o?Glasspool Charity Trust ANNUAL REPORT AND ACCOUNTS 2022/23 PLANNING FOR TOMORROW DELIVERING TODAY
CASE STUDY DELIVERING FOR PATRICIA 'Already I've lost so much to cancer. I've lost weighL105t my job and 105t my independence. After a few month5 of not worl(ing I got into trouble with money. I wès juggling credit cards just to get by. With my reduced income, I could only mal<e the minimum payments, so no matter how much I struggled. the debt never went dciwn. I was 50 anxiou5 about it. I couldn't sleep or eat. I was unable to concentrate on anything. I tried to sell whatever I could but it was never enough. My mental state wa5 having an impact on my body- it Wa5 aching all over. When I went to sleep, I had to talie anti-anxiety medication otherwise I'd lie there all night stressing. Honestly, I felt like everything was falling apart. My clothes were so old they were like rags. I'd been prescribed steroids. so not only were my clothes old and worn, but they no longer fitted. My self-worth was low and I spent most of my time indoors. My doctor advised me to wallc for 30 minutes a day, but I felt embarrassed to go out of the house. My support worker 5ugge5ted we apply to Gla55pooI for a grant. Not long after, I was told I'd be getting the grant. Straightaway my mind relaxed a little. The grant was used to buy some new clothes. For me the grant gave me baclc my self-worth and reduced my anxiety. Wearing new clothes that fit properly has made me feel worthwhile. I don't feel embarrassed going out on my daily wall(. The grant has given me peace of mind. It's griven me some breathing space to find ways to live with my cancer and live as well as I possibly can. Thank you. Gla55pooI.- 66 The grant was used to buy some new clothes. For me the grant gave me bacli my seLf-worth and reduced my anxiety. R LGWSPOOLCHARITYTR ANMUAL RIP
CONTENTS ABOUT US We know many people living in financial hardshTP experience multiple disadvantages. such a5 inadequate housin& poor mentaL and physical health. isolation and loneliness. Our goal is to worlc with sUPPOrt organisations that are closely connected to their communities and contribute towards the package of support they provide. By provTding those experiencing financial hardshTP Wlth access to essential household items and clothing. our grant5 provide practical. immediate and impactfuL heLp. P. 03-04 About us Our Chair and CEO statement P. 05-06 DELIVERING TODAY Our vision, mission and values Our year in numbers P. 07-08 Overall responsibility for Glas5pooI Charity Trust IGiasspooll lies with our eight trustee-directors. They bring a wealth of experience from their daily lives and their voluntary and paid roles. Their experience cover5 welfare advice, research performance asse55ment, accounting investments and human resources. We also receive voluntary expertlse from a special adviser for investments and paid support from a management accountant. EVALUATING Evaluation findings P. 09-11 PLANNING FOR TOMORROW Our value5 Our Theory OF Change Our Strate map The FleKible Frontline Fund Our staff team includes a Chief EKecutive Officer ICEOI, Head of Innovation Et Impact Grants Officer and Assistant Grants Officer. P. 12-18 OUR LEGACY GOVERNANCE We were established in 1939 with a permanent endowment from Richard Louveteau Gla55pooI, a Hertford5hire businessman and philanthropi5L Charity Governance Code Financial review Investment performance Financial performance Trustee-directors. remarl<s on the annual financial statement5 Details of the Trust, its trustee- directors. staff and advisers The financial difficulties he experienced as a young man inspired him to support people in financial hardship who came to his door. His ambition was to conttnue this financial assistance beyond his lifetime- SD he estsblished Glasspool Charity Trust. His legacy lives on through the many thousands of indiwduals, couples and families he ha5 5UPPOrted over 84 years. P. 19-37 ACCOUNTS 2022123 Statement of financial activities LGLASSPOOLCHARITYTRUST ANNUAL REPORT AND ACCOUNTS
OUR CHAIRAND CEO STATEMENT April 2022 saw us entering the last year of our 2018123 strategy and this set us a dual challenge- to continue to deliver our grant5 SUPPOrt and plan for the next five years. Over the past 12 month5, our small team of two grants officer5 assessed more than 6,200 application5 and provided grants for essential household items and clothing for around 11.500 people. immediately or over time. We will also ralse the maximum grènt value per household to reflect the increased costs of good5 and services. We will work closely with our new partners to assess the difference this new approach makes. We will develop proportionate but meaningful monitoring and evaluation tools., and bring partners together to share their experience of our new grants prograrnme. We are very excited as we embarlc on our new grant-mal(ing journey to empower individuals and develop è learning culture with our new partners. Helping u5 achieve these aims will be Nonique Francois and Yusuf Ibrahim who joined our boèrd a5 trustee-directors in-waiting in December 2022. We lots1< forward to the fresh insight and frontline eMpert15e they will bring. Our thank5 also go to Mèlcolrn lohn, founder and CEO of Action for Trustee Racial DiversTty UI<, who guided us successfully through the trustee recruitment process. At the same time, we reflected deeply on our purpose and on our contribution to alleviating financial hardship. Our goal was to understand how to maximise the positive impact we can have on people's lives. We are mindful of the rising cost of livin& individuals. changing needs and overall increasing demand for financial support. F5nally, we would like to than1< our committed trustee-directors, staff, frontline sUPPOrt worl(ers and grant recipients, who contribute their time nd wisdom in helping us to deliver each day ond to Set our new strategic direction for tomorrow. We finalised a comprehensive evaluation of our grants programmes during the year. after seel(ing the views of grant recipients, frontline support workers and other stal(eholders. Their input cornbined with our data, informed our thinking nd led to a radical revision ol our approèch to grant-making for individuals. In future, we will Select grant delivery partners who are quality frontline Drganisations that provide whole-person support. We will allocate bloc1( grants to these partners 50 that grant decision5 can be taken by individuals With the guidance of their support workers. kdknrLIIy' Kerri Phillip5 Chair of Tru5tee-Directors of Glasspool Charity Trust We will encourage our grant funding to be used flexibly 50 that grants are truly person-centred and accessed when they are needed most, Julie Green CEO of Gla55pooI Charity Trust R L GLASSPOOLCHARITYTRU5T 1tr4NUALREPORT ANDACCOUNfs
DELIVERING TODAY 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. OUR VALUES are at the heart of everything we do. Putting people first Relationship-centred We are collaborative, working with others to achieve more. We are caring and compa55ionate and treat people fairly. We are respectful of the priorities and choices of other5. Transparent We are open. freely sharing our knowledge, slci11s and experience. • We are accountable, providing regular updates on Dur work. Leading In our sector We are ambitious for ourselves and our sector. A focus on impact and performance We are motivated by providing effective high-impact support. We are determined to maximi5e efficiency and timely delivery. Learning We are innovative, seel(ing new Ways to achieve c>ur goals. We embrace challenge, so we can adapt and improve our efficiency and effectiveness. R LGLASSPOOLCHARITVIRUST ANNUNLREPORT ANDACCOUNTS
OUR YEAR IN NUMBERS PEOPLE FINANCES 11.527 people sUPPOrted £2.16m income from inve5tmentS 5.781 households Supported GRANTS £300k income from Trusts ty Foundations 5.781 grants £41m £1.95m total value of our assets value of grants approved of applications received were assessed in under ten worl(ing days, over 99 % in five days or less 66 Gla55pooL grants have enabled young people struggling with homeLessness or threatened with homelessness malce their accommodation a home. £322k costs of grant-making Kerry Hansard. Teèm Leader. Sl Basils cost5 of grant-making lof total income) RLGLASSPOOL CHARITYTRUST ANNUALREPOftTM4DACCOVNtS
