THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 CHARITY NUMBER- 1042358
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 The Trustees present their annual report and financial statements of the charity for the year ended 301h June 2024. 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 charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aGcordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102). OBJECTIVES AND ACTIVITIES The objects of the Trust are to promote such charitable purposes for the benefit af young people living in LeiGester, Leicestershire, and Rutland particular, those undertaken by youth organisations, as the trustees in their absolute discretion think fit. Grant Making Policy Modest grants are made to individual young people and the Trust also makes grants to voluntary youth organisations. All grants are made at the discretion of the Trustees to support the aspirations and needs of young people and their voluntary organisations. Public Benefit In planning the Trust's grant making the trustees have given consideration to the Charity Commission's published guidance on public benefiL Achievements and Performance Thirty years on from the founding of the Sir Andrew Martin Trust for Young People, the ten trustees continued their tradition Df business and grant-making meetings in June, September, January and April. Over foty individual young people received grants together with some thirty youth groups. In the year under review the variety of applications for grants was quite amazing, welcomed by the trustees and reflects earlier years. Grants for equipment included the cost of a flight simulator for Air Cadets, renovation of a jetty for Sea Cadets, training bursaries for members of Leicester's Young Curve theatre groups, a grant to a young bagpiper, travel to Switzerland for a teenage gospel choir performing concerts, as we51 as fees for educational, skills and drama courses and the provision of laptops. Support to Young Caiers for educational. sporting and leisure activities continued the trustees, almost thirty years of such support. Since October 1997 some 350 Young Carers have been assisted. Trustees continued to highlight to Leicestershire County Council and Leicester City Council the availability of the Tnjst's support in appropriate cases. During the year four trustees led by the Trust's Vice-chair reviewed the Trust's banking arrangements with CAF bank. Their discussion was prompted by the fact that natior)ally banks were becoming inclined to favour on-line BACS payments in preference to drawing heques. The Trustees decided to continue with CAF Bank and adopt BACS payments for grants (unless a cheque was the grantee's only option),
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 Towards the close of the year the Trustees were discussing their intention to review and update the Trust's website and considering a possible paid appointment to undertake revision and regu5ar updating of the site. With sadness the Trustees report the death on the 8th of June 2024 of the Honouiable Ann Brooks the Trust's first Chair from 1994 - 2017 when the present Chair, David Knowles DL succeeded her. Founded by friends in memory of her late friend, Sir Andrew Martin KCVO, for many years Leicestershire's Lord-Lieutenant and prominent supporter of young people and their voluntary organisations, Ann energetically pursued fvnd-raislng to launch the Trust and sustain grant-making over many years. She promoted the availabilrty of the Trust's grants throughout Leicester, Leicestershire, and Rutland over her long time in office. The Trust's Chair, David Knowles DL spoke in commendation of Ann at her SeNice of Thanksgiving. The Trustees continue to be very thankful for the administrakn.ve assistan provided by Walker & Son, Leicester (a division of Samworth Brothers Limited, Melton Mowbray) in reIVing applications and responding to decisions of the Trustees. Financial Review Income totalling £44,313 (2023: £39,560) was received during the year of which £40,726 (2023: £34,985) was investment income. This funded grants of £38,8 (2023: £33,359) to charitable organisations. Gapital investsnents were valued at £1,409,751 (2023: £1,293,632) at the year end. Investment Policy and Powers The trustees have the same full and unrestricted powers of investrnent in all respects as if they were the beneficial owners. The investment strategy is set by the trustees and takes account of recent demands for funds and an assessment of expected future needs (see Reserves). The investment policy and strategy are reviewed with the investment managers at regular intervals. The investment objective is to maximise income available to make grants while maintaining the long-tenn value of capital. Risk Management The main risks to which the charity is exposed as identified by the trustees have been considered and systems have been established to mitigate those risks. Reserve5 Policy The Trust Deed permits the spending of capstal.. the trustees have, however, agreed to retain the capital for the time being and to invest it to produo income to make grants. The trustees are managing the reserves to balance the needs of current and future beneficiaries. St 15 not anticipated that the needs of benefiGiaries will diminish over time.
