Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED ANIYUAL REPORT AND FINAIYCIAL STATEMENTS For the year ended 31 March 2024 Company number: 01892360 Charity registration number: 326840
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED REPORTS AND ACCOUNTS For the year ended 31 March 2024 CONTENTS: Pages Legal and administrative information Directors, Report 9- 11 Independent Auditorfs Report 12 Statement of Financial Activities (including an iJ)come andexF¢ndiwr¢accounil 13 Balance Sheet 14 Statement of Cash Flows 15-32 Notes to the Financial Statements Page 2
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED LEGAL AND ADMINISTIUTIVE ItYFORMATION 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 The Studio Correspondence Address: The Studio 2A Kempson Road London 2A Kempson Road London SW6 4PU SW6 4PU Bankers C Hoare & Co., 37 Fleet StreeL London, EC4Y I BT CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, MEI 9 4JQ Solicitors Edwin Coe LLP, Lincolns Inn, 2 Stone Buildings, London, WC2A 3TH Auditors Francis Clark LLP, Towngate House, 2-8 Parkstone Road, DorseL BH15 2PW Accountants Anthony & Co Limited, 23 The Drive, London, E4 7AJ Property advisors Bidwells LLP, Bidwell House, Trumpington Road, Cambridge, CB2 9LD Investment advisors J.M Finn, 25 Copthall Avenue, London, EC2R 7AH Swiss Life Asset Managers UK Litnited, 55 Wells Street. London, WIT 3PT Schroder & Co. Limited, l London Wall Place, London, EC2Y SAU Meridiem Investment Managemen Limited, Riverside House, 2a Southwark Bridge Road, London, SE191 Whitley Asset Management Ltd, 116 Princedale Road, London, W I14NH Page 3
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED DIRECTORS, REPORT For the year ended 31 March 2024 The Directors are pleased to present their report togeiher with ihe audited financial statements of the charitable company ("the Charity") for the year ended 31 March 2024, which also represents the Trustees, report, which is required to be prepared by Part 8 of the Charilies Act 2011. The Directors of the Charity are ils Trustees for the purpose of Charity law, as set out on page 3: and throughout the financial statements are collec(ively 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 201 I, the Companies Act 2006 (Charitable Companies), Accounting and Reporting by Chariiies: Statement of Recommeiided Practice Applicable to Charities Preparing their accounls in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) (2nd Edition: effective January 2019) ("Charities SORP") and the Charity's governing documeni. Legal and administraiive inforn)a(ion sei out on page 3 forn]s part of this report. Objects and activities for the public benefit The Gosling Foundation wa5 incorporated on 05 March 1985 and registered as a Charitv on 07 March 1985. The objects of the Charity, a5 dictated by the Memorandum of Association, are to carry Out any or all of the followin namely.. The prevention or relief of poverty among the inhabithnts 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 purpose5 beneficial to such olthe communities of the United Kingdom a5 the Charity may think fit. and To make grants to such associations, trusts, societies OT COTPOTations as are established for charitable purposes. The Trustees regularly review the grant-making policies of the Charity, which currently are= The Trustee5 will consider applications for grants which are in accordance with the stated object5 of the Charity. 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 oui its objects by awarding grants to a w'ide range of charitable causes as quantified in note 4 to the financial statements. The Charity aims to disiribuie grants io those charithble organisaiions 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 Twstees confimi that in accordance with Seciion 17 of the Charities Act 2011, the), have referred to the Charity Commission's general guidance on public benefit when reviewing the Charitv's aims and objects and in planning their future grant-making activities. Page 4
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED DIRECTORS, REPORT (COINTINUED) For the year ended 31 March 2024 During the year ended 31 March 2024, the Trustees reviewed applications from various organisations and awarded grants as they collectively considered appropriate. As a resulL grant-giving in the year totalled £3,082,973 (2023.. £3,491,921). The Trustees committed grants of £3,107:973 (202J £J,504,9?1) during the year. Of this arnounL £1,872,500 (2023.. £1,528,289) was paid during the vear and commitments of £1 ?)5.473 (2023.. £1,976.632) There noted for paiThent in future years. In addition, grants totalling £25.000 (20?" £ l J,000) 'ere TItten 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. Category 2024 Amount 2024 Number of grants 2023 An]ount 2023 Number of grants Royal Nay/RoYal Marines Youth 6J2.130 57 841,994 38 1,978.J63 108 2,134,227 61 Health 158,000 12 Education 364.980 24 370.700 Other 132.500 Grants written back in the year Total (25,000) (i) (lJ,000} {4) 3,082,973 199 3,491,921 118 During the year, 199 grants (20?3- 122) were made in furtherance olthe Charity's object5 to 185 beneficiaries {2023- 119) and I grant (2023: 4) were WTitten back. The market value of the Charity s investment properties decreased by £8,590.000 to £49,605,000 (202J.' £58,195,000), on account of the sale of Fusion House during the year as well as an unrealised loss for the year. At the year end, the value of the listed investment portfolio wa5 £105.893.950 {2023.. £107,162,967). In accordance 'ith their accounting policy, the Trustees have recouni5ed the listed investments in the financial 5tatement5 at fair value. Further additions were made to listed investment portfolios using cash deposits, with total addition5 for the year being £20,171,479 (2023.. £33,895:409). £32,683,555 (2023= £12,528,505) of listed investments were di5P05ed of during the year and total net gain5, both realised and unrealised, amounted to £11,243,059 (2023- net losses of £4,753,804) for the year ended 31 March 2024. As at 31 March 2024, the Charity held treasury cash deposits: cla55ified as investments, of £15,280,629 (2023: £5,547,850). Overall, investment incorne decreased by £415.804 (2023= increased by £727,875). The Charity received total rental income from its portfolio of investment properties of £2,114.J98 (2023= £2,6fv1,978). The Charity also received income from listed investments of £2,315,274 (2023-. £2,450.328). interest of £283.fv18 (2023= £6,027) relating mostly to cash held in deposit accounts and other income of £30.296 (202)= £38.087). No donations (2023= £Nil) were received during the year. Costs of raisino funds. comprising property managemenl expenses of £1 01.691 (2023.. £110.842} and investmenl managers, fees of £625,05612023: £732,234) are dethiled in note 4 to the financial statements. Governance costs are included in charitable activities and amounted to £116.71012023: £204.2671. Page S
