**REGISTERED CHARITY NUMBER: 1048552**
## **Report of the Trustees and**
**Financial Statements for the Year Ended 30 September 2023**
**for**
## **Old Centralians Trust**
Dux Advisory Limited Kennel Club House Gatehouse Way Aylesbury Buckinghamshire HP19 8DB
**Old Centralians Trust**
## **Contents of the Financial Statements for the Year Ended 30 September 2023**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Report of the Independent Auditors**|6 to 9|
|**Statement of Financial Activities**|10|
|**Balance Sheet**|11|
|**Notes to the Financial Statements**|12 to 17|
|**Detailed Statement of Financial Activities**|18|
**Old Centralians Trust**
## **Report of the Trustees**
## **for the Year Ended 30 September 2023**
The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of 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**
## **Object**
The Old Centralians' Trust is a registered charity founded for the purpose of providing financial support to the students and, in special circumstances, members of the academic staff of the Faculty of Engineering of Imperial College, London (formerly known as the City & Guilds College).
The charity’s overriding priority, as laid down in its founding deed, is to provide grants to students who face exceptional financial difficulties through no fault of their own.
In addition to this, grants are provided to assist individual students or groups of students who wish to travel to conferences, undertake sport or leisure activities, or broaden their minds through adventurous or challenging activities or projects. Such activities were valued by alumni when they attended College, and many bequests gave guidance on the type of activity their money should support.
## **Source of Funds**
Fund-raising is not carried out in any formal sense. The income of the Trust arises from legacies, donations given in memory of former members of the City & Guilds College Association (an independent alumni body for students and staff of the former City & Guilds College, which now forms the bulk of the Faculty of Engineering at Imperial College, London), regular Gift-Aided contributions from alumni, and from the income and growth on investments accrued from these sources.
The Trust's investments are managed by a sub-committee of the Trust Board, who implement a strategy to meet the Trust's requirements of a target level of income whilst at the same time maintaining the underlying value of the investment portfolio. The strategy is reviewed from time to time by the sub-committee in consultation with their investment advisors, but in essence the approach taken is to take a long-term view, maintaining a sensible level of annual expenditure of around 3% of total reserves, leaving a balance to meet management costs and to provide for long-term growth to counter inflation. This approach allows cyclic fluctuations in the stock market to be viewed without undue concern.
During 2022-23, there were no bequests (21/22: £3,000). The General Fund received four modest donations totalling £30 (21/22: £286 from 7 donors). In addition to this, regular donations were received throughout the year for the benefit of the College mascot - a 1902 James and Browne motor car known as ‘Boanerges’ or ‘Bo’ for short. These were allocated to the Trust’s restricted 'Ford Fund' and totalled £2,876.44 (21/22: £3,345) before gift aid, including one very generous donation of £1,000. From time to time, significant works are needed to Bo, and in this year an amount of £14,689 (21/22: £6,191) was awarded for a complete restoration of both chassis, including Bo’s wooden wheels, and body.
Page 1
**Old Centralians Trust**
## **Report of the Trustees for the Year Ended 30 September 2023**
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
The trustees confirm that they have complied with their duty under Section 4 of the Charities Act 2011. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed its guidance in this area. The trustees' report gives a description of the activities undertaken by the charity during the year in furtherance of its charitable purposes, and the trustees are satisfied that all such activities are in compliance with the stated objects of the Trust and that they provide a public benefit.
## **Results for the year**
The Trust’s finances have continued to be in a satisfactory state; the overall value of the investment portfolio rose during the year by 14.60% (21/22: minus 17.78%), almost bringing us back to the position at the end of our financial year 20/21.
At the conclusion of the financial year the value of the Trust’s investments stood at just over £3.8 million, an increase from £3.3 million a year earlier. It is the opinion of the trustees that the objectives of the trust can continue to be met for the foreseeable future.
## **Significant Activities**
## **Operations**
I reported last year that the decline of the Covid pandemic saw a return towards normality. The current year has, indeed, seen that “normality” re-established, with typical applications returning to the levels seen pre-pandemic. Students engaged in overseas travel for expeditions and conference attendance, and the Trust distributed £45,125 (21/22: £45,347) in support of a broad range of student activities.
