THE DEMIGRYPHON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE DEMIGRYPHON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Tn]stee'sAnnual Report IndeIent Ex8min&s Rwt Statement of FiJJattcia] A¢tivitie5 Balance Sheet Schthl¢of Investtnents and ]ncome N0*8 to the Finan¢iat stsAements 8-12
THE DEMIGRYPHON TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2025 The frustee is pleas¢d to presfflt its report iogeth¢r wilh the finaTJcial Statements of the ch8Mty for the year ertded 5 April 2025. The firtancial $tOtetn¢nlg have been prcwed in accordance with the a¢¢ouniing policie5 Set out in the note5 to th¢ finan¢ial t¢llLents and comply with the charity's gov¢ming do¢uTn¢nt, the Charities Act 2011 and Accounting and liep)rting by Charities: Stat¢ment of Recorntnended Prarti¢E applicable to charities preparing their K¢otS in a¢¢ordance with the Financial Reportit)g StWLdard applicable in th¢ UK Wld Republic of Ir¢land published in October 2019. Obleetlvs and ¢tivl(ks The Tru8tee may pty or apply the unrestiicted ¢apital and income of the Ch8rity or foT su¢h charitable in5titultons or purposes the Tn]sttt in its absolute discretion think5 fit. The Trustee catries out ¢hes¢ objectives by regulatrly Considering app¢a15 from other charities making wlicy and funding decisions. Pxblic BeAeflt The Trustee confirms that it h&$ compiled with the duty in section 17 of the Chorities Act 2011 and h&% refttTed to the guidance containcd in the Charity Commission's g¢neTa] guidance on public ben¢fJt when reviewing the Charity'5 aims a[ objectives 8od in pi8nning future activities and sethng the donations policy foT the yeas. The bcncfit that arises is the provision of fithdin8 ¢0 organisations that d¢mons¢rat¢ chItable pwios¢. Athiev¢m¢ots performn¢t During the year th¢ Trustee made grartts talling £48.24712024.. £39,398] in further&nce of its objectivcs and continues to make ts to charitable organi5ations Fx)th on a one-off atKi recurring basis. The larger gr8llts awarded th]ring the year are ststed i the no to the firlancial slatcments. The Tnjstee is plrasrd with the pro8ress made in the financial y¢8r ¢nded 5 April 2025 and looks frnd to expandin8 its work with many other charities in theyears to >Me. Finandal review The Trusiee received £75.848 in inve5thLent income in the Current yetr12024.. £63.6151 and the Trustee h83 achi¢ved its intention of sp¢ndingth¢ inLX)me on charitablc activities. Net outgoing r¢sourte5 for the year were £188 [2024.. outgoing £193]. In addition th¢ TTUSt mad¢ unrealised loss of £173,647 [2024: gain £305,4331. The net outgoing mov¢rn¢nt on funds was £173,83512024'. inwrning £3052401. Investmt poticy The Tru5t¢¢ has instructed the Investsn¢nt Manager that the pknfolLO 15 to be invested to produ a suitsble mixtttre of irteome in order that the level of grants may bc maintained and Capit growth to s¢cure the futtwe of the ChaTity over the coming y¢ars. The Truste¢ ¢onfident that the fvwre iTWllLe Stream is secure. The investment Eoli¢y is monitored by regular invcsknent resX>rts and meetings with the Inv¢sttnent Manager. A breakdown of th¢ tnvestments held during th¢ fin4ncial y¢ar ended 5 April 2025 Can be seen on page 7. Risk MaDAgement Th¢ m4or risks to which the Chartty is exwsed have len id¢ntifLed ¥1 steps taken to mitigat¢ tho$¢ risks. The main risk to th¢ Charity concerns thc investments held The Truste¢ ha5 mitigated this risk by engaging C8zenove Capital to maJ)age the inv¢sLments and monitor the Nbrtfolto and financia] ri5k5 to the Charity. The Tru5t¢c rcgu]arly review5 the ValU10n of invcsttnents and the in¢om¢ strwi generat&l Th¢ Trustee has 1sfied itself thai the trust 1$ a going concem and has adequate rex>urccs to conttnue in OFKTational existence for the foreseeable tUrt The charitable activities fided by the invesiment 0110 and although Covid-19 did have a neBatiwe impa¢ton this, the Fortfolio has recovered with 5ufficicnt value to support Continu t making.
