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2024-12-31-accounts

THE CHARLES GODWIN FOUNDATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2024

Charity No: 1050014

Prepared by :

IAN DALZELL LTD Chartered

Accountants

Broughton Lodge Mews Field Broughton Grange-overSands Cumbria LA11 6HL

1

THE CHARLES GODWIN FOUNDATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2024

CONTENTS

Page

2

THE CHARLES GODWIN FOUNDATION

FOUNDATION INFORMATION

Charity Commission Registration Number:

HM Revenue & Customs Exemption Number:

Trustees:

Correspondence Address:

Telephone:

Solicitors:

Bankers:

Independent Examiner:

1050014

XR9981

C R Godwin MBE, FCA * Mrs G J Godwin SRN R A Roberts BA (Hons), TEP, CTAPS Mrs P A Foulerton D R Godwin BSc (Hons), FCA * D P Godwin BSc (Hons), ACA, AITI * P I Jackman BSc (Hons) * signifies being a member of the Investment Sub-Committee

Greencroft Priest Lane Cartmel Cumbria LA11 6PT

015395 36566

Gedye & Sons Chancery House Kents Bank Road Grange-overSands Cumbria LA11 7HD

Royal Bank of Scotland St Ann Street Manchester M60 2SS

Ian Dalzell Ltd Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL

3

THE CHARLES GODWIN FOUNDATION TRUSTEES’ ANNUAL REPORT

The Trustees are pleased to present their twenty eighth Annual Report and the Financial Statements for the year ended 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Foundation.

Creation

The charity was formed by a Trust Deed dated 30 September 1995 between Charles Richard Godwin, Gwendoline Janet Godwin, Richard Andrew Roberts and Patricia Ann Foulerton. The charity changed its name in 2021 from "The Charles Godwin Charitable Trust" to "The Charles Godwin Foundation".

The charity was registered with the Charity Commissioners under number 1050014 on 21 October 1995. HM Revenue & Customs have recognised the Foundation as a charity within the definition of Section 519 Income Tax Act 2007 in a letter dated 3 November 1995.

Objectives and Public Benefit Statement

The objectives of the Foundation are:

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives, in planning future activities, setting the grant making policy for the year and in investing activities.

Organisation

The Trustees who have served during the year and since the year-end are set out on page 3. Trustees are appointed by the Donor (C R Godwin). After the death of the Donor, new Trustees will be appointed by a majority of the remaining Trustees. The Trustees meet at least twice a year but there are subgroups which meet more frequently to assess grant applications, to interview individual grant applicants and to review the ongoing investment activities of the Foundation. These subgroups report to the full board of Trustees.

Grant Making Policy

The Foundation has established its grant making policy to achieve its objectives for the public benefit.

The Foundation invites applications for funding of projects through making itself known to potential candidates. Applicants are asked to provide a summary of their activities and project. The Foundation requests grantees to report on their projects. The present donation strategy is to support local individuals, local charities and smaller organisations in preference to the major national charities. When making donations to individuals, those individuals are expected to be making efforts of their own to help meet costs of their projects.

4

THE CHARLES GODWIN FOUNDATION TRUSTEES’ ANNUAL REPORT (continued)

Financial Review and Investment Policy

The Foundation received an initial cash donation of £100,000 in 1995 to be retained for investment. Further donations from the donor totaling £245,362 in cash and £482,092 in equities have since been received (including £105,151 in 2024 (2023: £99,600)). Donations are invested and the value of those investments at 31 December 2024 was £902,483 (2023: £773,465). The income of the Foundation derives from dividends and interest received from these investments together with interest received on monies deposited with the Foundation’s bankers. In 2024, investment income was £30,995 (2023: £26,794).

The Foundation has made grants totaling £22,343 in the year under review (2023: £21,906).

The Foundation’s accumulated funds at 31 December 2024 totaled £1,053,703 (2023: £922,075).

The year ended 31 December 2024 was again difficult for quoted investments worldwide. The continuing war in Ukraine, which started in February 2022, affected global stability. The results from the Foundation’s investments were unrealized gains of £18,934 (2023: £25,188).

Despite the gloom in the financial markets, the Foundation had a satisfactory year with a record investment income of £30,995 (2023: £26,974). From this income, grants were made amounting to £22,343 (2023: 21,906), also a record for the Foundation.

The Foundation has made a number of new investments. The new investments comprised Artemis Income, F&C Investment Trust plc, Scottish Mortgage Investment Trust plc, Marks & Spencer plc, NWF Group plc and Smith & Nephew plc.

