**Charity registration number 1147365** ## **THE GERALD CURGENVEN WILL TRUST** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **THE GERALD CURGENVEN WILL TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|J Wakeham| |---|---| ||R Perry| |**Charity number**|1147365| |**Auditor**|Simpkins Edwards Audit LLP| ||The Summit| ||Woodwater Park| ||Pynes Hill| ||Exeter| ||EX2 5WS| |**Bankers**|Savills Client Account| ||Solent & Dorset Team| ||Barclays Corporate| ||Third Floor| ||Barclays House| ||Ocean Way| ||Southampton| ||SO14 2ZP| ## **THE GERALD CURGENVEN WILL TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Statement of trustees' responsibilities|3| |Independent auditor's report|4 - 6| |Statement of financial activities|7| |Statement of financial position|8| |Statement of cash flows|9| |Notes to the financial statements|10 - 16| ## **THE GERALD CURGENVEN WILL TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust'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 Trust was established by a Will dated 15 October 1951, a codicil dated 13 October 1952 and the death of Gerald Curgenven on 23 June 1959. The objectives of the charity are to raise income for its income beneficiary, Marlborough College a charity registered with charity number 309486, and to preserve the capital for general charitable purposes. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. ## **Achievements and performance** As anticipated, the sale of the Estate completed in the year, which directly impacted the level of income recieved due to a reduced period where rents were due to the Trust. This did reflect on the expenditure for the year, with a deficit before grants made and the gain on sale of the Estate. ## **Financial review** It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. ## **Plans for future periods** The trust now holds no property, with all assets held as cash and investments as the Undistributed Capital Fund. The trust will now begin to distribute capital over the next 6 years to suitable charities and organisations as chosen by the trustees. ## **Structure, governance and management** The trust is a registered charity, number 1147365 established by a Will dated 15 October 1951, codicil dated 13 October 1952 and the death of Gerald Curgenven on 23 June 1959. The trustees who served during the year and up to the date of signature of the financial statements were: J Wakeham R Perry M Bromell (Retired 22 September 2023) The trustees have a policy of maintaining a minimum of two Trustees and recruitment will be from persons deemed suitable, who are unanimously elected by current Trustees after an interview process. ## **Auditor** The auditor, Simpkins Edwards Audit LLP, are deemed to be reappointed. - 1 - ## **THE GERALD CURGENVEN WILL TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Disclosure of information to auditor** Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees' report was approved by the Board of Trustees. J Wakeham R Perry **Trustee Trustee** 28 March 2024 - 2 - ## **THE GERALD CURGENVEN WILL TRUST** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these 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; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 3 - ## **THE GERALD CURGENVEN WILL TRUST** ## **INDEPENDENT AUDITOR'S REPORT** ## **TO THE TRUSTEES OF THE GERALD CURGENVEN WILL TRUST** ## **Opinion** We have audited the financial statements of The Gerald Curgenven Will Trust (the ‘trust’) for the year ended 31 December 2023 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 4 - ## **THE GERALD CURGENVEN WILL TRUST** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GERALD CURGENVEN WILL TRUST** ## **Responsibilities of trustees** As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: - Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; - Reviewing minutes of meetings of those charged with governance; - Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - 5 - ## **THE GERALD CURGENVEN WILL TRUST** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GERALD CURGENVEN WILL TRUST** ## **Other matters** Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) 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 now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. ## **Use of our report** 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 audit 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 auditor'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 audit work, for this report, or for the opinions we have formed. 