REGISTERED CHARITY NUMBER: 1179150
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
THE GEORGE GOODSIR CHARITABLE TRUST
DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
THE GEORGE GOODSIR CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
THE GEORGE GOODSIR CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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
Objectives and aims
The Trustees consider making grants to individuals and organisations, specifically focussing to help elderly/old people, people with disabilities and other general public.
Public benefit
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit.'
ACHIEVEMENT AND PERFORMANCE
During the year the charity received donations of Nil (2021: £Nil) from the Late George Goodsir's estate money of which it was able to donate £140,000 (2021: £90,000) and invest £157,100 (2021: £5,633) for social benefit.
The total unrestricted reserves of the charity at 31st March 2022 are £4,021,455 (2021: £4,033,272) which represent 100% of the assets. The Trustees have assessed the Charity's need for reserves and consider the present level appropriate in relation to liabilities and future service.
FINANCIAL REVIEW
Financial position
The net (income)/loss for the year including losses on investment of £46,058 (2021: (£1,239,793)) was £11,817 (2021: (£1,232,278)).
At year end, the trust maintained a bank balance of £10,689 (2021: £2,386) and investment of £4,019,706 (2021: £4,039,826).
Investment policy
The George Goodsir Charitable Trust may invest monies of the charity not immediately required for its purposes in or upon such investments, securities or property as the Trustees may determine.
Reserves policy
The Trustees recognise the need to maintain sufficient reserves to address various contingencies that could occur. They consider the ideal level of reserves would be the balance representing two month's expenditure and are confident that at this level the charity would be able to continue the existing activities in the event of a significant drop in funding. Income, expenditure and cash flow are monitored regularly, and the Trustees remain committed to achieving and maintaining this level of reserves.
Going concern
After making appropriate enquiries, the board of trustees has a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements.
FUTURE PLANS
The charity will continue to make payments in accordance with the testators wishes.
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THE GEORGE GOODSIR CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
At any one time there must be a minimum of three and a maximum of seven trustees on the board. Before appointing new trustees, the trustee board collectively determines the criteria for the trustees required.
Board members then seek out suitable candidates Proposed candidates are interviewed by the Chair and finally a report is made to the Board who then vote for the suitable candidate.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1179150
Principal address
Streeter Marshall 74 High Street Croydon Surrey CR9 2UU
Trustees
Ms C L Holfert R Arris D G Moore
Independent Examiner
Romit Basu FCA DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
Solicitors
Streeter Marshall 74 High Street Croydon Surrey CR9 2UU
Investment Advisers
The Investment Boutique 114 Station Road East Oxted Surrey RH8 0QA
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THE GEORGE GOODSIR CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Bank
National Westminster Bank PLC 1 High Street Croydon CR9 1PD
Approved by order of the board of trustees on 31 January 2023 and signed on its behalf by:
D G Moore - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE GOODSIR CHARITABLE TRUST
Independent examiner's report to the trustees of The George Goodsir Charitable Trust
I report to the charity trustees on my examination of the accounts of The George Goodsir Charitable Trust (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 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.
Romit Basu FCA DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
31 January 2023
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THE GEORGE GOODSIR CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grants Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 128,711 36,918 140,000 9,668 186,586 46,058 (11,817) 4,033,272 4,021,455 |
2021 Total funds £ 121,596 |
|---|---|---|
| 30,127 90,000 8,984 |
||
| 129,111 | ||
| 1,239,793 | ||
| 1,232,278 2,800,994 |
||
| 4,033,272 |
The notes form part of these financial statements
Page 5
THE GEORGE GOODSIR CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2022
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 4,019,706 10,689 (8,940) 1,749 4,021,455 4,021,455 4,021,455 4,021,455 |
2021 Total funds £ 4,039,826 2,386 (8,940) (6,554) 4,033,272 4,033,272 4,033,272 4,033,272 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2023 and were signed on its behalf by:
D G Moore - Trustee
The notes form part of these financial statements
Page 6
THE GEORGE GOODSIR CHARITABLE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Dividend Income Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (362,543) (362,543) (1,731,133 ) 1,973,268 127,327 1,384 370,846 8,303 2,386 10,689 |
2021 £ (126,711) (126,711) (2,582,003 ) 2,575,554 118,596 3,000 115,147 (11,564) 13,950 2,386 |
|---|---|---|
The notes form part of these financial statements
Page 7
THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| 1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH | FLOW FROM OPERATING | FLOW FROM OPERATING |
|---|---|---|---|---|---|
| ACTIVITIES | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Net (expenditure)/income for the reporting period (as per | the Statement | ||||
| of Financial Activities) | (11,817) | 1,232,278 | |||
| Adjustments for: | |||||
| Gain on investments | (222,015) | (1,239,793 ) | |||
| Interest received | (1,384) | (3,000) | |||
| Dividend income | (127,327) | (118,596) | |||
| Increase in creditors | - | 2,400 | |||
| Net cash used in operations | (362,543) | (126,711) | |||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At 1.4.21 | Cash flow | At 31.3.22 | |||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 2,386 | 8,303 | 10,689 | ||
| 2,386 | 8,303 | 10,689 | |||
| Total | 2,386 | 8,303 | 10,689 |
The notes form part of these financial statements
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared in sterling which is also the functional currency of the company and rounded to the nearest pound.
