2024-04-05-accounts - The Groveland Charitable Trust

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THE GROVELAND CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2024

The trustees have pleasure in submitting their report and the financial statements of the Groveland Charitable Trust for the year ended 5 April 2024.

Reference & Administrative Details

Groveland Charitable Trust is a registered Charity, No. 289279. The operating address of the charity is: 8 Fairleigh Rise, Kington Langley, Chippenham, Wilts. SN15 5QF

The trustees of the charity during the year were as follows:

H Mercer R D Cooke D J Broome

Responsibility

The responsibilities of the trustees under the Charities Act 2011 are as follows:

a. To prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust’s funds and of the surplus or deficit for that period.

In preparing these financial statements the trustees will:

select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent; and
comply with applicable accounting standards subject to any material departures disclosed and explained in the financial statements.
b. To keep proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust.
c. To safeguard the assets of the Trust and to take reasonable steps for the prevention and detection of fraud and other irregularities.
d. To apply the resources of the Trust with complete fairness to meet their charitable objectives.

Structure, Governance and Management

The Trust is an unincorporated association governed by its Trust Deed and administered by its Trustees. New trustees are appointed from time to time by the vote of the existing trustees.

Objectives and Activities

The Trust is governed by a Trust Deed dated the 12 December 1983 and the objects of the Trust are:

a. The relief of poverty in any part or parts of the world among:
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(i) Aged or infirm ministers of religion who willingly subscribe to the religious tenets of the Gospel Standard Baptists and to the wives, widows and other dependants of such ministers and retired or deceased minister.
(ii) The children of ministers during the time such children are minors and engaged in full time education.
(iii) Any other persons who are wholly or partly dependent upon such ministers and retired or deceased ministers of religion for their maintenance, in particular the granting of pensions or other monetary relief and the provision of accommodation or lodging and financial support and the erection, equipping, staffing and maintaining of housing for any such person or persons.
b. The furtherance of the teachings of the religious tenets set out in the second schedule of the Trust document.
c. The provision of financial or other assistance towards erecting, equipping, maintaining and assisting generally places of worship in which the said religious tenets and principles are followed.

Achievements and Performance

The trustees were only able to make a small number of payments for the financial relief of beneficiaries during the year, and have not used the whole of the income generated during the year. However, they are actively considering further eligible cases of need and also examining the possibility of a wider distribution of benefit which will direct funds to some younger people who qualify under the terms of the Trust. The trustees acknowledge their responsibility to use the available funds for the furtherance of the purposes of the Trust.

How the Trust delivers Public Benefit

The trustees are conversant with the guidance issued by the Charity Commission on public benefit. The trustees continually review the Trust‘s activities and are confident that they will continue to fulfil their responsibilities. There are further opportunities to make benefit available and these will be actively pursued in the current year.

Financial Results

The financial statements set out the excess of expenditure over income for the year ended 5 April 2023, which arose because of investment losses. The trustees consider the state of the Trust’s funds to be satisfactory.

Investments

The Trust’s investments are included in the accounts at market value at the balance sheet date. The change in value over the year is included in the financial statements. The trustees’ powers in investment are by virtue of the Trustees Act 2000.

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The trustees acknowledge their responsibilities to diversify their investments and Barclays Private Bank manages the portfolio that the charity holds. In view of the continuing turbulence in the stock market a considerable amount of funds continues to be invested in short term deposits but the trustees will reconsider the proportion of their funds that they should hold in cash when market conditions stabilise. Security of invested capital is of prime importance and the use of cash deposits helps to achieve this objective.

Risk Management

The trustees have reviewed the risks that the Trust faces and consider that checks are in place to minimise any risks that could seriously affect the charity. All grants are authorised by the trustees and the operating costs are monitored.

Reserves Policy

The trustees continue to review the level of reserves and the small use that has been made of the Trust’s income. They are taking steps to more fully utilise the resources of the Trust and they also have regard to the obligation they have to further the purposes of the Trust for the public benefit. The terms of the Trust Deed place severe constraints upon the trustees but they are actively taking steps to carry out the obligations that they have to distribute the income of the Trust to eligible beneficiaries.

On behalf of the trustees

H Mercer Date: 2024

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GROVELAND CHARITABLE TRUST

I report on the accounts of the Trust for the year ended 5 April 2024 set out on pages 4 to 9.

Respective responsibilities of trustees and independent examiner

The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year (under section 44(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.

It is my responsibility to:

Examine the accounts under section 145 of the 2011 Act;
To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the 2011 Act; and
To state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect –

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

D C S Cooke CHARTERED ACCOUNTANT

David Cooke & Co 5 Briar Close Banbury Oxon OX16 9DS

2024

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THE GROVELAND CHARITABLE TRUST

Notes to the Financial Statements for the year ended 5 April 2024

Note 1 - Accounting Policies

(a) Basis of preparation

The Financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (2015) in accordance with the Financial Reporting Standard 102, subject to the disclosure exemptions permitted for smaller entities, and in accordance with the Charities Act 2011.

