Annual Report of the Campden Charities Trustee a Public Benefit Entity Registered company number- 05093340 Registered charity number- 1104616 the Campden Charities Registered charty number- 1003641 The Directors present their report for the year ending 31st March 2024 Registered offices.. 27a Pembridge Villas London W113EP Telephone: 020 7243 0551 Contents structure, Governance and Management 3to6 Trustees, report 7t017 Trustees, responslbllities in relation to the flnancial statements 18 Auditor's report 19to22 Audited annual accounts 23to43 Structure, Governance and Management Directors & Trustees Co-o ted Trustees Mr C Manners Mr R Anderson Mr R Atkinson Mr S Berwick Dr C Davis Mr D Hawkins Ms F Manthos Ms J Mills Mr R Qrr-Ewing Ms J Soulieux Ms M Thomas Mr C Townsley Mr M Richards Lady C Faulks Chairman HR Liai80n Trustee (To Jun6 2023) Vica Chairman HR Liaison Trustse (To June 2023) Chair Governance Committee Chair General Purposes Commi118e (To June 20231 Chair Invastmeni Committee Staff Mrs A Ala Ms C Alcorn Ms J Cantor-Alim Ms U Clery Ms J D'souza Mr C Ennis Ms F Farjani Miss C Fontes Silverstre Mrs H Karuna Nagraj Ms N Januchta Ms S Julienne Ms N Khrushcheva Ms L Laver Miss R Mohammed Ms M Ozgovercin Mr B Pitrola Miss J Sealy Mrs E Strokova Mr A Woolgar-Toms Grants Director Office Manager Cleaner Grants Officer Grants orricer (From April 2023 to January 20241 Gr2nts Officer Grants Manager Grants Qfficgr {To July 20231 Accounts Assistant (From February 20241 Grants Manager Grants Offic8r Finance Director Grants Officer {From April 20231 Grants Officer (From April 20231 Applications Officer (From April 2023) Accounts Assistant Grants Officer Accounts Assislant {from March 2023 ID February 20241 Chief Executive Officer & Company SeGrotary Professional advisors & agents Auditors Bankers HSBC 69 Pall Mall London SW1Y SEY Asset Mana ers RBC Brewin Dolphin 2nd Floor 5 Callaghan Squ?re C3rdiff CFIO 5BT Grfffln Stone Moscrop & Co 21-27 Lamb's Condull Street London INC1N 3GS NATWEST g, FIDor, Bishop8gate London EC2M 4RB SavTlls PIC 33 Margaret Stre6t London W1G OJD ITIIS Consultants Insurance Consultants HR Consultants Starford Veryan, Bleckbeiry Calleva Part(, Lingfteld Wesl Sussex RH7 6NQ Ilertech Commel House Aldermasion, Berkshire RG7 8JA Marnh Commercial 1st Floor Gail House Lower Stone Street Maidstone ME15 6NB Gallagher 71h Floor Temple Point l Ternple Row Birmingham B2 5LG History The Campden Charities were founded by endowments in the wills of Baptist Viscount Campden and Elizabeth Viscountess Dowager Campden who died in 1629 and 1643 respectively. The endowments were for the good and benefit of the poor of the ParisFI forever to put forth one poor boy or more to be apprentices 'The Charities, area of benefit was, and remains, the old Parish of Kensington. The current scheme interprets the original objects in terms of providing grants for the relief of need and for the advancement of education. Grants are made directly for the benefit of individual residents of Kensington who are in financial need and to organisations that assist those individuals. The Campden Charities Trustee (CCT) is an incorporated body of Trustees, a company limited by guarantee not having share capital (company number - 5093340), incorporated on the 5th of April 2004 and registered as a separate charity (charity number 1104616) to act as the Trustee of the Campden Charities. The CCT undertakes no activities other than to act as the Custodian and managing Trustee of the Charities. The Trustees are directors of the CCT and are appointed according to its Articles of Association, They are referred to as Trustees throughout th is report. Trustees must be selected according to their special knowledge of the area of benefit, their familiarity with aspects of the Charities, work and expertise relevant to the Charities, operations. New trustees may be elected by the existing trustees after a three-month period of attending the Charities, meetings as observers and familiarising themselves with its work, New trustees receive induction into the Charities, procedures and their responsibilities. Training needs are identified, and suitable provision made. A Uniting Order granted by the Charity Commissioners in a letter dated 25th January 2005 came into effect on 1 St April 2005 to unite CCT and Campden Charities under the charity number of CCT. The reporting and accounts are aggregated. At an Extraordinary General Meeting held on the 20th February 2006 the Trustees passed a resolution, the effect of which was to make the Incumbent of the present Benefice of St Mary Abbots, Kensington the sole ex-officio Trustee and to confer nominating rights on the Parish and the Royal Borough for two and three Trustee positions respectively. This Is currently under review, such as to ensure alignment with the needs of the Charities, and