**Charity number: 249692**
## **The Garth Doubleday Trust**
## **Unaudited**
**Trustees' report and financial statements**
**for the year ended 5 April 2023**
**The Garth Doubleday Trust**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 16|
## **The Garth Doubleday Trust**
**Reference and administrative details of the Charity, its Trustees and advisers for the year ended 5 April 2023**
## **Trustees**
E G Doubleday C T M Motley G L T Reutter
## **Charity registered number**
249692
## **Principal office**
Montague Place Quayside Chatham Maritime Kent ME4 4QU
## **Accountants**
Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU
## **Independent examiner**
Susan Robinson Kreston Reeves LLP Chatham Maritime Montague Place Quayside Chatham Kent ME4 4QU
## **Investment Brokers**
Cazenove Fund Management Limited 20 Moorgate London EC2R 6DA
Page 1
## **The Garth Doubleday Trust**
## **Trustees' report for the year ended 5 April 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year ended 5 April 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The Trust Deed provides that the income and capital of the Trust are paid or applied to various charities and charitable purposes taking into account the wishes of the late settlor.
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)'.
## **Achievements and performance**
## **a. Review of activities**
The Trust has continued to provide a large number of grants to a wide variety of charitable concerns in the year.
The results for the year are set out on page 6.
Income from listed investments increased by £18,110 to £78,403. Grants payable decreased from £39,070 last year to £29,900. The total number of grant recipients this year was 34 (2022: 40). The value of the Charity's investments decreased this year by £86,486, which resulted in total funds decreasing by £38,924 compared to a net increase in 2021/22 of £159,448. Funds at the balance sheet date totalled £2,755,351 (2022: £2,794,275).
## **b. Fundraising activities**
The Trust has not undertaken any fundraising activities during the financial year.
## **c. Investment policy and performance**
The Trust Deed provides that the Trustees shall invest the Trust monies in any stocks, funds, shares, securities or other investments of whatever nature as they shall in their absolute discretion think fit.
The Trustees have appointed Cazenove Fund Management Limited to manage the charity's investment portfolio and are happy with the performance over the last twelve months.
Page 2
## **The Garth Doubleday Trust**
**Trustees' report (continued) for the year ended 5 April 2023**
## **Financial review**
## **a. Reserves policy**
The Trust has no Endowment funds or Restricted funds.
The Unrestricted funds of the Trust are divided between Income and Capital funds which are both available to be distributed under the Trust Deed. The Trustees will continue to distribute the charity's reserves to appropriate charities and charitable purposes.
## **Structure, governance and management**
## **a. Constitution**
The Garth Doubleday Trust is constituted under a Trust Deed dated 27 April 1966 and is a registered charity, number 249692.
The Deed established a Trust for charitable purposes in the name of the settlor, Garth Leslie Doubelday, for a period of seventy-five years after which the Trust is to be wound up.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **c. Organisational structure and decision-making policies**
The day to day running of the Trust is carried out by Kreston Reeves LLP, Chartered Accountants. The trustees meet annually to approve the accounts and determine the grants to be paid in the following twelve months.
## **d. Financial risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The Trust will continue to invest its funds in such a way that will provide adequate income to enable it to continue helping charities and charitable purposes. No changes are anticipated to the way in which the Trust operates.
The Trustees will continue to support the Trust's objectives for the foreseeable future.
Page 3
The Garth Doubkday Trust
Trnst•M' ieibwl l¢ontlnu•d)
for the y••r •nded 5 Wil 2023
S¢alement of Tfu•teeJ' vespomlbilities
The Tnjstees are rpswnslble preparlng Ihe Trustees. rewt Ihe financial ststements In accor(iance
applicable lam and United langdom Accounting Stsndards (Unrted Kingdom Generally AGcepted Accountlng
practi).
