Charity registration number 278692 {England and Wales) THE NOTGROVE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE NOTGROVE TRUST CONTENTS Page Legal and administrative information Trustees. report Independent examinei's report Statement of financial activities Statement of financial position Notes to the accounts 8-14 Schedule of investments and income 15
THE NOTGROVE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs S E Acland {Resigned 16 January 2024) Mr HAAcland Mrs D F Acland Mrs L H Morris Mr N H ROoIhaM Miss A C Acland14)pointed 16 January 2024) Charity number 278692 Principal office The Manor Notgrove Ni Chellenham Gloucestershire GL54 3BT Independent examiner Kerry Roberts TEP FMAAT MCSI Clo Port of Liverpool Building Liverpool L31N Banker5 C Hoaie & Co 37 Fleet Street London EC4P 4DQ Investment advisors Brown Advisory 18 Hanover Square 151 Floor London W1S 1JY
THE NOTGROVE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their annual report and financial statements for the year ended 30 September 2024. The accounts have been prepared in accordance wth the accounting policies sel out in note 1 of the accounts and comply wth the Charib'es Act 2011 and Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effecb've 1 January 20191. Objectives and activities The Notgrove Trust was crealed by Deed daled 1 September 1979. The Truslee5 shall hold the capital and the income of the Trust Fund upon trust lo apply income and, as far as may be necessary, the capital for or towards such charitable putposes and lo make donations to such charitable bodies or institutions at such times and in such manner as the Trustees may. in their absolute discretion, think fit. The Trustees favour d)aritiÈs based in Gloucestershire. Grant Making Policies The Trustees receive applications for knnding throughout the year and applications are reviewed on a regular basis. Only successfvl applicants are noli)led of the Trustees, decision. Certain charities are supported with a multi-year grant, although no commitment is given. The Trustees benefit charitable institutions and organisations and make paywnents to individuals in accordance wth Clause 312) of the Declaration ofTiust. During the year under review, the Trustees resolved lo make donations lo 17 charitable organisations totslling £159,650 (donations totslling £210.790 in 20231, as detailed in note 19 of these accounts. Achievements and perfomiance During the year the Trustees have supported a number of charitsble organisations, details of the organisations supported are shown wthin note 19 to the finanaal statements. Public benefit The Trustees have complied with the duty in sectir)n 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Financial review Tolal incoming resources were £101,7121£75,272 in 20231, with £169,022 {£213,239 in 2023) being committed to charitable activities of which £9,372 (£2,449 in 20231 relates to support and govemance costs. Costs of ndraising (which comprise only investment management fees) amounted lo £58,0641£98,510 in 20231, There was a realised exchange gain of £152 (£190 in 20231. There was an unreali%ed gain of £1,106,829 (gain of £466,474 in 20231 on investments and in addition a realised loss of £94,555 (gain of £19,584 in 20231 resulting in net inflow of funds of £887,052 (inflow of £249,771 in 20231. Reserves Noimally, the Trustees have a balanced investment policy and therefore only disltibute income on an annual basis and relain capital for the maintenance and growth of the fund. As at 30 September 2024 the balance held as unrestricted reserves was £9,502,687.
THE NOTGROVE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investment Management The previous investment managers, llelY Asset Management were taken over by Cazenove in October 2024 and in February 2025 the Trustees deaded lo move the Charity'5 investment management from Cazenove lo Brown Advisory. Investment policy and perf0mnCe- Cazenove Capital The investment objective of the Trust is to achieve long term capital growth in real terms, and lo provide a di5tiibution to be used to promote and support charttable purposes. The investment managei allocates funding on a total retum (rather than income) basis. The long-term investment objective is an average annual total return of UK CPI + 40/0 measured on a rolling 3 years. The Trustees aim lo distribute £200,000 of the fvnds on an annual basis. Responsible investment underpins our investment strategy and is a key factor in the selection of our investment manager. We work wlh our investment manager lo take into consideration environmental, social and govemance IESGI issues. The investment manager has a policy of not investing direcdy in toba¢co companies, fossil fuel extractors, or companies involved in weaponry, gambling, or high interest lending. Over the 12-month period to 30 September 2024 the portfolio has risen 11.80/0 in sterling terms (net of all fees and expenses). Over the same period the MSCI PIMFA Groth Index TR, which the investment manager use as a benchmark for the portfolio, has risen 15.90kn. The portfolio rose strongly in absolute terms in the 12-month period continuing the rise in prices of the previous year. By 30 September the portfolio was behind the index in relative terms as the portfolio was held back by ils consumer discretionary investments which faced multiple headMnds a curb in demand from Chinese consumers, excess inventories, and fears of the impad of obesity drug5 on the Consumption of alcohol and unhealthy foods. The portfolio is ovetweight in technology. the performance has been concentrated in a few companies which are major index constituents. Market ri5k.' the value of the investments wll fluctuate ¥Mth markets and wll deviate widely from the reference benchmark as il does not seek to replicate this. The Trustees can sustsin the distribution level despite short term ffluctualj'ons in asset prices and Ihere is a proportion of the investments held in cash and short-dated securities to use for funding. Interest rate risk.. Interest rates may rise from the ojrrenl low levels. The debate continues about how embedded in11ab.on has become and to what extent higher prices will lead to higher interesl rates. al is clear is that inflation is damaging for real retums and that cash and low yielding bonds do not prowde a hedge. Most portfolio