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← The Fairstead Trust

2024-04-05-accounts

Charity Registration No. 1096359

Company Registration No. 4680886 (England and Wales)

THE FAIRSTEAD TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE FAIRSTEAD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Edward George Cox
Mrs Wendy Marion Cox
Miss Lucinda Jane Cox
Secretary Miss Lucinda Jane Cox
Charity number 1096359
Company number 4680886
Principal address 25 Bury Street
St. James's
London
SW1Y 6AL
Accountants Darren Austin-Smith TEP
25 Bury Street
St. James's
London
SW1Y 6AL
Bankers Coutts & Co
440 Strand
London
WC2A 3QG
Solicitors New Quadrant Partners Limited
25 Bury Street
St. James's
London
SW1Y 6AL
Investment advisors Ruffer LLP
80 Victoria Street
London
SW1E 5JL

THE FAIRSTEAD TRUST

CONTENTS

Page
Trustees report 1 - 4
Statement of financial activities 5
Balance sheet 6
Notes to the accounts 7 - 11

THE FAIRSTEAD TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out on page 8 of the attached financial statements and comply with the Charity's trust deed, applicable laws and the requirements of the Statement of Recommend Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102).

Objectives and activities

The Trustees operate a grant giving policy, providing funds for such charitable object or institution as the Trustees think fit.

Applications to the Charity for donations will be considered by UK registered charities, or from those individuals whose needs are considered to be of a charitable purpose.

All appeals will only be considered if received in writing and should contain the following:

Applications should be accompanied by a set of the charitable organisation's latest report and full financial statements, where appropriate, and should be addressed to:

The Fairstead Trust C/o New Quadrant Partners Ltd 25 Bury Street St James's London SW1Y 6AL

The Trustees' aim is to distribute £100,000 per annum, although this only acts as a guide since additional payments may be made to appropriate causes.

Results for the year

Total dividend income received in the year amounts to £24,455 (2023: £21,808), which equates to a yield of 1.40% (2023: 1.34%) (based on the market valuation of the investments at the year end). Bank interest totalling £2,004 was received (2023: £5).

The Trustees awarded grants totalling £115,000 (2023: £102,000) during the year in accordance with the Charity's grant making policy. A detailed list of all grants made in the year is included in the accounts notes.

However, the Trustees are aware that there are external factors which could affect the achievements of their objectives, as a significant part of the Charity's assets are made up of investments and cash, the results of which are dependent on the general performance of the UK and overseas stock markets.

In order to minimise this, the Trustees have set prudent investment policies and place reliance on the investment managers to monitor and advise on the necessary investment changes and suitable asset allocation.

THE FAIRSTEAD TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Achievements and performance

During the year the Charity's investment assets achieved an income yield of 1.4% based on the valuation of the investments at the year end (2023 - 1.34%) and the Aspen Fund increased by 8.57% (2023 decrease: 3.25%). The investment managers continued to invest in accordance with the agreed investment strategy.

The Trustees are satisfied with the performance of the investments and remain content that their investment objectives are being met.

Financial review

A summary of the year's results can be found on page 5 of this report and financial statements.

During the year ended 5 April 2024, total incoming resources amounted to £51,686 (2023 - £21,813), being income arising from the Charity's investments and donations and Gift Aid (2023 - being income arising from the Charity's investments).

The Trustees' charitable activities promoting and enhancing charitable work amounted to £115,000 (2023 - £102,000); this includes grant administration costs amounting to £nil (2023- £nil). Governance costs amounted to £9,283 (2023 - £8,615). Aretian Wealth Management fees of £nil were paid in the year (2023 - £2,975). The net outgoing resources were £77,599 (2023 - £91,777).

There were net investment gains during the year of £136,126 (2023- losses of £59,115). This results in a net increase during the year of £58,527 (2023 - net decrease of £150,892) in the funds of the Charity.

The statement of financial activities shows total unrestricted funds of £1,821,919 (2023- £1,758,390). The unrestricted fund comprises amounts which ultimately are free reserves but which are held by the Trustees for investment so as to ensure the continued generation of income in future periods, thereby helping the safeguard the long term existence of the Charity and the achievement of its objectives The size of the unrestricted fund sustains and supports the level of donations which the Trustees with to maintain and enhance over time. The Trustees consider free reserves to be adequate but not excessive in the light of the Charity's reserve policy set out above.

