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2022-03-31-accounts

Annual Report and Accounts 2021/22

SUPPORTING PEOPLE IN UNCERTAIN TIMES

BEHIND EVERY GRANT THERE IS A PERSONAL STORY

When I heard the fantastic news today, I cried because my prayers were answered. I cannot tell you how much this means to me, not only the material benefit, but the sense of being worth something, has gladdened my heart. On reading about you, I discovered that you offer a lifeline to everyone, regardless of who they are. Thank you from the bottom of my heart.

Hafsah

We provided Hafsah with a washing machine. It sounds so simple, but, like all applications, when you read the background, you really see the impact of our grants. She was in her 60s and experiencing many serious health issues. Incontinence resulted in her needing to wash her clothes and bedding more frequently, but with no washing machine the situation was becoming unmanageable. This was having a significant impact on her mental health, causing her stress, depression and self-isolation.

She lived alone and had no family support. Her autism made her vulnerability even greater. She was worried about her personal hygiene so didn’t want to be around people, it was embarrassing for her. By equipping her with a washing machine, we had managed to give her back a little self-esteem, dignity and comfort. Ultimately, this is what our grantgiving is for.

My role at Glasspool really brings home the struggles so many people have on a daily basis. At the same time, it also shows their resilience. They’ve been through so much, but they are still pushing forwards to create a better life for themselves. It’s a privilege to have contributed towards their future.

Nicole Woodward is a Grants Officer at Glasspool.

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CONTENTS

About us Page 3

Chair and CEO statement Page 4

Our vision, mission and values Page 5

Our year in numbers Page 6

The journey of a grant Page 7

Our strategic goals Page 10

2021/22 Governance Page 15

2021/22 Financial review Page 16

Looking forward to 2022/23 Page 20

Details of the Trust, its trustee-directors, staff and advisers Page 21

ABOUT US

Our grants provide direct, simple and practical help to anyone facing hardship.

Challenging life circumstances and complex issues such as illness, disability, homelessness, domestic violence, financial hardship and poor mental health can leave people battling to secure the basics in life.

Through our grant-giving programme, we award small one-off grants for essential household items and clothing. By supplying items like a bed, an oven or a washing machine, we provide those who are in challenging circumstances with some comfort, nutrition and dignity. We work closely with frontline support workers across the United Kingdom (UK) to ensure our grant is part of a wider package of support.

A LASTING LEGACY

We were established in 1939 with a permanent endowment from Richard Louveteau Glasspool, a Hertfordshire businessman and philanthropist. His early experience of financial hardship never left him. When he later went on to become successful, he started to provide financial support to people from a small office in Walthamstow, East London. His work continues and his legacy lives on in the Glasspool Charity Trust.

We are a small staff team of four: a Chief Executive Officer (CEO), a Head of Innovation & Impact, a Grants Officer and an Assistant Grants Officer. Overall responsibility for the Trust lies with eight trustee-directors, supported by a special adviser for investments. We collectively seek to live our values in everything that we do.

Accounts 2021/22 Page 22

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CHAIR AND CEO STATEMENT

We continue to live in challenging and uncertain times. The lasting and ongoing impact of the Covid-19 pandemic, the war in Ukraine, rising inflation and the cost of living crisis is pushing ever more people into hardship. It is also creating a demanding environment in which to operate.

In these uncertain times, we have worked hard to ensure we continue to be resilient to both internal and external pressures. It is more important than ever before to maximise our impact as a grant-making charity, so we can make a real difference to people’s lives.

During this past year we have invested in a review of our core grants programme, the Essential Living Fund, and our pilot partnership projects with Solace Women’s Aid, Citizens Advice Manchester and the Smallwood Trust. Measuring our effectiveness and impact, will enable us to make sound evidence-based decisions to inform our new strategic direction. To support this work we’ve expanded our team and invested in a new Head of Innovation & Impact who will ensure that measuring impact and effectiveness becomes a golden thread running through all our programmes.

The past year has been a time of change within Glasspool. We sadly said goodbye to Matt Luheshi, who had been Chair of Glasspool for four years and a Board member for 13, and to Stuart Woltkamp-Moon, our Deputy CEO who had worked with Glasspool since 2009. We’d like to thank Matt and Stuart for their professionalism, guidance and dedication. They both contributed hugely to our work and will be greatly missed.

We’re delighted to have also welcomed two new members to the team. Emily Crawford, Head of Innovation & Impact, and Joe Simpson, Assistant Grants Officer. Together, they have worked with over 300 frontline support organisations across the UK, to help enable people to live with more dignity and comfort.

We’d also like to thank our talented and committed trustee-directors who have through effective governance, enabled Glasspool to support thousands of people over the last 12 months.

We never forget that behind every grant there is a personal story. In this report we will hear from Hafsah, John, Lindsay, Mary and Amoy – showing how a small grant can make a big difference.

Kerri Phillips

Kerri Phillips

Chair of trustee-directors of Glasspool Charity Trust

Julie Green

Julie Green CEO of Glasspool Charity Trust

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OUR VISION, MISSION AND VALUES

Our vision is a society where everyone has the basics they need for a good life.

Our mission is to provide timely, life-enhancing support to people in need; providing short-term support for long-term impact.

You can tell you value what we do, the whole process and the way you communicate – I can’t fault you!

Support Worker

Our values are at the heart of everything we do.

OUR VALUES

Leading in our sector

Relationship-centred

Putting people first

Transparent

A focus on impact and performance

Learning

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OUR YEAR IN NUMBERS

PEOPLE

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10,438
people
supported
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5,593
households
supported
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GRANTS

5,593 grants

£1.97m value of grants approved

100% of applications received were assessed in under 10 working days, over 98% in five days or less

FINANCES

£2.04m income from investments

£150k income from funding partners

£47.6m total value of the Trust’s assets £311k operating costs

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THE JOURNEY OF A GRANT

In 2021/22 we awarded £1.97m in grants to 10,438 people. Here is the journey of just one of those grants and the difference each one makes on an individual level.

THE APPLICATION

Support Worker Lindsay Maughan works for the BHT Sussex Accommodation for Work (AFW) project. The project provides temporary accommodation and support for people who are homeless and working, or who want to get back into work and independent accommodation. Residents are assigned a key worker who they meet weekly to assist in all areas related to work and learning, including support with job applications, access to training and updating CVs. Lindsay is supporting John*, a homeless man in his 40s. John is on the verge of an exciting big step to move into his own studio flat. But, it is an empty shell, so Lindsay makes an application so that John can live more comfortably in his new home.

