THE ROBERT GAVRON CHARITABLE TRUST REPORT AND FINANCIAL STATrMENfs FOR THE YEAR ENDED 5TH APRtL 21Y24 CHARITY NO. 268535
THE ROBERT GAVRON CHARITABLE TRUST PAGE I FINANCIAL STATEMEKfs FOR THE YEAR ENDED 5TH APRIL 2024 CONfENTS PAGE Generkl Infonnation TrLthes' Report Auditors, Report Staten of Financial AGtiwities Balattce Sheet io Statement of Cash Flows Note5 to the FiThoncsal Stat¢Th¢nts 12- 17 Schedule of Cash Charithl¢ Dollations Paid 18
THB ROBERT GAVRON CHARrrABLE TRUST PAGE 2 FtNANCIAL STATEMEwfs FOR THE YEAR Ehl)ED 5TH APRIL 2024 GENERAL INFORMATION SErrLOR Lknrd Gawon CBE (Deeeased) DEEDS Settlement dated 31st Juty 1974 REGtSTERED CHAIUIY.NO. 268535 REGISTERED 27 MaywiD Drive ADDRESS HornchLrch Essex RMII 3ST TRUSTEES Dr Katharine Susan Gavron (Chair) Jessica Lgah GaNTOll Sarth Ga)Th MAIN TERMS The trst¢eS are dwected to hold the copit81 and income of the trust fund for Such clb]e in5titutiODS or charitable purposes 45 th¢ tNstees shall frojn tin to time in th¢ir absolute disttetion determine. DtVESTMEfqT POWERS The trust¢ey have very wide investnient POWa5. BANKERS Hand¢15bank¢ 2nd Floor, High Hill Hoe 6A HaTnp5tead High Str¢¢t Londo NW3 IPR SOLICITORS Dechert LLP 160 Queen Victoria Street London EC4V 4(5 FUND Sehroder & Co Limiled MANAGERS 12 Mrgate London EC2R 6DA Ruffer LLP 80 Victoria Street LondDn SWIR 5JL AUJ)froRS Pr¢ntis & Co LLP Charted Accountants & Statutory Auditors 115c Militsll Road Cambridge CB4 IXE
THE ROBERT GAVRON CHARFfABtE TRUST PAGE 3 FtNANCIAL STATEMENTS FOR THE YEAR EED 5TH APRJL 2024 TRUSTEES, REPORT The Tnths present tbeir rewt 4lld fjnallcial statements for The RoF*rt Gavmn Charttable Trust (the "Trust ) for the year ended 5th April 2024. The financial stateents hav¢ b¢¢n prepared accordan¢? withlthe acwuuling poliGi¢s SEL out iti note I to the financial staternents amd comply the charltys tn]st the Cb#rities Act 2011 and Accowrting at)d Reporting by Chariires.. Statemellt of Reeornllnded Practice applicable to charities ptepaTing their finaucial statern¢nts in accordance w'ith the Financlal Reporting Statul8rd applicable in the UK and Republic of Irejalld (FRS 102)(efftctive 1st Jauuary 2019). STRUCTLRE, GOVERNANCE AIW MANAGEEr Governlng DocumeDt Th¢ TTUSt is w]stituted by a Trust Deed dated 3 1st July 1974, and its objective5 are Yery wide ranwng. The appoInt¢t of Trnstees is governed by the Dttd. It registered &8 acknity with th¢ fvity com110. Oryank$2tlon The Trustees me¢t forn]alty approximaiely four t]rn tkn)ughrt the year. They a# the broad strategy and areas of adivity for the Tn[ and cotk8ider individual gTant-nMking and Éhe invesknent portfoliu perfomiance at every meeting. Any actions tsk¢n b¢tw¢¢n Tn]stees' meetings are sIdered &8 P8rt of the agenda and inut¢d aud Tatifi¢d apptOPTiat¢ty. Research iuto r¢rtain graTIt appli¢ations and Dew PTojects to be supported is Cled oyt by the TDJSt Administrator, who visits and repons on new opplicants to alst the Tr in llkillg decisioDs. The Trust Administrator is the only employee of the TrnsL The daY-daY adminlstration of d)Èrirable grants as well &$ financial rnanagem¢nt. risk manag¢meDt and governance issues are Carri out by him under the guidance of the Chair of Trustees, Truste£¥' Induetlon and Tralrxlng The process for tbe indurtion of new TEwt¢ coJJJprise5 IneetiTrgwith the Chair of Trustees and other Tnwte¢s, alld new Trustees are also provided with cU¢llt end previous Amiual Report8 alld Acc4)UDts. In addxtiofy Trnstee9 are offtfed ining in th¢ duti¢s of ¢hariteble trust¢es. RESK MANAGEMELYT The TnCeS have reviewed all the nmjor risks the charity fa¢es aod have e8t•blish¢d systew and contingency plalls to mitigate the. Ill partiadar: (a) Resvves have been reviewed and are collsideTed sufficientto ¢Dabl¢ the obje£tives to be achiev in the tlleditmi temi. (b) Investments arv suitsbly mad¢ so w lo protectthe cbarttys TeserwJ aud aTe mad¢ withill guidelill¢s 5¢t out by Itgi8latiQD and the Charities ConMnis5ion. (c) Key intemai controls have been Teviewed &Tf considered sufficient. The TDJStee5 haye direct wntrol ov¢r key financial sfftjns. (d) Donee5 are suitably vetted for their charitable credentia]s before donatiODS are made. (e) Tbe Trustees consult profelsional advi5 froln tillte to tKTDe to ensure tbat the c]wiWs obligations are being fulfilla. (f) Adequate measures in place in the eveTht of the charity ceasin(r to 0. (8) Risk pjlicy is r¢viewed peTiodically at TTUStee3' Meetings. OBJEcfivES AND ACTIVITIES DURING THK YEAR Tbc Tte¢S bave ntinl to operate as they did undeT the leadeIP of th¢ 8ettlor and Chaii of the Trus( Lmtil his death in Febrnary 2015. Th¢ Trust ha5 SUPPOrted a sitllilar range of Chitable L7U5es as in previous year4 the principa] yrgas of support being 8¢¢e88 to the arts, education, charities working in prigons, humAn rigljts aDd ch&Tttte5 for the disabled. ]n additio the growing need for food banks has led to a number of donations to food bath and related Cl111es. Support given to charities been in the forni of mojketary donations made at the discretion of the Trustees. A list of the Iger grants 15 given on page 18 of this rep(
