The Gosling Foundation Limited Company Registration Number: 01892360 UK Registered Charity Number: 326840 Annual Report and Financial Statements For the year ended 31 March 2021 ## **THE GOSLING FOUNDATION LIMITED** ## **REPORTS AND ACCOUNTS** **For the year ended 31 March 2021** ## **CONTENTS:** ## **Pages** |2|Legal and administrative information| |---|---| |3 - 7|Director' Annual Report| |8 - 10|Independent Auditor's Report| |11|Statement of Financial Activities| ||(including an income and expenditure account)| |12|Balance Sheet| |13|Statement of Cash Flows| |14 - 27|Notes to the Financial Statements| **Page 1** **THE GOSLING FOUNDATION LIMITED** **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Company number : 01892360** **Charity registration number : 326840** - Registered in England and Wales ## **Trustees and Directors** Hon Capt Adam Gosling RNR Peter Caplan Nicholas Giles ## **Registered Office** ## **Correspondence Address:** 23 The Drive 2a Kempson Road London London E4 7AJ SW6 4PU ## **Bankers** C Hoare & Co, 37 Fleet Street London EC4P 4DQ Lloyds Bank Plc, 25 Gresham Street, London, EC2V 7HN ## **Solicitors** Edwin Coe LLP 2 Stone Buildings Lincoln's Inn London, WC2A 3TH ## **Auditors** ## **Accountants** Price Bailey Anthony & Co Limited 3rd Floor, 24 Old Bond Street 23 The Drive Mayfair, London, W1S 4AP London, E4 7AJ ## **Investment advisors** J.M Finn 4 Coleman Street London, EC2R 5TA ## **Investment advisors** Stonehage Fleming Investment Management Limited 15 Suffolk Street, London SW1Y 4HG ## **Investment advisors** Schroder & Co. Limited 1 London Wall Place London, EC2Y 5AU **Page 2** **THE GOSLING FOUNDATION LIMITED** ## **DIRECTOR'S REPORT** ## **For the year ended 31 March 2021** __________________________________________________________________________________ The Directors are pleased to present their report together with the audited financial statements of the Charity Trustees report which is required to be prepared by Part 8 of the Charities Act 2011. The Directors of the Charity are its Trustees for the purpose of Charity law, as set out on page 1, and throughout the financial statements are collectively referred to as the Trustees. The financial statements have been prepared in accordance with accounting policies set out on pages 13 to 16 and with applicable United Kingdom accounting standards, current statutory requirements, the Charities Act 2011, the Companies Act 2006 (Charitable Companies), 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 (FRS 102) (2nd Edition, Charity document. Legal and administrative information set out on page 1 forms part of this report. ## **Objectives and activities for the public benefit** The Gosling Foundation was incorporated on 05 March 1985 and registered as a Charity on 07 March 1985. The objectives of the Charity as dictated by the Memorandum of Association, are to carry out any or all of the following, namely: - The prevention or relief of poverty, the advancement of health or savings lives of inhabitants of the United Kingdom and the provision of facilities for recreation, amateur sport and other leisure time occupation for them generally in the interests of their social welfare within the meaning of the, now repealed, Recreational Charities Act 1958 and as therein limited; - The advancement of education and training amongst the inhabitants of the United Kingdom generally; - The furtherance of such other charitable purposes beneficial to such of the communities of the United Kingdom as the Charity may think fit; and - To make grants to such associations, trusts, societies or corporations as are established for charitable purposes. The Trustees regularly review the grant making policies of the Charity which currently are: - The Trustees will consider applications for grants which are in accordance with the stated objects of the Charity; - There are no minimum or maximum limits for any grants; - All grants will be approved unanimously by the Trustees; and The Charity will continue to make grants to individuals only in exceptional circumstances. The Charity carries out its objectives by making grants to a wide range of charitable causes as quantified in note 5 to the financial statements. The Charity aims to distribute grants to those charitable organisations that the board of Trustees decide are in line with the objectives of the Charity. By providing such financial support the Charity seeks to enable other charitable organisations to achieve their objectives. **Page 3** **THE GOSLING FOUNDATION LIMITED** ## **DIRECTOR'S REPORT** ## **For the year ended 31 March 2021** __________________________________________________________________________________ The Trustees confirm that in accordance with Section 17 of the Charities Act 2011, they have referred to the Charity the Charity objectives and in planning their future grant making activities. During the year ended 31 March 2021, the Trustees aimed to distribute approximately £2m (2020: £2m) in grants to a similar number of beneficiaries as in the prior year. To achieve this target, the Trustees reviewed applications from various organisations and awarded grants as they collectively considered appropriate. As a result, grant giving in the year was £1,686,939 (2020: £607,500) The Trustees intend to increase grant spending in the year ended 31 March 2022. The Trustees paid and committed grants for the year totalling £1,686,939 (2020: £607,500). Of this amount £1,317,689 (2020: £347,500) has been paid during the year and commitments of £369,250 (2020: £260,000) were made for payment in future years. In addition, grants totalling £NIL (2020: £56,000) were written back in the year as a result of unpresented cheques over a year old. The charitable purposes and details of the various institutions that benefited are detailed in note 5 to the financial statements. The following table puts the Charity comparison. Full details of the grant recipients are set out in note 5 to the financial statements. **----- Start of picture text -----**
Category 2021 No of 2020 No of
Amount £ Grants Amount £ Grants
2021 2020
Relief of poverty 617,500 5 95,000 4
Advancement of education 851,689 20 165,200 4
Other purposes beneficial to the
community 217,750 23 403,300 41
- -
Grants written back in the year £56,000 (7)
TOTAL 1,686,939 48 607,500 42
