THE GOLSONCOTT FOUNDATION
Registered Charity No. 1070885
ACCOUNTS and REPORT
jor the period from I July 2024 to 30 June 2025 Pai an wr r~ay * . QC ~ THE GOLSONCOTE FOUNDALION
NOVEMBER 2025
The Golsoncott Foundation 53 St Leonard’s Road
Exeter Devon EX2 4L$8
THE GOLSONCOTT FOUNDATION
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Establishment of the Foundation The Golsoncott Foundation was established under the terms of a Declaration of Trust dated 29 June 1998 and is a registered charity, No. 1070885. The foundation holds the copyright of the artistic works of Rachel Reckitt 19081995.
Trustees The trustees who were appointed in the declaration of trust, or were subsequently appointed, and who served during the ycar were:
Josephine Rachel Lively (Chairman) Dame Penclope Lively DBE Stephen Charles Wick Isobel Audrey Wick Eliza Thompson Emilio Salice
Dr Harrict Harvey Wood OBE a trustee appointed in the founding Declaration of Trust retired in May 2025 after 27 years of stalwart service.
Administration Hal Cortlandt Bishop, the Administrator, conducted the foundation’s business from its registered office: 53 St Lconard’s Road, Exeter EX2 4LS.
Objects and Activities The declared object of the foundation is ... to promote, maintain, improve and advance the education of the public in the arts generally and in particular .,, thefine arts and music. This object is contained in the founding Declaration of Trust. The trustees meet quarterly in order to consider applications for grants to further the aims of the foundation, the performance of the trust’s investments, and other business.
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Awards made A large number of applications were considered; the trustees awarded grants totalling £160,525 to 81 separate organisations or projects with £107,275 actually paid out in the year (2023-24: £97,900 to 90 projects). A full list of awards paid appears at Note 2. Grants Made.
The foundation sponsors the Society of Wood Engravers’ Rachel Reckitt Open Prize; this is pledged for the period 2020-2025 with a prize of £1500. The prizc for 2025 was to Ben Goodman for Hera. A three-year pledge of £10,000 a year, paid quarterly, to Contains Art of Watchct was continued throughout the year.
Finances The balance shect shows net assets: capital and reserves, of £3,159,288 on 30 June 2025 (2023-24: £2,984, /34), invested cither in managed funds, or held on deposit pending disbursement as grants or expenses. The attached income and expenditure account showsa net loss of £14,147 (2023-24: £2,878) on the income account; and a net gain of £188,701 in capital funds (2023-24: £238,979). The total net gain being £174,554 (2023-24: £241,857), or 5.85% over the previous year, (2023-24: 8.82%).
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The foundation's income from investments at £107,094 (2023-24: £110,555) is a fall of £3,461 (-3.13%) over the previous year; this income plus bank interest provided a yield of 3.65% (2023-24: 4.03%). The current account with CAFBank is intcrest-bearing but also incurs modest fees.
Under the Declaration of Trust the trustees have the power to make any investment in their discretion that they think fit (with the exception of futures or traded options). They remain resolved to maintain the majority of the foundation’s investments within the charity sector of Common Investment Funds, and Charity Authorised Investment Funds (with dual regulation from FCA and the Charity Commission) as established by the various Charity Acts 1960-2011, and with CAIF registration by the CC in 2017. The aim being to balance higher income yiclds from some funds, with lower income yields but capital growth from others. The trustees continucd to pursue recogniscd cthical investments. In consequence £500,000 held on deposit from a previous ycar’s sale of a part holding in BlackRock Charitics UK Equity Fund was switched into the CCLA Charitics Ethical Investment Fund.
Risk Management The trustees are responsible for safeguarding the assets of the charity and hence for identifying any risks to those asscts; and for establishing procedures to mitigate loss. The trustees regularly review the major risks to which the charity is exposed. These include:
: unsustainable falls in the investment portfolio compromising the charitable objectives - loss of key administrative data held as computerised information This was last reviewed at an extraordinary meeting in May 2025.
Policy Statements
It has been resolved to maintain the majority of investments within the charity sector of Common Investment Funds, and Charity Authorised Investment Funds —- cach charity investment fund itself is comprised of a wide-spread of fixed interest gilts, market cquitics, bank deposits etc. — and notwithstanding that cach is designed as a vehicle for low-risk, long-term capital, the trustees have agreed that to address the risk to the investment portfolio the holdings should be reviewed on a monthly basis, comparing capitalisation, yicld and trend with the FTSE 100 and All-Share indices as a whole.