THE ROBERT GAVRON CHARffABLE TRUST PAGE 4 FfNANCIAL STATEMENTS FOR THE YEAK ENDED 5TH APRIL 2(f24 TRUSTEES, REPORT.......JroDtinued The Trustees continue to give SuP[)rt in the forni of either on¢-off 8mts or commitments to donations spread overmore tharA one year, and the Trust's reserves remain sufficient for existing COJDmituKnts. Wh¢ll the Tntstees comn)it themselves to making donations over s¢Y¢rnl years thes¢ ¢OTnmitrnents are reflected ill the Tntsvs annual accounts in the form of dollations charged to accumulated income and shown a8 designated bjnds in the balaDce sheet. The Tntstees believe that it is help1 foT tbe beneficiaries to know what they 0Y expect find whell to expect the promi9ed fiJll¢lg foT the purp)ses of their oThn plaDlling. In tbe p¥st year the ulliversity access sth¢rlle at MoTtth School in Tower Handety LA)nd0 which wa5 set up th¢ w¢mory of Lord GavroD, ha3 ¢outinued to encourage studeuts to aspire to untversity education. This is illt¢nd¢d in particuLar for stydents from fallIeS without a bsstory of tertiary education. The school h&$ designed a progrdmme to CTeate int¢rESt in universty among both students and their faroilies fjr. and it a150 includes bw5ariss for exceptional students. Among the other larger grat)ts have been dOnatioS to thrities with vknicb the TTus% th¢mselve5 are or have be comitcted &$ TnL%tees and advisors (see note on p.18). The long4erm donatiorL5 giyen to the Barbados Cri¢ket A$Sl4t10 which hav¢ been used for the enCOuragent and nurturing of promising young cricktters, have resulteé a number of winners of the Lord Gavron Avdrd playillg in the West Indies teams over the years. This 15 a Vindication of both the sch¢¢ and of th¢ 8¢1e¢tQTS of tbe Bbad0$ Cricket Awiotio Small Grants.. many Ca the TTUStee5 PTeferto make gT4llts to Org]ZatiOns whose WO they personallyknow admire. This does noL however, mean that charities Unknown to the TnL8tees persoDaLty do not receive ts. Anthony D8nce, the Trnst Adtninistrator, visits and reports OD solne applscations to the TTUSt and bi5 reports are taken into account by th¢ Trustees when they rnake tbeirdcci.%iQDS. This leads to a llUEDber of grants to new organization5 duTing each fiDancial year. These include small charities working iti are&s wbith cannot lty rdise fimds attd which ftre without the resources themselves for prof¢8sioJJal fuNI-raising. The TnLSt h&s also continued to help pr¢vious]y fi]nded stDall c}ritIeS which Come into th¢se categories. At present th¢ TnLSt is fully conuTritted to its existing arw of iDt¢r¢st and is utdthcty to cbange its fijnding PTiofities in tbe fore8e¢able ture. PUBLIC BENEFIT The Trustees are satisfied that the Tn itself and (so far &$ the TnLStee8 can &8certsin) the organisations wbich l]ad yupport &Te operating for the public benefit. FINANCIAL RKVIKW The T'S regular is 8£lleTated froffj invcslttwts and th¢ Tntrs will to rDOnitor irÈvestr]ent pK)liLy closely during the course of the next fiDan¢ial year. At 5th April 2024 the bth)k value of the iveStments was £8,530.435 (2023.. £8.767.760J and their market value at that d¢ was £9,886.796 (2023: £9.447.206). Th¢ balance of the in¢ome come frotD interest CaTDed on deposits b¢ld with th¢ TTusVs baDkers and fundm8magers. INVESTMETrIT POLICY The Tntee9 bave very wide investment wwers to manage the TrllsV5 assets. The Char of Tnths, along with a independent financi&l advisor, is responsible for meettng with the fund managers three times annually and r¢viewin8 the p¢rfomiaDce of the inv¢5tm¢iit portfolios. Th¢ independcnt financial advisor giv¢5 addibond advice on the illve5lellt alld banking decisions. Reports are given to the Ttimees ai the quarterty Trustee Meetin&4 on inveslrnent4 r¢5¢rye5 risk management. RESERVES POLICY The Chariry has a lIcY of maintaining sufficient reserves to cover existing Con)ellts those of thE fortbcoming year, donations due and its adtni]llstratfftve obligatiow. No upper limii is ¢onsidereJ ne¢¢>88ry to b£ set for the level of reserve5.
