Charity Registration No. 221467 Company R•gl$tratlon No. 00371489 (England and Wal•sl THE FRESHGATE TRUST FOUNDATION IA COMPANY LIMITED 8Y GUARANTEEAND NOT HAVING A SHARE CAPITALI COUNCIL MEMBERS. REPORT AND UNAUDITEDACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) LEGAL AND ADMINISTRATIVE INFORMATION Members of tho Council Miss E S Murray Mrs VALinnemann Miss H A Dobson Mrs U R Fitch Dr G F Russell Mr N A MacDonald OBE Mr M J Sibley MrsA D J Gadde$ Mr J Robinson Miss E Scott Mrs M Thomas 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 O'sullivan FCA DchA BHP LLP Albert Works Sidney Street Sheffield S14RG S¢llcltorn Wrigleys Solicitors LLP 150 Arundel Gate Sheffield City Centre Sheffield S12FN Investment advlsors Ralhbones Beech House 61 Napier Street Sheffield S11 8HA
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 2024 The Members of the Council present their annual rgport and finanryal statements for the year ended 31 December 2024. 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 Merlloranduffl and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of 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. thg 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 expertses 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 which 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 meet 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 2024 A¢hl•v•m•nt• and p•rfomanc• The Freshgatg Trust Foundation's objgcts to make grants lo a variety of charitable causes have lo be balanced wilh the ne8d to maintain and grow a capilal bas8 which generates the incom8 to enable The Freshgale Tnjst FoundatK)n to make grants. The Members ol the Council are saljsfi'ed with the pertomiance achieved dLrin9 the year. In meoting thoir objectives lor tho year, the Members ol the Council have mot al Ihree main grant making mgetings during Ihe yoar lo discuss Ihe operalion of lh8 charily, review Its actlvilles and authorlse paymenl of 59 grants awafdod totalling £95.360 12023 - 55 grants lotalling £87,9001. A SLJmmary of tho beneficiaries of Ihese grants is detailgd in nole 5 lo lh9 accounts. As ouilined abov9, each application is reviewed inits'ally by the Secr8tary in order to assess ils èligibility wrthin the trusts objactsv8s and then is cx)nsKJer8d by thè Membgrs ol the Coun¢ll lo delemiine the amounl of any 9ronl awarded. The Freshgale Trust Foundation's income is generaled from invostmenls Ilsted on the London Slo¢k Exchange. These afg managed on a discretionary basis by inveslment advisors who seek to achieve a balanced rettjm ol bDlh incom8 and capital growth. Th8 P8rformance ol the stock markèt is oulside th8 control ol Th8 Fr8shgate Trusl Foundation and therefore the resullanl income generated , and capital pertornian¢e of ils inveslmgnts m9y Impact on the level ol grant income The Freshgale Trust Foundallon 1$ able lo distribute. Each appllcation for grant 8ld is constdered on Ils own medls. However the quantty of 8pplicalion8 rece+ved and the level o19ranl aid requesleé is oulslde lh8 control of The Freshgale Trust Foundatn. Flnanclal r•vl•w Gross Income for the year of £101,00812023- £91.928I Is approximately 10% hher than last year. Nel expendtture after charitable gr8nts 8nd admini8trallve expenses for the year 58 £40,638 12023 nel 6xpondilure of £41.863I. Nel g8ins on inveslments 8movnl8d lo £253.682 12023 - £149.658 1, The 10181 unroslricled income funds al tho yoar end was £3.732,92612023- £3.519,8821. 11 is the policy ol The Freshgale Trust FoundalKJn to maintain liquid unre51Ticled funds, which are the free reseryes ol The Freshgale Trust Found81ion, at a level which equates lo at leasl six monlh5 unre51Ticled expenditure excludlng grants. currently around £23,000. This provldes suificienl fvnds to cover management and Bdminlstration and to respond lo emergency appllcalions loi gran15 which arise from Ilme lo time. 'qUId unrestricted funds were maintained above this level throughout the year and al the year end amounled to £60,982 cash. Th8 Members of the Councll have 8ppolnled r•gvlalad investment managers lo manage the inv8slm8nls on a discrefjonary basi8 With 8 mediumlhigh altilude lo risk. The porlfolio assel allocation and benchm8tl( indlces a reviewed annually by Ihe investment sub commlttee. The investment obje¢llves are achieved by investing prudenijy in a broad range of fixed inlerest securities and equities which are quoted on a Recognis&l Inveslmenl Ex¢hang& an(1 unil trusts and OEIC'S which are aulhorizgd under the Financial Sgrvlces and Mafkets Act 2000. No inilial invoslmenl shall exceod 10% 01 Ihe lolal value of the funds under managemonl. Aclu81 income received dudng Ihe year was £101.CQ812023 £91.9281. The Members of the Councll have nsidered areas of risk ond have conduded that they have little exposure lo risk save for stock market volalllity. In this respecl, they have appolnled competent fund managers who are regulat8d and the Members of th6 Council have set the inv8s(m8nt risk as 'mediumlhigh'. The Members of the Council have compe(enl professional advisors all of whom carry professional n8gligenc8 insuranco. The Secretary is a Partner in a firm ol Chartered Accounianis who is likewise insured in this office through her firm's cover. The Freshgale Trusl Foundation's bankers are subsianlial and are regulated. The Freshgale Trust FoundatTron 1$ purely a granl moker and does not give advl¢e to any grant applIniS save where else they ¢8n pply for fvnds or how else Ihoy miohl Improve Iholr award ¢wportunity from The Freshgate Trusl Foundallcffl. The Members of the Council intend lo keep under continual vieW the operations of The Freshgale Twsl FoundalK)n in order lo ad8pI lo changes in the inveslmenl markets and in Ihe areas ol need for granl aid whilst ing mindlul of the original intentions of The Fr8shg8le Tnjsl Foundalion when this was 8slablish8d by Hary Barley over 80 years ago.
