Company Registration Number 2178410 Re8iStered Charity Number 297985 T[ STEA T E Dvt4TIoM CRIATIVITY Mangreen Trust Report of the Trustees and Unaudited Financial Statements for the year ended 31st December 2023 Page l of 17
Company Registration NuMr 02178410 Registered Charity 297985 MANGREEN TRUST Contents Page For the year ended 31 December 2023 Trust Reference and Administrative Details Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10-11 Notes to the Financial Statements 12-16 Detailed Income Statement 17 Page 2 of 17
Company Registration Number02178410 Re8lStered Charity 297985 MANGREEN TRUST Reference and Administrative Details For the year ended 31 December 2023 TRUSTEES and DIRECTORS MrsAngela Mary Sellen5 Drake Mrs Susan Ann Eagle Mrs Sarah Caroline Coleman Mr Timothy Eagle Mrs Patricia Holton REGISTERED COMPANY NUMBER REGISTERED CHARITY NUMBER 02178410 297985 REGisfERED OFFICE Mangreen Hall North Swardeston Norwich Norfolk NR14 8DD Independent Examiner Alan Evans. Aegel Finance Meadow House Aylsham Norwich NRII 6DA Page 3 of 17
Company Re8i5tration Number 02178410 Registered Charity 297985 MANGREEN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The charity is controlled by its governin8 document, a deed of trust. and constttutes a limited company. limited by guarantee. as defined by the Companies Act 2006. The Trustees, who are also directors of Mangreen Trust for the purposes of the Companies Att 2006, present their annual report and financial statements for the year ended 31st December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charitie5 '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 IFRS 1021. Objectives and Activities Principal activities The principal activity of the company during the financial year was the promotion of healing and 8ood health. This year has been very challenging in a lot of ways not just financially with the spiralling costs and the tlghtening budgets for families we have seen a drop in revenues along with other charities, but our help is as ever in demand. We continue to help the local communities 35 well as school children in Malawi through the Dedz3 School Links charity. Our Dementia work continues with coffee mornings at Mangreen for the carers as well as those that have Dementia. One of ourtrustees continues to hold Zoom group meetings. We have been holding space for Yoga and wellbeing retreats through our partner which have had a good take up. Again this year has seen families get together sadly on occasions to celebrate the life of a loved one. l am pleased to say Mangreen Trust has been able to help with this. Our work with the local Spiritual Mangreen community has continued with monthly meetings and coffee mornings. In these trying times we offer free Fruit and Veg to those that need it. distributed through our honesty farm shop. Our continues swimming pool has become. through word of mouth, a good place for disabled adults and families with disabled children to come to relax. It IS good to see families spending quality time together. One of the reasons for this is that we have a disabled hoist and steps that walk gradually down into the pool area. With our partnership with the Green Room Therapy, working with the NHS to provide spiritual based well being and mental health classes. We continue to work with 'Keepin8 Page 4 of 17
Company Registration Number 02178410 Registered Charity 297985 Abreast,, also in partnership with the Green Room Therapy. 'Keeping Abreast, is a breast cancer charity that provides positive experiences for those with breast cancer. WÈ provide site-ba5ed therapy. We are happy to provlde space for The Universty of East Anglia for mentorin8 Students to become counsellors in the future. Mangreen Trust has seen a big increase in costs which we are trying to take on board. The Trustees are confident that the Trust will be able to weather this turbulence in the world. The Mangreen Trust Slte. Orchard Rooms & Sanctuary Users in 2023. Norfolk Moth Survey group. An8ela Sellens-Drake-Reflexology and Complementary Health workshopslclinics. Dedza School Links Charity The Green Room Therapy NHS senior management team NHS critical care Management team Blend project Keeping Abreast Relate Norfolk and Suffolk. Training. Norfolk County Council Children's. Services. Training days including Sensory Support 8roup, disabled children, and other strategy groups. Private celebrations for local people Values Training Services. NCC Adoption and family findin8 unit. Various Celebrations of Life. ttle Stars"baby swimming start of life- Mancroft Advice Project IMAP). Norfolk and Norwich Scope Association/NANSA. Simon Delph . Leading to change group. Childways massage training. The Mankind Project. Norfolk Carers Support. NCC . SEND and ANDP groups. NCC '. Norfolk Youth Offending Team. Mancraft Group, Men's help and Support group University of East Angela, counsellor trainin8 Mangreen Trust workshops Plans for the Future The Trust, and its subsidiary Mangreen Country House Retreats Ltd are currently facing difficult trading conditions. This is considered to be caused in part by increased food. staIng Page 5 of17
