||||Page|
|---|---|---|---|
|Report ofthe Trustees|||1to3|
|Report ofthe Independent<br>Auditors|||4to5|
|Statement of Financial|Activities|||
|Statement of Financial|Position|||
|Notes to the Financial|Statements||8to 14|
|Detailed Statement of|Financial|Activities|15|





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|Principal address||||
|---|---|---|---|
|c/o Wedlake<br>Bell LLP||||
|71Queen Victoria Street||||
|London||||
|EC4V 4AY||||
|Trustees||||
|TWest||||
|J A Cutts||||
|Auditors||||
|Villars Hayward|LLP|||
|Chartered<br>Accountants,||||
|Chartered<br>Tax Advisers||and Statutory|Auditors|
|Boston House||||
|Henley-on-Thames||||
|RG9 1DY||||
|Lawyers||||
|Wedlake<br>Bell LLP||||
|71Queen Victoria Street||||
|London||||
|EC4V 4AY||||
|Bankers||||
|National<br>Westminster||Bank Pic||
|PO Box No. 159||||
|322 High Holborn||||
|London||||
|WC1V 7PS||||
|Investment<br>Managers||||
|Brewin Dolphin||||
|12Smithfield<br>Street||||
|London||||
|EC1A9BD||||
|STATEMENT OF|TRUSTEES RESPONSIBILITIES|||






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||||||31.12.22|31.12.21|
|---|---|---|---|---|---|---|
||||||Unrestricted|Total|
||||||funds|funds|
|||||Note|f|f|
|INCOME AND|ENDOWMENTS||FROM:||||
|Investment<br>income|||||352,805|335,284|
|EXPENDITURE|ON:||||||
|Raising funds|||||||
|Investment<br>management||costs|||60,209|61,727|
|Charitable<br>activities|||||||
|Donations|||||232,500|487,200|
|Other|||||55,788|39,677|
|Total|||||348,497|588,604|
|Net (loss)/gain|on investments||||(1,492,702)|1,314,038|
|NET (DEFICIT)/SURPLUS|||||(1,488,394)|1,060,718|
|RECONCILIATION<br>OF FUNDS|||||||
|Total funds brought forward|||||12,291,669|11,230,951|
|TOTAL FUNDS|CARRIED|FORWARD|||10,803,275|12,291,669|





||||The Serth and Gates Charit|||
|---|---|---|---|---|---|
||||Statement of Financial Position|||
||||as at|||
||||31December 2022|||
|||||31.12.22|31.12.21|
||||Note|||
|FIXED ASSETS||||||
|Investments||||10,414,006|11,878,638|
|CURRENT ASSETS||||||
|Cash at bank||||353,356|437,008|
|Wedlake<br>Bell|LLP client account|||201,839|327,973|
|||||555,195|764,981|
|CREDITORS||||||
|Amounts<br>falling due||within one year||(118,526)|(227,950)|
|NET CURRENT ASSETS||||436,669|537,031|
|TOTAL ASSETS LESSCURRENT LIABILITIES||||10,850,675|12,415,669|
|CREDITORS||||||
|Amounts<br>falling due||after more than one year||(47,400)|(124,000)|
|NET ASSETS||||10,803,275|12,291,669|
|FUNDS||||||
|Unrestricted|funds:|||||
|Income Fund||||354,804|262,393|
|Designated<br>Capital||Fund||10,448,471|12,029,276|
|TOTAL FUNDS||||10,803,275|12,291,669|






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|INVESTMENT INCOME|||31.12,22|31.12.21|
|---|---|---|---|---|
||||Unrestricted|Total|
||||funds|funds|
|Cash investments|||1,396|22|
|Investment<br>income|||351,409|335,262|
||||352,805|335,284|
|INVESTMENT MANAGEMENT||COSTS|||
||||31.12.22|31.12.21|
||||Unrestricted|Total|
||||funds|funds|
|Portfolio management|||60,209|61,727|
|CHARITABLE ACTIVITIES|||||
|Donations|||31.12.22|31.12.21|
|||||f|
|Funding committed not yet paid brought forward at 1January 2022|||||
|The Horse Trust|||(141,000)|(25,992)|
|University ofGlasgow|||(60,000)||
|Blue Cross|||(15,000)|(12,000)|
|Dogs Trust|||(15,000)|(12,000)|
|Greatwood|||(15,000)|(15,000)|
|Hearing<br>Dogs for Deaf People|||(15,000)|(12,000)|
|PDSA|||(15,000)|(12,000)|
|SPANA|||(15,000)|(15,000)|
|The Brooke Hospital for Animals|||(15,000)|(15,000)|
|Battersea<br>Dogs and Cats|Home||(10,000)||
|Dogs for Good|||(10,000)|(10,000)|
|Ufton Court Educational|Trust||(2,700)|(3,000)|
|Cherington<br>PCC|||(1,500)|(1,500)|
|Friends of Mann Cottage|Surgery||(1,500)|(1,500)|
|Guiting<br>Festival|||(1,500)|(750)|
|Longborough<br>Festival Opera|||(1,500)|(1,500)|
|Shipston<br>Home Nursing|||(1,500)|(1,250)|
|The Carice Singers|||(1,500)|(500)|
|Henley Music School||||(2,000)|
|The Chiltern<br>Centre||||(1,000)|
|The Rivertime<br>Boat Trust||||(1,000)|
|Total Funding committed|not|yet paid at1 January 2022|(337,700)|(142,992)|
|Note continued<br>on page|10||||