## **Hardship**
There were several applications for hardship assistance received during 2022-23, with £8,255 awarded to seven students (21/22: £6,000 to three students). Some of these awards were for significant hardship assistance and made a very appreciable difference to the lives of the recipients, whilst others were to help replace damaged or lost personal IT equipment.
## **Statutory Awards**
Engraved tankards and/or monetary awards were given to four students under the headings of: the Holbein Memorial Award; the Peter Moore Memorial Award; the John and Frances Jones Prize, and the 'Fellows of the City & Guilds of London Institute Centenary Award'. The last two of these named awards are funded by, respectively, the Imperial College Registry (which still maintains the original legacy fund given by John & Frances Jones in 1935) and the 'FCGI Witchell Fund' held within the Trust.
## **Student Activity Awards**
These awards were once again offered, based on nominations submitted by Senior Tutors, to two undergraduate students in each of the ten Departments of the Faculty of Engineering. Whilst the maximum number of awards is therefore 20, the number given this year was only 12. We hope to have an improved number of nominees from the departments next year.
The awards of £800 each (an increase of £50 on last year) recognise the recipients’ strong level of 'extra-curricular' involvement in student society affairs and/or in sporting or cultural activities. Students in their first, second or third year are invited to submit details of their level of involvement in extra-curricular activity to their Departmental senior tutor, who will then, in consultation with the Head of Department, nominate to the Trust the two students whose involvement has been judged to be the most deserving. The awards are issued at the commencement of the next ensuing academic year. The intent of these awards is to encourage undergraduates to make the best of their time at university, and to help meet the inevitable extra costs of a more involved lifestyle, whether these costs be for accommodation, travel or to help with other associated expense.
Page 2
**Old Centralians Trust**
## **Report of the Trustees for the Year Ended 30 September 2023**
## **OBJECTIVES AND ACTIVITIES**
## **John Elliott Bursaries**
Under the John Elliott Bursary Scheme, named after a former Honorary Secretary and Chairman of the Trust, (Alfred) John Elliott, FREng, FCGI, FICE, FWeldI (who studied Civil Engineering between 1940 & 1942), awards totalling £3,150 (21/22: £3,300) were made to key officers of the City & Guilds College Union (CGCU), to assist with the personal costs involved in fulfilling their duties for the union. In recognition that some CGCU officers who don’t receive such a bursary may nevertheless merit recognition, the Trust also supported 15 half-price tickets for CGCU officers to attend the CGCU Welcome dinner, 4 tickets to the CGCA Annual dinner, a CGCU officer training day and assistance with food and drink expenses for CGCU officers’ meetings of £220. By the end of the year being reported, CGCU had claimed £1,210 (21/22: £631) of what was available to them under these extensions, plus the training day’s cost of £1,770.
It is also worth mentioning under this heading, although provided from a different fund, that the Trust is prepared to support the Vice President of the CGCU during the summer months with a bursary of £2,500. This was not, however, taken up this year (21/22: £2,500).
## **Awards for Student Projects, Sporting activities, Adventure and Travel**
The number of applications received for intrepid adventuring was very nice to see. These included expeditions to Bosnia, Finland, Norway, Slovenia, Switzerland, Tenerife and Yosemite in the US.
Of particular note was a project to test the practicalities of making sanitary pads for Rwandan women from banana plants. As part of the banana crop, surplus plant fibre can be used as the absorbent core, although there was then much complexity in packaging that using locally-sourced materials to produce a viable, overall product. Local women were recruited to test a machine made by Mechanical Engineering students in London, with a student travelling to Rwanda to run the overall project.
In total, the overall amount awarded this year, to fifteen applications, totalled £26,325 (21/22: 7 grants totalling £9,850).
## **Conference Travel for Postgraduates**
Each year a certain proportion of budgeted funds go to support (mostly) postgraduate students in travelling to overseas conferences to present their research, whether by way of a poster display or a podium presentation. Suggesting the pandemic is well and truly behind us, during the year £18,800 was awarded to 41 students (compared to 21/22: £7,510 for 17) - an average travel grant of £458 (21/22: £442) per student.
