Charity Registration No. 221467 Company R•gl$tratlon No. 00371489 (England and Wal•sl THE FRESHGATE TRUST FOUNDATION IA COMPANY LIMITED 8Y GUARANTEE AND NOT HAVING A SHARE CAPITALI COUNCIL MEMBERS. REPORT AND UNAUDITEDACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) LEGAL AND ADMINISTRATIVE INFORMATION Members of tho Council Miss E S Murray Mrs V A Linnemann Miss H A Dobson Mrs U R Fitch Dr G F Russell Mr N A MacDonald OBE Mr M J Sibley MrsA D J Gadde$ Mr J Robinson Miss E Scott Mrs M Thomas (Appointed 3 March 20231 S•cretary Emma Legdon Charlty numbgr 221467 Company numbor 00371489 RogSster•d offlco The Hart Shaw Building Europa Link Sheffield BusSness Park Sheffield S9 1XU Independent examlner Nicola Ad8ms ACA DchA BHP LLP 2 Rulland Park Sheffi&ld S10 2PD Sollcltorn Wrigley5 Solicitors LLP 150 Arundel Gale Sheffield City Centre Sheffield S12FN Investment advlsors Ralhbones Beech House 61 Napier Street Sheffield S118HA
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) CONTENTS Page Council Mernbers, rgport Independent examlnerfs report Statement of financial activities Balance sheet Noleg lo the financial slal8menls 8-14
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COUNCIL MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Members of the Council present their annual rgport and finanryal statements for the year ended 31 December 2023. The financial slalemenls hav8 been prepared in accordance with the accounting policies sel out in note 1 to the rinancial slalemenls and comply with the charitable company's Merllorandufn and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl ol Recofflmended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Oblectlv8s and actlvltlgs The Freshgale Trust Foundation's objects are Sel out in the Memorandum of Association and cornprise a wide variety of exclusively charitable purposes. The Freshgate Trust Foundation is a grant making charily gsiablished in 1941 by Harry 8rearlgy. tho discoverer of s¢ainlgss stegl. His original aims ol The Freshgate Trust Foundalion were to provide grants lo improve the social ospecls of industrial life for fellow workers and their families. The Freshgale Trust Foundation seeks lo distribute subslanlially all of ils n81 income after exr&S each year. An application form is completed by all applicants. Completed application forms are reviewed by the Secretary and sorted according lo th& spher8 into whi¢h each appeal falls. These applic81ions are then considered al the Members of the Council metslings by the lull board of Membtsrs ol the Council and Ih818vel of approprfale grants determined according to a sel of criteria established by Ihts Members ol the Council. We have referred to the guidance contained in the Charity Commisslon's general guidance on public benafil when reviewing our aims and objectives. In accordance with good. modern charity practice and present charity law, the Members of the Council have sought lo establish a policy lo meel the objectives whilst giving priority lo organisalions within the Sheffield and South Yorkshire area. The Members of the Council have identified flve specifi'c spheres In which they feel that the obj8clives of the charity can best be mel as follows:_ Education (including travel and Irainingl Heritage, resloralion and environment Music and the arts Recrgalion (including holidays and sport} Welfare, hgallh and soci81 care The Mernbers of Ihe Council make grants lo organisations with aclivilies falling within the five spheres identified above. The grants awarded are summarised in note 5. The focus of Ihe grants awarded is aimed to ensure the widest coverage of beneficiaries within those five spheres of activity.
