Charity Number: 213935 The Gordon Gra) Trust Trustees, Report and Unaudited Financial Statements for the year ended 30 September 2025
The Cordon Grav Trust Contents Page Referen¢e and adminisirdli¥¢ detai15 TJusie¢s repon Tndependeni exaniiner5 repon io Ihe trustees Staiement of financial uaiviries Balance sheei Notes to the financial slaiemen15
The Gordon GraTr Trust ReferenLe administratii'e detsils Status Th¢ chariii. was constituted b%, a TTUSI Deed dated ?2 Julj. 1900. as amended bi an Order of the CharitN' Comrnis&ioner5 dai¢d fj Auglisi ?004 and ResoluEions of ihe Irusiees daied 13 Seprernber 2(MJ4 and i l Auousi ?023. Trustees MrMWBaih Dr B GraK' Mrs M M tira). Miss R F Holmes iio ? l Februarj. ?0?51 Mrs R E Parkin Ifrom 6 June ?0)5) Mr l G A Roberis Dr l Teague Mrs S Waison-AmisirL7nti Clerk to the tru5ttes .I4rs M A Gras, Ch3rity nurnber 2139i5 Independent eiaminer5 BK Plu5 Ilnit% 4 and S Rockfield Bu5int55 Park Old Staiinn t)ribc Chelienham (Jloiicesiershire Gl.5) OAN, Bu5in¢ss address CJrani>e Fami Bredon Tcwk'esbu Gloucestershire GL20 7EL B#nker5 1.10s'ds Bank Private Banking 25 Gresham Street London EC?11 7HN LLL,A Investment manaJeMenl Lid l Antel Lane London EC4R 3AB Solicitors Willans LLP &)licirors 34 Imperial Square ChelienhaJn GloucesiershirL CJL_SO I QI
The Gordon Grgj. Trust
Trustees, report
for the vear ended 30 Sepiember 2025
The irust¢es present Iheir annual Irport and financial seMen15 of Ihe charil), for the year ended io SepieTnber
?O?i The financial siaiemenis have been prepared in accordance Miih Ihe accouniino policies Set out in note 110
the accounts and complN' w iih the charin s Trust Dted. the Charities Aci ?01 l and ALcouniin£ ld Rtportino bs
C.harities.' Staiement ot Recommendtd PractlLe applicable 10 chariiies prewdrinu their accounts in accordance i¥ith
the Financial Rewrtints Standard l O? leffective l January. ?015).
Rtftrtnce nd administrati¥t dei#i]s
Sce pa(Te I
truclure. goiern2nce and management
6()I'LrninK ducwiiiLJiiI. Tht Tru51 15 voTremLx4 kn. a Trust Deed dated 2? July 1960. as ani•ided bv an
Order ot Ihe Chariii Commissioners ded 5 AuLYU5t ?004 and Resoluiions of rhe Irusiee5 dated ?-
SeplLmbir (H)4 and I I Au?UsT ?0?-
( i)J711iiiiiiiin. Thc Trust is constituied accordinn (o the above. copies of M'hich aTe held bi, the Charity
Cgmmi55i0n.
AppcpiKim(Jlll <31'irtlJl¢L4. Ai the reques( of the Charily Commission on i Augusi 2004. a Resolution
'dS passed on _i Sepiember (W Iii¢r¢asinii iht m&xiniuni number oftrusttLS froni five to seien. The
IrusieLS in posi before this date are ¢niiiled to hold office for lit¢. Appoiniinenis of Irllstte8 atttr thai
dale arL for ihree lears.. however. a re15rinLi mjsiee Nho is compLienL io aci nia!, be reappointed ai the
end ot-lheir t¢rni of oflice.
New Iru51ees are details ol-the ChaFili' Con)mission websiie aiid
rele%ani pbliCatiOnS. ioueiher iviih copies ol-uo%'emirtg documenis of Ihe Trust. 118 hisior). reeent
minui¢s alld account5 and deiails of Iheir role In iis adminisiration.