Investment Policy

There are no restrictions on the Foundation’s power to invest. The investment strategy is set by an investment subcommittee and approved at a full meeting of the Trustees. The strategy is set within an overall policy which states that approximately 30% of the endowment fund is to be invested in mainly fixed interest funds and that approximately 70% be invested in equities or mainly equity based funds.

For the year 2025, the Trustees anticipate that growth in the U.K. will remain weak. Ongoing inflationary pressures, labour and a lack of bank lending will continue to hinder further economic recovery. The unknown outcome of the two wars in Ukraine and Palestine does not bode well for the immediate future.

Further details of the Foundation’s activities are contained in the attached financial statements.

Reserves policy

It is the policy of the Foundation to maintain unrestricted funds, which are the free reserves of the Foundation, at a level which equates to approximately one year’s unrestricted expenditure. This provides sufficient funds to cover management and administration and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.

Risk management

The Trustees have examined the major strategic, business and operational risks which the Foundation faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Trustees

The names of the Trustees are listed in the Foundation Information on page 3.

5

THE CHARLES GODWIN FOUNDATION TRUSTEES’ ANNUAL REPORT (continued)

Trustees’ responsibilities in relation to the financial statements

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 law applicable to charities in England & Wales requires the Foundation’s Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Board of Trustees

C R GODWIN MBE, FCA Chairman

30 May 2025

6

THE CHARLES GODWIN FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARLES GODWIN FOUNDATION

We report to the Trustees of The Charles Godwin Foundation on our examination of the financial statements for the year ended 31 December 2024 which are set out on pages 8 to 15.

Responsibilities and Basis of Report

As the Foundation’s Trustees you are responsible for the preparation of the financial statements with the requirements of the Charities Act 2011 ("the Act").

We report in respect of our examination of the Foundation’s financial statements carried out under section 145 of the Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Foundation as required by 130 of the Act; or

  2. the financial statements do not accord with those records; or

  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.

We 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.

Ian R Dalzell MA FCA on behalf of IAN DALZELL LTD Institute of Chartered Accountants in England & Wales Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL

30 May 2025

7

THE CHARLES GODWIN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2024
Notes
Income & Endowments from:
Donations
2
Investments
3
Total Income & Endowments
Expenditure on:
Charitable Activities:
Grants Paid
4
Governance Costs:
Management & Administration
5
Total Expenditure
Net Income before Transfers
Transfers between funds
Net Income/(Expenditure)
before Other Recognised Gains and Losses
Realised Gains/(Losses) on Investment Assets
7
Unrealised Gains/(Losses) on Investment Assets
7
Net Movement in Funds
Fund Balance brought forward
Fund Balance carried forward		 Unrestricted
Endowment
Total
Total
Funds
Funds
2024
2024
2024
2023
£
£
£
£
-
105,151
105,151
99,600
30,995
-
30,995
26,794
30,995
105,151
136,146
126,394
22,343
-
22,343
21,906
1,109
-
1,109
1,106
23,452
-
23,452
23,012
7,543
105,151
112,694
103,382
-
-
-
-
7,543
105,151
112,694
103,382
-
-
-
-
-
18,934
18,934
25,188
-
18,934
18,934
25,188
7,543
124,085
131,628
128,570
25,389
896,686
922,075
793,505
32,932
1,020,771
1,053,703
922,075

All income and expenditure derive from continuing activities.

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

The Notes on pages 10 to 15 form part of these financial statements

8

THE CHARLES GODWIN FOUNDATION

BALANCE SHEET as at 31 December 2024

Notes
Fixed Assets:
Investments
6
Current Assets:
Debtors
Cash at Bank
Creditors: Amounts falling due within one year:
Creditors
Accruals
Net Current Assets
Total Assets less Current Liabilities
Endowment Funds:
Balance at start
Net Movement in Fund for year
Balance at end
Unrestricted Funds:
Balance at start
Net Movement in Fund for year
Balance at end
Total Foundation Funds		 2024
2023
£
£
902,483
773,465
3,755
78,745
150,615
70,426
154,370
149,171
(2,600)
-
(550)
(561)
(3,150)
(561)
151,220
148,610
1,053,703
922,075
896,686
771,898
124,585
124,788
1,021,271
896,686
25,389
21,607
7,043
3,782
32,432
25,389
1,053,703
922,075

Approved by the Board of Trustees on 30 May 2025 and signed on its behalf by:

….............................................Trustee C R GODWIN MBE FCA

The Notes on pages 10 to 15 form part of these financial statements

9

THE CHARLES GODWIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued)

1. Accounting Policies

a) General Information and Basis of Preparation

The Charles Godwin Foundation is a charity established under a Trust Deed in England. The correspondence address is given in the Foundation Information on page 3 of these financial statements. The nature of the Foundation’s operations and principal activities are given on pages 4 to 6 of the Trustees' Report.

