Ragistered Charlty No: 1082765 THE SLAUGHTERAND MAY CHARITABLE TRUST Report and flnancial statements for the year ended 5 Aprll 2024 450153343
Contents Pages Charlty datails Trustee's report Audltor's report Stat•m•nt of flnanclal actlvltl•s Balance 8h••t 10 Cashflow 8tat•mont Notes to the flnanclal stat•rnents 12-19
THE SLAUGHTER AND MAY CHARITABLE TRUST Details of the Charity's Trustee and Advisors Trustee Slaughter and May Trust Limited Registered Charity Number 1082765 Prlnclpal Office 2 Lambs Passage London EC1Y 8BB Audltor Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Sollcltor8 Slaughter and May One Bunhill Row London EC1Y 8YY Bankers National Westminster Bank PLC 15 Bishopsgate London EC2N 3NW
THE SLAUGHTER AND MAY CHARITABLE TRUST Trustee's report for the year ended 5 April 2024 The trustee of The Slaughter and May Charitable Trust (the "Charity") presents its report and audited financial statements for Ihe year ended 5 April 2024, which have been prepared in accordance with the FRS 102 SORP and the Charities Act 2011 . Governlng document The Charity is a registered charity and is governed by declaration of trust dated 28 March 1991, as amended by a supplemental deed dated 21 August 2000. The SlaLJghter and May Charitable Trust was registered as a charity on 5 October 2000. ObJe¢tlves and Actlvltl•s The objects of the Charity as stated In Its constituting deed are to pay or 8pply the income received and the whole or such part or parts of the capital of the trust fund as the trustee shall in its discretion think fit to or for the benefit of such excluslvely charitable objects and purposes In the United Kingdom or in any other part of the world as the partners for the time being in the firm of Slaughter and May may from time to time direct or as the trustee shall in its discretion think fit provided always that nothing contained in the constituting deed shall authorise the trustee to apply any part of the trust fund or the income thereof to or for the benefit of any objects or purposes as aforesaid save those regarded as charitable by the laws of England and Wales. The Charity is reliant on its key donors, the partners of Slaughter and May. All administrative and other office support is provided by Slaughter and May. The current strategy is to distribute all income received on an annual basis. Dlrect charitable grants are made to selected applicants for charitable purposes for the beneflt of the public at the discretion of the trustee. Further grants are made to mlscellaneoLJS charities for other reasons but particularly to incentivise Slaughter and May employees in charitable deeds. By donatlng to charitable purposes for the benefit of the public the trustee has complied with the Charity Commission's guidance on public benefit, including the guidance "public benefit: running a charily (PB2)" Organisational structure and grant maklng policy The trustee of the Charity is Slaughter and May Trust Limited, a company whose directors are ten Partners (R.A. Byk. D. Finkler. C.N.R Jeffs, G.A. Miles, J.S. Nevin, G. O'Keefe, R.J. Smith, l.A.M. Taylor, D.G. Watkins and S.V.K Wokes) in Slaughter and May, and J Hoseason, who is Chief Operating Officer (COO) of Slaughter and May. The trustee operates through a Committee of its Board comprising five current Partners of Slaughter and May (R.A. Byk, J.S. Nevin, G. O'Keefe, l.A.M. Taylor and D.G. Watkins), all of whom have been nominated by the trustee.
THE SLAUGHTERAND MAY CHARITABLE TRUST Trustee's report for tha year ended 5 April 2024 (continued) Since the Committee is composed of Partners of Slaughter and May. no formal additional trustee training is considered necessary. The Committee makes annual grants at its discretion to a small number of specific charitable causes and does not generally accept unsolicited funding applications. Other than the level of annual income. no limits are imposed on the size of the grants. Review of actlvltles During the year to 5 April 2024, the Charity provided support to charitable work in accordance with its objects and strategy. Income of £691,026 was recelved durlng the year (2023 - £663.375). This funding is applied to furthering the objects of the Charity and the trustee made grants totalling £691,026 during the year (2023- £603,375). The net movement in funds during the year to 5 April 2024 was £0 (2023 £60.000). as shown in the statement of financial activities. increase of At the year end the Charity has net assets of £10 (2023 - £10). The net assets comprised the £10 initial capital sum. The Charity's aim is to distribute all income received, leaving the initial balance of £10 remaining. Other than those liabilities arising from the practice of accounting for donations in the year of initial commitment, the Charity has achieved its objective. Plans for future developments In the coming year, the Charity will continue to provide charitable support in accordance with its objects. Any unrestrlcted funds held at the year end are retalned to flnance the Charity's policy of charitable support. Reserves policy and rlsk management It is the intention of the Trust to distribute all donations received as grants annually with the exception of the initial £10 capital sum. Any balan or deficit at the year end is due to short term timing differences. The trustee continues to consider the risks affecting the Charity and takes steps to minimise those risks when required. The most significant risk to the Charity is that of potential Misappropriation of funds. As far as possible. duties have been segregated to minimise this risk.
