# **REGISTERED CHARITY NUMBER 313877**
## **GILCHRIST EDUCATIONAL TRUST UNAUDITED REPORT AND ACCOUNTS FOR THE YEAR ENDED**
**28th FEBRUARY 2023**
**GILCHRIST EDUCATIONAL TRUST REPORT AND ACCOUNTS For the year ended 28th February 2023**
|**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 - 15**|
**GILCHRIST EDUCATIONAL TRUST Reference and administrative information For the year ended 28th February 2023**
**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, CMG, 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:** Lucy Hammond BSc 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 For the year ended 28th February 2023**
The Trustees have pleasure in presenting their report together with the accounts for the year ended 28th February 2023.
## **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 (FRS 102) > 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
> state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements
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 (continued) For the year ended 28th February 2023**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performances**
## **Review of Activities**
During the year ended 28th February 2023 grants were made to the following:
## **1)** _**Organisations**_
Thirty organisations were awarded grants:
£1,000 each to:
Pipal Tree Raising Futures Kenya UK Bangladesh Education Trust Peebes Project UK Ltd AccessEd Latin American Foundation for the Future Nicodemus Zambia Orphans Aid UK Books Abroad Kids Club Kampala MySchoolPulse The Sparkle Foundation Out of Afrika Our Sansar Child of Hope Christian Faith Ministries EduSpots The Book Bus Foundation Prospect Burma World Child Cancer ASecondChance Acorn Initiatives Friends of Monze Carers Worldwide The Uganda School Project Young Carers' Development Trust Green Schools Project TCE Enterprises Ltd (La Fundacion Funtravide) Nuestros Pequenos Hemanos UK Care Across Communities
Total value of grants awarded £30,000
(£600.00) Hale Community Centre cancelled
Total value of grants £29,400
**2)** _**Individuals**_
£28,000 was spent on grants to individuals and of these 26 were on Travel Grants and 30 on Adult Study Grants.
Page 3
**GILCHRIST EDUCATIONAL TRUST Trustees' Report (continued) For the year ended 28th February 2023**
## **3)** _**British Expeditions**_
Applications for Expeditions have been accepted during the year ended 28 February 2023 for consideration by the trustees at their meeting after the year end. None were awarded during the year.
## **University**
(£1,000) Glasgow _Sri Lanka Expedition_ Marine Research.
Awarded in the year 2018-19 but unclaimed.
Total value of Expedition grants awarded (£1,000)
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, or 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 £152,336 (2022 £86,879) and expenditure was £89,169 (2022 £79,021) which resulted in a surplus of £63,167 (2022 £7,858). The income in the year 2022-23 included the receipt of a legacy of £50,000.
_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.
_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
2 May 2023
## **GILCHRIST EDUCATIONAL TRUST Independent Examiner’s Report for the year ended 28[th] February 2023**
## **Independent examiner's report to the Trustees of the Gilchrist Educational Trust (the 'charity')**
I report to the charity’s Trustees on my examination of the accounts of the charity for the year ended 28 February 2023.
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: Dated: 25 May 2023
Lucy Hammond BSc 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 2023**
|**Notes**
**Income and endowments from:**
Donations and legacies
Investments
**Total income**
**Expenditure on:**
Charitable activities - Educational
Activities
3
**Total expenditure**
**Net income before other**
**recognised gains and losses**
**Net gains on investments**
5
**Net movements in funds**
**Reconciliation of funds**
Fund balances brought forward at
1st March 2022
Fund balances carried forward at
28th February 2023|**Unrestricted**
**funds**
**2023**
£
**50,000**
**102,336**
**152,336**
**89,169**
**89,169**
**63,167**
**43,224**
**106,391**
**2,040,270**
**2,146,661**|**Total**
**funds**
**2023**
£
**50,000**
**102,336**
**152,336**
**89,169**
**89,169**
**63,167**
**43,224**
**106,391**
**2,040,270**
**2,146,661**|Total
funds
_2022_
_£_
_-_
_86,879_|
|---|---|---|---|
||||_86,879_|
||||_79,021_|
||||_79,021_|
||||_7,858_
_76,968_
**84,826**
_1,955,444_|
||||_2,040,270_|
The notes on pages 9 to 15 form part of these accounts.
All of the Trust's activities are classed as continuing.
Page 7
2 May 2023
**GILCHRIST EDUCATIONAL TRUST Notes to the accounts For the year ended 28th February 2023**
## **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.
## _**Legacies**_
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
## _**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 2023**
**3**
**Charitable Activities**
**Educational activities**
**Grants - General Fund**
To universities for expeditions
To organisations (see below)
To individuals
Adult study grants
Travel study grants
Gilchrist Fieldwork Award
Support costs (Note 4)
Other costs (Note 4)
**Organisations**
**Pipal Tree**
**Raising Futures Kenya**
**UK Bangladesh Education Trust**
**Peebes Project UK Ltd**
**AccessEd**
**Latin American Fundatin for the Future**
**Nicodemus**
**Zambia Orphans Aid UK**
**Books Abroad**
**Kids Club Kampala**
**MySchoolPulse**
**The Sparkle Foundation**
**Out of Afrika**
**Our Sansar**
**Child of Hope**
**Christian Faith Ministries**
**EduSpots**
**The Book Bus Foundation**
**Prospect Burma**
**World Child Cancer**
**ASecondChance**
**Acorn Initiatives**
**Friends of Monze**
**Carers Worldwide**
**The Uganda School Project**
**Young Carers' Development Trust**
**Green Schools Project**
**TCE Enterprises Ltd (La Fundacion Funtravide)**
**Nuestros Pequenos Hemanos UK**
**Care Across Communities**
**Total value of grants awarded £30,000**
**Hale Community Centre cancelled**|**2023**
2022
**£**
£
**(1,000)**
-
**29,400**
39,600
**15,000**
25,000
**13,000**
-
**15,000**
-
**71,400**
64,600
**13,906**
10,922
**3,863**
3,499
**89,169**
79,021
**£**
£
**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**
**1,000**
**1,000**
**1,000**
**30,000**
**(600)**
**29,400**|
|---|---|
Page 10
**GILCHRIST EDUCATIONAL TRUST Notes to the accounts (continued) For the year ended 28th February 2023**
|**2023**
Contd.
