THE GILANDER FOUNDATION
REPORT AND UNAUDITED ACCOUNTS
FOR YEAR ENDED 5 APRIL 2024
Charity Registration No: 1070793
THE GILANDER FOUNDATION
UNAUDITED TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their report and accounts of the charity for the year ended 5 April 2024.
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: C Hoare & Co 37 Fleet Street London EC4P 4DQ 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 arises.
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 2024
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 (£16,754) (2023: £4,745). During the year charitable donations of £64,960 (2023: £42,703) have been made.
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THE GILANDER FOUNDATION
UNAUDITED TRUSTEES' ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
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 2024 reserves of £1,192,416 (2023: £1,126,342) were held. Of these £385,314 (2023: £371,025) were unrestricted and £807,102 (2023: £755,317) were expendable endowment. The Trustees feel that the balance carried forward on the expendable endowment fund at 5 April 2024 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 £385,314 (2023: £371,025)
Investment policy
It remains the Trustee’s intention to retain the shareholding in Hiscox Plc, Polar Capital Financials, Polar Capital Global and Polar Capital Holdings 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 2024
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:
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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: 17 September 2024
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THE GILANDER FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024
I report on the accounts of the charity for the year ended 5 April 2024, 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
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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: 9 September 2024
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THE GILANDER FOUNDATION
UNAUDITED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024
| 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 Unrealised gain/(loss) on investments Reconciliation of funds Balances brought forward Balances carried forward |
General Fund Unrestricted Fund £ 3,350 841 50,464 54,655 1,582 69,827 (71,409) (16,754) 31,043 371,025 385,314 |
Expendable Endowment Fund £ - - - - - - - - 51,785 755,317 807,102 |
Total Funds 2024 £ 3,350 841 50,464 54,655 1,582 69,827 (71,409) (16,754) 82,828 1,126,342 1,192,416 |
Total Funds 2023 £ 4,966 1,257 46,793 |
|---|---|---|---|---|
| 53,016 | ||||
| 686 47,585 |
||||
| (48,271) | ||||
| 4,745 (51,556) 1,173,153 |
||||
| 1,126,342 |
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 2024
| Note Fixed assets Investments 8 Current assets Cash at bank and in hand - 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 2024 £ 348,683 348,683 7,515 31,456 838 39,809 (3,178) 36,631 385,314 385,314 |
Expendable Endowment Fund 2024 £ 807,102 807,102 - - - - - - 807,102 807,102 |
Total Funds 2024 £ 1,155,785 1,155,785 7,515 31,456 838 39,809 (3,178) 36,631 1,192,416 1,192,416 |
Total Funds 2023 £ 1,072,957 |
|---|---|---|---|---|
| 1,072,957 20,023 37,475 1,242 |
||||
| 58,740 (5,355) |
||||
| 53,385 | ||||
| 1,126,342 | ||||
| 1,126,342 |
The accounts on pages 5 - 10 were approved by the Trustees and authorised for issue on 17 September 2024 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 2024
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" (effective 1 January 2019) 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 |
2024 £ 50,190 274 50,464 |
2023 £ 46,784 9 |
|---|---|---|
| 46,793 |
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THE GILANDER FOUNDATION
UNAUDITED NOTES ON ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
(continued)
| 4 Costs of generating funds General Fund Unrestricted Investment management costs 1,582 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 - |
2024 £ 1,582 2024 £ 64,960 1,640 910 1,850 467 69,827 2024 £ 1,640 910 2,550 |
2023 £ 686 |
|---|---|---|---|
| 2023 £ 42,703 2,035 910 1,500 437 |
|||
| 47,585 | |||
| 2023 £ 2,035 910 |
|||
| 2,945 |
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 2023 Net unrealised investment gain/(loss) Market value at 5 April 2024 |
2024 £ 1,072,957 82,828 1,155,785 |
2023 £ 1,124,513 (51,556) |
|---|---|---|
| 1,072,957 |
The historical cost of the listed investments, excluding cash, held at 5 April 2024 was £636,623 (2023 - £636,623).