(b) Going Concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

(c) Funds structure

The funds of the charity are unrestricted income funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

(d) Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

(e) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust.

The charity is not registered for VAT and irrecoverable VAT is charged against the category of resources expended for which it was incurred.

(f) Charitable activities

Costs of charitable activities consist of the grants made, together with the support costs.

(g) Fixed assets – Investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(h) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).

THE GROVELAND CHARITABLE TRUST

Balance Sheet at 5 April 2024

Notes Fixed Assets Investments 7 & 8 Total Fixed Assets Current Assets Loan 9 Short term deposits 10 Cash at Bank and in hand Total Current Assets Liabilities: Creditors falling due within one year 11 Net Current Assets Net Assets Total Funds	2024 £ £1,509,767
	£1,509,767
	80,000 530,077 157,539
	767,616 3,400
	764,216 £764,216
	£2,273,983
	£2,273,983

These financial statements were approved by the Trustees of the Groveland Charitable Trust on 2024 and signed on their behalf by

H Mercer (Trustee)

2023

£1,344,485

£1,344,485

80,000 517,493 190,483

787,976

2,370

£785,606

£2,130,091

THE GROVELAND CHARITABLE TRUST

Statement of Financial Activities for the year ended 5 April 2024

Notes Incoming Resources: Investment income 4 Realised (losses) on investment assets 6 Total Incoming Resources Resources expended Charitable activities 5 Total resources expended Net incoming resources before other recognised gains Other recognised gains and losses Unrealised gains/(losses) on investment assets 7 Net movement on funds Fund Balance brought forward 6 April 2023 Fund Balance carried forward at 5 April 2024	2024 £ 41,641 -1,080
	£40,561
	26,694
	£26,694
	13,867 130,025
	143,892 £2,130,091
	£2,273,983

2023 £

38,875 -24,003

£14,872

23,040

£23,040

-8,168

-76,949

-85,117

£2,215,208

£2,130,091

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Note 2 - Related party transactions and trustees' remuneration

One Trustee received £875 (2023 - £875) for the supply of office and administration services during the year.

Note 3 - Financial Services

The remuneration payable to the Independent Examiner for examination of the financial statements was £400 (2023 - £400).

Note 4 - Investment Income Bank interest Interest received on short term deposits Dividends	2024 £ 2,176 5,752 33,713
	£41,641

Note 5 – Charitable Activities

Grants made Support costs: Portfolio management fees Office and administration Accountancy fees	11,425 12,744 875 1,650
	£26,694

Grants were made to 17 individuals (2023 – 14). No payments were made to a charity (2023 – 0).

Note 6 - Realised gains on Investment Assets

Valuation of investments realised at 6 April 2023 Cost in year of investments realised Realisation proceeds Realised (losses)/gains	747,612 42,600 789,132
	-£1,080

Note 7 - Unrealised gains on Investment Assets Value of investments held 6 April 2023 Cost of investments made in the year Value of investments realised in the year Value of investments held 5 April 2024 Unrealised gains/(losses) during the year Note 8 - Investments at Cost Portfolio managed by Barclays Private Bank The investments managed by Barclays Private Bank are all in companies which are quoted on the London Stock Exchange. Note 9 - Loan A short term loan was made during the year which is guaranteed and due for repayment shortly. Note 10 - Short Term Deposits Barclays Wealth Barclays Bank Plc Note 11 - Sundry Creditors Accrued expenses	2024 £ 1,344,485 825,469 -790,212
	1,379,742 1,509,767
	£130,025
	£1,336,479
	£80,000 27,243 502,834
	£530,077
	£3,400

2023 £

555 1,035 37,285

£38,875

8,300 12,370 875 1,495

£23,040

158,045 75,651 209,693 -£24,003

2023 £ 1,428,108 227,022 -233,696

1,421,434 1,344,485

-£76,949

£1,208,846

£80,000

42,612 474,881

£517,493

£2,370

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GROVELAND CHARITABLE TRUST

I report on the accounts of the Trust for the year ended 5 April 2024 set out on pages 4 to 9.

Respective responsibilities of trustees and independent examiner

It is my responsibility to:

Examine the accounts under section 145 of the 2011 Act;
To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the 2011 Act; and
To state whether particular matters have come to my attention.

Basis of independent examiner's report

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect –

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

D C S Cooke CHARTERED ACCOUNTANT

David Cooke & Co 5 Briar Close Banbury Oxon OX16 9DS

2024