The law awitable lo tharilies in ETrJland & Walos rewlrBs Ihe Tnth lo Fry)8re fimnual stalements for
each financial vthich gtve a Inje and fair wew of Ihe 8tsto of affairs of the Charity and of rts incoming resources
and appllcalon ol resources. IndudirKJ its In¢C expendityre, for that P9rlcrfJ. In wepanng these finandal
slalements. Ihe Truslees arn reqLwvAI to:
select suilable a(Untij td(xe8 and then appty them consi$lenty',
obseNe Ihe methc#h and FYinC4eS of the Charities SORP IFRS 102)..
make judgements and accoLtnting estimates that are reasonable and rwudenl:
stale ththether appk'cabl8 UK Accounltng Stsndards IFRS 102) have been fdlcmed, sul4ed to any material
departures disdosed and eyAain8d in the finanrAal statements.,
prepare th8 financlal slalements M th6 going Ca)ncem basis unl88s It is inappropriats to presume that ihe
Charity V*ill o)ntmue in tXts1ne.
Thg Trustees arn re8pwslt4e for keeplng odequate accounllng rec(wds that arn sufficient lo show 8nd exploin
the Charit¢s transactions and disdose ¥h reasonabb #cr8cY al any kn.me the fin8n(ial position of the Charity
and enat48 them to énsure that the finanaal statements cxNnFty Ihe Charlb'es Ad 2011, the Charity
{Accounts and Re[) Regulations 2(M)8 and the F0VISIOnS ol the Tfust deed. They a also responsible for
safeguardlng the assets of Ihe Charlty aThS henr* lor lak6ng reas(Thtrfe 8lep8 for the preventk>n and detect1 of
fraud and other iwularitses.
Apwovèd by order of ts membws of the board of Truslees signed on their behatt ty.
E G Doubleday
Tnjslee
Date.. 14L
Page 4
**The Garth Doubleday Trust**
## **Independent examiner's report for the year ended 5 April 2023**
## **Independent examiner's report to the Trustees of The Garth Doubleday Trust ('the Charity')**
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.
I understand that 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 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 15/02/2024
S Robinson BA FCA FCIE DChA
## **Kreston Reeves LLP**
Chartered Accountants
Chatham Maritime
Page 5
**The Garth Doubleday Trust**
## **Statement of financial activities for the year ended 5 April 2023**
|**Note**
**Income and endowments from:**
Donations and legacies
3
Investments
4
**Total income and endowments**
**Expenditure on:**
Raising funds
5
Charitable activities
8
**Total expenditure**
**Net income before net (losses)/gains**
**on investments**
Net (losses)/gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(80,690)**
**(80,690)**
**1,625,884**
**(80,690)**
**1,545,194**|**Unrestricted**
**funds**
**2023**
**£**
**-**
**78,403**
**78,403**
**5,166**
**31,471**
**36,637**
**41,766**
**-**
**41,766**
**1,168,391**
**41,766**
**1,210,157**|**Total**
**funds**
**2023**
**£**
**-**
**78,403**
**78,403**
**5,166**
**31,471**
**36,637**
**41,766**
**(80,690)**
**(38,924)**
**2,794,275**
**(38,924)**
**2,755,351**|Total
funds
2022
£
965
60,293|
|---|---|---|---|---|
|||||61,258|
|||||5,226
32,459|
|||||37,685|
|||||23,573
135,875|
|||||159,448|
|||||2,634,827
159,448|
|||||2,794,275|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
The Garth DbledaY Trust
Balanc• sho•t
•• at 5 WI 2023
2023
2022
Flxed u#•ts
Inveslrnents
10
2,048,747
2.135.233
Cash at bank and In hand
708,092
661.694
ytar
11
(1888)
116521
706.604
659.042
Totsl n•1 ••••ts
2,75S,351
2,794.275
Charlty lund•
Endovmiont fund8
Rgstricted fund8
Unrestrlded lunds
12
12
12
1.545,194
1.625,884
1210.167
1,168,391
Total fund•
2.755.351
2,794,275
The fln8nclal 8latMwts were apwoved wtlK*Md l(w issue by the TNste•s slffj tywlr b8haW by.
l•d•y
Trustee
Oate: 0910212024
The nL*as paoay 8 to 16 fomi pwt of Ihese IlrwKl81 #at*nNts.