|CHARITABLE ACTIVITIES|(continued)||||
|---|---|---|---|---|
|Donations|||31.12.22|31.12.21|
||||E|f|
|Donations paid during the year|||||
|University<br>ofSurrey|||50,500|49,000|
|The Horse Trust|||47,000|25,992|
|University<br>of Bristol|||45,000|71,500|
|Battersea Dogs and Cats|Home||35,200||
|University<br>ofGlasgow|||30,000|30,000|
|Greatwood|||30,000|15,000|
|Society of Protection ofAnimals Abroad||(SPANA)|30,000|15,000|
|Blue Cross|||30,000|12,000|
|The People's Dispensary|for Sick Animals|(PDSA)|30,000|12,000|
|Dogs For Good|||30,000|10,000|
|NationalAnimal<br>Welfare|Trust||20,000||
|Hearing<br>Dogs for the Deaf|||15,000|12,000|
|Dogs Trust|||15,000|12,000|
|Four Paws|||10,000||
|Ufton Court Educational|Trust||2,700|3,000|
|Longborough<br>Festival Opera|||1,500|1,500|
|Friends of Mann Cottage|Surgery||1,500|1,500|
|Cherington<br>PCC|||1,500|1,500|
|Shipston<br>Home Nursing|||1,500|1,250|
|Guiting<br>Festival|||1,500|750|
|The Carice Singers|||1,500|500|
|Acorns|||1,000||
|The Brooke Hospital for|Animals|||15,000|
|Rivertime<br>Boat Trust||||2,000|
|The Chiltern<br>Centre||||1,000|
|Total donations paid during the year|||430,400|292,492|
|Funding committed not|yet paid carried|forward at 31December 2022|||
|The Horse Trust|||94,800|141,000|
|University<br>ofGlasgow|||30,000|60,000|
|Dogs Trust|||15,000|15,000|
|Cherington<br>PCC||||1,500|
|Friends of Mann Cottage Surgery||||1,500|
|Guiting<br>Festival||||1,500|
|Longborough<br>Festival Opera||||1,500|
|Shipston<br>Home Nursing||||1,500|
|The Carice Singers||||1,500|
|Ufton Court Educational|Trust|||2,700|
|Blue Cross||||15,000|
|Greatwood||||15,000|
|Hearing<br>Dogs for Deaf People||||15,000|
|PDSA||||15,000|
|SPANA||||15,000|
|The Brooke Hospital for|Animals|||15,000|
|Battersea Dogs and Cats Home||||10,000|
|Dogs for Good||||10,000|
|Total Funding<br>committed not yet paid|||139,800|337,700|
|Total Donations|||232,500|487,200|





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|Professional|fees|and charges|||31.12.22|31.12.21|
|---|---|---|---|---|---|---|
|||||||E|
|Legalfees|||||40,966|23,847|
|Independent|auditor's fee - audit||||9,091|8,658|
|Independent|auditor's fee —other services||||5,806|5,500|
|Under / (over) accrued fees -|||audit||(147)|1,595|
|Other - Bank|charges||||72|77|
||||||55,788|39,677|
|Split as follows:||- Income Fund|||27,894|19,839|
|||- Designated|Capital|Fund|27,894|19,838|
||||||55,788|39,677|



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|FIXEDASSET INVESTMENTS||
|---|---|
||Listed|
||investments|
|MARKET VALUE||
|At 1January 2022|11,878,638|
|Additions|2,140,566|
|Disposals|(2,112,496)|
|Revaluations|(1,492,702)|
|At 31December 2022|10,414,006|
|NET BOOK VALUE||
|At 31December 2022|10,414,006|
|At 31December 2021|11,878,638|





