Charity registration number 1184638 (England and Wales)
Company registration number 11592194
GRANTA TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GRANTA TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Sigrid Rausing
Rana Dasgupta
George Prochnik
Charity number
1184638
Company number
11592194
Registered office
12 Addison Avenue
London
UK
W11 4QR
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
GRANTA TRUST
CONTENTS
Page
Trustees' report
1 - 3
Independent auditor's report
4 - 6
Statement of financial activities
7
Summary income and expenditure account
8
Balance sheet
9
Notes to the financial statements
11 - 22
GRANTA TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Articles, the Companies Act 2006 and "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 2019)".

Objectives and activities

The Trust's objects are; the advancement of the literary arts, in particular the promotion of new and emerging writing and the advancement of education through the promotion of literary and literacy cultures.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Achievements and performance
Financial review

Donations received in the prior periods provide the Trust with an expendable endowment which will generate investment income to support the charitable activities.  It is the trustees’ intention that the capital should be preserved to maintain the level of investment income, but the capital is expendable in case of urgent and unforeseen need, and will allow the Trust’s current activities to be sustained while consideration is given to ways in which additional funds may be raised. Trustees therefore consider that reserves should be limited to an amount appropriate to the Trust’s working capital needs and have maintained this level of reserves throughout the year.

Investment Policy

Trustees reviewed the options available for investment of the expendable endowment and selected the CCLA’s Ethical Fund. Trustees receive regular reports from the CCLA and meet annually with its representative. Cash balances not immediately needed are placed on short term deposit when these are available at more than a notional rate of interest.

Risk management

The trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

 

Reserves policy

The Trustees have established the level of reserves that the charity ought to have. The funds are needed to:

The Trustees continue to monitor and review periodically the level of reserves in conjunction with the setting of annual budgets and the development of the long-term strategy to meet the targets of the charity. The charity's policy is to maintain adequate funds for its commitments for charitable projects in the publishing sector.

Plans for future periods

Trustees' main focus continues to be on oversight of the operating business, to satisfy themselves that it is operating effectively and in a way that fulfils the Trust charitable purposes. They will continue to look for new activities, such as the writing academy, which advance the Charity’s objectives and provide a valuable income stream. Trustees will also continue to raise funds from third party donors with an interest in the literary field.

GRANTA TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Structure, governance and management

Granta Trust is a company limited by guarantee. It is governed by its Memorandum and Articles of Association.

 

Related Parties and Conflicts of Interest

None of the trustees received remuneration or other benefits for their work for the charity other than those disclosed in note 8 to the accounts. Any transactions between the Trust and the trustees or senior management or related parties must be disclosed to the Board.

 

Details of related party transactions are disclosed in note 22 to the accounts. Trustees are required to disclose all relevant interests and register them annually with the Trust’s administration, and in accordance with the Trust’s Conflict of Interest Policy to withdraw from decisions where a conflict of interest arises.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Sigrid Rausing
Rana Dasgupta
George Prochnik

 

Details of method of recruitment and appointment of trustees

Trustees are appointed to the board on the basis of their skills and experience in either the literary or charitable field. Trustee appointments are for an initial period of three years.

Supplier Payment Policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the period end were equivalent to 31 days' purchases, based on the daily amount invoiced by suppliers during the period.

Details of organisational structure

Granta Trust employs nine staff to edit and sell the magazine, and to edit the poetry list.  Other functions, including contract administration, production, marketing and publicity, finance and IT are outsourced to Granta Publications, which charges for time spent on the Trust’s operations.  The day to day management of the operations of the Trust is overseen by the Executive Management Board, which reports regularly to trustees.

 

The Trustees consider that the Board of Trustees, the Editor and Deputy Editor comprise the key management  personnel of the charity in charge of directing and controlling the charity and its day to day operation.

Statement of trustees' responsibilities

The trustees, who are also the directors of Granta Trust for the purpose of company law, 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).

Auditor

In accordance with the company's articles, a resolution proposing that Bright Grahame Murray be reappointed as auditor of the company will be put at a General Meeting.

Principal Office

The address of the principal office of the charity is 12 Addison Avenue, London, W11 4QR.

GRANTA TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The trustees' report was approved by the Board of Trustees.

