THE GILANDER FOUNDATION REPORT AND UNAUDITED ACCOUNTS
FOR YEAR ENDED 5 APRIL 2022
Charity Registration No: 1070793
THE GILANDER FOUNDATION
UNAUDITED TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their report and accounts of the charity for the year ended 5 April 2022.
Reference and administrative details of the charity
The full name of the charity is The Gilander Foundation, charity registration number 1070793.
Trustees
The following people have acted as Trustees of the charity during the year:
Alexander Foster Gillian Foster Michael Foster Lucia Lamb The principal address of the charity is: Church Farmhouse Blakesley Towcester Northamptonshire NN12 8RA Professional Advisors Bankers: Royal Bank of Scotland London Drummonds Branch 49 Charing Cross London SW1A 2DX Solicitors: Charles Russell Speechlys 5 Fleet Place London EC4M 7RD
Structure, Governance and Management
Status and constitution
The full name of the charity is The Gilander Foundation, charity registration number 1070793. It is governed by the Trust Deed of 17 January 1997 and by the Charities Act 2011.
Recruitment & appointment of Trustees
There is no current requirement for additional Trustees. Suitable Trustees are appointed when a vacancy arise
Trustees’ induction and training
New Trustees are made fully aware of the aims and objectives of the charity.
Organisational structure
The charity is operated by the Trustees and has no paid employees.
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 those risks.
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THE GILANDER FOUNDATION
UNAUDITED TRUSTEES' ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Objectives and activities
The charity was created by Trust Deed on 17 January 1997 and received a donation of shares valued at £54,927 on 5 June 1997 which is to be treated as expendable endowment. A further two donations of shares were received, valued at £78,035 on 14 December 2000, and £73,200 on 28 March 2008. On 29 September 2009 100,000 shares in HIM Income Fund were added to the fund.
During the year to 5 April 2014, 20,000 Hiscox PLC Ordinary £0.065 shares, 31,000 shares in HIM Income Fund and 40,000 Polar Capital Global Ordinary £0.05 shares were added to the fund, and 11,990 Hiscox PLC Ordinary £0.065 shares were disposed of from the fund.
During the year to 5 April 2015, 11,642 Hiscox PLC Ordinary £0.065 shares were disposed of from the fund and during the year to 5 April 2016, 11,368 Hiscox PLC Ordinary £0.065 shares were disposed of from the fund.
During the year to 5 April 2017, 4,500 Polar European Income shares and 10,000 Polar Capital Global Ordinary £0.05 shares were added to the fund, and 4,000 Hiscox PLC Ordinary £0.065 shares were disposed of from the fund.
During the year to 5 April 2021, 20,000 Polar Capital Holdings PLC £0.025 shares were added to the fund, and 17,000 Polar European Income shares were disposed of from the fund.
During the year to 5 April 2022, 55,825 Polar Capital Global Ordinary £0.05 shares and 20,000 Polar Capital Holdings PLC £0.025 shares were added to the fund, and 5,300 Polar Capital Fund Financial OPPS shares and 20,000 Hiscox PLC Ordinary £0.065 shares were disposed of from the fund.
Donations have been made to a variety of causes and charities that the Trustees wish, at their discretion, to support. This also covers their interest to help charities in South Africa and within the local area of Northamptonshire and embraces local branches and initiatives of some of the larger UK charities.
The Trustees aim to spend all income annually and continue to build the capital base. At present, the assets are in the shares of Hiscox Plc and Polar Capital Financials Income and Global Funds. Whilst the insurance business is in a strong market cycle, the Trustees are mindful that the exposure may be reduced in future.
Achievements and performance
The Trustees believe that the objectives of the charity have been fulfilled during the year and will continue to operate in this manner for the foreseeable future.
The Trustees consider the performance of the charity for the current year to have been satisfactory.
Financial review
The results for the year show net incoming/(outgoing) resources of £8,262 (2021: £16,653). During the year charitable donations of £39,799 (2021: £39,023) have been made.
