REGISTERED CHARITY NUMBER 313877
GILCHRIST EDUCATIONAL TRUST
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 28th FEBRUARY 2022
GILCHRIST EDUCATIONAL TRUST REPORT AND ACCOUNTS For the year ended 28th February 2022
| Contents | Page |
|---|---|
| Reference and Administrative Information | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 - 14 |
GILCHRIST EDUCATIONAL TRUST REFERENCE AND ADMINISTRATIVE INFORMATION
| Trustees: | Mr C.E.S. Whitbread, BSc.(Hons) Chairman |
|---|---|
| Professor S.R. Harrop, LLB | |
| Professor F.L. Pearce, PhD., C.Chem. | |
| Dr J.H. Hemming, D.Litt. | |
| Mrs S. Winser, BSc | |
| Secretary: | Mrs J.V. Considine, A.C.I.S. |
| Office: | 43 Fern Road |
| Storrington | |
| Pulborough | |
| West Sussex | |
| RH20 4LW | |
| Registered Charity Number: | 313877 |
| Independent Examiner: | Mr Simon Webber BA (Hons), DChA, FCA |
| Kreston Reeves LLP | |
| 9 Donnington Park | |
| 85 Birdham Road | |
| Chichester | |
| West Sussex | |
| PO20 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 Investment Management Limited | |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET |
This information forms part of the Trustees' report on pages 2 to 5
Page 1
GILCHRIST EDUCATIONAL TRUST TRUSTEES' REPORT
The Trustees have pleasure in presenting their report together with the accounts for the year ended 28th February 2022.
Structure, Governance and Management
The maximum number of trustees permitted by the governing instrument is five.
The governing instrument is the codicil of 8th December 1840 to the Will of the late Dr John Borthwick Gilchrist.
The trust was registered as a charity on 23rd December 1966 and the number 313877 allotted to it in March 1987.
Method of Appointment of Trustees
Vacancies are rare but when one occurs, the remaining Trustees seek someone who is qualified by training or experience, in one or more of the trust's areas of interest, and personally invite that person to join them.
The appointment of a new trustee is confirmed by Deed.
Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' Annual 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies
-
observe the methods and principles in the Charities SORP
-
make judgements and accounting estimates that are reasonable and prudent
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue business
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.
Objectives and Activities
The trust currently makes grants to:-
-
i) Organisations seeking to fill educational gaps or to make more widely available a particular aspect of education or learning.
-
ii) Individuals who are either (a) within sight of the end of a self-financed degree, or higher education course, and who are facing unexpected financial difficulties which may prevent completion of it or (b) required, as part of a university course, to spend a short period studying in another country.
-
iii) University expeditions proposing to carry out scientific research.
The trust also offers the annual Gilchrist Fieldwork Award of £15,000. This competitive award is open to small teams of qualified academics and researchers in established posts in university departments, or research establishments, most of British nationality wishing to undertake a field season of over six weeks.
Page 2
GILCHRIST EDUCATIONAL TRUST TRUSTEES' REPORT
Part of the capital of the trust was set aside in 1957 to a restricted fund entitled "Robert Davies Roberts Memorial Trust". The income was used to provide book prizes each year for students who had achieved high grades for their studies at Birkbeck College, London University. At the Trustees' meeting in May 2018 it was resolved that the Robert Davies Roberts Memorial Trust be discontinued as book prizes would no longer be awarded by Birkbeck College.
The Trustees have had regard to the Charity Commissions guidance on public benefit.
Achievements and performances
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 year ended 28th February 2022 grants were made to the following:
1) Organisations Thirty-Six organisations were awarded grants.
