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 {R￿gned 16 January 21J241
Mr H AAdand
Mrs D FAdand
Mrs L H Morris
Mr N H R￿thaM
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 Ih*r annual rewrt and finanlaal stslements for the year ended 30 September 2023.
The accounts have teen prepared in accordance Y￿th 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.
Obl￿tIveS and actlvltles
The Nolgrove Trust was created ty Deed dated 1 St￿eMber 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 charIta￿e 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 ap￿1¢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 d￿atiOnS 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 SUp￿rted a nurnL*r of charilatle ￿9an￿a￿.ons, detsils of the organisalio
suppKJrted are Sh￿ within note 19 to the finanaal statements.
Publi¢ Lynefit
The Tiuslees have corn￿1ed 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 maintena￿e and gro%th of the fund
A8 at 30 Septèmt*f 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 0￿e¢￿"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 lon*terrn 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 Unde￿nS 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 COM￿1nIeS, loswl fuel extractors, or
companies involved in weawnry. gamt4ina or h'gh interest lern*ng
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[th￿h 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 e￿noMiC gr0￿h suiryised on the
U￿ide led ty the US. In the US, the level of fiscal sb"mulus had L*en undereslimaled ty the maikel as the
Inflaton Reduct'on Act, the significant dirnate le9￿atsOn to ac￿lerate the tran￿b"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 Cor￿rate 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, htr￿eVe[ 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 narrth*ing 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
t*nchm3rk as it does not sèèk io rÈKAicate this. The Trusteès (*n sustain the (SstritxJts"on 18vèl de5￿te 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 ￿tI￿tsnd 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 valua*ons, given thèr future prospects.
The Trustees have idents.fied th*r 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 n￿1 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 KIn￿j0M 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 Tr￿1 for that year.
In preparing these financaal statements, the Trustees are requred to
- Selecl 8Ultable accounting pcAiaeB and then aPF4y them ConS￿lentty."
- 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
pre￿re the finanoal ststernents on the going cortem i￿siS 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 respO￿ble 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 Sep*ember 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 IdI￿d all the ap￿1¢a￿e 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 cOr￿erning 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 t*low
Independent Examlner's ststement
l am a rnember of an approved b)dy subject to the Prow￿onS of the Revised Ethical Standard 2019 issued by the
Financial Reporting Council IFRCI Rathb)nes Tr￿st Company Limited has provided bo0kkee￿ng services in
accordance wlh the terms of engagement ggned ty the Trustees and I do not report lo the bo0kkee￿r in any
iespect. l give due Co￿lderaton 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 ap￿1¢at￿e requrements concerning the form and content ol
accounts sel out in the Chanlies (Aeeounts and Re￿rts) 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 2￿24

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 Tr￿￿tee5 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 Re￿rnrnended Pra¢bce aprAi¢atrAe to charities preparing their ac￿unt$ 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 RepU￿1C 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 t*en 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 ap￿ICatIe 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 g￿n9 concem the foreSeea￿e 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&¥a￿e 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 o￿lgat"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 0￿19atIOn 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 cOrnp￿e those costs incJJrred in running the charity. They have teen
apportoned on the basis of b.rne SFent befv￿en charrta￿e acfr.v￿es, cost of raiyng funds and governance
costs.
Governance Costs consst of Ih)se costs assoaated V￿th 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 tr￿en 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 1ra￿a#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 ini￿allY 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 v*u&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 trar￿lab.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 I￿19ernentS
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 t*si$. 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 gO*rnan￿ 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 Telat*l 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 leim￿j[sed lo the Tr￿leeS 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 ap￿led for charIta￿e 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 OU￿ard Bound
Gloucestershire Sooety
Glouce8tershiie Girl Guide8
Great Western ￿'[Am￿lanCe
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 SC￿Erture 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-