DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
CHARITY REGISTRATION NUMBER: 1120766
GLC Charitable Trust Unaudited Accounts
5 April 2023
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Accounts
Year ended 5 April 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 |
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
Trustees' Annual Report
Year ended 5 April 2023
GLC Charitable Trust
The trustees present their report and the unaudited accounts of the charity for the year ended 5 April 2023.
Reference and administrative details
| Registered charity name | GLC Charitable Trust |
|---|---|
| Charity registration number | 1120766 |
| Principal office | Flat 5 |
| 21 Kensington Court | |
| London | |
| W8 5DW | |
| United Kingdom | |
| The trustees | |
| L Staden | |
| N Skevington | |
| Independent examiner | Joseph Kinton FCA |
| 10 Orange Street | |
| Haymarket | |
| London | |
| WC2H 7DQ | |
| Bankers | Bank of Scotland |
| 33 Old Broad Street | |
| London | |
| EC2N 1HZ |
1
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2023
Structure, governance and management
Constitution
The Charity was established by a Charitable Trust Deed dated 24 May 2007.
It is governed by the Charitable Trust Deed and by the Charities Act 2011.
The Trustees who served during the year were:
Lawrence Staden Nigel Skevington
The legal and administrative information set out on page 1 forms part of this report.
Appointment of Trustees
The statutory power of appointing new or additional trustees is vested in the settlor, Mrs. June Staden, during her life. An additional trustee may be appointed at any time but the total number of trustees shall not be more than five.
Organisation
The Charity's day to day activities are managed by the Trustees who are responsible for the consideration and authorisation of the charitable donations made by the Charity.
Risk management
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to any such risk.
2
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2023
Objectives and Activities
The trustees hold the capital and income for the Charity upon trust to pay or apply the whole thereof to or towards or for the benefit or furtherance of such charitable purposes, and to make donations to such charitable institution or institutions as, they time to time, decide.
The Charity generally supports projects in the fields of health, welfare, education and the arts.
The Charity makes grants only to registered charitable organisations or to organisations with charitable objects which are exempt from the requirement for charitable registration. No grants are made to individuals.
There have been no changes in the policies adopted by the Charity during the year.
The Charity's objectives are met in such proportion and manner as the board of trustees determine at their absolute discretion.
The trustees may, in their discretion, for the period of 21 years from the date of the Trust Deed, instead of applying the income of the Charity in any year, accumulate all or any part of such income by investing in any investments authorised by the Trust Deed or law.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
3
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2023
Achievements and Performance
During the year, the Charity made donations to eight (2022: three) different charitable organisations amounting in aggregate to £50,738 (2022: £12,600). The organisations include the following:
Health
Cancer Research - a UK based charity who aim to prevent, control and cure cancer through groundbreaking research.
Freedom from Torture - a UK based charity who provide specialist psychological therapy to help asylum seekers and refugees who have survived torture recover and rebuild their lives in the UK.
Place2Be - a UK based charity proving therapeutic and emotional support to children in schools.
Education
Royal Geographic Society - a UK based charity whose purpose is the development and promotion of geographical knowledge.
Polar Educators International USA - a US based organisation who connect polar research, education and the global community.
Royal Institution - a UK based charity dedicated to connecting people with the world of science
Bocconi University - a University based in Milan, Italy.
Welfare
Under One Sky - a UK based charity who aim to use education, compassion and collaboration to end homelessness in the UK.
4
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2023
Financial review
Details of income and expenditure are shown on page 6.
Income comprises investment income of £186,808 (2022: £145,584).
During the year, the Charity made donations to eight (2022: three) different charitable organisations amounting in aggregate to £50,738 (2022: £12,600).
The governance costs of the Charity were £2,560 (2022: £2,461) for the year.
Total gains from the investments held by the Charity amounted to £9,617 (2022: £nil). All listed investments were sold in the prior year. Investments are held to generate a sustainable income in support of the activities of the Charity. The investmnets increased by 11.1% since purchase.
