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 R4￿rt
de￿Id￿t Examinetrs Rewrt
ststettLent of FingnciaiAdiviti
Balanc¢ SIK¢t
sch￿ule 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 pl￿ed 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 d￿WnenE 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 b￿￿fit 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 cU￿ent 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 fi￿d5
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 Ch￿lty 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 eX￿sed 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 fUk￿ClaI risks to the Charity. The TnLStee regularly reviews the valualion
of investments and the income stream generdte
The T￿￿ee 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 SuP￿rt ￿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 int￿tiOn 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 Trt￿tee &)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 ch￿tty is v4st¢d in the Trustee and they actively review the perceived major risks which the Charity
faces and the Tn￿te¢ 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 tr￿tee$ 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 (Ap￿inted 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
w￿Ch￿trr
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 tr￿tee must not approve the f￿anCIal 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 appIl￿tion 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 Stat￿llents 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 ch￿lty 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:
Cowdr*y 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 Ch￿Ity'S Inth you are responsible for thc prew*ion 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]iL￿le 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
eXamIr￿10n 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) Regul*ions 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 Indep￿dent 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 ye*r
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 CUrrentA￿ets
3,955
4,564
Lilbilitiu:
Creditors: Amounts falling due within one year
13
(1.684)
(107)
Nét CllnYntAssets or Li*bilitie8
2,271
4,457
Total Netknets or Liabilities
235,784
110,137
The Funds of the Ch*rity:
Unrestricted fijnds
14
235.784
110.137
Total Ch*rity 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 P￿par￿tIOn
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 Tr￿￿tee considers that there are no M￿la1 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 ￿nOu￿t 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.
Ch*Tit%ble grants
Grants payable ￿e re￿gniSed 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
tra￿Sactio￿ At thc Balancc Shttt date monetary assets and liabilities denominatcd in a foreign CUTrency are translated at the
rate ruling at that datc. All CXch￿t differences arc dealt with in the SOFA.
Irrttoverable VAT
Irrec0V￿abIc 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 Tn￿te¢ did not receive any remuneration or havc its ¢xpenses reimbwsed by the
Charity. Cowdray Trust Litnityj ¢harg¢d administTrtion ext￿nseS 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 r*￿IllE ￿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 ch￿ilable objectives.

J. A GREENWOOD'S 1988 CHARITY TRUST
NOTES TO THE FINANCIAL sTATEfv￿NTS
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
Ge0￿phI￿1 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. The￿fOre. the￿ is rAO historic rA)St fiwe available. The book
volue of th¢ inv￿tynents 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 cHAR￿y TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
13 Creditors: Amounts falling due withill one year
2024
2023
Administr*ion expenses
Investment management fe
1.632
52
107
1,684
107
14 MovemMt in fuDd$
2024
2023
Unr￿iCted 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
un￿StrIct￿ Funds
110225
(5.162)
20.584
125.647
15 Related Party Tr*nsartioMs
During the year Millbank Financial S￿vIces 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