## **The Gansey Charitable Trust** # **End of Year Financial Statements and Trustees’ Report** **Year ending 31[st] March 2025** ## **THE GANSEY CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr K Cubbon| |---|---| ||Mr A D Manuel| ||Mr J J Matheson| ||Mr A Q Rickard| ||Mr D A Stewart| ||Mrs E M Stewart| |**Secretary**|Mrs E M Stewart| |**England & Wales Charity Commission number**|801860| |**Principal address**|16 Shire Lane| ||Chorleywood| ||Hertfordshire| ||WD3 5NQ| |**Website**|www.gansey.im| |**Bankers**|CAF Bank Limited| ||25 Kings Hill Avenue, Kings Hill| ||West Malling| ||KENT| ||ME19 4JQ| ||Shawbrook Bank Limited| ||Lutea House, Warley Hill Business Park, The Drive| ||Great Warley, Brentwood| ||Essex, CM13 3BE| |**Solicitors**|Poole Alcock LLP Solicitors| ||Lychgate Barn| ||Tarporley| ||Cheshire| ||CW6 0AG| |**Independent examiner**|Richard Bray ACA DChA| ||17 Thornhill Road| ||Plymouth| ||PL3 5NF| 2 ## **THE GANSEY CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|4-7| |Independent examiner’s report|8| |Receipts and payments|9| |Statement of assets and liabilities|10| |Notes to the Financial Statements|11-12| 3 ## **THE GANSEY CHARITABLE TRUST** ## TRUSTEES’ REPORT ## For the year ended 31 March 2025 The Trustees present their annual report and accounts for the year ended 31 March 2025. ## **The Charity** The Gansey Charitable Trust (TGCT) was established as a charitable trust by a deed executed on 6 July 1989 and which is subject to a supplemental trust deed dated 18 November 2013. TGCT can use its capital and income for charitable purposes as The Trustees see fit within England and elsewhere. ## **Objectives & Activities** TGCT owns and maintains a property, called “Mallmore”, in the Isle of Man. It has 22 bedrooms & a flat; and is registered as a hostel with the Isle of Man Department of Tourism. During 2024-25, as in previous years, TGCT has worked in partnership with: - The Port St Mary SU Beach Mission, providing a base for team accommodation and activities for children and young people - Scripture Union Ministries Trust (SUMT) providing facilities from time to time for residential events and activities that benefit the community as a whole Our focus is on Christian activities in the Isle of Man. The Trustees reviewed the original 1989 Trust Deed during the year ending March 2013 in order to introduce a supplementary deed to provide a framework for updated best practice. Furthermore in 2024 the trustees approved the Supplementary Deed of Trust 2024 which clarified the objectives of TGCT as follows: To support Christian Mission and Ministry predominantly in the Isle of Man to include the provision of accommodation and facilities for the Port St Mary Scripture Union Beach Mission for up to one month each summer and for other Christian organisations including those working with children and young people and the provisions of leadership training for such organisations Mallmore is used as the base for activities for the annual Port St Mary SU Beach Mission, and storage is provided on the property for their equipment and resources. The Beach Mission typically runs for a fortnight every summer, and is free of charge and open to all, having run almost every year since it was established in 1901. Around 300 children and young people, attend Beach Mission activities each summer, the vast majority of whom are island residents. A team of over 60 adults provide up to three sessions per day with children divided into six age groups. Activities include games, sports, crafts, drama, music and interactive Bible Teaching. Activities are open to all children and young people, and provision is made for children with additional needs by team members who are appropriately experienced. In addition, there are typically three or four large family/all age events which are well attended by families, and other adults who support the Beach Mission. 4 TGCT has continued its partnership with SUMT which has contact with over 12,000 children and young people each year through their work in churches and schools. They use Mallmore on a regular basis for their residential youth weekends and other occasional activities. As our closest partner organisation, they receive a 50% discount on our regular charges. The Trustees are continuing to work towards increasing awareness of Mallmore’s availability and hope to see continued growth in its use. ## **Maintaining and improving Mallmore** Our strategy is to maintain and continually develop the building in order to upgrade the facilities for the organisations which use it, in line with our charitable objectives, £33,058 was spent in 2024-25 (year to 31 March 2024 - £26,297). The majority of this (£24,259) related to renewal of part of the roof, and the addition of solar panels. The remainder related to some decoration, and shower room refurbishment. In addition, £4,767 was spent on fixtures, fittings and equipment (year to 31 March 2024 - £3,427). The installation of solar panels, including