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 2024 Structure, govgrnan¢o and managoment The charitable company is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. The Members ol the Council who served during the year, or have been appointed subsequently, wer8.. Miss E S Murray Mrs V A Linnemann Miss H A Dobson Mrs U R Filch Dr G F Russell Mr N A MacDonald OBE Mr M J Sibley MrsA D J Gaddes Mr J Robinson Miss E Scott Mrs M Thomas Mr G J Marslon OBE (Resigned 3 June 20241 None of the Memr$ of the Councll has any beneflclal Interest In the company. All of the Members of the Council arè members ol the company and guarantee lo contribute £1 in thè event ol a winding up. New Members ol th8 Council ar8 appoinl8d from lim8 to lima. Suitabl8 candidates 8r8 s8lecl8d who have skills and work experience which compliment those provided by existing Members of the Council. Members of the Council are selected by personal recommendation and they are interviewed by a sub wmmitt99 who make recommendations to the lull board of Members of the Council for their consideration. Oncg sel8cled, ngw Mgmbers of the Council meat wllh the Sub wmmittee lo bo inslrudgd on the duts'e$ and responsibilities and to provide any further training deemed appropriate. The Freshgale Trust Foundation is administered by a board of Member5 of the Council with day lo day matters being administered by the Secretary. All investments are managed by regulated inveslrnenl managers who report lo an investment sub committee comprising of five Members of the Council, however all decisions concerning investment of resources and award of grants are made by the full board of Members ol the Council. The Members of the Council have been significantly strengthened through the appointment of new Members over recent years drawn from the worlds of medicine, industry, education, finance and rnanagemenl. The commitment of the Members, the knowledge base and willingness lo become involved in the investigation ol unusual appeals, augurs well for the future. The Membets of the Council all give their lime voluntarily and receive no benefit from The Freshgate Trust Foundation. Any expenses reclaimed are sel out in note 8. The Secretary. who is not a Momber of the Council. is a partnor in a firm of Chartgred Accountants which Charges a fee for hgr servi¢es and the sorvicgs of the firm which undertakes all the secretsrial duts'es. pr9paratson of annual accounts and provides meeting facilities for the Members ol 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 2024 The Council Members. Report was approved by the Board of Members of the Council. 'SiYnErlD'YQJQ2PT... Miss E S Murray Member of the Councll Dated.. 0910912025 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 report lo the Members of the Council on my examination of the financial statements of The Frgshgate Trust Foundation Ilhe charitable company) for the year ended 31 December 2024. Responsibilities and basis of report As the Members of the Council ol the charitsble 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. Having satisfied rnyself that the financial stslemenls of the charitable company are not required lo be audited under Part 16 01 the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company's financial slalemenls carried out under section 145 ol the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Indopendent oxamlnor's slatemont I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not k&pl in respect ol the charitable company as required by section 386 d the Companies Act 2006. the financial statements do not accord wllh those records,. or the financial statements do not comply with the accounting requirements of Section 396 of the Companies Act 2006 othgr than any requirgmgnt that the financial statements give a true and fair view, which is not a matter Considered as part of an independonl examination., 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no olher matters in conngctlon with the examlnalion lo whlch allenlion should be drawn In Ihls report In order lo enable a proper understanding of the financial statements lo be reached. Signor ID CULLX¢APA8 Nlcola O'sulllvan FCA DchA BHP LLP Albert Works Sidney Street Sheffield S14RG 09109r2025 GMT Dated..
