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2024-12-31-accounts

Annual report and financial statements for The Beatrice Gilmore Charitable Trust for the year ended 31 December 2024

Funding for UK charities working in Africa and the Indian sub-continent.

Charity No 1200074

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

Contents

Chair’s Introduction ……………………………………………………………………………………. 3 Aims and objectives …………………………………………………………………………………… 4 Structure, governance and management …………………………………………………………... 4 Review of developments, activities and achievements ……………………………………………. 6 Finances, investment and reserves policies……………………………………………………….... 9 Responsibilities of the trustees ………………………………………………………………………. 11 Report of the independent examiner ………………………………………………………………... 12 Statement of financial activities ……………………………………………………………………… 16 Balance sheet ………………………………………………………………………………………...... 17 Statement of cash flows ............................................................................................................. 18 Notes to the financial statements …………………………………………………………………….. 19

Administrative details

Office 16 Glasshouse Studios, Fryern Court Road, Fordingbridge, Hants, SP6 1QX Telephone 01425 657321 Email admin@beatricegilmoretrust.org.uk Web www.beatricegilmoretrust.org.uk

Registered Office 16 Glasshouse Studios, Fryern Court Road, Fordingbridge, Hants, SP6 1QX

Secretariat Spark Fundraising Consultancy Ltd, 16 Glasshouse Studios, Fryern Court Road, Fordingbridge, Hants SP6 1QX Independent Examiners Slade & Cooper, Beehive Mill, Jersey Street, Ancoats, Manchester M4 6JG Bankers Unity Trust Bank, 9 Brindley Place, Birmingham, B1 2HB Solicitors Higgs LLP, 3 Waterfront Business Park, Brierley Hill, DY5 1LX

Directors and officers

The Beatrice Gilmore Charitable Trust is a Charitable Incorporated Organisation It was registered and obtained charitable status on 16[th] August 2022 (Charity No 1200074).

The trustees who served the Charity during the year and since the year end were as follows:

David Evans Resigned 11 March 2025 Matthew Jellicoe Michael Jellicoe Chair Louise Mayhook Scott Preston

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Chair’s introduction

The Beatrice Gilmore Charitable Trust is the legacy from the Will of Bernie O’Neill and is named in honour of her mother, Beatrice Gilmore. The Trust was set up in 2022 using the proceeds from her estate and reflecting the wishes expressed in her will. Its aim is to provide funding for projects that were close to Bernie’s heart. The current trustees come from a range of backgrounds and beliefs. What characterised Bernie’s approach to life was a drive to use what she had to improve the lives of those in most need and it is with this spirit that we search for innovative projects that can make real, impactful (and measurable) change to those most marginalised in society.

Two of the trustees knew Bernie O’Neill and we try to bring our memory of her to guide us in the projects we support. In her life she was a generous benefactor of projects in India and Africa that addressed the needs of the most marginalised in these places. Correspondingly our initial focus will be on projects in the Indian subcontinent and Africa that address such needs. Three of the trustees have significant experience in both working in projects in India and in being trustees of other UK charities that support grassroot activity by well governed, not for profit local organisations running projects in the villages and communities of the beneficiaries. We operate by providing grants to UK registered charities that can demonstrate a close working relationship with a locally based not for profit organisation that works alongside the local communities, respects the local culture but has the desire to bring about changes that will bring lasting benefit to the intended beneficiaries.

Our funds come from income derived from assets Bernie O’Neill left in her will. These include five rented properties in London and cash that has been invested on the stock market. After costs we anticipate this will allow us to provide approximately £80k of grants each year but preserve the original capital. We have the right to spend capital so the funds we hold are considered expendable endowment.

We have appointed a very experienced Administrator and invested in grant management software to ensure that our key function of awarding grants is done with the highest standards of professionalism. I am a Chartered Accountant with a Diploma in Charity Accounting. We believe in operating to high standards.

I am pleased to report that in this our second report we are presently supporting eight charities who through their partners in India and Africa are offering support to communities that are struggling for a number of structural reasons. It is still too early to fully understand our impact but outcomes from each project are detailed in the attached report. Our aim is to facilitate work within the communities to provide them the skills, understanding and support to build their own resilience and self determination. This process necessarily takes many years and these are early days during which we will take time to reflect on the effectiveness of a range of interventions; as we learn we will better target our resources.

Michael Jellicoe Chair

The trustees are pleased to present their report for the year ended 31st December 2024.

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Aims and objectives

Charitable Aims

The purpose of the Charity, as laid out in its constitution, is for its funds to be used for the benefit of such exclusively charitable objects and purposes according to the law of England and Wales in any part of the world as the trustees may in their absolute discretion determine.

The key objectives of the Charity are narrower than these objects :

How we achieve our objectives

Achieving public benefit is a fundamental driver of the way the trustees approach their work. The trustees have due regard to guidance published by the Charity Commission on this and recognise that, as the actions to improve the lives of beneficiaries takes place overseas, it requires us to adopt a particular approach to ensure that the funds we devote to achieving our objectives are used effectively.