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COUNCIL MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢hl•v•m•nt• and p•rfomanc• The Freshgatg Trust Foundation's objgcts to make grants lo a variety of charitable causes havg lo be balanced wilh the ne8d to maintain and grow a capital bas8 which generates the incom8 lo enable Th8 Freshgale Tnjst Foundation to make grants. The Members ol the Council are saljsfi'ed with the perfomiance achieved dLrin9 the year. In meeting Ihelr objectives lor Ihe yger the Membgrs ol the Council havo mel al thrge main grant makin9 mgetings during Ihe yoar lo discuss Ihe operation of lh8 charily, review St$ adlvilles and authorlso paymenl of 55 grants awarded totslling £87,900 1£91.9DO less £4,000 undaimod grants from prior yoarl 12022 - 47 grants tolalling £92,750). A summary of the bgnèficiarigs of these grants is delailed in note 5 lo th8 aCCntS. As oullin8d Above, each application is rèviewed inits'ally by the Secretary in order to assess its eligibilily wthin the tru$¢s oblectives and Ihen Is considered by the Members of the Council to delemiine the amount of any grant owarded, Thg Freshgale Trust Foundation's income is generaled from investments Ilsted on the London Stock Exthange. Thèse af8 managed on a discr8tionary basis by investment advisors who s88k to Bchigv8 a balanc8d rettjm ol bDlh income and capital growth. The performance ol the Stock market is oulside the control ol The Freshgate Trust Foundation and therefore the f8sullant Incomo generaled 8nd Caplial performance ol Ils inveslments mgy mpad on the level of grant Income The Freshgale Trust Foundalbn is able to dislribulo. Each appllcation for grant 8id is conslder8d on ils own medis. However the quanlty of apIcatIOnS recelved and the level of gr8nl aid requested is outside Ihg conlrol of The Freshgale Trust Foundatn. Flnncll r•vl•w GYos8 Income for the year 01 £91,92812022- £82,419> is 8pproxim8lely 12% htter Ih8n last year. Nel expenditure after charitable gr8nt8 8nd adminislr8llve expenses lor the year is £41.863 12022 nel expendllure of £58.6601. Nel g8Ins on Inveslmenls amounted lo £149,658 (2022 £480.917 losses). The lolal unrestricted income funds al the yeaf end w88 £3,519,88212022- £3,412,087). 11 is the pdicy ol The Frt8hg8le Trust Found8lKJn to fnainlain IiquKI unreglricled funds, which are the free reserye5 01 The Freshgale Trust Foundalion, at a level which equates lo at leasl Six monlhs unreslrtcled expendlture excludlng grants. currently around £21,000. This provldes sufficient funds to cover management and dministration and to respond lo emergency applications lor gran15 which arise from lime lo lime. 'qUid unrestricted funds were maintained above this level throughout the year and al the year end amounted lo £95,310 cash. The Members of the Council have appolnled regulated investment managers lo manage the investments on 8 discrelonary basis with a mediumlhigh attitude to dsk. The asset 8llocai]on between equities and fixed interestl corporate bonds and cash is flexible dependenl on markèl conditions but is in the range of 57 to 9001• eqijities, 5 to 28Vo fixed interesu rpOrate bonds. O 10 10% pfoperly, O 10 20% allomalive assets and O 10 17.5% cash. Eqully inveslmgnls are reslricled lo 75Qh FTSE lop 350 Stocks wllh a bias lowartls FTSE 100 companies 8n4 25% FTSE worfd stocks. Actual income received during the year was £91,928 12022 £82.4191.The nveslmenl policy and asset allocation was reviewed and rewsed during the year. The Members of Ihe Council have assessed the major risks to which the charitable company Is exposed. and ore satisfied that systems are in place to mitlgale gxposurg lo the malor rtsks. The Members of the Councll have considered areas of risk 8nd have conduded Ihal they h8ve lithe exposure lo risk save for stock markel volalilily. In this respecl, they have appoinled compelenl fund managers who are regulated and th8 Mtrmbers of th8 Council have sel the inv8slm8nl risk 8s 'mediumlhigh' The Members of the Council have compelenl profession81 8dvisorB 811 of whom Carry professK)nal negligence in5ur8nc8. The Seetary Is a Partner in a firm of Chartered Accountsnts who is likewise insured in this office through her fimi's cover. The Freshgale Trust Foundabon's bankers are substantial 8nd are regulated_ The Fshgate Twsl FoundalTron is purely a grant maker and does not give advic8 lo any grant applicants save where else they can 8pply for funds or how else they might Improve Ihelr award opportunity Irom The Freshgale Trusl Foundallon.