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 2024 2024 2023 Notes Income from: Investments 101,008 91,928 Expondlture on: Investment management eosls 21,692 20,284 Charitable ath'vitios 119.954 113.507 Total 0XndIture 141.646 133.791 Ng1 axpendlturg bgforg Invgstment galns 140.6381 141.8631 N81 galns on Snveslments 10 253,682 149.658 Not mov•m8nt In fund8 213.044 107.795 Fund balances al 1 January 2024 3,519.882 3,412.087 Fund balances at 31 December 2024 3,732,926 3,519.882 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 expenditure 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 2024 2024 2023 Notes Flxod assets Heritage assets Investments 11 12 1.500 3,675.076 1,500 3,468,086 3.676.576 3,469,586 Currant a$sgt$ Debtors Cash al bank and In hand 13 63 95,310 60,982 60,982 95,373 Credltors.. amounts falllng du• wlthln one year 14 14,6321 145,0771 Net current assgls 56.350 50,296 Total a81frts1tr#8 Current Il*bllltle• 3,732,926 3,519,882 Unrestrlcted funds General fund Revaluation fund 3,134,995 597,931 3,229,882 290,000 3,732.926 3,519,882 3,732.926 3,519,882 The company 55 enlllled lo the exempllon from the audll requlrement contslned In sectlon 477 of the Companles Act 2006, for the year ended 310ecember 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Acl 2006 with respect lo accounting record5 and the preparation of financial sialements. The members have not rgquired Ihe company lo obtain an audit of its financial statements for 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 regirlle. The financial statements were approved by the Members Of The Council on 0910912025 GMT srghuf1D'.TorngcgpT... Miss E S Murray Truste• SbrftrlO'W38QSG(SOWF.. Mr 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 2024 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 accorclance with the Financial Reporting Standard 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 Accepted Accounting Practice, The financial stslemenls are prepared on a 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 approvlng the accounts, the MemrS of the Counc51 have a reasonable expeclalSon that the charity has adequate resources lo continue in operational exlslence 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 discretion of tho Members of the Council in furtherance of their hariiablg objoctivos. The unrestricted fund represents the original gift and subsequent gifts and undislribuled surpluses, together with realised and unrealised gains and losses on investments, all of which rnay be applied without restriction in furtherance of the objects of The Freshgale Trust Foundation. 1.4 Income Income is recognised when the charitable company is legally entitled to il after any perfomance eJ)ndilions have been mel, the amounts can be measured reliably, and il is probable that income will be received. 1.5 Expenditur• Expgndilure is included on an accruals basis. Grants payable are Charggd in the year whgn the offer is conveyod lo the r1plent except in those cases where Ihg offer is Conditional, such grants being recognised as expenditure when the conditions are fulfilled. Support costs are the running of The Freshgale Trust Foundation itself as an organisalion. 1.6 Herltsg& a$$et$ Gold pocket watch and chain formerly owned by Harry Brearfey, at a cost of £1,50012023- £1.5001. This is currenuy on loan lo The Company ol Cutlers in Hallamshire.
THE FRESHGATE TRUST FOUNDATION (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici8S (Continued) 1.7 Flxfyd a$$ot In¥8$tmènts Fixed asset investments are initially measured at Iransacts'on price exduding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transacts'on costs are expensed as incurred. 1.8 Cash and cash equlvalents Cash and cash equivalents Include cash In hand, deposlls held al call with banks, other short-lerm Ilquld inv8slm&nls with original malurilies of thre8 months or less. and bank overdrafts. 1.9 Flnanclal Instruments The charitable company has elected lo apply the provisions of Section 11 '8asic Financial Inslrumenls, and Section 12 '01her Financial Instruments Issues, ol FRS 102 to all of ils financial inslrumenls. Financial inslrurnenls are recognised in the charitable company's bal8nce sheet when thè charitabl8 e£•mpany becomes p8rty lo the eonlractual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial stalemenls. whèn there is a legally enforceable right lo sel off the recogni58d amounts and there is an intention lo sellle on a nal basis or lo realise the asset and settle the liability simultaneously. B•slc Iln•n¢l•l a¥$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¢l81114bllltle$ Financial liabililies are derecognis¢d when the charitable company's contractual obligations expire or are discharged or cancelled. Invastmgnts 2024 2023 Income from listed investments 101,008 91,928