governance best practice. The Chairman of the Charities is elected annually from the body of Trustees. This election takes pla￿ at the Annual General Meeting. Day-to-day operational management of the CCT, the Campden Gharities, its staff and assets is the responsibility of the Clerk to the Trustees, Mr Alexander Woolgar-Toms who acts as Chief Executive Officer and Company Secretary. All policy, partnership funding decisions and extraordinary grants are made by the Trustees. Grants of under £1 Ok are approved under financial authorities delegated to the Executive team, On the 27th March 2009 thè Trustees obtained an Order from the Charity Commission permitting the expenditure of the unapplied total return on the Charities, assets. This allows greater flexibility in investment strategies and reduces the impact of volatility on the funds available for grant giving through all market conditions. The Trustees selected the March 1991 valuation of £25,028,740 as the value for the permanent endowment. Principal obJectives and activities The objects in the revised 2004 scheme governing the Campden Charities are., 'To relieve either generally or individually persons resident in the fomier Parish of Kensington and the former Royal Borough of Kensington who are in need of financial assistance by means of the payment of pensions and of grants to individuals and organisations and to advance the education and training (Including vocational, social, recreational and physical} of those residents as aforesaid who are in need of financial assistance by means of grants to individuals and organisations to the intent that one half of the Charities, income available for grant giving shall be applied to the relief of need and the other half to the advancement of education save that if in so far as income in any one year is not required for application for the advancement of education, it may be applied to the relief of need. The objects of The Campden Charities Trustee are.. 'To relieve either generally or individually persons resident in the former Parish of Kensington and the former Royal Borough of Kensington who are in conditions of need hardship and distress and to promote the education and training (including vocational, social, recreational and physical) of those in need of financial assistance by means of grants to individuals and organisations. The Trustees, statement of purpose is. The Trustees seek to respond to the needs of people living in the Old Parish of Kensington, alleviating financial poverty by giving grants and by supporting education and vocational training for those in financial need. Public benefit statement The Campden Charities Trustee is a public benefit entity and the Trustees have given due consideration to the Charity Commission's published guidan￿ relating to the Charities Act 2011 , and as amended in 2022. The Trustees seek to ensure the application of the Charities, funds/inGome for the benefit of those residents of Kensington in financial need and meeting the Charities, criteria. In determining the funds available for grant giving, the Trustees give due consideration to the needs of current and future beneficiaries such that the Charities will be able to fulfil their objects in perpetuity. Trustees currently regard two years as the minimum qualifying period for residency in Kensington (save for rehoused survivors of domestic abuse and individuals arrived as unaccompanied minors, for whom the requirement Is one year), Criteria used to identifyfinancial need are based on the minimum income a household needs to remain above the poverty line. For working households, the minimum income standard guidelines are the point of referen￿. There is a particular focus on advancing the education of beneficiaries to give them such skills and knowledge as will enable financial independence, and support those in low-paid employment to help progression to more sustainable employment. Strenuous efforts have been made, through publicity and by encouraging local organisations to refer potential beneficiaries, to ensure that all those who might qualify for assistance are aware of the opportu nities available via the Charities. Each individual applicant Is assessed, and a grant made according to their specific needs. Eligible charitable not-for-profit organisations are funded where their work has been demonstrated to assist individual beneficiaries to take steps towards financial independence or to support older beneficiaries in financial need. It is the Trustees, view that their grants are more effective when accompanied by appropriate advice and guidance. This guidance is provided by the Charities, own staff, funded partner organisations, and others. For this reason, the Trustees believe that the staff time provides added value to the grants awarded to beneficiaries and forms a crucial part of