Page 7
**The Garth Doubleday Trust**
**Notes to the financial statements for the year ended 5 April 2023**
## **1. General information**
The Garth Doubleday Trust is a charity registered in England with charity number 249692. Its principal office is Montague Place, Quayside, Chatham Maritime, Kent ME4 4QU. The Trust Deed provides that the income and capital of the Trust are paid or applied to various charities and charitable purposes taking into account the wishes of the late settlor.
## **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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 Garth Doubleday 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.
The financial statements are presented in British Sterling and rounded to the nearest Pound.
## **2.2 Going concern**
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3 Income**
All income is recognised once the Charity 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 investment income is recognised at the time the investment income is receivable.
Page 8
**The Garth Doubleday Trust**
**Notes to the financial statements for the year ended 5 April 2023**
## **2. Accounting policies (continued)**
## **2.4 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 on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and comprises investment management fees.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity'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.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 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.
## **2.7 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.
## **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 Charity 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.
Page 9
**The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
## **2. Accounting policies (continued)**
## **2.9 Financial instruments**
The Charity 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.
## **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 Charity and which have not been designated for other purposes.
## **3. Income from donations and legacies**
|Donations
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
-
965|**Total**
**funds**
**2023**
**£**
**-**
965|Total
funds
2022
£
965|
|---|---|---|---|
|||||
## **4. Investment income**
|Income from listed investments
Bank and other interest receivable
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
65,633
12,770
78,403
60,293|**Total**
**funds**
**2023**
**£**
**65,633**
**12,770**
**78,403**
60,293|Total
funds
2022
£
60,225
68|
|---|---|---|---|
||||60,293|
|||||
Page 10
## **The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
## **5. Investment management costs**
|Investment management fees
Total 2022
**Analysis of grants**
Grants payable
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
5,166
5,226
**Grants to**
**Individuals**
**2023**
**£**
29,900
30,970|**Total**
**funds**
**2023**
**£**
**5,166**
5,226
**Total**
**funds**
**2023**
**£**
**29,900**
30,970|Total
funds
2022
£
5,226|
|---|---|---|---|
||||Total
funds
2022
£
30,970|
|||||
## **6. Analysis of grants**
Page 11
**The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
**7. Grants paid**
|Army Benevolent Fund
Bapchild PCC
Bible Lands Society
British & Foreign Bible Society
Brooke Hospital for Animal Welfare
Charterhouse Mission
Christ Church
Clare & Bermondsey Trust
Clemens Reutter Trust
Dolphin Sailing Barge Museum Trust
Dr Edwin Doubleday Fund
European Children's Trust
Friends of Bicknor
Frinsted PCC
Fruiterers' Charitable Trust
Gurney Fund for Police Orphans
Iwade Church Trust
Mental Health Foundation
Migrant Helpline
Milstead PCC
National Hospital for Neurology and Neurosrgery
Norton PCC
Oxfam
Oxford Trust Fund
Racing Welfare
RAF Benevolent Fund
Rodmersham PCC
Rodmersham Society
Royal Agricultural Benevolent Institution
Royal Artillery Charitable Trust
Royal National Lifeboat Institution
Royal UK Benevolent Institution
Salvation Army
Sittingbourne Heritage Centre and Museum
