IM irwinmitchell THE FLORIAN CHARITABLE TRUST EGISTERED CHARITY NUMBER 1043S23 FINANCIAL STATEMENTS For th8 ear ended 5th A rll 2024 (Ref: TST145042352
THE FLORIAN CHARITABLE TRUST REGIS ERED CHA Iry NO. 1043 ndex to the Flna ents for the ear ended Sth A rll 2024 Annual report lTrdepdent Examln*s Report Balan Sheet Statement of Flnanda lthities 7-11 Notes to th8 acccK 12-15 Schedule of InvestTnents
Page I The Florian Charltable Trust Annual Report For the Year ended 5th April 2024 Full Name of Charity: The Aorian Charitable Trust Nature of Governlng document: Deed of Trust dated 24th June 1994 Registration Number: 1043523 Trustees: Graham Anthony Treasure Mark Treasure Simon Treasure Carollne Amanda Shelton Registered Address: Thomas Eggar House, Frfary Lane. Chlchester, West Sussex, P019 IUF Principal Banker: Bardays Bank Plc, 74-75 East street, Chichester, West Sussex. P019 IHR Sollcltors: Irwln Mitchell LLP, Thomas Eggar House. Frfary Lane, Chlthester, West Sussex, POI9 IUF Independent Examlners: Moore (South) LLP, Clty Gates, 2-4 Southgate, Chlchester, West Sussex. P019 8DJ Investment Managers: Rathbone Investment Management Limlted, 10 George Street, Edlnburyh, EH2 2PF Constitution and Objects The trustees are directed to apply the income or capltal of the Trust Fund to such charltable purpose or purposes and in such proportions as the Trustees may from tlme to tlme In thelr sole dlscretion think fit Organlsatlon and Grant MakSng Pollcy Appoi ntment of the Trustees is govemed by the Trust Deed. The trustees meet annually and are prepared to look at all appllcatlons recelved durlng the slx months prior to the meetingi partlcular emphasls has been placed on fundlng specific proierts, and, where posslble, supporlJng those Charities geographlcally local to one or more of the Trustees, so there can be personal contact between a Trustee and the Charlty beneflted. The majorlty, but by no rneans all, of the donatlons have supported medlcal and allled Charltles. with a partlcular focus on those helplng dlsabled chlldren. GA: 4948808J
Page 2 The Florian Charitable Trust Annual Report (contlnued) For the Year Ended 5th April 2024 Achlevements Bnd performan¢e Durfng the year the Trust has been able to contlnue Its support of charftable Institutlons, a5 identified In the Organlsatlon and Grant Maklng Pollry. The Trustees, where posslble, support those Charlties geographlcally local to one or more of the Trustees, The Trust Supported 8 grant applfficatlons In 2023124 totalllng £40,000 (cornpared wlth 8 applications totalllng £40,000 In the prevlous year). There were no grants cancelled durlng the year. Financial Review and Investment Policy The accounts show that the market value of the Investments increased durlng the year from £1,577,482 to £1,580,261. The gross Income produced by the Investments amounted to £46,643 as compared with £41,323 In the previous year. The net reallsed and unreallsed galns on the Investments totalled £15,508 In the year as compared wlth a loss of £135,058 in the previous year. The Investment advlsors (Rathbone Investment Management Ltd) are InstrLJCted to Invest In a portfolio which will provide a balance between capital growth and Income. Dlscretionary rnanagement has been granted to the Investment advlsors. The incoming re50urtrs conslst of divldend Income from Investments and bank dep051t Interest. The trustees approach In connectlor] wlth the level of grant making each year Is to distrlbute up to the forecasted Income re1Vable. Reserves Policy It Is the policy of the charity to maintsin unrestricted funds, which