**Charity registration number 268346 (England and Wales)**
## **THE GUNTER CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **THE GUNTER CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|J de C Findlay|
|---|---|
||R G Worrall|
|**Charity number**|268346|
|**Principal address**|c/o Forsters LLP|
||22 Baker Street|
||London|
||W1U 3BW|
|**Independent examiner**|Tony Stanley ACA|
||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|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4AB|
## **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 - 14|
## **THE GUNTER CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
The trustees present their annual report and financial statements for the year ended 5 April 2025.
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the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.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 have confirmed that there has been a significant regional rotation in financial markets in recent months, driven by political developments on each side of the Atlantic. European stocks have strongly outperformed US counterparts, although a larger weighting to the latter in global indices meant the MSCI All Country World index declined by 4.2% during the year. The investment managers have confirmed that the rotation is due to increased government spending in Europe as governments such as Germany have relaxed public spending rules and pledged to significantly increase both defence and infrastructure spending over the next 12 years gaining broad support from investors. By contrast the US policies such as trade tariffs and unorthodox spending cuts (DOGE) have led to lower growth and higher inflation forecasts for the world’s largest economy.
Over the year, the investment managers have confirmed that the portfolio declined by 1.6%, underperforming the benchmark which rose by 2%, and also lagging the ARC Steady Growth peer group, which fell by 0.8%. Fixed Interest generated a return of 3.5%, outperforming both the Gilt index (up 1.5%) and the Global Bond index (up 4.9%). The investment managers’ equity holdings fell by 2.4%, largely due to declines among our US positions. The Alternative allocation delivered a positive return of 1.5% over the year, although capital returned dropped by 5.6%, income generation was sufficient to offset this, allowing the section to close the year with a positive total return.
The investment managers have confirmed that much of the lacklustre performance can be attributed to unfortunate timing, notably the sharp selloff triggered by Liberation Day on 3 April 2025 and the preceding weakness in Technology stocks. As a result, the portfolio surrendered all of its gains from 2024 during the opening months of 2025. Nevertheless, looking forward, the portfolio has since recovered, recouping all losses sustained during this volatile period. During the year, the investment managers realised profits in Electronic Arts and initiated a modest position in Meta.
- 1 -
## **THE GUNTER CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **Financial review**
Investment income of £112,018 has been received in the year. Charitable grants amounting to £69,235 were made during the year, a detailed analysis can be found in note 6 to the accounts. Raising funds expenditure amounted to £18,530 and governance costs were £15,763, resulting in a surplus in the year of £8,490 before investment losses of £138,744. There was a net movement of funds of -£130,254 from £3,238,658 at 6 April 2024 to £3,108,404 at 5 April 2025.
Principal funding sources for the charity are investment income and bank interest generated from the invested assets of the charity.
## **Reserves policy**
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.
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 global events (e.g. the war in Ukraine, Trump’s tariffs) 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 monitor 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 _._
- 2 -
## **THE GUNTER CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **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
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**
Trustee Dated:
