2023-04-05-accounts - The Gledswood Charitable Trust

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REGISTERED CHARITY NUMBER: 1097359

The Gledswood Charitable Trust

Report of the Trustees and Unaudited Financial Statements for the Year Ended 5th April 2023

The Gledswood Charitable Trust

Contents of the Financial Statements for the year ended 5th April 2023

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The Gledswood Charitable Trust

Reference and Administrative Details for the year ended 5th April 2023

Trustees	LordPortarlington
	Lady Portarlington
	LadyM D Dawson-Damer
Principal address	Yuills Ltd
	104 Park Street
	London
	W1K 6NF
Registered charity number	1097359
Independent examiner	Rennie Welch LLP
	Academy House
	Shedden Park Road
	Kelso
	Roxburghshire
	TDS5 7AL
Bankers	Coutts &Co
	440 Strand
	London
	WC2R0QS
Investment managers	Rossie House Investment Management
	Forgandenny
	Perth
	PH29EH

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The Gledswood Charitable Trust

Report of the Trustees for the year ended 5th April 2023

The trustees present their report with the financial statements of the charity for the year ended 5th April 2023. The trustees have adopted the provisions of 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).

Objectives and activities

Objectives and aims

The objectives of the Trust are to benefit any purposes, objects and institutions that are charitable in law.

The objectives for the year are shaped by these strategic aims with a view to distributing grants and donations to help support other charitable organistaions.

Achievement and performance

Charitable activities

The main source of income for the Trust is from investments held.

Income raised during the year from investments and interest amounted to £87,167 (2022 -	Income raised during the year from investments and interest amounted to £87,167 (2022 -	Income raised during the year from investments and interest amounted to £87,167 (2022 -	£71,601).
Trust donated a total of £74,600 (2022 - £69,550) to charitable organisations, which is very			commendable,
and it is hoped that this level of grant aid can be maintained in the future.
The following charitable grants were made during the year:
	£		£
Arkell Dyslexia Charity	1,500	Carers UK	1,000
Guide Dogs for the Blind	2,000	Dish	1,000
Oxford Hospital Charity Reproductive Tissue		St Mary& St Margaret’s CE
Cryopreservation Programme	4,000	Primary Schoo! Fund	1,000
		Leukemia & Myeloma Research
Listening Books	2,000	UK	5,000
Dogs forAutism	1,000	Equi-Power Central Scotland RDA	2,000
Liquid Vibrations	1,000	Family Outside	1,000
Light Up Learning	2,000	Disabled Sailors Association	1,000
The Otakar Kraus Music Trust	1,000	Rescare	1,000
Roald Dahls Marvellous Childrens Charity	1,000	Douglas Macmillan Hospice	1,000
Climb Out!	1,000	Social Square	1,000
Sunrise	2,000	North London Hospice	1,000
The Yard	1,000	Brain Research UK	1,000
Edinburgh City Mission	1,000	Maggies	2,000
Handicapped Children Action Group	1,600	Kids Space	4,000
Back Up Trust	500	Tough Enough to Care	1,000
Muscular Dystrophy Support Centre	500	Grove Adventure Playground	1,000
Pump Aid	500	Grove Cottage	1,500
BDFA	500	Leap Confronting Conflict	1,000
National Deaf Childrens Society	1,000	Unicef	4,000
Saint Francis Hospice	1,000	Chapter	1,000
Intercare Medical Aid for Africa	500	Blossoms London	2,000
Village Water	500	One Parent Families Scotland	2,000
Northwich Multisport	1,000	Hearing Dogs for Deaf People	3,000
Penny Brohn UK	1,000	WMUK	1,000
Prospect Hospice	4,000	Sayers Croft Trust	1,000
Karibuni Transforming Young Kenyan Lives	4,000	Concern Worldwide	1,000
Down Syndrome Development Trust	500	Giving World	1,000
The Brightwell	1,000	Multiple Sclerosis Trust	1,000
British Disabled Angling Association	1,000	Braille Chess Association	4,000
Grief Encounter	500	Pumping Marvellous	1,000
Together Trust	1,000	Access Right to Care	1,000
TheShed	1,000

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The Gledswood Charitable Trust

Report of the Trustees for the year ended 5th April 2023

Financial review

Review of the period

The net surplus of unrestricted income over unrestricted expenditure for the charity for the year, after deducting grants paid out of income of £74,600, was £10,224 (2022 - surplus of income over expenditure of £131) and this is added to the unrestricted income fund from which future grants can be paid. The total of the unrestricted income fund at 5th April 2023 was £32,027 (2022 - £21,803).

Unrealised capital gains totalled £1,029,935 at 5th April 2023 (2022: £1,237,563).

Reserves policy

The trustees aim to maintain reserves in unrestricted funds at a level which adequately covers charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds to cover support and governance costs.