We do this by working closely with the UK charities we fund. Our expectation is that their own governance is of sufficient quality to fulfil the criteria we set for the use of the funds we grant them. Central to this is their understanding of the local partner delivering the project on the ground. We expect them to fully understand the way in which that partner is interacting with the beneficiaries, that the local partner operates to high standards of governance, transparency and integrity and that, where possible, the beneficiaries are closely involved in finding solutions to the issues being addressed. We expect that the UK donor charity to monitor the funded project and be a critical friend to the local partner. Our standard grant conditions expect them to notify us promptly of any problem.

Applications that pass our original scrutiny are subject to a Due Diligence review by two trustees; this is designed to evaluate whether the UK charity has the capacity to properly monitor the project as well as considering the needs of the beneficiaries impacted by the proposal. A shortlist of applications is then sent to a full trustees meeting where decisions are made on whether or not to approve the application. All funded projects are required to provide interim and final reports explaining successes and failures.

We own five rented properties and engage a reputable managing agent to collect rents and manage the properties. Whilst mindful of the need to maximise income we charge fair rents and respond promptly to any issues reported by the tenants; we have arranged to meet all tenants so we can explain our approach. Other funds are invested through J M Finn on the stock market; we avoid investments in fossil fuels, gambling, tobacco and defence.

Our interactions with trustees of our funded charities and with the wider charitable community (especially those working to bring benefit to the most marginalised) keep us aware of issues that need addressing and possible solutions we can support. This allows us to refine and develop our approach and to target our resources to the most effect for our ultimate beneficiaries.

Structure, governance and management

Organisational Structure

We run a small charity and there are sufficient skills within the trustee body and our Administrator to allow the trustees to maintain oversight and control without the need for subcommittees. We normally meet six monthly in person but will meet by Zoom should any issue need discussing in the interim.

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Recruitment, Appointment, Induction of Trustees

The trustees periodically review existing skills and experience, and new trustees would be recruited to ensure the trustee board has a broad range of management experience to meet its needs and strategic aims. The induction process for new trustees includes an information pack, and meetings with the Chair covering the history, finances, longer term strategies and governance arrangements of the Charity, as well as the roles and responsibilities of trustees.

The trustees are appointed for seven-year terms, with the initial trustees appointed for shorter terms to allow rotation after four years. A retiring trustee is eligible for reappointment but cannot be reappointed for a fourth consecutive term.

Risk Review

Following our formation, we conducted a comprehensive risk review; this was reviewed and accepted by the trustees in November 2023; key risks are monitored by the trustees to an agreed timetable. The key risks we face are significantly mitigated because we rely on other UK charities to deliver the projects and can therefore rely on their procedures to deal with matters such as safeguarding, critical appraisal of the local partner delivering the project and monitoring outcomes. Our own due diligence processes in reviewing grant applications means that we have satisfied ourselves that any supported UK charity has adequate procedures in place to manage risk and the local partner is a well-run not for profit organisation with good governance and safeguarding, capable of delivering effectively to the ultimate beneficiaries.

An important element in our operations is raising funds to award as grants. These funds derive from the properties transferred from the estate of Bernie O’Neill and funds invested in the stock market. We seek to maximise income from rented properties but remain a responsive and principled landlord that ensures the tenants of our properties live in safe, well-maintained premises. To this end we have appointed a small family run property management agent whose values accord with ours to manage the properties; this approach mitigates risks to this income source. We have placed funds with J M Finn to invest on the stock market with a medium risk portfolio with a minimum of 25% of investments in low-risk products. We have agreed a medium risk profile as we consider our properties are low risk investments and the stock market currently comprises only 15% of our invested funds. The trustees considered that they can further mitigate risk by reducing the proportion of its assets held in property and, as reported last year, agreed to sell one of its properties.

Unfortunately the specialist agent chosen to obtain vacant possession of that property made a number of errors in the application to the court which has lead to the following consequences:

Although there is a cost to the charity for this it is anticipated that the increase in market value of the property once all these provisions are complied with will significantly exceed the costs of the court imposed actions.

We have learned from this and our risk assessment has been amended to guard against circumstances where we assume competence of specialists. Although the net resources of the charity are unlikely to be negatively impacted by our experience it has meant that we had to limit our grant awards in 2024 and it has involved significant trustee time to manage the situation.

Our key purpose is to award grants. To mitigate risk in this area we have introduced strong procedures. These include a clear grant policy, publicly available, to guide applicants before they apply; this reduces the risk of spurious applications. All applications have to be submitted online using standard forms designed to provide us with the information to make informed decisions. Each application that passes an initial review by the Administrator and Chair is then passed to two trustees who undertake a due diligence review to an agreed format; this review can lead to a recommendation to either reject the application or to shortlist it to a further review. That review is conducted by the Chair and Administrator and from this a shortlist of applications is drawn up for consideration by the Trustees. Clear procedures at the consequent Trustees meeting ensures that each application is critically reviewed, and this allows a well-informed decision to be made to award grants that fulfil our objectives.

