Charity registration number: 1166970
## The Gordon Family Charitable Trust
Annual Report and Financial Statements
for the Year Ended 30 November 2021
## **The Gordon Family Charitable Trust**
## **Contents**
|Trustees' Report|1 to 3|
|---|---|
|Statement of Trustees' Responsibilities|4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to 17|
## **The Gordon Family Charitable Trust**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the Charity for the year ended 30 November 2021.
## **Objectives and activities**
## _**Objects and aims**_
Charitable donations or grants from the Charity are made to causes close to the family's heart that have been supported for numerous years. Donations or grants are discussed amongst the trustees before decisions are made. The main objective of the Charity is to support institutions through the provision of donations and grants.
## _**Public benefit**_
The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial review**
## _**Policy on reserves**_
Reserves carried forward at the period end total £271,888 (2020 - £229,427) for unrestricted funds.
It is the policy of the the Charity 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 Charity'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. The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## _**Principal funding sources**_
The Charity's principal funding source is from donations and legacies. Donations received are principally from the Gordon family.
Page 1
## **The Gordon Family Charitable Trust**
## **Trustees' Report**
## **Reference and Administrative Details**
Charity Registration Number: 1166970 Principal Office: 15 Downs Park West Westbury Park Bristol BS6 7QQ Independent Examiner: Milsted Langdon LLP Freshford House Redcliffe Way Bristol BS1 6NL Bankers: Coutts & Co 440 Strand London WR2R 0QS
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: A S Gordon E N Gordon L F Clark M Z Chinnick
## **Structure, governance and management**
## _**Nature of governing document**_
The Charity was set up in 2016 and established by Charitable Trust Deed dated 29 November 2015. The trustees meet on a quarterly basis to discuss the Charity's ongoing activities and future plans.
## _**Recruitment and appointment of trustees**_
The recruitment of trustees are from the Gordon family. New trustees are appointed by the existing trustees. All of the trustees are members of the Charity.
## **Financial instruments**
## _**Objectives and policies**_
The Charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The Charity does not use derivative financial instruments for speculative purposes.
Page 2
## **The Gordon Family Charitable Trust**
## **Trustees' Report**
## _**COVID-19 consideration**_
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the trustees have reviewed the impact on the Charity. Following this review, the trustees consider there to be little impact on the Charity's ability to act as a going concern.
The trustees have reviewed capital resources available and consider that the Charity has adequate resources to continue to meet it's charitable objectives and aims for the next twelve months.
The annual report was approved by the trustees of the Charity on 30 September 2022 and signed on its behalf by:
......................................... A S Gordon Trustee
Page 3
## **The Gordon Family Charitable Trust**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 Charity and of the incoming resources and application of resources of the Charity for that period. 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 business.
The trustees are responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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 the trustees of the Charity on 30 September 2022 and signed on its behalf by:
........................................... A S Gordon Trustee
Page 4
## **The Gordon Family Charitable Trust**
## **Independent Examiner's Report to the trustees of The Gordon Family Charitable Trust**
I report to the Charity trustees on my examination of the accounts of the Charity for the period ended 30 November 2021.
## **Responsibilities and basis of report**
As the charity’s trustees of The Gordon Family Chartiable Trust, you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011 ('the Act').
Having satisfied myself that the accounts of the Charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of The Gordon Family Chartiable Trust accounts carried out under section 145 of the Act and in carrying out my examination I have followed 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
- 1. Charities Act 2011; or
2. The accounts do not accord with those records; or
- The accounts do not comply with the accounting requirements concerning the Chartities
- 3. (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.
......................................
D S Jacobs
For and on behalf of Milsted Langdon LLP Freshford House Redcliffe Way Bristol BS1 6NL
30 September 2022
Page 5
## **The Gordon Family Charitable Trust**
## **Statement of Financial Activities for the Year Ended 30 November 2021**
|**Note**
**Income and Endowments from:**
Donations and legacies
2
Investment income
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Gains/(losses) on investment assets
Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
12|**Unrestricted**
**funds**
**£**
50,689
8,190
58,879
(35,054)
(35,054)
18,635
42,460
42,460
229,427
271,887|**Total**
**2021**
**£**
50,689
8,190
58,879
(35,054)
(35,054)
18,635
42,460
42,460
229,427
271,887|**Total**
**2020**
**£**
-
7,378|
|---|---|---|---|
||||7,378|
||||(52,779)|
||||(52,779)|
||||(8,925)|
||||(54,326)|
||||(54,326)
283,753|
||||229,427|
All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 12.