||||||31.12.22|31.12.21|
|---|---|---|---|---|---|---|
|Funding committed|not|yet paid (see analysis below)|||92,400|213,700|
|Creditors and accruals|||||26,126|14,250|
||||||118,526|227,950|
|Analysis offunding|committed||not yet paid||||
|The Horse Trust|||||47,400|47,000|
|University ofGlasgow|||||30,000|30,000|
|Dogs Trust|||||15,000|15,000|
|Cherington<br>PCC||||||1,500|
|Friends of Mann Cottage||Surgery||||1,500|
|Guiting<br>Festival||||||1,500|
|Longborough<br>Festival Opera||||||1,500|
|Shipston<br>Home Nursing||||||1,500|
|The Carice Singers||||||1,500|
|Ufton Court Educational||Trust||||2,700|
|Blue Cross||||||15,000|
|Greatwood||||||15,000|
|Hearing<br>Dogs for Deaf People||||||15,000|
|PDSA||||||15,000|
|SPANA||||||15,000|
|The Brooke Hospital|for|Animals||||15,000|
|Battersea Dogs and|Cats|Home||||10,000|
|Dogs for Good||||||10,000|
||||||92,400|213,700|
|CREDITORS: AMOUNTS||FALLING DUE AFTER MORE THAN ONE YEAR|||||
||||||31.12.22|31.12.21|
|Analysis offunding|committed||not yet paid||||
|The Horse Trust|||||47,400|94,000|
|University ofGlasgow||||||30,000|
||||||47,400|124,000|
|MOVEMENT<br>IN FUNDS|||||||
||||||Designated||
|||||Income|Capital||
|||||fund|fund|Total|
|||||||E|
|Total funds brought|forward at 1.1.22|||262,393|12,029,276|12,291,669|
|Incoming resources||||352,805||352,805|
|Resources expended|||||||
|- Investment<br>management|||costs||(60,209)|(60,209)|
|- Donations||||(232,500)||(232,500)|
|-Other||||(27,894)|(27,894)|(55,788)|
|Gain/(Loss)<br>on investments|||||(1,492,702)|(1,492,702)|
|Total funds carried forward at31.12.22||||354,804|10,448,471|10,803,275|
|Movement<br>in funds|in year|||92,411|(1,580,805)|(1,488,394)|





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|||||||||31.12.22|31.12.21|
|---|---|---|---|---|---|---|---|---|---|
||||||||||E|
|Financial|assets at fair value||through|Statement||of Financial Activities||||
|Investments||||||||10,414,006|11,878,638|
|Financial|assets that are debt instruments||||measured||at amortised|cost||
|Cash at bank||||||||353,356|437,008|
|Financial|liabilities|measured|at amortised||cost|||||
|Creditors|&1year|||||||(118,526)|(227,950)|
|Creditors|&1year|||||||(47,400)|(124,000)|
|The fair|values ofthe assets held at fair value through||||||Statement of|Financial Activities at the Balance Sheet date are||
|determined<br>using||quoted prices.||||||||



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|The following|The following|bursaries|have been awarded to various students|at the Universities|of Bristol, Glasgow and Surrey respectively.|
|---|---|---|---|---|---|
|University|of|Bristol||||
|~Academic|ear|||||
|2012/13|||||46,875|
|2013/14|||||45,465|
|2014/15|||||55,000|
|2015/16|||||31,000|
|2016/17|||||60,000|
|2017/18|||||64,000|
|2018/19|||||54,000|
|2019/20|||||7,000|
|2020/21|||||27,000|
|2021/22|||||44,000|
|2022/23|||||45,000|
||||||479,340|
|University|ofGlasgow|||||
|A~cad mic|ear||||E|
|2012/13|||||40,000|
|2013/14|||||50,000|
|2014/15|||||63,000|
|2015/16|||||61,000|
|2016/17|||||47,000|
||||||261,000|
|University|ofSurrey|||||
|~Acad mic|ear||||E|
|2018/19|||||7,000|
|2019/20|||||7,000|
|2020/21|||||18,000|
|2021/22|||||49,000|
|2022/23|||||50,500|
||||||131,500|
|Total bursaries||awarded|||871,840|





||||—Unrestricted|—Unrestricted|funds--|funds--|||
|---|---|---|---|---|---|---|---|---|
||||Income|Fund|Designated||Total funds|Prior period total|
||||||Capital|Fund||funds|
||||f||f|||E|
|INCOME AND ENDOWMENTS||FROM|||||||
|Cash investments||||1,396|||1,396|22|
|Investment<br>income|||351,389||||351,389|335,262|
|Sundry income||||20|||20||
|Total incoming resources|||352,805||||352,805|335,284|
|EXPENDITURE ON|||||||||
|Investment<br>management|costs||||||||
|Portfolio management||||||60,209|60,209|61,727|
|Charitable<br>activities|||||||||
|Donations|||232,500||||232,500|487,200|
|Support costs|||||||||
|Finance|||||||||
|Bank charges||||36||36|72|77|
|Governance<br>costs|||||||||
|Accountancy<br>and legal|fees|||27,858||27,858|55,716|39,600|
|Total resources expended|||260,394|||88,103|348,497|588,604|
|Net income/(expenditure)|before gains and losses|||92,411|(88,103)||4,308|(253,320)|
|Net gains on investments|||||(1,492,702)||(1,492,702)|1,314,038|
|Impairment<br>ofassets to fair value|||||||||
|Net income/(expenditure)||||92,411|(1,580,805)||(1,488,394)|1,060,718|