Charity Registration No. 221467
Company Registration No. 00371489 (England and Wales)
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
COUNCIL MEMBERS' REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
LEGAL AND ADMINISTRATIVE INFORMATION
Members of the Council
Miss E S Murray
Mrs V A Linnemann
Miss H A Dobson
Mrs U R Fitch
Dr G F Russell
Mr N A MacDonald OBE
Mr M J Sibley
Mrs A D J Gaddes
Mr J Robinson
Miss E Scott
Mrs M Thomas
(Appointed 3 March 2023)
Secretary
Emma Legdon
Charity number
221467
Company number
00371489
Registered office
The Hart Shaw Building
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
Independent examiner
Nicola Adams ACA DchA
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Solicitors
Wrigleys Solicitors LLP
150 Arundel Gate
Sheffield City Centre
Sheffield
S1 2FN
Investment advisors
Rathbones
Beech House
61 Napier Street
Sheffield
S11 8HA
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
CONTENTS
Page
Council Members' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 14
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Members of the Council present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities
The Freshgate Trust Foundation's objects are set out in the Memorandum of Association and comprise a wide variety of exclusively charitable purposes.
The Freshgate Trust Foundation is a grant making charity established in 1941 by Harry Brearley, the discoverer of stainless steel.  His original aims of The Freshgate Trust Foundation were to provide grants to improve the social aspects of industrial life for fellow workers and their families.

The Freshgate Trust Foundation seeks to distribute substantially all of its net income after expenses each year. An application form is completed by all applicants. Completed application forms are reviewed by the Secretary and sorted according to the sphere into which each appeal falls. These applications are then considered at the Members of the Council meetings by the full board of Members of the Council and the level of appropriate grants determined according to a set of criteria established by the Members of the Council.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives.

In accordance with good, modern charity practice and present charity law, the Members of the Council have sought to establish a policy to meet the objectives whilst giving priority to organisations within the Sheffield and South Yorkshire area.

The Members of the Council have identified five specific spheres in which they feel that the objectives of the charity can best be met as follows:-


Education (including travel and training)
Heritage, restoration and environment

Music and the arts
Recreation (including holidays and sport)
Welfare, health and social care

 

The Members of the Council make grants to organisations with activities falling within the five spheres identified above. The grants awarded are summarised in note 5. The focus of the grants awarded is aimed to ensure the widest coverage of beneficiaries within those five spheres of activity.

THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Achievements and performance

The Freshgate Trust Foundation's objects to make grants to a variety of charitable causes have to be balanced with the need to maintain and grow a capital base which generates the income to enable The Freshgate Trust Foundation to make grants. The Members of the Council are satisfied with the performance achieved during the year. In meeting their objectives for the year the Members of the Council have met at three main grant making meetings during the year to discuss the operation of the charity, review its activities and authorise payment of 55 grants awarded totalling £87,900 (£91,900 less £4,000 unclaimed grants from prior year) (2022 - 47 grants totalling £92,750). A summary of the beneficiaries of these grants is detailed in note 5 to the accounts. As outlined above, each application is reviewed initially by the Secretary in order to assess its eligibility within the trusts objectives and then is considered by the Members of the Council to determine the amount of any grant awarded.

The Freshgate Trust Foundation's income is generated from investments listed on the London Stock Exchange. These are managed on a discretionary basis by investment advisors who seek to achieve a balanced return of both income and capital growth. The performance of the stock market is outside the control of The Freshgate Trust Foundation and therefore the resultant income generated and capital performance of its investments may impact on the level of grant income The Freshgate Trust Foundation is able to distribute.

 

Each application for grant aid is considered on its own merits. However the quantity of applications received and the level of grant aid requested is outside the control of The Freshgate Trust Foundation.

Financial review

Gross income for the year of £91,928 (2022 - £82,419) is approximately 12% higher than last year.