TUE DEMIGRYPHON TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2025 ResteS pollty It is the intcntion of thc Tru5tcc to sustain thr unrestricted fid$ at a l¢vel wht¢h will provide Sufficient fiJtKls for th¢ lev¢] of t$ P8id 8J)d to coverthe Chgrity$ mthagement and administration ¢05 Atthe Balance Sh¢¢t date the unrestricted rtserves amounted to £3.646.247. Future Plans The Trustee does not ¢nvisage any materid change to the operdtion of the Charity in the long-krn and the inve8tmet)ts Ivill continuc to be maged on a similar basiq as they now. Nolth$tandIng this, the Tntee remaiJF fl¢xibl¢ in ierm8 of t of oJganisati0rt5 It supports. Strndur¢i govern#mte management The T has Charitable and wa5 set up by The Hon Charlr3 PSOn by Deed dated 13 Febrwy 1978. Th¢ managem¢nt of the Charity 15 V¢Sted ITh th¢ Trustee arml they actively review th¢ perceived major risks which the Charity face5 and the TnJs¢e is satisfia that the systems arc in place to mitigate those risks. The Trustee rtteived appropriate briefjng oll its responsibilities under th¢ law relating to ¢harities and its dLrty to ensure th its charitable activities are for the publi¢ b¢n¢fit. The appoinimcni of new truslee5 is vested in the Settlor during their life. The selection of fvtutt trust¢ will have regard to the skills, knowledge and experi¢rtc¢ needed for the effeetive athnittistrarion ofthc Chrity. Indudion and traininE for tnjstees is provided where relevanl. RefeTrnce dmilstr#tiYe IDform*tio4 A r¢gistCTed charity, registered with the Charity CotThmL5sion¢r5 for En8landAnd Wales as nu]nber 275Y21. ]¥in¢ipal Office.. 4th Floor, 7 Swallow Street LA)ndon WIB4DE The Thjstee is Cowdray Tn]st Limiied. The Directots of Cowdray Trust Limilcd are.. The Hon H M T Gib50n Ichairnian) Thc Vlscount Cowdray (Resigned 12 March 2025} The Hon C APearson The Hon P N Gibson Th¢ Hon B C Gurdon MrJRESTnith Mr R C P Troughton {Res1wd 13 lune 2024) hth S J Burrell Mr8 CA Bullough (ApFointed 30 August 2024) Mrs P P¢arson (Apinted 14 2025) Mr S JAd(ins)n Mrs F A Rice Mr M P Harris Mr K Wright Solicitors- Currey & Co LLP 33 Queen Anne Street Lknnthn WIG9HY Jndyndent EXami[r.. HaTriet Sergeant Shaw Gibb5 (Audit) Limited 25 Si Thomas Street Winchester Hampshire S023 9HJ
THE DEMIGRYPHOIY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR EIYDED 5 APIUL 2025 Royal Bw)k of Scotland 119- 121 Vi¢toria Street tA)ndot) SWIE6RA Banker." Schroder & Co l London Wa]1 Pla¢e LoDdon EC2Y SAU Investment MaJJager'. Cazenove Capital l London W1 PIKe Lon(k>n EC2Y SAU ststement ofTnJ5¢ee's RespoDsibilities The Trnstee is r¢spon5ible for preparing th¢ Trustee'5 RepDrt and the fin8M¢ial statemcnts in acCOrdat with 4)plicabl¢ law and rc8ulations. The law applicable to chariiie5 in England and Wales requires the tnjstee to prepare financial 5tatcrneThts for each financial year in accordancc with United K2n8dom Genwally Accepted Aceowiiing Practice (unit Kingdom A¢coutsting Stsnthd5 and appli¢8bl¢ ]tgulation5}. Under law the trustee mSt rtot approve the financial statements un1¢55 It is Satisfi that they give