**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**
- B. Thomas – Chairman (until Feb 2022)
- J. Cornwell
- T Sowden
- C Willmore
- R. Tandy
- T. P. S. Southall (Chair from Feb 2022)
- F. McKie (resigned 3/12/2021)
- R Withers
## **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 reSpt of my examinlon of the Trust's xcounts rrI&l out under section 145 of the
2011 Act and in CaIng 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 TOrdS 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**|||
|||||||