The Foundation constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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 (FRS102) issued on 16 July 2014 (as updated by Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts have been prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The functional currency of the Foundation is sterling and amounts in the accounts are rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. The funds are made up of the annual income from the Foundation's investments less the grants made to beneficiaries and the expenses of running the Foundation. The Trustees may transfer surplus funds to endowment funds from time to time as they, in their absolute discretion, think fit.

Endowment funds represent those assets which must be held permanently by the Foundation, principally investments. The funds are made up of the donations from the donor, the realised and unrealised gains and losses of the Foundation's investments and the occasional transfer of funds from the unrestricted funds. Income arising on the endowment funds can be used in accordance with the objects of the Foundation and is included as unrestricted income. Any realised capital gains or losses arising on the investments form part of the endowment funds, as do unrealised gains and losses on investments.

c) Income Recognition

All income is recognised in the Statement of Financial Activities (SoFA) when the Foundation is legally entitled to the income after any performance conditions have been met, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For donations to be recognised the Foundation will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Foundation and it is probable that they will be fulfilled

10

THE CHARLES GODWIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued)

1. Accounting Policies (continued)

Investment income is earned through holding assets for investment purposes such as shares and collective investments. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised when the Foundation’s right to receive payment is established.

d) Expenditure Recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Other expenditure comprises management and administration costs for the running of the Foundation itself as an organisation. The Trustees consider that no allocation of these costs is practicable and that they should be shown separately in the financial statements.

e) Fixed Asset Investments

Investments are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Fair value is the closing market selling value at the balance sheet date.

When investments are sold, the realised gain/loss is taken to be the disposal proceeds less the market value at the start of the period. This realised gain/loss is shown in the Statement of Financial Activities. Where an investment is sold which has been revalued at market value in a previous financial period, the unrealised gain (or loss) is deducted (or added) (because it is now realised) from the unrealised gains/losses brought forward (as shown in the Reconciliation of Movements in Unrealised Gains on Investment Assets (note 7). This part of the realised gain (or loss) is calculated by taking the cost of the shares disposed of on a first-in-first- out basis from the market value of the shares at the start of the financial period.

f) Going Concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Foundation to be able to continue as a going concern.

2. Donations Received

onations Received
2024 2023
£ £
The donations received were all from the donor (Mr C R Godwin). They
were all quoted company shares listed on the London Stock
Exchange. Following acceptance of the gift from the Trustees, the
shares were immediately sold at their request. The proceeds of sales
were as follows:		 105,151 99,600

11

THE CHARLES GODWIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024 (continued)

3. Investment Income

Dividends Received
Interest Received
4.
Grants Paid
1st Grange and Cartmel Scouts (for Attendance at Swiss International Scout Centre)
Age UK
Blesma Limbless Veterans
Blind Veterans UK (living in Cumbria)
British Red Cross
Buttle UK (Poverty Relief for Young People in Cumbria)
Cartmel Primary School (Playground Project)
Cartmel Priory (Ice Cream Sunday)
Cartmel Village Children's Christmas Party (2023 - Decorations)
Cartmel Village Society (Charles II Coat of Arms in Cartmel Priory)
Combat Stress (Mental Welfare for Ex-Servicemen)
Cumbrian Community Foundation (Winter Warmth Fund)
DEC Turkey-Syria Earthquake Appeal
Derian House Children's Hospice
Eden Valley Children's Hospice
Foster Parents Plan – Philippines
Friends of Grange Primary School (Purchase of iPads)
Grange-over-Sands & District Concert Club
Grange Christmas Tree Appeal
Grange Methodist Church
Gurkha Welfare Trust
Happy Days Children's Charity
Lake District Calvert Trust
Lifelites
McMillan Cancer Support
Médecins Sans Frontières (Ukraine Appeal)
Natland and Oxenholme Table Tennis Appeal
St Mary's Hospice
Salvation Army, Barrow-in-Furness
Sense
Starlight Children's Foundation
Emily Kate Unsworth (Attendance at Music College)
Vision Support (Barrow Blind Society)		 2024
2023
£
£
27,765
25,668
3,230
1,126
30,995
26,794
2024
2023
£
£
500
-
1,000
1,000
500
-
1,000
2,250
500
-
600
600
-
1,200
300
300
369
500
-
500
600
500
1,000
1,000
-
1,000
1,200
1,100
1,200
1,100
1,124
1,156
-
1,200
-
500
100
-
500
-
500
-
2,200
2,100
500
500
-
500
-
500
500
-
750
-
2,200
2,200
500
-
500
-
2,200
2,200
1,000
-
1,000
-
22,343
21,906