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED DIRECTORS, REPORT (COINTINUED) For the year ended 31 March 2024 Financial review The Trustees have concluded that all olthe Charity's current funds should be undesignated. The Trustees anticipate that the current funds will be suificient to meet its cuent and foreseeable obligations. The Twstees meet regularlv to ensure that Su1¢ient funds are held by the Charitv and to review the progress made by the recipients of previous donaiions and grants. At these meetings. the Trustees also consider whether the investment of the Charity's funds is appropriate and generates a satisfaciory return. The Trustees, long-terni aim is to mainthin S1¢ient levels of invesiments and funds to generate income to fund future grant-making in the order of £3.5m (2023= £3.5m) per annum in perpetuity. In order to achieve ihis larget, and to comply with Charities SORP. the Charil! s financial statements show an Unrestricted Income Fund surplus, ,hICh the Trusiees have decided io transfer io the Centenary, Fund. The Centenary Fund was set up b), the Trustees to mark Sir Donald Gosling s l Ooth 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 progres5 towards this aim having total investment income for the year of £4,743:616 (2023- £5,159,420). The Trustee5 consider the risks associated M'ith the assets in which funds are held and aim to maintain an appropriate tnix of assets in order to reali5e the lonu.term aim. The Trustees continue to monitor regularlv the value of investments and their financial performance in order to achieve long-terni targets. The Charity had a net surplu5 for the year of £13,003:267 (2023.. net deficit £7,535,145) after net gain(lOs5eS). 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 lime 10 time be expedient. To see how expenditure meets objects of the Charity, please refer to "Progress and achievemenis beloiv. Progress and achievements The Trustees and staff launched an online Grant Management System accessed via the FouT]dation's M-.ebsite (www'.thegoslingfoundation.com) through which applicants 5ubtnit their applications for the Trustees consideration. This new s)'stem seeks to streamline application5 and coherently provide Trustees '1th infornlation to make their decisions. During the year ended 31 March 2024. the Trustees and staff held aTJ in-person meeting '1th property and investment managers to discuss their respeciive perfornian¢es. deterniine fulure invesimeni opportunities and outline their requiremenis for retums on the Foundaiion's investmeni. The funds are noH." fully invested. The Trustees and staff continued to make in-person visits io some grant applicants and grantees where the grant is in excess of £ 100.000. Visiis were organised at the Trustees. discretion and were conducied to further assess a grant application that has been made or to folloM' up on the progress of an existing grant. Visits made duriTJg the year ended 31 March 2024 included OUt.ard Boun(L The Roundhouse, and Treloar s. Plans for future periods The Tru5tees' aim is to distribute in the order of £3.5m during the year ending 31 March 2025 and to review the progress made by the recipients of previous donatiOTJS and grants to confirm how the Charity's grants have been applied or regarding projects that the Charity's tundiTJg has made possible. The Trustees and staff plan to conlinue making in-person visits to both prospective and existing grantees where the grant is over £1 00,000. The Trustees are confident that 5u(ficient income will be generdted to enable the Charitv to meet its object5. Page 6
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED DIRECTORS, REPORT (COINTINUED) For the year ended 31 March 2024 The Trustees continue to review the Charity's objects to ensure that they reflect their focus areas more accurately. Structure? governance and management The Gosling Foundation Limited is a company limited by shares and a registered Charity governed by it5 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 lo fill a vacanc}, or as an additional Trustee. Subject to Article 31, a Trusiee may be appointed undeT ihe Memorandum and Articles of Association to hold office for life or any other period or upon such ternis in respeci of their reiirement as the Trustees shall at the time of their appointment deterniine. Whilst the Trustees are not currently actively seeking new Trustees, they have considered their recruitment, appointment and training and have agreed that any new Trustee M'ould have to be reputable. professional and selected based on their suitability for ihe role. As and when a new Twstee is appoinied, Ihey .11] be given a full induction, part of M,hich is familiarisation with the Charity's governints 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 once 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 oiher cosls. The Charity holds a mixed portfolio of investments and the Trustees have established a system lo 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 cashflow risk from holding its investments is therefore considered limited. Reference and administrative information The Reference and Administrative infonnation, as well as the Trustees who served during the year, are shown on page 3 of this report. Page 7