are free reserves of the charlty, at a level which equates to approxlmately slx months expenditure. Thls provldes sufficient funds to cover management and admlnlstratlon and support costs and to respond to emergency appllcations for grants which may arlse. Unrestrlcted funds were malntalned at thls level throughout the year. Risk Management The Trustees have examlned the major strateglc, business and operational risks whlch the Charity faces and confim that ternS have been established to enable regular reports to be pr()JUd 9) that the eSary steps can be taken to lessen these risks. GA: 49488D8 1
Page 3 The Florian Charitable Trust Annual Report (contlnued) For the Year Ended 51h April 2024 statement of Trustees. Responsibilities Law appllcable to Charltles In England and Wales requlres the Trustees to prepare Flnandal Statements for each Financlal year whlch glve a true and falr vlew of the Charity's flnanclal acuvltles durlng the year and of its financial posltton at the end of the year. In preparlng those Flnanclal Statements, the Trustees are requlred to: Select sultable accountlng policles and apply them consistentlyi Make judgements and estimates that are reasonable and prudent. state whether appllcable accountlng standards and statements of recommended prdctI have been followed subject to any departures disclosed and explalned In the Flnanclal Statements. and Prepare the Financlal Statements on a golng concem basis unless It Is inappropriate to pr&sume that the Charlty will continue in operation. The Trustees are responslble for keeping accounting records which dlsclose wlth reasonable accuracy at any tlme the flnanclal positlon of the Charity and enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011. They are also responslble for safeguardlng the assets of the Charlly and hence for taklng reasonable steps for the prevention and detectlon of fraud and other Irregularitie5. Appro¥ed by the Trustees and slgned on thelr behalf: .GA Treasure .M Treasure S Treasure .C A Shelton 15.01.2025 GA: 4948808J
Paga 4 THE FLORIAN CHARITABLETRUST INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES I report to the charrty tru5tee5 on myexarnination of the accounts of the charityforthe year ended 5 April 2024 which are set out on pages 5 to 15. Responslbllftles and basls of report As the charivs trustees you are responsible forthe preparation of the accounts In accordance with the requ Irements of the Charities Act 2011 {the ACV). I report In respect of my examlnation of the charitfs accounts carrled out u nder section 145 of the Act and in carrying out my examination I have followed allthe applicable Directions given bythe CharFty Commlsslon under sectlon 145{51(b) of the Act. Independent examlner's statement I have completed my examlnatlon. I confirm that no material matters have come to my attention in connertion wlth the examlnatlon glvlnE me cause to believe that in any materlal respect: accountlng records were not kept In pect of the charity as requlred by section 130 of the the accounts do not accord w5th those records; or the accounts dld not complywlth the appllcable requirements concerningthe form and context of accounts set out in the Charities (Accounts and Reports) Regulatlons 2008 other than any requiremerlt that the attounts give a 'true and fairf vlew whlch Is not a matter considered as part of an Independent examlnatS0n. I have no COnrn5 and have come across no other matters in connection with the examination to which attentlon should be drawn In thls report In order to enable a proper understandlng of the accounts to be reached. 202£ Matthew Bather, ACA Moore (50Uth) LLP Chartered Accountants Clty Gates 2-4 Southgate Chichester West Sussex P019 8DJ GA., 4948875_1