the refurbishment of the roof, was completed in summer 2024. ## **Trustees and Governance** The activities of TGCT are administered by its Trustees with day to day running of Mallmore enabled by a number of local supporters to whom we are most grateful. The Trustees serving from 1 April 2024 to the date this report was approved were: Mr Kevan Cubbon Mr Andrew D Manuel Mr Jeremy J Matheson Mr Andrew Q Rickard Mr David A Stewart Mrs Evelyn M Stewart Mr A D Manuel continued as Chairman, Mrs E M Stewart as secretary & financial administrator during the year. Typically, four Trustees’ Meetings are held each year to review the work of TGCT and make plans for future developments. There are no sub-committees. New Trustees are appointed by a majority decision of the existing Trustees. The Trustees have a broad range of experience which is relevant to the needs of the TGCT including experience on other trusts, business, management, training and development, engineering, finance and Manx Government practice. We have reviewed “The Charity Governance Code”. Gansey is a niche charity with a very narrow remit, one part time member of staff, and a small number of supporters with little fund raising. Much of what is suggested is not relevant to our situation. We have, however, worked on a number of the areas highlighted in the principles, and will continue to check our ethos and procedures annually against the good practice suggested in the document. In particular, as we look to recruit new Trustees we will seek to apply the suggestions in the document to our situation. ## **Financial Review** The attached financial statements set out on pages 9 to 12 show the current state of finances which the Trustees consider to be sound. 5 In the period there was an excess of payments over receipts of £10,181 (year to 31 March 2024 - £3,297, receipts over payments). Cash balances at 31 March 2025 amounted to £144,832 (31 March 2024 - £155,013). Expenditure on refurbishment and maintenance of Mallmore amounted to £33,058 (year to 31 March 2024 - £26,297). There is a rolling plan of refurbishment and maintenance work to ensure that Mallmore is maintained in good order. During the 2024-5 financial year, income came primarily from donations and rent received from lettings and bookings. The Beach Mission occupies Mallmore rent free. It supports TGCT where it is able and the 2024-25 year donated £1,000 (year to 31 March 2024 – £1,500). From time to time TCGT receives legacies. These are added to the Legacy Development Fund and are used primarily for major building/development projects, and in keeping with any stipulations in the terms of the legacies. No legacies were received in the year to 31 March 2025 (year to 31 March 2024 - nil). The major expenditure in the year, apart from maintenance and improvement costs for the building, related to the purchase of fixtures, fittings and equipment of £4,767 (year to 31 March 2024 - £3,427), insurance of Mallmore which cost £4,177 (year to 31 March 2024 - £3,964), utility costs of £7,379 (year to 31 March 2024 - £9,492) and staff costs and other expenses of £3,778 (year to 31 March 2024 - £3,267). The TT motor bike races, and Manx Grand Prix are international events, attracting many thousands of visitors to the Isle of Man. During these events, the Isle of Man Government encourages individuals, charities and businesses to provide accommodation for riders, marshals and spectators during these few weeks. By renting out rooms during these events, TGCT is able to generate income which enables us to provide accommodation to churches, youth groups and schools at an affordable rate during the other 48 weeks of the year. In the year to 31 March 2025, income from bookings during the TT fortnight totalled £19,361 (year to 31 March 2024 – £19,580) Given the healthy bank balances, the projected spend to develop & maintain Mallmore, and projected income from bookings, the Trustees are confident that TGCT remains a going concern. The Trustees are grateful to many people who have made donations over the year, both financial and of time, without which the development and activities at Mallmore would not have been possible. ## **Risk Management** The Trustees consider the major risks to TGCT. It was previously recognised that a key risk was the loss of rental income from SUMT vacating Mallmore in 2020. TGCT prepared for this and have been operating successfully since the departure of SUMT. TGCT prepares an annual budget to ensure prudent financial management and ensure that TGCT remains financially secure. 