IM irwinmitchell THE GREGSON FAMILYFOUNDATIO REGISTERED CHARITY NO. 1171351 FINANCIAL STATEMENTS or the ear ended 31 De¢embe (Ref: 052339851 THE GREGSON FAMILY FOUNDATION REGISTERED CHARITY NO.1171351 Contents to Flnanclal Statements December 2023 Pa Annual Report of the Trustees Independont Examinèrs Report Balance Sheet Statement of Financial Actiwtie8 7-13 Notes to Financial Statements 14-18 Schedul8 of Inv$slmènts ANNUAL REPORT OF THE TRUSTEES For the year ended 31 December 2023 Full name of Charity.. The Gregson Family Foundation Nature of governing document: Trust deed dated 24 January 2017 Reglstratlon Number: 1171351 Trustees: David Gregson lan Topping Thomas Eggar Trust Corporation Ltd Dlrectors of Thomas Eggar Trust Corporation Ltd: Paula Caryn James Craig Alexander Marshall- Resigned on 18112123 Darran Fawcett Sarah Phillips Caroline Shelton James Pavey Michael Taylor Reglstered Address: Riverside East, 2 Millsands. Sheffield, S3 8DT Banker: Barclays Bank PLC, 74-75 East Street. Chichester, Wesl Sussex. P019 1HL Solleltors: I￿1n Mitchell LLP, Thomas Eggar House, Friary Lane. Chichester, West Sussex, P019 1 UF Investment Managers: Brewn Dolphin Limited, 12 Smilhfield Street, London. EC1A 9BD Independent Examiners Carpenter Box Jones Avens Limited, 4 Dukes Court, Bognor Road, Chichester, Wesl Sussex. P019 8FX Operatlng Restrictions: Charitable objects according to the Law of England Speclflc Investment powers: Wide unrestricted powers given to the Trustees in the deed dated 24 January 2017 Oblects of the charity The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all orsuch part or parts of the capital at such time or limes and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the Trustees may in their discretion think fit or towards 181 The advancement of environmental protection or improvement Ibl The advancement of human rights. conflict or reconciliation Icl The prevention or relief of poverty Idl The advancement of education and the reliefofthose in need by reason of youth, age, ill-health, financial disability, financial hardship or disadvantage GA.. 5257352 1 Grant making policy The capitsl and income ofthe Trust is to provide only for the assistance or provision offunds as detsiled in the deed dated 24 JanLJary 2017. Financial review and investment pollcy There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees for a period offive years and lakes account of demand for funds. The trustees consider the income requirements, the risk profile and the investment manager's view of the market prospects in the medium term. This strategy s sel within an overall policy which slates that the fLJnd is lo be invested in moderate risk investments with a view lo ensuring that capital appreciation of the fund exceeds inflation over each five year period. The funds may be invested in any type of investment. Our slr21egy is reviewed with our investment managers annually. This is the sixth year of The Gregson Family Foundation. During the year incoming resources tolalled £110.324 {2022: £220,901) resources experTrded lotalled £65,303 {2022. £40,571) and there were other recognised gains of £76.358 {2022." Losses of £193,685). As a result the fund balance carried fomard al 31 December 2023 was £1.244,852 {2022.. £1,123,473). The Trustees confirm that they did not receive any remuneration during the year, nor were they reimbursed for any expenses. Reserves policy . 