CHARITY REGISTRATION NUMBER: 285456 John Gurney's Charitable Trust Unaudited financial statements 31 March 2023
John Gurney's Charitable Trust Flnancial statements Year ended 31 March 2023 Page Trustees, annual report Independent examiner's report to the trustees Stslement of financial actwities Balance sheel Note5 to the finanaal statements
John Gurney's Charitable Trust Trustees, annual report Year ended 31 March 2023 The trusi88s present their report and the unaudited finanoal stslements of the charity for the y8ar encfed 31 March 2023. The fin8ncial st8ietn6nts have been prepared in accordance with the accounting policies sel oul in notes to the accounts and comply wth the charity's governing docurnent, the Charilies Acl 2011 arld Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in aEcordance with the Financial Reptsrting Slendard applicable in the UK and Republlc of Ire18nd publish in Ootober 2019. Relerence and 8dminlstrativÈ details Registered charlty name John Gumey's Charitable Tiust Charity rÈgSsiratlon number 285456 Prlnclpal office W81singham Estate Man89ement Limited The Estate Office 10 Common Pla Walsingham Norfolk NR22 68P The trustees The trustees who served during tha year and al the dale of approval were as follows.. Mrs Piiscilla Ann Meath 8akeF Mr Willi8m John Clovis Meath Baker Mi Thomas Courtauld r Bruce Sheridan Christer Clerk lo the trust Mr John Sayer Downing Independent examlnor Tobias Wilson BA IHonsl FCA LovewEII Blake LLP Charter8d accountants Banksiée 300 Pe8chman Way Broa¢land Business Pork Norwich NR7 OLB Banker Barclays 8ank PIC 114 F8n¢huich Street London Investment manager Walker Crips Investment Managgmtnt Old Change House 128 Queen Vlcloria Street London EC4V 4BJ
John Gurney's Charitable Trust Trustees. annual report I¢ot)titr)4JadJ Year ended 31 March 2023 ObS•ctlv¢$ and activities To preserve, Improve and also renew, where essenb"al, for the benefit of th8 inhabitants of the Parishes of Walsingham. SprDwston and adjoining areas in lh8 county of Norfolk the nelion at large whatever of tae English h15torical architedural and constructional heritage may exist in and around the parishes of Walsingham. Sprowston and adjoining areas aforesaid in the form ol buildings of particular beeuty or historical, architectural or constitutional interest. To preserve. improve. renew *nd add lo the contents of such buildlngs, which may eXI81 in and 3roun# the Parishes of Walsingham, Sprowston and adjoining areas. which are open to the public on regular viewing days. To preserve and improve buildings in the parishes of Walsingham, Sprowston and adjoining are85 aforesald, providin9 SPeC181 facilities for the edu¢8tion 8nd recreation ol the public which 8re not provided by the St8tutory Authorities and in particular the Parfsh Hall in Llttle Walsingham and similarfy to pmssrve, Improve and renew the contents ol such buildings. Public b¢nefil The trustees Confirm that they h8ve referred 10 the guidance contained in the Chaiity commission's general guidance on public benefit when reviewing the Trust's airn5 end obje¢lives and in planning future activilies and setting the grant making policy for the year The way$ in which the trusiees ¢onsider the Trust maets the publi¢ benefit rèquiremant are reflecled in the grants rnade {a5 detailed abDvel in Pk5rsuance of the ch8rily's objectives. Achievements performance The Trust had total income of £164,310 12022.. £151.8871. Seven grants totalling £102.585 12022". SIX grants ioialling £149.3521 were made during the year. The trustees have been able lo assist a small number of charities which meet the truslee$' objectives with funds to aid cApital and other projects. The grants made durlno the current and previou5 year have been detailed in note 6 01 these financi81 st8temenls. Expenditure lolher th8n in respect ol orantsl wa5 £36,486 12022. £21,153). This included £15,202 12022.. £1.9171 for property rep8irs. At the 31 March 2023 the value of quoleé investments held by th8 charlty was £4.664,285 12022. £4.294,4891.
