DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**For the year ended 31 March 2023**
**Company number : 01892360**
**Charity registration number : 326840**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **REPORTS AND ACCOUNTS**
**For the year ended 31 March 2023**
## **CONTENTS:**
## **Pages**
- 3 Legal and administrative information 4 - 8 Directors' Report 9 - 11 Independent Auditor's Report 12 Statement of Financial Activities (including an income and expenditure account)
- 13 Balance Sheet 14 Statement of Cash Flows 15 - 31 Notes to the Financial Statements
**Page 2**
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## **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 EC4Y 1BT
## **Solicitors**
## **Auditors**
Edwin Coe LLP Francis Clark LLP 2 Stone Buildings Towngate House, 2-8 Parkstone Road Lincoln's Inn Poole, Dorset, BH15 2PW London, WC2A 3TH
## **Accountants**
Anthony & Co Limited 23 The Drive London, E4 7AJ
## **Investment advisors**
J.M Finn 25 Copthall Ave London, EC2R 7AH
## **Investment advisors**
Schroder & Co. Limited 1 London Wall Place London, EC2Y 5AU
## **Investment advisors**
Veritas Investments Partners 2a Southwark Bridge Road London SE1 9HA
## **Investment advisors**
Whitley Asset Management Ltd 116 Princedale Road London, W11 4NH
## **Property advisors**
Bidwells LLP Bidwells House Trumpington Road Cambridge, CB2 9LD
**Page 3**
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## **THE GOSLING FOUNDATION LIMITED**
## **DIRECTORS' REPORT**
## **For the year ended 31 March 2023**
The Directors are pleased to present their report together with the audited financial statements of the charitable company (“the Charity”) for the year ended 31 March 2023, which also represents the 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 3, 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 15 to 18 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, effective January 2019) (“Charities SORP”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (‘FRS 102’) and the Charity’s governing document. Legal and administrative information set out on page 3 forms part of this report.
## **Objects 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 objects 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 among the 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 objects by awarding grants to a wide range of charitable causes as quantified in note 4 to the financial statements. The Charity aims to distribute grants to those charitable organisations that the Trustees decide are in line with the objects of the Charity. By providing such financial support the Charity seeks to enable other charitable organisations to achieve their objects.
The Trustees confirm that in accordance with Section 17 of the Charities Act 2011, they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objects and in planning their future grant making activities.
**Page 4**
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## **THE GOSLING FOUNDATION LIMITED**
## **DIRECTORS' REPORT (CONTINUED)**
## **For the year ended 31 March 2023**
During the year ended 31 March 2023, the Trustees reviewed applications from various organisations and awarded grants as they collectively considered appropriate. As a result, grant giving in the year totalled £3,491,921 (2022: £2,386,580).
The Trustees committed grants of £3,504,921 (2022: £2,457,830) during the year. Of this amount, £1,528,289 (2022: £1,949,330) was paid during the year and commitments of £1,976,632 (2022: £508,500) were noted for payment in future years. In addition, grants totalling £13,000 (2022: £71,250) were written back in the year as a result of unclaimed or expired commitments. The charitable purposes and details of the various institutions that benefited are detailed in note 4 to the financial statements.
The following table puts the Charity’s grants for the year into broad categories and shows the prior year for comparison. Full details of the grant recipients are set out in note 4 to the financial statements.
**----- Start of picture text -----**
2023 Amount 2023 Number 2022 2022 Number
Category
£ of grants Amount £ of grants
Royal Navy/Royal Marines 841,994 38 534,100 15
Youth 2,134,227 61 238,000 6
Health 158,000 12 473,700 8
Education 370,700 11 2,500 1
Other - - 1,209,530 3
Grants written back in the year (13,000) (4) (71,250) (5)
Total 3,491,921 118 2,386,580 28
**----- End of picture text -----**
During the year, 122 grants (2022: 33) were made in furtherance of the Charity’s objects to 119 beneficiaries (2022: 31) and 4 grants (2022: 5) were written back.
The market value of the Charity’s investment properties decreased by £3,535,000 to £58,195,000 (2022: £61,730,000), which has been shown as an unrealised loss for the year.
At the year end, the value of the listed investment portfolio was £107,162,967 (2022: £90,549,867). In accordance with their accounting policy, the Trustees have recognised the listed investments in the financial statements at fair value. Further additions were made to listed investment portfolios using cash deposits, with total additions for the year being £33,895,409 (2022: £92,372,964). £12,528,505 (2022: £98,980,473) of listed investments were disposed of during the year and total net losses, both realised and unrealised, amounted to £4,753,804 (2022: net gains of £2,893,275) for the year ended 31 March 2023.
As at 31 March 2023, the Charity held treasury cash deposits, classified as investments, of £5,547,850 (2022: £26,548,318).