THE ROBERT GAVRON CHARITABLE TRUST PAGE 5 FINANCIAL STATEMEwfs FOR THE YEAR ENDED 5TH APRIL 2024 TRUSTEES, REPORT.......Jcontinued KEY PERSOLYNEL ND PAY POLICY The Trustees Gollsider th¢ Board of TTUSt¢es and Anthony Dance (T Athninistrator) to be the key m&nagement personnel of the ¢lwity in charge of directing and CODtrollillg tbe ¢harity on a day to day b15. All TrLe5 give their tirne freely and no Trustees, rernulleratiOD or expen54s w¢r¢ paid in the year. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL sfATEMENrs The Charitys Tnjstees are resEKJnsible for weparing tbe Tn. annual report and financial statements in accordance with applicable law and Unifrd KigdoM Ar¢otIng Standards (United Kingdom GeJ]er8lIyAecepted Accountllig Practice). The law applicable to charilies in Englaud and Ivales requires the cbarity's TDJstees to prepatt fjnaDcial ststements for e8¢h year which give a true and fair view of the state of affairs of the chartty 8nd the incoming Tesources aDd application of re80urces. of the djarity for that period. Jll preparing the finAllcid sratements. the TT1¢¢5 are r¢quir¢d to: 5elec¢ suitable aexotillg policies al then apply the]n consisteotly, observe the methods and prilPleS in the applicable Charitie5 SORP. make judg¢ments and ¢stinTries that are reasonable and pruden¢ strte whether applicable accounting Swidards h8v¢ beeD followe¢ subject to any MatillI dep8rture8 thxt must be disclosed and explained in th¢ fjllancial stetlle. Pree the fi1CIAl statements on a goit)g Concern basis uttiess it is inappropriats to ptesume th&t the Chlty will continue irL operatiotL The T81¢¢S are respOD81le for keeping prop¢r ac4ountttig r¢¢ord5 wtiicll disclose with reasonabl¢ UraCY at w tiu the fLncIal posiiion of the charity and to enable the to eDsure that the financia] slatements cornpty with the ChaTities Act 2011, the applicable Charities (Accounts and Reports) Regul105 and the provisiffls of the Trust Dee& They are a]so responsible for safeguarding the assets of the charity and taking reasonable steps for the preventiOD ynd det¢¢tion of fraud and other irr¢gularities. Dr Katharine S Gavron Trnstee For and on behalf of the Tru3t¢es
THE ROBERT GAVRON CHARITABLE TRUST PAGE 6 FINANCIAL STATETrLENTS FOR THE YEAR ENDED 5TH APREL 2024 INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEFS OF THE ROBERT GAVRON CHARITABLE TRUST optNION We have audited the financial statements of Rob¢rt GavTon Cbaritable Trusi forthe yearended 5th April 2024 Thfiich COMlse of the Statement of Financial Activities. tbe Balattce Sh¢eL StateTnent of Casb Flows and notes to the fllwcial ststements. The financial rertIng framework that knas been applied in theirpwtion is applicable law and United Kingdom Accounting Stalldards, including FinancÉal Repthtillg Standard 102 The Fin8t)cxaL RepOrtti Slulldard applicable in the UK Republic of freIa(r IUDlted Kingdorn Generally Ac£eptEd Acwuuting Pr[1¢¢). In our Opinio the financial statements: give a true fair view of the stste of the ¢baTiWs 4ff8ir5 a5 at 5th April 2024, of its expenditure for the yew then ended,. . have ell propety prepued in aGcordaDr¢ wtth United Kingdom Genera]ly Ac¢¢pted Accounting Practice. have been prepared in aceordanre with the requirements of the C]witi¢s Act 2011. BASIS OF OPtNION We conducted our audit ill Cordance with IttternatioDa] Standards on Auditing ILK) (ISA3 (UK)) applicable i&w. Our responsibiliues under thtJSE 5tslldaTds ar¢ fiwther descnkn in the AuditoEs respoJ]sibilities fortbe audit of the financial statements 3eCtion of our reporL We independent of the cFthrtty in accordall with th¢ ethical requirements that are relevant ts our audit of ibe fin4D¢ial Statements in the tiK including the FRCS EthicaE Stalldu and the provisions available for Small ctLtitics, in th¢ circutn5tances set in nots 5 to the fllW)cial statements. alld w¢ have fifilled our other ethical respon5Tr1 i]ities in accordance with th¢se rwuirements. We believe that the audit evidence we have obtsined 15 sufficient and appropriate to provide a basis for opinio CONCLUSIONS RELATING TO GOING CONCERN In auditing the fmancial ststements, we have concluded that the trLEStev w of the going concern b&sis of accounting i the PTep4ralion of the fiaTr¢Ial statements is appropriate. Based on the work we have perf(led, we havE not idtntified any mateTial wicenatnties relattug to events or cotiditioms that, Individually OT collectively, May