The Elizabeth Gilmour Charitable Foundation Report and financial statements Period ended 31 March 2023 Charity number: 1197290 The Ellzabeth Gilmour Charttable Foundatlon Contents Report of the trustees Independent examinerfs report Statement of financial actNities Balance Sheet Notes to the flnandal ststements ## **The Elizabeth Gilmour Charitable Foundation** ## **Report of the trustees** **The trustees present their report and the financial statements of the charity for the period ended 31 March 2023. The trustees confirm that the report and the financial statements of the Foundation comply with the Charities Act 2011, the requirements of the Foundation's governing documents, and the provisions of the Statement of Recommended Practice ("SORP") "Accounting and Reporting by Charities", applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).** ## **Reference and administrative information** |**Address:**|**Cayzer House**| |---|---| ||**30 Buckingham Gate**| ||**London SWlE 6NN**| |**Trustees:**|**The Hon. Mrs Elizabeth Gilmour**| ||**Mrs Arabella Nichola Gaggero**| ||**Mr Alexander Charles Gaggero**| ||**Mrs Sonia Claire Barry**| |**Administrator:**|**The Cayzer Trust Company Limited**| ||**Cayzer House**| ||**30 Buckingham Gate**| ||**London SWlE 6NN**| |**Solicitors:**|**BDB Pitmans LLP**| ||**One Bartholomew Close**| ||**London EClA 7BL**| |**Bankers:**|**The Royal Bank of Scotland pie**| ||**Drummonds Branch**| ||**49 Charing Cross**| ||**London SWlA 2DX**| |**Independent examiner:**|**Independent Examiners Limited**| ||**Unit 2, The Broadbridge Business Centre**| ||**Delling Lane**| ||**Bosham PO18 8NF**| |**Start of financial period:**|**23 December 2021**| |**End of financial period:**|**31 March 2023**| ## **Structure, governance, and management** **The Foundation was registered with the Charity Commissioners for England and Wales on 23 December 2021.** **The trustees do not actively fundraise, although the governing document allows them to do so. The power of appointing new trustees is vested in the present trustees. New trustees may be appointed at any time, either by way of replacement or addition. The current trustees have all held office since being appointed on 23 December 2021.** **The trustees agree the broad strategy and areas of activity for the trust, including grant-making, investment, risk management, reserves, and performance. The financial affairs of the charity are handled by the administrator.** **The trustees annually review the risks facing the charity.** The Ellzabeth Gllmour Charltable Foundatlon Report of th• trustees Otrj•Ctl￿ and •rtlvkl•s The con5tltu￿on of the Foundatlon 8l¥t5 the trustees the power to P¥V OT ¥pWy the Incoffle Ind the PToperty of the FovndatiDn to or for suth charttable purp)5e5 laccordlng to the laws (rf En￿aTrd and Wales) as the charlty trustees See fit from time to time. includin& but not Ilmlted to. the advanc¢ment of the ènvironment, con5er¥•tion, and animal welfare. by way of prrMdin8 8ronts. Publk b•Mfft The trustees. h¥in8 regard to the public b*n*ffit ￿ldance published by the Charty Gynmiwon in accordance wlth 5ect5on 17 of the Charities *£t 2011, consider that the purp05e and a¢l￿tIeS of the ¢h4rlty $4t15fy the requirernents of the publlc benefit tesL set out in Sert1￿ 4 of the s•me •rt. Achl•¥em•nts and ￿rf9rrn•nc• On 23 December 2021 the Foundatlon received charltable status. Prlor to thts ihe Trustees had been Introduced to Thè Organic Research Centre. the Uf5 leadlng orsanl¢ research or8an153tlon 3nd to FarmED. a centre tor farmln8 and food education. two bodles vtho have been of Invaluable help In IntToducln8 US to farmers and others who are worklng to restore the UK'S depleied en￿rOnmen1. In the autumn of 2021thetrustees¥Sslted a couple of farms on the OxlordshlrelGloucestershlre border vthere 8reat emphasi$ was belng paid to the hea￿h of the soll. This has led to a 10s5er rellance on themlcals and to healthy Iwe5tock not needing constantveterlnary treatment. In early 2022 the Trustees vlstted two farms In Dorset, one a very well-funded orsanlc dalry and the other a mlxed or8anlc farm. The lattei fami thouKh le55 8?nerously financed was ￿UallY Impresslve. 