John Gurney's Charitable Trust Trustees. annual report l¢ontlnuedl Year ended 31 March 2023 Flnan¢lal revlew Investment poliry Und8r the term5 01 the Settlement Deed. the ¢h8rity has the power lo make any invÈstmÈnt which the trustees think fit. Rè58r¥ès pollcy The resewe is shown as the balance on the unrestricted fijnd. A fvnd ol Investments has been built up lo provide suffiuent income lo be able to make charitable donations e8ch y88r and tts meet the trustees, normal administr8&'on gnd management costs. The Iwstees are looking loi opportunities to make laFge donations when the opportunily arises, Al the end of the yeèr. the total value of free reserv98 Inet current asselsl held by the Charity was £752.123 12022". £T22.8331 logelher with inveslrnents of £8,893,90512022.. £6,524,109). Grant-making poIi¢y Grant5 are awarded based on the level of need and wthSn the geogr8phi¢el constraints Impos8d by the Settlem8nt Deed, 8s decided by the trustees, as and when such 8pplication5 are made. Plans for future period5 The trustees will continue providing grants In line with the guidelines of the govemlng do¢ument. The truste88 CDn5id8r that the Trusfs Investments will oontinup to provide sufficient In¢ome to enable the Trust to meet its objectives fr)r the foreseeable future.
John Gurney's Charitable Trust Trustses. annual report (¢otr)tsnuEd) Year ended 31 March 2023 Structur¢, governance and manaoemènt Gov?rRing document The charity is tegislered as an Un1cOrpOrated chartty and w35 sel up by a Deed of Settlement (Jated 20 July 1982. The charity is 8 Tegistered charity number 285456. Organlsatlonal strudure and dxlsion maklrsg The appointed trustees OuTing the year were.. r5 Priscilla Ann Meath Baker who is the Chairman ol tnJstee5. Mr Bruce Sherbdan Chrisler, a solicitor and consuttant wth Atts¥ers Jamestsn Hill soIIcAtors (incorporating Stafford Young Jonesl of London, Mr Thomas Courtauld of BaminGham, Norfolk and Mr William John Clovis Meath Baker The day to day manaoefflent of the TnJsf5 affairs are k)oked after by Mr John Sayer Downing, a retsred Charte0 Sutveyor and Ihe record keeping is carried OLrt by Mr Adam Skinner, management ac(x>untènt th Walsinoham Esiate Management Limited. Decisions on policy matters, eg the makin9 of grants. are iaken ty the trustee5 on a regular basi$ throughoul the yeaF. Rlsk manag¢m•nt The truslees have rn8de a review ol the major risks tts ¥thich the TFUSt may De expgsed and systems ale bwng established to miniTnise these risks. The prinap81 risks that are considered are the custo¢Jy Df inveslments lappTopriale professional aijvice taken in this iegardl and the apprtspnate applicalton of fvnds (each application carefully considered by the trustees prior to approval). True and falr overTlde The financial statements have been prepared to give a 'lftJe and f3lf' view and have departed from the Charties (Accounts and Reports) Repulation5 2008 only to the extent required to provide a knje and faiF view.. This departure has involved lollowng the Accounb'ng and Reporting by Charit4es' Statement of Recommended Practice applicable in the UK and Republic of Irelard iSSLed sn Octobei 2019 rather than the Aco)unting and Reporting by Charities." Statemelll of Rewmmended P¥aclie£ from l April 2005 which has since been *ithdrawn. The trustees, annual report vras approved on trustees by". and gned on behalf of the board of p. o 17aL 51,. Mrs Piiscilla Ann Meath Baker Trustee
