The trustees present their annual report and financial statements for the year ended 31 March 2025.
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 charity's governing document, 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).
The Charity's objects are to advance the Christian faith in accordance with the Charity’s Statement of Beliefs in Somerset and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Trust.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Charity took over the management of Great Wood Camp on 1st April 2007. The site is in use during the months March to November in any year.
Scripture Union have used Great Wood for many years for the provision of Christian holidays and weekends.
Since the year end they have entered into a booking for five weeks in the Summer holidays 2026.
Other Achievements
In 2016 Somerset County Council signed a three year rolling license agreement for the use of the site for certain periods during the year, and a good working relationship continues between the Trustees and volunteers working for the charity and the staff of the Somerset centre at Kilve from which their activities are managed. The Charity provided a Chaplaincy Service to Kilve throughout the time when they were using the site.
An annual work party of volunteers normally carries out a great deal of maintenance work during the Easter holidays. The full work party returned to Camp in April 2024. A separate work party erected a new Bosun’s Store to replace one which was well past its useful life.
The charity generated an unrestricted surplus of £7,439 (2024 – surplus £84,745) during the year under review.
In the previous year the surplus arose due to the extraordinary generosity of our supporters. Part of this generosity was directed at the cost of the new Bosun’s Store and additional solar panels on the roof of the main building. Generating an annual surplus is necessary to enable us to maintain a steady programme of improvements to the site.
Our self employed Estate manager worked throughout the year, carrying out some useful maintenance which would not normally have been possible.
Our budget forecast for 2025/26 indicates a small deficit after charging depreciation on buildings. Given that no material new building work is anticipated during the next two years this situation is considered satisfactory.
Restricted funds of £724,061 were held at the year end (2024 - £737,428) mainly in relation to donations for the new Mess Hut. Annual depreciation on the new Mess Hut is debited to this account.
The Trustees have reviewed the charity’s need for reserves in line with the guidance given by the Charity Commission. Factors taken into account include the risk of fluctuations in general booking income, unforeseen expenditure on major repairs and the need to renovate and replace buildings and equipment from time to time.
The Trustees consider it prudent to hold in general reserve an amount equivalent to between three and six months general expenditure.
The policy on reserves is reviewed annually.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Great Wood Trust is a charitable company limited by guarantee, registered in England and Wales. It is governed by its Memorandum and Articles of Association, dated 26th February 2007.
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:
Trustees are appointed in accordance with the Articles of Association by ordinary resolution or by a resolution of the other directors. Directors retire by rotation at the Annual General Meeting, and can be recommended for re-election by the other Directors.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Board of Trustees administers the charity and has set up a sub-committee covering buildings and estate maintenance and development, and marketing. Day to day administration is delegated to John Owen. Andy Bennett acts as a self employed Estate Manager.
New trustees are encouraged to spend time with the chairman, who will guide them through the induction process which includes time with key volunteers.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate training is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charity for the year ended 31 March 2025, which are set out on pages 4 to 14.
The charity’s trustees, who are also the directors of The Great Wood Trust for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
examine the financial statements under section 145 of the 2011 Act;
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Great Wood Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 103 Argentia Place, Portishead, Bristol, BS20 7QS.
The financial statements have been prepared in accordance with the charity's governing document, 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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.
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.
Cash donations are recognised on receipt. Other donations are recognised once the charity 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.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
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:
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.
At each reporting end date, the charity 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).
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.
The charity 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 charity's balance sheet when the charity 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, 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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 charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Charitable Expenditure
Charitable Expenditure
Utilities before recharges
Estate maintenance
Pool costs
Phone
Equipment repairs and consumables
Cleaning
Estate management
Insurance
Ministry to schools
Sundry expenses
SWYM Trainee Costs
Bursaries
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year apart from those disclosed below.
Total expenses were reimbursed to two (2024 - two) Trustee during the year, amounting to £453 (2024 - £1,756).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
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.
The Great Wood Trust is affiliated to Scripture Union (SU) (Registered Charity no. 1120240) through SU’s Associate Trust scheme. SU has no control over the Charity’s affairs, but offers advice and support for its various ministries. As disclosed in the Trustees’ report prior to 13th August 2014 the Charity managed the Great Wood camping site on behalf of the former freeholders, SU under the terms of a licence agreement.