**£**
**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**
£
_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_
_39,600_|
|---|---|
Page 11
**GILCHRIST EDUCATIONAL TRUST Notes to the accounts (continued) For the year ended 28th February 2023**
|4
**Administration**
Secretary's fees
Grants Officer
Governance costs
Printing, postage &
stationery
Travelling expenses
Sundry expenses
Administration of Gilchrist
Fieldwork Award
Bank charges
Insurance|**Support**
**Costs**
**£**
**7,423**
**4,390**
-
**9**
**-**
**330**
**1,500**
**-**
**254**
**13,906**|**Other**
**Costs**
**£**
**1,856**
-
**1,800**
**-**
**43**
**25**
**-**
**75**
**64**
**3,863**|**2023**
**£**
**9,279**
**4,390**
**1,800**
**9**
**43**
**355**
**1,500**
**75**
**318**
**17,769**|_Support_
_Costs_
**_£_**
5,666
3,924
-
71
-
269
750
-
242
10,922|_Other_
_Costs_
_2022_
**_£_**
**_£_**
1,417
7,083
-
3,924
1,650
1,650
-
71
-
275
544
-
750
96
96
61
303
3,499
14,421|
|---|---|---|---|---|---|
The trust employed one person during the year (2022: 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 £1,800 (2022: £1,650) are included in governance costs.
## 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)
Page 12
**GILCHRIST EDUCATIONAL TRUST Notes to the accounts (continued) For the year ended 28th February 2023**
## **5 Fixed Asset Investments (continued)**
|**Fixed Asset Investments (continued)**||||
|---|---|---|---|
|**General Fund**
Market value at 1st March 2022
Transfers
Unrealised gains/(losses)
Market value at 28th February 2023
**Creditors: Amounts Falling Due Within One Year**
_Sundry creditors:_
Accruals for grants payable
Accruals
Trade creditors
Taxation and social security
_Unit number_
_108,001.89 /_
_38,872.56_
_/ 280,132.13_
_108,001.89 / 0_
_/ 332,883.81_|Charibond
Charifund
Income
Income Units
Shares
_£_
£
1,631,099
46,153
-
(45,834)
34,388
(319)
**1,665,487**
**0**
**2023**
_2022_
**£**
_£_
**2,500**
_3,100_
**3,653**
_3,424_
**1,485**
_787_
**56**
_134_
**7,694**
_7,445_||Multi Asset
Income Units
Total
£
£
247,889
1,925,141
45,834
-
9,155
43,224
**302,878**
**1,968,365**|
|||||
|||||
## **6 Creditors: Amounts Falling Due Within One Year**
## **7 Award Commitment**
The trust also offers the 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 was made in 2022 to Dr Max Webb of the Royal Holloway University of London, Department of Earth Sciences. The award was not given during 2021.
## **8 Related Party Transactions**
One of the trustees was reimbursed the following amount in respect of travelling expenses incurred in conncection with the Trust:
Professor Pearce £43 (2021: £nil expenses reimbursed)
There are no other related party transactions requiring disclosure during the year.
## **9 Unrestricted Funds**
The general fund represents free funds of the Trust which are not designated for particular purposes.
Page 13
## **GILCHRIST EDUCATIONAL TRUST Notes to the accounts (continued) For the year ended 28th February 2023**
|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|
|---|---|---|---|---|---|---|---|---|
|**Details of material funds held and movements during the current reporting period**|||||||||
||||||||||
|||**Fund**||||||**Fund**|
|||**balances**||||||**balances**|
||**Unrestricted**|**brought**|**Purchases**||||**Gains /**|**carried**|
||**or restricted**|**forward**|**(Disposals)**|**Income**|**Expenditure**|**Transfers**|**(Loss)**|**forward**|
|**Fund names**||**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Charifund|Unrestricted|1,631,099|||||34,388|1,665,487|
|Charibond|Unrestricted|46,153|(45,834)||||(319)|0|
|Multi Assett Fund|Unrestricted|247,889|45,834||||9,155|302,878|
|General|Unrestricted|115,129||152,336|(89,169)||**-**|178,296|
|**Total**|**Unrestricted**|**2,040,270**|-|**152,336**|**(89,169)**|**-**|**43,224**|**2,146,661**|
||||||||||
|**Total Funds as per balance sheet**||**2,040,270**|-|**152,336**|**(89,169)**|**-**|**43,224**|**2,146,661**|
Page 14
**GILCHRIST EDUCATIONAL TRUST Notes to the accounts (continued) For the year ended 28th February 2023**
|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|**Note 9(continued)**
**Charity Funds**|
|---|---|---|---|---|---|---|---|---|
|**Details of material funds held and movements during theprevious reporting period**|||||||||
||||||||||
|||**Fund**||||||**Fund**|
|||**balances**||||||**balances**|
||**Unrestricted**|**brought**|**Purchases**||||**Gains /**|**carried**|
||**or restricted**|**forward**|**(Disposals)**|**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 as per balance sheet**||**1,955,444**|-|**86,879**
**(79,021)**||-|**76,968**
**2,040,270**||
Page 15