2022-03-31-accounts - The Gosling Foundation Limited

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Pages
	Legal and administrative		information
4-8	Directors' Report
9-11	Independent Auditor's	Report
12	Statement ofFinancial	Activities
	(including an income and expenditure		account)
13	Balance Sheet
14	Statement ofCash Flows
15 - 28	Notes to the Financial	Statements

		2022 Amount	2022 Number	2021	2021 Number
Category			ofgrants	Amount K	ofgrants
Royal Navy/Royal	Marines	534,100	15	684,250	14
Youth		238,000		352,714	16
Health		473,700		292,475	10
Education		2,500
Other		1,209,530		357,500
Grants written back in the year		(71,250)	(5)
Total		2,386,580	28	1,686,939	48

				Unrestricted Income Fund 2022	Centenary Fund 2022	Expendable Fund 2022	Total Funds 2022	Total Funds 2021
Income:
Investments			2	4,431,545			4,431,545	4,026,669
Total				4,431,545			4,431,545	4,026,669
Expenditure:
Raising funds
Property management		costs	3	(79,068)			(79,068)	(59,166)
Investment managers		fees	3	(264,978)			(264,978)	(176,451)
Charitable activities
Grant making			4	(2,386,580)			(2,386,580)	(1,686,939)
Governance costs			6	(144,902)			(144,902)	(150,995)
Total				(2,875,528)			(2,875,528)	(2,073,551)
Net (losses) / gains on investments
Gain/(losses) on investment properties			9			K5,725,000	5,725,000	(115,000)
Gain/(losses) on listed investments			12			K2,893,275	2,893,275	3,092,211
Unrealised gains/(losses)
on foreign-exchange	on					f43,707	43,707	74,918
treasury cash deposits
Total net profit / (losses) investments	on					8,661,982	8,661,982	3,052,129
Net income / (expenditure)		for
the year, being net movement				1,556,017		8,661,982	10,217,999	5,005,247
in funds
Reconciliation offunds:
Total funds brought forward			17	81,726,402		90,014,595	171,740,997	166,735,750
Transfer between reserves			17	(3,509,135)	3,509,135
Total funds carried forward			17	79,773,284	3,509,135	98,676,577	181,958,996	171,740,997

				2022		2021	2021
			Notes
FIXEDASSETS:
Investments
Investment properties			9	61,730,000		56,005,000
Listed investments			11	90,549,866		94,264,101
Treasury cash deposits				26,548,318		4,920,850
Tangible fixed assets			12	1,895	178,830,079		155,189,951
CURRENT ASSETS:
Debtors				1,614,381		1,190,846
Cash at bank and in hand				2,897,857		16,567,803
				4,512,238		17,758,649
amounts	falling
CREDITORS: due within		one	14	(1,278,322)		(977,603)
year
Net Current Assets					3,233,916		16,781,046
Total Assets less Current Liabilities					182,063,996		171,970,997
CREDITORS: amounts due after	fallin one year		15	(105,000)	(105,000)		(230,000)
TOTAL NET ASSETS					181,958,996		171,740,997
Represented by:-
Called up share capital			16	3		3
Unrestricted Income Fund			17	79,773,281	79,773,284	81,726,399	81,726,402
Centenary Fund			17	3,509,135	3,509,135
Unrealised Investment Gains			18	50,604,393		42,008,257
Expendable Endowment Fund			18	48,072,184		48,006,338
Total Expendable Endowment		Fund			98,676,577		90,014,595
Total funds			18		181,958,996		171,740,997

