The Elizabeth Gilmour Charitable Foundation Report and financial statements Year ended 31 March 2024 Charity number: 1197290 The Elizabeth Gilmour Charitable Foundation Contents Page Report of the trustee5 Independent examinefs report Statement of financial attivities Balancè sheet Notes to the financial statements The Elizabeth Gllmour Charitable Foundation Report of the trustee5 The trustees pre5enl their report and the financial statements of the charity for the year ended 31 March 2024. The trustees confirm that the report and the financial ststements of the Foundation comply with thè Charities Act 2011. the requirements of the Foundation's 8oveminE documents, and the provisions of the Statement of Recommended Practice I"SORP"I "Accountin6 and Reporting bv Ch3rities- applicable to charities preparing their accounts in accordante with the Financial Reptrrting Standard applÈcable in the United Kingdom and Republic of Ireland IFRS 1021. Reference and admlnlstrètbve information Charity number= 1197290 Address: Cayzer House 30 Buckingham Gate London SWIE 6NN Trustees: The Hon. MTS Gilmour Mrs Arabella Nichola Gaggero Mr Alexander Charles Ga8gero Mrs Sonia Claire Barry Adrninistrator: The Cayzer Trust Company Limited Cayzer House 30 &uckin8ham Gate London SWIE 6NN Sollcltors: BD8 Pitmans LLP One Bartholomew aose London ECIA 7BL Bankers= The Royal Bank of Scotland plc Drummonds Branch 49 Charing Cross London SWIA 20X Independent examiner". Independent Examineis Lbmlted Unit 2. The Broadbrid8e Business Centre Delling Lane Bosham P018 8NF Start of finantial pèriod: l April 2023 End of financial period.. 31 March 2024 Structure. iovèrnance. and mana8eiiient The Foundation was reglstered with the CharSty Commis5ioner5 for England and Walès en 23 December 2021. Thè trustees do not actively fundraise, althou8h thè Eoveming document allows them to do so. The power of appointing new trustees is vested in the present trustees. New trustees may be appointèd at any time, either by way of replacemeni oraddition. The current trustees have all held office since being appolnted on 23 December 2021. The trustees agree the broad Strate￿ and areas of activity for the trust. Includin8 8rant.making, investment, risk mana8emènt, reserves, and performance. The finantial affairs of the charlty are handled by the administrator. The trustees annually review the risks facing the charity. The Ellzabeth Gilmour Charltable Foundation Report of the trustees ObJertl¥es and a¢tlvltles The constitution of the Foundation gives the trustees the power to pay or apply the income and the property of the Foundation to or for such charitable purposes (according to the laws of England and Wales) as the charity trustees See fit from tlme to time, including, but not limited to, the advancement of the environment. conseryation, and animal welfare. by way of providlng grants. Public b•n•fft The trustees. having regard to the public benefit guidance publlshed by the Charity Commission in accordance with Section 17 of the Charities Act 2011, consider that ihe purpose and activities of the charity satisfy the requiremènts of the public benefit test. set out in Sertion 4 of the same act. Achlevements and perlomiance The Or8anK Research Centre's Living Mulch project got under way early in 2023 and in Apr51 the Trustees attended a study day at Greenacres Farm, Shropshire, where Henny Lowth of ORC wa5 particlpating in the soil trials. The trustees continued to monitor the work and in June met with the ORC'S new Head of Research, Julia Cooper. who wlth her team had taken over responsibility for the projecl. The research will be on-goin8 and challenging, balancing crop yield against long.term envlronmental benefits. So far, however. farmers and other interested partes involved are keen to learn more and the numbers participating in trials are gradually increasing. At FarmED's Demonstration Farm and Education Centre, the Charity's flrst intem, Abi Gwynne, started work in May, 2023. The trustees have kept in regular touch with her and have visited the farm on number of occasions to moniior her progress. Hei focus is evolving toward5 market gardening and In February. 2024 she began the first of her two placements at an agroecolo8ical market Earden in Cornwall. With both parties in agreement. the Charity pledged to continue to 5UPPOrt FarmED's internship programme. In early Marth, 2024 following competitlve interviews. Henry Hope-Hawklns was awarded the role for the comin8 year. commencing in May. At the request of FarmED, the trustees agreed to contribute an extra £1,250 of funding, to rellect inflation, for the year 2024125 thus bringin8 the grant up to £29.750. In March. 