DocusvJn Envelope ID: 30328830-E75H5114CD&0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED DIRECTORS, REPORT (coiYfiNUED) For the year ended 31 March 2024 ststement of Trustees, responsibilities The Trustees (who also the director5 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 Generdlly 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 ststements 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 resowces, including its income and expenditure, for that period. In preparing these fu)ancial 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 followe subject to ally material departures disclosed and explained in the financial statements" and Prepare the fmancial statements on the going concern b&sis Unless it is inappropriate to presume tbat the charitsble company will continue to operdte. 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 accurdcy at any time the fmancial position ofthe charitable company and enable them to ensure that the fllmncial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charitable company and hence for taking re&sonable steps for the prevention and detection offraud and other irregularities. Approved by the Trustees ofthe charity on 07 October 2024 and signed on its behalfby: Do(Signed by.. 6A3840A82FA741C... Hon Capt Adam Gosling RNR Trustee Date: 07 October 2024 Page 8
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOSLING FOUNDATION LIMITED Opinion We have audited the finanal ststements of The Gosling Foundation Limited (the 'charity') for the year ended 31 March 2024, which comprise the Stalement of Financial Activities. Balance Sheel, Stalement of Cash Flows, and Notes to the Financial Statements, including a sumrnary 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 Stsndard applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally Accepted Accounling Practi). In our opinion the financial statements.. give a true and fair view of the state of the chariws affairs as at 31 March 2024 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 Practi,. and have been prepared in accordance wilh Ihe requirements of the Companies Act 2006. Basis for opinion We conducted our audil in accordan wilh International Standards on Auditing (UK) (ISAS {UK}) and applicable law. Our responsibililies under Ihose slandards are further described in the Audilorfs responsibililies for Ihe 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, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned. we have not identified any material UnrtaIntieS 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 ststements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other inforniation The Irustees are responsible for the other information. The other information comprises the infomiation included in the annual report, other than the financial statements and our audilorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and, eXpt 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 othetwise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstatemenls. we are required to detemine whether Ihere is a material misstatemenl in the financial statements or a material misstatement of the other information. If. based on the work we have performed. we condude that there is a material misstatement of this other information, V 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 accordan applicable legal requirements. Page 9
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 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 rnisstatements 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 retums adequate for our audit have nol been received from branches not visiled by us- or the financial slatements are nol in agreement wth the accounting records and retums,. or certain disclosures of truslees. remuneralion 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 81, 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 detemiine is necessary to enable the preparation of financial statements that are free from material misslatement. whether due lo 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 lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a malerial misstalement when it exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularilies, including fraud, are instances of non-complian wth 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 ofthe 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 Ihis, we reviewed the Charity's website for an indication of any regulations in place and discussed these wth the relevanl 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 managemenl and trustees how the Complian with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring Ihat the Charity complies with laws and regulations and deals wth reporting any issues if Ihey arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Chariws ability to continue trading and the risk of material misstalement to the accounts. Based on this understsnding we designed our audit procedures to identify non-complian with such laws and regulalions. Our procedures involved the following.. Enquiries of management and trustees regarding their knowledge of any non-complian 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 inStanS. allegations or suspicions of fraud. Page 10
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOSLING FOUNDATION LIMITED (CONTINUED) Reviewed filings with the Charity Comrnission 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 cosls in respect of non- complian. Reviewed Board minutes. Audiled the risk of management override of controls, including through lesting joumal 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 legUlarl11es, induding those leading to a material misstatement in Ihe financial statements. This risk increases the further removed non-compliance wilh laws and regulalions is from the events and transactions reflected in the financial statements as we are less likely to become aware of InStanS of non-compliance. The risk of not detecling 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 descriplion of our responsibilities is available on the Finanaal Reporting Council's websile at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo Ihe charitable companrfs truslees. as a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so thatwe might state to the charity's trustees those matters we are required to state to them in an auditorfs 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, forlhis report, or forlhe opinions we have fonned. ci 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.. 29 October 2024 Page 11