John Gurney's Charitable Trust Independent examiner's report to the trustees of John GUrneS Charitable Trust Year ended 31 March 2023 I r8port to the charity trustees on my examination ol the financial statements of the charity for the year ended 31 March 2023 whi¢h ¢omprise the statement of financial activities, balance sheet and the related notes. Responslbllltl•s and basis of rèport As the ¢harily'5 trustees you are responsible for the preparation of the financial slalemenls in accordance wlh the requirements of the Charities Act 2011 I'the Act'}. I r8POrt in respect ot my 8xaminalion of the charily's financial statements Carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}Ibl of the Act. Indep•nd•nt •xaminerfs statoment I have completed my examination. I confirm Ihal no material matters hav8 come lo my attention in connection with the examination glving me cause to believe that in any material iespecl-. accounting records were not kept in respect of the charity as required by section 130 of the Act.. or the financial statements do not accord with those records.. or the financial statements do not comply with the applicable requirements conceming the form and ¢ont9nl of accounts sat out in the Charities IAccounls and Reports) Regulations 2008 other than any rèquirement Ihal th& a¢¢ounts give a 'true and fairf view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters In conngction with the examinab'on to which attention should be drawn in this report in order to enable a propor understanding of th8 a¢UnIS to be reached. Your attention is drawn lo the lacl that the Charity has prepared the accounts {financial statements} in accordance with Accounting and Reporting by Charities.. Slalement of Recornmended Practice applicable lo charities preparing their accounts in accordancè with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102} in preference to the Accounting and Rèporting by Charilies.. Ststernent of Recommended Pradi¢8 issued on 1 April 2005 which is referred to in Ihg extant regulations but has since been withdrawn. l understand that this has been done in order for Ihe accounts lo provide a true and fair view in accordance th the Generally Accepted Accounting Practice effeotive for reporting periods beginning on or after 1 January 2015. Ho ent Examinèr CA ov&well Blake LLP artgred accountants Ba ide 300 Peach nway Broadland Business Park Norwich NR7 OLB 24 January 2024
John Gurney's Charitable Trust Statement of financial activities Year ended 31 March 2023 2023 Unrestricted funds Total fund5 2022 Total fund5 Note Ineorn& and èndowments Investment income 164.310 164.310 151,887 Total 5ncome 164,310 164,310 1 $1,887 Expendiiurè Raising funds Investment management Costs Charitable a¢tivib"85 130,2641 1108.8071 1139.0711 130,2641 1108,8071 1139.0711 113.6491 1156.8561 1170.5051 Total expenditure Net In¢ome and net movement5 in funds before 9ains and losses on Inve$tmnts 25,239 25,239 118,6181 Net gains on inv6Stmenl$ 373.847 373.847 614,073 Net Income artd not movem•nt In fvnd$ 399,086 399,086 595,455 Re¢on¢lliatlon of lunds Total funds brought forward T<tal lund$ ¢arried forward 7,246.942 7,246.942 6,fj51,487 7.646.028 7,646,028 7,246,942 The statement of financial activities includes a11 gains and losses recognised in the year. All incorne and expenditure derive from continuing activitie5. The notes on pages 8 to 13 form part of these financlal 5tat8ments.
John Gurney's Charitable Trust Balance shoet 31 March 2023 2023 2022 Notè Flx¢d assets Investrnents 6,893.905 6.524,109 Current assets Debtors Cash at bank and in hand 42.437 691,477 733,914 500 763.594 764,094 Qredltors: ArFts falllnq due wlthsn one year Nét curront 066ets Totsl assets less ¢urrent Ilabl1leS Net a5s¥ts 111.0811 10 111.9711 752,123 722,833 7,646.028 7.646.028 7,246,942 7,246,942 Funds of th• ¢hatlty Unrestricted funds Total cha¥lty fuDds 7,646.028 7.646.028 7,246,942 11 7.246,942 These financial statements were ppproved by the board of truslees and aulhorised IOF issue c and are signed on behaw of the board by". Mrs Pnsc411a Ann Meath Trustee ker Mi William John Clovis Meath Baker Twstee The notes on paots 8 to 13 fom pArt of these financl*l $tat¥ments.
