CHARITY REGISTRATION NUMBER: 292633
The Ranworth Trust 1985
Financial statements
For the year ended 5 April 2024
The Ranworth Trust 1985
Financial statements
Year ended 5 April 2024
| Pages | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent auditor's report to the trustees | 5 to 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 to 18 |
The Ranworth Trust 1985
Trustees' annual report
Year ended 5 April 2024
The trustees present their report and the financial statements of the charity for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
Registered charity name The Ranworth Trust 1985 Charity registration number 292633 Principal office Reedside Farm Lane Ranworth Norwich NR13 6HY
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mr M Cator Mrs J Cator The Hon I Cator Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Lloyds TSB Bank Plc 44 Market Place Great Yarmouth Norfolk
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The Ranworth Trust 1985
Trustees' annual report (continued)
Year ended 5 April 2024
Objectives and activities
Objectives
The Trustees shall hold the capital and the income of the trust fund upon trust to apply income, and as far as may be necessary, the capital for or towards such charitable purpose and to make grants or donations to such charitable bodies or institutions at such times and in such manner as the Trustees may, in their absolute discretion, think fit.
Grant making policy
The Trustees normally only make grants or loans to other registered charities; they have never considered applications made directly by individuals for personal assistance whatever the charitable purpose. The scope of their giving is determined only by the extent of their resources; it is not restricted either geographically or by the type of activity carried on by respective beneficiaries or applicants.
In 2010 the Trustees agreed to donate £350,000 into a fund known as 'The Ranworth Grassroots Fund' controlled by the Norfolk Community Foundation, this attracted matched government funding of £175,000 based upon £1 for every £2 transferred. The aim of the fund is to support a wide range of charitable, voluntary and community activities across Norfolk. This fund can be terminated in the event of the occurrence of prescribed events. In this event all money in the revenue fund and endowment fund shall be be returned to the Charity.
Public Benefit
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the Charity should undertake.
Achievements and performance
Review of activities
Investment income increased from £125,892 in 2023 to £145,245 in 2024. Donations and legacies in 2024 amounted to £876,463. Grants made decreased to £182,475 against £364,575 in 2023. There were realised investment losses of £42,582 and unrealised gains of £352,178 (2023: realised investment gains of £10,909 and unrealised losses of £176,549). Net income for the year amounted to £1,061,508 (2023: Net expenditure of £398,550).
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The Ranworth Trust 1985
Trustees' annual report (continued)
Year ended 5 April 2024
Financial review
The Trustees are satisfied with the financial position of the Charity and confirm they have adequate assets available to fulfil their obligations.
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All cash is held on interest bearing bank accounts.
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The accounts comply with current statutory requirements.
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Investments have been acquired in accordance with the powers contained in the Deed.
Investment objectives
The Trustees intend that the value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash.
The investment portfolio is managed by Barratt & Cooke who act on an advisory basis. The largest factor outside the direct control of the Trust is the long term management of the investment portfolio.
The Trustees regularly review the arrangement under which Barratt & Cooke act and review the suitability of the investments and the need for diversification.
The Trustees consider the performance of the portfolio over the year to be satisfactory and in line with their expectations.
Principal funding sources
The Trust is principally funded by dividend income from its portfolio of investments. During the year ended 5 April 2024 a legacy of £876,463 was received.
Reserves
The Trustees have a balanced investment policy and therefore only distribute income on an annual basis and retain capital for the maintenance and growth of funds.
There were free reserves of £8,984 as at 5 April 2024 (2023: no free reserves, net current liabilities £74,436). Investment funds totalled £6,511,327 as at 5 April 2024 (2023: £5,457,664) giving total funds of £6,520,311 (2023: £5,383,228).
Plans for future periods
No future changes to the Trust's aims or activities are anticipated.
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The Ranworth Trust 1985
Trustees' annual report (continued)
Year ended 5 April 2024
Structure, governance and management
The Charity was created by Deed on 23 July 1985 and is established as a grant making trust.
Trustees
The power of appointing new Trustees is vested with the settler.
Organisation and decision-making structure
The Trustees meet four times a year to review policy structure, monitor existing grant giving and donations, review new charity applications and review the investment portfolio.
