The Calmcott Trust Annual Report and Financial Statements for the year ended 5 April 2024 Charity Commisslon Reference Nurnber 1058522 Calm Cottage Malton Road York Y032 9TH The Calmcott Trust Year ended 5 April 2024 Contents Trustees, Report 2105 Independent Examiner's Report Slalemenl of Financial Activities 8alance Sheet Notes lo the Financial Slalemenls 91012 The Calmcott Trust Trustees, Report for the year ended 5 April 2024 Legal and administrative information Charity number.. 1058522 Trustees.. Jane Barbara Ingham (chair) Philip William Ingham Independent Examiner.. Karen Rae, Armstrong Watson LLP Accountants.. Armstrong Watson LLP Third Floor 10 South Parade Leeds LS1 5QS Bankers: Bank of Scotland plc 33 Old Broad Street London BX2 1 LB Investment Managers.. Ralhbone Investment Management 1 Curzon Street London W1J 5FB Princlpal address.. Calm Coltage Mallon Road York Y032 9TH Solicitors.. Wrigleys LLP 3 Wellington Place Leeds LS14AP The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2024. The financial slaternents have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011, the Charities (Accounting and Reports} Regulations 2008 and the Statement of Recommended Praclice"Accounting and Reporting by Charilies" (Charities SORP (FRS102}1. Objectives and activities The object of the trust in accordance with the trust deeé is lo make distributions lo such charitable institutions or purposes as the trustees in their absolute discretion select. Donations are made al the dis¢relion of the Trustees and charitable donations are normally made lo health, arts, education and social need charitie5. Donations lo individuals will not be considered. Appeals should be in writing only to the trust managers. Unsuccessful appeals will not necessarily be acknowledged. The Calmcott Trust Trustees, Report leontinuedl for the year ended 5 April 2024 Strategies for achieving objectives The trust is managed by the Trustees and policy decisions are determined by consensus The capila,. fund ',s Invested in a portfolbo of equity based quoted investments Inveslmenis are managed by Ihe invesimenl manager on a discretionary basis with the objective of obtaining an accep12ble leve5 of income with a rtsasonaDl• proFppci ni medii Im-Ip.rrn ranilal growth Appropriate policies are determined to achieve a balanced investment strategy iaking account of the investment risks to which the portfolio is exposed. Grant-making poll¢ies Grants will normally be made out of incorne and not capital. The Iruslees may, however, al thelr discretion, use the capital of the trust for charitable purposes. Al the Iruslees, discretion, some charities are supported on a regular basis, but the Iruslees will also consider individual appeals on a one-off basis. The grants lo be awarded are decided al the Iruslee meetings. Achievements and performance Maln achievements of the charity The year proved successful in terms of the number of grants awarded. The grants paid in the year are lisled in note 7 to the financial slalemenls. Public beneflt statement The Trustees of the Calmcoll Trust confirm Ihal they have complied with their duly under section 17 of the Charities Act 2011 to have due regard lo the Charity Commission's general guidance on public benefit. Flnancial review Going ¢on¢ern After making appropriate enquiries, the Iruslees have a reasonable expectation that the trust has adequa18 resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing Ihe financial slalemenls. Furlher details regarding the adoption of the going concern basis can be found in the accounting policies. Resarves policy 11 is the policy of the charity lo maintain unreslricled funds, which are the free reserves of the charity, to ensure that management and admini51ralive expenditure for twelve months can be mel out of undislribuled investment income. The trustees review both the reserves policy and the reserves position on a regular basis. The Trustees aim lo maintain the existing inveslmenl portfolio al currenl levels and lo make charitable donations in line with their income each year. Reserves al 5 April 2024 amounted to £1,S67,605 and are held for the generation of income and furtherance of the charity's objeclives. Investment policy There are no reslriclions on the Iruslees, powers lo invest. The Iruslees sel the inveslmenl strategy taking inlo account the income requirements, fisk profile and the inveslmenl m3nager's view of economic market conditions. The portfolio risk profile is medium. The trust aims lo obtain a balanced return from capital growth and income. This policy Is reviewed annually by Ihe Iruslees and the portfolio is rnonilofed by them regularly The Calmcott Trust Trustees, Report Icontinuedl forthe year ended 5 April 2024 Flnan¢lal activities and affair5 Investment income during the year amounted lo £32.57812023'. £31,572). This represents a yield of 2.2% on the average market value of the investments during Ihe year. The trust made charitable donations of £23,396 during the year12023'. £26,054) and total expendiluTe for the year was £35,311 12023- £37,458). Overall n61 expénditure for the year was £2,733 (2023. £5,866). Net gains realised on the sale of investments amounted to £20,73512023'. nel losses of £18.0831 and nel unrealised gains allribulable lo thé change in the market value of investment5 amounted to £100,410 (2023: net losses of £148,410). The overall net increase in funds for the year is £118,412 resulting in total funds of £1,567,605 to carry forward a15 April 2024. During the year under review, Ihe charity purchased investments at a cost of £346.111 and received proceeds of £353,468 from the sale of