a tsu¢ aT fwr view of th¢ state of affairs of the dwity ond of the it0]ng resources and application of resources of th¢ tharity forthat perio<L In prepaTing th¢ financial $t41em¢rLts the trustee is r¢quiMJ .. - 5eleet suitabl¢ arlounting lICIeS 8nd then applythem consi$tentlyi - observe the methods and principles in the Charities SORP{FRS 1021; - mèke judgen)ents and a¢UtIng ¢5timates that are sOnable and prudent. - stak whether applicabl¢ a¢¢owLting stanthrds h&v¢ Ix¢n followed. subje to at)y Materi depsrtwe5 disclosed and explain¢d in the financial stsicments. and - prepare the fi]icIal statements on th¢ goirtg nCern b&sis unless it 15 inappropriatr to presume that the charity will ¢ontinue in bSinesS. Th¢ Trustee is Tesponsible for keeping adequate a¢o)unting records which are sufficient to show and explwn the charitys transathioTL8 and disclose wilh Th50nable a¢cura¢y ai any titne the fJnanci8] p)sition ofthe charity and enable th¢m to ensuTe that the financid 8tAt¢ments comply wtth the Choritie5 Act 2011, the Charities {Accounts and Repotts) Regulations 2008 and the pty)vi$ions of the Trust Deed. It is s0 rcsponsible for $8frguarding the Sets of the charity andhcncc for taking rc&wnable sieps for the prevention and detectiott offraud and oth¢r Irregulltie5. Approved by th¢ Trust¢eon 3010112026 and signed on its behdf by: CowdrxyThtyt Limited D1CtOr
THE DEMIGRYPHON TRUST INDEPENDEiYf EXAMtNER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 I report tt> th¢ dwity tr¢ on my examinffttion of the lnIS of the drity foT theyear ended 5 April 2025 which are sd out on pages 5-12 . Responsibilities $15 of report As the charity's trustee you re5pon5ible for the pration of the accounts in a¢¢ordan¢e withthe rwirements of the Charities Act 2011 ctheA'}. l ryort Iij pect of my examination of the charity's accounts CaJr1 out un(kr stttion 145 of the A¢t ortd in earying out my examination I have followed ] the appli¢abl¢ Directions given by the Charity Comrni5sion under section l45{51(b) of the Act. Id¢p¢ndemt exmiDer'$ $l*tement I have wmplcted my ex8miiJati¢)n. I confimi that no mateTial matters hav¢ come io my attention in connection with the exwninthon giving me ¢ause to Ftliev¢ that in any material respect.. a¢eounting recordq war not kw in respect of th¢ ¢hoJity required by seaion 130 of theA¢t', or the attOUDts do not e0rd with those records. or the accounts do not comply with the applicable requirements concerning the forni and content of aCcot$ set out in the Charities (Accounts and Rerts> Regulation8 2008 other thart any requirement that the accounts giv¢ &'tru¢ end fwr view, which is not a rnatter consid¢r¢d as part of an indewthii examinotion. I have rM> concems and have come across Th) other matters in connection with the examination to which attention slK)uid be Ilrawn tn thi8 report in or(kr to enable a proper under5tandin8 orth¢ unt$ to bc reached. Harriet Sergeant Shaw Gibbs (Audit) Limited 25 St Thoma8 StT¢et In¢hest¢r Hampshire S023 9HJ