2024, the Charity awarded a new grant of £4,000 to Songbird Survival, Its purpose bein8 to investigatethe use of spot.on flea treatment bein8 used lor dogs and cats and its effecton nesting birds using these anSmals' fur to1Sne their nèsts. The treatment is composed of chemicals that have already been banned from agricultural practice and, a¢¢ordlng to a Universlty of Sussex PHD, it is having a devastatlng effect on youn8 chicks. Flnandal revkw During the year ended 31 March 2024, the Foundation received unrestricted donation income totalling £62,50012023- £81,2501 and agreed charitable 8Tants totalling £33,75012023 - £52,3141. Reserves polky At 31 March 2024, the Foundation had total unrestricted fund5 carried forward of £53,69212023 - £26.7461. The char￿ty does not have an endowment. The Foundation has low governance and support COSt5, and its policy is to maintain a cash floatto meet general expenditure equivalent to approximately three years. worth of fixed expenses. these being general admini5tr8tlon. accounting, and independent examination costs. Grants are made on a case by case basi5, allowing the trustee5 to be flexible and adapt grant levels as necessary. The chariiws pollcy Is only to make donatbons when sufficient unrestricted fund5 are available, taking Into account the rbeed to maintain the cash float referred to above. The Ellzabeth Gilmour Charitable Foundation Report of the trustees Statement of trustées, responsibilities The trustees are responsible for preparing the trustees. annual report and the flnancial statements In accordance with applrcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted knounting Practice). The law applicable to charities in England and Wales require5 the charity trustees to prepare financial statements for each financial year which give a true and falr view of the state of affairs of the charily and of the intomlng resource5 and application of re50ur¢es of the charity for that ￿rI0￿. In preparing the financial statements, the trustee5 are required to: select suitable accounting policies and then apply them con515tently* observe the methods and principles in the applicable Charities SORP,. make judgemènts and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed. 5ubjert to any material departure5 that must be disc105ed and explained in the financial statements,. nd prepare the flnanclal staternents on a golng con￿rn basis unless It ￿ inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeplng proper accountins rècords that disclose with reasonable accuracy at any time the tinancial position of the charity and enable them to ensure that the financlal statements comply with the Charities Act 2011, the applicable Charitiès (Accounts and Reports) Re8ulations, and the provisions of the tW5t deed. They are also responsible for safeguarding the asset5 of the charity and hence for taking rea59nable steps forthe prevention and detection of fraud and other irregularitles. Approved by the trustees on 2> and signed by The Hon. Mr5 Gilmour Trustee Mrs Sonia Barry Trustee ## **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 2024 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: 26.11.2024 4 The Elizabeth Gilmour Charltable Foundation Staiement of flnanclal artiviknes for the year er￿ed 31 Marth 2024 Unrestrirtod fund5 year ended 31 March 2024 Unrestrirted funds 15 months ended 31 March 2023 Note Incomè Donations and legacies.. donations Investment incorne: interest receivable 62,500 403 81,250 Tf)tal Income 62,903 81.250 Expendlture Expenditurè on chorltoble octivlties Donations and grants to institutions Governance costs 133,7501 12,2071 (52.314J 12.190) Total expendfture 135,9571 (54.504J Net income and net movement in fvnds 26.946 26.746 Reconcilit7tion offunds Total funds brought forward at l Aprll 26.746 Total funds carrled fothyard at 31 Marth 53,692 26,746 All income and expendlture 15 in respect of contlnuing activitiès for the current and the previous year. The notes on pages 7 to 9 form an inte8ral part of these financial statements. The Elizabeth Gilmour Charitable Foundation 8•lance sheel at 31 March 2024 Unrestrlrted fund5 at 31 March 2024 Vnrestrlrted funds at 31 Marth 2023 Current assets Debtors Cash at bank and