2024-04-05-accounts

Charity number: 228466

The Grantham Yorke Trust

Trustees' Report and Financial Statements

For the Year Ended 05 April 2024

The Grantham Yorke Trust

Contents

	Page
Reference and Administrative Details of the Trust, its Trustees and Advisers	1
Trustees' Report	2 - 5
Independent Auditors' Report on the Financial Statements	6 - 9
Statement of Financial Activities	10
Balance Sheet	11
Notes to the Financial Statements	12 - 25

The Grantham Yorke Trust

Reference and Administrative Details of the Trust, its Trustees and Advisers For the Year Ended 5 April 2024

Trustees	Tim Clarke,Co-Optative Trustee,Chairman
	Howard Belton,Co-Optative Trustee
	Sue Butler,Co-Optative Trustee
	BeverleyMomenabadi,Co-Optative Trustee
	Hugh Sherriffe,Nominative Trustee
	The VeryReverend Matthew Thompson,Nominative Trustee
	Fred Rattley,Co-Optative Trustee
	Gurbax Kaur,Co-Optative Trustee
	Simon Evans,Co-Optative Trustee
Charity registered number 228466 Principal office The Estate Office Wharf Cottage Broombank Tenbury Wells Worcestershire WR15 8NY Independent auditors Dains Audit Limited 2 Chamberlain Square Paradise Circus Birmingham B3 3AX Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Veale Wasbrough Vizards LLP 3 Brindley Place Birmingham B1 2JB Investment Advisers Rathbones Investment Management The Colmore Building 20 Colmore Circus Queensway Birmingham B4 6AT

Page 1

The Grantham Yorke Trust

Trustees' Report

For the Year Ended 5 April 2024

The Trustees present their annual report together with the audited financial statements of the Trust for the year 6 April 2023 to 5 April 2024.

Objectives and activities

a. Constitution

The Grantham Yorke Trust is a registered charity, number 228466, and is constituted under a Charity Commission Scheme dated 12 December 1975 as amended on 4 March 2019.

b. Methods of appointment or election of Trustees

The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme.

c. Organisational structure and decision-making policies

All matters of policy and management are determined by the Trustees who meet quarterly and at such other times as circumstances require. The Chairman is authorised to sanction emergency grants which are reported to the Trustees at their next meeting.

The Trustees have appointed an Investment Sub-Committee of Tim Clarke, Howard Belton and Fred Rattley. The Committee meets half-yearly and at such other times as market conditions require. The Committee is advised on investment matters by Rathbones and Investec Wealth & Investment (UK) combination who manage the Trust's portfolio on a discretionary basis.

d. Policies adopted for the induction and training of Trustees

When complete, the body of Trustees consists of nine Co-Optative Trustees and two Nominative Trustees.

Power to appoint Co-Optative Trustees rests with the existing Trustees. One Nominative Trustee is nominated by Barnardo's and the other by the Provost of the Cathedral Church of St. Philip, Birmingham and the Rector of the Parish of St. Martin, Birmingham. Co-Optative Trustees will be appointed for a term of seven years and Nominative Trustees for a term of four years.

When recruiting new Trustees individuals are sought whose skills and experience can make a significant contribution to the management of the Trust.

New Trustees are made aware of their responsibilities and are helped to familiarise themselves with the practical and financial operations. To assist them they are provided with a copy of the Trust's constitution, the latest published accounts and appropriate Charity Commission publications.

Page 2

The Grantham Yorke Trust

Trustees' Report (continued) For the Year Ended 5 April 2024

Objectives and activities (continued)

e. Financial risk management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees continue to keep under review the major operational and strategic risks to which the Trust is exposed.

f. Plans for future periods

The Trustees have sought to consolidate the Trust's financial position in order to ensure that a sufficient income stream will be available to maintain an appropriate level of grants for the foreseeable future.

Objectives and activities

a. Policies and objectives

The Trustees are required, subject to the payment of expenses, to apply the income of the Trust for the benefit of persons under the age of 25 years who are in need as well as individuals and orgainsations in the West Midlands area, in all or any of the following ways:

• a) in advancing the education and physical and social training of such persons;

• b) in providing financial assistance, outfits, clothing, tools, instruments, equipment or books to help such persons on leaving school, university or other educational establishment, to prepare for, or to enter, a profession, trade or calling;

• c) in apprenticing such persons to some useful profession, trade or calling;

• d) in promoting or assisting the education or rehabilitation of such persons who are in need of physical, mental or moral care;

