Charlty Registration No. 1097052 INVESTREAM CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
INVESTREAM CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees M Morris Gsmorris Charlty numb8r 1097052 Prlnclpal addrèss 1 Portland Placo London W1B 1PN Auditor CitioeR Wells Chartered Accountant$ Devonshire Hous8 1 Devonshire Street London WIW 5DR Bank•r$ Royal Bank of Scolland plc 82- 83 Threadneedle Street London EC2R 8LA Metro Bank One Southampton Row London W¢1B SHA
INVESTREAM CHARITABLE TRUST CONTENTS Page Truste&s' report Inpendent audilovs report Slatpmpnt of finarKlal 3cl1v1eS Statement of linanrial Kx)sition statement of cash flows Notes lo thg financial stat8ment5 10-17
INVESTREAM CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2022 The Truslees present Ihpii annual F?POrt and finandal slalèmÈnts for the year ended 30 April 2022. The financial 5talement5 havè bÈÈn preparÈd in accordance with tho accounting pollcles sel out in note 1 to th& financial stalen)ents and comply with the Trusl's 08ed dated 17 January 2003, the Charitles Act 2011 and "Accounting and Reportlng by Charities.. Statement ol Recommended Practice applicable to ch8riliEs pparIng their accounts in accordance with th8 Financial R8POrting Standard applicable In the UK and R&publi¢ ol Ir8land IFRS 1021" leffeclive 1 January 20191_ Oblectlves and activities The Tiusl'5 objedives are lo asslst charitsble ¢aus&$ in the advancement of edueatlon, the relief ol poverty and inlirmily and such other purpose5 beneficial lo Ihp community as are consided by English law lo ba charitabl8. The Trustee5 have nstricted power to appty Trust fund8 towards these charitable objectives. The Trustees have paid dug 99rd to guldance is8U8d by lh8 Charity Commis5itsn in de¢idSng what acllvlll&s the Trust should undertake. The Trusts primary sour¢e of ineorne d&riv8s from don8ti(Xb8 made by Mark Morrls, a Trustee, The Charity is nol actively engaged in fund mi51nu nor does It soJl¢il donations. fvnd$ 8r8 malntainod at leve18 which the Tru8t88s consider approwiate in Ofder mainlaln Ilquldity wllhin Ihe Trust. tD COV8r cos18 of managetnent and admlnlslralion and to salisfy a distribution policy wnsislont with the Trusvs overall d)arilable obj8ctlves. The Trust888 follow a policy of maklng charltable donations only after Ihgy are satisfied that the Trust has adequate resources lo m99t Its CommitErnts. As at 30 Ap¥il 2022 th&r8 WFJf8 no future commllments wilh regards to thè funds held. The Trustees have adopted a pollcy of maknng regular dDnalion5 (o Gh&rltable causes, havlng regard lo thg19Vg1 of the Trusts annual income and surplus funds avadable. They regularly appraise new opportunlltes for direct charitable expenditure and from Ilme to tlme make substaTrllal don8lion8 to support 5CIal or capltal projects. Durfjng the year the Trusl madg donations to qU81ifying o(gan(sations amounllng In aggr8gal8 to £911.185 {2021= £351,390). At Ihe year 8nd th8 Trugt had a an outstsndlng from Redbourne Avenue LLP lor £500,(MIO12021.- £500,000). This Is a (x>nslder8d lo b8 a soci81 investrHent 88 It has been made to m8el the charitable ad*vi119s of the Trust. A¢htevem8nts and p&rfomiance Th& Trusl ulilised funds receFied in previous years lo continue to m68t its th3rilabl& obj8Ctives In the current year. During the y8ar. the Trust wicha5ed a pioperty which wll bè provlded lo persons in need, wSth rent free a¢¢omrnodation, therein adv&ncing the Trusts charltable oblectlves. The property Wds purchased in F8bruary 2022 foi £418,367 and any tosls associatÈd in Ihe upk88p of the property wlll be borne by the Trust or ils benefaclors. During the year. one ol Ihg Trusloes met property upk88P Costs as a personal dOnatn of £3,272.