Future plans

The trustees intend to continue providing grants in a similar way to the recent past while retaining flexibility as to the timing and scale of grants,

Structure, governance and management Governing document

The charity was established under a Deed of Trust dated 2nd April 2003, which it is governed by, with the principal objectives and purposes as are exclusively charitable under the law of England and Wales. The trustees must use the income and may use the capital of the trust in promoting these objectives.

The Trust Deed provides for a minimum of three and a maximum of five trustees. Trustees may be appointed for life or such terms of office as may be decided by the trustees. During the lifetime of Lord Portarlington the power of appointing new trustees is vested in him and thereafter in Lady Portarlington.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate those risks.

Investment Policy

The Trustees’ investment policy is to maximise long term total return, taking income and capital gains together without undue risk.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland”. The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 Gledswood Charitable Trust

Report of the Trustees for the year ended 5th April 2023

Approved by order of the board of trustees on 14th December 2023 and signed on its behalf by:

Gah ec |_—> ‘ Lord Portarlington’- Trustee

Page 4

Independent Examiner's Report to the Trustees of The Gledswood Charitable Trust

Independent examiner's report to the trustees of The Gledswood Charitable Trust

! report to the charity trustees on my examination of the accounts of The Gledswood Charitable Trust (the Trust) for the year ended 5th April 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

| have completed my examination. | 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the 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.

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Matru Drummond

Mairi Drummond

Rennie Welch LLP Academy House Shedden Park Road Kelso Roxburghshire TD5 7AL

14th December 2023

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The Gledswood Charitable Trust

forStatement the yearof endedFinancial5th AprilActivities2023

				2023	2022
		Unrestricted	Restricted	Total	Total
		fund	fund	funds	funds
	Notes	£	£	£	£
Income and endowments from
Investment income	2	87,167	-	87,167	71,601
Expenditure on
Charitable activities					ee
Grants awarded		74,600	-	74,600	69,550
Governance costs		2,343	14,812	17,155	17,610
Total		76,943	14,812	91,755	87,160
Net gains/(losses) on investments		-	(175,738)	(175,738)	204,477
NET INCOME/(EXPENDITURE)		10,224	(190,550)	(180,326)	188,918
Reconciliation offunds
Total funds broughtforward		21,803	3,148,074	3,169,877	2,980,959
Totalfundscarriedforward		32,027	2,957524	2,989,551	3,169,877

The notes form part of these financial statements

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The Gledswood Charitable Trust

Balance Sheet $th April 2023

		2023	2022
	Notes	£	£
Fixed assets
investments	5	2,886,506	3,063,397
Current assets
Debtors	6	2,336	2,244
Cash at bank		107,366	111,070
		109,702	113,314
Creditors
Amounts falling due within one year	7	(6,657)	(6,834)
Net current assets		103,045	106,480
Total assets less current liabilities		2,989,551	3,169,877
NETASSETS		2,989,551	3,169,877
Funds	9
Unrestricted funds:
Income Fund		32,027	21,803
Restricted funds:
Capital Fund		2,957,524	3,148,074
Totalfunds		2,989,551	3,169,877

The financial statements were approved by the Board of Trustees and authorised for issue on 14th December 2023 and were signed on its behalf by:

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Lord Portarlington - Trustee

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Lady M D Dawson-Damer - Trustee

The notes form part of these financial statements

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The Gledswood Charitable Trust

Notes to the Financial Statements for the year ended 5th April 2023

Accounting policies

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

investment income is recorded when receivable.

Expenditure

Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The Trust has not made any grant commitments of more than one year.

Other expenditure is included in the accounts on an accruals basis. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred.

The cost of managing investments is charged against investment capital, reflecting the total return approach to investment management. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The fund is a registered non-trading charity and, as such, is exempt from taxes under Section 505(1) of the Income and Corporation Taxes Act 1988.

Fund accounting

The endowment of the charity is expendable endowment. The trust deed allows this fund to be spent as income or retained as capital at the trustees’ discretion. The income arising from the expendable endowment is unrestricted. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments The following assets and liabilities are classified as financial instruments - other debtors, other creditors and accruals.

Other debtors, other creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financia! assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

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continued...

The Gledswood Charitable Trust

Notes to the Financial Statements - continued for the year ended 5th April 2023

1. Accounting policies - continued

Financial instruments

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

2. Investment income

Investment income has arisen from dividends and interest on investments. All income relates to unrestricted income.

3. Trustees’ remuneration and benefits

There were no trustees’ remuneration or other benefits for the year ended 5th April 2023 nor for the year ended 5th April 2022.

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 5th April 2023 nor for the year ended 5th April 2022.