investfflents are better able to wthstand higher inllation because the companies and sectois which are favoured, can pul price increases through and typically have higher gross margins vthere input costs are not as significant as more commodity led businesses. The impact of rising interest rates on equity market valuations is negative and it is likely that a lower valuation is attributed lo stocks against this backdrop. Therefore. the main portfolio defence is to invest in quality companies that can sustain eainings growth. Ri5k5 Above and beyond the inherent market risk to which the Charitsble Trust is exposed, the porlfolio is well diversiffied, both on a stock and sectorial basis. The Trust invests predominandy in US equities where such entities are, on the vthole, regarded to be trading on reasonable valuations, given their luture prospects. The Trustees have identified their major risks and believe that appropriate action has been taken to mitigate these risks. The Trustees wll continue to keep the adequacy of the systems in place under review. Plan5 forlhe future The Tru51ees do nol envisage any significant changes to 115 aims and objeclives and they intend to continue supporting the various causes to a similar level. Structurej govemance and management The Trustees vtho seNed during the year and were also in office al the date of signing the financial statements were.. Mrs S E A¢land (Resigned 16 January 2024)
THE NOTGROVE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Mr H AAcland Mrs D F A¢land Mrs L H Morris Mr N H Ro¥Nbotham Miss A C Acland (Appointed 16 January 20241 The Trust's other advisors are noted on page 1. The Trustees meet as often as is required, but at least once each year. Appointment of new Trustees The power of appointing new andlor additional Trustees was vested with Mrs S E Acland until her retirement and thereafterwth Mrs D FA¢land. TNstee training The TIu5tees are aware of the requiiemenl for relevant induction and training of any new Trustee. The Ttustees correspond and meet wth their professional advisors regularly and the advisors are specifically instructed lo appraise the Trustees of relevant technical issues as they arise. Statement of Twstees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom kcounting Stsndards {Unrted lfjngdom Generally Ac¢epled A¢counting Praclicel. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year vthich give a true and fair view of the slate of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year. In preparing Ihese financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consi8lently', obseNe the melhods and principles in Ihe Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial 51atements', and prepare the financial slatements on the going concern basis unless It is inappropriate to presume that the charity wll continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose reasonable acwracy at any b'me the financial position of the Trust and enable them lo ensure that the financial stslements compty with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguaiding the assets of the Tiust and hence for taking ieasonable steps for the prevention and detection of fraud and other irregularities. The Trustees. report was approved by the Board of Trustees. Mrs D F Acland Trustee Dated.. 11 July 2025
THE NOTGROVE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NOTGROVE TRUST Independent examinerfs report lo the Trustees of the Notgrove Charitable Trust- charity number 278692 I report on my examination of the above charity {'The Trust.) for the year ended 30 September 2024 which are set out on pages 6 to 14. Responsibilities of the Trustees and Independent Examiner As the charity's tiustees, you are responsible for the piepaiation of the financial ststements in accoidance with the requirements of the Charities Act 2011 {tthe Act,). You consider that an audit is not required under s144 of thatAct and that an independent examination is needed. I report in respect of my examination of the Trusvs financial statements carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Act. It is my responsibility lo stale whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented vAth those records. It also includes consideration of any unusual items or disclosures in the ffinancial slalements and seeking explanations from the trustees concerning any sud) matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a Irue and fair, view. The report is limited to those matters sel out in Ihe slatement below Independent Examinerfs ststemènt l am a member of an approved body subject lo the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council IFRCI. Rathbones Trust Company Limited has provided bookkeeping services in accordance wth the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC'S Revised Ethical Standaid 2019 at all times. I have completed my examination. I confirm that no material matters have come to my attention in connection th the examination gNing me cause to believe that in any material respect.. (il accounting records were not kept in respect of the charity as required by section 130 of the Act., or lill the financial stslements do not accord wth those records., or lili) the financial statements do not comply wth the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no COnrnS and have come aLTOSS no other mattels in connection with the examination to which attenlion should be drawn in this report in order to enable a proper understanding of the ffinanixal statements lo be reached. Kerry Roberts TEP FMAAT MCSI Clo Port of Liverpool Building Pier Head Liverpool L3 1NW Dated.. 17 July 2025
THE NOTGROVE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Unrestricted 2024 2023 Notes Income Investments Other income 89,482 12,230 61,369 13,903 Total income 101,712 75,272 Expenditure Raising funds S8,4 98,510 Charitable activities 169,022 213,239 Total $OUr¢e$ expended 227,086 311,749 Net lexpenditurel befo investment gains 1125.374) 1236.477) Net gains on investments 12 1,012,426 486,248 Net movement in funds 887,052 24g,771 Fund balances al 1 October 2023 8,615,635 8,365,864 Fund balances at 30 September 2024 9,502,687 8,615,635 The statement of financial activities includes all gains and losses recognised in the year. AJI income and expendilure derive from continuing activrties.
