Charity number: 1093502 J & C Findlay Charitable Foundation Unaudited Trustees, report and financial statements For the year ended 30 September 2024
J & C Findlay Charitable Foundation Contents Page R¢ference and administrative details of the charity. its TTUStees and advisers Trustees, report Independent examin¢Vs report Staiement of fitwicial activities Balancc shcet Notes to ihe financial ateMentS 7-12
J & C Ffindlay Charitable Foundation Reference and adminislrative details of the charity, its Trustees and advisers For the year ended 30 September 2024 Trustees J.W. Findlay, Chair C.B. Findlay Dr. K.H. Findlay Whittle C.J. Findlay Charity registered humber 1093502 Principal office I Pimpernel Close Bearsted Kent ME14 4QQ Aceountsnts UHY Hacker Young Chart¢red Accountants Thames House Roman Square SittinglK>urne Kenl MEIO 4BJ Page I
J & C Findlay Charitsble Foundation Trustees, report For the year ended 30 September 2024 The Trust¢¢s present their report, togethcr with thc unaudited accounts for the year cnded 30 Septemb¢r 2024. The Trustees confinn thal the report and financial stdtrments comply with th¢ ¢urrent statutory r¢quircmcnts, Ihe requircmcllts ot charity'5 govcrning document and thc provisions of th¢ Siatement of Recommcndcd Practice {SORP). applicablc to chatities preparing their a¢counts in accordance with the FiDancial Reporting Standard applicablc in lh¢ UK and Republic ofireland (bRS 102) {ctYcctivc l January 2019}. HISTORY, OBJECTS AND CONSTITUTIOIY I'he Foundation's govcrning documcnL tbc J & C Trindl&y Lharilable boundation SettlemenL was madc on 14 April 2002. The main object of thc J & c findlay Ch<Witabl¢ Troundalion is the g¢nerntion of incomc for ch&ritablc distribution within th¢ United Kingdom or any other part ()f the world, as the Trustccs shall in thcir discrction s¢c fiL In particular, the Foundation will conccntratc on making grants in th¢ areas of education, Tcligion, medicine and th¢ arts, with an ¢mph&sis placed on supporting local charitable organisatioDs. The maill specific objective for the year ¢nded 30 S¢ptemb¢r 2024 was to incrcasc the gjnount and range of the Foundalion's Charitable giving. TRUSTEES, GOVERNANCE ALYD STRUCTURE The Trust¢¢s during th¢ year were as follows'.- J.W. Findlay C.B.Findlay C.J. Findlay Dr. K.H. Findlay Whittle Tbe Trustees meet regularly throughout the y¢ar, and the powers and discretions vested in the Trustees, &s sel out in ihe J & C Findlay Charitabl¢ Foundation Settlement, excrcisable by a majority in numb¢r of the Trustees. This sncludes any decision to appoint an additional or new Trnstees. All d¢¢isions ar¢ made in meetings and arc minuted. The Trustccs have the power to invest in such assets as they sce fiL but where necessary financial adv?¢¢ is sought from persons with relevant experience. ACHIEVEMENTS AND PERFORMANCE "I"he Trustees are satisfied that thc grants and donation made during the year meet the public bcnefits requiM¢nts. vfihe Charities Act. New grants were made to thrcc charitics absocialed with a family meniber. Alexandcr Draper, WILO dicd in November 2023. Income continues to bc at a lowel level. In Yiew of the strong asset position, TstccS are prcparcd to continue paying grants in excess of th¢ current income. FINANCIAL REVIEW ALYD GENERAL RESERVES POLICY The portfolio produ¢¢d an encouraging rethrn largely as a result of the perfomiance of US and UK equities. The result for the year, prior to movemeni on investments. was a net deficit of £22,831, ¢ompar¢d to a deficit of £15,366 in the Prior year. This result was as planned and is in lin¢ with the Tru5tees' curTent Strategy of paying grants in excess of the investment income received. The ov¢rall result. after net gains on investments of £231,851 (2023.. £24, 734), was a surplus of £209,020 Q023.. £9,368)- PLANS FOR FUTURE PERIODS The Lharity ¢ontinu¢s to seek opportunities to widen the base of ¢hariti¢s lo support. Following th¢ r¢sults of the US election, the outlook for world trade 15 more unsettled than it has been for some time. Gov¢mment borrowing around the ivorld is ai historical high levels which is a cause for ¢on¢em. Geopolitica] tensions hav¢ not diminished. Whilst some equity markets s¢em to represent good value, overall th¢ next 12 months may be a time for caution. Page 2