6 ## **Reserves Policy** TGCT have a reserve policy to cover unexpected emergency repairs for the property. The amount held in the reserve fund has been increased to £35,000. This amount is shown as a designated fund in the accounts. At 1[st] April 2024, the Legacy Development Fund stood at £60,631 (1[st] April 2023 - £72,234). There were no additions to the Fund during the year. The Trustees agreed to allocate the cost of the roof refurbishment and installation of solar panels to the Legacy Development Fund. Therefore the balance of £24,465 was allocated to the fund, leaving a balance of £36,166. The Trustees will allocate future projects to this Fund as appropriate. Bank balances at 31 March 2025 totalled £144,832 (at 31 March 2024 - £155,013). The current total funds of £144,832 is considerably higher than required to meet our Reserves Policy. While the remaining balance is high, a building of Mallmore’s size (22 bedrooms & 11 bathrooms/showers), requires substantial ongoing refurbishment. Additionally, getting work done on the IOM in recent years has been expensive and it has been extremely difficult to secure contractors. Covid and supply chain issues have also made planning work difficult. Consequently, these factors have led to the Trustees taking a cautious approach to using funds for refurbishment. ## **Registering TGCT as a Charity in the Isle of Man** The Trustees reviewed legislation for charities in the Isle of Man, and believed it was appropriate that TGCT register as a charity in the Isle of Man. On 2[nd] December 2024 TGCT was added to the IOM Register of Charities (IOM Charity No 1369). ## **Public Benefit** The Trustees are aware of the public benefit guidance issued by the Charity Commission in relation to section 4 of the Charities Act 2006. The Trustees have sought to benefit the public by providing suitable accommodation for those working on the Scripture Union Port St Mary Beach Mission team. This is linked to the aims of the Trust, since the beach Mission seeks to share the Christian Gospel in the Isle of Man. The Scripture Union Mission activities are open to all, so further benefitting the public, in particular young people. Outside of Beach Mission, the house is used by Scripture Union Ministries Trust, Churches, Schools and other groups for short-term retreats, training and planning, and other activities as agreed by the Trustees. On behalf of the Board of Trustees A D Manuel, Trustee. Dated: 10/09/25 7 Independent Examiner's Report to the Trustees of The Gansey Charitable Trust I report to the Trustees on my examination of the financial statements of The Gansey Charitable Trust (The Trust) for the year to 31 March 2025. Respective responsibilities of trustees and examiner As The Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by The Charity Commission given by the Charity Commission under section 145 of the Act. Independent examiner's statement I have completed my exmaination. I confirm that no material matters have come to my attention in connection with examination giving me cause to believe that in any material aspect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached. Richl Bry Name: Richard Bray Relevant professional qualifications: ACA DChA Address: 17, Thornhill Road, PLYMOUTH PL3 5NF Date: 10 Septenber 2025 8 ## The Gansey Charitable Trust ## Receipts and Payments for the year to 31 March 2025 |Note
**Receipts**
Donations
Legacies
Gift Aid received for prior year
Beach Mission donation
Faith group bookings
AirBnB
Other bookings
Rent received from tenants:
Interest received
Total receipts
**Payments**
Routine maintenance
Painting work
Property refurbishment work
2
Improvement expenditure for property
2
Total development and maintenance costs
Fixtures, fittings and equipment
2
Insurance
Staff costs and expenses
Utilities
Phone and Broadband
AirBnB rental running costs
AirBnB commission
Consumables
Sundries
Trustee expenses
5
Bank charges
Total payments
Excess of receipts over payments
Cash funds at 1 April
Cash funds at 31 March|2025
2024
Total
Total
Funds
Funds
£
£
5,454
5,484
-
-
871
615
1,000
1,500
3,698
5,194
11,023
12,793
19,361
19,580
1,022
1,225
12,255
18,145
2,731
1,521
46,392
53,264
3,548
5,454
1,356
1,523
1,974
7,717
26,179
11,603
33,058
26,297
4,895
3,427
4,177
3,964
3,778
3,267
7,379
9,492
873
873
775
1,006
699
698
77
688
321
114
562
60
60
56,573
49,967
-10,182
3,297
155,013
151,716
144,831
155,013| |---|---| All funds received during the period were unrestricted All costs relating to the installation of solar panels were allocated to the Legacy Development Fund All other payments were allocated to the General Fund The attached notes on pages 11 and 12 form part of these financial statements _9_ ## The Gansey Charitable Trust Statement of assets and liabilities as at 31 March 2025 ||Note|2025||2024|| |---|---|---|---|---|---| |||£|£|£|£| |**Cash funds**|||||| |Current account||4,721||3,626|| |Deposit account||20,111||31,387|| |60 Day notice account||120,000||100,000|| |12 Month fixed rate saver||-||20,000|| ||||144,832||155,013| |**Other monetary assets**|||||| |Gift Aid due for period||920|920|871|871| |**Assets maintained for the**|||||| |**Charity's own use (note 2)**|||||| |Mallmore improvements at cost|2|226,142||199,963|| |Fixtures, fittings & equipment|2|34,090||29,072|| ||||260,232||229,035| |**Liabilities**|||||| |Oil delivered on 28 March||||794|| |Staff