The Gray Trust (CIO) Financlal Statements Year Ended 5 April 2025 Gharity rgol$tration number.. 1190S88
Tho Gray Tru {ClO) Y•ar Ended 5 Aprll 2025 Contents Page Charity Refvrènee ond Adrnlnlstrat 0otalL9 Tw$tee8' R8p)rt Indopendent axamlnerfj rsp)rt StAtsmenl of Flnandol AdvRl88 Iln¢ryratlng In¢oma expendttur• account) Balanc• Shfjgt Notes to the Flnanclal Slat•m•nts
Tha Gray Trust {ClO) Y••r Ended S Aprll 2025 Charlty Ref•r•rtè and Admlnl8tratlvg P8ts11s Chathy r•glstr•tlon number 119J588 Company r•glstratlon nurnb•r CE022653 Dlrg¢torn l Truit• Rev. Canon K.H. Tumar IChalm)anl K.M. Thomp30n {resignad 12 Au9U¥t 20241 R.J. P8nnall 1.0. Griffith¥ C.Y.M. Hardstaff J.D. Broth11 lappointsé 25 Aprll 20241 Chrk W.L.Costema R•gl•t•r•d offlc• PKF Smith Coopor 2 Lac8 Market Squaro Nottingham NG1 1PB Accountsnt PKF Smlth Cooper Llmltéd 2 Lac8 Morket Square Nothngham NG1 1P8 8ollcltor HWJg9 and Son Walrfr¢nt Buslness Park 3 8rt&rley Hlll DY5 1LX 8•nk•r• Nollon81 WeBlmln$tsr Bank PIC Front street Arnold Notbngham NG5 78F In¥1M•nt Manag•r• Browln DoJhln 111 Floor Waterfront Hou8¢4 Wat8rfrMI Plaza 35 Stotlon Street Nothngham NG2 3DQ Ind•pgnd•nt EK•mln•r Geoffrey Cox BA FCA Daffems Audit LImd One Ea5hvood 8inlgy Buslness Park Harry Weston Road Cov8ntry CV3 2UB
Tho Gray Trust (CIO) Yoar Ended S Awll 202S Trustees, report The Trustees presènt Ihelr report and the flnancial statèments of the Charfty for the year ended S Aprfl 2025. Th8 Trustees h8V8 adopted the provlsions ol the Statement ol Recornmended Practi¢8 ISORPI 'Accounlng Bnd Reporting by Charitles. IFRS 1021 In preparlrvJ the annuol port and ffinanclal $tstam8nts ofthe Charity. The fjnancial stalem8nts have been prepared in accordan¢¥ wlth the a¢¢ountlng polcie$ sot out in notes to the 8ceounts and ¢ompty with the Charity's governing documenl, the Charities Act 2011 and Accounting and Rgporting by Charit$., Statement ol Recotnmended Practs'cè appllcable to chadlles preparing thoir a¢untS In accordanco with the Fln8nclal Reporting Standaro applicable In the UK and Republic of Ireland IFRS102I Igstsad in Octobw 2019. ObJ•etly and Actlvltl•s A. Poll¢l•• and Oblo¢tlv•• Tha pdicy of lh8 Trustèes In furtheraneo of Ihg excluslvety chafitable trust contslngd tha govemSng docum8nt Is to provide gr8nts for chHrltabla purpoBes. prfrnarlly In the parfsh86 of Linby and PApplewick and th8 8urroundln9 area and Nottinghamshlre, and lo F¥ovlda r881d¢ntiAI CAra for th• •kJ&rly In Sh8rwood Hous8. Ihg lat6 Mlss Gray's rèsSdence. Appllc8tk)ns are consid8r8d for both capAal andloi revenue prolacls as long as •aeh project appè8r8 viabla. The principal grant 15 given undèr a fvndlng agreomenl. wher8by the Trust providas fundlng durlng th8 term of a leas8 lo asslsl In the provSsion of resKlenlio1 cara lo the indlviduals who occupy Sh8Mood HouBe. The fvnding agreement Is held wlth Nottingh8rn Communlty Housing A550Glatlon. On 6 April 2022 the tru8lees tran81erred thè 8ssetB of the unlncorporaled Gray Trusl. re9lster8d charity number 210914, to thls Sncorporat8d Gr84y Trust lollowlng that provlded gr8nt9 for ch8rit8bla purp08es from thls Trust. Prlor lo this date thè Charlt8ble Incorporat•d OrganI$On ICIOI in 2020 th• CharNy had been dormant slnce formation in 2020. Thg prfmary obloct1 of lh8 Charity will be the proViOn of accommodouon lor th080 In nood In SheThYood House ond cottagès, th• late MISB Gr8y'B resldencg. B. Str•t•gl•• lor a¢hhvlng obl•¢tht•* In Ihe year ¢nd8d 5 April 2025 thè Charity pald orants totaling £32.30512024- £37,950) to 4412024.. 