St Clement & St James Community Development Project
Sue Ryder Foundation
Teynham PCC
Tonge PCC|**Unrestricted**
**funds**
**2023**
**£**
-
-
800
800
1,000
600
600
600
2,500
300
-
600
800
800
1,500
800
800
800
600
800
-
-
1,000
600
800
800
1,500
800
-
800
1,000
800
1,000
600
800
800
800
1,250
**28,050**|**Total**
**funds**
**2023**
**£**
**-**
**-**
**800**
**800**
**1,000**
**600**
**600**
**600**
**2,500**
**300**
**-**
**600**
**800**
**800**
**1,500**
**800**
**800**
**800**
**600**
**800**
**-**
**-**
**1,000**
**600**
**800**
**800**
**1,500**
**800**
**-**
**800**
**1,000**
**800**
**1,000**
**600**
**800**
**800**
**800**
**1,250**
**28,050**|Total
funds
2022
£
500
750
800
800
1,000
500
500
500
2,520
250
750
500
750
750
1,500
700
750
600
600
750
750
750
750
500
700
600
1,500
750
600
750
750
500
750
600
600
700
750
1,200|
|---|---|---|---|
||||29,270|
Page 12
**The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
|Treloar Trust
Tunstall PCC|600
1,250
29,900|**600**
**1,250**
**29,900**|500
1,200|
|---|---|---|---|
||||30,970|
## **8. Analysis of expenditure by activities**
|Charitable activities
Total 2022|**Grant**
**funding of**
**activities**
**2023**
**£**
29,900
30,970|**Support**
**costs**
**2023**
**£**
1,571
1,489|**Total**
**funds**
**2023**
**£**
**31,471**
32,459|Total
funds
2022
£
32,459|
|---|---|---|---|---|
||||||
## **Analysis of support costs**
|Legal and professional fees
Accountancy fees
Total 2022|**Support**
**costs**
**2023**
**£**
83
1,488
1,571
1,489|**Total**
**funds**
**2023**
**£**
**83**
**1,488**
**1,571**
1,489|Total
funds
2022
£
145
1,344|
|---|---|---|---|
||||1,489|
|||||
Page 13
**The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL).
## **10. Fixed asset investments**
|**Cost or valuation**
At 6 April 2022
Disposals
Revaluations
At 5 April 2023|**Listed**
**investments**
**£**
**2,135,233**
**(5,796)**
**(80,690)**|
|---|---|
||**2,048,747**|
## **11. Creditors: Amounts falling due within one year**
||**2023**|2022|
|---|---|---|
||**£**|£|
|Other creditors|**1,488**|2,652|
Page 14
**The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
## **12. Statement of funds**
## **Statement of funds - current year**
||**Balance at 6**|**Balance at 6**|||**Gains/**|**Gains/**|**Balance at 5**|**Balance at 5**|
|---|---|---|---|---|---|---|---|---|
||**April 2022**||**Income**|**Expenditure**|**(Losses)**|||**April 2023**|
||**£**||**£**|**£**|**£**|||**£**|
|Income fund|**1,168,391**||**78,403**|**(36,637)**|**-**|||**1,210,157**|
|Capital fund|**1,625,884**||**-**|**-**|**(80,690)**|||**1,545,194**|
|**Total of funds**|**2,794,275**||**78,403**|**(36,637)**|**(80,690)**|||**2,755,351**|
|**Statement of funds - prior year**|||||||||
||Balance at||||Gains/|||Balance at|
||6 April 2021||Income|Expenditure|(Losses)||5 April 2022||
||£||£|£|£|||£|
|Income fund|1,144,818||61,258|(37,685)|-|||1,168,391|
|Capital fund|1,490,009||-|-|135,875|||1,625,884|
|**Total of funds**|2,634,827||61,258|(37,685)|135,875|||2,794,275|
||||||||||
Page 15
**The Garth Doubleday Trust**
## **Notes to the financial statements for the year ended 5 April 2023**
## **13. 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**|**Endowment**
**funds**
**2023**
**£**
1,545,194
-
-
1,545,194|**Unrestricted**
**funds**
**2023**
**£**
503,553
708,092
(1,488)
1,210,157|**Total**
**funds**
**2023**
**£**
**2,048,747**
**708,092**
**(1,488)**|
|---|---|---|---|
||||**2,755,351**|
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Endowment
funds
2022
£
1,625,884
-
-
1,625,884|Unrestricted
funds
2022
£
509,349
661,694
(2,652)
1,168,391|Total
funds
2022
£
2,135,233
661,694
(2,652)|
|---|---|---|---|
||||2,794,275|
## **14. Related party transactions**
The charity made a grant of £2,520 (2022 - £2,520) to the Clemens Reutter Memorial Trust during the year. G L T Reutter is a trustee of both the donor and donee charities.
There were no outstanding balances owing between related parties and the charity at 5 April 2023.
Page 16