 

Net expenditure after charitable grants and administrative expenses for the year is £41,863 (2022 - net expenditure of £58,660). Net gains on investments amounted to £149,658 (2022 - £480,917 losses). The total unrestricted income funds at the year end was £3,519,882 (2022 - £3,412,087).

It is the policy of The Freshgate Trust Foundation to maintain liquid unrestricted funds, which are the free reserves of The Freshgate Trust Foundation, at a level which equates to at least six months unrestricted expenditure excluding grants, currently around £21,000. This provides sufficient funds to cover management and administration and to respond to emergency applications for grants which arise from time to time. Liquid unrestricted funds were maintained above this level throughout the year and at the year end amounted to £95,310 cash.

The Members of the Council have appointed regulated investment managers to manage the investments on a discretionary basis with a medium/high attitude to risk. The asset allocation between equities and fixed interest/ corporate bonds and cash is flexible dependent on market conditions but is in the range of 57 to 90% equities, 5 to 28% fixed interest/ corporate bonds, 0 to 10% property, 0 to 20% alternative assets  and 0 to 17.5% cash.  Equity investments are restricted to 75% FTSE top 350 stocks with a bias towards FTSE 100 companies and 25% FTSE world stocks. Actual income received during the year was £91,928 (2022 £82,419).The investment policy and asset allocation was reviewed and revised during the year.

 

The Members of the Council have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The Members of the Council have considered areas of risk and have concluded that they have little exposure to risk save for stock market volatility. In this respect, they have appointed competent fund managers who are regulated and the Members of the Council have set the investment risk as "medium/high". The Members of the Council have competent professional advisors all of whom carry professional negligence insurance. The Secretary is a Partner in a firm of Chartered Accountants who is likewise insured in this office through her firm's cover. The Freshgate Trust Foundation's bankers are substantial and are regulated. The Freshgate Trust Foundation is purely a grant maker and does not give advice to any grant applicants save where else they can apply for funds or how else they might improve their award opportunity from The Freshgate Trust Foundation.

THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The Members of the Council intend to keep under continual review the operations of The Freshgate Trust Foundation in order to adapt to changes in the investment markets and in the areas of need for grant aid whilst being mindful of the original intentions of The Freshgate Trust Foundation when this was established by Harry Brearley over 80 years ago.

Structure, governance and management

The charitable company is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association.

The Members of the Council who served during the year, or have been appointed subsequently, were:

Miss E S Murray
Mrs V A Linnemann
Miss H A Dobson
Mrs U R Fitch
Dr G F Russell
Mr G J Marston OBE
(Deceased 3 June 2024)
Mr N A MacDonald OBE
Mr M J Sibley
Mrs A D J Gaddes
Mr J Robinson
Miss E Scott
Mrs M Thomas
(Appointed 3 March 2023)

None of the Members of the Council has any beneficial interest in the company. All of the Members of the Council are members of the company and guarantee to contribute £1 in the event of a winding up.

New Members of the Council are appointed from time to time. Suitable candidates are selected who have skills and work experience which compliment those provided by existing Members of the Council. Members of the Council are selected by personal recommendation and they are interviewed by a sub committee who make recommendations to the full board of Members of the Council for their consideration.

 

Once selected, new Members of the Council meet with the sub committee to be instructed on the duties and responsibilities and to provide any further training deemed appropriate.

The Freshgate Trust Foundation is administered by a board of Members of the Council with day to day matters being administered by the Secretary. All investments are managed by regulated investment managers who report to an investment sub committee comprising of four Members of the Council, however all decisions concerning investment of resources and award of grants are made by the full board of Members of the Council.

 

The Members of the Council have been significantly strengthened through the appointment of new Members over recent years drawn from the worlds of medicine, industry, education, finance and management. The commitment of the Members, the knowledge base and willingness to become involved in the investigation of unusual appeals, augurs well for the future.