THE NOTGROVE TRUST STATEMENT OF FINANCIAL POSITION AS AT30 SEPTEMBER 2024 2024 2023 Notes Fixed a55ets Investments 13 9,434,581 8,603,631 Current assets Debtors Cash at bank and in hand 14 1,300 168,485 1,030 102,986 169,785 104,016 Creditors: amounts falling due within one year 15 {49,6791 (57,0121 Net current assets 120,106 47,004 Total assets less current liabilities 9,554,687 8,650,635 Creditors: amunts falling due after more than one year 16 {52,0001 {35,0001 Net assets 9,502,687 8,615,635 Income funds Unreslri¢led fvnds 9,502,687 8,615,635 9,502,687 8,615,635 The noles on pages 8 to 14 form part of these financial stalemenls. The financial statements were approved by the board of Trustees and aulhorised for issue on 11 July 2025 and are signed on its behalf by.. Mrs D F Acland Trustee
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance wth 'Accounting and Reporling by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Second Edition), and the Financial Repotting Standard applicable in the United ngdoM and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The financial statements have been prepared to give a 'true and fair, view and have departed from the Chartties (Accounts and Reports) Regulations 2008 only to the extent requiied to provide a 'tiue and fair view.. This departure has involved following 'Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Second Editionl'rather than the Accounting and Reporting by Charities.. Stslemenl of Recommended Practice effective from 1 April 2005 which has since been wthdrawn. 1.2 Going concem The trustees consider there are no material uncertainties about the Charty's ability to continue as a going concern. The review of our financial pOtIon, reserves levels and future plans gives Trustees confidence the charity remains a going ¢oncem for the foreseeable fvre. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the Trustees in fvrtherance of their charitable objectives. 1.4 Incoming resources Investment incowne is accounted for on an accrual8 basis in the period to which it relates. 1.5 Debtors Debtors are receivable at their expe¢ted settlement amount. 1.6 Cash and cash equivalents Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.7 Creditors Credttors are recognised where the charity has a present obligation resulting from a past event that wll probably result in the transfer of funds to a third party and the amount due to setue the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowng for any discounts due. 1.8 Resources expended Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent beeen charitable aclivilies, cost of raising fvnds and governance costs. Governance costs consist of those costs associated wth the overall running of the charity and meeting ststutory and regulatory requirements. Grants are included in the ffinancial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid al the year end is accrued. Grants offered thal are subject to condlbons that have not been met al the year end are noted as a commitment but not accrued as expenditure.
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies {Continued) 1.9 Financial instruments Basic financial assets, which indude trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amts$ed cost using the effecbve interest method unless the arrangement constitutes a financing transacb"on, vrt)ere the transaction is measured at the present value of the fijture receipts discounted at a market rate of interest. Other ffinancial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, thich is normally the transaclion price. Such assets are subsequenuy carried al fair value and the changes in fair value are recognised in net incomellexpendiiure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. The Trust does not acquire pul options, derivatives or other complex ffinancial instruments. 1.10 Foreign exchange Transactions in currenc4es other than pounds slet1ing are recorded at the rates of exchange prevailing at the dates of the transactions. Al each reporting end date, monetary assets and liabilities that are denominaled in foreign rIencIeS are retranslated at the rates prevailing on the repong end date. Gains and losses arising on translation in the period are included in profit or loss. 1.11 Investsnents Fixed assets investments represent lisled investmenls which are staled at market valuation, where markel value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Finanoal Activities. Critical accounting estimates and judgements In the applicathon of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumpb'ons are based on historical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates ale recognised in the peiiod in which the estimate is ievised Ythere the revision affects only thal period, or in the period of the revision and luture periods where the revision affects both current and future periods. Inveslments 2024 2023 UK income Foreign income Foreign lax deduded 45,444 46,268 12,230) 30,539 30,830 89,482 61,369
