REGISTERED CHARITY NUMBER: 1097359
The Gledswood Charitable Trust
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5th April 2025
The Gledswood Charitable Trust
Contents of the Financial Statements for the year ended 5th April 2025
| Page | |||
|---|---|---|---|
| Reference and administrative details | 1 | ||
| Report of the trustees | 2 | to | 5 |
| Independent examiner's report | 6 | ||
| Statement of financial activities | 7 | ||
| Balance sheet | 8 | ||
| Notes to the financial statements | 9 | to | 13 |
| Detailed statement of financial activities | 14 |
The Gledswood Charitable Trust
Reference and Administrative Details for the year ended 5th April 2025
| Trustees | The Earl of Portarlington (deceased 6/10/24) |
|---|---|
| Lady Portarlington | |
| Lady M D Dawson-Damer | |
| The Hon. H Dawson-Damer (appointed 31/7/25) | |
| Rt. Hon. Earl of Portarlington (appointed 31/7/25) | |
| The Hon. E Dawson-Damer MVO (appointed 31/7/25) | |
| 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 | |
| TD5 7AL | |
| Bankers | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Investment managers | Rossie House Investment Management |
| Forgandenny | |
| Perth | |
| PH2 9EH |
Page 1
The Gledswood Charitable Trust
Report of the Trustees for the year ended 5th April 2025
The trustees present their report with the financial statements of the charity for the year ended 5th April 2025. 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.
Page 2
The Gledswood Charitable Trust
Report of the Trustees for the year ended 5th April 2025
Achievements 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 £89,337 (2024 - £84,917). The Trust donated a total of £117,500 (2024 - £46,800) to charitable organisations, which is very commendable, and it is hoped that this level of grant aid can be maintained in the future. A previous year donation of £1,000 was never cashed by the recipient, and as a result was written off against the 2024 donations to leave £45,800 in the accounts.
The following charitable grants were made during the year:
| £ | £ | ||
|---|---|---|---|
| Dean & Cauvin Young peoples trust | 1,000 | Eastside Community Trust | 1,000 |
| Butterfly Trust | 1,000 | React Disaster Response | 1,000 |
| Our Hidden Treasure | 500 | Blind Veterans UK | 1,000 |
| Make a Wish Foundation | 3,000 | The seeing dogs alliance | 1,000 |
| Shine Charity | 1,000 | S Pinter Youth Project | 1,000 |
| Leeds Down Syndrome | 500 | Arts at the old fire station | 500 |
| Royal Brompton & Harefield Hospital Charity | 1,500 | Teen Enterprise UK | 1,500 |
| Caring Together Charity | 2,000 | In Touch | 1,000 |
| Earl Mountbatten Hospice | 1,000 | Children | 2,000 |
| Roseberry Centre | 1,000 | Helping Disabilities Trust | 1,000 |
| Joseph's Smile | 1,000 | City Escape | 1,000 |
| Buddys for children with autism | 1,000 | Stubbes Adventure Centre | 1,000 |
| Read Easy UK | 2,000 | Young Bristol | 1,000 |
| Crisis | 1,000 | A Spark in the dark Ltd | 1,000 |
| St Barnabas Hospice (Sussex) Ltd | 2,000 | Teen Action | 1,000 |
| Childrens Heart Organisation | 1,000 | Lewis Mannly Hospice Care | 1,000 |
| Motherwell Cheshire | 2,000 | Joss Searchlight | 1,000 |
| Waterloo Uncovered | 1,000 | Children Today Charitable Trust | 1,000 |
| Blossoms London | 1,000 | Orchid cancer appeal | 1,000 |
| Queen Elizabeth's Foundation for Disabled | |||
| people | 1,000 | Lunch on the run | 1,000 |
| Hope for Justice | 500 | Nara - The breathing charity | 1,000 |
| Home @ school association | 1,000 | Macs | 500 |
| Woking & Sam Beare Hospice & | |||
| 126th Birmingham Scout Group | 1,000 | Wellbeing care | 2,000 |
| Bede House association | 1,000 | Diverse abilities | 2,000 |
| The Meath Epilepsy Charity | 1,500 | Ability dogs 4 young people | 2,000 |
| Dog Assistance in Disability | 1,000 | National Youth Orchestra | 1,500 |
| National rheumatoid arthritis society | 1,000 | Brain Tumors Support | 1,000 |
| JDRF Australia | 5,000 | Of the sheets | 1,000 |
| Seashell trust | 1,000 | Retina UK | 1,000 |
| Campaign against living miserably (CALM) | 2,000 | Lifecare | 2,000 |
| Lia's Wings | 2,000 | Dressability | 1,000 |
| Disability in positive | 1,000 | The Pear Tree School | 1,000 |
| Scampps in Surrey | 1,000 | Meningitis now | 1,000 |
| Support Line | 2,000 | Art in Healthcare | 750 |
| Time Away | 1,000 | Girls friendly society | 1,000 |
| Make them smile | 1,000 | The Shakespeare Hospice | 2,000 |
| Family holiday charity | 1,000 | Side by Side | 1,000 |
| Designability | 1,000 | Hillhouse | 750 |
| Ronans Hospice | 1,000 | Bristol childrens help society | 1,000 |
| Newlife | 2,000 | Alder H. Children Charity | 1,000 |
| Plus Ltd | 1,000 | Skip 2 young people's health | 1,000 |
| Deafblind UK | 1,000 | AcTiviTteens | 1,000 |
| Shooting star childrens hospices | 1,000 | Action for kids | 1,000 |
| Brunswick youth & community centre | 1,000 | Become | 1,000 |
| Kids matter | 1,000 | Autism Inclusive | 1,000 |
| Space 4 Autism | 1,000 | Sight Support Derbyshire | 500 |
Page 3
The Gledswood Charitable Trust
Report of the Trustees
for the year ended 5th April 2025
| Ovacome | 1,000 | Home for Good | 1,000 |
|---|---|---|---|
| Age UK North Yorkshire Coast | 500 | Rossendale Trust | 500 |
| Branch out together | 1,000 | Change please foundation | 2,000 |
| Jessie May Trust | 1,000 |
Financial review
Review of the period
The net deficit of unrestricted income over unrestricted expenditure for the charity for the year, after deducting grants paid out of income of £117,500, was £30,709 (2024 - surplus of income over expenditure of £36,969) and this is deducted from the unrestricted income fund from which future grants can be paid. The total of the unrestricted income fund at 5th April 2025 was £38,287 (2024 - £68,996).
