## **THE ERIC GREGORY TRUST FUND**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
## **FOR THE**
**YEAR ENDED 31 DECEMBER 2024**
## **CHARITY No. 261451**
## **THE ERIC GREGORY TRUST FUND**
## **Charity Information**
|Trustees|The Society of Authors|
|---|---|
|Charity Number|261451|
|Charity Offices|c/o The Society of Authors|
||24 Bedford Row|
||London WC1R 4EH|
|Independent Examiner|Simon Goodridge FCA|
||Knox Cropper LLP|
||Chartered Accountants|
||65 Leadenhall Street|
||London EC3A 2AD|
|Bankers|HSBC|
||The Peak|
||333 Vauxhall Bridge Road|
||Victoria|
||London SW1V 1EJ|
|Investment Managers|LGT Wealth Management UK LLP|
||14 Cornhill|
||London EC3V 3NR|
## **THE ERIC GREGORY TRUST FUND**
## **Contents**
||Pages|
|---|---|
|Trustees' Report|1 - 2|
|Independent Examiner’s Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6 - 8|
**REPORT OF THE TRUSTEES OF**
## **THE ERIC GREGORY TRUST FUND**
## **YEAR ENDED 31 DECEMBER 2024**
The Trustees present their report and financial statements for the year ended 31st December 2024. The Trustees have adopted the provisions of the 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) (second edition effective 1 January 2019).
## **Trustees**
The Society of Authors is the permanent Trustee of the charity and has acted throughout the year. The members of the Management Committee of The Society of Authors, who are the directors of The Society of Authors under company law, are referred to as the “Trustees” of the charity throughout this document.
## **Investment powers and Risk Management**
The Trust Deed authorises the Trustees to make and hold investments using the Capital Funds of the charity. These are shown in detail in the notes to the financial statements. The principal area of risk concerns the management of the investments, the income from which provides the main source of funds from which the awards are paid. The investments are therefore kept under constant review by the investment managers.
## **Constitution, objects and policies**
This Charity was constituted under the Will of the late Eric Gregory for the benefit and encouragement of young poets. Candidates for an award are restricted to British subjects under the age of 30 at the time of the award who submit for the consideration of a panel of judges a literary work in volume form in the English language of which he or she is sole author. Literary work is defined for this purpose as a work of belles letters, poetry or a dramatic work. The policy of the Eric Gregory Fund continues to be to make awards in accordance with the Trust Deed.
## **Public Benefit**
In reviewing the charity’s aims and objectives and in planning future activities, the Trustees refer to the Charity Commission’s general guidance on public benefit.
## **Reserves Policy**
The Trustees policy is to operate on the basis of being able to continue to generate sufficient incoming resources to use toward meeting their charitable objectives and to accord with their principal terms. The Trustees are of the opinion that the funds remain sufficient to enable them to continue this ongoing objective. The charity has sufficient but not excessive funds to service its objective of making future charitable distributions.
## **Financial Review**
The results for the year ended 31[st] December 2024 are attached and show a net decrease in funds of £43,706 (2023: £39,386 decrease) before adding the realised gain on sale of investments of £1,973 (2023: £207 gain) and the unrealised increase in market value of investments amounting to £25,954 (2023: £42,219 increase). Charitable awards totalling £28,350 (2023: £28,350) were paid to six poets (2023: six) and other expenditure amounted to £44,366 (2023: £41,824). The investments appear in the Balance Sheet at their market value of £850,816 (2023: £869,364). The Accumulated Fund carried forward at the year-end stands at £866,814 (2023: £882,593) and the Trustees consider that the charity has sufficient income and capital to meet its obligations in the foreseeable future.
1
**REPORT OF THE TRUSTEES OF**
## **THE ERIC GREGORY TRUST FUND**
## **YEAR ENDED 31 DECEMBER 2024**
## **Statement of Trustees' Responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
The law applicable to charities in England and Wales, the Charities Act 2011, 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 its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and the principles of the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which 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.
