THE OLIVE TREE TRUST UNAUDITED RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED Sth APRIL 2024 Charity no: 1026345 Wenn Townsend Chartered Accountants Oxford
THEOLIVE TREE TRUST Contents Page Legal and Administrative Information Report of the Trustees Receipts and payments accounts Statement of assets and liabilities Notes to the Financial Statements Reconciliation of Investments Schedule of Investments Independent Examiner's Report
THE OLIVE TREE TRUST Legal and administrative information Trustees Caroline Ruth Charity Nicola Lovelock Tim Pipkin Paul Medley Foundation Offices 84 Fairacres Road Oxford OX41TG Independent Examiner Mr B Hayes Bsc FCA Wenn Townsend Chartered Accountants 30 St Giles Oxford OX13LE Bankers The Co-operative Bank plc PO Box 250 WN8 6VI
THE OLIVE TREE TRUST Trustees, Annual Report for the year ended 5th April 2024 Structure, Governance and management The trustees named on page 1 have served throughout the year. Appointment o* the trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. In considering the direction and activities of the Foundation. The trustees have had due regard to the Charity Commission's guidance on public benefit. The trustees present their report along with the financial statements of the Foundation for the year ended 5th April 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 6 and comply with the charity's trust deed and applicable law. History, Objectives and Activities The charitable trust was established on 25th August 1993. The Foundation is constituted by Trust Deed, and its objects are to apply the income and capital of the trust for such Charitable purposes as the trustees in their absolute discretion determine. Achievements and Performance The Olive Tree Trust aims to provide long-term support to a small number of charities. We are therefore able to get to know these charities well, visit their premises and gain a deeper understanding of their work. In 202312024 we continued to support three charities that offer help to those who are homeless or on low incomes, providing much needed advice on housing, employment and benefits as well as practical support in these areas. We continued support for Key Steps lin Weston-super-mare) and The Upper Room lin London) and The Porch (in Oxford). We were pleased to be able to donate to The Upper Room again through The Big Give who matched our initial donation of £9k. We then provided an additional donation of £6k and agreed to extend £9k annual funding for a further 2 years. We donated £15k each to Key Steps and The Porch and made similar commitmentto continue funding of £9k for the coming two years on receipt of a positive report to provide the charities with security of funding in future. Financial Review (including reserves policy) The focus of expenditure from the Trust is support to charities. Costs for the running of the Trust are kept to a minimum to ensure that as much funding as possible can be devoted to charitable causes, and as a result the charity does not need to hold significant free reserves. Cash funds at the year end were c£18,000, which is in line with the targeted objective. Public Benefit The trustees have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission. including public benefit guidance. Approval This report was approved by the trustees on 18th January.2025 and signed on their behalf by= C R Charity- Trustee
THE OLIVE TREE TRUST Receipts and Payments Accounts for the year ended 5th April 2024 2024 2023 Receipts: Income from investments 31,052 28,089 Payments: Investment management fees Accountancy l examination fees Professional fees Grants awarded (4,250) (2,3401 {80) (45,000) (6,068) {2,160) (400) (45,000) Total payments: (51,670) (53,628) Net of receiptslpayments (20,618) (25,539) Other: Realised gains on investments Cost correction 65,925 15,291 (1,238) Net movement in funds 45.307 11,486 Reconciliation of funds: Funds brought forward 686,243 697,729 Funds carried foNard 731.550 686,243 Statement of assets and liablllties 2024 2023 Investment funds at cost Cash funds Accountant fees outstanding 717,586 18,464 (4,500) 667,965 20,438 (2,160) Total 731.550 686,243 The market value of the investment funds held at period end was £847.904 (2023'.- £847,827) The financial statements were approved and authorized for issue by the Board on January 2025. Signed on behalf of the board of trustees by: C R Charity - Trustee
THE OLIVE TREE TRUST Notes to the financial statements for the year ended 5th April 2024 ACCOUNTING POLICIES Basis of preparation of accounts The financial statements have been prepared under the historical cost convention using. The accounts are in accordance with applicable accounting standards, the Charities SORP ( FRS 1021 (Accounting and Reporting by Charities} and comply with the Charities (Accounts and reports) Regulations 2008 issued under the charities Act 2011. The charity has taken advantage of its ability to prepare accounts on a receipts and payments basis, as it meets the threshold for this approach. Income The income of the Trust comprises the income arising from the investment portfolio and is accounted for as received. Value Added Tax Value added tax is not recoverable by the Trust, and as such is included in the relevant costs in the Statement of Financial Activities. Taxation The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. Fixed Asset Investments Investments are included at cost. Any realised gains and losses on investments are recognised upon crystallisation and are taken to the Statement of Financial Activities at that point. The determination of any gains and losses are calculated by reference to the value of such assets at the beginning of the accounting period. 2. Trustees, and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year12023'. £Nil). The total amount of employee benefits received by key management personnel is £Nil (2023.. £Nill. The Trust considers its key management personnel comprise the trustees. The trustees did not have any expenses reimbursed during the year (2023-. £ Nil). 3. Related party transactions There are no related paty transactions during the year (2023.. £Nil).
