Chartty registratlon number 278692 THE NOTGROVE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE NOTGROVE TRUST CONTENTS Legal and admiThstrabve infomats.on Trustees, reph)rt Independent examiner's feFL)rt Statern8nt of financial acb'viti88 Statement of financial p)$'0n Notes to the accounts 9-15 Schedule of investments and in¢ome 16
THE NOTGROVE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs S E Acland {Rgned 16 January 21J241 Mr H AAdand Mrs D FAdand Mrs L H Morris Mr N H RthaM Miss A C Adand (Aptyiinled 16 January 20241 Charity number 278692 Prlnclpal offlce The Manor Notgrove Nr Chellenharn Gloucestershiré GL54 38T Independent examSner Kerry Roberts TEP FMAAT MCSI Clo RathtrKJnes Trust Company Limrted Port of Ver[¥)c1 Building Lb'verpocl Bankers C Hoare & Co 37 Fleet Slfeet London EC4P 40Q Investment advisors Whrtley Asset Management Limrted 116 Princedak Road Londor W114NH
THE NOTGROVE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEhlBER 2023 The Trustees present Ihr annual rewrt and finanlaal stslements for the year ended 30 September 2023. The accounts have teen prepared in accordance Yth the aecounb.ng p)liaes set out in note 1 of the accounts and comply with the Charities Act 2011 and Ac¢ounb"ng and Reporb'ng by Charibes Statement of Recomrnended Practice apklicatAe lo charibes preparing their accounts in accordance with the Financial Reporb'ng Standard apJicatle in the UK and Reput4ic ol Irdand IFRS 1021 leffeth.ve 1 January 20191. ObltIveS and actlvltles The Nolgrove Trust was created ty Deed dated 1 SteMber 1979. The Trustee5 shall hold the caplal and the income ol the Trust Fund upon trust lo apF4y income and. as far as may necessary, the capital for or towar 6uch charitatle purposes and to rnake donatsons to suth charItae bodies or insbtubon6 at such tirnes and in such rnanner as the Trustee5 rnay, in at6olute th5uebon, think fit. The Trustees favour charitses based in Glouceslershire. Grant Maklng Pdlcles The Trustees meet annually to review a[l¢al.0ns for fundng Only successful ap1¢ants are notffjed of the Trustees, dec4sion Certain charibes are SUPkX)rted annually, although no txsmrnilrnenl is given. The Trustees benefit chanlatle insb"luth"on5 and organisabons and make payrnents to individu7ls In accordance 1th Clause 3 121 ol the Declaratson ol Trusl. During the year under review, the Trustees resc4ved lo make 31 datiOnS lotalling £210,7 Idonalions totslliw £68,750 in 20221, as detsiled in note 19 of these accounts Achievements and performance During the year the Trustees have SUprted a nurnLr of charilatle 9ana.ons, detsils of the organisalio suppKJrted are Sh within note 19 to the finanaal statements. Publi¢ Lynefit The Tiuslees have corn1ed wth the dlty in section 17 ofthe Charib'esAc£ 201110 have thje regard lo the public benelil guiojance puUishe(J ty Ihe Chanty Lommission. Financial review Toial incoming resources were £75,2721£151,870 in 20221. wth £213.2391£70.842 in 20221 ta'ng committed to chaiitable activit'es ol wh'ch £2,449 1£2.092 in 20221 rdates to SUFPOrt and governance costs Costs of lundiaising amounled to £98,510 1£107.317 in 20221. There was an unrealised gain of £466,474 (loss of £1.518.173 in 20221 on investments and In ad(b"on a realised gain of £19,584 111)ss of £802.281 In 20221 resulting In net Inllow ot lun(15 Ot L249. Ill louillow 01 £2,446.143 In 20J21. Reserves Normally, the Trustees have a balon¢ed imiestrnent and therefore (lY dislrityjle in¢ome on an annual basis and retain ¢aylal for the maintenae and gro%th of the fund A8 at 30 Septèmtf 2¢y23 the balaneg hel¢J as unrestn.eted raservos was t8.615.635.