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED STATEMENT OF FIINANCIAL ACTIVITIES (INCLUDING AN IINCOME AND EXPENDITURE ACCOUNT) For the year ended 31 March 2024 Unrestricted Income Fund 2024 Centenarv Fund 2024 Expendable EndoiTrmenl Fund 2024 Tolal Funds 2024 Total Funds 2023 Notes Income: Investments 4,743.616 4,743,616 5,159,420 Total 4,743,616 4,743,616 5,159,420 Expenditure: Raising funds Property management costs Investment managers fees Charitable activities {101,691) (101,691) (110,842) {625,056) (625,056) (732,234) Grant making Governance costs (3,082.973) {3,082,973) (3,491,921) (116,710) (116.710) (204,267) Total (3,926,430) (3,926,430) (4,539,264) Net (losses) / gains on investments Gainl(1055es) on investment properties (3,755,112) (3,755,112) (3,535,000) Gainl(losses) on listed investments 12 11,236,430 11,236,430 (4,625,958) Unrealised gainsl(losses) on foreign-exchange on treasury cash deposits Total net profit l {losses) on investments (30.487) (30,487) 5,657 7.450,831 7,450,831 (8,155,301) Net income l (expenditure) for the year, being net movement in funds 817,186 7,450,831 8,268,017 (7,535,145) Reeoneiliation of funds: Total funds brought forward Transfer between reserves 17 79.773,284 4.129.291 90,521,276 174,423,851 181,958,996 17 {817,186) 817.186 Total funds earried fonvard 17 79,773284 4,946,477 97.972,107 182,691,868 174,423,851 The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure are derived from continuing activi(ies. The accompanying accounting policies and notes on pages 15 to 32 fonn part of these fmancial statements. Page 12
DocusvJn Envelope ID: 30328830-E75H5114CD&0214A3F9BOE2 THE GOSLING FOUNDATIOIY LIMITED BALANCE SHEET As at 31 March 2024 2024 2023 Notes FIXED ASSETS: Investment properties Listed investtnents Treasury cash deposits Tangible red &ssets 49.605.000 105.893.950 15,280,629 58.195.000 107,162.967 5,547,850 948 12 170,779,579 170,906,765 CURRENT ASSETS: Debtors Cash at bank and in hand 13 1,578.995 13.473.044 15,052,039 1,815.309 4,630.840 6,44Q149 CREDITORS . amounts falling due within one year 14 (2.064,750) (1,668,063) Net Current Assets 12,987289 4,778,086 Total Assets less Current Liabilities 183,766,868 175,684,851 CREDITORS . amounts falling due after one year 15 (1.075.000) (1.261.000) TOTAL NET ASSETS 182,691,868 174,423,851 Represented by:_ Called up share capital Unrestricted Income Fund 16 17 79,773,281 79,773,284 79,773,281 79,773,284 Centenary Fund 17 4,946,477 4,946,477 4,129,291 4,129,291 Unrealised Investment Gains Expendable Endowment Fund Total Expendable Endowment Fund 18 18 53,706,826 44,265,281 42,741,214 47,780,062 97,972,107 90,521,276 Total funds 18 182,691,868 174,423,851 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 fllwicial statements were approved and authorised for i&sue by the board of Trustees on: 07 October 2024 Docu51gDed by= Holl Capt Adam Gosling RNR Trustee Page 13
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED STATEMENT OF CASH FLOWS As at 31 March 2024 Cash flows from operating activities 2024 2023 Net movement in funds 8,268,017 (7,535,145) Adjustments for: (Deduct} l add gainsllosses on investment properties 3,755,112 3,535,000 (Deduct} / add gains/loss¢s on listed investments (11,2J6.430) 4,625,958 Decrease / (increase) in treasury cash d¢wsits (9.732.779) 21.000,468 Add depreciation on tangible fixed assets 948 947 Deduct interest income shown in investing activities below (283.648) (6.027) Deduct dividend income shown in investing activities below Deduct other investment income shown in investing activities below Decrease l (increase) in debtors (2,315,274) (2,450,328) (2.144.694) (2,703.065) 236,314 (200,928) Increase in creditors 210,687 ,545,741 Cash used in operating activities (13241,747) 17,812,621 Cash flows from investing activities Interest income 283,648 6,027 Dividend income 2.315,274 2,450,328 Other investment income 2.144,694 2.703,065 Purchase of listed investments (20.178.108) (33,767,563) Disposal proceeds of listed investments 32,683,555 12,528,505 Disposal proceeds of investment properties 4.834.888 Cash provided by investing activities 22,083,951 (16,079,638) Movement in cash and cash equivalents in the year 8,842,204 1,732,983 Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year 4.630,840 Note (i) 13,473,044 2,897,857 4,630,840 Notes to the financial statements (i) Analysis of changes in net debt Olher non- Cash changes 01-Apr-23 Cash flows 31-Mar-24 Cash at bank and in hand tNote (])] Investments: Treasury cash desIts Total 4,6)0.840 5.547.850 10,178,690 8,842,204 9.763,266 18,605,470 13,473,044 15,280.629 28,753,673 (30,487) (30,487) Page 14
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS For the year ended 31 March 2024 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 enlity. The address of registered office is 2J The Drive, London E4 7AJ. The financial Statements are prepared under the historical c05t convention and in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice Applicable to Charitie5 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 SOiiP"').. the Companies Act 2006, the Charities Act 201 l and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). .2 Income Income is recognised when the charity has entitlement to the funds. on the following basis: 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 renta15 are recognised in the statement of financial activities (including an income and expenditure account) on a straI1t line basis over the lease term. Where rental income is structured to increase in line V4'ith 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 tran51tion to FRS 102, which allow5 lease incentives on leases entered into before the date of transition to the standard on l April 2014, to continue to be charged over the period to the first market rent review, rather than the terni of the lease. Rental income is recognised on a straioht line basis over the lease terni, where leases were entered into after the FRS 102 transition dale on l April 2014. Listed investments Dividends and commission are recognised when receivable and represent income received from listed securities. Interest receivable Interest is recognised when receivable by the charity and represents treasury, bank and investment interest. 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 pa)Thent 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 IS
