REGISTERED CHARITY NO: 1096101 THE G D CHARITABLE TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE G D CHARITABLE TRUST Contents Page Trustees, Report Independent Examinerfs Report statement of Financial Activities Balance Sheet Notes to Financial Statements 8-12
THE G D CHARITABLE TRUST Trustees. Report for the year ended 31 December 2023 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 Dember 2023. The Trustees have adopted the provisions of the Statement of Recommended Practi (SORPI "Accounting and Reporting by Charities" (FRS 1021 in preparing the annual report and financial statements of the charity. The financial ststements have been prepared in accordan with the accounting policies set out in notes to the accounts and comply with the Trust's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. OBJECTIVES AND ACTIVITIES The Trust was established by a Deed dated 1 November 2002 and was registered as a Charity (No. 1096101). The founder was George Lincoln Duffield. The Trust's objectives, as per its 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 classifications of charitable activity. as listed below. In general terms. the Trust aims to support the following charitable areas (but not exclusively):_ (a) relief of animal suffering- (b) preservation of the environment- (c) promotion of equal opportunities for disabled people- (d) relief for the homeless. The objects of the Trust are defined as meaning such purposes as are charitable according to the law of England and Wales. The activities undertaken in relation to the Trust's governing Deed and to further the Trust's purposes for the public benefit are set out in the 'Achievements' review below. Selecting applicants and making awards In general, grants are made to registered charitable organisations rather than individuals and the Trustees consider applications for grants at their regular meetings. Where proposed recipients are not registered charities. the Trustees undertake a thorough examination of the organisation to ensure the purpose of the grant is properfy considered to be charitable and that there are means of ensuring, so far as reasonably practicable, that any grant made to the organisation shall be properly applied to such charitable purpose or repaid to 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 benefit. The Trust's aims are far-reaching and for the public benefit. By making grants to organisations in accordance with the Trust's aims the Trustees are confident that their public benefit duty is fulfilled. The Trustees also consider that there is no detriment. harm or private benefit that arises from carrying out the Trust's aims.
THE G D CHARITABLE TRUST Trustees, Report for the year ended 31 December 2023 (Continued) 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 perfonnance is regularly reviewed by the tnjstees. During the year, the investment portfolio increased in value by £226.748 from £4.133.864 to £4.360.612 as per Note 412022= a reduction of £527,731). FINANCIAL REVIEW Income The total income for 2023 was £90,572 (2022.. £89,004). This comprised dividends and other investment income. Charitable and other expenditure Twelve grants were committed totalling of £50.171 (2022= eleven grants £114.300). Administrationlsupport costs were £11.520 (2022= £11,941)- The total charitsble expendilure was therefore £61,691 {2022.. £126.241). Expenditure relating to fundraising cosls was £52,089 {2022'. £50.669). Other than grants, the total expenses were £63.609 {2022.' £62,610), which represents approximately 1.35 1 of the net assets of the Trust Fund as at 31 December 2023 (1.37010 in 2022}. Investment policy The Trust Deed gives the Trustees very wide powers of investment and the policy of the Trustees is to seek to achieve a balanced portfolio of income producing securities, which may include fixed interest securities, and UK and overseas publicly quoted equities in such proportions as is appropriate to economic and investment conditions at any given time. The Trustees do not wish to invest in private equity holdings. Reserves Policy and Going Concern The Trustees have established a Reserves Policy with reference to Charty Commission guidance {CC19) and accounting standards. with the aim of spending any income from investments in any one year. Cash flow is carefully monitored to 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 unspecrfied purposes, if the applications received do not warrant grants equal to the income any unspent income will be carried forward to the next period. All incoming resources in 2022 were used to pay grants and expenses. The year-end balance on the unrestricted fund was £29,412. The Trust also held reserves of £4,657,755 in the expendable end1ment fund.
