Charity number: 213630
THE GILBERT EDGAR TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE GILBERT EDGAR TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 18 |
THE GILBERT EDGAR TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
The trust was created by the late Mr G H S Edgar by a deed dated 18 May 1955. The object of the trust is for the trustees to apply income to such charitable purposes and in such proportion as they in their absolute discretion think fit.
| Trustees | S C E Gentilli |
|---|---|
| A E Gentilli | |
| Dr R E B Solomons | |
| Charity registered number 213630 Principal office 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB Accountants James Cowper Kreston 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB Bankers HSBC 6 Market Place Henley-on-Thames Oxfordshire RG9 2AN Solicitors Forsters LLP 31 Hill Street London W1J 5LS Investment managers Investec Wealth & Investment Limited Colmore Plaza Colmore Circus Birmingham B4 6AT |
Page 1
THE GILBERT EDGAR TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial statements of the The Gilbert Edgar Trust for the year 6 April 2020 to 5 April 2021.
Objectives and activities
a. Policies and objectives
The trust has widely drawn objects and may apply its income to such charitable purposes as the trustees think fit. For a large number of years the trustees have concentrated on making annual grants to a range of charities, generally varying between £500 and £1,500.The trustees review the beneficiaries and from time to time amendments are made to the list. When funds allow the trustees occasionally make larger one-off grants. Most of the beneficiaries are charities concerned with the welfare of people both in the UK and overseas. The list of grants made during the year is appended to the financial statements and shows the categories of beneficiaries that the trustees are currently supporting.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
During the year the charity has made 50 donations to charities benefiting a wide sector of the public, especially charities concerned with the welfare of people both in the UK and overseas. The work of the charities supported has included providing treatment for people who are drug or alcohol dependent, providing help for people with learning disabilities, people who are homeless and children suffering from cruelty. It also has included providing medical help and emergency support abroad.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees generally aim to match expenditure to income in a given year. Once administration fees have been paid the remaining monies are applied to make grants to beneficiaries. The trustees do not consider it necessary to hold large reserves of unrestricted funds.
c. Investment policy
The investment policy is to balance income return with capital growth with a moderate exposure to risk. The trustees receive regular reports from Investec so that they may review the performance of the investments.
Page 2
THE GILBERT EDGAR TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
d. Risk management
The trustees have reviewed the risks faced by the charity and have implemented systems to mitigate the risks. In particular the trustees consider that the major risk is the value of the charity’s investments. To mitigate this the trustees use the services of a leading investment adviser, Investec.
e. Overview
The attached financial statements show the financial results of the charity for the year.
Cash investment income received amounted to £43,394 (2020: £51,836).
Income from securities has decreased compared to 2020 due to many companies cutting dividends as a result of the Covid-19 pandemic.
Grants totalling £26,500 (2020: £35,000) were made during the year. Support costs included in charitable activities totalled £13,558 (2020: £7,787).
The movements in investments are shown in note 9. The value of the investments at the year-end have recovered from the significant drop which was as a result of the Covid-19 pandemic. The Trustees continue to monitor the value of its investments closely.
Structure, governance and management
a. Constitution
The Gilbert Edgar Trust is a registered charity, number 213630, and is constituted under a Trust deed.
b. Organisational structure and decision-making policies
The constitution of the charity is set out on page 1.
The Trustees who have served during the year and since the year end are set out on page 1.
The power of appointing new trustees resides with the existing trustees.
Decisions are made by the trustees in consultation with each other.
Page 3
THE GILBERT EDGAR TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 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 order of the members of the board of Trustees and signed on their behalf by:
S C E Gentilli
Date: 21 October 2021
Page 4
THE GILBERT EDGAR TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Independent Examiner's Report to the Trustees of The Gilbert Edgar Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 17 November 2021
Ian Miles FCA
ICAEW
James Cowper Kreston 2 Communications Road Greenham Business Park Greenham, Newbury RG19 6AB
Page 5
THE GILBERT EDGAR TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note Income and endowments from: Investments 3 Total income and endowments Expenditure on: Investment management costs Charitable activities 4 Accrued interest Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 43,394 43,394 - 35,237 - 35,237 8,157 - 8,157 115,162 8,157 123,319 |
Endowment funds 2021 £ - - 9,429 4,821 - 14,250 (14,250) 165,251 151,001 744,714 151,001 895,715 |
Total funds 2021 £ 43,394 43,394 9,429 40,058 - 49,487 (6,093) 165,251 159,158 859,876 159,158 1,019,034 |
Total funds 2020 £ 51,836 51,836 10,462 42,787 212 53,461 (1,625) (210,508) (212,133) 1,072,009 (212,133) 859,876 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 18 form part of these financial statements.