The unrestricted fund represents the funds received by the Charity on its creation, adjusted for net movements since that date. The Trustees have power to meet administrative expenses from this fund and may apply the income towards the general purposes of the Charity.

The Charity is operated s a grant giving Charity, and the Trustees' policy is to administer the investment assets on an absolute basis and seek to distribute £100,000 in each financial year (subject to regular review).

Investment Policy

The Charity has a portfolio of investments with a market value as at 5 April 2024 of £1,744,046 (2023 - £1,622,925).

There are no restrictions on the Charity's power to invest. The investment strategy is agreed between the Trustees and the investment managers, and is regularly reviewed. The investment objective of the Charity is to provide a balanced return between income and capital growth. This will be achieved by investment in a diversified global portfolio of equities and bonds.

The investment manager is invited to attend annual meetings of the Trustees to provide a report on the performance of the portfolio, comparison against the benchmark and general market issues.

THE FAIRSTEAD TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Risk management

In line with the requirement for charity Trustees to undertake a risk assessment exercise the Trustees have identified three main areas where risks may occur:

Governance looks at the continuity of trusteeship, the skills and background of the Trustees and the policies of

regular meetings of the Trustees to review their aims and activities.

Operational looks at the risk inherent in the delegation of statutory and legal requirements of the Charity, its management and secretarial functions and the delegation those certain functions.

Having assessed the major risks to which the Charity is exposed, in particular those relating to its finances, the Trustees believe that by ensuring controls exist over key financial systems incorporating the systems and controls implemented by New Quadrant Partners Ltd, subject to regular monitoring, they have established effective systems to mitigate those risks.

The risk assessment is kept under regular review and is fully reassessed every three years.

The Trustees do not anticipate any significant changes to the Charity or its activities over the next two to five

years. It is their intention to meet the following objectives:

Structure, governance and management

The Charity was incorporated in England and Wales as a company limited by guarantee on 27 February 2003 (Company Registration No 4680886). In the event of the Charity being wound up, members are required to contribute an amount not exceeding £10. The Charity was registered as a Charity with the Charity Commission on 5 March 2003. It is governed by its Memorandum and Articles of Association. The Charity is registered under the Charities Act 1993, Charity Registration Number 1096359.

The statutory power of appointment of new Trustees lies with those Trustees in office at the time of appointment.

The names of the Trustees who served during the year are set out as part of the administrative information as well as below:

Edward George Cox Mrs Wendy Marion Cox Miss Lucinda Jane Cox

The Trustees are ultimately responsible for the policies, activities and assets of the Charity. They meet annually to review the developments with regard to the Charity, its grant giving activities and make any important decisions. When necessary, the Trustees seek advice and support from the Charity's professional advisors including solicitors and accountants. The day-to-day management of the Charity's activities, and the implementation of policies, is dealt with by the Trustees themselves. New Quadrant Partners Ltd ensure the grant applications are presented to the Trustees as appropriate; the firm maintains the accounting records of the Charity.

At their meetings the Trustees review the investment performance and the proposals for grants to be made and

approve such grants as appropriate.

On agreeing to their appointment, the Trustees are thoroughly briefed by their co-Trustees on the history of the Trust, the day-to-day management, the responsibilities of the Trustees, the current objectives and future plans.

THE FAIRSTEAD TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Trustees' responsibilities in relation to the financial statements

The Charity's Trustees (who are also directors of the Fairstead Trust for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The report was approved by the Board of Trustees.

Lucinda Cox

.............................. Lucinda Cox (Dec 17, 2024 14:42 GMT)

Miss Lucinda Jane Cox

17/12/2024 Dated: .........................