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 Plans for the Future The objectives of the Trust remain unchanged for the future,- the intention is to continue managing the funds on a consistent basis and distributing income as grants to Ihose in financial need. Structure, Governance and Management The Sir Andrew Martin Trust for Young People is a registered charity, number 1042358. It was established by a Trust Deed dated 18th November 1994. Organisation, management, and delegation The administration of the Trust's grant making aGtivitie5 is carried out, at no cost to the Trust, by a volunteer from Samworth Brothers. The Trustees meet quarterly to make grants and review the Trust's performance, its financial position, and its investments. The Trustees, in their power. have delegated accountancy matters to LCVS. Trustee Recrultmont and Appointment Having considered relevant skills, experience, and geographical requirements, potential new Trustees are appioached by the existing Trustees and then appointed with the agreement of the Trustees. The Trustees are also responsible for the induclion and training of new Trustees. Name Charity number Principal Office The Sir Andrew Martin Trust for Young People 1042358 LCVS 151 Dale Street Liverpool L2 2AH Trustees Mr John A]dridge OBE Mr David Andrews DL Mr Michael Elliott Mr Alec Jeffery Miss Alison Jolley Mr David Knowles DL Ms Susan McEniff Mr Samuel Plummer Mr David Smith Mr Martin Traynor OBE Liverpool Charity and Voluntary Serwces (LCVS}, a corporate trustee, which is incorporated under the Companies Act as a company limited by guarantee without share capital as company number 181759, a registered charity, number 223485, and a charitable Trust Corporation. LCVS trustees. who are asso its directors, were as follows during the year.
THE SIRANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 LCVS Chair Sonia Bassey MBE Mike Thomas Dorcas Akeju Maxine Ennis Ken Perry John Prt Michael Salla Louise Scholes Gemma Shone James Sloan LCVS Treasurer Company Secretary Independent Examiner Helen Rotheram Paula Sanchez ACCA Score Lane Liverpool L16 5EF CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ Investec Wealth and Investment 100 Old Hall Street Liverpool, L3 9AB Bankers Investment Manager TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charty trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a trLJe and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to" select suitable accounting policies and then apply them consistently. obseEve the methods and principles in the applicable Charities SORP. make judgements and estimates that are reasonab5e and prudent. state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business.
THE SIRANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 The trustees are responsible for keeping proper accounting rewrds that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on and signed on their behalf by David Knowles, Chair of Trustees Dated:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE I report to the trustee on my examination of the accounts of The Sir Andrew Martin Trust For Young People ('the charity,) for the year to 30th June 2024. which are set out on pages 8 to 15. Responsibilities and basis of report As the trustee of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 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 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true and fair view. and my report is limited to those specific matters set out in the independent examinerfs statement. 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 reasonable 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 2011 Act., or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the applicable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. Name.. Paula Sanchez Name of applicable listed body.. Association of Chartered Certified Accountants Relevant professional qualification or body: ACCA Date: 10 April 2025
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024 Unrestricted Funds Capital Funds 2024 Income Funds 2024 Total 2024 Total 2023 Income from: Donations Charitable activities Investments Noles 2a 2b 2c 3.225 80 41,008 3,225 80. 41,OOg 3,994 450 35,116 Total income 44,313 44,313 39,560 Expenditure on: Raising funds Charitable activities 40,873 40,813 35,896 Total expenditure 40,813 40,813 35,896 Net income 3,500 3,500 3.664 Net gains on investment 116.119 116,119 8,936 Net movement in fund5 3,500 116.119 119,619 12,600 Reconciliation of funds." Total funds brought forward 10,800 1,293.632 1,304,432 1,291,832 Total funds carried forward 14,300 1,409,751 1,424,051 1,304,432 The notes on page5 10 to 15 form part of these accounts. The net movement in the funds in the year is derived from the continuing activity of the charity.