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 2024 Invo$tm•nt managomenl ¢o$ts 2024 2023 Investment management fees 21,692 20,284 Charitable activitios Grants Charltabl• exp•ndltur& 2024 Total Grants Charltable •xpendlture 2023 Total 2024 2024 2023 2023 Website design costs Bank charges Secretarial lees Independent examlnalion fee Miscellaneous 473 276 19,200 473 276 19,200 1,992 161 19,200 1,992 161 19,200 4,632 13 4,632 13 4,254 4,254 24,S94 24,S94 25,607 25,607 Grant funding of a¢livilio$ (see note 51 95,360 95,360 87,900 87,900 95,360 24,594 119,954 87,900 25,607 113,507 Nèt mov•mènt In funds 2024 2023 Thg ngt movemgnl in funds is stalgd after charging.. Fees payable for the independent examinallon of the charills financial slalements 4,632 4,254 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 2024 Grants In furtherance of the Foundatlon's obJe¢tlvo$ 2024 2023 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 11 14.950 3.500 23,750 3,650 49.510 13,500 8,250 10,500 21,850 37,800 15 29 21 59 95,360 55 91,900 Unclaimed gr8nls 14,0001 95,360 87,900 The Freshgale Trust Foundation does not award grants lo Indlvlduals except in the ease of educational prizes lo students. This amounts lo nil this year I nil in 20231. Employees There were no employees during the ye8r12023'. none). M•mb•r8 ol th• Councll None of the Members of the Council Inor any persons connected with them) received any remuneration during the year. There were no travel expenses reimbursed lo any Member of the Council in 2024 12023 The Secretsry, who is not a Member of th8 Council. is a p8rtner in a firm of Chartered Accoun18nls. Fees ol £19,200 arg charged for her services and the servlces of the firm which undertakes 811 of the sgcrelari81 duties, prgparalion of annual accounts and provision of meeting facilities for the Members of Ihg Council. Taxatlon The company is considered to pass the tests set out in Sch. 6. para. 1 of Ihe Finance Act 2010 and therefore il meets the definition ol a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempl from laxalion in respect ol income or capital gains received within categories covered by Pt. 11, Ch. 3 01 the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo chariiable 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 2024 10 Not galnslllo$$•$l on Inv•$tmonts 2024 2023 Noto R8valuallon of Investments Gainslllossesl on sale of inveslmenis 226,559 27,123 148,002 1,656 253,682 149,658 11 Horltage assets At 1 January 2024 and at 31 DeC•Mr 2024 1,500 12 Flxèd 4¥88t Investments Movemènt In flxèd as8•t Inv08tment• 2024 2023 Al 1 Januèry 2024 Additions Valuation changes Disposals 3,444,686 908.082 226,559 1923,3941 3,319,449 468,780 148,002 1491,5451 3,655,933 19,143 3,444,686 23,400 C8sh Al 31 December 2024 3,675,076 3,468,086 The historical cost of the fixed asset investments is £3,058,00212023 £3,154,686). 13 Debtors 2024 2023 Amounts falllng due wlthln one year: Prepayments and accrued income 63 14 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 4,632 45,077 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 2024 15 Flnanclal Instruments 2024 2023 Carrying amount of financial a55ets Instruments measured al lair value through Income and exp8ndlture 3,675,076 3,468,086 Carrying amount of financial liabiliti89 Measured al amortised cost 4,632 45,077 16 Unr88trlctod fund8 Movement In funds Income Expendlture Transfers Inv•8tmènts Balancè at 31 galn811088•8 Doctmber 2024 Thls yoar Balance at 1 January 2024 General fund Revaluation fund 3,229,882 290.000 101,008 {141.6461 181,3721 81,372 27,123 226,559 3,134,995 597,931 3,519,882 101,008 {141,6461 253,682 3,732,926 Prlor yèar Balance at 1 January 2023 Income Expendlturo Tran¥fers Investments Balance at 31 galns11088es Decemb•r 2023 General fund Revaluation fund 3,287,856 124,231 91,928 {133.7911 117,7671 17,767 1,656 148,002 3,229,882 290,000 3.412.087 91,928 {133,7911 149,658 3,519,882 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 reslriclion in furtherance of the objects of the Foundation. Transfers are lo adjust the balance on the revaluation fund so il represents the difference between the total 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 2024 17 R•latod party tran$a¢tlon$ During the year grants were made lo Sheffield Family Holiday Fund of £3,0001202> £3,000) and St Luke's Hospice of £1,700 12023 £2,000), Miss E S Murray is a Trustee of Sheffield Farnily Holiday Fund., Mr N A MacDonald OBE was a Trustee of Sl Luke's Hospice until December 2023. Thero were no othèr disclosable related party transactions during the ye8r12023- none). 14-