12

THE CHARLES GODWIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024 (continued)

5. Management & Administration

Bank Charges
Legal Fees
Independent Examiner's Fees
Trustees' Dinner
Investment Managers' Fees - net of ex-gratia payment
Loyalty Bonus from Investment Managers		 2024
2023
£
£
88
88
180
-
550
550
459
395
(118)
141
(50)
(68)
1,109
1,106

13

THE CHARLES GODWIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024 (continued)

6. Investments

No. Of
Units/
Shares
Bonds & Fixed Interest Instruments:
Blackrock Charities UK Bond Fund
94,830.02
Treasury Gilts 5% 07/03/25
49,025.00
Developed World Equities:
Collective Investments:
Artemis Income (see note below)
8,664.61
Blackrock Charities UK Equity Fund
47,327.64
F&C Investment Trust
5,721.00
Invesco Perpetual High Income Fund
3,542.12
Scottish Mortgage Investment Trust
8,926.00
Individual Companies:
Associated British Foods plc
214
Bunzl plc
647
Diageo plc
573
Jackson Financial Inc
21
Legal & General Group plc
7,520
M&G plc
858
Marks & Spencer Group plc
6,802
NWF Group plc
15,868
Prudential plc
858
Reckitt Benckiser Group plc
79
Royal Dutch Shell plc - A shares
437
Smith & Nephew plc
1,829
Tesco plc
4,912
Unilever plc
362
Total		 Cost +
Additions in
year
Market
Value
Market
Value
In Year
Valuation
Change
2024
2024
2023
2024
£
£
£
£
173,761
134,448
140,673
(6,224)
50,050
48,799
49,412
(613)
223,811
183,247
190,085
(6,837)
20,066
24,919
22,448
2,430
210,435
354,392
344,767
9,625
45,023
63,846
36,190
7,644
8,928
7,796
7,477
319
65,027
85,172
35,601
9,566
349,479
536,125
446,483
29,584
4,990
4,389
5,055
(666)
15,009
21,364
20,685
679
14,989
14,517
16,399
(1,882)
410
1,432
808
623
20,012
17,258
18,928
(1,669)
1,400
1,692
1,918
(226)
20,011
25,630
-
5,619
22,661
24,119
22,000
(7,892)
8,601
5,474
7,586
(2,112)
4,964
3,809
4,291
(483)
10,004
10,816
11,222
(406)
20,004
18,082
-
(1,922)
15,013
18,091
14,240
3,851
14,995
16,438
13,765
2,673
173,063
183,111
136,897
(3,813)
746,353
902,483
773,465
18,934

14

THE CHARLES GODWIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued)

6. Investments (continued)

Note: Investment transactions in the current year

b) Purchases

Additional
Units/
Shares
During
Period
No.
Artemis Income Class I - Income (GBP)
14.58
F&C Investment Trust plc Ordinary 25p
1,959
Scottish Mortgage Investment Trust plc Ordinary Shares 5p
4,521
Marks & Spencer Group plc Ordinary 1p
6,802
Nwf Group plc Ordinary 25p
5,868
Smith & Nephew plc Ordinary USD0.20
1,829		 Additional
Units/
Shares
During
Period
£
41.19
20,011.66
40,004.73
20,011.41
10,011.02
20,003.92
110,083.93

7. Reconciliation of Movements in Unrealised Gains/Losses on Investment Assets

Unrealised Gains at Start
Add Unrealised Losses/(Gains) to Start in respect of disposals in year now realised
Net Gains/(Losses) arising on revaluations at year end (net of realised losses/(gains))
In year valuation adjustment
Unrealised Gains at End		 2024
2023
£
£
137,344
112,156
-
-
137,344
112,156
18,934
25,188
(148)
-
156,130
137,344

8. Transactions with Trustees and Connected Persons

15