THE IAN ADDISON CHARITABLE FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED S APRIL 2024 L_fv CHARTERED ACCOUNTANTS
THE IAN ADDISON CHARITABLE FOUNDATION REFERENCE AND ADMIEYISTRATIVE INFORMATION Settlor P I Addison The Trustees who served during the year are: Mr W A Evers - Chairnian Mr M G L Thomas Mr C J Gupwell _ Correspondent Mr l R Stainburn Charity number The Trust is a registered charity number 1084089 Principal Office Woodlands Earls Common Road Stock Green Redditch Worcestershire B96 6TB Accountant8 Shona Cutler Lid Grove Fami Bungalow Lineomb Stourport on Severn Worcestershire DY13 9RB Bankers HSBC Bank PIC 114 High Street Stourbridge West Midlands DY8 IDZ Investment Managers EFG Harris Allday 33 Great Charles Street Birniingham B3 3tN Independent Examiner Mrs S M Culler Shona Cutler Ltd Grove Fann Bungalow Lincomb Stourport on Severn Worcestershire DY13 9RB
THE IAN ADDISON CHAIUTABLE FOUNDATION TRUSTEES, REPORT for the year ended 5 April 2024 The Trustees present their report and the financial statements lor the year ended 5 April 2024. Details of the Foundation's operations during the year are set out in the financial statements on pages 6 10 1 O. The presentation cornplies with the Charitie,% Act 201 l and the Accounting and Reporting by Charities.. Sialernent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102)(effective l January 2019). The accounting policies adopted by the Foundation are sel oul in Nole l on page 8. Structure, Goverllance and Management. The Charity was created by a Declaration of Trust dated 18 September 2000. The Charity's constitution reslricls ils grant making to certain specific areas of benefit, namely the education of the general public with particular reference lo matters of historic, artistic, architectural or aesthetic interest, the study and appreciation of agriculture, horticulture, silviculture, land and estate management, conservation, flora and fauna and of any land or building of national, historic, architectural, artistic or aesthetic interest; the preservation, protection and improvement for the public benefit of any such land or buildings. the preservation. protection and improvement of all items of national, historic, artistic or aesthetic interest associated with or displayed in any such buildings. the provision of financial assistance for the repair and maintenance of certain religious land or buildings and for the support and promotion of bodies established for exclusively charitable purposes having the same or sirnilar objects to those specified above. Applications should be made through the Correspondent al the addre8s shown onpage l. All decisions and matters of policy are detemined by the Tru¥lee8 who meet as often as ¢ir¢um8lances require, bul not les8 than once each year. The full number of Trustees is not le4% than three individuals. Future Trustees Inusl be appointed by resolution of the Tru4tees. At such lime a.s new Trustees might be appointed they would be given adequate inforn]ation to enable them to understand the Charity's aims and objectives and their responsibilities as Trustees. Jnvestment Pollcy There are no restrictions on the Charity's power to invest. The Trustees have appointed investment managers on a discretionary basis. The TNstees' objectives are:. l) the creation of a sufficient financial return to enable the Charity to carry out its purposes ¢ffe¢tively and without intemiption. 2) the maintenance and enhancement of the investment funds in real ternis whilst they are invested. 3) to obtain a reasonable balance between capital growth and income so that the Trust can meet future as well as current needs. 4) to avoid investment8 that are unduly risky. The fimds may be invested in any type of investment. The Trustees, policy is to invest in an appropriate mix of assets ¢.g. equities, fixed interest and monetary assets.
THE IAN ADDISON CHARITABLE FOUNDATION TRUSTEES, REPORT for the year ended S April 2024 (continued) Reserves Policy The Charity's unrestricted reserves, ils di.qtribulable income, consist of the eamings from ils investment portfolio. which are received quarterly from The Foundation's stockbrokers. Grants lo beneficiaries are made at various times during the year as funds are available. Risk Management The Trustees keep under review the major strategic and operational risk5 which the Charity faces and are sali8fied that systems have been eqtablished in order to minimize the possible effects of such riqks on the Charity. Objectives and Activities It LS the aim of the Trustees, both presently and in the future, to maximize the income, consislenl with the wish to maintain the real value of the Charity's Capiial Fund, in order to grant as mucli as possible to charitable inslitulions. The TsleeS have referred to the guidance contained in Ihe Charity Commission's geiieral guidance on public benefil when reviewing the Charity's aims and objectives and planning future aclivilie.s. In particular. the TNste¢s have considered how planned activities will contribute to its aims and objectives. Achievements, Performance And Financial Review The Foundation's financial statements are set out on pages 6 10 10. The total income for the year was £39,309 compared with £36,074 in the previous year. I I grants toialling £28,490 were made during the year. In the year to 5th April 2023, 14 grants were made al a ¢o%t of £35,630. Delai18 of the year's grants are shown in Note 3 on page 9. In the Trustees, opinion the Balance Sheet discloses funds adequate for the purpose of fulfilling Ilie obligations of the Charity for Ihe foreseeable future. Trustees, responslbllltSe8 in relation to the Financlal Statement5 The Trnslees are responsible for preparing the Trustees, Report and the Financial Slalemeiits in accordance with applicable law and United Kingdom Accounling Standards (Uniced Kingdom Gen¢rally Accepted Accounting Practice) The law applicable to Charities in England and Wales requires the Trustees to prepare financial 51alemenls for each financial year which give a true and fair view of the state of the Charity's affairs and of its incoKning resources and the application of those resources for that period.