THE OLIVE TREE TRUST Notes to the financial statements (continued) for the year ended 5th April 2024 4. Investments 4a- Movements in period 2024 2023 Cost at 6th April 2023 667,965 684,134 Additions in period 161,615 88,626 Disposals at cost (proceeds £177,919, realised gain £65,925) (111,994) (104,7951 Cost at 5th April 2024 717,586 667,965
THE OLIVE TREE TRUST Notes to the financial statements (continued) for the year ended 5th April 2024 4. Investments (continued) 4b- Schedule of investments for the year ended 5 April 2024 Cost Market Value Units 9,000 20,000 14,236 3,000 3,800 12,000 1,000 3,000 250 Treasury IIL Stock 2035 Retail Charity Bonds PLC Rathbone Unit Trust Management Britvic PLC 24,769 20,065 15,215 9,066 18,979 12,136 4,628 24,808 22,377 18,346 12,177 23,565 18,635 30,132 7,176 21,600 Aviva PLC Legal & General Group PLC Prudential PLC IG Group Hldgs PLC London Stock Exchange Group PLC Ord Shs 6 79186P Astrazeneca PLC Compass Group PLC SAGE Group PLC Dunedin Income Growth Inv Tst PLC Ord 25P 19,496 6,055 6,831 4,138 24.081 16,057 32,225 18,835 15.103 5,936 24,898 24,889 23,445 22,302 22,654 25,813 23,460 9,192 9,570 28.992 36.186 38,866 30,492 22,987 210 1,020 2,070 8,500 1,200 5,000 800 Henderson smaller cos inv Tst PLC Ord 25P RWS Holdings PLC Smurfit Kappa Group PLC Jpmorgan American Inv Trust PLC Invesco Pacific Accumulation Units Impax Environmental Markets PLC Jupiter Green Investment Trust PLC Schroder International Seleclion Fd Global Sustainable Food And Water C GBP Scottish Mortgage Inv Trust PLC Personal Assets Trust PLC Primary Health Properties PLC Foresight Environmental Inf Greencoat UK Wind PLC HICL Infrastru¢ture PLC The Renewables Infrastructure Grp Gresham House Energy Storage Fd 31 Group PLC 5.750/0 Aviva PLC 6.1250 Burford Capital PLC 50 Telecom plus PLC Schroder UK Mid Cap Deere & Co 5,550 7,313 7,700 12,700 277 25.265 11,720 16,937 23,497 25,261 25,043 20,627 25,355 18,806 20,326 20.441 18,878 24,030 20,456 19.832 24,929 19,783 24,758 3,432 26.704 39,878 17,760 18,050 19,448 22,963 15.000 20,988 7,177 21,390 20,994 19.514 24,450 19,775 19,506 25.454 15,254 17,532 28,100 4.650 3700 20,000 22,000 16,700 12,000 21,200 17,400 20,000 20,000 20,000 1,500 3,500 60 6,663 7,700 21,200 1,000 Liontrust European Dynamic Londonmetric Property Foresight Solar Fund Ltd 31 Group PLC Total 717,586 847,904
THE OLIVE TREE TRUST Independent Examiner's Report to the Trustees of The Olive Tree Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 5th April 2024 which are set out on pages 6 to 8. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records. 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 accounts to be reached. B Hayes Bsc FCA Wenn Townsend Chartered Accountants Oxford 181h January 2025