REGISTERED CHARITY NUMBER.. 1097359 The Gledswood Charltable Trust R*port of thg Tru$tètis and Unaudited Financial 5tsttrment$ rthey Ended 5th A
The Gledswood Charftabl8 Trust Contents of the Flnancial Statemerrts for the ear ended 5_th_-April 2024 Page Referèncè and admlnlstratlve detalls Raport of the trustees 2 to 3 Independent examln•V$ report Statement of financial a¢tivitios Balance sheet Notss to the financlèl statements 7 to 11 Detailed statement of financial a¢tivitles 12
Tha GdSwood Charitablg.Trus.I Reference and Administrative Details for the Éar ènded 5th Ap.rll 2024 Trustees Lord Portarfington {de¢ea$ed 61101241 Lady Portarlinglon Lady M D Dawson-D8m8r Princlpal address Yuills Ltd 104 Park Street London W1K6NF Regl$tered ¢harlty number 1097359 Ind•p¢ndent examiner Renniè Welch LLP Academy House Shedden Park Road Kel Roxburghshiro TD5 7AL Bankers Coutts & Co 440 Strand London WC2R OQS Investment managers Rossie House Investment Management Forgandenny Perth PH2 9EH Page 1
Th• Gl•dswood Charitable Trust Re ort ol th_è Trustees tQLlh•ear ended_5.th_Tl 2024 The Iruslees present their report with the financial statemonts of the charity for the year ended 5th Aprfl 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement ol Recommended Praclice applicable lo ¢h8ritios preparing their accounts in accordance wlh ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffective 1 January 2019}. ObJedv•s and activities Objectives and aims The objectives Of the Trust are lo benefit any purposes, objects and institutions that are charitable in law. The objectiV0s for the year are shaped by thes8 strategic aims with a view to dislribuling grants and donations lo help support other charitable organislaions. Achlevement and perfomianee ChaTitsbl¢ aetlvltles The rnain source of income for the Trust Is from investments held. Income raised during the year from investments and interest amounted to £84,917 {2023 - £87,167). The Trust donated a total of £46,800 12023 £74,600} lo ¢h&ritable organisalions, which is very wmmgndable, and il is hoped that this level of gfanl aid can be maintained in the future. A previous year dona*'on of £1.000 has never been cashed by the recipient. and as 8 result has been written off against this yearfs donations lo leave £45,800 in the account5. The following charitable gr8nls were made during the year.. ApartofM8 Gel Set Gids Whal8 Arts GL11 Community Hub Fife Carers Centre Demand Roy Casle Lung Cancèr Foundation The Sequ31 Trust Jigsaw South East Bels Brucha Tools 4 Teens Cri¢klewood Library The Pituitary Foundation Physio Net Encephalits's Society Children Ahead Alice House Hospice UK Youth Madè by S¢ollané's Bravest Freya Foundation Timeout Group Bridgend Centre Young Enterprise 1,000 Dyspraxia Foundation 1.000 UK Reads 1.000 Hospice in the Weald 1,000 Oakfield Community 1,000 Feuor Yotjth Club 1,000 YMCA Downslink Group 1,000 N8lional Fed. ol the Blind UK 1,000 Young People Versus Arthritis 1,600 Willow Foundation 1,000 Challengers 1,500 Pelvic Radiation Disease Ass. 1,000 Inspire a Teen 1,000 Bishop Creighlon House 1,000 Dementia Support 1,500 Breast Cancèr Now 1,500 RAW Workshop 2,000 Little Stars 1.000 Rowan Alba 1,000 Wigan & Leigh Hospice soo Target Ovarian Cancer 1,000 Spark 1,000 Moorfield Eye F4ospital Charity 1,000 Clothing SolLslions 1,000 1,aOD 1,000 1,000 1,000 1,QOO 1,000 500 1,000 500 1.000 700 500 1.000 1,000 2,000 1.000 1.000 1.000 500 1,000 1,000 500 Flnanclal review Review of the porlod The nel surplus of unre5tricled income over unreslricled expenditure for the charity for the year, after deducting grants paid out ol income of £45,800, was £36,969 12023 - sijrplus ot income over expenditure of £10,224) and this is added to the unreslricled incoffle fund from which future grants can be paid. The total of the unre51ricled inwme fund at 5th Aprib 2024 was £68,99612023- £32,027). Unrealised capital gains lotalled £1.061,261 at 5th April 202412023-. £1,029.9351. Page 2
The Gledsw¢od Chi¥ila.b.te_Tiwl Report of the Tyustees for the ear ended 5th Ap_ril 2024 Financial review R•sèrv•s pollcy The trustees aim to maintain reserves in unrestricted funds al a level which adequately covers charitabl expenditure. The trustees ¢onsider that this level will Provide sufficient funds lo respond to applications for grants and ensure that there are SuffiCnt funds to cover support and govemance costs. Future plans The trustees intend to contintje providing grants in a similar way lo the recent p3s1 while retaining flexibility as lo the liming and scale of grants. Structure. governance and management Governing doGumoDt The charity was establishèd under 8 Deed of Trust daled 2nd April 2003, which f( is govemed by, with the principal