Overall, investment income increased by £727,875 (2022: increased by £404,876). The Charity received total rental income from its portfolio of investment properties of £2,664,978 (2022: £2,453,590). The Charity also received income from listed investments of £2,450,328 (2022: £1,968,524), interest of £6,027 (2022: £1,905) relating mostly to cash held in deposit accounts and other income of £38,087 (2022: £7,526).
No donations (2022: £Nil) were received during the year.
Costs of raising funds, comprising property management expenses of £110,842 (2022: £79,068) and investment managers fees of £732,234 (2022: £264,978) are detailed in note 3 to the financial statements. Governance costs are included in charitable activities and amounted to £204,267 (2022: £144,902).
**Page 5**
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## **THE GOSLING FOUNDATION LIMITED**
## **DIRECTORS' REPORT (CONTINUED)**
**For the year ended 31 March 2023**
## **Financial review**
The Trustees have concluded that all of the Charity’s current funds should be undesignated. The 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’s funds is appropriate and generates a satisfactory return. The Trustees consider written applications which are consistent with the Charity’s objects as stated above.
The Trustees’ long-term aim is to maintain sufficient levels of investments and funds to generate income to fund future grant making in the order of £3.5m (2022: £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) (“Charities SORP”), the Charity’s financial statements show an Unrestricted Income Fund surplus, which the Trustees have decided to transfer to the Centenary Fund. The Centenary Fund was set up by the Trustees to mark Sir Donald Gosling’s 100th birthday in 2029. One or more large projects will be supported in this year and the Centenary Fund will be used for this purpose.
The Charity is making progress towards this aim having total investment income for the year of £5,159,420 (2022: £4,431,545). 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. The Trustees continue to monitor regularly the value of investments and their financial performance in order to achieve long-term targets. The Charity had a net deficit for the year of £7,535,145 (2022: net surplus £10,217,999) 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 objects of the Charity, please refer to “Progress and achievements” below.
## **Progress and achievements**
The Trustees launched an online Grant Management System accessed via the Foundation’s website (www.thegoslingfoundation.com) through which applicants submit their applications for the Trustees’ consideration. This new system seeks to streamline applications and coherently provide Trustees with information to make their decisions.
The Trustees held an in-person meeting in September 2022 with property and investment managers to discuss their respective performances, determine future investment opportunities and outline their requirements for returns on the Foundation’s investment The funds are now fully invested.
The Trustees continued to make in-person visits to some grant applicants and grantees where the grant is in excess of £100,000. Visits were organised at the Trustees’ discretion and were conducted to further assess a grant application that has been made or to follow up on the progress of an existing grant. Visits made during the year ended 31 March 2023 included Outward Bound (November 2022), The Roundhouse (several visits, including one in August 2022), and Treloar’s (February 2023).
## **Plans for future periods**
The Trustees' aim is to distribute in the order of £3.5m during the year ending 31 March 2024 and to review the progress made by the recipients of previous donations and grants to confirm how the Charity’s grants have been applied or regarding projects that the Charity’s funding has made possible.
The Trustees plan to continue making in-person visits to both prospective and existing grantees where the grant is over £100,000.
**Page 6**
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## **THE GOSLING FOUNDATION LIMITED**
## **DIRECTORS' REPORT (CONTINUED)**
## **For the year ended 31 March 2023**
The Trustees are confident that sufficient income will be generated to enable the Charity to meet its objects.
The Trustees are in the process of amending the Objects of the charity to more accurately reflect their focus areas.
## **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.
Whilst the Trustees are not currently actively seeking new Trustees, they have considered their recruitment, appointment and training and are agreed that any new Trustee would have to be reputable, professional and selected based on their suitability for the role. As and when a new Trustee is appointed, they will be given a full induction, part of which is familiarisation with the Charity’s governing document. 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’s Memorandum and Articles of Association.
The Trustees aim to meet twice a month to administer the affairs of the Charity. The frequency of meetings may change in the future.
## **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 3 of this report.
**Page 7**
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## **THE GOSLING FOUNDATION LIMITED**
## **DIRECTORS' REPORT (CONTINUED)**
## **For the year ended 31 March 2023**
## **Statement of Trustees’ responsibilities**
The Trustees (who are also the directors of The Gosling Foundation Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgments and 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees of the charity on 25 September 2023 and signed on its behalf by:
**Hon Capt Adam Gosling RNR**
## **Trustee**
Date: 25 September 2023
**Page 8**
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## **THE GOSLING FOUNDATION LIMITED 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 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2023 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 charity 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 Charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Opinion 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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustee’s Report has been prepared in accordance with applicable legal requirements.
**Page 9**
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## **THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR’S REPORT**
## **TO THE MEMBERS OF THE GOSLING FOUNDATION LIMITED (CONTINUED)**
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
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.
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:
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.