561 org8nlsath)ns. The Gray Trust subsldlsas th8 runnlng ol SheThvood Hou8•. Tho funding agra•m8nt wlth NCHA (Nottlngham Community Houslng A88oclatlonl resulted in 8ubsSdles of £192,515 12024: £241,208). C, A¢tlvlt1 for a¢hl•vlng obJ•ctlv•• Th8 Trust does not 8Ctlvely lundr81$6 and seeks to conllnue the philanth(opic work dasirad by the L9ts MIS6 Gray through carefvl $tewardship of it¥ r&90urceg. D. Maln actlvltl•B und•rtak•n to furth•r th• charlty's purpo•¢• forth• publlc bonofit The Trusteès have referr¥d lo tho guldanca contalned in th8 Charrty Commlsslon s general guidonce vn public benefit when revlewing their olms and objectives and in planning thelr future activities. In particular. the Trust888 con8id¢r how planned a¢tiviti85 wll contribule to the aims and obleclves they have sel. The Trust's ac¢wItS ond benefldaTitrS ara desuibed below. Achlevements and perfornianc• A. R•vlew of aclivltles The Trust r8c•Ned £114.42312024.. £115.9831 from it8 Investments In tho yg8r. The value of thg trust's inv85tments at 5 April 2025 have dècrè8sed by £277.042 (rnpared with the value al 5 April 2024.
Thè Gray Trusl ICIOI Year Endgd S ApTII 202S Tm8ts•s' report l¢ontlnu•dl B. Iwo&tmont policy •nd perfomiance tt Is the policy of the Trustees to r•l8ln eapltal in the endowrnent fund in order to generalo thè income from which tha grants 8r8 rnade. The investments are managed by Brèwin Dolphln. Tha Truste88 constanlty m¢n51of th& Inveslmenl a$&r$. perform8nc8 agalnst olhar benchm8rk$ and ar• satIsfd that thè r8t8 of retum Is acceptable in th8 currant econorn dimate. Fln*ncl•l r•vl•w A. Oglng Aft8r moking approprfAto •nqulrles, tha tru8lees have g rg86onable exp•ctatlon that Ihe Chgrlty ha8 dequal8 r850urces to conlinuè In operats'on81 &xlstence fo¥ th8 lor6seeabl8 futurè. For th58 reason. they ¢ontinu8 to adopt thè going concgrn bas15 In preparlng the flnancSal statemonts. B. R•#•Ne• polky The Trust88s alm io malntaln cash reserv•s at a level which 8qU8tes to ?pproxlmately one ygarf8 unr89tricled ch8rll8ble expenditurè. Thè Trustees ¢on51dar this level to bè prudent and should 8nable sUffent fund$ to bo avallablè to 8UPPOrt the appllcatb)ns and the cost8 of governan¢&. Tha 18vel ol ¢ash reserves at 5 April 2025 was £130,304 agaln8t an 8nnual spond of £260,860. Th• Trust•8s conslder thè poslllon to be 8atlsf8ctory. Al 5 April 2025 the tru$t hos fr88 TeBervès 01 £4.451,00812024: £4,737,5271- Structur•, gov•rnan¢• •nd m•nag•m•nt Structur• The Charlly wu8 0stabShed on 20 July 2020 and was fcffj18d os a Charltabla Incorporal Organisation. On 6 April 2022 lh• rnergèr of Iha unincorporat•d chartty, The Gray Twst, numbar 210914 an¢J th& nowty lorrned Chorl(ab16 Incorporatèd Organlsalion, Th? Grny Tfust ICIOI number 1190568, took place. The two entftles were not acllve concurrently. The unlnGorpor3tèd Tnjst was e5tablishod by the ble Mlss E M Groy. When Ihg Trust wa8 croated £5,000 In cash and various s•curlUes re transferred lo It 8nd varfous additions wer8 mad? to 11 by the late Miss Gr8y subsequently. Mss Gray dled ¢n 25 January 1996 gnd beque8thad her residuary estate to the Trust. The Gray Trust ICIOI has COnned the pur8 ol the unlncorpor8t8d TrusL The Gray Trust ICIOI do68 not actlvely fundraise and seeks to contlnue the phllanthioplc work da8lrgd by the lalg Miss Gray Ihrough careful stewardship of its resources. Th9 power of 8ppointlng on additional Trustee or a now Trugt88 or Tru8te8s Is vested In the 6x1sng Trustees. The Trusl8e8 rn8èt quorterly to 8gree the overall charity strategy. thich IncludeB the consideratlon of grants, and the processing and handhng of applicatk)ns prior to eonsideratSon by the Truste98 has b89n degated to PKF Smith Coop8r Lirniied, a firrn of Chartered Accountants and the gccosjntant of the Trus1. Atl Trustees gwe th81f tlme flY and nts Tru6te8 rernunèratlon wa8 pald in the period. Details ol Trustee expanses and related p81ty transaCtiCS are d15cb98d in the notes of th8 flnanclal statornents.