The administration of the charity is undertaken by the Chair in conjunction with the Administrator. Both are experienced professionals in their relevant skills and between them most needs of the charity are fulfilled. This mitigates many areas of risk that might otherwise arise; their performance is reported at each trustees meeting to allow the other trustees to raise matters of concern. Specifically, the Chair reports on the financial position,

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activity with each key contractor, invested reserves, and any other matter of relevance at every trustees' meeting, with recommendations when appropriate. To mitigate the risk that the Chair or Administrator dominate those meetings they are designed to promote discussions, and this allows topics of relevance to be raised encouraging each trustee to contribute; in this way areas of risk can be identified early and dealt with.

Related Parties

Other than reported in Notes 5 and 16, there are no transactions with related parties that are required to be disclosed in these accounts.

Review of developments, activities and achievements

Formation of the charity

As reported last year the charity was formed following the wishes expressed in the will of Bernie O’Neill who died in July 2021. This Charitable Incorporated Organisation (CIO) was approved by the Charity Commission on 16 August 2022. It has received its funds from the executors of the Estate of Bernie O’Neill which administration is still in progress at the date of this report.

The trustees of the charity are drawn from people that knew Bernie O’Neill and respect her wishes and from experienced trustees who have experience of delivering projects to the most needy in poor countries. The Administrator was recruited for her experience in managing a UK charity operating the sort of projects we seek to support and her understanding of grant management.

Income generation

The charity requires income to provide grants and derives this from the assets inherited from the Estate of Bernie O’Neill. The inherited rental properties were already let, and we continued to let these building a rapport with the letting agent to make certain that they understood and reflected our values; in addition, the trustees have agreed to meet each tenant so they appreciate our need to generate income, but we will do so as good and responsible landlords. We have committed and provided £500k to invest on the Stock Market on a Total Return basis. The charity does not undertake fundraising activities with the general public.

Grant Management

Bernie O’Neill left an unsigned letter of wishes that the Trustees have agreed to utilise to guide their decision making. This asked that the funds be used to provide grants to charitable activity in a specified number of areas; capital could be spent but Bernie’s wish was for the charity to continue in perpetuity. For this reason, the trustees have sought to maintain the capital and utilise income generated (after costs) to make grants; more detail on this is explained below. We also decided to set a policy to provide grants only to those projects in Africa and the Indian subcontinent that deal with the most marginalised and specifically those projects that work closely within the communities of the most marginalised using participatory practices to bring about change. This policy reflected the Trustees understanding of the preferences of Bernie O’Neill combined with their understanding of which techniques were likely to bring sustainable improvements to the lives of the beneficiaries.

In order to bring this about we have invested in grant management software. Applicants can access applications through our website which has a process to eliminate applications that will not match our grant policy. The software then manages the process from receipt of the application, initial scrutiny, due diligence review to providing papers to the Trustees to assist their decision making; for approved grants it then takes the process through the award of the grant to its monitoring over its duration.

Supported Projects

The charity started out with a number of pilot projects which were awarded in April 2023. These were largely for projects already known to the trustees where they knew the trustees of the recipient charity and/or the local agent delivering to the beneficiaries. This closeness to the people delivering the project will allow for high quality feedback to allow the Trustees to monitor the effectiveness of their approach. The first open applications were assessed and awarded in November 2023 and started operations in 2024. Further awards were made in April and November 2024.These are the projects we are supporting. For each there is a hyperlink to our website where you can read more about the project. Here we highlight the key direction of each project, why we supported it and outcomes arising by the date of this report.

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Ace Africa. Initially awarded April 2023 – now extended until December 2026. Ace Africa works with the Masai in Tanzania. The project focuses on Maasai women and children who live in remote and rural areas of the Arusha region, who live in poverty, lack access to their basic rights, education and to health and welfare services. Our grant looks to improve the health, wellbeing and economic status of these Maasai women and their children, by increasing knowledge of and access to local health services and village and community banking services. Ace Africa have a deep understanding of the processes by which sustainable change can be brought about within communities and the project we fund is just one aspect of their significant input into that work.

Action through Enterprise Awarded November 2024 for 12 months. This programme is looking to provide IT skills to pupils and residents in a remote area in north western Ghana where IT literacy is at half the national average.

Amos Trust. Awarded November 2023 for 12 months. This project was to help 30 young mothers or those at risk of early pregnancy who live on the streets of Mwanza, the second largest city in Tanzania and are engaged in sex work. The beneficiaries were to be helped to improve their health, employability, and to move off the streets.