objectivos and purposes as are ex¢lu$ively charitable under the law of England and Wales. The trustees must use the inwrne and may use Ihe Capital of the trusl in promoling these objectives. The Trust Deed provides for a minimum of three and a maximum of five trLtslees. Trustees may be appointed tor life or such terms of office as may be decided by the trustees. During the lifetime of Lady Portadinglon the power of appointing new trustees is vested in her. RS$k manag•m8nt Thg trustees have reviewed the major risks lo which the charity is exposed and systems have been &stablished to mrtlgale those risks. Investrnent Poll¢y The Trustees, investment policy is io maximise k)ng temi total retum, taking income and caprtal galns togolher without undue risk. statement of trustso5' respon$ibilittes The trustees are wponsible for pparing the Report of the trustees and the finan¢HI sts18ments In accordanc& wlth #pICable law and United Kingdom Accounbng Stand8rds (United Kingdom Generally Accepted Accounting PraGtice} induding Financial Report£ng Standard 102 Yhe Fir)8ncAal Reporting Standard applicable in the UK and Republic of Ireland.. Th6 law applicable to charities in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Iruslees lo prepare finan¢i81 slaternents for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources. IllGluding the in¢Dme and expenditure, of the charity for that petiod. In preparfng those financial ststements. the trust are required to 5eled suitable accounling policies and then apply them consistently.. observe the rnelhods and principles in the Charity SORP,. make judgements and eslimales that ar& reasonabl& and prudent., prepare the financial slalemonts on tha going (x)n¢em basis unl£&s ti is inappropriate to presume that the charily will continue in business. The trustees a responsible for keeping proper accounting rec4)rds which disclose wlh reasonable accuracy al any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Ad 2011. the Charity IAc¢ounis and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safrgUaing the assets of the Charity and hence for taking reasonable steps for the pvention and detection offraud and other wregularities. Approved by order of the board of rustees on 20th December 2024 and signed on its beha by.. Lady M D Dawson-Damer- Trustee Page 3
Inde endent.Examinerf$ Rèp.ort to the Tru Thè Gledswood Charitable Trust tees of Indopendent examinerf$ r&port to th8 trustoes of The Gled$wood Charltable Trust I report lo the charity IrusleBs on my examination of the accounts of The Gledswood Charitable Trust Ilhe Trust) for the year ended 5th April 2024. Respgnsibilltles and basls of report As the ch8rity trustees of the Trust you are responsible for the prepar8tion ol the accounts in accordan with the requirements of the Charities Act 2011 Cthe Act'i. l pOrt in respect of my examination of the Trusys accounts carried out under Se¢tion 145 of the Act and in carrying out my examination I have foll¢)wed all applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examlneVs statement I have cornpleled my examination. I confirm that no material matters have come lo my attention in connection th the examination giving me cause lo believe that in any material respect.. accounting records wère not kept in respect of thg Trust as quired by Section 130 oflhe Act., or the accounts do not accord with those cords. or the accounts do not comply with the applicable requirements conGeming the form and content of 4¢¢ounts set out in the Charities IAcGounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair wew which 15 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attentDn should be drawn in this repx)rt in order to enable a proper understanLling of ihe accounts lo bo reached. Main Drummond Rennre Welch LLP Acaderny House Shedden Park Road Kels0 Roxburghshi TD5 7AL 20th Decembor 2024 Page 4
Th? Glèdswaod Charitablè Trust Statement Df Financial Activities 2024 Total funds 2023 Total funds Unrestricted Rèstrictsd fund fund Notes In¢omo #nd endowments from Investment 5ncome 84,917 84,917 87,167 Expenditure on Charitable activities Grants awarded Govemance costs 45.800 2.148 45.800 16.924 74.600 17,155 14,776 Totsj 47,948 14,776 62,724 91,755 Nel gainslllosses} on investments 31,326 31.326 1775.7381 NET INCOMEIIEXPENDITURE) 36.969 16,550 53.519 1180,3261 Recon¢lll•tion of funds Total funds brovght forward 32.027 2,957.524 2,989,551 3,169,877 Total funds carried fonvard 68.996 2.974.074 3,043,070 2.989,551 The notes form part of these financial statèments Page 5
