THE EGREMONT CHARITABLE TRUST (A Chsritable Company Limited by Guarantee) Company Registration No 04242927 Registered in England Registered Charity No. 1088690 UNDAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 THE EGREMONT CHARITABLE TRUST (A Charitable Company Limited by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 CONTENTS PAGE Legal and administrative inforniation The trustees, report Stat¢m¢nt of financial activities Balance sheet Notes to the Financial SLqtements 6-11 THE EGREMo1￿ CHARrrABLE TRUST (A Charitable Company Limited by Guarantee) Page I LEGALAND ADMINISTRATIVE INFORMATION Company Registration Number 04242927 Charity Regislration Number 1088690 Trustees John Max Henry Scawen, Lord Egr¢mont Audrey Caroline, tAdy Eg￿rnOnt SecrelAry Tim Wardle Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Registered Office The Estate oifice Petworth West Sussex GU28 ODU Investment Advisors M&G Investments PO Box 9039 Chelmsford CM99 2XG Banke Nat West Bank PLC 5 East Street Chichester West Sussex P019 IHH THE EGREMONT CHARtTABLE TRUST (A Charitable Company Limited by Guarantee) Page 2 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024 The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. Th¢ Trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Legal and administrativ¢ inforniation set out on the inforn]ation page fornis part of this report. OBJECTIVES AND ACTIVITIES Objectives Ydnd aims The principal objective of the charity is that of a grant giving trust. Public benefil The Trustees confirni they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission. The benefits that arise from the aims and objectives of The Egremont Charitable Trust are the provision of funding to organisations which demonstrate charitable purpos¢. ACHIEVEMENTS AND PERFORMANCE Charitsble aetlvitie8 Th¢ Trustees were pleased to be able to support The British Museum, The Cumbria Community Foundation and the University of Cambridge C¢ntr¢ for Baltic Studies, along with several other charities. Funding was provided for repairing the clock at St Mary's Church in Petworth. The Trustees gen¢rally support charities and organisations where they hav¢ a personal involvement and can s¢¢ the money put to g(K)d UK. Financial review The charity had investment income of £2,872 (2023 £2,137) and a donation, by Gift Aid, worth £125,000. Grants of £48,886 (2023 £29,696) wer¢ paid during the year to charities identified by the Trustees. After an unrealised surplus on investments, the net surplus for the year was £80.103 (2023 - £26,963 deficit) leaving r¢s¢rves at 30 June 2024 of £122,358 (2023 - £42.255}. The directors confirni that they have consulted the Charity Commission's general guidance on public IKn¢fit when reviewing the aims and objectives and future plans of the Charity. Reserves policy The Truste¢s would like to maintain th¢ capital and use the income for charitsble pu￿Ses, however, they are happy to spend capital if the income does not provide sutTicient funds for all the charities they would like to support. The Trustees have no plans to distribute the capital over a fixed period of time. Future plans The Trustees do not plan any changes to the current objectives or how they are to be achieved. STRUCTURE, GOVERNANCE AND MANAGEMENr Governing document The charity is controlled by its governing document. the Memornndum and Articles of Association dated 28th June 2001, and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. The Trust was granted charitable status on I St October 2001. THE EGREMoNf CHARrrABLE TRUST (A Charitsble Company Limited by Guarantee) Page 3 TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 (CONTINUED) Trustees and training The Trustees are Lord Egr¢mont and ￿dY Egr¢mont who have held otTice for the whole period. The Trustees are kept up to date via guidance issued by the Charity Commi&8ion. Organisation The Trustees d¢cide to whom grants should be given in the light of available income. Investment Policy The entire investment is in The Equities Inv¢slm¢nt Fund for Charities (Charifund) income shares which aims to invest in FTSE 100 shares to maximise income whilst maintaining capital. Risk A￿se￿Mellt The Trustees consider th¢ risks to which the charity is exposed are not signifiwit. STATEMENT OF TRUSTEES, RESPONSIBILITJES The Trustees, who ar¢ also directors of the charity are responsible for prepartng the Trustees Annual Report and the financial statements in awordance with applicable law and