Gamlen Charitable Trust
Index to the Financial Statements
For the Year Ended 5 April 2025
| Page | |
|---|---|
| Trustees’ Annual Report | 1-2 |
| Examiner's Unqualified Report | 3 |
| Receipts and Payments Account | 4 |
| Statement of Assets and Liabilities | 5 |
| Notestotheaccounts | 6-7 |
Gamlen Charitable Trust
Trustees’ Annual Report
Year Ended 5 April 2025
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 WM Chadwick, P G Eaton and G Bosi, who are all former partners in Gamlen’s solicitors.
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 byJWM Chadwick. J WM 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 £nil was reimbursed to the trustees for expenses (2024: £46).
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 Bar & 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 2025
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] Bar & Co Limited, Lefebvre Court, Lefebvre Street, P.O Box 87, St Peter Port, Guernsey, GY1 4BS. Their last valuation, on 5 April 2025 showed a market value of the portfolio at £ 2,102,895.
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 | 15,210 |
| NewburySpring Festival | 7,000 |
| Watermill Theatre | 3,000 |
| Longborough Festival Opera | 2,000 |
| Armonico Consort | 5,000 |
| LyricTheatre Hammersmith | 4,000 |
| Oxford OratoryofSt Philip | 3,000 |
| The Passage 2000 | 5,000 |
| University of Suffolk foundation | 3,000 |
| Saffron Hall Trust | 3,000 |
| Sacred music atthe Rome International Clergy conference | 500 |
| £50,710 |
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 2025 the company had cost reserves of £2,122,258 (2024: £2,117,163). The reserves are unrestricted and comprise monetary and non-monetary assets.
The net result for the year was a deficit of £4,545 (2024: £18,349).
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.
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Got Orractar PBMC Z
J W M Chadwick P G Eaton G Bosi
Trustee Trustee Trustee
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Page 2
20 November 2025 Dated: occccccssecsseeesessseseecssseseseeeseessaeees
Gamlen Charitable Trust
Receipts and Payments Account (Capital Endowment Fund)
for the Year Ended 5 April 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Income Receipts | ||||
| Investment income | ||||
| Bank interest | 2,075 | 3,198 | ||
| Investment income | 65,364 | 56,435 | ||
| 67,439 | 59,633 | |||
| Other Receipts | ||||
| Proceeds from sale ofinvestments | 632,068 | 549,514 | ||
| 632,068 | 549,514 | |||
| Total Receiptsforthe year | 699,507 | 609,147 | ||
| Direct Charitable Expenditure | ||||
| Grants and donations | 50,710 | 44,710 | ||
| Other Expenditure | ||||
| Purchase ofinvestments | 619,173 | 553,708 | ||
| Investment managers fees | 23,292 | 22,314 | ||
| Professional fees | 6,474 | 4,470 | ||
| Accountancyfees | 3,300 | 1,920 | ||
| Trustee expenses | - | 46 | ||
| Foreign exchange (gains)/losses | 1,103 | 328 | ||
| 653,342 | 582,786 | |||
| Total Paymentsforyear | 704,052 | 627,496 | ||
| Net(payments)/receipts fortheyear | (4,545) | (18,349) | ||
| Cash and bank balances at 5 April 2024 | 122,371 | 140,720 | ||
| Cashandbankbalancesat5April2025 | 117,826 | 122,371 |
Page 4
Gamlen Charitable Trust
Statement of Assets and Liabilities (Capital Endowment Fund)
for the Year Ended 5 April 2025
| Note | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| MonetaryAssets | |||
| Bankand Building Society balances | 113,378 | 106,272 | |
| Investment Brokers balances | 4,448 | 16,099 | |
| 2 | 117,826 | 122,371 | |
| Non-MonetaryAssets | |||
| Investments — at cost: | |||
| Listed investments | 1 | 1,999,887 | 1,994,792 |
| MarketValueat5April2025 | 1 | 2,102,895 | 2,146,698 |
Signed on behalf of the Trustees by:
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J WM Chadwick
P G Eato
G a
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Date: J) 207,
