## 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).
````````````````````````
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
m
1
## **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.
2
## **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
3
## **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|
4
## **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|
5
## **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.
6
## **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
3. 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