Page 6
THE GILBERT EDGAR TRUST
BALANCE SHEET AS AT 5 APRIL 2021
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Endowment funds 11 Unrestricted funds 11 Total funds |
84,181 84,181 (8,376) |
2021 £ 943,229 943,229 75,805 1,019,034 895,715 123,319 1,019,034 |
80,125 80,125 (7,656) |
2020 £ 787,407 |
|---|---|---|---|---|
| 787,407 72,469 |
||||
| 859,876 | ||||
| 744,714 115,162 |
||||
| 859,876 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
S C E Gentilli
Date: 21 October 2021
The notes on pages 8 to 18 form part of these financial statements.
Page 7
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. General information
The Gilbert Edgar Trust is a registered charity in England and Wales. The address of its registered office is 2 Communications Road, Greenham Business Park, Greenham, Newbury, RG19 6AB.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Gilbert Edgar Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 8
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
3. Investment income
| Unrestricted funds 2021 £ Income from investments 43,219 Bank interest 53 Other investment income 122 43,394 Total 2020 51,836 |
Total funds 2021 £ 43,219 53 122 43,394 51,836 |
Total funds 2020 £ 51,459 377 - |
|---|---|---|
| 51,836 | ||
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Direct costs 35,237 Total 2020 40,833 |
Endowment funds 2021 £ 4,821 1,954 |
Total funds 2021 £ 40,058 42,787 |
Total funds 2020 £ 42,787 |
|---|---|---|---|
5. Analysis of expenditure by activities
| Direct costs Total 2020 |
Grant funding of activities 2021 £ 26,500 35,000 |
Support costs 2021 £ 13,558 7,787 |
Total funds 2021 £ 40,058 42,787 |
Total funds 2020 £ 42,787 |
|---|---|---|---|---|
Page 10
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy fees Independent examination Accountancy admin fees Bank charges Legal fees Total 2020 |
Activities 2021 £ 3,552 1,224 3,600 (32) 5,214 13,558 7,787 |
Total funds 2021 £ 3,552 1,224 3,600 (32) 5,214 13,558 7,787 |
Total funds 2020 £ 3,552 1,224 2,880 131 - |
|---|---|---|---|
| 7,787 | |||
Page 11
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
6. Analysis of grants
| Children Gt Ormond St.Children's Hospital Fund National Autistic Society NSPCC NSPCC re Childline Nat. Inst. of Conductive Education Potential Plus UK St Basils Wellbeing of Women Deaf/Blind RNIB RP Fighting Blindness Sense Telephones for the Blind Fund Drug Abuse Action on Addiction Re-Solv Release Disabilities Canterbury Oast Trust Ltd Headway - The Brain Injury Assoc HF Trust Ltd Orchard Vale Trust Thornage Hall Independent Living United Response Willow Trust Homeless Centrepoint Mind |
2021 £ 500 500 1,500 500 1,000 500 500 500 5,500 500 500 500 500 2,000 1,000 500 500 2,000 500 500 500 500 500 500 500 3,500 1,500 1,500 |
2020 £ 500 500 1,500 500 1,000 500 500 500 |
|---|---|---|
| 5,500 500 500 500 500 |
||
| 2,000 1,000 500 500 |
||
| 2,000 500 500 500 500 500 500 500 |
||
| 3,500 1,500 1,500 |
Page 12
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| Hospice East Anglia's Children's Hospices Havens Christian Hospice Hospice of St Francis St Columba's Hospice Medical Cystic Fibrosis Trust Macmillan Cancer Support Pain Relief Foundation Spinal Injuries Association Overseas Bees Abroad British Red Cross Echo Impact Foundation Prisoners Abroad Save the Children Fund WaterHarvest Research Anthony Nolan Trust Bloodwise Brain Research UK Medical College of St Bartholomews Hospital Trust Prostate Cancer Research Centre Social Elizabeth Finn Care Hambleden Church Council Police Foundation R A B I Samaritans |