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COUNCIL MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Members of th8 Council intend to keep under continual review the operations of Thg Freshgale Trust Foundation in order lo adapt lo changes in the investment rnarkels and in the areas of need for grant aid whilst being mindful of the original intentions of The Freshgale Trust Foundalion when this was established by Harry Brearley over 80 years ago. Structure, governance and management The charitsble company is a company limited by guarantee and a registered charity governed by ils Memorandum and Artlcles of Association. The Members of the Council who served during the year. or have been appointed subsequently, were.. Miss E S Murray Mrs V A Linnemann Miss H A Dobson Mrs U R Filch Dr G F Russ811 Mr G J Marslon OBE Mr N A MacDonald OBE Mr M J Sibley MrsA D J Gaddes Mr J Robinson Miss E Scott Mrs M Thomas (Deceased 3 June 20241 (Appolnted 3 March 20231 Nong of the Members of the Council has any beneficial interest in the company. All of the Members of tho Council are members ol the company and guarantee to contribute £1 in the event of a winding up. New Members of the Council are appolnled from Ilme lo Ilme. Sullable candidates are selected who have skllls and work experience which compliment Ihose provided by exisllng Members of the Council, Members of the Council are selected by personal recommendation and they are interviewed by a sub commlttee who make recommendations lo the lull board of Members of th8 Council for their consideration. Once selected, new Members of the Council meet wllh the sub commlttee lo be Instructed on the dUtS and responsibilities and lo provide any further training deemed appropriate. The Frgshgatg Trust Foundation is administgrgd by a board of Mèmbers of the Council with day to day mattgrs being administered by the Secretary. All investmgnts are managed by regulated inveslment managers who report to an investmgnt sub ¢ommitlge Comprising of four Members of thg Council, howevor all de¢isions conc8rning invèstment of resources and award of grants are made by the fLJII board of Memb8rs ol th8 Council. The Members of the Council hav9 been significantly str9ngthgned through the appointmgnt of n9w Mgmbers over recent years drawn from thg worlds of medicine, industry, education. finance and management. The commitment of the Members, the knowledge base and willingness to become involved in the investigation ol unusual appeals, augurs well for the futurg. The Members of tho Council all give thgir timg voluntarily and rgcoive no benefit from The Freshgate Trust Foundation. Any expenses reclaimed are set out in note 7. The Secretsry, who is not a Member of the Council, 18 a partner in a firm of Chartered Acwunlanls which charge5 a fee for her Services and the service5 of the firm which undertakes all the secretarial duties, preparation of annual accounts and provides meets'ng facilities for the Members of the Council.