Going concern
After making appropriate enquiries, the board of trustees has a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 2. INVESTMENT INCOME Dividend income Deposit account interest 3. RAISING FUNDS Investment management costs Portfolio management 4. CHARITABLE ACTIVITIES COSTS Grants 5. GRANTS PAYABLE Grants The Orpheus Centre Riding for the Disabled Sportin MS Disable Sailors Association Aerobility Croydon Churches Floating Shelter The Emily Ash Trust Westerham Hall Management Committee 1996 DEC Ukraine Appeal Night Watch The Maverick Theatre Company YMCA Surrey --- |
2022 2021 £ £ 127,327 118,596 1,384 3,000 128,711 121,596 2022 2021 £ £ 36,918 30,127 Grant funding of activities (see note 5) £ 140,000 2022 2021 £ £ 140,000 90,000 |
2022 2021 £ £ 127,327 118,596 1,384 3,000 128,711 121,596 2022 2021 £ £ 36,918 30,127 Grant funding of activities (see note 5) £ 140,000 2022 2021 £ £ 140,000 90,000 |
|---|---|---|
| 2022 | 2021 | |
| £ |
£ | |
| 25,000 | 20,000 | |
| - | 5,000 | |
| - | 15,000 | |
| - | 20,000 | |
| - | 25,000 | |
| - | 5,000 | |
| 10,000 | - | |
| 15,000 | - | |
| 50,000 | - | |
| 5,000 | - | |
| 20,000 | - | |
| 15,000 | - | |
| ----------- - |
----------- | |
| 140,000 | 90,000 | |
| ======= | ====== |
continued...
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 728 | 8,940 | 9,668 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grants Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 121,596 |
|---|---|
| 30,127 90,000 8,984 |
|
| 129,111 | |
| 1,239,793 | |
| 1,232,278 2,800,994 |
|
| 4,033,272 |
continued...
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
9. FIXED ASSET INVESTMENTS
| Cost | Market Value | |
|---|---|---|
| £ | £ | |
| At 1 April 2021 | 3,812,606 | 4,039,826 |
| Additions | 1,234,776 | 1,234,776 |
| Disposals at cost | (1,077,961 ) | (1,077,961 ) |
| Net gain/(loss) on revaluation | - | (176,935) |
| At 31 March 2022 | 3,969,420 | 4,019,706 |
Investments at fair value comprised:
| 2022 | |
|---|---|
| £ | |
| Equities | 2,715,748 |
| Fixed interest | 497,152 |
| Property | 236,816 |
| Alternative | 369,880 |
| Cash | 157,100 |
| Other assets | 43,010 |
| 4,019,706 | |
Geographical split of Investments is as follows:
| United Kingdom |
Outside United Kingdom |
Total | |
|---|---|---|---|
| Equities | 38.87% | 28.73% | 67.60% |
| Fixed interest | 7.13% | 5.27% | 12.40% |
| Property | 3.39% | 2.51% | 5.90% |
| Alternative | 5.29% | 3.91% | 9.20% |
| Cash | 2.19% | 1.62% | 3.80% |
| Other assets | 0.63% | 0.47% | 1.10% |
| Total | 57.50% | 42.50% | 100% |
continued...
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 128,711 TOTAL FUNDS 128,711 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 4,033,272 4,033,272 Resources expended £ (186,586) (186,586) At 1.4.20 £ 2,800,994 2,800,994 |
|
|---|---|---|
continued...
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 121,596 (129,111) TOTAL FUNDS 121,596 (129,111) A current year 12 months and prior year 12 months combined position is as follows: At 1.4.20 £ Unrestricted funds General fund 2,800,994 TOTAL FUNDS 2,800,994 |
Gains and losses £ 1,239,793 1,239,793 Net movement in funds £ 1,220,461 1,220,461 |
Movement in funds £ 1,232,278 |
|---|---|---|
| 1,232,278 | ||
| At 31.3.22 £ 4,021,455 |
||
| 4,021,455 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 250,307 250,307 |
Resources Gains and Movement expended losses in funds £ £ £ (315,697) 1,285,851 1,220,461 (315,697) 1,285,851 1,220,461 |
|---|---|---|
continued...
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THE GEORGE GOODSIR CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
12. RELATED PARTY DISCLOSURES
During the year, the charity incurred legal fees of £7,140 (2021: £7,140) payable to Streeter Marshall LLP an entity of which D G Moore and C L Holfert, trustees, are partners.
During the year, the charity incurred investment management fees of £36,918 (2021: £30,127) payable to Raymond James Investment Services Limited, an entity of which Richard Arris, a trustee, is the branch Principal.
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