EVALUATING As we looked towards developing our plan for the future, we wanted to understand the impact of our grant-giving. This crucial early step in our strategic plannTng ensured that our new strategy was informed by evidence and guifjed by the needs of our grant recipients and their support workers. Between November 2021 and July 2022, we undertook a major evaluation of our core grant making programme, the Essential Living Fund IELFI. and our three pilot programmes. The pilots were developed to test different approache5 to grant- mal<in& enabling us to compare and contrast the performance across all four programmes. EVALUATION FINDINGS Four key themes were identified through the evaluation process. Overwhelming demand Our ELF grant programme is vastly oversubscribed. The application portal goes live at 11am every Monday and remain5 open until we have reached our capacity for the week. This usually takes around 30 seconds or less, creating è traffic jam with many frontline 5UPPOrt workers unable to submit their application. The process is problematic for support workers. who are at risk of wasting time drafting pplication5 on behalf of their service users. but not getting through the short application window. Qualitative and quantitstive research provided a robust measure of the impart of each of our four grant-making programmes and included.. deep dive into our rnonitoring information 3 proces5 analysis of ELF and the pilot programTnes, comparing tiTne taken for the.hOle grant-makingjourney" from application to award Surveys of 5UPPOrt workers and grant recipients semi-structured inteNiews with over 20 5UPPOrt workers and a dozen grant recipients. 66 The Monday deadline is a,. probLem. Sometimes I have the grants application portal open on my phone. Laptop and computer! It goes really SLOW at 11am and it'5 difficult to get them upLoaded and then you miss the Wlndow. If you spent ages getting the info ready, it's frustrating and stressfuL. ?? RLGLA55P0OLCHARyTRV5T ANNUALftEPRT ANOACCOUtITS
66 The support worlier is lil<e a Lifesaver. When l am talklng with her. she shows me that things are going to be better. 99 Clarity The clarity of our grant offer from a set list of item5 was highly valued by busy frontline 5UPPtsrt woikers. However, our pilot projects showed that allowing wider flemibility led to practical, personalised 'guided choice" grant request5. This included sméller items and access to items immediately, which are best handled by the SUPPOrt organisatt'on directly. Quality holistic support We have always targeted our grants to form part of wider pacl<age of 5UPPOrt. The evaluation process confirmed our belief thèt this is the most impactful approach for grant recipients. Our rapid grant- giving responds to immediate and urgent needs, while the frontline support workers are crucial to enabling their service users to make long-iasting PDSltive life changes. To build on this approach, we are seel<ing to develop an enhanced selection process to specifically recruit quality frontline grant delivery partner5 that offer that offer this whole- person, holistic siJpporL Responsiveness Our response to grant requests is rapid, however, frontline grant delivery partner5 could offer the same, with even greater efficiency. Devolving block grants to frontline sUPPOrt tsrganisation5 would enable support worl(ers to access funding any day of the wee1(, not just on a Monday. It would also enable thern to directly source item5 and services from a wider range of suppliers. 661 now have a new home that is permanent. I have been supported fuLLy including by Glasspool, which has helped mal(e my home a home. ?? RLGLASSPOOLCHARITYTRU5T ANNUAL
PLANNING FOR TOMORROW Over the course of ten month5 we held Six faciLitated workshops. Nothing was off the table whiLe trustee-directors and staff examined our worl( and reviewed the key issues and aspirations that underpin our grant-makTng. A series of strategic decisions were taken to ensure that we continue to malle an impact as a leading grant-mal<ing organisation. These included: Establishing a new and dramatically different grants programme that puts into practice our spirations. value5 and operational priorities. Creating a shared vision for the impact we wont to malle- an ambitious, clearly articulated, Positive future Statement that provides a strong direction for our grant-malcing. Understanding and responding to the reality of financial hardship today- the situation of people living without now- is very different to 1939 when Richard Giasspool established the charity. Developing a set of clear, measurable and Stretching outcomes to define the specific and practical change we see1< for grant recipients. These outcome5 will guide our ongoing monitoring and evaluation and enable u5 to assess our progres5 towards positive change. 4 Agreeing on a set of four values that reflect how we will engage with our stakeholders, grant delivery partners and grant recipient5. Following the strategic review. we developed:
Our refreshed values Our theory of change Our strategy map Our new grant delivery model However, beyond these important operational documents, a crucial result of the strètegTc review has been greater clarity and consensus between trustee-directors and staff about our goals, and a refreshed sense of purpose towards achieving them. OUR VALUES Our strategic journey and day-to-day action5 will be underpinned by our identified value5. providing a frameworlc to Support deci5ion-makin& guide behavlours and hold ourselves to account •• DEDICATED EVOLVING COLLABORATIVE UNDERSTANDING We deliver in the best way we can We maintain high personal and professional standards We embrace new idea5 50 we can Tespond to a changTng world We evaluate to learn and adapt We provide choice through involvement We focu5 on the people we support We value difference and treat everyone with respect We worlc with other5 to achieve more LGLAS5POOLCHARrfY7RUST ANNVALREPORT ANOACCOUNTS
OUR THEORY OF CHANGE
Our Theory of Change framework outlines how our grant-mal
THE FLEXIBLE FRONTLINE FUND The purpose of our new grant delivery model, the Flexible Frontline Fund. is to increase financial well-being and reduce financial dTStress for people IivTng in financial hardship. The programme will achieve this in the following way5'. We will.. Select quality-assured frontline grant delivery partners who provide "whole-person" support. Empowering individua15 to take grant decision5 With the guidance of their support workers. Devolve responsibility for holding grant funding to frontline grant delivery partners. Enabling our grant funding to be used flexibly to meet individual needs. l(eep administration to a minimum, for accountsbility. iinpact and compliance purposes only. Enabling individuals to access our grants funds when they need it which may be immediately, or over a number of days, weeks or month5. Develop a proportionate but meaningful, Tnonitoring and evaluation framework and procedure5. Increasing the grant value per household to recogni5e rising costs. Create a learning culture wth frontline grant delivery partners. 2023124 Over the next 12 months we will continue to provide grants for individua15 through our Essential Living Fund programme, while preparing for the launch of the Flexible Frontline Fund. We will use open and inclusive approaches to promote the opportunity for frontline organisation5 to become a grant delivery partner and publish the application procedure and timetable. Applications will be assessed and scored using written criteria. Partners will be selected by trustee-director5 before the end of 2023. Selected frontline partner organisation5 will be supported by our team, to prepare for grants disbursement from l April 2024. LGL455POOLCHAAtFYTRUST ANNUALftEP(IIT ANDACCOUNrs