the fulfilment of their objectives. Consequently, the Charities employ a larger staff team than might be typical for a grant maker of its size. The Trustees seek to make the most cost-effective use of the Charities, funds to make lasting, meaningful and positive change to beneficiaries, lives, helping them to engage with, and contribute to their community and wider sociefy. Trustees continue to devote the resources necessary to attempt to measure the outcomes and efficiency of the Charities, work. Trustees, Report Achievements and Performance The current grant giving programmes have been in development since 2006 when the Trustees took a decision to identify potential beneficiary households according to objective financial hardship criteria. The initial ambition was to assist these households to become financially Independent largely through providing support and funding training to help beneficiaries Into employment. However, it became clear that the majority of beneficiary households faced a range of barriers and that their progress was far from straightforward. These barriers included debt, limited education, age and mental and physical health issues. Trustees acknowledged that there were many beneficiaries for whom, in the short to medium term, financial independence was not a realistic goal. Trustees have expanded their staff team to build relationships with beneficiaries and also partnered with local organisations to address particular issues. Initially the Trustees judged success by the number of individuals helped into employment and the per capita cost of doing so. However, the majority of the Charities, work and funding related to much smaller steps in the benefiGiaries' journeys. At the Trustees, seventh annual conference in 2015 they considered evaluation in terms of more modest stages of individual progress, The evaluation data for 2015 to 2023 attached to this report is the result of an on-going exercise to accumulate Information about the progress of individuals and the effectiveness of the Charities, programmes. The Trustees have also come to appreciate that obtaining employment is not ne￿sSarilY the end of the journey to financial independence. Low paid jobs are often impemanent and part-time work, zero hours contracts are common. The high cost of childGare can make work unaffordable particularly for lone parents. The transition from benefits can be a painful one and many beneficiaries find they cannot sustain employment. The Trustees therefore established a sustaining employment programme to support beneficiaries in such circumstances and to help them progress to sustainable work. Since the Introduction of the current grant giving programmes in 2006 over £37 million has been given in grants directly to individuals and to organisations.. £37,059,614 £8,321,347 to local charitable organis2tions £10,559,092 to benef iciaries of pension age £4,85 ,978 to Campden scholars & other young people £13,3 9,198 to benef icia ries of worl, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, and the Companies Act 2006. The Campden Charities Trustee meets the definition of a public benefit entity under FRS 102. 11 is a private company incorporated in England and Wales, limited by guarantee and having no share capital. The address of the registered office is 27A Pembridge Villas, London, W113EP. Assets and liab ilities are initially recognised at historical cost or transaction values unless othe￿iS8 stated in the relevant accounting policy notels). The financial statements are prepared in sterling, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to tha nearest £. Going concem The Trustees consider that there are no material unGertainties about the Charities, ability to continue as a going concern. Fund accounting policy Unrestricted funds are general funds that are available for use at the trustee's discretion in furth8rance of the objectives of the charity. Funds designated as 'Endowment' in the financial statements represent the Charities, permanent endowment to be retained for investment. The Trustees have the discretion to transfer these funds between suitable asset classes. However, until March 2009 the trustees had no power to convert this capital into income. On 27 March 2009 the Charity Commission made an Order giving the charity the power to apply the unapplied total return on its assets for charitable purposes. This policy was implemented on 1 April 2009. Further details of each fund are disclosed in note 24. Incoming resources Invèstment income is recognised on a receivable bas1S. Resources expended Liabilities are recognised as soon as there is a legal Dr conslruclive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are investment management fees. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries, It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. In dealing with the income of the year, the Trustees are governed by a Scheme of the Charity Commissioners dated 22 July 2004. The annual net income for the year is divided equally in the first i nstance between Pensions and Relief in Need and Advancement of Education. 27 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued The income of each moiety may then be applied to meet expenditure as specified by the Scheme. If, in any year the income ofAdvanGement of Education is not fully spent, the Trustees may apply the unspent portion for Pensions and Relief in Need. Grants payable are payments made to third parties in the furtherance of the charitable objectives. The Board reserves to itself th8 authority to approve non-standard grants to individuals exceeding £10,000 and partnership funding to organisations. The Board delegates to the Chair of the General Purposes Gommittee the authority lo approve new organisations for Referral Related Funding in excess of four grants of £1500. Consideration of subsequant Referral Related Funding is delegated to the Executive, as is Gonsideration of grants lo individuals not exceeding £10,OQO under a cascade of financial authority levels. The Board review5 all grant payments made u nder these delegations. Grants are recognised in full in the Statement of Financial Activitie5 when a recommendation for a grant is rattfied. Governance and Support costs Staff costs and general 8xpenses are split between Support and Governance costs on the basis of the percentage of time devoted by each employee to each of these activities. Support costs are 811ocated further on the basis of wort(ing time between Relief in Need and Advancement of Education, Governance costs include costs of the preparation and examination of the statutory accounts and the cost of any Segal advice to trustees on governance or constitutional matters. Governance costs are split between Relief of Need and Advancement of Education, which for both 2024 and 2023 is 50,/0 Relief of Need and 500/0 Advancement of Education. Commitments Campden scholarships are awarded on the presumption that they will be continued until the end of the course provided the student Continues to meet the criteria This commitment is funded from future income. Tangible fixed assets and depreciation Leasehold land and buildings in use by the Charities are included in the balance sheet at the revalued figures provided by Savills in March 2024.The Trustees have decided not to depreciate these assets in view of the fact that anticipated residual values exceed costs of the assets concerned. Office and computer equipment with a cost of £500 or more are capitalised and depreciated on a straight-line basis of 20Q/o per annum and 33 113Dk per annum respectively Certain items below this amount may be capitalised at the discretion ofthe Trustees. Investments Fixed asset investments comprise of investment properties and listed investments. Investment properties Investment properties are included in the balance sheet at valuation, stablished by professional valuers. In recent times, the Trustees, policy was to revalue the charity's entire property portfolio over a rolling fNe-year period, As part of a wider strategic review of the charity's investments, this wi15 be conducted on an annual basis for al least the next two financial years. Listed investments Listed investments are stated at mid-rr8rket value at the balance sheel dale. Overseas investrnents are translated into sterling at the rates ruling at the year end. 28 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 .continued Realised gains and losses on investments are calculated as the differ&nce between sales procaeds and their market value at Ihe start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in Ihe period Df disposal. Unrealised gain5 and losses represent the movement in market values during the year and are credited or Charged to the statement of financial activities based on the market value at the year end. Penslons The charity contributes to a multi-employer pension scheme or, alternatively, Contributes to the employees, own private pension arrangements. These contributions are charged to the Statement of Financial Activities when paid. other In the application of the charity's accounting policies, the Trustees are required tc make judgernents, estimates and assumptions about th8 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 revi@wed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in th8 period of the revision and future periods where the revision affects both current and futur8 periods. The Significant area in whiGh estimation has been applied is considered to be in determining the value of investments. Vvhere possible and appropriate, professional valuations have been obtained from qualified individuals, therefore although these areas are subject to judgement, the Iru51ees consider the values to be appropriate. 