We discussed with management and trustees how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and
- • regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
**Page 10**
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## **THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR’S REPORT**
## **TO THE MEMBERS OF THE GOSLING FOUNDATION LIMITED (CONTINUED)**
- Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Reviewed Board minutes.
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
- Reviewed estimates and judgements made in the accounts for any indication of bias.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's trustees, 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 charity's 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Daniel Tout FCA (Senior Statutory Auditor)
For and on behalf of Francis Clark LLP , Statutory Auditor
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW
Date:.............................
**Page 11**
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## **THE GOSLING FOUNDATION LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) For the year ended 31 March 2023**
**----- Start of picture text -----**
Unrestricted
Centenary Expendable
Income Total Funds Total Funds
Fund Endowment
Fund 2023 2022
2023 Fund 2023
Notes 2023
£ £ £ £ £
Income:
Investments 2 5,159,420 - - 5,159,420 4,431,545
Total 5,159,420 - - 5,159,420 4,431,545
Expenditure:
Raising funds
Property management costs 3 (110,842) - - (110,842) (79,068)
Investment managers fees 3 (732,234) - - (732,234) (264,978)
Charitable activities
Grant making 4 (3,491,921) - - (3,491,921) (2,386,580)
Governance costs 6 (204,267) - - (204,267) (144,902)
Total (4,539,264) - - (4,539,264) (2,875,528)
Net (losses) / gains on investments
Gain/(losses) on 9 - - (3,535,000) (3,535,000) 5,725,000
investment properties
Gain/(losses) on listed 12 - - (4,625,958) (4,625,958) 2,893,275
investments
Unrealised gains/(losses)
- -
on foreign-exchange on 5,657 5,657 43,707
treasury cash deposits
Total net profit / (losses) on - -
(8,155,301) (8,155,301) 8,661,982
investments
Net income / (expenditure) for
-
the year, being net movement 620,156 (8,155,301) (7,535,145) 10,217,999
in funds
Reconciliation of funds:
Total funds brought forward 17 79,773,284 3,509,135 98,676,577 181,958,996 171,740,997
Transfer between reserves 17 (620,156) 620,156 - - -
Total funds carried forward 17 79,773,284 4,129,291 90,521,276 174,423,851 181,958,996
**----- 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 15 to 29 form part of these financial statements.
**Page 12**
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## **THE GOSLING FOUNDATION LIMITED**
## **BALANCE SHEET**
## **As at 31 March 2023**
|Notes
**FIXED ASSETS:**
Investment properties
9
Listed investments
11
Treasury cash deposits
Tangible fixed assets
12
**CURRENT ASSETS:**
Debtors
13
Cash at bank and in hand
**Net Current Assets**
**Total Assets less Current Liabilities**
**TOTAL NET ASSETS**
**Represented by:-**
Called up share capital
16
Unrestricted Income Fund
17
Centenary Fund
17
Unrealised Investment Gains
18
Expendable Endowment Fund
18
Total Expendable Endowment Fund
**Total funds**
18
15
amounts falling due
within one year
amounts falling due
after one year
**CREDITORS :**
**CREDITORS :**
14|**2023**
**£**
58,195,000
107,162,967
5,547,850
948
1,815,309
4,630,840
**6,446,149**
3
79,773,281
4,129,291
42,741,214
47,780,062
(1,668,063)|**£**
**170,906,765**
**4,778,086**
**175,684,851**
**174,423,851**
79,773,284
4,129,291
90,521,276
**174,423,851**
(1,261,000)|**2022**
**£**
**£**
61,730,000
90,549,867
26,548,318
1,895
**178,830,080**
1,614,381
2,897,857
**4,512,238**
**3,233,916**
**182,063,996**
**181,958,996**
3
79,773,281
79,773,284
3,509,135
3,509,135
50,604,393
48,072,184
98,676,577
**181,958,996**
(105,000)
(1,278,322)|
|---|---|---|---|
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: 25 September 2023
## **Hon Capt Adam Gosling RNR**
## **Trustee**
**Page 13**
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## **THE GOSLING FOUNDATION LIMITED**
## **STATEMENT OF CASH FLOWS**
## **As at 31 March 2023**
**----- Start of picture text -----**
Cash flows from operating activities 2023 2022
£ £
Net movement in funds (7,535,145) 10,217,999
Adjustments for:
Unrealised (gains) / losses on investment properties 3,535,000 (5,725,000)
(Deduct) / add gains/losses on listed investments 4,625,958 (2,893,275)
Decrease / (increase) in treasury cash deposits 21,000,468 (21,627,468)
Add depreciation on tangible fixed assets 947 947
Deduct interest income shown in investing activities below (6,027) (1,905)
Deduct dividend income shown in investing activities below (2,450,328) (1,968,524)
Deduct other investment income shown in
(2,703,065) (2,461,116)
investing activities below
Decrease / (increase) in debtors (200,928) (423,535)
Increase in creditors 1,545,741 175,719
Cash used in operating activities 17,812,621 (24,706,158)
Cash flows from investing activities
Interest income 6,027 1,905
Dividend income 2,450,328 1,968,524
Other investment income 2,703,065 2,461,116
-
Purchase of tangible fixed assets (2,842)
Purchase of listed investments (33,767,563) (92,372,964)
Disposal proceeds of listed investments 12,528,505 98,980,473
Cash provided by investing activities (16,079,638) 11,036,212
Movement in cash and cash equivalents in the year 1,732,983 (13,669,946)
Cash and cash equivalents at the beginning of the year 2,897,857 Note (i) 16,567,803