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMEIYTS {CONTINUED) For the year ended 31 March 2024 Accounting policies (continued) 1.3 Expenditure (continued) 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 a approved and the decision is notified to the recipient irrespective of the period covered by the grnni. Grants awarded but not >'et paid are recorded as grant commitments in the balance sheet. Any condilional grants are not provided for until the Trustees are satisfied thai ihe conditions or grani temis 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). Governance costs Governance costs include external audit and accountancy fees and are reco]sed on an accruals basis. Irrecoverable VA T is included in the cost of those items to which it relates. 1.4 Defined contribution pension plan The charity operates a defined contribulion plan for ils emplojiees. A defined contribution plan is a pension plan under which the Company pa}'s fixed contributions inlo a separate entity. Once the contrlbutions have been paid, the charity has no further paymenl obligations. The contribution5 are recognised as an expense in the Statement of Financial Activities when they fall due. Amount5 not paid are shown in Other Creditors as a liabilitv 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 al 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 detennined 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 cosls, and the fair value. Unrealised gains and losses represent the movement betTh'een fair values. Realised and unrealised £ains and losses are included on the face of the statement of financial activities (including an income and expenditure account). .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 band 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 convenible to knoMTr amounts of cash with insignificant risk of change in value. Page 16
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Accounting policies (continued) 1.8 Funds The charity maintains an Unrestricted Income Fund: Centenary Fund and an Expendable EndoMThent Fund. Income generated by the Expendable EndoNent Fund is recogni5ed 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 15 part of the Expendable Endownent Fund. Revaluation losses are also taken to Unrealised Investment Gain5 to the extent that there 15 an Unrealised Investment Gains surplus in respect of the relevant asset. The Expendable EndoMTnent Fund w'as e5tabli5hed from donations received for that purpose. Thi5 fund arises from the proceeds of a special dividend and the Sale of the charity"5 previous holding in National Parking Corporation Limited. The primary intention in establishinu an Expendable Endowment Fund 15 for funds to be invested 50 a5 to generate future income for the purpose of the charity. The Trustees shall also be pennitted to convert any or the entire Expendable EndoMryneT]t Fund to the Unrestricted Income Fund, h014'ever in any decision whether or not to convert endoMThent monies into expendable income the Trustee5 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 alloTh' ongoing future annual donations of £2.) 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 Centenarv Fund was set up by trustees to mark Sir Donald Gosling's i ooih Birthday iv) 2029. One or more large projects will be supported in this year and the Centenary Funds will be used for this purpose. .9 Leases Finance leases, which transfer to the charity substantially all the risks and rewards of olership of the leased asset, are capitalised at the incepiion of the lease at the present value of minimum lease payments. Rents receivable under operating leases are recognised in ihe statement of financial activities (including an income and expenditure account) on a straight line basis over ihe lease temi. 1.10 Foreign Currency The charitable company'5 functional and presenlational CUencY is GBP. Monetary assets and liabilities denominated in foreiun currencie5 are translated into sterling at the rate5 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 difference5 are taken to the Statement of financial activities (including an income and expenditure account). 1.1 l Financial Instruments 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 Caled at amortised cost using the effective interest method. At the end of each repor(ing period, financial asseis measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impaimlent loss is the difference between the carrying amount and the present value of the estimated cash flows discounted ai the assei's original effective interest rate. Page 17