costs||263||185|| |Trustee expenses||26|289||979| The attached notes on pages 11 and 12 form part of these financial statements The financial statements were approved by The Trustees on 10th September 2025 and signed on their behalf by: ...................................................... ...................................................... Andrew D Manuel Trustee Evelyn M Stewart Trustee _10_ ## The Gansey Charitable Trust ## Notes to the financial statements ## 1. Basis of financial statements The financial statements have been prepared on the receipts and payments basis as permitted by S133 Charities Act 2011 ## 2. Assets maintained for the Charity's own use TGCT owns the freehold of Mallmore a property and former guesthouse at Port St Mary on the Isle of Man. The property was gifted to TGCT on 29 April 1997. In 2006 the property was valued by The Trustees at £635,000. The valuation was based on a formal market valuation . on 6 January 2004 as subsequently updated informally in 2006. Fixtures and fittings at the property were valued by The Trustees at £35,000 at a similar time. |_Subsequent improvements to the property_
These are as follows:
Year to 31 March 2008
Year to 31 March 2009
Year to 31 March 2010
Year to 31 March 2011
Year to 31 March 2012
Year to 31 March 2013
Year to 31 March 2014
Year to 31 March 2015
Year to 31 March 2016
Year to 31 March 2017
Year to 31 March 2018
Year to 31 March 2019
Year to 31 March 2020
Year to 31 March 2021
Year to 31 March 2022
Year to 31 March 2023
Year to 31 March 2024 - solar panels deposit
Year to 31 March 2025
_Fixtures, fittings and equipment_
Year to 31 March 2015
Year to 31 March 2016
Year to 31 March 2017
Year to 31 March 2018
Year to 31 March 2019
Year to 31 March 2020
Year to 31 March 2021
Year to 31 March 2022
Year to 31 March 2023
Year to 31 March 2024
Year to 31 March 2025
**_Payments in the current year consisted of:_**
_Improvements to property:_
Solar panels installation work
Top front Shower Room
_Property refurbishment costs:_
Boiler replacement
Oil tank replacement
Shower Room refresh
_Fixtures, fittings & equipment:_
Carpets/flooring
Beds & Mattresses
Washing machine
Laptop
Dorgards
Small items|2025
2024
£
£
25,100
25,100
15,852
15,852
23,219
23,219
28,672
28,672
4,447
4,447
45,968
45,968
7,254
7,254
16,183
16,183
3,040
3,040
-
-
1,843
1,843
2,715
2,715
3,866
3,866
-
-
9,635
9,635
566
566
11,603
11,603
26,179
-
226,142
199,963
3,095
3,095
1,858
1,858
1,127
1,127
2,221
2,221
927
927
1,639
1,639
1,726
1,726
5,947
5,947
7,105
7,105
3,427
3,427
5,018
-
34,090
25,644
24,259
11,603
1,920
-
26,179
11,603
-
5,759
-
1,958
1,974
-
1,974
7,717
3,044
3,250
1,307
1,677
-
609
-
653
-
299
416
189
4,767
3,427| |---|---| _11_ ## The Gansey Charitable Trust Notes to the financial statements ## 3. Staff Costs One part time member of staff was employed throughout the year to 31 March 2025 (year to 31 March 2024 - one) The total salary costs paid were £3778 (year to 31 March 2024 - £3257). No social security or pension costs were paid. ## 4. Funds _Designated funds_ |At 1 April 2024
Utilised in period (solar panel/roof project)
Funds transferred from General Fund to Emergency Repairs Fund
At 31 March 2025
General fund
At 1 April 2024
Payments allocated to the Legacy Development Fund
Funds allocated to the Emergency Repairs Fund
Excess of receipts over payments in period
At 31 March 2025
Total funds at 31 March 2025|Emergency
Legacy
Total
repairs
Development Fund
Funds
£
£
£
25,000
60,631
85,631
0
-24,465
-24,465
10,000
10,000
35,000
36,166
71,166
£
69,382
24,465
-10,000
-10,181
73,666
144,832| |---|---| The Trustees have designated reserves to a legacy development fund. This represents legacies received from Fay Rickard, Geoffrey Lowe, Irene Dixon, Tom Watts and Mr & Mrs Young. The intention of the Trustees is to continue to spend these funds on specific projects to develop Mallmore. The total amount that has been designated to the fund is £82,435 of which £46,063 has been utilised at 31 March 2025. ## 5. Trustee Expenses No Trustees received any remuneration or benefitss from the Charity in the year to 31 March 2025 (year to 31 March 2024 none). One Trustee received expenses of £114 in the year to 31 March 2025 (year to 31 March 2024, £562 - three Trustees) ## 6. Related party transactions In the year to 31 March 2025 the following related party transactions took place involving The Trustees: Mr DA Stewart is a Trustee of SUMT. SUMT was charged £753 for the use of facilities for residential events at Mallmore in the year to 31 March 2024. £930 was charged for similar facilities in the year to 31 March 2024. Mr DA Stewart, Mrs EM Stewart, and Mr AQ Rickard are leaders of The Port St Mary Beach Mission which uses Mallmore rent free in August each year. ## 7. Committments At 31 March 2024 the Charity was committed to expenditure of £11,603 to install solar panels at Mallmore. A deposit of a similar amount was paid before the year end. There were no similar commitments at 31 March 2025. _12_