THE G D CHARITABLE TRUST Trustees, Report for the year ended 31 December 2023 (Continued) Risk Management Policy The major risks to 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 risk environment. Any drop in income received will be matched by an appropriate reduction in expenditure. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Trust deed dated 1 November 2002 directs the Trustees to use the income of the Trust and confers on the Trustees the power to use the capital of the Trust in promoting such charitable objects as the Trustees may. in their absolute discretion. detemiine. The Trustees also have power to accumulale the income of the Trust for 21 years from the date of the deed. Appointment of Trustees Trustees are appointed by Deed in accordance with the Trust Deed. The Founder (George Lincoln Duffield} is a Trustee for life and the other Trustees hold fixed temis 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 Induction and Training New Trustees are briefed on their legal obligations undercharity law, the Charity Commission guidance on public benefit, informed of the contents of the Will. decision-making processes. the business plan and recent financial performance of the Trust and before tsking on the role they meet key advisors and other Trustees. REFERENCE AND ADMINISTRATION DETAILS The registered name of the Trust is The GD Charitsble Trust. It is registered with the Charity Commission under number 1096101. The principal office of the Trust is One Bartholomew Close, London, EC1A 7BL. Trustees The Trustees on the date the report was approved or vtho served as a Trustee in the reporting period George Lincoln Duffield (Founder) Natasha Velvet Duffield Alexander Seamus Fitzgibbons
THE G D CHARITABLE TRUST Trustees, Report for the year ended 31 December 2023 (Continued) 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 St Martin le Grand, London EC1A 4AS Independent Examiner: MHA, MHA House, Charter Court, Swansea Enterprise Park, Swansea, SA7 9FS Sign d for and on behalf of the Trust 23.10.24 tee: eorge Duffield Date 23.10.24 Trustee: atasha Duffield Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GD CHARITABLE TRUST I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 12. 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 carying out my examination I have followed all 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 The accounts do not accord with those records" or The accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reporls) 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 concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a proper understanding ofthe accounts to be reached. Signed.. Rachel Doyle ACA FCCA DChA MHA. Chartered Accountants, MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS Date- 23rd October 2024 Note: MHA is the trading name of Macintyre Hudson LLP, a limited liability partnership in England and Wales {regislered number OC312313) 20747241.1
THE GD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEM8ER 2023 Unrestricted Expendable Fund Endowment TOTAL 2023 TOTAL 2022 Notes INCOME FROM Investment income - dividends 90.572 90,572 89.004 Totsl Incoming 90,572 90,572 89.004 EXPENDITURE ON Expenditure on raising funds 52.089 52,089 50.669 Charitable Activities 61.691 61,691 126.241 Totsl Expenditure 61.691 52.089 113,780 176.910 Nel gainslllossesl on investsnents Net IncomellExpenditure) 146.715 146,715 1399,7981 1487.7041 28.881 94.626 123,507 Exchange rate Ilossygain 10 (12,5071 {12,5071 28.378 Net Movement in Funds 28.881 82.119 111,000 1459,3261 Reconciliation of Funds Fund Balances brought forward 531 4,575,636 4,576,167 5,035.493 TOTAL FUNDS CARRIED FORWARD AT 31 DECEMBER 2023 29.412 £ 4,657.755 £ 4.687.167 £ 4,576,167 The notes on pages 8 to 12 form part of the financial statements In 2022 all income from investments was allocated to the Unrestricted fund. In 2022 all expenditure on raising funds was allocated to the Expendable Endowment fund. All expenditure on charitable activities was allocated to the unrestn.cted fund. In 2022 all net gains on inveslmenls were allocated lo Ihe Expendable Endowment fund and all exchange rale gains were allocated to the Unreslricled fund.
