IM irwinmitchell THE GREGSON FAMILY FOUNDATION RE TERED CHARITY N 1171 FINANCIAL TATEMENT 24 (Ref: 05233985)
THE GREGSON FAMILY FOUNDATION REGISTEREO CHARITY NO.1171351 Contents to Financial Statements for the ar ended 31 December 2024 Pa Annual Report of the Trustees Independent Examiners ReF)Ort Balan Sheet Stslement of Finanaal Activities 7-13 Notes to Financial Statements 14-20 Schedule of Investments
ANNUAL REPORT OF THE TRUSTEES For the year ended 31 December 2024 Full name of Charity: The Gregson Family Foundation Nature of goveming document: Trust d&d dated 24 January 2017 Registration Number: 1171351 Trustees: David Gregson lan Topping Thomas Eggar Trust Corporation Ltd Directors of Thomas Eggar Trust Corporation Ltd: Paula Caryn James Darran FaWtt Sarah Phillips Caroline Shelton James Pavey Michael Taylor Registered Address: Riverside East, 2 Millsands, Sheffield, S3 8DT Banker: Barclays Bank PLC, 74-75 East Street, Chichester, West Sussex. P019 1HL Solicitors: Irwn Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 1 UF Investment Managers: Brewin Dolphin Limited, 12 Smithfield Street, London. EC1A 9BD Independent Examiners Carpenter Box, 4 Dukes Court, Bognor Road, Chichester, West Sussex. P019 8FX Operating Restrictions: Charitable objects according to the Law of England Specific investment powers: Wide unrestricted powers given to the Trustees in the deed dated 24 January 2017 Objects of the charity . The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital at such time or times 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 (a) The advancement of environmental protection or improvement (b) The advancement of human rights, conflict or reconciliation (c) The prevention or relief of poverty (d) The advancement of education and the relief of those in need by reason of youth, age, ill-health, financial disability, financial hardship or disadvantage Grant making policy . GA.. 5257352 1
The capital and income of the Trust is to provide only for the assistan or provision of funds as detailed in the deed dated 24 January 2017. Financial review and investment policy There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees for a period of five years and takes account of demand for funds. The trustees consider the income requirements, the risk profile and the investment managerfs view of the market prospects in the medium term. This strategy is set within an overall policy which states that the fund is to be invested in moderate risk investments with a view to 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 strategy is reviewed with our investment managers annually. This is the seventh year of The Gregson Family Foundation. During the year incoming resources totalled £110,998 {2023. £110,324 resources expended totalled £68.812 (2023: £65,302} and there were other recognised gains of £96,206 (2023.. £76,358). As a result the fund balance carried foward at 31 December 2024 was £1,383,245 (2023.. £1,244,852). The Trustees confirm that they did not receive any remuneration during the year, nor were they reimbursed for any expenses. Reserves policy . It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which may arise. Unrestricted funds were maintained at this level throughout 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 prodUd so that the necessary steps can be taken to lessen these risks. Trustees, responsibilities in relation to the financial statements . Law applicable to charities in England and Wales requires the trust*s to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those 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., state whether applicable accounting standards and statements 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 conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which 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. 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. The Trustees confirm that the accounts comply with the goveming document. GA.. 5257352 1
At present there are three Trustees, the minimum allowed in the Trust Deed, with an unlimited maximum. The first Trustees are entitled to hold office for life. Future Trustees must be appointed by resolution of the Trustees. David Gregson ian Topping 19.5.2025 Director For and on behalf of I homas Eggar -1 rust Lorporation Ltd GA.. 5257352 1
At present there are three Trustees, the minimum in the Trusl Deed. with an unlinited maximum. The first Trustees are entthd to hold for lrfe. Future Trustees must be apwnted by r&wlution of the Trustees. ian ToppiNJ Oirecr For and on behalf of Thomas Eggar Trust COrpthn Ltd GA.. 5257352 1
At pcesenl thère afe Ihree Trustees. the mintmum allowed in the Trust Dead, an unlimited maximum The fi1 Trustees awe entitled to hokj offKe lor lrfo. Fubjre Tnjstees must be appoinled by resoluiion ol the Truslees lan ToppirvJ Daled.. 19.5.2025 Direcior For and on behalf of Th)mas Eggar Trust Cryation Ltd GA: 5257352 1
THE GREGSON FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREGSON FAMILY FOUNDATION I report to the trustees on my examination of the financial statements of The Gregson Family Foundation (the 'charity') for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no 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 2011 Act,. or the financial statements do not accord wth those records., or the financial statements 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 independenl 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 orderto enable a proper understanding ofthe financial statements to be reached. Claire Norwood Bsc FCA ATII Carpenter Box Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX 2010512025 Dated..
