GATEHILL TRUST
Registered Charity No 264045
Financial statements for the Period ended 31st March 2024
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020
GATEHILL TRUST
Trustees' Report for Period Ended 31st March 2024
1. Reference and administrative information
Name: The Gatehill Trust
Charity registration number: 264045
Address of principal office: 27 The Drive Northwood Middx HA6 1HW
Trustees at time of report: C J Backhouse, J M G Denham, J R Dolling (died 18/5/24), TB Warren.
2. Structure, governance and management
The Trust was set up by a declaration of Trust on 25[th] April 1972 as amended by a deed of variation dated 21[st] July 1995.
The Trustees periodically review the skills and experience that they bring and have available to them against the foreseen needs of the Trust and as necessary invite suitable people to join them. Policies covering matters of Risk and Investment Policy are reviewed as part of preparing the Annual Accounts or additionaly when need arises such as when further Investments are considered.
3. Objectives and activities
The Trust’s Objects provide for “such charitable purposes as the trustees shall in their uncontrolled discretion from time to time think fit” with the current main focus on those undertaking theological training or engaged in Christian service.
4. Achievements and performance
During 2023/24 the Trust continued to support a number of individuals studying theology in this country and contribute to the work of churches and other organisations in the UK and overseas. In Making these decisions, the trustees have had due regard to the Charity Commission's guidance on public benefit when exercising the powers or duties to which that guidance is relevant
5. Financial review
The Trust maintains cash sums to cover possible requirements of its remaining property and meet likely short term grant needs while investing the remainder to generate income, and potentially capital growth fo future grant making.
The Trust does not currently act as a Custodian Trustee.
6. Statement of Trustees’ responsibilities
The trustees acknowledge their responsibilities to:
-
keep proper accounting records;
-
prepare accounts which give a true and fair reflection of affairs; and
-
comply with the Charities Act including a periodic review of risks.
This report was approved by the Trustees on 7/11 2024 and signed on their behalf by:
T Warren(Secretary) C J Backhouse (Treasurer)
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020
Gatehill Trust Independent Examiner's report to the Trustees of the Gatehill Trust
I report on the unaudited financial statements of the Charity for the period ended 31[st] March 2024
Respective responsibilities of the Trustees and the Independent Examiner
As the Charity’s Trustees you are responsible for the preparation of the financial statements; you consider that the audit requirement of section 144(2) of the Charities Act 2011 ( the Act ) does not apply. It is my responsibility to:-
Examine the accounts under s145 of the Act;
To follow the procedures laid down in the general Directions given by the Charity Commission under S145(5)(b) of the Act; and
state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiners statement
In connection with my examination, no matter has come to my attention:
( 1 ) which gives me reasonable cause to believe that in any material respect the requirements: a) to keep accounting records in accordance with section 130 of the Act; and
b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act,
have not been met; or
( 2 ) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
S Johnson 37 The Drive
Hon. Independent Examiner Northwood (signed 7/11 2024) HA6 1HW
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020
GATEHILL TRUST
Balance Sheet 31st March 2024
| Fixed assets Tangible Assets: Freehold and Leasehold property (note 2) Investment Assets (note 3) Current assets CCLA C B F deposit Account Long term debtor Cash at bank owed by property agents Total net assets Funds of the Charity Unrestricted funds |
£ £ £ £ 565,000 565,000 1,951,722 1,749,579 2,516,722 2,314,579 13,961 47,125 10,000 10,000 29,759 4,402 1,366 220 55,086 61,747 2,571,808 2,376,326 2,571,808 2,376,326 31st March At 31st March 2024 2023 |
|---|---|
This report was approved by the Trustees on 7/11. 2024 and signed on their behalf by:
T Warren (secretary) C J Backhouse (treasurer)
The attached notes form an integral part of these financial statements.