()IxaniJ<iii(wul siri¥¢iiire. Regular ITUSlce5 tneeliniT5 ale held three liiiie5 a l'ear. chaired by
Dr B Cira¥ i¥ith initrim ielephone andlor etnail coriiacl on particular Issues when requLred. The
Siipplem¢nral Deed daied 31 .4uou51 )0)i provides ihal a quorum for trusiee5 rDeelin¥5 shall be ihrc
irusiees and ihai d¢¢isions ai such meetinus tnu51 be made a majorili of Ihe Iru5tee5 pre5¢nl and
ai Ihal tneetinij raiher than the toial number ot-Irusiee5. The cliairperson has the Lastin(T vole.
'rhe qUOTUtn rnust IllLlude fei'er than ffte familK lrUee and no tei%er rhan one non-lan)ils' trustee_
Ttustees are encouraeed to iakn a coniinuing ptr50nal inreresi in causes for w,hi¢h the haw¢
recommended a donation and rewrt proLiress.
Ri.IA Thc tru51er5 ha¥ ronsiderLd anv risks to "hICh the TTU5t tniuht be exposed. The
InLrtd in the number oftnisiees in ?004 allom'ed non-fainilw niembers io be apwiriTed io ensiire
iransparencl w'here a conflict of" Int<re mi(vhi arise. In !0?4 Ihe trn5¢S put inio place a collflicES of
IEll¢fesr policy iogeihLr iviih dll accoMp11n riSter of interesis.
Piihlic. henc], il J"lul£Jmeiii. The Trusr-5 purtKyse is ro provide financial suppon to chariiable ins1iiuiions
or oth¢r cliariiable purp05e5 as approi'ed b!" the tru51ees. considerln is given 10 appeals received and
trustees ¥ isii Ial chariiable ori?anisaiions here appropriate. Acknowleduemenis of dOnlOn5 and
annual reports are checked io ensure thai contribuiions are being used acLordints to the lse5 of the
InJstees The trustees contjrni that Ihei hove complied Mich SLClion 17 olthe Charitie5 Act ?01 I with
re¥ard ia the Lkuidance of ihe Charin Coinniission in this res¢1.
Objeetive5 and activities
()hjL'L'IIfvL'.¥. These as Set out in the Trusi Iked are defined the pal'meni of donations or 1b$CriptionS
to 5u¢h charitabl¢ purposes as lh¢ truste¢s in th¢ir discrction ihink fil.
The Iinancial support ot suitsble chariiable organiqations.
Tlie Inana
The Gordon Gray Trnst Trustee8' report for tbe year endd 30 September 202$ 3.4 Main Objeaa¥fOr theveqr. Continuing supwrt f.. Medioal charities. Welfare of children and the elderly. EnvironmeTtthI and lo¢aJ OrganisatioS. 3.5 &raiegtafnr achieving ihE ohjeciii'es. Many applicatiLin5 for funding are received. These are each read by one or more trnsiees and the rn0 apprOprie are put forward for consideration at the Irus¢ees' meetings. For athninisirative the Itst of lpleIS is split into N'o groups ('ffjedicali disability, and 'other'l and donations are made 10 one of these groupg, usually in spring aild autumn.. however, as the timing abitrary. the trusiees haye some discretion dependent Oti particlliar need. 3.6 Gra-10k¢S polieies. Donations are io registered ¢harFties. Ir is not a wblrcy of the Trnst 10 Sup[ individuals. The principles of the Trusf's 1)ce$ are as w out on the Charity Commss5ioD website. AchtEvem¢nts and perform#4ee Main (Jchievements. Suppon for selected charities. giving PTeferellce to those demonsting 'valu¢ for money. and a miniTnum oladfftinistrative expense. Organ15ations rnvtslved tn medTcal and social welfare have particularlj Etncfiied. iogether Rith those involved in the conservation of chLTr¢hes and the counlry5tde. .aJor benefi¢iari¢s include Avon Xfavigation TnJ5t (£15.01, Cockermouth Mountsin Rescue Team (£.f,000), Kesw't¢k,Mountain Rescue Team (£5.IXM)), Médicins Sans Frontières (5,(0) and Midlands Air Ambulance ChwI.1£6.0oO). The total sum tsf all don*ion5 for ihe year was £192,025-. see the list of donatiOll5 included In the financial report. PerforiMfjKce objeaives. No specific perfomiArtce objectives have been put In place. F&J¥dr(714g. The is noi involved ill fundrdtsrng activiti¢s. Ftsimre inGomegeneraiion andmaleriol erpenditsre. The income of the Trust is derived from." Interest payments from investtnents in CCLA subjea to a management ¢harge. Rem on farm knd and bJildiTrgs. NoTmal prop¢rty matntenan¢e applies. Rent from tele¢ommuni(aiions m&sts on fann land. 4.5 Etygrryalityltténc£¥ opjperforinunee. The maN)r pan of the Tru.5 in¢omr is from its investsnents in CCLA. A proponioT) of these inv¢smients was moved rn the COIF Chariries Deposit Fund to Ih¢ COIF Charities lii¥estment Fund in 2016. with a much iniproved rern. revkw R&¥. Money is held in reserve to allow for." Donations io addilional eharFftes througlK)vt ihe year. MaEntenance of Trust property. Total fyrtds are £6.613 ?40. Freehold property is vafued at L?,458.680 and inve51m¢nis at £3,918.174. The liquid reserves are £236.387. 52 Fundingsoiirres. Rthrn on iDvestments and rentsl income. 5.3 SNppt>rr o/keJ' objeciives. By consistent supw)n of suitable chartties agreed by the trustee& I¢.wIPenipd1ey. To ensltre the TThst's short-i¢mJ income need5 are balanced with longer-ternTr growth prospects.
The Gordon Gray Trust Trustee5' report for ihe year ended 30 September 2025 Future developments Aims apJd objeaTve3. The and objectives of th¢ Trust are unchanged {see above). Arf£Vlties underiaken io achieve aims and objertiwes. These iThclud¢ resular ¥1¢W of donations and Ihe personal intere51 given its thL5 by all uste¢S. Siaiemeni of trusttts, r¢sponslbiliti¢s Chariry law Tequires the tsitstees io prepare fiiiancial stat¢mtnts for ea¢h financial year which give a ije and fair v%ew of the slate of affairs ofthe at the year end and of its incoming resources alld resources expended during year. In preparing those financial statements, the mjstees are required to= Sele¢1 5uithbSe ac¢ouniin8 polickes and then appl!. thetn COnSi51ently. Make judgemeois and esiimaies that are reasonable and Prudent. Prepare the financial 51aitments on the going conrern basis unle55 li is inappropriate to assume (I)*LI ihe charit). will ¢oniiRue 2n busine55. 7.2 The mJsi¢e¥ are T¢Sponsible foT keepipg proper accouniinÉ record5 which disclose wiih reasonable accuracv at anN time the fmanciai sITIOn ofthe chariTh' and enable thcTn to ensure that the fanCIal staleTn¢nts comply with the Charities Act ?0 I l. They are a150 Tesponsible for f¢uard}n the assets olihe charity and hence foriaking reasonable step5 for the preventi{ and deiection of fraud and oih¢r irrryularithes. Independent examiners The trUetS rrtommend BK Plus remains in oifice untÉl rther notice. This repon was approved by the trusi¢es on 6 FebrnaTy 2076 and sj" ed on their behalf by.. Dr B Grdy Chair of Tru5ttts