John Gurney's Charitable Trust Notes to the financial statements Year ended 31 March 2023 General informaiic¥n The charity 15 a public benefit entity and 8 registered charity In England end W8le3 8nd is unincorporated. The address of the principal office is The Estate Office. 10 ComTnon Place, Walsingharn, Norfolk, NR22 6BP, NR22 6BP. statemnt of ¢ompllance The charity constitutes a publi¢ benefit entity a5 defined by FRS 102. The fin8nci81 statements h3ve been prepa0 in 8ccord8nce with Accounting and Reportln9 by Charities. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Flnancial Reporting Sl8ndard applicable in the UK and Republic of Ireland issued in OctobEI 2019, the Financial Reporting Standard applicable in the Unit8d Kingdorn and Republic ol Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accept8d Accounting Practice, The fin&nci81 stalemenis have been prepared to 9ive a 'true and lalr, view and hav8 departed from the Charities IAc¢ounts and Reports) Regulations 2008 only lo the extent required to provide a Irue and f8ir vieW. Thss departure has involved fdlowing the Accounting and Reporting by Charities.. Statement ol Recommended Practce applicable tD cttarilies preparing their accounts in accordance with the FIn8nC8 Reportino Standard epplicable in Ihe UK and Republlc ol Ireland Issu8d in Octobgf 2019 rather than the Accounting and RepDrtino by Charitie5'. Staternent of R¢¢ommended Practice effective frorn 1 April 2005 which has since been withdr8wn. A¢¢ounting policies Basis of preparatlon Thè financlal statements have b8en prepafed on the historical ¢osl basis, as rnodified by the revalUatOn OY certaln finanoal assets and liabiliti85 and investment properties measured 81 fair value through income or expenditttre. The financial statements are prepared in sterfing, which is the functional currency of the entity, Golng concern The accounts have been prepaied on the 90ing concem bask% and the Trustees b81i8ve thal no material uncertainlies 8xisI. The Truslees have considered th8 level of fund5 held and the expected income anos expenditure for the nexl 12 months from authorising these financial 5t8tement5_ The budoet8(J income and expenolture is sufficient with the 18vel ol res8tve5 lor the Trust to be able to continue as a going con¢ern. Judgements e$tlmates In th6 application of the Trust's accouniSng policies the Trustees are required lo make judgments. estimates and assumptions. ThÈ estimates and as50Clated assumptions are baseo on historical experience an¢ other factors Ihal ale considered to be r81evanl. Aclual results may rnalerially differ Irom these estimates. The e51im8tes and undert5fjng assumptions are reviewed on an ongoing b8$1S. Revisions to 8ccounlillg eslimales are recognised in th8 pBriod in which the estimate is revised if the revision effects only that period, or in the period of the revision and future periods If the revision effects both current ané fvIui8 periods. Th8 85limates and assumptions which hav8 a significant risk of causing m818ri81 adjustment lo the carrying amount of 8s5ets aNd liabi1its.as are with regarcl to investment properties and paintings. Furth8r dètails ol these assets are given in note 8.
John Gurney's Charitable Trust Notes to the financial statements {cvTrtinu•dJ Year ended 31 March 2023 Accountin9 poli¢i8s (eontinuedj Fund accountlng Unrestricted funds are availab18 for u5& at th8 discretion of the truste85 to further any of the charity's purposes. Income All in¢ome is included in the statement of financial activities when entiuernent has passed to the chaiity. it is probable that the economic benefits associated with the transaction will fk)w to the chaiity and the amount can be reliably measured. Th8 following specifi¢ policies are &ppld to particular categories ol income.. Inlere51 income is re¢ognised when receivable enrj indudes any tsx deduaed al s(xJrce. Rental income 15 reGognisecS on 8n eccruals bttsis forthe year. Dividends are recognlsed al the point at which the charlty becomes entitled lo thè di8n4 which is considered to be when Ihe ¢x-div date has passed arid paymenl is due to registered holders at the year end. Expendhure Expenditure is recogn4sed on an aecruals basis as 8 li8bility is incurred. Expenditure includes any VAT which c8nnol be fully o¢over&, ond is Classled under headings of th8 Statement of TnanCIal 8ctSvities to which il relat85'. expenditure on raising furKls includes the costs in relation to the management of investments. expendiiure on charitable activilies includes all costs incurred by a charity in undertaking activities that further Its eharitable airns for the b8nefil of its beneficiaries, including those support costs and costs relabng to the governance of the charlty 8PPOrtion8d to charitable activitie8. Inv•5tm8nt$ Quoted investments a stated ai fair value at the year end. Ptintings are included in the 8ccounts at valuatlon. where such valualion 1$ materially different from th¢ original cost Ihaving regard to appropriate experience and advice in the matter where relevant). Realised and unrealised gains and 105ses on fixed 8sset investments are recotded In tt)e Statement of Financial Activitie5 by reference to their opening carrying value. Inv¢stm8nt property Properties lincludin9 woodlaTrdsl are hekl 88 investment assets. and are therefore hèld at valuation. The trustees consider fair value to be open market walue. In accordance with thè SORP investment propertie5 Included at valuation are not d2preciated. For material asset5 the trustees have in the past SOLight indepgndent valuations, and have subseouenlly taken aijvice from appropriately experienced and qualified Staff. Inclbding their Estate Manager. in updeling the valuations. Where Ihe open market value is not consid£red to be materially different from Ihe original cost. such 85sets are Slated at their original cost.
