**Charity number: 261059**
## **The Samuel Gardner Memorial Trust**
**Report of the Trustees and Unaudited Financial Statements**
**For the year ended 05 April 2024**
## **The Samuel Gardner Memorial Trust Contents Page For the year ended 05 April 2024**
|Report of the Trustees|1 to 2|
|---|---|
|Independent Examiner's Report to the Trustees|3|
|Statement of Financial Activities|4|
|Statement of Financial Position|5|
|Notes to the Financial Statements|6 to 13|
## **The Samuel Gardner Memorial Trust Report of the Trustees**
## **For the year ended 05 April 2024**
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 05 April 2024. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the trust are to apply trust assets towards:
- the advancement of music and musical education generally
- support for the arts and heritage
Our first priority is to support music education projects which show lasting legacy and quality, and are centred on learning and participation, music in healthcare, young people's musical development, and inclusiveness. As a subsidiary strand we consider applications which address the preservation of the natural environment.
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
## **Grantmaking**
The trustees have agreed that their grant making will generally, but not necessarily exclusively, be restricted to the music and arts fields, with an emphasis on the encouragement of young people.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Significant activities**
The trustees meet the charitable objectives by giving grants to applicants whose objectives and activities match those of the charity.
## **Achievements against objectives**
Total grants awarded in the year, net of previously awarded but now written back, were £53,300 (2023 : £42,167). 30 out of 80 applications were successful.
The trustees were pleased to support an increase in applications compared to the previous financial year and were impressed and gratified by the commitment of the charities undertaking a range of creative work in the fields of arts and health, music education, performance (indoors and outdoors) and composition. Organisations were based across the United Kingdom and included hospices, social care settings, marginalised communities, and well-established choirs and orchestras for young people, all making a difference to participants' lives.
## **Investment performance**
In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property in the UK as they see fit. The policy is is to adopt a medium risk investment strategy based on maximising income.
## **FINANCIAL REVIEW**
## **Reserves**
It is the policy of the charity to as far as possible equate grants to available income and to make grants in excess of the income available by making payments from the expendable endowment fund only in exceptional circumstances. The trustees intend to expend less than the income in any one year only when applications fall short of income available or when it is anticipated that future applications are likely to exceed income.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
## **Recruitment and appointment of trustees**
Trustees are appointed and removed by the body of trustees which shall be no fewer than five nor more than eleven.
New trustees are recruited by current trustees.
Induction and training of new trustees The Chair is responsible for the induction of new trustees.
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**The Samuel Gardner Memorial Trust Report of the Trustees Continued For the year ended 05 April 2024**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
**Name of Charity Charity registration number Principal address**
The Samuel Gardner Memorial Trust 261059 25 Marchmont Road Richmond TW10 6HQ
## **Trustees**
The trustees and officers serving during the year and since the year end were as follows:
Ms M Friend MBE (Chair) Mrs U Jones OBE Mr N Rampley Ms N Ashton (Resigned: 04 August 2023) Mr T Davy Ms L Drever Mr G Cameron (Appointed: 13 November 2023)
**Independent examiner**
Andrew M Wells FMAAT Counterculture Partnership LLP Bank Chambers, Main Street Hawes North Yorkshire DL8 3QL
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 17 January 2025 Ms M Friend MBE (Chair)
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## **The Samuel Gardner Memorial Trust Independent Examiners Report to the Trustees For the year ended 05 April 2024**
I report to the trustees on my examination of the accounts of the charity for the year ended 05 April 2024.
## **Responsibilities and basis of report**
As the charity trustees, 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiners statement**
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.