**----- End of picture text -----**
During the year 48 grants (2020: 42) were made in furtherance of the Charity 45 beneficiaries (2020: 45). The market value of the Charity £56,120,000), which has been shown as an unrealised loss. At the year end the value of the listed investment portfolio was £94,264,101 (2020: £43,708,724). In accordance with their accounting policy, the Trustees have recognised listed investments in the financial statements at fair value. Further additions were made to listed investment portfolios using cash deposits and proceeds from disposals of investment properties, with total additions in the year being £99,397,172 (2020: £50,130,715). The Charity held treasury cash deposits, classified as investments, of £4,920,850 (2020: £2,156,660). Overall investment income increased by £447,057 (2020: decreased by £1,255,780). The Charity received total rental income from its portfolio of investment properties of £2,574,335 (2020: £2,441,193). The Charity also received income from listed investments of £1,440,304 (2020: £1,043,253), interest of £12,030 (2020: £76,762) relating mostly to cash held on deposit and short-term treasury deposits and other income of £NIL (2020: £18,404). There was no legacy income due for the current financial year (2020: £50,000,000). Trustees confirm that the £50 million legacy due from the Estate of late Hon Vice Admiral Sir Donald Gosling KCVO RNR, **Page 4** **THE GOSLING FOUNDATION LIMITED** **DIRECTOR'S REPORT** ## **For the year ended 31 March 2021** __________________________________________________________________________________ Vice-Admiral of the United Kingdom at the end of last financial year was received in full during the year. No donations (2020: £nil) were received during the year. Costs of raising funds, comprising property management expenses of £59,166 (2020: £20,097) and investment managers fees of £176,451 (2020: £34,835) are detailed in note 4 to the financial statements. In the current year legal and professional fees relating to the sale of the investment properties has been here compared to the prior year where they were included as part of the loss on sale. Governance costs are included in charitable activities and amounted to £150,995 (2020: £85,341). ## **Financial review** The Trustees have concluded that all of the Charity Trustees anticipate that the current funds will be sufficient to meet its current and foreseeable obligations. The Trustees meet regularly to ensure that sufficient funds are held by the Charity and to review the progress made by the recipients of previous donations and grants. At these meetings, the Trustees also consider whether the investment of the Charity The Trustees consider written applications which are consistent with the Charity ated as above. The Trustees -term aim is to maintain sufficient levels of investments and funds to generate income to fund future grant making in excess of £2m (2020: £2m) per annum in perpetuity. In order to achieve this target, and to comply with the 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 (FRS 102) (2nd Edition, effective January 2019) Charity Charity is making progress towards this aim having total investment income for the year of £4,026,669 (2020: £3,579,612). The Trustees consider the risks associated with the assets in which funds are held and aim to maintain an appropriate mix of assets in order to realise the long-term aim. In the light of the current COVID-19 pandemic, the Trustees regularly monitor the value of investments and their financial performance in order to achieve long-term targets. The Charity had a net surplus for the year of £5,005,247 (2020: net surplus £54,092,953) after net gains/(losses). Under the Memorandum and Articles of Association, the Charity has the power to invest any monies of the Charity upon such investments and in such manner as may from time to time be expedient. To see how expenditure meets objectives, please see achievements and performance. ## **Plans for future periods** The Trustees have selected an online Grant Management System which will be launched during the year ending 31 March 2022. Once this system is launched, applications will be accepted online via a new making process. The Trustees aim is to distribute in excess of £2,000,000 during the year ending 31 March 2022 and to review the progress made by the recipients of previous donations and grants as to how the Charity have been applied or regarding projects that the Charity **Page 5** **THE GOSLING FOUNDATION LIMITED** ## **DIRECTOR'S REPORT** ## **For the year ended 31 March 2021** __________________________________________________________________________________ The Trustees are confident that sufficient income will be received to enable the Charity to meet its objectives. ## **Structure, governance and management** The Gosling Foundation Limited is a company limited by shares and a registered Charity governed by its Memorandum and Articles of Association dated 5 March 1985. The Trustees may appoint a person who is willing to act to be a Trustee either to fill a vacancy or as an additional Trustee. Subject to Article 31 a Trustee may be appointed under the Memorandum and Articles of Association to hold office for life or any other period or upon such terms in respect of their retirement as the Trustees shall at the time of their appointment determine. Any person may be appointed or elected as a Trustee, whatever may be their age in line with applicable law. No Trustee shall be required to vacate his office by reason of his attaining or having attained the age of seventy years or any other age. The Trustees have considered the recruitment, appointment and training of new Trustees. They agreed that any new Trustee would have to be reputable, professional and be selected based on their suitability for the role. Training in financial accounting should be a requirement, although this would be dependent on the experience and knowledge of the Trustee. Training in the role and responsibilities of a Charity Trustee would be mainly in the form of publications available from the Charity Commission. Any queries would be addressed to relevant professional advisors as required. As part of the induction process, new Trustees are familiarised with the Charity The administration team is responsible for obtaining relevant training material. The number of members of the Charity is limited to 50. The Charity currently has three Trustees, as required by the Charity During the year the Trustees aim to meet once a month administer the affairs of the Charity. ## **Principal risks and uncertainties** The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and a system has been established to mitigate those risks. The principal risk and uncertainty for the Charity relates to income generation in order