REGISTERED CHARITY NUMBER: 289212
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
GALE FAMILY CHARITY TRUST
Cox & Co (Accountancy) Ltd The Granary High Street Turvey Bedfordshire MK43 8DB
GALE FAMILY CHARITY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
GALE FAMILY CHARITY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Public benefit
The main object of the charity is to apply funds to charitable causes, both locally for the benefit of the community, and to larger organisations with links across the UK. Funds are also donated to local churches to further their work. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning the policy for donations to be made in the year.
The charity carries out these objectives by following the intentions of the Settlers in making donations to charitable causes.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
By its nature the charity does not actively fundraise, but funds are obtained from legacies and the income from investments. The trustees seek to at least maintain the level of donations from year to year, and the level of donations has increased in recent years as more funds have become available.
The trustees are aware that the level of donations in the future may not be achieved if the funds of the charity are eroded because of a significant decrease in the value of its investments which form the majority of its funds.
Investment performance
The achievement of the charity's work is reliant on the income and investment returns from endowments received. The executors of the estates of the settlers have been introducing capital to the fund for a number of years. The estate of Mrs.Marjorie Gale was fully realised in the year to 5 April 1996. The estates of Ronald Gale and Horace Gale have been substantially realised.
In order to meet the need of the Trust to maintain an acceptable level of income to cover the desired annual donation target, the investment policy is to hold its investments with Coutts & Co to be invested in equities and gilt edged securities.
The investment of the trust fund has been kept under review during the period.
FINANCIAL REVIEW
Reserves policy
The governing document of the charity gives the trustees unlimited discretion to apply the reserves, which are all unrestricted funds, to charitable causes. The trustees policy on reserves is to maximise these by the management of the charity's investments. The reserves held are more than adequate to fund at least one year's donations plus other resources expended at their current and planned levels.
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GALE FAMILY CHARITY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust was founded by Horace and Marjorie Gale on 7 February 1984, and has now absorbed the Trust founded by Mr Ronald Gale, known as the R G Gale Charity Trust. All the founders have died
The trust deed is dated 7th February 1984, as amended by order of 19th January 2006 and resolutions dated 13th March 2006 and 11th January 2008.
The trust deed sets out objectives for the trustees after the deaths of the founders:
"to pay or apply the capital and income of the Trust Fund to such charities or for such charitable purposes and in such proportions in such manner and subject to such terms and conditions as the trustees may in their uncontrolled discretion determine having regard to but not being bound by any direction or wishes expressed by the Settlers to the Trustees prior to the death of the Settlers".
The charity does not actively fundraise and seeks to continue the charitable work set out in the trust deed through the careful stewardship of its existing resources plus legacies received from the estates of the founders.
Organisational structure
Trustees' meetings are held every six months where the trustees agree the broad strategy and areas of activity for the charity, including the consideration of donations, investment, reserves and risk management. The day to day administration of donations, and the processing and handling of applications prior to the consideration by the trustees is delegated to the charity's administrator. Payments by cheque made by the charity are required to be signed by two authorised individuals, one of whom will be a trustee.
All trustees give of their time freely and no trustee remuneration was paid in the year.
Induction and training of new trustees
The trustees are appointed in accordance with the trust deed, but receive no formal training. There shall be a minimum of four, and a maximum of twelve trustees.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The trustees consider the major risk to which the charity is exposed to be the possibility of the erosion of funds as a result of a material fall in the value of the charity's investments. The trustees mitigate this risk by employing the professional services of Coutts and Co as investment managers. A report is received quarterly, reviewed by the trustees and action taken as seen to be appropriate in the judgement of the trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
289212
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GALE FAMILY CHARITY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
Principal address
Northwood House 138 Bromham Road Bedford Bedfordshire MK402QW
Trustees
R Beard Mrs A M Phillipson Mrs D Watson J Tyley W Browning D Fletcher C Coddrington A Law JW Cleverley (appointed 22.10.20)
Independent Examiner
Cox & Co (Accountancy) Ltd The Granary High Street Turvey Bedfordshire MK43 8DB
Approved by order of the board of trustees on 29 October 2021 and signed on its behalf by:
R Beard - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GALE FAMILY CHARITY TRUST
Independent examiner's report to the trustees of Gale Family Charity Trust
I report to the charity trustees on my examination of the accounts of Gale Family Charity Trust (the Trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with 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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David A Cox B.A., F.C.C.A.,F.C.A. Cox & Co (Accountancy) Ltd The Granary High Street Turvey Bedfordshire MK43 8DB
29 October 2021
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GALE FAMILY CHARITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Donations Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.21 Unrestricted fund £ 101,817 43,905 1,439,484 1,483,389 1,417,547 35,975 5,818,096 5,854,071 |
5.4.20 Total funds £ 148,568 46,152 273,314 319,466 (646,618) (817,516) 6,635,612 5,818,096 |
|---|---|---|
The notes form part of these financial statements
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GALE FAMILY CHARITY TRUST
BALANCE SHEET 5 APRIL 2021
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
5.4.21 Unrestricted fund £ 5,845,008 57,433 (48,370) 9,063 5,854,071 5,854,071 5,854,071 5,854,071 |
5.4.20 Total funds £ 5,466,487 366,009 (14,400) 351,609 5,818,096 5,818,096 5,818,096 5,818,096 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2021 and were signed on its behalf by:
R Beard - Trustee
The notes form part of these financial statements
Page 6
GALE FAMILY CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Fixed asset investment income Deposit account interest Exchange rate gains |
5.4.21 £ 101,827 118 (128) 101,817 |
5.4.20 £ 145,422 2,990 156 |
|---|---|---|
| 148,568 |
continued...
