Charlty reglstratlon number 1084690 THE LORD FARINGDON CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024
THE LORD FARINGDON CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Bernard Michael de Lerisson Cazenove The Hon. James Harold Henderson The Hon. Mrs S Maitland-Robinson Edward Alexander Campbell Cottrell Secretary Sharon Lander Charity numbèr 1084690 Reglstered office The Eslale Office Buscot Park Faringdon Oxfordshire SN7 8BU Auditor Critchleys Audit LLP Beaver House 23-38 Hythe Bridg8 Street Oxford OX12EP Bankers Lloyds TSB Bank plc 8 Market Place Faringdon SN7 7HN Investment advisors Cazenove Capital 1 London Wall Place London EG2Y SAU
THE LORD FARINGDON CHARITABLE TRUST CONTENTS Page Chairman's statement Twst8es' report Stslement of Trustees. responsibilities Independent auditor's report statement of financlal actlvities Balance sheet 10 Notes to tha financial statements
THE LORD FARINGDON CHARITABLE TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 5 APRIL 2024 Over the past twelve months the Trustees have made grants to 123 organisalions at a Cost of £256,800 (2023 £263,000) and after costs this was a net outgoing of resources of £5,675 and valuation losses of £338,287. Our overall rate of return on the funds was-0.2 %. Since the year end the value of investments has increased by £648,000 to £10.48m. Investment income for 2025 is estimated at £272,000. During the year the investment portfolio was reorganised and tidied up, but we continue to maintain our investment policy of a wide international spread of equity investments searching for a future stream of rising income. Humanitarian horrors continue and our funds can only scrape the surface of people's needs, but we will continue to give what support we can. B M de L Cazenove Chalmian Date:
THE LORD FARINGDON CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report and financial statements for Ihe year ended 5 April 2024. The financial ststements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalements and comply with the Charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. (effective 1 January 2019). Objectives and activltles The Trustees have discretion to apply income from the trust fund to any charity or charitable purpose. However the following charitable purposes are specifically listed.. Educational Scholarships Grants Hospitals and the provision of medical treatmènl for the sick Purchase of antiques and artistic objects for museums and collections to which the public has access Care and assistance oflhe aged and infirm Development and 8SSiStance of Arts and ScienG6s, physical recreation and drama Research into matters of public interest Relief of poverty Support of matters of public interest Maintaining and improving The Faringdon Collection Trust The Trustees hav8 paid due r8gard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Aehlevemonts and performance During the year ended 5 April 2024 grants were given to 123 organisations 12023: 111 organisations} totalling £256,800 (2023.. £263,000). Investment pollcy and performance The Trustees believe the best policy to protect the purchasing power of the endowment fund is to invest, for a rising stream of incorne, in a diversified international portfolio of equities with the expectation that this will lead to a satisfactory overall {totall rate of r8lurn for the Fund. In the year to 5 April 2024, the overall (total) rate of rgturn on the Portfollo was -0.20kn (2023.. .2.19kn). Flnanclal revlew Investment and rental income for tha year amounted to £287,028, a decrease of £2,362 over the prior year. The cost of charitable activities amounted to £283,585 , a decrease of £4,251 over the prior year. After other costs have been taken into account. there were nel outgoing resources of £5,67512023: net outgoing resources of £10,399). Losses of £338,287 on revaluation of listed investments and property within the endowment have created a net dècrease in funds of £343,96212023'. dacrease of £610,037). Reserves pollcy Tha Charity has no employees and no long term commitments. In the light of this the Trustees consider that ther8 is no need to maintain a level of free reserves, and the unrestricted funds will be spénl on further donations in due course. The Charity manages its annual expenditure againsl its annual Income as required. Any capital growth Is treated as inflation prolection to the real value of the permanent endowment. Reserves at 5 April 2024 amounted to £10,366,382 of which £153,049 wère unrestrirt6d income funds and £10,213,333 were endowment funds. Plans forfuture periods The Trust will continue to alm to distribute its annual income, by way of grants, to worthy causes in accordance with ils objects.
