THE GERALD MICKLEM CHARITABLE TRUST Annual Report and Accounts 31st December 2024 Registered Charity Number 802583 Peter B. Shone Homefield Chidden Holt Hambledon Waterloovllle Hampshir8 P07 4TG THE GERALD MICKLEM CHARITABLE TRUST and Admlnlstratlve Infonnatlon Full narne of the Charity The Gerald Micklem Charitsble Trust Charlty registration number 802583 Goveming Instrument The Will of G.H. Micklem Trustees Mrs. Susan Joan Shone Miss Joanna Louise Scott-Dalgleish Miss Helen Laura Ratcliffe Power of appointment of new trustees Vested in Trustees for the time being Powers of investment Vholly unrestricted, set out in Clause 14 of the Wlll Correspondent Mrs. Susan Joan Shone Princlpal address of the Charity Bollnge Hill Fann Buriton Petersfield Hampshire GU314NN Telephone 01730 264207 Soll¢itorlAdministrator Peler B. Shone Homefield Chldden Holt Hambledon Waterlooville Hampshire P07 4TG Telephone 02392 632406 Webslte www.geraldmicklemct.org.uk E-mail mail@geraldmicklemct.org.uk Bankers National Westminster Bank 38 Hlgh Street Alion GU34 1BF Investment Managers Brewin Dolphin Securities Limited 12 Smithfield Street London EC1A 9BD Auditor5 Shaw Gibbs (Audit) Limited Chartered Certified Accountants 25 St. Thomas Streel Wlnchester Harnpshire S023 9HJ Page 1 ort ol the Trustee5 The TnBlees of The Gerald Micklem Charitable Trust pr8sent thelr report together ￿th the financial Statements of the Ch8rlty for the ye8r ended 31 st December 2024. The financial ststements have been prepared in accordance wth the accounting policies set out in Note 1 to the Accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities . Statement of Recomm8nd8d Practice applicable to Chariti8s preparing their accounts in accordance wth the financial r8POrting $landard applicable ir) the UK and Republic of Ireland published in October 2019. Hlsto of the Charit The Charity was established by the Will of Gerald Micklem. who died in May 1988. A number of Capital additions have been made to the Trust since then by fflembers of his faTnily. Ob a¢toft Charl The Charity 18 a grant-making trust. The stated object of the Charity is that the capital fund shall be held and applied for such exclusively charitable purposes as the Trust8es determine in their discretion. Unless or until the Trustees decide tr) apply the capital for suth purposes. they are directed to pay or apply the incL)rne for or to such leg811y charitable institutions bodies or funds or for such legally charitable purposes as they shall from time to time detennine. The Trustees have no pr8S6nt intention to 8xpend or apply any of the capital. Structure Governa cea dma eme The SollcilorlAdminislrator conducts th8 day-to-day adminislralion of the Charfty- Thls includ8s providing and m8inlaining the website., book-keeping: confwrring with the Charlly's Investmenl M8nagers and giving Snstruction8 based on Iheir 8dvlce; and tha preparation of the Charity's propèr form Trust Accounts and of thi8 Report & A¢¢A)unts. The ¢orrespondent deals with written applications arrd telephone enquiries. Although the Trustees meet or confer regul8rfY throughout the year, they hold one major meetlng. usually in the first couple of months of the year, at whlch the bulk of the year'8 grants are declded. The present Trustees do not envlsage any ne8d for new or additlonal trustees. In the event that they do. they will decide on 8 procedure for selecting them at the time. The Tnjstees consider the board of Trustees to be the key management personnel of the Charity in charge of directlng and controlling the Charity and running and operating the Charity on a day to day basis. AJI Trustees glve of thelr time freely and no Trustee remuneration was paid in the year. Details of Trustees, expenses and related party transactions a￿ disclosed in notes 4 and 5 of the accounts. Trustees are required to disdose all rel8vant interests and In accordance with the Charity's policy withdraw from decasions where a conl1ict of interest arises. Risk Mana oment The Charity invests in quoted securities for the long tem with a view to maintaining the capital value of the investments and $8curing a rising income. The holdlng of securities and Investing activities pursuant to the investment policy involve certain inherent risks. Events may occur that result in either a reduction in the value of the Charity's