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GALE FAMILY CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
3. RAISING FUNDS
Investment management costs
| Support costs CHARITABLE ACTIVITIES COSTS Donations |
5.4.21 5.4.20 £ £ 43,905 46,152 Grant funding of activities £ 1,439,484 |
5.4.20 £ 46,152 |
|---|---|---|
4. CHARITABLE ACTIVITIES COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Donations Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund £ 148,568 46,152 273,314 319,466 (646,618) (817,516) 6,635,612 |
|---|---|
continued...
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GALE FAMILY CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 7. FIXED ASSET INVESTMENTS MARKET VALUE At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020 There were no investment assets outside the UK. Cost or valuation at 5 April 2021 is represented by: Valuation in 2021 Cost |
Unrestricted fund £ 5,818,096 Listed investments £ 5,466,487 5,096,982 (6,142,278 ) 1,423,817 5,845,008 5,845,008 5,466,487 Listed investments £ 382,180 5,462,828 5,845,008 |
Unrestricted fund £ |
|---|---|---|
| 5,818,096 |
continued...
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GALE FAMILY CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
as follows: Incoming resources £ 101,817 101,817 |
At 6.4.20 £ 5,818,096 5,818,096 Resources expended £ (1,483,389 ) (1,483,389 ) |
5.4.21 £ 48,370 Net movement in funds £ 35,975 35,975 Gains and losses £ 1,417,547 1,417,547 |
5.4.20 £ 14,400 At 5.4.21 £ 5,854,071 5,854,071 Movement in funds £ 35,975 35,975 |
|---|---|---|---|---|
9. MOVEMENT IN FUNDS
Comparatives for movement in funds
| At 6.4.19 £ Unrestricted funds General fund 6,635,612 TOTAL FUNDS 6,635,612 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 148,568 (319,466) TOTAL FUNDS 148,568 (319,466) |
Net movement in funds £ (817,516) (817,516) Gains and losses £ (646,618) (646,618) |
At 5.4.20 £ 5,818,096 5,818,096 Movement in funds £ (817,516) (817,516) |
|
|---|---|---|---|
continued...
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GALE FAMILY CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.19 £ 6,635,612 6,635,612 |
Net movement in funds £ (781,541) (781,541) |
At 5.4.21 £ 5,854,071 |
|---|---|---|---|
| 5,854,071 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 250,385 250,385 |
Resources expended £ (1,802,855 ) (1,802,855 ) |
Gains and losses £ 770,929 770,929 |
Movement in funds £ (781,541) |
|---|---|---|---|---|
| (781,541) |
10. RELATED PARTY DISCLOSURES
The Charity administrator A Law and Trustee works at Garner Associates LLP. a firm that provides accountancy and administration services to the Charity.
In the year to 5th april 2021 the cost of these services charged in the year amounted to £10,920 (2020 - £9,696).
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GALE FAMILY CHARITY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| INCOME AND ENDOWMENTS Investment income Fixed asset investment income Deposit account interest Exchange rate gains Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Finance Administrators Fee Independent examiners fee Investment management fee Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
5.4.21 £ 101,827 118 (128) 101,817 101,817 1,439,484 10,920 1,800 31,185 43,905 1,483,389 (1,381,572 ) 473,256 (908,316) |
5.4.20 £ 145,422 2,990 156 148,568 148,568 273,314 9,696 1,740 34,716 46,152 319,466 (170,898) 810,066 639,168 |
|---|---|---|
This page does not form part of the statutory financial statements
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