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020
GATEHILL TRUST
Statement of Financial Activities for the year ended 31st March 2024
Unrestricted Funds
| Year ended 31st March 2024 | Year ended 31st March 2024 | Year ended 31st March 2024 | Year to | |
|---|---|---|---|---|
| General | Revaluation | Total | 31 March 2023 | |
| £ | £ | £ | £ | |
| Incoming resources | ||||
| Incoming resources from charitable activities - rents | 11550 | 11550 | 26,450 | |
| Investment income and interest | 50940 | 50940 | 50,044 | |
| Sundry & (rounding) | 1 | 1 | 0 | |
| Profit on sale of investments | 0 | 0 | 0 | |
| Total incoming resources | ~~62491~~ | 62491 | 76,494 | |
| Resources expended | ||||
| Direct charitable costs - grants | 65000 | 65000 | 91,710 | |
| bank charges | 60 | 60 | 15 | |
| - refurbishment & other property | 4092 | 4092 | 7,285 | |
| - insurance | 0 | 0 | 0 | |
| Total resources expended | 69152 | 69152 | 99,010 | |
| Net incoming (outgoing) resources for the year | -6661 | -6661 | -22,516 | |
| Other recognised gains & losses | ||||
| Gain on revaluation of property(note 2) | - - - | 0 | 115000 | 0 |
| Gain (Loss) on revaluation of Investments(note 3) | 202143 | - - - | 202,143 | -64,641 |
| Net movement in funds | 195,482 | 0 | 195,482 | -87,157 |
| Balance brought forward | 1951326 | 425,000 | 2,376,326 | 2,463,483 |
| Balance taken forward | 2146808 | 425,000 | 2,571,808 | 2,376,326 |
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020
GATEHILL TRUST
Notes to the Financial Statements period ended 31/03/2022
1 Accounting policies
The Financial Statements have been prepared in accordance with the Charities Act and the Charities SORP, (FRS 102) Reporting By Charities" (2015) (Second Edition, effective 1 January 2019) using the historical cost convention except for the valuation of of investment assets and properties which are at market value at the year end.
Income & expenditure are accounted for as received or paid.
The financial statements include all transactions, assets and liabilities for which the trustees are responsible by Law.
| 2 Tangible Fixed Assets Functional assets used for Charitable purposes Freehold & Long leasehold Land & Buildings Cost at 31/03/2023 Cost of Property sold during year Cost at 31/03/2024 Revaluation at 31/3/2023 Revaluation in period Revaluation at 31/3/2024 Value as at 31/3/2023 Value as at 31/3/2022 |
9 Cervantes Court Long lease £ 140,000 0 |
||
|---|---|---|---|
| ~~140,000~~ | |||
| 425,000 0 |
|||
| ~~425,000~~ | |||
| 565,000 565,000 |
Property values are reviewed annually by the trustees and professional revaluation obtained when deemed appropriate. No depreciation is charged on the long leasehold as the trustees consider its net realisable value to be at least equal to its book value.
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020
GATEHILL TRUST
Notes to the Financial Statements period ended 31/03/2024
3 Investments
Investments are held in COIF (Charities Official Investment Funds) funds managed by CCLA (Charities, Church of England, Local Authorities) Investment Management Ltd and revalued annually by their managers at 31st March. Bid Prices are used as realistic of value.
| 277,177.40 Units COIF Global Equity Income Fund Inc 55,368.99 Units COIF Investment Fund Inc Totals Original Cost Book value Cumulative gain / loss in value Gain / Loss b/f Profit on sale For year / period Gain / Loss C/f Current Assets CCLA Church of England Deposit Fund Bank Current a/c Long term charitable loan |
24 £ 820390 1131332 1951722 1,140,000 1,951,722 811,722 609,579 0 202,143 811,722 39,311 34,952 10,000 84,263 |
23 £ 712152 1037427 |
|---|---|---|
| 1749579 | ||
| 1,140,000 1,749,579 |
||
| 609,579 | ||
| 674,220 0 -64,641 |
||
| 609,579 | ||
| 9,243 5,163 10,000 |
||
| 24,406 |
4 Current Assets
G Dr a/cs 2019.2020
Dr 2 for Trustees
17.06.2020