Risk management
The Trustees have considered whether there are any major risks and confirm that appropriate action will be taken if such risks are identified and to mitigate such risks. The Trustees confirm that they will keep the adequacy of the system in place under review.
True and fair override
The accounts (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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Fundraising standards information
The charity does not carry out any fundraising activities.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' annual report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that 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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.
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The Ranworth Trust 1985
Trustees' annual report (continued)
Year ended 5 April 2024
The trustees' annual report was approved on 20 January 2025 and signed on behalf of the board of trustees by:
Mr M Cator Mrs J Cator Trustee Trustee
The Hon. Mrs I Cator Trustee
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The Ranworth Trust 1985
Independent auditor's report to the trustees of The Ranworth Trust 1985
Year ended 5 April 2024
Opinion
We have audited the financial statements of The Ranworth Trust 1985 (the 'charity') for the year ended 5 April 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditor 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 UK, including the FRC’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 trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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.
We have nothing to report in this regard.
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The Ranworth Trust 1985
Independent auditor's report to the trustees of The Ranworth Trust 1985
(continued)
Year ended 5 April 2024
Other matter
Comparative information in the financial statements is derived from the charity's prior period financial statements which were not audited.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement (set out on page 4), the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Auditor's 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 auditor’s 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:
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Enquiry of management and those charged with governance to confirm there are no instances of fraud or non-compliance with laws and regulations;
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Reviewing journal entries to ensure they are appropriate and do not indicate management override;
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Review of key accounting estimates, to ensure reasonable and no signs of management bias;
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Review of disclosures within the financial statements and vouching these to supporting documentation to ensure compliance with applicable laws and regulations.
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The Ranworth Trust 1985
Independent auditor's report to the trustees of The Ranworth Trust 1985 (continued)
Year ended 5 April 2024
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 is available on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor's 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
29 January 2025
Lovewell Blake LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
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The Ranworth Trust 1985
Statement of financial activities
Year ended 5 April 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 876,463 | 876,463 | 10,000 |
| Investment income | 5 | 145,245 | 145,245 | 125,892 |
| --------------------------------------- | --------------------------------------- | ------------------------------- | ||
| Total income | 1,021,708 | 1,021,708 | 135,892 | |
| ======================================= | ======================================= | =============================== | ||
| Expenditure | ||||
| Charitable activities | 6 | (194,221) | (194,221) | (368,802) |
| --------------------------------------- | --------------------------------------- | ------------------------------- | ||
| Total expenditure | (194,221) | (194,221) | (368,802) | |
| ======================================= | ======================================= | =============================== | ||
| Net income/(expenditure) and net movements in funds | ||||
| before gains and losses on investments | 827,487 | 827,487 | (232,910) | |
| Net gains/(losses) on investments | 8 | 309,596 | 309,596 | (165,640) |
| Net income/(expenditure) before transfer of funds | 1,137,083 | 1,137,083 | (398,550) | |
| Other recognised gains and losses | ||||
| --------------------------------------- | --------------------------------------- | ------------------------------- | ||
| Net movement in funds | 1,137,083 | 1,137,083 | (398,550) | |
| Reconciliation of funds | ||||
| Total funds brought forward | 5,383,228 | 5,383,228 | 5,781,778 | |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total funds carried forward | 6,520,311 | 6,520,311 | 5,383,228 | |
| ======================================= | ======================================= | ======================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 12 to 19 form part of these financial statements.
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The Ranworth Trust 1985
Balance sheet
5 April 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 13 | 6,511,327 | 5,457,664 | ||
| Current assets | |||||
| Debtors | 14 | 75,000 | – | ||
| Cash at bank and in hand | 59,484 | 53,370 | |||
| ------------------------------- | -------------------------- | ||||
| 134,484 | 53,370 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 15 | 125,500 | 127,806 | ||
| ------------------------------- | ------------------------------- | ||||
| Net current assets | 8,984 | (74,436) | |||
| --------------------------------------- | --------------------------------------- | ||||
| Total assets less current liabilities | 6,520,311 | 5,383,228 | |||
| --------------------------------------- | --------------------------------------- | ||||
| Net assets | 6,520,311 | 5,383,228 | |||
| ======================================= | ======================================= | ||||
| Funds of the charity | |||||
| Unrestricted funds | 6,520,311 | 5,383,228 | |||
| --------------------------------------- | --------------------------------------- | ||||
| Total charity funds | 16 | 6,520,311 ======================================= |
5,383,228 ======================================= |
These financial statements were approved by the board of trustees and authorised for issue on 20 January 2025 and are signed on behalf of the board by:
Mr M Cator Trustee The Hon. Mrs I Cator Trustee
Mrs J Cator Trustee
The notes on pages 12 to 19 form part of these financial statements.