THE NOTGROVE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Investment rM)Ilcy and pwbrmance- Whllley Asset Management The Investment 0e¢"ve of the Trust is lo achieve long term ¢arAtsI growth in real lerrns, and to provide a distribution to be used to piornote and support ¢haritatAe purp)ses The Trustees allocate funding on a total return Iralher than income) bass. The lonterrn Investment objethe is an average annual lolal return ol UK CPI + 4% measured on a rolling 3 years. The Trustees am Its thstribute £200,OLX) of the lunds on an annual basis. Responsit4e investment UndenS Ouf investment slratety and is a key factor in the 8eleth.on of our Investment manager. We work with our investment manager to tske into cortsideral'on environmentsl, S(la1 and governance IESGI issues. We have a p)Iicy ol rtol investsng diredy in ltstacco COM1nIeS, loswl fuel extractors, or companies involved in weawnry. gamt4ina or h'gh interest lernng Over the 12 month pericKI lo 30th September. 2023 the porffdio has risen +5.8Qh in slerfing terms Inel of all fees and expense81. Over the same period the MSCI PIMFA G[thh Index TR, which the investment manager8 U88 as a benchrnark for the Frjrtlolio, has risen 49 9%. After the fall In bjnd and equity rnarkets In 2022. the sut6equenl recovery In 2023 has teen very welcorne. The Trustees are pleased to see good ab5dute wogress In the portfolio. Strong Ferformance In the fourth quarter of calendar year 2023 look full year performance lo +12.5°h, oulperforrning the tenchrnark al +11.4°h. 2022 saw the Sharpest rate Iighlening eycle ol the last tour decades and the painlul adiustmenl ty Investors to higher rates In conliast, the last 12 months have been more construthve lor risk assets in general and equities in particular. US and European equity markets have pc6ted strong returns which account lor most ol the p)rtfolio's equity weightng - Ythilsl the UK and some ernerging market equity rnarkets lo which we have Iittte expc6ure. notst4y China. have lagJed. 2023 served as a reminder that maiket lirning is difficuf(. Econornic lorecasls are invariatly wrong - 850k of economists wlled woiecled a reces&on in 2023 (source" FT surveyl Global enoMiC gr0h suiryised on the Uide led ty the US. In the US, the level of fiscal sb"mulus had Len undereslimaled ty the maikel as the Inflaton Reduct'on Act, the significant dirnate le9atsOn to aclerate the tranb"on to a clean economy, Ys esD"mated to provide arca USD 800bn In tax incents.ves Higher rates have yet to make a serious dent in consumer and business confidence In the US. assisted ty strong personal and Corrate balance sheets t%)osled ¢Juring the pandemie. The investment managei s ale slarts.ng lo see some evidence of companies ieining in c08ts. Outside the technology sedor though, companies have laigdy avoided significant iedundanL)es, conscious of recent dfficulbes In otrtaning stalf Should this trend be rnaintained. consumers wll rernain in good heath The fiscal and rnonetary support that has been so hdpful to businesses and consurners has increased US debt to concerning levds lIst no crisis is imminent, the US economy will need to rein in future expenditure. 11 Is loo early lor victory lo be dedared, htreVe[ recent evidence eonlinues lo supports.ve 018 more balanced approach ol falling Inllalion Yrfilhout creab.ng excessve damage to corp)rate profits H¢)wever. this view is shared more wdely by the market and the trajectory for easier monetary p)licy remains uncertain The investrnenl manager's continue to locus on the yields on offei within the fixed incorne market and on the lonfrterrn structural outtook of the companies we invest in Neai-term and cydical uncertainty are not a reason for us to make tsth'cal changes. given the Inherent difficu"eS In trying lo accuralety tsrne the market. The inveslrnent manager's note that the pK)rtfolio returrts have so far lailed to achieve the objectives ol the Trust set al the outset. We are focused on narrthing the gap to the benchmark and delivering upon the mandate of long-lerm growth aly)ve infl'on. are confi¢Jenl that Ihe portlolio is now l)esl sy)si'oned lo meet this objective. Market ri5k' The value ol the