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2021-12-31-accounts

THE GANE CHARITABLE TRUST Registered Charity Number 211515

TRUSTEES’ REPORT 2021

Principal activities

The Gane Charitable Trust provides grants towards in the fields of arts, crafts, architecture and design, and social welfare, to promote education and the development of skills and to facilitate craft arts and design projects. Grants are made on the following general basis.

Preference is given to applications from Bristol, Newport and surrounding areas

A number of award/grant schemes operate in partnership with craft, design and social care programmes at local colleges / Design Council.

Grants are normally made to individuals, but may be given to institutions or organisations whose purposes come within the legal definition of charitable purposes and meet the Charity objects.

Grants are usually made for capital purposes or to meet starting-up expenditure, rather than recurring expenditure .

Grants may be made to individual recipients to assist them in meeting educational expenses either for themselves or for their children, but are normally only made where there is exceptional difficulty in meeting those costs.

During the year the Charity commenced a review of its processes to improve the marketing of grants and to consider whether there were better ways to reach its target beneficiaries.

Financial review

During the year the income of the trust amounted to £ 39,831 (2020 - £38,309), from investments. donations made totalled £22573 (2020- £101695).

The grant expenditure in 2021 is less than in 2020 because the trust made grants considerably in excess of income to response to Covid.

A number of the grants the charity gives are travel awards, given as awards for students on craft, design or care programmes to enable them to travel for their studies. Our partner institutions were not able to run their travel award schemes in 2021 because of covid travel restrictions. We have agreed to make additional grants in 2022.

The 2020 figures have been restated to reflect the value of investments at the date of the annual statement from the brokers (5th Jan) to achieve consistency rather than the 31 December date, as this can be better evidenced in the Broker report. This does not represent a mishandling of finances and is designed to provide an accounting simplificaiton going forward.

THE GANE CHARITABLE TRUST Registered Charity Number 211515

Address

The address of the Charity is 48 Park Row, Bristol BS1 5LH

Bankers

National Westminster Bank PLC, 32 Corn Street, Bristol BS99 7UG

Independent examiner

Stephanie Davies, 1 Hudson Close, Yate, BS37 4NP

THE GAIYE CHARITABLE TRUST RegisterrAI Chxiity Number 211515 INDEPENDENTEXAMINER'S REPORTTO THE JRUSTEES OF THE GANECHARITABLE TRUST I report on the ac£ounts of the Trust for the year endd 31 sl Dccembff 2021 which ar¢ sct out on pages 4 to 7. Res ective nsibiliti¢s of trustees and ¢xaminer As the charity's truStL7￿. you are [￿pOnSIbl¢ for the prwation of the &counts in accordance with the requir¢ments of the Charitith Act 2011 {'Ihe Act.). The charity's trustees consider that an audit is not requiraj for this yG4r under ￿￿tIOn 144 of the Chariti£s Art 2011 (the charities act) and that an independent examination is needed. I report in reSp￿t of my examin￿lon of the Trust's xcounts ￿rrI&l out under section 145 of the 2011 Act and in Ca￿Ing out my examInth￿ I have followed au the appli(zble Directions given by the Charity Conunission under section 145(5Xb) of the Ac Ind endeni examiner's slatement I have complet&J my examination. I confmn that no nuteri￿ matters have (x)me to my attention in connection with the examination which gives me reasonable to ￿lieve thaL in any material respecl the accounting T￿OrdS were not kept in accordance with section 130 of the Charities Act. or the accounts did not accord with the accounting records" or the accounts did not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Rq)0rt5) Regulations 2008 I have no concerns and have CO￿ across no other Matte￿ in conneclion with the examination to which attention should be drawn in this rqK)rt in order lo enable proper understanding of the accounts to be rcached. Date. ai.Q&lr 202X Stephanie Davies. l Hudson Close, Ya*, BS37 4NP

THE GANE CHARITABLE TRUST Registered Charity Number 211515

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

FIXED ASSET INVESTMENTS
Quoted Investments at Market Value (Notes 2/5)
Heritage Assets (Furniture at cost)
CURRENT ASSETS
Cash at Bank-
Ledger Cash at Brokers (Deposit Account)
NET CURRENT ASSETS
NET ASSETS
Represented by:-
UNRESTRICTED FUNDS		 2021
2020
£
£
983,246
853,509
22,798
22,798
1,006,044
876,307
12,755
4,457
17,509
39,750
30,264
44,207
30,264
44,207
1,036,308
920,514
1,036,308
920,514
1,036,308
920,514

These Accounts were approved by the Trustees on 28 October 2022 and were signed on their behalf by:-

Chair of Trustees

THE GANE CHARITABLE TRUST

Registered Charity Number 211515

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2021

INCOME AND EXPENDITURE
Incoming Resources
Investment Income
Total Incoming Resources
Resources expended
Direct Charitable expenditure;
Gifts, Grants and Donations
Other expenditure
Management and Administration (Note 4)
Total Resources Expended
Net Incoming Resources For The Year
Other recognised gains and losses:-
Realised gains on investment assets
Unrealised (losses)/Gains on investment assets
Net Movement in Funds
Balances brought forward at 1st January 2021
Balances carried forward
at 31st December 2021		 2021
2020
£
£
39,831
38,309
39,831
38,309
22,573
101,695
4,529
4,732
27,102
106,427
12,729
68,118
-
943
103,066
76,373
-
115,795
143,548
-
920,513
1,064,062
1,036,308
920,514

NOTES TO THE ACCOUNTS - YEAR ENDED 31ST DECEMBER 2021

1. Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the trust’s financial statements.