THE SLAUGHTER AND MAY CHARITABLE TRUST Trustee's report for the year ended 5 April 2024 (continued) There is also a risk that donations in future years will not be sufficient to meet the future commitments made in the current year. When such future (long term) commitments have been made, assurances have been given by the Partners of Slaughter and May that these commitments will be met. There are currently no future commitments in place. Statèment of trustee's responsibilities The trustee is responsible for preparing the Trustee's Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law appllcable to charities in England and Wales requIS the trustee to prepare financlal statements for each financial year which glve a true and fair view of the state of affairs of the charity and of the Incomlng resources and application of resources, Including income and expenditure, of the charity for that period. In preparing these fi'nanclal statements, the trustee Is required to.. select suitable accounting policles and then apply them consistently. observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the flnancial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responslble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. On behalf of the trustee Director of Slaughter and May Trust Limited Date: IG / Ii/£<- 2024
THE SLAUGHTER AND MAY CHARITABLE TRUST Independent auditor's report to the trustee of The Slaughter and May Charitable Trust Opinlon We have audited the financial statem8nts of The Slaughter and May Charitable Trust for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement 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. including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (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 5 April 2024, and of its incoming resources and application of resources, for the year then ended. have been prop8rly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011 . Bagls for oplnlon 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 Auditor's 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 golng concern In auditing the financial statements. we have concluded that the trustee's 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 trustee with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and,
THE SLAUGHTERAND MAY CHARITABLE TRUST 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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, Matt•r8 on whlch we are requlred to report by •xceptlon We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you Sf, in our opinion: the information glven in the Trustee's Annual Report is inconsistent In any material respect with the financial statements,. or the charity has not kept adequate accounting records,. or the financial ststements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we required for our audit. Respon8lbiliti08 of trustee As explained more fully in the trustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines Is necessary to enable the preparation of financlal statements that are free from materlal rnisstatement. whether due to fraud or error. In preparlng the financial statements, the trustee Is responsible for assess5ng 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 trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Auditor's responslblllties for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 an auditor's report 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
THE SLAUGHTER AND MAY CHARITABLE TRUST considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below. Explanation as to what éxtent the audit was considered capable of detectlng irregularities, Including fraud The objectives of our audit in respect of fraud. are.. to identfy and assess the risks of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit eviden regarding the assessed risks of material misstatement due to fraud, through designing and implemenling appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting Standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussions with management. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur. by holding discussions with management. We Inquired of management and those charged with governance as to any known instsnces of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specrfic appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining additional corroborative eviden as required. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risk5 of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity's internal control.
THE SLAUGHTERAND MAY CHARITABLE TRUST Evaluate the 8ppropriaten8ss of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee. Conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exist5 related to events or conditions that may cast significant doubt on the charity's ability to continue as a going cOnrn. If we conclude that a material uncertainty exist5, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. There are inherent limitatSons In the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financlal statements, 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 Involv6 deliberate concealment by, for ex8mple, forgery or intentional misrepresentations. or through collusion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's trustee in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustee as a body, for our audit work, for this report, or for the opinion we have formed. Jamie Sherman Senior statutory auditor On behalf of Moore Kingston Smith LLP Statutory auditor 9 Appold Street London EC2A 2AP Date: 23Janu8ry2025 Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
THE SLAUGHTERAND MAY CHARITABLE TRUST ststement of Financial Activities for the year ended 5 April 2024 Note8 Year ended Yoar énded 5 April 2024 5 April 2023 Income Income from.. Voluntary Income Expenditure Expendfture on charitable activities: Grants payable in furtherance of the objects 691026 Total expendlture Net movement In funds 60.000 Balance at 6 Aprll 10 Balanca at 5 Aprll All of the Charity's activities are derived from continuing operations. The Charity has no recognised gains and losses other than those dealt with in the Statement of Financial Activities above. All funds are unrestricted.
