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 malur 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 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 RECRUIT -> PROVIDE -> ENABLE -> CONTRIBUTE -> ASPIRE people frontline 5UPPOrt grants for items grant in the UK organisations and serwces recipients to.. experiencing that provide chosen by quality. whole- individuals in improve their financial financial hardship person packages di5CU5siDn with situation of support to their frontline feel better deliver our grants support worlier able to manage their lives have a more settled home toward5 building to a society in financial resilience which everyone and reducing has the resources financial distress they need to by providing shape their lives timely. life and loo1< forward enhancing support to tomorrow to people living in financial hardship OUR STRATEGY MAP This map sets out our new vision. mi55ion and outcome sta(ements- the foundation for our grant-mal(ing actTvity over the next five years. Our vlsion i.,; Everyone hos the resources they need to Shape their lives and look forward to tomorro Our values DEDICATED EVOLVING COLLABORATIVE UNDERSTANDING Our mi55ion To increase financial resilience and reduce financial distress by providing timely, life-enhancing support to people in financial hardship Our outcomes Grant recipients have an improved financial position Grant recipients feel better able to manage their lives Our programme The Flexible Frontline Fund Grant recipients have a more settled home Evaluation R LGLA55POOL CHARIT¥TRUST ANTrIUAL REPORfANDACCOUNT5 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. lme 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 Challen￿ng 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 ACC￿NTs 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 UITangible
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 CU￿eneY 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 dOnat￿n 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$p￿tIVe 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 Ac￿untIng 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 c1￿uMstanCes. 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 CHA￿￿Y1RUSI 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 Manage￿￿t 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 LfjL455PO0LCHAR￿YTRUSr 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 Res￿￿ed 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 cu￿ent 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 RLGLASSPOOLcHAR￿yTRusr 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&strlct*d Funds Restated R•strietèd Fund5 Restated Total Funds 2022 Endowmènt Funds F￿ed 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 un￿StrICted 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