Other gains were £58,393 (2022: gain of £63,357) and relate to foreign currency exchange gains and losses.
The Balance Sheet on page 7 shows the financial position of the Charity as at 5 April 2023.
Reserves Policy
Total assets less liabilities amounted to £1,402,563 (2022: £1,210,115) which is represented by the accumulated balance on the unrestricted income fund. The net assets of the Charity's funds are held to support the Charity's activities and to meet the management and administration costs of the Charity. The trustees will consider the granting of donations from this fund during the year ended 5 April 2024.
The trustees have reviewed the unrestricted reserves of the Charity and consider that these funds are sufficient to cover the management and administration costs for the forthcoming year.
Plans for Future Periods
The trustees will continue to adopt a policy of making donations to charitable causes having regard to the Charity's net assets from year to year. They regularly appraise new opportunities for direct charitable expenditure consistent with the Charity's overall charitable objective.
23 January 2024 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
L Staden Trustee
5
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Independent Examiner's Report to the Trustees of GLC Charitable Trust
Year ended 5 April 2023
I report to the trustees on my examination of the accounts of GLC Charitable Trust ('the charity') for the year ended 5 April 2023.
Responsibilities and basis of report
As the trustees of the charity 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 2011 Act and in carrying out my examination I have followed all the 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 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.
Joseph Kinton FCA Independent Examiner
10 Orange Street Haymarket London WC2H 7DQ
26 January 2024
6
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Statement of Financial Activities
Year ended 5 April 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income | ||||
| Investment income | 4 | 186,808 | 186,808 | 145,584 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 186,808 | 186,808 | 145,584 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | (9,072) | (9,072) | (8,298) |
| Expenditure on charitable activities | 6,7 | (53,298) | (53,298) | (15,061) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (62,370) | (62,370) | (23,359) | |
| ================================ | ================================ | ================================ | ||
| Net gains on investments | 10 | 9,617 | 9,617 | – |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income | 134,055 | 134,055 | 122,225 | |
| ================================ | ================================ | ================================ | ||
| Other gains / (losses) | 13 | 58,393 | 58,393 | 63,357 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net movement in funds | 192,448 | 192,448 | 185,582 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 1,210,115 | 1,210,115 | 1,024,533 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 1,402,563 | 1,402,563 | 1,210,115 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these accounts.
7
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Balance Sheet
5 April 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 15 | 74,867 | – | ||
| Current assets | |||||
| Debtors | 16 | 8,985 | – | ||
| Investments | 17 | 1,102,947 | 954,020 | ||
| Cash at bank and in hand | 218,164 | 260,895 | |||
| ----------------------------------------- | ----------------------------------------- | ||||
| 1,330,096 | 1,214,915 | ||||
| Creditors: amounts falling due | |||||
| within one year | 18 | (2,400) | (4,800) | ||
| ----------------------------------------- | ----------------------------------------- | ||||
| Net current assets | 1,327,696 | 1,210,115 | |||
| ----------------------------------------- | ----------------------------------------- | ||||
| Total assets less current liabilities | 1,402,563 | 1,210,115 | |||
| ----------------------------------------- | ----------------------------------------- | ||||
| Net assets | 1,402,563 | 1,210,115 | |||
| ========================================= | ========================================= | ||||
| Funds of the charity | |||||
| Unrestricted funds | 1,402,563 | 1,210,115 | |||
| ----------------------------------------- | ----------------------------------------- | ||||
| Total charity funds | 19 | 1,402,563 | 1,210,115 | ||
| ========================================= | ========================================= | ||||
| 23 | January 2024 |
These accounts were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
L Staden Trustee
The notes on pages 9 to 16 form part of these accounts.
8
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts
Year ended 5 April 2023
1. General information
The GLC Charitable Trust is an unincorporated charity governed by a trust deed and registered with the Charity Commission in England and Wales under registered number 1120766. The principal address is Flat 5, 21 Kensington Court, London, W8 5DW. The objectives of the charity are set out on page 3.