Pag8 5 LE TRUSI REGISTERED CHARITY NO. 1043523 Balaneè Shèotas at 5th A rll 2024 5A24 Fixed Assets In¥e31ments al value I.0.261.19 1.677,482.09 CentA5513 19.016.37 19.016.27 20 593MI 20.693.81 L12bllhle&fallinG 12 monlh$ Credilor5 1J10.40 1.248.00 17.705.97 1597 W7.16 1U,345.BI 1.596.827.BD Fund kfancé as 5.424 Unrestrktad 1.597.967.16 1.698.827.90 15.01.2025 Tha ffinardalstalemenlswO apprtrd by thg IKwd oflrusiees on_....-.....~........... .-..... ....-WKI skned on Ils bahalfby GA Treasu Twstee MTrure Twsfre S Treastjr Twstee CASheKon Tntytee The wtes on pages 719 15 brm p4rt oflhese accnts
Poge 8 E FLORIAN CHARrrABLE TR REGISTERED CHARITY NO. 1043523 stafBrneTrt of Winanclal ActlvItt for the ear •nd•d 5th A rfl 24 corAE In¢omlng RèFources Grns5 IFNOStrn&rl frKome 46,642B5 41.323.52 Tol41 Incorytlng R•sourc•s 4e,642.85 41,323.52 Re$¢urce# expond¢d Charitat4e acll¥llles ($3.468.80) (52mO.40) Raising funds Inveslmenlmanagennl c4)sts Total Resou¢$ Exptrnde 7.542.53 {61,011.33) 7.702.39 (60,532.7gJ Net (Expenditurefvlncome (14W8A81 (19309.27J Oth$r gains and105SE Rpalised gam0035es? on of15 asset tnvestrnents GaknsllLosses) on rèvalua(lon Df ffiNI 8ssBtlnvgslttMts N&t Gain¥llLosseB) on investments (12.42) 15.52D.18 15,507.74 (19.722.63) (115,335.30 (l35.057.) Fund b81an¢x brDughlfoThwd 6A.fJ 1.596,827.90 1,761.09S.10 Fund balanea tarrièd fDr*Ard 5A.24 1.597.967.16 £ 1,595,827.90 None of the Charity's activllles were 4cguired or disconliiued duri the 8bov8 Iwo fiscal years. The Ch8rfty has recognlsed 98ins or IDsses uuwlhan thosedpallwRh in the sta19r[ of FanCl AcbV]lies. The notes on paue8 7 to 15 f¢xm part oflhese aox¥JrEts.
Page 7 THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523 Notes to the Accounts for ril 2024 I ACCOUNTING POLICIES The Florian Charftable Trust Is an unlncorporated chatity. registered with the Charity Commls&lon number 1043523. The registered address is Thomas Eggar House. Friary Lane, Clychester, West Sussex. P019 1UF 4.1 ACCOUNTING CONVENTION These accounts have prepared in accordance with 'AcGounting and Reporting by Charitw. the Statement of Recommended Practice for charities apptying the Financial Reporting Standard appli(xble in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted AOUnting Practice. The charity is a Publlc Benefit Entity as defined by FRS 102. The aGcounts are prepared In stedlng, whlch is the functional currency of the charity. The accounts have beèn prepared on the historical cost convention modified for the revaluation of Investments. The prlncipal accountlng policies adopted are set out below. 1.2 GOING CONCERN At the time of approving the accounts. the trustees have reasonable exp8Ctalion Ihat the charty has adequate resources to continue irk operaiional &y1Sten for the foreseeable fuEure. Thus the ITuslees' contlnue lo adopt the going concem basis of acGountwig in preparatlon of the OUnt8. 4.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available for use at the dtscr8tion of the tru3tee3 in furtheran of their charif8ble obiectivès unless the funds have been designated for other purposes. Incomlng Resources Incoming resourw8 include8 investment income. which is Tecognised when Iha ch8rily ha$ 8 legal right to the Income. Thp gain or k)ss arislng on the dIs[l of an asset Is determined as Ihe 4Jifferenca between the sale proceeds and the carrying value of the asset. and i5 recognised in net incomeJ(expenditure) for the year.