Basis of preparation

The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules modified to include the revaluation of quoted investments at market value and comply with the Statement of Recommended Practice Accounting by Charities

Gifts, grants and donations

Gifts, grants and donations are accounted for when they are paid.

Investments

Investments are included in the balance sheet at market value. Investments have been revalued to reflect stock exchange valuations at the balance sheet date in order to comply with the recommendation of the SORP. Unrealised gains/losses are transferred to general fund at year end. Investment income

Investment income is brought into the accounts in accordance with the period to which it relates.

2. Fixed asset investments

The 2020 accounts have been adjusted to show the investment valuation at 5/2/2021 and the 2022 figures show the value at 5/1/2022 because the figures from the brokers show the values at that date rather than 1st Jan so the accounting has been revised to use the reporting data format.

FURNITURE
Cost as at 1st January 2021
Cost as at 31st December 2021		 22,798
22,798		 22,798
22,798

3. Trustees’ emoluments

No emoluments or expenses were paid to the Trustees. (2020- nil).

4. Management and Administration
Accountancy
Secretarial honorarium
Secretarial expenses
Website
Investment portfolio management fees
Other
Bank charges		 £
£
2021
400
3000
46
288
900
-105		 £
£
2021
400
3000
46
288
900
-105		 2020
400
3000
50
287
900
144
-49
4529 4732

5. Schedule of Investments

Value at
31-Dec 20
Additions
cost		 Value at
31-Dec 20
Additions
cost		 Total cost
Value at
31-Dec-21
Unreal'd
Gain/(loss)		 Total cost
Value at
31-Dec-21
Unreal'd
Gain/(loss)		 Total cost
Value at
31-Dec-21
Unreal'd
Gain/(loss)
£ £ £ £
Smith and Williamson UK Equity
B		 49,203.94 49,203.94 60,715.71 11,511.77
Royal London CorpBond 36,707.32 36,707.32 35,512.20 (1,195.12)
Axa Framlington Unit Managed
Income		 40,951.72 40,951.72 42,291.43 1,339.71
CQS New CityH Y Fund 51,300.00 51,300.00 56,400.00 5,100.00
Premier Asset Mgt Monthly
Income		 45,634.26 45,634.26 52,046.94 6,412.68
Henderson Diversified 92,200.00 92,200.00 83,000.00 (9,200.00)
Chelverton Divdent Trust 0.00 26,670.97 26,670.97 22,715.00 (3,955.97)
CQS Natural Res 25,400.00 25,400.00 32,550.00 7,150.00
Shires Income 51,600.00 51,600.00 55,000.00 3,400.00
Axa Framlington Unit Monthly
Income		 43,141.08 43,141.08 49,895.81 6,754.73
BMO Found Management Income 31,941.25 31,941.25 36,436.68 4,495.43
BNY Mellon Fund Mgt Income 61,148.94 61,148.94 69,727.63 8,578.69
Invesco High Income 29,280.45 29,280.45 33,040.01 3,759.56
M&G Securities Equities
Investment Charifund		 42,173.58 42,173.58 48,496.16 6,322.58
Premier Asset Mgt Miton income 48,434.29 48,434.29 55,180.32 6,746.03
Blackrock Energy 32,120.00 32,120.00 41,900.00 9,780.00
Blackrock World Mining 38,010.00 38,010.00 41,720.00 3,710.00
Premier Miton Global 40,875.00 40,875.00 49,125.00 8,250.00
Schroder s Cazenove CharityFund 73,680.91 73,680.91 95,420.05 21,739.14
Henderson Intl Income 19,705.84 19,705.84 22,073.10 2,367.26
Total 853,508.58
26,670.97		 880,179.55
983,246.04
103,066.49
869,479.00
(15,970.00)
26,670.97
0.00
0.00
103,066.49
983,246.46
Balance Brought Forward
Less: adjustment to 2020 account value
Add: Additions
Less: Disposal (proceeds)
Less: Disposal (proceeds)
Add: Realised gains/(losses)
Add: Unrealised gains/(losses)
Balance Carried Forward		 869,479.00
(15,970.00)
26,670.97
0.00
0.00
103,066.49
983,246.46