Approved by the board of Trustees on 15 May 2025 and signed on their behalf by:
Vanessa Fox O’Loughlin – Chair of the Management Committee, The Society of Authors
2
## **THE ERIC GREGORY TRUST FUND**
## **YEAR ENDED 31[st] DECEMBER 2024**
## **Independent Examiner’s Report to the Trustees of The Eric Gregory Trust Fund**
I report to the trustees on my examination of the accounts of The Eric Gregory Trust Fund for the year ended 31[st] December 2024.
## **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 Trust’s accounts as required 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 Examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in any material aspect:
- a) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- b) the accounts do not accord with those records; or
- c) 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 the 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.
Simon Goodridge FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street EC3A 2AD
Date: 20 June 2025
3
## **THE ERIC GREGORY TRUST FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[st] DECEMBER 2024**
||||**Unrestricted Funds**||
|---|---|---|---|---|
||||**2024**|**2023**|
||**Notes**|£|£
£|£|
|**Income**|||||
|Investment Income – Dividends|2||28,463|30,503|
|- Bank Interest|||547|285|
|**Total**|||29,010|30,788|
|**Expenditure**|||||
|Raising funds:|||||
|Investment Management Fees|||4,482|4,379|
|Charitable activities|3||68,234|65,795|
|**Total**|||72,716|70,174|
|**Net income/(expenditure) before**|||||
|**Investment gains/(losses)**|||(43,706)|(39,386)|
|Net gains/(losses) on investments|6||27,927|42,426|
|**Net income/(expenditure)**|||£(15,779)|£3,040|
|**Reconciliation of funds:**|||||
|Total funds brought forward|||882,593|879,553|
|**Total funds carried forward**|||£866,814|£882,593|
The notes form part of these Financial Statements
4
## **THE ERIC GREGORY TRUST FUND**
## **BALANCE SHEET**
## **31[st] DECEMBER 2024**
|**Notes**
**FIXED ASSETS**
Quoted Investments – at
Market Value
4
**CURRENT ASSETS**
Debtors
7
Cash held by Investment
Managers
Cash at bank
**CURRENT LIABILITIES**
Amounts due within one year
8
**Net Current Assets**
**TOTAL NET ASSETS**
Represented by:
**ACCUMULATED FUND**
Total Unrestricted Funds
**TOTAL UNRESTRICTED**
**FUNDS**|**2024**
£
£
850,816
-
15,586
3,354
18,940
(2,942)
15,998
£866,814
866,814
£866,814|**2023**
£
£
869,364
1,200
15,611
522
17,333
(4,104)
13,229
£882,593
882,593
£882,593|**2023**
£
£
869,364
1,200
15,611
522
17,333
(4,104)
13,229
£882,593
882,593
£882,593|
|---|---|---|---|
||||£882,593|
||||882,593|
||||£882,593|
Approved by the Trustees on 15 May 2025 signed on their behalf by
Vanessa Fox O’Loughlin – Chair of the Management Committee, The Society of Authors
The notes form part of these Financial Statements
5
**THE ERIC GREGORY TRUST FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
- a) These financial statements have been prepared in accordance with the Financial Reporting Standard 102 and the Charities SORP (FRS102 second edition) and in compliance with the Charities Act 2011.
The charity is a public benefit entity under FRS102.
- b) The income from investments and bank interest received represent the actual income receivable in the year including any income tax credits or income tax deducted for the year.
- c) Awards paid include all amounts payable in the year in accordance with the terms of the Trust Deed.
- d) Other expenditure is included on the basis of amounts payable for the year.
- e) The quoted investments are included in the Financial Statements at market value to comply with the Statement of Recommended Practice.
- f) 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 for a period of at least twelve months from the date of approval of these financial statements.
The Trustees have 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.
