100
2,474,293		 Restricted
Funds
Asset under
construction
£
471,515
249,342
(720,857)
-
-
-
-
-
471,515		 Total
2025
£
4,051,946
249,342
-
4,301,288
1,101,038
133,896
1,234,934
3,066,354
2,950,908		 Total
2024
£
3,656,657
395,289
-
4,051,946
974,381
126,657
1,101,038
2,950,908
2,682,276

7. Investments

Valuation
At 6 April 2024
Additions
Disposals
Revaluation
At 5 April 2025
Investments – Capital account
Total value at 5 April 2025
Investments are held within portfolios managed in the UK.
Historical cost as at 5 April 2025
Historical cost as at 5 April 2024		 Total
Total
2025
2024
£
£
14,432,892
13,853,790
799,081
1,991,631
(1,283,207)
(2,899,202)
(662,067)
1,486,673
13,286,699
14,432,892
334,962
116,430
13,621,661
14,549,322
12,020,056
12,093,888
12,093,888
12,838,867

Page 20

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

Investments include no securities with a market value of 5% or more of the total portfolio

8. Investments in subsidiaries

As at the 5 April 2025, the Trust had two subsidiaries (2024: two):

Grange Farm Sports Centre Limited - 100% owned by the Trust. The company is limited by guarantee. Net assets at 31 March 2025 of £20,929; Turnover of £367,349 and expenditure of £350,716 for the year ended 31 March 2025.

Chigwell Meadows Limited - 100% owned by the Trust. The company is limited by guarantee. Net liabilities at 31 March 2025 of £1,526; Turnover of £48,315 and expenditure of £49,462 for the year ended 31 March 2025.

9. Debtors

Income tax
Other debtors
Grange Farm Sports Centre Ltd		 Restricted
£
-
-
-
-		 Unrestricted
£
2,950
67,553
-
70,503		 Total
2025
£
2,950
67,553
-
70,503		 Total
2024
£
2,950
67,516
28,790
99,256

10. Creditors: amounts falling due within one year

Grange Farm Sports Centre Ltd
Other creditors
Expense creditors		 Restricted
£
23,166
-
-
23,166		 Unrestricted
£
-
63,850
29,514
93,364		 Total
2025
£
23,166
63,850
29,514
116,530		 Total
2024
£
47,411
52,659
100,070

Page 21

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

11. Analysis of net assets between funds

Restricted Funds
Fund A
Fund B
Sports Field and Pavilion Fund
Open Spaces Fund
Access Way Fund
Unrestricted Funds		 Fixed
Assets
£
100
3,066,254

-
-
-
-
3,066,354
 Investments
£
-
10,808,835
1,261,333
581,460
153,593
816,452
13,621,673		 Net current
assets
£
-
-
(23,166)
-
-
103,551
80,385		 Total
Funds
2025
£
100
13,875,089
1,238,167
581,460
153,593
920,003
16,768,412

In the opinion of the trustees, sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions.

12. Restricted Funds

Restricted Fund A
Restricted Fund B
Sports Pavilion Fund
Open Space Fund
Access Way Fund
Restricted Fund A
Restricted Fund B
Sports Pavilion Fund
Open Space Fund
Access Way Fund		 At 5 April
2023
£
100
13,581,674
1,150,131
532,576
140,680
15,405,161
At 5 April
2024
£
100
14,619,682
1,279,288
589,352
155,678
16,644,100		 Incoming
resources
£
-
-
32,210
14,159
3,740
50,109
Incoming
resources
£
-
-
32,881
14,454
3,818
51,153		 Capital
Gains/
(losses)
£
-
1,219,238
101,491
44,614
11,785
1,377,128
Capital
Gains/
(losses)
£
-
(551,669)
(45,922)
(20,186)
(5,332)
(623,109)		 Outgoing
resources
£
-
(181,230)
(4,544)
(1,997)
(527)
(188,298)
Outgoing
resources
£
-
(192,924)
(28,080)
(2,160)
(571)
(223,735)		 At 5 April
2024
£
100
14,619,682
1,279,288
589,352
155,678
16,644,100
At 5 April
2025
£
100
13,875,089
1,238,167
581,460
153,593
15,848,409

Page 22

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

13. Unrestricted Funds

Unrestricted Funds
Unrestricted Funds		 At 5 April
2023
£
1,020,046
At 5 April
2024
£
1,040,037		 Incoming
resources
£
420,056
Incoming
resources
£
427,148		 Capital
Gains/
(losses)
£
109,545
Capital
Gains/
(losses)
£
(38,958)		 Outgoing
resources
At 5 April
2024
£
£
(509,610)
1,040,037
Outgoing
resources
At 5 April
2025
£
£
(508,224)
920,003

14. Related party transactions

Grange Farm Sports Centre Limited leases the playing fields and Pavilion/Interpretation Centre for £30,000 (2024: £30,000). Included within support costs is £320,000 (2024: £320,000) payable to the subsidiary for operational costs. The amount due to Grange Farm Sports Centre Limited as at the year-end was £23,166 (2024: £28,790 due from Grange Farm Sports Centre Limited).

Chigwell Meadows Limited leases the meadowlands swale and pond from the Trust for a peppercorn rent. Included within maintenance costs is £40,000 (2024: £55,000) payable to the subsidiary for operational costs. The amount due to Chigwell Meadows Limited as at the year-end was £NIL (2024: £NIL).

15. Analysis of changes in cash & cash equivalents

Cash & cash equivalents
Cash at bank
Investment cash		 At 5 April
2024
Cash flows
£
£
184,709
(58,297)
116,430
220,801
301,139
162,504		 Effect of
Foreign
Currency
£
-
(2,269)
(2,269)		 At 5 April
2025
£
126,412
334,962
461,374

Page 23

Grange Farm Centre Trust

Notes to the Financial Statements

For the Year Ended 5 April 2025

16. Prior year statement of financial activities

Notes
INCOME FROM:
Investments
2
Letting
3
Total income
EXPENDITURE ON:
Charitable activities
4
Total expenditure
Net gains /(losses) on investment assets
Net income / (expenditure)
Other recognised gains /(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
390,056
30,000
420,056
509,610
509,610
109,545
19,991
-
19,991
1,020,046

1,040,037
 Restricted
Funds
£
50,109
-
50,109
188,298
188,298
1,377,128
1,238,939
-
1,238,939
15,405,161
16,644,100		 2024
Total
£
440,165
30,000
470,165
697,908
697,908
1,486,673
1,258,930
-
1,258,930
16,425,207
17,684,137		 2023
Total
£
458,608
30,000
488,608
669,541
669,541
(1,290,834)
(1,471,767)
-
(1,141,767)
17,896,974
16,425,207

17. Capital Commitment

Amounts contracted for but not provided in the financial statements:

Page 24