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THE GILANDER FOUNDATION
UNAUDITED TRUSTEES' ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Reserves policy
The expendable endowment fund is maintained to generate income for the direct charitable expenditure. A small reserve is maintained in unrestricted funds for contingencies.
As at 5 April 2022 reserves of £1,173,153 (2021: £1,137,713) were held. Of these £479,249 (2021: £343,342) were unrestricted and £693,904 (2021: £794,371) were expendable endowment. The Trustees feel that the balance carried forward on the expendable endowment fund at 5 April 2022 is reasonable in the view of likely future commitments.
The balance on the unrestricted fund available is adequate to fulfil the obligations of the charity. The balance of the unrestricted fund at the year end was £479,249 (2021: £343,342)
Investment policy
It remains the Trustee’s intention to retain the shareholding in Hiscox Plc, Polar Capital Financials, Polar Capital Global and Polar Income funds for the time being. The Trustees do review their investment policy on a regular basis.
Plans for future periods
There are no major changes envisaged to the management of the charity.
Public benefit
In drafting this report, the Trustees have complied with the duty in Section 4 of the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission.
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THE GILANDER FOUNDATION
UNAUDITED TRUSTEES' ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual 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 and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period in preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP,
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make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that 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 the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
Signed:
…............................. …............................. A Foster G Foster
…............................. …............................. M Foster L Lamb
Date: 19 January 2023
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THE GILANDER FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2022
I report on the accounts of the charity for the year ended 5 April 2022, which are set out on pages 5 to 9. This report is made solely to the Trust’s Trustees, as a body, in accordance with Section 145 (1) of the Charities Act 2011. My work has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report, and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trustees, as a body, for my work, for his report, or for the opinions I have formed.
Respective responsibilities of Trustees and Examiner
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s 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. It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act;
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follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of independent Examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view”, as this report is limited to those matters set out in the statement below.
Independent Examiner’s statement
In connection with my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records, and comply with the accounting requirements of the 2011 Act;
have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…............................. M Howard FCA on behalf of Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT
Date: 30 January 2023
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THE GILANDER FOUNDATION
UNAUDITED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2022
| Note Incoming resources Incoming resources from generated funds Voluntary income Donations Gift aid Investment income 3 Total incoming resources Resources expended Costs of generating funds 4 Charitable activities 5 Total resources expended Net incoming/(outgoing) resources before transfers Transfer Unrealised gain/(loss) on investments Realised gain/(loss) on investments Reconciliation of funds Balances brought forward Balances carried forward |
General Fund Unrestricted Fund £ 19,211 4,803 30,071 54,085 1,519 44,304 (45,823) 8,262 168,116 (59,563) 19,092 343,342 479,249 |
Expendable Endowment Fund £ - - - - - - - - (168,116) (65,639) 133,288 794,371 693,904 |
Total Funds 2022 £ 19,211 4,803 30,071 54,085 1,519 44,304 (45,823) 8,262 - (125,202) 152,380 1,137,713 1,173,153 |
Total Funds 2021 £ 35,163 8,539 17,299 |
|---|---|---|---|---|
| 61,001 | ||||
| 1,279 43,069 |
||||
| (44,348) | ||||
| 16,653 - 167,905 11,982 941,173 |
||||
| 1,137,713 |
The notes on pages 8 - 10 form part of these accounts. The Statement of Financial Activities includes all gains and losses in the year. All activities are classed as continuing.