THE LORD FARINGDON CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structure, governance and marlagement The Trust is an unincorporated Trust, constituted under a Trust Deed dated 4 December 2000, and is a registered charity, number 1084690. The existing charity was formed from the amalgamation of The Lord Faringdon (No 1) Charitable Trust {Reg. No 206878} and The Lord Faringdon (No 2) Charitable Trust {Reg. No. 2379741. For future reference the assets and accumulated income of The Lord Faringdon (No 1) Charitable Trust represenling 62.15°A of the amalgamated assets {fund Al vesl in The Faringdon Collection Trust (Reg. No 203770),. the assets of The Lord Faringdon (No 2) Charitable Trust (fund Bl representing 38.750/0 of the total amalgamated assets. remain a permanent endowment. Th8 Trust is managed by a Board of Trustees. The Trustees who sewed durlng the year and up to the date of signature of the financial statements were: Bernard Michael de Lerisson Cazenove The Hon. James Harold Henderson The Hon. Mrs S Maitland-Robinson Edward Alexander Campbell Cottrell The Trustees meet formally once a year when they agree the broad strategy and arsas of acllvity for Ihe Trusl, including consideration of investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the truslees is carried out by the secretary. The Trustees keep their skill requirements under review and, in the event thal a trustee permanently retires or additional new trustees are required, new trustees will be sought and a final decision on selection will be taken by the existing trustees. Rlsk managoment The Trustees have considered the major risks to which the Charily is exposed and have reviewed those risks and established systems and procedures to manage Ihose risks. Public Benefit The Trustees confirm thal they have complied with the duty in section 17{51 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The public benefit of Ihe Charity Is achieved through its grant-making. Grant applications are accepted from registered charities and other recognised bodies. All grant applications are required to provide infonnation on the specific purpose and expected beneficiaries of the grant. This infomiation helps the Charity assess how its programme of discretionary gfant-making achieves a spread of benefit. The Trustees, report was approved by the Board of Trustèes. Bernard Michael de Lerisson Cazenove Chalrman Dato-
THE LORD FARINGDON CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are responsible for prèparing the Trustees, Report and the financial stat6ments in accordance with applicable law and United Kingdom AcGounling Standards {United Kingdom Generally Accepted Accounling Practice). The law applicable to charities in England and Wales requirès 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 of the Charity for that year. In preparfng these financial statements, the Trustees are required to.. seleot suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent; stat6 whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and preparè the financial statements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in operation. The Trustees are responsible for keeping sufficient accounting record5 that disclose with r9asonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charilies Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE LORD FARINGDON CHARITABLE TRUST CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LORD FARINGDON CHARITABLE TRUST Opinion We have audited the financial statements of The Lord Faringdon Charitable Trust (the 'Charity') for the year ended 5 April 2024 which comprise the statemenl of financial aclivilies, the balance sheet and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in Iheir preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PractI1- 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 ils incoming resources and application of resources, for the year Ihen 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. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit or the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements Ihat are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance wlth these requirements. We believe that th8 audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinlon. Concluslons relatlng to going concern In auditing th8 financial statements, we have concluded that the Trust8es' 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 abilily to continue as a going concem 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 conGem are described in the relevant sections of this report. Other inforniatlon The other information comprises the information included in the annual report other than the financial slalemenls and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial stalements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in Ihe course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misslatemenl in the financlal statements Ihomselves. If, bas6d on the work we have performed, we conclude that there is material misstatement of this other information, we are reouired lo report that fact. We have nothing to report in this regard. Matt8rs on which wo are required to report by exceptlon We have nothing to report in respect of the following malters in relation to which the Charities {Accounts and Reports) Regulations 2008 requlre us to report to you if, in our opinion: the information given in the financial slatements is inconsistent in any material respect with the Trustees, rèport., or sufficient accounting records have not been kept. or the fi'nancial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit.
