J. L GREENWOOD'S 1988 CHARITY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
J. A GREENWOOD'S 1988 CHARrrY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Paze Trustees Annual R4rt deIdt Examinetrs Rewrt ststettLent of FingnciaiAdiviti Balanc¢ SIK¢t schule of Jnvestmcnts 8nd Income Notes to the Fin8ncial Ststanents 8-11
J. L GREENWOOD'S 1988 CHARITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR EIYDED 5 APRIL 2024 The Truste¢ is pled to present its rew)rt togth with the financial statsments of the charity for the year ended 5 April 2024. The financiai statements have been prepared in accordance with the accounting px)iicies set out in the notes to the fU)CIal statements and comply with the ¢Ewity'S governing dWnenE the Charities Act 2011 and Actounting and Rew)rting by Charitie5.' Statement of Rccommended Pradice applicable to charities preparing their accounts in &e¢ordance with the Financial Reporting Standard applicable in the UK and RepLthlic of Ireland published in Octok*r 2019. Objectives And activities The Trustcc may pay or apply thc unrcstricted capital and income of the Cftwity to or for such charitsble institutiODS or PUTpo$es as the Trustee in its absolutc discretion thinks fit. The Trustee carries out thes¢ objectives by regularly wThsidering apt¢als from other dwities and making lIcY 8nd fvnding decisions. Public Benefrt The Trustee confirn]s that it complied with the duty in section 17 of the Charities Art 2011 and ha5 referred to the guidanc¢ contsined in the Charity Commission's general guidance on public benefit when reviewing the Charity'5 aims and objertiv¢s and in planning firture artivities and setting th¢ donationg plicy for th¢ year. The bfit that arises 15 the provision of funding to organisations that demonstrats charitable purtK)5e. Achievements #nd perfornian¢e During the year the Trustr¢ made lts totalling £2.780 [2023: £2.780] in fjJrtheranc¢ of its objectives and continues to make grants to charitsble organisations tKpth on a oneaoff and recurring b&sis. The largu grdnts awarded during the year are stated in the not¢5 to the financial statements. The Trustee is pleased with the progress made in tk fitwlcial year cnded 5 AprAI 2024 and look8 forward to expanding its work with many other charltics in the years to com Finantlal review The Trustce received £2.976 in investment incom¢ in the cUent yeor [2023.. £1,064] and the Trustee has acbieved its intention of sptnding the income on charitablc activities. Net incorning rcsources for the year wcrc £105,06312023: outgoing £2.399]. In addition the Trust rcalised a gain on invcstments of £0 [2023.. gain £1,079] and made an unrealised gain of £20.584 [2023: loss £6.581]. The net incoming movemenl on fid5 was £125,647 [2023: outgoing £7.901]. Investment policy The Trustee has instructed the tnvesknent Manager that the wrtfolio 15 to be invested to produce a suitable mixtiue of income in order that the level of grdnts may be maintained and capital wwth to secure the firture of the Chlty over the MIng years. The Trustee is confident that the tUre inwme stream Is secur The investment policy is monitored by regulaT investment rewrts and meetings with the InvesttD¢nt Manager. A breakdown of the investments held during th¢ financial ye8x ended 5 April 2024 can be s¢¢n on page 7. Risk Mallagem¢nt The major risks to which the Charity is eXsed have beul identified and step5 taken kn mitigate those risks. The main risk to the Charity concerns the investments held. The TTUStee ha5 mitigated this risk by engaging Cazenove Capital to manage the investments and monitor the p)rtfolio aThl fUkClaI risks to the Charity. The TnLStee regularly reviews the valualion of investments and the income stream generdte The Tee has satisfied itself that thc trust is a going nc£[ alld adequate rcsource5 to continue in Operatio[ existence for thc foreseeable future. The charitable activities are fundcd by the investmcnt portfolio and although Covi&19 did have a negative Amwt on this, the portfolio r¢Vered with suffici¢nt value to SuPrt ntinUed grani making.