80th farms demonstrated hlgh anlmal welfare and 501d excellent produce. DurinB the sumrner of 2022 the Trusteès vblttd Wakelyns. an experlrrrerrtBI fann, whose pioneering work on grains and a8rcwlogy has bèen of 8reat Inftuence In the oryanklre-Bener*ive farming rld. 1¢ also demonstrated, on a small scale, the Concept of 'StsC￿n￿, that Is allo￿nI$m311 ecologlcal errterprrses to njn Side￿V"s1de wrth the experimental thereby increasin8 income. This eC￿eePt ds something that the tru5tee5 Saw repeated at Oay4esford, one of the countrf5 rnQ5t renowned sustainable organic farms, but on a rnuch larger xale. ID both cases the land wos carefully nurtured and every opportunhy was tsken to maxirnise its use, wlthout the need for any themkal Interference. Vlhen rt came to awarding the first yants. the charfty declded to concentrate on the educational ojects bein8 undertaken by thè ORC and FamiED. Our reasonlni wa5 that lor famers to turn their backs on the 1•Y￿n*v*) safety-net ol chemlcals and fertlllsers and 80 down the rothe of re-gen agriculture. ￿lch p￿￿yCeS a lesser yield - albe￿ resultln8 In less out8oln88 they would realty need proof that thls re-lnventlon of the wheel was Worthwhlle. During the perlod, thefollowln8 grants were a8reed by the truste￿. £23￿14 to The i>ganic Research Centre for a Lfvlng Mulch re5earth FYole¢t to help formers improve their soil. Thls ¥rant Was •8re•d to b• pald In Instalmerrts, and was fully paid by October 2023. £28.$￿ to FarmED fry An Sntèm who wlll be Inv¢￿ed In all areas of their farming and food educational centre. Thi5 grant was agreed to be m?de once On Intern was hired, with payTnent stsged over the year of the internshlp, wlth the first instalment paid In july 2023. Flmndal review Durin8 the period ended 31 Marth 2023, the Found•tlon recelved unrestrlcted donation incorne totalling £81,250 and made commltments for the above CharItab￿ 8rants totallln8 £52,314. ## **The Elizabeth Gilmour Charitable Foundation** ## **Report of the trustees** ## **Reserves policy** At 31 March 2023, the Foundation had total unrestricted funds carried forward of £26,746. The charity does not have an endowment. The Foundation has low governance and support costs, and its policy is to maintain a cash float to meet general expenditure equivalent to approximately three years' worth of fixed expenses, these being general administration, accounting, and independent examination costs. Grants are made on a case by case basis, allowing the trustees to be flexible and adapt grant levels as necessary. The charity's policy is only to make donations when sufficient unrestricted funds are available, taking into account the need to maintain the cash float referred to above. ## **Statement of trustees' responsibilities** The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that 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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. 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. > Approved by the trustees on J4 _�]_ and signed by **Oec.trn.W** � � �__,__, �---1 The Hon. Mrs Gilmour **Trustee** Mrs Sonia Barry **Trustee** 3 ## **The Elizabeth Gilmour Charitable Foundation** ## **Independent examiner's report to the trustees** Report to the trustees/members of The Elizabeth Gilmour Charitable Foundation on the accounts for the year ended 31st March 2023 set out on pages 5 to 9. ## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER** The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011) and that an independent examination is needed. It is my responsibility to: - examine the accounts (under section 145 of the 2011 Act), - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act), and - to state whether particular matters have come to my attention. ## **BASIS OF INDEPENDENT EXAMINER'S STATEMENT** My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **INDEPENDENT EXAMINER'S STATEMENT** In the course of my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that: - proper accounting records are kept (in accordance with section 130 of the Act); and - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Zita Derbak MAAT AATQB Independent Examiners Ltd Unit 2 Sign: The Broadbridge Business Centre Delling Lane Bosham PO18 8NF Date: 18/12/2023 4 The Ellzabeth Gllmour Charftable Foundation Ststsm•nt ollln•ndil •dl¥lthi for th• p•vlod •nd•d 31 M•rth 2023 Unr•strlrt•d fvnds 15 months ended 31 ￿1¢h 2023 Not• Donation5 and le8acie5.. donatlon5 81.250 Totsl Incom• 81.250 Expendltur• Expenditure on chorltoble ortfvilies Donatlons and $r•ntsto In#sMb)ns Go¥ernan¢e costs 152.3141 2.￿? 