Andrew M Wells FMAAT
Counterculture Partnership LLP Bank Chambers, Main Street
Hawes
North Yorkshire DL8 3QL
17 January 2025
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## **The Samuel Gardner Memorial Trust Statement of Financial Activities For the year ended 05 April 2024**
||**Notes**|**Unrestricted**|**Endowment**|**2024**|**2023**|
|---|---|---|---|---|---|
|||**funds**|**funds**|||
|||**£**|**£**|**£**|**£**|
|**Income and endowments from:**||||||
|Investments|2|73,722|-|73,722|47,430|
|**Total**||**73,722**|**-**|**73,722**|**47,430**|
|**Expenditure on:**||||||
|Raising funds|3|-|(3,239)|(3,239)|(8,929)|
|Charitable activities|4/5|(56,130)|-|(56,130)|(44,638)|
|**Total**||**(56,130)**|**(3,239)**|**(59,369)**|**(53,567)**|
|Net gains/(losses) on investments||-|53,184|53,184|(74,200)|
|**Transfers between funds**||(2,298)|2,298|-|-|
|**Other recognised gains/losses**||||||
|**Net movement in funds**||**15,294**|**52,243**|**67,537**|**(80,337)**|
|**Reconciliation of funds**||||||
|Total funds brought forward||11,615|1,958,150|1,969,765|2,050,102|
|**Total funds carried forward**||**26,909**|**2,010,393**|**2,037,302**|**1,969,765**|
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## **The Samuel Gardner Memorial Trust Statement of Financial Position As at 05 April 2024**
||**Notes**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
|**Fixed assets**||||
|Investments|11/12|1,611,305|1,563,044|
|||**1,611,305**|**1,563,044**|
|**Current assets**||||
|Debtors|13|395,106|395,106|
|Cash at bank and in hand||43,351|23,515|
|||**438,457**|**418,621**|
|**Creditors: amounts falling due within one year**|14|(12,460)|(11,900)|
|**Net current assets**||**425,997**|**406,721**|
|**Total assets less current liabilities**||**2,037,302**|**1,969,765**|
|**Net assets**||**2,037,302**|**1,969,765**|
|**The funds of the charity**||||
|Endowment funds|15|2,010,393|1,958,150|
|Unrestricted income funds|15|26,909|11,615|
|**Total funds**||**2,037,302**|**1,969,765**|
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Ms M Friend MBE (Chair) Trustee
17 January 2025
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## **The Samuel Gardner Memorial Trust Notes to the Financial Statements For the year ended 05 April 2024**
## **1. Accounting Policies**
## **Basis of accounting**
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
The Samuel Gardner Memorial 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 note(s).
## **Going concern**
The financial statements are prepared, on a going concern basis, under the historical cost convention.
## **Statement of cash flows**
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.
## **Funds**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
The expendable endowment fund represents those assets which are held for the charity, principally investments which the trustees may convert to expendable income. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included in the unrestricted income. Gains or losses arising on investments are credited to or charged against the endowment fund respectively. Investment management fees are charged against the endowment fund.
## **Incoming resources**
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **Investments**
Investments are stated at their market value at the year end. The market value of quoted securities is based on the middle market quotation on the relevant Stock Exchange.
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## **The Samuel Gardner Memorial Trust Notes to the Financial Statements Continued For the year ended 05 April 2024**
## **2. Investment income**
|**Unrestricted funds**
Income from listed investments
Bank interest receivable
Other interest receivable
**nvestment management costs**
**Endowment funds**
Investment management fees
**osts of charitable activities by fund type**
**Unrestricted funds**
Grant making activities
Support costs
**osts of charitable activities by activity type**
**Support**
**costs**
**Grant**
**funding of**
**activities**
**£**
**£**
**Support costs**
Grant making activities
2,830
53,300|**2024**
**£**
65,139
682
7,901
**73,722**
**2024**
**£**
3,239
**3,239**
**2024**
**£**
53,300
2,830
**56,130**
**2024**
**£**
56,130|**2023**
**£**
38,464
1,065
7,901|
|---|---|---|
|||**47,430**|
|||**2023**
**£**
8,929|
|||**8,929**|
|||**2023**
**£**
42,167
2,471|
|||**44,638**|
|||**2023**
**£**
44,638|
## **3. Investment management costs**
## **4. Costs of charitable activities by fund type**
## **5. Costs of charitable activities by activity type**
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## **The Samuel Gardner Memorial Trust Notes to the Financial Statements Continued For the year ended 05 April 2024**