capital or a reduction in dividend and interest income. The main risk from holding investments is market price risk, which arises mainly from uncertalnty about fu￿re price5 of securities. It represents the potential loss the Char51y may suffer through holding market positions in the face ofprice movements. Market price risk is mormtoied on a daily basis by the Investment Manager and discussed with the Administrator. The other risks, liquidity risk and cash flow risk. 8re minimised because the Charity's investments are all readily realisable and can be sold to meet any funding commitments. Grant￿akIn Poll¢ Alms and Ob ectlvÈ5 The Trustees, policy 1510 pay the trust Income Dnly to UK registered charittes. They do not m8ke grant$ lo, or entor into sponsorship arrangements with, indlviduals. They re￿1ve 8 large numbor of apppals each year, but they have tended to make (without commitm8ntl recurring grants lo several chartlles as well as one-off grants to some harltles newly selected each year. A list of the grants made is included in the notes to the Accounts. All appllcations ar8 considered on Ihelr merits. The TFUStees have not formally excluded any category of charilabla actsvity, but they have established some fvnding priorities. See later in this Report. Page 2 Grant A Ilcation Process The Charity Is listed in a number of the directorfes of grant4nakers. Appll¢allons may be made to the correspondent at any time by letter. not by 84nail, though initial enqulries may be sent by e-mail. There is no appllcallon fomi. Appllcatlons may be sent at any time prlor to 30th November each year. and should be accompanied by the latest Report & Acc(xJnts. As th8 main grant-making meellng Is usually held In JanuarylFebruary, when appllcalions made in the prevlou$ calendar year are considered. it is preferable for applications to be mad& in October or November so that the infomi8tion they contain is most up to date when considered by the Trustees. Grant Priorities and Selecilon Crfterla The Trustees are prepared to fund core costs as well as (apital projects, but are unlikely to provlde Initial f￿dIng for new established organisations. The organisations in which the Trust is mostinterested are uKcharit￿s, n8tional or Ioc81. working speclfically In Hampshire or West Sussex. and in one of the fjelds listed below. LEASE NOT that the Trust is unlikely to support the regional WOTk of national charities n l(rations outside Hampshire or West Sussex or charities working only in other areas of the Ulc Field5 SU orted b the TrusL AduKs and children with physical disabililie5 Adults and children with leaming disabilities Carers for the elderly and dtsabted, especially yOLng carers Environment and wildlife Hospices for adults and children Medical condilions 8ffeGting both adults and diildren Support for the eldety, induding those with Alzheimerfs or dementia The Trust do85 not m8ke grants to individuals. does not enter Into sponsor shlp affangements with individua15 and does not make grants to organisations that are not UK-registered charities. The areas ofch le a¢liv ou In s are: Churches Drug181cohol abuse and counsolllng Disadvantaged children and young p60ple Educationlschools (exoeptSng those for disabled thlldren) Homelessness and housing Lo¢al community gr0￿S Medical research Mental health Museums. galleries and heritage Overseas aid Performlng arts and cultural organisation$ Review of Activities Following 8 meeting in January 2024. the Trustees made 45 grants to charitable organisations. 29 charities receiving grarlts had also been supported the previous year. These were considered worthy of further furKJing, following a review of howeadier donations were benefitttng the recipients and the sthmission of new proposals. In some cases this included a visit by the Twstees. 8 new charities were chosen for support based on how well their funding applicatlon match￿1 the objectives of the Trust o)mpared with other applicants. 187 appealsforfunding were re￿iVed durfng 2024 (189 in 2023). The most numerous related to mediG91conditions (60) and to adults and children with physical disabilit￿S (31). The appeals were reviewed during the autumn period. prior to the Trustses, meeting scheduled for January 2025. 