Tha Gray Trust {cio) Yoar Endod 5 April 2025 Trnt••' report Icontlnugdl B. M•thod of appolntm•nt or el•ction of Truste0• The managemont of the Charity 18 thg fasponsibillty of tha Trust88s who are electsd and eo. opted undar tha tsrms of the constltutlon. C. Pay poucy for 8•nlor staff The Trust doe8 not hova any employéas, all Tru&l8è8 volunteers. D. Rlk managemont Th6 Tru8t8e& have oss8s8ed tho major r16k8 to whlch the Charlty Is oxposed. In parllcular thoBe re181ed to tha operatlons and finances of the Charlty, and are satlsfled thal sy¥tgms and procedurès ara In place to rniligate our exposur8 to the major rfsks. Pl•n4 forlutur• porlod# A. Futur• d•v•lopm•nts It 18 tha Intentlon ol tho Tw6tae8 to conllnu8 making charltabl8 grants for as long fund8 gr• vallable. The Trustees corslder tho current Inv•8tsn8nts held Should produ¢9 ¥ufflel6nt Income tts provldè the fundlng for Nottlngham Communily Housing A¥soclation and to malnlain the charltable donauons at th8 current level. Fund• hold u cu¥todlan Thèr8 4r8 no such fundj hold by the organlsatlon. Th Trustees have appTov8d th• Tru818ès' R•port On b•hgf ol the charfty'¥ Trustées Rev. Canon K.H. Turnèr.. Trustee lok OLknILAX2025 Date..
Tho Gray Trust ICM) Year Ended 5 Apr512025 Ind8p•ndent examln•V$ r•port to th• Truste08 Th• Gray Trust ICIOI {th8 'Charlty'l for th• yoar •nd•d S Aprfl 2025 I raport to th• charlty Truste8s on my examination of the accounts of Ihts Chorlty for the yegr andgd 5 April 2025 whlch ar& set out on pages 6 to 15. This report 18 ma¢Je to thg Charlty's Trustees, 89 a body. in 8ccordallce with Part 4 al the Charilles (Accounts and Report51 R8gulation5 2008. My work h83 bèen undertaken 59 th8t I mlghl state lo the Charfty's Tnjstees tho8• matters l am requirèd to stale to th8m In an Indendent examiTh8rfg rgport and for no oth8r purpose. To thg fullèst &xtent pemltted by law. I do not accept or ssurne responsibilrty to 8nyon8 other than the Charlty and thg Charlly's TruBt888 89 a b¢)dy, for my work or for this r8POrt. RESPONSIBILITIES AND BASIS OF REPORT AS th8 Trustaes of th8 Charty, you are r85pon5ibl& for the preparatlon of the accounts In accordance with the requlrements ol the Ch8Titi'e8 Act 20111'the 2011 Act'i. I r•port In reBPOCt of my examination of th• Charty'8 accounts earded oth under s6CtkJn 145 of th• 2011 Act and In carrylng out rny 8xamlnation I have follod 811 the appllrnblè Direcuons 9lven by th• Chadty CommSsslon under 8ectlon 14515llbl of tha 2011 Act. INDEPENOENT EXAMINER'S STATEMENT I have compl8t8d my examlnation. I can confirm th#1 no matter8 have coma to my att•ntlon In connèction wllh the ex8minatlon gSvlng rne eause to b•lieve that In sny material re3pèct'. 1. A¢¢ountlng recoT<I8 w•r8 not kept In rèsp8cl of tho Charity os requlred by $8cllon 130 01 the 2011 Act.. or 2. The accounts do not acccfjd th thoga rncfKd8," or 3. The accounts do not eomply wllh th8 appllcable requlrgments conceming th8 form and content of the 8ccounts 601 t In the Charilias IAccounts and Report51 Regul&llons 2008 olher than any requirement thAI th• accounts glva 8 'tru8 and lalrf vlgw whlch Is not a mattèr consid8r8 Bs part of An Ind8peDd8nt •xamlnoUon. I have no CccernS and have comè across no olher matters in connection wtth the examlnallon to whlch attenllon shouhl be drawn In thls report In order to 6nable a propèr understsndln9 of th ccounts to be reached. Gegffrey Cox BA FCA For and on bshalf ol Dafferns Audit Llmlted One E8siwood Hary Weston Road 8lnley Busin855 P&rk Covenlry CV3 2UB Datèd..
