**Charity registration number 289212 (England and Wales)**
## **GALE FAMILY CHARITY TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **GALE FAMILY CHARITY TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mrs D Watson Mrs A Phillipson J Tyley W Browning D Fletcher C Coddrington J Cleverley A Law
**Charity number (England and Wales)** 289212 **Auditor** David Cox BA FCA FCCA Cox & Co (Accountancy) Ltd The granary High Street Turvey Bedfordshire MK43 8DB
## **GALE FAMILY CHARITY TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 3|
|Statement of Trustees responsibilities|4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Balance sheet|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 - 18|
## **GALE FAMILY CHARITY TRUST**
## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 5 APRIL 2025**_
The Trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
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.
## **Public benefit**
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.
## **Achievements 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 Rathbones Bank 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**
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.
During the year the Trust acquired the assets of The George Home committee, a charitable Trust based in , Bedford with similar objectives to the Gale Family Trust. The assets amounted to £110,521 of cash and a freehold property, 12 Kingsley Road, Bedford, valued at £550,000, by professional surveyors during the year. The cash was absorbed into the general funds of the Trust, The property is to be held and rented to provide an income.
- 1 -
**TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **GALE FAMILY CHARITY TRUST**
## **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.
The trustees who served during the year were: Mrs D Watson Mrs A Phillipson J Tyley W Browning D Fletcher C Coddrington J Cleverley A Law
## **Recruitment and appointment of trustees**
New Trustees are sought from the local area, where the Trustees perceive they have the relevant skills and knowledge the Trust requires and are often involved in similar activities and organisations as the Trust 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.
- 2 -
## **GALE FAMILY CHARITY TRUST**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **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 Rathbones Group 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.
## **Funds held as custodian trustee**
The trustees are satisfied that the charity's assets attributable to each of its individual funds are available and adequate to fulfil its obligations in relation to those funds
The Trustees report was approved by the Board of Trustees.
A Law **Trustee**
27 February 2026
- 3 -
## **GALE FAMILY CHARITY TRUST**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources of the for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the 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 statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## **GALE FAMILY CHARITY TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GALE FAMILY CHARITY TRUST**
## **Opinion**
We have audited the financial statements of Gale Family Charity Trust (the ‘’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 5 -
## **GALE FAMILY CHARITY TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GALE FAMILY CHARITY TRUST**
## **Responsibilities of Trustees**
As explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Enquiry of management around actual and potential litigation and claims;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing financial statement disclosures and testing to supporting information to assess compliance with applicable laws and regulations.
Because of the inherent limitations on audit, there is a risk that we will not detect all irregularities, including those, leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
- 6 -
## **GALE FAMILY CHARITY TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GALE FAMILY CHARITY TRUST**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **(Senior Statutory Auditor)**
For and on behalf of David Cox BA FCA FCCA Cox & Co (Accountancy) Ltd, Statutory Auditor Chartered Accountants
The granary High Street Turvey Bedfordshire MK43 8DB 27 February 2026
David Cox BA FCA FCCA Cox & Co (Accountancy) Ltd is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 7 -
## **GALE FAMILY CHARITY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|660,521|-|
|Investments|**4**|189,973|164,207|
|**Total income**||850,494|164,207|
|**Expenditure on:**||||
|Charitable activities|**5**|356,436|344,211|
|**Total expenditure**||356,436|344,211|
|Net gains/(losses) on investments|**10**|(394,524)|344,603|
|**Net income and movement in funds**||99,534|164,599|
|**Reconciliation of funds:**||||
|Fund balances at 6 April 2024||5,462,757|5,298,158|
|**Fund balances at 5 April 2025**||5,562,291|5,462,757|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 8 -
## **GALE FAMILY CHARITY TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2025**_
|**Notes**
**Fixed assets**
Investment property
**12**
Investments
**13**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
**Net current assets**
**Total assets less current liabilities**
**The funds of the**
Unrestricted funds
**15**|**2025**
**£**
**£**
550,000
4,898,878
5,448,878
149,378
(35,965)
113,413
5,562,291
5,562,291
5,562,291|**2024**
**£**
**£**
-
5,272,939
5,272,939
242,268
(52,450)
189,818
5,462,757
5,462,757
5,462,757|**2024**
**£**
**£**
-
5,272,939
5,272,939
242,268
(52,450)
189,818
5,462,757
5,462,757
5,462,757|
|---|---|---|---|
||||5,272,939
189,818|
||||5,462,757|
||||5,462,757|
||||5,462,757|
The financial statements were approved by the Trustees on 27 February 2026
A Law **Trustee**
- 9 -
## **GALE FAMILY CHARITY TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 5 APRIL 2025**_
|**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**17**
**Investing activities**
Purchase of investment property
Purchase of other investments
Proceeds from disposal of other investments
Investment income received
**Net cash (used in)/generated from investing**
**activities**
**Net cash generated from financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2025**
**2024**
**£**
**£**
**£**
**£**
287,600
(347,774)
(550,000)
-
(720,875)
(6,324,085)
700,412
6,721,851
189,973
164,207
(380,490)
561,973
-
-
(92,890)
214,199
242,268
28,069
149,378
242,268|
|---|---|
- 10 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
## **Charity information**
The Gale Family Trust is an un incorporated registered charity. Its address is Northwood House, 138 Bromham Road, Bedford, MK40 2QW.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the 's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .
## **1.4 Income**
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 11 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Investment property**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.
- 12 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the ’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 sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|660,521|-|
|**Income from investments**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Rental income|29,040|-|
|Income from listed investments|160,830|153,207|
|Other income|103|11,000|
||189,973|164,207|
## **4 Income from investments**
- 13 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **5 Expenditure on charitable activities**
|||**Charitable**|**Charitable**|
|---|---|---|---|
|||**Activities**|**Activities**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Direct costs**|||
||Grants to institutions|291,829|303,503|
||Property expenditure|8,892|-|
|||300,721|303,503|
||**Share of support and governance costs (see note 6)**|||
||Governance|55,715|40,708|
|||356,436|344,211|
||**Analysis by fund**|||
||Unrestricted funds|356,436|344,211|
|**6**|**Support costs allocated to activities**|||
|||**Total**|**Total**|
|||**2025**|**2024**|
|||**£**|**£**|
||Governance|55,715|40,708|
|||**2025**|**2024**|
||**Governance costs comprise:**|**£**|**£**|
||Audit fees|4,200|-|
||Legal and professional|7,719|1,942|
||Administrator fee|10,800|13,440|
||Investment management fee|32,996|23,526|
||Independent examiners fee|-|1,800|
|||55,715|40,708|
|**7**|**Net movement in funds**|**2025**|**2024**|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the audit of the charity's financial statements|4,200|-|
- 14 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **8 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
## **9 Employees**
The average monthly number of employees during the year was:
|Total
There were no employees whose annual remuneration was more than £60,000.|**2025**
**Number**
-|**2024**
**Number**
-|
|---|---|---|
||||
## **Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
## **10 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|(456,849)|47,952|
|Sale of investments|62,325|296,651|
||(394,524)|344,603|
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **12 Investment property**
|**Fair value**
At 6 April 2024
Additions through external acquisition
Other changes
At 5 April 2025|**2025**
**£**
-
1
549,999|
|---|---|
||550,000|
Investment property comprises the property 12 Kingsley Road, Bedford. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 28th March 2025 by Robinson & Hall LLP Chartered Surveyors, who are not connected with the Trust or its Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
- 15 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **12 Investment property**
## **(Continued)**
The Trust acquired the assets of the George Home Committee during the year. Included in the assets was the property 12 Kingsley Road, Bedford. The property was acquired for £1 with a further £549,999, being its fair value, treated as a donation in the year.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
|Cost
Accumulated depreciation
Carrying amount|**2025**
**£**
1
-
1|**2024**
**£**
-
-|
|---|---|---|
|||-|
Freehold property was transferred to the Trust for a nominal value of £1.
|Freehold
**13**
**Fixed asset investments**|**2025**
**£**
550,000|**2024**
**£**
-|
|---|---|---|
||||
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2024|5,272,939|
|Additions|720,875|
|Valuation changes|(394,524)|
|Disposals|(700,412)|
|At 5 April 2025|4,898,878|
|**Carrying amount**||
|At 05 April 2025|4,898,878|
|At 05 April 2024|5,272,939|
- 16 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **14 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Other creditors|35,965|52,450|
## **15 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
|General funds
**Previous year:**
General funds|**At 6 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
5,462,757
850,494
(356,436)
(394,524)
**At 6 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
5,298,158
164,207
(344,211)
344,603|**At 5 April**
**2025**
**£**
5,562,291|
|---|---|---|
|||**At 5 April**
**2024**
**£**
5,462,757|
## **16 Related party transactions**
## **Transactions with related parties**
During the year the entered into the following transactions with related parties:
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 2025 the cost of these services charged in the year amounted to £10,800 (2024 - £13,440).
- 17 -
## **GALE FAMILY CHARITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
|**17**|**Cash generated from/(absorbed by) operations**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||Surplus for the year|99,534|164,599|
||**Adjustments for:**|||
||Investment income recognised in statement of financial activities|(189,973)|(164,207)|
||Gain on disposal of investments|(62,325)|(296,651)|
||Fair value gains and losses on investments|456,849|(47,952)|
||**Movements in working capital:**|||
||(Decrease) in creditors|(16,485)|(3,563)|
||**Cash generated from/(absorbed by) operations**|287,600|(347,774)|
## **18 Analysis of changes in net funds**
The had no material debt during the year.
- 18 -