Unit¢d Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). Company and charity law requires the Trustees to pr¢pare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitabl¢ company for that period. In preparing these financial statements, the Trustees are required to: S¢lect suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP 2015 (FRS102); Mak¢ judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that th¢ charity will continue in business. The Trustees responsible for keeping adequate records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Compani¢s Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and d¢te¢tion of fraud and other irregularities. This report has been prePa￿d in accordance with the provisions entitld to the small company exemptions. By order of the Board T Wardle (Company Secretary) 3•>*¢ THE EGREMONT CHARITABLE TRUST (A Charitable CompaDy Limited by Guarantee) Page 4 STATEMENT OF FINANCIAL ACTIVITIES UNCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR TO 30TH JUNE 2024 Unrestrieted funds 30.0&2024 Unrestricted funds 30.06.2023 Note Ineomlng resources Donations including Gift Aid Investments & interest 125,000 2,872 2,137 Total Incoming Resources 127.872 2,137 Resources expended Charitable activities Other 4&886 13 29,696 13 Total Resources Expended 48,899 29,709 Net Incomin￿(OUtgoing} resources for the year 78,973 (27￿72) Olher recognised 8alnsl(losses) Unrealised gaIn￿(lOSSeS) on investments 1,130 609 Net movement in funds 80,103 (26,963) Reconeiliatlon of funds; Fund bY41an¢es brought forward 10 42.255 69,218 Fund balances carried forward 122J58 42,255 THE EGREMONT CHARITABLE TRUST (A Charltable Company Llmited by Guarantee) BALANCE SHEET AT 30TH JUNE 2024 Page 5 Note 30.0&2024 30.06.2023 Fixed assets Investhients 1SJ68 14,238 Current gssets Cash at bank and in hand Debtors (Gift Aid to recover) 81,990 25,000 10&990 28,017 28,017 Creditors: Amounts falllng due wlthin one year Net eurrent assets 106.990 28,017 Net assets 122J58 42,255 Reserves Unrestricted funds 10 122J58 42,255 Total funds 122J58 42,255 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024 The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006 The trustees acknowledge their responsibility for: (i) ensuring the charitable company keeps accounting records which comply with section 386 and 387 of the Companies Act 2006, and (li) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its surplus or deficit for each financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitsble companies. These financial statements were approved by the board of Trustees on ...... by: and are signed on their behalf Lord Egremont THE EGREMOIYT CHARITABLE TRUST (A Charitable Company Limited by Guarantee) Page 6 NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 I. ACCOUNTU¥G POLICIES Company Status The company is limited by guarantee and has no share capital. The company is incorporated in England and Wales. The directors (Trustees) of the company ar¢ named on page l. In the event of the company ￿]ng wound up, the liability in respcct of the guarantee is limited to £1 per member of the company. The address of the registered office is given on page l of these financial statements. The nature of th¢ charity's operations and principal activities are explained in th¢ Trustees report. b. Basis of Preparation of financi¥al statements The financial statements have been prepared in accordance with 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 (FRS102) issued on 16 July 2014, Charities SORP 2015 (FRS102) update bulletin I, FRS102 section IA, Charities Act 2011 and the Compani¢s Act 2006. The financial statements are prepared on a going concern basis under the historical cost convention as modified for the revaluation of investhients. The financial statements are prepared in sterling which is the functional QU￿enCY and have been rounded to th¢ nearest pound. The charity adopted SORP 2015 (FRS102) in the year to 30th June 2017 and the date of transition was I Sl July 2014. The reported financial position and financial perforniance for the previous period are not affected by th¢ transition to FRS 102. The charitable company meets the definition of a public ￿nefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or value unless otherwise stated in the relevant accounting policy or note. The charity has taken advantage of the exemption not to produce a cash flow under FRS 102 Section IA and SORP 2015 update bullettn I dated 2. February 