Th• Grny Trust (cio) Yr Endgd 5 ApTII 2025 stst•m•nt of Flnanclal Actbvltle8 Ufir•strlcted Funds 2025 Total Fund 2025 Total Fundry 2024 Not• Incom• from: Invasiments Total Incom• 42 Exp•ndltur• on: Raislng funds= InveBlmont manag8mont Charllabb actlvlll88 Impalrm8nt ol eh8tt018 110.7771 1250.0821 110,777 1250,0821 114,2341 1307,9901 Totsl •xpndltur• 26 Nèt Incoml•XP•ndI¢uTl b•for• Inv••trn•nt q•ln• and lo•••• Nel gaSn{lOs8èSl on Inv881ments 1146,4301 1148,4361 1220,3411 N•t InGom•ll•xpondStur•l aft•r othor r•¢ognl••d galnj •nd lo•*•• 1275,7421 {275.7421 181,917 Inve8tmonl management CO8ts 14 N•t mov•rn•nt In lund• 1286.5191 {280.5191 142.683 R•conclll•tSon ol lund$'. Total funds brought forww 560562 5 605 620 Total funds ¢arrl•d torward 19 The Staternent of Fin4nryBI ActIVa$ Include6 all galns an¢J 108888 recogn18ed in th9 yg8r. The notes on p&aes 8 to 15 fomi part of these finandal #tatamènls.
The Gray Trust (CIO) Year Endèd 5 Aprll 2025 lance Shget •s at S Aprll 2025 Not• 2025 2024 Flx•d Asjets T8nglble assets Invgstmènts 868,093 4 362 283 5.230,376 868,093 5,507A16 CuTT•nt A8••t• Cash at bBnk and In hand 129.803 182.112 Cr•dltor8.' amounts falllng due withln one yoer Mot Gurr•nt •uts N•t ••••t 3319 101 605 Chartty Fundi Unrestricted fund8 Tot•1 funds Approved by the board of TruBleo¥ on .... and sned ¢Jn 11$ behall Rev. Canon K.H. Turner Tru6t•• The not•$ on pago8 8 b IS form part oflho8• Ilnancial Btslem•nts.
The Gray Trust (CIO) Ygar Endèd 5 Aprll 2025 Notsj ¢0 tho Flnandal Stotornants Accounllng pgll¢l•s 1.1 Ba818 of pr•paratlon of Ilnanclal st•tèm•nts The flnonclal ststerngnt8 have been prepar In accordance with Accounts'ng and Reporting by Charilles.. Statement ol R&commend9d Practice applicable to ch8rrtl•s preparing thglr accounts In accordance with the Finan¢ig1 Reportlng Stsndaid appllcable in the UK and Republic ol Ireland issued In October 2019, the Financlal Reporting Standard applicable in the UK and Ropublic of Iroland IFRS 1021 end th¢ Chgrlties Act 2011. Thè ffnoncial 8t8temgnts hAv8 b6en prepareil to glva a True and fglf vlew and have doparted from the Chadtl8s IAccounts and Raportsl Règulations 200B only to the extent require(I to provlde a 'tru8 and fair vlew. This dep8rtur8 h&s Invofved followlng Iha Accountlng and R8POrtlng by Charlues.. Statèmont of Recommend8d Practice applicablè to chariues preparlng their accounts In accordance wlth tha Financial Reportlng Standards applicable In th9 UK and R8publlc of Ir818nd 15su6d in Octob8r 2019 rath8r than the Accountlng and Reportin9 by Charfties.. Statement ol Recomm8nd8d Pr8ctic8 èffedve from 1 April 2005 which ha8 8incè baon WIhdrawn. The Pfin¢ipal offlce addre88 18 PKF Smlth Cooper Llmtted, 2 Lacè Markel Squa. NoWngham, NG1 1PB. The fflnanrlal statements are prèpar8d In Slerting whl¢h 1$ th8 functional curreney of the Trust. The Gray Tru¥t ICIOI moets th• d•flnillon of 8 publk benefit •nUty under FRS 102. Assets and Ilabllhlos are in1li•l rècognlsed al hislodc ¢o¥l or tran8acUon valué unsS otherwlsfr sIBled in rdevant accounting pollcy notes. The flngn¢wl statements are prèpared on a golng ¢on¢&rn ty•sls under the hl$lorlc81 co81 conventlon, modlfled io Includ¢ cartaln Itams at tsir v8lu•. The Glgnlllcanl accounting pollcl88 applied in tha preparation of thesè flnancial stat8m8nts are 861 out below. Tho88 pollelos have been eun$istanUy applled to all y8ars pr6sented unless otharwlse staled. 