Total cash and cash equivalents at the end of the year 4,630,840 2,897,857
Notes to the financial statements
Other non-
(i) Analysis of changes in
01-Apr-22 Cash flows Cash 31-Mar-23
net debt
changes
-
Cash at bank and in hand [Note (i)] 2,897,857 1,732,983 4,630,840
Investments: Treasury cash deposits 26,548,318 (21,006,125) 5,657 5,547,850
Total 29,446,175 (19,273,142) 5,657 10,178,690
**----- End of picture text -----**
**Page 14**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 31 March 2023**
## **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 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.
## **b Listed investments**
Dividends and commission are recognised when receivable and represent income received from listed securities.
## **c Interest receivable**
Interest is recognised when receivable by the charity and represents treasury, bank and investment interest.
## **d Other income**
Other income is recognised when receivable by the charity and represents income from insurance rebates and bank compensation.
## **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:
**Page 15**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**For the year ended 31 March 2023**
## **1 Accounting policies (continued)**
## **1.3 Expenditure (continued)**
## **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 Defined contribution pension plan**
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the charity has no further payment obligations.
The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in Other Creditors as a liability on the Balance Sheet. The assets of the plan are held separately from the charity in independently administered funds.
## **1.5 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).
## **1.6 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.
## **1.7 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 16**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**For the year ended 31 March 2023**
## **1 Accounting policies (continued)**
## **1.8 Funds**
The charity maintains an Unrestricted Income Fund, Centenary 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 £2.5 million per annum.
Any funds receivable during the relevant accounting year but not utilised are carried forward as part of the Unrestricted Income Fund.
The Centenary Fund was set up by trustees to mark Sir Donald Gosling’s 100th Birthday in 2029. One or more large projects will be supported in this year and the Centenary Funds will be used for this purpose.
## **1.9 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.
## **1.10 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).
## **1.11 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.
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.
**Page 17**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**For the year ended 31 March 2023**
## **1 Accounting policies (continued)**
## **1.11 Financial Instruments (continued)**
## **a Financial assets (continued)**
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).
## **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.
## **1.12 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.
## **1.13 Valuation of investment property**
The fair value of investment property (note 9) 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.
## **1.14 Tangible fixed assets**
Tangible fixed assets is measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged to the statement of financial activities (including an income and expenditure account) on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. The rate used is:
Computer equipment - over 3 years
**Page 18**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
|**2**
**Investment income**
Rent receivable from UK investment properties
Income from listed investments
Other income
Bank interest receivable (UK)|**Unrestricted**
**Income Fund**
**2023**
**£**
2,664,978
6,027
2,450,328
38,087
5,159,420|**Total Funds**
**2023**
**£**
2,664,978
6,027
2,450,328
38,087
5,159,420|**Unrestricted**
**Income Fund**
**2022**
**£**
2,453,590
1,905
1,968,524
7,526
4,431,545|**Total Funds**
**2022**
**£**
2,453,590
1,905
1,968,524
7,526
4,431,545|
|---|---|---|---|---|
All income from investment properties is generated from operating leases.
|**3**
**Raising funds**
Property expenses
Investment managers fees
Legal & professional fees in
respect of investment properties
Property insurance
Property management costs
Costs of raising funds|**Unrestricted**
**Income Fund**
**2023**
**£**
40,659
-
70,183
110,842
732,234
843,076|**Total Funds**
**2023**
**£**
40,659
0
70,183
110,842
732,234
843,076|**Unrestricted**
**Income Fund**
**2022**
**£**
22,284
3,384
53,400
79,068
264,978
344,046|**Total Funds**
**2022**
**£**
22,284
3,384
53,400
79,068
264,978
344,046|
|---|---|---|---|---|
## **4 Grant making**
The following table analyses the grants into broad categories and by year in which they fall due for payment.