J. L GREENWOOD'S 1988 CHARITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 Reserves poliey It is the inttiOn of the Tntstee to sustain the unrcstri¢t¢d fimds at & level which will provide sufficient fimds for the level of grants paid and to eA)ver the Charity's managancnt and thinistration costs. At the Balance Sheet date the wvcstricted r&%er¥es amounted to £235.784. Future Plans The Trttee &)es not envisagc any matcriai change to thc opcration of the Clwity in thc long-terni and thc investtnu]ts will continue to be managcd on a similar basis as they are now. Notwithstsnding this. the Trustee remaitLS flexible in ternis of th¢ type of OTgdnisations it supports. StruetsJr¢? governance and mallagement The Trust has tharitsble status and w&$ set up by James Grc¢nwood by Deed dated 20 May 1988. Th¢ management of the chtty is v4st¢d in the Trustee and they actively review the perceived major risks which the Charity faces and the Tnte¢ is satisfied that the systems are in pla lo mitigate those risks. The Trustee has received appropriate briefing on its tK)nSibL11ties under th¢ law relating to chariti¢5 end its duty to ensure that its charitable activities are for the public b¢DcfiL The aprK)inknent of new trustees is vested in the S¢ttlor during their life. The selection of tUre trNstees will have gard to the skills. kTh)wledge and experience needed for th¢ effective athninistration of the Charity. Induction and training for trtee$ is provided where r¢levanL Reference Ind administr2tive inforniatlo A registered charity. registered with the ChaTity Commissioners for Ertg1 and Wales as number 800037. Principal Office: 4th Floor, 7 Swa]low Street London WIB 4DE The Trustee is Cowdray TnL8t Limitc(L The Directors of Cowdray TnLSt Limited arc: The Hon H M T Gibson (ChaiTDHI) The Viscount Cowdray The Hon C A Pearson The Hon P N Gibson The Hon B C Gurdon MrJRESmith Mr R C P Troughton (Rdired 13 Jun¢ 2024) Mrs S J Bu¢11 Mrs C A Bullough (Apinted 30 August 2024) Mr S J Atkinson Mrs F A Rice Mr M P Harris Mr K Wright Solicitors: Cutrcy & Co LLP 33 Queen Anne Street London WIG9HY
J. L GREENWOOD'S 1988 CHARITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR EI¥DED 5 APRIL 2024 Independent ExamineT: Harriet Sergeant Martill 8nd CompanyAudit Limited 25 St Thom&s Strect wChtrr Hampshire S023 9HJ Banker: Royal Bank of Scotland 119 - 121 Jfi¢toria Street London SWIE 6RA Banker: Scbroder & Co I tA)ndon Wall Place London EC2Y SAU Investsnent Manager: Cozenove Capital l London Wall Pla L4)ndon EC2Y SAU Ststement of Trustee's Responsibilil The TnL8tee is responsible for prepaTing the Tn'S Ret4)rt and the financial statements in a¢)rdance with applicable law and regulatioTh The law applicable to charities in England and Wales rcquiTts the tntstee to prepare financial statements for each year in accordance with United Kingdom GcTKrally Accepted Accounting Practice (United Kingdom Accounting Standards 8nd applicable regulations). Under that law the trtee must not approve the fanCIal statements unlcss it is satisfied that they give a true and f8ir view of thc State of affairs of the clwity and of the incorning resources and appIltion of resources of the charity for th P¢TiOd. tn preparing these financial statements the trustee is required to: - s¢lect suitable accounting policies and then apply the4n consistently. - obserye the methods and priticiples in the Charities SORP (FRS 102)" - make judgements and accounting estimates that are re&sonable and prudenL - state whether applicable accounting standar(ts have been followe subject to any D)aterial depar disclosed and explained in the financial statements; and - prepar¢ the financial Statllents on the going concern basi5 unlL88 it is inappropriate to presum¢ that the charity will continue in business. The Trwtee is responsibl¢ for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and disclose with re&sonabl¢ accura¢y at any time the financial tA)sition of the tharity and enabl¢ them to ensure that the financial statements comply with the Charities Act 2011, th¢ ChaTities (Accounts and Reports) Regulations 2008 and the provisions of the Trnst Deed. It is aIy) restM)nsible for safegwding the &8sets of the chlty and hencc for taking reasonable steps for the prevention and detection of fraud and other irregulariti&8. Approved by the TDJStee on 23 October 2024 and signed on its behalf by: Cowdry Trnst Limited Director