29 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued Statement of FSnancial Activities (Includlng income and expendlture account and statement of total recognised gains and losses) for the year ended 31 March 2023 Unrestricted Funds Endowment Funds Total 2023 Income and endowments from: Donations and legacies Charitable activities Investments Other Total income and endowments 110 122,861 110 122,861 4,038,561 5,024 4,166,556 4,038,561 5,024 127,995 4,038,561 Expenditure on. Raising funds Inv8slm6nt management costs Charitable activities Other costs Total resources expended 880,490 880,490 2,898,471 308,305 4,087,286 2,898,471 308,305 3,206,776 880,490 Net incomel{expenditure) before other reGognis8d gains and losses Net g8inslllosses) on investments Net Incomel(expenditure} (3,078,781) 3,158,071 {3,509,6461 (351.5751 79,290 (3,509,646) {3,430,358) (3,078,781) Transfer betw@en funds 3,158,071 13,158,071} other recognised gainsl(losses}' Gainslllossesll on revaluation of Operating premises Net movement in funds 79,290 (3,509,646) (3,430,356) ReconGlliation of funds: Total funds brought forward Total funds carried forward 834,438 913,728 168,421,644 164,911,998 169,256,082 165,825,726 InGome from doriations and legacies Unrestricted Fund5 Endowment Funds Total Funds 2024 Unrestrictedl Total Funds 2023 Donations 110 30 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 , continued InGome from charrtable activities Unrestricted Funds Endowment Total Funds Funds 2024 Unrestrictedl Total Funds 2023 Relief of Need Retumed grants 57,951 57,951 122,861 Investment income Unrestricted Endowment Total Funds Funds Funds 2024 Endowmgntl Total Funds 2023 Income from investment properties Income from listed investments Interest income 3,002,906 1,175,562 136,997 3,002,906 1,175,562 136,997 2,838,326 1,189,156 31,079 4,315,485 4 315,465 4,038,561 Operating leases Not later than one year Later than one year and not later than five years Later than five years Investment properties on leases 1,131,985 4,123,500 20,878,317 Leases for two of the investrnent properties have provisions fo r RPI annual Increase. Other income Unrestricted Endowment Total Funds Funds Funds 2024 Unrestrictedl Total Funds 2023 Charity discounts Insurance and other claims 5,100 19,078 5,100 19,078 5,024 24,178 24,178 5,024 31 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued Investmant management costs Unrestricted Endowment Funds Funds Total Funds Endowmenv 2024 Total Funds 2023 Property management fees L8gal fees Irrecoverable VAT Property managem@nt expenditure Bad debt written off Refurbishment of properties Investment management administration costs 112,550 22,921 82,131 112,550 22,921 82,131 120,525 2,468 60,117 702,933 18,405 702,933 18,405 508,791 13,801 179,723 179 723 174 788 1,118,663 1118,663 880,490 Detalls of charltablo activities Grant funding of activities Dlrect Services alSocated Support costs allocated Total 2024 Total 2023 Relief of Need Advancement of Education 1,817,336 767,355 2,584,691 254,543 255,823 510,386 151,424 157,424 314,848 2,229,303 1,933,589 1,180,602 964,902 3,409,905 2,898,471 Dlrect Services costs Relief of Advancement Need of EduGation Total Relief of Advancement 2024 Need of Education Total 2023 Third party training Employment costs 1,280 1,280 254,543 509,086 208,778 255,823 510,366 208,778 2,270 2,270 208.778 417,558 211,048 419,826 254,543 254,543 Support costs Relief of Advancement Need of Education Total Relief of Advancement 2024 Need of Education Total 2023 Employment costs Off ice expenses Depreciation of tangible fixed assets 117,842 38,343 3,239 117,842 235,684 107,787 36,343 72,688 39,362 3,239 6,478 2,873 107,786 215,573 39,363 78,725 2,872 5,745 157,424 157,424 314,848 150,022 150,021 300,043 32 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued Grant making Grants to Grants to Institutions individuals Total Grants to Grants to 2024 institution5 Individuals Total 2023 Relief Df Need Advancement of Education 487,268 1,330,068 1,817,336 767,355 767,355 487,268 2,097,423 2,584,891 487,115 1,087,654 1,574,769 603,833 603,833 487,115 1,691,487 2,178,602 Details of grants awarded in respect of each organisation during the year are disclosed in the Charities, Annual Report. Other exp&nditure Unrestricted Funds Endowment Funds Total Funds 2024 Unrestrictodl Total Fund5 2023 Governance costs: Employment costs Establishment costs Off ice expenses Irrecov8rable VAT Trustee expenses Auditors, remuneration Legal and professional costs Depreciation of tangible fixed assets 154,132 24.409 53,246 23,503 154,132 24,409 53,246 23,503 165,681 24,050 64,156 30,484 8,OOQ 16,682 6,478 8,000 16,662 6,478 8,000 9,662 5,745 286,430 286,430 307,778 Loss on disposals of fixed assets 527 286,430 286,430 308,305 Operating