INVESTREAM CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EAIDED 30 APRIL 2022 Flnanclal review The r8sulls for the year are set out in the SlatBment of Finanoal Activitiès for the y88r on page 5. During the year the Trust had total incoming resources 01 £1,408.75312021'. £312,125), comprislng rralnly of donations ieceived. Whilst holdlng unrestri¢ted powors. the Trustees, poll¢y towards inveslment is de8ign8d lo maxlmlsÈ security ol capital at a lirne ol low Inleresl r8lÈs and yièlds. Consequently, surplus resour¢&s have been invested in interest- bearlng a¢¢ounts thal do not expose the Trusts ¢apilal to significant markel ii5k. To dale the Tiusle&s have followed a policy of making fr8quent dislrlbulions and they Ih*refore consider it appropriale ftsr surplus lund$ to be invested intc> readily roalisable d8POSlts. After taklng account ol dir6Ct charitable expenditure amounting to 13,058 12021.. £353,230), Including governancg costs of £1,873 12021-. £1,840). there was a surplus of In¢omlng r8sourc8s over resources expended of £495,69512021.. deficit of £41.1051. The Statement ol Finaneial Poslion on page 7 shDW5 the flnanclal position of tha Trust as 8t 30 April 2022. At that dale there was a net asset 5Utplus ol 11,192,534 12021.. £696,839). The unrestrided luNI ¢s applied iowards the Twsl's chwilab18 objectives and In order to me81 th& mod8St OP8rating costs of the Tmst. In accordan¢8 wth the Trust Dèed the endowmeni fund is eKP8ndable at the dlscretlon ol the Trusle&s. that 15 Ihe Gapltal can be expend8d when the Twslees so decide, although it is ihe usual pollcy ol the Truste88 to make awards trom the unrestricted funds only. The net ass@Is of th8 Trust amounted lo £1,192,534, which are ropresented by IhE balancè on lh8 unr8Stricled lunds of £1.192,524 and endi)wmellt funds of £10, The rtet assets of Ihe Trust's unrestrlcted tund ar8 héld lo further nhaTh the Trust's cha141ab18 objectives. 11 Is ihe Trust's policy to relain free serveS sutrici8nt lo cov8r It$ grant maklng commitm8nts for a period of 12 rronlhs from the balance sheet date. The Trustees consld9r that the total closing unrestrkted funds of £1.192.534 aits £dequatÉ to meet such comrnilmènts. R15k statement The Twstees regularfy r8v18W the major rfsks that the Trust faces and believe that malntainlng the res8rvès at approprfalo levels, combin8d with 8tFnL¢al revlew of the controls over key financial systems, will provid suffiGlent resources in the face of adverse condltlons. The Trusl&e8 hav8 also examlned the operatSonal and bu8in8ss rfsks whlch the Charily laces and consider that the Charltys tn18rnal control systems ore appropriate. glven the siz8 and nature or the opèrallons, lo mltlgatg the sigRific8nl risks. The Trustees take great car9 to rès68rch potentlal nefaCtorS b8for8 grants are made. Regardlng proigcts of a capital nature monitDiing 15 undertaken lo Ènsure that th8 grants made by th8 Tru3t achieve their objectives. Plan5 for the future The Trust&8s believe that grants made to various charities in the year wlll go sorne way towards thè advancement of 8ducalion, the 11 ol poverty and infirmity and such olhfjr purposes b&n81icial lo th8 cornmunty. It is anticipated Ihal continued support frorn the Truslees and entilies re&ted thereto wlll enabl& the Trust to maintain its level of ¢harita)le giving in the foreseeable lulu¥e. The Tiustees inl$nd. lor lh8 foreseeable lulure. lo contlnue IhÈir policy of di51ribuling income within a short p&riocl of time from ils recelpl rather Ih8n awumulating reserves lor future projecls. structurei govGrnancB and management The Trust was Èstablished by a charitable trust deed on 17 January 2003. The Charlty was rggisl8ied wilh the Ch£rily Commls$ion on 15 April 2003. On that date Investream Lirniled settled £10 as Ihe llIa1 sum to 88tablish IhÈ Trust. The Trust's ijay lo day activities are admlnist?red by th8 Truste8s, as the Trust employs no staff. Th8 Trustees. who receive no remuneration or benefit5 for their sstWCE5, arp solely SpOnsible for the conslderation and aulhorisation of Ihe chaiilable donations made by the Trust.
INVESTREAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 The Truslèas who served during the year were.. M Morris G S Morris The Trust88s a responslble lor Iha appointm8nl of furtherTruslees. Statèment of Trusttes. re$pon$lbilitie8 The Trustees ale spOnsible lor preparing Ihe Truslees. Rew)rt and the finana81 staiemenls In ac¢ordanc& with applicab1$ law and United Kingdom Accounting Stsndards Iuniied Kingdotn G&netally Accepted Accounting Praclicel. The law appllc8ble to charities in ErYJland and Walgs requires the Trustees to prgparg financial statements for each flnanaal year which givp a true and fair view of lh8 slate of affalrs ol the Tru8l and of th8 incomSng fesource$ 8nd applScation of resources tsl the Trust for that year. In pr&parlng these finanelal statements. the Trusl885 8[8 r8quir8d to.. select 8uitable aceountlng poll¢les and then apY Ih8rn constslenlly- - obsetve thg m81hods and pThnciples In the Charities SORP., mgk8 judg8rll8nts and estlmates that are r8asonable prudent., stat8 whether applicable accounting standards havÈ been lollowed. Subject to any matsT181 departur8s disck)8ed and explain$d In the fmancial st&temenls,' and prepare the financi318taièments on the golng conc&rn basis unless It Is Inappropriate to pre5Uttie that Ihp charity 11 conllnue ITh op8ratK)n. Tho Truslees 8r8 responslblè for keeping suffi¢i8nt accounling records that dtscFose with reasonable accuracy al any tlme thg finan¢lal position of th8 Trust and enable Iham to 8n5ure that the linancial statem8nt8 comply wh the Charities Act 2011, th8 Charity IAccount5 and Reports) Regulations 2008 and th$ provislons of th8 Iru8t deed. They also 18sponslble for safeguarding the assets ol the Tfust and hce for taking raasonable steps for the prevention and detection of fraud and other irregu18rities. The Tru5tèos' report was approved by the Board ol Tiuslges. M Morrls Truslge Daled.. 23 February 2022
INVESTREAM CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INVESTREAM CHARITABLE TRUST Opillion We have audited the finan¢ial statements of Inveslream CharitablÈ Trust Ithe 'Tru8t'l for the yèar ended 30 April 2022 whl¢h comprlse the Statement of Finan81 Aclfvlties, the Statement of Finanei81 Position, Ihe Slalement of Cash FI8 and the note5 to the fi'nancial slatemÈnls, including a summary of 5ignllScant accounting poli¢ies. The nan¢ial reporting framework that has been applied in their pr¶lion 18 applicable law and unit Kingdom Accounting Standards, induding Financial Reporting Standard 102 Th8 Fin8nCl Reporting Sl8nd8rd 6ppll¢ablo th8 UK &nd Republ1¢ of Ireland (Unlkd Kingdom GenerallyAcc8Ptod Accountlng Practice). In our oplnlon. lh8 financial 51at&tnents'. giv& 8 tIU8 and fair view of Ihts stale of the ¢harity's affair5 as at 30 April 2022 and Df ils incomlThJ rèsourc8s nd applicat of resouices, for the year Ihen ended., have been properly prepared in drdance with Uni18d Kingdom Generally Accepted A¢coyntlng Practi(%- and havg been prepzred in accordance with the rÈquirem8nts of the Ch8TlliesAcl 2011. B85ls for oplnlon We conducied our audlt in accordanc8 Wlth Int8rnal¢tinal Standards on Auditing IUKI IISAS IUKII and appIlble Lqw. Our responsibilitles und9r th(kse standards ale furth81 de5crlbed In the Audltors responslbilili8s for Ihe auclil ol the fin8nci81 slgtemenls se¢tlon of our report. We 8re Independent of IhE Trust In a¢¢ord8nce with lh8 elhlcal requiements that are revant to our &udit of the Ilnanclal slatemgn18 in lh8 UK. iEkcluding the FRC'S Elhlcal Standard, &nd we have fulfilled our other ethic81 respon5Ibllltles In accordance wlth thgse requiromenls. We belleve th81 the audit evldence we havg obtained is sufficient and appropriate to providè a basls for our opinion. Con¢lu$lon$ rglatlng to going concern In auditing th8 financial stalernents, we have conduded that th8 Tru5t6es' usa ol Ihe going con¢ern b&sis of oc4ounting in the preparation of the financlal statements is approprtat8. Based on the work we have performed, we hav8 not id8lltifd any material un¢ertainltg$ relating to events or conditions that, individually or collect1ly, may cast $ignilicanl doubt on the Tiusfs ablllty to ¢onllnug 88 8 gorng concern for a p8riod of at least twelve months from when the fin8ncial staletnents are authoris¢d lor Iss. Our 18SPOnsiblllll6s and the r8sponsibi1it9 of the Trustees wkith rE5peGI to gng concern ar8 d88crib8d in thè relevant sec110118 of Ihi5 rew)rt. other informatlon The other Informallon ¢ornpri38S the information Included In the 8nnu21 rew)rt oth8T Ihan finandal statements and our audiloi's reporl thereon. Th8 Trustees are responslble for (he other information contained wlthln the annual report. Our opinion on the financial sla18m8nts do8s not cover the other Inlorrnation and w8 do Trol expre55 ally lortn ol assurance conclusion th6reon. Our responsibility is to read the other information and, in dolng so, ¢on$ider whether tho olhor inform21ion 18 MaterllY inconslstenl wth the financial stslements or our knowledge obtainèd in the course ol the audit, or otherwise appears to be materi8lly misstated. 11 w& Identify such mat8ral ineonsisleficles or appar&nl mal8rial rnisstatements, we are required to determine whelhei thi5 9wes risÈ lo a materBI misstatement in the financial statem&nt8 themselve5. If. bssed on the work we have p6rformed, we conclude that there Is a materSal misstatement ol this oth8r information, we ale requlrBd lo report Ihal fact. We have nothirbg lo report in this iegaid. Matlers on whlch we are required to report by exceptlon Wè hav8 nothing to r8POrt respect ol the following mallers in relatK>n lo which the Charilles IA¢counls and Reptstisl Regulations 2008 require us to r8POrt lo you rf, In our opSnion'. the Information given in th8 financial statemènls is in¢on$istent in any rnater1 respect with the Tru5tgPS' report,. or suffioent accounting records have nol b?en kept., or the financial st8ternents aro nol In agreem&nl with the accountlng records., or we have Trol iecelveo all the information and explanations we requirg for our audit.