Tho Gledswood Ch3ritabl¢ Trust Balance Sheet 5th April 2Q 2024 2023 Notes Fixèd assets Investmenis 2,917,832 2,886.506 Current asset$ DebloTS Cash at bank 2,311 129,600 2,336 107,366 131.911 109,702 Creditors Amounts falling due within one year 16,6731 {6.657) Net current assets 125,238 103,045 Totsl assèts le$$ ¢urrent Ilabllifj¢s 3,043,070 2,989,551 NET ASSETS 3,043,070 2.989,551 Fund$ unstrICted funds: In¢ome Fund Restricted funds.. Capital Fund 68,996 32,027 2,974,074 2,957,524 Total fLTrnds 3,043,070 2,989,551 The financial slalements We approved by the Board of Tnjstees and aulhorised for issue on 20th December 2024 and were signed Dn its behalf by.. La¢Jy M D Oawson-Damer- Twslpe The notes form part ofthese financial statements Page 6
The G_fedsOQhOrl Note5 to the Flnancial Statements for the ear ended 5th A ril 2024 Accounting policies B8s1s of PTeparlng the financial statements The financial slalements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charib'es: Statement of Recommended Practice applicable to charities Dreparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019}', Financial Reporting St8nd8rd 102 'The Finanoal Reporting Standard applicable in the UK and ReptJbli¢ of Ireland, and the Charities Act 2011. The finan¢i31 statements have been prepared under the historical cost ¢onvenlion, with the exception of investments which are induded al market value, as modrfied by the revaluation of certain assets. Income Investment income is recorded when receNable. Exp•ndltur• Expend((ure on grants is recorded once the Trust has made an unconditional cornmitment to pay the grant and this is ¢ommunicated lo the beneficiary or the grant has been paid, whKhever is the eadier. The Trust has not made any grant commitments of more than one year. Other expenditure is included in thè accounts on an accruals basis. Irrecoverable VAT is charged to Ihe Ststemenl 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 wilh the sale or purchase ol irweslments are accounted for as part of the sale or purchase price of the inveslmenls. Grants offered subject lo ¢ondilions which hav6 not b08n mel at the year end date are noted as a ommitmenl bul not accrued as expenditure. Taxation The lund is a registered non-trading charity and. as such, is exempt from taxes under Section 505111 of the InG(Jme and Corporation Taxes Act 1988. Fund accounting The endowment of the charity is 8xpendablè 8ndowmant. The trust deed allows this fvnd to be spent as income or retained as capiial at the truslees. discretion. The inwne arising from the expendable endowment is unrestricted. Unreslri¢ted funds ¢8n be used in accordance with the charitable objedives al the discretion of the trustees. Restricted funds can Dnly be used lor particular reslri¢ted purposes wtthin the objects of the charity. Reslriclions arise when specAfied by the donor or when funds are raised for particular restricted purposes. Furiher exptanation of the n8lure and purp05e of each fund is included in the notes lo the financtal stalemenls. Flnanclal Instruments The following assets and liabilrf¢ies are dassified as financial instnjments creditors and accruals. other debtors, other Olher deblors, other creditors and accruals are measured at the undis¢ounted amount of the cash or other consideration expected to bo paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting pedl for objective evidence of impairment. If objective evidence of impairment is found, an impairment 1055 is recognistsd in the Statement of Finan¢ig1 tiVitIeS. Page 7 continued...
The Gled$wr>od Charitable Tru Noit s to_thfr Financlal S_tatemtnts - continued for thee4T en Accounting pollcies - continued Financial instrumonts Provisions Provisions are set up only where it is probable that a present obligation exlsts as a result of an event prior to the balan shgel date and that a payment will be required in setuement that can be est'maled reliably. Investment income It)veslmenl incomg has arfsen from dividends and Intest on investments. All income relates to unrestricted in¢ome. Trustees. remuneration and benefits There were no trustees. MUneration or other benefits for the year ende(15th April 2024 nor for the year ended 5th April 2023. Tru$tees' expenses There were no trustees. expenses paid for the yeaT ended 5th April 2024 nor for the year ended 5th April 2023. Comparatlves foT the ststemont of financial a¢tlvltl•$ Unre5trieted Restricted fund fund Total funds Income and endowments from Investment income 87,167 87,167 Expèndlture on Charitable activities Grants awarded Governance $ts 74,600 2,343 74,600 17.155 14,812 Total 76.943 14,812 91,755 Ngt gainslllossesl on inveslm8nls 1175,7381 1175.7381 NET INCOMEIIEXPENDITUREI 10,224 {190,SS01 1180.326} Recon¢iliatÉon of funds Total fund5 broughl forward 21.803 3,148,074 3,169.877 Total funds Carrled forward 32,027 2.957,524 2,989,551 Page 8 continued...
