Greene & Co. Charity Limited |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. They have also been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts have been presented in sterling. |
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The charitable company constitutes a public benefit entity as defined by FRS 102. |
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The Council of Management consider that there are no material uncertainties about the charitable company's ability to continue as a going concern and have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the forthcoming year. They are not aware of any significant area of uncertainty that affect the carrying value of the assets of the charitable company. |
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Income |
a) |
Income consists mainly of investment income, interest receivable and donations, which are accounted for on a receivable basis. Dividends are recognised when the dividend goes "ex div". |
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b) |
Investments |
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Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals during the year. The main form of financial risk faced by the charitable company is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors. Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The main form of financial risk faced by the charitable compay is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors |
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c) |
Debtors |
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Debtors are measured at their recoverable amounts at the balance sheet date. |
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d) |
Expenditure and creditors |
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Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. |
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e) |
Grants |
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Grants are made in accordance with the charitable company’s objects and at the Council of Management's discretion. |
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f) |
Taxation |
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The company is a registered charity and does not trade. As such there is no taxation liability on any surplus for the period. |
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g) |
Funds |
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Funds held by the charitable company are unrestricted general funds which can be used in accordance with the objects and at the discretion of the members. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Jeremy Staines |
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Firm: |
Begbies |
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Date of audit report: |
20 March 2025 |
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3 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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4 |
Investments |
Quoted |
investments |
£ |
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Fair value |
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At 1 July 2023 |
2,474,660 |
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Additions |
298,715 |
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Revaluation |
349,560 |
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Disposals at opening market value |
(327,759) |
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At 30 June 2024 |
2,795,176 |
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Historical cost |
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At 1 July 2023 |
1,598,311 |
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At 30 June 2024 |
1,546,069 |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
2,638 |
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302 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Other creditors |
5,055 |
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20,693 |
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7 |
Critical accounting estimates and judgements |
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The Council of Management do not consider that any significant critical accounting estimates or judgements were required to be made in the preparation of these accounts. |
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8 |
Related party transactions |
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The Trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or in kind (2023: £nil). There are no staff costs. The directors are not aware of any related party transactions. |
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9 |
Other information |
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Greene & Co. Charity Limited is a private company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. It is incorporated in England and its registered office is: |
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9 Bonhill Street |
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London |
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EC2A 4DJ |