The Gordon Gra. Tru.4t Independellt examiners. report to the truslees on the undudited financial statements I rep()n on rhe financial siaternenls of The Gordon Gra) Twsr fof the Vear ended JO September )O?S h$ch Ll)llipT15e the staiement of tinancial acii¥ iii¥s. the balanre sheei and Ihe relaied notes. These fina)ILial qiaiemenis have ix'eii prepared under Iht historical cosi ¥onvenTion and th¢ a¢couniinL policies set Out therein. ¢spe¢tiie re5pon5ibilities of trusttt) examiDer• As rhe charili s trustets vou are responsible lor Ihe prepardiion ol-the account5 and l'ou coi)sider ihai rhe audit requiren)enr ot Section 1441?} of the Chariiies Act ?0 I I Iihe ?0 I I ALt} doe5 not apply. li is mi. responsibili(). ¢O-. eiainin¢ thL acL(Minis under Seriion 14$ of the ?0 I l Acr: to110. the procedures laid down in Ihe General Direciiorts 14i15iib} (Trt'the 2UI l Acti= and IIKert bs" Ihe Charti!. C(TrinmissioTr lunder %LCtion 5tal¢ i%h¢ihLr P4inicular matters hav¢ cotn¢ 10 our aueniion. Itasi$ Trf indendent eXarnine' r¢p)rt My examination ivas carried out in aicordance wilh the General Direciions given bi. the Chartty. Comn)is%ioners. An ¢xaminaiion includes a revieM' of the aicounttnu re¢ord> kepi b% ihL charin aiid a comparison of the financial slatetnents as prLented iih Ihose recor(Js. It a150 includLS consideTdll()11 iTrt-anN- nuSual item5 or disclosures in IhL financial %iatemen15. and Seeking explai)ations from IOU 415 tTusiees con£erninLi Such niall¥rs. The procLduTe% uDdirt3ken dii niit provide all ihe ei idence Ihai u'ould be requireij in an audii. and consequeiiilk I do noi ¢xpr¢s¥ an audi( opinioi? on the 4jiven bN Lh¢ financial sthiemcnis. IndepelldeNI eAaminers' staternent In cunnecrion with rn%' exainination. no mter has come to dttenlE(In- I I I which Liives me reasonable cause 10 belicve Ihol In an!" IT]atenal respect Ihc reguiremenrs t() keep accounting rccorL15 It5 accordance M iih Seciion l.lo o(Ihe ?01 I ALI- and 10 pfLpdre linancial 5taitrnenis which accord with the accouniing record5 and to cotnplN w'iih ilie accoiiniiniy requirements ol'tht ?0 I I Aci 4lnd 1% iih thL meih()ds and principles of the AccounlinuT and Keporiin,. bl L'harrlie%." %latemeni ol" Keeommended Praaice applicable 10 charities prepariniy their accounrs in accordance IlIh Ihc Finan¢i(Il RtwirlinbT Siandard applicable in the UK attd Republic ol- Ireland Il--RS IU?) l¢fT¢ciive l JaniLaTh ?015 have nor been niei". or i_l its I1)Ith. ID m} opiii(oD. aiieiiiiort Should be dra" in order to enable a proper underst3ndin4P Ot-the finwicial sldieinenrs io r¢aclied. R McKeown BK PIIJ5 Units 4 and S RockliLld Business Park Old Siaiion DTiie GIoucLStershire GL5J DAN 6 Februar¥ ?0•6
The Gordon Gr#y Trust tatement of financial actii.itie for the vear ended 30 September 2025 Unr2Strictcd fud5 202.$ Yotes 2024 Intomin% relourtts Incoming rt50urces (rom g*trated funds IiiiiimL Iri)m in¥eqimini 11.3.6ti 2(I.SYA 21.248 1112.39¥ 31.1144 Total iThcomin% resources 148.5?1 Resources tipendEd 11)? U?5 4.115J 4_91X j_.IX 1.3.14 4..371 xix 169 ?Oi.Y99 1 $7.57? Goi'ernante ¢osts 1_7?4 Total resource5 exptnded ?07¥91 Net Iresourees expended befor¢ other r¥ISed glins losses 159.3701 Proliiiil.0s51 di%5Ki%al ot 'ChOla iniesimeni propert 8.680 4_3i.65_A Nti mowement in fund5 isn.6110) J21.855 6.?4? 117 'rotAI (uThd5 txrried forM#rd The nnt¢¥ ihe followine p8ge5 forrn inttgral par¢ of these finxncial 5tstements.