to be able to award grants and cover other costs. The Charity holds a mixed portfolio of investments and the Trustees have established a system to review major risks and to mitigate those risks by regularly reviewing the portfolio. The exposure of the Charity to price risk, credit risk, liquidity risk and cash flow risk from holding its investments is therefore considered limited. ## **Reference and administrative information** The Reference and Administrative information as well as the Trustees who served during the year are shown on page 1 of this report. ## **Statement of Trustees responsibilities** The Trustees (who are also the Directors for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations **Page 6** **THE GOSLING FOUNDATION LIMITED** ## **DIRECTOR'S REPORT** ## **For the year ended 31 March 2021** Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities SORP (2019); - Make judgments and accounting estimates that are reasonable and prudent; - State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company�s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418 of the Companies Act 2006) of which the charitable company�s auditors are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The Trustees authorise the Directors� Report. By order of the Trustees ��������������������� ## **Hon Capt Adam Gosling RNR** **Trustee** ## **Date: 11 October 2021** Page 7 **THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR'S REPORT** ## **For the year ended 31 March 2021** _________________________________________________________________________________________________________________________ ## **Independent Auditor�s Report to the Members of The Gosling Foundation Limited** ## **Opinion** We have audited the financial statements of The Gosling Foundation Limited (the �Charitable Company�) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Charitable Company�s affairs as at 31 March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor�s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC�s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees� use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company�s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the trustees� annual report, other than the financial statements and our auditor�s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees� report (incorporating the directors� report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors� report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: Page 8 ## **THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR'S REPORT For the year ended 31 March 2021** _________________________________________________________________________________________________________________________ - adequate and proper accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company�s financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors� remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. - The trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption from the requirement to prepare a strategic report or in preparing the directors� report. ## **Responsibilities of trustees** As explained more fully in the trustees� responsibilities statement, the trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charitable Company�s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. ## **Auditor�s responsibilities for the audit of the financial statements** We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor�s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council�s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor�s report. ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the Charitable Company and the sector in which it operates and considered the risk of the Charitable Company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the operations of the Charitable Company this included compliance with the Charities Act and SORP 2019 and GDPR. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of Trustees of the Charitable Company and a review of the risk management processes and procedures in place including a review of the risk register maintained by the Charitable Company. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission. Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk and evaluated the business rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including treatment of legacies and grant income. Page 9 **THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR'S REPORT** ## **For the year ended 31 March 2021** _________________________________________________________________________________________________________________________ Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. ## **Use of our report** This report is made solely to the Charitable Company�s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company�s members and its trustees those matters we are required to state to them in an auditor�s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company�s members as a body and the Charitable Company�s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Helena Wilkinson BSc FCA DChA (Senior Statutory Auditor)** For and on behalf of ## **Price Bailey LLP** Chartered Accountants Statutory Auditors 3[rd] Floor 24 Old Bond Street Mayfair London W1S 4AP Date **11 October 2021** Page 10 ## **THE GOSLING FOUNDATION LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT)** ## **For the year ended 31 March 2021** **----- Start of picture text -----**
Unrestricted Expendable Total Total Funds
Notes Income Fund Endowment Funds 2021 2020
2021 Fund 2021
£ £ £ £
Income:
Donations and legacies 2 - - - 50,000,000
Investments 3 4,026,669 - 4,026,669 3,579,612
Total 4,026,669 - 4,026,669 53,579,612
Expenditure:
Raising funds
Property management costs 4 (59,166) - (59,166) (20,097)
Investment managers fees 4 (176,451) - (176,451) (34,835)
Charitable activities
Grant making 5 (1,686,939) - (1,686,939) (607,500)
Governance costs 7 (150,995) - (150,995) (85,341)
Total (2,073,551) - (2,073,551) (747,773)
Net (losses) / gains on
Investments
(Losses)/gains on investment properties 10 - (115,000) (115,000) 3,035,000
Gain/(losses) on listed investments 12 - 3,092,211 3,092,211 (1,738,863)
Unrealised gains/(losses) on foreign -
-
- exchange on treasury cash deposits 74,918 74,918 (35,023)
-
Total net profit / (losses) on investments 3,052,129 3,052,129 1,261,114
Net income / (expenditure) for the year, 1,953,118 3,052,129 5,005,247 54,092,953
being net movement in funds
Reconciliation of funds:
Total funds brought forward 17 79,773,284 86,962,466 166,735,750 112,642,797