GOVERNANCE CHARITY GOVERNANCE CODE The trustee-directors use the Governance Code for larger charities to inform our policy and Practice. PRINCIPLE I ORGANISATIONAL PURPOSE PRINCIPLE 4 DECISION MAKING. RISKAND CONTROL To provide support in the form of giants. goods. Services or facilities. Every five year5 trustee- directors and staff undertal(e a wide-ranging review of our purpose. considering economic Social and environmental condithon5, and the contribution we can make to people living in financial hardship. We take a robust approach to ris1( management, made possible by our strong governance Structure and comprehensive policies and procedures. We identified the key risks facing the organisation within a corporate risk reEiSter, which is reviewed quarterly. Each rTsk is owned by one c>f three sub-cornmittees. Our l(ey risl(s are loss of stsff and staff pension liabilities a5 a result of our membership of a CARE defined benefit scheme. Ris1< mitigation5 are in place to minimi5e and manage these risl(5. PRINCIPLE 2 LEADERSHIP Glasspool Charity Trust is managed by a ctsrporate trustee R L Glasspool Trustee Limited company reg. 11147581. The corporate trustee comprises eight individualtrustee-directors. The futt board meets four times a year, supported by three sub-committees covering finance. grants and human resources. Between these permanent meetings trustee-dirertors and staff meet to analyse and review specific topics for full board consideratlDn. The CEO is the only member of key management personnel. PRINCIPLE 5 BOARD EFFECTIVENESS Trustee-directors are appointed for five year5 Wlth the expectatitsn that they wll 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 PRINCIPLE 3 INTEGRITY We embrace diversity. equality and inclusion. We have Succession plans in place and will need to appoint at least one new trustee-director during 2023124. A board audit was undertal(en and a target set to further widen board diversity. The Action for Trustee Rècial Diversity Ul< were commi55ioned to help u5 devise and implement a robust and inclusive recruitment process, which resulted in the appointment of two trustee- directors lin-waitingl with a view to their appointment s fuiitrustee-director5 as vacancies arise on the Board. We operated in line wth our stated values of leading in our settor, being retation5hip-centred, putting people firsL remaining tran5poret)t. focusing on impact and performance and our commitment to learning. We commissioned research with peer funders to understand Ihe financial impact of essential household appliances. The findings will be published in lune 2023. We worl(ed closely with frontline organisations who submitted on behalf of their service users and applied our grant-funding criteria fairly. We measured and evaluated the impact of our grants through surveys and interviews. We shared our knowledge primarily through Association of Charitable Organisations, webinars and its CEO forum and Impact and Evaluation Working Group. PRINCIPLE 7 OPENNESS AND ACCOUNTABILITY We maintain o regri5ter of interests for tru5tee- directors and senior staff. l<ey Glasspool publications are uploaded to our website and grant-making dats published via 360Giving. PUBLIC BENEFIT The tru5tee-director5 have complied with their duty to have due regard to the Chèrity Commission's public benefit guidance.. public benefit requirement IPBII. running a charity IPB21 and reporting IPB31. R LGWSPOOLCHARIT¥IRUSr ANNUAL REPORT ANDACCOVNTS
FINANCIAL REVIEW In 1948 Mr Glasspool left the charity a generous endowment of residential properties and other investment5 that were later valued at around INVESTMENT STRATEGY. OBJECTIVES AND TARGET £139,000. We have a detailed investment policy that sets out clear objectives and the parameters of how we manage the endowrnent and our reserves. We have set the following broad principles.. The total value of the fund at 31 March 2023 was £41.086 million, a decrease in capital value of over 13.80/0 on the 31 March 2022 valuation of £47.690 million. Over the taSt year. our investrnents have generated a total return of -9.6%1-14.1% capital + 4.5% income yield). To deliver the best overall financial return within a ris1( profile that is comfflensvrate with a perrnanent endowrnent To deliver an overall total return of "RPI + 4%" after the cost of investment over the long term To generate a level of incc>me of at least 40h per annum from our investments and to enable an increasing level of grant spending in realterms To maintain the real value of the endowment li.e. against inflation) To maintain a well-lttiversified, multi-asset portfolio To consider ethical concerns in our investment decision-malcing The Charity benefited from an increase in our investment income of over 6.1% (from £2,037.005 to £2,161,617 over the yearl. Income from Trusts & Foundations increased by just over 710A to £500,000. We were also fortunate to receive donations of £26,803 of which £26.782 wa5 a single legacy. Our permanent endowment remains an important Source of income for the Trust with 86.80A of the totsl income of £2,489.726 derived from our investments. INVESTMENT PERFORMANCE Table I: Total fund value lassets} 1995 to 2023 (years ending 3 1 March) 50 45 35 30 Z 25 20 15 io 8 8 8 RLGL4S5POOL CHARfrYTRUST ANNUAL REPORT ANDACCOUNrs
Table 2.. Total grants allocated 1995 to 2023 lyears ending 31 March) 2000 191)0 .. 18CO 1700 1600 1500 1500 1200 iioo 80D 700 600 500 400 300 200 loo o o o c¢ eo O Over the last 28 years, grant5 spend has performed well against RPI, wth grants expenditure exceeding RPI in 18 of these years. The last years have been particularly Challenng as RPI rose to 9%120211221 and 13.5%120221231 and although grant5 expenditure increased, this was le55 than RPI by 5.10/0 in 2021122 and by 10.lo/o in 2022123. However, we anticipate a fall in RPI over the coming years and we will continue our effort5 to increèse our income from our investments and external funders. on to worrying about energg shocks. food security. inflation, the cost of livin& the currency, the potential for over-zealous central banks to battle against inflation, a significant escalation of the war in Europe, concerns about Chinè, climate change and threats to global supply chains. Consequently. we expect conditions and marliet5 to remain under pre55ure for some time. However. investment markets act a5 a forward indicator, and we have reason for more optimism in 2023124. OVER THE LAST FINANCIAL YEAR Furthermore, while capital values have come under pressure, income ha5 held up well and a5 a permanently endowed charity we can take a long-term view. At Such times. we seek 501ace in being long-term investors and focus on the relative predictability of our income stream. 2022123 continued to be a challeng'ng environment as government5, central banl(s and businesses adjusted globally to living with Covid-19. Ctsncern5 in the short term have moved LGLNSSPOOL CHARITYTRUST ANNUALftEPORT AND ACCNTs
OVER THE LONGER TERM It is always worth reflecting on Glasspool's achievements over a longer time frame. The Charity has seen its total fund value increase in value from £6.03 million in 1995 las far back a5 we can go with accurate records) to Dver £41.086 million by the end of March 2023 lan increase of 7.10/0 pa compared to an increase in RPI of 3.30h pa over the same periodl. More importantly, we have been able to increase the income we spend on our beneficiaries lour grant spending) from £230,000 in the financial year 1995196 to over £1.95 million in the financial year 2022123, an increase of 7.6% pa over the 28-year period. During this period, we made over 10S,QOO grants distributing over £27 million. However, we must never be ctsmplacent and always look for ways to be more effective nd efficient. ASSET CLASSES 2020121 To ensure risk is managed appropriatelywithin the portfolio and is commensurate with being a permanently endowed grant-making charity. we hold a wide range of assets. These are managed by 17 investment managers with diversification cross a range of classes. 31.f/o Infrastructure UK Equities ASSET CLASSES 10.7Vo Global Equities It 15 therefore pleasing to report that we continue to Iieep a tight control on our operating cost5. which came in at 12.9 % as a percentage of net total income this year. well below our target of 200/0. Property Private Equities Cash was only £767 50 this ha5 not been included FINANCIAL PERFORMANCE The end-year position wa5 a Surplus of income over expenditure of E214,024. Under the requirement5 of SORP regulations all income must be recogni5ed in full in the year it was received. During January 2023 Glasspool received a general grant of £200k from the lohn Armitage Charitable Trust. £SOkwas allocated for 2022123 and £150k will be included within the 2023124 budget. The remaining svrplus of £64k resulted from either grants that were allocated during the year but not taken up, or where the costs of white goods were overestimated. Table 3.. Performance summary averaged over rolling three-year period- target in brackets OBIECTIVE OUTCOME RESULT Increase grant spending by more thèn increase in RPI 0.10/018.OOhl Increèse total fund value by more than the increase in RPI 1.5%18.0861 Generate a net total incorne return of at least 40 4.60h14.00/01 Generate a total return above the increase in RPI + 40 6.20/0112.OOhl Keep grant-making costs below 20¥0 of net total income 15.6 %1<20%1 Spend at least 100 % of net income on grants 98.2 %1>100%I RLGW5POOL CHARIIYIRUST ANNUAL REPORT ANOACCOUNTS
