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2022-04-05-accounts

L. & R. Gilley Charitable Trust

Registered Charity No. 297127

Accounts

5 April 2022

The L. & R. Gilley Charitable Trust Reference and Administrative Information

Trustees

Richard Anthony Bettinson. Hayley Anne Bettinson.

Registered Charity Number

297127

Address

Somer Barns Camp Lane Shelsley Beauchamp Worcester WR6 6JQ

Accountants

G. C. Cooper Accountancy Ltd 5 Church Mews Barlby Selby North Yorkshire YO8 5LL

Bankers

Lloyds Bank plc 51-52 Fleet Street Torquay TQ2 5DW

Investment Managers

Ravenscroft 19 Minster Precincts Peterborough PE1 1XX

1

The L. & R. Gilley Charitable Trust Trustees' Report for the year ended 5th April 2022

The Trustees present their annual report and Financial Statements of the Charity for the year ended 5th April 2022. The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the ���������Trust Deed, the Charities Act 2011 and 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 (FRS102).

Structure, Governance and Management

Establishment

The Charity was established by a Trust Deed executed by John Richard Bettinson on the 23rd June 1987 in his capacity as Executor for the late Leslie Tom Gilley. By his Will the deceased directed that his residuary estate be utilised to establish a Charitable Trust in memory of his late Wife and himself.

The Charity is administered by the Trustees, who have the power to appoint their successors. Training is available for Trustees through membership of the Association of Charitable Foundations. The Charity has no Employees.

Risk Management

The Trustees confirm that systems are in place to examine and mitigate the Charity's exposure to its principal risks. The most significant risks identified by Trustees are potential falls in the value of the Charity's investments or in the income received from those investments. These risks, if they were to continue over the longer term, would impact on the Charity's ability to make grants. They are addressed by holding a diversified portfolio of investments.

Objectives and Activities

Objects of the Trust

The Trust Deed provides that both the capital and income of the Charity shall be held and applied for the benefit of five specific charities and/or such other charitable institutions or other charitable objects as the Trustees may in their absolute discretion select, but having regard as far as possible to those assisting in the care of the terminally ill, the support of the frail elderly in their own homes and institutions which have lesser administration cost and provide services not otherwise financed by public funds.

With regard to grants to local or regional charities, the Trustees' policy is to prefer those in the Devon and Birmingham areas because of the connection with the Gilley family.

When considering applications for grants the Trustees continue to take these provisions into account and also have regard to the Charity Commission's guidance on public benefit. In almost all cases grants are made to other registered Charities.

Review of Financial Activities

The Trustees are pleased to report that there has been continued success in meeting the objectives of the Charity during the financial year. The results for the year are set out in the Statement of Financial Activities on page 6. Investment income increased by 0.2% to £54,212. Grants made during the year, which are detailed in Note 5 to the Financial Statements, were increased by 17% to £55,000. Total funds carried forward at the end of the year increased by £76,012 to £1,591,452.

2

The L. & R. Gilley Charitable Trust Trustees' Report for the year ended 5th April 2022

Investment Policy and Performance Review

The Trustees have full and unrestricted powers of investment. The investment portfolio is managed on a discretionary basis by the Investment Managers in accordance with a policy set and reviewed at least annually by the Trustees.

The value of the Charity's portfolio, which is summarised in the table below, increased by 5.3% to £1, 510,312 during the year.

UK & Overseas Equities
UK & Overseas Unit Trusts and OEIC's
UK Property and Real Estate Investment Trusts
Government Securities
Cash Awaiting Investment		 Original Cost
551,171
502,326
122,560
125,971
1,302,028
66,838
1,368,866		 Market Value
627,470
549,364
127,080
139,560
1,443,474
66,838
1,510,312

All investments are listed on the London Stock Exchange. With the exception of the holdings in 2.5% IndexLinked UK Treasury 17/07/24 (9.2%) no holding represents more than 5.0% of the portfolio.

Reserves Policy

Although the Trust Deed allows the Trustees to treat the capital of the Charity as expendable endowment, the current policy is to retain the capital as a fund in order to generate investment income for grant-making. As the Charity has no other sources of income the Trustees aim to maintain a free reserve on its income fund at a minimum level equivalent to six months' grant-making and administrative costs.

The Trustees are satisfied that this gives the Charity sufficient flexibility to cover any temporary fall in investment income.