c&st Si1¢nt doubt on the Tnjsvs abilTts'Éo continue as a going concern for a period of at least tw¢lvr months from when the fiuall¢ial sfatements are authorised for isque. Our iesponsibilities and the tespon5ibilities of the trustees with respectto going concern we d1b¢d in the r¢levatst section of thÈs report. OTHER INFORMATION The other inforniation comprises the illf0nn0ti included in the Tn]stees' Anllual Rem Dther thau the fjnancial ststPDMits and our audt¢oVs report thereon. The tnteeS are resp)Dsible for the other inforrttati Olf opioioll onthe fmancial ststements does not cover the otheT infonnation anti except to the exteDt otherwise expiicidy stated in ourrepo¢ we do not express any form of pssurance concIlOn tbereorn Ill connection with our audit of the finaucijl stst¢llwt5, our responsibility 18 to read the oth¢r illfoT]nation and. in doing so, eonsider whether the other information is materially inconsistent with the fll]Cial ststements or our knoledge obtsined in the audit or otheThise appears to b¢ rnalerially ]nisslate¢L If we ideIfy 8llch Nalerial inconsistellcie5 or 4ppar¢nt maleTial missratsmenty we art required to deternine whether there is a tnaterial misstatemellt in the fjDancial statements or a material mis8tatcmcnt of the other inforniatiOJL If, based ou tb¢ work we have perfomie4 we Gonclude thatth¢ is a DterIal missiatement of this other itifornMti0 we are required to rert that fact. We have nothing to report ill thls regar(L
THE ROBERT GAVRON CHARITABLE TRUST PAGE 7 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APBJL 2024 INDEPENDENT AUDITOR'S IIEPORT TO THE TKUSTEES OF THE ROBERT GAVRON CHARrrABLE TRUST MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEFnON We have nothsng to report in respect of the followillg matters where tbe CFwriti&S Ad 2011 r¢quires us to report to you 1£ in our opinion- the information given in the Trustees, Annual Report 15 illCODSi5tent in anymatttial respect witb the finm¢i418tatements' or the charity has not k¢pt 4d¢quate COuntIng records,. or the financial statements are not ID agreement with the aOunting records arnd or we have not ryeiyed a]1 the inforniation at)d explanatiOJL% we require for our audiL RESPONSIBILITIES OF TRUSTEES As explained more fijlly in tbe tn]st¢¢s' reswnsibilitieg slatemeDt ID the Trst¢<5' Anyjual Repor¢ the tS are responsible for the pration of th¢ financial statements alld for IAllg sati5fi¢d t1 theygive a true and fair view, and for such inlemal control as the trusttts detern)ine ts nere5sary to ethle the preparation of fillaDcial thtem¢uts that are free from rnaterial i5state¢llt, whether due to fraud or emw. In preparing the fiuaucial statements, the trtee8 8re respO8J]¢ for asse5SiDg the cbaTitys ability to continue 2 going Conce disclosin& as applicabl6, tDatters related to going concern and usitig the going con¢ern ba51$ of accounting UDle&s the tmstEes either iDknd to liquidate the rharity orto cease opeT&tion& or have no realistic alternative but to do so. The trustees have elected forihe fanCIal ststeraellts to Ix audited in acrdanCe ith the Charities Act 2011. Aryordingly, we have been appointed as auditor under sectton 144 of th¢ Charities Act 2011 Alld reFK>rt in aocordanc¢ with regulations mad¢ u1¢r s¢clioD 154 of that Act THE EXTwf TO WHICH OUR PR(EDUREs ARE CAPABLE OF DETEcrrNG IRREGULARrtIES fNcLUDfNG FRAUD Irregulariiies, including frau are Insta¢5 of noll-compliance with laws and regulations. Th¢ priJn8ry respon5ibilty for the prevention and dete¢tion of irregularities llleludig fraud rests with both the managetnent and those Ch8ed with govemanc¢ of the charity. We design procedutes in line with our responsibilities, oudillEd abov¢. to detect Lnaterial mis5tatem¢nts in respect of irregu]arities, inclllding fraud. We have coll51der the nature of the industry and sector, contrtsl envtroDmen( la and regulations attd busin¢ss PerfornllCe of the clwity. Laws and regu]ations conSLdered iucluded. were not limitedto. th¢ Charities Act 2011. FRS102 and Charity SORP. We have enquired with the nl8gement in regards to thear own asse&¥ment of the risks of irregulariti4 sneluding fraud. We a150 enquired of llwageffjeryt aud those charged with governan to aDy ill5t9n of Donwliance or suspected [LOD-CopllacC with laws regulatioN. We obtained relevallt doCuttatiOn and repreSentatioS llj order to form opillion ou pot¢utial trreguIarities, including fraud. We