THE FAIRSTEAD TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted
funds
Notes
£
Income from:
Donations and legacies
3
25,228
Investments
4
26,458
Total income
51,686
Expenditure on:
Charitable activities
5
(124,283)
Net outgoing resources
(77,597)
Net gains on investments
7
136,126
Net movement in funds
63,529
Fund balances at 6 April 2023
1,758,390
Fund balances at 5 April 2024
1,821,919		 Total
2023
£
-
21,813
21,813
(113,590)
(91,777)
(59,115)
(150,892)
1,909,282
1,758,390

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE FAIRSTEAD TRUST

BALANCE SHEET

AS AT 5 APRIL 2024

Notes
Fixed assets
Investments
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within
one year
9
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2024
£
£
1,744,083
11,630
76,206
87,836
10,000
77,836
1,821,919
1,821,919
1,821,919		 2023
£
£
1,622,925
5,760
129,705
135,465
-
135,465
1,758,390
1,758,390
1,758,390		 2023
£
£
1,622,925
5,760
129,705
135,465
-
135,465
1,758,390
1,758,390
1,758,390
1,758,390
1,758,390
1,758,390

For the financial year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on ......................... and 17/12/2024 are signed on its behalf by:

Lucinda Cox

.............................. Lucinda Cox (Dec 17, 2024 14:42 GMT)

Miss Lucinda Jane Cox

Trustee

Company Registration No. 4680886

THE FAIRSTEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

1.1 Accounting convention

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Incoming resources

Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE FAIRSTEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.6 Financial instruments

The Company 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 when the becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7 Cash flow

The accounts do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement.

1.8 Staff Costs and Trustees' Remuneration

The Charity employed no staff during the period (2023: none).

No Trustee received any remuneration in respect of their services during the period (2023: £Nil).

None of the Trustees were reimbursed for travel expenses during the period (2023: £Nil).

1.9 Members Liability

The Charity is constituted as a company limited by guarantee. In the event of the Charity being wound up, members are required to contribute an amount not exceeding £10.

THE FAIRSTEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

2 Critical accounting estimates and judgements

In the application of the ’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Donations and gifts
4
Income from investments
Income from listed investments
Interest receivable		 2024
£
25,228
Total
2024
£
24,455
2,003
26,458		 2023
£
-
Total
2023
£
21,808
5
21,813

5 Charitable activities

Grant funding of activities (see note 5)
Aretian Wealth Management fees
Share of governance costs (inclusive of Independent Examination
fees)		 2024
£
115,000
-
9,283
124,283		 2023
£
102,000
2,975
8,615
113,590

THE FAIRSTEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

6 Grants payable

Grants to institutions:
Castlehaven Community Association
Change Foundation
Demelza Hospice
Hearing Dogs Trust
Keech Hospice Care
MCC Foundation
REACT
Rennie Grove Hospice Care
St Christopher's Hospice
Streatham Youth and Community Trust
Worstead & District Riding for the Disabled
Young Lives Vs Cancer
7
Investments
Investments: Listed on a recognised Stock Exchange
Market value at 5 April 2023
Disposals (proceeds: £15,000 loss £63)
Additions
Net unrealised gain/(loss) in year
Market value at 5 April 2024
Cash held with Investment Manager
Cost of listed investments at 5 April 2024
8
Debtors
Amounts falling due within one year:
Prepaid administration fees
Gift Aid		 2024
£
10,000
10,000
10,000
5,000
10,000
15,000
10,000
10,000
10,000
10,000
5,000
10,000
115,000
2024
£
1,622,920
(15,063)
-
1,607,857
136,189
1,744,045
38
565,427
2024
£
6,630
5,000
11,630		 2023
£
-
10,000
10,000
5,000
10,000
15,000
10,000
10,000
10,000
10,000
2,000
10,000
102,000
2023
£
1,821,974
(153,623)
8,808
1,677,159
(54,239)
1,622,920
5
570,724
2023
£
5,760
-
5,760

THE FAIRSTEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

9 Creditors: amounts falling due within one year
2024 2023
£ £
Donations payable 10,000 -

The Fairstead Trust Accounts Year Ended 5

April 2024

Final Audit Report

2024-12-17

Created: 2024-12-17 By: New Quadrant Partners Ltd (trusts@nqpltd.com) Status: Signed Transaction ID: CBJCHBCAABAA2VYgMZd-6B4rPEPiA3YzSxWbCRjZiWlo

"The Fairstead Trust Accounts Year Ended 5 April 2024" History

2024-12-17 - 14:33:06 GMT

Document emailed to lucycox63@gmail.com for signature

2024-12-17 - 14:34:41 GMT

Email viewed by lucycox63@gmail.com

2024-12-17 - 14:41:15 GMT

Signature Date: 2024-12-17 - 14:42:18 GMT - Time Source: server

Agreement completed.

2024-12-17 - 14:42:18 GMT