| £1,500 | Prodigal Bikes |
|---|---|
| Pratham UK | |
| Turning Point Trust | |
| Mondo Foundation | |
| Hands Around the World | |
| Children of the Mountain | |
| Practical Tools Initiative | |
| African Child Trust | |
| £1,000 | Kisumu Children Trust |
| The Railway Children | |
| Pragya | |
| Children Change Colombia | |
| IT Schools Africa | |
| Medic to Medic | |
| Globalteer | |
| Bethel New Life Apostolic Church & Comm. | |
| Read for Good | |
| African Promise | |
| Sreepur Village | |
| African Revival | |
| Devon Development Education | |
| Memusi Foundation | |
| Educate | |
| The Henry Van Straubenzee Memorial Fund | |
| SALVE | |
| The Nasio Trust | |
| Kipawa Trust International | |
| Edukaid | |
| Marafike Trust | |
| Kivuli Trust | |
| Team Kenya | |
| Children in Need India | |
| Mustard Seed Project | |
| Streetinvest | |
| Hope UK | |
| £600 | refugeeEd |
Total value of grants awarded £39,600
Page 3
GILCHRIST EDUCATIONAL TRUST TRUSTEES' REPORT
2) Individuals
£25,000 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.
3) British Expeditions
No awards were made to British Expeditions due to the restrictions imposed by the Covid-19 pandemic.
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 28th February 2022 these grants assist the recipients to 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 scientific subjects.
Financial Review
Financial Position. During the year the Charity's income was £86,879 (2021 : £77,669) and expenditure was £79,021 (2021 : £72,824) which resulted in a surplus of £7,858 (2021 : £4,845).
Investment Policy. The policy of the Trustees is to obtain a maximum income return 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 intention is to ensure that any investments that are made attract only a moderate risk as the Trustees do not wish to put the capital of the Trust at an unnecessary disadvantage.
Ethical considerations are as determined by the managers of the common investment funds.
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 to avoid cash flow problems. It is the aim of the Trustees to distribute in grants all the income received from the Trust's investments, save that required to meet the cost of administration, but achieving this aim is dependent on receiving a sufficient number of worthy applicants.
Impact of the 'Covid-19' pandemic. The listed investments 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 assets as at 28th February 2022 is not materially overstated and that the Charity accounts are still to be prepared on a going concern basis.
Risk Review. The Trustees are mindful of their duty to ensure that the Trust is not inappropriately exposed to avoidable risk of any nature. Their investment policy and each aspect of the Trust's work and administration have been reviewed and risks, both potential and actual, identified. Procedures and safeguards have been put in place to manage these risks.
Page 4
GILCHRIST EDUCATIONAL TRUST Independent Examiner’s Report for the year ended 28[th] February 2022
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 2022.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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: Dated: 24 June 2022
Simon Webber BA (Hons), DChA, FCA
Kreston Reeves LLP
Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
Page 6
GILCHRIST EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28th FEBRUARY 2022
| Notes Income and endowments Income from investments Bank interest Travel Grant refunded Donations Total income Expenditure on: Charitable activities - Educational Activities 3 Administrative expenses 4 Total expenditure Net income/expenditure before other recognised gains and losses Net gain/(loss) on investments Net movements in funds Reconciliation of funds Fund balances brought forward at 1st March 2022 Transfer Fund balances carried forward at 28th February 2022 |
Unrestricted Funds 2022 £ 86,870 9 - - 86,879 75,522 3,499 79,021 7,858 76,968 84,826 1,955,444 2,040,270 |
Total Funds 2022 £ 86,870 9 - - 86,879 75,522 3,499 79,021 7,858 76,968 84,826 1,955,444 2,040,270 |
Total Funds 2021 £ 77,153 100 416 - |
|---|---|---|---|
| 77,669 | |||
| 69,608 3,216 |
|||
| 72,824 | |||
| 4,845 (31,318) (26,473) 1,981,917 |
|||
| 1,955,444 |
The notes on pages 9 to 14 form part of these accounts.
All of the Trust's activities are classed as continuing.
Page 7
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
Funds |
Funds |
Funds |
||
2022 |
2022 |
2021 |
||
| Notes | £ | £ | £ | |
| FixedAssetInvestments | 5 | 1,925,141 | 1,925,141 | 7,848,173 |
| CurrentAssets | ||||
| Debtors | - | - | - | |
| Cashatbank | 122,574 | 122,574 | 174,873 | |
| Creditors:Amountsfallingdue | ||||
| withinoneyear | 6 | 7445 | 7445 | 7602 |
| NetCurrentAssets | 115,129 | 115,129 | 707,271 | |
| NetAssets | 2,040,270 | 2,040,270 | 1,955,444 | |
| Funds | 10 | 2,040,270 | 2,040,270 | 1,955,444 |
GILCHRIST EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28th FEBRUARY 2022
1 Background information
The Gilchrist Educational Trust is an unincorporated charity registered under number 313877 with the Charities Commission in England and Wales. It is a public benefit entity. It is domiciled in England and Wales and its principal office is at 43 Fern Road, Storrington, Pulborough, West Sussex RH20 4LW.
