2023-03-31-accounts

CONTENTS	Page
REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES' REPORT	2-4
TRUSTEES' RESPONSIBILITIES STATEMENT
INDEPENDENT AUDITOR'S REPORT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET	10
NOTES TO THE FINANCIAL STATEMENTS	11-15

Charity registration	Charity registration	number	1012875
Registered	address		First Floor
			79 Promenade
			Cheltenham
			GL50 1PJ
Trustees			Mr P D McLain
			Mrs SWalker
			Mrs K Barnard-Wills
			Mr R Bromberg	(Chairman)
Bankers			Lloyds Bank pic
			130High Street
			Cheltenham
			Gloucestershire
			GL50 1EW
Auditors			Hazlewoods LLP
			Staverton Court
			Staverton
			Cheltenham
			Gloucestershire
			GL51 OUX
Legal advisor			BPE
			StJames' House
			StJames' Square
			Cheltenham
			Gloucestershire
			GL50 3PR
Investment	advisors		Quilter Cheviot
			Senator House
			85 Queen Victoria Street
			London
			EC4V 4AB

			Unrestricted	Unrestricted
			Total	Total
		Note	2023	2022
				f.
Income and endowments	from:
Donations and legacies
Investments			147,855	126,672
Total income			147,855	126,672
Expenditure on:
Raising funds			41,978	47,799
Charitable activities			72,406	258,649
Total expenditure			114,384	306,448
Net income/(expenditure)	and net
movements in funds before gains
and losses on investments			33,471	(179,776)
Net (losses)/gains on investments			(329,264)	213,633
Net losses on currency
Net (expenditure)/income	and
net movement in funds			(295,793)	33,857
Funds brought forward			4,906,287	4,872,430
Funds carried forward			4,610,494	4,906,287

BALANCE SHEET as at 31 March 2023
	Note	2023	2022f
FIXEDASSETS
Tangible fixed assets
Investments		4,401,344	4,881,747
TOTAL FIXEDASSETS		4,401,344	4,881,747
CURRENT ASSETS
Cash in hand and at bank		404,901	285,145
Other debtors and prepayments		288	384
Accrued income		13,254	10,736
		418,443	296,265
LIABILITIES
Creditors: amounts falling due within one year	7	(209,293)	(271,725)
NET CURRENT ASSETS		209,150	24,540
TOTAL NET ASSETS		4,610,494	4,906,287
FUNDS OF THE CHARITY
Unrestricted funds		4,610,494	4,906,287

NO for	TES TO THE FINANCIAL STATEMENTS (c the year ended 31 March 2023	TES TO THE FINANCIAL STATEMENTS (c the year ended 31 March 2023	ontinued)
2	INVESTMENT INCOME
			2023	2022
			R
	Income from listed investments		147,855	126,672
3	RAISING FUNDS
			2023 R	2022f
	Accountancy fees		3,600	6,002
	Investment managers	fees	30,034	32,682
	Other administration	costs	8,344	9,155
			41,987	47,799

CHARIT	ABLE ACTIVITIES
			2023	2022
			E
Grants	payable in furtherance	ofthe
charity's	objectives for the public benefit
Made to	institutions		64,651	255,656
Made to	individuals		7,655	2,593
			72,406	258,649

During the year	the Trust	made the following	grants to institutions	ofa value
ofE1,000 or over:
Horseback UK					15,000
Hartpury University					33,884
Gloucestershire	Learning	Alliance			5,000
National Star					15,000

for t	he year ended 31 March 2023	he year ended 31 March 2023	he year ended 31 March 2023
5	TANGIBLE FIXEDASSETS
						Computer
						Equipment
	Cost
	At 1 April 2022	and at 31	March	2023		839
	Depreciation
	At 1 April 2022	and at 31	March	2023		839
	Net book value
	At 31 March 2022 and 31 March			2023
6	FIXEDASSET	INVESTMENTS
					2023	2022
	Listed investments				4,401,344	4,881,747
	Listed investments at market value comprise:
					2023	2022
	Valuation at the	beginning	of
year			4,881,747		4,677,138
	Additions in the
year			397,001		429,173
	Disposals in the year				(548,140)	(438,197)
	(Losses)/gains	on revaluation			(329,264)	213,633
	Valuation at end ofyear				4,401,344	4,881,747
	The historic cost of investments			is:
	Listed investments:				3,777,448	3,983,839
	Investments at	fair value	comprise:
	Equities				3,931,880	4,134,086
	Fixed interest securities				469,464	747,661
	Total				4,401,344	4,881,747

7	CREDITORS—
	Amounts falling due within one year	2023	2022
	Trade creditors	4,880	636
	Accruals	204,413	271,089
		209,293	271,725