Charity Registration No. 1094058
THE PETER GABRIEL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE PETER GABRIEL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs A F Goldsworthy |
|---|---|
| Mr M H Thomas | |
| Mr P B Gabriel | |
| Charity number | 1094058 |
| Principal address | Box Mill |
| Mill Lane | |
| Box | |
| Corsham | |
| Wiltshire | |
| SN13 8PL | |
| Independent examiner | Julie Mellowes FCCA |
| UHY Hacker Young | |
| Quadrant House | |
| 4 Thomas More Square | |
| London | |
| E1W 1YW |
THE PETER GABRIEL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
THE PETER GABRIEL TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
Policies and objectives
The Charity works with external third parties to support local and regional charities, plus groups in developing countries, by providing financial assistance, development and education to those in need.
Activities for achieving objectives
The focus of our work remains funding:
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Ÿ Supporting UK and International organisations who deal with natural or man-made disasters.
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Ÿ Contributions to organisations or individuals for educational purposes.
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Ÿ Supporting organisations in the advancement of medicines, procedures or general research which would benefit mankind.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
During the year the Charity received funds totalling £125,000 (2020: £111,582) excluding gift aid relief relating to UK donors. The Charity has used the funds plus where necessary unrestricted funds to donate to the following causes to advance its objectives:
The Elders Foundation Witness INC DEC Coronavirus Appeal Angiogenesis Foundation DEC Afghanisation Appeal The Jim Cronin Memorial Fund
Financial review
The charity reports a net asset position of £423,810 (2020: £472,481) at the year end. These reserves constitute unrestricted funds which are held until the trustees distribute them to an appropriate cause.
The Charity seeks to produce the best financial return within an acceptable level of risk. As the assets are expected to be spent in the foreseeable future, access to the funds is of paramount importance. The assets should be held in cash or near cash investments denominated in sterling.
At the year end all assets were held in cash.
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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THE PETER GABRIEL TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Structure, governance and management
The charitable trust is an unincorporated body, constituted under a trust deed dated 1 May 2002 and is a registered charity, number 1094058.
The power of appointing new or additional trustees is exercisable by the existing trustees. The trustees meet at such intervals as they consider appropriate.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs A F Goldsworthy Mr M H Thomas Mr P B Gabriel
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE PETER GABRIEL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees' re p ort was a pp roved b y the Board of Trustees.
.................... ..........
Mr P B Gabriel
Trustee Dated: �����������������
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UHY Hac*er yn9 LLP (JJa1rani House 4 Thom•5 More Square LondDTr EIW 71W Hacker Young Chartered Accountants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PETER GABRIEL TRUST I report lo ihe trustees on my examination of the financial statements of The Peter Gabriel Trust (the Charity) for the year ended 31 December 2021. Responsibilities alld basis of repDrt As the trustees of the Charity you are responsible for the preparLon of the financial statements in accordance with the requirements ofthe Charities Act 2011 (the 2011 Act). I rewrt in respect of my examination of the Chariry's financial Siatements carried out under section 145 of the 2011 Act. In carrying oul my exarnination I have followed all the applicable Directions given by the Charity Commissiotk under ctIon 145(5Mb) of the 201 l Act. Independent examineT'S 5talernellt I have ¢OTnpleted my examination. I confimi that no matters have com¢ to my attention in conn¢¢iion with the examinalion giving me cause to b¢lieve that in any material respect: accounting records were noi kepl in respect of the Charity as required by section 130 of the 2011 the financial statements do not accord with thos¢ records. or the financial statem¢nts do not ¢omply with the applicable requirements conceming the fotrn and content of accounts sei out in the Charities (Accounts and Rep)rts) Regulations ?008 other than any requirement that the accounts give a true and fair view which És not a matter considered as part of an lndepetent examination. I have no concerns and have come across no other matters in conn¢¢tion with the examination to which attention should be drdwn in this report in order lo enable a prop¢r understanding of the financial statements to be reached. Julie Mellowes FCCA UHY Hacker Young Quadrant House 4 Thomas More Square London Elw IYW Dated..
