REGISTERED CHARITY NUMBER 313877 GILCHRIST EDUCATIONAL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 28th FEBRUARY 2021 GILCHRIST EDUCATIONAL TRUST Referen¢e and administrative information Tru5tees= Mr C.E.S. Whitbread, BS¢.IHonsl Chairman Professor S.R. Hairop, LLB Professor F.L. Pearce, PhD., C.Chem. Dr J.H. Hemming, D.Litt. Mrs S. Winser, Bsc S•eMtary'. Mrs J.V. Considine, A.C.l.S. Office.. 43 Fern Road Slorringlon Pulborough West Sussex RH20 4LW Registered Charity Number.. 313877 Ind8pandènt Examlnèr: Simon Webber BA IHonsl, DChA, FCA Kreston Reeves LLP 9 Donnington Park 85 Birdh8rn Road Chichestor West Sussex P020 7AJ Fund Managers.. M&G Securities Limited The M&G group M&G House Victoria Street Chelmsford Essex CM1 1FB Bankers.. CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ CCLA Inv&stm&nl Managomenl Limitod Senator House 85 Queen Victoria Street London EC4V 4ET This information fomis part of the Trustees, report on pages 2 to 6 Page 1 GILCHRIST EDUCATIONAL TRUST REPORT AND ACCOUNTS For the year ended 28th February 2021 Contents Page Reference and Administrative Information Trustees. Report Independent Examinevs Report Statement of Financial Activities Balance Sheet Notes to the Accounts 9-14 GILCHRIST EDUCATIONAL TRUST Trustees. Report Th8 Trustses hav& pl8asure in pr8S8nting their r8POrt together with the accounts for th8 year ended 28th February 2021. Struetura, Gav•rnanca and Managèmènt Th8 maximum numb&r of trustees permill&d by th8 gov8rniro instrument is fiv8. The governing instrument is the codicil of 8th December 1840 to the Will of the late Dr John BorM)w¢k Gilchrist. Th8 trust W88 r8gi8t8r8d as a charity on 23rd Dee8mb8r 1966 and Ihe number 313877 allotled to it in March 1987. Method of Appointment of Trustees Vacancies ar8 rare bul wh8n one occurs, the remaining Trust88S 888k som8on8 who Is qualified by training or 8xp8ri8nce, in one or more of th8 Irusl's ar888 of int8rest, and p8rson81ty invi18 that person to join them. The appolntsnenl of a new trustee Is confimed tiy Deed. Trustees. Responslbllltles The Trustees are responsible for preparing the Trustee5' Annual Report and the Financial Statements in ac¢ordan¢e with applicable law and United Kingdom A¢¢ounling Stsndards (United Klngdom Generally Atteptod Actounting Practlcel. The law applicable to chari118s in Eng18nd and Wales requir8s th& trust88S to prepare fin8ncial stal8m8nts for 8ach financial year which give a tru8 and fair vi8w of the stste of affairs of the charty and of the incoming resources and application of resources of the charity for that peri(￿. In p￿parIng tt)ese financial statements. the Trustees are reQui￿d to". 8818cI suitabl8 accounting polici88 obserrfe the methods and principles in the Charities SORP make judgements and accounting eslimates that are reasonable and prudent prepare the financial statements on the going ¢on¢ern basis unless it is In8pproprialÈ to presume that th8 charity Mll continue businÈs8 The Trustees are responsible for keeping proper accounting record5 that di5dose with reasonable accuracy at any lime Ihe financial position of the charty and enable them lo ensure that the finan¢ial ststements ¢omply wlth the Charities Act 2011. the Charity (Accounts and Reports) R￿ul2t10n$ 2008 and th8 prov18ion8 of th8 trust deed. They arè also responsible for safeguarding the ass8t8 of th8 charity and h8nc8 for taking r￿sona￿e steps for the prevention and detection of fraud and other irregularities. Qblectlves and A£tlvltle$ Th8 trust currenuy mak8s grants to'.