J & C Findlay Charitable Foundalion Trustees, report (continued) For the year ended 30 September 2024 RISK MAI¥AGEMENT The Trustccs have Lxamincd thc major strat¢gi¢, business and op¢rntional risks which thc Foundation facc5 and confirn) that 5y5tems havc bc¢n establishcd to enable regular T¢POrts to bc produced so that th¢ n¢¢essary stcps be takcn to lessen these risks. RESPONSIBtLITIES OF THE TRUSTEES FOR THE ACCOUNTS Th¢ Trustees are responsible for preparing the Trust¢es' Report and ihe financial stal¢rnents in accordance with applicable law and Unitrd Kingdom Acoounting Standards (Unitrd Kingdom Generally Accepted Accounting Prnclice). The law applicable to charities in England and Wales requires th¢ Trustees to prepare financial statements for ¢a¢h finallc1 year which give a true and fair view of the state of affairs of the Charity and of the incoming resOUe$ and application of resources of th¢ charity for Ihal period. In preparing th¢s¢ fjnancial stal¢m¢nty the Trnste¢s are required to: s¢l¢ct suitable a¢¢ounting policies and then apply them consisl¢ntly- observe the methods and principles in the Charities SORP (FRS 102). make.judgments and accounting estimates that are reasonabl¢ and pYud¢nl' state whether applic&bl¢ UK Accounling Stsndards (FRS 102) have be¢n followed, subject to any material departures disclosed and explained in the financial statem¢nls" and prepare the financial statements on the going concern basis unl¢ss it is inappropriate to presume that the charity will continue in operation. The Trustees are r¢sponsiblc for keeping propeT accounting rcLords that arc sufficient to show and explain thc chaTity's transactions and disclosc Mryth r¢asonablc accuracy at any time the financial position of th¢ charity and cnable them to cnsuT¢ that the finanLial statcmcnts ci>Tnply with thc c.harities Act 2011, the applicable Charity (Accounts and Rcports) Regulation5 2008 and thc provisions ot. th¢ 1.rnst deed. Thcy w¢ also rcsponsible for safcguarding th¢ asb¥ls of the charity and hencc for taking reasonabl¥ sl¢ps for thc prevention and dctcction of fraud and other irrcgularilies. Approved by order ofthe members ofthe board of Trustees and signed on their behalf by: J.W. Findlay C.B. Findl*y Date: Page 3
J & C Findlay Charitable Foundation Independent examiner'5 report For the year ended 30 September 2024 Independent examiner's report to the TrSteeS of J & C Findlay CharitAble FoundatlOD ('tht tharity,) I report to the charity"I"rusl¢es on my examinalion of ihe accounts of the charity for the year ended 30 September 2024. Responsibilities and basis of report As the Trnstees of the charity you are responsible for the preparation of the accounts in accordance with the requiremenls of the Charili¢s Act 2011 ('the 2011 Act,). I report in respect of my examintdtion of the charity's accounts carried out under section 145 of the 2011 Act and tn carrying out my examination I hav¢ followed the applicable Dir¢¢tions given by th¢ Charity Commission under section 145(5)(b) of the 2011 Aci. IDd¢pendent examiner's statement Your attention is drawn to the fact that th¢ charity has prepared the accounts in ac¢ordanc¢ wilh 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 R¢publi¢ olIreland (FRS 102) in preference to the Accounting and Report&ng by Charities.. Ststemcnt