THE GARTH TRUST Reglstered Charfty number 501315 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 MARCH 2024 N WILLIAMSON & CO Chartered Certlfled Accountants 21 Potter Street Worksop Nottlngham8hlre S80 2AE
THE GARTH TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 MARCH 2024 Contents". Page Trustees. Annual Report Legal & Administrative Information Trustees Report 24 Financial Statements Receipts & Payments Accounts Statement of Assets & Liabilities Indepond•nt Examlnerfs Report
THE GARTH TRUST LEGAL & ADMINISTRATIVE INFORMATION for the year ended 31 MARCH 2024 Trustees G R Adams (Accountant Trustee) T D Sorby (Solicitor) D Gough (Vicar) Registered Charity Number 501315 Principal Address Sunnyside 11 Sparken Hill Worksop Nottinghamshire S80 1AX Bankors Barclays Bank UK PLC 137 Brompton Road Knightsbridge London SW3 1QF Investment Advisors Barclays Investment Solutions Limited 1 Churchill Place Canary Wharf London E14 5HP Independent Examinèr C Gillatt FCCA N Williamson & Co Chartered Certified Accountants 21 Potter Street Worksop Nottinghamshire S80 2AE This p8g8 forms part of the Trustees, Annual Rept
THE GARTH TRUST TRUSTEES. ANNUAL REPORT for the year ended 31 MARCH 2024 The trustees present their report and financial slalemenls for the year ended 31 March 2024. The financial statements have been prepared in accordance with the Charity's constitution and current stalutory requirements. Structure, Goverance and Management The charity is constituted as a trust and was established by the late Alan Godley by a Trust Deed dated 9 June 1971. The Trust Deed provides thal the Trust shall be managed by three Trustees namely. the Vicar of St Anne's for the time being. an accountant or solicitor and one person having knowledge of financial matters and on the death or retirement of any Trustee the statutory power of appointment shall be exercised by the Parochial Church Council of St Anne's Church. Worksop. The Trustees have power to appoint an additional Trustee from time to time upon such terms and subject to such conditions as they think fit. Details of trustees who served in the year ended 31 March 2024 and other statutory information is given on page 1, which forms part of this report. Objectives and Actlvltles The Trustees have full discretion in the management of the investments and assets of the Trust and are required to apply the income thereof for such charitable objects connected with St Anne's Church Worksop as the Trustees shall determine from time to time. There are no Specific activities related to these charitable objects other than the investment of the Chariws endowment funds. Achlevements and Parfomiance The aclivities and achievements of the Trust are reflected in the Receipts and Payments Accounts for the year ended 31 March 2024 and the Statement of Assets and Liabilities at 31 March 2024 as appended to this Report. The Trustees consider thal Ihe performance of the Trust this year has been satisfactory in the prevailing market conditions because income has been sufficient to achieve the main objective of maintaining the level of distributions. The headline figures from the financial statements for the year are summarised on page 3. Flnanclal Review, Rlsk Management. Investmènt Pollcy and Reserves The trustees have a duty to identrfy and review the risks to which the charity is exposed and the trustees ensure appropriate controls are in place to provide reasonable assurance against fraud and eOr. In accordance with the trustees, poliGy, the permanent endowmenl funds of the Trust are comprised of a portfolio of investments currently managed by Barclays Wealth under a Discretionary Management Agreement. as authorised by the Charity Commission by Order under Section 26 Charities Act 1993. The Trustees, have adopted a Formal Investment Strategy which is reviewed on a regular basis with Barclays Wealth. The investment criteria for the portfolio is that it is managed on a discretionary basis. with the investment objective being a balanced return from income and capital growth. and the Trustees have elected for moderate risk. The only other reserves are accumulating income. placed on deposit to earn interest, pending distribution in accordance with the charitable objects- such distributions being made on an annual basis. .continued Thls page fomis part of the Tru51ees' Annual Raport