• e) in assisting by way of education and training the prevention of juvenile delinquency, the abuse of drugs, alcohol and gambling, the procreation of unwanted children and the neglect or ill-treatment of children;

• f) in assisting by way of advice, education and training such persons who are parents in the upbringing of their children;

• g) in assisting in the upbringing of such persons by advising, educating and training the parents of such persons;

• h) in providing for such persons facilities for recreation and other leisure-time occupation in the interests of social welfare with the object of improving their conditions of life and helping them so to develop their physical, mental and spiritual capacities, self reliance and individual responsibility that they may grow to full maturity as individuals and members of society.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 3

The Grantham Yorke Trust

Trustees' Report (continued) For the Year Ended 5 April 2024

Achievements and performance

a. Review of activities

The Trust's financial statements are set out on pages 10 to 23.

Distributable income increased from £261,902 to £270,003. With undistributed income of £159,456 at 6 April 2023, a total of £429,459 was available to be used for the Trust's charitable objects.

£206,020 was distributed to organisations (2023 - £284,232) and £6,509 to individuals (2023 - £4,893). Previous grants repaid in the year amounted to £Nil (2023 - £2,500). After support costs of £3,998 (2023 - £4,251) and governance costs of £5,489 (2023 - £5,153), the balance of undistributed income of £207,443 (2023 - £159,456) is carried forward to be added to the income of the following year.

Sales of investments resulted in realised gains of £78,929 (2023 - realised losses of £77,445). The value of the Trust's investments stand at £6,866,358 at the year end (2023 - £6,489,946).

The Trustees are of the opinion that the balance sheet discloses funds adequate for the purpose of fulfilling the obligations of the Trust.

b. Investment policy and performance

As the Trustees need to have an income which is constantly rising in real terms, their investment policy is to buy long term holdings which are calculated to provide steady capital growth without undue risk and which in turn should lead to steady, long term income growth which will outpace inflation.

Structure, governance and management

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

At the year end, the charity had restricted reserves of £6,507,700 (2023 - £6,421.278), designated reserves of £250,000 (2023 - £250,000) and unrestricted reserves of £207,443 (2023 - £159,456). It is the policy of the Trustees to distribute, as far as possible, the Trust's annual income in four equal instalments during the year. Any over or under distribution of income will be adjusted for in the subsequent financial year. Consequently, the Trustees plan to carry only a minimum amount of undistributed income forward to the following financial year.

Page 4

The Grantham Yorke Trust

Trustees' Report (continued) For the Year Ended 5 April 2024

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Dains Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors, Dains Audit Limited, at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 16 September 2024 and signed on their behalf by:

---

Tim Clarke

Chair of Trustees

Page 5

The Grantham Yorke Trust

Independent Auditors' Report to the Members of The Grantham Yorke Trust

Opinion

We have audited the financial statements of The Grantham Yorke Trust (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 6

The Grantham Yorke Trust

Independent Auditors' Report to the Members of The Grantham Yorke Trust (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

• the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 7

The Grantham Yorke Trust

Independent Auditors' Report to the Members of The Grantham Yorke Trust (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the financial reporting legislation, Charities Act 2011, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

Page 8

The Grantham Yorke Trust

Independent Auditors' Report to the Members of The Grantham Yorke Trust (continued)

Auditors' responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC, relevant regulators and the Charity’s legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Morris FCA (Senior statutory auditor) Dains Audit Limited

Statutory Auditor Chartered Accountants

Birmingham

16 September 2024

Dains Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

The Grantham Yorke Trust

Statement of financial activities

For the Year Ended 5 April 2024

Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net income/(expenditure) Net movement in funds 14 Reconciliation of funds: Total funds brought forward Net movement in funds 14 Total funds carried forward	Unrestricted funds 2024 £ 270,003 270,003 - 222,016 222,016 47,987 - 47,987 47,987 409,456 47,987 457,443	Restricted funds 2024 £ - - 48,635 5,363 53,998 (53,998) 140,420 86,422 86,422 6,421,278 86,422 6,507,700	Total funds 2024 £ 270,003 270,003 48,635 227,379 276,014 (6,011) 140,420 134,409 134,409 6,830,734 134,409 6,965,143	Total funds 2023 £ 261,902 261,902 51,367 301,392 352,759 (90,857) (428,007) (518,864) (518,864) 7,349,598 (518,864) 6,830,734

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 25 form part of these financial statements.