10 THE SLAUGHTERAND MAY CHARITABLE TRUST Balance sheet as at 5 April 2024 Notes At 5 April At 5 April 2024 2023 Current assets Debtors Cash at bank and in hand 136,557 10 136,567 131,130 10 131,140 Credltors: amounts falling due within one year 136 557 131 130 Net current assets 10 10 Not assets Funds Unrestricted The financial statements on pages 9 to 19 were approved and authorlsed for issue by the trustee and were slgned on its behalf by: Dlrector of Slaughter and May Trust Llmlted Date: It)Iii/ 2024
11 THE SLAUGHTERAND MAY CHARITABLE TRUST Cashflow statement for the year ended 5 April 2024 Notas At 5 Aprll At 5 April 2024 2023 Net cash provlded by operating activities Change in cash In p•riod Cash brought forward Cash carried forward 10 10 Reconclllatlon of net movement In funds to not Net movement in funds for the year ended 5 Aprll (as per the Statement of Financial Activities, page 9) 60,000 Adjustments for: (Increase)IDecrease in debtors (Decrease)Ilncrease in creditors (5,427) (18.374) 5,427 Net cash provided by operatlng activltles {s•e above)
12 THE SLAUGHTERAND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 Princi al accountin olicies FRS 102 The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the Purposes of FRS 102 and therefore the Charity also prepared its financial ststements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in 8ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) published on 16 July 2014 and the Charities Act 2011. Basls of a¢untIng The financial statements are prepared in accordance with the historical cost conventlon and on an accruals basis. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monelary amounts in these financial statements are rounded to the nearest pound. Incomo All Income is included when the charity has entitlement to the income, there is probability of receipt and the amount can be measured. Donatlons and other income are credited to the statement of financial activities on a receivable basis. Donated servlces and gifts In klnd The value of donated services and grfts in kind provided to the Charity is recognised in the statement of financial actlvlties at their value to the Charity as determined by the trustee, in the period in which they are receivable, and where the benefit is both quantifiable and material.
13 THE SLAUGHTERAND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) Princi al accountin olicies continued ResourS axpended Grants payable, for direct charitable activities, are included in the statement of financial activities when the offer is conveyed to the recipient. except in those cases when the offer is conditional, such grants being recognised as expenditure when the conditions attaching to them are fulfilled. Grants offered subject to conditions which have not been Met at the year end are noted as a commitment but not accrued as a liability. Governance costs include expenditure on compliance with constitutional and statutory requirements. Fund accountlng The unrestricted fund comprises those monies which may be used towards meeting the charitable objects of the Charity at the discretion of the trustee. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Flnancial Instruments The charity has elected to apply the provisions of Section 11 "Basic Financial Instruments. to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contraclual provisions of the instrument. 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 inlention to settle on a net basis or to realise the asset and settle the liability simultaneously. All debtor and credltor balances are considered to be basic financial instruments under FRS102. Judgements and key sources of estimation uncertalnty In the application of the charity's accounting policies, the trustee may be required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These 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. There have been no significant estimateslassumptions made that affect the carying amount of assets and liabilities in the financial statements.
