LADY GOULD'S CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
REGISTERED CHARITY NUMBER 1173760
LADY GOULD'S CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 - 3 |
| Independent Examiner's Report | 4 |
| Receipts and Payments Accounts | 5 |
| Statements of Assets and Liabilities | 6 |
| Notes | 7 |
LADY GOULD'S CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees are pleased to present their report as a charitable inciorporated organisation (CIC), together with the financial statements of the charity for the year ended 31 December 2024.
The accounts comply with the Charity’s Constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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 2015).
REFERENCE AND ADMINISTRATIVE DETAILS
| Registered Charity number: | 1173760 |
|---|---|
| Principal address: | Broadfield Law UK LLP |
| One Bartholomew Close | |
| London | |
| EC1A 7BL | |
| Trustees: | The Rev Kunle Ayodeji |
| Simon Edwards | |
| Leigh Perl | |
| Dominic Gray | |
| Key management: | Jane Hill (Grants Officer) |
| Helen D'Monte (Clerk) | |
| Bankers: | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Solicitors: | Broadfield Law UK LLP (formerly BDB Pitmans LLP) |
| One Bartholomew Close | |
| London | |
| EC1A 7BL | |
| Independent Examiner: | Kathryn Pickering BSc FCA |
| 18 Lannesbury Crescent | |
| St Neots | |
| PE19 6AF |
STRUCTURE, GOVERNANCE AND MANAGEMENT
Lady Gould’s Charity was originally established by deed in 1691. It was subsequently registered with the Charity Commission with registration number 234978.
The organisation was incorporated as a Charitable Incorporated Organisation on 11 July 2017 and the charitable trust was subsequently wound up, following the transfer of assets and liabilities from the charitable trust to the Charity on 1 January 2018.
The Charity’s governing document is its Constitution (Foundation Model).
Page 1
LADY GOULD'S CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
RISK MANAGEMENT
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees will continue to develop appropriate methodologies to manage major risks as the operations of the Charity are developed
OBJECTIVES AND ACTIVITIES
The Objects of the Charity as stated in its Constitution are:
“the prevention or relief of poverty by providing financial assistance for the benefit of those in need and who are resident in the London Boroughs of Barnet, Camden, Haringey or Islington who the Trustees consider fall within the intention of the settlor as expressed in the 1691 deed of settlement that beneficiaries should be:
‘poor inhabitants of the town and vill of Highgate, whether lying in the Parish of Hornsey or the Parish of St Pancras’.”
The Charity has in place policy guidelines that outline the factors the Trustees must consider when determining whether to make a grant. The Charity generally makes grants of up to £600 per application. However, in exceptional circumstances the Trustees have given approval to higher amounts to individuals. These grants typically cover household items such as baby essentials, furniture, carpets, washing machines, cookers or clothing. The Trustees also make grants to community organisations within the geographical remit of the Charity which support local residents in need, where the trustees consider that a single grant will allow the charity to maximise its reach to a greater number of beneficiaries.
The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant-making policy for the year.
The Trustees are satisfied that the processes and activities of the Charity satisfy the public benefit test set out in s.4 Charities Act 2011.
ACHIEVEMENTS AND PERFORMANCE
During the year, grants totalling £56,019 were made (2023: £63,776).
The Charity plans to continue contributing to the lives of many disadvantaged people (and organisations, where agreed), in and around Highgate Village.
FINANCIAL REVIEW
The Charity received an income of £83,200 (2023: £50,075) from its three freehold properties and reimbursements from tenants in relation to buildings' insurance premiums in the sum of £6,747 (2023: £7,776). The charity also received £16,971 (2023: £17,119) in the form of unit trust dividends and bank interest.
The charity expended funds of £105,839 (2023: £129,931), primarily on grants, legal, administration and govenance costs.
Funds carried forward at the year end were £282,779 (2023: £261,686).
RESERVES POLICY
The Charity continues to maintian free reserves at a level that equates to up to six months of anticipated resources (£20,000 to £40,000). The investments in M&G and COIF are easily realised and offer capital growth as well as income while invested. As cash is needed the trustees will arrange a sale of units to provide any additional funds required to cover ongoing governance and support costs and to meet grant payments that have already been committed to, as well as to respond to grant requests.