1.2 Incom• AJI income Is recognisad once the Charity has antldement to the Inc¢)m8, It19 probablg that tha income wlll be recelvad and the arnount ol Incorne receivable can be meaSud rel18b. For18gacles. ontitbmont Is 18ken 08 thè oat11et of the dalg on whlch ellher.. the Charw Is aware that probatt has been grant8d, th8 est8t8 has bggn finallsod and nollflcation has been made by the xeculor(sl lo th8 Trust that a dislribullon will be made, or whèn a dlstributlon is r8c81ved from the ostsle. RecBiPt ol a leg&cy, in whole or in part, IB only consldered probablè whèn the amount can b• meAsured reliably and the Charlty has bgèn noth7ed ol the exgcutorfs Intention to rnBk8 8 dlstribution. Where 9aCleS have been notlfi8d to the Charlly. or the Charlty Is aware of thè granng ol probato, and Ihe Nlteria lor Ineomè racognltion have not b&en met, Ihen th? legacy Is treated as a conungent asset and di5c10s8d rf materi81. Donated services or facilities ar* Theognlsed when th& Charity h&s control over th6 item, any condlllon$ Associated wllh the donated Ilern havo boon mot. the receipt of economic benefit from the use of the Charity of the item is prob8ble 8nd that economic benoflt can be m88sur8d rollably. In accordance with the CharitS&s SORP IFRS 1021. Ihe general volunteèr tSme is not r8cognk%ed and refer to th8 Trustees. report for more inform8tion about thelr contribution.
Tho Gray Trust ICK)) Year Ended 5 Aprll 2025 Not01 to the Flnancial St•t•m•nts 1.2 Incomè leontlnuedl On receipt, don8ted professional 88rvlcès and donated tscilillès ara re¢ognis8d on the basis of the value of thè gfft lo the Charity whlch is the amount thè Charity would have be8n willing to pay to obtain serwces or laciliJe8 01 aquiva18nt economlc beneflt on the On mark8t.' a corressxjndlng amount than recogn15ed in èxpenditure in tho perd of receipt. Income tax r8coverable in relation to donAtions received un¢J¢r Glft or degds of covonanl 1$ recognl8¢d 8t the 'rne of Ihe donatbn. Other Income recognlsed In the p8dod In whlch It Is reCeabl8 and lo the extent thts good6 have been provlded or on complglion of th& servlce. 1.3 Exp•ndltur• Exp&ndllure L8 rgcognlsed once ther8 55 b18gal or construcbve obllgallon lo tr8ns18r aconomlc ben8fl1 to a Ihlrd party, rt Is probab18 tttat a transfer o18conornic benellis wlll be required In 8ettfem8nl and the arnount ol the oblig8ts.on ean be measured r81iably. Expenditure l¥ ¢lasslfied by activlty. Th8 costs of e80h activlty ar8 mA(Jo up ol tha total of direct ¢os1s 8nd sharad costs, Sncludin9 SUPPOrt costs involv9d In undgrtaklng aach activity. Dlr8Ct C06ts attributable lo a single activity arè 8llocat8d dlrecuy to that ctlvity. Shored costs whlch contrfbutg lo rnore than one actlvily And support Costs bthlch are not altribui8blè to a glngle acb'vty arè apportioned belwegn thosa actlvltie3 on A b891s con318tenl wlth th• use of rasourceB. C8ntrBI 5toff costs are 8lk)tal•d on th8 basiB of tima 8pent, and d•praclatlon tharges alloc8t8d on the portion ol tho asset's us8. Support COSts arn those costs In¢urr¢d dlr8clly In suppc¥t of •xp8ndlture on the obl•¢t8 of the Charfty ond Include project rnanagemgnt carried out at Headquartais. Gov6m8nce wsts a Ihose incurrèd In conn8Cti(In 8dmlni3lratlon ol the Chodty 8nd compll8nce wllh ¢onstltulional and statutory raqulrement8. Costs