|**Royal Navy/Royal Marines**
Walking with the Wounded
Royal British Legion Industries Ltd
Operation Christmas Box
The Open University
HMS Prince of Wales
HMS Collingwood (Royal Naval Leadership Academy)
HMS Nelson Leisure and Amenities Fund
HMS Nelson Central Fund
Exmouth Unit 395 of the Sea Cadet Corps
Subtotal carried forward|**Paid**
**2023**
**£**
10,000
100,000
25,000
30,000
10,000
10,000
20,000
5,000
6,000
216,000|**Payable**
**2023-24**
**£**
-
150,000
-
150,000
-
-
-
-
-
300,000|**Total**
**£**
10,000
250,000
25,000
180,000
10,000
10,000
20,000
5,000
6,000
516,000|
|---|---|---|---|
**Page 19**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
**----- Start of picture text -----**
4 Grant making (continued)
Paid Payable
2023 2023-24 Total
£ £ £
Royal Navy/Royal Marines (continued)
Subtotal brought forward 216,000 300,000 516,000
Portland Sea Cadets - 50,000 50,000
-
Soldier's, Sailors, Airmen and Families Association 50,000 50,000
-
Northwood Officers Mess (Maritime Operations Centre) 4,000 4,000
-
Reading Unit 280 of the Sea Cadet Corps 6,000 6,000
-
Ballymena Sea Cadets 8,000 8,000
-
Accrington Sea Cadets 15,000 15,000
HMS Diamond Central Fund 25,000 - 25,000
-
HMS Sultan (Eastern Region Football Team) 2,500 2,500
-
Climb 2 Recovery 8,000 8,000
-
Central Amenities Fund HMS DRAKE (Powerlifting) 2,500 2,500
-
Northwood Officers Mess (Ops Team Building) 7,000 7,000
-
White Ensign Association 5,044 5,044
-
Musselburgh Sea Cadet Corps 7,500 7,500
-
The Royal Navy and Royal Marines Children's Fund 9,450 9,450
-
Royal Navy Netball Association 10,000 10,000
HMS Northumberland 10,000 - 10,000
HMS Sultan 5,000 - 5,000
Blackburn Sea Cadets - 7,500 7,500
-
Scarborough Sea Cadets 8,000 8,000
-
47 Commando (Raiding Group) Royal Marines 5,000 5,000
-
HMS Audacious ('Oardacious') - Royal Navy and Royal Marines C 10,000 10,000
HMS Nelson JR's Mess 10,000 - 10,000
-
HMS Enterprise 6,000 6,000
-
Operation Christmas Box 25,000 25,000
Leicester Sea Cadets Unit 211 7,500 - 7,500
Defence Medical Welfare Service 2,000 - 2,000
HMS Sultan 7,500 - 7,500
-
HMNB(P) Field Gun Crew 5,000 5,000
-
Jersey Sea Cadets 7,500 7,500
444,544 397,450 841,994
**----- End of picture text -----**
**Page 20**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**For the year ended 31 March 2023**
**----- Start of picture text -----**
4 Grant making (continued)
Paid Payable
2023 2023-24 Total
£ £ £
Youth
-
The Wheels Project 9,500 9,500
Bolton Lads and Girls Club Limited 12,000 - 12,000
Ellen McArthur Cancer Trust 11,000 - 11,000
-
The Society for Mucopolysaccaride Diseases 25,000 25,000
-
Roald Dahl's Marvellous Children's Charity 12,500 12,500
Chance to Shine Foundation Ltd 12,500 - 12,500
-
The Childhood Trust (The Felix Project) 5,000 5,000
Adventure Under Sail 50,000 - 50,000
-
The Thomas Morley Trust (Disabled Sailors Association) 100,000 100,000
-
Kingston Rowing Club 55,000 55,000
-
4th Thames Ditton Ajax Sea Scouts 20,000 20,000
Action4Youth 20,000 - 20,000
The Duke of Edinburgh's Award 250,000 1,000,000 1,250,000
-
Sir Thomas Lipton Foundation 40,000 40,000
-
Glasgow Watersports 10,000 10,000
-
Spread a Smile 5,000 5,000
The Clement James Centre 5,000 - 5,000
-
Momentum Children's Charity 5,000 5,000
-
Chiddingfold PCC 7,000 7,000
Scene & Heard 6,000 - 6,000
Yes Futures 10,000 - 10,000
-
Only Connect 10,000 10,000
-
Farms for City Children 63,485 63,485
-
Three13 Training and Enterprise Ltd 5,000 5,000
Yorkshire Dales Millennium Trust 5,000 - 5,000
-
Designability Charity Ltd 5,000 5,000
Friends of Fulwell 5,000 - 5,000
School Food Matters 7,000 - 7,000
TechResort CIC 2,500 - 2,500
-
Children's Hospital Pyjamas 5,000 5,000
YMCA - 5,000 5,000
Subtotal carried forward 553,485 1,230,000 1,783,485
**----- End of picture text -----**
**Page 21**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**For the year ended 31 March 2023**
**----- Start of picture text -----**
4 Grant making (continued)
Paid Payable
2023 2023-24 Total
£ £ £
Youth (continued)
Subtotal brought forward 553,485 1,230,000 1,783,485