RESPONSIBLE INVESTMENT RESERVES In line with our values, the trustee-directors pay c105e attention to our re5pon5ibilitie5 as investors. We do not have any specific exclusionary policy based upon ethical considerations but do consider environmentaL social and governance IESGI issue5 when mal(ing investment decisions. We require our fund managers to talie ESG issues into consideration in their decision-mal(ing processes. nd report on their engagement with businesses they invest in. All our managers must adhere to the principles set out in the Iunited Nations) Principle5 for Responsible Investment. Our strategy is tts keep the-designated reserves~ above the costs of the CARE defined benefit pension scheme Debt on Withdrawal IDOWI liability and general reserves at six months operating costs. In 2021. we decided to reduce the latter from one year's operating costs to SIM month5, 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 mamimise the arnount we can distribute to our beneficiaries today and in the future. Given the Dow estimate130 September 20221 is £157,991, tru5tee-director5 will review the level of "designated reserves" held, with the expectation of reducing the provision to around £200k. We actively encourage our managers to be members of the 30% Club. which focuse5 on the COmP051tion of UK-li5ted company boards, the IIGCC Ithe Institutional Investor5 Group on Climate Changel and UI<SIF (UK Sustainable Investment and Finance A55OClationl. 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 organi5ation, we believe in active engagement rather than divestfflent and seeli to be part of the movement towards positive change. R LGL455POQWARITY ANNUALR RT AWgACCO TS
TRUSTEE-DIRECTORS. REMARIIS ON THE ANNUAL FINANCIAL STATEMENTS Although there wa5 a ¢Yecrease in capital value of 13.8 % from 2021122. Glasspool is a long- term investor, absorbing market volatility and still generating year-on-year investment income Etowth. Investment income rose by 6.10/0 (from £2,037,005 to £2,161.6171 and totsl income (investments. Trust Foundations ènd donations) increased by 12.4% from £2,215,780120211221 to £2,489,726. TRUSTEE-DIRECTORS. RESPONSIBILITIES The tru5tee-directors are responsible for preparing the Trustee's Annual Report ènd the finanual statement5 in accordance with applicable law and United l(ingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustee-directors to prepare financial statements for each financial year thèt give a true and fair view of the state of affair5 of the Charity and of its financial activities for that period. In preparing those finoncial statements, trustee- director5 act on behalf of the Corporate Trustee. Grants expenditure was just under £2 million at £1,954,094120221231. A prior year adjustment has been made to the grant commitments for 2021122 following the identification of an accounting error. This resulted in a reduction of grant commitments at 31 March 2022 and an increase in grants expenditure within charitable activitie5 in the prior year by £79,260. Trustees are required to Select suitable accounting policie5 and then apply them consistently. Mal(e judgements and estimates that are reasonable and prudent. State whether the policies adopted re in accordance with the Charities Statement of Recommended Practice (SORPI. the Regulations made under section 44 of the Charities Act and with applicable accounting standards. subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Charity will continue to operate. A comprehensive assessment of the Trust's current and future financial situation did not identify any financial issues that could prevent the Trust continuing as a going concern for at least 12 months. The tru5tee- directors have reached this opinion on the following basis.. • Around 86.80h of the Trust's income is secured through its investments. • The number of grants and amount spent each year is at the complete discretion of the trustee-directors. We have no material long-term Ibefore April 20231 liabilities with our suppliers and grant liabilities older than three rnonths are cancelled. We have sufficient reserves to cover commitment5 made during the year. The Trusys main liability, a Debt on Withdrawal charge of £157,99112022 valuation) is in respect of a CARE defined benefit scheme. This would only be enacted should the Trust wish to withdraw from the scheme. At present the trustee-directors do not intend to take this course of action. Should their position change, funds to cover the fee could be met from the'designated re5erve5"1£500kl, which are retained for this purpose and reviewed annually. 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 thern to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charlty and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. Following a competitive tender process A C Mole were appointed as auditor5 during the year and have agreed to continue to art in thèt capacity. This report was approved by the tru5tee-directors on 8 December 2023. LGL455POOL cHARY7RV5T ANNUALREPORT ANDACCOUNTS
DETAILS OF THE TRUST. ITS TRUSTEE- DIRECTORS. STAFF AND ADVISERS R L GlasspoDI Charity Trust Mainyard Studios, 80 Rucl<holt Road. Londtsn EIO 5FA Charity Reg. No. 214648 TRUSTEE-DIRECTORS K Phillips Ichairl C Bueno De Mesquita (Deputy Chairl A Allocco l Belai R Birmingham D Lenton L Mccarthy S Outhwaite STAFF J Green, Chief Executive Officer E Crawford, Head of Innovation Et Impact N Woodward, Grants Officer J Simpson, Assistant Grants Officer SPECIAL ADVISER l( Nunn linvestmentsl INDEPENDENT AUDITOR5 Acmole Stèfford House Blacl(brook Park Avenue Taunton TAI 2PX SOLICITORS Stone l<ing Boundary House 91 Charterhouse Street Clerkenwell London ECIM 6HR BANKER CAF BANK Limited 25 l<ings Hill Avenue Kings Hill West Malling Kent ME19 41Q L(SPO0LCHARlTyTRUST ANFIUAIREPORT ANDACCOUNTS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF R L GLASSPOOL CHARITY TRUST Opinion We have audited the financial slalemenls of R L Glasspool Charity Trust Ilhe '¢harity'l for the year ended 31 March 2023 which Comprlse the statement of financial actwities, 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 Kingdorn Accounting Stsndards. including Financial Reporting Stsndard 102 'The Fir)ancial Reporting Standard applicable in the UK and Republlc of Ireland. Iunlled Kingdom Generalty Accepted Accounting Pra¢licel. In our opinion, the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources. for the year then ended.. have been properly prepared in accordance with United lQ"ngdom Generally Accepted Accounting Practi.. and have been prgpared in accordance wKh the requiremènts ofthe Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Audilorfs responslbillties for the audit of the financial ststements 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 ststemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilltles In accordance with these requirements. We believe that the audit evidence we have obtained is suffic¢ent and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concarn In auditing the financial statements, we have concluded that th8 Iwstees, use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively. may cast significant doubl on the CoMpanS ability lo continue as a going concem for a period of al least e1ve months from when the financial ststemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with resped lo going ¢oncem are describgd in th& rglevanl sections of this report. Other Snfomiatlon The other infomiation comprises the information included in the annual report other than th& financial statements and our auditorfs report Ihereon. The trustees are responsible for the other information contained within the annu81 report. Our opinion on Ihe financial slalemenls does not cover the other information and, exeept to the exient othernise expliciuy stated in our report, we do not express any fomi of assurance conclusion Ihereon. LfASSpO0LcHARLTyTRVST ANNUALREPORTIIJDACCQUNTS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF R L GLASSPOOL CHARITY TRUST CONTINUED Our responsibility is lo read the other information and, Sn doing so, consider whether the other Information is materially Inconsistent with the financial statements or our krK)wledge obtsined In the course of the audit or otherwise appears lo be rnaterially misstated. If we identify such material inconsistencAes or appar8nl material misstatements, we are required lo determine whether this gnies rfse lo a