Lindsay said: “John had been homeless for 10 years. Prior to coming to the project, he was living in a temporary homeless hostel in Brighton. When John found paid work, he could no longer stay at that hostel and was referred to AFW. John has been with AFW for 10 months. He made the most of his time at the project to build on his tenancy skills and confidence, to save and prepare for independent living.”

Lindsay Maughan (left), Bernadette Lynch (centre), Dominique Gallagher (right)

John is about to move to a studio flat in Brighton and is working in hospitality. It’s a big move for John, after so many years of homelessness. He has no belongings and the flat he is moving to is completely unfurnished, so John needs additional help to get the furniture and equipment to make the flat into a home. Lindsay Maughan

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THE ASSESSMENT

Joe Simpson Assistant Grants Officer

Joe said: “As soon as I log on first thing Monday morning I work through the applications. There’s a lot. A single mum who needs a cooker. A family who have fled a violent home and need bedding. A man recovering from a severe stroke who needs a fridge. A woman made redundant who needs clothes for job interviews.

The next application I read is from Lindsay Maughan, Support Worker, AFW, on behalf of a man who is about to start a new chapter in his life. In the application the support worker explains how John is moving from a hostel to private accommodation. He’s worked hard to secure a home. He needs bedroom furniture. I check his request meets our funding criteria and make the offer for the bedroom furniture.”

THE DECISION

Glasspool is an invaluable resource. Having access to the grants Glasspool provides really helps people make the transition from homelessness and temporary accommodation to successfully moving into their own homes. Thanks to Glasspool, seven residents from AFW have accessed grants in the past six months, which have helped them make their flats comfortable homes where they can move forward with their lives.

The same day Lindsay receives a message that a grant has been awarded to John. Five days later funding for the bedroom furniture for John is received by AFW.

Lindsay said: John was surprised and grateful for Glasspool’s generosity. He hadn’t expected this and was impressed with how quick the process was. I supported John to look online and order the items he wanted for his flat. It was important that he could decide exactly what he wanted to purchase.

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THE IMPACT

John is now happily settled in his new flat, his first home in over 10 years. John shares his story and explains why he feels optimistic for the future.

John said: I’ve lived on the streets for 10 years, sleeping in parks and on benches. After a while you lose the sense of home, and being inside feels strange, almost like being in a foreign country.

When you hit rock bottom it’s hard to know where to go for advice. I’m one of the lucky ones. I found my way to a homeless hostel. Something inside of me switched – I had to find a way to pick myself up. I didn’t want to get older, and still be wandering the streets, with no home or future to aim for.

It’s been a long journey to this point. I had to re-learn the simplest of tasks, including how to make a cup of tea. Lindsay and the team have been such a support. They’ve helped me to feel more mentally stable and set myself goals. My confidence was on the floor, but they’ve helped me to believe that

I am a capable person, and that I’m able to live like all the other people I see in town, travelling back and forth between home and work, and getting on with their lives.

It took a while to register that I now have a home of my own and a job at a local restaurant. It’s made me more aspirational for my future. I want to have a career, and I want to create a good life for myself. I’m considering training to be a support worker. It would be good to be able to use my experience to help others in some way.

I was stunned when Lindsay said that Glasspool was giving me a grant to get some new furniture. When it arrived and I was able to put my clothes in a drawer, that was a big moment. Usually my clothes are stuffed into a bag, but to have them in drawers and a wardrobe made me feel secure. I no longer felt like I was just passing through.

I’m so grateful to everyone who has got me to this place. I feel stable and comfortable. I can build from here.

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OUR STRATEGIC GOALS

We are in the third year of our five-year strategy, Supporting People in a Time of Change. Our strategy outlines our approach to grant-making, and our commitment to maximising both the impact and number of grants provided in the medium to longer term.

Using impact measurements, data and input from our stakeholders, we will ensure we deliver a flexible grants programme, providing direct and simple support to enable people to improve their lives.

In 2021/22 we started to build our insight and evidence base to feed into our strategic development process planned for 2022/23. This involved seeking the views of support workers and people who had received one of our grants.

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GOAL 1 GOAL 2 GOAL 3
Expand our grant Grow our grants budget Communicate
delivery approaches to £2m a year to effectively to deliver
to greatly improve enable us to increase better outcomes for
outcomes for the our grants support. individuals in need.
people we help.
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GOAL 1

Expand our grant delivery approaches to greatly improve outcomes for the people we help

Working in partnership with other organisations is key to our strategy to improve outcomes for the people we support.

In delivering the Essential Living Fund (ELF), our core programme, we continued to work in close partnership with the Mercers’ and Drapers’ livery companies and the Newby Trust.

We also set up three partnerships to run pilot programmes to test grant-making approaches. These were delivered in partnership with Solace Women’s Aid (Solace), Citizens Advice Manchester (CAM) and the Smallwood Trust.

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GRANT APPROACHES – TESTING STRATEGIC PRINCIPLES

The graphics below outline the key components we sought to test:

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Essential Living Fund: Pilot 1 Pilot 2 Pilot 3 efficiency +
personalised +
core programme efficiency flexible + personalised duration
GRANT
FUNDERS
USE OF
GRANT FUNDING
• Household items • Household items • Household items • Household items
• Advice and • Advice and • Advice and
information information information
• Housing support • Support with • Housing support
housing costs • Emergency costs
and debts
• Travel costs
• Emergency costs
• Emergency
accommodation
GRANTS ASSESSMENT Glasspool Grants CAM Staff Glasspool Grants Solace Staff
Team Team
AND GRANTS
PROCESSING
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OUR FINDINGS SO FAR

The pilot programmes will conclude in 2022/23, but we are gathering evidence of impact and insights throughout the duration of the programmes. Initial findings so far are positive and show:

EFFICIENCY

The average time taken for a grant to be assessed and the person to receive grants support was reduced by allocating blockgrants to frontline organisations (pilots 1 and 3).

DURATION

Solace reported that the allocation of a Glasspool grant extended the length of time they worked with a service user (from the day they started working with them to the last successful contact). Solace believe the Glasspool grant contributed to this sustained period of successful engagement with service users.

