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← The Graham Dacre Charitable Foundation

2025-04-30-accounts

Charity number: 803174

THE GRAHAM DACRE CHARITABLE FOUNDATION

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TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

THE GRAHAM DACRE CHARITABLE FOUNDATION

CONTENTS

Page
Reference and administrative details ofthe 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
Notestothefinancialstatements 13-27

THE GRAHAM DACRE CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2025

Trustees

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 Handelsbanken plc Norwich NR1 1BD Solicitors Birketts LLP Providence House 141-145 Princes Street Ipswich IP1 1QJ

Page 1

THE GRAHAM DACRE CHARITABLE FOUNDATION

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TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 May 2024 to 30 April 2025.

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 2025

b. Reserves policy

Total incoming resources during the year amounted to £1,224,158 (2024: £876,660) and total resources expended was £846,130 (2024: £1,075,967). The total funds carried forward at the end of the year were £16,578,766 (2024: £15,056, 738).

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 23.

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

5 February 2026

5 February 2026

THE GRAHAM DACRE CHARITABLE FOUNDATION

SS 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 2025 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:

Basis for qualified opinion

We were unable to obtain sufficient, appropriate audit evidence to support the Trustees' valuation of freehold property held in fixed assets at £329,000.

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 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

SE

EE EL DEE GE BEE I EE 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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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:

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:

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

12 February 2026

THE GRAHAM DACRE CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025

Unrestricted Total Total
funds funds funds
2025 2025 2024
Note £ £ £
Income from:
Donations and government grants 3 233,233 233,233 156,280
Investments 4 936,641 936,641 686,362
Other income 5 54,284 54,284 34,018
Total income 1,224,158 1,224,158 876,660
Expenditure on:
Charitable activities 6 846,130 846,130 1,075,967
Total expenditure 846,130 846,130 1,075,967
Net income/(expenditure) before taxation 378,028 378,028 (199,307)
Taxation - - (25)
Net movement in funds before other recognised a
gains/(losses) 378,028 378,028 (199,332)
Other recognised gains/(losses):
Release of impairment provision 11 1,144,000 1,144,000 -
Net movement in funds 1,522,028 1,522,028 (199,332)
Reconciliation offunds:
Total funds brought forward 15,056,738 15,056,738 15,256,070
Net movement in funds 1,522,028 1,522,028 (199,332)
Totalfundscarriedforward 16,578,766 16,578,766 15,056,738

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

5 February 2026

THE GRAHAM DACRE CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|235,095|(92,258)| |Proceeds|from|the|sale|of tangible|fixed|assets|-|33,500| |Purchase|of tangible|fixed|assets|-|(962)| |Purchase|of|investment|property|(500,000)|-| |Net|cash|(used|in)/provided|by|investing|activities|(500,000)|32,538| |Cash|inflows|from|new|borrowing|5,100,000|-| |Cash|outflows|from|new|lending|(6,000,000)|-| |Change|in|cash|and|cash|equivalents|in|the|year|(1,164,905)|(59,720)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|1,267,606|1,327,326| |Cash|and|cash|equivalents|at|the|end|of the|year|102,701|1,267,606| |The|notes|on|pages|13|to|27|form|part|of these|financial|statements|

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Page 12

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

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.

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 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.

Page 13

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

1. Accounting policies (continued)

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.

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 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 2025

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

emmaaeel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

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
2025 2025 2024
£ £ £
Individuals and trusts 233,233 233,233 156,280

Page 16

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

4. Investment income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Rents received 816,462 816,462 573,011
Provision of rent free premises 103,333 103,333 100,000
Interest received 16,846 16,846 13,351
936,641 936,641 686,362

5. Other incoming resources

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Insurance recharge 54,284 54,284 34,018

6. Analysis of expenditure by activities

Activities
undertaken
directly		 Support
costs		 Total
funds
2025 2025 2025
£ £ £
Expenditure 807,070 39,060 846,130
Activities
undertaken
directly		 Support
costs		 Total
funds
2024 2024 2024
£ £ £
Expenditure 1,069,836 6,131 1,075,967