## **General**
As reported last year, the Trust switched some of its investment funds under management from St James Place to CCLA during FY21/22. In this first full year of their performance, we retained some CCLA investment as cash, given market volatility (which has, at the time of writing during FY23/24, now been switched into their general Charity Fund). Thus, for the whole of FY22/23, some 15% of what has been managed by CCLA was held in a “deposit” fund earning an APR of around 4%. Overall, CCLA’s performance has been satisfactory, if not quite as good as Newton - who continue to provide excellent returns. The respective increases during the year have been 7.4% by Newton and 4.3% by CCLA.
## **Acknowledgements**
The Old Centralians’ Trust could not function smoothly without the freely given time of its officers and Board members, none of whom takes any remuneration or expenses. I would like to thank Vice Chairman Chris Lumb for his continued invaluable contributions, Professor Bob Schroter for his significant support in respect of hardship cases and Mr Colin Kerr for diligent management of our meetings. Particular mention and the sincerest of thanks go to Mr Dan Lehmann, Treasurer, and Mr John Collins, Applications Secretary, for their dedication to the continual stream of tasks that face them throughout the year. Many thanks also go to all our other Trust board members, especially for their input in reviewing the many applications we receive.
Page 3
**Old Centralians Trust**
## **Report of the Trustees for the Year Ended 30 September 2023**
## **OBJECTIVES AND ACTIVITIES**
The Trust is also fortunate to have much valuable support from a large number of academic and administrative staff within the Faculty of Engineering, without which its work would be much less easy to fulfil. Grateful thanks are expressed to all those staff members who have been so generous with their time and advice.
## Audit
The Board is pleased to have the expert services of Dux Advisory Ltd (formerly Haines Watts), of Aylesbury, Buckinghamshire, as advisers and as auditor of the Annual Accounts.
The Accounts and this report for the year 2022-23 were approved by the Board and Trustees on 2nd July 2024, and duly signed on their behalf by me, as Chairman.
Peter Chase Chair, Old Centralians’ Trust
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Secretary: John Collins
Registered Office: c/o City & Guilds College Association, Level 1, Faculty Building, Imperial College, London SW7 2AZ
Bankers: CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA
Asset Management: Management of the Trust's investments is carried out by an Investment Sub-committee of the Trust Board comprising Christopher Lumb, Peter Chase, David Law, Prof. Robert Schroter, James Fok and Allan Lee
Investment Advisers: CCLA, 1 Angel Lane, London, EC4R 3AB (from 4th August 2022), and Newton Investment Management, 160 Queen Victoria Street, London EC4V 4LA
Investment Custodians: CCLA, One Angel Lane, London, EC4R 3AB (from 4th August 2022), and Newton Investment Management, 160 Queen Victoria Street, London EC4V 4LA
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1048552
## **Principal address**
CGCA- Alumni Office Level 1, Faculty Building Imperial College London SW7 2AZ
## **Trustees**
The following were Trustees during the year:-
Peter Chase (Chairman) Christopher Lumb (Vice Chairman) Professor Ann Muggeridge (College Consul for Engineering) Dan Lehmann (Treasurer) Nigel Cresswell (Hon. Secretary, City & Guilds College Association Andrew Hill (Hon. Treasurer, City & Guilds College Association)
Page 4
**Old Centralians Trust**
## **Report of the Trustees for the Year Ended 30 September 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Auditors**
Dux Advisory Limited Kennel Club House Gatehouse Way Aylesbury Buckinghamshire HP19 8DB
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
31/07/2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ P Chase - Trustee
Page 5
**Report of the Independent Auditors to the Trustees of Old Centralians Trust**
## **Opinion**
We have audited the financial statements of Old Centralians Trust (the 'charity') for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 30 September 2023 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
## **Report of the Independent Auditors to the Trustees of Old Centralians Trust**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 7
**Report of the Independent Auditors to the Trustees of Old Centralians Trust**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud and error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined that the following laws and regulations were most significant: The Charities SORP and GDPR
- We obtained an understanding of how the charity is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.
- We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:
- Identifying and assessing the controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments.
