REGISTERED CHARITY NUMBER: 326719 REPORT OF THE TRusfELS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2024 FOR THE GANTON FURZE SETTLEMENT Wallwork Nelson & Johnson Chandler Hou 7 Fery Road Office Park Riversway Preston L8ncashire PR2 2YH
THE GANTON FURZE SETTLEMENT CONTEIYTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Report of the Trustees Independent Examiner's Report Stltement of Financial Activities B#lance Sheet Notes to the Flnanclal Statements 7 to 12 Detslled Statement of Flnanelal Actfvltl 13
THE GANTON FURZE SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 The ttustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accouT]ts in accordance with the Financia] Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). 0CTIvEs AND ACTtVlTIES ObJec¢ives and actlvlde5 for the publlc benefit The objectives of the Settlement are to make charitable donation5 to Charitable bodies andl or trusts which the Trustees have nominated and named by deed. The Trustees made donations totalling £30,000 (2023 £27,5(M)) to four charities (2023 - four) during the year in support of its objectives. The Trustees confirn) that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing ihe Ttijsvs aims and objectives and in planning future activities and setting the grant making policy for this year. ACHIEVEMENT AND PERFORMANCE Charliable activities The Settlement measures its achievements by the breadth and success of ils grant making. Its grant making is effective when it meets the needs of ihe chariiable organisations, making li possible for them lo wntinue carrying oul activities and delivering their own charitable objectives in ways which would be impossible or less extensive than would be the case without the Settlement's supporL The indicator used by the Settlement to measure the success of its grant making is the effectiveness and usefulness of the grant expenditure. These indicators are evidenced by feedback from the charitable organisations to which donations are mad¢. Investment management The Trustees, investment portfolio is managed on a discretionary basis by Coutts & Co. The assets of the Trusi are invested in stocks and shares pursuant lo a balanced approach between income and capital. The Trustees have adomed a medium risk investment strategy. FINANCIAL REVIEW Reserves policy It IS th¢ policy of the Trustees to retsin Su1¢1¢nt reserves to settle management and administrative Costs. The balance is available for distribution in accordance with the Settlement's objectives. The Trustees maintain sufficient cash reserves to meet forg¢able expenditure, remaining reserves are invested to generate income to fund the Settlement's objectives and overhead wsts. FUTURE PLANS The Trustees plan lo continue the existing objectives and pattern of distribution5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Recruitment and appointment of new trustees The Settlement Deed specifies that there must be al least ttvo Trustees and the statutory power of appointing Ttustees applies. It is likely that, along with a member of the settl0s family, a professional Trustee will be appointed. New Tru5Ees are provided with copies of minutes of recent meetings, Copies of Trustees, reports and accounts and documentation relating to the govcmance and operation of the Settlement including grant making ]x)licies and details of the assets and investments. History and Constitution The trust was created by a Trust Deed dated 3 Odober 1984 made by James Douglas Campb¢ll. Additional deeds adding charitable beneficiaries to the Glass of beneficiaries have also been made on 24 August 1988, 16 Nov¢mber 1993, 16 December1994, 9 D¢¢ember 1998, 14 January 2000, 24 March 2009 and 24 February 2013. Page I
THE GANTON FURZE SEThLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTUR& GOVERNANCE AND MANAGEMENT Organls4tion The Trustees meet annually to discuss applications for donations, the management of the Settlement and to award charitable donation& The day to day administration of the Settlernent, work in connection with its income. liaising with charitable bodie5 and ihe processing and handling of charitsble donations 15 delegated to th¢ professional Trustee's assistsnt. The professional Trustee is a solicitor specialising in trust work. a partner wilh a leading niche fimi of solicitors with a national reputation in the field of trusts. His assislant is a law graduate with a number of year5 experience in trust administration. From time to time, the Trustees consider policy and strategic matters. Risk management As a matter