11 is the policy of the charity lo maintain unreslricled funds, which are the free reserves of the charity, at a level which equates to approximately six months expenditure. This provides sufficient funds lo cover management and administration and support Costs and to resporid to emergency applications for grants which may arise. Unreslricled funds were maintained at this level throughoLJt the year. Risk management: The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. Trustees, responsibilities in relation to the financlal statements Law applicable to charities in England and Wales requires the trustees lo prepare financial statements foreach financial year which give a true and fair view of the charity's financial activities during the year and of ils financial position al the end of the year. In preparing those financial stalemenls, the trustees are required lo.. select suitable accounting polioies and then apply them consistently. observe the methods and principles in the Charities SORP., stale whether applicable accounting standards and slalements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in bLJsiness. The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial stslements comply with the Charities Act 2011. 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 olherirregularilies. The Trustees confirm that the accounts comply with the governing document. GA.. 5257352 1 At presenltharèara IhreeTrustsas, Iha mlnlmum allowed In IheTrusl Deed. wllh an unllmlted rna¥lmum. Th& first Trustees are entilled to hold offic8 foT life. Future Trustees rnusl bo appoSnted by resolullon of the TNslee$. Davld Gregson ian Topplng Diroclor For and on behalf ol Thomas Eggar Trust Corporallon Ltd GA.. 525TJ5LI Al present there are three Trustees, the minimum allowed in the Trust Deed, with an unlimited maximum. The first Trustees are enlilled to hold office for life. Future Trustees musl be appointed by resolution of the I'uslees. id Gregs lan Topping Dated. ¥lql Director For and on behalf of Thomas Eggar Trust Corporalion Ltd GA- 5257352 THE GREGSON FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREGSON FAMILY FOUNDATION I report lo the trustees on my examination of the financial statements of The Gregson Family Foundation {Ihe 'charily'l for the year ended 31 December 2023. Responsibilities and basis of report As the truslees of the charity you are responsible for the preparation of the financial slalemenls in accordance with the requirements of the Charities Act 2011 (the 2011 Acll. I report in respect of my examination of the charil¢s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's ststement I have completed my examination. I confirm that no matters have come lo my attention in connection wfth the exawinalion giving me Cause lo believe that in any rnalerial respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial stslements do not accord with those records,. or the financial slalemenls do not comply with the applicable requirements conceming the form and content of a¢¢ounls set out in the Charities (Accounts and Reports) Regulations 2008 olheT than any requirement that the accounts give a true and fair view which is not a matter considered 88 part of an Independent examination. I have no concems and have come across no other mallers in connection with the examination to which allenlion should be drawn in this report in order lo enable a proper understanding ol the financial slalemenls lo be reached. Claire Norwood Bsc FCA ATII Carpenter Box Jones Avens Limited Piper House 4 Dukes Court 8ognor Road Chichester West Sussex P019 8FX 1610912024 Dated.. P40• 6 ÈGSON F STE DATIO EG NO.1 Ao reg¢otèd Flxed A98et* InvasimenlB aivalue 1.127.817.56 1.055.577.19 CurrenlA8$et8 Cash at bank D8btor6 56.294.87 62,ODO.00 1,246,112.23 89.155.48 1.124.732.67 Llabllllles falllng duewlthln 12 months Crediiors Total 855elN le3J wirent Ilabllllle6 11,260MDI 1.244,8S2.23 .852.2 11,260.00 t,123,472.67 Fund BBl8n¢• 89 At31.12.23 LJnr8atrlcled Reslrlcted 1,235,265.95 9,58&28 1,063,8e8.39 59.588.28 £ 1,244,052.23 1,123,472.67 The flnanclal ststemn16 W8re approv•d by Ihe board oltru$leè8(ffi.. and 8lgned on thelrb8hall by Da￿d Gregson Trustee 18n Toppln9 TIu8189 Thomob Eggar Tru$l C￿pOratIon LlmI8d Trnstee The noles on pages 7-13 fomi p8rtoftht$oaccounl& Page 5 THE GREGSON FAMILY FOUNDATION REGISTERED CHARITY NO.1171351 Ba ance Sheet as at 31 Dece ber2 23 As feststed Asa 31. 2.22 Not8 As at 31.12.23 Fl¥ed A$yets lfivestmenis al value 1.127,617.56 1,055.577.19 Culrenl Assets Cash at bank Debtors 56.294.67 62,000.OU 1,246,112.23 69,155.48 1,124,732.67 Ll8bllilie$ 18lling due within 12 months Credilors Total assets less cur￿1)1 liabililies Net A85ets 11,260.001 1,244.852.23 £ 1,244.852.23 11.260.001 1,123,472.