THE GOLSONCOTT FOUNDATION Registered Charity No. 1070885 ACCOUNTS and REPORT Jor the periodJrom l July 2023 to 30 June 2024 THE GOISONCOTT FOUNDATION NOVEMBER 2024 The Golsoncott Foundation 53 St Leonard's Road Exeter Devon EX2 41S
THE GOLSONCOTh FOUNDATION Annual Report for the Year to 30 June 2024 Establishment offlthe Foundotion The Golsoncott Foundation wa8 Cstablithca under thi tcrn]s of a Dcdaration of Trust dated 29 Junc 1998 and 1$ a rcgistcrcd charity? No. 1070885. Thc foundation holds the copyright of the artistic works of Rachcl Reckitt 1908- 1995. Trurtees Thc trustces who wcrc appointed in thc dcdaration of trust, or wcrc subscquendy appointed, and who scrved during the year were: Joscphinc Rachcl Lively (Chairman) Damc Pcnclopc Lively DBE Stephen Charlcs Wick Dr Harrict Harvey Wood OBE Isobel Audrcy Wick EliLa Thompson Emilio Salicc Administration Hal Cortlandt Bishop, thc Administrator, conductcd thc foundation s busincss from its rcgi5tercd 01Cc. 53 St Lconard's Road, Exctcr EX2 4LS. Objects and Activities Thc declarcd object of thc foundation is to promote, maintain, improve dnd advance the education oJthe public In the arts generally and in particular thefJne arts and music. This object is contained in thc founding Declaration of Trust. The tru5tecs mcct quartcrly in ordcr to considcr applications for antS to furthcr thc aims of the foundation, thc pcrforn]ancc of thc trust's investmcnts, and othcr busincss. A wards made A largc numbcr of application5 wcrc considcrcd; the trustees awardcd grants totalling £97,900 to 90 scparate organisations for projects as detailed in thc account5 (2022_23: £82,000 to 79 projccts) with £92,055 actually paid out ovcr the year. A full list of awards paid appcars at Notc 2. Grants Madc. The foundation sponsors thc Socicty of Wood Engravcr5 Rachel Rcckitt Open Pri£e. this is pledgcd for thc pcriod 2020-2025 with a priLC of £1500. The prilc for 2024 was jointky awarded to Beverlcy White for Seo Poppy- Glaucium Flayum and David Robertson for Lover s Leap. A thrcc-ycar plcdgc of £1 0,000 a ycar? paid quartcrlyy to Contains Art of Watchet was continucd throughout thc year. Financ¢s Thc balance shcct shows net assets: capital and rcservcs, of £2,984,734 on 30 June 2024 (2022-23: £2,742,877), invcstcd eithcr in managcd funds, or held on dcposit pending disbursemcnt as grants or cxpcnses. The attached incomc and cxpcnditurc account shows a nct gain of £2,878 (2022-23: £4,293) on the incomc account. and a net gain of £238,979 in capital funds (2022_23: £83,741). The total net gain being £241,857 (2022-23: £88,034), or 8.82010 ovcr thc prcvious year, (2022-23: 3.32 % The foundation s income from investments at £1 10,555 (2022-23: £102,691) is an incrcase of £7,864 (7.65 % ) over the previous year. thi5 income plus bank interest providcd a yield of 4.03 % (2022-23: 3.850/0). The current bank account Trvith CAFBank incurs a monthly administration fcc, though crcdit balancc3 arc intcrc8t-bcaring,
Under the Declaration of Trust the trustecs have thc power to make any investmcnt in their discretion that they think Pit (with the exception of futures or tradcd Qptions). They rcmain resolvcd to maintain thc majority of the foundation s investments within thc charity scctor of Common Investment Funds, and Charity Authorised Investment Funds (with dual regulation from FCA and the Charity Commission) as cstablkshed by the various Charity Acts 1960-201 I, and with CAIF rLgistration by thc CC in 2017. Thc aim being to balancc highcr incomc yields from some funds, with lowcr income yiclds but capital growth from othcrs. In Scptcmber 2023 all holdings of the CCLA Charitics Fixed Interest Fund were sold and the proceeds placed in their Charities Dcp051t Fund prior to latcr investmcnt. A full rcvicw of the foundations financcs in cogni£ance of the Charity Commission s Guidancc 14 (CC14) Charities and Investment (updatcd August 2023) was undcrtakcn at an extraordinary mecting in May 2024, with the aCed aim to pursue recogni5cd cthical investments. In conscqucncc £250,000 from the dcposit fund was switched into thc CCLA Charities Ethical Invcstmcnt Fund, and £500,000 from BlackRock Charitics UK Equity Fund was sold in Junc in ordcr to augment the CCLA Ethical Invcstmcnt Fund. Scttlemcnt was latc bcing madc and thc sale proceeds wcrc held as if on deposit with BlackRock at year end. Risk Management The trustees are responsible for safeguarding the asscts of the charity and hcncc for idcntifying any risks to thosc asscts. and for establishing proccdures to mitigatc loss. The trustees rcgularly review the major risks to which thc charity IS CXPOscd. These includc: unsustainable falls in thc invcstmcnt Por0110 compromising the charitablc objcctiVC8 loss of kcy administrativc data hcld as computcriscd information This was rcvicwcd at the extraordinary mccting in May 2024. Policy Statements It has bccn rcsolvcd to maintain the majority of invcstmcnts within the charity 8CCtor of Common Investment Funds, and Charity Authoriscd Invcstmcnt Funds - cach charity investment fund itself is comprised of a widc-sprcad of rixcd intcrcst gilts, market equitics, bank deposits ctc. and notwithstanding that cach is dcsigncd as a vehiclc for low-risk, long-tern] capital, thc trustccs havc agrccd that to addrc8s the risk to thc invcstmcnt Por0110 thc holdings should bc revicwcd on a monthly basis, comparing capitalisation, yicld and trend with thc FTSE 100 and All-sharc indicc8 as a wholc. It is the trustccs continuing policy to make grants, in linc with the Object spccificd, roughly cquivalcnt to thc income rcccivcd in thc ycar, allowing for administrative costs. An intcrest-bearing cash balance approximating to a £55,000 15 held in thc currcnt account. All grants and expcnsc5 are paid from thi3 account, which a150 amounts to a rescrvc. thus allowing thc foundation to continuc its grant-making activitiL'S for six months evLn if a major rc- dcployment of its capital wcrc rcquircd with a rcsultant dclay of income distribution. Thc replication of cs5cntial administrative data a5 di5crctc hard copy, and a5 off-site backup using cxtcrnal hard drive5, mcmory 5tidts, and ncutral nctwork cloud storagc 15 kcy. All computcriscd information compilcd over thc twcnty-five years of the foundation s operation5 15 thus rccovcrable from outside its rcgistered olyicc. Independent Examiner Stcphen Bright Esq. MA MBA FCA was again appointed to act as indcpcndent Examiner for the year. s1Cd on bchalf of the trustccs by Hal Bishop, Administrator, XY Novcmbcr 2024
Independent Examiner's report to the Trustees of The Golsoncott Foundation I report on the accounts of the Trust for the year cndcd 30 June 2024. which arc set out on pagcs 4 to 10. Respective responsibilities of Trustccs and Examiner: The charity's trustees are respon5iblc for the preparation of the accounts. The Charity's trustecs consider that an audit Is not rcquired for this year under section 144(2) of thc Chorities Act 2011 (The 2011 Act) and that an independent cxamination is ncedcd. It is my rcsponsibility to.. Examine thc accounts undcr scction 145 of thc 2011 Act. To follow the procedures laid down in thc Gcncral Dircctions givcn by thc Charity Commission under section 145(5)(b) of thc 201 l Act; and To state whcthcr particular matters havc come to my attcntion. Basis of Independent Examiner s Report My cxamination was carricd out with thc Gcncral Directions givcn by the Charity Commission. An cxamination includcs a rcvicw of thc accounting rccords kcpt by thc charity and a comparison of thc accounts prcscntcd with thosc rccords. It also includcs considcration of any unusual itcms or disclosurcs in thc accounts, and thc sccking of cxplanations from you as