2. Statement of compliance
These accounts have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The amounts in the financial statements are presented to the nearest £, unless otherwise stated.
The charity meets the definition of a public benefit entity under FRS 102.
Going concern
There are no material uncertainties about the charity's ability to continue as a going concern for at least twelve months from the date of approving the accounts. The trustees have considered the investment performance during the year and the level of current commitments. The most significant areas of uncertainty that affect the charity are the level of investment return. The accounts have been prepared on a going concern basis.
Disclosure exemptions
The charity has taken advantage of the exemption in the Charities SORP (FRS 102) from the requirement to produce a cash flow statement on the grounds that it is a small charity.
9
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial information.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to other gains / (losses) in the statement of financial activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. The charity only has unrestricted funds.
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Interest due on loans is included when receivable.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
10
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all costs relating to the administration of investments.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory accounts and an apportionment of overhead and support costs. Governance and support costs relate wholly to the grant funding activities of the charity.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. Unconditional grant offers are accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to to that grant is outside of the control of the charity.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Trust does not acquire put options, derivatives or other complex financial instruments.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
11
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Debtors
Prepayments are valued at the amount prepaid net of any trade discounts due.
Current asset investments
Current asset investments relate to loans stated at amortised cost less impairment for any unrecoverable amounts.
Cash at Bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provision
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 494 | 494 | 73 | 73 |
| Other interest receivable | 136,924 | 136,924 | 117,798 | 117,798 |
| Other investment income | 49,390 | 49,390 | 27,713 | 27,713 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 186,808 | 186,808 | 145,584 | 145,584 | |
| ================================ | ================================ | ================================ | ================================ |
5. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Administration of investments | 9,072 | 9,072 | 8,298 | 8,298 |
| ======================= | ======================= | ======================= | ======================= |
12
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Health | 11,000 | 11,000 | – | – |
| Education | 34,738 | 34,738 | 10,600 | 10,600 |
| Welfare | 5,000 | 5,000 | 2,000 | 2,000 |
| Support costs | 2,560 | 2,560 | 2,461 | 2,461 |
| --------------------------- | --------------------------- | --------------------------- | --------------------------- | |
| 53,298 | 53,298 | 15,061 | 15,061 | |
| =========================== | =========================== | =========================== | =========================== |
7. Expenditure on charitable activities by activity type
| Grant funding | Support | Total funds | Total fund | |
|---|---|---|---|---|
| of activities | costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Health | 11,000 | – | 11,000 | – |
| Education | 34,738 | – | 34,738 | 10,600 |
| Welfare | 5,000 | – | 5,000 | 2,000 |
| Governance costs | – | 2,560 | 2,560 | 2,461 |
| --------------------------- | ----------------------- | --------------------------- | --------------------------- | |
| 50,738 | 2,560 | 53,298 | 15,061 | |
| =========================== | ======================= | =========================== | =========================== |
In the prior year, grant funding of activities were £12,600 and support costs were £2,461.
8. Analysis of support costs
| Grant funding | |||
|---|---|---|---|
| activities | Total 2023 | Total 2022 | |
| £ | £ | £ | |
| Governance costs | 2,560 | 2,560 | 2,463 |
| ======================= | ======================= | ======================= |
The charity initially identifies the cost of its support functions and the costs that relate to the governance function. These are then allocated to grant funding as this is the sole activity of the charity.