of 9en8ralng funds are eost8 Incurred In attracung voluntary Inc¢)m8. And tho88 IncUrd In Iradlng 8ctlvlll8s that ra15e tunds. Charit8ble actlvilles and Govemance costs are costs Incurred on the Charlty'g operauons, Including 8UPPOrt costs and costs r8lating to the governanc9 01 th8 Charfty apportioned to charflabb acllvltl8s. Grants pay8ble are charged In tho year when the offer 15 ma(Je excepl in Ihos8 Se8 wheré thè offer 15 wnditional, such grant5 belng recogni88d as expendllure when tha eondltlon5 attachiry are lulfllled. Grants olfar8d subject to condilions which have nol bagn met 8t Ihg ygar end are noted as commltment, but not Bccrued as expenditure. Irrèeov8rAbl6 VAT Is charg•d os an expen60 a9alnst the actlvlty for whh Ihe expenditu arose. 1.4 Fix•d 888•t• held for ¢harlt•bl• purpo1 A review lor imp8lrnent of a fixed asset Is carrW oth If èvants or changes in drcumstsnces indhcatè that the carrylng value trf any fixed as3et m8y not b8 recoverable. Shortfalls beNveen thè eArrylng value of fwgd xssets and their rècovgrablo arnounts arg r9cognlsed a$ impairm8nts. Impairment loss?$ arg recognIs in th8 Stat•ment of financial actlvltles. Tanglble flxed assats are ¢arri8d at C05t, nel of depreciation and any provl8bn lor Impalmi8nL
The Gray Trust {ClO) Ygar Endèd 5 Aprll 2025 Noto8 to tho Flnandal Statem•nts 1.5 Inv•stments Flxed 05set Investments are 8 form of flnanc5al instrL4m&nt and are initially r8cognlsed al their transaction cost and subs•quently me83ur8d at lalr value at the Bal8nce she8t date, unless f8lr v81u8 cannot be measured reh'ably In which ¢ase 11 is measured at cost l•ss irnpaiment. Investm•nt gains And Ioss8s, whether realised or unr8alised, are combirtèd Bnsj shown in Ihg heading 'G8n$1110S8e$> on ¢nveslments' Sn the Statement of flnan¢lal 8ctfviti8s. 1.6 Int•re•t r•1¥•bI• Inler6st on funds held on depo¥lt is Included when recalvat6 and th8 arnount can b& m8a6ured r•lSably by lh8 Charlty,. this is numalty upon notifieallon of the Interest P8ld or payob18 by the Bank. 1.7 Ca•h •t bank and In hand C8sh at bank and In hand Includes cash and short lerrn hlghty Ilquld inve8tm8nts vAth 8 short maludty of three months or18ss from the dale of acquisldon or openlng of Ihe doposlt or sirnllar aoUnt. 1.8 LS•bllItl And provlilon• Liabillti are recogn13ed when thera Is an obll9allon at tho 8alance shoèt datè a9 a result of a p&81 event, It 18 probabl• that a transfer ol economle ban•flt wll be required In s6tUemenl, 8nd Ihg amount of the 88tU8menl can be estim8te4 r•llably. Llabllltles ara racognlsed at the amount that the Charlty antlcipatss 11 wlll pay to s&tUe Ihe d8bt or th• Amount It has rec8lved 88 advanced payments for th• goods or servic8s h rnust provid•. Provisions are m8Asurèd at the be81 e6llmat¥ ol the amountg fequlred lo settle th¥ obllgatlon. wh& th? gflèct ol tho me value of rnon•y18 materfal, the provislon 16 based on th8 present value ol th089 amounts, dlscounled at th8 pfe.tax dlscount r81¥ Ihat reltects thg risk6 specific lo th8 Ilablllty. Thè UnlndIng of thg dl¥Gount Is recogn18ed within Intarast payable and Bimlbr charg•¥. 1.9 Flnanclal ID*trum•b)ts Th8 Charlty onty has financial ags818 and financlal Ilablllil88 of a klnd that quallfy as baslc fin4ne181 In$fvrnants. Baglc flnan¢lal Instwmènts are Inltlally r8COgnised at transactlon value and subsoquenlly mgasufed al their settlement valu• vAth the 8xcepllon ol bank loans whlch arg subsequ6ntty measured al amort15ed eost uslng the effeclvo inter•gt method. 1.10 Fund ¥ccountln9 General funds ar9 unrestrlctad funds are av8ilablo for use 81 thg dlscretlon of the Trustees In furtherancè of tho goneral obj8Ctive8 01 th• Charlty and whlth hav6 not been d8slgnat•d for other purposes. Inv&stmenl Income, galns xnd10598s are allocated lo thè approFflate fund. 10