THE GD CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 Fixed Assets Investments 4,360,612 4,133,864 Current Assets Debtor (dividends receivable) Bank and cash 1.267 332,928 444.523 Total Current Assets 334.196 444,523 4,694,807 4,578.387 Less: Creditors Amounts falling due within one year Accruals 2,220 7,640 2.220 Total Net Assets £4,687,167 £4,576.167 Funds of the Trust Capital Funds Expendable Endowment 4,657,755 4,575.636 Income Funds Unrestricted Income Fund 29.412 531 Total Funds £4.687,167 £4,576,167 The notes on pages 8 to 12 form part of the financial statements The financial statements were approved by the Trustees on: Authorised to sign on behalf of the Trustees: Texl 23.10.24 Trust ge Duffield Date 23.10.24 Trustee asha Duffield Date
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. Accounting Policies 1.1. General information and basis ofaccounting The financial staternents have been prepared in accordance with 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 IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, the Charities Act 2011 and UK Generally Apted Practice. The significant accounting policies applied in the preparation of these financial slalemenls are sel out below. These polie5 have been consistenlly applied to all years presented unless otherwise stated. 1.2 Funds The Unrestricted Fund comprise those funds which the trustees are free to use in accordance with the charitable objects. The Expendable Endowment Fund represents those assets which are held for the longer term for the Trust, in accordan with the lerms of the Trust deed. Income aTising on Ihe Expendable Endowment Fund can be used in accordan with the objects of the Trust and is included in the Unrestricled Fund. As an Expendable Endowment. capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part ofthe fund. 1.3 Income Recognition All incoming resources are included in the Statement of Financial Activities ISoFA} when the Trust is leg811y entitled to the income after any perfomiance conditions have been met. the amount can be measured reliably and it is probable Ihat the income will be reived. Investment income is accounted for on a received basis wilh the exception of dividend5 due but not yet received at the year-end, in which case the income will be shown in the subsequent year when received. 1.4 Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to Ihird parties, it is probable thal the settlement will be required and the amount of Ihe obligation can be measured reliably. It is categorised under the following headings= Costs of raising funds includes the costs incurred from investment manager fees during the year- Expenditu on charitable activities includes all costs incurred on furthering the objects of the Trust- and Other expenditure represents those items not falling into the calegories above.
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. Accounting Policies Irrecoverable VAT is charged a5 an expense against the activity for which expenditure arose. Grants are recognised when the trustees have made a decision to make a payment and that decision has been communicaled to Ihe recipient and it is probable thal payment will take place. However, the recognition of any liability will be dependent on any conditions attached to the commitment being fulfilled. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered. this is accrued as 500n a5 Ihe recipient is nottfied of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relaling to performance then the grant is only accrued when any unfulfilled conditions are outside of Ihe control of the Trust. 1.5 Support Costs allocation Support costs are those that assist the work of the Trust but do not directly present charitable activities and include general management. administration and govemance cnsts. They are incurred in support of expendilure on the objects of the Trust. The anaIlS of these costs are included in note 3. 1.6 Investments Inveslments are a form of basic financial inslrumenl and represent UK quoted and overseas securities. They are initially recognised at their transaction value and subsequendy measured at their fair value using the closing quoted market price. All gains and losses are taken lo Ihe Statement of Financial Activities as they arise. The Slatemenl of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. 1.7 Creditors payable within one year Creditors are recognised when the Trust has a present legal or constructive obligation resulting from a past event and the setuemenl is expected to result in an ouffiow of economic benefits. 1.8 Foreign Currencies Transactions carried out and investments valued in foreign CuenCieS are converted into steding using the figures published in the Portfolio Managers. reports. The Slerling equivalent of any cash held in foreign currencies on the year end date is restated using the closing rate. An exchange rate adiuslment is included in the accounts reflecting this. 1.9 Going concern The financial statements have been prepared on a going concem basis as the Trustees believe that no material unrtaInlieS exist. The Trustees have considered the impacl this has had on the level of funds held and the expected level of income and expenditure for 12 monlhs when authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concem. 1.10 Tax The GD Charitable Trust is a registered Trust and is exempl from tax under the provisions of the Corporation Tax Act 2010 on its activities. 1.11 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 classtfied as a basic financial instrument and is measured at face value. Liabilities accruals and olher creditors are classtfied as financial instruments. and are measured at amortised cost as detailed in Note 5.
