**Charity number: 803174**
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 APRIL 2024**
## **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 - 27|
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2024**
|**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 2024**
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 May 2023 to 30 April 2024.
## **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 6.
## **Achievements and performance**
## **a. Main achievements of the Charity**
During the year, the Charity has continued to provide C21 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 2024**
## **b. Reserves policy**
Total incoming resources during the year amounted to **£876,660** ( _2023: £655,680_ ) and total resources expended was **£1,075,967** ( _2023: £4,572,478_ ). The total funds carried forward at the end of the year were **£15,056,738** ( _2023: £15,256,070_ ).
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 22.
## **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 2024**
## **Plans for future periods**
The Trustees aim to continue the Charity's current activities.
## **Members' liability**
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Gavin Croft Wilcock**
Date: 10 September 2024
Page 4
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 APRIL 2024**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
**Gavin Croft Wilcock**
Date: 10 September 2024
Page 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 2024 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 2024 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 £336,000.
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:
- 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.
- We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
- 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.
- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
- 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
20 September 2024
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 2024**
|**Note**
**Income from:**
Donations and government grants
3
Investments
4
Other income
5
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net expenditure before taxation**
Taxation
**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**
**2024**
**£**
**156,280**
**686,362**
**34,018**
**876,660**
**1,075,967**
**1,075,967**
**(199,307)**
**(25)**
**(199,332)**
**-**
**(199,332)**
**15,256,070**
**(199,332)**
**15,056,738**|**Total**
**funds**
**2024**
**£**
**156,280**
**686,362**
**34,018**
**876,660**
**1,075,967**
**1,075,967**
**(199,307)**
**(25)**
**(199,332)**
**-**
**(199,332)**
**15,256,070**
**(199,332)**
**15,056,738**|_Total_
_funds_
_2023_
_£_
_55,914_
_599,766_
_-_
_655,680_
_4,572,478_
_4,572,478_
_(3,916,798)_
_-_
_(3,916,798)_
_(414,715)_
_(4,331,513)_
_19,587,583_
_(4,331,513)_
_15,256,070_|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 27 form part of these financial statements.
Page 10
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **BALANCE SHEET AS AT 30 APRIL 2024**
||||**2024**|**2024**||_2023_|_2023_|
|---|---|---|---|---|---|---|---|
||**Note**||**£**|||_£_||
|**Fixed assets**||||||||
|Tangible assets|9||**387,398**|||_418,903_||
|Investment property|10||**12,635,285**|||_12,635,285_||
||||**13,022,683**|||_13,054,188_||
|**Current assets**||||||||
|Stocks|11|**1,100,000**|||_1,425,000_|||
|Debtors|12|**70,205**|||_46,289_|||
|Cash at bank and in hand||**1,267,606**|||_1,327,326_|||
|||**2,437,811**|||_2,798,615_|||
|Creditors: amounts falling due within one||||||||
|year|13|**(394,756)**|||_(510,733)_|||
|**Net current assets**|||**2,043,055**|||_2,287,882_||
|Creditors: amounts falling due after more||||||||
|than one year|14||**(9,000)**|||_(86,000)_||
|**Total net assets**|||**15,056,738**|||_15,256,070_||
|**Charity funds**||||||||
|Unrestricted funds|15||**15,056,738**|||_15,256,070_||
|**Total funds**|||**15,056,738**|||_15,256,070_||
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Gavin Croft Wilcock**
Date: 10 September 2024
The notes on pages 13 to 27 form part of these financial statements.
Page 11
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024**
|**Cash flows from operating activities**
Net cash used in operating activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of investment property
**Net cash provided by/(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 27 form part of these financial statements|**2024**
**£**
**(92,258)**
**33,500**
**(962)**
**-**
**32,538**
**(59,720)**
**1,327,326**
**1,267,606**|_2023_
_£_
_852,434_
_-_
_(382)_
_(2,000,000)_
**(2,000,382)**
**(1,147,948)**
_2,475,274_
_1,327,326_|
|---|---|---|
Page 12
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **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.
## **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 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **1.6 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 2024**
## **1. Accounting policies (continued)**
## **1.6 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
## **1.7 Investment property**
Investment property is included at fair value. Gains and losses are recognised in the Statement of Financial Activities.
## **1.8 Stocks**
Stocks, being property held for resale, are valued at the lower of cost and net realisable value.
## **1.9 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.
## **1.10 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.
## **1.11 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 2024**
## **1. Accounting policies (continued)**
## **1.12 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.
_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.