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THE GILANDER FOUNDATION
UNAUDITED BALANCE SHEET
FOR THE YEAR ENDED 5 APRIL 2022
| Note Fixed assets Investments 8 Current assets Cash at bank and in hand - Royal Bank of Scotland 5069 - C Hoare & Co - Psigma Investment - cash accounts HMRC Gift Aid debtor Creditors: amounts falling due within one year 9 Net current assets Net assets Represented by: Funds 10-11 |
Unrestricted Funds 2022 £ 430,609 430,609 - 11,332 26,376 13,342 51,050 (2,410) 48,640 479,249 479,249 |
Expendable Endowment Fund 2022 £ 693,904 693,904 - - - - - - - 693,904 693,904 |
Total Funds 2022 £ 1,124,513 1,124,513 - 11,332 26,376 13,342 51,050 (2,410) 48,640 1,173,153 1,173,153 |
Total Funds 2021 £ 1,072,412 |
|---|---|---|---|---|
| 1,072,412 3,152 8,000 49,747 8,539 |
||||
| 69,438 (4,137) |
||||
| 65,301 | ||||
| 1,137,713 | ||||
| 1,137,713 |
The accounts on pages 5 - 9 were approved by the Trustees and authorised for issue on 19 January 2023 and signed on their behalf by:
…............................. A N Foster
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THE GILANDER FOUNDATION
UNAUDITED NOTES ON ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022
1 Principal accounting policies
Basis of accounting
The accounts have been prepared in accordance with applicable accounting standards. The Charities Act 2011, the Statement of Recommended Practice (SORP): "Accounting and Reporting by Charities" published in March 2005 and under the historical cost accounting rules, except for investments which are included at market value.
Incoming resources
Income is recognised in the period when the charity is entitled to receipt and the amount can be measured with reasonable certainty. The charity's income and surplus were derived from continuing operations during the current and previous years. No operations have been acquired or discontinued during these years.
Resources expended
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 included on the accruals basis and has been classified under headings that aggregate all costs related to the category.
The costs of generating funds are investment management costs.
Costs of charitable activities include direct operational costs and an apportionment of overhead and support costs, as shown in note 5.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Funds accounting
Funds held by the charity are:-
Unrestricted general funds - these can be used in accordance with the charitable objects at the discretion of the Trustees.
Endowment funds - these have been donated to the charity.
Investments
Listed investments have been stated at market value at the balance sheet date. Realised gains and losses are calculated as the difference between sale proceeds and market value at the previous balance sheet date.
2 Capital commitments
There were no capital commitments during the current or previous year.
3
| Investment income Dividends and fixed interest Bank interest |
2022 £ 30,071 - 30,071 |
2021 £ 17,296 3 |
|---|---|---|
| 17,299 |
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THE GILANDER FOUNDATION
UNAUDITED NOTES ON ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022
(continued)
| 4 Costs of generating funds General Fund Unrestricted Investment management costs 1,519 5 Charitable activities Donations - Appendix 1 Accountancy Independent Examiner remuneration Subscriptions Bank charges 6 Net incoming resources for the year This is stated after charging: Accountant's remuneration Independent Examiner's remuneration |
Expendable Endowment - |
2022 £ 1,519 2022 £ 39,799 1,680 750 1,580 495 44,304 2022 £ 1,680 750 2,430 |
2021 £ 1,279 |
|---|---|---|---|
| 2021 £ 39,023 1,620 720 1,560 146 |
|||
| 43,069 | |||
| 2021 £ 1,620 720 |
|||
| 2,340 |
7 Taxation
The company is a registered charity and as such is not generally liable to taxation on its income or capital gains.
| 8 Fixed asset investments Quoted investments Market value at 6 April 2021 Additions during the year Disposals during the year Net unrealised investment gain/(loss) Net realised investment gain/(loss) Market value at 5 April 2022 |
2022 £ 1,072,412 257,121 (232,198) (125,202) 152,380 1,124,513 |
2021 £ 925,784 132,544 (165,803) 167,905 11,982 |
|---|---|---|
| 1,072,412 |
The historical cost of the listed investments, excluding cash, held at 5 April 2022 was £636,623 (2021 - £459,320).