National Star Foundation 10,000 - 10,000
The Willow Trust 5,000 - 5,000
-
Westminster Boating Base 10,000 10,000
-
Tewkesbury Scout District 5,000 5,000
Positive Role Models CIC - 7,000 7,000
-
The Felix Project 5,000 5,000
-
Chadsgrove Educational Trust 7,000 7,000
-
Starlight Foundation 10,000 10,000
The Island Trust Limited 10,000 - 10,000
-
Discovery Sailing Project 5,000 5,000
Ballet Lorent - 5,000 5,000
-
Doorstep Library 10,000 10,000
-
Heswall Disabled Children's Holiday Fund 7,500 7,500
Outward Bound 100,000 - 100,000
-
The Kensington & Chelsea Foundation 15,000 15,000
-
Kangaroos Mid Sussex 5,000 5,000
-
1st Newry Scouts 7,500 7,500
-
Humberside County Scouts 7,000 7,000
The Harrow Club 15,000 - 15,000
-
Leeds Children's Charity 5,000 5,000
Whizz-Kidz 10,000 - 10,000
-
Kingston Rowing Club (Canbury Boathouse/Balcony) 10,000 10,000
Barnes Children's Literature Festival - 6,182 6,182
-
The Cirdan Sailing Trust 10,000 10,000
Over the Wall - 15,000 15,000
-
Douglas Bader Foundation 5,000 5,000
-
Vibe Community Ltd 6,000 6,000
Incredible Kids Ltd - 12,500 12,500
-
Capital Kids Cricket 10,000 10,000
-
Heropreneurs 15,060 15,060
805,045 1,329,182 2,134,227
**----- End of picture text -----**
**Page 22**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
**----- Start of picture text -----**
4 Grant making (continued) Paid Payable
2023 2023-24 Total
£ £ £
Health
-
St Johns Ambulance Cymru 50,000 50,000
St John & Red Cross Defence Medical Welfare Service 9,000 - 9,000
Horatio's Garden 10,000 - 10,000
-
The Royal Star and Garter Homes 25,000 25,000
-
Age Well East Ltd 5,500 5,500
Bowel Cancer UK 5,000 - 5,000
Interest Link Borders 6,000 - 6,000
-
Walsall Society for the Blind 7,500 7,500
-
Charlie House (Grampian Children’s Respite Care) 15,000 15,000
-
London Wheelchair Rugby Club 5,000 5,000
Allsorts Gloucestershire 10,000 - 10,000
Disable the Label C.I.C. - 10,000 10,000
58,000 100,000 158,000
Education
-
The Magic Future Foundation 15,000 15,000
The Old Vic Theatre Trust 2000 100,000 100,000 200,000
Skylarks Charity 10,000 20,000 30,000
Little Gate Farm 20,000 - 20,000
-
The Talent Tap 30,000 30,000
-
Magic Breakfast 25,000 25,000
-
Yellow Submarine Holidays 10,000 10,000
-
Side by Side (Children) Limited 5,000 5,000
School of Hard Knocks 10,000 - 10,000
The Kinetic Science Foundation 10,700 - 10,700
-
School Home Support 15,000 15,000
220,700 150,000 370,700
1,528,289 1,976,632 3,504,921
**----- End of picture text -----**
**Page 23**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
|**4**
**Grant making (continued)**
Grants written back in the year
**Total**|**Paid**
**2023**
**£**
(13,000)
**1,515,289**|**Payable**
**2023-24**
**£**
-
**1,976,632**|**Total**
**£**
(13,000)
**3,491,921**|
|---|---|---|---|
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.
|**5**
**Analysis of accruals for grants payable**
**Notes**
Accruals for grants payable made in the year
Accruals for grants payable made in prior periods
**14, 15**
**Prior year:**
Accruals for grants payable made in the year
Accruals for grants payable made in prior periods
**14, 15**
**6**
**Governance costs**
**Unrestricted**
**Income Fund**
**2023**
**£**
Accountancy fees
19,548
Grant administration & professional fees
104,815
Audit fees
10,587
Depreciation
947
Bank charges
210
Other expenses
68,160
Subtotal carried forward
204,267|**2023**
**£**
721,632
153,750
**875,382**
**2023**
**£**
408,500
233,000
**641,500**
**Total Funds**
**2023**
**£**
19,548
104,815
10,587
947
210
68,160
204,267|**2024-25**
**£**
1,255,000
6,000
**1,261,000**
**2024-25**
**£**
100,000
5,000
**105,000**
**Unrestricted**
**Income Fund**
**2022**
**£**
19,629
103,363
12,053
947
475
8,435
144,902|**Total**
**£**
1,976,632
159,750
**2,136,382**
**Total**
**£**
508,500
238,000
**746,500**
**Total Funds**
**2022**
**£**
19,629
103,363
12,053
947
475
8,435
144,902|
|---|---|---|---|
## **7 Trustees’ remuneration and trustees’ benefits**
No Trustees received any remuneration or had any expenses reimbursed for their services during the current or prior year.