FLEXIBILITY AND PERSONALISATION

Greater flexibility and personalisation was achieved through pilots 2 and 3. The flexible approach enabled people to feel more in control of their financial situation based on their personal circumstances.

Solace service users in pilot 3 were able to access grants to help them flee unsafe situations and help them settle into temporary accommodation. It also paid for essential baby supplies such as milk and nappies.

Smallwood Trust funding in pilot 2 helped to prevent eviction and enabled people to pay for non-tangible costs such as arrears and debts.

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PILOT 3 – THE IMPACT OF PERSON-CENTRED GRANTS

Mary Caulfield from Solace shares how the more flexible approach to grant-giving through the pilot programme with Glasspool, provided her service user with grant funding to top up her phone and pay for transport costs.

Mary said: Amoy* is a Jamaican national who has lived in the UK with insecure immigration status. She’d become financially reliant on her partner when her health deteriorated, leaving her unable to work. Soon after moving in with her partner, the abuse escalated. Amoy was subjected to physical, sexual and financial abuse and controlling behaviour.

Amoy fled the home by calling an ambulance, and was taken to the dialysis ward where she received dialysis three times a week. It was at this point she was referred to Solace. The trauma of the abuse Amoy experienced, and the subsequent difficulty in accessing support worsened her physical and mental health.

A key priority was the resolution of her immigration status and Amoy was signposted to immigration solicitors.

Amoy had no funds and no access to funds. I applied for a Glasspool grant to top up Amoy’s phone to enable her to contact immigration solicitors. Thanks to the grant, Amoy was able to make contact with a solicitor and receive advice. The solicitor asked Amoy to collect supporting letters for her application for settled status. This required travel across London, which Amoy didn’t have funds for. Funding from the Glasspool grant allowed me to purchase a travel card for Amoy.

Due to having no recourse to public funds, Amoy experienced many barriers in accessing accommodation from the local authority or refuges. It also prevented her from accessing benefits.

The Glasspool grants provided Amoy with support that was not available anywhere else. They enabled her to take steps to regularise her immigration status at a time of crisis.

*Amoy’s name has been changed to protect her identity.

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GOAL 2

Grow our grants budget to £2m a year to enable us to increase our grants support

A total of £1.97m was allocated in grants support, an 8.2% increase on 2021/22, putting us on course to meet our £2m a year target by 2022/23.

£150k secured from external funders

£50k

£50k

£25k

£25k

The remaining £1.82m, was met through Glasspool’s investments and reserves. Our operating costs were 14.2% of our total income. This included all operating costs, our staff, infrastructure, investment fees and governance. We ensure that Glasspool’s operating costs offer good value for money, so we can focus our resources on providing grants.

GOAL 3

Communicate effectively to deliver better outcomes for individuals in need

Throughout 2021/22 we continued to provide regular updates via our website and shared our knowledge, skills and experience with frontline support workers. This included signposting them to other funding sources through individual and collective correspondence.

We reported our work, both to the finance, grants and human resource sub-committees and to the full Board, on a quarterly basis, and annually at a strategic away day.

We also continued to work with the wider grant-making sector. We set up an Impact and Evaluation Group for similar grant-making charities within the ACO membership, which meets regularly to share insights and good practice.

We also lent our voice to campaigns that align with our charitable objectives by backing ACO’s Support During the Squeeze campaign, aimed at helping people access support from benevolent charities during the cost of living crisis.

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2021/22 GOVERNANCE

Charity Governance Code

The trustee-directors use the Governance Code for larger charities to inform our policy and practice as outlined below.

PRINCIPLE 1 Organisational purpose

Our organisational purpose is to provide support in the form of grants, goods, services or facilities for people in financial hardship. We complete a strategic review every five years.

PRINCIPLE 2 Leadership

Glasspool Charity Trust is managed by a corporate trustee R L Glasspool Trustee Limited company reg. 11147581. The corporate trustee comprises eight individual trusteedirectors and the CEO is the only member of key management personnel.

PRINCIPLE 3 Integrity

We operated in line with our stated values as outlined on page 5.

PRINCIPLE 4 Decision-making, risk and control

We take a robust approach to risk management, made possible by our strong governance structure and comprehensive policies and procedures. We have identified the key risks facing the organisation and logged them on our corporate risk register, which is reviewed quarterly and each risk is owned by one of three sub-committees. For each risk, we have, where possible, put in place risk mitigation measures to minimise and manage that risk.

PRINCIPLE 5 Board effectiveness

Trustee-directors are appointed for five years with the expectation that they will serve a maximum of 15 years. They receive a comprehensive induction to Glasspool, and subsequent development through external seminars and training courses.

PRINCIPLE 6 Equality, Diversity and Inclusion

We embrace the principle of diversity, equality and inclusion. We have succession plans in place and will need to appoint at least one new trustee-director within the next two years. A Board audit will be undertaken during 2022/23 and a robust recruitment plan devised based on its findings. We will work with diversity experts to widen the profile of our Board membership. This will continue our equality, diversity and inclusion journey, which will remain a priority within our next strategy.

PRINCIPLE 7 Openness and accountability

We maintain a register of interests for trustee-directors and senior staff. We will work with 360Giving from 2023 onwards to publish our grants data. Staff salaries are reviewed annually using a formal remuneration policy. Staff discuss their training needs at annual appraisals and during regular meetings with the CEO.

PUBLIC BENEFIT

The trustee-directors have complied with their duty to have due regard to the Charity Commission’s Public Benefit guidance: public benefit requirement (PB1), running a charity (PB2) and reporting (PB3).

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2021/22 FINANCIAL REVIEW

In 1948 Mr Glasspool left Glasspool Charity Trust a generous endowment of residential properties and other investments that were later valued at around £139,000. The total value of the endowment fund at 31 March 2022 was £46.4m, an increase in capital value of over 7% on the 31 March 2021 valuation. Our endowment remains an important source of income for the Trust with over 93% of the income derived from our investments, with remaining coming from external funding partners (£50k the Newby Trust, £50k Mercers’ Livery Company, £25k the Smallwood Trust and £25k Drapers’ Livery Company).

