G P S MACPHERSON CHARITABLE SETTLEMENT
Trustees’ Report
and Unaudited Financial Statements for the year ended 31 October 2024
Registered Charity Number 261045
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
G P S MACPHERSON CHARITABLE SETTLEMENT
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Accounting policies | 7 |
| Notes to the financial statements | 9 |
G P S MACPHERSON CHARITABLE SETTLEMENT UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
CHARITY INFORMATION
Trustees
Philip Strone Stewart Macpherson Esq The Hon. Laura Macpherson Ludlow Trust Company (London) Limited
Principal office
Ludlow Trust Company (London) Limited 8[th] Floor 1 Southampton Street London WC2R 0LR
Registered charity number
261045
Independent Examiner
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers and investment managers
Rathbones Investment Management George House 50 George Square Glasgow G2 1EH
Solicitors
Shepherd and Wedderburn LLP 9 Haymarket Square Edinburgh EH3 8FY
Page 1
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
G P S MACPHERSON CHARITABLE SETTLEMENT
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 October 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The G P S Macpherson Charitable Settlement is an unincorporated registered charity constituted under a trust deed dated 21 April 1970.
The trust is controlled by the trustees (list provided on page 1). Trustees are appointed by the trustees from time to time.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The charity is managed by the trustees, with all decisions taken by the trustees. No fund raising activities are undertaken to support the work of the charity.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe these to be fraud or poor investment performance. Adequate systems are in place to mitigate fraud and investment performance is regularly monitored.
OBJECTIVES AND ACTIVITIES
The charity’s objects are to further such other purpose or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit or for the charitable purpose of the body corporate of the Provost and Scholars of the House of the Blessed Mary the Virgin in Oxford, commonly called Oriel College.
The Trustees shall apply the income and, in their absolute discretion, the capital of the Trust in promoting the objects. In order to further the charity’s objects, the Trustees apply the income and capital by making grants to charitable organisations for the public benefit. These grants are made to organisations whose core purposes meet the charity’s objects, and the trustees consider in making these grants the charity is fulfilling its aims.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
During the year under review the charity made grants in furtherance of the objects amounting to £15,100 (2023: £15,500). Unsolicited appeals are considered as well as causes which have been supported in the past, with only successful applications notified of the Trustees’ decision.
Total income for the year was £31,031 (2023: £28,261) with total expenditure being £26,338 (2023: £23,356). At 31 October 2024 the charity’s total funds amounted to £980,467 with reserves of £42,317.
The Trustees are satisfied with the financial position of the Charity and that they have sufficient assets available to fulfil their obligations.
PLANS FOR FUTURE PERIODS
The trustees intend to continue the charity’s grant-making activity in furtherance of the charity’s objects.
Page 2
G P S MACPHERSON CHARITABLE SETTLEMENT
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
TRUSTEES’ REPORT
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 charity and of the incoming resources and application of resources of the charity 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 in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPOINTMENT OF INDEPENDENT EXAMINER
During the year under review the charity remained below the threshold for audit and appointed Geoffrey Frost of Blue Spire Limited as examiner to the charity. Geoffrey Frost has expressed his willingness to continue as examiner to the charity for subsequent financial years where the charity remains below the audit threshold.
