2020-12-31-accounts

The Carr-Gregory Trust

Charity registration no. 1085580

Trustees' Report & Financial Statements Year ended 31 December 2020

The Carr-Gregory Trust

Trustees' Report for the year ended 31 December 2020

Reference & administration details

Registered charity number - 1085580

Principal address - 56 Pembroke Road, Clifton, Bristol BS8 3DT

The following trustees served during the year:

B R Carr - Chairman L L H Carr H J Wheelhouse

Structure & governance

Governing document - Deed of Settlement dated 25 January 2001, as amended on 12 March 2001 and 2 May 2019

Constitution of the charity - the Charity is constituted as a Trust

Trustee selection methods - statutory power applies, exercisable by the settlor trustees during their joint lives and then by the survivor during his or her lifetime

Objectives & activities

Objects of the charity - general charitable purposes

Main activities undertaken for the public benefit - each year the Trustees apply income arising from donations received and investments to contribute to selected causes where activities are being undertaken for the public benefit

This past year has been an extremely challenging one for the charities and charitable causes we support as a result of the current coronavirus pandemic. A number of donations were in response to special Covid appeals with most of the other donations being made on an unrestricted basis to give flexibility over their use.

Other details - donations & grants are mainly made to charitable organisations operating in either London or Bristol; priority is given to the arts, arts related education, health and social needs

Achievements & performance

Summary - during 2020 donations and grants made totalled £155,982 (2019 - £101,284), as detailed in note 5 to the financial statements

Investments - Coutts & Co manage the investment portfolio on a discretionary basis with the aim of achieving real growth in value over a period of 5 to 8 years. The investment strategy is agreed with Coutts & Co and is regularly reviewed by the Trustees.

Policy on reserves - unrestricted reserves are normally maintained at around £50,000 to enable the Charity to operate effectively and efficiently. Actual reserves at 31 December 2020 amounted to £83,758 (2019 - £132,054).

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The Trustees declare that they have approved this Trustees' Report.

Signed on behalf of the Charity's trustees on 7 May 2021 by:

B R Carr Chairman

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The Carr-Gregory Trust

Statement of Financial Activities

for the year ended 31 December 2020

Note Income Donations 3 Investment income 3 Total income Expenditure Charitable activities 4 & 5 Investment management costs 6 Total expenditure Net (expenditure) gains before gains on investment assets Gains on investment assets, net 6 Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Endowment Total funds funds funds 2020 2020 2020 £ £ £ 100,240 - 100,240 9,165 - 9,165 109,405 - 109,405 (156,496) - (156,496) (5,360) - (5,360) (161,856) - (161,856) (52,451) - (52,451) 4,155 16,828 20,983 (48,296) 16,828 (31,468) 132,054 478,923 610,977 83,758 495,751 579,509	Total funds 2019 £ 100,000 9,618
		109,618
		(102,232) (3,990)
		(106,222)
		3,396 79,280
		82,676 528,301
		610,977

The comparative figures in the statement of financial activities for the year ended 31 December 2019 include endowment funds brought forward of £501,348, a net gain on investment assets during 2019 of £77,575 and a transfer to unrestricted funds of £100,000 resulting in a balance of £478,923 at 31 December 2019.

There were no recognised gains or losses other than as shown above. All income and expenditure derives from continuing activities.

The accompanying notes are an integral part of this statement of financial activities.

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The Carr-Gregory Trust

Balance sheet at 31 December 2020

Note Fixed asset investments 6 Current assets: Short-term deposits Cash at bank Current liabilities: Creditors - amounts falling due within one year 7 Net current (liabilities) assets Total assets less current liabilities, being net assets Funds of the Charity 8	Unrestricted Endowment Total funds funds funds 2020 2020 2020 £ £ £ 126,086 495,751 621,837 - - - 8,422 - 8,422 8,422 - 8,422 (50,750) - (50,750) (42,328) - (42,328) 83,758 495,751 579,509 83,758 495,751 579,509	Total funds 2019 £ 597,147
		6,780 48,300
		55,080 (41,250)
		13,830
		610,977
		610,977

The accompanying notes are an integral part of this balance sheet.

Signed on behalf of the Trustees on 7 May 2021:

B R Carr H J Wheelhouse

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The Carr-Gregory Trust

Notes to the financial statements

1. Basis of preparation

The financial statements are prepared under the historical cost convention, as modified by the valuation of fixed asset investments, and in accordance with Accounting Standards in the UK, the Financial Reporting Standard FRS 102, the Charities SORP FRS 102 and the Charities Act 2011.

There are no material uncertainties affecting the ability of the Charity to continue as a going concern.

The principal accounting policies adopted in the preparation of the financial statements are set out in note 2.

The Charity meets the definition of a public benefit entity under FRS 102.

2. Accounting Policies

Income:

Recognition of income Income and endowments are accounted for as receivable when it is more likely than not that the associated economic benefits can be reliably measured. Grants & donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Donated investments are valued at their market value at the date of their donation. Donations are stated inclusive of any Gift Aid that can be claimed. Investment income Investment income is included in the financial statements when receivable. Investment gains & losses These represent unrealised gains and losses resulting from changes in the market value of investments. Such amounts are credited or charged to the funds containing the investments giving rise to the gain or loss.