13 charfties receivad a visit from the Truste8s during 2024. Publlc Benefit The Trustees confirm that they have regard for the Charity Commisslon's guidance publ1¢ benefit. They take th8 view th8t Ihe requirement to show public b8nefrt15 Satisfied a grant￿akIng trust of this typ8 by their making grants only to UK-regisiered chaTiti8S. Page 3 Perfomia ce Monltorln and Revlew The tNstees consider the initial grant application to ensure it meets the Charfty's own go81s. The Trustees expect to receive a report from reciplent ch8ri1ies during the year In which the grant is mad8. Thè trustees monitor these reports to ensu￿ the funds were used In line with the Inltial application made by the beneficiary, espécially wh8re the beneficlary requests a repeat grant in th8 fU￿re. The Trustees may 8150 ¢hoose to visit or hold meetings with charities prior lo grant applications being submitted, particularfy where a repeat grant is being requested. FlnanGlal Revlew Incomln Resou es The Charity derives an income from its investments, but the over811 income was boosted by net Gift Aid Payments of £188.COO (2023 . £188.000). These are On￿Off payments each year. and ther8 is no guarantee that they will continue. Investment income amounted to £187.465 {2023 . £175.5271. The value of grants made was £413,000 (2023 . £345.838). At 31 st December 2024. undi5tributed income amounted to £438,021 (2023 . £431.706). The increase in investment incorne Is. in part. due to capital donations received in the year which allowed the Trustees to increase the level ot investrnents. The donation resulted in an increase in income shown in the statement of financial activities. Investment Pollc and Performance All Investments h81d by the Charity have been acquired In accordance with the powers of the Tnjsleos and the Chorit￿S assets are available and adequale lo fijtfil Its otfjigallong. Wlth respectto the performance of its investmentportfollo, the Trustees have glven Its inv8strn8rrt portlolio manager instructions based on Ihe Trustees. rlsk ass8ssment, and that performance is monitored Dn an ongoing basis to 6nsure the incom8 being generated is sufficient and the hcAdings do not conflict with the aims and objectives of the Charity. The Investment obl8cttV8 is to secure a rising income over tlme. eserves Poli It is not the Trustses, policy to maintain signifiGant reserves of income. Grants are mada to utilise the incune fr￿￿ investments recelved in the year. There has been no material change in the Truste85' policy since last year. The Trustees have nc present Int8ntion to expeThJ or apply any of the capital. At 31st December 2024, the capital elemènt of the fvnd amounted to £3,511,919 (2023 . £3.235.822). Future Plans The Trustees currently expect to continue with thelr present gr8nt-maklng policy as this allows the Charity to continue to meet its staled aims and objectives. Statement of Tru5teos' Res on¥lbillt for thg Accounts The Charity Trustees are responsible for preparing a Tnjstees. annual report and finan￿al statements in accordance with applicable law and United Kingdom Accounting Standards {Unit8d Kingdom Generally Accepted A￿Unting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial ststements for each financial yearwhich give a true and fair view of the state ofaffairs of the Charity and of the incorning reSoUr￿S and application of resources, of the Charity for that period. In preparing the financial statements, the Trustees are required to . S8lect suit8ble aGcounting pollcies and then apply them consistently observe the methods and principles in the applicable ChBrib'es SORP make judgments estimates that are reasonable and prudent state whether applicable accounting standards and statements of recommended practice have been ftllowed. su￿.eCt lo any d8partures disclosed and explained in the fjnanclal statements prepare the financial statements on the going concem basis unless It Is inappropriate to presume that the charity will continue In op8ration. Page 4 The Trustees are responsible for ke8plng proper accounting records that disclose with reasonable accuracyat any time th& financ181 position of the Charity and to &nabl& thém to 8nsur8 that th8 financlal statements comply with the Charitles Act 2011. the appliGgble Charfles (Accounts and Reports) Regulations 2016, and the provlslons of the Trust Deed. They are also responsibl8 for Safeguard1￿ the assets of the Charlty and taking reasonable steps for the Prevention