- oryani￿tionS seeking to fill educational gaps or to make more wdely available a particular aspect of education or ￿arning. Indlvldual8 who are elther lal wlthln sight of the end of a self-flnanced degrÈ&, or higher education course, and who ar& f8cing un8XP8el&d financial difficulties which may pr8vent completion of il or Ibl required, as part of university course. to Spend a short perio￿ studying in another country. University expeditions prorK)siro to carry out s¢ientifi¢ research. Th& trust a180 off8rs the biennial Gilchrist Fi81dwork Award of £15,000. This comp8titive award is offered in even-numbered years and is open to srnall teams of qualified acadetnics and re5earcher5 in e51ablished posls in university departments. or research establishments, most of British nationality wishing to undertake a field season of ov8r six w88k8. Page 2 GILCHRIST EDUCATIONAL TRUST Tru$tees' Report lcontinuedl Part of the capital of the trust was set aside in 1957 to a restricted fund entitled 'Robert Davies Roberts Memorial Trusy.. The income was used to provide book prizes each year for students who have achieved high grades for their studies al Birkbeck College, London University. Al the Trustees, meeting in May 2018 il was resolved that the Robert Davies Roberts Memorial Trust be discontinued as book prizes would no longer be awarded by Biikbeck College The Trustees have had regard to the Charity Commissions guidance on public benefit. Achievements and perforniance5 Expedition Grants and Travel Grants. Due to the Coronavirus Covid-19 pandemic no grants were awarded for either expeditions or travel in the year. Review of Activities During the y&8r ended 28th Ftsbruary 2021 grants wore madts lo the following.. Organlsatlons Twenty Two organisations were awarded grants bul only 21 received grants as one project was unable lo proceed due to the Covid-19 pandemic. £2,500 each to.. Book BLJS FoLJndation Child of Hope Children at Risk- CARA Kids Club Kamp818 Clear Vision Ecologia Youth Trust Hull Children's University, MEPS Mud House Raising Futures Kenya The Children's Literacy WeSeeHope Worfd Child Cancer Zambia Orph8ns Educate for Life Our Moon Education Northern Learning Trust CIEC Leain lo Ltsvtr lo R08d Ydance Hale Community Centre £1,750 £1,450 £1,150 £932 £750 £600 Total value of grants awarded £33,882 21 Indlvlduals £24,600 was spent on Adult Study Grants which were awarded to 47 individuals. No Travel Grants were awarded in the year due to restrictions imposed by the Covid-19 pandemic. 31 British Expeditions No awards were made tr) Briti'sh Expeditions due to the restrictions imposed by the Covid-19 pandemic. Page 3 GILCHRIST EDUCATIONAL TRUST Tru$tees' Report lcontinuedl Through its grants to organisations the trust has furthered its objective of improving educational standards both abroad and in the United Kingdom. The trust's grants to individuals have assisted the recipients to complete a degree course, which might otherwise have to be abandoned. Although Travel Grants were not awarded during the year ended 28 February 2021 these grants assist the recipients lo undertake a brief period of study overseas as part of a degree course. Grants to expeditions were not awarded during the year under review but such grants help to meet the costs of teams from this country carrying out research of a scientific nature in various countries overseas, thus adding to the corpus of knowledge about certain scienlifio subjects. Flnanelal Ravlaw Financial Position. During the year the Charity's income was £77,66912020- £97,3741 and expenditure was £72,82412020- £90,7381 which resulted in a surplus of £4,84512020- £6,636. Investment Policy. The policy ol the Trustees is to obtain a maximum income retum and maintain the capital base in real terms. Their aim is to obtain a capital growth of the portfolio that is in line with inflation. The intenlion is to ensure that any investments thal are made attract only a rnoderate risk as the Trustees do not wish to put the capital of the Trust at 8n unnecessary disadvantsge. Ethical considerations are as determined by the managers of the common investment ftjnds. The grant awards are made and paid in each financial year. The investment policy statement is considered by the Trustees each year. Policy on reserves. The only funds held in reserve are those required lo avoid cash flow problems. It is the aim of the Trustees to distribute in grants all the income received from the Trust's