NICHOLAS AND JUDrrH GOODISON'S CHARrrABLE SErrLEMENT FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 5 APRIL 2024 KNOX CROPPER chartered accountants NICHOLAS AND JUDrrH GOODISON'S CHARrrABLE SErrLEMENT FINANCIAL sfATEMENTS AND TRUSTEES REPORT REGIsfERED CHARITY NO. 1004124 YEAR ENDED 5 APRIL 2024 CONTENTS coN￿L￿oNAL D￿AILs TRusfEES' REPORT INDEPENDENT EXAMINER'S REPORT ATEmE￿ OF FINANCIAL ATh￿E5 BALANCE SHEEr NOTES TO THE ACcOU￿s NICHOLAS AND JUDrrH GOODISON'S CHARrrABLE SErrLEMENT CONSTmTfIoNAL DEfAIL GOVERNING DOCUMENT AND CONSTrrLrfIoN Nicholas and Judith Goodi50n's Charitable Settlement (previously named Sir Nicholas and Lady Goodison's Charitable Settlement) is registered as a charity under charity number 1004124. The charity is governed by a Trust Deed dated 5 April 1991. OBJECTIVES The trust can apply income or capitsl to general charitsble purwses. The trustees, policy is to COn￿ntrate on gifts to the arts and for arts education. TRusfEES Adam Goodison Judith Goodison Katharine Goodison Rachel Goodison TRUSTEES ADDRESS PO Box 55589 London SW7 9EW INDEPENDENT EXAMINERS G N Stevenson FCA Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD BANKERS AND STOCKBROKERS CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Quilter Cheviot One Kingsway London WC2B 6AN NICHOLAS AND JUDITH GOODISON'S CHARrrABLE SErrLEMENT TRUSTEES. REPORT status and Policies The Settlement is a Charitsble Trust registered with the Charity Q)mmission number 1004124. The Trustees were appointed by the Settlor5, who have the power to appoint trustees during their lifetime. New Trustees are provided with all relevant infomation when apwinted; all trustees are kept up to date with any new information. The Trustees have powers, under the Setttement dated 5 April 1991, to apply either income or capital to general charitable purposes. There are no restricted funds. Donations are financed by income from the Trust's investments and occasionally by drawing from the Trusvs capital. The￿ are no restrictions on the Trustees, investment power5. The Tru5tees' poliq is to cOn￿ntrate on glfts to the arts and for arts education. The Trustees re-named the Settlement 'Nicholas and Judith Gcrf)dison's tharitable Settlement, in December 2001. Report for the year ended 5 April 2024 This year gifts in the field of visual arts were made to the Attingham Trust, and to the Tate Foundation to help with the Gallery'5 eX￿ptIOnal archives of 20th Century artists. The Trustees made grants to the Courtauld Institute both to support the Gallery and towards the Swallow Fund, set up to celebrate the Directorship of Professor Deborah Swallow on her retirement; to the National Gallery towards the building works in process of being completed to ￿lebrate the Gallery's Bitrntenary. to the Victoria and Albert Museum towards the cost of releasing the Robert Adam bookcases in the Brttish Gallerie5 to their original position at the National Trust'5 Croome Court, by ￿p1aCIng them with William Chamberfs magnificent medal cabinet; to the Crafts Council to add to their unique collection of contemporary British crafts, and to National Life Stories towards a Crafts Lives educational web resource. A grant was a150 awarded to the The Historic Parks and Gardens Trust towards the publication of their annual joumal vol 27. Grants to musical charities induded the Academy of Ancient Music, English National Opera for their Harewood Young Singers scheme, Wigm0￿ Hall, The Benedetti Foundation and persona arts for work with musicians and communities. The Trustees confinn that they have had due regard to the public benef￿ guidance published by the Charity Commission when planning activities and setting grant-making policies. The Trustees have identified the major risks to which the chaiity is exposed and have estsblished systems to mitigate those risks. The Trustees consider the level of reserve5 appropriate in the light of their future plans and overall policy and intend to continue with Similar donation policies in future years. NICHOLAS AND JUDITH GOODISON'S CHARrrABLE SETfLEMENT TRusfEES' REPORT Financial Review The settlement received income of £69,610 from investments income and interest and from