The Members of the Council all give their time voluntarily and receive no benefit from The Freshgate Trust Foundation. Any expenses reclaimed are set out in note 7.

The Secretary, who is not a Member of the Council, is a partner in a firm of Chartered Accountants which charges a fee for her services and the services of the firm which undertakes all the secretarial duties, preparation of annual accounts and provides meeting facilities for the Members of the Council.

THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The Council Members' Report was approved by the Board of Members of the Council.

Miss E S Murray
Member of the Council
Dated: 18 September 2024
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
INDEPENDENT EXAMINER'S REPORT
TO THE MEMBERS OF THE COUNCIL OF THE FRESHGATE TRUST FOUNDATION
- 5 -

I report to the Members of the Council on my examination of the financial statements of The Freshgate Trust Foundation (the charitable company) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Members of the Council of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). 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:

1

accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 understanding of the financial statements to be reached.

Nicola Adams ACA DchA
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Dated: 19 September 2024
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Income from:

Investments

2
91,928
82,419
Expenditure on:

Investment management costs

3
20,284
21,167
Charitable activities
4
113,507
119,912
Total expenditure
133,791
141,079
Net ( expenditure) /income before investment gains/(losses)
(41,863)
(58,660)
Net gains/ (losses) on investments
9
149,658
(480,917)
Net movement in funds
107,795
(539,577)
Fund balances at 1 January 2023
3,412,087
3,951,664
Fund balances at 31 December 2023
3,519,882
3,412,087

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure is unrestricted. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Heritage assets
10
1,500
1,500
Investments
11
3,468,086
3,349,185
3,469,586
3,350,685
Current assets
Debtors
12
63
252
Cash at bank and in hand
95,310
65,350
95,373
65,602
Creditors: amounts falling due within one year
13
(45,077)
(4,200)
Net current assets
50,296
61,402
Total assets less current liabilities
3,519,882
3,412,087
Unrestricted funds
General  fund
3,229,882
3,287,856
Revaluation fund
290,000
124,231
3,519,882
3,412,087
3,519,882
3,412,087

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Members Of The Council on 18 September 2024
Miss E S Murray
Mr N A MacDonald OBE
Trustee
Trustee
Company registration number 00371489
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Charity information

The Freshgate Trust Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is The Hart Shaw Building, Europa Link, Sheffield Business Park, Sheffield, S9 1XU.

1.1
Accounting convention

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investments.

The financial statements are presented in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies are set out below.

1.2
Going concern

At the time of approving the accounts, the Members of the Council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Members of the Council continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Members of the Council in furtherance of their charitable objectives.

The unrestricted fund represents the original gift and subsequent gifts and undistributed surpluses, together with realised and unrealised gains and losses on investments, all of which may be applied without restriction in furtherance of the objects of The Freshgate Trust Foundation.
1.4
Incoming resources

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5
Resources expended

Expenditure is included on an accruals basis.

 

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions are fulfilled.

 

Support costs are the running of The Freshgate Trust Foundation itself as an organisation.

1.6
Heritage assets

Gold pocket watch and chain formerly owned by Harry Brearley, at a cost of £1,500 (2022 - £1,500). This is currently on loan to The Company of Cutlers in Hallamshire.

THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

2

Investments

2023
2022
£
£
Income from listed investments
91,928
82,419
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
3