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The Ranworth Trust 1985
Statement of cash flows
Year ended 5 April 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 1,137,083 | (398,550) |
| Adjustments for: | ||
| Net gains/(losses) on investments | (309,596) | 165,640 |
| Other interest receivable and similar income | (145,245) | (125,892) |
| Accrued income | (67,806) | (2,592) |
| Changes in: | ||
| Trade and other creditors | (9,500) | 119,500 |
| --------------------------------------- | ------------------------------- | |
| Cash generated from operations | 604,936 | (241,894) |
| Interest received | 145,245 | 125,892 |
| ------------------------------- | ------------------------------- | |
| Net cash from/(used in) operating activities | 750,181 | (116,002) |
| =============================== | =============================== | |
| Cash flows from investing activities | ||
| Purchases of other investments | (2,279,323) | (708,303) |
| Proceeds from sale of other investments | 1,535,256 | 824,064 |
| --------------------------------------- | ------------------------------- | |
| Net cash (used in)/from investing activities | (744,067) | 115,761 |
| ======================================= | =============================== | |
| Net increase/(decrease) in cash and cash equivalents | 6,114 | (241) |
| Cash and cash equivalents at beginning of year | 53,370 | 53,611 |
| -------------------------- | -------------------------- | |
| Cash and cash equivalents at end of year | 59,484 | 53,370 |
| ========================== | ========================== |
The notes on pages 12 to 19 form part of these financial statements.
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The Ranworth Trust 1985
Notes to the financial statements
Year ended 5 April 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Reedside, Farm Lane, Ranworth, Norwich, NR13 6HY.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
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 the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain items measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
(b) Going concern
There are no material uncertainties about the charity's ability to continue.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
(d) Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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Legacies are included in the Statement of Financial Activities when the Trust becomes aware of its entitlement to the gift, when receipt is assessed to be probably and when the amount can be estimated with sufficient accuracy.
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Investment income is included when receivable.
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The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
3. Accounting policies (continued)
(e) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
(g) Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
(h) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(i) Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | – | – | 10,000 | 10,000 |
| Legacies | ||||
| Legacies | 876,463 | 876,463 | – | – |
| ------------------------------- | ------------------------------- | -------------------------- | -------------------------- | |
| 876,463 | 876,463 | 10,000 | 10,000 | |
| =============================== | =============================== | ========================== | ========================== |
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The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Deposit interest received | 1,756 | 1,756 | 180 | 180 |
| Income from quoted securities | 143,489 | 143,489 | 125,712 | 125,712 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 145,245 | 145,245 | 125,892 | 125,892 | |
| =============================== | =============================== | =============================== | =============================== |
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The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
6. Expenditure on charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Grants paid | 182,475 | 182,475 | 364,575 | 364,575 |
| Bank charges | 1,246 | 1,246 | 921 | 921 |
| Governance costs | 10,500 | 10,500 | 3,306 | 3,306 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 194,221 | 194,221 | 368,802 | 368,802 | |
| =============================== | =============================== | =============================== | =============================== | |
