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 De￿mber 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 end1￿ment 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 A￿pted Practice.
The significant accounting policies applied in the preparation of these financial slalemenls are sel out below.
These poli￿e5 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 re￿ived. 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 anaI￿lS 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 Cu￿enCieS 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 un￿rtaInlieS 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
s￿VIa Beaufoy Centre (3 grants)
Tillington PCC - Ukraine Fund12 grants)
Wild Touch Wildlife ReSe￿e
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 re￿Iving 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