## **1.13 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.
Page 15
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **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_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Individuals and trusts|156,280|**156,280**|_55,914_|
Page 16
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **4. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Rents received
573,011
Provision of rent free premises
100,000
Interest received
13,351
686,362|**Total**
**funds**
**2024**
**£**
**573,011**
**100,000**
**13,351**
**686,362**|_Total_
_funds_
_2023_
_£_
_538,659_
_52,957_
_8,150_|
|---|---|---|
|||_599,766_|
## **5. Other incoming resources**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Insurance recharge|34,018|**34,018**|_-_|
## **6. Analysis of expenditure by activities**
|Expenditure
Expenditure|**Activities**
**undertaken**
**directly**
**2024**
**£**
1,069,836
_Activities_
_undertaken_
_directly_
_2023_
_£_
_4,526,327_|**Support**
**costs**
**2024**
**£**
6,131
_Support_
_costs_
_2023_
_£_
_46,151_|**Total**
**funds**
**2024**
**£**
**1,075,967**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_4,572,478_|
Page 17
**THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **6. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Depreciation
Cost of providing rent free premises
Monetary gifts and donations
Property repairs and grounds maintenance
Printing and reproduction
Legal and professional
Motor expenses
Utilities
Insurance
Other property costs
Rent
Business rates|**Total**
**funds**
**2024**
**£**
**32,468**
**100,000**
**626,788**
**69,937**
**917**
**43,452**
**1,765**
**3,660**
**31,553**
**145**
**156,280**
**2,871**
**1,069,836**|_Total_
_funds_
_2023_
_£_
_41,073_
_52,957_
_4,224,914_
_46,672_
_507_
_46,672_
_2,341_
_39,336_
_9,331_
_4,542_
_53,914_
_4,068_|
|---|---|---|
|||_4,526,327_|
## **Analysis of support costs**
|Legal and professional
General expenses
Accommodation, meals and travel
Bank charges
(Profit)/Loss on Sale of Assets
Governance Costs|**Total**
**funds**
**2024**
**£**
**33,511**
**42**
**180**
**137**
**(33,500)**
**5,761**
**6,131**|_Total_
_funds_
_2023_
_£_
_35,065_
_795_
_690_
_4_
_4,200_
_5,397_|
|---|---|---|
|||_46,151_|
Page 18
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **7. Auditors' remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**4,969**|_4,680_|
|Fees payable to the Charity's auditor in respect of:|||
|All non-audit services not included above|**392**|_416_|
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 30 April 2024, expenses totalling _£_ 195 were reimbursed or paid directly to 2 Trustees _(2023 - £377 paid to 2 Trustees)_ . The expenses related to reimbursed travel costs.
Page 19
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **9. Tangible fixed assets**
|**Cost or valuation**
At 1 May 2023
Additions
Disposals
At 30 April 2024
**Depreciation**
At 1 May 2023
Charge for the year
On disposals
At 30 April 2024
**Net book value**
At 30 April 2024
_At 30 April 2023_|**Freehold**
**property**
**£**
**350,000**
**-**
**-**
**350,000**
**7,000**
**7,000**
**-**
**14,000**
**336,000**
_343,000_|**Motor**
**vehicles**
**£**
**242,000**
**-**
**(32,000)**
**210,000**
**242,000**
**-**
**(32,000)**
**210,000**
**-**
_-_|**Fixtures and**
**fittings**
**£**
**133,697**
**962**
**-**
**134,659**
**57,794**
**25,467**
**-**
**83,261**
**51,398**
_75,903_|**Total**
**£**
**725,697**
**962**
**(32,000)**
**694,659**
**306,794**
**32,467**
**(32,000)**
**307,261**
**387,398**
_418,903_|
|---|---|---|---|---|
## **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 £336,000.
Page 20
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **10. Investment property**
|**Valuation**
At 1 May 2023
At 30 April 2024|**Freehold**
**investment**
**property**
**£**
**12,635,285**|
|---|---|
||**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 carried forward a value on the year-end balance sheet of £2,964,285 ( _2023: £2,964,285_ ) 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. The Trustees have carried forward a value on the year-end balance sheet of £1,611,000 ( _2023: £1,611,000_ ) 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 ( _2023: £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 has since been tenanted again so was reclassifed back to Investment Property in 2023. The Trustees have carried forward a value on the year-end balance sheet of £750,000 ( _2023: £750,000_ ) based on an independent valuation undertaken in 1 August 2021.
## **Flat 5, 17 Berkeley 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.
## **4-7 Mason Road, Norwich**
This property was purchased in April 2023 for £2,000,000 for the purpose of residential letting.
Page 21
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **10. Investment property (continued)**
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.
