Charity number: 803174
THE GRAHAM DACRE CHARITABLE FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
THE GRAHAM DACRE CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Independent auditors' report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 28 |
THE GRAHAM DACRE CHARITABLE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2023
| Trustees | Graham Martin Dacre CBE |
|---|---|
| Gavin Croft Wilcock | |
| Charity registered number 803174 Principal office Drayton Hall Hall Lane Drayton Norwich Norfolk NR8 6DP Independent auditors MA Partners Audit LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Bankers Barclays Bank plc Norwich Solicitors Birketts LLP Providence House 141-145 Princes Street Ipswich IP1 1QJ |
Page 1
THE GRAHAM DACRE CHARITABLE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2023
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 May 2022 to 30 April 2023.
Objectives and activities
a. Policies and objectives
The Charity's purpose is to support the development of young people in Norwich and Norfolk, to actively promote the Christian faith and to undertake other charitable activities such as the provision of facilities for use by organisations.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
In furthering the activities of the Charity the Trustees have been planning and carrying out refurbishment of its properties for better use to be made of them by the other charities that it supports and have made monetary gifts and donations as shown in note 8.
Achievements and performance
a. Main achievements of the Charity
During the year, the Charity has continued to provide Drayton Hall as a base for worship. The Charity has also made monetary donations in support of a number of other organisations and individuals engaged in Christian and youth based work.
b. Investment policy and performance
Surplus funds are generally placed in interest bearing deposit accounts until required. This policy was widened in previous years to diversify a proportion of funds away from banks into secure freehold property purchases.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 2
THE GRAHAM DACRE CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
b. Reserves policy
Total incoming resources during the year amounted to £655,680 ( 2022: £2,237,438 ) and total resources expended was £4,572,478 ( 2022: £3,585,898 ). The total funds carried forward at the end of the year were £15,256,070 ( 2022: £19,587,583 ).
The Trustees seek to ensure that sufficient funds are available before making any expenditure commitment. The administrative costs of running the Charity continue to be relatively small as few office overheads are incurred. It is the intention of the Trustees that funds equivalent to costs for one year are available. It is expected that the current high level of reserves will be used over the coming years to further the aims and objectives of the Charity.
Structure, governance and management
a. Constitution
The Graham Dacre Charitable Foundation is a registered charity, number 803174, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
New Trustees are selected from responsible individuals who are in sympathy with the aims of the Charity, who will bring expertise towards achieving its objects and who will contribute to the governance and management of the Charity.
c. Organisational structure and decision-making policies
The Trustees meet together regularly during the year and, other than decisions of a more nominal nature, all decisions are made jointly by the Trustees after collective discussion, careful consideration and professional input. As well as the qualifications and experience held by the Trustees, they are advised by qualified professionals in fields including finance and property.
d. Policies adopted for the induction and training of Trustees
Induction and training is carried out to make new Trustees aware of the requirements of the role and of the needs of the Charity.
e. Related party relationships
Details of transactions with related parties are given in note 24.
f. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 3
THE GRAHAM DACRE CHARITABLE FOUNDATION TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 Plans forfuture peTlods The TTU5tees aim to contirNe the Charitys ¢Lwrent a¢trvities. M¢mbern' Ilabllity The Members of thg Charty guaranteg to conlributg an amount not exceeding £110 Ihe assets of the Charity in the event of winding up. Dlsclosure of Informatlon to audltors h of the persons who are Truslees at the time Wtrn this TTuslees' pDrt is approved has ¢onfimied that: so far a$ that Trustee 1$ aware, there 1$ no relevant audit infomiation of wkich the charitys auditors are unaware. and that Truste9 has takgn all the steps th* ought to hava been takan as a Trust£fr in order to be aware of any relevant audit infornation and to establish that the charitvs auditors are aware of that infomation. Audlto The auditoTr. MA Partners Audit LLP, have indicated th8ir wllingn8S5 to continu8 in office. Th8 designated Trustees y71 wop05e a molion reappointing the auditoTS at a meeting of the Trustees. proved by order ofthe member5 ofthe board ofTwstees and signed on their bghatf ty. Gavln Croftwllcock Date: 11 September 2023 Page 4