**R G Worrall** Trustee Dated:
- 3 -
## **THE GUNTER CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
- 4 -
## **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 2025.
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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 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
2 February 2026
- 5 -
## **THE GUNTER CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
|||||**Unrestricted**|Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|
|||||**funds**||funds|
|||||**2025**||2024|
||||**Notes**|**£**||£|
|**Income from:**|||||||
|Investments|||**3**|112,018||100,048|
||||||||
|**Total income**||||112,018||100,048|
||||||||
|**Expenditure on:**|||||||
|Raising funds|||**4**|18,530||17,883|
|Charitable activities|||**5**|84,998||88,403|
||||||||
|**Total expenditure**||||103,528||106,286|
||||||||
|Net gains/(losses)||on investments|**10**|(138,744)||306,592|
||||||||
|**Net movement in funds**||||(130,254)||300,354|
|**Reconciliation of funds**|||||||
|Fund balances|at 6 April 2024|||3,238,658||2,938,304|
||||||||
|**Fund balances at 5 April 2025**||||3,108,404||3,238,658|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
## **THE GUNTER CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2025**_
||||**2025**|||**2024**||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**Fixed assets**||||||||
|Investments|**11**|||3,039,365|||3,197,680|
|**Current assets**||||||||
|Cash at bank and in hand||96,721|||59,299|||
|**Liabilities**||||||||
|Creditors: amounts falling due within one|**13**|||||||
|year||(27,682)|||(18,321)|||
|||||||||
|Net current assets||||69,039|||40,978|
|||||||||
|**Total assets less current liabilities**||||3,108,404|||3,238,658|
|**Funds of the charity**||||||||
|Unrestricted funds||||3,108,404|||3,238,658|
|||||||||
|||||3,108,404|||3,238,658|
|The accounts were approved by the trustees on 1 February 2026||||||||
|J de C Findlay|R G Worrall|||||||
|**Trustee**|**Trustee**|||||||
- 7 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **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.
- 8 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **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.
- 9 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **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|
||**2025**|2024|
||**£**|£|
|Income from listed investments|110,679|99,032|
|Interest receivable|1,339|1,016|
||||
||112,018|100,048|
## **4 Raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2025**|2024|
||**£**|£|
|Investment management|18,530|17,883|
- 10 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **5 Charitable activities**
||**Unrestricted**|**Unrestricted**|
Unrestricted|
Unrestricted|
|---|---|---|---|---|
|||**funds**||funds|
|||**2025**||2024|
|||**£**||£|
|Grant funding of activities (see note 6)||69,235||66,994|
|Share of governance costs (see note 7)||15,763||21,409|
||||||
|||84,998||88,403|
|**Grants payable**|||||
|||**2025**||**2024**|
|||**£**||**£**|
|Grants to institutions:|||||
|Age Northern Ireland|1,000|||-|
|Age Scotland|1,000|||-|
|Alzheimer Scotland||500||500|
|Alzheimer's Research UK|3,800|||1,500|
|Bike for Good||-||1,622|
|Bikeability Wales||-||1,622|
|Bishop Wordsworth Trust|3,130|||8,354|
|Breast Cancer UK||-||2,000|
|British Heart Foundation||500||624|
|British Refugee Council|1,750|||1,400|
|Cancer Research UK|1,000|||-|
|Campaign to protect Rural England||-||2,000|
|Chefs in Schools|6,191|||-|
|Cycling Projects||-||3,244|
|Disasters Emergency Committee|2,000|||5,000|
|Down's Syndrome Association||-||2,000|
|Farms for City Children|1,080|||-|
|Freedom From Torture|4,910|||4,024|
|Glens Red Squirrel Group||261||-|
|Guts UK Charity|3,800|||-|
|Life Cycle||-||1,622|
|Liverpool School of Tropical Medicine|1,400|||-|
|Maggie Keswick Jencks Cancer Caring Centres||-||1,230|
|Mercy Ships (UK) Limited|2,500|||-|
|MIND||750||500|
|MS Society||-||500|
|Positive Action in Housing||750||500|
|Practical Action|1,750|||500|