Arogya Agam (via Village Service Trust). Initially awarded April 2023 and extended until December 2027. The Palliar Tribal population in South India have little political or economic influence. This means that they fail to access designated Tribal funds held by government departments.. Despite some advances in the recent past Palliar Tribals are still the most disadvantaged people in terms of health, education, child rights, transport and basic village facilities. Rights to their traditional forest livelihoods are denied and the community is exploited. The project concentrates on promoting Palliar Tribal women and children to seek rights and entitlements. The breadth of needs means outputs cross a range of measures.

Child Rescue Nepal. Awarded November 2023 for 12 months. Young school leavers across the mountainous, remote Makwanpur District in Nepal, face a very challenging transition to adulthood. Child Rescue Nepal, through their local partner Esther Benjamins Memorial Foundation (EBMF) have been supporting improvements in rural schools across the area as part of their trafficking prevention programme, which aims to support local children to stay in school and keep them safe from trafficking. Many children are not able to capitalise on their school education, as they lack the means to access post-school opportunities in further education or vocational training, which would assist them to build an independent life. As such, even very capable young people from rural backgrounds are highly vulnerable to not being able to fulfil their potential, and long-term poverty. The multi-dimensional poverty rate in rural areas of Nepal such as Makwanpur is over 10% higher than in urban areas, and opportunities are few and far between.

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Livingstone Tanzania Trust. Awarded Nov 2023 for 24 months. The Migomba Project: growing bananas with smallholder farmers in Tanzania. 95% of the working population around Babati are involved in agriculture, mostly as smallholders who rely on farming to provide food for their families and generate an income on which to survive. Poverty and inequality here have deepened during the pandemic. The increasingly fluctuating climate is altering historical patterns of rainfall and temperature in Tanzania. Traditional crops are less reliable as a result. In Mutuka and Maisaka where this project will happen, the rain shadow from Mount Kwaraha has always resulted in poor soil and significant food insecurity. Climate crisis is deepening this effect.

Rakshan (via iPartner India) Awarded April 2023 for 36 months. In 2018 iPartner India a charity operating both in the UK and India launched a project called Rakshan which works with certain communities that traditionally force their minor girls into sex work as soon as they attain puberty. The Rakshan project aims to break the cycle of trafficking by making selected villages a safe space for children and young girls. The project empowers the complete system to support children in re-claiming their lives, free from trafficking and child marriage. This is a significant multi-faceted project and we are supporting one aspect of it. Importantly the empowerment of the mothers of the children in the villages is a key step in bringing about change. With successive strains of COVID wreaking havoc within the project area, families were facing acute food shortages. Women and children bear the brunt of this and are the worst affected. iPartner felt that they had to do something and realised that the most urgent need was to provide families with a means to achieve food security and thus fight the long-term effects of malnourishment and the resulting loss of livelihoods. To address the above-mentioned need, iPartner trained more than 2,000 women to set up kitchen gardens which resulted in an improved nutritional outcome and increased income for the families. As a result, many more extremely poor and vulnerable women have requested support.

Reaching the Unreached. Awarded April 2023 for 12 months. Reaching the Unreached (RTU) was a favoured project of Bernie O’Neill and one of our Trustees is also a trustee of RTU; our Administrator also administers RTU. As such we were keen to support this project. RTU in India has been embedded in the local community for 50 years providing a comprehensive range of services to the those most in need in the community. Our grant supports a pilot project to explore enabling rural women to set up small business enterprises by providing business skills training courses. All those taking part are already members of Self-

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Help Groups which women have set up in their villages. The pilot training schemes was designed to operate in two ways.

As this is the first year of reporting the outcomes shown above also reflect our Impact. We recognise that is across a range of areas – and that was intentional as our pilot projects were chosen to explore areas where we may look to create impact going forward. We are currently using the data from the outcomes from our initial pilot work and early grant awards in developing a Theory of Change. This will be helpful in refining those areas where we will seek to direct our future grant giving to best effect.

Plans for the future

As the charity is recently formed it has established clear priorities many of which have been achieved. However, the implementation of these priorities has brought up a number of matters we will seek to address in the coming year:

Finances, investment and reserves policies

Results for the period

This is our second report but there are a number of reasons why this set of financial statements are atypical of what the charity would expect to see in a normal report. These mainly relate to the comparative figures shown and include:

The main source of our income arises from net rental income from our five inherited properties; the balance comes from income arising from our stock market portfolio and interest on deposits. In this period rental yields were 3.6% (2023 2.7%) but the comparatives reflect periods when Bernie O’Neill’s main house was unoccupied.

