Charity Registration No. 1037117
THE GRAND DUO CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE GRAND DUO CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Quentin Charles Bryar Janet Gail Cochrane Julian Robert Raymond Ebsworth Nicholas Michael Demetriadi Rebecca Gillian Macfarlane
Charity number 1037117 Principal address 16 St Helen's Place London EC3A 6DE Designated Correspondent Quentin Charles Bryar Independent examiner Affinia (Orpington) Lynwood House Crofton Road Orpington Kent BR6 8QE
THE GRAND DUO CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
THE GRAND DUO CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed dated 9 March 1994, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
In accordance with the objects of the charitable trust deed to provide funding for the purposes of any charitable organisation, charitable institution or individual which the trustees decide to support as a charitable donation.
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
During the year the trust made donations totalling £50,250 (2024: £58,000) to various charitable organisations as set out in note 4 to these financial statements.
The trust continued to generate investment income from its managed investment portfolio, enabling it to fund its charitable donations and activities. The gross investment income for the year totalled £43,275 (2024: £44,474).
Reserves policy
The trustees aim to maintain reserves in unrestricted funds to ensure there are sufficient funds available to cover support and governance costs.
Capital Fund
The accounts include a separate unrestricted fund called the Capital fund, which represents the values of investments, including realised and unrealised gains/losses and after allowing for a percentage of other expenses.
Risk Management
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed, and systems have been established to mitigate these risks.
Structure, governance and management
The trust was set up by Deed of Settlement in 1994 under charity number 1037117. The trust does not actively fundraise and seeks to continue the philanthropic work through the careful application of its income and capital for the benefit of the charitable objects and purposes according to the trustees' discretion.
The trust operates through the Board of Trustees, who may appoint new trustees so that the total number of trustees shall at no time exceed six , or fall below three.
The designated correspondent for the Trust is detailed below:
Q C Bryar 16 St Helen's Place London EC3A 6DE
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THE GRAND DUO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
The trustees who served during the year were:
Quentin Charles Bryar Janet Gail Cochrane Julian Robert Raymond Ebsworth Nicholas Michael Demetriadi Rebecca Gillian Macfarlane
Statement of Trustees' responsibilities
The trustees 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).
The Trustees' report was approved by the Board of Trustees.
Quentin Charles Bryar
Trustee Dated: 27 March 2026
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THE GRAND DUO CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE GRAND DUO CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Grand Duo Charitable Trust (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Affinia (Orpington) Lynwood House Crofton Road Orpington Kent BR6 8QE
Dated: 27 March 2026
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THE GRAND DUO CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted funds Notes £ Income from: Investments 3 43,275 Expenditure on: Charitable activities 4 54,212 Administrative costs 8 - Total resources expended 54,212 Net gains/(losses) on investments 9 - Net movement in funds (10,937) Fund balances at 6 April 2024 (6,131) Fund balances at 5 April 2025 (17,068) |
Capital fund £ - - 8,675 8,675 (80,018) (88,693) 1,421,112 1,332,419 |
Total 2025 £ 43,275 54,212 8,675 62,887 (80,018) (99,630) 1,414,981 1,315,351 |
Total 2024 £ 44,474 |
|---|---|---|---|
| 61,080 | |||
| 6,159 | |||
| 67,239 | |||
| 27,757 | |||
| 4,992 1,409,989 |
|||
| 1,414,981 |
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.
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THE GRAND DUO CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Capital fund Unrestricted funds |
2025 £ £ 1,300,011 2,131 14,532 16,663 (1,323) 15,340 1,315,351 1,332,419 (17,068) 1,315,351 |
2024 £ £ 1,404,690 3,619 9,255 12,874 (2,583) 10,291 1,414,981 1,421,112 (6,131) 1,414,981 |
|---|---|---|
The accounts were approved by the Trustees on 27 March 2026
Quentin Charles Bryar Trustee
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The Grand Duo Charitable Trust is an unincorporated charity governed by its Trust deed dated 9 March 1994.
1.1 Basis of preparation
The accounts have been prepared in accordance with the Trust's governing document, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 unless the funds have been designated for other purposes.
The capital fund represents the value of investments at market value, including any realised or unrealised gains and losses.
The funds of this trust are all unrestricted.
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.
Cash donations are recognised on receipt. Other 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.
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
1.6 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.
1.7 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.
1.8 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.
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.9 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.
2 Critical accounting estimates and judgements
In the application of the Trust’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.
3 Investment income
| Dividends Interest receivable Real Estate investment trusts |
2025 £ 26,073 16,157 1,045 43,275 |
2024 £ 33,497 9,307 1,670 |
|---|---|---|
| 44,474 |
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
4 Charitable activities
| Samson Centre for MS Versus Arthritis Brecon & District Disabled Club IMPACT Foundation Home Start (Horsham & Crawley) Home Start (Ealing) Goal Youth Club (Gospel Oak Action Link) Parochial Church Council of Ecclesiastical Parish of Old St. Pancras (St Michaels DCC) International Collaboration for Community Health Nursing Research (ICCHNR) Royal Academy of Music Ealing Soup Kitchen Serving Our Superheroes (SOS) Fulham Reach Boat Club (FRBC) Share of governance costs (see note 5) 5 Support costs allocated to activities Independent examiner's fee Administrative charges Legal fees Analysed between: Charitable activities |
2025 £ 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 10,000 - - 4,000 50,000 4,212 54,212 |
2025 £ 441 3,771 - 4,212 4,212 |
2024 £ 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 10,000 4,000 8,000 - |
|---|---|---|---|
| 58,000 3,080 |
|||
| 61,080 | |||
| 2024 £ 441 2,379 260 |
|||
| 3,080 | |||
| 3,080 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
7 Employees
The average monthly number of employees during the year was (excluding trustees):
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. | ||
| Administrative costs | ||
| 2025 | 2024 | |
| £ | £ | |
| Independent examiner's fee | 882 | 882 |
| Administrative charges | 7,543 | 4,757 |
| Legal fees | - | 520 |
| Other expenditure | 250 | - |
| 8,675 | 6,159 |
8 Administrative costs
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
9 Net gains/(losses) on investments
| Revaluation of investments Gain/(loss) on sale of investments |
Total 2025 £ (79,598) (420) (80,018) |
Total 2024 £ (17,803) 45,560 27,757 |
|---|---|---|
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Fixed asset investments
| Cost or valuation At 6 April 2024 & 5 April 2025 Carrying amount At 05 April 2025 At 05 April 2024 12 Debtors Amounts falling due within one year: Other debtors 13 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 1,404,690 1,404,690 1,404,690 2025 2024 £ £ 2,131 3,619 2025 2024 £ £ 1,323 2,583 |
|---|---|
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THE GRAND DUO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
| 14 Analysis of net assets between funds Fund balances at 5 April 2025 are represented by: Investments Current assets/(liabilities) |
Total 2025 £ 1,300,011 15,340 1,315,351 |
Total 2024 £ 1,404,690 10,291 |
|---|---|---|
| 1,414,981 |
15 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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