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2024-04-05-accounts

Charity registration number 268346

THE GUNTER CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE GUNTER CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J de C Findlay KC
R G Worrall
Charity number 268346
Principal address c/o Forsters LLP
22 Baker Street
London
W1U 3BW
Independent examiner Tony Stanley ACA
Mitchell Charlesworth
Suites C,D,E&F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
Solicitors Forsters LLP
22 Baker Street
London
W1U 3BW
Investment advisors Quilter Cheviot
1 Kingsway
London
WC2B 6AN

THE GUNTER CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the accounts 8 - 15

THE GUNTER CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "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).

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Objectives and activities

The objects of the charity are to pay the income arising from the trust fund to such charities or such charitable purposes as the trustees shall, from time to time, in their discretion determine.

Investment of the charity's assets generates income for distribution in accordance with the trust deed.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The sole activity carried out by the charity during the year was the distribution of grants as detailed in note 5 to the accounts.

In accordance with the trust deed, the Appointing Authority nominates their chosen charities to the trustees on a bi-annual basis. These are then considered by the trustees, and donations are made accordingly. The trustees do not make donations in respect of unsolicited applications.

Performance of Investments

The investment managers reported that risk assets performed strongly in the first quarter of 2024, with the MSCI AC World index reporting 9.5% in sterling terms. The persistence of the rally since October 2024 was all the more pleasing given that in recent months there had been a significant paring back of market expectations for interest rate cuts this year. This shift had capped the upside for fixed interest investments. US equities had been at the forefront of the advance over the last six months, powered by a robust labour market, strong economic growth and continued exuberance surrounding Artificial Intelligence (AI) stocks.

Inflation had levelled off after falling substantially from its peak, with the US consumer price index (CPI) showing a 3%-4% range in annual terms for the last 10 months. Compared to a peak of 9.1% in 2022 this is undoubtedly good news, although the stubbornness with which this measure has remained above the Federal Reserve’s 2% target explains there has not yet been an interest rate reduction. While the UK slid into a shallow technical recession in the second half of 2023, the economy managed to eke out 0.1% GDP growth for 2023. The Eurozone similarly struggled to grow, registering 0.5% 2023 GDP growth, but given the bleak projections due to sharply higher interest rates, the fact economies are not significantly contracting can be viewed as a positive development.

The portfolio achieved an overall return of 14.6%, surpassing the Benchmark return of 11.6%. Fixed Interest yielded a return of 1.3%, in contrast to a decline of 3.9% for the Gilt index. Equities were the standout performer, delivering a growth of 22.8% over the period, primarily driven by the North American and European markets. Conversely, Alternatives detracted from the overall performance, recording a decline of 3.5%. This underperformance was largely attributable to the infrastructure holdings, influenced by the elevated interest rate environment and the expectation of sustained higher rates. Still, we received substantial dividend yields of approximately 6% from our infrastructure holdings during this period.

During the period, we realised profits from ASML and United Rentals for portfolio composition purposes. Additionally, we initiated new positions in Equinix, the largest publicly traded operator of data centres, and T- Mobile US, a rapidly growing telecommunications group.

THE GUNTER CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Financial review

Investment income of £100,048 has been received in the year. Charitable grants amounting to £66,994 were made during the year, a detailed analysis can be found in note 6 to the accounts. Raising funds expenditure amounted to £17,883 and governance costs were £21,409, resulting in a deficit in the year of £6,238 before investment gains of £306,592. There was a net movement of funds of £300,354 from £2,938,304 at 6 April 2023 to £3,238,658 at 5 April 2024.

Principal funding sources for the charity are investment income and bank interest generated from the invested assets of the charity.

A minimum balance of £6,000 is held in the bank accounts at all times to ensure that sufficient funds are available to pay professional fees and other costs associated with the running of the charity.

Reserves policy

The trustees have considered the Charity Commission Guidance Note CC19 dated January 2016. It is the trustees' intention not to accumulate reserves, but to expend income year on year.

Risk review

Major risks to which the charity is exposed have been identified by the trustees as being negligence, volatility of the stock market and fraud.

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to manage exposure to the major risks.

The Investment mandate

The trustees invest in a way that reflects the charity's values and ethos in distinct areas such as Human Rights, International Development, Health, Poverty, Animal Welfare and Protection and the Environment. The trustees have determined that there is valid justification for doing so and for avoiding investments that run counter to the charity's aims. Additionally, the trustees are satisfied that adopting this approach does not result in a significant financial detriment and that it does not excessively restrict the scope for diversification or expose the charity's funds to materially excessive levels of financial risk.