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Accounting policies (continued) 1.1 l Financial Instruments (continued) Financial assets (continued) The impainnent loss is recognised in the statement of financial activities (including an income and expenditure account). If there is a decrease in the impairnient 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 NTrhat the carying amount M'ould have been had the impainnent not previously been recognised. The impainnent reversal is recognised in the statement of financial activities (including an income and expenditure account). 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 Caled at amortised cosL 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 initiall5-' 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. Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legall. enforceable right io set off ihe recognised amounts and there is an intention to settle on a net basis or to realise ihe assei and settle the liability simulthneously. 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 abou( 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 ai ihe Trusiees, consideration that the values from the prior year are still considered fair value at year end. The inveslmenl properties are held at the valuations provided in previous years by professional external valuers using recognised valuation techniques. Detern)ination of the fair value of the assets requires the use of estimates, takin? into account furure 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 impainnent 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 fjxed assets. The rate used is.. Computer equipment - over 3 years Page 18
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Investment income Unrestricted Total Funds Unrestricled Total Funds Income Fund 2024 2024 Income Fund 2023 2023 Rent receivable from UK investment properties Bank interest receivable (UK) 2,114,)98 2,114,398 2,664,978 2,664,978 283,648 283,648 6,027 6,027 Income from listed investments 2,315,274 2,315,274 2,450,328 2,450,328 Other income 30.296 30,296 38,087 38,087 4,743,616 4,743,616 5.159,420 5,159,420 All income from investment properties is generated from operdting leases. Raising funds Unrestricted Total Funds Unrestricled Total Funds Income Fund 2024 2024 Income Fund 2023 2023 Property insurance Property expenses Legal & professional fees in respect of investment properties Property management costs Investment managers fee5 Costs of raising funds 31,571 31,571 40,659 40,659 21,301 21,301 48,819 48.819 70,183 70,183 101.691 101,691 110,842 110,842 625.056 625,056 732,234 732,234 726,747 726,747 843,076 843,076 Grant making The following table analyses the grants into broad categories and by year in which they fall due for paynent. Paid Payable 2024-25 2024 Total Royal Navy/Royal Marines (Including Triservicelsea Cadets) Sea Cadet Fund 35,000 35,000 HMS Collingwood 30 Cdo IX Gp RM The Maritime Foundation (Maritime Media Awards) 2,300 2,300 5,000 5,000 6,000 6,000 Stockton-on-Tees Sea Cadet Corps Kilkeel Sea Cadets 8,639 8,639 8,540 8,540 HMS Sultan 4,500 4,500 Sea Cadet Fund 25,000 25,000 50,000 Trinitv House Maritime Charity Subtotal carried forward 17,000 17,000 111,979 25,000 136,979 Page 19
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024-25 2024 Total Royal Navy/Royal Marines (including Triservicelsea Cadets) (continued) Subtotal brought fonvard 111,979 HMS Pembroke (First Mine Counter Measures Squadron - SURFI Marine Society and Sea Cadets White Ensign A550ciation (September Meeting Expense5) HMS Scott 25,000 136,979 600 600 50,000 i 00,000 150,000 20,000 20,000 3,800 3,800 Ye5, UK Naval Support Facility RNAS Yeovilton 5,000 5,000 2,000 2,000 824 NAS, RNAS Culdrose 2,000 2,000 White Ensign A550ciation (Trafalgar Dinner) Milford Haven Unit 564 of the Sea Cadet Corps HMS Sultan {Matterhorn) i 0,000 10,000 i 0,000 10,000 4,000 4,000 Eastern Region Football Team HMS Sultan (ramp) HMS Artful 2,800 2,800 5,000 5,000 i 0,000 10,000 HMS Naval Servicewomen's Network 10,000 10,000 Cadet Vocational College UKSC Chicksands i 0,000 10,000 500 500 RN Adventurous Training Team {SHAPE) Northwood Officers, Mess ,500 1,500 1,200 1,200 MCM2 Crew 5 (HMS Chiddingfold) HMS Sultan {Remembrance Weekend) 10,000 10,000 2,500 2,500 RN Race Diversity Network {HMS Excellent) 1710 NAS 3,800 3,800 10,000 10,000 HMS Sultan (Wardroom Christma5 Ball) 1,000 1,000 RM Band Scotland 1,000 1,000 HMS President 1,650 1,650 White Ensign A550ciation (lor staff trdining) HMS Excellent (HonstNEDS: Strategic Engagement Team, Naval HMS Excellent Wardroom Mess i 0,000 10,000 4,000 4,000 1,000 1,000 HMS Excellent Senior NCOS Me55 1,000 1,000 HMS Excellent Welfare Fund 1,000 1,000 Subtotal carried forward 297J29 135,000 432,329 Page 20
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024-25 2024 Total Royal Navy/Royal Marines (including Triservicelsea Cadets) (continued) Subtotal brought fonvard 297J29 Sea Cadet Fund 135,000 432,329 20,000 20,000 Coastal Forces Squadron HMS Viuilant ,500 1,500 i 0,000 10,000 BRNC Darttnouth 6,000 6,000 HMS Ferret 1,120 1,120 HMS Sultan (pool table) University RN Unit URNU Solent Royal Navy Field Gun Association HMS Ledbury MAG, 846 Naval Air Squadron HMS Collingwood RM Band Collingwood RMA: The Royal Marine5 Charity 814 Naval Air Squadron {RNAS Culdrose) RNAS Yeovilton (Culdr05e) 3,000 3,000 6,000 6,000 23,076 23,076 8,000 8,000 2,000 2,000 25,000 25,000 905 905 i 0,000 10,000 700 700 2,500 2,500 SSAFA 50,000 50,000 Naval Children's Charity White Ensign A550ciation.' D-Day 80th Anniversary Dinner i 0,000 10,000 20,000 20,000 428,025 204,105 632,130 Youth The Green Team i 0,000 10,000 DigiLocal CIO Sports Connections Foundation A.P.E. Project CIC Lancashire School Sailing Association Cheddington Scout Group Chailey Heritage Foundation The Brilliant Club i 0,000 10,000 i 0,000 10,000 5,000 5,000 5,160 5,160 10.000 10,000 5,000 5,000 25,000 25,000 North of England Activities and Training Subtotal carried forward i 0.000 10,000 90,160 90,160 Page21
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024-25 2024 Total Youth {continued) Subtotal brought fonvard Our Community Foundation KEEN 90,160 90,160 5,000 5,000 5,544 5,544 Rock UK 5,000 5,000 Interniission Youth 20,000 20,000 Denewulf District Scout Council 6,000 6,000 Felix Project Magpie Dance TIIAYE 5,000 5,000 6,000 6,000 5,000 5,000 The Lord's Taverner5 2,500 2,500 Engineering Development Trust Para501 Project The Jericho Foundation 5,000 5,000 4,035 4,035 20,000 20,000 Youth & Community Connexions Door 84 5,000 5,000 5,000 5,000 Families United Network 5,000 5,000 Norton Hall Children and Family Centre Resurgo Trust 5,000 5,000 10,000 10,000 Urban Uprising Little Gate Farni 10,000 10,000 30,000 30,000 Foreland Fields School 30,000 30,000 Treasured Moments 5,000 5,000 Pr05pex Ruth Strauss Foundation 20,000 20,000 5,000 5,000 Future Frontier5 50,000 50,000 Northern Powerhouse Boxing Academy Blootnsbury Football Foundation Young People First Helm Training Loughborough Junction Action Group Career Ready Subtotal carried forward i 0,000 10,000 i 0,000 10,000 5,000 5,000 10,000 10,000 i 0,000 10,000 15,000 15,000 394,239 25,000 419,239 Page 22
