REGISTERED CHARITY NUMBER: 263916
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
GOLDEN CHARITABLE TRUST
Bessler Hendrie LLP Chartered Accountants Ashbourne House The Guildway Old Portsmouth Road Guildford Surrey GU3 1LR
GOLDEN CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2021
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Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 13
Detailed Statement of Financial Activities 14
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GOLDEN CHARITABLE TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. 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 Republic of Ireland (FRS 102) (effective 1 January 2015). The trustees confirm that the financial statements comply with the requirements of the charity's governing document, its trust deed; and with the reporting requirements of the Charity Commission for England and Wales.
REFERENCE AND ADMINISTRATIVE DETAILS
The Golden Charitable Trust's registered charity number is 263916.
The charity banks with National Westminster Bank Plc. of 250 Bishopsgate, London, EC2M 4AA. Messrs Bessler Hendrie LLP of Ashbourne House, Old Portsmouth Road, Guildford, Surrey, GU3 1LR, report to the trustees as independent examiner. The Charity is administered from Saltings, Seven Acres Lane, Walberswick, Suffolk, IP18 6UL by the trustees and they take the necessary decisions based on advice given to them.
OBJECTIVES AND ACTIVITIES
History of the trust
The charity was established by the execution of a trust deed on 23rd March 1972 by Mrs Jaqueline Golden, the settlor, who died on 19th December 2005. Its number in the Central Register of Charities is 263916. It has been accepted by the Inland Revenue as a charity within the definition of section 506(1), Income and Corporation Taxes Act 1988.
Objectives and aims
The objects of the charity are to apply the income of the trust, and also so much of the capital as the trustees may determine, to such charities or for such charitable purposes as the trustees may direct; and during the year this objective has been achieved by responding to appeals considered to be worthy and deserving of support. Grants are made at present only from the revenue fund, sometimes in excess of its incoming resources for the year, sometimes less.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the trustees have allocated grants of £24,000 (2020: £42,700) to institutions in respect of the charity's activities. Details of grant recipients are recorded in note 4 to the accounts.
Fundraising activities
The trust is funded principally by investment income and donations received, which is used to further the charity's objectives.
Investment performance
The charity maintains a balanced portfolio to minimise risk of losses whilst providing a consistent income which can be applied to charitable purposes. The income return on investments was considered adequate given the investment policy and the prevailing market conditions in the year under review.
FINANCIAL REVIEW
Principal funding sources
The principal source of funds is investment income generated from the trust's investment base.
Investment policy and objectives
The trust deed empowers the trustees to invest trust monies in whatever stocks, share or other investments they may think fit. In order to maintain a prudent and responsible investment policy and in view of the volatility in the investment markets, the trust holds only equity and property units in common investment funds and an exempt unit trust, with money held for the payment of grants deposited with National Westminster Bank Plc.
The only risks to which the charity is exposed are those associated with investment which the trustees guard against so far as possible by confining the trust's holdings to common investment funds and an exempt unit trust.