Page 8 THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523 Notes to the Accounts for the earended 5th A ril 2024 q.4 GRANTS PAYABLE Grants payable are debited to expenditure thIn Ihe Statement of Financial Activities tn the period lo which they relate. 1.5 INVESTMENTS AND INVESTMETrTf INCOME All investments are stated at fair walue and the rrrf)vement shown comprises b)th realised and unrealised gains and losses. Realised gains or losses arising on the disposal of inv85trnents (together with provisions for diminution in value), are credlted or debiled to thg Statement of Finanpial Activities, and subsequently transferred to Unrestricted Funds. 1.6 IRRECOVERABLE VAT All expenditure is accounted for on an accruals basis and is inclusNe of irrecoverable VAT. 1.7 CHARITABLE ACTIVtriES The cost of charitable actiwttes consi8ts of grants made. 1.8 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. 1.9 GOVERNANCE COSTS Goyernance costs comprfse all costs Involving the public accountabiltty ofthe charity and its compllance with regulation and good practice. These costs include costs related to statutory examination and legal fee5 together with other overhead and support costs. 1.10 CASH AND CASH EQUIVALETrirs Cash 8nd cash equivalents include deposits held at call wth banks. 1.11 FINANCIAL INSTRUMENTS The charity has elected to appty the provisions of SectDn 11 °Basic Financial Instruments. and section 12 °Oth8r Financial Instruments Issues. of FRS 102 b all of ts financial instruments. Flnancial assets and liabilities are offset, wlth Ihe 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 setue on a net basis or to realise the asset and setue the liabilty simuitaneously. Baslc financlal assets Basic financial assets, which includes debtors and osh and bank balances, are intUally measured at transaction price induding ti ansacliDn costs and are subsequently carried at amorbsed cost using the effective interest methcKI unless the arrangement constitute5 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a Maet rate of interest. Financlal assels classified as receivable wtihin on8 year ar@ not amDrtised.
Psge 9 THE FLORIAN CHARABLE TRUST REGISTERED CHARITY NO. 1043523 Notes to the A nts for the ear ended 5th A ri12024 Impairment of flnanclal assets FInanc.l assels, other than those held at fair value through income and expenrfiture, are assessed for Indicators of impairment at each reporting date. Fmancial assets are impalred where there is obiecllvé 8vidence that. as a result one or more events that ocCud after the initial recognition of the financial 8sset. the estimated future cash flows have b8en affected. Baslc flnancial Ilabllltles Basic financial IRbilities, including trade and other payables, are initiatty recogntsed 8t Irangaclion prlce unless the arr8ng6mont ¢on8titutes a financing transaction, where the debt instrument Is m8asured at the present value of the futur8 receipts discounted at a market rate of inleresL Debt Instruments are subsequently Garrled at amortised cost, using the effective irtsrest rate method. Accounls payable are classed as current liabilities if payment is due within one year or less. If not. th8y are presented as nonurrent liabilities. DereGognEtlon of flnanclal Ilabllities Inancial liabilities are derecognised when the ¢harrtls contractual obligations expire or are discharged or Canlled.
Page 10 THE FLORIAN C REGISTE E TRUST 23 Notes io h A rll 2024 Year ènded 5.•L24 Year end•£l 5A.23 2. FIXED ASSETS QLts)ted InvestMts Market value 8 April 2023 Addition8 Dlsposals {Decreaseylncrease in portfolio 6h Net realised and unrealised ganlOo55) Market value 5 April 2024 1,577,482.09 179,530.16 {122,478.gJ} (89,779.9)) 15 5Q7.74 1580261.19 £ 1,725,827.27 596,249.16 (860,306.23) 50,769.82 135 057.93 1577 482.09 Hlstorira cost 1453,387_00 £ 1.3&9 945.00 UK Investrnents Non UK Inveslments Cash held on portfollo 1,348,39lOO 227,563_00 4.299.19 1.&80.281_19 £ 1.284,419.00 218.984.00 74,079.09 1.577,48209 Inveslments that represent matgrlal holdlngs. Holding Holding JP Morgan US Equity Income Personal Assets Trust PIG Finslxjry GrovAh & Inme Trust PIC FuThY8mith LLP Equity I Inc 58,000 18,SOO 9,600 15,000 92,588.1J3 88.800.CK] 79,872. NIA 85,989.00 87,783.00 86,112.00 84,912.00 3. CASH Bardays PIC 19.018.37 £ 20 593,81 4. CREDITORS Other cred'k)rs - Moore {South) LLP 1,310.40 £ 1,248.00
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