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Stock market yields were 1.9% (2023 2.2%) . The comparatives reflect the slow build up in investing the portfolio and this was before the costs of managing the portfolio and realised losses which are taken into account under our total return investment policy; once these are taken into account the yield drops to 1.0% (2023 1.3%). Unexpected costs this year total £11,817 (2023 £-) being the costs associated with our failed attempt to evict the tenant of one of the properties. As explained earlier in this report these include an estimate of the settlement of costs payable to the tenant’s solicitors. Importantly it is anticipated that the costs of the failed eviction attempt added to the costs of refurbishing the property (£30,500) will be exceeded by the increased market value of the property once this work has been completed.

The net funds generated to fund our grant giving, after UK support costs were £76,849 (2023 £160,923). Grants of £66,093 (2023 £78,053) were awarded leaving £105,443 (2023 £82,870) in the pot for future grant awards of which £50,000 is considered to be a minimum buffer towards our award of grants in Spring 2025.

The Balance Sheet reflects the market value of the investments. The trustees have been advised by their property management agent that the market value of the rented properties has risen by £100,000 to £2,600,000 from those at the date of Bernie O’Neill’s death and the trustees other sources confirm that this is a reasonable valuation. Investments on the Stock Market are valued by the market at £490,714 (2023 £446,186) though the bulk of the increase arises from the additional £50,000 transferred to the stockbroker for investment. The principles by which movements are allocated to the expendable endowment or to unrestricted funds are explained in the Reserves Policy section below. The year end value of the expendable endowment is £3,088,146 (2023 £2,988,180) and of unrestricted funds £105,443 (2023 £82,870).

The trustees are satisfied that the financial position of the CIO is appropriate given the charity’s purpose.

Reserves Policy

Our Reserves Policy is set to reflect that we have an expendable endowment fund with a significant proportion of this invested in the Stock Market on a Total Return basis. Although not bound by the requirements of the Charity SORP as the charity does not have a permanent endowment, they are guided by the SORP in setting the level of the Expendable Endowment and, as such, the amount released to unrestricted funds.

The trustees seek to maintain the Expendable Endowment by following the following principles:

In consequence of this policy the expected amount released to unrestricted funds will be:

Unrestricted reserves are expected to comprise:

Based on the above policy, the trustees calculate that a desirable level of unrestricted reserves at 31 December 2024 should be £80,768 (2023 £69,000). The actual level of unrestricted reserves was £105,443 (2023 £82,870).

The endowment funds held by the Charity were £3,088,146 (2023 £2,988,180). The increase in value reflects market value gains somewhat reduced by the costs of the failed eviction, but as explained previously these costs will be exceeded by the increased market value of the property once agreed works have been carried out.

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Investment Powers

Under the Memorandum and Articles of Association, the trustees have the power to make any investment they see fit subject to taking advice from a specialist in the field. In December 2022, trustees placed £450,000 with J M Finn, an award-winning specialist charity stock broker, for investment in bonds and equities. The trustees placed another £50,000 into that portfolio in April 2024. The portfolio is managed on a medium risk basis with at least 25% of the portfolio held in low-risk investments avoiding tobacco, fossil fuel, defence and gambling stocks. Since then, its value has increased to £507,934 (2023 £451,594) including the cash held pending investment. It generated net income and gains of £9,338 (2023 £10,051) under the Total Return basis. As these investments are held against long-term needs, fluctuations in value are to be expected and the trustees do not intend to vary their policy in light of short-term fluctuations.

Valuation of Investments

The trustees are required to value investments at their market value. Stock market valuations are provided by J M Finn based on market data published daily. Valuation of properties is a matter of judgement and is only tested when a property is sold on the open market. In order to value the properties held by the charity the trustees have sought the opinion of their property management agent, Rayners, who is a long-established estate agent in the area of the held properties and regularly sells similar properties to those in the portfolio. Rayners are asked to value on an open market basis taking into account the state of each property and its rental potential but have done so informally. In addition, the trustees have sought ranges of values utilising websites like Zoopla and Rightmove to check the reasonableness of Rayner’s valuation. As a result, the trustees have concluded that the open market value of its portfolio of properties at 31 December 2024 is £2.6m an increase of £100,000 over that at 31 March 2023.

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Responsibilities of the trustees

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).

Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable incorporated organisation and of the incoming resources and application of resources of the charitable incorporated organisation for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable incorporated organisation and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable incorporated organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Registered office:

Signed on behalf of the trustees:

16 Glasshouse Studios Fryern Court Road Fordingbridge, Hants SP6 1QX

Michael Jellicoe - Chair

Approved by the trustees on 3 September 2025

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Independent Examiner’s report to the trustees

Independent Examiner’s Report to the trustees of Beatrice Gilmore Charitable Trust

Responsibilities and basis of report

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2024.