investments bMII fluctuate markets and 111 deviate wdely from the reference tnchm3rk as it does not sèèk io rÈKAicate this. The Trusteès (n sustain the (SstritxJts"on 18vèl de5te short teim fluctuations in asset Vices and there is a prowrtion (A the investments held in cash and short-daled securities to e for funding. Interest rate risk Interest rates may rise from the current levels The debate continues ab)ul how embedded infiation has become and lo what extenl higher prices wll lead to higher Interest rates What Is clear is that infialion is damaging for real returns and th* ¢ash and yielding bonds do not Fyovide a hedge The rnajority of PK)rtfolio investrnellts are better aL4e to tItsnd higher infiabon because the comF)anies and secto thich are lavouied, can put price increases through and tytx'¢ally have higher gross margins where input Costs are not as significant as more cornrnodity led businesses. The ImFeCt ol rising interest rates on equity rnarkel valuab.ons is negatve and it is likdy that a lo¥%Er valuation is attributed to stocks against this backdrop. Therefore
THE NOTGROVE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Rlsks Above and beyond the inherent market rr4k lo vthich the Charitat4e Twst is exposed, the portfolio is well diversified, both on a stock and seclorial baw8. The Trust Invests wedomin8nUy In US equibes where such enb.lies are, on the whole, regarded lo trading on reasonaile valuaons, given thèr future prospects. The Trustees have idents.fied thr major rtsks and tdièle that approwate adJ"on has been taken to mibgale these risks. The Trustees wll conb'nue lo keep the adequacy of the systems in rjace under review Plan5 IOT the luture The Trustees do not envisage any sLnificanl changes lo its aims and objethves and they intend to eonlinue 6UPFK)rting the various causes to a &milar levd. Structure, governance and rnanagement The Tiuslees who served during the year and wefe also in office al the date of sigr#ng the finanaal ststements were.. Mrs S E Acland Mr H AAcland Mrs D F Aeland Mrs L H Morris Mr N H Rowbotharn Miss A C Acland 1fte&ed 16 January 20241 IAppKsinted 16 January 20241 The Trusys other ao*isors are noted on page 1. The Trustees meet as often as is required. al least once each year. Appolntmenl ol new Trustees The power ol apkxsintsng new an¢Yor addrtional Trustees 18 vested wth Mrs S E Adand untsl her rebremenl and thereafter with Mrs O F Acland. Trustee tralnlng The Trustees are aware of tho requirement for rdevant induelton and training of any n1 Trustee The Trustees correspond and meet wlh their prolesyonal advisors regularfy and the athisors are specifically instructed to appraise the Trustees ol rdevant technical issues as they arise.
THE NOTGROVE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Statement ol Trustees, responslbllltles The Trustees are respx)nstAe for piepaiing the Trustees. Report and the financial statements in aco)rdance wlh applicaLle law and United KInj0M Accounb"ng Standards Iunited "ngdorn Generally Aceepled Accounliw Practice). The law appSicat4e to charities In Enlland and e$ requires the Trustees lo prepare financial statements lor each financial year whith give a true and lair vithv ol the state ol affairs of the Trust and ol the incoming resources and apF4ieab"on ol resources of the Tr1 for that year. In preparing these financaal statements, the Trustees are requred to - Selecl 8Ultable accounting pcAiaeB and then aPF4y them ConSlentty." - otÉerve the melhoth and princ4F4es in the Chanl'es SORP.. - make judgements and estimates that are reasonatle and pruthnt stale whether apF4icable accounth.ng standard5 have been foll¢)wed, subJ"eLt to ary matsrial departures disclosed and exKAained in the financial ststements", and prere the finanoal ststernents on the going cortem isiS unless rt is inappropnate to presurne that the charity ¥MII cont'nue in oFerabon. I he I ruslees are responsible tor keer4ng Suthaent a¢¢ounbng re¢or¢ts that ¢Ji$dose wth reasonable ac¢ura¢y al any lime the financial wsibon ol the Trust and enaNe them lo ensure that the financial slalements comply Vwilh the Chariles Act 2011, the Charty (Accounts and ReFM)rtsl Regulabons 2tMJ8 and the provisions ol the trust deed. They are also respOble lor saleuwarthng the assets ol the Trust and hence lof takj.ng reasonat4e steF6 lor the prevention and detecton ol fraud and other Irregulanbe5 The Trustees, report was apryoved by the Board of Trustees. Mrs D F Acland Trustee Dated 24 July 2024