It is the trustees continuing policy to make grants, in linc with the Object specified, roughly equivalent to the income received in the year, allowing for administrative costs. An interest-bearing cash balance approximating to a £50,000 is held in the current account. All grants and expenses are paid from this account, which also amounts to a reserve; thus allowing the foundation to continuc its grant-making activitics for six months cven if a major redeployment of its capital were required with a resultant delay of income distribution.
The replication of essential administrative data as discrete hard copy, and as off-site backup using cxternal hard drives, memory sticks, and neutral network cloud storage is key. All computerised information compiled over the twenty-scven years of the foundation’s operations is thus recoverable from outside its registered office. Independent Examiner Stephen Bright Esq¢. MA MBA FCA was"Kod to act as independent Examiner for the year. Signed on bchalf of the trustees by Hal Bishop, Administrator, Novembcr 2025
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Independent Examuiner’s report to the Trustees of The Golsoncott Foundation
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[ report on the accounts of the Trust for the year ended 30 June 2025, which are set out on pages 4 to 10.
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Respective responsibilitics 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 cxamination is needed.
It is my responsibility“ to:
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e Examine the accounts under section 145 of the 2011 Act; ® To follow the procedures laid down in the General Dircctions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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e To state whether particular matters have come to my attention.
Basis of Independent Examiuner’s Report
My cxamination was carried out with the Gencral Directions given by the Charity (Commission, 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 secking 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 ‘truc and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
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In connection with my cxamination, no mattcr has come to my attcntion:
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(1) which gives me reasonable cause to believe that, in any matcrial respect, the requirements:
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¢ to keep accounting records in accordance with section 130 of the 2011 Act; and ¢ to prepare accounts which accord with the accounting records and to comply with the accounting rcquircments of the 2011 Act
have not been met; or
(2) to which, in my opinion, attcntion should be drawn in order to cnable a proper understanding of the accounts to be reached. 1 — . ; , " *] on hedeea Q) RYAN cece Date... Paernber A022 _ Stephen J Bright MA MBA FCA Chartcred Accountant 10 Highcroft Duryard Lower Argyll Road Exeter EX4 AJQ
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THE GOLSONCOTT FOUNDATION
Registered Charity — Number 1070885
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|---|---|---|---|---|---|---|---|---|---|---|
|STATEMENT OF FINANCIAL ACTIVITIES|For|the|year ended|30 June 2025|
|Unrestricted|Funds|
|Total|Income|Capital|Total|
|2024|2025|2025|2025|
|£|Note|£|£|£|
|INCOMING|RESOURCES|1|
|110,555|Investment|income|107|,094|
|135|Bank|and|other|interest|I, 766|
|110,690|108,860|108,860|
|DIRECT|EXPENDITURE|ON|CHARITABLE|PURPOSES|
|92,055|Grants|paid|over|the|year|2|107,275|107,275|
|18,635|1,585|1,585|
|OTHER|EXPENDITURE|
|Management|and|Administration|expenditure:|
|{2,300|Administrator’s|Fees|12,550|12,550|
|2,202|Expenses|3|2,060|2,060|
|152|Website|152|152|
|127|Bank|Charges|140|140|
|590|Independent|Examiner's|Fees|615|615|
|386|= Trustees|Expenses|215|215|
|15,757|15,732|15,732|
|2,878|NET INCOME FOR THE PERIOD|(14,147)|(14,147)|
|Add|
|238,979|Capital|gain|on investments|tor|the|year|188,701|188,701|
