2023-12-31-accounts

The Carr-Gregory Trust

Charity registration no. 1085580

Trustees' Report & Financial Statements Year ended 31 December 2023

The Carr-Gregory Trust

Trustees' Report for the year ended 31 December 2023

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 2023 donations and grants made or committed totalled £161,960 (2022 - £620,351), 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 are maintained at around £250,000 to enable the Trust to operate effectively and efficiently. Actual reserves at 31 December 2023 amounted to £333,880 (2022 - £274,783).

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

Signed on behalf of the Charity's trustees on 8 March 2024 by:

B R Carr Chairman

1

The Carr-Gregory Trust

Statement of Financial Activities

for the year ended 31 December 2023

Note Income Donations & endowments 3 Investment income 3 Total income Expenditure Charitable activities 4 & 5 Investment management costs 6 Total expenditure Net gains (expenditure) before (losses) gains on investment assets Gains (losses) on investment assets, net 6 Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Endowment Total funds funds funds 2023 2023 2023 £ £ £ 175,000 - 175,000 25,636 - 25,636 200,636 - 200,636 (162,656) - (162,656) (5,072) - (5,072) (167,728) - (167,728) 32,908 - 32,908 26,189 44,496 70,685 59,097 44,496 103,593 274,783 321,201 595,984 333,880 365,697 699,577	Total funds 2022 £ 175,000 16,115 191,115 (620,987) (5,038) (626,025) (434,910) (98,848) (533,758) 1,129,742 595,984

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 2023

Note Fixed asset investments 6 Current assets: Cash at bank including fixed short term deposit of £100,000 (2022 - £nil) Debtors falling due within one year Current assets 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 2023 2023 2023 £ £ £ 514,654 365,697 880,351 157,726 - 157,726 12,500 - 12,500 170,226 - 170,226 (151,000) - (151,000) 19,226 - 19,226 (200,000) - (200,000) 333,880 365,697 699,577 333,880 365,697 699,577	Total funds 2022 £ 866,947 130,037 - 130,037 (101,000) 29,037 (300,000) 595,984 595,984

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

Signed on behalf of the Trustees on 8 March 2024:

B R Carr H J Wheelhouse

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The Carr-Gregory Trust

Statement of Cash Flows

for the year ended 31 December 2023

Operational cashflows Income (expenditure) from operations: Donations received Charitable expenditure Net inflow (outflow) from operating activities Non-operational cashflows Investing activities: Proceeds from sales of investments Payments for investments Dividends & interest Investment management costs Net cash inflow (outflow) for the year Analysis of changes in cash during the year Cash in investment portfolio Cash at bank including fixed short term deposit of £100,000 (2022 - £nil)	2023 £ 175,000 (111,960) 63,040 509,708 (468,248) 25,636 (5,072) 62,024 125,064 31/12/2023 £ 8,496 157,726 166,222	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	2023 Change £ (15,821) 27,689 11,868	2022 Change £ (14,067) (45,987) (60,054)

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.

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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.
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

3.1 Donations & endowments Trustees 3.2 Investment income Cash & short-term deposits Quoted investments	2023 £ 175,000 3,421 22,215 25,636	2022 £ 175,000 363 15,752 16,115

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The Carr-Gregory Trust

Notes to the financial statements (continued)

4. Expenditure on charitable activities

----- Start of picture text -----
2023 2022
£ £
Charitable activities:
Donations & grants (note 5) 161,960 620,351
Independent Examiner's fee for reporting on
the financial statements 770 700
Other (74) (64)
162,656 620,987
No trustee received any remuneration or
expenses during 2023 and 2022.
5. Donations & grants
2023 2022
£ £
Analysis of donations & grants by sector:
Arts / culture 19,761 18,707
Education 37,699 539,644
Health 72,000 27,000
Social needs 32,500 35,000
161,960 620,351
----- End of picture text -----

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 gains (losses), net Decrease in cash Market value at end of year	2023 2022 £ £ 866,947 954,718 468,248 702,925 (509,708) (677,781) 70,685 (98,848) (15,821) (14,067) 880,351 866,947

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 2023 Market value 2022 31/12/2023 income 31/12/2022 income £ £ £ £ 871,855 22,215 842,630 15,752 8,496 3,421 24,317 363 880,351 25,636 866,947 16,115

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The Carr-Gregory Trust

Notes to the financial statements (continued)

6.3 Investment costs and charges

Investment management costs In addition, estimated costs of £ 2,747 (2022 - £3,504) 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.	2023 2022 £ £ 5,072 5,038

7. Creditors

Creditors - amounts falling due within one year: Pledged donations Accruals & deferred income Creditors - amounts falling due after more than one year: Pledged donations	2023 2022 £ £ 150,000 100,000 1,000 1,000 151,000 101,000 200,000 300,000

8. Funds

In addition to the unrestricted fund there is an expendable endowment fund that can be used at the discretion of the Trustees.

9. Transactions with related parties

There were no transactions with related parties in either 2023 or 2022 other than donations 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.

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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 Carr-Gregory Trust (‘the Charity’) for the year ended 31 December 2023.

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 Limited, The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: 8 March 2024