THE NOTGROVE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NOTGROVE TRUST Independent examlner's report to the Trustees of the Notgrove Charltable Trust- charlty number 278692 I report on my examinath.on of the ab)ve charty I'The Trusy'l for the year ended 30 Sepember 2023 which are set out on pages 6 10 15. Re5pon5ibilltles of the Trustees and Independent Examiner As the ¢harity's trustees, you are le$)n$tAe loi the prerAration of the finanual slalements in accordance wrth the requirements ol the Charites Ad 2011 I'the Ad'l. y eon&dèr that an audrt is not required under s144 01 IhatAct and that an independent examination is needed. I retK)rt in fespect ol rny exarninabon of the Trust's finanua sfatements carried out uThJef section 145 of the Act and in carrying out my examination, I have IdId all the ap1¢ae Direcliorts given by the Charity Commission under secbon 14515llbl ot the Act. 11 my re5p)nsit41ity lo stste whethei partscular matter5 have come to my attention. Basls of Independent Examlner's Report My examinabon was eaiiied out In accordance bmlh the general Direthons given by the Chanty Commission. An exarninalion Includes a review ol the accounbng record5 kept by the charty and a comparison of the financial slalernents presented wlh those record5. 11 also indudes consideration ol any unusual ilerns or disdosures in the finanaal slalernents and seeking exF4anabons from the Iru51ees cOrerning any such rnatters The kyocedures undertaken do not Pfovide all the evidence that would be required in an audit and consequenuy no osjnion is given as to whether the finanual ststements wesenl a Irue and lair, view. The ieport is limited lo Ih08e mattèrs sét out in the statem8nt tlow Independent Examlner's ststement l am a rnember of an approved b)dy subject to the ProwonS of the Revised Ethical Standard 2019 issued by the Financial Reporting Council IFRCI Rathb)nes Trst Company Limited has provided bo0kkeeng services in accordance wlh the terms of engagement ggned ty the Trustees and I do not report lo the bo0kkeer in any iespect. l give due Colderaton lo the FRC'S Rev18ed Elhie Stsndard 2019 al all rnes. I have COrnFleted my exarnination I confirm that no rnatena matters have come to my attenb'on in conneth.on ilh the examinakn'on giving me cause lo bdieve that In any material respect lil account'ng recorts were not kept in resFert of the chanty as required ty seth.on 130 of theAct', or lill the finanaal slalernents do not accord with those records. or Illil the finanual statements do not eOrnF4y wth the ap1¢ate requrements concerning the form and content ol accounts sel out in the Chanlies (Aeeounts and Rerts) Regulthtsr 2008 other than any requirement that the account$ 9ve a 'lrue and fair view vthich not a matter ¢on$idereil as p3rt of an independent exarninaton. I have no concerns and have come across no olhef matters in connection the examinat'on lo which attents'on should te drawn in this rewrt in order lo enat4e a proFer undetstandng of the financial statements lo te reached. Kerry Roberts TEP FMAAT MCSI Clo Ralhbones Trust Company 'Mrted Port ol "verpO Building Pier Head verpool Dated. 30 July 224
THE NOTGROVE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted Unrestricted 2023 2022 Notes Income Investments Other income 61.389 13,903 150,259 1,811 Total income 75,272 151,870 Exp8ndltur• Raising lunth 98.510 107,317 Charitat48 activib'8S 21J.2Jll /U,842 Total resources expended 311,749 178,159 Net lexpendlturel before Investment galnsl Ilossesl 1236,4771 128.2891 Nel gans I Ilosse51 on investments 12 486,248 12,420,454) Net movement in funds 249,7T1 12,446,743) Fund balan¢¢s at 1 October 2022 8,365.884 10.812.807 Fund balanc at 30 September 2023 8,615.635 a,s,8e4 Tha statément of financi adNibo9 indud8s all gains and108888 r8wised in Ihe year. 1 incomo and expendrture deriv8 from conbnuing acbw'bes.