|241,857|SURPLUS|FOR THE YEAR|(14,147)|188,701|174,554|
|Add|
|2,742,877|Balances|brought forward|as|at|1|July|2024|215,184|2,769,550|2,984,734|
|2,984,734.|BALANCES CARRIED FORWARD|as at|30 June|2025|=|201,037|2,958,251|=|3,159,288|
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THE GOLSONCOTT FOUNDATION Registered Charity —- Number 1070885
NOTE OF HISTORICAL COST NET MOVEMENT IN FUNDS
| 2024 | 2025 | |
|---|---|---|
| £ | £ | |
| Reported netmovementinfunds | 241,857 | 174,554 |
| Gain on investment assets | 238,979 | 188/01 |
| Historicalcostnetmovementinfunds | 2,878 | (14,147) |
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THE GOLSONCOTT FOUNDATION Registered Charity — Number 1070885
| BALANCESHEET as at | 30June 2025 | ||||
|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | |||
| £ | Note | £ | £ | ||
| FIXED ASSETS | |||||
| 2,391,095 Investments at 30June 2025 market value |
4 | 3,079,796 | |||
| 33,854 CCLA COIF Deposit Fund |
33,854 | ||||
| 500,000 BlackRock Deposit |
- | ||||
| 2,924,949 | 3,113,650 | ||||
| CURRENT ASSETS | |||||
| 60,405 Cash at Bankand in hand |
5 | 46,258 | |||
| DEDUCT CREDITORS | AND ACCRUALS | ||||
| 620 Amounts falling duc within one year |
620 | ||||
| 59,785 Subtotal | 45.638 | 45,638 | |||
| 2,984,734 NETASSETS | 3,150,288 | ||||
| CAPITALAND RESERVES | |||||
| Balances as per statement offinancial affairs: | |||||
| 2,769,550 Capital | 2,958,251 | ||||
| 215,184 Income | 201,037 | ||||
| 2,984,734 | 3,159,288 | ||||
| Thefinancial statements wereapproved atamecting oftheTrustees on “/ | Dacumlre | PO2. | 2.» | ||
| and signed on theirbchalfby: | |||||
| Trustee } lh |
va ye, | ~ | |||
| i | |||||
| Trustee } | ¢- | A | ,YO7Co | ||
| } ; |
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THE GOLSONCOTT FOUNDATION Registered Charity — Number 1070885
NOTES TO ACCOUNTS for the year ended 30 June 2025
I. Accounting Policies
(i) Basis ofaccounting The accounts have been prepared ona historical cost basis as modified by the inclusion of investments at market valuc.
(ii) Recognising income and expenditure
These accounts are prepared on a receipts & payments basis and in particular: incoming resources are included in the Statement of Financial Activities in the year in which they are received, Grants are included in the Statement of Financial Activities when they are paid
(iil) Investments , These are stated at markct valuc.
2, Grants Made
| Grants Made | |
|---|---|
| The following organisations/projects were | supported with grants being paid during the year: |
| 2024 | £ |
| Joseph Banks Trust | 500 |
| Cumbria Opera Group | 500 |
| Playwell Productions | {,000 |
| Jessic Anand Productions | 750 |
| Minchead Choral Socicty | 500 |
| South West Heritage Trust | 4500 |
| Contains Art | 5,000 |
| Playground Proms | 1,000 |
| Lake District Music | 1,000 |
| Orchestra ofthe Age ofEnlightenment | 1,000 |
| International Guitar Foundation | 750 |
| Novanda Productions | 500 |
| All Saints, Kingston-upon-Thames | 1,000 |
| Spiritato | 500 |
| Joseph & EllinCD recording | 500 |
| National Centre for Writing | 750 |
| Two Moors Festival | 1,000 |
| Glasgow Cathedral Festival | 1,000 |
| Music for Miniatures | 750 |
| SHAKE Festival | 2,500 |
| National Theatre | 1,500 |
| Last Baguctte Theatre | 600 |
| WestYorkshire PrintWorkshop | 500 |
| Serse Trust | 1,500 |
| Apollo's Cabinct | 1,000 |
| London Contemporary Music Festival | 500 |
| BackyardTheatre | 290 |
| Box ofTricks Theatre | 1,000 |
| 7 |
| Opera Holland Park | 1,000 |
|---|---|
| Bath Recital Artists Trust | 250 |
| English Concert | 2,000 |
| Socicty ofWood Engravers Rachel—Reckitt Prize | 1,500 |
| Opera Up Close | 2,100 |
| Mocartists | 1,500 |
| LyricTheatre Hammersmith via The Big Give* | 1,525 |
| Leicester Music Festival | 1,000 |
| Cheltcnham Poetry Festival | 500 |
| Royal CourtTheatre | 1,000 |
| Royal School ofNeedlework via TheBig Give* | 525 |
| Dowland’s Foundry | 650 |
| Jessic’s Fund via The Big Give* | 525 |
| London Youth Choirs vie TheBig Give* | 525 |