THE LORD FARINGDON CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LORD FARINGDON CHARITABLE TRUST Responslbilities of Trustees explained more fLslly in the slatement of Trustees, responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements thal are free from material misstatement, whelher 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 cease OP8ralions, or have no realistic alternative but to do so. Auditorfs r8sponsiblllties for tha audit of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with Ihe Act and relevant regulations made or having effect thereunder. Our objectives are to obtain feasonable assurance about whether the financial slatements as a whole are free from malerial misslalemenl, 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 bul is not a guarantee Ihat an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they Gould reasonably be expected to influence the economic decisions of users tsken on the basis of these financial stalements. The extent to which our procedures are capable of detecting irregularities, Including fraud, is detailed below. Irregularities, including fraud, are instances of non-compliance with18ws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatemenls in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material mlsststement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the approprlate competence, capabilities and skills to identify or recognise non-compliancè with applicable laws and regulations: we identified Ihe laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the client's business sector- we focused on specific laws and regulations whlch w8 considered may have a direct material effecl on the financial statements or the operations of the charity, including the Charilies Act 2011; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and Ihe team remained alert to instances of non-compliance throughout the audit. We ass8ssed the susceplibility of the charity's flnancial statèments to material misstatement, includlng obtaining an understanding of how fraud might occur. by.. making enquiries of rnanagement as to where they considered there was susceplibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and nonwcompliance with laws and regulations.
THE LORD FARINGDON CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LORD FARINGDON CHARITABLE TRUST To address the risk of fraud through management bias and override of controls, we-. performed analytical procedures to identlfy any unusual or unexpected relationships., tested joumal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining accounting estlmates were indlcative of potential bias.. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, w6 designed procadures which included, but were not limited lo: agreeing financial statemant disclosures lo underlying supporting documentation., reading the minutès of meetings of those chargod with governance., enquiring of management as to aclual and polential litigation and claims., and reviewing correspondence with HMRC and the company's lègal advisors. There are inherent limitations in our audil procedures described above. The more removed that laws and regulations are from financial transactions, Ihe less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit prOdureS required to identify non-compliance with laws and regulations to enquiry ofthe trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.frc.org.uklauditorsresponsibililies. This description forffts part of our auditor's report. 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 W6 might state lo the Charity's Iruslees those mallers we are required to state to them in an auditors, report and for no olher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's Irustees as a body, for our audit work, for this report, or for the opinions we have formed. Critchloys Audit LLP 1918124 Chartered Accountants Statutory Audltor Beaver Hous6 23-38 Hythe Bridge Street Oxford OX12EP Critchleys Audit LLP is eligible for appointmenl as auditor of the Charity by virtue of its eligibilily for appointment as audilor of a company under section 1212 of the Companies Act 2006.
THE LORD FARINGDON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Current flnanclal year Unrestrlcted Endowment funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Investment incomo 287,028 287,028 289,390 anditure on: Ralsing funds 9,118 9,118 11,953 Charitable activities 4&5 283,585 283,585 287,836 Total expendlture 292,703 292,703 299,789 Net losses on investments {338,287) (338,287) (599,638} Net outgoing resources before transfers (5,675) {338,287) (343,9621 (610,037) Gross transfers beeen funds 4,718 {4,718) Net movement In funds (9571 (343,005) (343,962) {610,037} Fund balancès at 6 April 2023 154,006 10,556,338 10,710,344 11,320,381 Fund balancos at 5 April 2024 153,049 10,213.333 10,366,382 10,710,344 Tha statement of financial activities includes all gains and losses récognised in the year. The statement of financial a¢tivities includes all gains and losses r6cognis8d in the year. All income and expenditure dérive from continuing activities. The notes on pages 11 lo 21 form part of these financial stalements.