Investments. The market value of the charity's investments at 5 April 2024 amounted lo £1,543,711 12023.. £1,429,922). After taking into account the nel realisations during the year this represents a gain of 7%. The investments of the trust are administered by the porffolio managers on a discretionary basis. Environmental and ethical considerations are given on an individual basis when changes lo Ihe inveslmenls are discussed with the managers. The Trustees receive no remuneration and charge no expenses whilst acting in their capacity as Iruslee or otherwise. History and constitution The trust is an unincorporated trust consliluled under a trust deed dated 2n4 September 1996. The trust was established by an initial gift from Mrs J 8 Ingham and has been enhanced by 8ddilional funds received in satisfaction of her reversionary interest in the R M Burton 1956 Charitable Trust. Mrs J B Ingham settled funds upon the Iruslees for such charitable inslilulions, objecls or purposes as the Iruslees, in their absolute discretion, think fit. The trustees have an option lo accumulate income for a period of 21 years under the trust deed. The Iruslees have chosen an accounting reference dale of 5 April lo coincide with the lax year and lo facililale the efficient repayment of any incorne lax suffered. The trust does not fund raise and seeks lo continue the philanthropic intentions of the donor through the careful stewardship ol the existing resources. The trust is registered with Ihe Charity Commission under numbér 1058522. Structure, management and governance The Calmcolt Trust is a registered charily. number 1058522, and Is consliluled under a Trust Deed. The Iruslees who have served during the year are sel out on page 2. The board of trustees 15 responsible for the appointment of Iruslees. The tru51 is managed by the Iruslees who hold meeling$ on a regular bas1S. The Calmcott Trust Trustees, Report Icontinuedl for the year cnded 5 April 2024 Structure, management and governance IconLinuedl No Iruslees remuneralion or expenses were paid Ir) the year. There are no related oaty Iransaclions. Methods of appointment or election of Trustees The management of the charity is the responsibility of the trustees who are elected and co-opted under the lerms of the Trust Deed. Risk managemènt The charity's Trustees have considered the majof risks lo which the trust is exposed to and lake steps lo lessen them. Plans for the future The trust will continue lo support charitable organisations that benefit health. arts, education and social needs. Trustees. responslbillty for the financial statements The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in ErTrgland & Wales required the Trustees lo prepare financial slalemenls for each financial year which givè a true and fair view of the slate of affairs of Ihe charity and of ils incoming resources and application of resources. including ils income and expenditure. for that period. In preparing the financial slalements, Ihe Trustees are required lo.. select suitable accounting policies and apply them consislenlly; observe the methods and principles of the Charilies SORP IFRS 102)., make judgements and accounting eslimales Ihal are reasonable and prudent., slate whether applicable UK Accounting Standard IFRS 1021 have been followed, subject to any material departures disclosed and explained sn the financial slalemenls.. prepare financial slalemenls on the going concern basis unless il is inappropriate lo presume Ihal the charity will continue in operation. The Truslees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charily's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that any financial slalemenls comply with the requirements of the Chaflties (Accounting and Reports) Regulalions 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and Iof ￿kIng reasonable steps for the prevention and detection of rraud and olher irregularities. Trustees Approval The Trustees. Report was approved by the Trustees and signed on their behalf by Jane Ingham JLI.'l j L> IiigiiJrri Trustee Dale.. 3110312025 The Calmcott Trust Sndependent Examlner's Report to the Trustees for the year ended 5 Aprll 2024 Charity Commission Reference Number 1058522 I report to the Iruslees on my examination of the financial statements of thè Calm¢ott Trust on pages 7 10 12. Responsibilities and basis of report As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in accordanc6 wilh the ￿quirementS of the Charities Act 2011 {'Ihe Charities Act.). I report in respect of my examination of the Trust'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(5llbl of the Act. Independent exarniner's statement I have completed rny examination. l ¢onfirm no material matters have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. the accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requiremenis concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requiremènt that the accounts give a 'lrue and lair. view which is not a maller considered as parl of an independent examination. I have no ¢on¢erns and have come acros5 no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made solely lo the Charity's Trustees, as a body, in accordance with Part 4 of the Charities {Accounls and Reports) Regulations 2008. My work has been undertaken so th311 might slate lo the Charity's Trustees those mallers l am required lo stale lo them in an Independent Examiner's Report and for no olher purpose. To the fullest exlenl permilled by law, I do not accept or assume responSib￿lI1Y lo anyone other than the Charily and the Charity's Trustees as a body, for my work or for this report. (Iceii Rclè I ityl