THE GLENFIELD TRUST Reglstered Charity No. 1092278 ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 THE GLENFIELD TRUST FINANCIAL STATEMENTS 31 MARCH 2024 Contents Page Trust Information Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Statement of Assets and Liabilities Notes to the financial statements THE GLENFIELD TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Mr Neil M¢Kendrick Dr Joachim Whaley Professor Frank Kelly Mr David Evans PRINCIPAL OFFICE 7 Hoadly Road Cambridge CB3 OHX BROKERS Rothchild Private Management Ltd 1 King William Street London EC4N 7AR BANKERS HSBC PLC PO Box 85 City Offi Cambridge CB2 3HZ INDEPENDENT EXAMINER Paul Chubbock FCCA Chater Allan LLP 7 Quy Court Colliers Road, Stow-cum-Quy Cambridge CB25 9AU CHARITY NUMBER 1092278 THE GLENFIELD TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED The Trustees are pleased to present their annual report for the year ended 31st March 2024 which have been prepared in accordance with the Trust Deed and applicable law. Structure, Governance and Management The Trust was established under the will of the late Professor Sir John Plumb FBA, who died on 21 October 2001. In accordan￿ with the provisions of the Trust Deed the Trust was registered as a charity with the Charities Commission on 30 May 2002. The Trustees are appointed according to the Trust Deed and must not exceed four. The Trustees meet annually to decide on the annual grants awarded. The Trustees are responsible for the preparation of the annual financial statements ensuring the Trust maintains proper accounting records. They are also responsible for safeguarding the assets of the Trust and thereby taking reasonable steps to ensure the prevention and detection of fraud and irregularities. Objectives and Activities The Charity's Objects in the first instance are to support education at Christ's College, Cambridge by providing bursaries, scholarships, prizes and grants. In the second instance it is to support education in other Colleges in the University of Cambridge again by providing bursaries, scholarships, prizes and grants. Finally, where any income is left over the Charity will support any other educational purpose at the discretion of the Trustees by way of grants. Achlevements and Performance The Trustees awarded funding of £43,622 in the year through 2 £25,000 Sir John Plumb History Fellowship grant and £18,622 in AHRC Studentship. Financlal Revlew The Trust funds its expenditure by income from royalties and the allocation of gains from its investments. The Trustees report a surplus of £15,272 over the running costs and grants made in the year, after £60,000 of gains have been transferred to unrestricted funds to cover these costs and grants awarded. There are unrestricted reserves to carry forward of £80,253. Investments are held with Rothschild & Co and invested in multi-asset and hybrid instruments. Reserves Policy The Trustees anticipate that the grant levels will be maintained and will gradually increase with the reserves over time but any decrease in income will lead to a reduction in grants. The Trustees are aware that the policy recommended by the Charity Commission suggests a reserve based on three months turnover (£9,000) and it is the Trustees, policy to continue to keep the reserves above this level. Publlc benefit The Trustees confirm they have given due consideration to the Charity Commission guidance on public benefit. THE GLENFIELD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GLENFIELD TRUST I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees 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 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51{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 the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning Ihe 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 corne across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. QccTh4 Paul Chubbock FCCA Chater Allan LLP Chartered Accountants & Statutory Auditors 7 Quy Court Colliers Lane Stow-oum-Quy Cambridge CB25 9AU Date.. THE GLENFIELD TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES 2024 Unr9Stricted Endowment funds fund$ 2023 UnTrstrf¢tgd Endowment funds funds Totsl Total Income from.. Investments Bank Inte￿$1 53 53 11 11 Investment income 8,051 812 8.051 7,348 613 7,348 613 Royalties 812 8,916 8,916 7,972 7.972 Expenditure on: Charitable Activities Accountancy Investment management Expenses and sundries Grants- Indwlduals 1,428 1,428 1,380 1,380 8,051 8,051 7,348 7,348 543 543 594 594 43.622 43.622 41,914 41.914 63.644 53,644 51,236 51.236 Realised profit on investments Unrealised profivllossl on investments Gains transfer 24.910 294.753 160,000 259,663 24,910 294,753 19,457 19.457 {129,151) 1129.1511 60,000 60,000 60.000 {169,694} - 109,694 60,000 60,000 319,663 Nat movement In funds 15,272 259,663 274,934 16,736 1169.6941 1152,958) Total funds brought forward 64,982 2.652.547 2,717,528 48,246 2,822,241 2,870,487 Total funds carrled forward 80,253 2,912,209 2.992,463 64,982 2,652,547 2,717.529 THE GLENFIELD TRUST STATEMENT OF ASSETS AND LIABILITIES 31 MARCH 2024 2024 2023 INVESTMENT ASSETS Brought forward 1,669,389 1,709,932 Additions Disposals At cost (35,090> 1,634,299 1,266,799 (40,543) 1,669,389 972,046 Revaluation surplus At market value 2,901,098 2,641,435 CASH FUNDS Cash at bank 91,365 76,094 2,992,463 2,717,529 REPRESENTED BY Endowment funds 2,912,209 80,253 2,652,547 64,982 Unrestricted funds 2,992,463 2,717,529 Approved by the Trustees on Trustee F Kelly Trustee J Whaley THE GLENFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared under the historical cost convention eX￿pt for investments, which are included at market value. and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practi￿ Accounting and Reporting by Charities" FRS 102 (2015). Going concern basis The Trustees consider that the going concern basis is appropriate as they consider the reserves levels and expected investment income to be at sufficient levels to ensure that the Trustees can meet their financial obligations for the next 12 to 18 months and on that basis the Charity is a going concern. Financlal Reporting Standard 102 - Reduced Dlsclosure Exemptions The Trustees have taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102.. - the requirement of Section 7 Statement of Cash Flows. Investments Investment assets are ststed at market value. Income Income is accounted for when interest and royalties are receivable. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party. Grant expenditure Grant expenditure is recognised when awarded to individuals. Taxation The Trust is a registered charity in the United Kingdom and no taxation is payable on its income.