Investment policy

The trustees have engaged Quilter Cheviot to provide a discretionary portfolio service. The trustees have a medium risk investment strategy within the ethically structured investment mandate and the objective is to grow the capital of the Trust Fund, as well as generating some degree of income from it. The income generated from the portfolio will be paid into the main bank account on a quarterly basis.

Recent developments/future plans

A combination of Covid-19 and the war in Ukraine has affected the trust’s investments and the Investment Manager has adapted and looked at longer-term trends as a result.

The Trustees have continued to discuss and monitor the impact of these events on the Trust’s investments and have decided that no significant changes should be made to the Trust’s portfolio although they will continue to review the position.

The Grant making policy (public benefit)

The trustees apply the charity's surplus income each year exclusively for the public benefit and the charitable objects of the charity. Any donor request or suggestion is first analysed, reviewed and validated against the Register of Charities before being considered or approved as a donation by the trustees. Donations are not made to charities unless they have been approved by both trustees and the validation checks have been carried out by the administrators .

THE GUNTER CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Structure, governance and management

The charity was established by a charitable trust deed on 20 August 1974 and the charity is constituted as a charitable trust. The charity is registered in England and Wales and accounts are required to be lodged with the Charity Commission.

The solicitors administer the funds and amounts are paid out only under the instruction from the trustees.

The trustees who served during the year and up to the date of signature of the financial statements were:

J de C Findlay KC R G Worrall

The power to appoint new and additional trustees is vested in the "Appointing Authority" being the founders of the Trust and their respective successors.

There are no related parties other than the trustees and appointing authorities.

The trustees' report was approved by the board of trustees

J de C Findlay KC Trustee Dated: 02/02/2025

R G Worrall Trustee Dated: 02/02/2025

THE GUNTER CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2024

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 and 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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.

THE GUNTER CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE GUNTER CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The Gunter Charitable Trust (the charity) for the year ended 5 April 2024.

This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 financial statements to be reached.

Tony Stanley ACA

Mitchell Charlesworth

Suites C,D,E&F 14th Floor The Plaza 100 Old Hall Street Liverpool L3 9QJ

Dated: 7 February 2025

THE GUNTER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Investments 3 100,048 90,859
Total income 100,048 90,859
Expenditure on:
Raising funds 4 17,883 16,201
Charitable activities 5 88,403 90,646
Total expenditure 106,286 106,847
Net gains/(losses) on investments 10 306,592 (287,463)
Net movement in funds 300,354 (303,451)
Reconciliation of funds
Fund balances at 6 April 2023 2,938,304 3,241,755
Fund balances at 5 April 2024 3,238,658 2,938,304

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE GUNTER CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2024

2024
Notes
£
£
Fixed assets
Investments
11
3,197,680
Current assets
Cash at bank and in hand
59,299
Liabilities
Creditors: amounts falling due within one
year
13
(18,321)
Net current assets
40,978
Total assets less current liabilities
3,238,658
Funds of the charity
Unrestricted funds
3,238,658
3,238,658
The accounts were approved by the trustees on 2 February 2025
J de C Findlay KC
R G Worrall
Trustee
Trustee		 2023
£
£
2,908,143
42,887
(12,726)
30,161
2,938,304
2,938,304
2,938,304		 2023
£
£
2,908,143
42,887
(12,726)
30,161
2,938,304
2,938,304
2,938,304
2,938,304
2,938,304
2,938,304

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The Gunter Charitable Trust is a charitable trust established by a trust deed on 20 August 1974.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Investment income comprises of distributions from invested funds and bank interest which is included when receivable.

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis and has been classified under headings that aggregate all costs relating to the category.

Grant payments

The trustees apply the charity's surplus income each year exclusively for the public benefit and the charitable objects of the charity. Any donor request or suggestion is first analysed, reviewed and validated against the Register of Charities before being considered or approved as a donation by the trustees. Donations are not made to charities unless they have been approved by both trustees and the validation checks have been carried out by the administrators.

Raising funds

These represent costs incurred for investment management broker fees to buy and sell investments in funds to generate income on behalf of the charity.

1.6 Fixed asset investments

Fixed asset investments are stated at market value at the balance sheet date and the unrealised gain or loss is taken to the Statement of Financial Activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.8 Financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to income tax on income or gains falling within those exemptions. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates or judgements included in these accounts.