As the charity's trustees, 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 2011 Act and in carrying out my examination, I have followed all the 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 which gives me cause to believe that in, any material respect:

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

Jennifer Daniel FCCA DChA

Slade & Cooper Limited Beehive Mill, Jersey Street, Manchester M4 6JG

Date: 10/09/2025

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Statement of financial activities for the year to 31 December 2024

Note
Incoming resources:
Donation from Estate
of B O’Neill
Investments:
Gross rental income
3
Income from
investment portfolio
2
Interest from banks
Total income
Outgoing resources:
Raising funds
Costs of title of rental
properties
5
Costs of rental
activities
3
Investment
management costs
Charitable activities
4,5
Total expenditure

Net incoming resources
before net
gains/(losses) on
investments
6,7

Realised (losses)/gains
on investment assets
2

Unrealised gains on
investment assets

Net incoming resources
for year

Reconciliation of funds
Funds brought forward
Funds carried forward

122539+3071050		 Year to 31 December 2024
Expendable
Endowment
Unrestricted
Funds
Total
£
£
£
-
-
-
-
119,892
119,892
-
11,712
11,712
-
1,908
1,908
----------------
----------------
----------------
-
133,512
133,512
11,817
11,817
30,442
30,442
4,457
4,457
---------------
----------------
---------------
11,817
34,899
46,716
-
73,666
73,666
---------------
---------------
---------------
11,817
108,565
120,382
---------------
---------------
---------------
(11,817)
24,947
13,130
-
(2,374)
(2,374)
111,783
-
111,783
---------------
---------------
---------------
99,966
22,573
122,539
2,988,180
82,870
3,071,050
---------------
---------------
----------------
3,088,146
========
105,443
========
3,193,589
==========		 Period from 16.08.2022 to 31.12.2023
Expendable
Endowment
Unrestricted
Funds
Total
£
£
£
2,989,973
-
2,989,973
-
247,555
247,555
-
10,756
10,756
-
5,567
5,567
-----------------
----------------
-----------------
-
2,989,973
263,878
3,253,851
5,965
-
5,965
-
79,588
79,588
-
4,009
4,009
---------------
---------------
----------------
5,965
83,597
89,562
-
97,411
97,411
----------------
---------------
----------------
5,965
181,008
186,973
---------------
---------------
---------------
2,984,008
82,870
3,066,878
-
-
-
4,172
-
4,172
----------------
--------------
---------------
2,988,180
82,870
3,071,050
0
0
0
-------------
------------
-------------
2,988,180
========
82,870
=======
3,071,050
========

All activities are of a continuing nature.

The statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 17 to 23 form part of these financial statements.

Annual report and financial statements for the period ended 31 December 2023

14

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

Balance sheet at 31 December 2024

INVESTMENTS
Rental properties
Investments
CURRENT ASSETS
Debtors
Cash at bank and in
hand
Less CREDITORS:
Amounts falling due
within one year
Net Current Assets
NET ASSETS
CHARITY FUNDS
Expendable
Endowment Fund
Unrestricted Funds
TOTAL CHARITY
FUNDS		 Note
9
10
11
12,13
14,15		 Expendable
Endowment
2,600,000
490,714
--------------
3,090,714
--------------
3,226
1,706
--------------
4,932
7,500
--------------
(2,568)
-------------
3,088,146
=========
3,088,146
-
-------------
3,088,146
=========		 2024
Unrestricted
Funds
Total
-
2,600,000
-
490,714
---------------
---------------
-
3,090,714
--------------
-------------
2,034
5,260
148,463
150,169
---------------
---------------
150,497
155,429
45,054
52,554

-------------
------------

105,433
102,875
-------------
------------
105,443
3,193,589
=========
========
-
3,088,146

105,443
105,443
------------
------------
105,443
3,193,589

=========
========
 Expendable
Endowment
£
2,500,000
446,186
--------------
2,946,186
--------------
10,000
37,959
-------------
47,959
5,965
-------------
41,994
-------------
2,988,180
========
2,988,180
-
-------------
2,988,180
=========		 2023
Unrestricted
Funds
Total
£
£
-
2,500,000
-
446,186
--------------
--------------
-
2,946,186
--------------
---------------
3,380
13,380
85,980
123,939
------------
--------------
89,360
137,319
6,490
12,455
--------------
---------------
82,870
124,864
--------------
---------------
82,870
3,071,050
=======
========
-
2,988,180
82,870
82,870
-------------
-------------
82,870
3,071,050
========
=========
--

--
--


-

-

==


-

==

-

--


--

--




-

=

This report was approved and authorised for issue by the Trustees on 3[rd] September 2025 and signed on their behalf by:

Michael Jellicoe - Chair

The notes on pages 17 to 23 form part of these financial statements.

