Gamlen Charitable Trust
Financial Statements
for the Year Ended 5 April 2024
Gamlen Charitable Trust
Index to the Financial Statements
For the Year Ended 5 April 2024
| Page | |
|---|---|
| Trustees' Annual Report | 1 - 2 |
| Examiner's Unqualified Report | 3 |
| Receipts and Payments Account | 4 |
| Statement of Assets and Liabilities | 5 |
| Notes to the accounts | 6 - 7 |
Gamlen Charitable Trust
Trustees' Annual Report
Year Ended 5 April 2024
Structure, Governance and Management
The charity’s governing document is a settlement dated 18 October 1988, made by Miss Catherine M Gamlen, the charity number is 327977. The Trust was set up primarily by a fifth generation solicitor, St John Gamlen and his sister.
The Trust started the year with three Trustees, J W M Chadwick, P G Eaton and G Bosi, who are all former partners in Gamlen’s solictors.
Appointment of Trustees
The statutory power allows the current Trustees appoint new Trustees. The Trust Deed provides for a minimum of 3 Trustees and where there is a requirement for new Trustees these would be identified and appointed by J W M Chadwick. J W M Chadwick is responsible for the induction of any new Trustee which involves awareness of a trustee’s responsibilities, the governing document, administrative procedures and the history and philosophical approach of the charity. A new Trustee would receive a copy of the previous year’s annual report and accounts and a copy of the Charity commission leaflet ’The Essential Trustee: What You Need to Know’.
The Trust has no employees and is managed by Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, West Sussex, PO19 1UF, which is also the principal address.
Related parties
During the year £46 was reimbursed to 1 trustee for expenses (2023: £nil).
Objects of the Charity
-
Advancement and promotion of legal education and in particular to provide for the financial assistance of law students and trainee solicitors whether in further education or training. This object includes the creation of scholarships, bursaries and prizes for law students and trainee solicitors.
-
To carry out such charitable purposes for the relief of poverty or the advancement of education as the Trustees from time to time decide, in particular promotion of education through music and arts.
Advisors
The advisors of the charity are listed below:
Solicitors: Irwin Mitchell LLP Thomas Eggar House Friary Lane Chichester West Sussex PO19 1UF Investment Advisers: Julius Bär & Co Limited Lefebvre Court Guernsey GY1 4BS Independent Examiner: Debra Saunders FCA, BSc (Hons) Azets Audit Services Limited Chartered Accountants Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Page 1
Gamlen Charitable Trust
Trustees' Annual Report
Year Ended 5 April 2024
Specific Investment Powers
The Trustees have the power to apply capital as well as income in the furtherance of the objects of the Charity.
Investment Policy and the Performance Achieved Against the Policy
During the year the Trustees continued to invest in Stock Exchange securities, with the portfolio being managed by Julius Bär & Co Limited, Lefebvre Court, Lefebvre Street, P.O Box 87, St Peter Port, Guernsey, GY1 4BS. Their last valuation, on 5 April 2024 showed a market value of the portfolio at £2,146,698.
Review of the development, activities and achievements of the Charity during the year
During the year the following grants and donations were made to the following charities:-
| UCL Newbury Spring Festival Watermill Theatre Longborough Festival Opera Penningtons Manches Charitable Foundation Grange Festival Gulan |
£ 15,210 7,000 9,000 2,000 7,000 3,000 1,500 _ £44,710 _ |
|---|---|
Public Benefit
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The charity benefits the public by providing financial assistance to trainee solicitors and law students for further education. The charity also promotes education through music and the arts. The development of artistic and musical taste among persons is believed to be in the interests of the public as it promotes communication skills, imagination and analytical and critical thinking.
Reserves Policy and financial review
The policy is to hold such funds as to guarantee a steady stream of investment income to finance grants and donations paid in the year. As at 5 April 2024 the company had cost reserves of £2,117,163 (2023: £2,155,045). The reserves are unrestricted and comprise monetary and non-monetary assets.
The net result for the year was a deficit of £18,349 (2023: £119,320).