## **6. Analysis of grants**
|**nalysis of grants**||
|---|---|
||**Grants to**|
||**Institutions**|
||**£**|
|Baseless Fabric Theatre|750|
|Birmingham Opera Company|1,250|
|Blackheath Halls|1,500|
|Carousel|500|
|Constella Music|1,000|
|Contemporary Music for All|1,000|
|Demelza Hospice|1,300|
|Drum Works|750|
|English National Opera|1,000|
|Fairbeats Music|750|
|Gallions Music Trust|1,000|
|Instruments of Time and Truth|500|
|International Guitar Foundation|750|
|Jessie's Fund|1,500|
|Lewisham Education Arts Network|1,000|
|London Sinfonietta|1,000|
|Music in the Round|1,250|
|National Youth Choir|1,250|
|National Youth Jazz Orchestra|500|
|National Youth Orchestra|1,250|
|Nonclassical|1,500|
|Open Up Music|1,500|
|Purcell School|22,000|
|Roundhouse|1,000|
|Saffron Hall|1,500|
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## **The Samuel Gardner Memorial Trust Notes to the Financial Statements Continued For the year ended 05 April 2024**
|Spitalfields Music||750|
|---|---|---|
|Street Orchestra||500|
|Streetwise Opera||1,250|
|Voices Foundation||500|
|Welsh National Opera||1,500|
|Wigmore Hall||1,500|
|||**53,300**|
|**nalysis of support costs**|||
||**2024**|**2023**|
||**£**|**£**|
|**Grant making activities**|||
|Management|1,870|1,571|
|Governance costs|960|900|
||**2,830**|**2,471**|
## **7. Analysis of support costs**
## **8. Net income/(expenditure) for the year**
This is stated after charging/(crediting):
|This is stated after charging/(crediting):|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Accountancy fees|960|900|
## **9. Trustee remuneration and related party transactions**
Nick Rampley is a trustee of Nonclassical, a charity which received a grant during the year. Ursula Jones is a trustee of Streetwise Opera, a charity which received a grant during the year. Tim Davy is a trustee of Spitalfields Festival, a charity which received a grant during the year.
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## **The Samuel Gardner Memorial Trust**
## **Notes to the Financial Statements Continued For the year ended 05 April 2024**
## **10. Comparative for the Statement of Financial Activities**
|**Income and endowments from:**
Investments
**Total**
**Expenditure on:**
Raising funds
Charitable activities
**Total**
Net gains/(losses) on investments
**Transfers between funds**
**Other recognised gains/losses**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**£**
47,430
**47,430**
-
(44,638)
**(44,638)**
-
(7,038)
**(4,246)**
15,861
**11,615**|**Endowment**
**funds**
**£**
-
**-**
(8,929)
-
**(8,929)**
(74,200)
7,038
**(76,091)**
2,034,241
**1,958,150**|**2023**
**£**
47,430|
|---|---|---|---|
||||**47,430**|
||||(8,929)
(44,638)|
||||**(53,567)**|
||||(74,200)
-|
||||**(80,337)**|
||||2,050,102|
||||**1,969,765**|
## **Investments**
## **11. Analysis of movement of commercial investments**
|Market value at 06
April 2023
Additions to
investment at cost
Disposals at carrying
value
Net gain/(loss) on
revaluation
Market value at 05
April 2024|**Listed**
**investments**
**£**
1,563,044
50,587
(66,582)
64,256|
|---|---|
||**1,611,305**|
|||
## **12. Analysis of investments between funds as at year ended 05 April 2024**
|**Endowment funds**
Listed investments|**2024**
**£**
1,611,305
**1,611,305**|**2023**
**£**
1,563,044|
|---|---|---|
|||**1,563,044**|
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## **The Samuel Gardner Memorial Trust Notes to the Financial Statements Continued For the year ended 05 April 2024**
## **13. Debtors**
|**13. Debtors**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|**Amounts due within one year:**|||
|Other debtors|395,106|395,106|
||**395,106**|**395,106**|
|**14. Creditors: amounts falling due within one year**|||
||**2024**|**2023**|
||**£**|**£**|
|Trade creditors|11,000|11,000|
|Accruals and deferred income|1,460|900|
||**12,460**|**11,900**|
## **15. Movement in funds**
## **Unrestricted Funds**
|_General_
General
**Unrestricted Funds - Previous year**
_General_
General|**Balance at**
**06/04/2023**
**£**
11,615
**11,615**
**Balance at**
**06/04/2022**
**£**
15,861
**15,861**|**Incoming**
**resources**
**£**
73,722
**73,722**
**Incoming**
**resources**
**£**
47,430
**47,430**|**Outgoing**
**resources**
**£**
(56,130)
**(56,130)**
**Outgoing**
**resources**
**£**
(44,638)
**(44,638)**|**Transfers**
**£**
(2,298)
**(2,298)**
**Transfers**
**£**
(7,038)
**(7,038)**|**Balance at**
**05/04/2024**
**£**
26,909|
|---|---|---|---|---|---|
||||||**26,909**|
||||||**Balance at**
**05/04/2023**
**£**
11,615|
||||||**11,615**|
## **Purpose of unrestricted Funds**
## General
Unrestricted funds are used to meet the charity's objectives.