|Prisoners of Conscience Appeal||851||730|
|Ronald McDonald House Charities|2,000|||1,000|
|Royal Ulster Constabulary Benevolent Fund||-||1,000|
## **6 Grants payable**
- 11 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
|**6**|**Grants payable**||||||||||||**(Continued)**|**(Continued)**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Save the Children||||||||||-|||4,000|
||Shelter (Scotland)||||||||||1,750|||1,400|
||Southampton City Mission||||||||||-|||1,000|
||STEP UK||||||||||-|||4,000|
||Sylva Foundation||||||||||1,000|||-|
||The Amber Foundation||||||||||2,500|||-|
||The Bike Project|||||||||||||1,622|
||The British Red Cross||||||||||1,000|||-|
||The Drinks Trust||||||||||3,000|||1,000|
||The Landmark Trust||||||||||3,154|||-|
||The Social Bite Fund||||||||||1,657|||-|
||Trussell Trust||||||||||-|||1,078|
||UNICEF UK||||||||||3,500|||1,500|
||Voluntary Service Overseas||||||||||1,000|||900|
||Wessex Childrens Hospice Trust||||||||||-|||3,000|
||Wheels for Wellbeing||||||||||-|||1,622|
||Wiltshire Creative||||||||||3,000|||1,000|
||Womankind Worldwide||||||||||1,750|||1,400|
||World Vision UK||||||||||1,000|||-|
||WWF||||||||||4,000|||2,000|
||||||||||||||||
|||||||||||**69,235**||||**66,994**|
|**7**|**Support costs**||||||||||||||
||**Support**||
**Governance**|||**2025**Support costs|||Governance|||||2024|
|||**costs**||**costs**|||||||costs||||
|||**£**||**£**||**£**||£|||£|||£|
||Independent examination|-||1,980||1,980||-|||1,930|||1,930|
||Accountancy|-||1,896||1,896||-|||1,850|||1,850|
||Legal and professional|-||11,887||11,887||-|||17,629|||17,629|
||||||||||||||||
|||-||15,763||15,763||-|||21,409|||21,409|
||Analysed between||||||||||||||
||Charitable activities|-||15,763||15,763||-|||21,409|||21,409|
Governance costs are recharged to charitable activities.
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or expenses during the year (2024: Nil).
## **9 Employees**
There were no employees during the year (2024: None).
- 12 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **10 Net gains/(losses) on investments**
||||**Unrestricted **|**Unrestricted **|**Unrestricted **|**Unrestricted **|**Unrestricted**|**Unrestricted**||
|---|---|---|---|---|---|---|---|---|---|
||||||**funds**|||**funds**||
||||||**2025**|||**2024**||
|||||||**£**||**£**||
|Revaluation of investments|||||(139,093)|||263,931||
|Gain/(loss) on sale of investments|||||349|||42,661||
|||||||||||
||||||(138,744)|||306,592||
|**Fixed asset investments**||||||||||
||**Investments**||||**Cash in**|||**Total**||
|||||**portfolio**||||||
|||**£**|||**£**|||**£**||
|**Cost or valuation**||||||||||
|At 6 April 2024||3,126,494|||71,186|||3,197,680||
|Additions||17,402|||-|||17,402||
|Valuation changes||(139,093)|||-|||(139,093)||
|Disposals||(21,652)|||(14,972)|||(36,624)||
|||||||||||
|At 5 April 2025||2,983,151|||56,214|||3,039,365||
|||||||||||
|**Carrying amount**||||||||||
|At 5 April 2025||2,983,151|||56,214|||3,039,365||
|At 5 April 2024||3,126,494|||71,186|||3,197,680||
## **11 Fixed asset investments**
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.
- 13 -
## **THE GUNTER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
|**12**|**Financial instruments**|**2025**||**2024**|
|---|---|---|---|---|
|||**£**||**£**|
||**Carrying amount of financial assets**||||
||Debt instruments measured at cost|152,935||130,485|
||Instruments measured at fair value through the SOFA|2,983,151||3,126,494|
||**Carrying amount of financial liabilities**||||
||Measured at cost|27,682||18,321|
|**13**|**Creditors: amounts falling due within one year**||||
|||**2025**||**2024**|
|||**£**||**£**|
||Grant commitments payable < 1 year|16,240||-|
||Accruals and deferred income|11,442||18,321|
||||||
|||27,682||18,321|
## **14 Related party transactions**
## **Transactions with related parties**
During the year the charity entered into the following transactions with related parties:
Fees totalling £11,887 (2024: £17,629) 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.
- 14 -