INVESTREAM CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INVESTREAM CHARITABLE TRUST Re5pon51bllltlos of Trustees As èxplained more fully in Ihe Siatement of Trustees, Responslbillties. the Trustees aro responsible for the preparation ol Iha linancial 818lements and for b8ing satisfied that they glve a true and lair vi&w. an(1 f(x such internal control as the dlreclors determine is necessary to nabl8 the preparation of financial stalemeTrls that are froe from ma18ri81 misstatemont. whether due to fraud or error. In prepa9 the finznclal slalemenls, the Trustees are responsible for 88sessiRg Ihe Trust's abilily to conlfjnu& 35 a going concem, disclosing, B5 appllcable, mallers related to golng ¢on¢&rn and using the going concern basis ol counting nleSS the Trustees eilher inlend to ase oppralions, or havÈ no realistic allernatW8 bul to do so. Audltor's responslbllitle$ for thè audlt of thè flnanclal statements We have begn appointed as audllor under Section 144 of th8 Chariti8s Act 2011 and report in accordan with the Act and rplevant gUlationS made or havlng effect thareunder. Our objeclnies 818 to obt8in F888on8bla assurance about whether the Ilnancial 8latement8 as 8 whole are free from mAterial mlsslalement, whether due to fraud 01 error, and to tssue an auditovs report Ihat Includes our opinlon. Reasonable assurants Is a hlgh level ol assur8n¢8 but 1$ not a guar8nte6 that an 8udit conducted in accor(fan¢e with ISAS IUKI will a1way5 deleGI a malerfal ml$s¢alemenl when il exists. Mi5Sta18menls can arise Irom Iraud or error at)d are conslderad rn&¢erial if, indivKlually or in the aggregate, they could ieasonably ba @xpscled lo influ8nc8 the e¢onomlc Oeclslons of users taken on the ba318 of th838 financial statèments. Irregularfties, including fraud, arè instanc&s of non-compllance wlth laws and regulaltons. W8 design procedur8s in Ilne wlth our r&sponsibilit18S. OUtlin8d above, lo deleei material mlsslatements in respect of Irregularit5. Including fraud. The exlent to whlch our proc8dur8s are capabl8 of dl8Cting irregularllles, Including fraud, is delailod below. W8 obtained an undè15tanding ol the legal and regulatory framework8 that are appllcable to the trLEt and detgrmined that the rnost 5rgnificant are those Ihal relale lo Ihe reportlnu frarnework being the Statement of Recommend8d Practice applicable lo charities preparing the aG¢ounts In accordance with th8 Finanixal Reporting Slandairl appllcable In the UK and Republlc of Ireland IFRSf021, th6 trusts governlng document, Ihe Charities Act 2011, and th? rel¢vant dlre¢t and Indlrect tax cornplianc8 r8wlation in thè Unlted Kingdorn. W8 und8rsto¢xl how the trust is cornptylrtg with those fiatnewoiks by maklng enquiries Dr manag8meTrt and sesklng r8presenlation8 from those chxrg6d with goveinanee. We corroborated our tÉnderstandlng by roviewing SUPPOrtiry docuTnentatS0n. Wg ossessed the su5ceptibilily of the trusts finan¢lal statements to materk?I mi85ta18ni8nt, includtng how fraud mighl occur by considering the risk ol rnanagement overrido of Intern21 control and by designating in¢ome recognition and 8xpgndilure on charitablè activlliès as Iiaud risks. We perform&d journal 8ntry testillg by sppcilic r15k critpria, with 3 fotus on IDurnals indicating larg8 or LJnusu81 transactions based on our understanding of the Irust. We tested specilic donations mad¢ lo rg¢lpi8nls ensuring th8 und8rlwTrg paper%vork was relain8d and that tha donation w85 ia accordEnce wilh the trust's ¢harilable objedive8. Based on this understsnding w8 de8ign&d our audit procedures to Identify non-compllance with such 12WS and regulatlons. Our procedures Involved enquiries of managem&nt and those charged wllh governance. The trLssI Is a regulated ¢ntily under the $up8rvision of the Charities Commission. As such. the Swlor Statutory Auditor considered the experience and expedise of lh£ engagÈm8nt team lo &nsure that the team had the appropriate compatence and capal*lttles. A further de6¢rfption ol our rosponsibilili8s is ava41abl8 on th& Finantial Reporting Coun¢tl's website al.. https'.11 www.frc.org.uklauditorsresponsibllllles. This description forms part of our audilor's report. Other matters The TNSI was exempt from audit for the year ended 30 April 2021 as the TtU5t qualSfled as a small charity.