| Two Moors Festival via The Big Give* | 775 |
| Mahogany Opera | 1,500 |
| ArtUK .- Public Catalogue Foundation | 1,500 |
| Protein Dance | 500 |
| Jazz Re:treshed | 1,000 |
| * includes £25 donation toThe Big Give itself | |
| 2025 | |
| East London MusicGroup | 1,000 |
| Contains Art | 5,000 |
| CoAlign | 1,000 |
| H G Opera | 500 |
| Almcida Theatre | 3,000 |
| Dash Arts | 1,000 |
| Little Angel Theatre | 2,000 |
| Swaledale Festival | 1,000 |
| Whitchurch Silk Mill | 1,500 |
| Natashas Project | 1,000 |
| Textile Conservation Centre | 1,500 |
| Stringcredibles | 1,300 |
| Green Opera | 2,000 |
| Royal Society ofSculpture | 1,000 |
| Dunster Festival | 3,000 |
| Bush Theatre | 1,000 |
| Music Masters | 1,500 |
| National Children’s Orchestra | 2,000 |
| Sinfonia Viva | 500 |
| Brixton Chamber Orchestra | 1,000 |
| British Youth Opera | f,Q00 |
| Salisbury Musik | 500 |
| Olympias Music | 1,000 |
| Papatango | 2,200 |
| Gainsborough’s House | 1,000 |
| Minehead & Exmoor Festiva! | 1,000 |
| Burton Art Gallery | 2,000 |
| Compton Verncy | 2,000 |
| Jermyn StreetTheatre | 1,000 |
| Rambcrt | 1,000 |
&
| The Telling | 1,500 | |
|---|---|---|
| Hatticld Festival | 1,000 | |
| Gothic Opera | ||
| Conway Hall | 1,000 | |
| Make Southwest | 700 | |
| GrasshopperMusic | 500 | |
| Wiltshire Rural Music | 600 | |
| National Manuscript Commission | 1,000 | |
| CumbriaOpera | 500 | |
| Inspector Sands Theatre | 1,000 | |
| Gabricli | 1,000 | |
| Poctry Translation Centre | 1,000 | |
| Total | 107,275 |
| Additionally the followingrecurringgrantswere awarded payable in future periods: | Additionally the followingrecurringgrantswere awarded payable in future periods: | |
|---|---|---|
| Contains Art | 37,500 | |
| Little AngelTheatre | 4.000 | |
| National Children’s Orchestra | 4,000 | |
| Textile Conservation Foundation | 3,000 | |
| Almeida Theatre | 6,000 | |
| Papatango | 4,000 | |
| Waterperry Opcra | 1O00 | |
| Total | 59,500 |
These amounted to £59,500 in aggregate of which £38,000 fall due for payment after more than onc year from the balance sheet date. In accordance with the accounting policy these have not been recognised in the financial! statements.
- Expenses
For the whole of this period the administrator has been paid monthly via BACS, with one supplementary standing order payment; expenses incurred have been reimbursed quarterly in arrears.
During the year trustecs reccived expenscs amounting to £215 (2023-24: £386 in aggregate). The trustees’ expenses were reimbursed directly from the foundation's current account.
- 4, Investments
At the beginning of the year three funds were held; additionally £33,854 was held in CCLA’s deposit fund, and £500,000 with BlackRock’s deposit fund. This last was used to purchase further holdings of CCLA’s Charity Ethical Investment Fund on 25 July 2024.
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Market Value Market Value Cost
2024 2025
£ L £
813,688 BlackRock Charitics UK Equity Fund A — Inc Units 842 738 406,455
1,326,532 SUTL Cazenove Charity Equity Value Fund A Income 1,514,581 677 016
250,875 CCLA Charity Ethical Investment Fund 722477 750,000
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2,391,095
| 2,391,095 | 3,079,796 | 1,833,471 | |
|---|---|---|---|
| Deposits: | |||
| 33,854 | CCLA COIF DepositFund | 33,854 | 33,854 |
| 500,000 | BlackRock | ||
| 2,924,949 | 3,113,650 | 1,867,325 | |
| Movement oftheinvestments held during theyearwere as follows: | |||
| Markct | value on 1 July 2024 | 2,391,095 | |
| Investments purchase at cost | 500,000 | ||
| Unrealised gain | 188,701 | ||
| 3,079,796 |
5. Bank Balances The following amount was held on an interest-paying, charge-bearing current account at 30 June 2025: 60,405 CAFBANK Ltd 46,258
6. Related Party Transactions
A grant of £3000 was made to the Dunster Festival during the year; the unpaid artistic directors Rory McCleary and Rachel Wick are the son-in-law and daughter of the Trustees Stephen Wick and Jo Lively.
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