500 500 500 500 2,000 1,000 1,000 500 500 3,000 1,000 1,500 1,000 1,000 500 1,000 1,000 7,000 500 500 500 500 1,000 3,000 500 500 500 500 1,500 3,500 |
500 500 500 500 |
|---|---|---|
| 2,000 1,000 1,000 500 500 |
||
| 3,000 1,000 1,500 1,000 1,000 500 1,000 1,000 |
||
| 7,000 500 500 500 500 1,000 |
||
| 3,000 500 500 500 500 1,500 |
||
| 3,500 |
Page 13
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
Youth
| Nat Assoc of Clubs for Young People Less: prior year grants withdrawn/not taken up |
500 500 (8,500) 26,500 |
500 500 - 35,000 |
|---|---|---|
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,224 ( 2020 - £1,224 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 5 April 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020 The historical cost of the investments at 5 April 2021 was £845,482 (2020: £836,657). |
Listed investments £ 787,407 24,396 (33,825) 165,251 |
|---|---|
| 943,229 | |
| 943,229 | |
| 787,407 | |
Page 14
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
10. Creditors: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 8,376 | 7,656 |
Page 15
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
11. Statement of funds
Statement of funds - current year
| Unrestricted funds Unrestricted Income Fund Endowment funds Capital Endowment Fund Total of funds |
Balance at 6 April 2020 £ 115,162 744,714 859,876 |
Income £ 43,394 - 43,394 |
Expenditure £ (35,237) (14,250) (49,487) |
Gains/ (Losses) £ - 165,251 165,251 |
Balance at 5 April 2021 £ 123,319 |
|---|---|---|---|---|---|
| 895,715 | |||||
| 1,019,034 |
Investment management costs are allocated 100% to the capital endowment fund.
Legal and professional costs including accountacy fees are allocated 55% to the capital endowment fund and 45% to the unrestricted income fund.
The unrestricted income fund of the charity may be applied for any charitable purpose at the discretion of the trustees.
The capital endowment fund is to be invested and the income used for any charitable purpose at the discretion of the trustees.
Statement of funds - prior year
| Unrestricted funds Unrestricted Income Fund Endowment funds Capital Endowment Fund Total of funds |
Balance at 1 April 2019 £ 104,159 967,850 1,072,009 |
Income £ 51,836 - 51,836 |
Expenditure £ (40,833) (12,416) (53,249) |
Gains/ (Losses) £ - (210,720) (210,720) |
Balance at 5 April 2020 £ 115,162 |
|---|---|---|---|---|---|
| 744,714 | |||||
| 859,876 |
Page 16
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
12. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 6 April 2020 £ 115,162 744,714 859,876 Balance at 1 April 2019 £ 104,159 967,850 1,072,009 |
Income £ 43,394 - 43,394 Income £ 51,836 - 51,836 |
Expenditure £ (35,237) (14,250) (49,487) Expenditure £ (40,833) (12,416) (53,249) |
Gains/ (Losses) £ - 165,251 165,251 Gains/ (Losses) £ - (210,720) (210,720) |
Balance at 5 April 2021 £ 123,319 895,715 |
|---|---|---|---|---|---|
| 1,019,034 | |||||
| Balance at 5 April 2020 £ 115,162 744,714 |
|||||
| Summary of funds - prior year | |||||
| General funds Endowment funds |
|||||
| 859,876 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 47,514 Current assets 84,181 Creditors due within one year (8,376) Total 123,319 |
Endowment funds 2021 £ 895,715 - - 895,715 |
Total funds 2021 £ 943,229 84,181 (8,376) |
|---|---|---|
| 1,019,034 |
Page 17
THE GILBERT EDGAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 744,714 - - 744,714 |
Endowment funds 2020 £ 42,693 80,125 (7,656) 115,162 |
Total funds 2020 £ 787,407 80,125 (7,656) 859,876 |
|---|---|---|---|
Page 18