Total funds carried forward 17 81,726,402 90,014,595 171,740,997 166,735,750
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure are derived from continuing activities. The accompanying accounting policies and notes on pages 14 to 27 form part of these financial statements. **Page 11** ## **THE GOSLING FOUNDATION LIMITED** ## **BALANCE SHEET** ## **As at 31 March 2021** |**2021**
Notes
**£**
**£**
**FIXED ASSETS:**
Investments
Investment properties
10
56,005,000
Listed investments
12
94,264,101
Treasury cash deposits
4,920,850
155,189,951
**CURRENT ASSETS:**
Debtors
13
1,190,846
Cash at bank and in hand
16,567,803
17,758,649
**CREDITORS :**
**Net Current Assets**
16,781,046
**Total Assets less Current Liabilities**
171,970,997
**CREDITORS :**
**TOTAL NET ASSETS**
**£171,740,997**
**Represented by:-**
Called up share capital
16
3
Unrestricted Income Fund
17
81,726,399
81,726,402
Unrealised Investment Gains
18
42,008,257
Expendable Endowment Fund
18
48,006,338
Total Expendable Endowment Fund
90,014,595
**Total funds**
18
**£171,740,997**
**amounts falling due after**
**one year**
(230,000)
(977,603)
15
**amounts falling due**
**within one year**
14|**2020**
**£**
**£**
56,120,000
43,708,724
2,156,660
101,985,384
50,997,292
14,950,484
65,947,776
64,850,366
166,835,750
**£166,735,750**
3
79,773,281
79,773,284
39,266,146
47,696,320
86,962,466
**£166,735,750**
(100,000)
(1,097,410)| |---|---| These financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and authorised for issue by the board of Trustees on: 11 October 2021 **Hon Capt Adam Gosling RNR** **Trustee** **Page 12** ## **THE GOSLING FOUNDATION LIMITED** ## **STATEMENT OF CASH FLOWS** **----- Start of picture text -----**
As at 31 March 2021
Cash flows from operating activities 2021 2020
£ £
Net movement in funds 5,005,247 54,092,953
Adjustments for:
Unrealised (gains) / losses on investment properties 115,000 (3,035,000)
Add / (deduct) losses /(gains) on listed investments (3,092,211) 1,738,863
(Increase) / decrease in treasury cash deposits (2,764,190) (549,067)
Deduct interest income shown in investing activities below (12,030) (76,762)
Deduct dividend income shown in investing activities below (1,440,304) (1,043,253)
Deduct other investment income shown in investing activities
(2,574,335) (2,459,597)
below
Decrease / (Increase) in debtors 49,806,446 (50,416,601)
Increase / (Decrease) in creditors 10,193 (593,873)
Cash used in operating activities 45,053,816 (2,342,337)
Cash flows from investing activities
Interest income 12,030 76,762
Dividend income 1,440,304 1,043,253
Other investment income 2,574,335 2,459,597
Purchase of listed investments (99,397,172) (50,130,715)
Disposal proceeds of listed investments 51,934,006 50,580,481
Cash provided by investing activities (43,436,497) 4,029,378
Movement in cash and cash equivalents in the year 1,617,319 1,687,041
Cash and cash equivalents at the beginning of the year 14,950,484 Note (i) 13,263,443
Total cash and cash equivalents at the end of the year 16,567,803 14,950,484
Notes to the financial statements
Other non-
(i) Analysis of changes in net debt 01-Apr-20 Cash flows Cash 31-Mar-21
changes
Cash at bank and in hand [Note (i)] 14,950,484 1,617,319 16,567,803
Investments: Treasury cash deposits 2,156,660 2,689,272 74,918 4,920,850
Total 17,107,144 4,306,591 74,918 21,488,653
**----- End of picture text -----**
**Page 13** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** **For the year ended 31 March 2021** ## **1 Accounting policies** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **1.1 Basis of preparation** The charity is a public benefit entity. The address of registered office is 23 The Drive, London E4 7AJ. The financial statements are prepared under the historical cost convention and 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 UK and Republic of Ireland (FRS 102) (2nd Edition, effective January 2019) (�Charities SORP�), the Companies Act 2006, the Charities Act 2011 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **1.2 Income** Income is recognised when the charity has entitlement to the funds, on the following basis: ## **a Donations and legacies** Donations, legacies and grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken at the earlier of when the charity is aware that probate has been granted, the estate has been finalised and notification has been made to the charity, or when a distribution is received from the estate. ## **b Investment properties** Income from investment properties comprises income derived from the leasing of commercial properties to tenants. The properties are leased to tenants under operating lease agreements and rentals are recognised in the statement of financial activities (including an income and expenditure account) on a straight line basis over the lease term. Where rental income is structured to increase in line with expected general inflation, the rental agreements are amended on an annual basis and income is subsequently recognised in the statement of financial activities (including an income and expenditure account). The charity has taken advance of the optional exemption available on transition to FRS 102, which allows lease incentives on leases entered into before the date of transition to the standard on 1 April 2014, to continue to be charged over the period to the first market rent review, rather than the term of the lease. Rental income is recognised on a straight line basis over the lease term, where leases were entered into after the FRS 102 transition date on 1 April 2014. ## **c Listed investments** Dividends and commission are recognised when receivable and represent income received from listed securities. ## **d Interest receivable** Interest is recognised when receivable by the charity and represents treasury, bank and investment interest. ## **e Other income** Other income is recognised when receivable by the charity and represents income from a lease premium extension. **Page 14** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **For the year ended 31 March 2021** - **1 Accounting policies (continued)** ## **1.