a donation of £35,000. Expenditure, in respect of Charitsble Artivities amounted to £74,450. Gains on inve5tsnents amounted to £47,824 with investments amounting to £1,637,773 at the year end. The Trustees consider the level of reserves appropriate in the light of their future plans and overall poliry. The resultant net Income of £77,984 for the year saw unre5tsicted reserves increase to £1,795,244, Reserves Policy All the Settlemenys Reserves are unrestricted, and are held for their investsnent returns to fund future grants. At the year end Unrestricted Reserves amounted to £1,795,244. The Trustees consider the level of reserves sufficient in the light of their future plans and overall policy. The Trustees are resp)nsible for preparing the Trustees, annual re￿rt and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practi￿). Charity law requires the trustees to prepare finandal statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the year. In p￿parIng those financial statements the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busine5S. The Trustees are ￿spOnSible for keeping accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and henTr for taking reasonable steps for the prevention and detection of fraud and other irregularities. Investment Policy The Trustees aim to maintain and increase the value of the fund in ￿1 tems through a balan￿d portfolio including a substantial proportion of professionally managed collective investment funds, and to maintain yield and regular cash flow in order to rn￿t the income required and the Inciden￿ of gifts. Risk Management The Trustees have identified the major risks to which the charity is expM)sed and have e5tabli5hed controls to mitigate these risks. Approved by the Trustees on IW / Y / 2024 and signed on their behalf by: . Trustee Judith Goodison INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF NICHOLAS AND JUDrrH GOODISON'S CHARrrABLE SErrLEMENT I report to the trustees on my examination of the accounts of the Nicholas and Judith Goodison's Charitable Settlement (the Charity) for the year ended 5th April 2024, which comprise the Ststement of Financial Activities, the Balan￿ Sheet and related notes. This report Is made to the Trust￿, as a Ex)dy, in accordan￿ with the temis of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charty Commissioners. To the fullest extent permitted by law, I do not accept or a55ume responsibility to anyone other than the Charity and the Charity's Trustees as a body for my work or for this report. Responsibilities and basis of report A5 the charity trust&s of the Charity you are responsible for the preparatlon of the accounts in accordance with the requirements of the Charitie5 Act 2011 ('the Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records We￿ not kept in reskEd of the Charty as required by section 130 of the Act. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements Con￿rning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no COn￿rnS and have come across no other matter5 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. Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD IL/q/ 2024 NICHOLAS AND JUDrrH GOODISON'S CHARITABLE SErrLEMENT srATEMENT OF FINANCIAL ACTIvrriES YEAR ENDED 5 APRIL 2024 Unrestricte 2024 Funds 2023 Notes Income From Donations and legacies Investments 35,000 69,610 50,000 67,929 Total Income 104,610 117,929 Expenditure on Raising Funds - Investment Management Charges Charitsble activities 74,450 39,672 Total Expenditure 74,450 39,672 30,160 78,257 Net (Gains)ILosses on investments 47,824 (89,423) Net Income/(Expenditure) and Net movement in funds 77,984 (11,166) Fund balances brought forward at 6 April 2023 1,717,260 1,728,426 Fund balances carried fonvard at 5 April 2024 £1,795,244 £1,717,260 All amounts relate to continulng activities. NICHOLAS AND JUDrrH GOODISON'S CHARITABLE SErrLEMENT BALANCE SHEET AS AT 5 APIUL 2024 2024 2023 Notes FIXED ASSErs Invesknents 1,637,773 1,589,949 CURRENT ASSErs Debtors Cash at bank 158,461 128,211 158,461 128,211 CREDrroRS: Independent Examiners Fees 990 900 NET CURRENT ASSErs 157,471 127,311 NET ASSETS £1,795,244 £1,717,260 UNRESTRIcfED FUNDS £1,795,244 £1,717,260 Approved and authorised for issue by the Trustees on f l / E / 2024 and signed on their behalf: Trustee Judith Goodison NICHOLAS AND JUDrrH GOODISON'S CHARITABLE SErrLEMENT NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 ACCOUNTING POUCIES (a) Basis of Preparation and Assessment of going concern The accounts have been prepared under the historical cost convention with the exception of investments which are included at market value. The financial ststements have been prepared in accordance with the Statement of Recommended Practice: 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) (effettive 1st January 2015) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts have been prepared to give a 'true and fair view, and have departed from the Charlties (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effecttve from l April 2005 which has since been withdrawn. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties atM)Ut the Charity's ability to continue as a going concern. (b) Investments Investments are a fom of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and los*s arising on revaluations and disposals throughout the year. Reall*d gains and losses on investments are calculated as the differen￿ be￿een sales prO￿ed5 and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. (c) Investment income Investment income is included on a r￿ipts basis. (d) Voluntary income Voluntary income ￿presents the value of gifts of shares and cash from the Settlors, tr)gether with cash donations to the Charity. (e) Donations made Donations made represent gifts for the purposes of arts and educatlon as agreed by the Trustees. Donations are recognised when control over the conditions to satisfy the donations has passed to the recipient. Amounts which have been offered, but where conditions have not yet been satlsfied are disclosed as commitments. NICHOLAS AND JUDrrH GOODISON'S CHARrrABLE SErrLEMENT NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 INVEsfMENT INCOME 2024 2023 Dividends 10,131 14,923 Unit Trust Income 52,623 50,765 Interest 4,835 225 Other Investment Income 2,021 2,016 £69,610 £67,929 CHARITABLE AcrIvrrIES Gifts to the Arts and Arts Education (see below) Support Costs - Independent Examination Bank Charges 73,400 990 60 38,700 900 72 £74,450 £39,672 List of donations 2024 2023 Academy of Ancient Music Attingham Trust Benedetti Foundation Coram Courtauld Institute of Art Crafts Council English National Opera London Parks and Garden5 Trust Kettle's Yard National Gallery National Life Storles Persona Arts Society of Antiquitarie5 Tate Foundation Victoria and Albert Museum Wentworth Woodhou Wigmore Hall Trust 2,500 3,000 2,000 2,500 3,000 6,000 3,000 2,500 2,500 13,000 2,500 3,000 3,000 1,000 10,000 15,000 800 3,000 3,000 10,000 10,000 3,000 3,000 2,200 2,600 Total £73,400 £38,700 EMPLOYEE AND TRusfEE INFORMATION The Settlement has no employ￿, and the Trustees received no remuneration and received no reimbursement for expenses in connection with their duties during the year. NICHOLAS AND JUDITH GOODISON'S CHARrrABLE SETTLEMENT NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 FIXED ASSEf INVESTMEKrs 2024 2023 Quoted Investments Market value at 6 April 2023 Sales prO￿edS Purchases Realised (Losses)/Gain5 (Losses)/Gains on revaluation at 5 April 2024 1,393,428 (120,578) 312,533 (8,491) 56,315 1,655,239 (172,388) (2,227) (87,196) Market value at 5 April 2024 Cash deposits 1,633,207 4,566 1,393,428 196,521 £1,637,773 £1,589,949 Historical cost £1,369,714 £1,195,413 The portfolio included the following holdings which each comprised more than 5% of the totsl value: Schroders Charity Equity Value A Inc M&G Investment For Charities Inc Kleinwort Benson North American Equty Artemi5 Fund Managers Income I Royal London Bond Fund - Term Money Market 478,905 364,748 188,741 111,624 318,895 DEBTORS 2024 2023 Interest Receivable RELATED PARTY TRANSACTION Judith Goodison, a Trustee, is a Patron of the Attingham Trust to which the Settlement granted £3,000 (2023: £3,000). In addition Judith GcM)dison made a donation to the Trust amounting to £35,000 (2023: £50,000). There are no other related paty transaction5.