Pys THE GREGSON FAMILY FOUNOAlloN REGISTERED CHARtrY NO.1 171351 Balane• Sh••1 as at 31 Drt•n)er 2024 Pte As al 31.11Z4 A5al 31.1123 Axed Ass•ts Inveslrnenls al Wdlue 1.377.719 31 1.127.817.58 Cuml Asséts Cash al bank Debll 7.C61.60 56.294.67 62.CKQ CQ 1,246.112 23 1.384.780 91 atMlrtJ&s lalry ilhfft 12 rTh>th CrvdrtryJ Tdal ossels b•ss ruronl lthht 11.S36 Cm)) 1 383.244 91 11.260 CQ) 1244.852 23 abilrt$ llry du• thn fryo yg Crodrt(xs Net Ass•ts 10 1383 244.91 1244.852.23 Fund 8al•nM •s at 31.1224 Urwe51rided Roslncted 1.383.244.91 1235,265 95 9.586.28 1.383.244 91 1244.852 23 19.5.2025 3nd sgn•d on b•h)11 TnNt•• Toppr9 Tntst•e TnNI
CHAR 71 1.3TI.719.31 1.127.817.56 Cash at bw 7.1x1.80 56.294.67 62,(X)O.00 1.246.112.23 1,384,780.91 Llthlkm fdllryj due 12 nrrt Croditor8 <1,536.(3) 1.383244.91 {1,260.LY) 1244,852.23 Llabllttth falknJ due ithw) fNe yo•rn CrJito 10 Fund Balanc• a• •t 31.12.24 Unre8trth1 1.383.244.91 1235.265.95 9,586.28 1.383.244.91 1.244.852.23 The fina181 Statnts Te wo¥ed by tr board oftrustoos on . 19.5.2025 and srJrd M their behaff tr Davvj GrBgwn lan ToppiThJ The noles on pagu 7.13 fomi part of
Page 5 THE GREGSON FAMILY FOUNDATION REGISTERED CHARITY NO.11713S1 Balance Sheet as at 31 December 2024 Note As at 31.12.24 AS at 31.12.23 Fixed Assets Inveslments al value 1.377.719.31 1.127,817.56 Current Assets Cash al bank Debtors 7.061.60 56.294.87 62,000.00 1,246,112.23 1.384.780.91 Liabilities falling due within 12 months Creditors Total assets less current liabiliiies (1.536.00 1.383.244.91 1,260.00 1,244,852.23 Liabilities falling due within five years Creditors Net Assets 10 1.383.244.91 1.244,852.23 Fund Balance as at 31.12.24 Unreslricled Reslricled 1.383.244.91 1,235,265.95 9,586 28 1,383,244.91 1,244,852.23 19.5.2025 The financial slalemenls were approved by the board of trustees on ............................-and signed on their behalf David Gregson Trustee lan Topping Trustee Thomas Eggar Trust Corporation Limited Trustee The notes on pages 7-13 form part of these accounts.
orcJz
Page 7 THE GREGSON FAMILY FOUNDATION REGISTERED CHARrrY NO. 1171351 Notes to the Accounts for the ear ended 31 December 2024 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 Vth the charity's memorandum and articles of association, the Charity's Act 2011 and 'Accounting and Reporting by Charities- the Statement of Recommended Practice for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and UK Generally Accepted Accounting practi as it applies from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage ofthe provisions in the SORP forcharities applying FRS 102 not to prepare a Statement of Cash Flows. The accounts are prepared in sterling. which is the functional currency of the charity. The accounts have been prepared on the historical cost 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 accounts. the trustees have reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees, continue to adopt the going concern 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 trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 1A 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 detemiined as the differen beeen the sale prOedS and the carrying value of the asset, and is recognised in net incomel(expenditure) for the year.