Material misstalemenl in the financial ststements themselves. If, based on the work we have perfomi&d, we conclude that there is a material misstatement of this other infomialion, we are required lo report that fact. We have nothing to report in this regard. Matters on which wo are required to report by ex¢eption We have nothing to report in respect of the following matters in relaOn lo which the Charities {Accounls and Reports) Regulations 2008 require us lo report to you il. in our opinion= the information given in the financial ststements is inconsislenl in any material respect with th8 Iruslees, report.. or the charity has not kept adequate accounting re¢ords.' or the financial slalemenls a not in agreementwilh the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responslbllitles of trustees As explained more fully in the twslees. responsibilities statement sel out on page 17, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair v¢ew, and for such intemal control as the trustees determine is necessary to gnable the preparation of financial statements that are free from material mlsstatemenl, whether due to fraud or error. In preparing thg financial slalements, the Iruslees are responsible for assessing the Charis ability lo nlinue as a going concern, disclosing, as applicable, matters related to going concem and using the golng concem basis of accountlng unless the trust&es either intend lo liquidate the charity or lo cease operations, or have no realistic allemative but lo do so. Audltorfs responslbllltles for thè audit of the flnan¢lal statements We hav& 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 lo obtain reasonable assuran about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error. and lo issue an auditor's report that Includes our opinion. Reasonablè assuran is a high level of assurance. but Is not a guarantee that an audit conducted in accordanc8 With ISAS {UKI will always detect a material rnisstalement when il exists. Misstatements can arise from fraud or wror 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 statsments. R LGL45SPOOLCTr*ARITYTRUST ANNUALREPORT ANOACCOUNTS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF R L GLASSPOOL CHARITY TRUST CONTINUED Identifying and assessing potential risk$ of material mi5Statement due to irregularities We considered the following when identifying and assessing risks of material misstslemenl due lo irregularities. including fraud and non-complian¢& with laws and re9ulalions'. the legal and regulatory framework in which the charity operates the sector in which the charity operates the control environment and Controls established lo miligale such risks the results of our enquiries of management about their idenlificalion and assessment of rfsks of Srregularllles discussions with the audit engagemenllgam about where fraijd might occur the incentives for fraud. Laws and regulations which are considered lo be significant to the charity include those relating to thg requirements of financial reporting framework FRS102, the Charities A¢1 2011, UK lax legislation, employment law and health and safely. In addition, we Conslder other laws and regulation which may not directly impact the financial ststements but may impact on the operation of the charity. As a result of these procedures we concluded, in accordance with Internatlonal Audltlng Standards, that a risk in relation to the potential for management overTide of controls existed. Audit responses to risks id•ntifi8d We undertook audit procedures to respond to the risks identified. and designed our audit testing lo respond lo these risks. The additional procedures we undertook included the following.. gaining an understsnding of the charitS procedures for ensuring compliance with laws and regulations lesllng the approprfaleness of loumal entrfes and other adjustments considering whether accounung estimates were indi¢aliv8 of polenllal blas considering whether any transactions arose outside the nomial course of business making enquiries of management orroborating our enquiries through review of Board Minutes and correspondence. We also communicated relevant laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indicators of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities is available on the Financial Reporbng Council's webslle at.. .frc.or .ukllibra ndards-codes- olic audil-ass Tance-and- thic -for-the-au itl. This description forms part of our auditor's report. res LfL4SSPOOLCHARITYTRUST tr4NUALREPORThADACCOVNTS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF R L GLASSPOOL CHARITY TRUST CONTINUED Use of our report This report is made solely lo the charity's Iruslees. as a body. in accordance with Part 4 Df th& Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required lo slate lo them in an auditor's r¢port and for no othar purpose. To Ihg fullest extent pgm)itted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work. for this report, or for the opinions w9 have formed. A C Mole Charteied Accountants Slalutory Auditor Slafford House Blackbrook Park Avenue Taunton TA12PX Dale 8th December 2023 A C Mole is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under sectlon 1212 of the Companles Act 2006. LGLASSPOOLCHhRifiTRUST AWNUALREPORT ANDACCOUNTS
R L GLASSPOOL CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Restated Total 2022 Unrestrlcted Funds Restrlcted Fund5 Endowm8nt Fund Totsl 2023 Income from Donations Investments INL)1ts 21 Charitable activitles INot8 31 Other income 26,803 2.161.617 275.000 1,306 26.803 2.161,617 300.000 1.306 3.775 2,037,005 175,000 25,000 Total income 2,464.726 25.000 2,489,726 2,21 S,780 Charitable activities INote 41 Grants Costs of grant making 1,954.094 321,608 1,954,094 321.608 1.888.780 311.258 Total gxpendlture 2.275.702 2,275,702 2.200.038 Net in¢ome before ga5ns and losses on Investments IL05sesyGains on investment assets (Note 8} Gains on pension scheme (Note 161 189,024 25,000 214,024 15.742 1149.754) {8.681.2771 {6.831.0311 3,095,512 12,540 12,540 12.818 Nét1oxp8ndltur8}Ilncom• S1,810 25.000 16.681.277) (6,604.4671 3,124,070 Transfers between funds Net movement In lunds 51,810 25.000 16,681.2771 16,604,467) 3,124.070 Reconciliation of funds: Total funds at 1 April 2022 1,271.313 46,419,085 47,690,398 44.566,328 Totsl funds at 31 March 2023 (Note 121 1,323.123 25.000 39,737,808 41.085.931 47,690.398 The notes on pages 27 to 37 form part of these financial ststemenls. RLGLASSPOOLCHARrrYTRUST ANNUAL REPORT AND ACCOUNTS
R L GLASSPOOL CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 statemènt of Financial activities for the ear èndèd 31 March 2022 for com arative ur oses: Raslated Unrèstrl¢ted Funds Restated Rèstricted Endowment Funds Fund Rastatod Total 2022 Income from: Donations Investments {Note 21 Charitable activities (Note 31 3,775 2.037,005 125,000 3,775 2,037,005 175,000 50.000 Totsl Income 2,165,780 50,000 2,215,780 Charitable activities {Nola 41 Grants Cost of grant making 1,838,780 311,258 50,000 1.888,780 311.258 Total expenditure 2,150,038 50,000 2,200,038 Net income before gain$ and losses on Investments Gains on investrnenl assets (Note 8} Gains on pgnsion scheme (Nolo 16) 15.742 15,742 (246.9711 3,342,483 3.095.512 12.816 12.816 Nat Income 1218,4131 3,342,483 3,124,070 Transfor bet9n funds Net movement in funds 1218.413) 3,342,483 3.124,070 Rocon¢lllatlon of funds: Total funds al 1 April 2021 1,489,726 43,076.602 44.566,328 Total funds at 31 March 2022 (Note 12) 1,271,313 46.419,085 47.690.398 The notes on pages 27 to 37 form part of these financial statements. R LGLA%POOLCHARrrYTrusT ANNU*LAEPORT AND ACCOUNTS
R L GLASSPOOL CHARITY TRUST
BALANCE SHEET
AT 31 MARCH 2023
| FIXED ASSETS Tangible Investments CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS: Amounts falling due within one year NET CURRENT ASSETS Provision for liabilities and charges NET ASSETS CAPITAL FUND Endowments INCOME FUNDS Unrestricted funds: Designated fund Other charitable funds .Restricted funds Notes 7 8 9 10 16 11 13 12 14 |
£ 220,250 437,642 657,892 (273,360) 500,000 823,123 2023 £ 40,750,197 40,750,197 384,532 (48,798) 41,085,931 39,737,808 1,323,123 25,000 41,085,931 |
£ 228,354 353,206 581,560 (411,591) 500,000 771,313 Restated Restated 2022 £ 47,581,767 47,581,767 169,969 (61,338) 47,690,398 46,419,085 1,271,313 47,690,398 |
|---|---|---|
Approved by the Board of Directors of R L Glasspool Trustee Limited on.O�_Q,ec_2.,1nd signed on its behalf by:
The notes on pages 27 to 37 form part of these financial statements.
