REGISTERED CHARITY NO.. 1096101 THE G D CHARITABLE TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 7489W.I
THE G D CHARITABLE TRUST Trustees, Report forthe year ended 31 December 2020 Contents Page Trustees, Report Independent Examiner's Report Statement of Financial Aclivilies Balance Sheet Notes to Financial Slalements 8-12 207469EO.
THE G D CHARITABLE TRUST Trustees, Report for the year ended 31 December 2020 The Trustees present their report and the audited financial statements ol the charity lor the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI'Aceoun11ng and Reporting by Charities. IFRS 1021 in preparing the annual report and financial slalemenls of the charity. The financial slalemenls have been prepared in accordance with the accoun11ng policies set out in notes lo the accounts and comply with the Trust's governin9 document. the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo chaiilies preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic ol Ireland. OBJECTIVES AND ACTIVITIES The Trust was established by a Deed dated 1 November 2002 and was registered as a Charity (No. 10%1011. The founder was George Lincoln Duffield. The Trijsl's objectives, as per ils Deed, are to support charities registered with the Charity Commission for England and Wales. in particular those which fall within one of the four described elassrficalions of charitable activity, as listed below. In general terms. the Trust aims lo support the following charitable areas (but not exclusivelyl'.- lal relief of animal suffering.. preservation of the environment., Ibl promotion of equal opportunities for disabled people., relief for the homeless. Idl The objects of the Trust are defined as meaning such purposes as are charitable according lo the law of England and Wales. Selecting applicants and making awards In genera1, grants are made to registered charitable organisalions rather than individuals and the Trustees con8idgr applications for grants at their regular meetings. Vvhere proposed recipients are not registered charities, the Trustees undertake a thorough examination of the organisalion lo ensure the purpose of the grant is properly Considered lo be charitable and that there are mèans of ensuring, so far as reasonably practicable, that any grant made lo the organisalion shall be properly applied to su¢h ¢haiilable purpose or repaid lo the Trustees. Advice will be sought, as necessary, from the Trust's lawyers as to the eligibility of such proposed recipient. Public Benefit Statement The Trustees have had regard to the Charity Commission's guidance on public bene11t. The charity's aim5 are far-reaching and for the public benefit. By making grants to organisations in accordance with the Trust's aims the TrLlStees are confidenl Ihal their public benefit duty Is fulfilled. The Trustees also consider that there is no delrimenl, harm or private benefit Ihal arises from carrying out the Trust's aims. a174WO 1
THE G D CHARITABLE TRUST Trustees, Report for thè year ended 31 December 2020 ACHIEVEMENTS AND PERFORMANCE The Trustees are again pleased to report a strong grant making programme. The Trust Funds are held in investments and cash. The investment managers throughout the year were Julius Bar. Investment perfo[man is reviewed by the Irusl¢es. During the year the investment portfolio increased in value by £130,262 from £4,286.263 to £4,416,525 as per Note 412019.. an increase of £419.992). FINANCIAL REVIEW Income The 10181 income for 2020 was £79,307 12019.. £100.4161. This comprised dividends and other investment income. Charitable and other expenditure Nine grants were awarded of £191,500 in lolal12019.. Six grants - £15,500). These were recognised and paid during the year. AdministralionlsUPPOrt costs were £10,633 12019.. £11,242). The lolal Gharilable expenditure is therefore £202.13312019. £26,742). Expendf(ure relating lo fundraising costs was £49,615 {2019' £46,4171. Other than granls. the total expenses were £60,249 12019 £57,659), which represents approximately 1.300/¢ ol the nel assets of the Trust Fund as al 31 December 2020 11.240kn in 20191. Investment pollcy The Trust Deed gives the Trustees very wide powers of investment and the policy of the Trustees is lo seek to achieve a balanced portfolio of income Producing securities, which may include fixed Interest securities, and U.K. and overseas publicly quoted equities in such proportion5 a5 is appropriate lo economic and inveslmenl Conditions al any given time. The Trustees do not wish to invest in private equty holdings, Reserves Policy and Going Concern The Trustees have established 8 Resenjes Policy with refence lo Charity Commission guidance ICC191 and accounting standards, with the aim of spending any income from investments in any one year. Cash flow is carefully monitored lo match income receipts with operating expenditure. Subject to this, they do not feel that reserves are necessary. Whilst the Trustees do not intend to build up reserves for unspecified purposes, if the applications received do not warrant grants equal lo the income any unspent income will be carried fOard to the next period All incoming resources in 2020 were used lo pay gran15 and expenses. The balance of the expenditure was provided by transferring fundB from the Expendable Endowment Fund lo the unreslricled fund bring Ihe balance lo nil12019'. £64.9601. The Expendable Endowment Fund al the year-end was £4,630,96612019.' £4,596.8741. 20746.1