of Recommended Practice issued on l April 2005 which is referred to in the extant regulations bui has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effectivc for reporting periods beginning on or after l January 2015. I have Complded my ¢xaminalion. I confirn] ihat no matters have come to my attention in connection M'ith the examination giving me cause to believe that in any material respect.. accounting records were not kept sn respect of the charity as required by section 130 of the 2011 Act. OT the accounts do not accord with those records. or th¢ a¢¢ounts do not comply with the applicable requiremenis conceming the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any r¢quir¢m¢ni that ihe accounts give a'true and fair, view which is not a matter considered as part of an indcp¢ndent examination. I hav¢ no concerns and have com¢ rOsS no other matters in connection with th¢ ¢xamination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to b¢ r¢a¢h¢d. This report is mad¢ sol¢ly to the charity's TTUStees, as a body, in accordance with Part 4 of the Charities (Accounts tthd Reports) Regulations 2008. My work has been undertaken so thal I might state to Ihe charity's Trust¢¢s those matters I am required to state to them in an Indep¢nd¢nt examiner's report and for no other purpose. To the fullest ¢xtent permitted by law. I do not accept or assume responsibility to anyone other than the chariTy and the Charity's Twstees as a body, for my work or for this report. Signed.. 1LIitrL loE,- Dated: l O February 2025 Allan Hickie Bsc FCA UHY Hacker Young Chartered Accountants Tham¢s House Roman Square Sittingbourne Kent ME104BJ Page 4
J & C Findlay Charitable Foundation Statement of financial activities For the year ended 30 September 2024 Unrestricted funds 21b24 Total funds 2024 Total funds 2023 Note Ineome from: Donations and legacies Investm¢nts 5,000 38,054 5,000 38,054 40,262 Tolal iD¢ome 43,054 43,054 40,262 Expenditure on: Raising funds: Invc5tmcTrt munagement charges Charitable aclivities= 10,695 10,695 JO,478 Grants and donations 54,000 1.190 54,000 1,190 44,000 I, 150 Support costs Total exp¢nditure 65,885 65,885 55,628 Net expenditure before net gains on investments Net gains on inv¢stments (22.831) 231,851 (22,831) 231.851 (15,366) 24, 734 Net movement in funds 209,020 209,020 9,368 RecontiliAtion of funds: Total funds brought forward Net movement in funds 2.149,292 209.020 2,149,292 209,020 2, 139,924 9,568 Total Cunds carried forward 12 2.358,312 2,358,312 2, 149,292 The Statem¢nt of financial activities includes all gains and losses recognised in the year. The notes on pages 7 to 12 forni part of these financial statements. Page 5
J & C Findlay Charitable Foundation Balance sheet As at 30 September 2024 2024 2023 Note Fixed assets Investsn¢nts 2,284.198 2,044,208 Current Assels Cash at bank and in hand 75,236 106,159 75,236 106,159 Creditors.. amounts falling due within one year io (1.122) (1,075) Net rurrent assets 74,114 105.084 Totsl net assets 2,358,312 2, J49,292 Charity funds R¢stri¢ted funds Unr¢slricted funds 12 12 2,358,312 2.149,292 Tot#1 fund$ 2,358,312 2, 149.292 The financial statements were approved and authorised for issue by the Trustees and 5ign¢d on their behalf by: J.W. Findliy C.& Findl8y Date: The notes on pages 7 to 12 forni part of these financial ststements. Page 6