The object of the charity is the benefit, advancement and propagation of education and learning in every part of the world and it continues to meet this objective through the making of grants.
2 Accounting Policies
Basis of Accounting
These financial statements have been prepared 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 United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts are prepared under the historical cost convention, except investments which are included at mid-market value, and on the going concern basis.
The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The principal accounting policies which have been adopted in the preparation of the financial statements are set out below:
Financial Instruments - The Charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraph 11.17 to 11.19, FRS102 SORP.
Cash at bank - Cash at bank and 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.
Liabilities - liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measure with reasonable certainly.
Governance and support costs - Support costs have been allocated between support costs and other support. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Investments
The investments are valued annually at mid-market prices. Realised and unrealised gains and losses are credited or debited to the Statement of Financial Activities in the year in which they arise.
Income
Investment income is recognised on the payable date of the distribution. Bank and other interest is recognised on the date of receipt.
Grants
Grants represent those approved for payment which have been notified to the recipient in the period of the accounts.
Page 9
GILCHRIST EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28th FEBRUARY 2022
| 3 Charitable Activities Educational activities Grants - General Fund To universities for expeditions To organisations (see page 11) To individuals Adult study grants Travel study grants Gilchrist Fieldwork Award Support costs (Note 4) Organisations Prodigal Bikes Pratham UK Turning Point Trust Mondo Foundation Hands Around the World Children of the Mountain Practical Tools Initiative African Child Trust Kisumu Children Trust The Railway Children Pragya Children Change Colombia IT Schools Africa Medic to Medic Globalteer Bethel New Life Apostolic Church & Community Read for Good African Promise Sreepur Village African Revival Devon Development Education Memusi Foundation Educate The Henry Van Straubenzee Memorial Fund SALVE The Nasio Trust Kipawa Trust International Edukaid Marafike Trust Kivuli Trust Team Kenya Children in Need India Mustard Seed Project Streetinvest Hope UK refugeeEd |
2022 2021 £ £ - - 39,600 33,882 25,000 24,600 - - - - 64,600 58,482 10,922 11,126 75,522 69,608 £ £ 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 600 |
|
|---|---|---|
Page 10
GILCHRIST EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28th FEBRUARY 2022
| Contd. Organisations Book Bus Foundation Child of Hope Children at Risk - CARA Kids Club Kampala Clear Vision Ecologia Youth Trust Hull Children's University MEPS Mud House Raising Futures Kenya The Children's Literacy WeSeeHope World Child Cancer Zambia Orphans Educate for Life Our Moon Education Northern Learning Trust CIEC Learn to Love to Read YDance Hale Community Centre Support Other 4 Administration Costs Costs £ £ Secretary's fees 5,666 1,417 Grants Officer 3,924 - Governance costs - 1,650 Printing, postage & stationery 71 - Travelling expenses - - Sundry expenses 269 275 Administration of Gilchrist Fieldwork Award 750 - Bank charges - 96 Insurance 242 61 10,922 3,499 |
£ £ 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 39,600 33,882 Support Other 2022 Costs Costs 2021 £ £ £ £ 7,083 6,854 1,713 8,567 3,924 4,090 - 4,090 1,650 - 1,500 1,500 71 61 - 61 - - - - 544 (94) (117) (211) 750 - - - 96 66 66 303 215 54 269 14,421 11,126 3,216 14,342 |
|---|---|
The trust employed one person during the year (2021 : one). There are no employees who received total employee benefits (excluding employers pension costs) of more than £60,000.
There are no National Insurance costs or pension contributions incurred.