Page 10

The Grantham Yorke Trust

Balance Sheet As at 05 April 2024

Note Fixed assets Investments 10 Current assets Debtors 11 Investments 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds	15,638 79,972 9,901 105,511 (6,726)	2024 £ 6,866,358 98,785 6,965,143 6,965,143 6,507,700 457,443 6,965,143	14,543 310,721 25,154 350,418 (9,630)	2023 £ 6,489,946 340,788
				6,830,734
				6,830,734
				6,421,278 409,456
				6,830,734

The financial statements were approved and authorised for issue by the Trustees on 16 September 2024 and signed on their behalf by:

_________

Tim Clarke

Chair of Trustees

The notes on pages 12 to 25 form part of these financial statements.

Page 11

The Grantham Yorke Trust

Notes to the Financial Statements For the Year Ended 5 April 2024

1. General information

The Grantham Yorke Trust is a charitable Trust registered with the Charity Commission for England and Wales. The address of the principal office is given in the reference and administration section. The nature of the charitable Trust's activities are detailed in the Trustees' report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Grantham Yorke Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Investment income is earned through holding assets for investment purposes such as shares. It includes 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 can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.

Dividends are typically recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the appointed investment advisor of the dividend yield of the investment portfolio.

Page 12

The Grantham Yorke Trust

Notes to the Financial Statements For the Year Ended 5 April 2024

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 13

The Grantham Yorke Trust

Notes to the Financial Statements For the Year Ended 5 April 2024

2. Accounting policies (continued)

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.9 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

Investment income, gains and losses are allocated to the appropriate fund.

Page 14

The Grantham Yorke Trust

Notes to the Financial Statements For the Year Ended 5 April 2024

3. Investment income

Income from listed investments Income from cash investments Income from listed investments Investment from cash investments	Unrestricted funds 2024 £ 269,973 30 270,003 Unrestricted funds 2023 £ 261,877 25 261,902	Total funds 2024 £ 269,973 30
		270,003
		Total funds 2023 £ 261,877 25
		261,902

4. Investment management costs

Investment management fees Investment management fees	Restricted funds 2024 £ 48,635 Restricted funds 2023 £ 51,367	Total funds 2024 £ 48,635
		Total funds 2023 £ 51,367

Page 15

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

5. Analysis of grants

Grants Total 2024 Grants Previous grants repaid Total 2023	Grants to Institutions 2024 £ 206,020 206,020 Grants to Institutions 2023 £ 284,232 - 284,232	Grants to Individuals 2024 £ 6,509 6,509 Grants to Individuals 2023 £ 4,893 (2,500) 2,393	Total funds 2024 £ 212,529 212,529 Total funds 2023 £ 289,125 (2,500) 286,625

During the year, the Trust made 72 (2023 - 113) grants to organisations and 15 (2023 - 15) grants to individuals.

At 5 April 2024, the Trustees held the sum of £Nil (2023 - £Nil) in respect of awards agreed subject to additional terms and conditions or which are payable in annual instalments. These awards are paid only when those terms and conditions have been met or on the agreed future dates and will therefore be shown in the financial statements for the year in which they are paid. Should the special terms not have been met after three years, the award will fall back into and form part of the Trust's distributable income.

Page 16

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

6. Analysis of expenditure on charitable activities

Summary by fund type

Support costs Grants Governance costs Total 2024	Unrestricted funds 2024 £ 3,998 212,529 5,489 222,016	Restricted funds 2024 £ 5,363 - - 5,363	Total funds 2024 £ 9,361 212,529 5,489
			227,379

Support costs Grants Governance costs Previous grants repaid Total 2023	Unrestricted funds 2023 £ 4,251 289,125 5,153 (2,500) 296,029	Restricted funds 2023 £ 5,363 - - - 5,363	Total funds 2023 £ 9,614 289,125 5,153 (2,500)
			301,392

Expenditure is apportioned between Charitable, Support and Governance costs as appropriate to the nature of the expense

Page 17

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

7. Analysis of expenditure by activities

Support costs Grants Governance costs Total 2024	Grant funding of activities 2024 £ - 212,529 - 212,529	Support costs 2024 £ 9,361 - 5,489 14,850	Total funds 2024 £ 9,361 212,529 5,489
			227,379

Support costs Grants Governance costs Previous grants repaid Total 2023	Grant funding of activities 2023 £ - 289,125 - (2,500) 286,625	Support costs 2023 £ 9,614 - 5,153 - 14,767	Total funds 2023 £ 9,614 289,125 5,153 (2,500)
			301,392

Page 18

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Secretarial and administration Sundry expenses Bank fees Accountancy fees Total 2024 Secretarial and administration Sundry expenses Bank fees Accountancy fees Total 2023	Support costs 2024 £ 9,019 277 65 - 9,361 Support costs 2023 £ 9,019 485 110 - 9,614	Governance costs 2024 £ 731 - - 4,758 5,489 Governance costs 2023 £ 731 - - 4,422 5,153	Total funds 2024 £ 9,750 277 65 4,758
			14,850
			Total funds 2023 £ 9,750 485 110 4,422
			14,767

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £1,100 (2023 - £1,023) and fees for accounts preparation services of £3,658 (2023 - £3,399).