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE BALANCE SHEET AS AT 30TH JUNE 2024 30th June 2024 30th June 2023 Fixed assets 5nvÈsknents Notes 1,409.751 1,293,632 Current assets Debtors Cash balances 16.429 12,699 16.429 12,699 Current liabilities Creditors (2.129) (1,899) Net current assets 14,300 10,800 Net assets q,424,051 1,304,432 The funds of the chartty: Unrestricted funds Capital fijnds Income funds 1,409,751 14,300 1,293,632 10,800 1,424.051 1.304,432 Approved and authorised for tssue by the TteeS and signed on their behalf by David Knowles, Chair of Trustees Dated:
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 The Trustees present their annual report and financial statements of the charity foi the year ended 30th June 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's trustdeed, the Charities Act 2011 and Accounting and Reporbng 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). OBJECTIVES AND ACTIVITIES The objects of the Trust are to promote such charitable purposes for the benefit of young people living in Leicester, Leicestershire, and Rutland in particular, those undertaken l)y youth organisations, as the trustees in their absolute discretion think fit. Grant Making Policy Modest grants are made to individual young people and the Trust also makes grants to voluntary youth organisatlDns. All grants are made at the discrets.on of the Trustees to support the aspirations and needs of young people and their voluntary organisations. Publlc Benefit In planning the Trust's grant matang the trustees have given consideration to the Charity Commission's published guidance on public benefit. Achievements and Performance Thirty years on from the founding of the Sir Andrew Martin Trust for Young People, the ten trustees continued their tradition of business and grant-making meetings in June, September, January and April. Over foty individual young people received grants together with some thirty youth groups. In the year under review the variety of applications for grants was quite amazing, welcomed by the trustees and reflects earlier years. Grants for equipment included the cost of a flight simulator for Air Cadets, renovation of a jetty for Sea Cadets, training bursaries for tnembers of Leicester's Young Curve theatre groups. a grant to a young bagpiper, travel to Switzerland for a teenage gospel choir performing concerts. as well as fees for educational, skills and drama courses and the provision of laptops. Support to Young Carers for educational, sporting and leisure activities continued the trustees, almost thirty years of such support. Since October 1997 some 350 Young Carers have been assisted_ Trustees continued to highlight to Leicestershire County Council and Leicester City Council the availability of the Trust's support in appropriate c3s@s. During the year four trustees led by the Trust's Vice-chair reviewed the Trust's banking arrangements with CAF bank. Their discussion was prompted by the fact that nationally banks were becoming inclined to favour on-line BACS payments in preferen to drawing cheques. The Trustees decided to continue with CAF Bank and adopt BACS payments for grants (unless a cheque was the grantee's only option).