Page 2
LADY GOULD'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 GOING CONCERN The Trustees are sallsfied there will be lrywerni on Ihe wing concem of the tharity. PLANS FOR THE FUTURE The Charlty conllnue lo provkle grants In 2025. TRUSTEES. RESPONSIBILMES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are r88ponsib18 for try)wing tho Tru8te6s' Amual Rerxyt and aLrounts in accNd8nce th applicabla law and Unltod iangdom AcCnting Stsndanls {Unlt8d lfjwdn GarnIty Acceptod Accounllng Pr8clice). In weparing the a(tounts. the Trusie85 are requtrgj to: Selecl 8ult8bl8 aLwuntiTrJ wlld88 and thon Observe the meltrths and prwiuples tii Chwitss SORP 2015 (FRS1021,' Make jLKlgments and esllmates that are rea8cble and pwdenL State 4th8th8r appllcablo acClIng Standa have boen frd, subpd to any m8lefl81 dopartures dlsdosed and explained in Ihe accounts; Prepare the accounts on a golw ccrtem basLs unless 11 Is knaptKcyrlats to presume that tho ch8dtsble company will Contin in operation. The Trustees are responsible for keeping adequate accounting rrdS thal disclose Imth reasonable accuracy al 8ny Ilme Ihe finandal positlon of the tharity arml enable them to ensure that the 8¢¢cwnts comply wilh the Ch8rlli8s Act 2011. They are 0180 re8ponslble for Safeguardiw the assets of the tharlty and hence for 18klng reagon8bb8 8teP8 for the prevenllon and detecuon of fraud other trrowlartlles. The report wa$ approvéd by the Tfustees on 4 <1 Iql2/ orKI sJngd on its bèhalf by. SI GDW ¥VJ> Tru8t88
LADY GOULD'S CHARITY REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Stalerrtent ol Financial Activities, Balan Sheet and the related notes. I rèport to the trustees i)n my examinats'on of the accounts ol Lady G)ukfs Charity for the year ended 31 December 2024, which are sel oul on pages 5 to 7. ResponslblllUe$ and basls of roport As the charity Irustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {Ihe ACV). I report In respect ol my examination of thg Tnjsfs atUnts ¢arrlad out under Secti 145 of the 2011 Act and in carrwng out my examination I have follow8d all the appIlble DIrtiOnS given by the Charty Commission under sèction 14515) {b) of Ihe Act. Independent oxamln•Ps statemw I have completed my examination. I confimi that no materfal matters have come to my attention in connection vAth the examination giving me causè to believe that in any material respect accountlng records were rbot kept in resped of the Trust as wulred by section 130 of the Act; or the accounls do nol accord those rectyds; c the accounts do not comply with Ihe applicable requlrements concemlng the fom and content of lh8 acnts set out in the Charities IAccounts and Reports) Regulatbns 2008 other than any requirement Ihat the a¢o)unts give a 'lrue and laif view v#hich is not a matter considered as part of an independent examlnallon. I have no ¢on¢ems and have come across no other matters In )nneC110n wilh the examlnation to which atlention shouFd be drawn In this report in order to enable a proper understandin9 of Ihe acuntS to be reached. Kathryn Pickerlng Bsc FCA Chartered A¢¢ount8nl 18 Lannesbury Crescent St Neots PE19 6AF Date.. ZL -*kn go£ Page 4
LADY GOULD'S CHARITY
RECEIPTS AND PAYMENTS ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Receipts | Total Funds Total Funds £ £ £ £ Unrestricted Funds Endowment Funds 31 December 2023 |
Total Funds Total Funds £ £ £ £ Unrestricted Funds Endowment Funds 31 December 2023 |
Total Funds Total Funds £ £ £ £ Unrestricted Funds Endowment Funds 31 December 2023 |
Total Funds Total Funds £ £ £ £ Unrestricted Funds Endowment Funds 31 December 2023 |