investmen 58ve that required lo meet the cost of administration, bul achieving this aim is dependent on receiving a sufficient number of worthy applicants. Impact of the 'Covid-19' pandemic. The listed inve51menls of the Charity have been affected by the result of the ongoing 'Covid-19' pandemic and its subsequent impact on the financial markets The Trustees are of the opinion that the market value of the assgls as at 28 February 2021 is not materially overstated and that the Charity accounts are still to be prepared on a going concern basis Risk Revi8w. The Trustees 8re mindful of their duty lo ensure that the Trust is not ineppropriately exposed to avoidable risk of any nature. Their investment policy and each aspéet of the Trust's work and administrab.on havè bèèn r&viéwéd and risks, both potential and actual, identified. ProcedLJres and safeguards have been put in place to manage these risks. Unr&strict8d fund. Thè balancè on thè unrastrictèd fund, which réprÉsènts th6 original Capital plug any gains or losès on investments hèld, has décrèasèd by £31,318. Thè balance on the general fund is £1,955,44412020 - £1,981,917). Page 4 GILCHRIST EDUCATIONAL TRUST Trustees. Rewt lcont1nu￿N Public 8eneffl Thp chgrttstle purpose of tho Tru5ttsthè athanremerrt of ed￿￿tion. Th8 b8n8fft offer¢d bythe Tru* is a fi￿n¢la1 ontr and is b) hdp S￿dents with exwnses whilst sbjd￿rVU 8nd to help Organk%ati0r￿ and expedthns invofv8d in educ8lbon81 projÈcts. T*￿ TNst receNes un*lKtkd applK*tpJn5fr0rn a wde r8nge of indimdualsand organisations ar￿ each one ￿e0n￿dered on it8 merits. Tru$t•Ès Tlk Trus*Ees who hehl offic* th8 ye2r*tre *sfoltows.' Mr C.E.S. Whitbread, Bsc IFfonsl Prof S.R. HarTOP, LLB Prof F.L. Pearce, PhD., C.Chem. Dr J.H. Hernming, D.Liti S. Winser, 8Sc C.E.S. Whltbread ForaTrd on tehalfofthe Trustses Paoe S ## **GILCHRIST EDUCATIONAL TRUST Independent Examiner’s Report for the year ended 28[th] February 2021** ## **Independent examiner's report to the Trustees of the Gilchrist Educational Trust (the 'charity')** I report to the charity Trustees on my examination of the accounts of the charity for the year ended 28 February 2021. 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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. ## **Responsibilities and basis of report** As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I can confirm that no 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 charity as required by section 130 of the 2011 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 other to enable a proper understanding of the accounts to be reached. Signed: Simon Webber BA (Hons), DChA, FCA Dated: 11 June 2021 ## **Kreston Reeves LLP** Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ Page 6 Gil¢hrist Educational Trust Statemènt of Flnanclal Actlvltlès For th8 year andad 28th February 2021 Unrestricted funds 2021 Total funds 2021 Notes 2020 Income and endowments Income from inve5tm8nts Bank int8rest Travel Grant r8funded Donations Total income 77.153 100 416 77.153 100 416 97,174 200 77,669 77,669 97,374 Expenditure on.. Ch8ritab18 8ctiviti8s- Education81 Activities Administrative exp8nses Total expenditure 69.608 3,216 72.824 69.608 3,216 72.824 87,030 3, 708 90, 738 Net incomellexpenditurel before other recognised gains and losses 4,845 4.845 6,636 Net gainlllossl on investment8 131,3181 131.3181 (57,6541 Net movements in funds 126,4731 126.4731 (57,0181 Reconciliation of funds Fund balances brought forward at 1st March 2020 Transfer Fund bal8nc85 carried forward at 28th February 2021 1.981.917 1,981,917 2,032,935 1,955,444 1,955,444 1,987,97 1 The notes on pages 9 to 14 form part of these accounts. All of the Trust's actiwties are classed as conts"nuing. All funds are Un￿striCted for both current and prior years. Page 7 GILCHRIST EDUCATIONAL TRUST Balano SI￿et a5 at 28th February 2021 20 2021 2020 Fixed A$setlnvEstsnuts IW.173 1.841173 1.879,491 CurfentA8gets Cash at b8nk 114873 114S13 109.730 Credltors: Amvunts ￿lI￿ll d *ithlft 602 CurrentAssets Nel Ass¢ts :. 