Going concern
We have paid particular attention to the likely effects on the trust of the current world economic uncertainty, and the trustees remain confident that sufficient funding is in place and that the trust has adequate resources to enable the trust to continue as a going concern for the foreseeable future.
| J W M Chadwick | P G Eaton | G Bosi |
|---|---|---|
| Trustee | Trustee | Trustee |
Date: 27 November 2024
Page 2
Gamlen Charitable Trust
Examiner's Unqualified Report
Independent Examiner's Report to the Trustees of Gamlen Charitable Trust
I report to the charity trustees on my examination of the financial statement of Gamlen Charitable Trust (the charity) for the year ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 Accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 The financial statements do not accord with those records; or
-
3 The financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.
Debra Saunders FCA, BSc (Hons) Azets Audit Services Limited Chartered Accountants Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Dated: 2 December 2024
.
Page 3
Gamlen Charitable Trust
Receipts and Payments Account (Capital Endowment Fund)
for the Year Ended 5 April 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Income Receipts | ||||
| Investment income | ||||
| Bank interest | 3,198 | 1,763 | ||
| Investment income | 56,435 | 51,065 | ||
| __ | __ | |||
| 59,633 | 52,828 | |||
| Other Receipts | ||||
| Proceeds from sale of investments | 549,514 | 347,962 | ||
| __ | __ | |||
| 347,962 | ||||
| __ | __ | |||
| Total Receipts for the year | 609,147 | 400,790 | ||
| __ | __ | |||
| Direct Charitable Expenditure | ||||
| Grants and donations | 44,710 | 35,000 | ||
| Other Expenditure | ||||
| Purchase of investments | 553,708 | 471,880 | ||
| Investment managers fees | 22,314 | 22,292 | ||
| Professional fees | 4,470 | 4,488 | ||
| Accountancy fees | 1,920 | 1,200 | ||
| Trustee expenses | 46 | - | ||
| Foreign exchange (gains)/losses | 328 | (14,749) | ||
| __ | __ | |||
| 582,786 | 485,111 | |||
| __ | __ | |||
| Total Payments for year | 627,496 | 520,111 | ||
| __ | __ | |||
| Net (payments)/receipts for the year | (18,349) | (119,320) | ||
| Cash and bank balances at 5 April 2023 | 140,720 | 260,040 | ||
| __ | __ | |||
| Cash and bank balances at 5 April 2024 | 122,371 | 140,720 | ||
| __ | __ |
Page 4
Gamlen Charitable Trust
Statement of Assets and Liabilities (Capital Endowment Fund)
for the Year Ended 5 April 2024
| Note Monetary Assets Bank and Building Society balances Investment Brokers balances 2 Non-Monetary Assets Investments – at cost: Listed investments 1 Market Value at 5 April 2024 1 |
2024 £ 106,272 16,099 _ 122,371 _ 1,994,792 _ 2,146,698 _ |
2023 £ 98,512 42,208 _ 140,720 _ 2,014,325 _ 2,066,047 _ |
|---|---|---|
Signed on behalf of the Trustees by:
J W M Chadwick
P G Eaton
G Bosi
Date: 27 November 2024
Page 5
Gamlen Charitable Trust
Notes to the accounts
for the Year Ended 5 April 2024
1 Investments Schedule at 5 April 2024
| Description | Holding | Cost | Market |
|---|---|---|---|
| Value | |||
| £ | £ | ||
| Bonds Great Britain | 343,070 | 321,491 | 309,389 |
| Aberdeen Standard | 341 | 33,754 | 30,506 |
| Pimco Funds | 236 | 27,848 | 25,762 |
| Algebris UCITS Funds | 4,852 | 43,463 | 43,463 |
| AXA World Funds | 5,037 | 51,257 | 43,923 |
| Ishares PLC | 453 | 45,008 | 43,821 |
| Nomura Funds Ireland | 834 | 83,400 | 85,999 |
| Principal Global Investors | 981 | 135,849 | 120,413 |