Approved by the trustees on:
Date:
Philip Strone Stewart Macpherson Esq
The Hon. Laura Macpherson
Ludlow Trust Company (London) Limited
Page 3
G P S MACPHERSON CHARITABLE SETTLEMENT
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
INDEPENDENT EXAMINER’S REPORT
Independent Examiner’s Report to the Trustees of G P S Macpherson Charitable Settlement
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 October 2024 which are set out on pages 5 to 11.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Cawley Priory South Pallant Chichester Geoffrey Frost BSc(Hons) FCA West Sussex Blue Spire Limited PO19 1SY
Date
Page 4
G P S MACPHERSON CHARITABLE SETTLEMENT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds 2 Charitable activities 3 Total Net gains/(losses) on investments 7 Net Income/(expenditure) Transfers between funds 10 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 10 Total funds carried forward 10 |
Unrestricted Fund £ 31,031 31,031 - 21,923 21,923 - 9,108 (317,547) (308,439) 351,566 43,127 |
Endowment Fund £ - - 3,605 - 3,605 154,066 150,461 317,547 468,008 470,142 938,150 |
2024 Total Funds £ 31,031 31,031 3,605 21,923 25,528 154,066 159,569 - 159,569 821,708 981,277 |
2023 Total Funds £ 28,261 |
|---|---|---|---|---|
| 28,261 | ||||
| 3,031 20,325 |
||||
| 23,356 | ||||
| (15,976) | ||||
| (11,071) - |
||||
| (11,071) 832,779 |
||||
| 821,708 |
None of the charity’s activities were acquired or discontinued during the above two financial years. All recognised gains and losses are included in the Statement of Financial Activities
Page 5
G P S MACPHERSON CHARITABLE SETTLEMENT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
BALANCE SHEET AS AT 31 OCTOBER 2024
| Note FIXED ASSETS Investments 7 CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 8 Net current assets/(liabilities) Net assets/(liabilities) THE FUNDS OF THE CHARITY Capital (expendable endowment) 10 Unrestricted 10 Total charity funds |
£ £ 935,557 50,195 50,195 4,475 45,720 981,277 938,150 43,127 981,277 2024 |
£ £ 784,990 39,105 39,105 2,387 36,718 821,708 470,142 351,566 821,708 2023 |
£ £ 784,990 39,105 39,105 2,387 36,718 821,708 470,142 351,566 821,708 2023 |
|---|---|---|---|
| 821,708 | |||
| 470,142 351,566 |
|||
| 821,708 |
The notes on pages 9 to 11 form part of the financial statements
Approved by the trustees and authorised for issue on:
…........................................... …........................................... Philip Strone Stewart Macpherson Esq The Hon. Laura Macpherson Trustee Trustee
…........................................... Ludlow Trust Company (London) Limited Trustee
Date
Page 6
G P S MACPHERSON CHARITABLE SETTLEMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
G P S Macpherson Charitable Settlement is a registered unincorporated charity, established under a trust deed, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Where a claim for repayment of income tax has been or will be made, such income is grossed up for the tax recoverbale. The following accounting policies are applied to different categories of income:
Grants and Donations Receivable
Grants and donations are recognised in the SOFA where conditions for receipt have been complied with.
Investment Income
Interest receivable on deposit and securities is accounted for as it accrues. Dividend income receivable on securities is accounted for when received by the investment manager.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
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Cost of generating funds: these include investment management fees charged by the charity's investment managers and certain legal fees
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Charitable activities: donations payable are recognised when they are approved by the trustees and the receipt of the grant has been
-
informed of the amount paid.
●Governance costs: comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with support costs
Fixed assets
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
Realised and unrealised gains and losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
Page 7
G P S MACPHERSON CHARITABLE SETTLEMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
ACCOUNTING POLICIES
Going concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. After making enquiries and considering ongoing world events, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instrument' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to setle on a net basis or to realise the asset and settle the liability simultaneously.
With the exception of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See note 7 for the creditor notes.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.
Key Estimates and Judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Page 8
G P S MACPHERSON CHARITABLE SETTLEMENT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
NOTES TO THE FINANCIAL STATEMENTS
1. Income from investments
| Income from investments Bank interest 2. Raising funds Investment managers fees 3. Expenditure on charitable activities Grants to institutions (note 4) Support and governance costs Trust administration fees Independent examiner's fee 4. Grants to institutions Advancement of education Grange Festival Prizes Advancement of health Muscular Dystrophy UK Portsmouth Bowel Cancer Appeal Advancement of youth Fetlor Youth Club |
Unrestricted Endowment Funds Funds £ £ 29,485 - 1,546 - 31,031 - Unrestricted Endowment Funds Funds £ £ - 3,605 - 3,605 Unrestricted Endowment Funds Funds £ £ 15,100 - 5,833 - 990 - 21,923 - One grant unless annotated |
2024 Total Funds £ 29,485 1,546 31,031 2024 Total Funds £ 3,605 3,605 2024 Total Funds £ 15,100 5,833 990 21,923 |
Unrestricted Funds £ 27,476 785 28,261 Unrestricted Funds £ - - Unrestricted Funds £ 15,500 4,825 - 20,325 |
Endowment Funds £ - - - Endowment Funds £ 3,031 3,031 Endowment Funds £ - - - - 2024 Total Funds £ - - 100 15,000 15,100 |
2023 Total Funds £ 27,476 785 |
|---|---|---|---|---|---|
| 28,261 | |||||
| 2023 Total Funds £ 3,031 |
|||||
| 3,031 | |||||
| 2023 Total Funds £ 15,500 4,825 - |
|||||
| 20,325 | |||||
| 2023 Total Funds £ 15,000 |
|||||
| 500 - |
|||||
| - | |||||
| 15,500 |
Page 9
G P S MACPHERSON CHARITABLE SETTLEMENT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
NOTES TO THE FINANCIAL STATEMENTS
5. Independent examiner's remuneration
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Examiner's fees - current year | 810 | - | 810 | - | - | - |
| Examiner's fees - prior year | 180 | - | 180 | - | - | - |
| 990 | - | 990 | - | - | - |
6. Related party transactions
Ludlow Trust Company Limited charged fees for administrative services, as shown on note 3, totalling £5,833 (2023: £4,825). These fees are authorised under the section 11 of the Trust Deed.