THE DEMIGRYPHON TRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 2025 UDre4trlcted 2025 TotAI 2024 Prior yeT total funds Nots Ineome frnm: 75.848 75,848 63.615 Totsl 75,848 75,848 63.615 Expenlitsr¢ •D: Raising fijnds Charitable activities 1,369 74.667 1.369 74.667 1252 62,556 Tol•l 76.036 76.036 63.808 incomel(expellditxrn) {188) (188) (193) Oth¢r rt¢08Mised g8iDsl{lossos): Gain(lo$se$l on investment wets io 1173.647) (173,647) 305,433 Net movement {173,835) (173.835) 305.240 Rer•nciliatiOD of funds: Totaj fi]tth brough¢ forWd 15 3,820,082 3,820.08? 3,514,847 Totsl fDads crried fDrw*rd 3.646,247 3.646.247 3,820.082
THE DEMIGRYPHON TRUST BALANCE SHEET AS AT 5 APRIL2025 N•ts 2025 Totsl nds 2024 Prioryeir funds Fixed Assrt Invu(ments 3,575,736 3,749,383 Totsl Fixed Ass¢ts 3,575,736 3.749,383 Curr¢ntA9sets: Dcbtor5 500 86.011 12 92,033 Totsl CiTrentAss¢ts 86.511 92,533 IAablllties: CreditDrs.' Arrlounts falliD8 du¢ within one year 13 {16,0) {21.834) Net CurrentAso¢ts or Llabllitie 70.511 70,699 Totsl NetAss¢ts or Ligbilities 3.646,247 3,820,082 Tbe FuDds of the Ch•rity: Unr¢stri¢ted 15 3.646,247 3.820,082 Totsl ChArity Fu#d5 3,646.247 3.820,082 Approv&J by the Trustee on 3010112026 and signed on its bchajf by.. CowdTayTrKst Lithited Dlre¢¢or
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2025 Sts¢utory Information The Demigryphon Tn55t 15 a registered ch8rity. The re$¢cre number and principal office address can be found in th¢ Report of the Trustegs. Accounting Poiltles al BIsi8 of fiDAn¢S41 stlememts prtPAr(iDn The financial statements of the ¢haTity. which 15 a public benefit entity, have b¢cn prcpared in acwrthnce with the Charitles SORP {FRS 102) 'A¢wunting and RerA)rting by Charities.. Statement of Recommended Practice applicable to charities preparing their arcounts in accordance with th¢ Finojjcial Re>rting Standard applieable in th¢ UK dtkl Republi¢ of IT¢land IFRS 102) (effective l January 20191,, the Financial Reporting Standard applieable in the United Kingdom and Republic of Ireland IFRS 1021 the C]wiu¢s Art 2011. The financial stai¢m¢nts hav¢ be¢n p]tped undeT th¢ historical cost convention. The finan¢ia] statements have been pr¢par¢d to give a'true and fair, view and have departed from the Charities (Accounts oAd Reports) Rc8ul&tiotts 2(Mb8 only to the extent requited to provid¢ a 'tN¢ and fail view. This dq)arture has involved following Accounting and Reporting by Charities preparing their aonIS in accordance with the Ficial RtFA)rting Standard 2pplicable in th¢ UK and Republi¢ of Ireland (FRS 102) issued in O¢tob¢r 2019 r8ther than th¢ Accounting and Re[rtIng by Ch8Titi¢S'. Ststetnenl of Recommcndcd Practice effectivc from l April 2005 which ha5 since been removed. The TrsIte rJ)nsiders that there are w material urLc¢rtainties about the Tnt'S Ability w ¢ontsnue as Axoing concern. b) Natu of funds All fun(L8 h¢ld ar¢ wtrestrtcted and the Trglee 18 free to use thcm in accordance with the charitBbl¢ objects. Fixed g&qet iDwtJ¢mets Investtnen(s are stated at m8Jk¢t value at the Balan Sheet de. Overseas inves(ments are translated inkn 5tcrling at rat¢$ wling a¢ the year en(L The St8tem¢nt