R L GLASSPOOL CHARITY TRUST
ANNUAL REPORT AND ACCOUNTS
R L GLASSPOOL CHARITY TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023 Notes 2Q23 2022 Cash flow from apèratlng a¢tivities 17 {2,077,7201 12,137,386) Cash flow from Investing activiti?$ Payments lo acquire fixed asset investmènts Re¢elpts from sales of fixed asset investments Dividends and interesl raceived 13,484,546) 3.485,085 2,161.617 14,955,301) 5,015.407 2.037,005 Ngt cash flow frorn investlng act5vltloS 2,162,156 2,097,111 Not Increas(deer94s9) In cash and cash equlvalents 84,436 140.275} Cash and eash •qulvèlent$ at 1 April 2022 353,206 393,481 Cash and cash equlval&nts at 31 March 2023 £437.642 £3S3,206 Cash at bank and in hand 437.642 353.206 Cash and cash equival•nts at 31 Mareh 2023 £437,642 £353,206 The notes on pages 27 10 37 fom part ol these financial statements. LGLA55POOL CHARITYTRUST ANNUALREPORTIIIO AccouNrs
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES a) Basls ofproparatlon of flnanclal 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 paga 18 of these financial 51aternenls. The nature of the charity's operations and principal activities are the relief of persorts who are in need, hardship or distress., or sick, convalescen( disabled or infirm. bj Ba$is of Preparation The charity conslilutes a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance with A¢¢ounting and Reporting by Ch8rilies'. statement of Recommended Practice applicable to charities preparlng Ihelr accounts in accordance wSlh the Flnancial RepK)rting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 issued in 2019, the Charities Act 2011 and UK Generally Accepted Practice. The financial statements are presented in sterling (£1 which is also the functional CUeneY for the ¢ompany. c) Going Con¢ern The trustee5 have reviewed the Trust's current and fvlure financial situation and no significant doubts have been identified to prevent the Trust continuing as a going concem for the foreseeable future. The volume and amount of grants allo¢aledlissiJed each year is at the complete discretion of the Trusteos, The Trust is an agile funder and aligns the volurne of ils grants allocation lo its monthly income. d) Income All income resources are included in the Statement of Financial Activities ISOFAI when the Trust is legally entided to the income after any performance conditions have been mel, the amount can be measLFred reliably and it is probable that the incomg wll be rgceived. For donations to be recognlsed the Trust wlll have been notified of the amounts and the settlement dale In wrillng. If there are condltlons attached lo the donation and Ihls qUireS a level of performance before entitlement can be obtained then income is deferred until those conditions are fully mel or the fuifilment of those conditions is within the control of the charfly and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares. 11 indudes dividends and interest. 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 ¢an be measured reliabty. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity'5 right to receive payment Is established. Grants a recognised in full in the year in which they are receivable. If there are conditions attached lo the dOnatn and Ihls requires a level of performance before enliuemenl can be obtained then ncome is deferred unli5 those conditions are ful met or the fulfilment of those conditions is within the control of the charity and it is PTobable that they will be fulfilled. RLCiASSPOOLCHARITYTRUST ANNUAL REPORT ANDACCOUNTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Iconlinuedl ACCOUNTING POLICIES (Confd) e) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Costs lated lo the category. Expenditure is recognised where there is a legal or ¢onstruclive obligation lo 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.. Cost of generating funds includes investment management fees, when praclicably identifiable, and direct propety costs. Direct charitabl& expenditure consists of direct and indlrecl costs associated with the main activities of the Trust. Govemance costs include exlemal audit, legal advi on governance matters and Truslegs, expanses. Grants are accounted for in the year they are approvad, irr8$ptIVe of the period covered by the grants. Grants which have been approved bul not paid al the year end are included within creditors. Support¢osts allo¢ation Support costs are those that assist the work of the RL Glas5pooI Charity Trust bul do not directly represent charitable activities and include office costs, govemance Costs, accountancy and payroll services. They are incurred directly in support of expenditure on the Dbjecis of the charity and ar8 all allocated against charitable activities. Offi¢e furniture and equipment Office furniture and equipment are stsled at cost or valuation18ss accumulated depreciation and accumulated impairment losses. Purchases of ass8ts of value £1,000 and over are capitalised. Depreciation is provided on all capitalised assets at rates estimated to write off the cost less estlmaled residual value. of each asset over its expected useful life as follows.. Office furniture and equipment 3 years straight line h) Investmentassels Investments are recognised initially al fair value which is nomally the transaction price excluding transaction costs. Subs8quenlly, they are measured al fair valu8 lal mid-pricel with changes recognised in "net gainslllossesl on investments. in the SOFA the shares are publicly traded orthelrfalrvalue can otherwise be maasured rellably. i) Debtors and Creditors recgivable/payable within one year Debtors and creditors Ce1vable or payable within one year are recorded al transaction Price. Any losses arising from impairment are recognised in expenditure, in the year in which the impairment arises. R LGL4SSPOOL CHARIIYTrV5T ANNUALREPORT ANDACCOUNTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Iconlinuedl ACCOUNTING POLICIES (convd) Funds Unreslricled funds are donations and other incoming resources receivable or generated lor the objects of the charity wilhoul further specrfied purpose and are available as general funds. Thè 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 capitsl into income, it must generally be held indefinitely. Restricted funds are funds which are to be used in accordance with specrfic reslrSctlons irnposed by donors or which have been raised by the charity for particular purposes. Ifany direct costs of raising and adminislaring such funds, such costs are charged against the specrfic fund. The aim and use of each reslricled fund is sel out in the notes to the financial ststements. kj Penslons The R L Glasspool Charity Trust lcharilyl operates a defined contribution plan. making payments lo individual pgnsion schemes in accordance with their contract of employment. A number of the charity's employees belong lo the Pension's Trust Career Average Revalued Earnings l°CARE'I Pension Scheme, which is a defined benefit scheme. As il is not possible to Identify the charity's share of the underlying assets and liabilities in the scheme on a consislenl and reasonable basis, contributions are charged to Ihe income and expenditure account as they are paid. The charity also makes contributions to the scheme in latiOn to a deficit on a past employees. defined benefit scheme and in accordancg with FRS 102 the charity recognises the present value of contributions payable. Qpgratlng Leases .Renlals applicable to operating leases where subslanlially all of the benefits and risks of ownership remain with the lessor are charged lo the Statgmenl of Financial Activities on a straight line basis over the period of the lease. m) Judgements and key sources olestimation uncertainty AcuntIng estimates and judgernenls 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 c1uMstanCes. 