THE PETER GABRIEL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2021 | 2020 | |||||
| Notes | £ | £ | ||||
| Income from: | ||||||
| Donations and legacies | 2 | 156,250 | 139,082 | |||
| Expenditure on: | ||||||
| Charitable activities | 3 | 204,921 | 173,487 | |||
| Net expenditure for the year/ | ||||||
| Net movement | in | funds | (48,671) | (34,405) | ||
| Fund balances at 1 January 2021 | 472,481 | 506,886 | ||||
| Fund balances | at | 31 December 2021 | 423,810 | 472,481 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE PETER GABRIEL TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 8 | 18,750 | - | ||
| Cash at bank and in hand | 405,060 | 472,481 | |||
| 423,810 | 472,481 | ||||
| Net current assets | 423,810 | 472,481 | |||
| Income funds | |||||
| Unrestricted funds | 423,810 | 472,481 | |||
| 423,810 | 472,481 |
The financial statements were approved by the Trustees on �����������������
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..............................
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.............................. Mr P B Gabriel Trustee
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THE PETER GABRIEL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
The Peter Gabriel Trust is an unincorporated body, constituted under a trust deed dated 1 May 2002 and is a registered charity, number 1094058.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
All funds are unrestricted funds and are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for an accruals basis and has been classified under headings that aggregate all costs related to the category.
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THE PETER GABRIEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 Accounting policies
(Continued)
Governance and support costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice, including all management and administrative costs.
All governance and support costs are incurred in connection with charitable activities and have been allocated accordingly.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
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THE PETER GABRIEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 2 | Donations and legacies | ||||
|---|---|---|---|---|---|
| Unrestricted | Unrestricted | ||||
| funds | funds | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Donations and gifts | 156,250 | 139,082 | |||
| Donations and gifts | |||||
| Donations | 125,000 | 111,582 | |||
| Gift aid | 31,250 | 27,500 | |||
| 156,250 | 139,082 | ||||
| 3 | Charitable activities | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grant funding of activities (see note 4) | 204,785 | 173,041 | |||
| Share of support costs (see note 5) | 136 | 146 | |||
| Share of governance costs (see note 5) | - | 300 | |||
| 204,921 | 173,487 | ||||
| 4 | Grants payable | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grants to institutions: | |||||
| The Elders Foundation | 124,957 | 127,597 | |||
| Witness INC | 18,201 | 25,344 | |||
| DEC Coronavirus Appeal | 10,000 | 10,000 | |||
| Angiogenesis Foundation | 36,627 | - | |||
| DEC Afghanisation Appeal | 10,000 | - | |||
| The Jim Cronin Memorial Fund | 5,000 | - | |||
| Hamid Daya PPE NHS | - | 10,100 | |||
| 204,785 | 173,041 |
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THE PETER GABRIEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 5 | Support costs | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Support | Governance |
2021 | Support | Governance |
2020 | ||||||||
| costs | costs | costs | costs | ||||||||||
| £ | £ | £ | £ | £ | £ | ||||||||
| Bank charges | 136 | - | 136 | 144 | - | 144 | |||||||
| Loss on foreign | |||||||||||||
| exchange | - | - | - | 2 | - | 2 | |||||||
| Accountancy | - | - | - | - | 300 | 300 | |||||||
| 136 | - | 136 | 146 | 300 | 446 | ||||||||
| Analysed between | |||||||||||||
| Charitable activities | 136 | - | 136 | 146 | 300 | 446 |
All support costs and governance costs are incurred in connection with charitable activities and have been allocated accordingly.
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
7 Employees
There were no employees during the current year or prior year.
8 Debtors
| Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| Amounts falling due within one year: | £ | £ |
| Prepayments and accrued income | 18,750 | - |
9 Related party transactions
During the year the Charity received donations totalling £125,000 (2020: £110,000) from Peter Gabriel, a trustee.
During the year the Charity received donations of £Nil (2020: £1,582) from Real World Music Limited. Peter Gabriel is a director of Real World Music Limited.
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