Going Concern

The value of the Charity's investment portfolio dropped significantly as a result of the impact of the Covid19 pandemic but recovered during the Financial year. Since the year end it has again fallen back as a result of the impact of the war in Ukraine and rising inflation and interest rates markets remain challenging. However, after reviewing the Charity's position, the Trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its Financial Statements.

Plans for Future Periods

The Trustees recognise the increasing level of applications to the Charity for grants and will endeavour to maintain grant distributions for the coming year subject to changes in projected investment income and to keep tight control of administration costs.

Attention will continue to be paid to changes in charity legislation and to relevant guidance issued by the Charity Commission. Every effort will be made to ensure that the Charity complies with any new requirements that affect its work and status.

Public Benefit:-

The Trustees have referred to the Charity ������������general guidance on public benefit when reviewing the ���������aims and objective and in planning its activities. In particular, the Trustees consider how any activities will contribute to the aims and objectives of the Charity and satisfy the public benefit requirement.

3

The L. & R. Gilley Charitable Trust Trustees' Report for the year ended 5th April 2022

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees Report and 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 Charity and of the incoming resources and application of resources of the Charity for that period.

In preparing the Financial Statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved and signed on behalf of the Trustees

R. Bettinson

4

L. & R. Gilley Charitable Trust

Independent Examiners' report on the unaudited accounts for L. & R. Gilley Charitable Trust for the year ended 5th April 2022

We have examined the accounts and supporting schedules set out on pages 6 to 10 inclusive of The L. & R. Gilley Charitable Trust for the year ending 5th April 2022 together with the Trustees' Report.

Respective responsibilities of the Trustees and the Examiner

As the Charity's Trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under Section 144 of the Charities Act 2011 and that an independent examination is needed. It is our responsibility:-

To state whether particular matters have come to our attention.

Basis of Independent Examiners' Report

13 October 2022Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.

Independent Examiners' Statement

In connection with our examination, no matter has come to our attention which:

  1. gives us reasonable cause to believe that in any material respect the requirements; to keep accounting records in accordance with Section 130 of the said Act; and

    • to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act

    • have not been met;

      • or

  2. in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

  3. G. C. Cooper Accountancy Ltd. Accountants

5 Church Mews, Barlby, Selby, North Yorks. Y08 5LL.

14 October 2022

5

L. & R. Gilley Charitable Trust Statement of Financial Activities for the year ended 5 April 2022

Income
Investment Income
4
Total Income
Expenditure
Direct Charitable Expenditure:-
Grants and Donations
5
Other Expenditure:-
Administration Costs
6
Total Expenditure
Net (Outgoing) before Valuations
Net Gains/(Losses) on Investments:-
Realised
Unrealised
Total Gains
Net Movement in Funds
Total Funds brought forward
Total Funds carried forward		 2022
£
54,212
54,212
55,000
12,664
67,664
(13,452)
77,687
11,777
89,464
76,012
1,515,440
1,591,452		 2021
£
54,126		 2021
54,126
47,000
11,565
58,565
(4,439)
(28,970)
319,163
290,193
285,754
1,229,686
1,515,440

The notes on pages 8 to 10 form part of these Financial Statements. The Charity has no recognised gains or losses other than those stated above. All incoming resources and resources expended derive from continuing activities.

6

L. & R. Gilley Charitable Trust Balance Sheet as at 5 April 2022

Investments:-
Quoted Investments
Current Assets:-
Income Receivable
Income Tax Recoverable
Cash at Bank
Current Liabilities:-
Creditors
Net Current Assets
Net Assets
Represented by:-
Total Unrestricted Funds:-
Capital Fund
Revaluation Reserve
Income Fund
Monies held by the Investment Manager
awaiting Investment.		 Notes
7		 10,109
1,922
71,184		 2022
£
1,443,474
66,838
1,510,312
10,842
806
74,359
86,007
4,524
81,140
1,591,452
1,170,221
141,446
279,785
1,591,452		 2021
£
1,388,640
45,317		 2021
1,433,957
81,483
83,215
2,075
1,515,440
1,170,221
129,669
215,550
1,515,440

Approved by the Trustees

R. Bettinson

H. Bettinson

13 October 2022

The notes on pages 8 to 10 form part of these Financial Statements.