The notes on pages 8 to 17 form an integral part of these financial statements. Page 6
## **The Gordon Family Charitable Trust**
## **(Registration number: 1166970) Balance Sheet as at 30 November 2021**
|**Note**
**Fixed assets**
Investments
9
**Current assets**
Cash at bank and in hand
10
**Creditors: Amounts falling due within one year**
11
**Net current assets**
**Net assets**
**Funds of the Charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
12|**2021**
**£**
251,261
22,436
(1,810)
20,626
271,887
271,887
271,887|**2020**
**£**
201,135
30,032
(1,740)|
|---|---|---|
|||28,292|
|||229,427|
|||229,427|
|||229,427|
The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue on 30 September 2022 and signed on their behalf by:
......................................... A S Gordon Trustee
The notes on pages 8 to 17 form an integral part of these financial statements. Page 7
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The Gordon Family Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Exemption from preparing a cash flow statement**
The Charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
In light of the rapid spread of the Coronavirus "COVID-19" in early 2020, the trustees have reviewed the impact on the Charity. Following the review, the trustees consider there to be little impact on the Charity's ability to act as a going concern.
The trustees have reviewed the capital resources available and consider that the Charity has adequate resources in place in order to meet it's charitable objectives and aims for the next twelve months.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Page 8
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Governance costs**
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The Charity is exempt from taxation in respect of income or capital gains received to the extent that such income or gains are applied exclusively to charitable purposes.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 9
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the Charity.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Page 10
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **2 Income from donations and legacies**
|Donations and legacies;
Donations from individuals|**Unrestricted**
**funds**
**General**
**£**
50,689
50,689|**Total**
**2021**
**£**
50,689|
|---|---|---|
|||50,689|
£48,539 (2020 - £Nil) of the income above was attributable to unrestricted funds and £Nil (2020 - £Nil) attributable to restricted funds.
## **3 Investment income**
|Other income from fixed asset investments
**4**
**Expenditure on charitable activities**
Costs of donations and legacies
Investment management costs
Other expenditure
**5**
**Other support costs**
Independent Examiner's remuneration||**Unrestricted**
**funds**
**General**
**£**
8,190
**Direct costs**
**£**
32,228
1,016
1,810
35,054
**Activity**
**support**
**costs**
**£**
1,810||**Total**
**2021**
**£**
8,190
**Total**
**2021**
**£**
32,228
1,016
1,810
35,054
**Total**
**2021**
**£**
1,810|**Total**
**2020**
**£**
7,378|
|---|---|---|---|---|---|
||||||**Total**
**2020**
**£**
50,195
784
1,800|
||||||52,779|
||||||**Total**
**2020**
**£**
1,740|
£1,810 (2020 - £1,740) of the income above was attributable to unrestricted funds and £Nil (2020 - £Nil) attributable to restricted funds.
Page 11
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **6 Grant-making**
## **Analysis of grants**
|**Analysis of grants**|||
|---|---|---|
||**Grants to institutions**||
||**2021**|**2020**|
||**£**|**£**|
|**Analysis**|||
|Alzeheimers Society|500|600|
|Avon & Somerset Search & Rescue|-|100|
|Bristol Hebrew Congregation|450|75|
|Birmingham H C|-|100|
|British Friends of Hebrew University|-|200|
|Chabad Bristol|6,540|9,090|
|Design Ability|-|250|
|Easton Community Childrens Centre|-|200|
|Forest of Avon Trust|100|100|
|Hope and Homes|-|110|
|Horseworld|-|100|
|Jessie May Trust|250|200|
|Jewish National Fund|1,250|1,500|
|Magen David Adam|250|650|
|Motivation|-|5,000|
|Motor Neurone Disease Trust|500|100|
|Mr E Thomas|-|50|
|MS Society|-|500|
|Royal British Legion|-|300|
|Shaare Zedek UK|1,000|100|
|Salvation Army|-|100|
|St Peters Hospice|-|5,000|
|The Anchor Society|100|100|
|The High Sheriff's Fund|100|100|
|Theatre Royal Bath|-|70|
|United Jewish Israel Appeal|-|500|
|Wizo UK - Jewish Womens Week|-|130|
|World Jewish Relief|6,000|1,700|
|Cancer Research|500|200|
|Cerebral Palsy Plus|250|-|
|Childrens Hospice Southwest|2,000|5,000|
|Life Education Bristol|250|-|
|Prostate Cancer UK|-|1,000|
|Shelter|-|50|
|The Grateful Society|200|200|
Page 12
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
|Food Lifeline
MDRT Foundation
Bristol Association for Neighbourhood Day Care
Bristol Childrens Help Society
British Heart Foundation
Caring in Bristol
Fareshare Southwest
Felix Road Adventure Playground
Lord Mayor of Bristol Children Appeal
Lord Mayor of Bristol Children in Need
LURA Animal Rescue
Paid
Quartet Community Foundation
Royal Star & Garter
Royal West of England Academy
Scottish Jewish Heritage Centre
Southmead Hospital Charity
Weston Hopice Care
Young Lives
Gurkha Welfare Trust
Aish UK
The Talent Fund
Beth Hamidrash Hagadol Synagogue
Blind Veterans UK
Crowdfunder Newquay
Eastside Community Trust
International Fund for Animal Welfare
Just Giving
Manchester Foundation Trust Charity
Mikeys Walk
Mouth & Foot Painting
Royal National Lifeboat Institution
Salvation Housing Association
Teenage Cancer Trust
The Central British Fund
The Trussell Trust
Wellspring Counselling
A Security|**Grants**
**2021**
**£**
-
750
-
-
-
-
200
-
150
-
-
3,550
300
200
200
-
-
2,000
-
200
40
250
100
200
210
100
400
1,248
250
150
30
100
100
250
500
60
200
250
32,228|**to institutions**
**2020**
**£**
200
6,800
200
200
100
100
100
100
100
100
100
820
200
300
1,300
500
350
5,000
50
100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|
|||50,195|
Page 13
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **7 Trustees remuneration, expenses and employees**
No trustees, nor any persons connected with them, have received any remuneration from the Charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
The average number of employees in the year was Nil (2020 - Nil).