Cash flows from operating activities	Cash flows from operating activities					2022		2021
Net movement in funds						10,217,999		5,005,247
Adjustments for:
Unrealised (gains) / losses on investment			properties			(5,725,000)		115,000
Deduct gains on listed investments						(2,893,275)		(3,092,211)
Increase in treasury cash deposits						(21,627,468)		(2,764,190)
Add depreciation on tangible fixed assets						947
Deduct interest income shown in	investing			activities	below	(1,905)		(12,030)
Deduct dividend income shown in investing				activities below		(1,968,524)		(1,440,304)
Deduct other investment income shown investing activities below		in				(2,461,116)		(2,574,335)
(Increase) / Decrease in debtors						(423,535)		49,806,446
Increase in creditors						175,719		10,193
Cash used in operating activities						(24,706,158)		45,053,816
Cash flows from investing activities
Interest income						1,905		12,030
Dividend income						1,968,524		1,440,304
Other investment income						2,461,116		2,574,335
Purchase oftangible fixed assets						(2,842)
Purchase oflisted investments						(92,372,964)		(99,397,172)
Disposal proceeds oflisted investments						98,980,473		51,934,006
Cash provided by investing activities						11,036,212		(43,436,497)
Movement in cash and cash equivalents		in the year				(13,669,946)		1,617,319
Cash and cash equivalents at the beginning				ofthe year		16,567,803	Note (i)	14,950,484
Total cash and cash equivalents at	the end		ofthe year			2,897,857		16,567,803
Notes to the financial statements
(i) Analysis ofchanges in net debt					01-Apr-21	Cash flows	Other non- Cash changes	31-Mar-22
Cash at bank and in hand	[Note	(i)]			16,567,803	(13,669,946)		2,897,857
Investments: Treasury cash deposits					4,920,850	21,583,761	43,707	26,548,318
Total					21,488,653	7,913,815	43,707	29,446,175

Investment	income	income		Unrestricted	Total Funds	Unrestricted	Total Funds
				Income Fund 2022	2022	Income Fund 2021	2021
Rent receivable		fiom UK investment	properties	2,453,590	2,453,590	2,574,335	2,574,335
Bank interest	receivable (UK)			1,905	1,905	12,030	12,030
Dividends Irom		listed investments		1,968,524	1,968,524	1,440,304	1,440,304
Other income				7,526	7,526
				4,431,545	4,431,545	4,026,669	4,026,669

Raising funds		Unrestricted	Total Funds	Unrestricted	Total Funds
		Income Fund 2022	2022	Income Fund 2021	2021
Property insurance		22,284	22,284	26,872	26,872
Property expenses		3,384	3,384
Legal 4professional respect ofinvestment	fees in properties	53,400	53,400	32,294	32,294
Property management	costs	79,068	79,068	59,166	59,166
Investment managers	fees	264,978	264,978	176,451	176,451
Costs ofraising funds		344,046	344,046	235,617	235,617

				Paid	Payable
				2022	2022-24	Total
Education
Windsor Leadership		Trust			2,500	2,500
					2,500	2,500
Royal Navy/Royal		Marines
The Submariner	Memorial		Appeal	125,000		125,000
Felix Fund - The	Bomb Disposal Charity				6,000	6,000
HMS Northumberland		Central Fund			5,000	5,000
Operation Christmas		Box		25,000		25,000
Subtotal carried	forward			150,000	11,000	161,000

Grant making (continued)			Paid	Payable
			2022	2022-24	Total
Royal Navy/Royal Marines
Subtotal brough forward			150,000	11,000	161,000
The Institute ofMarine Engineering,		Science and Technology	10,000		10,000
The White Ensign Association	Limited		5,000		5,000
The Soldiers, Sailors, Airmen	and Families Association - Forces H		50,000		50,000
The British Maritime Charitable Foundation			6,000		6,000
The White Ensign Association	Limited		50,000	100,000	150,000
HMS Heron Central Amenities	Fund		30,000		30,000
Northwood Officers' Mess			600		600
The Royal Navy and Royal Marines		Charity		10,000	10,000
Veterans Outreach Support			6,500		6,500
The Britannia Association				100,000	100,000
HMS Temeraire Central Amenities		Fund	2,500	2,500	5,000
			310,600	223,500	534,100
Youth
The Literacy Pirates Limited			15,000		15,000
UK Sailing Academy			100,000		100,000
Hull Sea Cadets			3,000		3,000
1851Marine Trust			60,000		60,000
Greenhouse Sports Limited			10,000		10,000
Future Frontiers			50,000		50,000
			238,000		238,000
Health
Southampton Hospital Charity	(Robbie's Rehab)			5,000	5,000
Maggie Keswick Jencks Cancer Caring Centres Trust			50,000	100,000	150,000
Maggie Keswick Jencks Cancer Caring Centres Trust			125,000		125,000
The Sussex Association for Spina Bifida and Hydrocephalus			1,000		1,000
The Tuberous Sclerosis Association			5,200		5,200
Treloar Trust				100,000	100,000
DEBRA			10,000		10,000
The ARNI Institute				77,500	77,500
			191,200	282,500	473,700