The Charity benefited from an increase in our investment income of over 4.2% (from £1,954,563 to £2,037,005), which more than made up for the fall in funding from external funders. We continue to spend down our reserves by running a modest deficit year on year to bring our reserves in line with the Trust’s policy of six months operating costs and sufficient funds to cover the pension liability. Over the last year, our investments have returned a total return of 11.2% (6.7% investment capital growth + 4.5% income yield), which compares well to the average charity as measured by the ARC steady growth charity index, which delivered a total return of 6.3%.

INVESTMENT STRATEGY, OBJECTIVES AND TARGET

We have a detailed investment policy that sets out clear objectives and the parameters as to how we manage the endowment and our reserves. We have set the following broad principles:

INVESTMENT PERFORMANCE

Table 1: Fund value and income 1998 to 2022

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Total Income (£k) Total Funds (£k)
2500 50,000
45,000
2000 40,000
35,000
1500 30,000
25,000
1000 20,000
15,000
500 10,000
5,000
0 0
TOTAL INCOME
1998-1999 1999-2000 2000-2001 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 TOTAL FUNDS
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OVER THE LAST FINANCIAL YEAR

2021/2022 continued to be a challenging environment as governments, central banks and businesses adjusted globally to living with Covid. However, concerns in the short term have moved on to: energy shocks, food security, inflation, the cost of living, the currency, the potential for overzealous central banks to battle against inflation, a significant escalation of the war in Europe, China, a resurgence in Covid, climate change and threats to global supply chains. We expect conditions and markets to remain under pressure for some time. However, investment markets act as a forward indicator, and we have reason for more optimism in 2023. Furthermore, while capital values have remained under pressure, income has held up well and as a permanently endowed charity we can take a long-term view and ride out current turbulence in the market. At such times, we seek solace in a Warren Buffet quote: “Be fearful when everyone is greedy and greedy when everyone is fearful”.

OVER THE LONGER TERM

It is always worth reflecting on the Trust’s achievements over the longer time frame. The Charity has seen endowment increase in value from £4.66m in 1995 (as far back as we can go with accurate records) to over £46.4m by the end of March 2022 (an increase of 8.9% pa compared to an increase in RPI of 3.0% pa over the same period). More importantly, we have been able to increase the income we spend on our beneficiaries from £230k to £1.97m (an increase of 8.3% p.a. over the 27-year period). During this period, the Charity has made over 100,000 grants distributing over £25m. However, we must never rest on our laurels and always look for ways to be more effective and efficient. It is therefore pleasing to report that we continue to keep a tight control on our operating costs, which came in well below our target (20%) at 14.2% as a percentage of net total income.

Asset classes 2021/22

To ensure risk is managed appropriately within the portfolio and is commensurate with being a permanently endowed grant-making charity, we hold a diversified range of assets. These are managed by 17 investment managers.

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17.6% 0.01%
Private Equities Cash
11.7% ASSET 28.9%
O/S Equities CLASSES Infrastructure
23.9% 17.9%
Property UK Equities
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Table 2: Performance summary averaged over rolling three-year period; target in brackets

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OBJECTIVE OUTCOME RESULT
Increase grant spending by more 6.2% (9%)
than increase in RPI
Increase total fund value by more 2.9% (9%)
than the increase in RPI
Generate a net total income 4.7% (4%)
return of at least 4%
Generate a total return above the 7.9% (13%)
increase in RPI + 4%
Keep grant-making costs below 14.2% (<20%)
20% of net total income
Spend at least 100% of net 104.8% (100%)
income on grants
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RESPONSIBLE INVESTMENT

In line with our values, the trustee-directors pay close attention to our responsibilities as investors. We do not have any specific exclusionary policy based upon ethical considerations. However, our fund managers are expected to take environmental, social and governance (ESG) issues into consideration in their decision-making processes, and report on their engagement with businesses they invest in. All our managers must adhere to the principles set out in the (United Nations) Principles for Responsible Investment. We actively encourage our managers to be members of the 30% Club, which is focused on the composition of UK listed company boards, the IIGCC (the Institutional Investors Group on Climate Change) and UKSIF (UK Sustainable Investment and Finance Association). We meet with our investment managers periodically and, as part of the ongoing monitoring process, we examine the investment managers’ approach to engagement and impact. As an organisation, we believe in active engagement rather than divestment and seek to be part of the force for positive change.

RESERVES

Our strategy is to keep the “designated reserves” above the costs of the CARE Defined Benefit Pension Scheme Debt on Withdrawal (DoW) liability and general reserves at six months operating costs. In 2021, we decided to reduce from one year’s operating costs to six months, in order to reflect trustee-directors’ intention to spend down the reserves over the next five-to seven-year period, so that we can increase our grants spend for people most in need. We will be pragmatic in implementing this change of policy to ensure we maximise the amount we can distribute to our beneficiaries today and in the future.

The current “designated reserves” level is £500k, which is sufficient to meet the estimated DoW of £291k.

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TRUSTEE-DIRECTORS’ REMARKS ON THE ANNUAL FINANCIAL STATEMENTS

Overall our financial position improved during the year. Our combined investment and Trust and Foundation and donation income increased by just over £30k from £2,160,190 (2020/21) to £2,190,780. Our total funds increased by £3m from £44.6m (2020/21) to £47.6m. Our grants expenditure also increased 8.2% from £1.82m (2020/21) to £1.97m (2021/22).

Following a comprehensive assessment of the Trust’s current and future financial situation, no financial issues have been identified to prevent the Trust continuing as a going concern for at least 12 months. The trustee-directors have reached this opinion on the following basis:

applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustee-directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of its financial activities for that period. In preparing those financial statements, trustee-directors on behalf of the Corporate Trustee are required to:

TRUSTEE-DIRECTORS’ RESPONSIBILITIES

The trustee-directors are responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with

The trustee-directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

This report was approved by the trusteedirectors on 9 December 2022.