## **2. INVESTMENT INCOME**
|**.**
**INVESTMENT INCOME**|||
|---|---|---|
|**NON GOVERNMENT BOND FUNDS**
Volare Global Fixed Interest Offshore Fund Z Income
Volare Sterling Fixed Interest Offshore Fund Z Income
**MULTI ASSET CHARITY INVESTMENT FUNDS**
Volare Income Offshore Fund Z
**TOTAL**|**Gross**
**Income**
**2024**
£
3,701
3,522
21,240
£28,463|**Gross**
**Income**
**2023**
£
4,291
3,073
23,139|
|||£30,503|
6
## **THE ERIC GREGORY TRUST FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2024**
## **3. CHARITABLE ACTIVITIES**
|**2024**
**2023**
£
£
**DIRECT**
Awards paid
28,350
28,350
**INDIRECT**
Judges’ fees
7,200
7,200
Administration costs
25,800
24,570
Awards Ceremony Contribution
2,400
2,400
Poetry Residencies
1,320
1,200
Other costs
1,304
281
**GOVERNANCE**
Independent Examination Fee
1,860
1,794
£68,234
£65,795
**4.**
**INVESTMENTS**
**Cost**
**Market**
**Value**
£
£
**NON GOVERNMENT BOND FUNDS**
Volare Global Fixed Interest Offshore Fund Z Income
93,302
76,992
Volare Sterling Fixed Interest Offshore Fund Z Income
84,848
75,552
**MULTI ASSET CHARITY INVESTMENT FUNDS**
Volare Income Offshore Fund Z
649,555
698,272
Totals at – 31stDecember 2024
£827,705
£850,816
31stDecember 2023
£870,807
£869,364
**5.**
**MOVEMENTS ON COST OF INVESTMENTS**
**2024**
**2023**
£
£
£
£
Cost at 1 January 2024
870,807
900,130
Disposals
Volare Income Offshore Fund Z
(43,102)
(29,323)
Cost at 31 December 2024
£827,705
£870,807||**2023**
£
28,350
7,200
24,570
2,400
1,200
281
1,794|**2023**
£
28,350
7,200
24,570
2,400
1,200
281
1,794|
|---|---|---|---|
|||£65,795||
|||**Market**
**Value**
£
76,992
75,552||
|||698,272||
|||£850,816||
|||£869,364||
||||£870,807|
7
## **THE ERIC GREGORY TRUST FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] DECEMBER 2024**
## **6. MOVEMENT IN MARKET VALUES OF INVESTMENTS**
|Market Value at the beginning of the year
Disposal proceeds
Investment gains/(losses)
**Market value at the year end**
Realised gains
Unrealised gains/(losses)
**7.**
**DEBTORS**
Prepayments
**8.**
**CREDITORS AND ACCRUALS**
Investment Managers’ Fees
Professional Fees
Other|**2024**
**2023**
£
£
£
£
869,364
855,939
(46,475)
(29,001)
27,927
42,426
(18,548)
13,425
£850,816
£869,364
1,973
207
25,954
42,219
£27,927
£42,426
**2024**
**2023**
£
£
-
1,200
£-
£1,200
**2024**
**2023**
£
£
1,082
1,110
1,860
1,794
-
1,200
£2,942
£4,104|**2024**
**2023**
£
£
£
£
869,364
855,939
(46,475)
(29,001)
27,927
42,426
(18,548)
13,425
£850,816
£869,364
1,973
207
25,954
42,219
£27,927
£42,426
**2024**
**2023**
£
£
-
1,200
£-
£1,200
**2024**
**2023**
£
£
1,082
1,110
1,860
1,794
-
1,200
£2,942
£4,104|**2024**
**2023**
£
£
£
£
869,364
855,939
(46,475)
(29,001)
27,927
42,426
(18,548)
13,425
£850,816
£869,364
1,973
207
25,954
42,219
£27,927
£42,426
**2024**
**2023**
£
£
-
1,200
£-
£1,200
**2024**
**2023**
£
£
1,082
1,110
1,860
1,794
-
1,200
£2,942
£4,104|
|---|---|---|---|
||||£869,364|
||||207
42,219|
||||£42,426|
||||**2023**
£
1,200|
||||£1,200|
||||**2023**
£
1,110
1,794
1,200|
||||£4,104|
## **9. RELATED PARTY DISCLOSURES**
The Society of Authors, which is the corporate Trustee of the charity, carried out management services for the charity and charged a management fee for the year amounting to £25,800 (2023: £24,570). There were no other related party transactions in the year.
8