Th8 GrayTrust {ClO) Year End•d 5 Aprll 2025 Note8 to the Flnanclal statn0t6 2 Investment inct)m• Unrestrlcted funds 2025 Totsl fund8 Tot81 fvnds 2025 2024 Investmènt Income from Quotad Securflles Int8r•st on Cash Deposits 85,289 29,134 85,289 29,134 88,885 27,098 114,423 114,423 Tot812024 115,983 115,983 Anatyslg ot expondlturn on charitablg •ctlvlil•• 2025 2024 Bank ch8fge8 Donallons and grants Funds payable to NCHA Admlnistralon and accountancy Ind8P8nd8nl examlnallon Legal and profe8$p)l feee 133 37,950 241.208 22,464 2.760 32,305 192,515 19,128 3,360 Total Ch•rftabl• don•tlon• and qrnnt• 2025 Indendent Aga Nottlngham6h5re Hosplca Dove Cottage Day Hosplce 5(X) 1,000 5C4) 2,000 Loc Nottingharn Arimathea Trust Papplewlck Vi11898 Fayre Group Emmanuel Hou88 Support Cenlrg Ntstts County Found8tion Framework Papplawick and LiThby VSllag• Hall Hucknall Wildltfe Group Ljnby Collltry Welfare Footb811 Club PapplovAck & Llnby Criekèt Club The Fdary Llnby + Papplowick PCC 1.000 715 1.000 750 200 1,000 1,000 1,000 1,500 9.305 St Marf8 Chur¢h, Amold - Charty St Peter's Church. Sibworth- Ch8rity st H8len's Church - Trow811- Charty Trent Compassion- Charity Notbnghamshlre Hlsiorfc Churchas Trust- Charfty 1,000 1.000 1.000 1.000 1,500 5,500 16.800
Th• Gray Trust ICIOI YoJr Ended S Aprll 2025 2025 Charltablo donatlon8 and grants Icohtlnuedl 8rowht Forward 16,800 Serv Roy81 Alr Forca Beneloverbt Fund- Charfty 81ind Veterans- Charty Blesma- Ch8flty Combat Stre88- Ch8rlty Papplewick & Llnby Royal Brlti8h Leglon Poppy Appeal- Charlty 500 500 500 500 500 2,500 Youth List8nlng Books Cgudwell Chlldrelh I Csn Charlty Ralnbows The Zone Proltet Happy Dayg Chlldren'8 Chorty 1,000 1.000 S) 1.000 500 500 4.5(K¢ Made curto Néwlife Deafblind UK- Charlty T•anag8 Cancer Tw51 The Re8plte A$eallon SCOPE R88Ct MNOA C8rers UK Uncs & Notts Air Ambulance H•8dway Notllngham Impfovlng live$ 500 500 500 1.000 500 500 500 500 500 1,000 1,000 soo 7,500 Canine partner Guide Ds)a8 for thq Bllnd AssocLgtlon 500 soo 1,000 Total 32,305 4. St•ff co$t• Tho Charfly has no &mployees other than the Trustees, who did not recelve any r8munoralc4) or had any 8XP8nditure relmbursed or paid for by th& charlty (2023.. £nlll. No employee rece•d remuneralkjn ¥mntIng to moro ¢han £60.000 In elther yoar. 12
The Gray Trust ICIOI Year Ended S Aprll 2025 Notes to the Flnanclal Statèments 5. Tanglble fbxed a?s•ts Freghold propety Chattels al Newstead Flxtuyes & fittings Totsl Colt At 5 Aprfl 2025 Deprnclatlon At 5 Apdl 2025 Imlmi•nt Al 5 April 2024 Impaimwnt At S 4pril 2025 139,350 139,350 Al 5 Aprll 2025 At S Aprll 2024 Sherwood Hous• ond the G8rdeners' Cottage8 ar• shown at prob8t8 v8lu• plus converslon st9. Th• Trusta85 have converted ond exlended the property lor usè 88 accommodallon for tt)g eldfjrty. Th• Trustee6 were mlndful ol the wlsh?