Grant making	Grant making	(continued)	Paid	Payable
			2022	2022-24	Total
Other
The Parochial	Church Council ofThe Ecclesiastical Parish ofChid		7,000		7,000
The Platinum	Jubilee Pageant Limited		1,197,530		1,197,530
Support Through		Court	5,000		5,000
			1,209,530		1,209,530
			1,949,330	508,500	2,457,830
Grants written	back in the year		71,250		71,250
Total			1,878,080	508,500	2,386,580

5	Analysis of	accruals for grants	payable		2023	2024-25	Total
				Notes
	Accruals for	grants payable made in	the year		408,500	100,000	508,500
	Accruals for	grants payable made in	prior periods		233,000	5,000	238,000
				14,15	641,500	105,000	746,500
	Prior year:				2022	2023-24	Total
	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
6	Governance	costs		Unrestricted	Total Funds	Unrestricted	Total Funds
				Income Fund 2022		Income Fund 2021	2021
	Accountancy	fees		19,629	19,629	33,943	33,943
	Grant administration 4professional		fees	103,363	103,363	106,295	106,295
	Audit fees			12,053	12,053	10,600	10,600
	Subtotal carried forward			135,045	135,045	150,838	150,838


Governance	costs (continued)		Unrestricted	Total Funds	Unrestricted	Total Funds
			Income Fund 2022	2022	Income Fund 2021	2021
Subtotal brought		forward	135,045	135,045	150,838	150,838
Depreciation			947	947
Bank charges			475	475	157	157
Other expenses			8,435	8,435
			144,902	144,902	150,995	150,995

Investment properties	Investment properties			2022	2021
At 01April:
Historical	cost			35,768,343	35,768,343
Revaluation	brought	forward		20,236,657	20,351,657
Fair value				56,005,000	56,120,000
Unrealised	gains on	revaluation	during the year	5,725,000	(115,000)
Fair value	at 31March			61,730,000	56,005,000

Fut	ure minimum	lease receipts due under non-cancellable o	perating leases
The	future minimum	lease receipts are as follows:	2022	2021
	Due not later than one year		2,648,081	2,475,590
	Later than one	year and not later than five years	9,659,945	10,009,299
	Later than five	years	72,988,459	75,287,186
			85,296,485	87,772,075

Listed investments	2022	2021
At 01April:
Opening market value	94,264,101	43,708,724
Additions	92,372,964	99,397,172
Less: disposals	(98,980,473)	(51,934,006)
Gains/Losses on investments	2,893,275	3,092,211
Closing market value	90,549,S66	94,264,101
Historical cost	83,939,938	90,529,486
Revaluation carried forward	6,609,928	3,734,615
	90,549,S66	94,264,101

12	Tangible fixed assets
		Computer	equipment	Total
	Cost:
	As at 31March 2021
	Additions		2,842	2,842
	As at 31March 2022		2,842	2,842
	Depreciation:
	As at 31March 2021
	Charge for the year		947	947
	As at 31March 2022		947	947
	Net book value:
	As at 31March 2021
	As at 31March 2022		1,895	1,895
13	Debtors		2022	2021
	Trade debtors		670,962	192,301
	Other debtors		69,321	102,447
	Prepayments and accrued income		874,098	896,098
			1,614,381	1,190,846


itors: amounts falling due within one year	Note	2022	2021
Accruals for grants payable		641,500	309,250
Trade creditors		28,330	26,205
Other taxation and social security		64,187	60,545
Other accruals		12,000	49,298
Deferred income		532,305	532,305
		1,278,322	977,603
Deferred income reconciliation		2022	2021
Deferred income balance bought forward		532,305	539,783
Income released in the year		(532,305)	(539,783)
Income deferred		532,305	532,305
		532,305	532,305
itors: amounts falling due after more than one year	Note	2022	2021
Accruals for grants payable	5	105,000	230,000


16	Share capital				2022	2021
	Allotted, called up and		fully paid
	3 (2021:3)Ordinary Shares ofKI each
17	Trust funds
	Expendable	Endowment	Fund
	(including the Unrealised		Investment	Gains):
	Balance as at	I April 2021				90,014,595
	Net movement	in funds				8,661,982
	Balance as at	31March 2022				98,676,577

Centenary Fund	Centenary Fund
Balance as at	1 April 2021
Net movement	in funds		3,509,135
Balance as at	31March 2022		3,509,135
Unrestricted	Income Fund:
Balance as at	1 April 2021		81,726,402
Net movement	in funds		(1,953,118)
Balance as at	31March 2022		79,773,284
Prior year:
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	31March 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	31March 2021		81,726,402