Company Registration Number 02178410 Registered Charity 297985 and energy costs. The cost of living crisis has also resulted in its clients experiencing reductions in disposable incomes thereby reducing discretionary expenditure. Trustees are currently considering the future options for the Trust. Financial Review Mangreen Trust operates the swimming facility and the conference facilities which are hired to appropriate local organisations. The Country House Retreat is operated by a separate company Mangreen Country House Retreats Ltd which is a wholly owned subsidiary of the Trust. The Trustees have recognised the need for greater clarity in the presentation of the intercompany loan from the parent company Man8reen Trust to its wholly owned subsidiary Mangreen Country House Retreat5 Ltd. This is reflected in the restated balance sheet and supporting Note to the Accounts. The intercompany loan is separate from the other intercompany transactions representin8 the everyday operations of the differing activities. The conference facilities have been used extensively by a range of local organisations such as educational institutions, local authorities and health services. Income from the swimming pool declined towards the end of the year and the decision has been taken to invest in improving the facility which is considered a key part of the Trust's objectives. Costs have increased in 2023, driven particularly by higher ener8y Costs for the hotel and swimming pool Iboth of which are hi8h energy consumers). Payroll costs have also increased. Overall the Trust achieved a small operational profrt of £2k. but an overall loss of £17lk after allowing for depreciation. The Country House showed a loss of £122)k lincludin8 depreciation of £16lk). The consolidated position for the Trust and its subsidiary is a loss of £1291k. Going Concern As mentioned earlier, Trustees are concerned about the trading position. It is therefore considering whether there are more effective ways of achieving Its charitable objectives. Thus the Financial Statements continue to be prepared on the going concern basis. The Trust continues to support its wholly owned subsidiary Mangreen Country House Retreats Ltd by means of an interest free loan to cover the cost of renovations and by the payment of certain costs which are subsequently recharged to the Country House. This report was approved b 8oard on the 20June 2024 and is signed on its behalf by. Mrs Susan Ann Eagle Trustee Page 6 of17
Company Registration Number 02178410 Re8iStered Charity 297985 MANGREEN TRUST Independent Examinerfs Report to the Trustees of Mangreen Trust {'the Company) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31" December 2023. Responsibilities and basis of report As the chariws trustees land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Att 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Art and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 20111'the 2011 Act'l. In carryin8 Out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Art; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of Settion 396 of the 21)06 Act 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- or 4. the accounts have not been prepared in accordance with the methods and principles ofthe Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. As mentioned in the Trustees Report, Trustees are currently reviewing the strategic direction of the Trust and its wholly owned subsidiary Mangreen Country House Retreats Ltd. The review will consider the options available to the Trust to ensure that it best meets its charitable objectives. Page 7 of 17
Company Registration Number 02178410 Re8lStered Charity 297985 Independent Examinerfs Report to the Trustees of Mangreen Trust {'the Company) continued The Financial Statements have been prepared on a going concern basis. Alan Evans FCA M Sc MBA 20 June 2024 Aegel Finance Meadow House Aylsham, Norfolk NRII 6DA Page 8 of17
Company Registration Nurnber 02178410 Registered Charity 297985 MANGREEN TRUST Statement of Financial Activities For the year ended 31 December2023 2023 2022 restated ToLIl Funds Unrestrirted Fund Restricted Total Funds Fund Notes Donations and Bequests Activities to further the charitys objectives Earnings from services supplied Membership Fees Other incoming resources Total Incoming Resource5 124 124 35 40,105 40,105 36.961 27.025 394 67,fv18 27,025 394 67.648 36.647 336 73,979 Resources expended Charitable expenditure Cost of activities in furtherance of charitvs objectives Management and administration of the charity Total Outgoing Resources 11,7831 11,7831 15001 {63,670) {9.2761 172,946) 161,6241 165.4531 {9,276} 174729} 162,1241 Surplus / ILoss) for the Year 2,195 19,2761 17,0811 11.855 Total Funds brought forward Balance sheet adjuttment Total Funds carried forward Irestatedl 79.276 1,069.555 1.148,831 1,249,289 122,1341 122,1341 1112,3131 59.337 1,060.279 1.119,616 1.148,831 io Pa8e 9 of17