THE GARTH TRUST TRUSTEES. ANNUAL REPORT for the year ended 31 MARCH 2024 (continued) Financial Review (contlnued) 2024 2023 Summary of Oistrlbutable Income Net Income for the year after Management and Administration Costs 33.595 34,866 Undistributed income brought forward 42.574 39,292 Net Income available for distribution 76,169 74,158 Distributions during the year for the benefit of St Anne's Church in accordance with the terms of the Trust Deed 32,618 31,584 Balance of Income to be distributed in the following year 43.551 42.574 Valuation of Investments The movement in the unrealised gainsl(losses) on investments during the year is as follows:_ Unrealised gains at beginning of year ProfiU(Loss) on realisations during the year 127,757 64.790 203,984 1,341 202,643 (74,886) 62,967 71,597 Net increasel(decrease) in unrealised gains during the year Unrealised gainsl{losses) at end of year 134,564 127,757 The market value of tha Inv•stmant Portfolio as shown by Barclays Wealth's valuatlon at 31 March 2024 was £1,217,902 (Cost £1,079,673) with unrealised gains of £134,564. After taking account of acquisitions and disposals since 31 March 2024 the later valuation by Barclals Wealth as at 30 June 2024 shows that the market value of the Investment Portfolio was £1,240,641 {Cost £1,093.693) with unrealised gains at that date of £146,948. Approval The trustees declare that they have approved the trustees, report above on 21 December 2024. Signed on behalf of the Charitvs trustees by= <£ G R ADAMS- TRUSTEE SORBY- TRUSTEE This pag& forms part of thg TnJste8s' Annual Report
THE GARTH TRUST RECEIPTS & PAYMENTS ACCOUNTS for the year ended 31 MARCH 2024 2024 2023 UNRESTRICTED FUNDS RECEIPTS Receipts from Assets and Investments Interest - Fixed Interest Stocks National Westminster Bank PIC Dividends - Equities and Unit Trusts 15,498 12,024 19,208 22,552 TOTAL RECEIPTS 34,706 34,580 PAYMENTS Charitable Activities: Dislributions in accordance with the terms of the Trust Deed 32,618 31,584 Governance Costs.. Accountancy charges 1.110 1,050 TOTAL PAYMENTS 33.72B 32,634 NET RECEIPTSI(PAYMENTS) FOR THE YEAR 978 1,946 Cash Funds Last Year End 49,744 47,798 CASH FUNDS THIS YEAR END 50.722 49,744 ENDOWMENT FUNDS RECEIPTS Proceeds from Asset and Investment sales 440,505 211,836 PAYMENTS Asset and Investment purchases Investment Management charges 436,098 10,588 198,251 10,621 NET RECEIPTSI(PAYMENTS) (6,181) 2.964 Cash Funds Last Year End 25.336 22,372 CASH FUNDS THIS YEAR END 19.155 25,336 This pag8 fomis part of th8 financial slalements for the year
THE GARTH TRUST STATEMENT OF ASSETS & LIABILITIES at 31 MARCH 2024 2024 Unrestricted Funds 2023 Unrestricted Funds Endowment Funds Endowment Funds CASH FUNDS Barclays Wealth Barclays Bank PIC National Westminster Bank PIC -Instant Saver Account Current Account Vicarfs Discretionary Fund 833 49.039 19,156 2,037 47.007 25,336 850 700 50,722 19,156 49,744 25.336 INVESTMENT ASSETS Investment Portfolio managed by Barclays Wealth Cost 1,079,673 1,019,290 Market Value 1,217,902 1,147.047 LIABILITIES Investment Management charges Accountancy 2,711 1,110 3,821 2,659 1,110 3,769 Approved by the Board of Trustees on 21 December 2024 and signed on its behalf by-. G R ADAMS- TRUSTEE T D SORBY- TRUSTEE This page forms part of the financial slalem8nts for the ar.
THE GARTH TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GARTH TRUST I report on the accounts of the Charity (registered charity number 501315} for the year ended 31 March 2024 which are set out on pages 4 and 5. Respective responsibilities of trustees and independent examiner The Charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed. It is my responsibility to-. examine the accounts under section 145 of the Charities Act, follow the procedures laid down in the General Directions given by the Charity Commission {under section 145(5llb) of the Charities Act), and state whether particular matters have come to my altention. Basis of independent examiner's statement My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 the 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 oul in the statement below. Independent examiner's statement In connection with my examination, no material matters have come to my attention which gives 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 any independent examination. I 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. C Gillatt FCCA For and on behalf of N Williamson & Co Chartered Certified Accountants 21 Potter Street Worksop Nottinghamshire S80 2AE 21 December 2024