Annual report and financial statements for the period ended 31 December 2023

15

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

Statement of cash flows for the year to 31 December 2024

Cash flow from operating activities
Cash flow from investing activities
Interest received
Investment income received
Purchase of investments
Sale of investments
Investment management fees
Net cash flow from investing activities
Net (decrease)/increase in cash and cash
equivalents in the period
Cash and cash equivalents at the beginning of
the period
Total cash equivalents at the end of the period
Cash and cash equivalents consist of:
Cash at bank and in hand
Reconciliation of net income to net cash flow
from operating activities
Net movement in funds
Properties added to portfolio in specie
Interest receivable
Investment income
Investment management fees
Losses/(gains) on investment assets
Decrease/(Increase) in debtors
Movement on accrued gilt interest
Increase in creditors

Net cash from operating activities		 12m to
31.12.2024
49,097
=======
1,908

11,712

(129,260)
97,230
(4,457)
---------------
(22,867)
========
26,230
123,939
--------------
150,169
=========
150,169
=======
122,539
-
(1,908)
(11,712)
4,457
(111,783)
8,120

( 715)
40,099
-----------
49,097
=======		 16.5m to
31.12.2023
£
553,639
=======
5,567
10,756
(442,014)
-
(4,009)
------------
(429,700)
=======
123,939
-
-------------
123,939
========
123,939
========
3,071,050
(2,500,000)
(5,567)
(10,756)
4,009
(4,172)
(13,380)
-
12,455
-------------
553,639
========

Annual report and financial statements for the period ended 31 December 2023 16

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

Notes to the accounts to 31 December 2024

1 ACCOUNTING POLICIES

(a) Basis of Accounting

The Beatrice Gilmore Charitable Trust (Beatrice) is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales. The address of its principal office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities are given on pages 3 to 11 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (Charities SORP FRS 102), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The accounts have been prepared in sterling (£) which is also the functional currency of the charity.

(b) Going Concern

These financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(c) Incoming Resources

Income is recognised in the Statement of Financial Activities when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Annual report and financial statements for the period ended 31 December 2023

17

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

(d) Expenditure recognition

All categories of costs include both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Irrecoverable VAT is charged as a cost against the activity for which expenditure arose.

(e) Support costs

Support costs are those that assist the work of the charity but do not directly represent fundraising or charitable activities; they include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular activities, they are allocated to expenditure on a rational basis. In the period covered by these accounts all material support costs are considered to be attributable to charitable activities.

(f) Fund accounting

Funds held by the charity are either:

Transfers between funds are made only when the trustees decide to move funds from expendable endowment to support the charitable objects of the Charity.

Annual report and financial statements for the period ended 31 December 2023

18

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

(g) Fixed Asset Investments

Fixed asset investments are recognised initially at fair value. In the case of rental properties the trustees use their best estimate of its market value having taken advice from appropriately experienced specialists. In the case of the stock market investment portfolio initial value is normally the transaction price (including transaction costs). Subsequently, stock market investments are measured at fair value (determined from quoted stock market prices at the relevant date) with changes recognised in ‘net gains/(losses) on investments’ in the SOFA. Other investments are measured at cost less impairment.

(h) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity from the date of acquisition or opening of the deposit or similar account.

(j) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(k) Financial Instruments

The charity has only financial assets and liabilities of a kind that qualify as basic financial instruments. These basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 INVESTMENT INCOME

12m to 16.5m to
31.12.2024 31.12.2023
£
Income arising being part of Total Return policy
Income from investments listed on a recognised stock exchange 11,712 10,051
Interest receivable 1,908 5,567
---------- -----------
13,620 15,618
====== ======
Realised gains or losses being part of Total Return policy
Net gains/(losses) arising in the year (2,374) -
====== ======

Annual report and financial statements for the period ended 31 December 2023

19

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

3 RENTAL ACTIVITY

ENTAL ACTIVITY
12 months to 16.5m to
31.12.2024 31.12.2023
Total
£ £
Rental income arising 119,892 247,555
----------- -------------
Costs of Renting:
Management fees 19,996 41,195
Service charges 8,939 15,694
Maintenance and replacement goods 1,039 19,987
Other 468 2,712
---------- -----------
30,442 79,588
====== ----------
Surplus/ (loss) on rental activity 89,450 167,967
====== =======
HARITABLE ACTIVITIES
12m to 16.5m to
31.12.2024 31.12.2023
All from unrestricted funds £
Grants awarded (detail below) 66,093 78,053
Support costs – See Note 5 7,573 19,358
------------ -------------
73,666 97,411
======= ======
Grants awarded to Institutions:
Grants for Africa
Ace Africa 20,036 16,140
Action through Enterprise 14,658
Amos Trust - 9,900
Livingstone Tanzania Trust - 5,780
---------- ----------
34,694 31,820
--------- ----------
Grants for Indian subcontinent
Child Rescue Nepal - 9,818
iPartner India 12,189 11,602
Reaching the Unreached - 13,715
Village Service Trust 19,210 11,098
--------- ----------
31,399 46,233
====== ======

