The Carr-Gregory Trust
Charity registration no. 1085580
Trustees' Report & Financial Statements Year ended 31 December 2022
The Carr-Gregory Trust
Trustees' Report for the year ended 31 December 2022
Reference & administration details
Registered charity number - 1085580
Principal address - Flat 2 Glenavon, Clifton Down, Bristol BS8 3HT
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
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 2022 donations and grants made or committed totalled £620,351 (2021 - £106,780), as analysed 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 have historically been maintained at around £50,000 but it is the the intention of the Trustees to increase the level of reserves to enable the Trust to operate effectively and efficiently. Actual reserves at 31 December 2022 amounted to £274,783 (2021 - £325,252).
The Trustees declare that they have approved this Trustees' Report.
Signed on behalf of the Charity's trustees on 17 March 2023 by:
B R Carr Chairman
1
The Carr-Gregory Trust
Statement of Financial Activities for the year ended 31 December 2022
| Note Income Donations & endowments 3 Investment income 3 Total income Expenditure Charitable activities 4 & 5 Investment management costs 6 Total expenditure Net (expenditure) gains before (losses) gains on investment assets (Losses) gains on investment assets, net 6 Net movement in funds Total funds brought forward Transfer between funds 8 Total funds carried forward |
Unrestricted Endowment Total funds funds funds 2022 2022 2022 £ £ £ 175,000 - 175,000 16,115 - 16,115 191,115 - 191,115 (620,987) - (620,987) (5,038) - (5,038) (626,025) - (626,025) (434,910) - (434,910) (15,559) (83,289) (98,848) (450,469) (83,289) (533,758) 325,252 804,490 1,129,742 400,000 (400,000) - 274,783 321,201 595,984 |
Total funds 2021 £ 575,000 12,853 |
|---|---|---|
| 587,853 | ||
| (107,648) (3,654) |
||
| (111,302) | ||
| 476,551 73,682 |
||
| 550,233 579,509 - |
||
| 1,129,742 |
The comparative figures in the statement of financial activities for the year ended 31 December 2021 include endowment funds brought forward of £495,751, donations & endowments of £250,000 and a net gain on investment assets during 2021 of £58,739 resulting in a balance of £804,490 at 31 December 2021.
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 2022
| Note Fixed asset investments 6 Current assets: Cash at bank Current liabilities: Creditors - amounts falling due within one year 7 Net current assets Creditors - amounts falling due after more than one year 7 Total assets less liabilities, being net assets Funds of the Charity 8 |
Unrestricted Endowment Total funds funds funds 2022 2022 2022 £ £ £ 545,746 321,201 866,947 130,037 - 130,037 (101,000) - (101,000) 29,037 - 29,037 (300,000) - (300,000) 274,783 321,201 595,984 274,783 321,201 595,984 |
Total funds 2021 £ 954,718 |
|---|---|---|
| 176,024 (1,000) |
||
| 175,024 - |
||
| 1,129,742 | ||
| 1,129,742 |
The accompanying notes are an integral part of this balance sheet.
Signed on behalf of the Trustees on 17 March 2023:
B R Carr H J Wheelhouse
3
The Carr-Gregory Trust
Statement of Cash Flows
for the year ended 31 December 2022
| Operational cashflows Income (expenditure) from operations: Donations received Charitable expenditure Net (outflow) inflow from operating activities Non-operational cashflows Investing activities: Proceeds from sales of investments Payments for investments Dividends & interest Investment management costs Financing: Incoming endowments Net cash (outflow) inflow for the year Analysis of changes in cash during the year Cash in investment portfolio Cash at bank |
2022 £ 175,000 (220,987) (45,987) 677,781 (702,925) 16,115 (5,038) (14,067) - (60,054) 31/12/2022 £ 24,317 130,037 154,354 |
2021 £ 325,000 (157,398) 167,602 354,764 (583,825) 12,853 (3,654) (219,862) 250,000 197,740 31/12/2021 £ 38,384 176,024 214,408 |
2022 Change £ (14,067) (45,987) (60,054) |
2021 Change £ 30,138 167,602 |
|---|---|---|---|---|
| 197,740 |
Cashflow restrictions
Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own Objects, except on special authority. In practice, this restriction has not had any effect on cashflows for the year.
4
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. | |
| Donations & endowments | Donations and endowments 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: | |
| Cash | Cash includes cash at bank and any short term highly liquid investments with short maturity |
| of three months or less from the date of acquisition or opening of the deposit or similar account. | |
| 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. Income received | ||
|---|---|---|
| 3.1 Donations & endowments Trustees 3.2 Investment income Cash & short-term deposits Quoted investments |
2022 £ 175,000 363 15,752 16,115 |
2021 £ 575,000 |
| 18 12,835 |
||
| 12,853 |
5
The Carr-Gregory Trust
Notes to the financial statements (continued)
4. Expenditure on charitable activities
| Charitable activities: Donations & grants (note 5) Independent Examiner's fee for reporting on the financial statements Other No trustee received any remuneration or expenses during 2022 and 2021. 5. Donations & grants Analysis of donations & grants by sector: Arts / culture Education Health Social needs |
2022 £ 620,351 700 (64) 620,987 2022 £ 18,707 539,644 27,000 35,000 620,351 |
2021 £ 106,780 642 226 |
|---|---|---|
| 107,648 | ||
| 2021 £ 21,650 31,830 27,500 25,800 |
||
| 106,780 |
The Trustees have opted to use the Charity law exemption to charitable trusts registered in England & Wales from providing the names of grant recipients and the amounts of such grants during the lifetime of the settlor who donated the funds from which the grants are paid, or during the lifetime of any spouse or civil partner of the settlor.
6. Investment assets
| 6.1 Fixed asset investments Market value at beginning of year Purchases Sale proceeds Investment (losses) gains, net (Decrease) increase in cash Market value at end of year Historical cost |
2022 £ 954,718 702,925 (677,781) (98,848) (14,067) 866,947 861,617 |
2021 £ 621,837 583,825 (354,764) 73,682 30,138 |
|---|---|---|
| 954,718 | ||
| 839,253 |
The above investments are all investments in the UK.
6.2 Analysis of investments at the year end and investment income for the year
| 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 |
Market value 31/12/2022 £ 842,630 24,317 866,947 |
2022 income £ 15,752 363 16,115 |
Market value 31/12/2021 £ 916,334 38,384 954,718 |
2021 income £ 12,835 18 |
|---|---|---|---|---|
| 12,853 |
6
The Carr-Gregory Trust
Notes to the financial statements (continued)
6.3 Investment costs and charges
| 6.3 Investment costs and charges | |
|---|---|
| Investment management costs In addition, estimated costs of £3,504 (2021 - £4,061) 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 of the respective investments. |
2022 2021 £ £ 5,038 3,654 |
7. Creditors
| 7. Creditors | ||
|---|---|---|
| Creditors - amounts falling due within one year: Pledged donation Accruals & deferred income Creditors - amounts falling due after more than one year: Pledged donations |
2022 £ 100,000 1,000 101,000 300,000 |
2021 £ - 1,000 |
| 1,000 | ||
| - |
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 2022 £400,000 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 2022 or 2021 other than donations and endowments received from Trustees (note 3.1).
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.
7
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 Carr-Gregory Trust (‘the Charity’) for the year ended 31 December 2022.
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:
-
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
-
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 Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 17 March 2023