1.955.444 1.955 1.981.917 Fund5 1.955,444 . 1.981.917 Apwoved by the Trustees and sgn8d on behaf C E.S. Whltbiead ruste¢s J.H. Hemming notes on papes g to 14 f(Th p*t of1hese ￿Unt l fvnds are unrestrECted1￿ both Wr￿n(and pnoryears. Page 8 GILCHRIST EDUCATIONAL TRUST Notesto the accounts Forthe yea¥ ended 28th FebNary 2021 1 Background infowrnativ The Gilchrisl Educational Trust is an unincorpw)ratsd Charity registered under Dumber313877 with the Charities Cornmission in England and Wales. 11 is a publiG bpnefil entity. 11 is dorniGiled in England and Wales and ils principal office is at 43 Fern Road, StorriDgton. Pulborough. West Sussex RH20 4LW. The objectof the charity is the benefrt, advancement and propagation of education and leaming i every part of the wortd and il conbnues lo meet this objective through the making of grants. Z Attountlng Poll¢l•8 Basts olAccounllny These financial slalemenls have been prepared in accordan￿ ￿ryth Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable lo charities preparing their accounts in accordance Wllh Ihe Financial Reporting Standard applicable In the United Kingdom and Republic of Ireland IFRS 1021 (effective 1 January 20151 and the Charibes Act 2011 The gccounts are prep8red under the hlstorlcal cost conventson, except Investments which are Th￿￿ded al mld-m8rkel value. and on the golw ¢on¢ern b8$1s. The ¥¢¢ounts have been prepared In a¢¢ordan¢e vdlh the Flnan¢lal Reportlng Standard appli¢8Wtr in the Klngdom and Ropubli¢ of Ir*18nd IFRS 1021- Th8 prlrripal ?ccounting policie$ which h4vg i￿n 8doptsd in Ihp prgp¥raiion of the finanGS¥1 sl*emenls are sel out below". Financiallnstruments The Chatity only hasfinancial assets and financial liabilities of a kind that qualify as basic financial inslrutnents. BasiGfinancial instruments are initially recognised al Iransactv)n value and subsequenly and subsequently measured al Iheirsettlementvalue ￿￿th the exception of bank l¢kn5 which are measured at amortised cost using the effective interest m81hod. Cash atbank- Cash at bank and in hand indudes cash and shortterm highly liquid investments with a short malurityof three month5 orles5 from the dale of acquisition or opening of the derM)5it Llablllttes liabilities are re(x)gn15ed where It Is more likelylhan not that there Is a legal or conslruclive obligation committing the charity lo pay out reSoUr￿S and the amount of the obligation c&n be measure with reasonable certainly. Gov•manc•andsupportcosls - Support costs have been 811(Kated between supportcosts and other support Supwrt costs Include central functions and have been allocated lo acllvity cost ¢8legories on a b8sis consislenl ￿1th use of resour¢es. Governan* costs ¢omprlse all costs Involvlng publi¢ awountabllltyof the ¢h8rltyand 11$ ¢ompllan¢e wfth regulallon 8nd good pr4¢ti¢e. Thg Invg$itnents are v8lued annu¥lly ai mld-m8rkel prl¢g¥. Realised and unrealised gains and losses are credited ordebiled to the Stalementof Financial Athjvities in the year in v4hich they arise. Incoffle Investment irKotne is recognised on the payable date of the disiribulion. Bank arbd other interest is recogni5ed on the date of receipt. Grants Grants representthose approved for payment ￿thIch have been notified lothe recipient in the period of the accounts. Golng concern The financial statements have been prepared on a goiw corbcern basis. While the impaGt of the Covid-19 virus has been assessed by the I￿steeS. so far as reasonably wssible. due lo its unprecedeDled impaGI on th8 wder economy, il is difficult to ev?luale with 8Dy certainlylhe potential ou￿Me$ on the Trust. The tru$tee$ have ¢onsidered the level Of fund$ held the expeeied levels of Income and expenditure for the 12 months from aulhorising these financial slatemenls. The budgeted Incorne and expenditure Is sufficientwilh Ihe level of reserves forthe tharityto be able to conknnue as a going concern. Page 9 GILCHRIST EDUCATIONAL TRUST Notes to th? account$ l¢ontinuedl