THE LORD FARINGDON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Prior financial year Unrestricted Endowment funds funds 2023 2023 Total 2023 Noles Income from: Investment income 289,390 289,390 endlture on: Raising funds 11,953 11,953 Charitable activilies 4&5 287,836 287,836 Total expendlture 299,789 299,789 Nèt loss on investments (599,6381 (599,638) Net outgolng resources before transfers (10,3991 (599,638) (610,037) Gross transfers between funds 5,072 (5,072) Net movement In funds {5,3271 1604.710) (610,037) Fund balances at 6 April 2022 159,333 11,161,048 11,320,381 Fund balances at 5 April 2023 154,006 10,556,338 10,710,344
THE LORD FARINGDON CHARITABLE TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Flxed assets Investment property Investmènts 10 11 375,000 9,813,333 376,000 10,181,338 10.188,333 10,556,338 Current assets Debtors Cash at bank and in hand 12 29,543 157,306 52,109 158.253 186,849 210,362 Creditors: amounts falling du9 wlthln one year 13 (33,800) (56,356) Net current assets 153,049 154.006 Total assets less Current Ilabilltles 10,341,382 10,710,344 Capltal funds Endowment funds - general Income funds Unrestricted funds 14 10,188,333 10,556,338 153,049 154,008 10,341.382 10,710,344 The notes on pag88 11 to 21 form part of these financi81 statements. Thefi ncial statements were approved by the Trustees on .. Bernard Micha61 d8 Lerisson Cazenove Trustee 10
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policles Charlty Informatlon The Lord Faringdon Charitable Trust is an unlncorporated charity registered in England and Wales, Charity Number 1084690. Its registered office is: The Estate Office, Buscot Park, Faringdon, Oxfordshire SN7 8BU. The charity is a public b&nefit entity. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Charity's governing documenl, the Charities Act 2011, FRS 102 "The Financial Reporting S18ndard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommonded Practice applicable to charities preparing their accounts in accordance with lh8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102, Tho Charity has taken advantage of tha provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial slatements are rounded to the nearest £. The financial statements have been prepar8d under Ihe historical cost convention, modified to include the revaluation of freehold properties and to include investment propert18s and certain financial instrumenls al fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the timo of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequat8 resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted income funds comprls8 those funds which the Trustees are free to use for any purpose In furtherance of th6 charitable objects. Restricted funds are subject to specific conditions by donors or grantors as to how they may bg used. The purposes and usos of the restricted funds are sel out in the notes to the financial statements. As stated In the statutory Information, The Lord Faringdon Charitable Trust was formed trom the amalgamation of The Lord Farlngdon (No 11 Charilable Trust and The Lord Faringdon (No 2} Charitable Trust. 61.25 % of the amalgamated assels vests in The Faringdon Colleclion Trust. 38.750/D of Ihè amalgamated assets remain as a permanent endowment fund with The Lord Faringdon Charitable Trust. The income from th8 endowment is wholly unrestricted and can be used for the gener81 purposes of the Trust. 1.4 Income Income and endowments arè recognised once the charity has entitlement to the resources, it is certaln that Ihe Income will be r6ceiv6d and the monetary value of income can be measured with sufficient r61iabilily. 11