4. Comparatives for the statement of financial activities

Comparatives for the statementstatement of financialfinancial	activities
	Unrestricted	Restricted	Total
	fund	fund	funds
	£	£	£
Income and endowments from
Investment income	71,604	-	71,601
Expenditureon
Charitable activities
Grants awarded	69,550	-	69,550
Governance costs	1,920	15,690	17,610
Total	71,470	15,690	87,160
Net gains on investments	-	204,477	204,477
NET INCOME	131	188,787	188,918
Reconciliation offunds
Total funds brought forward	21,672	2,959,287	2,980,959
Totalfundscarriedforward	21,803	3,148,074	3,169,877

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continued...

The Gledswood Charitable Trust

Notes to the Financial Statements - continued for the year ended Sth April 2023

5. Fixed asset Investments

5.	Fixed asset Investments
					Listed
					investments
					£
	Market value
	At 6th April 2022				3,063,397
	Additions				125,496
	Disposals Revaluations				(94,759) (207,628)
	At 5th April 2023				2,886,506
	Net book value
	At 5th April 2023				2,886,506
	At 5th April 2022				3,063,397
	There were no investment assets outside the UK.
				2023	2022
				£	£
	Market value			2,886,506	3,063,397
	Cost			1,856,571	1,825,834
6.	Debtors: amounts falling due within one year
				2023	2022
				£	£
	Other debtors			2,336	2,244
7.	Creditors: amounts falling due within one year
				2023	2022
				£	£
	Other creditors			6,657	6,834
8.	Analysis of net assets between funds
				2023	2022
	;	Unrestricted fund	Restricted fund	Total funds	Total funds
		£	£	£	£
	Investments Currentassets	- 34,967	2,886,506 74,735	2,886,506 109,702	3,063,397 113,314
	Current liabilities	(2,940)	(3,717)	(6,657)	(6,834)
		32,027	2,957,524	2,989,551	3,169,877

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continued...

The Gledswood Charitable Trust

Notes to the Financial Statements - continued for the year ended 5th April 2023

9. Movement in funds

Movement in funds
				Net
				movement	At
			At 6.4.22	in funds	5.4.23
			£	£	£
Unrestricted funds
Income Fund			21,803	10,224	32,027
Restricted funds
Capital Fund			3,148,074	(190,550)	2,957,524
TOTAL FUNDS			3,169,877	(180,326)	2,989,551
Net movement in funds, included in the above	are as	follows:
	Incoming		Resources	Gains and	Movement
	resources		expended	losses	infunds
	£		£	£	£
Unrestricted funds
Income Fund	87,167		(76,943)	-	40,224
Restricted funds
Capital Fund		+	(14,812)	(175,738)	(190,550)
TOTAL FUNDS	87,167		(91,755)	(175,738)	(180,326)
Comparatives formovement in funds
				Net
				movement	At
			At 6.4.21	in funds	5.4.22
			£	£	£
Unrestricted funds
Income Fund			21,672	131	21,803
Restricted funds
Capital Fund			2,959,287	188,787	3,148,074
TOTALFUNDS			2,980,959	188,918	3,169,877

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The Gledswood Charitable Trust

Notes to the Financial Statements - continued for the year ended 5th April 2023

9. Movement In funds - continued

Comparative net movement in funds, included in the above are as follows:

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||||||| |---|---|---|---|---|---| |Incoming|Resources|Gainsand|Movement| |resources|expended|losses|in funds| |£|£|£|£| |Unrestricted|funds| |Income|Fund|71,601|(71,470)|-|131| |Restricted|funds| |Capital|Fund|-|(15,690)|204,477|188,787| |TOTAL FUNDS|71,601|(87,160)|204,477|188,918|

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The unrestricted funds of the charity may be applied for any charitable purpose at the discretion of the trustees.

The restricted capital fund and additions thereto are to be invested and the income used for any charitable purpose at the discretion of the trustees. The restricted capital fund may also be spent at the absolute discretion of the trustees.

10. Related party disclosures

There were no related party transactions for the year ended 5th April 2023.

Page 12

The Gledswood Charitable Trust

Detailed Statement of Financial Activities for the year ended 5th April 2023

	2023	2022
	£	£
Income and endowments
Investment income
Investment income	87,167	71,601
Tota! incoming resources	87,167	71,601
Expenditure
Charitable activities
Grants to institutions	74,600	69,550
Support costs
Finance
Bank charges	423	-
Governance costs
Accountancyfees	1,920	1,920
Investment manager's fees	14,812	15,690
	16,732	17,610
Total resources expended	91,755	87,160
Netexpenditure before gains and losses	(4,588)	(15,559)
Net gains and losses
Unrealised gains/(losses) on fixed asset
investments	(207,628)	204,477
Realised gain/{losses) on fixed asset
investments	31,890	-
Net(expenditure)/income	(180,326)	188,918

This page does not form part of the statutory financial statements

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