THE GRAHAM DACRE CHARITABLE FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBIUTIES FOR THE YEAR ENDED 30 APRIL 2023 The Trustees are responsibla for preparing the Trustees, report and the financial slalements in ac¢ordance with appllcable law and United Kingdom Accounting Standards {United ]fjngdom G8n8rally Accepted Accounting Practice). The law appli¢able to Charities in England & Wale5 Tequires the Trustegs lo prepare finCial statements for each flnanclal year which give a true and fair view of the 8tal8 of affairs of the Charity and of it8 incoming re50urce5 and application of resources, Includlng ils Incomg and axp9ndlture, for that perfod. In preparing th888 financial $tatement$, the Trustees arg required lo.. 8elect 6uitabl8 accounting policies and then appty thom ¢on81gt¢ntly. observe the methods and principles of the Chariti68 SORP IFRS 102)., make judgements and accountlng e5tlmates that are r8aBonabb and prudènt: State whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any materlal d8partUTes di8cio8ed 8nd explained in the finan¢ial $1atement8', prepare the financial statements on the golng conc•m ba818 unl888 hl IB Inapproprlatè to pr08urne that th• Charity will continue In buslne8B. The Tru8tee8 are re8pon81ble for keaplng adequat6 accounllng récords that arn suffldènt to show and explaln th& Charitls transactions and disclose with rgasonable accuracy at any limg the financial position of the Charty and enable them to ensure that the financial $lalements comp wth Ih? Charilles Act 2011, the Charity (Accounts and Reportsl Regulation8 2008 and the prslOn$ of the Tru81 deed. They are also re8pon8ible for safeguarding the a98ets of the Charlty wnd h¢? fpr taklng 86Qnabl& oleps for th• pr•v•ntlon and detedlon of fraud and other irf•gularili•8. Approved by order of the mgmber8 ol Ihe.board of Tru8tea6 and 8lgned on behalf by.. Gavln Croft Wncock Date: 11 Septemb8r 2023 Pag6 5
THE GRAHAM DACRE CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GRAHAM DACRE CHARITABLE FOUNDATION
Qualified opinion
We have audited the financial statements of The Graham Dacre Charitable Foundation (the 'Charity') for the year ended 30 April 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 30 April 2023 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for qualified opinion
We were unable to obtain sufficient, appropriate audit evidence to support the directors' valuation of freehold property held in fixed assets at £343,000.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 quailfied 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.
Page 6
THE GRAHAM DACRE CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GRAHAM DACRE CHARITABLE FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the valuation of freehold property held in fixed assets. We have concluded that where the other information refers to the value of fixed assets, it may be materially misstated for the same reason.
Matters on which we are required to report by exception
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, we have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
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, the Trustees are responsible for the preparation of the financial statements which 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.
Page 7
THE GRAHAM DACRE CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GRAHAM DACRE CHARITABLE FOUNDATION (CONTINUED)
Auditors' 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 auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
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We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
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We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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.
Page 8
THE GRAHAM DACRE CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GRAHAM DACRE CHARITABLE FOUNDATION (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' 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 auditors' 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 its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
MA Partners Audit LLP
Chartered Accountants Statutory Auditors 7 The Close Norwich Norfolk NR1 4DJ
16 October 2023
MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
THE GRAHAM DACRE CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2023
| Note Income from: Donations and government grants 3 Other trading activities 4 Investments 5 Other income 6 Total income Expenditure on: Raising funds Charitable activities Exceptional items 7 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Losses on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 55,914 - 599,766 - 655,680 - 4,572,478 - 4,572,478 (3,916,798) (414,715) (4,331,513) 19,587,583 (4,331,513) 15,256,070 |
Total funds 2023 £ 55,914 - 599,766 - 655,680 - 4,572,478 - 4,572,478 (3,916,798) (414,715) (4,331,513) 19,587,583 (4,331,513) 15,256,070 |
Total funds 2022 £ 29,750 1,500,000 696,011 11,677 2,237,438 1,000,000 1,288,519 1,297,379 3,585,898 (1,348,460) - (1,348,460) 20,936,043 (1,348,460) 19,587,583 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 28 form part of these financial statements.