The Gordon Gray Trn5t Balanee sheet as at 30 September 2025 Nrjtes 202S 2024 Fixed 455et5 Freehold invtsrmertt pmperty Investments 2.458.680 3.918,174 2.450.000 J.918,174 Current Debtors Cash ai bank and in hand 4J93 242.174 246.567 4,927 303,359 308.286 Credltors: amounts falling due Wllhin one year ¢urreDt assvts 10,181) 236.387 295.756 J¥et 4$5ets 6.613.?40 6.66i.gJO Fund5 Unrestrict¢d funds 6613,240 6,663 930 The financial siatements were approved by the trustees on 6 Febnjary 2026 and sÉgned on their behr by.. Dr B Gray Trnstee mrmWBh Trustee The notes on the following pages form integr41 part ofthese fiTraneial st•tement
The Gordon Grav Trnst Note5 to the finaneigl st*temeuts for tb¢ year ended 30 September 2025 l Aceountitsg lICI¢S 1.1 AceouDtin8 convention The financial Statements rKepared under ihe histori¢al ¢onveniion with the exceptÈon of fr¢ehoRd md investment propen.v. which ar¢ included at Mark tralue. The fancIal statenieDts hav¢ been prepared in accordance with the Charities SORP IFRS 102)'Accouniing and Rel[n8 b> Ch8ritirs= Statement of Rtrommended Practice applicable io chatilles prewing their accounts in accordance with the Financial Reporting SiaAdard appli£able in the LIK and Rewblit of Ireland IFRS 102) (efftthive l January ?015)', and applicable accounting stsndaTds 8T with the Chariiie5 A¢t 2011. 1.2 Fund a¢tountin8 Unre51rieted funds are generdl nI15 that arc available f(K use at the m]stees' discreri¢)n in rth¢ranCe of th¢ obiecti¥¢s of the charity. Designated fvnd5 are Iirtrestrided fund5 set aside at the di%reiion of the trusttts for spectfic purposes_ The designated fund for the rcvaluation reserve is that part of unrestricted funds that represents the revaluation of freehold iDve5tment propem.. IJ Incoming reso•r¢¢s Volunrary income is e7¥ed . way of donati¢)ns and sifts and is included in full in the stat¢ment of financial adivitlES when receivable. Gihs donated for resal¢ are included &5 income wben ihey &re sold. &8sets are included ai the value to the ch8ritv where this can be quantified and a third pty 15 bearing the COSL The valu¢ of services prol'ided by volun(ttrs has t1 be¢n included. Income from Investents is included in the year in which it is receivable. The charity is rcgistered for VAT. 1.4 Re50llrcd expended R¢sources expended ar¢ reeogE)ised in the year in which they tre incurred. Governance costs include those incurred in th¢ 8ov¢rnaTh¢e ofthe charity'5 assets and are primorily aSsled with CotltutIonal and 5Ul0ry requirements. l.5 Freehold IVeStleI property Freehold investment propeny is included in the balance at its open market l'81ue in accordance wilh the S¢¢tion 16 of the accountlng stsndard FRS 102. The surpluses or deficiis on tevaluaÉion 8tt taken to the 51al¢meni of financial 2rfivitie5. DreCiation is Ilot provided in re$tt of ftr¢hold inveshnent property. 1.6 Fixed asset itThestThtnts Li5trd investsnent5 are carried at rnarket Yalu¢ • the Close of kniness on the balance sheet date.
The Gordon Gra} Trust
Notes to the financial statements
for the Tr'ear ended 30 September 2025
Donations
2024
Acori?5 c.hildren s Hospice
Action Medical Research
A17.heimer s Researih UK
Ali.heirner s Socitll
Arthrit15 LIK
AvoTr NaN iiJatTon -rst
Ba55LI Ilound Rescue UK
Bredon Iloai Races
Bredon ou1ard Bound A55uciation
British Heart Foundaiion
Children s Hospice South Wesl
Cobali H¢alih
Co¢kem)ouih Mouniain RcscuL TeaTll
Deatblind L'K
Demeniia UK
Dewull Air Anibulance Trust