9. Staff costs, Trustees' remuneration and expenses

The Trust has no employees other than the Trustees, who did not receive any remuneration or other benefits during the year (2023 - £NIL). No employee received remuneration amounting to more than £60,000 in either year.

During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 19

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

10. Fixed asset investments Valuation At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 Breakdown of Investments UK Fixed Interest Overseas Fixed Interest UK Equities European Equities North American Equities Japanese Equities Far East & Australasian Equities Emerging Economies Property Alternative Assets	Book cost 2024 £ 1,740,352 525,450 1,264,948 269,890 702,470 219,840 308,965 96,090 421,111 1,000,031 6,549,147	Listed investments £ 6,489,946 1,279,945 (971,523) 67,990 6,866,358 6,866,358 6,489,946 Current value 2024 £ 1,636,012 498,892 1,393,808 300,674 1,088,642 303,048 314,754 110,505 345,714 874,309 6,866,358

Page 20

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

11. Debtors

Due within one year Other debtors Accrued Interest	2024 £ - 15,638 15,638	2023 £ 5,000 9,543
		14,543

12.	Current asset investments
		2024	2023
		£	£
	Cash held by investment managers	79,972	310,721

13. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	6,726	9,630

Page 21

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

14. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Designated Funds General funds General Funds Total Unrestricted funds Restricted funds Restricted Fund Total of funds	Balance at 6 April 2023 £ 250,000 159,456 409,456 6,421,278 6,830,734	Income £ - 270,003 270,003 - 270,003	Expenditure £ - (222,016) (222,016) (53,998) (276,014)	Gains/ (Losses) £ - - - 140,420 140,420	Balance at 5 April 2024 £ 250,000
					207,443
					457,443
					6,507,700
					6,965,143

Page 22

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

14. Statement of funds (continued) Statement of funds - prior year Unrestricted funds Designated funds Designated Funds General funds General Funds Total Unrestricted funds Restricted funds Restricted Funds Total of funds 15. Summary of funds Summary of funds- current year Designated funds General funds Restricted funds	Balance at 6 April 2022 £ 250,000 193,583 443,583 6,906,015 7,349,598 Balance at 6 April 2023 £ 250,000 159,456 6,421,278 6,830,734	Income £ - 261,902 261,902 - 261,902 Income £ - 270,003 - 270,003	Expenditure £ - (296,029) (296,029) (56,730) (352,759) Expenditure £ - (222,016) (53,998) (276,014)	Gains/ (Losses) £ - - - (428,007) (428,007) Gains/ (Losses) £ - - 140,420 140,420	Balance at 5 April 2023 £ 250,000
					159,456
					409,456
					6,421,278
					6,830,734
					Balance at 5 April 2024 £ 250,000 207,443 6,507,700
					6,965,143

Page 23

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

15. Summary of funds (continued)

Summary of funds - prior year

Designated funds General funds Restricted funds	Balance at 6 April 2022 £ 250,000 193,583 6,906,015 7,349,598	Income £ - 261,902 - 261,902	Expenditure £ - (296,029) (56,730) (352,759)	Gains/ (Losses) £ - - (428,007) (428,007)	Balance at 5 April 2023 £ 250,000 159,456 6,421,278 6,830,734

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2024 £ 358,658 105,511 (6,726) 457,443	Restricted funds 2024 £ 6,507,700 - - 6,507,700	Total funds 2024 £ 6,866,358 105,511 (6,726)
			6,965,143

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 68,668 350,418 (9,630) 409,456	Restricted funds 2023 £ 6,421,278 - - 6,421,278	Total funds 2023 £ 6,489,946 350,418 (9,630)
			6,830,734

Page 24

The Grantham Yorke Trust

Notes to the Financial Statements

For the Year Ended 5 April 2024

16. Analysis of net assets between funds (continued)

The Trust has two funds, the Principal Fund which is restricted and which represents the Trust's endowment and the Income Fund which is unrestricted.

17. Related party transactions

The Trust has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Trust at 5 April 2024.

Page 25