28 March 2024 Simpkins Edwards Audit LLP The Summit Woodwater Park Pynes Hill Exeter EX2 5WS Chartered Accountants, Statutory Auditor Simpkins Edwards Audit LLP is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. - 6 - ## **THE GERALD CURGENVEN WILL TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2023**|**2022**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Charitable activities|**3**|131,074|251,553| |Investments|**4**|32,245|542| |**Total income**||163,319|252,095| |**Expenditure on:**|||| |Charitable activities|**5**|10,185,370|292,468| |Net gains/(losses) on investments|**10**|3,172,970|-| |**Net expenditure for the year/**|||| |**Net movement in funds**||(6,849,081)|(40,373)| |Fund balances at 1 January 2023||10,002,522|10,042,895| |**Fund balances at 31 December 2023**||3,153,441|10,002,522| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7 - ## **THE GERALD CURGENVEN WILL TRUST** ## **STATEMENT OF FINANCIAL POSITION** ## _**AS AT 31 DECEMBER 2023**_ |**Notes**
**Fixed assets**
Investment property
**12**
Investments
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets/(liabilities)
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2023**
**£**
**£**
-
3,029,372
3,029,372
-
376,198
376,198
(252,129)
124,069
3,153,441
3,153,441
3,153,441|**2022**
**£**
**£**
10,165,171
-
10,165,171
57,515
109,637
167,152
(329,801)
(162,649)
10,002,522
10,002,522
10,002,522| |---|---|---| The financial statements were approved by the Trustees on 28 March 2024 J Wakeham **Trustee** R Perry **Trustee** - 8 - ## **THE GERALD CURGENVEN WILL TRUST** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**17**
**Investing activities**
Purchase of investment property
Proceeds from disposal of investment
property
Purchase of other investments
Investment income received
**Net cash generated from/(used in)**
**investing activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
**£**
(10,074,453)
-
13,338,141
(3,029,372)
32,245
10,341,014
-
266,561
109,637
376,198|**2022**
**£**
**£**
9,506
(12,718)
-
-
542
(12,176)
-
(2,670)
112,307
109,637| |---|---|---| - 9 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 trust is a Public Benefit Entity as defined by FRS 102. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## **1.4 Income** Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. ## **1.5 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 are allocated on the portion of the asset’s use. Charitable expenditure (estate management costs) comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, costs of an indirect nature necessary to support them and costs associated with meeting the constitutional and statutory requirements of the charity. The charity is not registered for VAT and all expenditure includes this where appropriate. - 10 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.6 Investment property** Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Financial instruments** The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. - 11 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **2 Critical accounting estimates and judgements** In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## Valuation of investment properties The valuation of investment properties is sensitive to changes dictated by both the condition of the properties and also the market. The value of the investment properties held are assessed annually and are amended when necessary to reflect current estimates. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ## **3 Charitable activities** |Residential rental income
Agricultural rental income
Overheads recharged|**Income**
**2023**
**£**
63,900
65,505
1,669
131,074|**Income**
**2022**
**£**
135,355
114,808
1,390| |---|---|---| |||251,553| ## **4 Investments** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Interest receivable|32,245|542| - 12 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **5 Charitable activities** |||**Charitable**||**Charitable**| |---|---|---|---|---| |||**Expenditure**|**Expenditure**|| |||**2023**||**2022**| |||**£**||**£**| ||Property repairs and maintenace|24,673||84,984| ||Agricultural property repairs and maintenace|7,266||4,558| ||Management fees|39,019||40,427| ||Consultancy fees|23,968||14,083| ||Legal fees|26,489||32,786| ||Accountancy|3,150||1,831| ||Audit fees|7,020||3,288| ||Trustee management expenses|11,735||20,535| ||Marketing & advertising expenses|-||32,638| ||Rates|6,370||8,114| ||Electricity|(1,101)||2,070| ||Water & sewage charges|5,918||3,165| ||Water supply electric|1,394||1,252| ||Water supply