considered the oppottmities alld inltiV&S that may exist tILe organiOll for fr4ud. Based on thig undcrstanding, we designed ycific audti procedures to idelltify" inslance5 of non-cornpliance with law5 4TLd regulations, including obtaining additioTJal ¢OTrOrat1ve ¢vid¢lloe a5 required. Examples of procedures included reviewing large alld unusual trsa¢¢I0115. reVieing large and unexpected v1&tes. revi]nL journa]5 entries and relevant legal coffespond¢nce. There are Jh¢t limitations in the audit proeedure5 described aknv< llot least &5 5ampIiDg is used ullder tntemational Auditing Standardg, therefore not all trpnsactions are revi¢wed. Thereforq there is a risk we will not detect all irregularities including those leading to Material Ettisstatement in thc fiDaucial statements orllon-cor(wli8nce wirhtegulationg. The Fisk of not dettIng a material snisstatement due to hud ts a]50 higher thanth¢ risk of not detecting one from error. as fraud may involve d¢libet* concealment by, for ¢xampl¢. forgery. coll10 OmiSSiOD or intentional misrwesentstiorL
THE ROBERT GAVRON CHARITABLE TRUST PAGE 8 FINANCIAL STATEMENtS FOR THE YEAR ENDED 5TH APRIL 2024 JNDBPKNDENT AUDITOK'S REPORT TO THE TRUSTEES OF THE ROBERT GAVRON CHAIUTABLE TRUST Relevant identified laws and guItionS We communicated withtn the Cgag¢t team so IheyTetuained alertthroughout the audit for indications of fraud or non-compli8nGe. A filltheT d¢5¢riplion of our re5ponsibi]ities for the audit of the fitwi¢ial statements is located on the Financial Repoitiug Council's website 8t www.frc.org.ukn'4uditor5tesp)ll)ltltseS. This descriptson foTms part of our auditofs report. USE OF OUR REPORT This r¢port is made solely to the cknity'5 tn¢¢& as a CordanCe with Seetions 144 aDd 145 of Cbarities Act 2011, Our audit work has been undertakeD so that we might state to the INstees those matters e we required to state to them in ar£ auditovs report and forno other pwpose. To the fullest exlEllt p¢nnitted by law, we do nol accept or asSUe responsibility to anyone otheT thall the charity aDd the cb&ity5 trustee4 as a body, for our audit work. for Ibis r¢por( or for the opinions we bave fonrLed. NtGEL A PRwfis FCA (S¢rLior Statutory Auditor) FOR AND ON BEHALF OF PRbNTIS & CO LLP CHARTERED ACCOLTNTANTS & STATUTORY AUDITORS 115c Milton Road Cambridge CB4 IXE Prentis & Co LLP is eligibl¢ lo act an auditor ID tenJL8 of sectioo 1212 of the Companies Act 2006.
TIIE ROBERT GAVRON CHARITABLE TRUST PAGE 9 FANCIAL STATEMEYfs FOR THE YEAR ENDED 5TH APRIL 2024 STATEMENT OF FfNAN'CIAL ACTtVlTIES 2024 2023 Unrestricted Unrestricted No COME Investment income 128.121 115,704 TOTAL tNCOME 128,121 115,704 XPENDITURE Cost of raising fuuds.. InVestellt management ¢osts Expenditure on charitsble activiti&s TOTAL EXPENDrruRE 28,682 506,370 535,052 30,327 479.468 509,795 NET INCOMEJ(EXPENDITUB£) BEFORE GAtNS ON [NVESTMEs 1406.931) 1394,091) Net gaino05S¢s) on inv¢str)ents NET MOVEMENr tN FUNDS 712.797 (415,904) {809,995) i05,866 RECONCILIATION OF FLfNDS Total fuuds brougbt forward Total funds caEri¢d fon¥ard 9.627,232 10,437,227 9.933.098 9,627,232
THE ROBERT GAVRON CHARITABLE TRUST PAGE 10 FINANCIAL STATEhlENTS FOR THE YEAR ENDED 5TH APRfL 2024 BALANCE SHBET No 2024 2023 FIXED ASSErs Inveslments 9.886,796 9,447,206 CUItRThT ASSETS 89,805 20.IM)O 265.507 33,95 Debtor5 alld prepa>ryneuts TOTAL CURRENT ASSETS 109.805 299.457 LtABILITtES Creditor8: falling due within one year io (63,503) (116,431) NET CURRENT ASSETS 46,302 183,026 9,630,232 Total assets less current liabilities 9.933,098 Creditors.. falling due after one yeaT TOT AL NET ASSETS io (3,000) 9,627,232 9.933.098 THE FUNDS OF THE CHARITY Unrestricted Fund8 12 9,933,098 9.627.232 The accounts on pages 9 to 17 were approved bythe Truytees on Dr Kathine S Gavron JessI L Gavron
THE ROBERT GAVRON CHARITABLE TRUST PAGE 11 FINANCIAL STATEMENfs FOR THE YEAR ENDED 5TH APRIL 2024 STATEMENT OF CASH FLOWS 2024 Total 2023 Total Note Net cash used In op¢ratlThg g¢tfvities 13 (577.0301 (581,783) Cash flows froTh Inve5tillg activitie5: Interest and dividrnd9 Net (purchaseysale of investtnents Net casb provAded by Inv£stlng activities 128,121 273,207 115.704 41,286 401,328 156.990 Change c&sh alld eash equivalellts in tbe year C48h and cash equivalents at the be18 of the reponing period Cash and cash equivalents at the end of the reporting period (175,7021 (424,793) 265,507 690,3(K) 89,805 265,507