4 CHARITABLE ACTIVITIES

5 SUPPORT COSTS

PORT COSTS
12m to 31.12.2024 16.5 m to
31.12.2023
Expendable Unrestricted £
Endowment
Cost of Secretariat - 4,350
 4,350 6,351
Grant management costs - 1,324
 1,324 7,600
Legal and similar costs 11,817 -
 11,817 -
Trustee meeting costs - 337
 337
Independent Examination/ Audit fees - 1,200
 1,200 3,000
Other - 362
 362 2,407
------------ ---------
 ---------- -------------
11,817 7,573
 19,390 19,358
======= =======
 ====== ======

Annual report and financial statements for the period ended 31 December 2023 20

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

6 NET INCOME/(EXPENDITURE) FOR THE YEAR

12m to
31.12.2024
This is stated after charging:
Auditor’s remuneration
-
Independent Examiner’s fee
1,200
======		 16.5m to
31.12.2023
£
3,000
-
======

7 TRUSTEES REMUNERATION AND EXPENSES

There were no employees during the period.

The constitution forbids any trustee to be remunerated.

In 2024 1 trustee (2023 2 trustees) had travel expenses of £433 (2023: £1,251) paid to them.

8 TAXATION

The company is a registered Charity and it is considered that its operations are conducted such that no taxation liability will arise.

9 INVESTMENT ASSETS – PROPERTIES

ESTMENT ASSETS – PROPERTIES
£
Freehold properties:
Balance brought forward at carrying value 500,000
Additions in period at valuation in estate -
Net movement on valuation at 31 December 2024 -
--------------
Carrying value (market value) at 31 December 2024 500,000
========
Leasehold properties:
Balance brought forward at carrying value 2,000,000
Additions in period at valuation in estate -
Net increase on valuation at 31 December 2024 100,000
Carrying value (market value) at 31 December 2024 --------------
2,100,000
========
Total value of property portfolio at 31 December 2024 2,600,000
========

The properties have been valued by the trustees having taken advice from appropriately experienced specialists

Annual report and financial statements for the period ended 31 December 2023

21

The Beatrice Gilmore Charitable Trust Charity No 1200074

10 INVESTMENT ASSETS – LISTED INVESTMENTS

ESTMENT ASSETS – LISTED INVESTMENTS
£
Listed investments:
Balance brought forward 446,186
Additions in period at cost 129,260
Disposals at value in portfolio (97,230)
Net increase on valuation at 31 December 2024 12,498
--------------
Carrying value (market value) at 31 December 2024 490,714
========
Listed in the UK 490,714
Listed outside the UK -
-------------
490,714
========

These investments are held primarily for an investment return.

11 DEBTORS
2024 2023
£
Accrued income 1,455 2,908
Prepayments 3,805 472
Other debtors - 10,000
---------- ------------
5,260 13,380
====== =======
12 CREDITORS: Amounts falling due within one year
2024 2023
£
Deferred income 763 746
Grants settled after end of year 38,969
Accruals 12,822 11,709
---------- -------------
52,554 12,455
====== =======

13 CONTINGENT LIABILITY

There are contingent liabilities for:

Future instalments of multi-year grants agreed by the trustees but which have not yet been approved for release; that approval depends on satisfactory progress by the grantee in fulfilling the objectives agreed upon when the offer was first made. The amount of contingent liability is £60,585 (2023 : £32,948).

A settlement of the costs of the tenant’s solicitor for defending the eviction of the tenant. We have provided £7,500 in the accounts based on reasonable assumptions; shortly before signing off these accounts the tenant’s solicitor put in a claim for £22,974 which we will contest. We have the right for the judge to award reasonable costs and intend to make our case. The amount of the contingent liability in this instance is £15,474.

Annual report and financial statements for the period ended 31 December 2023

22

The Beatrice Gilmore Charitable Trust Charity No 1200074

____________________

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year at 31 December 2024

Investments
Debtors
Bank balances
Creditors
Comparatives at 31 December 2023
Investments
Debtors
Bank balances
Creditors		 Expendable
Endowment
£
3,090,714
3,226

1,706

(7,500)
-------------
3,088,146
========

Expendable
Endowment
£
2,946,186
10,000

37,959

(5,965)
-------------
2,988,180.
========
 Unrestricted
Funds
Total
£
£
-.
3,090,714
2,034
5,260
148,463
150169
(45,054).
(52,554)
------------
105,443
=======
-------------
3,193,589
========
Unrestricted
Funds
Total
£
£
-.
2,946,186
3,380
13,380
72,330
123,939
(6,490).
(12,455)
------------
82,870
=======
-------------
3,071,050
========

15 MOVEMENT IN FUNDS

Sufficient information is provided on the face of the SOFA to provide the relevant information as to the movement in funds during the period

In the trustees’ opinion, there were sufficient resources held to enable each fund to be applied in accordance with any restrictions imposed by donors.

No transfers were made between funds during the period.

16 RELATED PARTY TRANSACTIONS

There were no related party transactions during the year to 31 December 2024 requiring disclosure in these financial statements.

Annual report and financial statements for the period ended 31 December 2023

23