The Gledswood Charitable Trust Notrllp_the Flnanclal Statèmènts - continued lorthue eèr en Flxed asset investments Ll$tsd investments Markét valu• At 6th April 2023 Revalualions 2.886,506 31,326 At 5th April 2024 2,917,832 Net book value At 5th April 2024 2,917,832 At 5th April 2023 2,886,506 There were no investment assets outside the UK. 2024 2023 Market value 2,917,832 2,886.506 1,856.571 1,856,S71 Debtors.. amounts falllng due wlthln one year 2024 2023 Other debtors 2,311 2,336 Creditors.. amounts falling within one year 2024 2023 Other creditor5 6,873 6,657 Analysis of net assets between funds 2024 Total funds 2023 Total fund5 Unrestrict¥d RoStri¢ted fund fund Investments Current assets Current liabilities 2,917,832 59.975 {3,7331 2.917,832 131,911 {6.6731 2,886,506 109,702 {6.6571 71,936 12.940) 68,996 2,974.074 3,043.070 2,989,551 Page 9 continued...
Thè Gledswood Charitable Tru$t Notes to the Financlal Statements- continu¢d for thexear ende-sthri1 2024 Movement in funds Net movement in funds At 5.4.24 At 6.4.23 Unrestricted funds Income Fund 32.027 36,969 68,998 R•strfctÈd funds Capital Fund 2.957,524 16.550 2,974,074 TOTAL FUNDS 2.989,551 53,519 3,043.070 Net movement in funds. induded in the above are as follows.. Incorning resources Resources expended Gains and Movement losses in funds Unrnstrfet•d funds Income Fund 84,917 147,948 36,969 Restrlcted fund$ Capital Fund 114.7761 31,326 16.550 TOTAL FUNDS 84.917 162.7241 31,326 53,519 Comparafjv&s for movement In fund$ Net movement In funds At 5.4.23 Al 6.4.22 Unrestricted fund$ Income Fund 21,803 10.224 32,027 R¥strlcted funds Capital Ftjnd 3,148,074 {190,5501 2,9S7,524 TOTAL FUNDS 3.169.877 {180.326} 2,989,551 Page 10 continued...
Notes to the Financial Statements . contSnuèd for the ear ended 5th A ril 2024 Movemènt In funds- contlnuèd Comparalive nel movement in funds, included In the ave are &s follows= Incoming resources Resources expended Gains and Movèment losses in funds Unrestri¢ted funds Incoffte Fun 87,167 176.9431 10.224 Restricted funds Capital Fund 114,8121 1175,7381 1190,5501 TOTAL FUNDS 87,167 191,7551 1175,738) 1180,3261 The unrestricted funds of the charity may be applied for any charitable purpose at the discretion of Èhe trustees. The restricted capital fund and additions thereto are to be invested and the income used for afiy ¢harilable Purpose at the discretion of the trustees. The reslpcled capital fund may also be spent al the absolute discretion of the Iruslees. 10. Related party disclosures Therè were no rèlated party transactions for the year ended 5th Aprti 2024. Page11
The Gledswood_Charitybl• Trust -Detallèd_-Statement of Financlal Aetlvltles 2024 2023 Income and tndowm•nts Investmont income Investment income 84,917 87,167 Total in¢omlng resovrcts 84,917 87.167 Expendlture Charitable actlvitios GTants to instituts'on5 45.800 74.600 Support costs Finance Bank charges 528 423 Govèmaneo costs Accountsnw fees Investment managerfs fees 1.620 14,776 1,920 14,812 16.396 16,732 Total resources expended 62.724 91,755 Net incomel(exp$ndlture) before gains and1055es 22,193 14,588) Net gains and losses Unrealised gainslllossesl on fixed asset investments Realised gainlllossesl on fixed asset investments 31,326 1207,6281 31,89Q Net in¢omellexpenditurel 53,519 1180,3261 This page does not fom part ol the statutory financial statements Page12