K Phillips

K Phillips

Chair of R L Glasspool Trustee Ltd, Corporate Trustee of R L Glasspool Charity Trust

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LOOKING FORWARD TO 2022/23

We have agreed the following priorities for 2022/23, in line with our overall strategy:

GOAL 1

Expand our grant delivery approaches to greatly improve outcomes for the people we help

GOAL 2

Grow our grants budget to £2m a year to enable us to increase our grants support

GOAL 3

Communicate effectively to deliver better outcomes for individuals in need

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DETAILS OF THE TRUST, ITS TRUSTEE-DIRECTORS, STAFF AND ADVISERS

R L Glasspool Charity Trust 2nd Floor, Saxon House, 182 Hoe Street, Walthamstow, London E17 4QH Charity Reg. No. 214648

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||||| |---|---|---|---| |TRUSTEE-DIRECTORS|M Luheshi (Chair) (resigned 10 December 2021)| |K Phillips (Chair appointed 10 December 2021)| |C Bueno De Mesquita (Deputy Chair, appointed| |10 December 2021)| |A Allocco| |J Belai| |R Birmingham| |D Lenton| |L McCarthy (appointed 10 December 2021)| |S Outhwaite| |CHIEF|EXECUTIVE|OFFICER|J Green| |HEAD OF INNOVATION & IMPACT|E Crawford| |GRANTS|OFFICER|N Woodward| |ASSISTANT GRANTS|OFFICER|J Simpson| |SPECIAL ADVISERS|K Nunn (investments)| |INDEPENDENT|AUDITORS|Azets Audit Services| |Greytown House, 221-227 High Street,| |Orpington, Kent BR6 0NZ| |SOLICITORS|Stone King| |Boundary House, 91 Charterhouse Street, Clerkenwell,| |London EC1M 6HR| |BANKER|CAF BANK Limited, 25 Kings Hill Avenue, Kings Hill,| |West Malling, Kent ME19 4JQ|

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R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

21

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

R L GLASSPOOL CHARITY TRUST

Opinion

We have audited the financial statements of R L Glasspool Charity Trust (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet and statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

22

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

R L GLASSPOOL CHARITY TRUST (CONTINUED)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 19, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

23

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

R L GLASSPOOL CHARITY TRUST (CONTINUED)

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

24

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

R L GLASSPOOL CHARITY TRUST (CONTINUED)

Use of our report

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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services Statutory Auditor Greytown House 221-227 High Street Orpington Kent BR6 0NZ

Date 16 December 2022

Azets Audit Services is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

25

R L GLASSPOOL CHARITY TRUST

~~STATEMENT OF FINANCIAL ACTIVITIES~~ FOR THE YEAR ENDED 31 MARCH 2022

Income from:
Donations
Investments (Note 2)
Charitable activities (Note 3)
Total income
Charitable activities(Note 4)
Grants
Costs of grant making
Total expenditure
Net (expenditure)/income before
gains and losses on investments
Gains/(losses) on investment
assets (Notes 8 and 10)
Gains/(losses) on pension scheme
(Note 16)
Net Expenditure/ (Income)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds at 1 April 2021
Total funds at 31 March 2022 (Note
13)
Unrestricted
Funds
£
3,775
2,037,005
125,000
2,165,780
1,943,040
311,258
2,254,298
(88,518)
(246,971)
12,816
(322,673)
-
(322,673)
1,489,726
£1,167,053
Restricted
Funds
£
-
-
25,000
25,000
25,000
-
25,000
-
-
-
-
-
-
-
£-
Endowment
Fund
£
-
-
-
-
-
-
-
-
3,342,483
-
3,342,483
-
3,342,483
43,076,602
£46,419,085
Total
2022
£
3,775
2,037,005
150,000
2,190,780
1,968,040
311,258
2,279,298
(88,518)
3,095,512
12,816
3,019,810
-
3,019,810
44,566,328

£47,586,138
Total
2021
£
627
1,954,563
205,000
2,160,190
1,818,854
431,670
2,250,524
(90,334)
4,631,686
9,906
4,551,258
-
4,551,258
40,015,070

£44,566,328		 Income from:
Donations
Investments (Note 2)
Charitable activities (Note 3)
Total income
Charitable activities(Note 4)
Grants
Costs of grant making
Total expenditure
Net (expenditure)/income before
gains and losses on investments
Gains/(losses) on investment
assets (Notes 8 and 10)
Gains/(losses) on pension scheme
(Note 16)
Net Expenditure/ (Income)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds at 1 April 2021
Total funds at 31 March 2022 (Note
13)
Unrestricted
Funds
£
3,775
2,037,005
125,000
2,165,780
1,943,040
311,258
2,254,298
(88,518)
(246,971)
12,816
(322,673)
-
(322,673)
1,489,726
£1,167,053
Restricted
Funds
£
-
-
25,000
25,000
25,000
-
25,000
-
-
-
-
-
-
-
£-
Endowment
Fund
£
-
-
-
-
-
-
-
-
3,342,483
-
3,342,483
-
3,342,483
43,076,602
£46,419,085
Total
2022
£
3,775
2,037,005
150,000
2,190,780
1,968,040
311,258
2,279,298
(88,518)
3,095,512
12,816
3,019,810
-
3,019,810
44,566,328

£47,586,138
Total
2021
£
627
1,954,563
205,000
2,160,190
1,818,854
431,670
2,250,524
(90,334)
4,631,686
9,906
4,551,258
-
4,551,258
40,015,070

£44,566,328		 Income from:
Donations
Investments (Note 2)
Charitable activities (Note 3)
Total income
Charitable activities(Note 4)
Grants
Costs of grant making
Total expenditure
Net (expenditure)/income before
gains and losses on investments
Gains/(losses) on investment
assets (Notes 8 and 10)
Gains/(losses) on pension scheme
(Note 16)
Net Expenditure/ (Income)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds at 1 April 2021
Total funds at 31 March 2022 (Note
13)
Unrestricted
Funds
£
3,775
2,037,005
125,000
2,165,780
1,943,040
311,258
2,254,298
(88,518)
(246,971)
12,816
(322,673)
-
(322,673)
1,489,726
£1,167,053
Restricted
Funds
£
-
-
25,000
25,000
25,000
-
25,000
-
-
-
-
-
-
-
£-
Endowment
Fund
£
-
-
-
-
-
-
-
-
3,342,483
-
3,342,483
-
3,342,483
43,076,602
£46,419,085
Total
2022
£
3,775
2,037,005
150,000
2,190,780
1,968,040
311,258
2,279,298
(88,518)
3,095,512
12,816
3,019,810
-
3,019,810
44,566,328

£47,586,138
Total
2021
£
627
1,954,563
205,000
2,160,190
1,818,854
431,670
2,250,524
(90,334)
4,631,686
9,906
4,551,258
-
4,551,258
40,015,070

£44,566,328
-
-
-
-
3,342,483
-
(88,518)
3,095,512
12,816
(90,334)
4,631,686
9,906
(322,673)
-		 -
-
3,342,483
-
3,019,810
-
4,551,258
-
-
-
3,342,483
43,076,602
3,019,810
44,566,328

4,551,258
40,015,070
£-
£46,419,085

£47,586,138

£44,566,328

The notes on pages 30 to 3939 form part of these financial statements.