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and - Assessing the extent of compliance with the relevant laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 8
## **Report of the Independent Auditors to the Trustees of Old Centralians Trust**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Dux Advisory Limited Kennel Club House Gatehouse Way Aylesbury Buckinghamshire HP19 8DB 31/07/2024 Date: .............................................
Bianca Permal (Senior Statutory Auditor)
Page 9
## **Old Centralians Trust**
## **Statement of Financial Activities for the Year Ended 30 September 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Charitable Activity
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
330
53,892
54,222
82,101
166,525
138,646
3,664,890
3,803,536|Restricted
funds
£
2,876
-
2,876
14,989
12,780
667
30,437
31,104|30.9.23
Total
funds
£
3,206
53,892
57,098
97,090
179,305
139,313
3,695,327
3,834,640|30.9.22
Total
funds
£
6,789
79,258
86,047
67,681
(386,261)
(367,895)
4,063,222
3,695,327|
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
## **Old Centralians Trust**
## **Balance Sheet 30 September 2023**
|Notes
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|30.9.23
£
3,824,427
14,015
(3,802)
10,213
3,834,640
3,834,640
3,803,536
31,104
3,834,640|30.9.22
£
3,337,258
359,960
(1,891)
358,069
3,695,327
3,695,327
3,664,890
30,437
3,695,327|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31/07/2024 ............................................. and were signed on its behalf by:
............................................. P Chase - Trustee
The notes form part of these financial statements
Page 11
**Old Centralians Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
The presentational currency is £ sterling. The amounts in the financial statements are rounded to the nearest pound.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
The investments are stated at fair value.
## **Critical judgements and estimates**
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.
continued...
Page 12
**Old Centralians Trust**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2023**
## **1. ACCOUNTING POLICIES - continued**
In the view of Trustees in applying the accounting policies adopted, no judgements were required that have s significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **2. DONATIONS AND LEGACIES**
|**2.**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|
|||30.9.23|30.9.22|
|||£|£|
||Donations|30|3,144|
||John & Frances Jones Funding|300|300|
||Ford Fund|2,876|3,345|
|||3,206|6,789|
|**3.**|**INVESTMENT INCOME**|||
||Listed investment income|30.9.23
£
53,622|30.9.22
£
79,119|
||Deposit account interest|270|139|
|||53,892|79,258|
|**4.**|**CHARITABLE ACTIVITIES COSTS**|||
||Charitable Activity||Direct
Costs
£
97,090|
|||||
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.
continued...
Page 13
**Old Centralians Trust**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2023**
## **6. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 October 2022
Additions
Disposals
Revaluations
At 30 September 2023
**NET BOOK VALUE**
At 30 September 2023
At 30 September 2022
There were no investment assets outside the UK.
Cost or valuation at 30 September 2023 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023
**7.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**8.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
funds
£
Investments
3,793,338
Current assets
13,991
Current liabilities
(3,793)
3,803,536|Restricted
funds
£
31,089
24
(9)
31,104|30.9.23
£
3,802
30.9.23
Total
funds
£
3,824,427
14,015
(3,802)
3,834,640|Listed
investments
£
3,337,258
333,621
(26,000)
179,548
3,824,427
3,824,427
3,337,258
Listed
investments
£
4,058,997
(721,739)
487,169
3,824,427
30.9.22
£
1,891
30.9.22
Total
funds
£
3,337,258
359,960
(1,891)
3,695,327|
|---|---|---|---|
continued...