THE NOTGROVE TRUST STATEMENT OF FINANCIAL POSITION AS AT30 SEPTEMBER 2023 2023 2022 Notes Fixed assets Investments 13 8,603,631 8,114,916 Current assets Debtors Cash at bank and in hand 14 1.030 102,986 460 333,075 104.016 333,535 Credllor5- amounts lalllng due wlthln one year 15 157,0121 177.5871 Nel current assets 47,004 255,948 Total ass•ts l•ss curr•nt Ilabllltl•s 8.650.635 8.370.864 Credllors: amounts falllng due alter more than one year 18 135,0001 15,0001 Net assets 8,615,635 8,365,864 InGome funds Unrestricted funds 8.615.635 8,365,864 8,615,635 8,365,864 Thg n¢Xes on page$ 9 to 15 form part ol Ihese finanoa Statements. The finanaal statements were approved by the board of Trtee5 and authorised for issue on 30 July 2024 and are gned on its behaff ty.. Mrs D F AGland Trustee
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Accounting policies 1.1 Ac¢ountlrwJ convenuon The financial statements have been tmepared in accordance bmth 'Accounbna and Reporting by Charit'es. Statement of Rernrnended Pra¢bce aprAi¢atrAe to charities preparing their acunt$ in accordance wth the Financial Reporting Stsndard applicaile In the UK and RepuNic ol Irdand IFRS 1021 (Second Edilionl, and the Financial Repofbng Standard applicaile in the UThled lQngJom and RepU1C ol Ireland IFRS 1021 and the Chanties Act 2011 and UK Gellerally Accepted Prath"te as rt aFOies frorn 1 January 2019. The finanoal slalements have ten prepared to Lwe a 'true and f•r' vie•Y and have departed from the Chanties (Accounts and Rep)rtsl Regulats"ons 21N)6 onty to the extent required lo provide a 'lrue and fair view. Thi5 deFOrture has Invc4ved followng 'Accounb"ng and Reporb"ng by Chanlies. Slalemenl ol Recornmended Practice apICatIe to charibes preparing their accounts in accordance wth the Financial Reports"ng Stsndard applicatle in the UK and Reput4ic ol Ireland IFRS 1021 Isecond Edtionl'ralher than the Accounbng and Rewrting by Charities. Statement of Recommended Prai'ce effeth've from 1 April 2005 which has since teen hmlhdrawn. 1.2 Golng concern The trustees consider there are no malenal uneertainb.es abc#rt the Charty's at411ty lo conthnue 85 a going concern The review ol our finanaal tson, reserves levels and future an9 gives Trustees confidence the charty remains a gn9 concem the foreSeeae future. 1.3 Charltable funds Unrestricted funds are availaNe for use al the ths¢reb'on of the Trw8lees in fvrtheran¢e ol their ¢harilat4e objective8. 1.4 Incomlng resources Investment ineome is accounted for on an accruas in the period to which it relates. 1.5 Debtors Debtors are rec&¥ae at th*r exwcted setllement amount 1.6 Cash and cash equlvalents Cash at bank and cash in hand indudes cash and short term highw liquid investments wth a short maturity ol three months or less Irom the dale of acquisrtjon or opening of the dewsil or grnllai aeeount. 1.7 Creditor5 Creditors are recognised Ythere the chanty has a present olgat"Dn resulb.ng from a past event that will probat4y result in the trarBfer of funds lo a thir¢J party and the amount due to setde the 019atIOn can be measured or e$ts'rnate¢J rdiat4y. Credtors are normally rewnised at their Setdement amount after allowng for any dscounts due 1.8 Resources expended Managernenl and administrab.on cc6ts cOrnpe those costs incJJrred in running the charity. They have teen apportoned on the basis of b.rne SFent befven charrtae acfr.ves, cost of raiyng funds and governance costs. Governance Costs consst of Ih)se costs assoaated Vth the overall runrong of the charity and meeting ststutory and regulatory requirements. Grants are Induded in the finanaal statements when approved ty the Trustees and nots.fied to reapents The value ol cornmitted grants unpaid at the year end accrued. Grants offered that are subjed to conol"b"ons that have not tren met atthe year end are noted as a commitment but not accrued as expenditure