| Analysis of Grants: | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Education | ||||
| Benedetti Foundation | 2,000 | – | ||
| Eastwood Wheipton/Acle Academy | 1,100 | – | ||
| Fairhaven Pre-School | 4,000 | 4,000 | ||
| Fairhaven C.E. V.A. Primary School - | ||||
| South Walsham | 10,000 | 10,000 | ||
| Wensum Trust | – | 1,375 | ||
| -------------------------- | -------------------------- | |||
| 17,100 | 15,375 | |||
| Health and Medical | ||||
| Alzheimer's Research Trust | 10,000 | 10,000 | ||
| Anthony Nolan | 5,000 | 5,000 | ||
| Cambridge Children's Hospital | – | 100,000 | ||
| Cancer Research UK | 10,000 | 10,000 | ||
| Macular Society | 5,000 | 5,000 | ||
| Marie Curie Cancer Care | – | 5,000 | ||
| MND Association | – | 15,000 | ||
| Muscular Dystrophy Association | (20,000) | – | ||
| -------------------------- | ------------------------------- | |||
| 10,000 | 150,000 | |||
| Environment | ||||
| Norfolk Wildlife Trust | 5,000 | 10,350 | ||
| Save The Rhino | 1,000 | 1,000 | ||
| ---------------------- | -------------------------- | |||
| 6,000 | 11,350 | |||
| Developing Countries | ||||
| Medicine Sans Frontiers | 10,000 | 10,000 | ||
| Practical Action | 10,000 | 10,000 | ||
| SightSavers | 10,000 | 10,000 | ||
| Water Aid | 10,000 | 10,000 | ||
| -------------------------- | -------------------------- | |||
| 40,000 | 40,000 | |||
| Social and Welfare | ||||
| BREAK | 5,000 | 5,000 | ||
| Canine Partners for Independence | 1,000 | 1,000 | ||
| East Anglian Air Ambulance | 5,000 | 5,000 | ||
| East Anglia's Children's Hospices | 5,000 | 5,000 | ||
| Ellen MacArthur Cancer Trust | 5,000 | 5,000 | ||
| Excelsior Trust | 7,500 | 7,500 |
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The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
| Great Yarmouth Community Fund | 30,000 | – | ||
|---|---|---|---|---|
| Hearing Dogs for Deaf People | 1,000 | 1,000 | ||
| Hope and Homes for Children | – | 5,000 | ||
| Identity Youth Project | 3,500 | 3,500 | ||
| Magic Acorns CIC | – | 5,000 | ||
| Mancroft Advice Project | 10,000 | 10,000 | ||
| Matthew Project | (2,500) | 2,500 | ||
| Norfolk Boat Trust | 5,000 | – | ||
| Norfolk Community Foundation | – | 20,000 | ||
| Norfolk Heritage Fleet | 1,675 | – | ||
| Norfolk Samaritans | – | 50,000 | ||
| Ormiston Families | 6,000 | 6,000 | ||
| Ranworth Village Hall | 1,200 | – | ||
| St Mary Magdalene PCC | 3,500 | 3,500 | ||
| Willow Tree | 5,000 | – | ||
| Worfolk Boat Trust | – | 2,000 | ||
| -------------------------- | ------------------------------- | |||
| 92,875 | 137,000 | |||
| Arts | ||||
| East Anglian Arts Foundation | 1,500 | 1,000 | ||
| Eastern Ear | – | 3,350 | ||
| Norfolk County Music Festival | 15,000 | – | ||
| Original Projects | – | 6,500 | ||
| -------------------------- | -------------------------- | |||
| 16,500 | 10,850 | |||
| ------------------------------- | ------------------------------- | |||
| Total grants | 182,475 | 364,575 | ||
| =============================== | =============================== | |||
| Analysis of governance costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Auditors' remuneration | 10,500 | 10,500 | – | – |
| Accountancy fees - current year | – | – | 3,306 | 3,306 |
| -------------------------- | -------------------------- | ---------------------- | ---------------------- | |
| 10,500 | 10,500 | 3,306 | 3,306 | |
| ========================== | ========================== | ====================== | ====================== | |
| Net gains/(losses) on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gains/(losses) on listed investments | 309,596 | 309,596 | (165,640) | (165,640) |
| =============================== | =============================== | =============================== | =============================== | |
| Auditors remuneration | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Fees payable for the audit of the financial | statements | 10,500 ========================== |
– ============= |
7. Analysis of governance costs
8. Net gains/(losses) on investments
9. Auditors remuneration
- 16 -
The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
10. Independent examination fees
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | – ============= |
3,306 ====================== |
11. Staff costs
No salaries or wages have been paid to employees during either the current or previous year.
12. Trustee remuneration and expenses
No Trustee received either remuneration or expenses during the current or previous year.
13. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2023 | 5,457,664 |
| Additions | 2,279,323 |
| Disposals | (1,535,256) |
| Net gains/losses | 309,596 |
| --------------------------------------- | |
| At 5 April 2024 | 6,511,327 |
| ======================================= | |
| Impairment | |
| At 6 April 2023 and 5 April 2024 | |
| Carrying amount | |
| At 5 April 2024 | 6,511,327 |
| ======================================= | |
| At 5 April 2023 | 5,457,664 |
| ======================================= |
All investments shown above are held at valuation.
Financial assets held at fair value
The fair value of listed securities is determined by reference to the quoted price for these assets in an active market at the balance sheet date.
Investments comprise the following:
| Investments comprise the following: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Listed securities | 6,484,812 | 5,375,167 |
| Cash held for re-investment | 26,515 | 82,497 |
| --------------------------------------- | --------------------------------------- | |
| 6,511,327 | 5,457,664 | |
| ======================================= | ======================================= |
No investments in individual entities held at 5 April 2024 were over 5% of the portfolio value.
- 17 -
The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
14. Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 75,000 | – | |
| ========================== | ============= | ||
| 15. | Creditors: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals and deferred income | 10,500 | 3,306 | |
| Other creditors | 115,000 | 124,500 | |
| ------------------------------- | ------------------------------- | ||
| 125,500 | 127,806 | ||
| =============================== | =============================== |
16. Analysis of charitable funds
Unrestricted funds
| At | Gains and | At | ||||
|---|---|---|---|---|---|---|
| 6 Apr 2023 | Income | Expenditure | Transfers | losses | 5 Apr 2024 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | (55,382) | 1,021,708 | (194,221) | (743,626) | – | 28,479 |
| Capital account | 5,438,610 | – | – | 743,626 | 309,596 | 6,491,832 |
| --------------------------------------- | --------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 5,383,228 | 1,021,708 | (194,221) | – | 309,596 | 6,520,311 | |
| ======================================= | ======================================= | =============================== | =============================== | =============================== | ======================================= | |
| At | Gains and | At | ||||
| 6 Apr 2022 | Income | Expenditure | Transfers | losses | 5 Apr 2023 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 60,653 | 135,892 | (368,802) | 116,875 | – | (55,382) |
| Capital account | 5,721,125 | – | – | (116,875) | (165,640) | 5,438,610 |
| --------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 5,781,778 | 135,892 | (368,802) | – | (165,640) | 5,383,228 | |
| ======================================= | =============================== | =============================== | =============================== | =============================== | ======================================= |
The transfer between funds is required to bring the closing capital account balance into line with the balance held in investment funds.
- 18 -
The Ranworth Trust 1985
Notes to the financial statements (continued)
Year ended 5 April 2024
17. Analysis of net assets between funds
Year ended 5 April 2024
| Net current | Total Funds | ||
|---|---|---|---|
| Investments | assets | 2024 | |
| £ | £ | £ | |
| Unrestricted Income Funds: | |||
| General funds | 19,495 | 8,984 | 28,479 |
| Capital account | 6,491,832 | – | 6,491,832 |
| --------------------------------------- | ---------------------- | --------------------------------------- | |
| Total funds | 6,511,327 | 8,984 | 6,520,311 |
| ======================================= | ====================== | ======================================= | |
| Year ended 5 April 2023 | |||
| Net current | Total Funds | ||
| Investments | assets | 2023 | |
| £ | £ | £ | |
| Unrestricted Income Funds: | |||
| General funds | 19,054 | (74,436) | (55,382) |
| Capital account | 5,438,610 | – | 5,438,610 |
| --------------------------------------- | -------------------------- | --------------------------------------- | |
| Total funds | 5,457,664 | (74,436) | 5,383,228 |
| ======================================= | ========================== | ======================================= |
18. Financial instruments
The carrying amount for each category of financial instrument is as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value through income and expenditure | ||
| Fixed asset listed investments (note 12) | 6,511,327 | 5,457,664 |
| ======================================= | ======================================= |
19. Analysis of changes in net debt
| At | 6 | Apr 2023 | Cash flows | At | 5 Apr 2024 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | ||||
| Cash at bank and in hand | 53,370 | 6,114 | 59,484 | |||
| ========================== | ====================== | ========================== |
20. Related parties
During the year a legacy of £876,463 was received from the late Jacquetta Cator, who was a close family member of the Trustees.
- 19 -