Company Registration Number 02178410 Registered Charity 297985 MANGREEN TRUST Balance Sheet For the year ended 31 December2023 2023 2022 Total Funds Restated Vnrestrirted Restrirted Fund Fund Notes Total Funds Fixed Assets Tangible Fixed Assets Long term loan to subsidiary Intercompany operating balance Current Asset5 Stock Debtors Cash at Bank and in hand Total current assets Creditors: Amounts falling due within one year Net current assets / liabilities Total assets less current Ilablllties 1.060.279 1.060,279 1.069,555 44,O¢JO 64.000 800 3.394 16.643 20,037 3,394 16,643 20.037 18,651 19,451 147(X)) I4,7) {4,1751 15,337 15,337 15.276 59,337 1,060.279 1.119,616 1,148,831 NET ASSErs 59.337 1.060,279 1,119.616 1.148,831 Capital and reserves Unrestricted Funds Restrirted Funds Restricted Fund - Revaluation Reserve TOTAL FUNDS 59,337 60,279 79,276 69,555 i.Cm)0,L 1.000,000 io 1,119.616 1,148,831 Page 10 of 17
Company Re8iStraiion Number 02178410 Re8lStered Charity 297985 MANGREEN TRUST Balance Sheet (continued) For the year ended 31 December2023 Mangreen Trust is a charity and a pr+vate company. limited by shares. The charrtable company is entitled to exemption from audit under Section 477 of the Companies Act 2CKI6 for the year ended 31" December 2023. The Members have not required the company to obtain an audit of its financial statements for the year ended 31" March 2023 in accordance with section 476 of the Companies Act The Trustees acknowled8e their responsibilities for l. ensuring that the charitsble company keep5 accounting records that comply with sections 386 and 387 of the Companies Att 2L 2. preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial yeaf and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 ènd 395 and which otherwise comply with the requirements of the Companies Act 2006 relatin8 to finanoal statements. so far as applicable to the charitable companv These financial statements have been prepared in accordance with the provisions applicable to charitable companie5 subfrect to the small companies regime. The Financial Statements were approved by the Board of Trustees and authorised for issue on 20 June 2024 and were sien on its behalf b¥: Mrs Susan Ann Ea8le Trustee Page 11 of 17
Company Registration Number 02178410 Registered Charity 297985 MANGREEN TRUST Notes to the Financial Statements For the year ended 31 December2023 Accounting Policies Basis of preparation of the financial statements The Financial Statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 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 1021 and the Companies Act 2006. The Financial statements have been prepared under the historic cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting poliaes. Income Income is reco8nised in the Statement of Financial Artivities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or contractual obligation committing the charity to that expenditure. Tangible fixed assets Tangible fixed assets. other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates, calculated to write off the cost or valuation of fixed assets, less their estimated residual value. over their expected useful lives on the followin8 basis- Freehold Buildings 8uilding Improvements Plant and office equipment House contents GMLC and Candle Chapel New Orchard Room 15% reducing balance 15% reducing balance 15% reducing balance 15% reducing balance 7.5% reducing balance Page 12 of 17
Company Registration Number 02178410 Registered Charity 297985 MANGREEN TRUST Notes to the Financial Statements (continued) For the year ended 31 December2023 Fixed A55et investments In February 2014, Messrs Irelands (chartered surveyors and valuers} prepared an informal valuation ofthe current marketvalue ofthefreehold propertywhich was donated tothe Trust in 1987, at no cost, on formation of the Trust. under deeds of Gift together with subsequent building Costs of the Global Meditation Light Centre and the rebuilt Orchard Room. In their opinion the market value was £l,OCrf).CKJO for the building and the grounds. The Trustees consider the valuation 8iven by Messrs Irelands of £l,OLKI,¢xM) to be a fair value. Taxation The charity is exempt from corporation tax on its charitable activitie5. Fund accounting Unrestritted funds can be used in accordance with the charitable obiertives at the discretion of the Trustees. Restricted funds can only be used for particular purposes Wtthin the objects of the charity, as specified by the donor or when raised for a particular purpose. Operatlng profit l (loss) 2023 2022 The operating profit / Ilossl is stated after char8ing: Depreciation of tangible fixed assets 9.276 6,219 3 Employees The average number of employees during the year was 112022 11 No employee received emoluments in excess of £60,IyJo The remuneration paid to a Dirertor during the year was £30,000 {2022: £22.5001 4 Trustees There were no Trustees. remuneration paid for the year ended 31" December 2023 or for the year ended 31" December 2022. There were no Trustees, expenses paid for the year ended 31st December 2023 or for the year ended 31" December 2022. 5 Finandal Commitments Capital Commitments at 31 December 2023 were nil. Page 13 of 17