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Accounting rKJlicies Icontlnuedl 1.9 Financial instruments Basic financial assets, which indude trade and other recavaNes and cash and bank balances, are initially measured at Iransacb'on price induding transaction costs and are sutrbequenJy Carried al amortised cctsl using the effective interest method unless the arrangement constslutes a finaniing 1raa#j.0n, where the transaction is measured al the present value ol the future receipts d"scounted al a market Tate of Interest. Other financial assets, Induding Investrnents In equity instruments which are not sut6idianes, assooales or jcinl ventures, are iniallY rneasured at lair value. which Is normally the Iransacton price Such assets are sutsequenlly caiiied al fair value and the changes In lair value are recognised in nel incomellexpend'lurel. excepl that investments in equty instruments that ale not put4idy traded and whose fair vu&s cannot be measured reliatly are measure¢J at c(61 less impairment. The Trust does not acquire wt opt"ons. denvats.ves or other comt4ex finanaal Instrurnents. 1.10 Forelgn exchange Transactions in currenaes other than p)und5 Sterfing are recorded al the rates of exchange prevailing at the dales of the Iransactiorts Al each reporting end dale, monetsry assets and liatx'lib"es that are denominated in foreign currenues are retranslated at the rates prevailing on the repKJrting end date. Gans and106se6 arising on trarlab.on in the Feriod are induded In profrt or Ic6s. 1.11 Investments Fixed assets investments represent listed Investments vthch are stated at market valuation, where market value represents the rnid rnarket value on the last tradng day before the year end. Any unrealised or realised gain8 arising from investments are accovnled for In the Stslemenl of Finanaal Ath'vilies. Crltlcal accountlng estlfflates and I19ernentS In the applicatron of the Trusys accounb'ng pclicies, the Trustees are required to make judgernents. estirnates and assumptions about the cairying amount ol assets and Iiablities that are not readly apparent from other sources The estmales and assoaated assumpbons are based on hisloncal expenence and other factors that are considered lo be rdevanl. Actual results may thffer Irom these esb"rnales The esb"males and underfying assurnpbons are reviewed on an ong)ing tsi$. Revisions to accounting e8timales are recognised in the period in which the esb.male is revised where the revision affects only that penod, or in the period of the revision and luture penods where the revision affects both current and lulure periods. Investments 23 2022 Income from UK ligtèd invéstments Foreign income 30,539 30,830 136,189 14,070 61,369 150,259 10-
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Other Income 2023 2022 Bank interest 13,903 1.611 Raising funds 2023 2022 Inveslrnenl cusloty fees Inveslrnent management lees 10,931 87,579 9,116 98.201 98,510 107,317 Charitsble activities 2023 2022 Grant lundng ol activit'es (see note 71 Share ol oovernanee Costs (see note 81 210,790 2,449 68,750 2,092 213,239 70,842 Grants payatAe 2023 2022 Grants lo instilutior6.' Local charibes and hospces The arts & rnuseums Youth & education Other national an¢J general Foyments General charitsble organisathons 83,000 83.500 41,350 12,940 10,000 20,750 12.500 13,000 ,500 210,790 68,750
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 Supwrt and gOrnan costs Support Governance costs costs 2023 2022 Basls of allocatlon Indewndenl examiners fee Bank charges Trustee expenses 1.80C 37 1,722 Governance 370 Governance Governance 376 273 2.449 2.445 2,092 Trustees remuneratlon and benellts Telatl partles aThl confllct$ on Interest None ol the Trustees lor any persons conneded wth them) received any remuneration or t*nefits frorn th8 Trust during the year, or the previous yeai During the year Trustee exFenses totslled £27312022" £NIll These are lo be leimj[sed lo the