THE IAN ADDISON CHARITABLE FOUNDATION TRUSTEES, REPORT for the year ended 5 April 2024 (continued) Trustees, Responsibilities in relation to the Fillancial Statements (continued) In preparing th¢ financial statements the Trustees are required to.. (a) select suitable accounting policies and apply them consistently. (b) observe the methods and principles in the Charities SORP. (c) make judgements and estimates that are reasonable and prudent. (d) stale whether applicable accounting Standards have been followed, subject to any material d¢partures disclosed and explained in the financial slatemenls. and (e} prepare the financial slalemenls on a going concem basis unless it is considered inappropriate to assume that the Charity will continue. lo operate. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time Ilie financial position of the Charity and enable them to ensure that the financial statement8 comply with the Charities Act 201 I, the Charity {Ac¢ounts and Reports) Regulations 2008 and the provisions of the Trust Deed. The Trustees are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevenlton and detection of fraud and other irregularities. Approved by the Trustees on and slgned on their behalf: W A Evers Chairn]an
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE IAN ADDISON CHARITABLE FOUNDATION I report to the Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024, which are set out on pagFes 6 to 10. This report is made solely lo the Charity's Trustees, as a body, in accordance with RegJulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Tru8lees those rnalters l am required io state to them in an independent examiner's report and for no other purpos¢. To the fullest extent penllitted by law I do not accept or &ssume responsibility to anyon¢ other than the Charity's Trustees, as a body, for my work, for thi5 report, or for the statement I have made. Responsibilities and basls for the Report A5 the Charity's TNstees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Aci 2011 (the Act). I 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 I have followed all the applicable Directions given by the Charity Commission under section 145(51(b) of the Act. Independent Examlner's StAtement I have completed my examination. I confim that no material matters have come lo my attention in ¢onne¢lion with the exaniination which giv¢ m¢ cause to believe.. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirernenls concerning th¢ fonn and conteni of the accounts sel out in the Chariiies (Account% and Reports) Regulations 2008 other than any requiremeiils that the accounts give a 'lrue and fair, view, which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the method8 and principles of the Sialement of Recommended Practice for accounting and reporting by charities. I have no concems and have Come across no other matters in connection with the examination to which attention should be drawn in this respect in order to enable a proper understanding of the accounts to be reached. S M Cutler BSC Hons, FCA, TEP Mrs S M Cutler Shona Cutler Ltd Grove Farni Bungalow Lincomb Sloury)ort on Sevem W0eSter$h1re DYI 3 9RB
THE IAN ADDISON CHARITABLE FOUINDATION STATEMELNT OF FINANCIAL ACTIVITIES for the year ended S April 2024 Income Capital Total 2023 Income and Expenditure Income: Investment incom¢ and interest 39.309 39,309 36.074 Total Income 39,309 39,309 36,074 Expenditure: Cost of raising funds Investment management fees 7,247 7,247 7,662 Direct Charltable Expenditure (Note 3) Grants 28,490 28,490 35.630 Other costs A¢¢ounlanls fee Independent Examiner's fee Bank charges 2,700 600 65 2,700 600 65 2,400 600 65 3,365 3,365 3.065 Total Expenditure 31,855 7,247 39,102 46,357 Net Outgoing Resources for the year 7,454 (7,247) 207 (10,283) Net gaAnsl(losses) on Investments Realised Unrealised (5,376) 2,818 (5,376) 2,818 {87,487) Net Movement in Funds 7,454 (9,805) (2,351) {97,781) Total Funds brouLyht fonvard at 6 April 2023 14.057 867,994 882,051 979,832 Total Funds carried forward at 5 April 2024 £21,511 £858,189 £879,700 £882,051 The notes on pages 8 to 10 forni part of these financial statements
THE IAN ADDISOLN CHARITABLE FOUIYDATION BALANCE SHEET S April 2024 2024 2023 Investments at market value (Note 6) 867,528 879,326 Current Assets Bank account 3,424 Debtors Dividends in the hands of investment managers HM Revenue & Customs - tax repayable 11,932 115 7.745 115 12,047 7,860 Less Liabilities Amounts falling due within one year (Note 7) Bank Overdraft 3,300 3,000 2,135 3.300 5,135 Net Current Assets 8,747 2.725 £879,699 £882.051 Funds of the Charity (Note 8) Capltal Fund (reslri¢led) 856,611 867,994 Undlstributed Income (unrestricted) 23,088 14,057 Total Funds of the Charlty £879,699 £882,051 The notes on pages 8 to l O fonn part of these financial statements Approved by the Trustees on W A EVERS