Page 8 1.5 GRANTS PAYABLE Grants payable are debited to expenditure within the Statement of Financial Activities in the pericKI 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 constructive obligation unless conditions are attached to future payments such that the trustees effectively retain the discretion to avoid making such payments. 1.6 INVESTMENTS AND INVESTMENT INCOME All investments are stated at 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 ft)r diminution in value), are credited or debited to the Statement of Financial Activities, and subsequently transferred to Unrestricted 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 accountability of the charity and its compliance with regulation and good practi. These costs include costs related to statutory independent examination and legal fees together with other overhead and support costs. 1.10 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with banks. 1.11 FINANCIAL INSTRUMENTS The charity 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 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 includes debtors and cash and bank balan$, are initially measured at transaction price including transaction costs and are subsequentiy 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 reiptS discounted at a market rate of interest. Financial assets classified as receivable wthin one year are not amortised.
Page 9 Impaimient of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assefs original effective interest rate. The impairment loss is recognised in net incomel{expenditure) for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment 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 Incom[expenditUre) for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at 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 ServIS 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 at transaction pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised vthen the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity'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 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 RE RE FAMILY F TERED CHARITY N NDATI .1171 Notes to the Accounts for the ear ended 31 Decernber 2024 3. FIXED ASSET INVESTMENTS (Summary of pages 14 to 20) Year ended 1.12.24 Year ended 1.12.2 Quoted investments Market value brought forward Portfolio cash brought forward 1,088,206.43 39.611.13 1,127,817.56 1,024.699.00 30,878.19 1,055,577.19 Additions IncreasellDecreasel in portfolio cash Disposals Net unrealised gains 290,298.66 119,724.821 (123.388.651 102.716.56 1,377,719.31 65,272.00 8,732.94 177,887.511 76,122.94 1,127,817.56 Quoted UK Investments Quoted Non UK Investments Cash held on portfolio 383.959.28 973,873.72 19.886.31 1,377,719.31 809,527.24 278,679.19 39,611.13 1,127,817.56 Historic cost of quoted investments 1,065,945.00 907,840.39 Investrnents that represent greater than 5% of the portfolio by Market Value Holding Quantity 1.12.2 Vanguard Funds PIC- S&P 500 1.145 102,652.11
Page12 THE GREGSON FAMILY FOUNDATION REGISTERED CHARifY NO.1171351 Notes to the Accounts for the ear ended 31 Decernber 2024 8. DEBTORS Asat 31.1224 Asat 31.12.23 62,000.00 Donations and legaaes 9. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR Asat 31.1224 Asat 31.12.23 Accrued expenses Independent Examination fees 1,536.00 1,260.00 Grants payable Manchester University 1,536.00 1,260.00 10. CREDITORS: AMOUNTS FALLING DUE WITHIN FIVE YEARS Grants payable Manchester University Year ended 31.12.24 Year ended 31.12.23 11. CHARITABLE ACTIVITIES Grants payable (note 121 Share of G0Veman Costs (note 14) 52,706.83 10,570.20 63.277.03 50,260.40 10,166.00 60,426.40 Analysis by fund Unrestricted funds Restricted funds 53.690.75 9.586.28 63.277.03 10,426.40 50,000.00 60.426.40 12. GRANTS PAYABLE Beewell Amazon Watch Wouter Nolel Foundation Manchester University 32,532.28 10,000.00 10,174.55 50,000.00 260.40 50,260.40 52,706.83 13. COST OF GENERATING FUNDS Brewin Dolphin Limited 5,535.07 4,876.59 Year ended 31.12.24 Year ended 31.12.23 14. GOVERNANCE COSTS ITwn Mitchell LLP- Legal & Professional fees Carpenter Box- Independent Examiners fees Loan Interest Payable Bank charges 8.779.20 1.776.00 6,750.00 1,416.00 2,000.00 15.00 10,570.20 10,166.00 Basis of Allocation". All of the g0Veman costs are allocated to the charitable activity of grant making. Totslling £10,570.20 in 2024 {2023. £10.1661.
ID C u)
OfD ooo= I 11 }1 Il
)Oa)4a)a) illlllll: 12 1111
*oo Iii, Iii,
1££ £ii£* I