The following investments were held at 5 April 2022 with a value in excess of 5% of the total market value of listed investments: Hiscox PLC Ordinary £0.065 Polar Capital Financials Income Nav
9
THE GILANDER FOUNDATION
UNAUDITED NOTES ON ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022
(continued)
9 Creditors: Amounts falling due within one year 2022 2021 £ £ Trade creditors - 684 Accruals 2,410 2,410 Bank overdraft - - Royal Bank of Scotland 4208 1,043 2,410 4,137
10 Unrestricted funds
| Unrestricted | Balance 6 April 2021 £ 343,342 |
Incoming resources £ 54,085 |
Outgoing resources £ (45,823) |
Transfer between funds £ 168,116 |
Unrealised gain £ (59,563) |
Realised gain £ 19,092 |
Balance 5 April 2022 £ 479,249 |
|---|---|---|---|---|---|---|---|
11 Expendable endowment fund
The expendable endowment fund consists of 50,000 ordinary £0.065 shares in Hiscox PLC, 131,000 shares in Polar Capital Financials Income Fund Income Nav.
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS
FOR THE YEAR ENDED 5 APRIL 2022
| Date 28/04/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 25/06/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 02/07/2021 Cfwd |
£ Payee 250 Red Squirrel Survival Trust 250 Alzheimers Society 250 Amref Health Africa 250 Versus Arthritis 250 Ashmolean Museum, Oxford 200 Asthma UK 250 Ballaugh Burial Ground (de Trafford graves) 200 Blind Veterans 200 Bowel Cancer UK 250 Breast Cancer Now 200 Brainwave Centre 250 British Forces Foundation 250 Camp & Trek 200 Canine Partners 250 Clothing Solutions 250 Combat Stress 200 Contact 250 Crohns & Colitis 200 Cynthia Spencer Hospice 250 Dogs For Good 175 Farming Community Network 250 Fight for Sight 200 Happy Days 200 Hereford Cathedral 250 Irish Guards 250 Kidney Research 250 Kidz Club Coventry 250 Koestler Trust 250 League of the Helping Hand 250 Listening Books 200 Mercia MS Therapy 200 MND Association 250 North East Music Society (NEMS) 200 Nara The Breathing Charity 250 Northants Rape Crisis 200 Otakar Kraus 200 Rainforest Concern 250 Sense 250 Soundabout 250 Gynaecology Cancer (The Eve Appeal) 250 Gurkha Welfare 250 The Katharine House Hospice (Banbury) 250 The Wheelyboat Trust 200 The Woodland Trust 250 Transform Housing 250 Treloar Trust 250 Elizabeth Finn Care (Turn2Us) 250 Water Aid 11,175 |
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS (continued)
FOR THE YEAR ENDED 5 APRIL 2022
| Date B/fwd 02/07/2021 02/07/2021 13/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 14/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 16/07/2021 21/07/2021 21/07/2021 21/07/2021 10/08/2021 31/08/2021 29/09/2021 07/10/2021 18/11/2021 18/11/2021 18/11/2021 Cfwd |
£ Payee 11,175 200 West London Action for Children 250 Starlight Children's Charity 250 Battersea Summer Scheme 250 Autism East Midlands 200 Autistica 300 Bibic 300 Breadline Africa 250 British Liver Trust 250 Child Bereavement 250 Hearing Dogs for Deaf People 250 King Edward VII Hospital 250 Meningitis Now 250 Newlife 250 NSPCC 250 Pace 250 Rainbow Trust 250 Revitalise 150 SchoolReaders 200 Scope 250 Vine Community Trust 300 Northants Air Ambulance 250 Disability Africa (new) 200 Sayers Croft (new) 250 Museum of Leathercraft, Northampton (new) 250 Muscular Distrophy Support 100 ABF The Soldiers Charity 