of Financial Activities (SOFA) includes the net gains and losses on reVuatIon atKi disposals tIOUghOUtthe year. d) Ineome In¢om¢ is recogniscd in the SOFA on¢e thc ellarity has entit]ement the fiuJd4 1¢ is probabl¢ that the lllwme will be rec¢iv¢d and the amount ¢8n be measured reliably. Exptlldlre Liabilitie$ arc Terognlsd as expendiiur¢ &$ soon a5 there 15 a legal or wnstru¢tive obligation ¢(xnmitting the chlty to that expenditie, it is probable that a tran5frr of economic benefits will bc required in settlement and the amount of the obligation can be measured r¢liably. Exp¢ndikne 15 ac£oimted for on am cTua]S basis and has b2en Glas5ifiEd under hcadings that a88re8ate a]1 costs relaied io that rategory. Where eo$ts ¢TITt be direa]y Attributed to PkTti¢ular headings. they have been ailecated to &ctiviti¢s on a b&%is crf>n5iStcnt with the use of resources. Charitable gr&nts Grants payable ar¢ reco15 in the SOFA wh&) they are approved by the TnL8tee and the re¢ipi¢nt has been informed of thc amountto be paid.
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 5 APRIL 2025 (Continued) Foreiin currentl¢s TraJJ5action5 denominated in a foreign currency &re translated into sterling at the rat¢ of exchange Nling at ihe date of the )saction. At the Balance Sheet dale monetary assets and liabilities denominatd in a forei currency are translated at th¢ r9 rujing atthat date. All exchmge differences are dealt with in the SOFA. lrttoverble VAT Irrccoverable VAT i$ written off to th¢ same ex ¢%ry in whi¢h th¢ expenditure inclred. R¢mwn¢rtloTr of Truste In the fittattcial year to 5 April 2025 iht Trustee did not re£cive any Temuneration or have its cxrnses rcimbursed by the Chity. Cowdray Trust Limited charged adtninistration expenses of £24.57012024.. £21,466]. Inve8tm*nt 21125 2024 Income from iThve5ttncnts Deposit inierest 73.712 2,136 62.206 1,409 75,848 63,615 ExpeDditsre OD rAisiDg fuods 21125 2024 Investment mana8ement fe¢s 1,369 1252 ,369 1252 Cbaritsbie Adiwities Direct costs Stypport ¢o$ts (see note 7) {see Dote8 2025 To¢•1 2024 Charitable extKndi¢uT¢ 48247 26,420 74,667 62,556
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Iconlinuedl Diretl tosts Th¢ Charity undertrx)k no direct charitable activities but awarded grants to a numE¢r of instituti0Th8 in b1rtheCc of its clwitable obj¢cuv¢s. These are as followg: Chichester Cathedral- Platinum Futhd Adam Smith ResCCh Game & Wildlife Conservation Trust AtiC Salmon TnL8t 20,(KKJ 5.OIK) 5.0 s,000 35,000 13.247 Oth¢rgraDts (equal to or individually less than £2.5} Total forthe year 48247 Analysis of grants mad¢ Gr•llts to GraRts to IDdlvh1#018 Totsl Advsncancntof reli0 Advan¢ementof health or the saving of lives Advancement of citizenship or community developm¢N Advancefflent of human righ14 COtffli¢t resolution. reconciliation or promotion of religious, ra¢iai harmonyi cquajity & div¢TSity Advanc¢m¢nt of environmeni8J PTOte¢tiotL or improvement Relief of i1se in n¢ed, by re&son ofyouth. 