			Unrestricted		Expendable	Unrealised
		Share	Income	Centenary	Endowment	Investment	Total
		Capital	Fund	Fund	Fund	Gains	Funds
Fund	balances at 31March
2022	are represented	by:-
	Investments	3	76,644,364	3,509,135	48,072,184	50,604,393	178,830,079
	Current assets		4,512,238				4,512,238
	Liabilities		(1,383,321)				(1,383,321)
	Total net assets	3	79,773,281	3,509,135	48,072,184	50,604,393	181,958,996

Analysis ofnet assets Prior year:	between	funds (continue	d)
		Unrestricted		Expendable	Unrealised
	Share	Income	Centenary	Endowment	Investment	Total
	Capital	Fund	Fund	Fund	Gains	Funds
Fund balances at 31March 2021		are
represented by:-
Investments	3	65,175,353		48,006,338	42,008,257	155,189,951
Current assets		17,758,649				17,758,649
Liabilities		(1,207,603)				(1,207,603)
Total net assets	3	81,726,399		48,006,338	42,008,257	171,740,997

			Paid	Payable
			2021	2021-23	Total
Royal Navy/Royal Marines
Alabare Christian Care and Support			15,000		15,000
The Institute ofMarine Engineering,		Science and Technology	10,000		10,000
Rock 2 Recovery				1,500	1,500
Royal Marines Association - The Royal Marines Charity			15,000		15,000
The Royal Naval Benevolent	Trust		500,000		500,000
The Soldiers, Sailors, Airmen and		Families Association	30,000		30,000
Fleet Air Arm Memorial Church Trust			5,000	10,000	15,000
Operation Christmas Box			10,000		10,000
HMS Audacious Central Fund				20,000	20,000
The Soldiers, Sailors, Airmen	and Families Association		20,000		20,000
HMS Northumberland Central	Fund			1,250	1,250
Royal Marines Association - The Royal Marines Charity				1,500	1,500
Royal Marines Association - The Royal Marines Charity			35,000		35,000
Tom Harrison House			10,000		10,000
			650,000	34,250	684,250
Health
Southampton Hospital Charity	(Robbie's Rehab)		12,500		12,500
Autsim Bedfordshire			5,000		5,000
Elidyr Communities Trust				120,000	120,000
The Mary Hare Foundation				10,000	10,000
Scotts Project Trust			4,500		4,500
Special Educational Needs Families Support Group Limited			5,475		5,475
Tectona Trust			15,000		15,000
The People Hive			5,000		5,000
Treloar Trust			35,000		35,000
Treloar Trust				35,000	35,000
Treloar Trust				35,000	35,000
Treloar Trust			10,000		10,000
			92,475	200,000	292,475

				Paid	Payable
				2021	2021-23	Total
Youth
1st Warsash Sea Scout	Group				10,000	10,000
Kids Out UK					5,000	5,000
Youth and Community	Connexions			10,000		10,000
The Literacy Pirates Limited				25,000		25,000
Cowes Unit 118ofthe	Sea Cadet Corps			5,000		5,000
Llamau Limited				5,000		5,000
Exmouth Unit 395ofthe Sea			Cadet Corps	10,000		10,000
Only Connect UK				2,000		2,000
The Petersham and Ham Sea			Scout Group	25,000		25,000
Tall Ships Youth Trust				30,714		30,714
The Hull C.U. Ltd				2,500		2,500
Redthread Youth Limited				12,000		12,000
The Pod				2,500		2,500
The Roundhouse Trust					100,000	100,000
The Wheels Project Limited				8,000		8,000
UK Youth				100,000		100,000
				237,714	115,000	352,714
Other
Canine Partners for Independence				5,000		5,000
Support Through Court				10,000		10,000
Queen Elizabeth Scholarship			Trust Limited		10,000	10,000
The Felix Project				65,000		65,000
The Greenwich Foundation		for the Old Royal Naval College		250,000		250,000
Limehouse Project Ltd				5,000		5,000
The Prince's Foundation					10,000	10,000
The World's Big Sleep	Out	Trust		2,500		2,500
				337,500	20,000	357,500
Grants written back in the year
Total				1,317,689	369,250	1,686,939