THE G D CHARITABLE TRUST Trustees. Report for the year ended 31 December 2020 Rlsk Management Policy The major risks lo which the Trust is exposed, as identified by the Trustees, have been reviewed and systems and procedures have been established to manage those risks. In particular. as mentioned above, the Trustees do not enter into commitments in excess of their available cash resources and as a result they operate in a very low iisk environment. Any drop in income received will be matched by an appropriate reduction in expenditure. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document Trust deed dated 1 November 2002 directs the Trustees lo use the income of the TrLisI and confers on the Tru51ees the power lo use the Capital of the Trusl in promoting such charitable objects as the Trustees may, in their absolute discretion, determine. The Tru51ees also have power to accumulate the income of the Trust for 21 years from the dale of the dee(5. Appolntment of Trustees Trustees are appointed by Deed In a¢cordan¢e with the Trust Deed. The Founder (George Lincoln Duffieldl is 8 Tiuslee for life and the other Truslees hold fixed terms of office The Founder will appoint future Trustees during his lifetime and after his death Natasha Duffield will make the appointments as declared by Deed dated 26 November 2002. Trustee Inductlon and Training New Trustees are briefed on their legal OblallonS under charity law, the Charity ComMissn guidance on publi¢ benefit, informed of the contents ol the Will, decision-making processes. Ihe business plan and recent financial performance of the Trust before taking on the Tole they meet key advisors and other Trustees. REFERENCE AND ADMINISTRATION DETAILS The registered name of the Trust is The GD Charrtable Trust. 11 is registered with the Charity Commission under number 1096101. The principal office ol the Trust is One Bartholomew Close, London, EC1A 7BL. Trustees The Trustees on the dale the report was approved or who served as a Trustee in the reporting period were.. George L1ncoln Duff ield (Founder) Nalasha Velvet Duffield Alexander Seamus Filzgibbons 20746960 1
THE G O CHARITABLE TRUST Trustees, Report for the year ended 31 De¢emb8r 2020 Advisors Principal Office.. One Bartholomew Close, London, EC1A 7BL Solicitors.. BDB Pitmans, One Bartholomew Close, London, EC1A 7BL Investment Managers.. Julius Bar International Ltd. 1 Sl Martin le Grand, London EC1A 4AS Independenl Examiner.. MHA Maclntyre Hudson, 6th Floor, 2 London Wall Place, London, EC2Y SAU Sign d for and on behalf of the Trust TRUS eorge Dufrield Date Trustee.. Natasha Dufrield 20746W.1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GD CHARITABLE TRUST I report lo the charily Iruslees on my examination of the accounts of the charity for the year ended 31 Dember 2020 which are sel out on pages 6 10 12. Responsibilities and basis of report As the Charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.lhe Acl'l. 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 applicable Directions given by the Charity Cornmission under section 14515llbl of the Act. Independenl examiner's statement I have completed my examination. I confirm that no material mallers have come lo 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 A¢l', or The accounts do not accord with those records., or The accounts do not comply with the applicab requirements concerning the form and content of Ihe accounts sel out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the a¢¢ounls give a 'true and fair view, which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection wilh the examination to which attention should be drawn in this report ln order lo enable a proper understanding of the accounts to be reached. Signed.. Stuart McKay BSC FCA DChA MHA Maclntyre Hudson, Chartered Accoun18nls. 6TH Floor, 2 London Wall Place. London, EC2Y SAU Dale. 0110612021 3)747241.1
THE GD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted Fund Expendable Endowment TOTAL 2020 TOTAL 2019 Notes INCOME AND EXPENDITURE INCOME FROM Investment income 79,307 79,307 100.416 Total Incomlng 79.307 79,307 100,416 EXPENDITURE ON Expendrture on raising funds 49,615 49.615 46,417 Charitable Activities 202.133 202,133 26,742 Total Expenditure 202,133 49,615 251,748 73,159 Nel gain(loSSeS) on investments Net incomellExpenditurg1 136,856 87.241 136,856 135,5851 419,386 1122,8261 446,643 Exchange rale gainllLoss) Transfer between funds 10 4,717 53,149 4.717 18,7141 153,1491 Net Movement in Funds 164,9601 34,092 130,8681 437,929 Reconciliation of Funds Fund Balancfjs brought forward 64.960 4,596,874 4,661,834 4,223,905 TOTAL FUNDS CARRIED FORWARD AT 31 DECEMBER 2020 4,630,966 4,630,966 £ 4,661.834 The notes on pages 8 10 12 form part of the linancial statements In 2019 all income from inveslmenls was allocated lo unrestricted funds. In 2019 all expenditure on raising funds was allocated to the Expendable Endowment fund. All expenditure on charitable activities was allocated lo the Unrestricted fund. In 2019 all net gains on investments were allocated lo the Expendable Endowment fund and all exchange rale gains were allocated lo the Unrestricled fund.