of best practice, the Trustees are conscious of the need to consider risk. The Trustees address and seek to mitigate the principal areas of risk by engaging and relying upon professional inveslmenl managers and by instructing a firm of solicitors to manage the administration of the Trust and also to prepare the Annual Accounts and Trustee's Report. The Settlemenl was established to make funds available for charitable purposes. The Trustees musl use the income and may use the Capital of ihe Settlement in promoting the objects. The Trustees have chosen an a¢¢ounling reference date of 5 April to coincide wilh the yeAr and facilitate the efficient repayment of income tax suffered. REFKRENCE AND ADMINISTRATIVE DETAILS Reg15tered Charity number 326719 Princlpal addre88 Wrigleys Solicitors LLP 3rd Floor 3 Wellington Place Leeds LSI 4AP Trusteeg J R Campbell A D Wrigl¢sworth Miss F J Campbell Independent Examiner Wallwork Nelson & John50n Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH Solleitors Wrigleys Solicitors LLP 3rd Floor. 3 Wellington Place Leeds LSI 4AP Page 2
THE GANTON FURZE SELEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APIUL 2024 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Coutts & Co 440 Strand London WC2R OQS Approved by order of the board of Iru5tees on ............................ and signed on its behalf by.. J R Campb¢ll - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GAIYTON FURZE SETTLEMENT Independent examiner's report to the tn]stees of The Ganton Furze Settlement I report to the charity trustees on my examination of the accounts of The Ganton Furze Settlement (the Trust) for the year ended 5 April 2024. Responsfiblllties and basls of report As the charity trustees of the Trust you are r¢sponsible for the preparation of the accounts in accordance with the requir¢m¢nts of ihe Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of th¢ Act and in ¢arryTng out my examination I have followed all applirable Directions given by the Charity Commission under Section 145(5Mb) of the Act. Independent examiner's statement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examinalion giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Se10n 130 of the Act; or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements concerning the forni and ¢ontent of accounts set out ID the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the a¢oounts give a true and fair vi¢w which is not a matter considered as part of an indep¢ndeni examination. I have no concerns and have come across no other matters in ¢onnection with the examination lo which attention should be drawn in ihis report in order to enable a proper understandin8 of the accounts to be reached. Paul Woodburn Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lanca5hire PR2 2YH Date: ............ Page 4
THE GANTON FURZE SETTLEMENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Total nds 2023 Tolal funds Unrestricted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment incom¢ 25,604 25,604 23.099 EXPENDITURE ON Raising ndS 4,987 4,987 5,066 Charitable actlvltits Charitable donation5 Governance costs 24,453 1,151 5,547 2,879 30,000 4,030 27,500 3,629 Total 25,604 13,413 39,017 36,195 Net gainsl(loss¢s) on inve5tment5 127,109 127,109 (60.199) NET INCOMEI(EXPEIYDITURE) 113,696 113,696 (73,295) RECONCILIATIOIY OF FUNDS Total funds brought forward 956,234 956,234 1,029,529 TOTAL FUNDS CARRIED FORWARD ,069,930 1,069,930 956,234 The Tjoles forni part of these financial statements Page 5
THE GANTON FURZE SETTLEMENT BALAIYCE SHEET S APIUL 2024 2024 Total funds 2023 Total funds Unrestricted fund Endowment fund Notes FIXED A&SETS Investments 1,024,574 1,024,574 936,705 CURRENT AETs Cash at bank ,694 47.050 48,744 21,817 CREDITORS Amounts falliu8 du¢ within one year (1,694) (1,694) (3,388) (2,288) NET CURRENT ASSETS 45,356 45,356 19,529 TOTAL ASSETS LESS CURRENT LIABILITIES 1,069,930 1,069,930 956,234 NET ASSETS 1,069,930 1,069,930 956,234 FUNDS Endowment funds 1.069,930 956.234 TOTAL FUNDS 1,069,930 956,234 The financial statements were approved by ihe Board of Trustees and authorised for issue and were signed on lis behalf by: on J R Campbell - Trustee Th¢ not¢5 forni part of these financial statements Page 6