There were no recognised gains and losses other than those shown in the above statement. No activities were acquired or discontinued during the year under review.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

26

R L GLASSPOOL CHARITY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Statement of Financial activities for the year ended 31 March 2021 for comparative purposes:

Restated Restated
Unrestricted Restricted Endowment Total
Funds Funds Fund 2021
£ £ £ £
Income from:
Donations 627 - - 627
Investments (Note 2) 1,954,563 - - 1,954,563
Charitable activities (Note 3) 155,000 50,000 - 205,000
Total income 2,110,190 50,000 - 2,160,190
Charitable activities(Note 4)
Grants 1,768,854 50,000 - 1,818,854
Costs of grant making 431,670 - - 431,670
Total expenditure 2,200,524 50,000 - 2,250,524
Net expenditure before gains and
losses on investments		 (90,334) - - (90,334)
Gains/(losses) on investment
assets (Notes 8 and 10)		 253,634 - 4,378,052 4,631,686
Gains/(losses) on pension scheme
(Note 16) 9,906 - - 9,906
Net Income 173,206 - 4,378,052 4,551,258
Transfers between funds - - - -
Net movement in funds 173,206 - 4,378,052 4,551,258
Reconciliation of funds:
Total funds at 1 April 2020 1,316,520 - 38,698,550 40,015,070
___
Total funds at 31 March 2021 (Note 13) £ 1,489,726 £- £43,076,602 £44,566,328

The notes on pages 30 to 3939 form part of these financial statements. There were no recognised gains and losses other than those shown in the above statement. No activities were acquired or discontinued during the year under review. The restatement represents the split of restricted funds from unrestricted and the merging of unrestricted and designated funds.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

27

R L GLASSPOOL CHARITY TRUST

BALANCE SHEET

AT 31 MARCH 2022

2022 2021
Notes £
£		 £
£
FIXED ASSETS
Tangible 7 - -
Investments 8 46,419,085
 43,076,602
46,419,085 43,076,602
CURRENT ASSETS
Debtors 9 203,354 194,159
Investments 10 1,162,682 1,469,759
Cash at bank and in hand 353,206
 393,481
1,719,242 2,057,399
CREDITORS:Amounts falling due
within one year 11 (490,851) (493,519)
NET CURRENT ASSETS 1,228,391 1,563,880
Provision for liabilities and charges 16 (61,338) (74,154)
NET ASSETS £47,586,138 £44,566,328
CAPITAL FUND
Endowments 12 46,419,085 43,076,602
INCOME FUNDS
Unrestricted funds:
Designated fund 14 500,000 500,000
Other charitable funds 13 667,053 989,726
1,167,053 1,489,726
Restricted funds 15 - -
£47,586,138 £44,566,328

Approved by the Board of Directors of R L Glasspool Trustee Limited on 9 December 2022 and signed on its behalf by:

Kerri Phillips

K Phillips

The notes on pages 30 to 39 form part of these financial statements.

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ANNUAL REPORT AND ACCOUNTS

28

R L GLASSPOOL CHARITY TRUST

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2022

Notes
Cash flow from operating activities
18
Cash flow from investing activities
Payments to acquire fixed asset investments
Receipts from sales of fixed asset investments
Dividends and interest received
Net cash flow from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April 2021
Cash and cash equivalents at 31 March 2022
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2022		 2022
£
(2,137,386)
___
(4,955,301)
5,015,407
2,037,005
__
2,097,111
_
(40,275)
393,481
_
£353,206
_
353,206
____
£ 353,206
 2021
£
(1,747,503)
___
(6,080,900)
6,080,800
1,954,563
__
1,954,463
_
206,960
186,521
_
£393,481
_
393,481
____
£ 393,481

The notes on pages 30 to 39 39 form part of these financial statements.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

29

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

a) Basis of preparation of financial statements

R L Glasspool Charity Trust is a registered charity in the United Kingdom (England & Wales). The address of the registered office is given in the charity information on page 2page 2 1 of these financial statements. The nature of the charity’s operations and principal activities are the relief of persons who are in need, hardship or distress; or sick, convalescent, disabled or infirm.

b) Basis of Preparation

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 (FRS 102) issued in 2019, the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are presented in sterling (£) which is also the functional currency for the company.

c) Going Concern

The trustees have reviewed the trust’s current and future financial situation and no doubts, substantial or otherwise, have been identified to prevent the trust continuing as a going concern for the foreseeable future.

The number of grants and amounts spent each year is at the complete discretion of the Trustees, The trust is an agile funder and aligns the volume of its grants allocation to its monthly income.

d) Income

All income resources are included in the Statement of Financial Activities (SoFA) when the trust is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the trust will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Grants are recognised in full in the year in which they are receivable.

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ANNUAL REPORT AND ACCOUNTS

30

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

1. ACCOUNTING POLICIES (cont’d)

e) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. The expenditure consists of the following categories:

o Cost of generating funds includes investment management fees and direct property costs.

o Direct charitable expenditure consists of direct and indirect costs associated with the main activities of the Trust.

o Governance costs include external audit, legal advice on governance matters and Trustees’ expenses.

Grants are accounted for in the year they are approved, irrespective of the period covered by the grants.

f) Support costs allocation

Support costs are those that assist the work of the RL Glasspool Charity Trust but do not directly represent charitable activities and include office costs, Governance costs, accountancy and payroll services. They are incurred directly in support of expenditure on the objects of the charity and are all allocated against charitable activities.

g) Office furniture and equipment

Office furniture and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Purchases of assets of value £1,000 and over are capitalised. Depreciation is provided on all capitalised assets at rates estimated to write off the cost less estimated residual value, of each asset over its expected useful life as follows:

h) Investment assets

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value (at mid-price) with changes recognised in “net gains/(losses) on investments” in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

i) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

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31

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

1. ACCOUNTING POLICIES (cont’d)

j) Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. The Trustees have designated certain funds for specific purposes. These are set out in Note 14.

