Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Charity number: 1136803
Guyll-Leng Charitable Trust
Unaudited
Trustees' report and financial statements
5 April 2024
Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Contents
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Independent examiner's report | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 19 |
Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Reference and administrative details Year ended 5 April 2024
| Trustees | Sarah Aitken |
|---|---|
| Michael A Kayser | |
| Carole A Leng | |
| James W Leng | |
| Dr Clive T Rankin | |
| Deborah M Ross | |
| Colin Smith | |
| Charity registered number 1136803 Registered office PO Box 344 Broadway Worcestershire WR11 9GE Secretary Deborah M Ross Accountants UNW LLP Chartered Accountants Citygate St James' Boulevard Newcastle upon Tyne NE1 4JE Investment managers Cazenove Capital 1 London Wall Place London EC2Y 5AU Waverton Investment Management 16 Babmaes Street London SW1Y 6AH |
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Trustees' report Year ended 5 April 2024
The trustees present their report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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
The objects of the trust ("the objects") are such charitable purposes as the Trustees from time to time in their discretion think fit and without prejudice to the generality of the foregoing:
1.2.1 the advancement of education and training (including sport) amongst children from disadvantaged backgrounds and circumstances.
1.2.2 the relief of pain (physical and mental) amongst those suffering from terminal illnesses.
1.2.3 the support of members of the armed forces, those who have recently served and also those who need support as a result of injuries.
1.2.4 the training of guide dogs for the blind or visually impaired; and
1.2.5 the advancement of amateur sport, or the advancement of arts, culture, and heritage by such charitable purposes as the trustees see fit, provided that:
(a) the trustees shall regard the primary purpose of the trust as being the direct support of those in need; and
(b) the trustees are unlikely to support research or the administration or support costs of intended recipients.
There was no change to the aims and objectives of the charity.
The focus continues to be towards organisations whose youthful members, without our support, would be financially challenged to continue with their educational studies, future work-related training or life-time skills/musical capabilities, sporting endeavours and the armed forces.
In the year under review, in addition to the above, the charity also provided financial support to organisations dealing with the terminally ill and disadvantaged & disabled children.
The trustees have considered the public benefit guidance issued by the Charity Commission and have set out throughout this report the benefits that the charity activities bring to the wider community.
Achievements and performance
A summary of the principle work carried out by the trustees of the charity in the year included:
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Four formal meetings were held during the year. In addition, there were numerous informal meetings, collectively and individual, together with work streams to discuss potential new programmes to further the aims and objectives of the charity.
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A revised 3-year financial plan was drawn up, reviewed and approved by the trustees.
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The trustees also reviewed the work of several of its grant recipients including personal visits.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Trustees' report (continued) Year ended 5 April 2024
Achievements and performance (continued)
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The trustees continued to develop the formal bursary schemes it has established with Hartpury College, the National Youth Orchestra, and Rycotewood College. In addition, a new three-year program was agreed with St. Andrews Youth Club for cooking and budgeting amongst its junior members. A project to finance a sports facility for the armed forces at a Midlands location was also investigated.
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During the year under review, 69 applications were formally reviewed by the trustees. 21 grants totalling £301,630 were made to 16 recipients.
The trustees continue to focus their efforts and financial resources in supporting fewer charitable programmes within the aims and objectives of the charity.
Financial review
Unrestricted funds in total amounted to £3,162,455. It is the policy of the charity to hold reserves for future income generation, and at the year end £3,029,717 of these reserves are invested as set out below.
The sole source of funding for the charity continues to be donations made personally by the founding trustees, Mr J W Leng and Mrs C A Leng.
During the year, the trustees reviewed the investment policy of the charity’s financial resources. They confirmed continuing with its current investment mandate of low/medium risk diverse assets with high liquidity and concluded that the existing strategy was appropriate. On 2nd April 2024, the mandate for managing the charity’s investments was transferred from Cazenove Capital to Waverton Investment 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 the major risks.
Structure, governance and management
The Guyll-Leng Charitable Trust is a registered charity, number 1136803, and is constituted under a trust deed.