For the year ended 28th February 2021 Charltabl• Aetlvltl&s 2021 2020 Educational activities Grants - General Fund To universities for expediti(>ns Iso0 p8ge 121 To organisations (see page 111 To individuals Adult study grants Travel study grants Gilchrist Fieldwork Award 15,000 37,015 33,882 24.600 14,750 15,000 58,482 75, 765 Support costs INole 41 Organisations Book Bus Foundation Child of Hope Chlldr&n at Rlsk - CARA Klds Club Kampala Clear Vision Ecologia Youth Trust Hull Childrèn's Univ¢r$ity MEPS Mud House Raising Futures Kenya The Children's Litera W•S•èHopè World Chlld Cancar Zambia Orphans Educate for Life Our Moon Education Northérn Lèarning Trust CIEC Learn to Love to Read YDance Hale Community Centre Asecondchance Chance for Childhood EFfc-Education for the Children Foundation Health and Hope UK IT Schools AfriGa Operation M()bilisalion TY CariadAfrica ACT-African Child Trust Afric8n Inili8liv&s Global Cars Children Change Colombia Glasgow Caledonian University READ International Wortd Lite￿cY Found8tNon Comfort Int&mètional 2,500 2,500 2,500 2,500 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,450 1,150 932 750 750 750 600 2,400 2,400 f,915 800 Page 10 GILCHRIST EDUCATIONAL TRUST Notes to the accounts Icontinuedl For the year ended 28th February 2021 Support Cost5 Other Costs Support Cosls Other Costs Administration 2021 2020 Secretaws fees Grants Officer Governants costs Printing. postage & stationery Travelling expenses Sundry expenses Admlnlslration of Gll¢hrfst Fieldwork Award Bank char￿8 Insurance 6,854 4,090 1,713 8,567 4,090 1,500 5.948 4.026 1.487 7.435 4.026 1.500 1.500 1.500 61 41 248 3fj2 248 657 12111 295 750 750 60 256 66 66 269 60 51 215 205 11,126 3,216 14,342 77.265 The tru51 employed one person during the year12020- one). There are no etDployee5 who received totsl employee benefits (excluding employers pension c05ts1 of more than £80.000 in either the current or prior year. No renurneration wa5 paicl to trustees. There are no National Insurance costs or pension ¢ontributions in¢urred.12020- Nil) Supwrt ¢osts have been allocated on the basis tt)al the Costs ￿present the dlred costs of adminlstration of the grants provided lo the reciplents. The ind8p&ndent examin8r's f888 of t1,5￿12020- £1,500) are includ8d In govemanc8 costs. Fixed A888t Investments Quoted Inve8tm8nt8 on a Racognised UK Stock Exchange Charifund income units- M&G Equities Investment for Charities Charibond income shares- M&G Charibond Charities Narrower-Range Cornmon Investment Fund Charibond Income Charrfund General Fund Market value al 18t March 2020 Unr8alis8d gainslllos8esl 108,001.891249,729.217 1,568,803 310,688 699 1,879,491 Market Value at 28th February 2021 108,001.891249,729.217 1,538,184 309,989 1,848,173 2021 2020 Credltors.. Amounts Falllng Due Wlthln One Year Sundry creditors." A¢¢ruals for grants payable A¢¢ruals Trade Creditors Taxauon and so¢lal se¢urlty 2,600 2.491 2.387 124 3.000 2.548 ?.fjoT Page11 GILCHRIST EDUCATIONAL TRUST Notes to the account5 Icontinuedl For the year ended 28th February 2021 Award Commitmgnt The trust also offers the biennial Gilchrist Fieldwork Award of £15,000 (formerly known as Gilchrisl £10,000 Expedition Award). This competitive award is offered In even-numbered years and is open lo small teams of qualified academics and researchers in established posts in university departments or research estsblishmenls, most of British nationality. wishing to undertake a field season of over six weeks. The award will be funded by income from investments. Due to the continuing impact of the Covid-19 pandemic it is difficult to predict if the award will be advertised in the year 202112022. Related Party Transactions None of the trustees was reimbursed for any expenses during the year. No related paty transactions took place during the year. Unrestrlcted Funds The general fund represents free funds of the Trust which are not designated for particular purposes. Page 12 I 111111111111 Illllllllll .1111111111 zu