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 Towards the close of the year the Trustees were discussing their intention to review and update the Trust's website and considering a possible paid appointrnent to undertake revision and regular updating of the site. With sadness the Trustees report the death on the 8th of June 2024 of the Honourable Ann Brooks the Trust's first Chair from 1994 - 2017 when the present Chair, David Knowles DL succeeded her. Founded by friends in memory of her late friend, Sir Andrew Martin KCVO. for many years Leicestershire's Lord-Lieutenant and prominent supporter of young people and their voluntary organisations, Ann energetically pursued fund-raising to launch the Trust and sustain grant-making over manyyears. She promoted the availability of the Trust's grants throughout Leicester, Leicestetshire. and Rutland over her long time in offi. The Trust's Chair, Daviol Knowles DL spoke in commendation of Ann at her Service of Thanksgiving. The Trustees continue to be very thankful for the administrative assistance provided by Walker & Son, Leicester (a division of Samworth Brothers Limited, Melton Mowbray) in receiving applications and responding to decisions of the Trustees. Financial Review Income totalling £44,313 (2023: £39,560) was received during the year of which £40,726 (2023.. £34,985) was investment income. This funded grants of £38,843 (2023: £33,359) to charitable organisations. Capital investments were valued at £1.409,751 (2023: £1,293,632} at the year end. Investment Policy and Powers The trustees have the same full and unrestricted Powe of investment in all respeGts as if they were the beneficial owners. The investment strategy is Set by the trustees and takes account of recent demands for funds and an assessment of expected future needs (see Reserves). The investment policy and strategy are reviewed with the inveslment managers at regular intervals. The investment objective is to maximise income available to make grants while maintaining the long-term value of capital. Risk Management The main risks to which the charity is exposed as identified by the trustees have been considered and systems have been established to mitigate those risks. Reserves Pollcy The Trust Deed permits the spending of capital; the trustees have, however, agreed to retain the capital for the time being and to invest it to Produ income to make grants. The trustees are managing the reserves to balan the needs of current and future beneficiaries. It is not anticipated that the needs of beneficiaries will diminish over time.
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 Plans for the Future The objectives of the Trust remain unchanged for the future. the intention is to continue managing the funds on a consistent basis and distributing income as grants to those in financial need. structure, Governance and Management The Sir Andrew Martin Trust for Young People is a registered charity, number 1042358. It was established by a Trust Deed dated 18th November 1994. Organisation, management, and delegation The administration of the Trust's grant making activities is carried out, at no cost to the Trust, by a volunteer from Samworth Brothers. The Trustees meet quarterly to make grants and review the Trust's performance, its financial position, and its investments. The Trustees, in their power. have delegated accountancy matters to LCVS. Trustee Recruitment and Appointment Having considered relevant skills, experience, and geographical requirements, potential new Trustees are approached by the existing Tnjstees and then appointed with the agreement of the Trustees. The Trustees are also responsible for the induction and training of new Trustees. Name Chartty number Principal Office The Sir Andrew Martin Trust for Young People 1042358 LCVS 151 Dale Street Liverpool L2 2AH Trustees Mr John Aldridge OBE Mr David Andrews DL Mr Michael Elliott Mr Alec Jeffery Miss Alison Jolley Mr David Knowles DL Ms Susan McEniff Mr Samuel Plummer Mr David Smith Mr Martin Tiaynor OBE Liverpool Charity and Voluntary SerVis (LCVS). a corporate trustee. which is incorporated under the Companies Act as a company limited by guarantee without share capital as company number 181759, a registered charity, number 223485, and a charitable Trust Corporation. LCVS trustees, who are also its directors, were as follows during the year.
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 LCVS Chair Sonia Bassey MBE Mike Thomas Dorcas Akeju Maxine Ennis Ken Perry John Pri Michael Salla Louise Scholes Gemma Shone James Sloan LCVS Treasurer Company Secretary Independent Examiner Helen Rotheram Paula Sanchez ACCA Score Lane Liverpool L16 5EF CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent, MEI 9 4JQ Investec Wealth and Investment 100 Old Hall Street Liverpool, L3 9AB Bankers Investment Manager TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustees are responsible for preparing a trustees, annual report and financial statements in acGordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of reSoUrs, of the chartty forthat period. In preparing the financial statements, the trustees are required to." select SLJitable accounting policies and then apply them consistently. • observe the methods and principles in the applicable Charities SORP. make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed. subject tr) any material departures that must be disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the chanty will continue in business.