in hand 16.250 64,430 85,619 85.619 Credltors falllng due within one ￿tyr 131.9271 (53.934J Net turrent assets 53,692 26,746 Net assets 53,692 26,746 The lunds of the chaTitv: Unrèstricted fvnds 53,692 53,692 26.746 Approved by the Trustees on 2oL The Hon. Mrs Gilmour Trustee Mrs Sonia Barry Trustee The notes on page5 7 to 9 form an integral part of these financial statements. The Elizabeth Gilmour Charitable Foundatlon Notes to the financSal statements forthe year ended 31 March 2024 Accountlng polkles Basls of prepirat5on The financial statements have been prepared under the historical cost conventiorb. With items recognised at CQs1 or transaction vèlue, unless Otherwse stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. accounting and reporting by charitles preparing thelr accounts in accordance with the Financial Reporting Standard pplicable in the United Kingdom and Republic of Ireland IFRS 1021 issued on 2 October 2019 and the Charitles Art 2011. The FoundatK)n was registered with the Charity Commissioners for England and Wale5 on 23 December 2021, under charity no. 1197290. The Foundatlon constltutes a publ1¢ benefit entlty as deflned by FRS 102. Goiwa ronc¢m The trustees Consider that there are no material uncertainties about the Trust's abilty to continue as a going ¢on¢ern, and that there are no key assumptions that affect items in the accounts. Funds structure Unrestrided funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objertives of the charlty. In¢ome recognitio Donations and legacies are recognised once the charity has been formalty notified that it is uncondilionally entitled to the funds, and the amount can be mèasured rellably. Gift ald reclalmable on donations to the ¢harlty is Included with the amount received. Income from investments and cash deposits is included on an accruals ba51S. Expenditure re¢o8nlllon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probablè that settlèmènt will bè requirèd, and thè amount of the obligation can be measured reliablv. Grants are charged to the statement of financial activitie5 when paid or when a ¢onstru¢tive obligatlon exlsts. notwithstanding that they may be paid in futvre accounting periods. Other expenditure is included In the accounts on an accruals basis. Irretoverable VAT has been charged against the relevant expenditure. Taxatlon The trust is a registered charlty and is thus exempt from taxation of its Income and gains falling within Section 532 of the Income Tax Art 2007 to the extent that they are applied to its charitable objectivès. No tax charges have arisen in the charitv. The Elizabeth Gilmour Charitable Foundation Notes lo the financlal ststements lorthe ye•r ended 31 March 2024 DonatloThs and 8rantsto Instltutlon5 2024 2023 Grants were madefvrthefollowing PiIIPQses.- Hortlculture, environment, and conservation 33,750 33,750 52.314 52,314 Recipients of institutional 9ronts.' FarmEd CIC Organic Research Centre Songbird Surviv31 29,750 2¢500 23.814 4,000 33.750 52.314 Governance costs 2024 2023 Administration fees Independent examination fee 1,577 630 2,207 1.650 $40 2,190 Debtors 2024 2023 Gift Aid reclaimable 16.250 Credltors falling duè wlthln one year 2024 2023 Accruals Grants payable wothln one year 2,177 29,750 31.927 1.620 52,314 53.934 Thefunds ofthe (harrty Unrestrlrted funds 2024 Unrestricted funds 2023 Opening balance at l April Income ExpÈndlture Closing balance ai 31 March 26,746 62,903 135.9571 53.692 81,250 (54.504) 26.746 Analysls of lund assÈts and liabilities Unrestrlrted funds 2024 Unrestrirted nds 2023 Debtors Cash at bank and in hand Creditors 16,250 64,430 (53.934) 26,746 85,619 131,927 53,692 The chority held no designated or restricted funds in thi5 financial year12023.' £nill. The Ellzabeth Gilmour Charitable Foundation Notes to the financlal statsmÈnts lorthe year ended 31 March 2024 Employees The trust did not have any tmployee5 duringthe current or prior year. Transactlons Wlth truslees or connerted persons Administration fees of El,57712023- £1,650) were charged by a company of which The Hon. Mrs Gllmour and Mrs Sonia Barry are directors. A trustee of the charity made donations totallin8 £50.(￿l2023- £65,OCXJI to the charity in the period. Gfft Aid has been claimed by the charlty on these donations. No tnjstees. or connerted persons, received remuneratlon directly or indirectly from the chariiy duringthe accounting peiiod nor did the trnstees receive reimbursement of any expenses.