154,S041 Total •Xyndl￿r• 154,5041 Net Inwme Ind n•t mo¥ement In fvndj 26,746 Reconclllotlon oyfvnds Totsl fvnds wrled for¥nrd It 31 Mlrth Z013 26.746 Jr Income and expenditure is In respert of Contlnulw attl￿tIeS for the current and the prewousye4r. The notes pages 7 to 9 form an Inte8ral ￿rt of these financlal statements. The Elizabeth Gilmour Charitable Foundatlon Balance sheet at JI Marth 2023 Unrestrlrted funds at 31 March 2023 Cwr•nt •ssets Debtors Cash at bank and In hand 16,250 64,430 80.680 Credltors falllngdue wlthln on¢ year 153,9341 Netcurrent4sMts 26,746 Net assets 26,746 The funds ofth• charlty: Unrestrirted fvnds 26.746 26,746 Approved bythe Truslee$ on 14 De￿￿￿¢( aJL3 The Hon. Mrs Gllrn￿r Trustee Mrs Sonia aarry TNst•e The notes ￿ pages 7 to 9 form an Integral part of these ftnanclal statements. The Ellzabeth Gllmour Charitable Foundatlon Notes to the finan¢lal staternentsforihe perlod ended 31 March 2023 Ac£ountw¥ poliaes Ba51s ol pr•paratlon The fin4nci?I statements have been prepared underthe hiAorical cost conventlon. wtth Items recogni5ed at cost or transartlon value, unles5 Otherwise stated in the relevant notes to these accounts. The financlal statements have been prepared In accordance wlth the Statemeni of Recommended Prartlce.. accounting and reportlng by charfjtle5 preparlng thelr accounts In accordance with the Financlal Reportlng Standard applicable in the United Kingdorn and Repu￿1¢ of Ireland IFRS 1021 issued on 2 Ortober 2019 and the Charfts'es Act 2011. The Foundation was reglstered w￿h th? Charlty Commlssioners for England and Wales on 23 December2021. and has prepared itsfirst accounts for the period from that date to 31 March 2023. The Foundaucffi constitutes a public benefft entity as defined by FRS 102. Golng conc•m The trustees conslderth4t there are no material uncertalntles about theTNst's abilityto ¢ontlnue as a golng ¢oncern, and that there are no key assumptlonsthzt affect item5 in the accounts. Funds styurture Unrestricted funds comprise actumulated surpluses and dellcrf(s on general fvnds that are a￿lIable for use at the dlscretlon of the trustees in furtherance of the Beneral Object￿e$ of the charity. Income reco￿11[￿n oc￿atiOnS and legatits are recognlsed once the charity has been fomially notified that It Is unconditionallv entltled to the funds. and the amount can be measured rellably. Grft aid reclaimable on donations to the charlty is included wlth the amount received. Income from Investments and cash deposits is included on an accruals bas15. Expendlture reCO￿ltIOn Uabillties are reco8ni5ed è5 expenditure as soon as there is a le8al or ccffistructi¥e obligation Committing the charlty to that expend5ture, It is probable that settlemeni wlll be requlred. and the amount of the obligation can be rne35ured rellably. Grants are charged to the statement of finan¢ial attiv(tles when pald or ￿en a construrtlve oblig*lon exists, notwf(hstandin8 thatthey may be pald oh future accountin8 periods. Other expendlture Is Included in the accounts on an accruals ba515. Irrecoverable VAT has been charged againstthe relevant expenditur•. TOM•llon The trust is a registered charlty and Isthus exempt from taxation of its income and Bains falling within Section 532 of the Income Tax Act 2￿7 tothe extent that they are applied to its charriablè objèrtives. No tax charges have arlsen In the charlty. The Elizabeth Gilmour Charftable Foundation Notes to the flnanclal st•tem*nts forthe perlod ended 31 March 2W43 Don*ivni and yan1$ tg In#1￿tIOnS Giants were modefor thefollowinopurposes.. Horti¢ultuTe, enviionmenL and conservation 52,314 52,314 Reclpients of Instftutionulgront5.' FaTmEd CIC Organic Research Centre 28.500 23,814 52.314 6ovemanc• costs Administration fee5 IndependeTrt examlnatton fee 1,650 540 2,190 2023 Gift Aid reclairnable 16,250 Cr*ditors lalling due withln one year 2023 Accruals Grant5 payable V4ithin one year 1,620 52,314 53,934 The fvnds ofthe tharfty unr•￿rtrt0d fund$ 2023 Income Expenditure aoslng balance at 31 March 2023 81.250 154,5041 26,746 Analysls olfvnd osmts and11obiiiil¢s lknreslrlcted funds 2023 Debtors Cash at bank and in hand Credltors 16,250 64,430 53,934 26,746 ## **The Elizabeth Gilmour Charitable Foundation** ## **Notes to the financial statements for the period ended 31 March 2023** ## **8. Employees** **The trust did not have any employees during the current or prior year.** ## **9. Transactions with trustees or connected persons** **Administration fees of £1,650 were charged by a company of which The Hon. Mrs Gilmour and Mrs Sonia Barry are directors.** **A trustee of the charity, made donations totalling £65,000 to the charity in the period. Gift Aid has been claimed by the charity on these donations.** **No trustees, or connected persons, received remuneration directly or indirectly from the charity during the accounting period nor did the trustees receive reimbursement of any expenses.** ## **10. Events after the end of the reporting period** **After the period-end, on 11 April 2023, the charity received a donation to the unrestricted fund of £62,500,** **inclusive of Gift Aid reclaimable.** **9**