leases Not later than one year Latsr than one year and not later than five years Later than five years Operating equipment 360 1,080 33 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 10 Trustee's remuneration and expenses The trustees received no remuneration during the year. No Trustee was reimbursed for expenses incurred during the year (2023 - no Trustee). Net expenditura Net expanditure is stated after charging: 2024 2023 Auditors, rernuneration - audit services Depreciation of owned assets 8,000 12,956 8,000 11,490 12 Employees. remuneration The average head count of persons employed by the charity during the year, 8nalysed by category, was as follows= 2024 No. 2023 No. Grant making and advice to beneficiaries Managem8nl and administralion of the charity 16 The aggreg2te payroll costs of these persons were as follaws.. 2024 2023 Wages and salaries Social securtty Other pension costs 731,470 79,886 87,546 898,902 668,572 65,081 65,157 798,810 34 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 .continued During the year, the number of employees other than the key management personnel who received employee benefits (exclud ing employer pension costs) falling within the following ranges was.. 2024 2023 £60,000 - £70,000 £70,000 - £80,000 Key management personnel During the year, thp number of senior employees who received emoluments falling within the following ranges was.. 2024 2023 No, £70,000 £80,000 £90,000 £1 QQ,000 £11Q,000- £12Q,000 The total amount of employee benefits received by the key management personnel (including mployer's National I nsurance Contribution) was £123,92512023 - £195,464). During the year, defin8d contribution pension conlributions on behalf of these staff amounted to £11 ,GIOO {2023- £5,705). 13 Gainsll105ses) on Investments UnrestrScted Funds Endowment funds Total funds 2024 Endowmenu Total funds 2023 Gainsl{losses) on disposal of investment properties Gainsl(lossesl on disposal of investments Gainsl{Iosses} on revaluation of investments Gainsl(losses) on revaluation of investment properties (175.5291 1175,529) 668,787 6,965,546 6,965,54e (3,530,626) 16,933,324) {6,933,3241 (647,807) {143,3071 (143,307) (3,509,646> 35 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . Gontinued 14 Taxation Tho company is a registered charity and is, therefore, exempt from Corporation Tax. 15 Transfer between funds Unrestricted Funds Endowment funds AllocatlDn of the unapplied total return 3,196,802 (3,196,802) 16 Tangible fixed assets Long Seasehold Plant and and other interests ma¢hinery In land and Including motor bulldings vehlcles Total Cost or valuatlon: As 8t 1 April 2023 Revaluation Additions Disposals As at 31 March 2024 Depreciation: As at 1 April 2023 On disposals Charge for the year As at 31 March 2024 2,295,570 (413,8091 1,739 81,189 2,376,759 (413,809) 10,778 9,039 1,883 500 90,228 1,973,728 53,526 53,526 12,956 66,482 12,956 66,482 Net book values: As al 31 March 2024 As at 31 March 2023 1,883,500 2,295,570 23,746 27,863 1,907,246 2,323,233 The historical cost of leasehold properties held, as at 31 March 2024 is £1,380,856 (2021.. £1,379,117). 36 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 , continued 17 Investments held as fixed assets Investment properties Listed Investments Total Market value. As at 1 April 2023 Revaluation Additions Disposals As at 31 March 2024 96,530,928 (6,933,324) 47,996 66,891,908 8,965,546 13,020,749 {13,668,109 73,010.094 163,222,836 32,222 13,068,745 13,688,109 162,855 694 89.645 600 Net book value As at 31 March 2024 As at 31 March 2023 89,845,600 96,530,928 73,Q10,094 66,691,908 162,855,694 163,222,836 Property valuations were prepared by Savills in accordance with the Valuation Standards, Guidance Note8 and Appendices contain8d in the RICS Valuation- Global Standards, effective from 31st January 2022, incorporating international Valuation Standards (IVS) (the Red Book ), including the UK National Supplement. NolJMithst8nding some uncertainty around the impact of the government's proposed reform of leasehold, the TruSt￿S are satisfied that, within current extended margins of error, the stated values are the closest that can be achieved to fair value in the circumstances. The historical Cost of listed investments held as at 31 March 2024 is £81,394,146 (2023-. £60,859,339). Of the total value of listed investments, £49,584.970 (2023. £44,003,244) represents overseas investments and £23,425,124 (2023.. £22,688,664) represents UK investments. 