Page 10
THE GRAHAM DACRE CHARITABLE FOUNDATION BALANCE SHEET AS AT 30 APRIL 2023 2023 2022 Note Fixed assets Tangible assets Investsnent property 11 12 418,903 12,635.285 1,752.758 10,724OQO 13.064.188 12.477,758 Current assets stock5 Debtors Cash at bank and in hand 13 14 1.426,000 46,289 1,327,326 1, 750.000 3.000.941 2,475.274 2,798.616 7,226,215 CredStors'. amounts faling due wthin one 15 (510.733) f104,390J Net cuThent assets 2287,882 7, 121,825 credi10. amounts falling due after more than one year 18 (86.000) (12.000) Total net assets 15,256,070 19.587.583 Charlty funds Unrestricted funds 17 15256,070 19,587.583 Total funds 15,256,070 19,587.583 The finanGial statements were approved and autlYJrised for issue by the Trustees and signed on their beh8W by. Gavln Croft Wllcock Dat8: 11 September 2023 The notes on pageB 13 to 28 form part of these finan¢lal statements. Page11
THE GRAHAM DACRE CHARITABLE FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023
| Cash flows from operating activities Net cash used in operating activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Purchase of investment property Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 13 to 28 form part of these financial statements |
2023 £ 852,434 - - (382) (2,000,000) (2,000,382) (1,147,948) 2,475,274 1,327,326 |
2022 £ 1,009,578 569 67,000 (126,357) (3,310,000) (3,368,788) (2,359,210) 4,834,484 2,475,274 |
|---|---|---|
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Graham Dacre Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The Trustees are satisfied that the Charity will have adequate resources to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. The Trustees therefore consider it appropriate to prepare the financial statements on the basis that the Charity will continue as a going concern.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Rental income is accounted for on a receivable basis in accordance with the terms of the lease.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 13
THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property 2% straight line - Plant and machinery 20% - 33.3% straight line Motor vehicles - 20% straight line - Fixtures and fittings 20% straight line
1.6 Investment property
Investment property is included at fair value. Gains and losses are recognised in the Statement of Financial Activities.
1.7 Stocks
Stocks, being property held for resale, are valued at the lower of cost and net realisable value.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 14
THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1. Accounting policies (continued)
1.11 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.
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments and are measured at amortised cost. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
1.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1. Accounting policies (continued)
2. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
i) The Charity holds a significant asset base and any variation in the useful economic lives of the asset base will have an impact on both the balance sheet and the in-year financial position.
ii) A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.
iii) The value of receiving rent free premises is based on estimates made by Trustees based on their knowledge of market rents.
iv) The Trustees use valuation techniques involving judgement and estimation to determine the fair value of the Charity’s investment properties at each reporting date. Estimates of fair values between independent revaluations are based on a combination of current market conditions, changes in tenure arrangements and guidance from external sources. Estimated fair values may vary from the actual prices that would be achieved in a fully arm’s length commercial sale transaction at the reporting date.
3. Income from donations and government grants
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Individuals and trusts | 55,914 | 55,914 | 29,750 |
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
4. Income from other trading activities
Income from non charitable trading activities
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Sale of property | - | 1,500,000 |
5. Investment income
| Unrestricted funds 2023 £ Rents received 538,659 Provision of rent free premises 52,957 Interest received 8,150 599,766 |
Total funds 2023 £ 538,659 52,957 8,150 599,766 |
Total funds 2022 £ 604,658 90,784 569 |
|---|---|---|
| 696,011 |
6. Other incoming resources
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Insurance recharge | - | 11,677 |
Page 17
THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
7. Exceptional items
| Stock impairment Loss on sale of property Total 2023 2023 |
Total funds 2023 £ - - - |
Total funds 2022 £ 1,150,000 147,379 |
|---|---|---|
| 1,297,379 | ||
No exceptional items during the year.
2022
Stock impairment
St Andrew's Hospital site was impaired following the completion of an external property valuation.
Loss on sale of property
Contracts were exchanged prior to year end on 20 Bank Plain, therefore the property has been disposed of as at the balance sheet date and the loss on sale of the property has been recognised.
8. Analysis of expenditure by activities
| Expenditure Expenditure |
Activities undertaken directly 2023 £ 4,526,327 Activities undertaken directly 2022 £ 1,271,336 |
Support costs 2023 £ 46,151 Support costs 2022 £ 17,183 |
Total funds 2023 £ 4,572,478 |
|---|---|---|---|
| Total funds 2022 £ 1,288,519 |
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Monetary gifts and donations Rent Cost of providing rent free premises Property repairs and grounds maintenance Legal and professional Utilities Insurance Other property costs Business rates Motor expenses Printing and reproduction Depreciation |
Total funds 2023 £ 4,224,914 53,914 52,957 46,672 46,672 39,336 9,331 4,542 4,068 2,341 507 41,073 4,526,327 |
Total funds 2022 £ 775,792 29,750 90,784 62,096 81,676 53,214 72,868 8,489 2,989 4,456 513 88,709 |
|---|---|---|
| 1,271,336 |
Analysis of support costs
| Legal and professional Governance costs General expenses Accommodation, meals and travel Bank charges Profit/(Loss) on sale of assets |
Total funds 2023 £ 35,065 5,397 795 690 4 4,200 46,151 |
Total funds 2022 £ 39,792 5,161 432 266 36 (28,504) |
|---|---|---|
| 17,183 |
Page 19
THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
9. Auditors' remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 4,680 | 4,230 |
| Fees payable to the Charity's auditor in respect of: | ||
| All non-audit services not included above | 416 | 840 |
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 30 April 2023, expenses totalling £ 377 were reimbursed or paid directly to 2 Trustees (2022 - £171 paid to 1 Trustee) . The expenses related to reimbursed travel costs.