INVESTREAM CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INVESTREAM CHARITABLE TRUST Us8 of our report This report is tn&de solely lo the Charity's truslees, Zs a body, in ac¢ordanca wilh part 4 of th& Charilles (Accounts and Reports) R8gulations 2008. Our audit work has been und8rtaken so that we Mht stale to th& charity's trustees those mallers we are required to stale to them In an auditors, rèport at*d for no othef purpose. To th& lullesl extent peimitted by law, we do not accept or assurne responsibilrty lo anyone olher Ih8n the charity and the ¢harily'8 Irusl&e$ a$ a body, for our audit work, lor Ihls report, or for lh8 opinions we have formed. Mark Ballèy FCA CTA (Selllor Statutory AudltDrl for and on behalf of Cltroen Wells 24 February 2022 Chartered A¢¢ountants statutory Audltor Devonshtre House 1 Devonshiie Street London WIW 5DR Cilroen W811s is eligible for appointment as auditor of the Trust by virtue of Its eligibillly lor apwjinlment as auditor of company under section 1212 01 the Cornp8nie5 Act 2006.
INVESTREAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2022 Unrestrlcted Endtswment funds fund$ 2022 2022 Total Total 2022 2021 Not85 Donation8 AclivitlEs in lurlhtrrance ol the Charitys aclsvities Inveslments 1.393,272 15,441 40 1,393,272 15.441 40 311,928 197 Total Income 1,408.753 1.408,753 312.125 Education Medical Community and Elderly care 361,098 37,800 514,160 361,098 37,800 514,160 119,8 11.940 221.4rKJ Total charltable expendl¢ur¢ 913,058 913,058 353.230 Nel In¢oméllgxpendltur81 for the yearl Not movemont In funds 495,695 495.895 141.1051 Fund balances at 1 May 2021 696,829 10 696.839 737,944 Fund ba14n¢es at 30 Aprll 2022 1,192,524 10 1,192,534 696.839 The statement of finan¢lal activlttes includes all gains and 108se8 r8cogni88d in th& y88r. All income and expendlture derlve from continuing a¢twslies.
INVESTREAM CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2022 2022 2021 Not85 Flxed a$sets Heritsge assets Investtnenl properties Investments 11 io 12 26,000 35,300 421,739 26.000 35.300 100 483,039 61,400 Current assets Debtors fklliny due after one year C8sh at bank and in hand 14 500.000 211.995 500,000 137,939 711.995 {2,51N)I 637,939 12,5001 Current Ilablllti 15 Net curient 85sets 709.495 635.439 Totsl 2s56ts loss current11oblllt108 1,192.534 696.839 Capltal fund8 Endowrnent funds Incomè funds Unreslri¢ted funds io 10 1,192,524 696,829 1,192.534 696,839 The financial st8ternents were approved by the Tru8lee8 on 23 February. 2022 M Moriis Trusteg
INVESTREAM CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2022 2022 202f Note$ Cash flow$ from operatlng actlvltle5 Cash oenerdted frornllabsotbed by) opergllons 18 492,383 1353,2301 Inv05tirtg a¢tivltle$ Purchase ol invèstirenl property Purchase ol other investments Inv8$tmont Income re(*iv8d 135,3001 1418.3671 40 197 Net cash used In Inve$tlng a¢ttvlties 1418,3271 135.1031 Nel cash used In financing actSvltles N•¢ Incroaselldecreasel In cash and cash equlvalent$ 74.056 1388,3331 Cash and Cash 8quiva18nts at b8ginning of y88r 137.939 526.272 CaBh and cash 8qulvolants at and of year 211,995 137,939
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 Accountlng pollcles Charity information Inveslrearn Charitabte Trust Is a gIs{¢red. unincorporated charity. 1.1 Aecountlng ¢onvention The lin3n¢ial stslement8 havB been prepared in accordano wllh the Trust Deed, the Charities Act 2011 and 'Ac¢ounling and Reporting by Charilie5'. Statement ol RecommÈndÈd Praclice applicabl8 lo charities preparing their accounts In accordan with Ihe Financial Reporting SlandaTd appllcable in th8 UK and Republic ol Ireland IFRS 102} lerrec(Ive 1 January 20191" The Trust Is a Public B8n8ti1 Entity 8s defined by FRS 102. Th& Trust h8s laken advantsye of Ihe provislons In the SORP for ch2rili8s applying FRS 102 Update Bulletin I not lo prepare a Slat8m8nl of Cash Flows. Thg financial statem8rJls have departed from the Char¢lie$ (Accounts and Reports) Regulations 2008 only lo the exlenl r8quired lo pfovid8 a tru8 and fabr vlew. This departisro has involv6d following the Slatemenl ol Recommended Pra¢li¢e for ch8ritie5 applying FRS 102 rather than the version of the Slalemenl ol R8comrnended Praetlee whlch 1$ referred to In the Regulations but whlch has Since been wlthdrawn. Thg (inanual statements ale wepared in pound slerling. which 18 the functional currenoy of th8 Trust. Monetary amour$18 in th8S8 finAncial slalements are romcled to thg n8ar8sI pound 8t8rfing. Thg flnancial statements have bgen prepared on th8 historical cost convontlon. The principal COuntIng polici88 adopted are Set out below. 