and detection of fraud and other irregularities. The Trustees ar8 responsib18 for the maintenanc6 and Int8grity of thè Charfty and fin8ncial infomiation included on the Charity's website. L8gislation in the United Kingdom goveming the preparation and disseminatton of financial statements tnay differ from legislation In other jurisdictions. Thls Report was approved by the Trustees on 2025 Susan Joan Shone Joanna Louise SGott-Dalg18ish Fielen Laura.Ratdlffe Page 5 INDEPENDEprr AUDITORS, REPORT TO THE TRUSTEES OF THE GERALD MICKLEM CHARITABLE TRUST Opinion We have audltsd the financial ststements of The G6r81d MIc￿em Charitable Trust (Ihe Charlv) for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Shee( the Cash Flow ststement and the notes to the financial sialemants induding a 5ufflmary of signifiGant accounling policies. The financial reporting framework thal ha5 been applied in their preparation is applicable law and United lfjngdom Accounting Standards (Unrted Kingdom Generally kn￿pted Accounting PractiC8), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a tme and fair wew of the State of the Chariivs aff8irs as at 31 De￿mber 2024 and of its ino)ming resources and application of resources for the yearthen ended: have been properly prepareAI in accordance with United Kingdom Generally Accepted AC￿Unting Practice.- and have been prepared in accordan￿ wlth the requirements of the Charities Act 2011. Basis for opinlon We conduded our audlt in accordan￿ wth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for th6 audit of the f￿anCIal 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, including the FRC'S Elhicgl standard, and wg have fulfilled our other ethical responsibilities in accordanco with th8se requirements. We believe that the audlt evidence wa have obtalned Is sufficient and appropriats to provide a basi8 for our opinion. Concluslons rglating to golng concern In auditing the fjnandal statements. We have concluded that the TnJ5tees' use of the 90ing Concern basls of accounting in the preparation of the financlal statements is approprfata. Based on the work we hav8 performed. we have not identified any material unc8rt8inties relating to events or conditions that, Individually or collectively, may cast SIgni￿ant doubt on the Charity's 8bilty to continu8 as a goirwJ concem for a perfod of at least thvelve months from when th8 financial statements are authorfsed for issue. Our responsibilitses and the responsibilitles of the Trustees thtyth respect to going concem are de￿ribed in the relevant sections of this report. Other infornlaticn The tnjstees are responsible forthe other inf0m￿tIOn. The other infomation comprises the information Induded in the Annual Repor( other than the financi81 statements and our Report of the Independent Auditors thereon. Our opinM)n ￿ the financial ststements does not cover the other information and. ex￿pt to the extent othérni5e explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. In (x)nnectron with our audit of the financial statements. our respC￿S1bIlity is to read Ihe other inf0M￿tIOn and, in doing SD. ￿nSIder whether the other information is materially inconsistent with the fin8nci81 statements or our kn￿edge obtained in the audit or othernise appears to be materially fflisstated. ￿ we identify such rnaterial inconsistencies or apparent rnaterial mtsstatements. we are required to deterffline whether this gives rise to a material misstatement in the financial ststements themselves. If. based on the work we have performed. we )ndude that there is a material misstatement of this other irrfomiation. are required t() report that facL We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our oplnion- the information given in the trustees Rewrt is inconsistent in any material respect with the finan(xal ststements," or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting ￿COrdS and retums: or we have not received all the infomiation and explanations we require for our audit. Page 6 INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE GERALD MICKLEM CHARITABLE TRUST Responslbllllles of Trustees As explained more fully in the Statement of Trustees, Responsibilities set out on pages 4 and 5, the Trustees are responsible for the preparation of the financial statsments arml forbeing satisfied that they giv8 a tnje and fair view. and