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 slatemenls.. Pensions The present value of the pension provisions depends on a number of laclors that are determined on an actuarSal basis uslng a varlety of assumptions. Any changes in the rale of discount. which Is disclosed in note 16, will impact the carrying amount of the pension scheme There aTe no key assumptions conceming the futu and other key sources of estimation uncertalnty al the reporting date that have a significant risk of causing 8 material adjustrnenl lo the carrying amounts of assets and liabilities within the next financial year. RLGiASSPOOLCHAWTYifiusT NIINUAL REPORTNIIDACCOUNTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) INCOME FROM INVESTMENTS 2023 2022 Other investrnenl income 2,161.617 2,037.005 £2.161,617 £2,037,005 Restated 2022 INCOME FROM CHARITABLE ACTIVITIES 2023 Grants 300.000 175,000 £300,000 £175,000 Grant income Sncluded £25,00012022.. £50.0001 of restricted income. Reststsd 2022 CHARITABLE ACTIVITIES 2023 Grants: Essential Living Fund Devolved pilot 1.954,094 1,788,780 100,000 1,954,094 1,888,780 HR Costs: Wages Social Security Pen510n Other HR Costs 153,671 10,770 31.341 6,808 145,531 10,479 28,037 2,946 202.590 186,993 Development Resources Infrastructure Travel Sundry Fees paid to Auditors for non audit Bookkeeping and accountancy fees Insurance Investment manager fees Governance (see Note 61 6.236 11.624 60.179 33 1,800 11.030 12,973 63.385 362 251 1,046 11.755 3.569 12.23S 13,442 3.595 7,142 22,626 £2.275.702 £2.200,038 Included in Grants (Essential Living Fundl were £Nil12022: £50,000) of expenditure which was classified as restricted in the Statement of Flnancial Acllvities. LGL4SSPOOL CHAY1RUSI 4NUAL REPORT ANDACCOUTrJTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMEfrtrs FOR THE YEAR ENDED 31 MARCH 2023 {Continuedl CHARITABLE ACTIVITIES 2023 2022 Average number of employees Number accruing retirement benefits under defined benefrt pension schemes No employee received remuneralon In excess of £60,000 {2022: none). All grants to organisations are administered for the benefit of nam8d individuals. TRUSTEES. AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The trustees did not receive any Temuneratk)n during thè yèar {2022.. £Nill. The total amount of employee benefits received by key Managet personnel is £73,114 {2022.' £89.5961. The Trust considers ils key management rsonnel to comprise its Chief Executive Officer. 1 trustee had axpansas rgimbursgd during the year totalling £97812022.. £Nill. Restated 2022 GOVERNANCE COSTS 2023 Audit fees- for audit services Audit fees- other services Legal and Consultancy fees Trustee meolings and expenses 7.710 3,000 1,000 1,732 6,480 3,918 11.520 £13,442 £22,626 TANGIBLE FIXED ASSETS Furnlture & Equipment COST At 1 April 2022 On Disposal 90,943 {31.0911 Al 31 March 2023 59.852 DEPRECIATION At 1 April 2022 On Disposal 90,943 131,0911 At 31 March 2023 59,852 NET BOOK VALUE 31 March 2023 31 March 2022 LfjL455PO0LCHARYTRUSr ANNUAL REPORT ANDACCOVNTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS OR THE YEAR ENDED 31 MARCH 2023 Iconlinuedl 8. FIXED ASSET INVESTMENTS Rastatèd Market Value 1 April 2022 Acquirnd in yaar Disposod In year In¢reasel Idecreasel in markat Value Market valu& 31 Mar¢h 2023 COIF- CCLA Global Equty 921.680 Charities Property Fund 2,803,755 M&G Charifund 5,023,478 Civita5 Social Housing 3,344,628 HICL Infra5tructur8 Pl¢ 4,001,850 Unicom UK Income Fund 3.483.086 The Renewables Infrastiuctura Gp3,881,592 Mayfair Capital PITCH 5,230,567 Bluefield Solar Incom8 Fund 1,588.190 Greencoat UK Wind 2,502,876 SPDR S&P Global Dw. Aristocrats 2,089,707 Intemational Public Partner 1.763.562 NB Private Equily Partners 4,572.434 Princes Private Equity 3,789.986 Scottish Mortgage 1,415.879 Triple Point Social Housing Guine$$ Global Equity Income Monks Cash and Other 1848,8141 11,000,0(M)I 1635,4951 172,8661 166,6351 1305,7011 11,289,634) 1517.0931 1409,0301 1298,5841 1962,9101 86.760 72.261 1150.9761 1299,9581 1767,0691 1735,7901 1527.6841 1433.0751 3,061 1150,2931 15.8151 1,737,120 4,082,282 2.054.994 3,484,757 3.074,056 3.583.008 4,267,657 1.674,950 2.575,137 937,955 1,599.099 4,805.353 3,054.196 1,388,925 415,258 1,003.061 1,012,389 11.000.776) 135,495 999,988 500.730 848,333 1,000.000 1,162,682 5,815 Tolal £47,581,767 3.484,546 13.485,0851 16,B31,0311 40.750,197 Historical c051 £44,513,516 £44.977,619 All investments are carried at their fair value. Inveslrnents in equitses 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 al the mid price. The basis of fair valu8 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}. RL GLASSPWL CHARtVYTRUST ANNUALREpofiT ANOACCOVNTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Iconlinuedl 9. DEBTORS Resed 2022 2023 Prepayments and accrued income Other debtors 8,760 211,490 35.827 192.527 £220,250 £228,354 10. CREDITORS: Amounts falling due within one year Restated 2022 2023 Accruals & Other 84.731 188,629 23.693 387.898 Grants commitrnents £273,36Q £411.591 11. ENDOWMENTS Permanent endowments The funds were established untler a Deed of Trust dated 24 July 1939 and a Supplemental Deed of Trust d81ed 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 Charllies Act 1993. The aims of the Trust are staled on page 5 of the Annual Report. All incoming resources from permanent endowments is unrestricted. The transfer between endowment funds and general fund is to reflect the markgl value posillon at the year end of the fixed asset investments. The Endowment fund's movements Can be seen in note 8 of the accounts. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Raslatgd Totsl Funds 2022 Unrestricted Restricted Endowment Funds Funds Funds Total Funds 2023 Fixed Assets 1,012.389 39,737,808 40.750.197 47.581,767 Nel cuent assets 359.532 25,000 384.532 169,969 1,371,921 25,000 39,737,808 41,134,729 47,751.736 Pension Liability (48,7981 (48,7981 161.3381 RLGLASSPOOLcHARyTRusr 14NUALREPORTNJ4DACCOUNTS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (Continued} 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS leontlnued) Comparatlv• p•rlod Irèstatèdl Restated Unr&strlctd Funds Restated R•strietèd Fund5 Restated Total Funds 2022 Endowmènt Funds Fed assets Net current assets 1,162,682 169,969 46,419.085 47,581.767 169,969 1.332,651 46,419,085 47,751,736 Pension liability {61.338) 161.3381 £1,271,313 £46,419,085 £47.690,398 13. DESIGNATED FUND Balance 1 April 2022 Mov8m&nl in yèar Balan¢0 31 Mar¢h 2023 Transfers Pension reserve so0,0 500,000 Comparabl• infomiation Balance 1 Aprll 2021 Movement In year Balance 31 March 2022 Transfers PensKJn reserve 500.000 (12,8161 12,816 500,0(K> The pension reseNe represents reserves that the Trustees have designated to manage the risks associated with participation in The Pensions Trust CareerAverage Revalued Eamings Pensions Scheme, induding the potential cost lo withdraw from the Scheme. Since the year end the Trustees have been advised by the Scheme actuaries that the Employer debt on withdrawal for the Tnjst is es'mated tr) in the region of£157,000. The Trustees therefore intend lo review the level of designated reserves al hjture Bc)ard meetings, eonlinue lo actively manage the risks associated with parbcipalion in the Scheme. 14. RESTRICTED FUND Balance 1 Aprll 2022 Incoming resourcgs Resources expanded Balanco 31 March 2023 Drapers 25.000 25.000 25.000 25,000 R L GLISSPOOL CHARITYTrUST ANNUAL REPORT AND ACCOUNT5
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Icontinuedl 1& RESTRICTED FUND leontlnuèdl Comparative infomiation IR•$tated} Balance 1 April 2021 Incomlng resources Resour¢es expended Balance Transfèrs 31 fthlarch 2022 Smallwood Trust 50,000 50.000 15. FINANCIAL COMMITMENTS At 31 March 2023 the Trust had annual commitments under operating leases. lotsl future minimum financg lease payments are as follows.. Land and Buildings 2023 2022 Other 2023 2022 Not later than one year 7.700 15.600 16. PENSION A number of the R L Glasspool Charity Trust l¢harityl current and past employees are members of The Pensions Trust ITPTI'S Career Average Revalued Eamlngs {'CARE"I P&nsion Scheme whi¢h is a Closed Mulli-Employer Defined Benefrts scheme with the assets belng held In a Trusleo administered fund. Thè scheme was ¢105ed by the scheme's Iruslee (Verily Trustee Lirniledl in AprTI 2016. The lalesl full actuarial valuation of the scheme was carried out on 30 September 2022. This valuation showed assets of £49.6 million, liabilities {on a technical provision basis) of £57.1 milllon and a defieit of £7.46 rnillion. This deficAt is being recovered from employers with annual 'deficit contributions, paid annually on 151 April escalating al 3010 pa over the recovery period Ilo 30 September 20271 that has baen agraèd with Th& Pgnsions Regulator. In the coming year the charity's deficit contributions are £11.163. The charity has recognised a liability measured as the pres9nt valug of the contributions payable that arise from the deficit recovery. Prns•nt valu• of provislon 2023 2022 Present value of deficit provision 48,798 61,338 R8conclllatlon of openlng and ¢loslng provl$lon$ 2023 2022 ProvL8ion at stsrt of yè Unwinding of the discount factor Defi¢il contribution paKI Remeasurements- impa¢t of any Changes in assumptions 61.338 1.411 111,1631 {2,788} 74.154 669 110,8381 {2,6471 Provision al end of year 48.798 61,338 R LGL455POOLCHAWTYTRUSY ANNUALREPORT ANDACCOUNT5
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (Continued) 16. PENSION Icontinuedl Assumptlons 31 March 2023 O/a per annum 31 March 21J22 % per annum 31 March 2021 Oh pèr annum Rate of discount 5.18 2.55 0.98 The discount rates shown above aro the equivalent single discount rates which, when used to discount the future recovery plan wnlribulions due, would give the same results as using a full AA corporate bond yield curve lo discount the same recovery plan contributions. Current Staff Pension Schème With the closing of the CARE scherne the charity moved all the existing staff into TPT'S Flexible Retirement Plan a DC scheme and agreed lo continue paylng 11.50/0 of the employees, pensionable salary as the employer ¢ontribution Itogelher wllh an insurance premium that would Cover six limes the employee's pensionable salary should they die in service). Total Pension Costs The contributions of the charity amounted lo £31,341 12022: £28,037). Included in accruals is £1,440 of pension Contributions due at the year end12022= £2,592). 17. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Restated 2022 2023 Net income before gainsl{lossesl on investments and pensions Diwdends and interest received Decreasellincrease) in debtors (Decrease) in creditors 214,024 15,742 12,161,617) {2.037.0051 8.104 134.195) 1138.2311 181.9281 Nel cash liow from operating actNities £12,077,720) £{2,137.3861 18. RELATED PARTY TRANSACTIONS During the year there were no related party Iransaction$12022.' none}. Transactions with Iruslees and key management personnel are disclosed in Note 5. LGiA55POOLCHhRifiTRiIST ANNUALREPORTW4DACCOUTrITS
R L GLASSPOOL CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (Continued} 19. CONTINGENT LIABLITIES As sel out in Note 16, the Trust is a mernber of Thg Pensions Trust Career Average Revalued Earnings Pension Scheme, which is a closed Multi-Employer Defined Benefit Scheme. In the event that the Trust is the 'lasl man stsnding" ol th8 employers within the Scheme il would become liable to a further liability under the terms of the Scheme. The full liabilities of the Scheme are set out in note 16. The Trustees are active tsklng steps lo manage this risk, which they (x)nsider lo be remote. 20. RESTATEMENT OF FUNDS During the year it was Idenllfied that the grants conwnilments fKJure included wf(hin creditors in thè comparats've fKJures was incorrect. Accordingly, a prior period adjuslmenl has been made lo record the correct figure. The result of this adjuslmenl Is that grant commitments at 31 March 2022 reduced, and grant expenditure wi(hin charitable activities in the prior year increased by £79,260. In addition. during the year it was idenlffied that th8 Monks Invegtmenl Trust, which was included wtthin Current asset investments, would be more appropriately classified as fixed asset investment with the rest of the Trusvs investment funds. Accordingly, a prior period adjuslmenl has been made to reflect this ¢lassifi¢alion. The result of thi5 adjuslmenl i8 to increase fixed asset inveslrnents and decrease current asset investments as at 31 March 2022 by £1,162.682. There was no net impact on reserves. In addition, f( was identified that a grant 01 £25.000 was omitted from income from ¢haritsble actbvities in the prior period, when il met tho criteria for recognitson in that pericrty. A prior period adjustment has been made lo reflect this. The result of this adjustment is lo increase restricted in¢om$ from charitable a¢tpiities In the year ending 31st March 2022 by £25.0(KJ. The related eXpanditU needed to be updated and £25,000 was reallocated from unStrICted grants lo restricted grants 10 Show the expenditure spent in relation lo this fund. RLGL455POOL CHARtrYiRusr ANNUALREPORT ANDACCOUNT5
oiGlasspool ft LGiasspooLCharityTru5t Mainyard Studios 102 ftookery Courr. Ruckholi Road. London. Englènd, EIO 5FA Phone.. 020 31413161 vw.glasspooI.org.uk . Charity Trust CharhwRe&No. 214648