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
11. Tangible fixed assets
| Cost or valuation At 1 May 2022 Additions Disposals At 30 April 2023 Depreciation At 1 May 2022 Charge for the year On disposals At 30 April 2023 Net book value At 30 April 2023 At 30 April 2022 |
Freehold property £ 2,810,175 - (2,460,175) 350,000 1,171,481 6,999 (1,171,480) 7,000 343,000 1,638,694 |
Plant and machinery £ 130,575 - (130,575) - 130,306 - (130,306) - - 269 |
Motor vehicles £ 242,000 - - 242,000 233,203 8,797 - 242,000 - 8,797 |
Fixtures and fittings £ 847,763 382 (714,448) 133,697 742,765 25,277 (710,248) 57,794 75,903 104,998 |
Total £ 4,030,513 382 (3,305,198) 725,697 2,277,755 41,073 (2,012,034) 306,794 418,903 1,752,758 |
|---|---|---|---|---|---|
Drayton Hall, Drayton, Norwich
Acquired by the Trust in March 1991, this former maternity home was extended and remodelled between 1992 and 1996. Since then, the premises had been used by charitable trusts, Christian organisations and a number of churches. The building was valued externally in 2018 then charged depreciation resulting in a net book value as at April 2022 of £1,638,694. On 1 December 2022, the majority of the premises were donated to Teen Challenge whilst the charitable foundation retained building "C21" valued at £350,000. The remaining value has since been depreciated to £342,999.
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
12. Investment property
| Valuation At 1 May 2022 Additions Surplus on revaluation Transfers to stock (see note 13) At 30 April 2023 |
Freehold investment property £ 10,725,000 2,000,000 (414,715) 325,000 12,635,285 |
|---|---|
Roundtree Way, Norwich
This property was purchased in June 2011 for £2,714,000 as part of a desire to diversify funds out of bank deposits during a time of both uncertainty within the banking sector, and falling interest rates. The property is let on a long-term lease to the Royal Mail. The Trustees have revalued the property on the year-end balance sheet to £2,964,285 ( 2022: £2,875,000 ) based on an independent valuation undertaken on 1 May 2023.
Former Fire Station, Norwich
This property was purchased in July 2012 for £550,000 with the intention of making it into a venue for community use. Subsequently, The Inspiration Trust expressed interest and has entered into a long-term lease. After substantial works, it houses the Sir Isaac Newton Free School. It has, consequently, been reclassified within the balance sheet as an investment property and the Trustees revalued the property on the year end balance sheet to £1,611,000 ( 2022: £1,890,000 ) based on an independent valuation undertaken on 1 May 2023.
Cromer Road, Norwich
This former car dealership property was acquired in May 2012 for £2,142,000. Planning permission had been granted to convert the building into a church and community venue however, these plan have been put on hold and the property is now let to a third party commercial tenant. Accordingly, the property has been transferred to investment property. The Trustees have carried forward a value on the year-end balance sheet of £2,000,000 ( 2022: £2,000,000 ) based on an independent valuation undertaken in May 2018.
250 Drayton High Road, Drayton, Norwich
This property was acquired in 2007 for £715,260 before being refurbished and let out commercially. It was, consequently, classified as an Investment Property. During 2022, the property was reclassified to Stock - Properties held for resale as a post year end sale was probable. Subsequently during 2023, the sale fell through and the property is likely to be tenanted again so has been reclassifed back to Investment Property. The Trustees have revalued the property on the year-end balance sheet to £750,000 (2022: £650,000) based on an independent valuation undertaken in 1 August 2021.
Flat 5, 17 Berkley Street, London
This property was purchased in January 2022 for £2,800,000 for the purpose of residential letting.
Flat 30, King Charles House, London This property was purchased in March 2022 for £510,000 for the purpose of residential letting.