37 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued The investment fund and application of total return to the endowed funds is summarised below.. Movements in the Total Return Fund for the year: 2024 2023 Opening value Df permanént endowment Less: amount maintained in permanent endowment fund Unapplied total return as at l April 2023 Investment return - net incomellexpendilure) Allocation of unappli8d return Revaluation of operating premises Unapplied total return as at 31 March 2024 Add '. amount maintained in permanent endowment fund Permanent endowment fund including unapplied total return as at 31st March 2024 164,911,998 25,028,740 139 883,258 3,053,495 (3.196,802) 413,809 139,326,142 25,028,740 168,421,644 25,028,740) 143,392,904 (351,575) (3,158,071) 139,883,258 25,028,740 164,354,882 164,911,998 Statement of Unapplied Total Return since March 2009 Unapplied total return brought forward Total return for the year Less: total return dpplied for the year Revaluation of operating premises Unapplied total return as at 31 March 2024 95,581,768 3,053,495 (3,196,802) 413 809 95,024,e52 99,091,414 1351,575> {3,158,0711 95,581,768 18 Debtors 2024 2023 other debtors Prepayments and accrued income 9D7,32g 560,709 1,468,038 355,934 120,622 478 556 19 Current assets investments 2024 2023 Cash equivalents on deposits 418,710 1,011,798 38 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 20 Creditors.. Amounts falling due within one year 2024 2023 Bank loans and overdrafts Grants payable Other creditors Accruals and deferred income 821,360 267,773 548,206 1,637,339 573,396 257,412 478,647 1,309455 D8ferred income comprises rent and ground rent charged in advance. Deferred InGome reconciliation 2024 2023 Balance at 1 April Amounl released to income Amounl deferred in the year 404,130 404,130 369,902 367,778 367,778 404,130 Ba18nce at 31 March 369,902 21 Crpdltors: Amounts falling due after more than one year 2024 2023 Multiomployer pension scheme deficit charges 2,318 4,962 The charity contributes to a multi-employer pension scheme where it is not possible to identify separately the assets and liabilities of the participating employers on a consistent and reasonable basis. The present values ofthe mulli-employer pension scheme doficit Gharges are provided by the Pensions Trust using disGount rates which would give the same results as using a full AA corporate bond yield urve to discount the same recovery plan contributions. The rate ofdiscountwas 5.310/0 (2023- 5.52 % ). 39 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 .continued Members, Ilability The charity is a private company limtted by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charty in the event of liquidation. 23 Related parties - Controlllng entity The charity is controlled by the trustees. There have been no related party transactions in the reporting period. 24 Analysis of funds At l Apr]l Totsl Income Total Net gains1 other 2023 and expenditure losses recognised endowments galnsl losses Transfer At 31 March between 2024 funds Unrestricted Funds Unrestricted income fund 913,728 82,129 (3,696,335) 3,196,802 498,324 Endowment Funds Permanent ndowment 164 911,9g8 4,315,465 11,118,663} (143,3D7) {413,809) (3,196,802 165,825,7?6 4,397,594 14,814,998) (143,3071 (413,8D9) 164,354,882 164,851,206 25 Un restricted Fu nds 2024 2023 General Reserves At 1 April 2023 From Advancement of Education To Pensions and Relief of Need 913,728 834,438 316,289 1733,693) 525,113 {445,823) 1417,404) 496,324 79,290 913,728 At 31 March 2024 40 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 2024 2023 Pensjons and Rellef of Need At 1 April 2023 Moiety surplus for the year 1,083,643 1,083,843 1,128,946 1,128,946 Less.. Expenditure on Pensions and Relief of Need 1,817,336 {733,6931 733,693 1,574,769) {445,823) 445,823 Transfer from general reserve At 31 March 2024 Advancement of Education At 1 April 2023 Moiety surplus for the year 1,083,644 1,033,644 1,128,946 1,128,946 Less.. Expenditure on Advancement of Education 767 355 316,289 {318,289) 603,833 525,113 {525,1131 Transfer to general reseNe At 31 March 2024 Summary of Revenue Reserve At 1 April 2023 ProfiV 913,728 (4,962) 165,825,726 164,911,998 42 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continue 27 Financial Instruments 2024 2023 Financial assets that are debts instruments measured al fair value.. Listed Investments 73,010,094 86,691,908 Financial assets that are debts instruments measured at amortised cost: other Debtors 907,329 355,934 Financial assets that are debts instruments measured at cost.. Current Asset Investments in Cash Cash at bank and in hand Financial assets that are debts instruments measured at cost 418,710 41,175 459,885 1,011,798 105720 1,117,518 Financial liabilities measured at amortised cost.. Grant5 Payable other Creditors Total financial 5iabilities measured at amortised cost 821,380 267,773 1,089,133 573,396 257,412 830,808 Income, expense, gains or losses, including changes in fair value, recognised on.. Financial assets measured at fair value Interest I ncome Total income, expense, gains or losses, including changes in fair value 7,965,579 136,997 {1,892,6831 31,079 8,102,576 11,661,604) 43