THE ROBERT GAVRON CHARtTABLE TRUST PAGB 12 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APBJL 2024 NOTES TO THE FINANCtAL STATEMENTS i) ACCOUNTING POLICIES (&) BASIS OF PREPARATION A&SESSIIEf4T OF GOLNG CONCERN The financial statEllwts have beellprep tmdeT the h[Stori Cost wDveDtion with itsms recOgnid at COSI or trtn5actiotL value unless ¢)therwise statrd in the relevant Mtes to tbese finall¢ial stst¢utents. The financial ststejnents havc trÈen prepare4 ill 0rdnCe with the Stateffle of Reconllnended Practice.. A¢couuling and Reporting by CbaTttses prep&ing djr accounts in accordance with th¢ FitWLCi31 Reporting Standard applicable in tbe United KillgdoD] and Repub]ic of Ireland (FRS 102) (effective 1st January 20191 gjjd the binanci Reporting Srandard applithle in tke United knngdom al Republi¢ of Ireiand (FRS 102) th¢ C[witi ACÈ 2011. The Trust constitytes 4 public benefit entity as defined by FRS 102. The Tte&s consider that there are llo thIal uncenaillties alx>ut the Trusvs ability to continue as a going ¢oDcenL The most sigtiificant areas of uneetTAinty thataffect the catryin8 valu¢ of Sets beld by the TnLqt are the level of investsnent turn and the performa[ of investment markets. (b) INCOME RECOGNITIO All income is r¢c¢)gnised once the charity ha5 entiilemEDi to th¢ in¢om¢, it IS POS5tr)le thet tbe inco]ne will be Teceived the atnount of can be measured reltably. Investm¢nt incotne is acCou(2d forwheD receivable. Tax rxoverable relating to investm¢nt 1COme 15 accounted for in the sarn¢ peri¢ &% the re]at¢d income. (c) EXPENDTfuRE RECOGNITION Liabilities are recwjised as wedIare 8ooD as there is a legal or ¢onslnr¢tive obligati¢Jn committing th¢ ch4rity to that exEKndibJre. 1¢ 15 probable that Settle¢llt wiu be required and the amouttt of Obliti1)n can be tne&%ured reliably. All expenditure is accounied for on ar(nlS basis. Chatitsble Sup[ ex[Se5 arLd goYernatL(% Costs iDclud¢ all expendittsre not dirertly r¢latiDg to the clhgritabk activity. Cknitable grants payable ate ret]wed in the accoullts durÈng the year in which the grant w&$ made, and any amoullts outstanding at the )rar end are included in CUellt ]i¥biliiies. When grants awarded expire or are unclaimed they are [redIted. (d) VALiJE ADDED TAX Value Added Tax is ]t e0Verable by the Tn and such is in¢luded ill th¢ relevant costs in the Staten of Fit)anciai Activities. (e) COST OF RAIsifiG FUNDS The eosts of generating fjJll&8 GOllSiSt of inv¢stmellt niai)weni e05ts pnd legal fre5.
THE ROBERT GAVRON CHARITABLE TRUST PAQE 13 FINANCIAL STATEMEN13 FOR THE YEAR ENDED 5fH APRIL 2024 NOTES TO THE FfNANCIAL STATEMENTS (fj FIXED ASSETS INvmENTs Inveslments are a forrn of b]C instn]t and ar¢ iDitialtyTecognised attheirtraDsaction value 8nd sub3equ¢nt]y measured atthelr fair value as at th¢ balance 5heetdats using the cloging quoted Tnarket price. The Statement of Financial Activities inclth the nei gains and lo¥es aTiSing on the revajuatiott aDd disposal throughout the ytar. Derivative fUl(la1 iD5trwnents are initially recorded at Cixst andthereafter at fair vaiue with changes recogtsised iu the Sratement of Financial Activiti¢3. The main forni of fancIal risk faced by the cljarity is that of volatility ill equity llkets invesLTnent rnetS due to wider ¢conomie ¢onditioDS. the attitude of iDvestors to illvestment fisl and ch8nges in gentiment concerrting equities and ]n particuIar seLtDrs and gjb sectors. ts) REALISED GAINS AND ILI&SES All gains losses are taken to the Statemellt of FiDaucial A¢tiFities as they aLise. Realised gains and losses on inYe5tren(% are ¢lated as the difference beren sales proc¢Ed5 and th¢ir op¢niDg canying value thcir purc]wse value if acquiE¢d Subsequent to the ST5t day of the fiDancial year. Unrealised gaitis and losses are calcuiated as the difference betsveen the fair value at the ye8r end &lld their carrying valu¢. Realised and r¢altsed invg5kneTLt gains al losses are combined ID th¢ Stthm¢ot of Fwwlcial Activities. (h) FOREIGN CURRENCtES TrnwartiODS in foreign currencies are rccorded * th¢ rat¢ Nling at the date of the try&)saction. Monetary ssets 2nd liabilities are retra1ated at the rate of exchange ru]iog at tkn balanc¢ sbeet date. All differ¢n¢es are tsken to the Ststement of Fillanc?al Acti*ities. (T) PE.¥SION cofffluBtTfioNS The Trust Contributes to a defiDed contrib10 P¢nSiOD sdKn]e OD behalf of the employee. The assets of the sd]eme ar. held separntcfv from thos¢ of the Trust in an 1ndelltty administered The pension osl ¢harg¢ represenis cottributiODS payable by th¢ TTUSt to the fun 2) tNVESThlE.YI INCOME Year ended stit ApTiI 2024 Total 2024 Non-UK Equities Fixed interest tnterest from stockbroker 24,810 26,935 3.292 53,732 19,352 78,S42 46,287 3,292 128,121 55,037 73,084 INVESTMEh'T INCOME Yvdr ended Sth April 2023 Total 2023 Non-UK Equiti¢s Fixed interest Interest from llockbroker 6,769 39,873 8,267 54.909 18,370 42,425 25,139 82,298 8,267 115,704 60,795