l)iabetes UK
EllinLihain CE Priiniirw SL'hool
Event NlobiliTh'
Exmoor Se
The Gordon Grav Trust Notes to the financial statements ror the )'ear ended.10 Septernber 202) Donations Icontinued) 2025 2024 ?.(M)O i.000 ?.000 4.000 2.0(K) 1.000 4.000 4.000 i.000 3.000 1.000 ?.000 ?.000 SLILTll Area Res¢u¢ Asio¢iaiion ISARAI %LvLrn Freeiihetlers F.VS ShelterEIcJx Sighisavers %1 Ann % I lo%pice i Michdel's Hu%piLe l Kichayd's Hospice ir()ke Ilssociaiion TLnbuTh Cornmuniii Piii)I Te.ke5burV Choral Sociei}' TL'Y¥kcsbiiTr and Di51rici W'hcel¢hair Bus Ass(Kiaiion TLw'k¢sbuTr Nciliire R¢scrve ThJnie%down Hi,droih¢rJpJ Pwl "Ihc Brain Tumour C-harli Tlie Fainil) I la*i'n 'hL %irLiions Ma&l:iir Trusi 14v) niiii> F'xlremL F.xplIir SLiiul% I Inil 'IMfviiinb PCC UK P51%.1-ru( Vale Wildlile HiTrspiial l i1dly(se Rural fTainini W'illoi+ TTUSt '!.I>L ValleN Di%41bled Children'4 Chaiii i.000 4.000 4.ono 3.(X)O 9.500 1,000 ?.000 1.000 1,000 l.(K)O ?.000 150 2.0(K) 200 i.uoo ?.000 2.0(K) 19?.02.5 14?,900 3 GoierNance costs 2024 Insurance ExEiininatinn alld acc0unthnc fees Boukkieping 19) 1.892 4 Frethold iNVE51rnElIt properlTh' 2024 Valuation At JO 5epiember ?O?S and l October ?074 ?.448.6YO ?.450.000 Ihe trtthold investrTtent pro5 held b)" the chariii enn51s1s of fami land and buildin<T8 l¢1 on a loDo.terni ienanc) and valued bi. an Indendent waluer as at O SepiembeT ?019 on the basis lif open marker ¥'alue and valued bv Ihe Irusiees on ihe same basis as ai JO SeTxemI'r ?O)- -IhE liisiorical cosl of ihe treehold in¥e5tmeni pr(7 ai JO Sepiember ?025 3$ £400.874. No depreciatioii i¥a% charbjed In the Near. 10
The Gordon Grai, Trust INotes to the financial statements for the l'ear ended 30 Septenlber 2025 S Other ini'estmentS 2025 2024 V4lu4tion Ai l October ?Q14 and at l October ?0?3 Addiiion%'ldisposalsl UnTealised tsains'(Iossesl A¥ JO Sept¢n)b¢i. ?0?5 alid JO Sept¢iiib¢r ?0?4 i.918_174 i.07i.O? I iOO.O(K) 34). l ii 3.918.114 i.918.174 'Fhe listed inveslmeni held ihe chariiK' was valued bv CCLA Fund M4tnaiTers Limii¢d as at JO September ?o?s The hisiorical cost of ihe listed invesimeni ai JO Sepiember 202) wa5 £?.400.000 {?024.. £?.400.Q()o}. 6 Debtor5 2ts24 'I'rade debior Prepaynients and a¢¢rued Income 4.i9i 4.i9i 4.927 4.9?7 7 CdItors. amounts falling withlN one 2025 2024 Tiadc credilors Othcr iaxcs and social sc¢uriii cost5 A¢¢ruals Deterred Éncomt i.779 4.540 10.184 tk.terred income relatvs tv pavtnenis receitred in adwance linder rental contracts i*irh l¢le¢iiiiimunicaliDns Ltsinpanies. 8 Unrestricted funds CenerJl Dcsignated fund- reialuatio reseri'e Total At l Ocrober ?0?4 IncolninTr resourcL Resources ¥Kpended lotment 111 I¢stentS Protitlll.05s) on disposal AI 30 September 2025 4.874.804 148.5?1 1707.8911 8.680 1.789.1 ?6 6.663.9iO 148.521 ?07.8911 8.680 4.8?4.114 1.789.1 ?6 0.61)?40 9 Trustees emolument5 No ren)uneration has be¥1¥ tnade or is due ro be tnade io an) of the irusiees iTr respect of the IiTrancial period. Travel and posiaijt eipenses havt btL"n reimbursed 10 trusiees in Ihe Kear iotalljnu £0 (?0?4: £408). l O Related-parti. diselosures Stcreiarial seTh'ice5 amountine io £ $90 'ere provided in Thc i¢ar as clerk io the trustees b Mr5 A Gra%. if¢ of Mr C Grai. son of Dr B Gra!" and MrJ M M Gras 120?4.. £ ).75). Rent amounrinu lo £l.ii4 1_0_4= £1 ?951 i¥as paid 10 Mr C Gray and N1rs M A GraN. son and dau¥hter-in-law of fjr B Grd%' and Mrs M M Grd).. for use ofparf ofiheir home as an otfice.