REGISTERED CHARITY NUMBER: 295998
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2025 for G D Herbert Charitable Trust
Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
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G D Herbert Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
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The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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
Objectives and aims
The object of the trust is to provide support for medicine and health, welfare and environmental resources. The trust achieves this by making grants to beneficiaries
Public benefit The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. The trustees consider that they have acted in the public benefit.
Grantmaking
The trustees review donations at their annual general meeting in February/March of each year and may make some adjustments but for the most part continue the donations to the beneficiaries listed year on year. The trustees make very few special donations, in the health and welfare fields only. In the main, decisions are made by the trustees at their annual meeting.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities As shown on the attached schedule the trustees made 22 regular donations totalling £82,500 and 8 special payments totalling £34,500.
FINANCIAL REVIEW
Reserves policy
The Trustees have agreed that together the expenses of running the trust and the grants. and donations:made should total approximately 4% of the value of the portfolio. It is not the trustees' intention to hold substantial reserves but to settle these costs initially from income arising from the portfolio. In the event of this income not being sufficient to cover the outgoings then the trustees can make an appropriate transfer to income fund from capital. At 5th April 2025 free reserves stood at £97,061.
It will be noted that the total of grants made was £117,000 out of investment income of £72,019 before administration expenses, the balance being withdrawn from the capital account brought forward from previous years. It is not the trustees’ policy to retain any significant reserves of income. At 5th April 2025 the market value of the trust investments managed by Investec stood at £2,610,812 and they also held cash funds totalling £103,098. The decrease in market value during the year was £65,388.
FUTURE PLANS
The trustees will continue to look for opportunities to assist beneficiaries and to maximise the resources available for such grants.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Charitable Trust is governed by a trust deed dated 9th April 1986.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
295998
Principal address Veale Wasbrough Vizards 24 King William Street London EC4R 9AT
Trustees Judith Margaret Cuxson Caroline Beaumont
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G D Herbert Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner James Gare DChA FCA Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Solicitors Veale Wasbrough Vizards 24 King William Street London EC4R 9AT
Investment Advisers Investec Wealth & Investment Limited 2 Gresham Street London EC2V 7QP Approved by order of the board of trustees on BLOf ASws oon and signed on its behalf by:
Caroline Beaumont - Trustee ‘
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Independent Examiner's Report to the Trustees of G D Herbert Charitable Trust
Independent examiner's report to the trustees of G D Herbert Charitable Trust | report to the charity trustees on my examination of the accounts of G D Herbert Charitable Trust (the Trust) for the year ended 5 April 2025.
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’).
| 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 | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b)_ of the Act.
Independent examiner's statement
| have completed my examination. | 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:
- i. 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.
| 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.
James Gare DChA FCA
Monahans
Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Date? oo... eee eecceescecseeesecseeeeeessneens
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G D Herbert Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2025
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|||||||
|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|INCOME AND|ENDOWMENTS|FROM|
|Investment|income|2|72,019|68,308|
|EXPENDITURE|ON|
|Raising|funds|3|14,365|13,113|
|Charitable|activities|
|Grants|126,394|109,300|
|Total|140,759|122,413|
|Net|gains/(losses)|on|investments|(65,388)|281,451|
|NET INCOME/(EXPENDITURE)|(134,128)|227,346|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|2,842,001|2,614,655|
|TOTAL|FUNDS|CARRIED FORWARD|2,707,873|2,842,001|
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The notes form part of these financial statements
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G D Herbert Charitable Trust
Balance Sheet 5 April 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Investments|8|2,610,812|2,796,967|
|CURRENT ASSETS|
|Cash|at|bank|103,098|50,566|
|CREDITORS|
|Amounts|falling|due|within|one|year|9|(6,037)|(5,532)|
|NET CURRENT ASSETS|97,061|45,034|
|TOTAL ASSETS|LESS CURRENT|LIABILITIES|2,707,873|2,842,001|
|NET ASSETS|2,707,873|2,842,001|
|FUNDS|10|
|Unrestricted|funds|2,707,873|2,842,001|
|TOTAL FUNDS|2,707,873|2,842,001|
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The financial statements were approved by the Board of Trustees and authorised for issue on Htetreeesnerseeeesseeeee aNd Were signed on its behalf by:
\ ~ ) , Caroline Beaumont - Trustee ——— Judith Margaret Cuxson - Trustee
The notes form part of these financial statements
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G D Herbert Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2025
: 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.
The financial statements have been prepared to give a ‘true and fair' view and 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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis, under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound. There are no significant areas of judgements or key sources of estimation uncertainty. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. Legal status of the charity The charity is an unincorporated trust constituted by a trust deed. Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
¢ — the requirements of Section 7 Statement of Cash Flows. 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. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. 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 payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
The charity does not make multi-year grants and all grants are unconditional.
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G D Herbert Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- ACCOUNTING POLICIES- continued
1
Grant making Grants are accounted for in the year in which the recipient has a reasonable expectation that they will receive the grant and the trustees have agreed to pay the grant without condition.