Unrealised capital gains totalled £1,067,590 at 5th April 2025 (2024: £1,061,261).
Investment policy and objectives
The trustees' investment policy is to maximise long term total return, taking income and capital gains together without undue risk.
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 Lady Portarlington the power of appointing new trustees is vested in her.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate those risks.
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".
Page 4
The Gledswood Charitable Trust
Report of the Trustees for the year ended 5th April 2025
Statement of trustees' responsibilities - continued
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 Charities 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 and The Charity (Accounts and Reports) Regulations 2008. 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.
Approved by order of the board of trustees on 19th January 2026 and signed on its behalf by:
Lady M D Dawson-Damer - Trustee
Page 5
Independent Examiner's Report to the Trustees of The Gledswood Charitable Trust
Independent examiner's report to the trustees of The Gledswood Charitable Trust
I report to the charity trustees on my examination of the accounts of The Gledswood Charitable Trust (the Trust) for the year ended 5th April 2025.
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').
I 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 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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
I 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.
Mairi Drummond
Mairi Drummond
Rennie Welch LLP Academy House Shedden Park Road Kelso Roxburghshire TD5 7AL
19th January 2026
Page 6
The Gledswood Charitable Trust
Statement of Financial Activities
for the year ended 5th April 2025
| Notes Income and endowments from Investment income 2 Expenditure on Charitable activities Grants awarded Governance costs Total Net gains on investments NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted fund £ 89,337 117,500 2,546 120,046 - (30,709) 68,996 38,287 |
Restricted fund £ - - 15,362 15,362 34,445 19,083 2,974,074 2,993,157 |
2025 Total funds £ 89,337 117,500 17,908 135,408 34,445 (11,626) 3,043,070 3,031,444 |
2024 Total funds £ 84,917 |
|---|---|---|---|---|
| 45,800 16,924 |
||||
| 62,724 | ||||
| 31,326 | ||||
| 53,519 2,989,551 |
||||
| 3,043,070 |
The notes form part of these financial statements
Page 7
The Gledswood Charitable Trust
Balance Sheet
5th April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Investments | 5 | 2,975,720 | 2,917,832 |
| Current assets | |||
| Debtors | 6 | - | 2,311 |
| Cash at bank | 62,509 | 129,600 | |
| 62,509 | 131,911 | ||
| Creditors | |||
| Amounts falling due within one year | 7 | (6,785) | (6,673) |
| Net current assets | 55,724 | 125,238 | |
| Total assets less current liabilities | 3,031,444 | 3,043,070 | |
| NET ASSETS | 3,031,444 | 3,043,070 | |
| Funds | 9 | ||
| Unrestricted funds: | |||
| Income fund | 38,287 | 68,996 | |
| Restricted funds: | |||
| Capital fund | 2,993,157 | 2,974,074 | |
| Total funds | 3,031,444 | 3,043,070 |
The financial statements were approved by the Board of Trustees and authorised for issue on 19th January 2026 and were signed on its behalf by:
Lady M D Dawson-Damer - Trustee
The notes form part of these financial statements
Page 8
The Gledswood Charitable Trust
Notes to the Financial Statements for the year ended 5th April 2025
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.
Financial 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 9
continued...
The Gledswood Charitable Trust
Notes to the Financial Statements - continued for the year ended 5th April 2025
1. Accounting policies - continued
Investments
Investments on the balance sheet are stated at the market value at the year end. The acquisition cost of investments are included at the original book cost at the time of purchase. Gains and losses on revaluation or disposal are recorded in the Statement of Financial Activities.
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.
Going concern
The trustees have considered the financial position of the charity for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
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 2025 nor for the year ended 5th April 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5th April 2025 nor for the year ended 5th April 2024.