THE GD CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2020 Notes 2020 2019 Flxed Assets Investments 4,416.525 4,286,263 Current Assets Bank and cash 216,373 379,045 Total Current Assets 216,373 379,045 4,832,898 4,685,308 Less.. Creditors Amounts falling du8 within one year Accruals 1,932 3,474 1.932 3,474 Total Net Assets 4,630,966 £ 4,661,834 Funds of the Trust Capital Funds Expendable Endowment 4.630,966 4.596.874 Income Funds Unreslricled Income Fund 64,%0 Total Funds 4.630,966 £ 4.661.834 The notes on pages 8 10 12 form part of the financial statements The financlal statements were approved by the Trustees on.. Authoise to sign on behalf of the Trustees.. Z( Trustee G org Dale Trustee.. Natasha Dufrield
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. Accounting Policies 1.1. Gon8ral information and basis of accounting The financial stalewnents have been prepared in accordance with Accounting and Reporting by Charities.. Stalemenl of Recommended Piactice applicable to charities Pfepanng their accounts in accordan with the Financsal Reporting Standard gpplicable in the UK and Republic of Ii@land {FRS 1021. the Financial Reporting Standard applicable ill the Unit6d Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepled Practice. The Trust has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the ground5 that it is applying FRS 102 Section 1A. The financial statements have been prepared to give a 'lrue and fairf view and have departed from the Charities (Accounls 8nd Reports) Regulations 2008 only lo the extent required to provide 8 '1rue and fair view,. This departure has involved following the AccoLJnling and Reporting by Charities". Statement of Recommended Practice applicable to charities Preparing their accounts in accordance with the Financial Reporting Standard applicable the UK and Republic ol Ireland IFRS 1021 issued on 18 July 2014 rather than Ihe Accounting and Reporting by Chaiities. Statement ol Recommended Practice eNective frotn 1 April 2005 which has sinc8 been withdrawn. The GD Charitable Trust constitutes a public ben&fil entity as defined by FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, tnodified to include rtain ilen38 al lair value. The financial statement5 are piesented in sterling which is the functional currency ol Trust and ro(Jnded to the nearest pound. The significant accounting policies applied in the preparation of these financial Statem1$ are sel out beEow. These ptsliaes have been consistently applied to all years presented unless othetwis8 stated. 1.2 Funds The Unrestricted Fund comprise those furKls which the trustees are free lo use in acrdanCe with the charitable objects. The Expendable Endowmenl Fund represents those assets which are held for the longer lerrn foi the Trust. in accordance with the terms of the Trust deed. Income arising on the Expendable Endowmenl Fund ean be used in accordance with the objects of the Trust and is included in the Unreslricl$d Fund. As an Expendable Endowment. pital can also be spent im certain circumstances in lulfilmenl of the Trust's objects. Any capital gains or losses aiising on thè inv6Stmenls held in the Expendable Endowment Fund form part of the fund. 1.3 Income Recognition All incoming resources are included In the Statement of Finanoal ActNilies ISOFAI when the Trust is legally entitled lo the income after any perfoim8n¢e conditions have been met, the arnounl can be measured reliably and it is piobable that the income will be reIved. Investment income is accounted for on a re1Ve basis with the exception of dividends due but not yet received at the year-end. in which case wi11 be shown in the subsequent year when received. 1.4 Expendlture RecognitNon All expenditure 15 accounted lor on an accruals basis and has beèn classifted under headings that aggregate all costs related lo the category. Expenditure is iecognised where there is a legal or constructive obligation to make payments to third parties, il is probable that the settlement will be required and the amount of the oblEgation can be measured ieliably. It is categorised under Ihe fo11owirig headings. Ctssts ol raising funds indudes the costs in¢urred from inveslmenl manager fees during the year., Expenditure on charitable activities includes a11 costs Incuried on furthering the objects of Ihe Trust., and Other expenditure represents those Items not falling into the categories above.
