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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|---|---|---|---|---|---|---|---|
|Page|
|Reference|and|administrative|details|1|
|Report|of the trustees|2|to|4|
|Independent|examiner's|report|5|
|Statement|of financial|activities|6|
|Balance|sheet|7|
|Notes|to|the|financial|statements|8|to|12|
|Detailed|statement|of financial|activities|13|

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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|



Page 1 



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).|The|
|---|---|---|---|---|
|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. 

Page 3 



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: 

1. 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 

3. 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 

Page 5 



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 

Page 6 



## 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 

Page 7 



The Gledswood Charitable Trust 

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

1. 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. 

Page 8 

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|



Page 9 

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<br>Revaluations||||(94,759)<br>(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<br>fund|Restricted<br>fund|Total<br>funds|Total<br>funds|
|||£|£|£|£|
||Investments<br>Currentassets|-<br>34,967|2,886,506<br>74,735|2,886,506<br>109,702|3,063,397<br>113,314|
||Current liabilities|(2,940)|(3,717)|(6,657)|(6,834)|
|||32,027|2,957,524|2,989,551|3,169,877|



Page 10 

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|



Page 11 

continued... 



## 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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