J. GREENWOOD'S 1988 CIIARITY TRUST INDEPENDENT EXAMINER'S REpoKr FOR THE YEAR EI¥DED 5 APRIL 2024 I report to the charity tTUStee on my examination of the financial ststements of the charity for the year ended 5 April 2024 which arc set out on pag&8 5-11. Re8ponsibilitRs and basis of report As the ChIty'S Inth you are responsible for thc prewion of the fitwicial statements in accordance with the reguirements of the ChariticsAct 2011 Cthe A¢t')- I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have ftillowed 011 the app]iLle directions giv¢n by the Charity Commission under s¢¢iion 145{5Xb) of th¢ Indep¢nd¢Dt examiner's statemenl I have wmpleted my examination. I confirni that no material matters have come to my attention in connection with the eXamIr10n giving me U5¢ to believe that in any material res accourrting records were not kept in r¢spect of the charity as rwuireAI by section J30 of the Act or the financial statements do not accord with those records. or the financial statements do T)1 comply with the applicable requirements nCernIng the fonn and conteDt of financial statements set out in the Charities (AccouDts and Retrf)rts) Regulions 2008 other than any requirement that the financial stat¢nts give a'true and fair view which is not a matter considered &8 part of aD Indepdent examinatiOlL 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 in order to enable a proper undetsding of the fuwiciaI statements to be rcached. £kn/ Martin and CompanyAudit Limited 25 St Thom&s Strect Wmchuter H8mpshir¢ S023 9HJ Date-
J. L GREENWOOD'S 1988 CHARrrY TRUST STATEMEiYf OF FINANCIALACTIvrfIES FOR THE YEAR ENDED 5 APRIL 2024 2024 2024 Total nds 2023 Note Prior yeAr totsl funds nds Ineome fn>m: Donations and legacies tnvesttnents 107249 2.976 107249 2.976 1,064 Tots] 110.225 110.225 Expenditure on: Raising funds Charitable activitie5 38 5,124 38 5.124 3,463 TotAI 5,162 5,162 3.463 Net incomel(eAp¢nditsTr) 105,063 105,063 (2,399) Other reeotmised gAinsl(losses): GaitL81(losses) on investment assets 20.584 20.584 (5,502) Net movement in funds 125.647 125.647 (7.901) Reeolleiliation of fvnds: Total funds brought forward 14 110.137 110.137 118,038 Totsl funds eArried forward 235.784 235.784 110,137
J. GREENWOOD'S 1988 CHARITY TRUST BALANCE SHEET AS AT 5 APRIL 2024 Not¢ 2024 TotAI nds 2023 Prior yer fimds Fiied Assets: Invcstments 233.513 105.680 Totsl Fixed Assets 233.513 105,680 CurrtntAssets: Cash at bank 12 3,955 4.564 TotAI CUrrentAets 3,955 4,564 Lilbilitiu: Creditors: Amounts falling due within one year 13 (1.684) (107) Nét CllnYntAssets or Libilitie8 2,271 4,457 Total Netknets or Liabilities 235,784 110,137 The Funds of the Chrity: Unrestricted fijnds 14 235.784 110.137 Total Chrity Funds 235.784 110,137 Approved by the Trustee on 23 October 2024 and signed on its behalf by". Cowdray TrMt Limited Dirtttor
J. L GREENWOOD'S 1988 CHARrrY TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR EI¥DED S APRIL2024 Statmtory Inforniation J A Grccnw(N)d's 1988 Charity TnLSt is a registtted charity. The registered number and principal office address can be found in the Re[rt of the Trusttts,. Aecomnting Policles Basis of fmonciAI ststemeDts PpartIOn The fu)an¢ial statements of the charity. which is a public b¢n¢fit entity. have been pryred in accordance with the Chariti¢5 SORP (FRS 102) 'Accounting and Rep)rting by Charitics: Statement of Recommended Practice applicable to charitics preparing their accounts in accordance with the FinaThctal Rqx)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019).. the Financial ReEM)rting Siandard applicable in the United Kingdom and Republic of Ireland {FRS 102) and th¢ ChaTities Act 2011. The financial s¢aternents have been prepar¢d under the historical cost nvention. The financial statements have been pr¢pared to give a true and faitr VI and have departed from the CharitLes (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and fail vi. This departh has involved following Accoutiting and Reporting by Charities preparing their accnunts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ircland (FRS 102) iuued in October 2019 rather than the Accounting and RetM)rting by Charities.. Statement of Re(x)mmcnded Practice effective from l April 2(K)5 which has since been removed. The Trtee considers that there are no Mla1 uncertaitfft&8 aFA)Ut the Tn$ ability to ¢J)ntIM as a going corKern. b) Nat•re of fllnds All fimds held are unrestricted and the Tnts is free to use them in 8ccordanc¢ with the charilable objects. Fixed sset inves¢meDts Investments are stated at market value at the Balancc Shcct date. Oversegs investments arc translated into sterling at the rates mling at the year end. The Statement of Financial Activities (SOFA) includes thc net gains and losses on rcvaluation and disposals throughout the y¢ar. d) Income Incotne is recognised in the SOFA once th¢ tharity has entitletnent to the fimd& it is probable that the income will b¢ rec¢iv¢d and the nOut wi k measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or eonstruthive obligation committing the charity lo that expenditUTe, it is probable that a transfer of economic t¢n¢fits will be required in settlcment and the amount of the obligation can be Measur reliably. Expenditure is accounted for on an accnthls basis and has been classified under headings thal awegate all costs related to that catcgory. Where costs cannot be direcuy attributed to particular hcadillgs, they have been allocated to activities on a basis consistent with the se of resources. ChTit%ble grants Grants payable e regniSed in the SOFA wh¢n they are approved by the Truste¢ and the recipient has been inforn]¢d of th¢ 8mount to be paiiL