Page 14
**Old Centralians Trust**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2023**
## **9. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Holbein Bequest
Fenton Bequest
Fenton (C&GCA) Fund
Lindsay Bequest
Centenary Fund
Moore Memorial
Rosen Bequest
**Restricted funds**
Rosen Bequest
Moore Memorial
Ford Fund
FCGI Witchell Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:|At
1.10.22
£
603,387
219,890
580,402
268,228
1,738,798
47,733
37,734
168,718
3,664,890
8,149
1,915
13,360
7,013
30,437
3,695,327|Net
movement
in funds
£
24,765
9,740
28,207
13,515
51,067
2,316
1,831
7,205
138,646
-
-
406
261
667
139,313|At
30.9.23
£
628,152
229,630
608,609
281,743
1,789,865
50,049
39,565
175,923
3,803,536
8,149
1,915
13,766
7,274
31,104
3,834,640|
|---|---|---|---|
|**Unrestricted funds**
General fund
Holbein Bequest
Fenton Bequest
Fenton (C&GCA) Fund
Lindsay Bequest
Centenary Fund
Moore Memorial
Rosen Bequest
**Restricted funds**
Ford Fund
FCGI Witchell Fund
**TOTAL FUNDS**|Incoming
resources
£
600
-
-
-
53,622
-
-
-
54,222
2,876
-
2,876
57,098|Resources
expended
£
(35,155)
-
-
-
(46,946)
-
-
-
(82,101)
(14,689)
(300)
(14,989)
(97,090)|Gains and
Movement
losses
in funds
£
£
59,320
24,765
9,740
9,740
28,207
28,207
13,515
13,515
44,391
51,067
2,316
2,316
1,831
1,831
7,205
7,205
166,525
138,646
12,219
406
561
261
12,780
667
179,305
139,313|
|---|---|---|---|
continued...
Page 15
**Old Centralians Trust**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2023**
## **9. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Holbein Bequest
Fenton Bequest
Fenton (C&GCA) Fund
Lindsay Bequest
Centenary Fund
Moore Memorial
Rosen Bequest
**Restricted funds**
Rosen Bequest
Moore Memorial
Ford Fund
FCGI Witchell Fund
**TOTAL FUNDS**|At
1.10.21
£
671,076
243,124
640,551
299,420
1,894,137
52,350
41,685
186,570
4,028,913
8,149
1,915
16,583
7,662
34,309
4,063,222|Net
movement
in funds
£
(67,689)
(23,234)
(60,149)
(31,192)
(155,339)
(4,617)
(3,951)
(17,852)
(364,023)
-
-
(3,223)
(649)
(3,872)
(367,895)|At
30.9.22
£
603,387
219,890
580,402
268,228
1,738,798
47,733
37,734
168,718
3,664,890
8,149
1,915
13,360
7,013
30,437
3,695,327|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Holbein Bequest
Fenton Bequest
Fenton (C&GCA) Fund
Lindsay Bequest
Centenary Fund
Moore Memorial
Rosen Bequest
**Restricted funds**
Ford Fund
FCGI Witchell Fund
**TOTAL FUNDS**|Incoming
resources
£
8,224
2,043
4,600
2,136
63,507
376
300
1,334
82,520
3,474
53
3,527
86,047|Resources
expended
£
(10,708)
(2,167)
(3,750)
(5,000)
(38,097)
-
(267)
(1,500)
(61,489)
(6,192)
-
(6,192)
(67,681)|Gains and
Movement
losses
in funds
£
£
(65,205)
(67,689)
(23,110)
(23,234)
(60,999)
(60,149)
(28,328)
(31,192)
(180,749)
(155,339)
(4,993)
(4,617)
(3,984)
(3,951)
(17,686)
(17,852)
(385,054)
(364,023)
(505)
(3,223)
(702)
(649)
(1,207)
(3,872)
(386,261)
(367,895)|
|---|---|---|---|
continued...
Page 16
**Old Centralians Trust**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2023**
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 September 2023 and 30 September 2022.
Page 17
## **Old Centralians Trust**
|**Detailed Statement of Financial Activities**|||
|---|---|---|
|**for the Year Ended 30 September 2023**|||
||30.9.23|30.9.22|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|30|3,144|
|John & Frances Jones Funding|300|300|
|Ford Fund|2,876|3,345|
|**Investment income**|3,206|6,789|
|Listed investment income|53,622|79,119|
|Deposit account interest|270|139|
||53,892|79,258|
|**Total incoming resources**|57,098|86,047|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Direct Charitable Expenditure|97,090|67,681|
|Total resources expended|97,090|67,681|
|**Net (expenditure)/income before gains and**|||
|**losses**|(39,992)|18,366|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|-|(165,000)|
|**Net expenditure**|(39,992)|(146,634)|
||||
This page does not form part of the statutory financial statements
Page 18