trustees conccrning any such mattcrs. The proccdures undertaken do not provide all thc cvidcncc that would bc rcquircd in an audit, and consequently no opinion is givcn as to whcthcr the accounts prcscnt a 'truc and fair vicw and the rcport is limitcd to thosc mattcrs sct out in thc statcmcnt bclow. Independent Examiner's Statement In connection with my cxamination, no mattcr has comc to my attcntion: ( l ) which gives mc rcasonablc cause to believc that, in any material rcspect, the requirements: to kccp accounting records in accordancc with scction 130 of the 201 l Act. and to preparc accounts which accord with thc accounting rccords and to comply with thc accounting rcquircments of thc 201 l Act havc not been met. or (2) to which, in my opinion, attention should bc drawn in order to cnablc a proper undcrstanding of the accounts to bc rcachcd. Date. Stcphcn J Bright MA MBA FCA Chartercd Accountant l O Highcroft Duryard Lower Argyll Road Exetcr EX4 4JQ
THE GOLSONc0 FOUNDATION Registered Charity - Number 1070885 STATEMENf OF FINANCIAL AcfIvITIES For the year ended 30 June 2024 Unrcstrictcd Funds Incomc Capitsl 2024 2024 Total 2023 Total 2024 Notc INCOMING RESOURCES 102,691 Invcstmcnt income 121 Bank and other intcrcst 110,555 135 102,812 110,690 110,690 DIRECT EXPENDITURE ON CHARITABLE PURPOSES 8 3,975 Grants paid over the ycar 18,837 92,055 18,635 92,055 18,635 OTHER EXPENDITURE Managcmcnt and Administration cxpcnditurc: 11,700 Administrator's Fces 1,864 Expcnscs 149 Wcb51tc 121 Bank Charges 635 Indcpcndcnt Examiner's Fccs 75 Trustccs Expcnses 12,300 2,202 152 127 590 386 15,757 12,300 2,202 152 127 590 386 15,757 14,544 4,293 NET INCOME FOR THE PERIOD 2,878 2,878 Add 83,741 Capital gain on investments for the year 238,979 88,034 SURPLUS FOR THE YEAR 2,878 238,979 241,857 Add 2,654,843 Balancc5 brought fonvard as at l July 2023 212,306 2,530,571 2,742,877 2,742,877 BALANCES CARRIED FORWARD as at 30 June 2024 215,184 2,769,550 2,984,734
THE GOLSONc0 FOUNDATION Registered Charity- Number 1070885 NOTE OF HISTORICAL COST NET MOVEMENT IN FtINDS 2023 2024 Rcportcd nct movement in funds 88,034 241,857 Gain on investmcnt asscts 83 Historical cost net movcmcnt in funds 4,293 2,878
THE GOLSONc0 FOUNDATION RegAStered Charity- Number 1070885 BALANCE SHEEf as at 30 June 2024 2023 2024 2024 Notc FIXED ASSETS 2,685,808 Investments at 30 Junc 2024 market value 162 CCLA COIF Deposit Fund BlackRock Dcposit 2,391,095 33.854 2,68S,970 2,924,949 CURRENT ASSETS 57,527 Cash at Bank and in hand 60,405 DEDUCT CREDITORS AND ACCRUALS 620 Amounts falling duc within onc ycar 620 56,907 Subtotal 59,785 59,785 2,742,877 NFf ASSETS 2,984,734 CAPITAL AND RESERVES Balanccs as pcr statcmcnt of financial affairs.. 2,530,571 Capital 212,306 Incomc 2.769,550 215,184 2,742,877 2,984,734 Thc financial statcmcnts wcrc approvcd at a mccting of thc Trustces on 24t and signcd on their behalf by: Trustee ZL. Lr• 2aZ4 Trustee
THE GOLSONc0 FOUNDATION Registered Charity- Number 1070885 NOTES TO ACCOUNTS for the year ended 30 June 2024 Accounting Policies Basis offaccounting The accounts have been preparcd on a historical cost basis as modified by the indusion of invcstmcnts at market valuc. (li) Recognising Income and expenditure Thcsc accounts are prepared on a rcccipts & payments basis and in particular: incoming rc50urccs arc included in thc Statcmcnt of Financial Activitics in the year in which they arc rcceived. Grants arc includcd in thc Statcmcnt of Financial Activitics whcn thcy arc paid Investments Thcsc arc statcd at markct valuc. Grants Made Thc following organisations/projects wcrc supportcd with grants bcing paid during thc ycar: Contains Art Hclcnc Mathicscn Libcrata Thcatrc 503 B:Music Mcrry Opcra MoLartists British Portrait Paintcrs Lyric Thcatrc National Ccntrc for Writing Royal Museums Greenwich Whiddon Fcstival Late Music York National Thcatrc Olympias Music Wiltshire Rural MUSIC Compton Verney Theatre Minchead Kitty Whatcly Rcgcnts Hall Concerts Stomping Ground Contains Art Music Masters Bath Recitals Artists Trust Voices Make Southwcst Litdc Angcl Theatre 2,500 1,000 1,000 1,000 500 500 1,000 500 1,000 1,000 1,500 1,000 1,000 1,000 1,000 500 1,000 1,000 750 250 500 2.500 1,000 250 500 1,000 1,000