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## **The Samuel Gardner Memorial Trust**
## **Notes to the Financial Statements Continued For the year ended 05 April 2024**
|**Endowment Funds**
**Balance at**
**06/04/2023**
**£**
_Expendable_
Endowment Fund
1,958,150
**1,958,150**
**Endowment Funds - Previous year**
**Balance at**
**06/04/2022**
**£**
_Expendable_
Endowment Fund
2,034,241
**2,034,241**
**Purpose of endowment funds**
Endowment Fund
The expendable endowment fund holds those assets which
**Analysis of net assets between funds**
**Unrestricted funds**
_General_
General
**Endowment funds**
_Expendable_
Endowment Fund|**Outgoing**
**resources**
**Transfers**
**Gains and**
**losses**
**Balance at**
**05/04/2024**
**£**
**£**
**£**
**£**
2,010,393
(3,239)
2,298
53,184
**(3,239)**
**2,298**
**53,184**
**2,010,393**
**Outgoing**
**resources**
**Transfers**
**Gains and**
**losses**
**Balance at**
**05/04/2023**
**£**
**£**
**£**
**£**
1,958,150
(8,929)
7,038
(74,200)
**(8,929)**
**7,038**
**(74,200)**
**1,958,150**
are invested for the charity.
**Investments**
**Net current**
**assets /**
**(liabilities)**
**Net Assets**
**£**
**£**
**£**
-
26,909
26,909
1,611,305
399,088
2,010,393
**1,611,305**
**425,997**
**2,037,302**|**Outgoing**
**resources**
**Transfers**
**Gains and**
**losses**
**Balance at**
**05/04/2024**
**£**
**£**
**£**
**£**
2,010,393
(3,239)
2,298
53,184
**(3,239)**
**2,298**
**53,184**
**2,010,393**
**Outgoing**
**resources**
**Transfers**
**Gains and**
**losses**
**Balance at**
**05/04/2023**
**£**
**£**
**£**
**£**
1,958,150
(8,929)
7,038
(74,200)
**(8,929)**
**7,038**
**(74,200)**
**1,958,150**
are invested for the charity.
**Investments**
**Net current**
**assets /**
**(liabilities)**
**Net Assets**
**£**
**£**
**£**
-
26,909
26,909
1,611,305
399,088
2,010,393
**1,611,305**
**425,997**
**2,037,302**|**Balance at**
**05/04/2024**
**£**
2,010,393|
|---|---|---|---|
||||**2,010,393**|
||||**Balance at**
**05/04/2023**
**£**
1,958,150|
||||**1,958,150**|
|||**1,611,305**
**425,997**
**2,037,302**||
## **16. Analysis of net assets between funds**
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## **The Samuel Gardner Memorial Trust Notes to the Financial Statements Continued For the year ended 05 April 2024**
## **Previous year**
|**Previous year**||||
|---|---|---|---|
||**Investments**|**Net current**|**Net Assets**|
|||**assets /**||
|||**(liabilities)**||
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|_General_||||
|General|-|11,615|11,615|
|**Endowment funds**||||
|_Expendable_||||
|Endowment Fund|1,563,044|395,106|1,958,150|
||**1,563,044**|**406,721**|**1,969,765**|
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