THE GANTON FURZE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES Basis of preparlnE the finAneial statements The financial slatements of the chatity, 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 Financi Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffeclive l January 2019),. Financial Reporting Standard 102 'The Financial R¢FQrting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial stslemenls have been prepared under the historical cost convention, with th¢ exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Stslement 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. Expendlture Liabilities are re¢ognised as expenditure as soon as there is a legal or constructive obligation ¢ommitting the charity to that expenditure, it is probable that a transfer of e¢onomic 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 aggre8ale all cost relaied 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 reSou¢s. Grants offered subject lo conditions which have not been met al the year end date are noted as a commitment but not accrued as expenditure. Ta%atlon The charity is exempt from lax on its charitable activities. Fund accounting Unrestricted funds can be u5¢d in accordance with the charitable objectives at the discr¢tion 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 stslements. Investments Investments are stated in th¢ balance sheet at their market value with annual gains and losses on revaluation being accounted for in the Statement of Financial Activitie5. Both realised and unrealised gains and losses on investments are included in other recognised gains and losses within the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between disposal proceeds and catrying value at the dale of disposal. Carrying value is ihe sum of market value brought forward at the beginning of the a¢counting period and the ¢osts of subsequent acquisitions. Page 7 continued...
THE GANTON FURZE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED S APRIL 2024 INVESTMENT INCOME 2024 2023 Dividends from oversea5 companies Dividends from UK Deposit account interest Interest from oversea5 companies Lnteres¢ from UK government securities and companies 15,134 1,208 843 7.708 711 13,859 2,542 718 2.647 3,333 25,604 23,099 RAISING FUNDS Investment management costs 2024 2023 Coutts Investment management fees 4,987 5,066 GRAiYTS PAYABLE 2024 2023 Charitable donations 30,000 27,500 The following grants were made in the year to 5 April 2024 2024 2023 RNLI Gonville and Caius College Leaf Linking Environment Farniing Royal Agricultural Benevolent Institution Two Ridin8s Community Foundalion i 0,000 5,000 10,000 5,000 2.500 10,000 10,000 J,000 30,000 27,500 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits paid for the year ended 5 April 2024, nor for the year ended 5 April 2023. Page 8 continued...
THE GANTON FURZE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES, REMUNERATION AND BENEFITS- Continued Trusttt8' expenses There were no trustees, expenses paid for the year ended 5 April 2024, nor for the year ended 5 April 2023, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTtVlTIES Unrestricted fund Endowment fund funds INCOME AND ENDOWMENTS FROM Investment income 23,099 23,099 EXPENDITURE ON Raising fijnds 5,066 5.066 Charltable acllvltles Charitsbl¢ donations Governance cost5 22,812 287 4,688 3,342 27.5(K) 3.629 Tot21 23,099 13,096 36,195 Nel gainsl(losses) on investments (60,199) (60,199) NET INCOMEI(EXPENDITURE) (73,295) (73,295) RECONCILIATION OF FUNDS Total funds brought forward ,029,529 1.029,529 TOTAL FUNDS CARRIED FORWARD 956,234 956,234 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Ai 6 April 2023 Additions Disposals Revaluations Equalisation 936,705 705,085 (710,685) 93,489 (20) At 5 April 2024 1,024.574 IYET BOOK VALUE At 5 April 2024 1,024,574 At 5 April 2023 936.705 Page 9 ontinued.-
THE GANTON FURZE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 5 APRIL 2024 FtXED ASSET INVESTMENTS- continued The hi5tori¢ cost of the investments is as follows: 2024 2023 Closing Balance 921,002 926,622 The investment assets allocation by geographic distribution is as follows: 2024 Yoage 2023 /oage UK Overseas 29.97 70.03 28.23 71.77 Cost or valuation at 5 April 2024 is represented by: Listed investments Valuation in 2024 1,024,574 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 3,388 2,288 MOVEMENT IN FUIYDS Net movemenl n funds At 5.4.24 At 6.4.23 Endowment thnds Expendable Endowment Fund 956,234 113.696 ,069,930 TOTAL FUNDS 956,234 113,696 1.069,930 Net movement in fund4 included in the above are as follows: Incoming resources Resource5 expended Gains and losses Movement in funds Unrestricted funds General fund 25,604 (25,604) Endowment funds Expendable Endowment Fund (13,413) 127,109 113,696 TOTAL FUNDS 25,604 (39.017) 127,109 113,696 Page 10 continued...