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COUNCIL MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Council Members. Report was approved by the Board of Members of the Council. .BwJA8TrlD,.TQJQ29t8E7. Miss E S Murray Member of the Councll Dated.. 1810912024 GMT
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE COUNCIL OF THE FRESHGATE TRUST FOUNDATION I r8POrt lo th8 Mgmbgrs of the Council on my examination of the financial statomgnts of The Freshgatg Trust Foundation Ilhe charitable company) for the year ended 31 December 2023. Responsibilities and basis of report As the Members ol the Council ol the charitable company land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial slalements in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Acll. Having satisfied rnyself that the financial stslemenls of the charitable company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect ol my examination of the charitable company's financial slalemenls carried out under section 145 of the Charities Act 2011 Ilhe 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Charity Cornmission under section 14515llbl of the 2011 Act. Indopendent oxamlnor's slat¢mont I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charitable eompany as requirèd by section 386 cl the 2006 Act., or the financl81 stslemenls do not accord wllh those records., or the financial s¢algmgnts do not comply with thg accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent gxaminalion.. or the financial slalements have not been prepared in accordance with the methods and principles of the Slalemenl ol Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK an Republic of Ireland IFRS 1021. I have no concerns and have come across no olher matters in conngctlon with the examlnalion to whlch allenlion should be drawn In Ihls report In order lo enable a proper understanding of the financial statements lo be reached. Signor ID CZYRUVFAHR... Nlcola AdamsACA DchA BHP LLP 2 Rulland Park Sheffield S102PD Dated.. 1910912024 GMT
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Income from: Investments 91,928 82,419 Expondlture on: Investment management costs 20,284 21.167 Charitable ath'vitios 113.507 119.912 Total oxpèndlturè 133.791 141.079 Ng11 gxpandlturo) Ilncom• b8for8 Invastmgnt galnslllo$$a¥l 141.8631 158.6601 N81 gainsl Ilossesl on Investments 149.658 1480,9171 Not mov•m8nt In fund8 107.795 1539.5771 Fund balances al 1 January 2023 3,412.087 3,951.664 Fund balances at 31 December 2023 3,519,882 3,412,087 The slalernenl of financial activities includes all gains and losses recognised in the year. All Income and expendllurg is unreslricled, All income and expenditure derlve from continuing aclivili88. The statement of financial 8clivilies also complies with the requirèments for an ineomè and eXndItuTe 8ccount under the Companies Act 2006.
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxod assets Heritage assets Investments 10 11 1.500 3,468.086 1,500 3,349,185 3.469.586 3,350,685 Currant a$sgt$ Debtors Cash 81 bank and In hand 12 63 95,310 252 65,350 95,373 65,602 Credltors.. amounts falllng du• wlthln one year 13 145,0771 14,2001 Net current assgls 50.296 61,402 Total a81frts1tr#8 Current Il*bllltle• 3,519,882 3,412,087 Unrestrlcted funds General fund Revaluation fund 3,229,882 290,000 3,287,856 124,231 3,519.882 3,412,087 3,519.882 3,412,087 The company 55 enlllled lo the exempllon from the audll requlrement contalned In secllon 477 of the Companles Act 2006, for the year ended 310ecember 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Acl 2006 with respect lo accounting records and the preparation of financial sialements. The members have not rgquired Ihe company lo obtain an audit of its financial statgmonts lor the year in qugstion in a¢¢ordance with se¢tion 476. These financial statements have been ppared in accordance with the provisions appli¢able lo companies subject lo the small companies regirne. The financial statements were approved by the Members Of The Council on 18109r2024 GMT 6luthtk VMv¥YA WaLDui&dd uhvr1D'TOJ(T29C9E7'. Miss E S Murray Truste• èY1D,N3BGGDIff4F r N A Macoonald OBE Trustee Company registration number 00371489
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounllng pollclo8 Charity inforniatlon The Freshgale Trust Foundation Is a prfvale company limlted by gu8r8nt8e incorpor81ed in Eng18nd and Wales. The registered office is The Hart Shaw Building, Europa Link, Sheffield Business Park, Sheffield, S9 1XU. 1.1 Accountlng conventlon The charity conslilules a public benefll enllty as defined by FRS 102. The flnanclal slalements have been prepared In accordance with Accounllng and Reporting by Charilles.. Stal8m8nl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standar applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charilles Act 2011, the Companies Act 2006 and UK G8n6rally A¢c8pl8d Accounting Practice, The financial stslemenls are prepared on 8 going eoncem basis under the historical cost convention, modified lo Include the revaluallon of Inveslmenls. The financial slalemenls are presented in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. The prSncipal accounting pollcles are sel out below, 1.2 Golng concèrn Al Ihe lime ol approvSng the accounts, the MemrS of the Counc51 have a reasonable expeclalSon that the charity has adequate resources lo continue in operational exlsl8nce for the foreseeable future. Thus the Members of the Council continue lo adopt the going concern basls ol accounting in preparing the accounts. 1.3 Charltable funds Unrestricted funds are available for use al the discreb'on of tho Members of the Council in furtherance of their hariiablg objoctivos. The unrestricted fund represents Ihe original gift and subsequent gifts and undislributed surpluses, together with realised and unrealised gains and losses on investments, all of which May be applied without restriction in furtherance of the objects of The Freshgale Trust Foundation. 1.4 Incomlng rosourcos Income is recognised when the charitable company is legally entitled to it after any perfomance eJ)ndilions have been mel, the amounts can be measured reliably, and it is probable that income will be received. 1.5 R•sour¢•s èxpended Expgndilure is included on an accruals basis. Grants payable are Charggd in the year whgn the offer is conveyed lo the r1plent except in those cases where Ihg offer is Conditional, such grants being rgcognised as expendilure when Ihe conditions are fulfilled. Support costs are the running of The Freshgate Trust Foundalion itself as an organisalion. 1.6 Herltsg& a$set$ Gold pocket watch and chain formerly owned by Harry Brearfey, al a cost of £1,50012022- £1.5001. This is currenuy on loan lo The Company ol Cutlers in Hallamshire.