THE ROBERT GAVRON CHAIUTABLE TRUST PAGE 14 FfNANCIAL STATEMENTS FOR THE YEARENDED 5TH APRIL 2024 NOTES TO THE FINANCIAL STATEMENTS 3) CHARITABLE ACTIVITIES Year ¢nded 5th Awil 2024 Support and GoveTW CbaTitable Actsvkties 2024 Donations (note 4) Staff costs {uotr 6) Ststionery costs Bank Chae5 Bookkeepin8 and payroll Audit accounTrDCy fr 456.027 456,027 40,185 74 583 4,901 4,600 40,185 74 583 4,901 4.600 456,027 50,343 506,370 CHARITABLE A1VITIEs Year ended 5th April 2023 Support alld Govemallce Costs Charitabl¢ Activities Total 2023 Ik)uatigDS (nole 4) Staff costs (note 6) Stationery costs Bank charges Bookkeeping pasToII Audit aCcOtanCY fees 429,761 429,761 40,519 270 455 4,347 4.116 40,519 270 455 4,347 4.116 429.761 49.707 479.468 4) CHARITABLE DONATIONS PAYABLE 2024 2023 TotAI Ckn don&tiOll5 paid durtngthe year (see p4e 18) 512,342 514,615 Douations paid during the yegr that were included ID the previou5 y*s provisions Total net CUTrentyeor c&8h donatious paid Addition8] dimatiolls ¢OTnmitt¢d to be paid within on¢ year (110.063) (122,9171 401279 391,698 53,748 35,063 Additional doDatiODS CotD[ni Éo be paid after on¢ year Totsl donations charged to the UTw&stricted Jncome AccouDt 3,0(KJ 429,761 456.027 TT INCOME/(EXPENDITURE) FOR THE YEAR The ttet deficit for the yeat ts arrived at after ¢haJging'. Audit fE Fe¢5 Patd to Auditots for other 3¢ryices 2024 2023 2,400 7,101 2230 6233 Management tlweat ITr relatton to non-Audit strvires". in ¢ollunon with many other bNsiTwses of similar 5iz¢ and natUT£, thE Truste&8 wiploy the auditors to &qsist wlth the preparation of tbe financial statements.
THE ROBERT GAVRON CHARITABIE TRUST PAGE 15 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 NOTES TO THE FNAliCIAL sTATENIrs o) STAFF COSTS AND REMUI¥ERATION OF KEY MANAGEMENT PERSONNEL 2024 2023 Salars¢s and wage5 Social seeIty e(k4ts PEnSiOU costs Less.. Co8t cOntrib]0S S5,000 1.335 3,850 (20,000) 40.185 55,000 1,669 3,850 (20,000) 40,519 The above represents the tot415aipry cost to the charity of the employee of the Tht. The Trust colderS its key utanagement wonnel to be the Tr Anthony Dance (TrLLSt Administrator). No remulleration paid to the TnLSte in the year nor weTr any expenses reirnbursed to them. 2024 2023 Market value at 6th April 2023 Additions Di8posats Net unrealised gain00s$¢S) N¢t Ra]ised gainsl(losses) Market vu¢ at 5th April 2024 His¢orica] cost at 5thApril 2024 9.447,206 9,904,396 1.361.671 2,030,470 (1,634,878) (2,077,756) 733.401 {308,7771 (20,604) {107,1271 9.886,796 9.447206 8.767,760 8.530.435 Jnve5Lrnents at fair value ¢omprise: Year tleI 5th April 2024 Totsl 2024 UK NOD UK Equities Fixed interest 1140,725 648.003 6,461,644 636.424 8,602.369 1,284.427 1788,728 7,098,068 9,886,796 V¢5ttn¢nts at fair value cotDprI. Year ended 5th April 2023 Totsl 2023 UK Non UK Equities Fixed illterest 2,549,460 313,731 5,721,OJ9 862,976 6.584,015 8,270,499 1.176.707 2.863,191 9,447,206 All illvcsltnellts caJried at thetr fRir value. Investhient iu equT¢i¢s and fjxed interest securitie$ are all traded in quoted public maTkct4 primarily the LoD(lon Stock Exchange. Holding5 in common investtlleut filtS, unit tru51s and open-ended investrient COAnpallie5 are at the bid price. The b&£is of faiT value for quoted iDvesttllents 3$ ¢quivalent to the m£rket V41u¢. using the bid PTice. Asset sales and purchases are reeogrtised at the date of trade at ¢ost {that is their trdti5action Yaluel Invcstwjts are sbown 4t values deternlined bythe Truses fiJDd managers. Scbroder & Co Ltd and Ruffer IIF. All investments are held within unt¢Stri¢ted fids. Investellts held within the portfolio that are over 50/0 of the total value are Charity Assets TnL8t Ace17.42V.I BrnHTt Advisory US Su5traillable19.28Yol, Scbroder Global Sustainable (24.13/.), Rothb]ld- Exbury Fund (10.33Y4), SparinvesL Ethirnl Olobal (6.34Yol, UBS ETF MSCI USA Socialty (5.38%). No other itiv¢stm¢Dts con)prise OF more ofthe portfolio.