An analysis of governance costs is as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accountancy charges | 2,400 | 2,400 |
| Bank charges | 160 | 63 |
| --------------------------- | --------------------------- | |
| 2,560 | 2,463 | |
| =========================== | =========================== |
9. Analysis of grants
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
13
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
9. Analysis of grants (continued)
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Cancer Research (Health) | 1,000 | – |
| Freedom from Torture (Health) | 5,000 | – |
| Place2Be (Health) | 5,000 | – |
| Royal Geographic Society (Education) | 600 | 600 |
| Polar Educators International USA (Education) | 16,895 | – |
| Royal Institution (Education) | 5,000 | – |
| Bocconi University (Education) | 12,243 | – |
| Intergenerational Foundation (Education) | – | 10,000 |
| Police Care UK (Welfare) | – | 2,000 |
| Under One Sky (Welfare) | 5,000 | – |
| --------------------------- | --------------------------- | |
| 50,738 | 12,600 | |
| --------------------------- | --------------------------- | |
| Total grants | 50,738 | 12,600 |
| =========================== | =========================== |
| 10. | Net gains on investments | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | 9,617 | 9,617 | – | – | |
| ======================= | ======================= | ============== | ============== | ||
| 11. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the accounts | 1,200 | 1,200 | |||
| Other financial services | 1,200 | 1,200 | |||
| ----------------------- | ----------------------- | ||||
| 2,400 | 2,400 | ||||
| ======================= | ======================= |
12. Trustee remuneration and expenses
None of the trustees, or persons connected with them, received any remuneration or reimbursement of expenses during the current or prior year.
13. Other gains / (losses)
Other gains / (losses) relates to foreign exchange gains and losses on translation of monetary assets and liabilities at the year end.
14. Taxation
The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects.
14
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
15. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2022 | – |
| Additions | 86,887 |
| Disposals | (21,637) |
| Fair value movements | 9,617 |
| --------------------------- | |
| At 5 April 2023 | 74,867 |
| =========================== | |
| Carrying amount | |
| At 5 April 2023 | 74,867 |
| =========================== | |
| At 5 April 2022 | – |
| =========================== |
All investments shown above are held at valuation.
Financial assets held at fair value
Investments in equities and bonds are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
16. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 8,985 | – | |
| ======================= | ============== | ||
| 17. | Investments | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Loans | 1,102,947 | 954,020 | |
| ========================================= | ================================ |
The charity made a loan of $1,375,000 (£1,102,947) (2022: $1,250,000; £954,020) to Silverstreet Private Equity Strategies SICAR. Interest is charged on the loan at a rate of 1% per month, equivalent to an annualised interest rate of 12.7% and is payable quarterly. The loan is repayable on or before 30 June 2023, but was subsequently extended to 30 June 2024.
18. Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 2,400 | 4,800 |
| ======================= | ======================= |
15
DocuSign Envelope ID: BBE88530-CD55-4081-925D-6BF3B0C82216DocuSign Envelope ID: 0CCAF5C2-959C-418B-A4B5-360112673546
GLC Charitable Trust
Notes to the Accounts (continued)
Year ended 5 April 2023
19. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 6 April 2022 | Income | Expenditure | losses | 5 April 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,210,115 | 186,808 | (62,370) | 68,010 | 1,402,563 |
| ========================================= | ================================ | ======================= | ======================= | ========================================= | |
| At | Gains and | At | |||
| 6 April 2021 | Income | Expenditure | losses | 5 April 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,024,533 | 145,584 | (23,359) | 63,357 | 1,210,115 |
| ========================================= | ================================ | =========================== | ============== | ========================================= | |
| Analysis of net assets between funds | |||||
| Unrestricted | Total Funds | ||||
| Funds | 2023 | ||||
| £ | £ | ||||
| Investments | 74,867 | 74,867 | |||
| Current assets | 1,330,096 | 1,330,096 | |||
| Creditors less than 1 year | (2,400) | (2,400) |
|||
| ----------------------------------------- | ----------------------------------------- | ||||
| Net assets | 1,402,563 | 1,402,563 | |||
| ========================================= | ========================================= | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2022 | ||||
| £ | £ | ||||
| Investments | – | – | |||
| Current assets | 1,214,915 | 1,214,915 | |||
| Creditors less than 1 year | (4,800) | (4,800) |
|||
| ----------------------------------------- | ----------------------------------------- | ||||
| Net assets | 1,210,115 | 1,210,115 | |||
| ========================================= | ========================================= |
20. Analysis of net assets between funds
21. Related parties
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 and Charities SORP (FRS 102).
16