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024 2024-25 Total Youth (continued) Subtotal brought fOard I st Dromore Scouts NeNvry Chichester City Centre DropFln (The Bell Tower) AFK 394,239 25,000 419,239 20,000 20,000 i 0,000 10,000 5,000 5,000 Wycombe Food Hub Young Bristol I st Great HoThood Scout Group Tutors United 2,500 2,500 10,000 10,000 i 0,000 10,000 5,000 5,000 Ipswich Unit 195 of the Sea Cadet Corps S Pinter Youth Project SNAAP 12,500 12,500 5,000 5,000 i 0,000 10,000 South Bristol Youth 5,000 5,000 Building Self-Belief CIO Azamrah Youth Club 10,000 10,000 5,000 5,000 Stafford Brigades Youth Band I st Stretford (Longford) Scout Group Square Peg Activities Limited Friendship Cafe Ltd Collyhurst and Moston Boxing Club The Outrunners 5,000 5,000 35,000 35,000 10,000 10,000 5,012 5,012 15,000 15,000 2,500 2,500 Greater Manchester Youth Network 8,500 8,500 Priority Youth Project Sal's Shoes 5,000 5,000 15,000 15,000 Ride High Young Leicestershire The Feathers Association 10,000 10,000 5,000 5,000 20,000 20,000 WA VE Adventure 15,000 15,000 Love Rowing (British Rowing Charitable Foundation) SNOOSC 5,000 5,000 2,625 2,625 Fulham Reach Boat Club 7,500 7,500 Short Football CIC 5,000 5,000 Ospreys Wheelchair Rugby Subtotal carried forward 6,750 6,750 599,626 107,500 707,126 Page 23
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024 2024-25 Total Youth (continued) Subtotal brought fOard Youth Adventure Trust 599,626 107,500 707,126 7,460 7,460 Me2 Club 7,400 7,400 Shipwrights, Charitable Fund Basecamp Adventure Trust SALTO Gymnastics Charitable Foundation Outw'ard Bound 200,000 200,000 17,765 17,765 20,000 20,000 200,000 200,000 Fight for Sighl$10n Foundation Royal Navy Association Football Wolverhampton Youth Zone Oasis Warndon Community Hub RONA Trust 50,000 50,000 8,000 8,000 5,000 5,000 5,000 5,000 10,000 75,000 75,000 The Rose Theatre, Kingston LinkAble 125,000 250,000 375,000 i 0,000 10,000 Exmouth Beach Rescue Club 5,000 5,000 Bedgrove Residents & Community Association Oi Musica 5,000 5,000 7,500 7,500 The Guide Association 40,000 40,000 Ayr Unit (No 17) of the Sea Cadet Corps Rugby Portobello Trust The Harrow Club 20,000 20,000 7,500 7,500 7,500 7,500 The Ken$inon & Chelsea Foundation The Nucleo Foundation i 0,000 10,000 5,000 5,000 Believe Achieve CIC 5,000 5,000 7th St Pancras Guides 6,000 6,000 Hearing Dogs for Deaf People The Boathouse Youth i 0,000 10,000 i 0,000 10,000 Sheffield and Rotherham Wildlife Tnt 5,000 5,000 Royal Drawing School Discovery Sailing Project Wheels for Wellbeing Subtotal carried forward 15,000 15,000 25,000 25,000 5,424 5,424 1,057,675 824,000 1,881,675 Page 24
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024 2024-25 Total Youth (continued) Subtotal brought fOard Ellen MacArthur Cancer Trust 1,057,675 824,000 1,881,675 12,000 12,000 Sunshine & Smiles: Leeds Dow) sdrOMe Network The Harlequins Foundation Sports Alive North West Group 64 & Putney Arts Theatre FC Darlington Locomoiives Active Foundation CIC 5,000 5,000 i 0,000 10,000 30,000 30,000 14,688 14,688 5,000 5,000 i 0,000 10,000 Starlight Children's Foundation i 0,000 10,000 1,074,675 903,688 1,978,363 Education The Rowdown Inspire to Aspire Foundation Tir Coed c) Providence Row 7,500 7,500 6,000 6,000 i 0,000 10,000 Surrey Care Trust Work Avenue i 0,000 10,000 10,000 20,000 30,000 Exeter Cathedral 50,000 50,000 Younu People's Puppet Theatre City Gateway Assisting Berkshire Children (ABC) to read JPC Community Farn] Sunfield Children'5 Home i 0,000 10,000 i 0,000 10,000 5,000 5,000 5,000 5,000 45,000 45,000 The Mary Rose Trust The No Way Trust Learning Partnership West Cic Team Domenica 7,000 7,000 5,000 5,000 5,800 5,800 7,500 7,500 IMarEST i 0,000 10,000 Whirlow Hall Farm Trust 5,000 5,000 Royal Blind Asylum & School (Sight Scotland) We the Curiou5 6,500 6,500 15,000 15,000 UKSA 60,000 60,000 Subtotal carried forward 245JOO 65,000 310,300 Page 25
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Grant making (eontinued) Paid Payable 2024 2024-25 Total Education (continued) Subtotal brought forward Prior's Court Foundation 245JOO 65,000 310,300 25,000 25,000 On Course Foundation 7,180 7,180 Treloavs 20,000 20,000 Make Them Smile 2,500 2,500 290,300 74,680 364,980 Other Chiltems MS Centre 25,000 25,000 50,000 MPS 30,000 30,000 Horatio's Garden i 0,000 10,000 Kent, Surrey and Sussex Air Ambulance Saints and Sinners Charitable Trust 5,000 5,000 2,500 2,500 Chiddingfold PCC Horatio's Garden 7,000 7,000 i 0,000 10,000 St Michael's Hospice Macmillan Cancer Support The Felix Project C4WS Homeless Project i 0,000 10,000 2,000 2,000 5,000 5,000 1.000 1,000 79,500 53,000 132,500 1,872,500 ,235,473 3,107,973 Grants written back in the year (25.000) (25,000) Total 1,847,500 ,235,473 3,082,973 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. Page 26
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Analysis of accruals for grants payable 2024 202>26 Total Notes Accruals for grants payable made in the year Accruals for grants payable made in prior periods 749,823 475,000 1,224,823 580,000 600,000 ,180,000 14, 15 1,329,823 1,075,000 2,404,823 Prior year: 2023 2024-25 Total Accruals for grants payable made in the year Accruals for grants payable made in prior periods 721,632 1,255,000 1,976,632 15J,750 6,000 159,750 14, 15 875,382 1,261,000 2,136,382 Governance costs Unrestricted Total Funds Unrestricled Total Funds Income Fund 2024 Income Fund 2023 2024 2023 Accountancy fees Grant administration & professional fees Audit fees 18,756 77,638 18,756 77,638 19,548 104,815 19,548 104,815 15,011 15,011 10,587 10,587 Depreciation Bank charges Other expenses Governanee costs 948 948 947 947 407 407 210 210 3,950 3,950 68.160 68,160 116,710 116,710 204,267 204,267 Trustees, remuneration and trustees, benefits No Trnstees received any remuneration or had any expenses reimbursed for their services during the current or prior year. Staff costs and employees 2024 2023 Wages and salarie5 Employer's national insurance Employer's pension contributions 73,222 30,555 2,594 1,822 423 77,638 30,978 The average monthly number of employees, excluding Trustees, during the year was 2 (2023 - 1). No employees received remuneration benefits in excess of £60.000. Page 27