The permanent endowment fund is a capital fund where there is no power to convert the capital into income, it must generally be held indefinitely.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

k) Pensions

The R L Glasspool Charity Trust (charity) operates a defined contribution plan, making payments to individual pension schemes in accordance with their contract of employment.

A number of the charity’s employees belong to the Pension’s Trust Career Average Revalued Earnings (“CARE”) Pension Scheme, which is a defined benefit scheme. As it is not possible to identify the charity’s share of the underlying assets and liabilities in the scheme on a consistent and reasonable basis, contributions are charged to the income and expenditure account as they are paid. The charity also makes contributions to the scheme in relation to a deficit on a past employees’ defined benefit scheme and in accordance with FRS 102 the charity recognises the present value of contributions payable.

l) Operating Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

m) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Pensions

The present value of the pension provisions depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. Any changes in the rate of discount, which is disclosed in note 16, will impact the carrying amount of the pension scheme

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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32

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

2. INCOME FROM INVESTMENTS 2022 2021
£ £
Other investment income 2,037,005 1,954,563
_______ _______
£2,037,005
 £1,954,563
3. INCOME FROM CHARITABLE ACTIVITIES 2022 2021
£ £
Grants 150,000 205,000
____ ____
£150,000 £205,000
Grant income included £25,000 (2021: £50,000) of restricted income.
4. CHARITABLE ACTIVITIES 2022 2021
£
£
£		 £
Grants:
Essential Living Fund 1,868,040
1,818,854
Devolved pilot 100,000 -
1,968,040 1,818,854
HR Costs:
Wages 145,531
262,170
Social security 10,479
19,497
Pension 28,037
34,646
Other HR costs 2,946
2,776
186,993 319,089
Development 6,236 -
Resources 11,624 12,934
Infrastructure 60,179 49,912
Travel 33 -
Depreciation - 973
Sundry 1,800 5,346
Fees paid to Auditors for non audit 11,030 13,109
Insurance 3,595 1,770
Investment manager fees 7,142 7,635
Governance (see Note 6) 22,626 20,902
_______ _______
£2,279,298
_______		 £2,250,524
_______

The comparatives have been reanalysed to better reflect the nature of costs – the overall total is the same.

Included in Grants (Essential Living Fund) were £25,000 (2021: £50,000) of restricted costs.

R L GLASSPOOL CHARITY TRUST

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33

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

4. CHARITABLE ACTIVITIES (continued)

Average number of employees 5 6
Number accruing retirement benefits
under defined benefit pension schemes. 5 5

No employee received remuneration in excess of £60,000 (2021: none).

All grants to organisations are administered for the benefit of named individuals.

5. TRUSTEES' AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The trustees did not receive any remuneration during the year (2021: £Nil).

The total amount of employee benefits received by key management personnel is £89,596 (2021 - £108,483). The Trust considers its key management personnel to compromise its Chief Executive Officer and Deputy Chief Executive Officer.

All trustees had expenses reimbursed during the year totalling £nil (2021: £nil).

6. GOVERNANCE COSTS 2022 2021
£ £
Audit fees 10,398 7,950
Legal and Consultancy fees 11,520 12,616
Trustee meetings and expenses 708 336
_ _
£22,626 £20,902
______ ______
7. TANGIBLE FIXED ASSETS Office
Furniture &
Equipment
£
COST
At 1 April 2021 109,905
On Disposal (18,962)
_______
At 31 March 2022 90,943
_______
DEPRECIATION
At 1 April 2021 109,905
On Disposal (18,962)
_______
At 31 March 2022 90,943
_______
NET BOOK VALUE
31 March 2022 £ -
_______
31 March 2021 £ -
_______

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

34

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

( )

8. FIXED ASSET INVESTMENTS

Increase/
Market value Acquired Disposed (decrease) Market value
1 April 2021 in year In year in 31 March
market 2022
value
£ £ £ £ £
COIF Global Equity 3,157,335 - (2,533,017) 297,362 921,680
Charities Property Fund 2,537,933 - - 265,822 2,803,755
M&G Charifund 5,933,812 - (1,302,387) 392,053 5,023,478
Civitas Social Housing 2,541,277 1,301,197 - (497,846) 3,344,628
HICL 3,709,580 - - 292,270 4,001,850
Unicorn UK Income Fund 3,424,970 - - 58,116 3,483,086
TRIG 3,496,878 - - 384,714 3,881,592
PITCH 4,420,303 - - 810,264 5,230,567
Bluefield Solar Infrastructure 1,572,525 - - 15,665 1,588,190
Greencoat Infrastructure 1,961,150 - - 541,726 2,502,876
S & P Global Div. Aristocrats 2,419,850 - (503,362) 173,219 2,089,707
International Public Partner 1,714,631 - - 48,931 1,763,562
IShares Core 574,653 - (616,536) 41,883 -
NB Private Equity Partners 2,181,322 1,292,896 - 1,098,216 4,572,434
Princess Private Equity 2,237,543 1,856,604 - (304,161) 3,789,986
Scottish Mortgage Inv Trust 1,141,377 504,605 - (230,103) 1,415,879
Cash and Other 51,463 - - (45,648) 5,815
__ _______ _______ _______ __
Total £43,076,602 £4,955,302 £(4,955,302) £3,342,483 £46,419,085
__ _______ _______ _______ __
Historical cost £42,385,602 £43,108,074
___ ___

All investments are carried at their fair value. Investments in equities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the mid price. The basis of fair value for quoted investments is equivalent to the market value, using the mid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

9. DEBTORS 2022 2021
£ £
Prepayments and accrued interest 10,827 7,472
Other debtors 192,527 186,687
__ __
£203,354 £194,159
__ __

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

35

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

10. CURRENT ASSET INVESTMENTS

Market value
1 April 2021
£
Monks Investment
Trust
1,469,759
__
Total
£1,469,759
__
Historical cost
£1,469,998
 Acquired
in year
Disposed
In year
Increase/
(decrease) in
market value
Market value
31 March
2022
£
£
£
£
-
(60,106)
(246,971)
1,162,682
__
_______

__
-
£(60,106)
£(246,971)
£1,162,682
__
_______
__
__
£1,411,312

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

11. CREDITORS: Amounts falling due within one year 2022 2021
£ £
Accruals £ 490,851 £493,519

12. ENDOWMENTS

Permanent endowments

The funds were established under a Deed of Trust dated 24 July 1939 and a Supplemental Deed of Trust dated 29 July 1947 by the late Mr R L Glasspool. The Deeds of Trust were replaced by a Scheme dated 17 November 1998 under the Charities Act 1993. The aims of the Trust are stated on page 10 of the Annual Report. All incoming resources from permanent endowments is unrestricted. The transfer between endowment funds and general fund is to reflect the market value position at the year end of the fixed asset investments. The Endowment fund’s movements can be seen in note 8 of the accounts.

