The Carr-Gregory Trust
Charity registration no. 1085580
Trustees' Report & Financial Statements Year ended 31 December 2024
The Carr-Gregory Trust
Trustees' Report for the year ended 31 December 2024
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 2024 donations and grants made or committed totalled £128,507 (2023 - £161,960), 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 2024 amounted to £412,400 (2023 - £333,880).
The Trustees declare that they have approved this Trustees' Report.
Signed on behalf of the Charity's trustees on 9th April 2025 by:
B R Carr Chairman
1
The Carr-Gregory Trust
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 2024.
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 Ltd Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 9th April 2025
2
The Carr-Gregory Trust
Statement of Financial Activities for the year ended 31 December 2024
| 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 on investment assets, net 6 Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Endowment Total funds funds funds 2024 2024 2024 £ £ £ 137,500 - 137,500 28,240 - 28,240 165,740 - 165,740 (129,443) - (129,443) (5,192) - (5,192) (134,635) - (134,635) 31,105 - 31,105 47,415 51,987 99,402 78,520 51,987 130,507 333,880 365,697 699,577 412,400 417,684 830,084 |
Total funds 2023 £ 175,000 25,636 |
|---|---|---|
| 200,636 | ||
| (162,656) (5,072) |
||
| (167,728) | ||
| 32,908 70,685 |
||
| 103,593 595,984 |
||
| 699,577 |
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.
3
The Carr-Gregory Trust
Balance sheet at 31 December 2024
| Note Fixed asset investments 6 Current assets: Cash at bank including a fixed short term deposit of £100,000 at 31 December 2023 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 7 Total assets less liabilities, being net assets Funds of the Charity 8 |
Unrestricted Endowment Total funds funds funds 2024 2024 2024 £ £ £ 580,379 417,684 998,063 55,521 - 55,521 27,500 - 27,500 83,021 - 83,021 (151,000) - (151,000) (67,979) - (67,979) (100,000) - (100,000) 412,400 417,684 830,084 412,400 417,684 830,084 |
Total funds 2023 £ 880,351 |
|---|---|---|
| 157,726 12,500 |
||
| 170,226 (151,000) |
||
| 19,226 (200,000) |
||
| 699,577 | ||
| 699,577 |
The accompanying notes are an integral part of this balance sheet.
Signed on behalf of the Trustees on 9th April 2025:
B R Carr
H J Wheelhouse
4
The Carr-Gregory Trust
Statement of Cash Flows for the year ended 31 December 2024
| Operational cashflows Income (expenditure) from operations: Donations received Charitable expenditure Net outflow from operating activities Non-operational cashflows Investing activities: Proceeds from sales of investments Payments for investments Dividends & interest Investment management costs Net cash (outflow) / inflow for the year Analysis of changes in cash during the year Cash in investment portfolio Cash at bank including a fixed short term deposit of £100,000 at 31 December 2023 |
2024 £ 122,500 (229,443) (106,943) 803,557 (823,791) 28,240 (5,192) 2,814 (104,129) 31/12/2024 £ 6,572 55,521 62,093 |
2023 (Restated) £ 162,500 (212,656) (50,156) 509,708 (468,248) 25,636 (5,072) 62,024 11,868 31/12/2023 £ 8,496 157,726 166,222 |
2024 Change £ (1,924) (102,205) (104,129) |
2023 Change £ (15,821) 27,689 |
|---|---|---|---|---|
| 11,868 |
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.
5
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.
6
The Carr-Gregory Trust
Notes to the financial statements (continued)
| 3. Income received 3.1 Donations & endowments Trustees 3.2 Investment income Cash & short-term deposits Quoted investments 4. Expenditure on charitable activities Charitable activities: Donations & grants (note 5) Independent Examiner's fee for reporting on the financial statements Other |
2024 £ 137,500 4,738 23,502 28,240 2024 £ 128,507 768 168 129,443 |
2023 £ 175,000 |
|---|---|---|
| 3,421 22,215 |
||
| 25,636 | ||
| 2023 £ 161,960 770 (74) |
||
| 162,656 |
No trustee received any remuneration or expenses during 2023 and 2022.
| 5. Donations & grants Analysis of donations & grants by sector: Arts / culture Education Health Social needs |
2024 £ 18,220 36,037 28,500 45,750 128,507 |
2023 £ 19,761 37,699 72,000 32,500 |
|---|---|---|
| 161,960 |
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 Decrease in cash Market value at end of year The above investments are all investments in the UK. |
2024 £ 880,351 823,791 (803,557) 99,402 (1,924) 998,063 |
2023 £ 866,947 468,248 (509,708) 70,685 (15,821) |
|---|---|---|
| 880,351 | ||
7
The Carr-Gregory Trust
Notes to the financial statements (continued)
| 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 6.3 Investment costs and charges Investment management costs |
Market value 31/12/2024 £ 991,491 6,572 998,063 2024 £ 5,192 |
2024 income £ 20,326 7,914 28,240 2023 £ 5,072 |
Market value 31/12/2023 £ 871,855 8,496 880,351 |
2023 income £ 22,215 3,421 |
|---|---|---|---|---|
| 25,636 | ||||
In addition, estimated costs of £2,767 (2023 - £2,747) 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.
7. Creditors
| Creditors - amounts falling due within one year: Pledged donations Accruals & deferred income Creditors - amounts falling due after more than on Pledged donations |
2024 £ 150,000 1,000 151,000 e year: 100,000 |
2023 £ 150,000 1,000 |
|---|---|---|
| 151,000 | ||
| 200,000 |
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 2024 or 2023 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.
8