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. Broth￿11 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 Wal*rfr¢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 Do*Jhln 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 LIm￿d 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 proVi￿On 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 $tewardship of it¥ r&90urceg. D. Maln actlvltl•B und•rtak•n to furth•r th• charlty's purpo•¢• forth• publlc bonofit The Trusteès have referr¥d lo tho guldanca contalned in th8 Charrty Commlsslon s general guidonce vn public benefit when revlewing their olms and objectives and in planning thelr future activities. In particular. the Trust888 con8id¢r how planned a¢tiviti85 wll contribule to the aims and obleclves they have sel. The Trust's ac¢wIt￿S ond benefldaTitrS ara desuibed below. Achlevements and perfornianc• A. R•vlew of aclivltles The Trust r8c•Ned £114.42312024.. £115.9831 from it8 Investments In tho yg8r. The value of thg trust's inv85tments at 5 April 2025 have dècrè8sed by £277.042 (￿rnpared with the value al 5 April 2024. Thè Gray Trusl ICIOI Year Endgd S ApTII 202S Tm8ts•s' report l¢ontlnu•dl B. Iwo&tmont policy •nd perfomiance tt Is the policy of the Trustees to r•l8ln eapltal in the endowrnent fund in order to generalo thè income from which tha grants 8r8 rnade. The investments are managed by Brèwin Dolphln. Tha Truste88 constanlty m¢n51of th& Inveslmenl a￿￿$&r$. perform8nc8 agalnst olhar benchm8rk$ and ar• satIsf￿d 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 sUff￿ent 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 0stab￿Shed 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 COn￿n￿ed the pur￿8 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 6x1s￿ng 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 de￿gated to PKF Smith Coop8r Lirniied, a firrn of Chartered Accountants and the gccosjntant of the Trus1. Atl Trustees gwe th81f tlme f￿lY and nts Tru6te8 rernunèratlon wa8 pald in the period. Details ol Trustee expanses and related p81ty transaCtiC￿S are d15cb98d in the notes of th8 flnanclal statornents. Tha Gray Trust {cio) Yoar Endod 5 April 2025 Trn*t••*' 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. Rl*k 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 Inde￿ndent 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 follo￿d 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 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 recalvat￿6 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 a￿oUnt. 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 Unl￿ndIng 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$fvrnants. Baglc flnan¢lal Instwmènts are Inltlally r8COgnised at transactlon value and subsoquenlly mgasufed al their settlement valu• vAth the 8xcepllon ol bank loans whlch arg subsequ6ntty measured al amort15ed eost uslng the effeclvo inter•gt method. 1.10 Fund ¥ccountln9 General funds ar9 unrestrlctad funds are av8ilablo for use 81 thg dlscretlon of the Trustees In furtherancè of tho goneral obj8Ctive8 01 th• Charlty and whlth hav6 not been d8slgnat•d for other purposes. Inv&stmenl Income, galns xnd10598s are allocated lo thè approFflate fund. 10 Th8 GrayTrust {ClO) Year End•d 5 Aprll 2025 Note8 to the Flnanclal stat￿n0￿t6 2 Investment inct)m• Unrestrlcted funds 2025 Totsl fund8 Tot81 fvnds 2025 2024 Investmènt Income from Quotad Securflles Int8r•st on Cash Deposits 85,289 29,134 85,289 29,134 88,885 27,098 114,423 114,423 Tot812024 115,983 115,983 Anatyslg ot expondlturn on charitablg •ctlvlil•• 2025 2024 Bank ch8fge8 Donallons and grants Funds payable to NCHA Admlnistralon and accountancy Ind8P8nd8nl examlnallon Legal and profe8$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 Inde￿ndent 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$￿e￿allon SCOPE R88Ct MNOA C8rers UK Uncs & Notts Air Ambulance H•8dway Notllngham Impfovlng live$ 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$t• Tho Charfly has no &mployees other than the Trustees, who did not recelve any r8munoralc4) or had any 8XP8nditure relmbursed or paid for by th& charlty (2023.. £nlll. No employee rece￿•d remuneralkjn ¥m￿ntIng to moro ¢han £60.000 In elther yoar. 12 The Gray Trust ICIOI Year Ended S Aprll 2025 Notes to the Flnanclal Statèments 5. Tanglble fbxed a?s•ts Freghold propety Chattels al Newstead Flxtuyes & fittings Totsl Colt At 5 Aprfl 2025 Deprnclatlon At 5 Apdl 2025 Im￿lmi•nt Al 5 April 2024 Impaimwnt At S *4pril 2025 139,350 139,350 Al 5 Aprll 2025 At S Aprll 2024 Sherwood Hous• ond the G8rdeners' Cottage8 ar• shown at prob8t8 v8lu• plus converslon ￿st9. Th• Trusta85 have converted ond exlended the property lor usè 88 accommodallon for tt)g eldfjrty. Th• Trustee6 were mlndful ol the wlsh?¥ of the late Miss Gray to create a retirgm•nt home lo glve o hkJh degree of comfort, 8pace and 18¢ilitles for the bgnafit ol the resSdents. A 19 year lease In favour of Not￿ngh￿rn Communtty Houslng A8$od*tlon W86 e￿￿T•d Into by th8 Twstefrs commgncln9 1 Aprfl 2018. Th8 Truste8S also 8ntered into a Fundlng Agreement with Not￿nghaM 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 agre￿0n1. The pro￿ty 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 I￿nd# 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