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 The trustees are responsible for keeping propel accounting record5 that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts 2nd Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevenb'on and detection of fraud and other irregularities. Approved by the Trustees on and signed on their behalf by David Knowles, Chair of Trustees ¥j-
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE I report to the trustee on my examination of the accounts of The Sir Andrew Martin Trust For Young People ('the charity,) for the year to 301h June 2024, which are set out on pages 8 to 15. Responsibilitios and basis of report As the trustee of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 ACY). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 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 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true and fair view, and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examinerfs statement I have completed my examination. l Gonfirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect. 1. accounting records were not kept in respect of the charity as required by section 130 of the 201 % Act., or 2. the accounts do not accord with those records. or 3. the accounts do not comply wth the applicable requirements conceming the form and Gontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connectlon 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. Name: Paula Sanchez Name of applicable listed body: Association of Chartered Certified Accountsnts Relevant professional qualification or body: ACCA Date:
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024 Unrestricted Funds Capital Funds 2024 Income Funds 2024 Totsl 2024 Total 2023 Income from: Donations Charitable activities Investments Notes 2a 2b 2c 3.225 80 41,008 3,225 80. 41,00 3,994 450 35,116 Total income 44,313 44.313 39,560 Expenditure on: Raising funds Charitable activities 40,813 40,813 35,896 Total expenditure 40,813 40,813 35,896 Net income 3,500 3,500 3,664 Net gains on investrnent 116.119 116,119 8,936 Net movement in funds 3,500 116,119 119,619 12,600 Reconciliation of funds." Total funds brought forward 10.800 1,293.632 1,304,432 1,291,832 Total funds carried fonvard 14,300 1,409,751 1,424,051 1.304,432 The notes on pages 10 to 15 form part of these accounts. The net movement in the funds in the year is derived from the continuing activity of the charity.
THE SIR ANDREW f¥ryARTIN TRUST FOR YOUNG PEOPLE BALANCE SHEET AS AT 30TH JUNE 2024 30th June 2024 30th June 2023 Fixed assets Investments Notes 1,409,751 1,293,632 Current assets Debtors Cash balances 16,429 12,699 16,429 12,699 Current liabilities Creditors (2,129) (1,899) Net current assets 14,300 10,800 Net assets 1,424,051 1,304,432 The funds of the charity: Unrestricted funds Capital funds Income funds 1.409,751 14,300 1,293,632 10,800 1A24,051 1,304,432 Approved and authorised for issue by the Trustees and signed on their behalf by David Knowles. Chair of Trustees Dated:
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 1. ACCOUNTING POLICIES Basis of Accounting The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless othewse stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and. Republic of Ireland (FRS102) (SORP 2019) and the Financial Reporting Standard applicable in the United Ktngdom and Republic of Ireland (FRS102) and Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity has taken advantage oflhe provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concern At the time of approving the accounts, the trustee has reasonable expectation that the charity has adequate resouices to continue in operational existence for the foreseeable future. Thus the trustee continues to adopt the going concern basis of accounting in preparing the accounts. Investments In accordance with Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019), investments held as fixed assets are stated at fair value. Realised and unrealised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market pri on the valuation date. Fund accounting Unrestricted funds are considered 'free' reserves and are available for use or retention at the discretion of the Trustees, in accordance with the chanty's objectives. Free reserves are undesignated funds available forthe furtherance ofthe general objectives of the charity. Income recognition Income from investments comprises dividend income and interest and are accounted for when reiVed in the financial year. Donations are recognised at the earlier of notificats'on or date of receipt, in the case of the thiid-paty donations and legacy income when received by the organisation_ Expenditure recognition Liabilities are recognised as expenditure as soon a5 there is a legal or constructive obligation committing the charity to that expenditure, r( is probable that settlement will be required, and the amount of the obligab'on can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of finanoal acts-vities. io