Page 5
Gamlen Charitable Trust
Notes to the accounts
for the Year Ended 5 April 2025
1 —_— Investments Schedule at 5 April 2025
| Description | Holding | Cost | Market |
|---|---|---|---|
| Value | |||
| £ | £ | ||
| Bonds Great Britain | 330,786 | 330,350 | 323,510 |
| Algebris UCITS Funds | 236 | 27,848 | 24,640 |
| AXAWorld Funds | 370 | 36,374 | 33,089 |
| Ishares PLC | 1,193 | 161,907 | 142,921 |
| Principal Global Investors | 4,190 | 26,825 | 23,422 |
| Premium Selection | 1,212 | 121,392 | 122,290 |
| Invesco Markets | 5,044 | 45,152 | 44,398 |
| Ashtead Group | 490 | 15,219 | 18,566 |
| Astrazeneca | 673 | 43,377 | 72,738 |
| Mulitcooperation SICAV | 389 | 33,475 | 33,680 |
| Aviva | 3,391 | 21,189 | 17,816 |
| BAE Systems PLC | 2,217 | 29,594 | 33,643 |
| Barclays | 10,017 | 18,427 | 25,048 |
| Blackrock ICS Sterling Liquidity Fund | - | 145,126 | 145,126 |
| Blackrock UKSmaller Companies Fund | 1,420 | 18,783 | 14,983 |
| BP | 7,843 | 36,066 | 29,075 |
| Bunzl PLC | 429 | 15,438 | 12,913 |
| Compass Group | 1,263 | 28,654 | 31,701 |
| Diageo | 829 | 22,872 | 16,679 |
| Experian | 690 | 18,696 | 22,397 |
| GlaxoSmithKline | 1,630 | 26,041 | 23,105 |
| 3i Group PLC | 547 | 16,216 | 19,304 |
| HSBC Holdings | 7,982 | 51,328 | 60,663 |
| London Stock Exchange Group | 353 | 30,333 | 39,342 |
| National Grid | 2,437 | 24,197 | 25,199 |
| Relx | 1,322 | 25,942 | 50,448 |
| Rentokil Initial | 3,817 | 19,837 | 12,760 |
| Rolls-Royce Holdings PLC | 2,930 | 16,801 | 19,309 |
| Segro | 2,512 | 19,076 | 16,509 |
| Spirax-Sarco Engineering | 100 | 9,972 | 5,780 |
| RS Group PLC | 1,146 | 10,501 | 5,850 |
| Unilever | 1,050 | 45,734 | 49,287 |
| Vanguard Funds | 762 | 23,786 | 21,479 |
| Shell | 2,870 | 59,298 | 71,898 |
| Blackrock Global Funds | 1,025 | 23,445 | 35,588 |
| Xtrackers | 348 | 36,304 | 37,562 |
| Haleon | 6,670 | 23,744 | 25,579 |
| Artemis US Funds | 18,790 | 14,023 | 27,716 |
| Premium Selection | 262 | 21,653 | 26,006 |
| Vanguard Funds | 1,267 | 76,777 | 96,072 |
| SSGA SDPR ETFs | 2,787 | 15,392 | 14,513 |
| RioTinto | 706 | 28,064 | 29,927 |
| Carriedforward | 1,815,227 | 1,902,530 |
Page 6
Gamlen Charitable Trust
Notes to the accounts
for the Year Ended 5 April 2025
1 —_— Investments Schedule at 5 April 2025 (continued)
| Description | Holding | Cost | Market |
|---|---|---|---|
| Value | |||
| £ | £ | ||
| Boughtforward | 1,815,227 | 1,902,530 | |
| Franklin Templeton Global Funds | 85 | 17,971 | 29,676 |
| iShares IV | 9,120 | 34,793 | 30,579 |
| Anglo American | 1,033 | 27,326 | 18,929 |
| Premium Selection | 590 | 31,490 | 31,076 |
| UBS ETF (CH) - Gold Anteile | 1,202 | 73,080 | 90,105 |
| 1,999,887 | 2,102,895 | ||
| Income and Capital Statement forthe yearended 5 April 2025 | |||
| Income | Capital | Total | |
| £ | £ | £ | |
| Cash balances brought forward | 107,592 | 14,779 | 122,371 |
| Bank interest | 2,075 | - | 2,075 |
| Investment income | 65,364 | - | 65,364 |
| Sale of Investments | - | 632,068 | 632,068 |
| Purchase ofinvestments | (99) | (619,074) | (619,173) |
| Investment manager’s fees | - | (23,292) | (23,292) |
| Grants and donation | (50,710) | - | (50,710) |
| Professional fees | (6,474) | oo | (6,474) |
| Bank charges | - | - | - |
| Accountancy fees | (3,300) | - | (3,300) |
| Reimbursement of trustee expenses | - | - | - |
| Foreign exchange gain/(losses) | (96) | (1,007) | (1,103) |
| Cashbalancescarriedforward | 114,352 | 3,474 | 117,826 |
2 Income and Capital Statement for the year ended 5 April 2025
Page 7
Gamlen Charitable Trust
Notes to the accounts
for the Year Ended 5 April 2025
- 2 Income and Capital Statement for the year ended 5 April 2025 (continued)
| Shown as: | |||
|---|---|---|---|
| Income | Capital | Total | |
| £ | £ | £ | |
| Cash held with Brokers | 974 | 3,474 | 4,448 |
| Cash held at Bank | 113,378 | - | 113,378 |
| Totalmonetaryassets | 114,352 | 3,474 | 117,826 |
Page 8