250 The Garden Museum 250 NAPAC 250 Shipton with Overton PCC (Foster Graves) 250 Cure Parkinsons (Rockingham event) 200 Little Hiccups (new) 1,239 Bulelani (Kerry O'Shaughnessy-Moller) R25,000 743 Western Cape Equine Trust (Tessa Gilbey) R15,000 743 Alexandra Eduacation Committee (Mr Paul Channon) R15,000 743 National Horse Trust (Joanne Lombard) R15,000 743 SAEP (Laura Shultz) R15,000 200 Autism Initiatives 250 Banbury Young Homeless (BYH) 150 Operation Smile (new) 250 Conquest Art 250 Donate4Refugees 200 The Parasol Project (new) 80 British Red Cross (local donation/Brackley event) 250 Support Dogs 250 Lifelites 250 David Rattray Memorial Trust (now called 'Khula') 24,916 |
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS (continued)
FOR THE YEAR ENDED 5 APRIL 2022
| Date B/fwd 18/11/2021 18/11/2021 18/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 22/11/2021 23/11/2021 23/11/2021 23/11/2021 23/11/2021 23/11/2021 23/11/2021 24/11/2021 24/11/2021 24/11/2021 24/11/2021 24/11/2021 24/11/2021 24/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 26/11/2021 02/12/2021 02/12/2021 02/12/2021 02/12/2021 Cfwd |
£ Payee 24,916 100 Jo's Cervical Cancer Trust 250 Nelson Mandela Children's Fund (UK) 100 Mouth & Foot Painting Artists 150 Friends of Wells Cathedral 200 Action for Children 250 Action for ME 200 Medical Detection Dogs 250 Bristol Children's Help Society 250 Farm Africa 250 Guide Dogs 250 Hope Centre 100 Marie Curie 250 Mind 400 Prostate Cancer UK 200 Stroke Association 250 Sightsavers 200 Serve 250 Target Ovarian Cancer 200 Young Minds 200 Penny Brohn UK 200 Bobath Centre 200 Brain Research Trust/UK 250 Re-engage (was Contact the Elderly) 250 Asthma Relief 250 British Wireless for the Blind Fund 200 Starfish Greathearts Foundation 600 Independence at Home 250 SIA 200 Sulgrave Manor Trust 250 Bletchley Park Trust 250 Give a Kidney 250 The Royal Osteoporosis Society (was the National O S) 250 The Royal Marsden Cancer Charity 350 Fine Cell Work 250 Great Ormond Street Hospital Children's Charity 250 Save the Children 200 The Institute of Cancer Research 50 British Trust for Ornithology (BTO) 250 Blood Cancer UK (was Bloodwise) 250 RNIB 250 KidsOut UK 200 SANE 200 Northants Yeomanry Assoc Ben Fund 200 Oakley Rural Day Centre 250 The Phoebe Centre, Ipswich 250 Jasmine House (Leicester Rape Crisis) 35,566 |
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS (continued)
FOR THE YEAR ENDED 5 APRIL 2022
| Date B/fwd 02/12/2021 02/12/2021 02/12/2021 02/12/2021 02/12/2021 02/12/2021 02/12/2021 02/12/2021 02/12/2021 06/12/2021 06/12/2021 06/12/2021 07/12/2021 13/12/2021 13/12/2021 13/12/2021 08/03/2022 31/03/2022 TOTAL |
£ Payee 35,566 250 Myaware 250 Cransley Hospice 250 The Pituitary Foundation 250 Dramatize Theatre Charity 250 Riding for the Disabled (RDA ) 250 Cardiac Risk in the Young (CRY) 250 Handicapped Childrens Action Group 250 Scammps in Surrey 100 Myeloma UK 250 Coram BAAF 200 Katharine House Hospice (Stafford) 350 StandAlone 133 The Sharon Spratt & Caroline Thomas Trust 200 Rhinology & Laryngology Research Fund 200 The Royal British Legion (Greens Norton Branch) 250 KidsNAction 500 Disasters Emergency Fund Ukraine Donation (via GRF) 50 CPRE (Local event) 39,799 |
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