1.2 Golng concem Al the lime of approvlng the financrdl stateThents. the Trustees have a reasonable exp9daDon that the Trust has adequate resources to conDnue in operational existence for the forese&able future. Thu8 th8 Trust8e9 conlinue tD adopt the golng conce¥n basis of 8c¢ounting In wèpartng the Ilnan¢lal stalemenls. 1.3 Charltable funds Unreslri¢led funds are available for usè at the discretion of the Trustees In furtheranc8 of th8 Tru8fs ch81ilable objeclivtss unless the funds hav8 b88n d9siGna for other purp¢)ses. Endowtnent hFnds arè subject to spgclfic conditions by donors that the capitsl mu81 b8 maintalned by the Trust. 1.4 Incomlxg rè$ourees Income Is recognlsed when the Trust 18 legally gnlitl8d to it sfter any performance conditions have been met, th8 amounts can be measurgd reliably, and It is probable Ihat incotne will be reeeived. Cash donatlOn5 are recognised on r&¢eipt. Incoms tsx recoverable in relation lo donBllons re¢elved under Gift Aid or deed5 of covenallt 15 recognised at the time of th8 don81ion. 1.5 Resources expgnded Expenditure is fecognised oDce ther& is a legal or con5truclive obligation lo Ir2nsfÈr economic b8nefil to a third party, il 15 probable that a transfer of 8¢onomi¢ benefits wlll be requlred in sellbment, and Ihe amounl of the obligation ¢8n b8 measured reliably. Expenditure is classified by aclivily. The cos15 of e8ch actlvily are madg up ol the total of direct costs and shared ¢ost8, including support costs involved In underlaking gach activity. Direct costs attribulable lo a single acllvity a allocaled diréctly to that activity. Shared costs which ¢onlribul& to more than one activity 3nd support costs whl¢h ar& not attribtabl& lo a slwle a¢tlvity ar$ apportioned between those aelivilie5 on a bas5 consis18nt %vith th8 use of resources. Central staff costs are alloc8ted on the b35is of lime spent, and depreciation charges ar8 allocated on Ihe poilion of th8 ass81's use. 10.
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2022 Accountlng poSicl•s lconllnuedl All expendilur8 is accounted for on an acciua15 basi5 and has bÈÈn classified under h8adings that oggregat& 11 cost rtrSaled to the category. 1.6 Investment propertfjes Investment property, which is property held to earn rntaI Income andlor lor capitsl appr8ckqlion, is lTrltlally recognised al cost, which includes the purchase c081 and any directly atliibulalil& expenditure. SubsequBntly it is tneasured at falr value as al th& reporting end da18. Th6 surplus or defi¢lt on revaluation 1$ recognised in proflt or IDSS. 1.7 Herltage assets Heritag8 assets are inlllally masured at transaction pitce excluding Iran8aclion Costs. They are considered to have an Indelinitg useful economic lif8. and as such are not depreclaled, bul ralh8r ar8 reviewed al each r6portlng date for eVIdenr of impairment. If any itnpaittnent is recogn6sed. this wi11 b8 included w(Ihin net in)[neI{BXpendlt) durfng the year. 1.8 Non.cutt•nt Investments Unllsled Investments arg initlally measured at tiansacllon prlce excludlng transaction costs, and are 8ub5equeTrlly tneasured ot lair value at each reporfing dat6. Changes In fair value arg ré(x>gnls8d tn net in¢omellexp8ndthreJ for the year. Transac0 costs 8re expensed as Èneurrèd. Prografflme rdated Snv8slmgnts 8T8 investmènts which ere held at ¢051 for lh8 lurther8nce of the Trust's objectives. 1.9 Cash and ¢ash gqulvalents Cash and cash 8quivalents incfud8 cash In hand and deposlts held at call wilh banks. 