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles IContlnued} 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all costs relating to that category. Grants payable and donations are payments made to third parties in the furtherance of the charltable objectives of the Trust. Single or multi year grants are accounted for when elther the recipient has a reasonable axpectation that they will r81Ve a grant and that the Trustees have agreed to pay Ihe grant without condition, or the recipient has a reasonable expectation that they wlll receive a grant and any condition attaching to the grant is outside of the control of the Trust. Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was inGurr8d. Allocation of support costs Support costs have been allocated to the Charity's one activity. Expendlture on ralsing funds This consists of investment management fees and investmeni property costs. Expenditure on charltable actlvlties This includes grants and donations made and support costs as shown in Note 4. It also includes governance costs. Governance costs Governance cosls comprise all costs involving the publiG accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and any legal fees. 1.6 Investment property Investment property, which is property held to earn rentals andlor fr)r capital appreciation, is initially recognised at C05t. which includes the purchase cost and any directly attributable expenditure. Subsequenlly it is measured at fair value at Ihe reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.7 Fixed asset Investments Fixed asset investments are initially measured at transaction pri excluding transaction costs, and are subsequently m6asured at fair value at each reporting date. Changes in fair value are recognised in net incomellexp8nditurel for the yéar. TransaGtion costs are expensed as incurred. Reallsed galns and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gain5 and losses on investments are calculated as the differenc8 between sales proceeds and opening market value {purchas8 date if later}. Unrealised gains and lossos are calculated as Ihe difference beeen the market value at the year end and opening market value lor purchase dale if later). Realised and unrealised gains are not separated in the Ststement of Financial Activities, but are shown in nole 8 to the accounls. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 12-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policles (Contlnued} 1.9 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the conlractual provisions of the inslrumenl. Financial assets and liabilities are offset, with Ihe net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequenlly carried at amortised cost using the eff8Ctiv8 interest method unless the arrangement constitules a financing transaction, where the Iransaction is measurèd at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as r6c6ivable within one year are not amortised. Baslc flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are inltially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at arnortised cost, using the effective interest rate Method. Trade creditors are obligations lo pay for goods or services Ihat have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitie5 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortis8d cost using the 8ffective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabiliti8s are derecognised when the Charity's contractU81 obligations èxpire or are discharged or cancelled. 1.10 Taxatlon As a regislered charity the Trust is not liable to UK income tax. Income from investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Rental income Income from listed inv8Stm8nts Interest receivable 20,100 239,097 27,831 20,100 255,129 14,161 287,028 289.390 13-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Ralslng funds Unrestricted Unrestricted funds funds 2024 2023 Propèrty costs 4,450 6,971 Investment management fees 4,668 4,982 9,118 11,953 Grants payable Donations and grants are made in pursuance of the charitable objectives of the Trust. No donations or granls were made to individuals. The total of charitablé donations for the year ended S April 2024 amounted to £256,800. The total of charitable donations for the prior year ended 5 April 2023 amounled to £263,500. The individual donalions vary from year to year and the Trustees do not consider the listing of individual donations as comparatives to b6 relevant to the information given in these financial ststements. The donations and grants during the year were as follows.. 