Catherine Grace Trust - Charities report - 18.1

REGISTERED COMPANY NUMBER: 00462901 (England and Wales)

REGISTERED CHARITY NUMBER: 311740

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2017

FOR

CATHERINE GRACE TRUST

CATHERINE GRACE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2017

Page

Report of the Trustees

1 to 2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5 to 6

Notes to the Financial Statements

7 to 12

CATHERINE GRACE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2017

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with

the financial statements of the charity for the year ended 31st August 2017. The trustees have adopted the provisions of

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)

(effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Trust's objects are restricted, for the public benefit, to advance the education and to preserve the health of

individuals by providing therapeutic support, education and care in accordance with the principles, methods and

philosophy of Rudolf Steiner.

Public benefit

The Directors confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due

regard to the public benefit guidance published by the Charity Commission for England and Wales.

FINANCIAL REVIEW

Financial position

Note 12 to the financial statements shows the funds by the type and summarises the year's movements in each fund. On

the sale of trade assets in 2016 the accumulated revaluation reserve was released to unrestricted funds. At the year end,

unrestricted funds were £2,285,787 (2016 - £2,083,553), and restricted funds were £17,605 (2016 - £17,605).

Investment policy and objectives

The Charity investment powers are governed by its Memorandum and Articles of Association. The funds are invested

with Invesco Perpetual, Columbia Threadneedle and Henderson Sterling Bond Unit Trust. The level of performance

achieved is judged as being acceptable in the current economic climate. Investment income for the year was £8,299

(2016 - £2,848).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by

guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Any person who is willing to act as a Director, and who is permitted by law to do so, may be appointed to be a Director

by resolution of the Directors. The number of directors shall not be more than twelve (12) nor less than four (4).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00462901 (England and Wales)

Registered Charity number

311740

Registered office

c/o Meade King LLP

Springfield House

45 Welsh Back

Bristol

BS1 4AG

Trustees

MRS S M Garner

MRS R E Hayn

MRS S Mapson

MRS S Mcaulay

MR G D Meyer

MR M T Underwood

- resigned 4.10.16

Dr A Maendl

- appointed 31.3.17

Company Secretary

Independent examiner

J Duggan

FCA

M W Medical

Chartered Accountants

2 Westbury Mews

Westbury Hill

Westbury-on-Trym

Bristol

BS9 3QA

Approved by order of the board of trustees on 25th March 2018 and signed on its behalf by:

MRS R E Hayn - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

CATHERINE GRACE TRUST

Independent examiner's report to the trustees of Catherine Grace Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2017.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA which is one of the listed bodies

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.

the accounts do not accord with those records; or

3.

the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached

J Duggan

FCA

M W Medical

Chartered Accountants

2 Westbury Mews

Westbury Hill

Westbury-on-Trym

Bristol

BS9 3QA

16th May 2018

CATHERINE GRACE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST AUGUST 2017

2017

2016

Unrestricted fund

Restricted funds

Total funds

Total funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

815

-

815

459

Other trading activities

2

271,992

-

271,992

5,424,944

Investment income

3

8,299

-

8,299

2,848

Total

281,106

-

281,106

5,428,251

EXPENDITURE ON

Raising funds

-

-

-

1,076,826

Other

87,719

-

87,719

7,700,878

Total

87,719

-

87,719

8,777,704

Net gains/(losses) on investments

8,847

-

8,847

3,684

NET INCOME/(EXPENDITURE)

202,234

-

202,234

(3,345,769

)

RECONCILIATION OF FUNDS

Total funds brought forward

2,083,553

17,605

2,101,158

5,450,611

TOTAL FUNDS CARRIED FORWARD

2,285,787

17,605

2,303,392

2,104,842

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

CATHERINE GRACE TRUST

BALANCE SHEET

AT 31ST AUGUST 2017

2017

2016

Unrestricted fund

Restricted funds

Total funds

Total funds

Notes

£

£

£

£

CURRENT ASSETS

Debtors

8

273,752

-

273,752

169,623

Investments

9

29,016

-

29,016

23,853

Cash in hand

2,178,151

17,605

2,195,756

2,355,047

2,480,919

17,605

2,498,524

2,548,523

CREDITORS

Amounts falling due within one year

10

(61,182

)

-

(61,182

)

(309,731

)

NET CURRENT ASSETS

2,419,737

17,605

2,437,342

2,238,792

TOTAL ASSETS LESS CURRENT LIABILITIES

2,419,737

17,605

2,437,342

2,238,792

PROVISIONS FOR LIABILITIES

11

(133,950

)

-

(133,950

)

(133,950

)

NET ASSETS

2,285,787

17,605

2,303,392

2,104,842

FUNDS

12

Unrestricted funds

2,285,787

2,087,237

Restricted funds

17,605

17,605

TOTAL FUNDS

2,303,392

2,104,842

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31st August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended

31st August 2017 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)

ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the

special provisions of Part 15 of the Companies Act 2006 relating to

charitable small companies.