2016. Going Concern The financial statements have been prepared on a going concern basis, however the nature of the charity means that forecast future income cannot be deterniincd with any certainty, as the charity is reliant upon the perfornianc¢ of the investments. The Truste￿ monitor the available reserves to ensure grants are only awarded when funds ar¢ available. d. Income Donations and investment are accounted for when the charity is entitled to receip( it is possible that the income will be received and the amount can be measured reliably. THE EGREmo￿ CHARITABLE TRUST (A Cbaritable Company Limited by Guarantee) Page 7 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 30TH JUNE 2024 (CONTINUED) I. ACCOUNTING POLICJES (CODtinued) e. Resources Expended All expenditure is accounted for on an accruals basis and is inclusive of irrecoverable VAT. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the obligation can be measured reliably. Grants are charged in the Peri￿ they are approved for payment. f. Alloeation of Support Costs Support costs are those that assist the work of the charity but do not dir¢¢tly relate to charitable activities or cost of fundraising. As there is only one aclivity all support cosls have been allocated to ¢haritabl¢ activities. g. Investments Inv¢stments are stated at mid-price market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. h. Cash at Bank and in Hand Cash at bank and in hand includes cash and short tern] highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Financlal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially r¢cognised at transaction value and subsequently measured at their settlement value. j. Taxation The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 201 O and therefore it meets the definition of a charitable company for UK corporation lax purposes. k. Fund Accounting Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. THE EGREMoNf CHAIUTABII TRUST (A Charitable Company Limited by Guarantee) Page 8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 (CONTllWED) 2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UF4CERTAINTY In the application of the charitable company's accounting policie& th¢ Tn￿te¢S are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sourccs. The estimates and &8sociated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may diff¢r from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of the revision and future p¢riods where the revision affects both current and future periods. 3. INVESTMENT INCOME 2024 2023 Dividends Interest 876 2,135 2,872 4. CHARITABLE ACTIVITES 2024 2023 Grants (see Nots 5) Support costs 48086 13 29,696 13 THE EGREMONT CHARITABLE TRUST (A Charilable Company Limited by Guarantee) Page 9 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 (CONTINUED) S. GRANTS PAYABLE During the year. the trust made the following grants 2024 The British Museum Cumbria Cornmunity Foundation Cambridge University Centre for Baltic Studies St Mary's Church, Petworth Royal Society of Literature The Orwell Foundation Rosehill Youth Theatre Oxford University Bodleian Friends The Petworth Society Sylvia Beaufoy Centre Ditchling Museum Society of Antiquaries Cumbria County History Trust Oxford Brookes Student Union Friends of Cambridge University Library Somerville College 12,600.00 I 1,000.00 10,000.00 6,486.00 1.820.00 1,500.00 1,500.00 1,000.00 1,000.00 1,000.00 500.00 205.00 100.00 100.00 50.00 25.00 48,886.00 THE EGREMONT CHARITABLE TRUST (A Charitable Company Limited by Guarantee) Page 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 (CONT]NUED) 7. TRUSTEES REMUNERATIOPI The Trustees were not paid or r¢imburs¢d expenses during the year (2023-nil). 8. FIXED ASSET llWESTMENrs 2024 2023 Mark¢t value as at l July 2023 Disposals Net investment gains 14238 55,630 (42.000) 608 1,130 15J68 All investments are held in M&G Charifund income units 9. CREDITORS 20234 2023 Accruals 10. UNRESTRICTED FUNDS OpeDing BalAnee IDcome ExpenditurE Gainl(Logs) Closing Balance Investmenls General Funds 127,872 1,130 122,358 I E. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Net Current Total Unrestricted Fund 15.368 106,990 122,358 THE EGREMONf CHARITABLE TRUST (A Charitable Company Limited by Guarantee) Page 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 (CONTINUED) 12. TRANSACTIONS WITH TRUSTEES During the year the charity paid a grant of £1,000 (2023 £1,000) to the Petworth Society, a Charity of which Lord Egremont is a trustee.