2024 28th Oxford Scoul Group Abbeyfield (Reading) Society African Mission Alzheimerfs Society Andrews Hedgehog Hospital Anti-slavery International Ashbury Church PCC Ashmolean Museum Aspire Oxford Asthma Relief Barn Owl Trust Barnardo's Blind Veterans UK (St Dunstan's) Bowel Research UK Brain Tumour Charity Brighter Fulures Care Home Volunteers Charity Mentors Charlie Waller Memorlal Trust Child Brain Injury Trust Citizens Advice Oxfordshire South Clothing Solutions 500 1,500 1,000 5,000 1,000 2,000 1,000 5,000 1,000 2,500 1,000 2,500 1,000 1,500 1,000 2,500 1,000 2,000 1.000 500 2,000 2,000 Total carrlod forward 38,500 14-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable {Contlnued) Total brought forward 38,500 Countryside Alllance Crisis Skylight Oxford DEMAND Dementia UK Dermatrust Dressabilily Emmaus European Squirrel Initiative Excellent Development FAI UK Italian Héritage Trust Fareshare South West Fight Bladder Cancer Future Trees Game & Wildlife Conservation Trust Great Western Air Ambulance Greyhounds In Need Hands On London Happy Days Helen & Douglas House Helen Arkell Dyslexia Charity Hotline Meals Seryice (London) Huguenot Heritage Centre Hydration Foundation Injured Jockey's FLtnd Inlernalional Spinal Research Trust Kelmscott Church Lechlade Library Lld Leonard Cheshire Disability Leprosy Mission Libya Floods Appeal Little Sisters of the Poor Magic For Smiles Manna Society Marie Curie Cancer Care Marine Society and Cadets Mary Hare Foundation Migraine Trust Morocco Earthquake App6al Molor Neurone Disease Muscular Dystrophy UK National Kidney Federation National Maritime Museum 2,000 1,000 1,500 2.000 2,000 1.000 2,000 1.000 500 5,000 2,000 1,000 1,500 2.000 2.500 1.500 1,500 500 1,000 1,000 1,500 1,500 2,000 1.000 2,000 5,000 2,000 2,000 500 5,000 1,000 500 1,000 1,000 1,000 2,500 1,000 5,000 1,500 1,000 1,000 2,500 Total carrlod forward 112,500 15
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable {Continued} Total brought forward 112.500 New Bridge Foundation OCD Action Orthopaedic Research UK Oxford Botanic Garden & Arboretum Oxford Churches Debt Centre Oxford Food Hub Oxford Playhouse Oxford Symphony Orchestra Oxfordshire Association for the Blind Parkinson's Disease Society Plum Unlimited Practical Action Family ITDG Prisoners Advice Service Prospeot Hospice Reed's School Restore Revilali5e Royal Academy ofArts Royal Agricultural Benevolent Institution Royal Choral Society Royal Forestry Society Royal Horticultural Society Royal Hospital Chelsea Royal Opera House Royal Veterinary College Sage House, Dementia Support Salvation Army Sobell House Hospi Spilalfields Crypt Trust St Mary's Buscol PCC St Mark's Hospital Foundation St Michael & All Angels Church St Mungo's St. Gre90ry's Foundation Sue Ryder Leckhampton Court Tall Ships Youth Trust Thames ValleyAirAmbulanc The Big Issue Foundation The Cinnamon Trust The Fire Fighters Charity The Gloucestershir8 Society The Grange Festival The Porch Day Centre 2,000 1,000 2,000 1,000 3,000 2,000 2,500 1,500 1,000 2,000 2,500 1,000 1,000 1,000 1,500 2,000 1,000 2,500 1,000 5,000 1,000 5,000 1,000 3,800 2,000 3,000 1,000 1.000 500 2.500 1,000 2.500 500 2,500 1,500 1,000 2,500 500 1,000 2,000 5,000 5,000 1,000 Total carrfed forward 195,800 16-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable (Continued) Total brought forward 195,800 The Samaritans The Smallpeice Trust Toynbee Hall Trax Treloars Collego Turtle KeyArts {Turtle Song) Ukraine Appeal Ulysses Trust Wanlage Choral Society Wantage Literary Festival Wantage Silver Band Wentworth Woodhouse preseallOn Trust Willow Trust Wilton's Music Hall Wilts & Berks Canal Trust Young Musicians Symphony Orchestra 1,500 1,000 1.000 1.000 3,500 3,000 5,000 5,000 500 500 1,000 25.000 2,000 2.500 1,000 7.500 256,800 Support costs allocated to activities 2024 2023 Administration costs and fees Governance costs (audit fees) 20,185 6,600 19.950 4,386 26,785 24,336 Analysed botweèn: Charitable activities 26,785 24.336 Not movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting)'. Fees payable for Ihe audit of Ihe charity's financial statements 6,600 4,386 17-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trusteas None of the Trustees lor any pérsons connected with them) received any remuneration or benefits from the Charity during the year. The Charity does not have any employees. Net losses on investments Endowment Endowment funds funds general general 2024 2023 Revaluation of investments (338,287) (599,638) Unrealised losses on revaluation of investments amounted to £270,224 {2023'. loss of £599,638). Realised losses on disposal of investments amounted to £68,063 {2023= £Nill. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 10 Investment property 2024 Falr value At 6 April 2023 and 5 April 2024 400,000 Investment property comprises the property al 27 High Street, Abingdon. The fair value of the investment property has been arrivéd at on the basis of a valuation carried out at 23 July 2024 by Marriotts Propety LLP, Chartered Surveyors, who are not connected with th8 Charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for slmilar properties. 2024 2023 Freehold 400,000 375,000 18-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Fixed asset invostmants Listed Invastmènts Cash in portfolio Total Cost or valuation Al 6 April 2023 Additions Unrealised loss on revaluation Realised loss on disposal Investment management fees paid Disposals 9.403,196 1,259,357 {295,224} (68,063} 778,142 {1,259,3571 10,181,338 (295.224) {68.063} {4,718) {4,718) 989,143 (989,1431 At 5 April 2024 9,310,123 503,210 9.813,333 Carrying amount Al 05 April 2024 9,310,123 503,210 9.813.333 Al 05 April 2023 9,403,196 778,142 10.181.338 Listed investments included above.. 2024 2023 Listed investments carrying amount 9.310.123 9,403,196 12 Debtors 2024 2023 Amounts falling du8 wlthln ona yèar: Trade debtors Accrued investment income Prèpayments 13,401 11,142 5,000 12,060 35,049 5.000 29,543 52,109 13 Credltors: amounts falling due wlthin one year 2024 2023 Trade creditors Other creditors, inclLtding committed donations Accruals and deferred income 251 25,750 7,799 50,750 5,606 33,800 56.356 19-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Endowmentfunds Endowment funds represént assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At 6 Aprll 2023 Transfers Gains and losses At 5 April 2024 Permanent endowments 10.556,338 (4,7181 {338,287} 10,213,333 Previous year: At 6 Aprll 2022 Transfers Gains and lossos At 5 Aprfl 2023 Permanent endowments 11.161,048 (5,072} (599,638} 10,556,338 15 Unrestricted funds The unreslricled funds of the charity comprise the unéxpended balances of donations and grants which ar not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 5 Aprll 2024 At 6 April 2023 Incoming resources Resources expendèd Transfers General funds 154,006 287,028 {292,703} 4,718 153,049 Prnvlous year: At 6 Aprll 2022 Incoming Resources resources expended Transfers At 5 April 2023 General funds 159,333 289,390 1299,789) 5,072 154,006 -20-
THE LORD FARINGDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 16 Analy818 of net assets between funds Unrestricted Endowment funds funds 2024 2024 Totsl Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Fund balances at 5 April 2024 are represented by.. Investment proporties Listed investments Net current assets 400,000 9,813,333 400,000 9.813.333 153,049 375,000 375.000 10,181,338 10,181.338 154.006 153,049 154,006 153,049 10,213,333 10.366,382 154,006 10,556,338 10,710,344 17 Ralated party transactions Transactions with related partl88 Safemove Property Management Limited, of which the truste6 J H Henderson is a shareholder, charged an administration fee for rental services of £4,020 {2023'. £4.020} to the Charity. £20,100 (2023= £20,100) was received in rent by the Charity and at the year end there was a sales 16dg6r balance of £13,400 (2023: £12,060}. F&H Estate Management Company Limited (F&HEMCO) is owned by James Henderson, Trustee, and his two brothers. During the year F&HEMCO charged the Charity a managem8nt fée of £20,000 {2023'. £19,800) to COV6r the cost of all administration work relating to the Charity. No amounts were owed to F&HEMCO at the year end (2023= £Nill. J H Henderson is the investment manager of three publicly quoted investrnent Trusts in which the Charity has holdings Wlth a market value of £3,431,343 {2023= £3,499,005), representing 37°A 12023.. 370/¢l of the Charity's portfolio. The Charity paid donations of £5,000 to The Ulysses Trust12023'. £5,000) and £1,500 to the Hugenol Heritage Centre12023.' £1,000}. Bernard Michael de Lerisson Cazenove is a truslee of the Hugenot Heritage Centre and an advisory officer lo The Ulysses Trust. 21