14 THE SLAUGHTERAND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) Goin concern The Trustee considers there are no material unrtaIntieS about the Charity's ability to operate as a going concern. The Charity's intention is to distribute all donations received in the year. Any net surplus or deficit (other than the initial £10 capital sum) is due to short term timing differences. There is no deficit In 2024 and no future deficit is expected to arise. Volunta income Year ended Year ended 5 April 2024 5 Apr512023 Monetary donations Gift in kind (audit fee paid by Slaughter and May) 685,026 657,710
15 THE SLAUGHTER AND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) Charitable activities {a) Grants paid during the year, analysed by reclplent: Year ended 5 Aprll 2024 upReach The Access Project - the Key Project St Luke's Community Centre and Parochial Trust Islington Law Centre The Margins Project Beam Cambridge University Legal Advice Centre (University House) National Literacy Trust Talk for Health Internews British Red Cross Magen David Adom St Luke's Primary School Moreland Primary School Social Mobility Business Partnership The BIG Alliance Likrat Shabat Financlal Markets Law Committee Bags of Taste Access Right to Care Cripplegate foundation RCJ Advice Bureau UNHCR The City of London 139,500 60,000 52,500 43,000 33,200 30,000 30,000 25,000 23,777 21,000 20,000 19,065 18.678 17,375 15.875 15,000 13,200 12.613 12,000 11,000 10,000 10,000 10.000 6.000 5,000 653,783 Other grants (less than £5,000 each) 31,243 685,026 Total grants awarded In th• year 685,026 Add.. Governance costs (see note 5) 6.000 691,026
16 THE SLAUGHTERAND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) Charitable activities continued (a) Grants pald during the prlor year. analysed by recipient: Year ended 5 Aprll 2023 upReach The Access Project- the Key Project St Luke's Community Centre and Parochial Trust Islington Law Centre Beam Blueprint Trust Cambridge University National Literacy Trust Legal Advice Centre (Unlverslty House) The Margins Project UNHCR Internews Talk for Health RCJ Advice Bureau Social Mobility Business Partnership St Luke's Primary School The BIG Alliance Financial Markets Law Committee Moreland Primary School Bags of Taste British Red Cross Access Right to Care 139,016 60,000 55,870 43,000 30,000 30,000 30,000 23,545 22.000 21,500 20,305 20,000 20,000 18,000 15,000 13,500 13,200 12,000 12,000 11,000 9,295 5,000 624,231 Othor grant8 (less than £5,000 each) 33,479 657,710 Le88: Other grants awarded In pr•viou8 years The Access Project (Year 213) (60.000) Total grants awarded in the year 597,710 Add.. Governance costs (see note 5) 5,665 603.375
17 THE SLAUGHTERAND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) Charitable activities contlnued (b) Grants awarded durlng the year are analysed by th• trustee as follows: Year ended Year ended S April 2024 5 April 2023 Amount Number Amount Number Trustee grants Miscellaneous 420,177 264 849 33 328,485 40 269 225 26 50 Miscellaneous grants are those where the Trustee does not specifically choose the recipient charity (e.g. matching donations for staff fundraising). Gov6rnan¢• costs Year ended 5 April 2024 Year ended 5 Aprll 2023 Audit fee The value of facilities provided to the Charity free of charge, that otherwise would have had to be purchased, such as the use of office equipment and office space, have not been recognised in the statement of financlal activities because their value is not easily quantifiable. Net movement In funds The net movement in funds is stated after charging the Auditor's remuneration of £6,000 (2023 - £5,665). staff costs and trustee's remuneratlon No staff were employed by the Charity during the year {2023- nil). The key management personnel of the Charity are the trustee and directors of the trustee. The trustee and directors of the trustee received no remuneration in respect of their services to the Charity nor any reimbursement of expenses during the year {2023- Nil).
18 THE SLAUGHTER AND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) Debtors At 5 Aprll 2024 At 5 Aprll 2023 Tax recoverable Crèditors: amounts fallln due wlthln one ear At S April 2024 At S April 2023 Short term advance from Slaughter and May The advance from Slaughter and May accrues no interest and is unsecured. There is no fixed repayment date. 10. Related transactions The Slaughter and May Charitable Trust is funded principally by donations and gifted servlces (Including the audit fee) from the Partners of Slaughter and May. The directors of Slaughter and May Trust Limited are all Partners of Slaughter and May, the Charity's main donors, with the exception of the CQO, J Hoseason. The only related p8rty transactions during the period are donations from Partners of Slaughter and May totalling £548,459 (2023 - £524.520) and an advance from Slaughter and May of £136,557 (2023 £131,130) that was outstanding at the year end, all of which was pending receipt of the tax recoverable from HMRC. The governance and support costs of the Charity. and the premises occupied by It, are provided by Slaughter and May but, with the exception of the audit fee, are not reflected in ihese financial statements because their value is not easlly quantifiable.
19 THE SLAUGHTERAND MAY CHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2024 (continued) 11. Taxatlon The Charity is a registered charity, and therefore is not liable for income tax or corporation tax on income derived from its charttable actNities, as it falls within the various exemptions available to registered charities. 450183343