7

L. & R. Gilley Charitable Trust Notes for the year ended 5 April 2022

1 Accounting Policies

i) Basis of Preparation of Financial Statements

The Financial Statements have been prepared under the historical cost convention with the exception of investments, which are included on a market value basis. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their Financial Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

ii) Cash Flow

The Financial Statements do not include a cash flow statement because the Charity, as a Small Reporting Entity, is exempt from the requirements to prepare such a statement under the Charities SORP (2019) FRS 102.

iii) Preparation of Financial Statements on a Going Concern Basis

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

iv) Investment Income

Investment income is accounted for in the period in which the Charity is entitled to receipt.

v) Resources Expended

Expenditure is included on an accruals basis and includes attributable VAT which cannot be recovered. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity.

vi) Fixed Asset Investments

Investments are included at their fair value at the Balance Sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

vii) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity.

Capital Fund

The Trust Deed allows the Capital Fund of the Charity to be spent as income or retained as capital at the Trustees' discretion. However, the Charity's current policy is to retain the capital as a fund to generate investment income for grant-making. Investment gains or losses arising on disposal of fund assets are transferred to the Income Fund, while those arising on revaluation are held within a separate revaluation reserve forming part of the Capital Fund.

Income Fund

The income fund is an unrestricted fund and is expendable at the discretion of the Trustees in furtherance of the objects of the Charity. Income is derived from the investment of the Charity's Capital Fund.

2 Trustees' Remuneration and Related Party Transactions

The Trustees neither received nor were entitled to receive any emoluments in the year (2021: £nil). However, administration costs shown in note 6 include £260 for reimbursement of travelling, subsistence and related expenses to one Trustee (2021: £260 to one Trustee).

8

L. & R. Gilley Charitable Trust Notes for the year ended 5 April 2022

3 General Declarations

4
5		 Investment Income
UK & Overseas Equity Dividends
UK & Overseas Unit Trusts and OEIC's
UK Property and Rental Income Distributions
Government Securities Interest
Bank Accounts
Grants
Age UK Mid Devon
Alzheimer's Society
ARCOS
Asthma Relief
British Red Cross
Calibre Audio
Cancer Research UK
Changing Faces
Cruse Bereavement Care
Deafblind UK
Disability Resource Centre
Disabled Sailors Association (Ro-Ro)
Exmoor Community Transport Association
Exmoor Search & Rescue
Hourglass
Kemp Hospice
Leukaemia and Myeloma Research UK
MacMillan Cancer Support
Motor Neurone Disease Association
Muscular Dystrophy Support Centre
Prostate Cancer Research Centre
Rowcroft House Foundation
Royal National Institute of Blind People (RNIB)
Royal National Lifeboat Institution (RNLI)
Stage Two Youth Theatre Company
The Disasters Emergency Committee (Ukraine Appeal)
The Oesophageal Patients Association
The Respite Association
The Stroke Association
Versus Arthritis
9		 2022
£
27,259
17,911
6,175
2,858
9
54,212
-
3,000
-
1,500
1,000
1,000
6,500
1,500
-
2,000
2,000
5,000
1,500
1,000
2,000
-
2,500
5,000
4,500
-
-
-
-
5,000
1,000
5,000
2,000
-
2,000
-
55,000		 2021
£
27,748
19,280
4,279
2,799
20		 2021
54,126
1,000
3,000
1,000
1,500
-
1,000
6,500
1,000
1,000
1,000
-
-
1,500
-
-
2,000
-
5,000
4,500
1,000
1,500
500
2,500
4,000
1,000
-
2,000
1,000
1,000
2,500
47,000

L. & R. Gilley Charitable Trust Notes for the year ended 5 April 2022

6
7
8		 Administration Costs
Administration
Investment Managers' Annual Charges
Postages, Stationery etc
Bank Charges
Independent Examiner's Fees
Investments- Quoted Securities
UK & Overseas Equities
UK & Overseas Unit Trusts and OEIC's
UK Property and Real Estate Investment Trusts
Government Securities
Analysis of Change in Investments during year
Market Value at beginning of Year
Acquisitions at Cost
Disposals at Carrying Value
Net Increase on Revaluation
Market Value at end of Year
Funds held in Investment Managers' Account
awaiting Investment
Total Investments		 2022
£
260
10,581
90
103
1,630
12,664
627,470
549,364
127,080
139,560
1,443,474
1,388,640
242,428
1,631,068
(264,029)
1,367,039
76,435
1,443,474
66,838
1,510,312		 2021
£
260
9,565
90
100
1,550		 2021
11,565
601,365
548,628
104,920
133,727
1,388,640
1,048,127
354,077
1,402,204
(253,970)
1,148,234
240,406
1,388,640
45,317
1,433,957

10