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.
Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and_ their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Cash at bank and in hand
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 date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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G D Herbert Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
| 2. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Dividends received | 71,954 | 66,898 | ||
| Deposit account interest Interest |
65 - |
- 1,410 |
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| 72,019 | 68,308 | |||
| 3. | RAISING FUNDS | |||
| Investment management costs | 2025 | 2024 | ||
| £ | £ | |||
| Portfoliomanagement | 14,365 | 13,113 | ||
| 4. | GRANTS PAYABLE | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Grants | 117,000 | 100,000 | ||
| All grants are paid to institutions. | ||||
| 5. | SUPPORT COSTS | |||
| Governance | ||||
| Management £ |
costs £ |
Totals £ |
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| Grants | 7,500 | 1,894 | 9,394 | |
| Supportcosts, included intheabove, areasfollows: | 2025 | 2024 | ||
| Total | ||||
| Grants £ |
activities £ |
|||
| Administration fees | 7,500 | 7,500 | ||
| Independentexamination and accountancy | 1,894 | 1,800 | ||
| 9,394 | 9,300 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
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G D Herbert Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
'
| 7. | COMPARATIVES FORTHESTATEMENTOF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Investment income | 68,308 | |
| EXPENDITURE ON | ||
| Raising funds | 13,113 | |
| Charitable activities | ||
| Grants | 109,300 | |
| Total | 122,413 | |
| Net gains on investments | 281,451 | |
| NETINCOME | 227,346 | |
| RECONCILIATION OF FUNDS | ||
| Total funds broughtforward | 2,614,655 | |
| TOTALFUNDSCARRIEDFORWARD | 2,842,001 | |
| 8. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At6 April 2024 Additions Disposals Revaluations |
2,796,967 433,191 (553,958) (65,388) |
|
| At 5 April 2025 | 2,610,812 | |
| NET BOOKVALUE | ||
| At5 April 2025 | 2,610,812 | |
| At5 April 2024 | 2,796,967 | |
| Analysis of investments: | ||
| Investmentassets in theUK Investmentassets outside the UK |
964,445 1,646,367 |
|
| 2,610,812 |
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. All investments have been valued by Investec Wealth & Investment and are based on the Bid price as at the close of business on the valuation date. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.
The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity is reliant on dividend yield in part to finance its work.
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G D Herbert Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
FIXED ASSET INVESTMENTS- continued
Liquidity risk is anticipated to be low as all assets are traded. The charity's investments are traded in markets with good liquidity and high trading volumes. The charity has no investment holdings in markets subject to exchange controls or trading restrictions.
The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Trust does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and _ historic studies of quoted financial.
- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||||
|---|---|---|---|---|
|2025|2024|
|£|£|
|Other|creditors|6,037|5,532|
|10.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|6.4.24|in|funds|5.4.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,842,001|(134,128)|2,707,873|
|TOTAL|FUNDS|2,842,001|(134,128)|2,707,873|
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Net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|72,019|(140,759)|(65,388)|(134,128)|
|TOTAL FUNDS|72,019|(140,759)|(65,388)|(134,128)|
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Comparatives for movement in funds
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||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|6.4.23|in|funds|5.4.24|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,614,655|227,346|2,842,001|
|TOTAL|FUNDS|2,614,655|227,346|2,842,001|
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G D Herbert Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
10. MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 68,308 | (122,413) | 281,451 | 227,346 |
| TOTALFUNDS | 68,308 | (122,413) | 281,451 | 227,346 |
11. RELATED PARTY DISCLOSURES
Veale Wasbrough Vizards LLP, a law firm in which the trustee J Cuxson is partner, provides administration services to the charity. Fees paid totalled £7,500 (2024: £7,500) for the year to 5 April 2025.
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G D Herbert Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
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|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|INCOME AND|ENDOWMENTS|
|Investment|income|
|Dividends|received|71,954|66,898|
|Deposit account|interest|65|=|
|Interest|-|1,410|
|72,019|68,308|
|Total|incoming|resources|72,019|68,308|
|EXPENDITURE|
|Investment|management|costs|
|Portfolio|management|14,365|13,113|
|Charitable|activities|
|Grants|to|institutions|117,000|100,000|
|Support|costs|
|Management|
|Administration|fees|7,500|7,500|
|Governance|costs|
|Independent|examination|and|accountancy|1,894|1,800|
|Total|resources|expended|140,759|122,413|
|Net expenditure|before|gains|and|losses|(68,740)|(54,105)|
|Realised|recognised|gains|and|losses|
|Realised|gains/(losses)|on|fixed|asset|
|investments|(65,388)|281,451|
|Net (expenditure)/income|(134,128)|227,346|
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This page does not form part of the statutory financial statements
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G D Herbert Charitable Trust
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Contents of the Financial Statements
for the Year Ended 5 April 2025
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Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 11
Detailed Statement of Financial Activities 12
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