$7 1.123,472.87 Fund Balance es at 31.12.23 Unrestrlcted ReslriGled 1.235.265.95 9.586.28 1,063,886.39 59,586.28 1,244.852.23 1.123,472.67 Th& financial statements We￿ approved by the board of trustee5 On .. .and 5igfied on their behalf by David Gwson Trustee lan Topping Trustee Thom8$ E99ar Tiusl Corporation Limited Trustee The noies on pages 7-13 form part of Ihese accounts. ottJz Page 7 THE GREGSON FAMILY FOUNDATION REGISTERED CHARITY NO. 1171351 Notes to the Accounts for the ear end December 2023 1 ACCOUNTING POLICIES The Gregson Family Foundation is an unincorporated charity, registered with the Charity Commission number 1171351. The registered address is Riverside East, 2 Millsands, Sheffield, S3 8DT 1.1 ACCOUNTING CONVENTION These accounts have been prepared in accordance with the charity's memorandum and articles of association. the Charity's Act 2011 and 'Accounling and Reporting by Charities the Statement of Recommended Pr8cts'ce for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The charity Is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows. The accounts are prepaTed in slerting, which is the functional currency of the charity. The accounts have been prepared on the historical ci)sl convention modified for the revaluation of investments. The principal accounting policies adopted are set out below. 1.2 GOING CONCERN At the time of approving the aceounls, the trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees, continue lo adopt the going concem basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the Iruslees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Reslricled funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the accounts. 1.4 INCOMING RESOURCES Incoming resources includes investment income. which is recognised when the charity has a legal right to the income. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpenditurel for the year. Page 8 1.5 GRANTS PAYABLE Grants payable are debited to expenditure within the Statement of Financial Activities in the period to which they relate. Where a grant commitment is payable over a period of more than one year, a liability is recognised for the full amount of the conslruclive obligation unless conditions are attached to future payments such that the IrLJslees effectively relain the discretion to avoid making such payments. 1.6 INVESTMENTS AND INVESTMENT INCOME All investments are stated al fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments (together with provisions for diminution in value), are credited or debited lo the Slalemenl of Financial Activities, and subsequently transferred to Unreslricled Funds. 1.7 CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. 1.8 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. 1.9 GOVERNANCE COSTS Governance costs comprise all costs involving the public accounlabilily of the charity and ils compliance with regulation and good practice. These costs include costs related lo slatulory audit and legal fees together with other overhead and support costs. 1.10 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held al call with banks. 1.11 FINANCIAL INSTRUMENTS The charity has elected to apply the provisions of Section 11 "Basic Financial Inslrumenls" and section 12 "Other Financial Instruments Issues. of FRS 102 to all of its financial inslrumenls. Financial assets and liabilities are offset, with the nel amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo sellle on a nel basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction wsls and 2re subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion. where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Page 9 Impalrment of financial assets Financial assets, other than those held at fair value through income and expenditure. are assessed for indicators of impairment at e8ch reporting date. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognib'on of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the differen￿ be￿een the carying amount and the present value of the eslimaled eash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net ineomellexpendilurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impaimienl was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment reversal is recognised in net incomellexpenditurel for the year. Basic financlal Ilabilities Basic financial liabilities. including trade and other payables, are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future receipts discounted al a market rate of interest. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade payables are obligations to pay for goods or setvices that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade payables are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities 2re derecognised when the charity's contractual obligations expire or are dI￿haryed or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the trustees are required lo make judgements. eslimales 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 lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 10 THE GREGSON FAMILY FOUNDATION REGISTERED CHARITY NO.1171351 Notes to the Accounts for the ar ended 31 December 2023 3. FIXED ASSET INVESTMENTS {Summary of pages 14 to 181 Yèar ended 31.12.23 Year ended 31.12.22 Quoted inv8stsll8rils Market value brought forward Portfolio cash brought forward 1,024.699.00 30,878.19 1,055.577.19 1,259.500.00 14.502.00 1,274,002.00 Additions IncreasellDecreasel in portfolio cash Disposals Net unrealised ga￿$ 65,272.00 8,732.94 177,887.511 76,122.94 £ 1,127,817.56 25,381.82 16,376.19 170.176.071 I190,0(￿.75) 1.055,577.19 Quoted UK Investments Quoted Non UK Investments ash held on portfolio 809,527.24 278,679.19 39,611.13 1,127.817.56 763.0￿.(m) 241.649.00 30,878.19 1,055,577.19 Historic cost of quoted investments 907,840.39 927,232.00 Investments that represent greater than 5Yo of the portfollo by Marketvalue There were no investments that represented greater than 5% of the portfolio by rnarket V8lue12022'. none) ND A$r•%t4led s. oItos$iwt$TIIÈNTIMCOME YearendidS1.412J axrÉÈovÉrÉb kdFpUsk￿le[Pst 2.339.87 2,339A7 840.08 84th08 1&6>1.7É 2.638.12 15,691.78 2.6M12 2,6&￿23 16Bg.23 Br￿ffl DLWhLlmllwJ 854.50 054.so (6.3￿ts7) (6.￿$.871 1,324. 4￿2 6. DONAnONSANO LEGACIES Y•4rendid 31.12. Yq4r¥nded31.1?.21 R•SlrlCt* Reatrfcted D￿Ld￿dRInIeGTtyS 89.OLIX 210.33&87 210.33&87 7.CASH Yeaiended Sl.12.23 yellw￿¢d arc￿5 B¥*Pk 68.2P4.67 69.155.48 t*.29&67 69.155.48 Page 12 THE GREGSON FAMILY FOUNDATIO REGISTERED CHARITY NO.1171351 Notes to the Accounts for the ear èndèd 31 DeC•m￿r 2023 8. DEBTORS Asat 31.12.23 62,000.00 Asat 31.12.22 Don81ions and lègades 9. CREDITORS.. AMOUNTS FALUNG DUE W￿H1N ONE YEAR As restated Asat 31.12.22 Asat 31.12.23 Accrued expenses Independent Examination fees 1,260.00 1,260.00 Loan from David and Rénèè GrÈgson 1,260.00 1,260.00 Year ended 31.12.23 Year ended 31.12.22 10. CHARITABLE ACTIVITIES Grants payable Inote 111 Share of Goveinanc8 Costs {note 131 50,260.40 10,166.00 60,426.40 21.963.72 13.546.00 35,509.72 Analysls by fund Unrestricled funds Restricted lunds 10,426.40 50,000.00 60,428.40 27,546.00 7,963.72 35,509.72 11. GRANTS PAYABLE Youth Sport Trust Beewell The Difference Education Ltd Pro Bono Economics Amazon Watth The Sutton Trust Wouter Na18t Foundation Manchester University 2,CQO.C 7,963.72 1,￿O.(K) 1.(M)O.(M) 6,000.LKI 1,000.(KJ 3,000.CM) 50.000.00 260.40 50.260.40 21,963.72 12. COST OF GENERATING FUNDS Brewln Dolphin Limiied 4,876.59 5.061.64 Year ended 31.12.23 Year ended 31.12.22 13. GOVERNANCE COSTS Itwin Mitchell LLP- Legal & Professional fees Jones Avens Ltd- Independent Examiners fees Loan interest payable 8,750.00 1,416.00 2,QOO.00 10,166.00 8.226.00 1.320.00 4,QOO.00 13.546.00 Basis of Allocation.. All of the governance costs are allocated to the charitable activity of grant rnaking. Totalling £10.166 in 202312022.. £13.5461. £ggg r4