## **8 Taxation**
The Charity is a registered charity and is therefore exempt from taxation to the extent that income and gains are applied exclusively to charitable purposes.
Page 14
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **9 Fixed asset investments**
|**9**
**Fixed asset investments**|||||
|---|---|---|---|---|
|Listed investments
**Listed investments**
**Cost or Valuation**
At 1 December 2020
Revaluation
Additions
Disposals
At 30 November 2021
**Net book value**
At 30 November 2021
At 30 November 2020||**2021**
**£**
251,261
**Listed**
**investments**
**£**
201,135
11,734
50,689
(12,297)
251,261
251,261
201,135||**2020**
**£**
201,135|
|||||**Total**
**£**
201,135
11,734
50,689
(12,297)
251,261
251,261
201,135|
Investments at fair value comprised of equities at £251,261 (2020 - £201,135)
The fair value of the investment portolio was determined using quoted market prices. Included within the valuation of the portfolio was a cash balance of £2,335 at the year end (2020 - £8,967).
- Investments held, exceeding 5% of the portolio value at 30 November 2021, comprise of: - Murray International Trust Ord at 13% (2020 - 16%)
- Guinness Asset Management Global Equity Inc at 16% (2020 - 19%)
- Ecofin Gbl Util & Infrastr Tst Ord at 11% (2020 - 20%)
- Montanaro UK Small Invest Tst Ord at 17% (2020 - 17%)
- Octopus Renewables Infra TR PLC ORD at 10% (2020 - 12%)
- Henderson Itl Income Trust PLC ORD at 14% (2020 - 16%)
- 3I Group Ord at 12% (2020 - Nil)
- Biotech Growth Trust (THE) ORD at 7% (2020 - Nil)
Page 15
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **10 Cash and cash equivalents**
|Cash at bank
**11 Creditors: amounts falling due within one year**
Accruals
**12 Funds**
**Balance at**
**1**
**December**
**2020**
**£**
**Incoming**
**resources**
**£**
**Unrestricted funds**
General
229,427
58,879
**Balance at**
**1**
**December**
**2019**
**£**
**Incoming**
**resources**
**£**
**Unrestricted funds**
General
283,753
7,378|**2021**
**£**
22,436
**2021**
**£**
1,810
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(35,054)
18,635
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(52,779)
(8,925)||**2020**
**£**
30,032|
|---|---|---|---|
||||**2020**
**£**
1,740|
||||**Balance at**
**30**
**November**
**2021**
**£**
271,887|
||||**Balance at**
**30**
**November**
**2020**
**£**
229,427|
The unrestricted funds are available to be spent in accordance with the objectives of the Charity.
Page 16
## **The Gordon Family Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 30 November 2021**
## **13 Analysis of net assets between funds**
## **2021**
|Tangible fixed assets
Current assets
Current liabilities
Total net assets
**2020**
Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
251,262
22,436
(1,810)
271,888
**Unrestricted**
**funds**
**General**
**£**
201,135
30,032
(1,740)
229,427|**Total funds**
**at 30**
**November**
**2021**
**£**
251,262
22,436
(1,810)|
|---|---|---|
|||271,888|
|||**Total funds**
**at 30**
**November**
**2020**
**£**
201,135
30,032
(1,740)|
|||229,427|
## **14 Related party transactions**
There were no related party transactions in the year.
Page 17