J & C Findlay Charitable Foundation Notes to the financial statements For the year ended 30 September 2024 General inforJnatioD The J & C Findlay Charithble Foundation is a charity. registered in England and Walcs. Its principal office is I Pimpernel Close, Bcarsted, Kent. ME14 4QQ. Thc natur¢ of th¢ charity's operations and ils principal activity is gcncratiThg income for distribution, with thc fvcus on making gr¥mts in the areas of cducation, religio] mcdicinc and thc arls. with an emphasis placcd on supporting local charitablc organisations. Accounting policies 2.1 Basis of preparation of fin*ncial statements Thc financial statemcnts havc been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by ChIlles. Stat¢m¢nt of Recommended PrtICe appli¢abl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard applic&ble in the UK and Republic of Ireland (FRS 102) (effectivc l January 2019). the Financial Reporting Standard appliGable in the UK and Rq)ublic ofIr¢land IFRS 102} and the Chariiies Act 2011. The financial stateni¢nts have been prepared to give a 'tw¢ and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'tru¢ and fair, view. This departure has involvcd following the Charilies SORP {FRS 102) published in October 2019 rathcr than the A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 whi¢h has sinc¢ been withdrawn. J & C Findlay Chariiable Foundalion meets the definilion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transactioTh value unless otherwise slat¢d in the relevant accounting policy. 2.2 In¢ome All incom¢ is recognised once the charily has entitlement to the income, it is probable that the income will b¢ received and the amount of incom¢ receivable can be measured reliably. 2.3 Expendithre Expenditurc is recognised once there is a legal OT constrnctiv¢ obligation to transfer economic benefil to a ihird party. it is probablc that a transfcr of cconomic b¢nefits will be rcquiT¢d in sctt1ctnI and the amount uf ihe obligation can be measured rcliably. Ixpcndilur¢ on raising fijnds compTiS¢S investment managcmcTht charg¢s. Expenditurc on churitable activitics is incuTrcd on dir¢ctly undertaking the activitics which further thc charity'5 vbj¢¢tives. as well as any associated suppori costs. CJrants pa)'able Charged in thc year whcn ihe olTer is made except in those cas¢s where the offcr is condilional, such grants being recogniscd as cxpendiwre when the conditions atiaching are fulfilled. Grat5 offcred subject lo conditions which have not been met at the ycar end are noted as a commitmcnL but not accrued &s ¢xpenditurc. Details of any individual grants in excess of I/0 of the yearfs total giving disclos¢d in Note 5 provided thai ihese in aggregat¢ amount to at least of annual giving. All expenditure is inclusive of irrecoverabl¢ VAT. 2A Interest r¢¢eivable Interest on funds held on deposit is included when receivabl¢ and the amount can be measured reliably by the charity. this is nonnally upon notification of the interest paid or payable by the institution with whom th¢ funds are deposited. Page 7
J & C Findlay Charitable Foundation Notes to the financial statements For the year ended 30 September 2024 Ateounting policies (continued) 2.5 Investments Fixcd asset inv¢stm¢nts are a forni of financial instrument and ar¢ initially rccogniscd at their transaclion cost and subs¢qu¢ntly measurcd at fair value the Balan¢¢ sh¢et date, unless the valuc cannot b¢ measured reliably in whiLh ¢as¢ il is mc&surcd at cosl less impainnent. Investmcnt gains and 10ss¢4 whether rcaliscd or unrcali5¥& are combined and preseni¢d as 'Gains/(Losses) on IDvestmcnts' in Ihe Staiement of financial activities. 2.6 Financi41 instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic fjnancial instruments are initially recognised al Iransaction value and subsquenily measured at their sctilement valu¢ wilh the exception of bank loans which are subsequently mtasured at amortised ¢ost using the effective interesl method. 2.7 Fknnd accounting Gencral tunds are unrestricted funds which arc availdble for US¢ at ihe discretion of the Trustees in thrtheran¢¢ of the general obj¢ctlV¢s of the Charity and which have noi b¢¢n d¢signated for other purposes. Inv¢stment income, gains and Ioss¢5 are allocated to the appTopriat¢ fund. Income from donations And legacies Unrestricted funds 2024 Total funds Total 2024 2023 Donations 5,000 5.000 Inves¢m¢nt income Unr¢stri¢ted funds 2024 Total funds 2024 Tolal 2023 Dividends and distTibutions Inl¢r¢st r¢c¢iv¢d 35,415 2,639 35.415 2.639 36.680 3,582 38.054 38,054 40,262 Annlysis of 2023 iolal 40,202 40,262 Pag¢ 8
