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← The Florian Charitable Trust

2025-04-05-accounts

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THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NUMBER 1043523

FINANCIAL STATEMENTS

For the year ended 5th April 2025

F

(Ref: TST/45042352)

THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523

Index to the Financial Statements for the year ended 5th April 2025

Page

Page 1

The Florian Charitable Trust

Annual Report

For the Year ended 5‘ April 2025

Full Name of Charity: The Florian Charitable Trust

Nature of Governing document: Deed of Trust dated 24* June 1994 Registration Number: 1043523 Trustees: Graham Anthony Treasure Mark Treasure Simon Treasure Caroline Amanda Shelton Registered Address: Thomas Eggar House, Friary Lane, Chichester, West Sussex, PO19 1UF

Principal Banker: Barclays Bank Plc, 74-75 East Street, Chichester, West Sussex. PO19 1HR

Solicitors:

Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, West Sussex, PO19 1UF

Independent Examiners: Moore (South) LLP, City Gates, 2-4 Southgate, Chichester, West Sussex, PO19 8DJ Investment Managers: Rathbone Investment Management Limited, 10 George Street, Edinburgh, EH2 2PF

Constitution and Objects

The trustees are directed to apply the income or capital of the Trust Fund to such charitable purpose or purposes and in such proportions as the Trustees may from time to time in their sole discretion think fit

Organisation and Grant Making Policy

Appointment of the Trustees is governed by the Trust Deed. The trustees meet annually and are prepared to look at all applications received during the six months prior to the meeting, particular emphasis has been placed on funding specific projects, and, where possible, supporting those Charities geographically local to one or more of the Trustees, so there can be personal contact between a Trustee and the Charity benefited. The majority, but by no means all, of the donations have supported medical and allied Charities, with a particular focus on those helping disabled children.

‘

GA: 4948808_1

Page 2

The Florian Charitable Trust

Annual Report (continued)

For the Year Ended 5" April 2025

Achievements and performance

During the year the Trust has been able to continue its support of charitable institutions, as identified in the Organisation and Grant Making Policy. The Trustees, where possible, support those Charities geographically local to one or more of the Trustees.

The Trust supported 9 grant applications in 2024/25 totalling £45,000 (compared with 8 applications totalling £40,000 in the previous year). There were no grants cancelled during the year.

Financial Review and Investment Policy

The accounts show that the market value of the investments decreased during the year from £1,580,261 to £1,524,446. The gross income produced by the investments amounted to £48,801 as compared with £46,642 in the previous year. The net realised and unrealised losses on the investments totalled £31,855 in the year as compared with gains of £15,507 in the previous year.

The investment advisors (Rathbone Investment Management Ltd) are instructed to invest in a portfolio which will provide a balance between capital growth and income. Discretionary management has been granted to the investment advisors.

The incoming resources consist of dividend income from investments and bank deposit interest. The trustees approach in connection with the level of grant making each year is to distribute up to the forecasted income receivable.

Reserves Policy

It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at a level which equates to approximately six months expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which may arise. Unrestricted funds were maintained at this level throughout the year.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

GA: 4948808_1

Page 3

The Florian Charitable Trust

Annual Report (continued)

For the Year Ended 5‘ April 2025

Statement of Trustees’ Responsibilities

Law applicable to Charities in England and Wales requires the Trustees to prepare Financial Statements for each Financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those Financial Statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf:

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GA: 4948808_1

Page 4

THE FLORIAN CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

| report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2025 which are set out on pages 5 to 16.

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’).

| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

| have completed my examination. | 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; or

the accounts did not comply with the applicable requirements concerning the form and context 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.

| 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.

Matthew Bather, ACA

Moore (South) LLP

Chartered Accountants

City Gates 2-4 Southgate Chichester West Sussex PO19 8DJ

(B/(Z/ LOLS

GA: 4948875_1

Page 5

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THE FLORIAN CHARITABLE TRUST
REGISTERED CHARITY NO. 1043523
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Balance Sheet as at 5th April 2025
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Note As at 5.4.25 As at 5.4.24
Fixed Assets
Investments at value 2 1,524,446.49 1,580,261.19
Current Assets
Cash 3 24,163.53 19,016.37
24,163.53 19,016.37
Liabilities falling due within 12 months
Creditors 4 1,310.40 1,310.40
22,853.13 17,705.97
£ 1,547,299.62 £ 1,597,967.16
Fund balance as at 5.4.25
Unrestricted £ 1,547,299.62 £ 1,597,967.16
The financial statements were approved by the board of trustees oti VOLPE ant signed on its behalf by
ae
GA Treasure Trustee
M Treasure [lz Trustee
S Treasure LG or ~ Trustee
CA Shelton xf I~_ - Trustee
The notes on pages 7 to 16 form part of these accounts
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Page 6

THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523

Statement of Financial Activities for the year ended 5th April 2025

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Note|As|at|5.4.25|As|at|5.4.24| |INCOME|&|EXPENDITURE| |Incoming|Resources| |Gross|investment|income|§|°|49,400.03|46,642.85| |Total|Incoming|Resources|49,400.03|46,642.85| |Resources|expended| |Charitable|activities|6|(59,932.80)|(53,468.80)| |Raising|funds| |Investment Management|costs|8|(7,681.48)|(7,542.53)| |Total|Resources|Expended|(67,614.28)|(61,011.33)| |Net (expenditure)/Income|(18,214.25)|(14,368.48)| |Other|gains|and|losses| |Realised|gains/(losses)|on|disposal|of fixed|asset|investments|1,538.92|(12.42)| |Gains/(Losses)|on|revaluation|of fixed|asset|investments|(33,992.21)|15,520.16| |Net Gains/(Losses)|on|investments|2|(32,453.29)|15,507.74| |Fund|balance|brought|forward|6.4.24|1,597 ,967.16|1,596 ,827.90| |Fund|balance|carried|forward|5.4.25|£|1,547 ,299.62|£|1,597|,967.16| |None|of the|Charity's|activities|were|acquired|or discontinued|during|the|above|two|fiscal|years.|

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The Charity has no recognised gains or losses other than those dealt with in the Statement of Financial Activities.

The notes on pages 7 to 16 form part of these accounts.

Page 7

THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523

Notes to the Accounts for the year ended 5th April 2025

41 ACCOUNTING POLICIES

The Florian Charitable Trust is an unincorporated charity, registered with the Charity Commission number 1043523. The registered address is

Thomas Eggar House, Friary Lane, Chichester, West Sussex, PO19 1UF

1.1 ACCOUNTING CONVENTION

These accounts have been prepared in accordance with “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity.

The accounts have been prepared on the historical cost convention modified for the revaluation of investments. The principal accounting policies adopted are set out below.

1.2 GOING CONCERN

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

1.3 CHARITABLE FUNDS & FUND ACCOUNTING

Unrestricted funds are available for use at the discretion of the trustees in furtheranceoftheir charitable objectives unless the funds have been designated for other purposes.

Incoming Resources

Incoming resources includes investment income, which is recognised when the charity has a legal right to the income.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Page 8

THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523

Notes to the Accounts for the year ended 5th April 2025

1.4 GRANTS PAYABLE

Grants payable are debited to expenditure within the Statement of Financial Activities in the period to which they relate.

1.5 INVESTMENTS AND INVESTMENT INCOME

All investments are stated at fair value and the movement shown comprises both realised and unrealised gains and losses.

Realised gains or losses arising on the disposal of investments (together with provisions for diminution in value), are credited or debited to the Statement of Financial Activities, and subsequently transferred to Unrestricted Funds.

1.6 IRRECOVERABLE VAT

All expenditure is accounted for on an accruals basis and is inclusive of irrecoverable VAT.

1.7 CHARITABLE ACTIVITIES

The cost of charitable activities consists of grants made.

1.8 COST OF GENERATING FUNDS

The cost of generating funds consists of investment management fees.

1.9 GOVERNANCE COSTS

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory examination and legal fees together with other overhead and support costs.

1.10 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include deposits held at call with banks.

1.11 FINANCIAL INSTRUMENTS

The charity 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 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 includes 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.

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Page 9
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THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523

Notes to the Accounts for the year ended 5th April 2025

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Accounts payable are classed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

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

Page 10

THE FLORIAN CHARITABLE TRUST REGISTERED CHARITY NO. 1043523

Notes to the Accounts for the year ended 5th April 2025

Year ended Year ended
2. FIXED ASSETS 5.4.25 5.4.24
Quoted investments
Market value 6 April 2024 1,580,261.19 1,577,482.09
Additions 178,611.83 179,530.16
Disposals (206,357.54) (122,478.90)
(Decrease)/Increase in portfolio cash 4,384.30 (69,779.90)
Net realised and unrealised gain/(loss) (32,453.29) 15,507.74
Market value 5 April 2025 £ 1,524,446.49 £ 1,580,261.19
Historical cost £ 1,444,157.00 £ 1,453,387.00
UK Investments 1,246,635.00 1,348,399.00
Non UK Investments 269,128.00 227,563.00
Cash held on portfolio 8,683.49 4,299.19
£ 1,524,446.49 £ 1,580,261.19
Investments that represent material holdings.
Holding Holding
JP Morgan US Equity Income 58,000 90,712.00 92,568.00
Personal Assets Trust Plc 18,500 N/A 88,800.00
Finsbury Growth & Income Trust Plc 9,600 81,024.00 79,872.00
3. CASH
Barclays Plc £ 24,163.53 £ 19,016.37
4. CREDITORS
Other creditors
-Moore(South)LLP £ 1,310.40£ 1,310.40

3. CASH

Barclays Plc

4. CREDITORS

Other creditors

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