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: ## **a Raising funds** This comprises property management costs and investment managers fees which are recognised on an accruals basis. Any irrecoverable VAT is added to the related expense. ## **b Grant making** Grants are accounted for in full in the period the grants are approved and the decision is notified to the recipient irrespective of the period covered by the grant. Grants awarded but not yet paid are recorded as grant commitments in the balance sheet. Any conditional grants are not provided for until the Trustees are satisfied that the conditions or grant terms have been met. Grant commitment creditors are split between creditors amounts falling due within one year and creditors amounts falling due after one year according to when the grants will be paid (see note 5). ## **c Governance costs** Governance costs include external audit and accountancy fees and are recognised on an accruals basis. Irrecoverable VAT is included in the cost of those items to which it relates. ## **1.4 Investment properties** Investment properties are initially recognised at cost, which includes the original purchase price and the costs directly attributable to bringing the asset into its working condition for its intended use. Investment properties are included on the balance sheet at their fair value which is determined annually. No depreciation is provided. Realised gains and losses on the disposal of investments are calculated as the difference between the sale proceeds, after deducting selling costs, and the fair value. Unrealised gains and losses represent the movement between fair values. Realised and unrealised gains and losses are included on the face of the statement of financial activities (including an income and expenditure account). ## **1.5 Listed investments** Listed investments are stated in the financial statements at fair value. Realised gains and losses on the sale of investments are calculated as the difference between the sale proceeds and the original cost. Unrealised gains and losses represent the movement between fair values. Realised and unrealised gains and losses are included on the face of the statement of financial activities (including an income and expenditure account). Listed investments are held primarily to provide an investment return for the charity. ## **1.6 Cash at bank and in hand** Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. **Page 15** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **For the year ended 31 March 2021** ## **1 Accounting policies (continued)** ## **1.7 Funds** The charity maintains an Unrestricted Income Fund and an Expendable Endowment Fund. Income generated by the Expendable Endowment Fund is recognised as part of the Unrestricted Income Fund. Unrealised revaluation gains on investment properties and listed investments are taken to Unrealised Investment Gains, which for the purpose of charity fund accounting is part of the Expendable Endowment Fund. Revaluation losses are also taken to Unrealised Investment Gains to the extent that there is an Unrealised Investment Gains surplus in respect of the relevant asset. The Expendable Endowment Fund was established from donations received for that purpose. This fund arises from the proceeds of a special dividend and the sale of the charity�s previous holding in National Parking Corporation Limited. The primary intention in establishing an Expendable Endowment Fund is for funds to be invested so as to generate future income for the purpose of the charity. The Trustees shall also be permitted to convert any or the entire Expendable Endowment Fund to the Unrestricted Income Fund, however in any decision whether or not to convert endowment monies into expendable income the Trustees should have regard for the primary intention of this endowment. The Trustees aim to increase the total funds of the charity to a level that will allow ongoing future annual donations of £3.5 million per annum. Any funds receivable during the relevant accounting year but not utilised are carried forward as part of the Unrestricted Income Fund. ## **1.8 Leases** Finance leases, which transfer to the charity substantially all the risks and rewards of ownership of the leased asset, are capitalised at the inception of the lease at the present value of minimum lease payments. Rents receivable under operating leases are recognised in the statement of financial activities (including an income and expenditure account) on a straight line basis over the lease term. ## **1.9 Foreign Currency** The charitable company�s functional and presentational currency is GBP. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the statement of financial activities (including an income and expenditure account). ## **1.10 Financial Instruments** ## **a Financial assets** Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method. **Page 16** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **For the year ended 31 March 2021** - **1 Accounting policies (continued)** - **a Financial assets (continued)** At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of financial activities (including an income and expenditure account). If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities (including an income and expenditure account). ## **1.10 Financial Instruments (continued)** - **b Financial liabilities** Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished; this is when the contractual obligation is discharged, cancelled or expires. ## **c Offsetting** Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **1.11 Judgements in applying accounting policies and key sources of estimation uncertainty** The preparation of the charity�s financial statements require the Trustees to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the reporting date. However uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. ## **1.12 Valuation of investment property** The fair value of investment property (note 10) is valued at the Trustees� consideration that the values from the prior year are still considered fair value at year end. The investment properties are held at the valuations provided in previous years by professional external valuers using recognised valuation techniques. Determination of the fair value of the assets requires the use of estimates, taking into account future cash flows from the asset (such as lettings, future revenue streams and the overall repair and condition of the property). These estimates are based on local market conditions existing at the reporting date. **Page 17** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** |**2**
**Income from donations and legacies**
**Unrestricted**
**Total Funds **
**Income Fund**
**2021 **
**£**
**£**
Legacy income
-
-
**3**
**Investment income**
**Unrestricted**
**Total Funds **
**Income Fund**
**2021 **
**£**
**£**
2,574,335
2,574,335
12,030
12,030
1,440,304
1,440,304
-
-
4,026,669
4,026,669
All income from investment properties is generated from operating leases.