The Trust has no employees, all administration being carried out by the trustees.
Other than the fees noted above, no remuneration was paid to nor expenses paid to or on behalf of any trustee during the year under review or the comparative year.
7. Fixed asset investments - Listed
| Balance brought forward Additions Disposals at proceeds Gains/(losses) on investments Cash held by investment manager |
2024 £ 764,158 78,162 (83,703) 154,066 912,683 22,874 935,557 |
2023 £ 780,134 - - (15,976) |
|---|---|---|
| 764,158 | ||
| 20,832 | ||
| 784,990 |
8. Creditors: amounts falling due within one year
| Accruals - Investment managers fee Accruals - Administrative services Accruals - Independent examiner fees |
2024 £ 286 3,379 810 4,475 |
2023 £ - 2,387 - |
|---|---|---|
| 2,387 |
9. Analysis of net assets between funds
| Fixed assets investments Net current assets |
Unrestricted Funds £ - 43,127 43,127 |
Endowment Funds £ 935,557 2,593 938,150 |
2024 Total Funds £ 935,557 45,720 981,277 |
Unrestricted Funds £ - 351,566 351,566 |
Endowment Funds £ 784,990 314,848 - 470,142 |
2023 Total Funds £ 784,990 36,718 |
|---|---|---|---|---|---|---|
| 821,708 |
Page 10
G P S MACPHERSON CHARITABLE SETTLEMENT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
NOTES TO THE FINANCIAL STATEMENTS
10. Net movement in funds
| 10. Net movement in funds | ||||||
|---|---|---|---|---|---|---|
| Endowment funds Unrestricted funds Endowment funds Unrestricted funds |
Year ended 31 | October 2024 | ||||
| Total funds brought forward £ 470,142 351,566 821,708 |
Total incoming resources £ - 31,031 31,031 |
Total resources expended £ (3,605) (21,923) (25,528) Year ended 31 |
Transfers between funds £ 317,547 (317,547) - October 2023 |
Gains/(losses) on investment assets £ 154,066 - 154,066 |
Total funds carried forward £ 938,150 43,127 |
|
| 981,277 | ||||||
| Total funds brought forward £ 489,149 343,630 832,779 |
Total incoming resources £ - 28,261 28,261 |
Total resources expended £ (3,031) (20,325) (23,356) |
Transfers between funds £ - - - |
Gains/(losses) on investment assets £ (15,976) - (15,976) |
Total funds carried forward £ 470,142 351,566 |
|
| 821,708 |
During the period under review the trustees undertook a review of the historic recognition of donations to the trust and concluded the expendable endowment fund position was understated. An amending transfer has been included in these accounts to bring the charity's funds into line with the correct position at the balance sheet date.
11. Comparative statement of financial activities
| Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds 2 Charitable activities 3 Total Net gains/(losses) on investments 8 Net Income/(expenditure) Transfers between funds 10 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 10 Total funds carried forward 10 |
Unrestricted Funds £ 28,261 28,261 - 20,325 20,325 - 7,936 - 7,936 343,630 351,566 |
Endowment Funds £ - - 3,031 - 3,031 (15,976) (19,007) - (19,007) 489,149 470,142 |
2023 Total Funds £ 28,261 |
|---|---|---|---|
| 28,261 | |||
| 3,031 20,325 |
|||
| 23,356 | |||
| (15,976) | |||
| (11,071) - |
|||
| (11,071) 832,779 |
|||
| 821,708 |
Page 11