Investment management costs

2023
2022
£
£

Investment management fees

20,284
21,167
4
Charitable activities
Grants

Charitable expenditure

Total
Grants

Charitable expenditure

Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£

Website design costs

-
1,992
1,992
-
1,992
1,992

Bank charges

-
161
161
-
27
27

Secretarial fees

-
19,200
19,200
-
19,200
19,200

Travelling and sundry expenses

-
-
-
-
1,287
1,287

Audit fee

-
-
-
-
456
456

Independent examination fee

-
4,254
4,254
-
4,200
4,200
-
25,607
25,607
-
27,162
27,162
Grant funding of activities (see note 5)
87,900
-
87,900
92,750
-
92,750
87,900
25,607
113,507
92,750
27,162
119,912
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
5
Grants in furtherance of the Foundation's objectives
2023
2022
Number
£
          Number
£
Education (including travel and training)
9
13,500
9
17,800
Heritage, restoration and environment
5
8,250
6
21,500
Music and the arts
7
10,500
10
15,800
Recreation (including holidays and sport)
13
21,850
11
17,150
Welfare, health and social care
21
37,800
11
20,500
55
91,900
47
92,750
Unclaimed grants
(4,000)
-
87,900
92,750

The Freshgate Trust Foundation does not award grants to individuals except in the case of educational prizes to students. This amounts to nil this year (£2,000 to Outokumpu in 2022).

6
Employees
There were no employees during the year (2022: none).
7
Members of the Council

None of the Members of the Council (nor any persons connected with them) received any remuneration during the year. There were no travel expenses reimbursed to any Member of the Council in 2023 (2022 - £nil).

The Secretary, who is not a Member of the Council, is a partner in a firm of Chartered Accountants. Fees of £19,200 are charged for her services and the services of the firm which undertakes all of the secretarial duties, preparation of annual accounts and provision of meeting facilities for the Members of the Council.

8
Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
9
Net gains/(losses) on investments
2023
2022
Note
£
£
Revaluation of investments
11
148,002
(398,779)
Gains/(losses) on sale of investments
1,656
(82,138)
149,658
(480,917)
10
Heritage assets
£
At 1 January 2023 and at 31 December 2023
1,500
11
Fixed asset investments
Movement in fixed asset investments
2023
2022
£
£
At 1 January 2023
3,319,449
3,831,116
Additions
468,780
468,077
Valuation changes
148,002
398,779
Disposals
(491,545)
(580,965)
3,444,686
3,319,449
Cash
23,400
29,736
At 31 December 2023
3,468,086
3,349,185

The historical cost of the fixed asset investments is £3,154,686 (2022 £3,195,218).

12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
63
252
THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
45,077
4,200
14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through income and expenditure
3,468,086
3,349,185
Carrying amount of financial liabilities
Measured at amortised cost
45,077
4,200
15
Unrestricted funds
Movement in funds
This year
Balance at 1 January 2023
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at 31 December 2023
£
£
£
£
£
£
General fund
3,287,856
91,928
(133,791)
(17,767)
1,656
3,229,882
Revaluation fund
124,231
-
-
17,767
148,002
290,000
3,412,087
91,928
(133,791)
-
149,658
3,519,882
Prior year
Balance at 1 January 2022
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at 31 December 2022
£
£
£
£
£
£
General fund
3,307,870
82,419
(141,079)
120,784
(82,138)
3,287,856
Revaluation fund
643,794
-
-
(120,784)
(398,779)
124,231
3,951,664
82,419
(141,079)
-
(480,917)
3,412,087

The revaluation fund represents the amount by which investments exceed their historical cost.

The general fund represents the original gift and subsequent gifts and undistributed surpluses, together with realised gains and losses on investments, all of which may be applied without restriction in furtherance of the objects of the Foundation.

 

Transfers are to adjust the balance on the revaluation fund so it represents the difference between the total historic cost and the market value of the investments.

THE FRESHGATE TRUST FOUNDATION
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
16
Related party transactions

During the year grants were made to Sheffield Family Holiday Fund of £3,000 (2022- £2,500), Sheffield Botanical gardens of £nil (2022-£10,000 ), St Luke's Hospice of £2,000 (2022 - nil), Miss E S Murray is a Trustee of Sheffield Family Holiday Fund; Matthew Sibley is a trustee of Sheffield Botanical Gardens, Mr N A MacDonald OBE is a Trustee of St Luke's Hospice.

 

There were no other disclosable related party transactions during the year (2022 - none).

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