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 0￿1Cc. 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 a￿Ced 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 Por￿0110 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 Por￿0110 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.
s1￿Cd 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