1.10 Flnanclal InBtrum8nt5 The Trust has elected to apply the provls&ons of SectiDn 11 'Baslc Flnancial Inslruments, of FRS 102 tts a1101 its financial instrutnent5. Flnancial inslrumgnts arè recognised in the Trust* balance sh881 when the TtU8t b6comes party to the contractual provision5 of the Instrument. Flnandal assets and liablleS ore offset. th the net amounts presented in thB finan01 statements, when there is a legally enfor¢8abl& right lo sgt off th8 r8gnIsed atTK)unls and there Is an intention lo sellle on a net basis or to realise the asset and sellle Ihfy liability simultaneously. Bas1¢ flnanclal assets Baslc financial assets, whlch Include other receivables and cash and bank balan$, a inlllally Measur8d at transactlon price including transaction costs and are 5ub5equpnt5y cathed al amortlS8d cost using the effective inleiest melhoil unless Ihg arrangement constilvtes a Ilnanclng Iransadlon, wh8r8 th8 Iransadion is Measured at the presÈnl valuÈ of the ftJtur8 rec6ipls discounted at a market fftte of interest. Financial asset5 classified as re¢eivable wrthin one year are not amortl$8d. BaslG flnan¢lo1 Ilabllltles Baslc Ilnanclal liabilili&s, including trlher p&yables are initially recognlsed al Iran5aclbn prire untegs the arrangement ¢onslilules a financing ti&nsaction, where the detit instrurnonl is measured at the present value of the futur8 recelpls discounted at a mark81 rate of interest. Finanual liabilities das51fiÈd as p8yable within one year are not amorlised. Debt instrurnents are subsequently ¢arri8d at amortlsed cust, using the effactfv8 Intarest rat8 method.
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 Accounllng pollcles lcontlnuedl D$r8oognltlon of fjnancial liabilities Financial li8bililies are deiecognised when IhE Trust's contractual obligalion5 expire or are dis¢harg8d or CanlIed. 1.11 Forelgn exchange Monetary asset$ and liabilities denomiTrated In forelgn currencies arg trsnslated inlo pound sterling at the ratÈs of 8xch8ng8 ruling at the balance sheet date. Transactions in forevJn currencles are r&corded al th& rate ruling al lh& dal8 of th8 transaction. All dIffenceS are taken lo the Slaternenl ol Fin3DcI31 Aclivllies. 4.12 Govemance c05t5 Governan¢e (osls comprise of bank charges and aE¢Duntancy fees. 1.13 So¢lal Inv¢$tment5 Social inveslments are initially [neasud al transaction prlce including trAnsaclion costs. So¢Sal Investm8nts ari88 when the Trust provides linan¢tal support In th8 form of interest free loans to oth8r entities in order to further the Trust's charitabl8 8itn5. The @XP8Ct8tioTr is that the loans wlll be repaid, Th8 Trustees reVW the1oans annually and if ther8 15 8 ilsk ol non-paymenl, an impalrmerkt pll)vlslon is tTtade. Crlttcal ac¢ountlng 88tlmates and ludgem¢nls In the applicaOn of the Trust's accounting lIcIes, the Trustee8 are requiied lo make judgements, estlmates 8ttd assumptlons about the carrying amount of assets and IlabllltSe8 that 8r8 Ilot readily appafent Irorn other sources. Th8 gStimat88 and assoclated assymp¢ion8 ar8 based on histollcal &xperlence otheT 18Ctor8 that are consld9red to be ielev8nt. Actual iesults may dlffer from th988 8Stimate5. Th8 8slim8t88 undelylng assumptions are revlewed on an ongoing basls. R8VISi0Tr8 to 8ccounllng esllmales are recognised in the period in whlch the estimat8 18 rfjvi$&d where the revision affecls only Ihal perlod, or In Ihe period of Ihe revision and lulure perfods where th8 r8vision affacts bolh current and futur8 peri(xls. The Trust rgcognisès its inveslment propertles gt faff value. Thes8 properiles have been held al cosl bul compared to on an opèn valu8 at 30 April 2022 by the Trustees. The Trusle8s believe that the cost was materially equivalent to the open market value at th8 balanc& sheet dale. Actlvities In furtherance of the Charlty'8 actlvltles Rental Income 2021 2022 Charitable rental incotng 15,441 12