Page 17

THE GRAHAM DACRE CHARITABLE FOUNDATION

aBE SE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Total Total
funds funds
2025 2024
£ £
Monetary gifts and donations 48,919 626,788
Rent 233,233 156,280
Legal and professional 172,854 43,452
Business rates 111,596 2,871
Cost of providing rent free premises 103,333 100,000
Property repairs and grounds maintenance 53,186 69,937
Insurance 47,373 31,553
Depreciation 32,468 32,468
Utilities 1,783 3,660
Motorexpenses 1,474 1,765
Other property costs 484 145
Printing and reproduction 367 917
807,070 1,069,836

Analysis of support costs

Total Total
funds funds
2025 2024
£ E
Legal and professional 31,555 33,511
Governance costs 6,618 5,761
General expenses 672 42
Bank charges 281 137
Accommodation, meals and travel (66) 180
(Profit)/loss on sale ofassets - (33,500)
39,060 6,131

Page 18

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

7. Auditors’ remuneration

2025 2024
£ £
Fees payable to the Charity's auditor for the audit ofthe Charity's annual
accounts 5,171 4,969
Fees payable to the Charity's auditor in respect of:
Allnon-auditservicesnotincludedabove 949 392

8. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 30 April 2025, expenses totalling £Nil were reimbursed or paid directly to 0 Trustee (2024 - £195 paid to 2 Trustees).

Page 19

THE GRAHAM DACRE CHARITABLE FOUNDATION

SR

I SE LE SSE 2 SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

9. Tangible fixed assets

Freehold Motor Fixtures and
property vehicles fittings Total
£ £ £ £
Cost or valuation
At 1 May 2024 350,000 210,000 134,659 694,659
At 30 April 2025 350,000 210,000 134,659 694,659
Depreciation
At 1 May 2024 14,000 210,000 83,261 307,261
Charge for the year 7,000 - 25,468 32,468
At 30 April 2025 21,000 210,000 108,729 339,729
Net book value
At 30 April 2025 329,000 - 25,930 354,930
At30 30April2024 336,000 - 51,398 387,398

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 £329,000.

Page 20

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

10. Investment property

Freehold
investment
property
£
Valuation
At 1 May 2024 12,635,285
Additions 500,000
Transfers to stock (see note 13) (2,000,000)
At30April2025 11,135,285

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.

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 reclassified 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.

Community Centre, Brixton

This property was purchased in November 2024 for £500,000 for the purpose of commercial letting.

Page 21

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

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

2025 2024
£ £
Properties held for resale 4,244,000 1,100,000

Former St. Andrew’s Hospital site

This property was purchased in May 2011 for £2,750,000 and was stated net of an impairment provision of £1,650,000 as at 30 April 2024. The property is held for sale and following the completion of an external property valuation it is included in the balance sheet at £2,244,000, net of an impairment provision of £506,000. The movement on the impairment provision of £1,144,000 is recognised in the Statement of Financial Activities.

Cromer Road, Norwich

This former car dealership property was acquired in May 2012 for £2,142,000 and was included within investment property at a value of £2,000,000 as at 30 April 2024. At the year end the property was held for sale and was therefore transferred from investment property to stock at £2,000,000. The property was sold post year end for £2,000,000.

12. Debtors

2025 2024
£ £
Due within one year
Trade debtors 23,811 21,667
Other debtors 6,000,000 -
Prepayments and accrued income 153,491 48538
6,177,302 70,205

Page 22

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

13. Creditors: Amounts falling due within one year

2025 2024
£ £
Trade creditors 46,441 16,192
Other creditors 5,102,900 4,950
Accruals and deferred income 286,111 373,614
5,435,452 394,756
2025 2024
£ £
Deferred income at 1 May2024 45,618 41,168
Resources deferred during the year 64,818 45,618
Amounts released from previous periods (45,618) (41,168)
64,818 45,618
14. Creditors: Amounts falling due after more than one year
2025 2024
£ £
Accrualsanddeferredincome - 9,000