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polici8S (Continued) 1.7 Flxfyd a$$ot In¥8$tmènts Fixed asset investments are initially measured at transaction price exduding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transacts'on costs are expensed as incurred. 1.8 Cash and cash equlvalents Cash and cash equivalents Include cash In hand, deposlls held al call with banks, other short-lerm Ilquld inv8slm&nls with original malurilies of thre8 months or less. and bank overdrafts. 1.9 Flnanclal Instruments The charitable company has elected lo apply the provisions of Section 11 '8asic Financial Inslrumenls, and Section 12 '01her Financial Instruments Issues, ol FRS 102 to all of ils financial inslrumenls. Financial inslrurnenls are recognised in the charitable company's bal8nce sheet when thè charitabl8 e£•mpany becomes p8rty lo the eonlractual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial stalemenls. whèn there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a nal basis or lo realise the asset and settle the liability simultaneously. B•slc Iln•n¢l•l a¥$ets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangernenl conslilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rale of interest. Finanaal assets classified as receivable within one year are not amortised. Baslc flnan¢l•l Ilabllltlgs Basic financial liabililies, including creditors, are initially recognised al transaction price unless th8 arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate ol interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. D¢re¢ognltlon of fln?n¢lo1114bllltle$ Financial liabililies are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. Invastmgnts 2023 2022 Income from listed investments 91,928 82,419
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Invostm•nt managomenl ¢o$ts 2023 2022 Investment management fees 20,284 21,167 Charitable activitios Grants Charltabl• exp•ndltur• 2023 Total Grants Charltable •xpendlture 2022 Total 2023 2023 2022 2022 Website design costs Bank charges Secretarial lees Travelling and sundry expenses Audit fge Independent examination fee 1,992 161 19,200 1,992 161 19,200 1,992 27 19,200 1,992 27 19,200 1,287 456 1,287 456 4,254 4,254 4,200 4,200 25,607 25,607 27,162 27,182 Grant funding of aetivilies (see note 51 87,900 87,900 92,750 92,750 87,900 25,607 113,507 92,750 27,162 119,912 10-
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants In furtherance of the Foundatlon's obJe¢tlvo$ 2023 2022 Number Number Education (including travel and Irainingl Heritage, resloralion and environment Music and the arts Recreation (including holidays and sportl Welfare, health and social care 13.500 8,250 10,500 21,850 37.800 17,800 21,500 15,800 17,150 20,500 10 13 21 55 91,900 47 92,750 Unclaimed gr8nls 14,0001 87,900 92,750 The Freshgale Trust Foundation does not award grants lo individuals except in the Case of oducalional prizes to students. This amounts to nil this year1£2,000 to Outokumpu in 20221. Employ008 There were no employees during the year12022'. none). MemberB of the Councll None ol the Members of the Council Inor any persons connected with them) received any remun8ralion during the year. Thero were no travel expenses reimbursed lo any Membgr of the Council in 2023 12022 The Secretsry, who is not a Member of the Council, is a partner In a firm of Chartered Accountsnls. Fees ol £19,200 are charged for her services and the services of the firm which undertakes all of the secretarial duties, preparation ol annual accounts and provision of meeting facilities for the Members of the Council. Taxatlon The company is considered lo pass the lesls set out in Sch. 6. para. 1 of the Fin8nce Act 2010 and therefore il meets the definition ol a charitsblg company for UK corporation lax purposes. Accordingly, the company Is potentially exempl from laxalion in respe¢l of income or ¢apital gains re¢eived within ¢ategories covered by Pl. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chgrg8able G8ins A¢t 1992. to the exlenl that such income or gains are applied exclusively to charitsble purposes. 11
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Not galnslllo$$•$l on Inv•$tmonts 2023 2022 Not• Revaluation of investments Gainslllo888sI on sale of invèstments 11 148,002 1,656 1398,7791 182,1381 149,658 1480,9171 10 Herltago a$set$ At 1 January 2023 and at 31 D8cembgr 2023 1,500 11 Flxgd asset Invo$lmgnts Movomgnt In flxed a$$ot Inva8tments 2023 2022 Al 1 January 2023 Additions Valuation changes Disposals 3.319,449 468,780 148,002 1491,5451 3,831,116 468,077 398,779 1580,9651 3,444,686 23,400 3,319,449 29,736 Cash Al 31 Decembor 2023 3,468,086 3,349,185 The historical cost of the fixed asset investments is £3.154.68612022 £3.195.2181. 12 D•btor8 2023 2022 Amounts falling duo wlthln one yoar: Prepayments and accrugd income 63 252 12-
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Crodltors: amounts falllng due wlthln ono yoar 2023 2022 Accruals and deferred incom8 45.077 4,200 14 Flnanclal Instruments 2023 2022 Carrylng amount offinanclal assets Instruments measured al lair value through Income and expenditure 3,468,086 3,349,185 Carrylng amount of flnanclal IlabSlltl•s M8asured al amortised cost 45,077 4,200 IS Unre8trlcted funds Movement In funds In¢omlng Resour¢è$ Tran$fèrn Investments Balancè at 31 rèsource• expendèd galns1108sè1Decombor 2023 Th18 y•ar Balanct at 1 January 2023 Ggn&r81 fund Revaluation fund 3,287,856 124.231 91,928 1133,7911 117,7671 17.767 1,656 148,002 3,229,882 290,000 3,412,087 91,928 1133,7911 149,658 3,519,882 Prlor yèar Balance at 1 January 2022 Incomlng Resources resources expondfrd Transfers Investments Balance at 31 gainsllossesDecombor 2022 General fund Revaluation fund 3,307,870 643,794 82,419 1141,0791 120,784 1120.7841 182,1381 1398,7791 3,287,856 124,231 3.951,664 82,419 1141,0791 1480,9171 3,412,087 The revaluation fund represents the amount by which investments exceed their historical cost. The general fund represents the original gift and subsequent gifts and undislribuled surpluses, together with realised gains and losses on investments, all of which may be applied wilhoul restriction in furtherance of the objects of the Foundation. Transfers are lo adjust the balance on the revaluation fund so rt represents the difference between the lolal historic cost and the market value of the investments. 13-
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 R•latod party tran$a¢tlon$ During the year grants were rllade lo Sheffield Family Holiday Fund of £3,000 12022- £2,500). Sheffield Botanical gardens of £nil 12022-£10,000 I, Sl Luke's Hospice 01 £2,000 12022 - nill, Miss E S Murray is Trustee of Sheffield Family Holiday Fund,. Matthew Sibley is a Iruslee of Sheffield Botanical Gardens, Mr N A MacDonald OBE is a Trustee of Sl Luke's Hospice. There were no other disclos8ble related party transactions during the ye8r12022- none). 14-