repairs|6,158||26,418| ||Insurance|18,361||16,233| ||Bank charges & interest|50||86| ||Office costs|497||-| |||180,967||292,468| ||Funds granted to Marlborough College|10,004,403||-| |||10,185,370||292,468| |**6**|**Grants payable**|||| |||**Charitable**||**2022**| |||**Expenditure**||| |||**2023**||| |||**£**||**£**| ||Grants to institutions (1 grants):|||| ||Marlborough College|10,006,338||-| ||Marlborough College|(1,935)||-| |||10,004,403||-| - 13 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **6 Grants payable (Continued)** The sum of £10,006,338 from the proceeds from the sale of the Trevalga Estate were granted to Marlborough College, in line with the Will of the late Gerald Curgenven Esq, from which the Trust was formed upon. The £1,935 deduction relates to the adjustment from the 2022 & 2023 year having been deficits, with an uplift from the Trusts residual funds of 75%, bringing the closing balance due to the College to £241,095. This represents the end of Marlborough College's interest in the Trust, with the only further monies due to Marlborough College being set out in the Creditors note, which relate to undistributed funds from previous accounting periods. ## **7 Auditor's remuneration** |**Fees payable to the trust's auditor and associates:**|**2023**|**2022**| |---|---|---| ||**£**|**£**| |Audit of the trust's annual accounts|7,020|3,288| ## **8** ## **Trustees** Total remuneration and expenses of £11,735 (2022 - £20,535) were paid in the period in regard to Mr M Bromell's appointment as a Trustee up until his retirement, with £542 (2022 - £1,383) being for travel and administrative support. No other Trustees were remunerated or claimed expenses in the year. ## **9 Employees** The average monthly number of employees during the year was: |The average monthly number of employees during the year was:||| |---|---|---| |Total
There were no employees whose annual remuneration was more than £60,000.|**2023**
**Number**
-|**2022**
**Number**
-| |||| ## **10 Net gains/(losses) on investments** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|| ||**2023**|**2022**| ||**£**|**£**| |Gain/(loss) on sale of investment properties|3,172,970|-| - 14 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **11 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **12 Investment property** |**Investment property**|| |---|---| ||**2023**| ||**£**| |**Fair value**|| |At 1 January 2023|10,165,171| |Disposals|(10,165,171)| |At 31 December 2023|-| Investment property comprising the Trevalga Estate was sold in the year, with no remaining Investment property held by the Trust. ## **13 Fixed asset investments** ||**Investments**| |---|---| ||**£**| |**Cost or valuation**|| |At 1 January 2023|-| |Additions|3,029,372| |At 31 December 2023|3,029,372| |**Carrying amount**|| |At 31 December 2023|3,029,372| |At 31 December 2022|-| The Fixed asset investment represents £3 million pounds invested in to a treasury stock at 4.75% in the year. By the year end, the investment had accrued additional funds of £29,372 from monthly interest recieved, and represents the true investment value at the year end. ## **14 Debtors** |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
-
-
-
-|**2022**
**£**
9,780
28,703
19,032| |---|---|---| |||57,515| - 15 - ## **THE GERALD CURGENVEN WILL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **15 Creditors: amounts falling due within one year** |Payments received on account
Other creditors
Accruals and deferred income|**2023**
**£**
-
242,753
9,376
252,129|**2022**
**£**
3,614
311,942
14,245| |---|---|---| |||329,801| £241,095 of the other creditors balance relates to the undistributed funds due to Marlborough College, as refered to in note 6. ## **16 Related party transactions** ## **Transactions with related parties** During the year the trust entered into the following transactions with related parties: |||**Professional**|**Trustees**| |---|---|---|---| |||**2023**|**2022**| |||**£**|**£**| ||Kivells Limited, of which Mr M Bromell is a director|11,735|20,535| |||11,735|20,535| |**17**|**Cash generated from operations**|**2023**|**2022**| |||**£**|**£**| ||Deficit for the year|(6,849,081)|(40,374)| ||Adjustments for:||| ||Investment income recognised in statement of financial activities|(32,245)|(542)| ||Gain on disposal of investment property|(3,172,970)|-| ||Movements in working capital:||| ||Decrease/(increase) in debtors|57,515|(1,498)| ||(Decrease)/increase in creditors|(77,672)|51,920| ||**Cash (absorbed by)/generated from operations**|(10,074,453)|9,506| - 16 -