## **11. Stocks**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Properties held for resale|**1,100,000**|_1,425,000_|
## **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 ( _2023: £1,100,000_ ).
## **12. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**£**
**21,667**
**-**
**48,538**
**70,205**|_2023_
_£_
_-_
_1,200_
_45,089_|
|---|---|---|
||||
|||_46,289_|
Page 22
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **13. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income
Deferred income at 1 May 2023
Resources deferred during the year
Amounts released from previous periods|**2024**
**£**
**16,192**
**4,950**
**373,614**
**394,756**
**2024**
**£**
**41,168**
**45,618**
**(41,168)**
**45,618**|_2023_
_£_
_10,316_
_101,200_
_399,217_|
|---|---|---|
||||
|||_510,733_|
|||_2023_
_£_
_44,343_
_41,168_
_(44,343)_|
||||
|||_41,168_|
## **14. Creditors: Amounts falling due after more than one year**
Accruals and deferred income
|**2024**|_2023_|
|---|---|
|**£**|_£_|
|**9,000**|_86,000_|
Page 23
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **15. Statement of funds**
**Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**||||**30 April**|
||**May 2023**|**Income**|**Expenditure**|**Taxation**|**2024**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds - all funds|**15,256,070**|**876,660**|**(1,075,967)**|**(25)**|**15,056,738**|
|**Statement of funds - prior**|**year**|||||
||_Balance at_|||_Gains/_|_Balance at_|
||_1 May 2022_|_Income_|_Expenditure_|_(Losses)_|_30 April 2023_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|General Funds|_19,587,583_|_655,680_|_(4,572,478)_|_(414,715)_|_15,256,070_|
## **16. Summary of funds**
**Summary of funds - current year**
|
General funds
**Summary of funds - prior year**
General funds|**Balance at 1**
**May 2023**
**£**
**15,256,070**
_Balance at_
_1 May 2022_
_£_
_19,587,583_|**Income**
**£**
**876,660**
_Income_
_£_
_655,680_|**Expenditure**
**£**
**(1,075,967)**
_Expenditure_
_£_
_(4,572,478)_|**Taxation**
**£**
**Balance at**
**30 April**
**2024**
**£**
**(25)**
**15,056,738**
_Gains/_
_(Losses)_
_£_
_Balance at_
_30 April 2023_
_£_
_(414,715)_
_15,256,070_|**Balance at**
**30 April**
**2024**
**£**
**15,056,738**|
|---|---|---|---|---|---|
Page 24
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
387,398
Investment property
12,635,285
Current assets
2,437,811
Creditors due within one year
(394,756)
Creditors due in more than one year
(9,000)
**Total**
15,056,738|**Total**
**funds**
**2024**
**£**
**387,398**
**12,635,285**
**2,437,811**
**(394,756)**
**(9,000)**
**15,056,738**|
|---|---|
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_418,903_
_12,635,285_
_2,798,615_
_(510,733)_
_(86,000)_
_15,256,070_|_Total_
_funds_
_2023_
_£_
_418,903_
_12,635,285_
_2,798,615_
_(510,733)_
_(86,000)_
_15,256,070_|
|---|---|---|
Page 25
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **18. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Decrease in stocks
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
(Gain)/Loss on the sale of fixed assets
Donations given in kind
**Net cash provided by/(used in) operating activities**
**19.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**20.**
**Analysis of changes in net debt**
**At 1 May**
**2023**
**£**
Cash at bank and in hand
**1,327,326**
**1,327,326**|**2024**
**£**
**(199,332)**
**32,467**
**325,000**
**(23,916)**
**(192,977)**
**(33,500)**
**-**
**(92,258)**
**2024**
**£**
**1,267,606**
**1,267,606**
**Cash flows**
**£**
**(59,720)**
**(59,720)**|_2023_
_£_
_(3,916,798)_
_41,073_
_-_
_2,954,652_
_480,343_
_4,200_
_1,288,964_
_852,434_
_2023_
_£_
_1,327,326_
_1,327,326_
**At 30 April**
**2024**
**£**
**1,267,606**
**1,267,606**|
|---|---|---|
Page 26
## **THE GRAHAM DACRE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **21. Operating lease commitments**
At 30 April 2024 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|**2024**
**£**
**602,075**
**2,348,467**
**771,458**
**3,722,000**|_2023_
_£_
_670,375_
_2,463,217_
_1,355,042_|
|---|---|---|
||||
|||_4,488,634_|
## **22. Related party transactions**
During the year ended 30 April 2024, Graham Dacre, a Trustee, provided rent free premises to the Trust at a value of **£124,384** _(2023: £_ 40,624).
Page 27