**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.
Page 1
**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
Page 2
**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
Page 4
**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
Page 5
**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...
Page 8
**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...
Page 10
**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).
Page 11
**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
Page 12