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. Expenditure on Raising Funds 2023 2022 Julius Bar investment management fees 52.089 50,669 52.089 £ 50,669 3. Charitable Expenditure 2023 2022 Grants paid to institutions Ballet Boyz British Red Cross Chichester Festival Theatre Child Bereavement UK Clymping Dog Sanctuary Depaul Intemational Friends of Trafalgar Hilliard Society Maggie's Mission Ukraine Save Ihe Children {3 granlsl sVIa Beaufoy Centre (3 grants) Tillington PCC - Ukraine Fund12 grants) Wild Touch Wildlife ReSee 12,000 5,000 25,000 15,000 1,000 5,000 500 500 2.500 1,000 12,320 27,651 4.700 1,000 50,171 23,300 25,000 3,000 114,300 Support Costs HSBC Private Bank (UK) Ltd - remittance charges BDB Pilmans Administration fees 48 9.252 61 9,660 Governance costs MHA independent examination fees Total Support costs 2,220 11.520 2,220 11,941 Total Charitable expenditure 61,691 £ 126,241 A total of 12 Grants were made in the year, wth 3 charities reIving more than one grant (2022- 10 grants). Disclosure of Trustees remuneration, benefits and expenses The Trustees (who are considered to be key management personnel of the Trust) received no personal remuneration, benefits nor reimbursement of expenses during the current or prior periods under review in their capacity as Trustees. 10
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 4. Investments Quoled investments were as follows: {All Listed) 2023 2022 Fair value at 1 January 2023 Add.. acquisilions at cost Less.. disposals at carrying value Net gain (loss) on revaluation 4.133.864 1,004.575 1924.542) 146,715 4,661,595 687,457 {815,3901 {399,7981 Market value at 31 December 2023 £ 4,360,612 £ 4,133,864 Historical cost 31 December 2023 £ 3.700.410 £ 3,656,217 All investments are listed on a recognised stock exchange. 5. Liabilities - amounts falling due within one year 2023 2022 Accruals Grants committed Independent examination fees 5.420 2,220 2,220 7.640 £ 2,220 6. Analysis of Net Assets Belween Funds Fund balances al 31 December 2023 are represented by: Income Fund Expendable Total Funds (unrestricted) Endowment 2023 Investments Current Assets Creditors 4.360,612 297.143 4,360,612 334.196 (7,640} 37.052 {7,640) Total Net Assets 29.412 £4.657.755 £ 4.687.167 The summary of net assets between funds for 31 De[ber 2022 was as follows.. Income Fund Expendable (unrestricted) Endowment Total Funds 2022 Investments Current Assets Creditors 4.133,864 441.772 4,133,864 444.523 (2,220) 2,751 {2,220) Total Net Assets 531 £4,575.636 £ 4,576.167 11
THE GD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 7. Fund reconciliation Balance 01.01.23 Income Expenditure Gainsl {Losses) Transfers Balance 31.12.23 Unrestricted Fund Expendable Endowment 531 4.575.636 90,572 (61,691) (52.089 29,412 4.657,755 134.209 Total Funds £ 4,576,167 90,572 £ {113,780) £ 134,209 £ 4,687,167 Balance 01.01.22 Income Expenditure Gainsl (Losses) Transfers Balance 31.12.22 Unrestricted Fund Expendable Endowment 37.768 4,997,725 89.004 (126.241 (50,669) 531 4,575,636 {371,419) Total Funds £ 5.035,493 89.004 £ (176.910} £ {371.4191 £ £ 4,576,167 The funds held in the Expendable Endowment fund were gifted by the founder. George Lincoln Duffield, and can be used for the furtherance of the Tnjst's objects in accordance wth the Trust Deed. The Endowment Fund is an expendable fund {unrestricted). and rf needed it can be used for grants payable on the Unrestricted Fund. 8. Transactions with Related Parties There were no transactions with related parbes in the year (2022.. none) 9. Staff Costs The Trustees do not employ any staff (2022: none). 10. Exchange rate gains and losses An exchange rate loss of £12,507 occurred on revaluing the Sterfing equivalent of the portfolio's various foreign currency accounts on 31 December 2023 (2022.. £28.378 gain). 12