for such internal control as the Trustees determine is necessary to enable the preparallon of financial statements that are free from material misstatemert whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Charitys ability tt) continue as a going concem. discloslng, as applicable, matters related to golng concem and using the going concem basis of accounting unless the Trustees either intend to liquidale the Charity or to cease operations. or have no realistic altemative but to do so. Auditor'5 responslbllltles for the audit of the financial statements We have been appointed as audttors under Section 144 of Ihe Charities Act 2011 and report in a(￿rdan￿ with the regulations made under section 154 ofthat Act. Our objectiv8s are to obtain reasonable assuran(￿ about wh8th8r the financlal statements as a whole are free from material misststement. whether due to fraud or error. and to issue an audrtols report that includes our opinion. Reasonab18 assur8nce is a hlgh level Of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Missl2tements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the e￿noMiC decisions of users taken on the basi5 of these financial ststements. Irregularitles, induding fraud. are inStsn￿$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularlties. including fraud. The exientto which our procedures are capable of detecting Irregularities. including fraud Is detailed below- We obtained an understanding of the legal and regulatory framework applicable to the charity via discussions with the Trnstees and our previous knowledge of the Charity. This identified that the m¢)St $lgnificanl laws and regulations relate to the form and ccfitent of the financial statements such as the Charities Act 2011, the Charities SORP (FRS 102) and Fir)ancial Reporbng Standard 102. The charity complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements. Procedures Performed by the audit team included.. Discusslon with management 8nd those charged wlth govemance regarding considèratlon of known or suspected instan￿$ of non4ompliance with laws and regulations 8nd fraud,. Obtaining an understanding of controls designed to prevent and detect I￿egularities. Discussing the outcome of trustee m￿tingS for evidence of any fraud or non-compliance with laws and regulations,- Communicating relevant laws 8nd regulations and potenti81 fraud risks to all engagement team members and remaining alert to any indicators of fraud or non-compliance with laws and regulations throughout tho audiL and Assessing adJu5trnents as part of our planned audit appr(xch As part of our planning process we assessed SU￿p￿bI1ty Df the Charit￿s financial statements to material misstatements. including how fraud might occur by making an 8ssessment of the key risks. The key risks identified in respect of The Gerald Micklem Charilable Trust are revenue recognition and efigibility of charitable giving. The Tnjstees confirrned no actual. suspected or alleged cases of fraud. Based Dn this assessment we designed our audit prccedures to address these key risk areas with an emphasis on testing the income and gains the investrnents. the income on invesbnent property and the charitsb18 donations made. Because there is inherent limltatlons In an audit. there is the risk that we will not detect all Irregularfties, includlng those leading to a material misstatement in the financial Ststsments or non-compliance with regulation. This risk is enhanced where complianc• wlth 8 law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likety to identfy instances of non-compliance. The risk is also greater regarding irregularities occurrlng due to fraud rather than error. as fraud involves a deliberate intension to deceive. Page 7 A further description of our r88ponslbillti8s for the audtt of the financlal stst8m8nts Is locatsd on the Flnanclal Reporting CouncS1'5 webslte at s.11￿.fre.llr -uklaudil0rs1a￿dll-asSurance18ud[tor-s-reS audit0￿/•E2￿/#8o /a995-re5 nsibililies-for-Ihe-audil- f-lhèwfildegcri on-of-Ih8- This description fotms part of our Report of the Independent AudIt0￿. Use of our T8POrt This report is mad8 solely to the Charivs trustees. as 8 body, in accordanckn with Part 4 ofthe Charilies (A(xounts and Reports) Regulations 2008. Ourauditwork has been undertaken so Ihatwe might state to the Charivs Irustees thos8 matters we