Other income
Dividends from listed investments
Legacy income of £Nil is receivable as at 31 March 2021 and shown as a debtor �
Rent receivable from UK investment
properties
Bank interest receivable (UK)|**Unrestricted**
**Income Fund**
**£**
50,000,000
**Unrestricted**
**Income Fund**
**£**
2,441,193
76,762
1,043,253
18,404
3,579,612
see note 13.|**Total Funds**
**2020**
**£**
50,000,000
**Total Funds**
**2020**
**£**
2,441,193
76,762
1,043,253
18,404
3,579,612| |---|---|---| |**4**
**Raising funds**
Legal & professional fees in respect of
investment properties
Property insurance
Property management costs
Investment managers fees
Costs of raising funds|**Unrestricted**
**Income Fund**
**£**
26,872
32,294
59,166
176,451
235,617|**Total Funds **
**2021 **
**£**
26,872
32,294
59,166
176,451
235,617|**Unrestricted**
**Income Fund**
**£**
2,893
17,204
20,097
34,835
54,932|**Total Funds**
**2020**
**£**
2,893
17,204
20,097
34,835
54,932| |---|---|---|---|---| ## **5 Grant making** The following table analyses the grants into broad categories and by year in which they fall due for payment. |**Paid**
**2021**
**£**
**The relief of poverty**
The Royal Naval Benevolent Trust
500,000.00
The Soldiers, Sailors, Airmen and Families Association (2 grants
50,000.00
The Felix Project
65,000.00
The World�s Big Sleep Out Trust
2,500.00
617,500.00|**Payable**
**2021-23**
**£**
-
-
-
-
-|**Total**
**£**
500,000.00
50,000.00
65,000.00
2,500.00
617,500.00| |---|---|---| **Page 18** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **----- Start of picture text -----**
For the year ended 31 March 2021
5 Grant making (continued) Paid Payable
2021 2021-23 Total
£ £ £
The advancement of education
-
Cowes Unit 118 of the Sea Cadet Corps 5,000.00 5,000.00
-
Elidyr Communities Trust 120,000.00 120,000.00
-
Exmouth Unit 395 of the Sea Cadet Corps 10,000.00 10,000.00
The Hull C. U. Ltd 2,500.00 - 2,500.00
-
The Institute of Marine Engineering, Science and Technology 10,000.00 10,000.00
-
The Literacy Pirates Limited 25,000.00 25,000.00
Llamau Limited 5,000.00 - 5,000.00
-
The Mary Hare Foundation 10,000.00 10,000.00
-
The Petersham and Ham Sea Scout Group 25,000.00 25,000.00
-
Queen Elizabeth Scholarship Trust Limited 10,000.00 10,000.00
-
Special Educational Needs Families Support Group Limited 5,475.00 5,475.00
-
Tall Ships Youth Trust 30,714.00 30,714.00
-
The Greenwich Foundation for the Old Royal Naval College 250,000.00 250,000.00
The Roundhouse Trust - 100,000.00 100,000.00
-
The Wheels Project Limited 8,000.00 8,000.00
Treloar Trust (2 grants) 45,000.00 70,000.00 115,000.00
UK Youth 100,000.00 - 100,000.00
-
1st Warsash Sea Scout Group 10,000.00 10,000.00
-
Youth and Community Connexions 10,000.00 10,000.00
531,689.00 320,000.00 851,689.00
Paid Payable
2021 2021-23 Total
£ £ £
Other purposes beneficial to the community
-
Alabare Christian Care and Support 15,000 15,000
Autsim Bedfordshire 5,000 - 5,000
-
Canine Partners for Independence 5,000 5,000
Fleet Air Arm Memorial Church Trust 5,000 10,000.00 15,000
HMS Audacious Central Fund - 20,000 20,000
HMS Northumberland Central Fund - 1,250.00 1,250
Kids Out UK - 5,000 5,000
Subtotal carried forward 30,000.00 36,250.00 66,250.00
**----- End of picture text -----**
**Page 19** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **----- Start of picture text -----**
For the year ended 31 March 2021
5 Grant making (continued) Paid Payable
2021 2021-23 Total
£ £ £
Subtotal brought forward 30,000.00 36,250.00 66,250
-
Only Connect UK 2,000.00 2,000
-
Operation Christmas Box 10,000.00 10,000
Redthread Youth Limited 12,000 - 12,000
Royal Marines Association-The Royal Marines Charity (2 grants 35,000 1,500.00 36,500
-
Southampton Hospital Charity (Robbie's Rehab) 12,500.00 12,500
-
Rock 2 Recovery 1,500.00 1,500
-
Royal Marines Association - The Royal Marines Charity 15,000 15,000
-
Scotts Project Trust 4,500.00 4,500
-
Support Through Court 10,000 10,000
Tectona Trust 15,000 - 15,000
-
Limehouse Project Ltd 5,000 5,000
-
The People Hive 5,000.00 5,000
The Pod 2,500 - 2,500
The Prince's Foundation - 10,000 10,000
Tom Harrison House 10,000.00 - 10,000.00
Subtotal carried forward 168,500 49,250 217,750
- - -
Grants written back in the year
Total 1,317,689 369,250 1,686,939
In the current year and prior year, all grants have been made to institutions from the Unrestricted Income
Fund. See the appendix for full comparatives.