The trustee board has been stable for a number of years. Recruitment and induction of new trustees will be considered when the need arises.
Trustees
The trustees who served during the year and up to the date of signing the financial statements were:
Sarah Aitken Michael A Kayser Carole A Leng James W Leng Dr Clive T Rankin Deborah M Ross Colin Smith
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Trustees' report (continued) Year ended 5 April 2024
Plans for future periods
The trustees intend to continue to work with a number of ongoing projects that meet their current priorities and to review new applications on merit on a case by case basis.
Approved by order of the members of the board of trustees on 14 October 2024 and signed on their behalf by:
Michael A Kayser Trustee
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Statement of trustees' responsibilities Year ended 5 April 2024
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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.
Approved by order of the members of the board of trustees on 14 October 2024 and signed on its behalf by:
Michael A Kayser Trustee
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Independent examiner's report Year ended 5 April 2024
Independent examiner's report to the trustees of Guyll-Leng Charitable Trust ('the charity')
We report to the charity trustees on our examination of the accounts of the charity for the year ended 5 April 2024.
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 2011 Act').
We report in respect of our examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. We confirm that we are qualified to undertake the examination because we are a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 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.
We 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.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Independent examiner's report (continued) Year ended 5 April 2024
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our work or for this report.
Signed: Anne Hallowell UNW LLP Newcastle upon Tyne
Dated: 14 October 2024 BSc FCA DChA
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Statement of financial activities Year ended 5 April 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Investment management costs 5 Charitable activities 7 Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 482,129 64,709 546,838 12,086 305,952 318,038 228,800 62,925 291,725 2,870,730 291,725 3,162,455 |
Total funds 2024 £ 482,129 64,709 546,838 12,086 305,952 318,038 228,800 62,925 291,725 2,870,730 291,725 3,162,455 |
Total funds 2023 £ 509,996 36,734 546,730 10,341 360,275 370,616 176,114 (79,150) 96,964 2,773,766 96,964 2,870,730 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 19 form part of these financial statements.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Balance sheet At 5 April 2024
| 2024 | 2024 | 2023 | |||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 11 | 3,029,717 | 2,733,222 | ||
| Current assets | |||||
| Cash at bank and in hand | 135,738 | 140,508 | |||
| Creditors: amounts falling due within one | |||||
| year | 11 | (3,000) | (3,000) | ||
| Net current assets | 132,738 | 137,508 | |||
| Total assets less current liabilities | 3,162,455 | 2,870,730 | |||
| Total net assets | 3,162,455 | 2,870,730 | |||
| Charity funds | |||||
| Unrestricted funds | 12 | 3,162,455 | 2,870,730 | ||
| Total funds | 3,162,455 | 2,870,730 |
The financial statements were approved and authorised for issue by the trustees on 14 October 2024 and signed on their behalf by:
Michael A Kayser Trustee
The notes on pages 11 to 19 form part of these financial statements.