**Page 24**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
|**8**
**Staff costs and employees**
Wages and salaries
Cost of defined contribution scheme|**2023**
**£**
30,555
423
**30,978**|**2022**
**£**
-
-
**-**|
|---|---|---|
The average monthly number of employees, including Trustees, during the year was 4 (2022 - 3).
|**9**
**Investment properties**
At 01 April:
Historical cost
Revaluation brought forward
Fair value
Unrealised gains on revaluation during the year
Fair value at 31 March|**2023**
**£**
35,768,343
25,961,657
61,730,000
(3,535,000)
**58,195,000**|**2022**
**£**
35,768,343
20,236,657
56,005,000
5,725,000
**61,730,000**|
|---|---|---|
The investment properties were revalued at 31 March 2023 by Peck Property Consultants, 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 2023. 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.
## **10 Future minimum lease receipts due under non-cancellable operating leases**
The future minimum lease receipts are as follows:
|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
**11**
**Listed investments**
**At 01 April:**
Opening market value
Additions
Less: disposals
Gains/Losses on investments
**Closing market value**|**2023**
**£**
2,523,889
11,494,275
89,889,901
**103,908,065**
**2023**
**£**
90,549,867
33,895,409
(12,528,505)
(4,753,804)
**107,162,967**|**2022**
**£**
2,648,081
9,659,945
72,988,459
**85,296,485**
**2022**
**£**
94,264,101
92,372,964
(98,980,473)
2,893,275
**90,549,867**|
|---|---|---|
**Page 25**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
|**11**
**Listed investments (continued)**
Historical cost
Revaluation carried forward|**2023**
**2022**
**£**
**£**
105,306,842
83,939,938
1,856,125
6,609,929
**107,162,967**
**90,549,867**|
|---|---|
Realised and unrealised gains and losses on listed investments are allocated to the Expendable Endowment Fund in both the current and prior year.
## **12 Tangible fixed assets**
|**Computer equipment**
**£**
**Cost:**
As at 31 March 2022
2,842
Additions
-
As at 31 March 2023
2,842
**Depreciation:**
As at 31 March 2022
947
Charge for the year
947
As at 31 March 2023
1,894
**Net book value:**
As at 31 March 2022
1,895
As at 31 March 2023
**948**
**13**
**Debtors**
**2023**
**£**
Trade debtors
723,927
Other debtors
59,750
Prepayments and accrued income
1,031,632
**1,815,309**|**Total**
**£**
2,842
-
2,842
947
947
1,894
1,895
**948**
**2022**
**£**
670,962
69,321
874,098
**1,614,381**|
|---|---|
Financial assets that are debt instruments measured at amortised cost comprise debtors and accrued income and amounted to £1,737,058 (2022: £1,614,381).
|**14**
**Creditors: amounts falling due within one year**
**Note**
Accruals for grants payable
5
Trade creditors
Subtotal carried forward|**2023**
**£**
875,382
32,070
907,452|**2022**
**£**
641,500
28,330
669,830|
|---|---|---|
**Page 26**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
**----- Start of picture text -----**
14 Creditors: amounts falling due within one year (continued Note 2023 2022
£ £
Subtotal brought forward 907,452 669,830
Other creditors 406 -
Taxation and social security 81,110 64,187
Other accruals 121,566 12,000
Deferred income 557,529 532,305
1,668,063 1,278,322
Deferred income reconciliation 2023 2022
£ £
Deferred income balance bought forward 532,305 532,305
Income released in the year (532,305) (532,305)
Income deferred 557,529 532,305
557,529 532,305
15 Creditors: amounts falling due after more than one year Note 2023 2022
£ £
Accruals for grants payable 5 1,261,000 105,000
Financial liabilities measured at amortised cost comprise accruals for grants payable and accruals excluding the
audit fee accrual amounted to £2,162,452 (2022: £774,830).