Company Re8lStration Number 02178410 Registered Charity 297985 MANGREEN TRUST Notes to the Financial Statements (continued) For the year ended 31 December2023 6 Tangible fixed assets Freehold Property Mangreen Hall - Land and Buildings as acquired on formation of the Trust at no cost Valuation as at 31 December 2022 £k 1,000.000 New office Plant, House Flxtures and Office and Contents Grounds Shop Equipment GMLC and Candle Chapel New Orchard Room TOTAL Cost or valuation As at l January 2023 Additions in year Disposals in year As at 31 December 2023 164.545 12,904 13,SSX) 21,878 117.617 330,534 164.545 12.904 13.59) 21.878 117.617 330,534 Depreriatlon As at l January 2023 125.571 12,159 13.590 19.795 89,864 260,979 Charge for the year As at 31 December 2023 Net book values Closing balance as at 31 December 2023 5.846 131.417 112 312 3,(X)6 9,276 92,870 270,255 12.271 13,590 20,107 33,128 633 1,771 24,747 60.279 Closing balance as at 31 December 2022 38,974 745 2.083 27,753 69,555 Page 14 of 17
Company Registration Number 02178410 Registered Charity 297985 MANGREEN TRUST Notes to the Financial Statements (continued) For the year ended 31 December2023 Debtors." amounts falllng due within one year 2023 2022 Trade Debtors Prepayments and Accrued Intome 3,147 247 3,394 Creditors: amounts fallin8 due wlthin one year 2023 2022 Restated Trade Creditors and Accruals Amounts owed to parent company PAYE and other payroll taxes Wages and Salaries 580 700 3,595 4.700 4,175 Long Term Debtor In 2019, the parent company Mangreen Trust provided Mangreen Country House Retreats Ltd with an interest free loan of £84k to finance the refurbishment of the Country House. In return forthis, Mangreen Trust Country House Retreats Ltd undertook the maintenance and management of the site. Since 2019, £40k of the loan has been repaid. Debtor: amounts falling due after one year 2023 2022 Restated Amounts owed to parent company Page 15 of 17
Company Registration Number 02178410 Registered Charity 297985 MANGREEN TRUST Notes to the Financial Statements (continued) For the year ended 31 December2023 io Profit and Loss Account- restated 2023 2022 Restated Balance at the start of the year Profit / Loss for the year Intercompany adjustment refletting Mangreen Hotel costs paid by the Trust but recharged 1,148,831 1,249.289 17,0811 11,855 (22,1341 1112,3131 Balance at the end of the year 1.119,616 1,148,831 li Employment Costs The average number of staff employed and financed by the Trust during the year to 31" December 2023 was I full time12022= 1 full timel. Other employment costs were recharged as appropriate. 2023 2022 Employment Costs: Wages and Salaries, National Insurance, Trust pension costs Total Employment Costs 32,669 35.025 32,669 35.025 12 Commitments Commitments to longterm leases as at 31" December 2023 were nil12022- nil) li Ultimate Owner and Related Party transartions Mangreen Country House Retreats Ltd is a wholly owned subsidiary of Mangreen Trust, a charity registered in England. Registered Charity 297985. Mangreen Trust has on occ35ions paid expenses on behalf of its wholly owned subsidiary Mangreen Country House Retreats Ltd, these expenses are included in the Income Statement of Mangreen Country House Retreats Ltd.. Pège 16 of 17
Company Registration Number 02178410 RegiSted Charity 297985 MANGREEN TRUST Detailed Statement of Financial Activities For the year ended 31 December2023 2023 2022 Income Room hire Swimming Donations Other 38,868 27,025 124 1,631 36,961 36,647 35 336 67.648 73,978 Cost of sales Wellness expenses Organic shop stock 898 885 1.783 65,865 Gross Profit 73,478 Admlnlstrative expenses Wages and Salaries Light, Heat and Power Oil and petrol Repairs and renewals Cleaning of premises Advertising General Insurance Accountancy Fee5 Consultancy Bank Charges Computer Expenses Stationery and Postage Telephone. Fax and Internet Sundry Expenses Depreciation Charge: Freehold Land and Buildings 32,669 15,639 5.651 35.025 11.109 182 2.322 124 4.870 1.080 70 917 14 260 9.546 9.276 72,946 61,624 Operating profit / Iloss) (7,0811 11,855 Profrt / ILoss) on ordinary actlvities before taxation Tax payable Profit I (Loss) for the financial year 17,0811 11.855 17.0811 11.855 This page does not fomi part of the Financial Statements Page 17 of17