| Premium Selection | 4,190 | 26,825 | 23,129 |
| Ashtead Group | 382 | 8,517 | 21,782 |
| Astrazeneca | 693 | 41,277 | 73,597 |
| Aviva | 3,391 | 21,189 | 16,629 |
| B&M European Value Retail | 3,579 | 13,585 | 18,661 |
| Barclays | 7,502 | 11,889 | 14,234 |
| Blackrock ICS Sterling Liquidity Fund | - | 148,849 | 148,849 |
| Blackrock UK Smaller Companies Fund | 1,420 | 18,783 | 16,764 |
| BP | 10,262 | 47,190 | 51,936 |
| Burberry Group | 335 | 7,118 | 3,884 |
| Compass Group | 980 | 21,663 | 21,766 |
| Diageo | 1,536 | 42,379 | 43,768 |
| Experian | 655 | 17,480 | 22,211 |
| GlaxoSmithKline | 1,630 | 26,041 | 26,561 |
| Howden Joinery Group | 1,611 | 10,755 | 14,008 |
| HSBC Holdings | 7,982 | 51,328 | 51,197 |
| Inchcape | 1,650 | 12,744 | 12,144 |
| JD Sports Fashion | 12,072 | 20,060 | 15,241 |
| Legal & General Group | 6,433 | 17,856 | 16,153 |
| London Stock Exchange Group | 353 | 30,333 | 33,104 |
| Reckitt Benckiser group | 415 | 26,019 | 17,741 |
| Relx | 1,505 | 29,533 | 49,936 |
| Rentokil Initial | 1,961 | 11,177 | 8,899 |
| RS Group | 1,146 | 10,501 | 7,982 |
| Segro | 2,512 | 19,076 | 21,779 |
| Spirax-Sarco Engineering | 100 | 9,972 | 9,690 |
| Berkeley Group Holdings | 306 | 15,503 | 14,137 |
| Unilever | 763 | 31,788 | 29,276 |
| Vanguard Funds | 765 | 21,033 | 23,213 |
| Shell | 3,013 | 61,095 | 84,151 |
| Blackrock Global Funds | 1,378 | 29,537 | 53,866 |
| Xtrackers | 348 | 36,304 | 36,228 |
| Haleon | 2,037 | 5,893 | 6,639 |
| Artemis US Funds | 30,557 | 22,805 | 49,766 |
| Premium Selection | 262 | 21,653 | 27,637 |
| Invesco Markets | 845 | 22,438 | 29,607 |
| Vanguard Funds | 1,563 | 89,920 | 120,853 |
| BHP Group | 456 | 6,729 | 10,536 |
| Prudential | 1,924 | 27,784 | 13,807 |
| Rio Tinto | 706 | 28,064 | 35,120 |
| __ | __ | ||
| Carried forward | 1,864,755 | 1,999,757 |
Page 6
Gamlen Charitable Trust
Notes to the accounts
for the Year Ended 5 April 2024
- 1 Investments Schedule at 5 April 2024 (continued)
| Description Holding Bought forward Franklin Templeton Global Funds 98 iShares II 1,473 Anglo American 683 Distribution JP Morgan Funds 306 Premium Selection 126 Unit JP Morgan Investment 497 Income and Capital Statement for the year ended 5 April 2024 Income £ Cash balances brought forward 99,567 Bank interest 3,198 Investment income 56,435 Sale of Investments 33 Purchase of investments (371) Investment manager’s fees - Grants and donation (44,710) Professional fees (4,470) Bank charges - Accountancy fees (1,920) Reimbursement of trustee expenses (46) Foreign exchange gain/(losses) (124) _ Cash balances carried forward 107,592 _ |
Cost £ 1,864,755 20,719 28,540 18,933 17,688 6,768 37,389 __ 1,994,792 |
Cost £ 1,864,755 20,719 28,540 18,933 17,688 6,768 37,389 __ 1,994,792 |
Market Value £ 1,999,757 34,743 23,911 14,261 26,093 6,823 41,110 _ 2,146,698 _ Total £ 140,720 3,198 56,435 549,514 (553,708) (22,314) (44,710) (4,470) - (1,920) (46) (328) _ 122,371 _ |
|---|---|---|---|
| _ Capital £ 41,153 - - 549,481 (553,337) (22,314) - - - - - (204) _ 14,779 _ |
- 2 Income and Capital Statement for the year ended 5 April 2024
Page 7
Gamlen Charitable Trust
Notes to the accounts
for the Year Ended 5 April 2024
2 Income and Capital Statement for the year ended 5 April 2024 (continued)
Shown as:
| Cash held with Brokers Cash held at Bank Total monetary assets |
Income £ 1,320 106,272 _ 107,592 _ |
Capital £ 14,779 - _ 14,779 _ |
Total £ 16,099 106,272 _ 122,371 _ |
|---|---|---|---|
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