4. Comparatives for the statement of financial activities
| Income and endowments from Investment income Expenditure on Charitable activities Grants awarded Governance costs Total Net gains on investments NET INCOME Reconciliation of funds Total funds brought forward |
Unrestricted fund £ 84,917 45,800 2,148 47,948 - 36,969 32,027 |
Restricted fund £ - - 14,776 14,776 31,326 16,550 2,957,524 |
Total funds £ 84,917 |
|---|---|---|---|
| 45,800 16,924 |
|||
| 62,724 | |||
| 31,326 | |||
| 53,519 2,989,551 |
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continued...
The Gledswood Charitable Trust
Notes to the Financial Statements - continued for the year ended 5th April 2025
| 4. Comparatives for the statement of financial activities - continued Unrestricted fund £ Total funds carried forward 68,996 5. Fixed asset investments Market value At 6th April 2024 Additions Disposals Revaluations At 5th April 2025 Net book value At 5th April 2025 At 5th April 2024 There were no investment assets outside the UK. Market value Cost 6. Debtors: amounts falling due within one year Other debtors |
4. Comparatives for the statement of financial activities - continued Unrestricted fund £ Total funds carried forward 68,996 5. Fixed asset investments Market value At 6th April 2024 Additions Disposals Revaluations At 5th April 2025 Net book value At 5th April 2025 At 5th April 2024 There were no investment assets outside the UK. Market value Cost 6. Debtors: amounts falling due within one year Other debtors |
4. Comparatives for the statement of financial activities - continued Unrestricted fund £ Total funds carried forward 68,996 5. Fixed asset investments Market value At 6th April 2024 Additions Disposals Revaluations At 5th April 2025 Net book value At 5th April 2025 At 5th April 2024 There were no investment assets outside the UK. Market value Cost 6. Debtors: amounts falling due within one year Other debtors |
Restricted fund £ 2,974,074 |
Restricted fund £ 2,974,074 |
Total funds £ 3,043,070 Listed investments £ 2,917,832 427,962 (376,402) 6,328 2,975,720 2,975,720 2,917,832 2024 £ 2,917,832 1,856,571 2024 £ 2,311 |
|
|---|---|---|---|---|---|---|
| 2025 | ||||||
| £ | ||||||
| 2,975,720 | ||||||
| 1,908,130 | ||||||
| 2025 £ - |
Page 11
continued...
The Gledswood Charitable Trust
Notes to the Financial Statements - continued for the year ended 5th April 2025
| 7. Creditors: amounts falling due within one year Other creditors 8. Analysis of net assets between funds Unrestricted Restricted fund fund £ £ Investments - 2,975,720 Current assets 41,227 21,282 Current liabilities (2,940) (3,845) 38,287 2,993,157 9. Movement in funds At 6.4.24 £ Unrestricted funds Income fund 68,996 Restricted funds Capital fund 2,974,074 TOTAL FUNDS 3,043,070 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Income fund 89,337 (120,046) Restricted funds Capital fund - (15,362) TOTAL FUNDS 89,337 (135,408) |
2025 £ 6,785 2025 Total funds £ 2,975,720 62,509 (6,785) 3,031,444 Net movement in funds £ (30,709) 19,083 (11,626) Gains and losses £ - 34,445 34,445 |
2024 £ 6,673 2024 Total funds £ 2,917,832 131,911 (6,673) 3,043,070 At 5.4.25 £ 38,287 2,993,157 3,031,444 Movement in funds £ (30,709) 19,083 (11,626) |
|---|---|---|
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continued...
The Gledswood Charitable Trust
Notes to the Financial Statements - continued for the year ended 5th April 2025
9. Movement in funds - continued
Comparatives for movement in funds
| Unrestricted funds Income fund Restricted funds Capital fund TOTAL FUNDS |
At 6.4.23 £ 32,027 2,957,524 2,989,551 |
Net movement in funds £ 36,969 16,550 53,519 |
At 5.4.24 £ 68,996 2,974,074 |
|---|---|---|---|
| 3,043,070 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Income fund | 84,917 | (47,948) | - | 36,969 |
| Restricted funds | ||||
| Capital fund | - | (14,776) | 31,326 | 16,550 |
| TOTAL FUNDS | 84,917 | (62,724) | 31,326 | 53,519 |
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 2025.
Page 13
The Gledswood Charitable Trust
| Detailed Statement of Financial Activities for the year ended 5th April 2025 Income and endowments Investment income Investment income Total incoming resources Expenditure Charitable activities Grants to institutions Support costs Finance Bank charges Governance costs Accountancy fees Investment manager's fees Total resources expended Net (expenditure)/income before gains and losses Net gains and losses Unrealised gains/(losses) on fixed asset investments Realised gain/(losses) on fixed asset investments Net (expenditure)/income |
2025 £ 89,337 89,337 117,500 626 1,920 15,362 17,282 135,408 (46,071) 6,328 28,117 (11,626) |
2024 £ 84,917 |
|---|---|---|
| 84,917 45,800 528 1,620 14,776 |
||
| 16,396 | ||
| 62,724 | ||
| 22,193 31,326 - |
||
| 53,519 |
This page does not form part of the statutory financial statements
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