6 Analysis of accruals for grants payable 2022 2023-24 Total
Notes £ £ £
Accruals for grants payable made in the year 189,250 180,000 369,250
Accruals for grants payable made in prior periods 120,000 50,000 170,000
14, 15 309,250 230,000 539,250
Prior year: 2021 2022-23 Total
£ £ £
Accruals for grants payable made in the year 160,000 100,000 260,000
-
Accruals for grants payable made in prior periods 215,000 215,000
14, 15 375,000 100,000 475,000
**----- End of picture text -----**
**Page 20** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** |**7**
**Governance costs**
Accountancy fees
Grant administration & professional fees
Audit fees
Bank charges|**Unrestricted**
**Income Fund**
**£**
33,943
106,295
10,600
157
**150,995**|**Total Funds **
**2021 **
**£**
33,943
106,295
10,600
157
**150,995**|**Unrestricted**
**Income Fund**
**£**
36,075
31,506
14,150
3,610
**85,341**|**Total Funds**
**2020**
**£**
36,075
31,506
14,150
3,610
**85,341**| |---|---|---|---|---| ## **8 Trustees� remuneration, trustees� benefits and staff costs** No Trustees received any remuneration or had any expenses reimbursed for their services during the current or prior year. ## **9 Employees** There were no employees other than Trustees in either the current or prior year. In the current and prior year the key management personnel were the Trustees. |**10**
**Investment properties**
At 01 April:
Historical cost
Revaluation brought forward
Fair value
Unrealised gains on revaluation during the year
Fair value at 31 March|**2021**
**£**
35,768,343
20,351,657
56,120,000
(115,000)
**56,005,000**|**2020**
**£**
35,768,342
17,316,658
53,085,000
3,035,000
**56,120,000**| |---|---|---| The investment properties were revalued at 31 March 2021 by Bidwells LLP, qualified and external property consultants. The Trustees consider the valuation of the investment properties to be accurate and to reflect their fair value as at 31 March 2021. All investment properties are situated in the UK. Realised and unrealised gains and losses on revaluation of investment properties are allocated to the Expendable Endowment Fund. **Page 21** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** ## **11 Future minimum lease receipts due under non-cancellable operating leases** |The future minimum lease receipts are as follows:
Due not later than one year
Later than one year and not later than five years
Later than five years
**12**
**Listed investments**
**At 01 April:**
Opening market value
Additions
Less: disposals
Gains/Losses on investments
**Closing market value**
Historical cost
Revaluation carried forward|**2021**
**£**
2,475,590
10,009,299
75,287,186
**87,772,075**
**2021**
**£**
43,708,724
99,397,172
(51,934,006)
3,092,211
**94,264,101**
90,529,486
3,734,615
**94,264,101**|**2020**
**£**
2,298,646
9,822,667
69,311,918
**81,433,231**
**2020**
**£**
45,733,473
50,130,715
(50,416,601)
(1,738,863)
**43,708,724**
42,831,221
877,503
**43,708,724**| |---|---|---| Realised and unrealised gains and losses on listed investments are allocated to the Expendable Endowment Fund in both the current and prior year. |**13**
**Debtors**
Trade debtors
Other debtors
Prepayments and accrued income|**2021**
**£**
192,301
102,447
896,098
**1,190,846**|**2020**
**£**
151,393
29,621
50,816,278
**50,997,292**| |---|---|---| Financial assets that are debt instruments measured at amortised cost comprise other debtors and accrued income and amounted to £1,190,846 (2020: £50,997,292). **Page 22** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** **----- Start of picture text -----**
14 Creditors: amounts falling due within one year Note 2021 2020
£ £
Accruals for grants payable 6 309,250 375,000
Trade creditors 26,205 64,544
Other taxation and social security 60,545 63,081
Other accruals 49,298 55,002
Deferred income 532,305 539,783
Other creditors 0 -
977,603 1,097,410
Deferred income reconciliation 2021 2020
£ £
Deferred income balance bought forward 539,783 289,483
Income released in the year (539,783) (289,483)
income deferred 532,305 539,783
532,305 539,783
15 Creditors: amounts falling due after more than one year Note 2021 2020
£ £
Accruals for grants payable 6 230,000 100,000
Financial liabilities measured at amortised cost comprise accruals for grants payable and accruals
excluding the audit fee accrual and amounted to £540,885 (2020: £578,946).