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GOLDEN CHARITABLE TRusr REPORT OFTHETRUSTEES fortheyearendtd 5 Aprll 2021 FINA140AL REVIEW Reserve5 pdlcy The trust has funds: a (apital ftjnd and a revenue fund, FA)th of whith are unreslricted and may therefore be applied to trust objects. The capital fvnd has been fomed ffom the sum settled and subsequent net galns. both realised and unrealiseil, on investments. The revenue has been fomied from donations received and from Investment Income. Gr3nts are made at present onw from the revenue fvnd. sontimes in excess of its in¢oming resources of the year, sometimes less. Wlth any growth in the fund. ènd in the (apital fvnd too, being acceptsble because it enables the trust's inve5trnent portfolS0 to 8row and 50to inueasethe resources 37Ailableforgrdnts in the fu. Durin8 the year unrealised gains on investments were £129.760. increas1r the capitsl fvnd to £520.663. The income for the year was £40,533, namety £16.533 more than the grants of £24.LKi) made which increased the ru fund to £464.725. After incurring SUPPOrt costs of El8 net income for the year was£14.733. FiURE PLqNS The trust plans to ¢ontintse the acttvlties outlined in the fcffthcomlythI STRUCTURE, GOVERNANCEAND mANEMENT Governln8 document The charty is controlled by its governing documenL a deoj of trust dated 23 March 1972. and constitutes an unincorporated charity. Day to day mana8ement 15 in the hands of trustees who are required to use the charity's income, and may use the charty's capitsl. ft>r such charrtable purposes asthe trustees in their absolute discretion think fit. Organlsatlonal structure The tmst Is m3naged by the present tnlstees. Mr Jeremy Solnic& and Mr5 Sara Solnici who meet re8ulariy to agree the consideration ofgrant makin& In51menL reserves and risk management pofiaes and perfthnarKe. There We no change5 in trustees duringthe year. RLrruitn¥ent and appokntmert of new lJwtees The power to appoint future trustees is vested in the present trustees. Any trLt5tee5 will be selected from amongst persons of known ability who are Interested the trust's obietts. The present tTU5tees 11 LL5e their knowledge of the twsvs records over the years to show new trustees how best to perform their duties. Approved by order ofthe board of trustees on......-. .. nd signed on its behalf . Mrs S Solnick- Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GOLDEN CHARITABLE TRUST
Independent examiner's report to the trustees of Golden Charitable Trust
I report to the charity trustees on my examination of the accounts of Golden Charitable Trust (the Trust) for the year ended 5 April 2021, which are set out on pages 4 to 13.
This report is made to the Trustees, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statement in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for our work or this report.
Responsibilities and basis of report
As the charity trustees of the Trust 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 carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
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accounting records were not kept in respect of the Trust 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.
Andrea Hollo ACA Bessler Hendrie LLP Chartered Accountants Ashbourne House The Guildway Old Portsmouth Road Guildford Surrey GU3 1LR
Date: ............................................. 2 September 2021
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GOLDEN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 3 EXPENDITURE ON Charitable activities Charitable activity Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted funds £ 40,533 24,000 1,800 25,800 129,760 144,493 840,895 985,388 |
2020 Total funds £ 52,869 42,844 1,770 44,614 (183,997) (175,742) 1,016,637 840,895 |
|---|---|---|
The notes form part of these financial statements
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CJOLDEN CHARITABLETRUST BALANCE SHEET 5 Aprfl 2021 2021 Unrestricted funds 2020 Total funds Notes FIXED ASSETS Investments 941.957 812,197 CURRENT ASSETS Cash at bank 45,231 30,468 CREDITORS Amounts falling due wthin one year io {1,8WI 11,7701 CURRENT ASSE15 43.431 28,698 985,388 840.895 ASSETS 985.388 840,895 FUNDS Unrestrlcted funds li 84095 TOTAL FUNDS 985,388 840.895 19 August 2021 Thè financial statements were approved by the Board of Trustees and authorised for issue on ................................. and were signed on its behalf by: S6w4 Mrs S Solnlck-Trustee The notes form part of thesefinanaal statements Page 5
GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2021
1. STATUTORY INFORMATION
The Golden Charitable Trust is a trust registered in England and Wales. The trust's registered number and registered office can be found on the Report of the Trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant accounting policy note.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
Significant judgements and estimates
No significant judgements or estimates have had to be made by the trustees in preparing these financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is included when receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably that a settlement will be required 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.
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.
Investments
Investments are initially recorded at cost, being the fair value of the consideration given and including acquisition costs associated with the investment. Listed investments are subsequently measured at fair value at the reporting date, being the quoted price in an active market, with the quoted price usually being the current bid price. Any changes in fair value are recognised in the statement of financial activities.