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
£
Fixed assets
-
Net current
assets
1,228,391
___
1,228,391
Pension liability
(61,338)
_____
£ 1,167,053
 Total
Restricted
Endowment
Funds
Total Funds
Funds
Funds
2022
2021
£
£
£
£
-
46,419,085
46,419,085
43,076,602
-
-
1,228,391
1,563,880
___
__
__
__
-
46,419,085
47,647,476
44,640,482
-
-
(61,338)
(74,154)
__
__
__
_____
£-
£ 46,419,085
£ 47,586,138
£44,566,328

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

36

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

~~(Continued)~~

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) Comparative period (restated)

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2021
£ £ £ £
Fixed assets - - 43,076,602 43,076,602
Net current assets 1,563,880 - - 1,563,880
_______ _______ __ __
1,563,880 - 43,076,602 44,670,482
Pension liability (74,154) - - (74,154)
_______ _______ __ __
£1,489,762 £- £43,076,602 £44,566,328
_______ _______ __ __

14. DESIGNATED FUND

Balance Movement Balance
1 April 2021 in year Transfers 31 March 2022
£ £ £ £
Pension reserve 500,000 (12,816) 12,816 500,000
_____ ______ ______ _____

This fund is the estimated amount of employer debt payable in addition to the pension liability on withdrawal from the Pension Trust (see Note 16).

Comparative information

Balance Movement Balance
1 April 2020 in year Transfers 31 March 2021
£ £ £ £
Pension reserve 772,985 9,906 (282,891) 500,000
_____ ______ ______ _____
RESTRICTED FUND
Balance Incoming Resources Balance
1 April 2021 resources expended 31 March 2022
£ £ £ £
Smallwood Trust - 25,000 25,000 -
_____ ______ ______ _____

15. RESTRICTED FUND

This fund represents a grant for individual women as part of the Smallwood Trust’s Community Grant Partner Programme.

Comparative information (Restated)

Balance Incoming Resources Balance
1 April 2020 resources expended 31 March 2021
£ £ £ £
Smallwood Trust - 50,000 50,000 -
_____ ______ ______ _____

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

37

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

16. FINANCIAL COMMITMENTS

At 31 March 2022 the Trust had annual commitments under operating leases, total future minimum finance lease payments are as follows:

Not later than one year Land and Buildings
2022
2021
£
£
15,600
15,600

 Other
2022
£
-
 2021
£
-

17. PENSION

A number of the R L Glasspool Charity Trust (charity) current and past employees are members of The Pensions Trust (TPT)'s Career Average Revalued Earnings ("CARE") Pension Scheme which is a closed Multi-Employer Defined Benefits scheme with the assets being held in a Trustee administered fund. The scheme was closed by the scheme's trustee (Verity Trustee Limited) in April 2016.

The latest full actuarial valuation of the scheme was carried out on 30 September 2019. This valuation showed assets of £79 million, liabilities (on a technical provision basis) of £93.9 million and a deficit of £14.9 million. This deficit is being recovered from employers with annual 'deficit contributions' paid annually on 1st April escalating at 3% pa over the recovery period (to 30 September 2027) that has been agreed with The Pensions Regulator. In the coming year the charity's deficit contributions are £11,163. The charity has recognised a liability measured as the present value of the contributions payable that arise from the deficit recovery.

Present value of provision

Present value of provision
2022 2021
£ £
Present value of deficit provision 61,338
___		 74,154
___
Reconciliation of opening and closing provisions
2022 2021
£ £
Provision at start of year 74,154 84,060
Unwinding of the discount factor 669 1,982
Deficit contribution paid (10,838) (9,624)
Remeasurements – impact of any changes in assumptions (2,647) 3,516
Remeasurements – amendments to the contribution schedule - (5,780)
___ ___
Provision at end of year 61,338 74,154
___ ___

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

38

R L GLASSPOOL CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

17. PENSION (continued)

Assumptions

31 March 2022 31 March 2021 31 March 2020
% per annum % per annum % per annum
Rate of discount 2.55 0.98 2.50

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Current Staff Pension Scheme

With the closing of the CARE scheme the charity moved all the existing staff into TPT's Flexible Retirement Plan a DC scheme and agreed to continue paying 11.5% of the employees' pensionable salary as the employer contribution (together with an insurance premium that would cover six times the employee's pensionable salary should they die in service).

Total Pension Costs

The contributions of the charity amounted to £28,037 (2021: £34,646). Included in accruals is £2,592 of pension contributions due at the year end (2021: £3,724).

18. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ECONCILIATION OF NET INCOME TO NET CASH FLOW
CTIVITIES		 FROM OPERATING
2022 2021
£ £
Net income before gains/(losses) on investments and
pensions (88,518) (90,334)
Dividends and interest received (2,037,005) (1,954,463)
Depreciation and impairment of tangible fixed assets - 973
(Increase)/decrease in debtors (9,195) 21,849
Increase/(decrease) in creditors (2,668) 274,472
_____ _____
Net cash flow from operating activities £ (2,137,386) £ (1,747,503)
_____ _____

19. RELATED PARTY TRANSACTIONS

During the year there were no related party transactions (2021: none).

20. RESTATEMENT OF FUNDS

In 2021 the charity received a £50,000 grant that was included within unrestricted funds, however the grant was restricted. The comparative Statement of Financial Activities (SoFA) on papa ge 27 now shows this as a separate fund. The funds were all spent in the year so the overall reserves do not change.

The Designated funds on the face of the SoFA were also shown separately from unrestricted and have now been merged.

R L GLASSPOOL CHARITY TRUST

ANNUAL REPORT AND ACCOUNTS

39

R L Glasspool Charity Trust 2nd Floor, Saxon House, 182 Hoe Street, Walthamstow, London E17 4QH Phone: 020 3141 3161

www.glasspool.org.uk Charity Reg. No. 214648