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Other incorne 2024 2023 Bank interest 12,230 13,903 Raising tsnds 2024 2023 Investment custody fees Investment management fees 11,391 46,673 10,931 87,579 58,C64 98,510 Charitable activities 2024 2023 Grant funding of activities (see note 7) Share of governance costs (see nr)te 81 159,650 9.372 210,790 2,449 169,022 213,239 Grnnts payable 2024 2023 Grants to instilutions.. Local charities and ho$pi¢es The arts & museums Youth & education Other national and general payments General charilable organisation$ 44,500 12,000 62,150 10.000 31,000 63,000 83,500 41,350 12,940 10,000 159,650 210,790 10
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support and govemance costs Support Govemance costs costs 2024 2023 Basis of allocation Charity administration and accountancy fees Independent examiners fee Bank charges Trustee expenses Govemance 7,200 1,800 372 7,200 1,800 372 1,800 Govemance 376 Govemance 273 Govemance 9,372 9,372 2,449 Trustees renwneration and benefits. related parties and conflicts on interesl None of the Trustees lor any persons connected with them) received any remuneration or bene)lts from the Trust during the year, or the previous year. During the year Trustee expenses totslled £Nil12023'. £273). The followng expenses were incurred.. D Acland incurred trustee expenses of £Nil {2023.' £1011 on travel and £Nil12023'. £1461 on the Trustees lunch and Nigel ROoIhaM incurred trustees expenses of£Nil12023'. £261 on travel. None of the Trustees lor any persons connected with them) had any conflicts of interest. None ofthe Trustees lor any persons connected with them) had any related paty transactions to disdose. No further disclosures are required for the year. 10 Employees There were no employees during the year, or in the previous year. 11 Taxalion The charity is exempt from taxation on its activities because all its income is applied for charitable pUOSe$. 12 Net gains I (losses) on investments 2024 2023 Unrealised gain Realised (loss) I gain on sale of investments Gain on foreign currency exchange 1,106,829 194,555) 152 466,474 19,584 190 1,012,426 486,248 11
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 13 Fixed a55et investments Listed investments Cash in portfolio Total Cost or valuation At 30 September 2023 Additions Realised gain Realised {lossl Cash available lo invest Disposals 8,296,510 1,327,743 1,106,829 {94,5551 307,121 8,603,631 1,327,743 1,106,829 194,5551 118,3481 11,490,719) (18,3481 {1,490,719) At 30 September 2024 9,145,808 288,773 9,434,581 2024 2023 Listed investments Cash in investment portfolio 9,145,808 288,773 8,296,510 307,121 9,434,581 8,603,631 14 Debtors: amounts falling due wilhin one year 2024 2023 Other debtors 1,300 1,030 15 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 13,679 36,000 29,012 28,000 49,679 57,012 16 Creditors: anN)unts falling due after more than one year 2024 2023 Other creditors 52,000 35,000 12-
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Unrestricted funds The unrestricted funds ofthe charity comprise the unexpended balances of donations and grants which are nol subject lo specific condib'ons by donors and grantors as to how they may be used. These include designated funds thich have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 October 2023 Incoming Resources resources expended Gains and losses At30 September 2024 General fvnds 8,615,635 101,712 (227,0861 1,012,426 9,502,687 Previous year: At 1 October 2022 Incoming Resources resources expended Gains and losses At30 September 2023 General fvnds 8,365,864 75.272 1311,749) 486,248 8,615,635 18 Cash and cash equivalents 2024 2023 Cash at bank and in hand Cash available lo invest 168,485 288,773 102,986 307,121 457,258 410,107 19 Donations made to institutions during the year 2024 2023 3 Choirs Barn Theatre Bristol Children's Sr)¢iety Cass & Friends Cirencesler Housing for Young People IC H Y P) Cold Aston Village Hall Cold Aslon School Friends Coram Life Education Gloucester Cotswold Canal Trust Colswold School Family Haven Farwns foi Cty Children Fareshare South West 5,000 30,000 2,500 22,000 3,000 3,000 2,500 2,500 2,500 5.000 2,500 2,000 6,600 5,000 3,000 10,000 10,000 Carried forward 55,500 61,600 13
THE NOTGROVE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 19 Donations made to institutions during the year {Continued) 2024 2023 Brought forward 55,500 61,600 Friends of Cotswold Gloucester Cathedial Gloucestershire Ourd Bound Gloucestet5hiie Society Gloucestershire Gid Guides Home Start Cotswold InfoBuzz IT Schools Africa Longfield Lumbs Foundation Mind Song Mulberry Bush School Music Vvorks Nab'onal Stsr College Nelson Trust Quenington Sculpture Trusl Read Easy UK Stow Youth Club Strike a Light Temple Guiting School The Friendship Cafe The Guiting Music Festival The Wheels Project UK Sailing Academy Woolton Suts 2,5 10.000 5,000 5,000 2,500 2,500 8,000 5,000 2,940 5,000 30,000 1,000 5,250 40,000 10,000 5,000 5.000 3,000 3,750 500 5,000 30,000 5,000 2,500 5,000 9,000 3,000 12,000 20,000 9,900 159,650 210,790 14-