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. A¢countlng Policies Irrecoverable VAT is charged as an expense against the activily for which expendituie ar05e. Grants are recognised when the truslees have made a decision lo make a payment and that decision h85 been communicated lo the recipient and it is probable Ihal payment will take place. However, the recognition of any liabiltY will be dependent on any conditions allaching lo the commitment. Gr8nls p8yable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives iise to a ie850n8ble expeGtation that the recipient will receive the grants. Where granls are conditional relating to performance then the granl is only accrued when any unfulli11ed conditions are outsid6 of the eonlrol of the Trust. 1.5 Support costs allocation Support costs are those that assist the work of the Trust bul do not directly represent charitable activities and indude general management, administration and governan costs. They are incurred in support of expenditure on the objects ol the Trust. The analysis ol these costs are included in note 3. 1.6 Investments Investments are a form of basic financi81 instrurrent and represent UK quoted and overseas securities. They are initially recognised at their transaction value and subsequently measijred al their lair value using the closing quoted market price. All gains and losses are taken to the Siatemenl of Financial Activities as they aiise. The Statement of Financial Activities includes the nel gains 8nd losses arising on revaluations and disposals Ihroughout the year. 1.7 Creditors payable within one year Creditors are recognised when the Tiust has a present legal or constructive obligalion resulting from a past event and the seltlement is expected to result in an outflow ol economic benefits. 1.8 Forw9n Currencies Transactions cairied out 8nd investments valued in foreign currencies are converted into sterling using the figures published in the Portfolio Managers, ieports. The Sterling equivalent of any cash held in foireign currencies on the year end dale is restated using the closing rate. An exchange late adjusttnent is included in the accounts ieflecting this. 1.9 Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainlies exist. Following the COVID-19 pandemic. the Tiuslees have considered the impact this has had on the level of funds held and the expected level ol income and expenditure for 12 months when aulhorising these financial statements. The budgeted income and expendituie is sufficient with the level of reserves for the Trust to be able to continue as a going concern. 1.10 Tax The GD Charitable Trust is a registered Trust and is exempl from lax under the provision5 of the Corporation Tax Act 2010 on its activities. 1.1 l Financial instruments The Trust only holds basic Financial Instruments. The financial assets and financial liabilities of the Trust are as follows. - Cash at bank- is ¢las5if1ed as a basic financial iNstrumenl and is measured at face value. accruals and other ciedilois are dassifi6d as financial inslruments, and ale measured at amortised cost as detailed in Note 5.