9
Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Statement of cash flows Year ended 5 April 2024
| Cash flows from operating activities Net cash generated from/(used in) operating activities Cash flows from investing activities Income from investments Proceeds from sale of investments Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2024 £ 164,091 64,709 1,193,668 (1,427,238) (168,861) (4,770) 140,508 135,738 |
2023 £ 139,080 36,734 412,141 (787,616) (338,741) (199,661) 340,169 140,508 |
|---|---|---|
The notes on pages 11 to 19 form part of these financial statements
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
1. General information
The Guyll-Leng Charitable Trust ('the charity') is a charity incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is given in the reference and administrative details page of these financial statements and the principal activities of the charity are given in the trustees' report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Guyll-Leng Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
2. Accounting policies (continued)
2.3 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
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 institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and 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.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.8 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.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
2. Accounting policies (continued)
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 482,129 Unrestricted funds 2023 £ Donations 509,996 |
Total funds 2024 £ 482,129 |
|---|---|
| Total funds 2023 £ 509,996 |
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
4. Investment income
| Unrestricted funds 2024 £ Income from listed investments 26,863 Interest receivable 37,846 64,709 Unrestricted funds 2023 £ Income from listed investments 35,816 Interest receivable 918 36,734 Investment management costs Unrestricted funds 2024 £ Investment management fees 12,086 Unrestricted funds 2023 £ Investment management fees 10,341 |
Total funds 2024 £ 26,863 37,846 64,709 |
|---|---|
| Total funds 2023 £ 35,816 918 36,734 |
|
| Total funds 2024 £ 12,086 |
|
| Total funds 2023 £ 10,341 |
5. Investment management costs
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
6. Analysis of grants
| Donations made Donations made |
Grants to Institutions 2024 £ 301,630 Grants to Institutions 2023 £ 356,440 |
Total funds 2024 £ 301,630 |
|---|---|---|
| Total funds 2023 £ 356,440 |
The charity has made the following material grants to institutions during the year:
| Name of institution The National Youth Orchestra of Great Britain Hartpury College HQ Hereford Garrison Active Learning - Rycote Royal Hospital Chelsea Other grants to institutions |
2024 £ 95,000 75,000 73,850 12,500 1,750 258,100 43,530 301,630 |
2023 £ 90,000 75,000 70,000 20,000 82,182 |
|---|---|---|
| 337,182 19,258 |
||
| 356,440 |
7. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Grant giving | 301,630 | 4,322 | 305,952 |
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
7. Analysis of expenditure by activities (continued)
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Grant giving | 356,440 | 3,835 | 360,275 |
Analysis of support costs
| Bank charges Trustee expenses Independent examiner fees Postage Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual financial statements |
Total funds 2024 £ 490 437 3,000 395 4,322 2024 £ 3,000 |
Total funds 2023 £ 490 345 3,000 - 3,835 |
|---|---|---|
| 2023 £ 3,000 |
8. Independent examiner's remuneration
9. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2023: £NIL).
During the year ended 5 April 2024, expenses totalling £437 were reimbursed or paid directly to 2 trustees (2023: £345). Amounts reimbursed related to travel expenses incurred by the trustees.
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
10. Fixed asset investments
| Equities Bonds Multi asset funds Alternatives Total investments Cash funds held with investment managers Investments At 6 April 2023 Additions Disposals Change in market value At 5 April 2024 11. Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 189,085 146 1,945,948 - 2,135,179 894,538 3,029,717 2024 £ 3,000 |
2023 £ 354,203 842,132 683,975 382,788 2,263,098 470,124 2,733,222 2024 £ 2,263,098 1,002,824 (1,193,793) 63,050 2,135,179 2023 £ 3,000 |
|---|---|---|
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
12. Statement of funds
Statement of funds - current year
| Balance at 6 | Balance at 6 | Gains/ | Balance at 5 | Balance at 5 | |||
|---|---|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | (Losses) | April 2024 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General Funds | 2,870,730 | 546,838 | (318,038) | 62,925 | 3,162,455 | ||
| Statement of funds - prior year | |||||||
| Balance at | Gains/ | Balance at | |||||
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General Funds | 2,773,766 | 546,730 | (370,616) | (79,150) | 2,870,730 |
13. Reconciliation of net movement in funds to net cash flow from operating activities
14.
| Net income for the period (as per Statement of Financial Activities) Adjustments for: (Gains)/losses on investments Income from investments Decrease in creditors Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2024 £ 291,725 (62,925) (64,709) - 164,091 2024 £ 135,738 135,738 |
2023 £ 96,964 |
|---|---|---|
| 79,150 (36,734 (300 |
||
| 139,080 | ||
| 2023 £ 140,508 |
||
| 140,508 |
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Docusign Envelope ID: 5F753AAC-4088-4B58-917A-3756BE15FEAC
Guyll-Leng Charitable Trust
Notes to the financial statements Year ended 5 April 2024
15. Analysis of changes in net debt
| At 6 April | At 5 April | ||
|---|---|---|---|
| 2023 | Cash flows | 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 140,508 | (4,770) | 135,738 |
16. Related party transactions
During the year donations of £482,129 were received from trustees of the charity (2023: £509,996).
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