Acadcmy of Ancient Music Complicité Two's Company Opera Prclude Jessic's Fund via The Big Give London Youth Choirs Vid The Bi8 Give The Orchestra of thc Swan (1034) via The Bis Give Charlie Grcy Joscph Peach duo Brit15h Society of Mastcr Glass Painters Nonclassical via The Big Give Live Music Now Salisbury Muscum Stephcn Spcndcr Trust Krystal TunniclilTc Heritage Crafts City & Guilds Vachc Baroquc 1,000 1,000 1,000 750 525 525 275 500 1,000 260 1,000 1,000 1,000 750 2,000 1,000 1,000 * includcs £25 donation to Thc Big Give itsclf London Philharmonic Orchestra Tabca Dcbus Brundibar Opcra 21 Brutish Multitudc Liverpool Philharmonic Contains Art SWE-RR Prize: Bcvcrlcy Whitc SWE-RR Pri£c: David Robcrtson Almeida Thcatrc Nudeo Moonspun Films St Martin-in-thc-Fic.Ids Mimbre Dacapo Bristol Old Vic Contemporary Glass Socicty Young Vic Poctry Translation Ccntrc Gainsborough'5 House Wilton s Music Hall National Children's Orchcstra Shaldon Fcstival Foxtrot Films Dunstcr Festival CHROMA - Repawent British Mu5cum Trust Music Contains Art New Diorama Thcatre Stccl City Choristers Gabricli 1,000 500 750 750 500 1,000 2,500 750 750 1,500 1,000 1,000 1,000 1,000 500 1,500 500 2,000 1,000 1,000 1,500 2,000 500 2,000 3,000 680 I,soo 500 2,500 1,000 500 1,500
Alison Smart Fisher Awards for Young Musicians The Telling Papatango Pcnarth Chamber Music Clean Break Theatrc Joss Arnott Dance NMC Rccordkngs South West Hcritage Trust Garsington Opcra Kcats-shcllcy Mcmorial Association FUEL Park Thcatrc 1,200 1,000 1,200 2,000 500 1,000 750 750 3,000 1,000 500 1,500 Total 92,055 Expenses For the wholc of this pcriod thc administrator has been paid monthly via BACS; expcnses incurred havc been rcimburscd quartcrly in arrcars. During thc ycar trustccs reccivcd cxpcnscs amounting to £386 (2022-23: £75 in aggrcgatc). Thc trustCCS' cxpcnscs wcrc rcimburscd dircctly from thc foundation's currcnt account. Investment8 At the beginning of the year threc funds wcrc hcld. Thc CCLA Fixcd Intcrcst Fund was Sold in its cntircty in Septembcr 202 3 with thc procccds placcd on dcposit with CCLA> pending futurc investment. The bulk of thc dcposit fund was used to purchasc a holding in CCLA'S Charity Ethlcal Invcstmcnt Fund in May 2024. In Junc 2024 £5(K),(K)O was sold of thc BlackRock Charitics UK Equity Fund in order to furthcr augmcnt thc CCLA Charity Ethical Invcstmcnt Fund. Because of late scttlcmcnt this was not purchascd within thc year, and thc procccds in cffcct rcmaincd on deposit for this pcriod. Market value Market value 2024 Cost 2023 1,230,071 1,175,653 BlackRock Charitics UK Equity Fund A - Inc Units SUTL Calcnove Charity Equity Valuc Fund A Incomc CCLA Charity Ethical Invcstment Fund CCLA COIF Charity Fixcd Intcrcst Fund 813,688 1,326,532 250,875 406,455 677,016 250,000 08 2,685,808 2,391,095 1,333,471 Deptssits.. CCLA COIF Deposit Fund BlackRock 162 33,854 33,854 500 000 2,685,970 2,924,949 1,867,325
Movement of the investments held during the year were as follows: Market value on l July 2023 Salc proceeds Invcstmcnts purchasc at cost Rcali8cd gain on disposal Unrealiscd gain 2.685,808 (783,692) 250,000 229,205 2,391,095 Bank Balances Thc following amount was hcld on a chargc-bcaring currcnt account at 30 June 2024: 57,527 CAFBANK Ltd 60,405 Related Party Transactions A grant of £3000 was madc to thc Dun8tcr Fcstival during thc ycar. the unpaid artistic dircctors Rory Mcclcary and Rachel Wick arc thc son-in-law and daughter of the Trustecs Stephen Wick and Jo Lively. io