¥ of the late Miss Gray to create a retirgm•nt home lo glve o hkJh degree of comfort, 8pace and 18¢ilitles for the bgnafit ol the resSdents. A 19 year lease In favour of Notnghrn Communtty Houslng A8$odtlon W86 eT•d Into by th8 Twstefrs commgncln9 1 Aprfl 2018. Th8 Truste8S also 8ntered into a Fundlng Agreement with NotnghaM Communlty Housin9 ASS(allOn at the Bama tirne. whereby the Trustees ar8 to provlde lundlng to Notllngham Communlty Houslng AssocSallon during thè t&rrn ol the 18&s8, so long 8$ Nottingharn Crynmvnlty HouBlng A8sod8tlon provlde rosldanual care to the Indlvlduals who o¢¢upy th property. A valuatlon w8s completed on thè property, Sh8Thvood Houga, Unby, in Octob•r 2014 by Ch$$tèrton Humberts. The market value was 8slim8t8d lo bo £450.0001£1,150,000 wlth vacant POSSeS61onl and Iha TruBlees havè adopted thal valu8 86 Iho deemed cost to be carrfed fonward. No depreclatlon has bean charg8d during the period ss tha mainlenaneè of the property •nd repLgc¢ment of the lixtures and litbngs 18 thé responslbilily of Notllngharn Comrnunity Houslng A8soclation, subject to provlslon of fundino agre0n1. The proty wgs transforred to Tho Gray Tru$t CIO at Ks market valua of £450,OCK) on 6 4)rf12022. The Chattè w8re tran6ferre(I to the Trvst by th8 lat8 ML8s E M Gray in 1982 and are rtems of furnlture arnd palnllngs wluch ar• displayed •t Newgtead Abbay. Tha chattels wgrg transf8rred lo Th? Gray Twst CIO on 6 Aprll 2022. Thoy are valued on S Aprll 2025 by the Trustees at £20.250. 13
Th• Grny Trust (CIO) Year End•d 5 Apr(12025 Nots8 to the Fin•ncial Statements 6. Inve•tm•nts Llstad securities Market value At 6 April 2024 Addltlons Disposab R8valuaUons 4.639,325 371,287 1519.0231 129 At 5 Aprfl 2025 Investmènt9 81 market valuè 2025 2024 Llst•d InvaslTh*nts Al th• flxed a88el Invts$tm•nts held In the UK. 7. Crodltor•: Amoun1• folllng du• wlthln on• y•ar 2025 2024 ¢ru81$ and deferred IwK>)m• 8. Sl•t•m•nt of lund• •lanc8 at e ApTII 2024 In¢ome Exp8ndlturo Galns I {Lo85881 8alantè at 6 Aprll 2025 Unr••trlct•d Ind# Gtsneral Fund8 14
Thè Gray Trust ICIO} Ygar Endod 5 Aprll 2025 Noto to the Flnanelal Statemènts 9. An•ly$l8 of n•t t$t¥ botw•èn fund$ Urnr8¥tricted fijnds 2025 Tanglble ffixed assets FLxed asset Inv88trnents Current assets Credltors due withln one year 868,093 4,362,283 129,803 10. R•lat•d party tr•nsactlon• Kltstln ThDmpson, trustse durlng the year, Is an ernployoe of Knlghts PIC 8011citors. Durlng the year £734 12024.. £4751 wa8 received by Knlghl8 Pk and rg18led to specific lègal polnls and adv4e• Ffovid9d by Klr¥lln Thgrnpsgn outsldg of tho usual trvstaa meetings, The Gray Trust ICIOI havo followed thelr confllcts prncedur83 on the matter. 11. Fundlng ¢ornmltm•nt On 1 Aprfl 2018, a new leaBe and a new fundlng agr••m8nt comm•nc•d to 8nablè Nottingh&m Commurnlty Hou$lng Assodatlon to takè ovor thè runnino ol Shorwood House from Frl8nds ol th• Eldorty. The 108s6 and tho agr&ement, whlch are for a perlod of 19 yearB. can be broken by either paty after a rninirnum ol three yws. A nèw d WAS antar8d Into on 1 Aprll 2024 thich $118 alLwsid• this agrn•menL A furthar Wear deed was entwed Into on 1 &Dril 2025 to sll alJngside the fvnding aGYeemenl. The fundlng agreement and deed cornmll Ihe Giay Truot to $ub¥ldl$lng 11)• runnlng of thg hom• lo tho xlent of 8 maximum of £51.12412024 £4T.6771 per quart8r for a mlxtur8 of tOPUP5 01 Local AuthorKy ratas and void covar. cappèd at 3.5 rooms. The aSe provkJ88 for a peppercorn Tent onty. 15