Page 23

THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

15. Statement of funds

Statement of funds - current year

Balance at
Balance at 1
May 2024		 Income Expenditure Gains/
(Losses)		 30 April
2025
£ £ £ £ £
Unrestricted funds
Generalfunds 15,056,738 1,224,158 (846,130) 1,144,000 16,578,766

Statement of funds - prior year

Balance at Balance at
1 May2023 Income Expenditure Taxation 30April2024
E £ £ £ £
Unrestricted funds
Generalfunds 15,256,070 876,660 (1,075,967) (25) 15,056,738
  1. Summary of funds

Summary of funds - current year

Balance at
Balance at 1
May 2024		 Income Expenditure Gains/
(Losses)		 30 April
2025
£ £ £ £ £
General funds 15,056,738 1,224,158 (846,130) 1,144,000 16,578,766
Summary offunds- prioryear
Balance at Balance at
1 May2023 Income Expenditure Taxation 30April2024
£ £ £ £ £
Generalfunds 15,256,070 876,660 (1,075,967) (25) 15,056,738

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THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Total
funds funds
2025 2025
£ £
Tangible fixed assets 354,930 354,930
Investment property 11,135,285 11,135,285
Current assets 10,524,003 10,524,003
Creditors due within one year (5,435,452) (5,435,452)
Total 16,578,766 16,578,766

Total

Analysis of net assets between funds- prior year

Analysis of net assets between funds-- prior yearyear
Unrestricted Total
funds funds
2024 2024
£ £
Tangible fixed assets 387,398 387,398
Investment property 12,635,285 12,635,285
Current assets 2,437,811 2,437,811
Creditors due within one year (394,756) (394,756)
Creditors due in more than one year (9,000) (9,000)
Total 15,056,738 15,056,738

Total

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THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

18. Reconciliation of net movement in funds to net cash flow from operating activities

2025 2024
£ £
Net
income/expenditure		 for the year (as per Statement of Financial
Activities) 378,028 (199,332)
Adjustments for:
Depreciation charges 32,468 32,467
(Increase)/Decrease in stocks - 325,000
(Increase)/Decrease in debtors (107,097) (23,916)
(Decrease)/Increase in creditors (68,304) (192,977)
(Gain)/Loss on the sale offixed fixed assets - (33,500)
Net cash provided by/(used in) operating activities 235,095 (92,258)
19. Analysis ofcash and cash equivalents
2025 2024
£ £
Cash in hand 102,701 1,267,606
Total cash and cash equivalents 102,701 1,267,606
20. Analysis ofchanges in net debt
At 1 May At 30 April
2024 Cash flows 2025
£ £ £
Cash at bank and in hand 1,267,606 (1,164,905) 102,701
1,267,606 (1,164,905) 102,701

21. Contingent liabilities

The Charity has pledged up to £190,000 per annum for two years, to a recipient in order to support a safer online fund which is contingent on match funding.

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THE GRAHAM DACRE CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

22. Operating lease receipts

At 30 April 2025 the total of the Charity's future minimum lease receipts under non-cancellable operating leases was as follows:

2025 2024
£ E
Not later than 1 year 804,150 602,075
Later than 1 yearand not laterthan 5 years 2,886,708 2,348,467
Laterthan 5 years 287,917 771,458
3,978,775 3,722,000

23. Related party transactions

During the year, Graham Dacre, a Trustee, provided rent free premises to the Trust at a value of £201,337 (2024: £124,384).

During the year, Graham Dacre, a Trustee, provided a loan for £2,475,000 to the Trust. Repayments totalling £375,000 were made and, at the balance sheet date, £2,100,000 was owed to Graham Dacre. This amount is recognised within other creditors.

24. Post balance sheet events

Spurgeon’s College, which is owned by Falkland Park Trust, entered administration after the year end. At the year end, Falkland Park Trust owed £5.4 million and Spurgeon's College owed £0.6 million to The Graham Dacre Charitable Foundation, these amounts can be seen in other debtors. The Trustees expect that these amounts will be recovered from the proceeds of the sale of Spurgeon’s College.

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