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 Raising fijnds costs relate to expenses incurred in the management of the investment assets. Charitable activities include grant funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activtties when payment has been approved by the charity. Governance costs relate to Complian with constitutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report. Cash and cash equivalents Cash and cash eq1valents include cash in hand. depostts held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balan sheet when the charity 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 @nforceable 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 balans. are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanGing transaction, where the transaction is measured at the present value of the ftrture 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 initialEy recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instr(Jment is measured at the present value of the future receipts 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 charity's CDntractual obligations expire or are discharged or can[[ed. li
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 Taxatlon The charity benefits from various exemptions from taxation afforded by tax legislation and is not li2ble to corporation tax on income or gains falling within those exernptions. Partial recovery is made of tax credits on UK dividend income. The chaFty is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. Critical Accounting Estimates and Judgements -In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 2. Income and endowments from: Income Funds 2024 Capital Fund5 2024 Total Total 2024 2023 Donation and legacies Donations Gift aid 3,075 150 3,075 150 3,200 794 3,225 3,225 3,994 b. Charltable activities Celebration event 80 80 450 c. Investments Bank interest Investments dividends and interest 282 40,726 282 131 40,726 34,985 41.008 41,008 35.116
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 3. Expenditure on charitable activities= Direct Support& Total Total Charitable Governance 2024 2023 Expenditure Costs The benefit of young people living in LeISter, Leicestershire, and Rutland and youth organisations 38.843 1,970 40,813 35,896 Analysed as follows: 2024 2023 Direct ch817table expenditure." Grant funding Celebration event 38,843 33,359 613 38,843 33,972 2024 2023 Support & Governance costs.. Financial Administration - LCVS Independent examination Travel expenses (ref annual meeting) Bank charges Website costs 1,629 250 1,399 250 120 117 38 91 1,970 1,924 Total expenditure on charitable actlvities 40,813 35,896 Jtk 13
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 The following grants were made during the year: Grants of £1,000 and over 1461 (Wigston District) Air Cadets Act One East Midlands Army Cadet For Hinckley Town Tennis Club Leicester City Children's Holidays Leicester Combat AGademy Leicester Music Fest Leicester Theatre Trust Loughborough District Scouts Loughborough Sea Cadets Melton ATC Peter le Marchant Trust Proton Foundation Seventh Day Adventist Church (St Matthews Branch) Spectrum Sensory Sports CLC Sunrise Wellbeing Partnership CLC The Ratby Co-operative Total Insight Theatre 1,300 2,000 2,000 2,000 1,000 2,000 1,360 2.500 2,000 2,000 1,000 1,000 1,500 1,200 1.799 2,000 1,000 1.500 29,159 9,684 Direct grants to young people Total grants 38,843 4. Fixed Asset Investsnents 2024 2023 Quoted Investments: arket value at 1st July 2023 Net unrealised gains on investment assets 1.293,632 1.284,696 116,119 8,936 Market Value at 30th June 2024 1,409,751 1,293,632 Book Value at 30th June 2024 960,858 960,858 The trusl holds 100 % of its investments in a Charity Commission approved pooling scheme, the Settlors, Trust Fund {STF), administered by Ltverpool Charty and Voluntary Services and managed by Investec Wealth and Investment. At 301h June 2024, the assets of the STF fund had a total market value of £33,821,443 (2023.. £31,099.741) of which £1,409,751 (2023.. £1.293,632) is an asset of the trust. 14
THE SIR ANDREW MARTIN TRUST FOR YOUNG PEOPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 5. Debtors There were no debtors during the year end 30th June 2024 (2023: £nil) 6. Creditors 2024 2023 Financial Administration- LCVS Independent examination fee 1.629 500 1,399 500 2,129 1,899 7. Unrestricted Funds Income Fund.. Investment income and donations received for distrtbLrtion as grants to individual young people and charitable voluntary youth organisations. Capital Fund" Funds held provide income for the on4Joing acttvities of the trusL 8. Related Party Transactions Raising funds.. include £nil (2023: nil) payable to LCVS to cover capital administration costs. Support and govemance costs. include £1,629 (2023: £1,399) payable to LCVS in respect of accountancy and trust administration. At 30th June 2024, creditors included an accnjal of £1.629 to LCVS (2023: £1,399). LCVS is related to the Trust by virtue of LCVS being the Trusys corporate trustee. 15