are required to state to thgm in an auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibiltty to anyone other than the Charity and the Charity's trustees as a body. for our audit Work. for this repoT( or for the opinions we have fomied. Shaw Glbbs (Audit) Llmited ISl8tutory Auditor) Chartered Certified Accountsnls Is eligiblts forappointrnent as auditor of the Charity by virtue of Its ellgibility ftjr appolntment as audttor of a company under secti￿ 1212 of the Companles Act 2006 25 St Thomas Str88t Winthester Hampshire S023 9HJ Page 8 ## **THE GERALD MICKLEM CHARITABLE TRUST** ## **Statement of Financial Activity for the year ended 31st December 2024** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**Fund 2024**|**Fund 2023**| ||**Note**|**£**|**£**| |**Income**|||| |Donations - capital||£206,726|£50,625| |Investment income|||| |Gross dividends||176,172|167,965| |Accrued dividends||10,989|| |Gross interest||11,293|7,563| |Gift Aid Payments||188,000|188,000| |Income tax recoverable||47,000|47,000| |||_______|_______| |**Total income**||**£640,180**
_______|**£461,152**
_______| |||_______|_______| |**Expenditure**|||| |Raising Funds|||| |Investment management costs|**3**|£1,200|£1,200| |Charitable activities|**2**|416,150|348,988| |||_______|_______| |**Total Expenditure**||**£417,350**
_______|**£350,188**
_______| |||_______|_______| |**Net income/(expenditure) before**||**£222,830**|**110,964**| |**gains and losses on investments**|||| |**Net gains/(losses) on**|||| |**investment assets**|**10**|70,573|(20,618)| |||_______|_______| |**Net Movement in Funds**||£293,403|£90,346| |Balance brought forward at|||| |1st January 2023|**10**|3,667,528|3,577,182| |**Funds carried forward at**|||| |||________|________| |**31st December 2024**||**£3,960,930**
________
________|**£3,667,528**
________
________| Page 9 THE GERALD MICKLEM CHARITABLE TRUST Balance Sheet at 31st December 2024 Note 2024 2023 Fixed Assets UK Quoted Investmerrts at current market value £3,387.801 £3,217,758 Current Assets Debtor 10,989 430.228 Cash at Bank 424.675 Cash with Broker 135.060 28.245 £576.278 £452.920 Liabilities Creditors = amounts falling due within one year Net Current Assets 3.150 3.150 £449,770 £573,128 Total Assets less Current Uablllties £3,960,930 £3,667,528 UNRESTRICTED FUND 10 £3,960,930 £3,667,528 The notes on pages 12 to 17 form part of these Accounts. The financlal statements were approved by the Trustees on 2025 . TNstee s￿41 ? . Trustee Susan Joan Shone Joanna Louise Scott-Dalgleish . Trustee Helen Laura Ratcllffe Page 10 THE GERALD MICKLEM CHARITABLE TRUST Cashflow statement for the year ended 31st December 2024 Note 2024 2023 Net cash provided byl(used in) operatlng activities 11 24,376 (17,413) Cashflows from Investlng activities . Purchase of investments PrO￿ed$ from sale of investments Dividends and interest (156,799) 57.327 187.465 (112,793) 76.664 175.527 139,398 121.985 Net cash provided by Investlng activities Change in cash and cash equivalents in the year 87.993 112,369 Cash and cash equivalents brought forward Cash and cash equivalents carried forward 452.920 330.935 452.920 12 565.289 Page 11 THE GERALD MICKLEM CHARITABLE TRUST Notes to the Flnanclal Statements for the year ended 31st December 2024 1. Accountlng Pollcles The financial statements of the charity, which is a public benefit entty, have been prepared in accordance with the Statement of Recommended Practice: Accountlng and Reporting by Charities preparlng thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued in October 2019 and the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Charilies Act 2011 and UK General Accepted Accounting Pr8Ctice as it applies from 1 January 2019. The financial ststements have b8en prepared under the historic cost convention. The financial statements have been prepared to give a 'lrue and faiff view and have departed from the Charities (AGGounts and Reports) Regulalions 2008 only to the extent required to provide a 'lrue and fair view. This departure has involved following Accounting and Reporting by Charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 ralher than the Accounting and Reporting by Charities . Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn. Going Concem The Trustees consider that there are no material uncertainties about the Charitys ability to continue as a going concem nor any Signi￿ant areas of uncertainty that affect Ihe carrying value of the assets held by the Charity. Income Recognltion All income is recognised once the Charity has entitlem8nt to the income. there is sufficient certainty of recelpt and so it is probable that the income will be received, and the amount of income receivable can be measured liably. Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognlsed onc8 the dividend has been declared and notification has been re￿iVed of the dividend due. Expendlture Recognitlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it Is probable that settlement will be ￿qUIred and the amounl of the obligation can be measured r81iably. Expenditure is accounted on 8n accruals basis, indusive of any VAT which cannot be recovered. Expenditure on charttable activities includ8s all costs incurred in delivering the charity's principal obj8clives. All expenses. including support costs and governance costs. are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued onGe the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance condittons are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to the grant are outside the control of the Charity. Raising Funds are those costs incurred in attracting investment in(x)me and m8nagement of investrnents that raise funds. Charitable activities The Trustees consider that grant-making is the CharIt￿S sole charttable activity. The expenditure on charitable actlvities includes grants made and governance costs. Governance Costs Governance costs comprlse all costs involvlng the public account8blllty of the Charity and Its compllance with regulation and good practice. These costs are in respect of an independent examination of the Accounts and general administration. Page 12 THE GERALD ICKLEM CHARITABLE TRUST Notes to the Flnancial Statements for thè year ended 31st December 2024 Flxed Asset Investments Investments are initialty recognised at their Iransaction value and subsequently measured at their market value as at the balance sheet date using the mid-market price. The statement of financial activities indudes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire or use put options, derivatives or other complex financial instruments. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening caryng value or their purchase value rf acquired subsequent to Ihe first day of the financial year. Unrealised gains and tosses are Calculated as the difference betVoEen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities. Funds structure Unrestricted income funds comprise those funds which the Truslee5 are free to use for any purpose in furtherance of the charitable objectives. Irrecoverable VAT Irr8coverab18 VAT Is charged against the cat8gory of resources expended for whlch It was Incurred. Taxatlon The Trust is 8 reglst8red tharity and accordlngly Is exempl from taxallon on Its Income and gains where they are applied for charltable purposes. Public Benefit The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have ref8rred to the guidance contained in the Charity Commission's general guidan￿ on public benefit when reviewing the Charltys alms and objectives and in plannlng future 8¢tivlties and setting the donations policy for Ihe year. The benefrt that arises is the provision of funding to organisatlons that promote the above objectlves. They Lgke the view that the requirement to show public beneftt is satisfied for a gr8nt-maklng trusl of this type by their making grants onfy to UKaf8glstered charftie8. Slgnlficant Judgements and Estlmatlons Estimates and judgements are continually evaluated and are based on historical expertence and other f8ctors, including expectatrons of future events that are believed to be reasonable under the circumstanc8s. Eslimates and underlying assurnptions are reviewed on an ongoing basis. The trustees have not identified material judgments or estimations during the year. Pag8 13 THE GERALD MICKLEM CHARITABLE TRUST Notes to the Flnanclal Statements forthè year ended 31st December 2024 2.Ex endlture on Charltable Actlvlties The following grants were made in the year, all of them being made to institutions 2024 2023 CarBrslElderl The Brendoncare Foundatlon Dementia Support Southampton Hospltals Charity drenl eo Foundation for Paediatric Osteopathy Tuppenny Barn