Creditors and provisions
Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
2. ACCOUNTING POLICIES - continued
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The charity has no restricted funds.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
3. INVESTMENT INCOME
| Income from investments 4. GRANTS PAYABLE Charitable activity |
2021 £ 40,533 2021 £ 24,000 |
2020 £ 52,869 2020 £ 42,700 |
|---|---|---|
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
4. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Petworth Festival The Langdon Foundation Anti-Slavery International Sacred Heart Church Petworth Cottage Trust Aldeburgh Cinema Trust Chichester Cathedral Trust Combat Stress Ink Festival Chichester Marks Holocaust Memorial Day New Cut Arts Petworth CIC Vision Poetry People Sainsbury Centre Spurgeons London prison UK Harvest Refuge Book Aid International National Leather Collection Trussell Trust Walpole Old Chapel Medecins Sans Frontiers Centre for Women’s Justice Leaconfield Hall |
2021 £ 7,000 4,000 900 1,000 - - - 500 - - - - - - - - - 100 100 3,000 1,000 1,200 1,200 4,000 24,000 |
2020 £ 5,000 8,000 - 1,000 500 5,000 2,500 500 1,200 500 6,000 2,000 500 2,000 1,500 1,500 5,000 - - - - - - - 42,700 |
|---|---|---|
5. SUPPORT COSTS
Other resources expended
Governance costs £ 1,800
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
5. SUPPORT COSTS - continued
| Independent examination fees | 2021 £ 1,800 1,800 |
2020 £ 1,770 1,770 |
|---|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
7. STAFF COSTS
There were no employees nor staff costs for the year ended 5 April 2021 nor for the year ended 5 April 2020.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities Charitable activity Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 52,869 42,844 1,770 44,614 (183,997) (175,742) 1,016,637 840,895 |
|---|---|
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 6 April 2020 | 812,197 |
| Change in fair value | 129,760 |
| At 5 April 2021 | 941,957 |
| NET BOOK VALUE | |
| At 5 April 2021 | 941,957 |
| At 5 April 2020 | 812,197 |
There were no overseas investments at the balance sheet date.
The unrealised gains on investments of £129,760 are recognised in the statement of financial activities.
| Cost or valuation at 5 April 2021 is represented by: Valuation in 2021 Investments at market value comprise:- Equities Managed Property Funds |
2021 £ 667,007 274,950 941,957 |
Listed investments £ 941,957 2020 £ 532,122 280,075 812,197 |
|---|---|---|
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds Capital fund Revenue fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds Capital fund Revenue fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds Capital fund Revenue fund TOTAL FUNDS |
follows: Incoming resources £ - 40,533 40,533 40,533 |
|
|---|---|---|
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| Capital fund | - | - | (183,997) | (183,997) | |
| Revenue fund | 52,869 | (44,614) | - | 8,255 | |
| 52,869 | (44,614) | (183,997) | (175,742) | ||
| TOTAL FUNDS | 52,869 | (44,614) | (183,997) | (175,742) | |
| A current year 12 months and prior year 12 months combined position is as follows: | |||||
| Net | |||||
| movement | At | ||||
| At 6.4.19 | in funds | 5.4.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| Capital fund | 574,900 | (54,237) | 520,663 | ||
| Revenue fund | 441,737 | 22,988 | 464,725 | ||
| 1,016,637 | (31,249) | 985,388 | |||
| TOTAL FUNDS | 1,016,637 | (31,249) | 985,388 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Capital fund Revenue fund TOTAL FUNDS |
Incoming resources £ - 93,402 93,402 93,402 |
Resources expended £ - (70,414) (70,414) (70,414) |
Gains and Movement losses in funds £ £ (54,237) (54,237) - 22,988 (54,237) (31,249) (54,237) (31,249) |
|---|---|---|---|
The capital fund comprises of the realised and unrealised gains on investments.
The revenue fund comprises the cumulative income, net of expenses and any amounts applied to charitable purposes.
It is the present policy of the trustees only to so apply the revenue fund, but the capital fund may be used similarly.
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GOLDEN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021 nor for the year ended 5 April 2020.
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