The following investments were held at 5 April 2024 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
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THE GILANDER FOUNDATION
UNAUDITED NOTES ON ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
(continued)
| 9 Creditors:Amounts falling due within one year Trade creditors Accruals 10 Unrestricted funds Balance 6 April 2023 Incoming resources £ £ Unrestricted 371,025 54,655 |
2024 £ 373 2,805 3,178 Outgoing resources £ (71,409) |
2023 £ 2,550 2,805 5,355 Transfer between funds £ - |
Unrealised gain £ 31,043 |
Realised gain £ - |
Balance 5 April 2024 £ 385,314 |
|---|---|---|---|---|---|
11 Expendable endowment fund
The expendable endowment fund consists of 50,000 ordinary £0.065 shares in Hiscox PLC and 131,000 shares in Polar Capital Financials Income Fund.
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS
FOR THE YEAR ENDED 5 APRIL 2024
Date £ Payee
| 15/06/2023 15/06/2023 15/06/2023 15/06/2023 15/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 21/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 23/06/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 Cfwd |
200 Blakesley PCC 300 Alzheimers Society 300 Amref Health Africa 300 Versus Arthritis 300 Ashmolean Museum, Oxford (Uni of Oxford Dev) 300 Asthma & Lung UK 300 Ballaugh Burial Ground (de Trafford graves) 250 Blind Veterans 250 Bowel Cancer UK 300 Breast Cancer Now 250 Brainwave Centre 300 British Forces Foundation 250 Canine Partners 300 Clothing Solutions 300 Combat Stress 250 Contact 300 Crohns & Colitis 250 Cynthia Spencer Hospice 300 Dogs For Good 250 Farming Community Network 300 Fight for Sight 250 Happy Days 250 Hereford Cathedral 300 Irish Guards 300 Kidney Research 300 Koestler Trust 300 League of the Helping Hand 300 Listening Books 300 Mercia MS Therapy 250 MND Association 300 North East Music Society (NEMS) 250 Nara The Breathing Charity 300 Northamptonshire Rape Crisis 250 Otakar Kraus 250 Rainforest Concern 300 Sense 300 Soundabout 300 Gynaecology Cancer (t/a The Eve Appeal) 300 The Gurkha Welfare Trust 300 The Katharine House Hospice (Banbury) 300 The Wheelyboat Trust 250 The Woodland Trust 300 Transform Housing 300 Treloar Trust 300 Elizabeth Finn Care (Turn2Us) 300 Water Aid 250 West London Action for Children 300 Starlight Children's Charity 13,550 |
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
| Date B/fwd 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 06/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 20/07/2023 27/07/2023 27/07/2023 27/07/2023 27/07/2023 27/07/2023 02/08/2023 31/07/2023 31/07/2023 31/07/2023 31/07/2023 31/07/2023 31/07/2023 01/08/2023 09/08/2023 09/08/2023 10/08/2023 24/08/2023 Cfwd |
£ Payee 13,550 500 Battersea Summer Scheme 500 Autism East Midlands 250 Autistica 350 Bibic 350 Breadline Africa 300 British Liver Trust 300 Child Bereavement 300 Hearing Dogs for Deaf People 300 King Edward VII Hospital 300 Meningitis Now 300 Newlife 300 NSPCC 300 Pace 300 Rainbow Trust 300 Revitalise 300 SchoolReaders 250 Scope 300 Vine Community Trust 300 Northants Air Ambulance 300 Disability Africa 250 Sayers Croft 300 Museum of Leathercraft, Northampton 300 Muscular Distrophy Support 250 ABF The Soldiers Charity 300 Red Squirrel Survival Trust 300 The Garden Museum 300 NAPAC 300 Shipton with Overton PCC (Foster Graves) 100 Cure Parkinsons (Local) 250 Little Hiccups 300 Banbury Young Homeless (BYH) 250 Operation Smile 300 Conquest Art 300 The Parasol Project 300 ZANE (Zimbabwe a National Emergency) 250 British Heart Foundation 250 Hope House (Children's Hospice) 300 RNLI 300 Macmillan Cancer Support 300 St Martin in the Fields 300 Peter Le Marchant Trust (Canal boats) 300 James's Place (ref. Lucia) 300 Tommy's (pre-term birth research) 500 Northants Community Foundation 150 Kerry Cattle 2023 sub & donation 310 Manners 27,310 |