Support costs have been allocated on the basis that the costs represent the direct costs of administration of the grants provided to the recipients.
The independent examiner's fees of £1,650 (2021 : £1,500) are included in governance costs.
Page 11
GILCHRIST EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28th FEBRUARY 2022
5 Fixed Asset Investments
Quoted Investments on a Recognised UK Stock Exchange
Charifund income units - M&G Equities Investment for Charities
Charibond income shares - M&G Charibond Charities Narrower-Range Common Investment Fund Charity Multi Asset Fund - M&G Charity Multi Asset Fund (Equities and Bonds)
| General Fund Market value at 1st March 2021 Charibond Disposals Multi Asset Fund Purchase Unrealised gains/(losses) Market value at 28th February 2022 |
Number 108001.89/ 249,729.217 210,856.65 280,132.13 108,001.89/ 38,872.564 280,132.13 |
Charibond Charifund Income Income Units Shares £ £ 1,538,184 309,989 (250,000) 92,915 (13,836) 1,631,099 46,153 |
Multi Asset Income Units Total £ - 1,848,173 (250,000) 250,000 250,000 (2,111) 76,968 247,889 1,925,141 |
|---|---|---|---|
6 Creditors: Amounts Falling Due Within One Year
| Creditors: Amounts Falling Due Within One Year Sundry creditors: Accruals for grants payable Accruals Trade creditors Taxation and social security |
2022 2021 £ £ 3,100 2,600 3,424 2,491 787 2,387 134 124 7,445 7,602 |
|---|---|
7 Award Commitment
The trust also offers the biennial Gilchrist Fieldwork Award of £15,000 (formerly known as Gilchrist £10,000 Expedition Award). This competitive award is offered annually and is open to small teams of qualified academics and researchers in established posts in university departments or research establishments, most of British nationality, wishing to undertake a a field season of over six weeks.
The award will be funded by income from investments.
The award was advertised in the year and will be awarded in 2022.
8 Related Party Transactions
None of the trustees was reimbursed for any expenses during the year.
No related party transactions took place during the year.
9 Unrestricted Funds
The general fund represents free funds of the Trust which are not designated for particular purposes.
Page 12
GILCHRIST EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28th FEBRUARY 2022
Note 10 (continued) Charity Funds
Details of material funds held and movements during the current reporting period
| Fund | Fund | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | balances | Purchases | balances | |||||
| or restricted | brought | (Disposals) | Gain | carried | ||||
| forward | Income | Expenditure | Transfers | (Loss) | forward | |||
| Fund names | £ | £ | £ | £ | £ | |||
| Charifund | Unrestricted | 1,538,184 | 92,914 | 1,631,099 | ||||
| Charibond | Unrestricted | 309,989 | (250,000) | (13,835) | 46,153 | |||
| Multi Asset Fund | Unrestricted | 250,000 | (2,111) | 247,889 | ||||
| General | Unrestricted | 107,271 | 86,879 | (79,021) | 115,129 | |||
| Total | Unrestricted | 1,955,444 | - | 86,879 | (79,021) | - | 76,968 | 2,040,270 |
| Total Funds asper balance sheet | 1,955,444 | - | 86,879 | (79,021) | - | 76,968 | 2,040,270 |
GILCHRIST EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28th FEBRUARY 2021
Note 10 (continued) Charity Funds Details of material funds held and movements during the previous reporting period
| Fund | Fund | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | balances | balances | |||||
| or restricted | brought | Gains and | carried | ||||
| forward | Income |
Expenditure | Transfers | Loss | forward | ||
| Fund names | £ | £ | £ | £ | £ | ||
| Charifund | Unrestricted | 1,568,803 | (30,619) | 1,538,184 | |||
| Charibond | Unrestricted | 310,688 | (699) | 309,989 | |||
| General | Unrestricted | 102,426 | 77,669 | (72,824) | 107,271 | ||
| Total | Unrestricted | 1,981,917 | 77,669 | (72,824) | - | (31,318) | 1,955,444 |
| Total Funds asper balance sheet | 1,981,917 | 77,669 | (72,824) | - | (31,318) | 1,955,444 |
Page 14