John Gurney's Charitable Trust Notes to the financial statements {cantlnued} Year ended 31 March 2023 Accourtting pollcles {¢ontlnts•d} Finan¢ial instruments A financial ass81 or a financial liabi1ily is recognised only when the entity becomes a party tts thè contr8Ctual provisions ol the instrument. Basic fin8ncial instruments a inhially recogni6ed 8t the 8mount receivable or paable including any Telated transaction costs. unle83 the arrangement constitutes a financing transaction, where li is recognised at the present value of the luture payments discounted at 8 market late of interest for 8 $irnil31 debt instrument. Current ass8t5 and current liabilities are subsequently measured at the cash or olher consideration expected to be paid or recelved end not discounted. Where investtnents in shares or preference shares are publicly traded or their fair value can othetwise be mÈ8sured reliably, the investment Is subsequently meosured at f8Ir value with ¢han9es in fair value recogrii58d In inGome and expenditure. All olhgr such investmon15 are subsequently measured at cost less impairment Investment InGome Unrtstllcied Total Funds Funds 2023 Unreslricted Total Funds Funds 2022 Rent81 and relat8d income Dividends Inlerest re¢eivab18 15,750 147,487 1,073 15.750 147.487 1,073 13,250 138.300 337 13,250 138.300 337 164,310 164,310 151,887 151.887 Inv85trnent management costs Unreslri¢led Total Funds Funds 2023 unS1Cled Total Funds Funds 2022 Rates and ele¢lricity In5ur8nce Property repairs Professional fees Other expenses Foreign exch8n9e Ilo¥sesl 19ain 2,426 1,372 15,202 14.113 2,426 1.372 15,202 14.113 3,297 1,152 1,917 10,653 60 13,4301 13,649 3.297 1,152 1,917 10,653 60 {3,4301 13,649 12,8491 30,264 12.B491 30,264 10
John Gurney's Charitable Trust Notes to the financial statements Year ended 31 March 2023 Expenditure on charitable a¢tlvltlg$ Grants 2023 2022 All Saint5 Church. East 8&rsham All Saints Church. Moiston St Michael3. Geldeslon PCC Great Snoring Parish Council Norwich Quaker Me81ing Hou52 St Marys. Walsingham St Peter's, Gt Walsingharn The Church of St Francis The Nurture Project Walsingharn Methodi81 Church Walsingharn Village Hall 1,625 5,000 18,370 43,606 100,000 13.872 28.395 12,850 20,423 7.000 224 112 460 102,585 149.352 Governance costs 2023 2022 Accountsncy Indeper)denl examinevs fee current year Independenl examinefs f8e prior year nderprov5sion of accmal in previous year 2,688 3,534 1.168 3,270 2,982 6,222 7.504 Total expenditure on ch8ritable activities 108,807 156,856 Trustee remuneration and expenses No Iruslee or any person connect8d with them Teceived any remuneT8tion during the year. The trust paid no trustee's expenses in the year.12022'. £Nill. Inves¢m¢nts Listed investments Investment properties PaintiFigs Total Cost or valuation At 1 April 2022 Additions Disposals Fair value movemenis 4,294,489 1.045,220 1.184,400 6,524,109 13.9131 373,709 13,9131 373.709 At 31 March 2023 4.664,28S 1,045,220 1,184.400 6.893.905 Carrylny amount At 31 March 2023 4,664,285 1,045.220 1,184,400 6,893.905 At 31 March 2022 4,294,489 1.045.220 1,184,400 6,524.109 All investments shown above are held at valuation. 11