TrleeS and are outstanding at the year end The Ic41owng expenses were Incurred D Acland Incurred trustee expenses of £101 on travd and £146 on the Trustees lunch and Nigel Rowbolham incurred trustees expenses of £26 on travd. None of the Trustees lor any [ersO conneded V+ith thernl had ary confiicts ol interest. None of the Trustees lor any [ersor conneded vith theml had any rdated party transathons lo drsdose. No further disclosures are required for the yeai. 10 Employees There were no emF4oyees during the year, or in the previous year. 11 Taxation The charity ts exempt from ta¥ation on ts ath"VTb"es becauge all rts inctjme is apled for charItae purpjses. 12 Net gains I Ilossesl on investments 2023 2022 Unrealised gain I Ilossl Realised gain I Ilossl on sale of Investsnents Gain on for&gn currency exchange 4e6,474 11,618,173) 19,584 I8(,281) 190 486.248 12,420,454) 12-
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 13 Fixed asset investments Listed Investments Cash In portlolio Total Cost or valuation AI 30 September 2022 Addit'ons Realised Ilossl Realised gains Cash availatle lo invest Disposals 7.645,351 1.035,940 4e6,474 19.584 469,565 8,114,916 1,035,940 466,474 19,584 1162,4441 1870,8391 1162,4441 1870,8391 At 30 Seplemter 2U23 8.2g6,510 307,121 8.603.831 2023 2022 Listed Investménts Cash in inveslrnenl p)rtfc4io 8.2*.510 307.121 7.645.351 469.565 8.603,631 8,114,916 14 Debtors: amounts lalllng due wlthln one year 2023 2022 Other deblo 1,030 460 15 Credllors: amounts falllng due wlthln on• year 2023 2022 Accrualg and defgrrgd income Other cred'lors 29,012 28,000 28,587 51,000 57,012 TT,587 16 Creditors: amounts falling due atter more than one year 2023 2022 Other credtors 35,000 5,000 13-
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 17 Unrestrkted lunds The unrestricted funts of the chanty comprise the unexpended balances of dona'OnS and grants which are not subject to speofic cond'b"ons trty donors and grantors as to how they may be used These indude designated funds which have been set asde out of unrestricted funds by the Iruslees for specific purkK)ses. At 1 October 2022 Incoming Resources resources expended Gains and A130 losses September 2023 General funds 8.365.864 75,272 1311,7491 486.248 8.615.635 Prevlous year.. At 1 October 2021 Incoming Resources resources expended Galns and At30 losses September 2022 General funds 10,812,607 151,870 1178,1591 12,420,454) 8,365,864 18 Cash and cash equlvalents 2023 2022 Cash at bank and in hand Cash availalje lo imiesl 102,988 307,121 333,075 469,565 410,107 802,640 19 Donatlons made to Instltutlons during the year 2023 2022 3 Choirs Barn Theatr• Ciren¢estef Housing loi Young PeoF4e IC H Y PI City Farms lor City Chil¢Jren Cold Aston Village Hall Cold Aston SchocA Frien Cornrnunity Awareness Corarn Life Education Gloucesler Cotswold School Family Haven Famity Spar* Farms lor City Children Fareshare South West 5,000 30,000 3,000 10,000 5,000 2,500 2,500 3,000 2,500 2,500 2,000 4,000 6,600 5,000 3,000 Carried forward 61,600 25,000 14-
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEhlBER 2023 19 Donations made to institutions during the year Icontlnuedl 2023 2022 Brought forvrdrd 61,600 25.000 Friends of Cotswc4 GL11 Community Hub Gloucestershire OUard Bound Gloucestershire Sooety Glouce8tershiie Girl Guide8 Great Western '[AmlanCe InfoBuzz IT Schools Africa Listening Pc8t &ouce8ter Longfield Mi¢thJle ol the Hill Group Mind Song Mulberry Bush Schocd Music Works Natonal Star College Nelson Trust Quenington SCErture Trust Read fgr Goo Slow Youth Clut TemFle Guiting Scho The Friendship Cale The Guitsng Music Festival The Wheels Proi8et UK Sailing Academy Woollon Scouts Young Gloucestershire YMCA 2,500 3,000 5,000 5,000 2,500 15.UUU 5,000 2,940 2,500 2,500 5,000 250 1,000 5,250 40,000 10,000 5,000 5,000 5,000 500 30,000 5,000 2,500 5,000 9,000 3,000 2,500 5,000 5,000 3,000 210.79J 68,750 15-