The financial statements were approved by the Board of Trustees on 25th March 2018 and were signed on its behalf by:

MRS R E Hayn -Trustee

CATHERINE GRACE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2017

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2015)',

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it

is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the

charity to that expenditure, 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 is accounted for on an accruals basis and has

been classified under headings that aggregate all cost related to the category. Where costs cannot be directly

attributed to particular headings they have been allocated to activities on a basis consistent with the use of

resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions

arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis

over the period of the lease.

2.	OTHER TRADING ACTIVITIES

2017

2016

£

£

Education funding

271,992

5,393,052

Staff residency payments

-

3,036

Rent received

-

1,135

Other income

-

7,921

Insurance claim - Grace House

-

19,800

271,992

5,424,944

3.	INVESTMENT INCOME

2017

2016

£

£

Interest on cash deposits

8,035

2,587

Dividends - UK equities

264

261

8,299

2,848

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2017

2016

£

£

Auditors' remuneration

-

8,000

Auditors' remuneration for non audit work

-

19,328

Other operating leases

4,006

11,841

Deficit on disposal of fixed asset

-

1,439,806

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st August 2017 nor for the year

ended 31st August 2016.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st August 2017 nor for the year ended

31st August 2016.

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2017

2016

6

242

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund

Restricted funds

Total funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

459

-

459

Other trading activities

5,424,944

-

5,424,944

Investment income

2,848

-

2,848

Total

5,428,251

-

5,428,251

EXPENDITURE ON

Raising funds

1,076,826

-

1,076,826

Other

7,700,878

-

7,700,878

Total

8,777,704

-

8,777,704

Net gains/(losses) on investments

3,684

-

3,684

NET INCOME/(EXPENDITURE)

(3,345,769

)

-

(3,345,769

)

Transfers between funds

(17,605

)

17,605

-

Net movement in funds

(3,363,374

)

17,605

(3,345,769

)

RECONCILIATION OF FUNDS

Total funds brought forward

5,450,611

-

5,450,611

TOTAL FUNDS CARRIED FORWARD

2,087,237

17,605

2,104,842

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

88,439

Other debtors

123,752

81,184

Bristol Steiner School

150,000

-

273,752

169,623

9.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Listed investments

29,016

23,853

2017

2016

£

£

Invesco Perpetual

14,917

10,994

Henderson Sterling Bond Unit Trust

5,637

4,746

Threadnedle

6,445

6,097

Market value at 1 September 2016

23853

20,169

Unrealised gains/(losses)

5,163

3,684

Market value at 31 August 2017

29,016

23,853

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

6,232

Social security and other taxes

-

229

Other creditors

58,782

293,670

Accrued expenses

2,400

9,600

61,182

309,731

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Provisions

133,950

133,950

The Charity makes pension payments to certain former employees under ad hoc pension arrangements. A

provision has been made to reflect the costed liability of these payments.

12.	MOVEMENT IN FUNDS

At 1.9.16

Net movement in funds

At 31.8.17

£

£

£

Unrestricted funds

General funds

2,083,553

202,234

2,285,787

Restricted funds

Restricted funds

17,605

-

17,605

TOTAL FUNDS

2,101,158

202,234

2,303,392

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Gains and losses

Movement in funds

£

£

£

£

Unrestricted funds

General funds

281,106

(87,719

)

8,847

202,234

TOTAL FUNDS

281,106

(87,719

)

8,847

202,234

Comparatives for movement in funds

At 1.9.15

Net movement in funds

At 31.8.16

£

£

£

Unrestricted Funds

General funds

5,450,611

(3,345,769

)

2,087,237

Restricted Funds

Restricted funds

-

-

17,605

TOTAL FUNDS

5,450,611

(3,345,769

)

2,104,842

Comparative net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Gains and losses

Movement in funds

£

£

£

£

Unrestricted funds

General funds

5,428,251

(8,777,704

)

3,684

(3,345,769

)

TOTAL FUNDS

5,428,251

(8,777,704

)

3,684

(3,345,769

)

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st August 2017.