John Gurney's Charitable Trust Notes to the financial statements {¢ontinuedl Year ended 31 March 2023 Inv85tmenls (contin Inv¢$tmenl properties 2023 2022 The Old Coach House & Prison 3-5 St Ann'5 Street Oxford Stores Woodlands 540.000 60,000 350.000 95.220 540.000 60.000 350,000 95,220 1.045.220 1.045.220 All propert*s held by the charity were valued by the clerk to the trust who is a retired chartered surveyor. The property at 3-5 Sl Ann's Street is lei at a norninal renl to another Charitable organisation for purposes ¢onsislent with this Trusts own obje¢liv85. The histon¢al ¢o$t of the revalued prop8rt18S is £399.92012022.. £399,920). The woodlands cornprise 10.48 hect8re8 of rn8ture woodlan(J ¢ompri5ing part ol Racecourse Plantation, Thorpe Sl Anclrew. Norwich. The valuation is b85ed on the open market V81ue. The histori1 cost of the revalued woodlands is thoughl to be £30,00012022.. £30,0001. Palntings 2023 2022 At valuètlon.. The Trout Stream ai Lamoma by S J Larnorna Birch PaFa501s and related sketche5 by Joseph Southall Harmony of Spring by Vemon Ward Portiail ol a Blonde Girl by A Naray The Morning Caiol by Margaret Tarrant 33 Wilrl Flower water colours by Margaret T8fTanl Millais 'My First Sermon, Two Girls Arrangin9 Roses Golden Youth by T C Gotch 40,000 45,000 6.000 1,600 6.800 65,000 90.000 180,000 750,000 40.000 45,000 6.ODO 1,600 6,800 65,000 90.000 180,000 750.000 1,184,400 1,184.400 The above valuation5 have been provided by Peyton Skipworth Ifine art consultant), London. The historical cost irf the p8Intings £618.02512022.. £618,025) The painting'The Tioul Stioarn, was purchased in 1997, Parasols and related sketches were acquired in 2008, the Meilici paintings were 8cquired In 2008 and the Mtllais pAinling was acquired tn 2009. The painting 'Two Girls Arrangino Roses, was purchased in July 1991. since Ihen it has been on loan to Ihe Castle Iduseum in Norwich. 'Golden Youth. by T.C. Gotch was purchased in 1993 and is now gn loan al the Royal Polytechnic Sociely in Falmouth, Comwall. Llsted investments The listed investments shown above are held at merket V81ue 85 at the 31 March 2023. The historical cost of investments held at the year end is £1,265,12012022.' £1.266,2591. 12
John Gurney's Charitable Trust Notes to the f inancial slatements {oonuntsj Year ended 31 March 2023 Debtors 2023 2022 Prepayments and accrued income 500 42,437 10. Cred1$.. Amounts falling due within one year 2023 2022 Trade creditors Accruals 4.665 7,306 7.311 3.770 11.971 11.081 11. Analy515 of charitable funds Unrestrlcted fund8 At1Apr 2022 G8in5 and losses At 31 Mar 2023 Income Expenditure General funds 7.246,942 164,310 1139.0711 373,847 7,646,028 At1Apr 2021 Gains and losses At 31 Mar 2022 IncomE Expenditure General funds 6,651,487 151,887 1170,5051 614,073 7.246.942 12. Related portSes Trustees, Mrs Prisci118 Ann Meath baker and Mr William John Clovis Meath Bakèr are diiectOTS in W815ingham Estate Managem8nt Limited and Walsingham Estale Tradin9 Limited end directors and shareholders in its parent company The Wa15inghatTr Estste Company. Tha derk lo the trustees. John Sayer Downing, was 5ecret8ry to these companie5 ntil 7 October 2022. 24 Novèrnber 2022 and 12 October 2022 respectively. Durin9 the year. anij the previous y88r, the following Sel¢eS and recharges were provided I paid to W81singham Estate Mana9ernenl Limited 2023 2022 Accountancy services Property rent management charge(7.5) Prtsperty repairs Administration fpes Insurancg, weler 2nd electricity iecharges Professional fees 2,687 1,710 2,311 162 1,372 11,518 1.188 1,494 272 325 1,576 8,176 13