THE GANfoN FURZE SETTLEMENT NOTES TO THE FINAIYCIAL STATEMENTS - eondnued FOR THE YEAR ENDED 5 APRIL 2024 MOVEMENT IN FUNDS- eontlnued Compargtlves for movement in funds Net movement in funds At 5.4.23 At 6.4.22 Endowment funds Expendable Endowment Fund 1,029,529 (73,295) 956,234 TOTAL FUNDS 1,029,529 (73,295) 956,234 Comparative net movement in fund4 included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrleted fvnds General'fund 23.099 (23,099) Endowment fund5 Expendable Endowment Fund (13,096) (60,199) (73,295) TOTAL FUNDS 23.099 (36,195) (60,199) (73,295) A current year 12 months and prior year 12 months combined position is Bs follows: Net movement in funds At 5.4.24 At 6.4.22 Endowment funds Expendable Endowment Fund 1,029,529 40,401 1,069,930 TOTAL FUNDS 1,029,529 40,401 1,069,930 A current year 12 months and prior year 12 months combined net movement in funds included in the above are as follows: Incoming resources ReSou¢S expended Gains and losses Movement in fijnds Unrestricted funds General fund 48,703 (48,703) Endowment funds Expendable Endowment Fund {26.509) 66,910 40.401 TOTAL FUNDS 48,703 (75,212) 66,910 40,401 Pagell continued...
THE GANTON FURZE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED S APRIL 2024 MOVEMENT IN FUNDS- conilnued Unrestricted gen¢ral funds Comprise those funds which the Trustees are free to Use in accordance with the Trust objectives. Endowment funds Represent those assets which form part of the permanent Trusi fund held by Ihe Trustees, principally investments. Income arising on endowment funds can be us¢d in accordance willi tlie Trust objectives wid is included in the unre5tricled general fund5. Any capital gains or losses arising on the invesiii)enis foi'm part of the endowment funds. Expenses are allocated to the unrestricted and endowment funds as is appropria1¢. RELATED PARTY DISCLOSURES Mr Andrew Wriglesworth is a Trustee of the Trust and a Partner of Wrigleys Solicitors LLP. Th¢ Statement of Financial Activities shows that charges including VAT of £2,710 (2023: £2.489) were made by Wrigleys Solicitors LLP for administering the Trust. Page 12
THE GATr4TON FURZE SETTLEMENT DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APIUL 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividends from overseas companies Dividends from UK Deposit account interest Inieresl from overseas companies Interest from UK government securities and companies 15,134 1,208 843 7,708 13,859 2,542 718 2,647 711 3,333 25,604 23,099 Total Incoming resources 25,604 23,099 EXPENDITURE Inve5tmen¢ management costs Coults Investment management fces 4,987 5,066 ChArltable oclivltles Grants to Charities 30,000 27,500 Support costs Govern4nce tosts Accountancy and legal fees Legal Fees 1,320 2,710 1,140 2.489 4,030 3,629 Total resources expended 39,017 36,195 Net expenditure before gASns and losses (13,413) (13.096) Realised recolsed galns And los$e$ Realised gains/{losses) on flxed asset investmenls 127,109 (60,199) Net Ineomel{expendlture) 113,696 (73,295) This page does not fom part of the statutory financial statements Page 13