16 Share capital 2023 2022
£ £
Allotted, called up and fully paid
3 (2022: 3) Ordinary Shares of £1 each 3 3
17 Trust funds
£
Expendable Endowment Fund
(including the Unrealised Investment Gains):
Balance as at 1 April 2022 98,676,577
Net movement in funds (8,155,301)
Balance as at 31 March 2023 90,521,276
Centenary Fund:
Balance as at 1 April 2022 3,509,135
Net movement in funds 620,156
Balance as at 31 March 2023 4,129,291
**----- End of picture text -----**
**Page 27**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
|**17**
**Trust funds (continued)**
**Unrestricted Income Fund:**
Balance as at 1 April 2022
Net movement in funds
Balance as at 31 March 2023
**Prior year:**
**Expendable Endowment Fund**
(including the Unrealised Investment Gains):
Balance as at 1 April 2021
Net movement in funds
Balance as at 31 March 2022
**Centenary Fund:**
Balance as at 1 April 2021
Net movement in funds
Balance as at 31 March 2022
**Unrestricted Income Fund:**
Balance as at 1 April 2021
Net movement in funds
Balance as at 31 March 2022|**£**
79,773,284
-
**79,773,284**
90,014,595
8,661,982
**98,676,577**
-
3,509,135
**3,509,135**
81,726,402
(1,953,118)
**79,773,284**|
|---|---|
## **18 Analysis of net assets between funds**
|**Unrestricted**
**Share**
**Income**
**Capital**
**Fund**
**£**
**£**
Fund balances at 31 March
2023 are represented by:-
Investments
3
76,256,195
Current assets
-
6,446,149
Liabilities
-
(2,929,063)
**Total net assets**
**3**
**79,773,281**|**Centenary**
**Fund**
**£**
4,129,291
-
-
**4,129,291**|**Expendable**
**Endowment**
**Fund**
**£**
47,780,062
-
-
**47,780,062**|**Unrealised**
**Investment**
**Gains**
**£**
42,741,214
-
-
**42,741,214**|**Total**
**Funds**
**£**
170,906,765
6,446,149
(2,929,063)
**174,423,851**|
|---|---|---|---|---|
**Page 28**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**For the year ended 31 March 2023**
## **18 Analysis of net assets between funds (continued)**
## **Prior year:**
|**Unrestricted**
**Share**
**Income**
**Capital**
**Fund**
**£**
**£**
Fund balances at 31 March 2022 are
represented by:-
Investments
3
76,644,364
Current assets
-
4,512,238
Liabilities
-
(1,383,321)
**Total net assets**
**3**
**79,773,281**|**Centenary**
**Fund**
**£**
3,509,135
-
-
**3,509,135**|**Expendable**
**Endowment**
**Fund**
**£**
48,072,184
-
-
**48,072,184**|**Unrealised**
**Investment**
**Gains**
**£**
50,604,393
-
-
**50,604,393**|**Total**
**Funds**
**£**
178,830,079
4,512,238
(1,383,321)
**181,958,996**|
|---|---|---|---|---|
## **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 £5,044 (2022: £155,000) to The White Ensign Association Limited, a charity where Hon Capt Adam Gosling is a Trustee. At the balance sheet date, the balance due to The White Ensign Association was £50,000 (2022: £100,000).
**Page 29**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
## **Appendix - Comparatives for Grant making year ended 31 March 2022**
The following table analyses the grants into broad categories and by year in which they fall due for payment.
|**Paid**
**2022**
**£**
**Education**
Windsor Leadership Trust
-
-
**Royal Navy/Royal Marines**
The Submariner Memorial Appeal
125,000
Felix Fund - The Bomb Disposal Charity
-
HMS Northumberland Central Fund
-
Operation Christmas Box
25,000
The Institute of Marine Engineering, Science and Technology
10,000
The White Ensign Association Limited
5,000
The Soldiers, Sailors, Airmen and Families Association - Forces H
50,000
The British Maritime Charitable Foundation
6,000
The White Ensign Association Limited
50,000
HMS Heron Central Amenities Fund
30,000
Northwood Officers' Mess
600
The Royal Navy and Royal Marines Charity
-
Veterans Outreach Support
6,500
The Britannia Association
-
HMS Temeraire Central Amenities Fund
2,500
**310,600**
**Youth**
The Literacy Pirates Limited
15,000
UK Sailing Academy
100,000
Hull Sea Cadets
3,000
1851 Marine Trust
60,000
Greenhouse Sports Limited
10,000
Future Frontiers
50,000
**238,000**|**Payable**
**2022-24**
**£**
2,500
2,500
-
6,000
5,000
-
-
-
-
-
100,000
-
-
10,000
-
100,000
2,500
**223,500**
-
-
-
-
-
-
**-**|**Total**
**£**
2,500
2,500
125,000
6,000
5,000
25,000
10,000
5,000
50,000
6,000
150,000
30,000
600
10,000
6,500
100,000
5,000
**534,100**
15,000
100,000
3,000
60,000
10,000
50,000
**238,000**|
|---|---|---|
**Page 30**
DocuSign Envelope ID: 50C56FF5-3F16-45DB-9CE8-14BBEE5141A4
## **THE GOSLING FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **For the year ended 31 March 2023**
**----- Start of picture text -----**
Paid Payable
2021 2021-23 Total
£ £ £
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
Other
The Parochial Church Council of The Ecclesiastical Parish of Chid 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
-
Grants written back in the year (71,250) (71,250)
Total 1,878,080 508,500 2,386,580
**----- End of picture text -----**
**Page 31**