Sigrid Rausing
Trustee
30 June 2025
GRANTA TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF GRANTA TRUST
- 4 -

Opinion

We have audited the financial statements of Granta Trust (the ‘Trust’) for the year ended 31 December 2024 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to the financial statements, including 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).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 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 Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 Trust’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

GRANTA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GRANTA TRUST
- 5 -
Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they 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 Trust’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which our procedures are capable of detecting irregularities, including fraud.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

 

 

 

 

GRANTA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GRANTA TRUST
- 6 -

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor’s 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

William Meakin (Senior Statutory Auditor)
for and on behalf of Bright Grahame Murray
Chartered Accountants
Statutory Auditor
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
1 July 2025

Bright Grahame Murray is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

GRANTA TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Unrestricted
Endowment
Total
Unrestricted
Endowment
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations, endowments and legacies
2
145,445
-
145,445
131,760
-
131,760
Charitable activities
3
971,662
-
971,662
776,390
-
776,390

Investments

4
263,309
-
263,309
264,771
-
264,771
Total income
1,380,416
-
1,380,416
1,172,921
-
1,172,921
Expenditure on:
Charitable activities
5
1,813,614
-
1,813,614
1,690,393
-
1,690,393
Net gains/(losses) on investments
11
-
249,082
249,082
-
811,780
811,780
Gross transfers between funds
-
-
-
957,346
(957,346)
-
Net (outgoing)/incoming resources
(433,198)
249,082
(184,116)
439,874
(145,566)
294,308
Other recognised gains and losses
Other gains or losses
13
(807)
-
(807)
1,417
-
1,417
Net movement in funds
(434,005)
249,082
(184,923)
441,291
(145,566)
295,725
Fund balances at 1 January 2024
443,627
9,076,727
9,520,354
2,336
9,222,293
9,224,629
Fund balances at 31 December 2024
9,622
9,325,809
9,335,431
443,627
9,076,727
9,520,354

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GRANTA TRUST
SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
All income funds
2024
2023
£
£
Gross income
1,380,416
1,172,921
Transfer (to)/from endowment funds
-
957,346
Total income in the reporting period
1,380,416
2,130,267
Total expenditure from income funds
1,813,614
1,690,393
Net (expenditure)/income for the year
(433,198)
439,874
GRANTA TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
19,856
14,675
Investments
15
9,325,809
9,076,727
9,345,665
9,091,402
Current assets
Stocks
16
58,694
57,262
Debtors
17
207,557
264,524
Cash at bank and in hand
180,109
581,969
446,360
903,755
Creditors: amounts falling due within one year
18
(456,594)
(474,803)
Net current (liabilities)/assets
(10,234)
428,952
Total assets less current liabilities
9,335,431
9,520,354
The funds of the Trust
Endowment funds
20
9,325,809
9,076,727
Unrestricted funds
21
9,622
443,627
9,335,431
9,520,354

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the trustees on 12 June 2025
Sigrid Rausing
Trustee
Company registration number 11592194 (England and Wales)
GRANTA TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(650,316)
(593,944)
Investing activities
Purchase of tangible fixed assets
(14,853)
(7,515)
Investment income received
263,309
264,771
Net cash generated from investing activities
248,456
257,256
Net cash used in financing activities
-
-
Net decrease in cash and cash equivalents
(401,860)
(336,688)
Cash and cash equivalents at beginning of year
581,969
918,657
Cash and cash equivalents at end of year
180,109
581,969
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Charity information

Granta Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 12 Addison Avenue, London, W11 4QR, UK.

1.1
Accounting convention

The financial statements have been prepared in accordance with the special provisions of the small companies regime, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.
1.4
Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grant income is recognised as income when pre-agreed criteria, such as associated expenditure, has been met. Grant monies received where criteria has not yet been achieved is recognised as deferred income.

GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Expenditure

 

Recognition of Expenditure

 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Governance Costs

 

Includes staff time and expenses for time spent in connection with trustees meetings, plus the cost of audit and professional fees. Salary costs, where appropriate, are charged in accordance with time spent.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers and Website costs
25-33% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.11
Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
123,465
103,740

British Council Grant

21,980
28,020
145,445
131,760
Donations and gifts
Other donations
3,168
103,740
C.H.A.T
10,000
-
Jerwood Foundation
15,820
-
Amazon Literary Grant
6,000
-
Ford Foundation
78,477
-
Bloomsbury Publishing
10,000
-
123,465
103,740

Included in other donations are amounts gifted from individual readers; the prior year relates to an organisation connected to a trustee.

3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Sales within charitable activities
614,351
654,264
Writing courses provided
357,311
122,126
971,662
776,390
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
262,751
260,407
Interest receivable
558
4,364
263,309
264,771
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Charitable activities

Magazine publication

 

Charitable expenditure

Total
2024

Magazine publication

 

Grant Making

 

Charitable expenditure

Total
2023
2024
2024
2023
2023
2023
£
£
£
£
£
£
£
Staff Costs
661,319
-
661,319
582,285
-
-
582,285
Depreciation
9,672
-
9,672
10,506
-
-
10,506
Production Costs
181,906
-
181,906
217,880
-
-
217,880
Contributor Fees
178,585
-
178,585
116,730
-
-
116,730
Distribution Costs
327,930
-
327,930
282,624
-
-
282,624
Poetry Costs
4,131
-
4,131
7,288
-
-
7,288
Marketing Costs
54,133
-
54,133
94,563
-
-
94,563
Website Cost
52,035
-
52,035
40,192
-
-
40,192
Office Supplies Costs
51,620
-
51,620
58,610
-
-
58,610
Professional Fees
10,735
-
10,735
8,949
-
-
8,949
Computer Running Costs
15,798
-
15,798
7,044
-
-
7,044
Overhead Costs
47,398
-
47,398
44,006
-
-
44,006