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
Date £ Payee
| B/fwd 05/10/2023 05/10/2023 05/10/2023 05/10/2023 12/10/2023 12/10/2023 12/10/2023 12/10/2023 12/10/2023 23/11/2023 23/11/2023 23/11/2023 23/11/2023 23/11/2023 23/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 30/11/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 19/12/2023 Cfwd |
27,310 300 Willow Foundation 300 South Northants Volunteer Bureau 300 Leonard Cheshire 300 The Sofa Project 300 Kids Cancer Charity 300 Youth on the Move 300 ZSL (Zoological Society of London) 500 Nene Valley Care Trust 300 Impact-Now 1,000 Independence at Home 400 SIA 400 Support Dogs 400 Lifelites 400 Khula (was David Rattray Memorial Trust) 400 Jo's Cervical Cancer Trust 400 Nelson Mandela Children's Fund (UK) 400 Mouth & Foot Painting Artists 400 Friends of Wells Cathedral 400 Sulgrave Manor Trust 400 Action for Children 400 Action for ME 400 Medical Detection Dogs 400 Northants Yeomanry Assoc Ben Fund 400 Bristol Children's Help Society 400 Farm Africa 400 Guide Dogs 400 Hope Centre 400 Marie Curie 400 Mind 500 Prostate Cancer UK 500 Stroke Association 400 Sightsavers 400 Serve 400 Target Ovarian Cancer 400 Young Minds 400 Bletchley Park Trust 400 Penny Brohn UK 400 Bobath Centre 400 Brain Research Trust/UK 400 Re-engage (was Contact the Elderly) 400 Coram BAAF 400 Asthma Relief 400 Katharine House Hospice (Stafford) 400 British Wireless for the Blind Fund 400 Starfish Greathearts Foundation 400 Oakley Rural Day Centre 45,810 |
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THE GILANDER FOUNDATION
APPENDIX 1 - DONATIONS (continued)
FOR THE YEAR ENDED 5 APRIL 2024
Date £ Payee
| B/fwd 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 21/12/2023 26/03/2024 28/03/2024 28/03/2024 28/03/2024 28/03/2024 TOTAL |
45,810 400 Give a Kidney 400 The Royal Osteoporosis Society (was the National O S) 400 The Royal Marsden Cancer Charity 400 Fine Cell Work 400 Great Ormond Street Hospital Children's Charity 400 Save the Children 400 Rhinology & Laryngology Research Fund 400 The Institute of Cancer Research 400 The Phoebe Centre, Ipswich 400 British Trust for Ornithology (BTO) 400 Blood Cancer UK (was Bloodwise) 400 RNIB 400 KidsOut UK 400 SANE 400 Jasmine House (Leicester Rape Crisis) 400 StandAlone 400 Myaware 400 Cransley Hospice 400 The Pituitary Foundation 400 Dramatize Theatre Charity 400 The Royal British Legion (Greens Norton Branch) 400 Riding for the Disabled (RDA ) 400 Cardiac Risk in the Young (CRY) 400 Handicapped Childrens Action Group 400 Scammps in Surrey 400 Myeloma UK 400 KidsNAction 5,000 Autism East Midlands 837 Western Cape Equine Trust (Tessa Gilbey) R20,000 837 Alexandra Education Committee (Mr Paul Channon) R20,000 837 National Horse Trust (Joanne Lombard) R20,000 837 SAEP (Laura Shultz) R20,000 64,960 |
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