3 Investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 99,032 90,859
Interest receivable 1,016 -
100,048 90,859

4 Raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Investment management 17,883 16,201

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

5 Charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Grant funding of activities (see note 6) 66,994 67,686
Share of governance costs (see note 7) 21,409 22,960
88,403 90,646

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

6 Grants payable

2024 2023
£ £
Grants to institutions:
Afghanistan Crisis Appeal - 1,000
Age Scotland - 1,000
Alzheimer Scotland 500 -
Alzheimer's Society 1,500 1,750
Benevolent Fund - 1,000
Bike for Good 1,622 -
Bikeability Wales 1,622 -
Bishop Wordsworth Trust 8,354 7,960
Bramshaw RDA - 311
Breast Cancer UK 2,000 -
British Heart Foundation 624 -
British Refugee Council 1,400 -
Campaign to protect Rural England 2,000 -
Crisis UK - 660
Cucling Projects 3,244 -
Disasters Emergency Committee 5,000 10,000
Down's Syndrome Association 2,000 -
Feeding Britain - 2,320
Food Foundation CIO - 2,320
Freedom From Torture 4,024 6,404
Hale and Wood Green Parochial - 4,000
Julia's House - 1,000
Life Cycle 1,622 -
Living Streets - 1,078
Magic Breakfast - 2,320
Maggie Keswick Jencks Cancer Caring Centres 1,230 -
MIND 500 530
MS Society 500 -
Positive Action in Housing 500 530
Practical Action 500 530
Prisoners of Conscience Appeal 730 601
Rainforest Trust UK - 1,078
Ronald McDonals House 1,000 -
Royal Ulster Constabulary Benevolent Fund 1,000 -
Save the Children 4,000 -
Shelter (Scotland) 1,400 2,815
SouthamptonCity Mission 1,000 -
STEP UK 4,000 -
The Bike Project 1,622 1,078
The British Refugee Council - 2,015
The Drinks Trust 1,000 -
Trussell Trust 1,078 -
Ukraine Appeal - 4,000
UNICEF UK 1,500 2,000
Voluntary Service Overseas 900 1,485
Wessex Childrens Hospice Trust 3,000 -
Wheels for All - 1,078

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

6 Grants payable

Grants payable
Wheels for Wellbeing
Wiltshire Creative
Womankind Worldwide
WWF		 (Continued)
1,622
-
1,000
2,000
1,400
2,015
2,000
2,811
66,994
67,686		 (Continued)
1,622
-
1,000
2,000
1,400
2,015
2,000
2,811
66,994
67,686
67,686

7 Support costs

Support
costs
Governance
costs
£
£
Independent examination
-
1,930
Accountancy
-
1,850
Legal and professional
-
17,629
-
21,409
Analysed between
Charitable activities
-
21,409		 2024Support costs Governance
costs
£
£
£
1,930
-
1,840
1,850
-
1,760
17,629
-
19,360
21,409
-
22,960
21,409
-
22,960		 2023
£
1,840
1,760
19,360
22,960
22,960

Governance costs are recharged to charitable activities.

Governance costs includes payments to the accountants of £1,930 (2023: £1,840) for independent examination fees and £1,850 (2023: £1,760) for accountancy services.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year (2023: Nil).

9 Employees

There were no employees during the year (2023: None).

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

10 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Revaluation of investments 263,931 (239,322)
Gain/(loss) on sale of investments 42,661 (48,141)
306,592 (287,463)

11 Fixed asset investments

Investments
£
Cost or valuation
At 6 April 2023
2,918,561
Additions
457,365
Valuation changes
263,931
Movements in cash accounts
-
Disposals
(513,363)
At 5 April 2024
3,126,494
Carrying amount
At 5 April 2024
3,126,494
At 5 April 2023
2,918,561		 Cash in
portfolio
£
(10,418)
-
-
81,604
-
71,186
71,186
(10,418)		 Total
£
2,908,143
457,365
263,931
81,604
(513,363)
3,197,680
3,197,680
2,908,143

The investments are valued at 5 April annually by the appointed investment managers (Quilter Cheviot) who are authorised and regulated by the Financial Conduct Authority.

The investment managers act in various capacities in the operation of The Equities Investment Fund for Charities (Charifund) and The Charities Fixed Interest Common Investment Fund (Charibond). The investment managers also act by investing in other funds, private equities and public equities.

The investment managers have been appointed as:

  1. Sub-manager and agent by Charities Investment Managers Limited (authorised and regulated by the Financial Conduct Authority) which is a manager of Charifund.

  2. As fund manager of Charibond by the Trustees of Charibond.

  3. Fund manager of other investments on behalf of the charity.

  4. 14 -

THE GUNTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

12
Financial instruments
Carrying amount of financial assets
Debt instruments measured at cost
Instruments measured at fair value through the SOFA
Carrying amount of financial liabilities
Measured at cost
13
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
130,485
3,126,494
18,321
2024
£
18,321		 2023
£
32,469
2,918,561
12,726
2023
£
12,726

14 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Fees totalling £17,629 (2023: £19,360) have been paid to Forsters LLP Solicitors, of which R Mead, a trust administrator, is a partner.

No guarantees have been given or received.

There were no other related party transactions in the year.