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 Donations unStrIcted Untsstrl¢ted funds funds 2022 2021 DanatiOn8 and gifts Donat8d serv5$ for programme related snvÈslmenl 1.390,000 3,272 311.928 Investment5 Unr&strlct8d funds 2022 Total 2021 Inte¥esl recgivable 40 197 Grants payable Educatlon Medlcal Communlty and Elderly eare Total 2022 Total 2021 Grants lo instilutions.. Other 359,225 37.800 514,160 911.185 351,390 Atl giants payabl& were rnade to Charilable In51ilution5. Of these, grants toialling more than £30.000 of charitable expendllure were made lo AchSsornoch Aid Cornpany Limiled1£212,0001, Wtsik Avenue1£50.0001, Th8 Belz Foundation1£45,0001. Jay Edu¢atk)n Tru$l1£37,0001 anrl Shaare Z8d8k1£36.0001. All other gr8nls totalled £521,185. Governance ¢ost$ 3022 2021 Audit fees Acwuntancy f8es Bank charGes 1,81X) 1,800 40 73 1.873 1,840 Analysed as Charitable gcllviti8s 1.873 1.840 13
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 Tyustees None of the Trustees lor any persons conneElgd wilh Iheml r8oEived any ¥emuneration or beneflts hDm thg Trust during the year. Employees There w8re no employees during the year. 10 Investment property 2022 Falr value At 1 May 2021 ar 30April 2022 35.300 The inve8tmtrnt property repSen a 5% htslding In a wmm@rclal property Én Hamllton. Lan8rkshtre. At the year end, th& Trusle8s have delermlned thg fair value of the Investment to be equal to its Or1r1 acquisition cost. 11 Hèrltage a$89ts Herltage a559t At 1 May 2021 and at 30April 2022 26,000 The Trust has purchas8d Iwo Sefer Torahs to further Its charitable obl@cliv88. The first was purchased In the y88r ended 30 April 2018 for a c05t of £11,250, and thg sècond was pur¢hased in the year ended 30 April 2020 for £14,750. 14-
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 12 Fixed asset Investments Unllsted Programme Investments related investment$ Total Cost or valuatlon Al 3 May 2021 Addillons 100 421,639 421,639 At 30 April 2022 100 421,639 421,739 Carrylng amount At 30 April 2022 100 421.639 421,739 At 30 April 2021 100 loo During the year. th8 Twsl aequired h property in Hove, East Sussex which providès nt free ac(x)mmodallo to those In th8 comrnunty In need of resplte 01 iecuper8tlon. 13 FlnanGlal Instruments 2022 2021 Carrylnq amount of flnanclal as$8ts Debt instrumonts measured at 8moriised Cost Equity instruments mea$ur&d at C05t less Impairment 500.000 421,739 51XJ,000 100 C#rrylng amount of flnanclal Ilabllllles Measured al Bmortlsed ¢0sl 2,500 14 Tradè and olher receivables 2022 2021 Amounts falllnu due aftsr more than one year.. (Xher ra1Vable5 500.000 500,000 Debtors due after more Ihan one year cotnprise a loan of £500,00012021.' E500,0001. The loan is Intest free and rep8yablE Wlthin 90 days of notlce, givan by th8 Trust lo Redbourn8 Avenue LLP, although it is not the Trust88s' intention lo yivÈ notiea wilhifi Iwelve monlhs fiorn the balanc¢ shg8t date. The loan is regarded as a social investment bpcause it has b&8n madè to meet the ¢harilable objectives of the Trust. 15
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 15 Current Ilabllities 2022 2021 other payables Accruats and deferred income 100 2,400 100 2,400 2,500 2,500 16 AnalysSs of net assets between funds Unrestrlctad Endowment func1$ funds Total Fund balanc85 At 30 April 2022 8r8 representets by- H8ritag8 assels InvestmÈnt properties Investments Current 8s$etsllliabilEtiesl Non-current assets 26.000 35,300 421,739 209,485 500,000 26,000 35,300 421.739 209.495 500.000 1Q 1,192,524 io 1.192,534 The Trust was settled wlth £10 As the inlial sum lo establish the Tntst. 17 Relat•d party transactlon8 Romuneratton of key marEag•mont personnel No key managem8nt P8rsonn&l were remunerated during the yoar. Tran5actlon$ wlth related partle5 Durlng the yg8r, th8 trust recei donations totalllng £1,100.000 12021= £0) from Mark MoEfi8, who is a trustee. At the year end the Trust was owed £5(X),000 by an èntity in which the Trust has a membershlp interest 12021.. £500.0001. The loan is regarded as a social inveslrnenl. per note 13.
INVESTREAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022 18 Cash generated from operatlons 2022 2021 Surpluslldeficill for the year 495.695 141.1051 Adjllstrn&nts for.. Inv8slrnent income recognssed in statement ol finandal acliviltes Donated services lor progratnme related investment 1401 13,2721 11971 Movemetkts in working Capital.. IDecre3sel in Irade and olher payablos 1311,9281 Cash generated fromllabsorbed byl opgratitsns 492.383 1353,2301 17