16 Share capital 2021 2020
£ £
Allotted, called up and fully paid
3 (2020: 3) Ordinary Shares of £1 each 3 3
**----- End of picture text -----**
**Page 23** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** **----- Start of picture text -----**
17 Trust funds £
Expendable Endowment Fund
(including the Unrealised Investment Gains):
Balance as at 1 April 2020 86,962,466
Net movement in funds 3,052,129
Balance as at 31 March 2021 90,014,595
Unrestricted Income Fund:
Balance as at 1 April 2020 79,773,284
Net movement in funds 1,953,118
Balance as at 31 March 2021 81,726,402
Prior year:
Expendable Endowment Fund
(including the Unrealised Investment Gains):
Balance as at 1 April 2019 85,701,352
Net movement in funds 1,261,114
Balance as at 31 March 2020 86,962,466
Unrestricted Income Fund:
Balance as at 1 April 2019 26,941,445
Net movement in funds 52,831,839
Balance as at 31 March 2020 79,773,284
**----- End of picture text -----**
**Page 24** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** ## **18 Analysis of net assets between funds** |**Unrestricted**
**Share**
**Income**
**Capital**
**Fund**
**£**
**£**
Fund balances at 31 March 2021 are
represented by:-
Investments
3
65,175,353
Current assets
-
17,758,649
Liabilities
-
(1,207,603)
**Total net assets**
**3**
**81,726,399**
**Prior year:**
**Unrestricted**
**Share**
**Income**
**Capital**
**Fund**
**£**
**£**
Fund balances at 31 March 2020 are
represented by:-
Investments
3
15,022,915
Current assets
-
65,947,776
Liabilities
-
(1,197,410)
**Total net assets**
**3**
**79,773,281**|**Expendable**
**Endowment**
**Fund**
**£**
48,006,338
-
-
**48,006,338**
**Expendable**
**Endowment**
**Fund**
**£**
47,696,320
-
-
**47,696,320**|**Unrealised**
**Investment**
**Gains**
**£**
42,008,257
-
-
**42,008,257**
**Unrealised**
**Investment**
**Gains**
**£**
39,266,146
-
-
**39,266,146**|**Total**
**Funds**
**£**
155,189,951
17,758,649
(1,207,603)
**171,740,997**
**Total**
**Funds**
**£**
101,985,384
65,947,776
(1,197,410)
**166,735,750**| |---|---|---|---| ## **19 Control** In the current and prior year, there was no ultimate controlling party. All decisions are made by the Trustees unanimously. The charitable company was incorporated in 1985 as a private company limited by shares. No rights exist to appoint and remove Directors. ## **20 Related party transactions** During the year the charity made a donation of £Nil (2020: £40,000) to The White Ensign Association Limited, a charity where Hon Capt Adam Gosling is a Trustee/Director. At the balance sheet date the balance due to White Ensign Association was £Nil (2020: £Nil). There were no other related parties (2020: None). **Page 25** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 31 March 2021** ## **Appendix - Comparatives for Grant making year ended 31 March 2020** The following table analyses the grants into broad categories and by year in which they fall due for payment. |**The relief of poverty**
Stepping Stones
SSAFA
The White Ensign Association (2 grants)
**The advancement of education**
Kettering Sea Cadets
Maritime Society & Sea Cadets
Twickenham Sea Cadets (2 grants)
**Other purposes beneficial to the community**
ABF The Soldiers� Charity
Ablechild Trust
Alzheimer�s Society
Association of WRENS
Bowl Cancer Research
Bud Flanagan Leukaemia Fund
Central Amenities Fund NEPTUNE
Children's Trust
Church of England Children's Society
Dogs Trust
Ellen Macarthur Cancer Trust
Fleet Air Arm Memorial Church Trust
HMS Nelson Central Fund
HMS Nelson LAF
HMS Heron Central Fund
HMS Kent Central Fund
HMS Raleigh Central Fund
Subtotal carried forward|**Paid**
**2020**
**£**
5,000
50,000
40,000
95,000
5,000
50,000
10,200
65,200
1,500
1,000
5,000
2,500
10,000
1,000
5,000
2,000
1,000
1,000
12,000
10,000
5,000
5,000
5,000
1,500
3,000
71,500|**Payable**
**2020-22**
**£**
-
-
-
-
-
100,000
-
100,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**£**
5000
50,000
40,000
95,000
5,000
150,000
10,200
165,200
1,500
1,000
5,000
2,500
10,000
1,000
5,000
2,000
1,000
1,000
12,000
10,000
5,000
5,000
5,000
1,500
3,000
71,500.00| |---|---|---|---| **Page 26** ## **THE GOSLING FOUNDATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **For the year ended 31 March 2021** **----- Start of picture text -----**
Paid Payable
2020 2020-22 Total
£ £ £
-
Subtotal brought forward 71,500 71,500
-
Kingston Hospital NHS Foundation Trust 50,000 50,000
Landmark Arts Centre 5,000 - 5,000
-
League of Mercy 10,000 10,000
MPS Society (3 grants) 20,000 120,000 140,000
Maritime Foundation 40,000 40,000
-
Operation Christmas Box 10,000 10,000
Pancreatic Cancer Research Fund 3,000 - 3,000
Parkinson's UK 5,000 - 5,000
-
Ro Ro Sailing Project 3,600 3,600
-
Priscilla Bacon Norfolk Hospice 5,000 5,000
RNAS Culdrose Amenities Fund 1,000 - 1,000
RNAS Culdrose Central Fund 1,000 - 1,000
-
Royal Marines Charities 5,000 5,000
-
Royal National Institute of Blind People 5,000 5,000
St Lazarus Charitable Trust 5,000 - 5,000
-
Teddington Athletic FC 5,000 5,000
-
The Royal British Legion 7,200 7,200
-
Trinity Sailing Foundation 5,000 5,000
Wetwheels Foundation 10,000 - 10,000
Windsor Benefit Trust 10,000 - 10,000
-
Worshipful Company of Shipwrights 5,000 5,000
-
Yeovilton Military Wives Choir 1,000 1,000
243,300 160,000 403,300
-
Grants written back in the year (56,000) (56,000)
Total 347,500 260,000 607,500
**----- End of picture text -----**
**Page 27** The Gosling Foundation_Accounts_31 March 2021_FINAL_Signed Final Audit Report 2021-10-18 Created.. 2021-1Lk18 By.. Palrick IPdtrK*@an1hc￿Y-cO.OjrnI Status.. S￿ned Transaction 10.. CBJCHBCMB￿£TIfXl8w80YwOjHSPBYsLs•XrlW￿l1 "The Gosling Foundation_Accounts_31 March 2021_FINAL_Sign ed" History Document Grealed by Patrick Hiew IPatrick@anthony