Ph Nordoff & Robbins Music Therapy Rose Road Association Whizz-Kidz Envir￿￿￿enU￿7d1lfe Aclion in Rural Sussex Buglife Knepp Wildland Foundation LEAF RSPB Soulh Downs National Park Trust ce St Michael's Hospice, North Hampshire The Rosemary Foundation The Rowans Hospice Wessex Children's Hospice Trust, Naomi House Medieal condlllonslresearchlhos Cancerwise Dystonia UK Hampshire & Isle of Wight Alr Ambulance Maggie's Southampton Parkinson's UK Penny Brohn Cancer Care Teenage Cancer Trust Th8 Brain Tumour Charity Young LNes vs. Canc6r ea in Di8abllilies Apuldram Centre Basingstoke Mencap Challengers Dogs for Autism Hft Love4Life PACSO SeeAbility Soundabout Worthing Mencap £10,000 25,000 6,500 5.000 20,000 5,870 5,415 20.000 7,000 5,400 15.000 6,550 8,000 25,000 5,000 18,000 18,000 8,000 5,40D 3,000 10.000 7.500 7,000 15,000 7,600 3,000 8,000 24.500 7.000 7,000 5,000 18,000 8.265 5,000 20,000 3.000 7.000 The Golf Foundation Ovèrsèas aldlintemBlional Fundatia Adept Limited 22,000 6,000 413,000 3,150 416,150 345,838 3,150 348,988 Govemance costs Charitable activities expenditure Page 14 THE GERALD MICKLEM CHARITABLE TRUST Notes to the Flnancial Statements for Ihe year ended 31st December 2024 3. Govemance Costs 2024 2023 Auditors remuneration 3.150 3.150 3.150 3.150 The charit￿s investment management charges of £1,200 (2023 - £1.200) which are charged to capltal. Trustees and Employment Costs The Trustees received no remuneration or reimbursed expenses in the years ended 31st December 2024 or 31st DeGember 2023. There are no employees, so consequently no staff costs have been incurred. 5. Related Partles During the year. the Charity recelved donations totalling £274,726 {2023 - £118.625) from two of the Trustees. No benefrt was conveyed to any Trust88 as a result of thes8 donations. During the year, a related party donatlon lotalling £120.000 (2023 - £120,000) was received. No benefrt conveyed as a result of th15 donation. The managem8nt and administration of the Charity is carrled out by Peter B. Shone, a Solicitor. He is the husband of Susan Shone. No fee was payable in respect of his servi￿$ as he acts pro bono. 6. Flxed Asset Investments UNRESTRICTED FUND Llsted Investments Llsted Investments MARKET VALUE 2024 2023 Market Value at 1st January 2024 3,217,758 3,202,247 Additions to investments at Cost 156,799 112,793 Disposals at carrying value (57.327) (76,664) Net Gainl(loss) on revaluBtion At 31 st December 2024 70.571 (20,618) 3,387,801 3,217,758 All investments are carried at their market value. Investment in equities and fixed interest securities are 811 traded in quoted public rnarkets. primarily the London Stock Exchange. Investments re resentln more than 5/0 of the total Markèt Value Percenta 25,000 Alliance Witan PLC Ord 2/2P 14.180 Shell PLC Ord EO.07 £311,000 £351,097 9.18Yo Page 15 THE GERALD MICKLEM CHARITABLE TRUST Notes to the Flnanclal Statements for the year ended 31st December 2024 7. Net Current Assets CAPITAL INCOME TOTAL 2023 At 1st January 2024 Increasel(decrease) 18,064 431,706 449.770 123,358 374,935 74,835 Capital Income 106,054 17,304 At 31st December 2024 124,118 449,010 573,128 449,770 8. Debtor 2024 2023 Accrued dividends fmm investments 10.989 9. Liabilities 2024 2023 Accwals 3.150 3,150 3,150 3,150 10. Unrestrlcled Fund MOVEMENT IN FUNDS CAPITAL INCOPIIE 2024 TOTAL 2023 At 1st January 2024 3,235,822 431,706 3,667.528 3.577,182 Net incomel{expendtture) 205,526 17.304 222,830 110,964 Gainsl(losses) on investment assets At 31st December 2024 70,571 70,571 (20.618) 3.667.528 3,511.919 449.010 3,960,930 The unrestricted funds are available lo be spent for any of the purposes of the charity. Page 16 THE GERALD MICKLEM CHARITABLE TRUST Notes lo the Flnanclal Statements for the year ended 31st December 2024 1. Reconclllatlon of net movement In fund5 to net Qashflow from o eratln a¢tlvltles 2024 2023 Net movernent in funds 293,401 90,346 Dividends and interest from invesknents (187.465) {175,527) (Galnsylosses on investment 170,571) 20.618 (Increaseydecrease in debtors (10,989) 47,000 Increasel{decrease) in creditors 150 Net cash flow (used inyfrom operating activities 24.376 (17,413) 12. Anal sls of cash at bank and In hand 2024 2023 Cash at 88nk 430.228 424,675 Cash with Broker 135,060 28.245 Net cash flow (used inyfrom operating activities 565,289 452,920 Page 17