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
12. Investment property (continued)
4-7 Mason Road, Norwich
This property was purchased in April 2023 for £2,000,000 for the purpose of residential letting.
The independent valuations noted above were undertaken by valuers with recognised and relevant professional qualifications and experience. The valuations were on an open market value for existing use basis.
The Trustees consider that the fair value of the properties has not materially changed since these valuations were undertaken.
13. Stocks
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Properties held for resale | 1,425,000 | 1,750,000 |
Former St. Andrew’s Hospital site
This property was purchased in May 2011. The property is held for sale and following the completion of an external property valuation it is included in the balance sheet at £1,100,000 ( 2022: £1,100,000 ).
Ash Tree Lodge, Attlebridge, Norwich
This property was built in 1992. The property is held for sale. It is included in the balance sheet at £325,000 (2022: £650,000) based on the post year end sale price.
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2023 £ - 1,200 45,089 46,289 |
2022 £ 87,907 3,581 2,909,453 |
|---|---|---|
| 3,000,941 |
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
15. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Deferred income at 1 May 2022 Resources deferred during the year Amounts released from previous periods |
2023 £ 10,316 101,200 399,217 510,733 2023 £ 44,343 41,168 (44,343) 41,168 |
2022 £ 39,322 3,525 61,543 |
|---|---|---|
| 104,390 | ||
| 2022 £ 39,151 44,343 (39,151) |
||
| 44,343 |
16. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 86,000 | 12,000 |
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
17. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 30 April | |||
| May 2022 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 19,587,583 | 655,680 | (4,572,478) | (414,715) | 15,256,070 |
| Statement of funds - prior year | |||||
| Balance at | Gains/ | Balance at | |||
| 1 May 2021 | Income | Expenditure | (Losses) | 30 April 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 20,936,043 | 2,237,438 | (3,585,898) | - | 19,587,583 |
18. Summary of funds
Summary of funds - current year
General funds Summary of funds - prior year General funds |
Balance at 1 May 2022 £ 19,587,583 |
Income £ 655,680 Balance at 1 May 2021 £ 20,936,043 |
Expenditure £ (4,572,478) Income £ 2,237,438 |
Gains/ (Losses) £ Balance at 30 April 2023 £ (414,715) 15,256,070 Expenditure £ Balance at 30 April 2022 £ (3,585,898) 19,587,583 |
Balance at 30 April 2023 £ 15,256,070 |
|---|---|---|---|---|---|
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 418,903 Investment property 12,635,285 Current assets 2,798,615 Creditors due within one year (510,733) Creditors due in more than one year (86,000) Total 15,256,070 |
Total funds 2023 £ 418,903 12,635,285 2,798,615 (510,733) (86,000) 15,256,070 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Investment property Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2022 £ 1,752,758 10,725,000 7,226,215 (104,390) (12,000) 19,587,583 |
Total funds 2022 £ 1,752,758 10,725,000 7,226,215 (104,390) (12,000) 19,587,583 |
|---|---|---|
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
20. Reconciliation of net movement in funds to net cash flow from operating activities
| Net expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease in stocks Decrease/(increase) in debtors Increase in creditors Stock impairment Gain/(Loss) on the sale of fixed assets Loss on sale of property Donations given in kind Net cash provided by operating activities |
2023 £ (3,916,798) 41,073 - - 2,954,652 480,343 - 4,200 - 1,288,964 852,434 |
2022 £ (1,348,460) |
|---|---|---|
| 88,709 (569) 1,000,000 (21,073) 22,096 1,150,000 (28,504) 147,379 - |
||
| 1,009,578 |
| 21. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 22. Analysis of changes in net debt Cash at bank and in hand |
At 1 May 2022 £ 2,475,274 2,475,274 |
2023 £ 1,327,326 1,327,326 Cash flows £ (1,147,948) (1,147,948) |
2022 £ 2,475,274 |
|---|---|---|---|
| 2,475,274 | |||
| At 30 April 2023 £ 1,327,326 |
|||
| 1,327,326 |
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THE GRAHAM DACRE CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
23. Operating lease commitments
At 30 April 2023 the total of the Charity's future minimum lease receipts under non-cancellable operating leases was as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2023 £ 670,375 2,463,217 1,355,042 4,488,634 |
2022 £ 543,500 2,283,125 1,937,542 |
|---|---|---|
| 4,764,167 |
24. Related party transactions
During the year ended 30 April 2023, Graham Dacre, a Trustee, provided rent free premises to the Trust at a value of £40,624 (2022: £29,750 ).
Page 28