Bad Debt expense

-
-
-
29,280
-
-
29,280

British Council Grant costs

21,980
-
21,980
28,020
-
-
28,020

Writing Academy Course costs

-
187,002
187,002
-
-
94,053
94,053
1,617,242
187,002
1,804,244
1,527,977
-
94,053
1,622,030
Grant funding (note 6)
-
-
-
-
59,313
-
59,313
Governance costs (note 7)
9,370
-
9,370
9,050
-
-
9,050
1,626,612
187,002
1,813,614
1,537,027
59,313
94,053
1,690,393
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Grants payable
Cultural grants
2023
£
Grants to institutions:
Granta Publications
49,313
The Charleston Trust
10,000
59,313

Granta Trust has made a total of three grants during the year ended 31 December 2023, two being to Granta Publications. No grants were made in the current year.

7
Support costs allocated to activities
2024
2023
£
£
Basis of allocation
Audit fees
Governance
9,370
9,050
Analysed between:
Charitable activities
9,370
9,050
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
9,370
9,050
Depreciation of owned tangible fixed assets
9,672
10,506
9
Trustees

During the year a trustee provided consultancy services to the Trust amounting to £nil (2023: £7,114).

During the year, no remuneration or benefits were received by trustees and key management personnel for their services to the charity.

10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Administrative
9
9
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Employees
(Continued)
- 18 -
Employment costs
2024
2023
£
£
Wages and salaries
628,915
554,105
Other pension costs
32,404
28,180
661,319
582,285
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,001 to £70,000
-
1
£70,000 to £80,000
1
-
£90,000 to £100,000
-
1
£100,000 to £110,000
1
-
11
Gains and losses on investments
Endowment
Endowment
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
249,082
811,780
12
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13
Other gains and losses
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) upon:
£
£
Foreign exchange
807
(1,417)
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
14
Tangible fixed assets
Computers and Website costs
£
Cost
At 1 January 2024
242,465
Additions
14,853
At 31 December 2024
257,318
Depreciation and impairment
At 1 January 2024
227,790
Depreciation charged in the year
9,672
At 31 December 2024
237,462
Carrying amount
At 31 December 2024
19,856
At 31 December 2023
14,675
15
Fixed asset investments

Listed investments

£
Cost or valuation
At 1 January 2024
9,076,727
Valuation changes
249,082
At 31 December 2024
9,325,809
Carrying amount
At 31 December 2024
9,325,809
At 31 December 2023
9,076,727
16
Stocks
2024
2023
£
£
Magazines
58,694
57,262
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,890
49,482
Other debtors
169,477
199,479
Prepayments and accrued income
14,190
15,563
207,557
264,524
18
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
13,065
13,180
Trade creditors
120,226
128,400
Other creditors
285,208
299,374
Accruals and deferred income
38,095
33,849
456,594
474,803
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,404
28,180

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

20
Endowment funds

Endowment funds represent donated income given to provide the Trust with an expendable endowment. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January 2024
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
Expendable endowments
9,076,727
-
249,082
9,325,809
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Endowment funds
(Continued)
- 21 -
Previous year:
At 1 January 2023
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
Expendable endowments
9,222,293
(957,346)
811,780
9,076,727
21
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
General funds
443,627
1,380,416
(1,813,614)
-
(807)
9,622
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
£
£
General funds
2,336
1,172,921
(1,690,393)
957,346
1,417
443,627
22
Analysis of net assets between funds
Unrestricted
Endowment
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
19,856
-
19,856
Investments
-
9,325,809
9,325,809
Current assets/(liabilities)
(10,234)
-
(10,234)
9,622
9,325,809
9,335,431
GRANTA TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Analysis of net assets between funds
(Continued)
- 22 -
Unrestricted
Endowment
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
14,675
-
14,675
Investments
-
9,076,727
9,076,727
Current assets/(liabilities)
428,952
-
428,952
443,627
9,076,727
9,520,354
23
Related party transactions

Grants of £nil (2023: £49,313) have been made to Granta Publications, a company under common control by virtue of the ultimate controlling party.

 

Donations received from related parties are disclosed in note 2.

 

The charity is controlled by a member of the board of trustees.

24
Cash generated from operations
2024
2023
£
£
(Deficit)/surpus for the year
(184,116)
294,308
Adjustments for:
Investment income recognised in statement of financial activities
(263,309)
(264,771)
Foreign exchange differences
(807)
1,417
Fair value (gains) and losses on investments
(249,082)
(811,780)
Depreciation and impairment of tangible fixed assets
9,672
10,506
Movements in working capital:
(Increase) in stocks
(1,432)
(14,633)
Decrease in debtors
56,968
164,719
(Decrease)/increase in creditors
(18,209)
26,289
Cash absorbed by operations
(650,315)
(593,945)
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