J & C Findlay Charitable Foundation Notes to Ihe financial statements For the year ended 30 September 2024 An41ysis of grants Grants to In5titu¢ions 2024 Grants to Individua Total funds 2024 Total lunds 2023 2024 Granty Charitable exp¢nditur¢ 49.000 5,000 54.000 44.000 Antsl)?sis of2023 tolal 57,500 6,500 44,000 The charity has niade the following mal¢rial grants to institutions during the year: 2024 2023 Name of insti¢ution Shannon Trust Heart of Kent Hospice Crossroads Care 5,000 7,000 5,000 5,000 5,000 10,000 5, 000 5,000 5,000 5.000 Combat Stres5 Th¢ 3H Foundation South Marche5 Scout Council 37,000 27,000 Other grants to institutions 12.000 10,500 49,000 37,500 Analysis of expenditure on charitsble *ctivities Summary by fund type Unrt5tricted funds 2024 Totsl 2024 Total 2023 Charithble expenditure 55,190 55,190 45,150 Analysis of 2023 iotol 45.150 45, 150 Page 9
J & C Findlay Charitable Foundation Noles to the financial statemenls For Ihe year ended 30 September 2024 Analysis of expenditure by activities Grant funding of artivities 2024 Total funds 2024 Total funds 2023 SuppDrt cost5 2024 Charitable expenditure 54,000 1.190 55.190 45,150 Analysis of2023 to¢t71 44,000 1,150 45,150 Analysi$ of support tosts Total funds 2024 Tolal 2023 Independent Examination fee Bank charges 1.122 68 1,075 75 1,190 I, 150 Trustees, remuntr&tlon And expenses During the year, no Trustees r¢ceiv¢d any remuner&tion or other benefits (2023 - £NIL). During the ycar ended 30 S¢pt¢mber 2024, no Tnte¢ exp¢nses have been incurred f2023- £NIL). Fixed asset investments Listed investments Cost or valujtion Al l O¢iob¢r 2023 2.044,208 679,242 (671.103) 254,806 (22,955) Additions Disposals Revaluations Forcign cxchang¢ movement At 30 September 2024 2,284,198 Page 10
J & C Findlay Charitable Foundation Notes to the financial statements For the year ended 30 September 2024 io. Creditors: Amounts falling due within one year 2024 2023 Other creditors 1,122 1.075 ii. Finan¢ial instruments 2024 2023 Financial Assets Financial assets m¢asur¢d ai fair value thTough income and expenditure 2,359,434 2,150,367 2024 2023 Fin*nti#l liabilities Financial liabilitics mcasured at amortis¢d cost 1,122 1,075 Financial assets measured at fair value through in¢ome and expenditure compris¢ listed invesimcnts and other cash balances. Financial liabilities measured at amortised cost compris¢ other ¢r¢ditOTS. 12. Statement of funds ststement of funds- current year Balanee at 30 S¢ptember Balance at I Oetober 2023 Gains1 (Losses) Incomt £xp¢ndilure 2024 Unrestricted fynds General Funds 2,149,292 43.054 (65,885) 231,851 2,358,312 Statement of funds- prior ye8r Balance al 30 September 2023 B&71aNce al l O¢iober 2022 GaipJs/ (Losses) Income E¥penditure Unrestricted fuDds General Funds 2,139, 924 40,262 (55,628) 24, 734 2, 149,292 Pagell
J & C Findlay Charitable Foundation Notes to the finaneial statements For the year ended 30 September 2024 13. Analysis of assets betsveen funds Anilysls of net assets between funds- current period Unrestrieted funds 2024 Totsl funds 2024 Fixed asset investments 2.284.198 75.236 (1,122) 2,284,198 75,236 {1,122) Current assets Creditors du¢ within onc year TotAI 2,358,312 2,358,312 Analysis of nel assets between fund5- prior period Unrestricled funds 2023 Tolal fvnd 2023 Fixed &sset investmcnts 2,044,208 106, 159 (1,075) 2,044,208 106.159 (J,075) Current &ssets Creditors due within one year Total 2,149,292 2, 149,292 Page 12