|---|---|---|---|---|
| Rental income | 83,200.00 | - | 83,200.00 | 50,075.00 |
| Reimbursement from tenants of buildings' insurancepremiums |
6,746.78 | - | 6,746.78 | 7,776.31 |
| Bank interest | 43.85 | 43.85 | 32.56 | |
| Unit trust dividends | 16,927.70 | - | 16,927.70 | 17,086.50 |
| Grants repaid | 12.80 | - | 12.80 | 600.00 |
| Total receipts Payments |
||||
| 106,931.13 | - | 106,931.13 | 75,570.37 | |
| Grantspaid | 56,018.85 | - | 56,018.85 | 63,776.25 |
| Examiner's fee and travelling expenses for examiningaccounts |
450.00 | - - |
450.00 | 500.00 |
| Grant Officer's fee foryear | 7,558.40 | - | 7,558.40 | 7,032.38 |
| Insurance Premiums 17 and 21 HHS | 8,927.93 | - | 8,927.93 | 8,163.23 |
| Legal and administrative fees | 10,506.00 | - | 10,506.00 | 30,276.92 |
| Consultancyagreement fee | 35.00 | - | 35.00 | 35.00 |
| Bank charges | 60.00 | - | 60.00 | 55.00 |
| Website costs | - | - | 122.40 | |
| Anthony Spencer projects Limited fee for new roof construction at 17a High Street |
13,302.10 | - | 13,302.10 | - |
| CSl Surveys building survey fee for 17a High Street |
- | - | - | 3,168.00 |
| Douglas Architects fee for advice and reports forplanningapplication for 17a High Street |
5,645.40 | - | 5,645.40 | 5,159.00 |
| Energy Performance Certificate fee for 21 High Street |
- | - | 417.60 | |
| London Borough of Camden fee for formally registering the addresses of the three properties |
695.43 | - | 695.43 | - |
| London Borough of Camden pre-planning advice fee |
- | - | - | 1,421.56 |
| Property advisers' fee for the surrender and grant of a new lease for 21 High Street |
- | - | - | 8,004.00 |
| Rockland SafetyServices - fire design note | - | - | - | 1,800.00 |
| Thames Water fee re water connection at 17 High Street |
240.00 | - | 240.00 | - |
| Thames Building Control Limited fee re work at 17A High Street |
2,400.00 | - | 2,400.00 | - |
| Total payments Net receipts/(payments) Funds last year end Funds this year end |
||||
| 105,839.11 | - | 105,839.11 | 129,931.34 | |
| 1,092.02 | - | 1,092.02 | (54,360.97) | |
| - 281,686.76 281,686.76 336,047.73 |
||||
| 1,092.02 | 281,686.76 | 282,778.78 | 281,686.76 | |
| Page 5 |
LADY GOULD'S CHARITY STATEMENT OF ASSETS AND UABILITIES AS AT 31 DECEMBER 2024 Unrestrldad Endowment Fun Funds Totsl Market value Fundi at 31.12.2024 A88et8 Propert Acqul8ltlon Cost Freehold 0121 Hi Freehold of 178 Hi Freehdd of 17 Hi h Streel h Sireel h Streel Total Noof unhs h•ld A¢qul•ltlon Markat valua at 31.12.2024 Income Units In M&G's Charrfund Income unbts In COIF Gh8rity Investmenl Fund 11695.26 149.994.03 149 994.03 172 201.05 111,OW.00 235 186.16 Total 260,994.03 260,994.03 407,3872 Mathel value at 31.12.2023 397.818.51 Cash funds Cash al Broadfield Law UK LLP Cash at CAF 47.10 21737.65 47.10 21737.65 47.10 20 645.63 Total 21.784.75 21,784.75 20,692.73 Total A•••l• 282 T18.78 282 778.78 Llabllltl•• N•t A•Mt Po•lllon 282 778.78 282 778.78 Sned on behaw of all the trust008 Date Pa6
LADY GOULD'S CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting Policies
Basis of accounting
The accounts have been prepared on a receipts and payments basis in accordance with section 133 of the Charities Act 2011 (‘the Charities Act’).
Properties
The historic cost of the freehold properties is unknown to the trustees. Trustees consider it uneconomical to ascertain the current market value of the properties.
Investments
Quoted investments are included at the original base cost of the old charitable trust in the statement of assets and liabilities.
Page 7