8ge. ill-health. disability. fJn8ncl hardship or other disadv8nthg¢ Advanc¢m¢nt of animal welfare Promoiion of the efficiency of the armed foTCeS of the CrowJL th¢ 11¢< fwe and rescue services, or 0bu[all¢e services l.l(M) 1,200 21.800 I,ioo 1,200 21,800 5,400 6,000 5.400 6,000 5247 7,247 5,IM)O soo 51x) 43,000 5.247 48,247 Sllpport Costs 2025 2024 Adminisbxtion expcnses Portfolio steWd%hIp Fees 24.570 1,850 21.466 1,692 26,420 23,158 Durin8 the yew &dmini5tration expenses of £24,570 wcre charged by Cowdray Trust LiTtLited (tru8teel. The amouni of £935 plus VAT was charged by Shaw Gibbs {Auditl Limited forth¢ Independent Examination of th¢x Finan¢ia] Sthtements. Stxff eosts Th¢r¢ are no plOyeeS so consequently no staff costs h84v¢ been incurred. 10-
THE DEMIGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (Continued) Irixed asset Investments 2024 Mk¢t value brought fotivard 3,749,383 3,443.950 Net gainsloosses) on investtnents {173,6471 305,433 Market va]ue wried fotward 3.575.736 3,749,383 Geographical analysis 2025 2024 United Kingdom inve8tmenrs 3,575.736 3,749,383 3,575,736 3,749,383 The ittvesttnents were revalu¢d each ye8r up to 5 April 1999. Therefor¢, there is no hu8tori¢ ¢ost figur¢ av8ilobl¢. Th¢ b(M)k vthlue of the inVestmts at 5 April 2025 wa5 £1.988.68l. Net gain510055&8) on inve$un¢nts includes reaiisej g&ins forthe y¢ar of £012024.. gain £0] gnd unr¢a]is¢d losses on Tevaluation to market walue of £173,64712024.' gain £(305.43311. li D¢btt+rt 2025 2024 Donation prepaym¢nt 500 iOO 500 51K> 12 Cash at bank 2025 2024 Royal B8nk of Scoiland Schrodtr & Co 2.482 83.529 32,983 59.050 86,011 92,033 IJ Crnjitors: Amo#nts fAllltyg due withiTr ont year 2025 2024 Adtninistration cxpenses Payments due to charities Portfolio Strward8hip f¢es Science Museum 3.142 1,000 1.692 16.000 16.0 16,000 21,834 11
THE DEMtGRYPHON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Icontinuedl 14 Ctbmmitments Number of Totsl No conditions attached: Science Museum 16.000 16.000 16.0 15 Movement futhd$ 21125 2024 Unre8tri¢tcd fijnds.. Balance brought forward Nct movement in fLmds 3.820.082 {173.835) 3.514.84? 305240 Balanc¢ ¢8rried forward 3.646.247 3.820.082 N¢t movement in fiLnds itKluded in the above 8re as follow5.. Gain5 ADd Movemtnt 1055es i• funds Income Outgoing5 Ur¢51r1cttd Funlts 75.848 (76.0361 (173,647) {173.835) 16 Related PartyTrAns*etiOn5 During theycar, Millballk Finmcia] Services Limited {'MFS') Ched fees of£l,850 [2024.. £1.6921 for their Portfolio Stewar(L8htp sthvi¢e and Cowdray Trusi Limitrd charged administration experS of £24,57012024.. £21,406]. The Htsn H M T Gibso]4 The Hon CAP¢grson and Mr M P Harris IDir¢GtOT5 of Cowdray Trust Limited} are Ditt¢tOTS of MFS. It should be not that a siblll of Hon H M T Gibson and Hort P N Gib50r4 the father of Mrs C A BullouglL the 500 of Mr J R E Smith and thc motherof Mr R C P Troughu>n {Dire¢tors of Cowdray Trt Limited) are Dire¢¢or8 of MFS. natnely Hon W K Gibson, Hon CA Pearson, Mr O G E Smith and Mrs S H Troughton respectivety. Mr RC PTrou8htoD resigned &8 Director of Cowdray Trust Limited on 13 Jme 2024. Mrs S H Troughton res]ed as Direcwr of on 17 Septemb¢r 2025. 12-