THE ROBERT GAVRON CHARrrABLE TRUST PAGB 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRJL 2024 NOTES TO THE FfNANCIAL STATEMENTS 8) CASH 2024 2023 Bank accounts Fundmanager5' accounts 52.342 37,463 89,805 64.359 201.148 265,507 9) DEBTORS AhT) PR£PAYMENTS (All due within one year) PrepaynTrents and accnted inco¢ 2024 2023 20,0) 33,950 io) CREDITOILS 2024 2023 rkn withiD tt after Due within one year e aft¢r one year Charttabl¢ donations AccnJaL8 Social se¢urity and pension 5&748 5204 1.551 110,063 4,751 1,617 3,000 63.503 116,431 3,000 ii) RKLATED PARTY TRthSAcrioNs Dr Katharine SusaTE Gavron is a TnJst¢e ofthe TrnsL During th¢ £20,000 (2023: £20:0(M)) wa5 re1V1 from t)r K Gavron for tribUtiO5 towards Anthony Dallce's salary for work Caled out c her beha]f. Thi5 is sb0%l as & deductiOTA from skny 5¢¢ llOt¢ 6. 12) ANALYSIS OF CHARfTABLE FUNDS 2024 2023 Unrestricted Unrcstri¢ted General General Balallce blfi¥d 6 Aprtl 2023 9.627232 10.437,227 128.121 115,704 (535,052) (509,795) 712,797 (415,904) 9.627232 Expenditure Gainsl(losses) on illvosttoellts Bthce clfwd 5 April 2024 9,933,098 DIllg a year in which income tx¢¢ed5 expetidlti Ihe ¢xcess income is retained to be availabl¢ for distribution iti sUbsequ¢Dtye5.
THE ROBERT GAVRON CHARJTABLE TRUST PAGE 17 FfNANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRJL 2024 NOTES TO THE FfNANCIAL STATENIENrs 13) RECONCIIJATION OF INCOMING RESOURCES TO YET CASH FIA)W VROM OPERATING CTIVTTIES 2024 2023 Net movement in fijnds Adjuitsllents for.. Dividellds and interest from inv¢strneDrs Lo55¢51(gains) on iDyesiD]ents Decreas&(increase) in debtOT5 (Decteasey(incre&se) in creditOTS 305,866 (809,99S) {128,121) (115,704) (712,797) 415,904 13,950 11550 (55,928) (84,538) (577,030) {581,783)
THE ROBERT GAVRON CHARITABLE TRUST PAGE 18 FtNANCIAL STATE.MENTS FOR THE YEAR ENDED 5TH APRtL 2024 SCELEDULE OF CASH CHARITABLE DONATIONS OF £3,(KY) AND ABOVE 999 Club Alt¢rnative to Viol¢nce Arab Israel Children's TenDis Charity (Freddie KTivine Foutthtion) Arnott Cato Foundation Arts for All Ball¢tBoyz Barbados CTicket A89ociation Book Clubs in bchools Carnden Peopl¢'s Th¢atr¢ Ec(kA¢tive FACES Food Behind Bars Fo(Kl Cycle FD(th8nk Aid Four Corners Futh Frontiers GASP Motor Proj¢ Get Out Giving WoTld Highgate InternationaI Chamber Music Festival Holoc&usi EducationaI Trust House of Illustratio Jewish University Chaplainey Jol)n Abbey- Medical Aid to the UkraRne KEEN London Kool Carers South East Live Unlimited Marie Curie Morpe¢h School National Portrait Gallery New Bridge FouDdation Not Beyond Redemption NumIr Cbarnpiolls OpeD Democracy Orchid ca¢Br Appeal Prisoners Advice SeNic¢ 3,000 3,0(N) 61,275 7,831 5,000 25,000 23,693 5,000 5,000 3,000 3,000 3,000 5,000 20,000 4.000 5,000 4,543 10,000 3,000 10.000 5,000 50,000 10,000 5,000 5,0(M) 3,0(K) 5.0(K) 5,000 60,000 15,000 4,500 5,(M)a 5,000 25,000 5,000 5,000 3,000 30,000 5,000 5,000 5,000 J,O(K) lo,0) 5,000 5.000 5,000 3,000 11,500 Royal Opera House Coveut Garikn FoulldatioD Spires Centre Stand Out The Habbil FaGtory The Longtord Trust The Social Guarathe lThe Sofa Project The Trussell Trust Unlock YMSO otal of all dotiatiolls les5 thall £3.1)(KJ Total doDatiolls llle duringthe year (note 41 512,342 Iluded in this list of donations orgdllisations ID wbich a Tnth of the Tru5t17AS an interesL The d¢tails of the Tn]st¢¢ and orwiisations eoneerned are set out below. Dr Katharine S Gavron: Ball6tBoyz Highgate International Chamber Mwic Festival Trust¢¢