J. A. GREENWOODIS 1988 CIIARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL2024 g) Foreigts eurreoeies Trdn8actions denominated in a foreign currency are translated into sterling 8t the rate of cxchanEe ruling at the date of the traSactio At thc Balancc Shttt date monetary assets and liabilities denominatcd in a foreign CUTrency are translated at the rate ruling at that datc. All CXcht differences arc dealt with in the SOFA. Irrttoverable VAT Irrec0VabIc VAT is written off to the same expetLse category in whid) the aGtual ¢xpeDditure was incurre(L Remulleration of Trustees In the financial year to 5 April 2024 the Tnte¢ did not receive any remuneration or havc its ¢xpenses reimbwsed by the Charity. Cowdray Trust Litnityj ¢harg¢d administTrtion extnseS of £2.292 [2023: £683]. Donations and leEa¢ies 2024 2023 Gifi from Simon Gr¢¢nwood's 1988 ChaTity TnLgt 107,249 107.249 Investment io¢ome 2024 2023 Inwme from invutmeThts 2,976 1.064 2,976 1,064 Expe•diture on rIllE ndS 2024 2023 Investment management fees 38 38 Charitsble c¢ivities Dirert costs Support costs (s¢¢ note 8) {see note 9) 2024 Total 2023 Total Charltable cxpendi 2.780 1344 5.124 3,463 Dirtct tosts The Charity undertCM)k no direci charitsble activities but awarded gTants to Charities Aid Foundation of £2.780 in furtheranrx of its chilable objectives.
J. A GREENWOOD'S 1988 CHARITY TRUST NOTES TO THE FINANCIAL sTATEfvNTS FOR THE YEAR EM)ED 5 APRIL2024 Support costs 2024 2023 Administration expenses Portfolio Stewardship fees 2,292 52 683 2.344 683 Durlng the year adrninistration expenses of £2292 were charged by Cowdray Trust Limit¢d (trustee). The amount of £850 plus VAT w&8 charged by Harrlet Sergeant of Martin and Company Audit Limit¢d for her Independent Examination of these Financial Statements. 10 Stsff costs There are no employees so consequendy no stsff costs have incurr. li Fiied amet iDves¢meDts 2024 2023 Market value brought forward 105,680 113,575 Additions 107,249 (2.393) gains1(losses) on invcslments 20.584 (5.502) Market value carried forward 233.513 105,680 Ge0phI1 analys 2024 2023 United Kingdom investtnents Overseas investments 233,205 308 105.508 172 233,513 105,680 The invesknents were revalued ¢a¢h year up to S April 1999. ThefOre. the is rAO historic rA)St fiwe available. The book volue of th¢ invtynents at 5 April 2024 wa5 £16&114. Net gains/(losses) on investmfflts includes reaIis&J gains for the year of £0 [2023: gain £1,079] and unrealised gains on revaluation to market value of £20,584 [2023: loss £6,581]. 12 Casb at bank 2024 2023 Royal Bank of Scotland Scl)roder & Co 107 3.848 204 4.360 3,955 4,564 10-
J. A. GREENWOOD'S 1988 cHARy TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 13 Creditors: Amounts falling due withill one year 2024 2023 Administrion expenses Investment management fe 1.632 52 107 1,684 107 14 MovemMt in fuDd$ 2024 2023 UnriCted fun(L%.' Balance brought forward Net nlovement in funds 110,137 125.647 118,038 (7.901) Balance canied forward 235,784 110,137 Net movement in fi]n(ts Includ in the abovc are as follows: Gaills and Movement ID funds come Outgoings unStrIct Funds 110225 (5.162) 20.584 125.647 15 Related Party TrnsartioMs During the year Millbank Financial SvIces Limited CMFS,) charged fees of £52 [2023: £0] for their Portfolio Stewardghip service and Cowdray Trust Limited charged ath)inis¢rntson expenses of £2.292 [2023: £683]. The Hon H M T Gibso The Hon C A Pcarson and Mr M P Harris (Directors of Cowdray Trust Limit&l) are Directors of MFS. It sb)uld be noted that a sibling of The Hon H M T Gibso the father of MT5 C A Bullough and the mother of Mr R C P Troughton (Directors of Cowdray Trust Limite41) are Directors of FS, narnely The Hon W K Gibso The Hon C A Pearson and Mrs S H Troughton resiKdively. Mr R C P Tn)ughton retired as Director of Cowdrny TTh Limited on 13 Jun¢ 2024. During the year, the charity received a donation of £107249 from Simon GTeenw(K>d's Clwity Tn]sL the Tnjstee of which is also Cowdrny Trust Limited. 11