Expenditure & liabilities: Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Grants with performance Where the charity gives a grant with conditions for its payment being a specific level of service conditions or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specific service or output. Grants without performance These are recognised in the financial statements when a commitment has been made and conditions there are no conditions to be met relating to the grant that remain in the control of the charity. Assets: Investments Investments quoted on a recognised stock exchange are valued at market value. Other investment assets are included at the Trustees' best estimate of market value. Funds accounting Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects and administration of the charity.

Expendable endowment funds comprise trust funds set up by specific donors that can be used at the discretion of the Trustees.

3. Income received

3.1 Donations Trustees Other 3.2 Investment income Cash & short-term deposits Quoted investments	2020 £ 100,000 240 100,240 131 9,034 9,165	2019 £ 100,000 -
		100,000
		297 9,321
		9,618

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The Carr-Gregory Trust

Notes to the financial statements (continued)

4. Expenditure on charitable activities

4. Expenditure on charitable activities
Charitable activities: Donations & grants (note 5) Independent Examiner's fee for reporting on the financial statements Other costs	2020 £ 155,982 600 -86 156,496	2019 £ 101,284 580 368
		102,232

No trustee received any remuneration or expenses during 2020 and 2019.

5. Donations & grants

5.1 Analysis of donations & grants by sector:

Arts / culture Education Health Social needs Total	65,550 31,932 25,000 33,500 155,982	19,040 34,744 22,750 24,750
		101,284

5.2 Donations & grants:

To charitable organisations to support their activities: Almeida Theatre Alzheimer's Research UK Aurora Orchestra Barbican Centre Trust Centrepoint Donmar Warehouse FairShare Fondation Georg Solti Accademia Great Western Air Ambulance Hampstead Theatre Hospice UK London Air Ambulance Macmillan Cancer Support Marie Curie National Opera Studio Parkinson's UK Prisoners' Education Trust Royal Academy of Music Royal National Theatre Royal West of England Academy Sound World Southmead Hospital Charity Southwell Music Festival St George's Bristol St John's Ambulance St Mungo's St Pauls Advice Centre St Peter's Hospice Stroke Association The Connection at St Martin-in-the-Fields The Fire Fighters Charity The New Bridge Foundation The Salvation Army The SOFA Project University of Bristol WaterAid Others less than £1,000 Total	- 10,000 1,000 3,000 1,500 2,350 1,000 4,432 3,000 2,000 2,000 - 2,000 2,500 5,000 1,000 7,500 25,000 - 52,200 1,000 1,000 1,500 2,500 1,000 3,000 3,000 2,500 1,000 2,000 2,000 2,500 1,000 2,500 - 1,000 3,000 155,982	1,000 10,000 - 3,000 1,500 3,400 - 6,244 2,500 2,000 - 1,000 2,000 2,000 5,000 1,000 7,500 22,500 2,440 2,200 1,000 2,000 3,000 1,000 - 3,000 2,000 1,250 1,000 1,500 2,000 2,500 1,000 2,000 1,000 - 1,750
		101,284

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The Carr-Gregory Trust

Notes to the financial statements (continued)

6. Investment assets

6.1 Fixed asset investments Market value at beginning of year Purchases Sale proceeds Investment gains, net Decrease in cash Market value at end of year Historical cost The above investments are all investments in the UK.	2020 £ 597,147 340,925 (331,234) 20,983 (5,984) 621,837 540,678	2019 £ 512,349 287,361 (249,477) 79,280 (32,366)
		597,147
		508,371

6.2 Analysis of investments at the year end and investment income for the year

a Investments listed on a recognised stock exchange or held in common investment funds, open-ended investment companies, unit trusts or other collective investment schemes Cash held as part of the investment portfolio 6.3 Investment costs and charges Investment management costs In addition, estimated costs of £3,598 (2019 - £4,332) were incurred within the investment products in which The Carr-Gregory Trust is invested. Such costs were not charged directly to the Trust but are reflected in the price and performance ofthe respective investments.	Market value t 31/12/2020 £ 613,591 8,246 621,837 2020 £ 5,360	2020 income a £ 9,034 33 9,067 2019 £ 3,990	Market value t 31/12/2019 £ 582,917 14,230 597,147	2019 income £ 9,321 187
				9,508

7. Creditors

a Pledged donation to the Royal West of England Academy Interest-free loan from a Trustee, repayable on demand Accruals & deferred income	t 31/12/2020 a £ 50,000 - 750 50,750	t 31/12/2019 £ - 40,000 1,250
		41,250

8. Funds

In addition to the unrestricted fund there is an expendable endowment fund that can be used at the discretion of the Trustees. As at 31 December 2019 £100,000 was transferred from the expendable endowment fund to the unrestricted fund.

9. Transactions with related parties

There were no transactions with related parties in either 2020 or 2019 other than donations received from Trustees (note 3.1) and a loan repayable on demand from a Trustee at 31 December 2019 (note 7).

10. Additional disclosures

The Carr-Gregory Trust was established by a Deed of Settlement dated 25 January 2001, and amended by Deeds of Amendment dated 12 March 2001 and 2 May 2019 respectively. The Trust was registered as a charity on 15 March 2001.

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Independent examiner’s report to the trustees of The Carr-Gregory Trust

I report to the trustees on my examination of the accounts of the The Carr-Gregory Trust (‘the Charity’) for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Ed Marsh BSc (Hons) FCA DChA

Burton Sweet Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: 7 May 2021