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2. Expenditure on Raising Funds 2020 2019 JLJlius Bar investment management fees 49,615 46,417 49,615 £46,417 3. Charitable Expenditu 2020 2019 Grants paid to institutions Bella Vista Project Blue Marine Foundation (Environmenll Chicesler Festival Theatre Chestnut Tree House Child Bereavement UK Lorica Trust IDisablililEs and Homelessness) NSPCC IRelief ol animal suffering) Pelworth Youth Association Save the Children (Disablilrties and Homelessness) The Dog's Trust (Relief ol animal sufferingl The Garden Museum (Environment) The Whitley Fund IEnvironmenll Wild Touch Wildlife Centre (Environment) 5,000 97,000 10,500 500 50,000 1.000 1,000 5,000 2,000 25,000 2.500 2.000 4,000 1.000 500 191,500 15,500 Support Costs HSBC Private Bank (UK) Ltd remrtlance charges HSBC Private Bank (UK) Ltd debit interest BD8 Pilmans Administration fees 61 42 8.598 48 9,262 Governance Costs MHA Maclntyre Hudson independent examination fees Total Support costs 1,932 10,633 1,932 11,242 Total Charitable expenditure 202,133 £ 26,742 A lolal of 9 Granls were made in the year12019'. 6 grantsl. Disclosure of Trustees remuneration, beneflts and expenses The Trustees Iwho are considered lo be key management personnel of the Trusll received no personal remuneration, benefits nor FeimbLJrsement ol expenses during the period under review in their capacity as Truslees12019 also nill. 10
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 4. Invtrstments Quoted investments were as follows.. (All Listed) 2020 2019 Fair value at 1 January 2020 Add". aGquisilions at cost Less.. disposals at carrying value Nel gain on revaluation 4,286.263 1,803,052 11,809,646> 136,856 3,866,341 941 141 1940,6051 419,386 Market value al 31 Oecember 2020 £ 4,416,525 £ 4,286,263 Historical cost 31 December 2020 £ 3,746,997 £ 3.587,754 All investments are listed on a recognised stock exchange. S. Liabillties amounts falling due within on& yèar 2020 2019 Accruals Independent examination fees BDB Pitman5 LLP fees 1,932 1.896 1,578 1.932 £ 3,474 6. Analysis of Net Assets Between Funds Fund balances al 31 December 2020 are represented by.. Income Fund Expendable lunreslrictedl EndOwent Total Funds 2020 Total Fund5 2019 Investments Current As5els Creditors 4,416,525 214,441 4,416,525 216,373 11,9321 4,286,263 379,045 13,4741 1,932 11,9321 Total Nel Assets £ 4,630.966 £ 4,630.966 £ 4,661,834 The summary of net assets between funds for 31 December 2019 was as follows.. Income Fund Expendablè lunre51ricledl EndowThent Total Funds Investments Currenl Assets Creditors 4,286,263 310,611 4,286,263 379,04S 13,4741 68,434 13,474 Total Net Assets 64,960 £ 4,596,874 £ 4,661,834
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 7. Fund reconclllatlon Balance 01.01.20 Incoma Expenditur Gainsl Lossès) Transfèrs Balance 31.12.20 Unrestricted Fund Expendable Endowrnent 64,960 4,596.874 79,307 1202,1331 149,6151 4,717 136,856 53,149 153,149 4,630,966 Total Furid5 £ 4,661,834 79,307 £ (251,7481 £ 141,573 £ 4,630,966 Balan¢8 01.01.19 Income Expènditure Gainsl {Lossesl Transfers Balance 31.12.19 Unrestricted Fund Expendable Endowment 100,416 126,7421 146,417} £ 173,159> £ 410,672 8,7141 419,386 64.960 4.596,874 4.223,905 Total Funds £ 4,223,905 £ 100,416 £ 4,661,834 The funds held on Expendable Endowment fund were gifted by the founder, George LTncoln Ouffield, and can be used for the furtherance of the Trust's objects in accordan¢e wth the Trust Deed. The Endowment Fund Is an expendable fund lunrestricleosl, if needed it can be used for grants payable on the Unrestricted Fund. £53,149 was transferred from the Endowment fund to the Unrestri¢led fund12019". nill. 8. Transactions with Relatèd Parties Granls tolalling £97.000 were made lo the Blue Marine Foundation, where Mr G Duffield is also a trustee of this Twst 12019." a grant of £50.000 lo the Blue Marine Foundalionl. 9. Staff Costs The Trustees do not employ any slaff12019'. none). 10. Exchange rate gain5 and lossfys An exchange rale gain of £4.717 occured on revaluing the Sterling equivalent of the portfolio's various foreign currency a¢¢ounts on 31 December 202012019.. £8.71410s51. 12