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 Investment properties 2024 2023 At O l April= Historical cost 35,768,343 35,768,343 Revaluation brought fonvard Fair value 22,426,657 25,961,657 58,195,000 61,730,000 Disposals Gains/losses on investment properties Fair value at 31 March (4,834,888} (3.755:112} (3.535.000) 49,605,000 58,195,000 The investment properties were revalued at 31 March 2024 by the Trustees. No fonnal valuation was carried out. The Trnstees consider the valua(ion of the investment properties to be accurate and to reflect their fair value as at 31 March 2024. All inveslmenl properties are situated in the UK. Realised and unrealised gains and losses on investment properties are allocated to the Expendable EndoMnent Fund. 10 Future minimum lease receipts due under Doll-cancellable operating leases The future minimum lease receipts are as follows: 2024 2023 Due not later than one year Later than one year and not later than five years Later than five years 2,278,458 2,523,889 9.621,300 11,494,275 89,249,707 89,889,901 101,149,465 103,908,065 I l Listed investmellts 2024 2023 At 01 April: Opening market value Additions 107,162,967 90,549,867 20,171,479 J3.895,409 Less: disposals Gainsllosses on investments (32.68J,555) (12,528,505) 11,24J,059 (4,753.804) Closing market value 105,893,950 107,162,967 Historical cost 92,794,766 105,306.842 Revaluation carried fonvard 13,099,184 ,856,125 105,893,950 107,162,967 Realised and unrealised gains and losses on listed investments are allocated to the Expendable End01ent Fund in both the current and prior year. Page 28
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 12 Tangible fixed assets Computer equipment Total Cost: As at JI March 2023 2.842 2,842 Additions As at 31 Mareh 2024 2,842 2,842 Depreciation: As at 31 March 2023 ,894 1,894 Charge for the year As at 31 Mareh 2024 948 948 2,842 2,842 Nel book value: As at J l March 2023 948 948 As at 31 Mareh 2024 13 Debtors 2024 2023 Trade debiors 688,422 723,927 Other debtors 73,924 59,750 Prepayments and accrued income 816,649 ,031,632 1,578,995 1,815,309 Financial assets that are debt instruments measured at amorti5ed cost comprise debtor5 and accrued income and amounted to £1,562,102 (2023= £1,815,309). 14 Creditors: amounts falling due within one year Iyote 2024 2023 Accruals for grants payable Trade creditors 1,329,823 875,382 2,979 32,070 Other creditors 1,297 406.00 Taxation and social security Other accruals 87,144 81,110 142,616 121,566 Deferred income 500,891 557,529 2,064,750 1,668,063 Page 29
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 14 Creditors: amounts falling due within one year (continu Note 2024 2023 Deferred income reeonciliation Deferred income balance bought forward Income released in the year Income deferred 557,529 532,305 (557,529} 500,891 (532,305) 557,529 500,891 557,529 Financial liabilities measured ai amortised cost comprise accruals for grants pa}'able and accruals excluding the audit fee accrual amounted to £2,539,089 {2023: £2,278,989). 15 Creditors: amounts falling due after more than one year Note 2024 2023 Accruals for grants payable 1,075,000 1,261,000 16 Share capital 2024 2023 Allotted, called up and fully paid 3 (2023: 3) Ordinary Shares of £ l each 17 Trust funds Expendable Endowment Fund (including the Unrealised Investment Gain5)- Balance as at l April 2023 Net movement in fund5 90,521,276 7,450,831 Balance as at 31 March 2024 97,972,107 Centenary Fund: Balance as at l April 2023 Net movement in fund5 4,129,291 817,186 Balance as at 31 March 2024 4,946,477 Unrestrieted Income Fund: Balance as at l April 2023 Net movement in fund5 79,773,284 Balance as at 31 March 2024 79,773,284 Page 30
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 17 Trust funds (continued) Prior year: Expendable Endowment Fund (including the Unrealised Investment Gain5)- Balance as at l April 2022 Net movement in fund5 98,676,577 (8,155,JOI) Balance as at 31 March 2023 90,521,276 Centenary Fund: Balance as at l April 2022 Net movement in fund5 3,509,135.00 620,156 Balance as at 31 March 2023 4,129,291 Unrestrieted Income Fund: Balance as at l April 2022 Net movement in fund5 79,773,284 Balance as at 31 March 2023 79,773,284 18 Analysis of net assets between funds Unrestrieied Expendable Endowment Investment Unrealised Share Income Centenary Fund Total Capital Fund Fund Gains Funds Fund balances at 31 March 2024 are represented by= Investments 67,860,992 4,946,477 44,265 ?81 53,706,826 170,779,579 Current assets 15.052,039 15,052,039 Liabilities (3,139,750) (3,139,750) 182,691,868 Total net assets 79,773281 4,946,477 44,265,281 53,706,826 Fund balances at 31 March 2023 are represented by: Investments 76,256.195 4.129.291 47,780,062 42,741,214 170,906,765 Current assets 6.446,149 6.446,149 Liabilities (2.929,063) (2,929,063) Total net assets 79,773,281 4,129,291 47,780,062 42,741,214 174,423,851 Page 31
Docusign Envelope ID.. 30328830-E7544511-8CD8-0214A3F9BOE2 THE GOSLING FOUNDATION LIMITED NOTES TO THE FINAINCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 19 Control In the current and prior year, there was no ultimate controlling party. All decision5 are made by the Trustee5 unanimously. The charitable company wa5 illcoTPOTated in 1985 as a private company limited by share5. No rights exist to appoint and remove Directors. 20 Related party transactions During the year the charity made donations of £60,000 (2023= £5.044) to The White Ensign Association Limited, a charitv where Hon Capt Adam Gosling is a Trustee. At the balance sheet date, the balance due to The White Ensign Association was £30,000 (2023= £50,000). Page 32