THE IAN ADDISON CHARITABLE FOUNDATIO141 NOTES TO THE FILNAINCIAL STATEMENTS Year ended 5 April 2024 Accounting Policies The flnancial statements have been prepared in accordance with the 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){effeclive l January 2019) and the Charities Act 2011. The Foundation constitutes a publt¢ benefit entity as defmed by FRS 102. The particular accounting policies adopted are.. (A) Accounting Convention The accounts are prepared on the histori¢al Cobt basis of accounting modified lo include listed investments al market value. Incoming resources and the application of those resources have been accounted for on the accruals basis of accounting. (b) Fund Accounting The Undi%iribulcd Income is available lo spend on activities that further any of the pUOSe of the Charity. The Capital Fund represents the Charity's endowment. The Tru4tee8 have decided to restrict expenditure from thi5 fund to tlie fees charged by the Charity's Investm¢nl Managers. (c) Llsted Investments Listed investments are slated al market value less any provision for a pern]anenl diminution in value since the balaiice sheet date. Realised and unrealised gains and Ios8es on inveslmentq are accounted for through the Capital Fund. (d) Income And Expendlture Income from investments is accounted for in the y¢ar in which it is receivable. Interest on bank and stockbroker deposits is accounted for in the year in which it is received. Charitable grants are accounted for in the year in which they ar¢ paid. Other costs are those associated with the adminislralion, constilulional and statutory r¢quiremen15 of the charity. {e) Cash Flow Statement The Charity has taken advantage of the exemption available under the Charilies SORP (FRS 102) Update Bulletin I not lo prepare a Cash Flow Slalement. Taxation The Trust has been accepted as charitable by H M Revenue & Customs and as such is exempt from In¢ome Tax and Capital Gains Tax provided its in¢ome and gains are applied for charitable purposes.
THE IAN ADDISOIN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMEINTS (continued) Year ended S April 2024 Direct Charitable Expenditure The following grants were made to organi.8alions during the year: Avoncroft Museum ot Historic Buildings Future Trees Trust Heart of England Forest National Trust - Berrington Hall Plantlife - Winskill Stones and Joan's Hill Farni Wildfowl & Weilands Trust Woodland Trust - Pepper Wood and Robson Spring Wood Worcester Cathedral - Registers Bugatti Trust Planilife- Three Hagges Friends of Si Swiihun's Church, Worcester 3.000 2,000 2,000 3,000 4,000 2,000 4.000 3,000 2,000 2,490 1,000 28,490 Trustees, Remuneration and Expenses No remuneraiion or expenses were paid or payable in respect of the period out of the funds of the Charity either directly or indirectly lo any Trustee or to any person or persons known to be connected with them. Employees There were no full or part time ernployees during the year or during the previous year. Investments 2024 2023 Llsted Investments Cost At 6 April 2023 Additions Dispobals 786,764 786,965 27.355 (41,972) (201) At 5 April 2024 772,147 786,764 Market Value Adjustment At 6 April 2023 Adjustment for the year 92,562 180,049 2,819 (87,487) Al 5 April 2024 95,381 92,562 Market Value Al 5 April 2024 £867,528 £879,326 Investments at market value eomprised Interest bearing securities Equities Overseas 178,891 179.485 670,438 684,774 18.199 15,067 At 5 April 2024 867,528 879,326
THE IAN ADDISON CHARITABLE FOUNDATIOIY NOTES TO THE FINALNCIAL STATEMENTS (¢ontinued) Year ended 5 April 2024 Investments (continued) All investments, were listed on a recognised stock exchange. No holding represented at least 5 /0 of the value of the portfolio al 5 April 2024. Llabilities: Amounts falling due within one year 2024 2023 Shona Cutler Ltd 3.300 3,000 £3,300 £3,000 Analysls of Assets between Funds Capital Undistributed Fund Income Total At S Aprll 2024 Investment. Balance at bank Debtors 867,528 (10,917) 867,528 3,424 12,047 14,341 12,047 856,611 26,388 3,300 882,999 3,300 Less Current liabilities £867,994 £23,088 £879,699 At S April 2023 Investments Balance al bank Debtors 879,326 (11,332) 879,326 (2,135) 7,860 9,197 7,860 867,994 17,057 3,000 885,051 3,000 Less Current liabilities £867,994 14,057 £882,051 io-