Charity number: 1117439
od
EAST COURT CHARITABLE TRUST
aaa
Eee ———————————— oe —eVX——
UNAUDITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
EAST COURT CHARITABLE TRUST
CONTENTS
==> picture [445 x 231] intentionally omitted <==
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Page|
|Reference|and|administrative|details|of the|charity,|its|trustees|and|advisers|1|
|Trustees’|report|2-3|
|Independent|examiner's|report|4|
|Statement|of financial|activities|5|
|Balance|sheet|6|
|Notes|to|the|financial|statements|7-13|
|The|following|pages|do|not|form|part|of the|statutory|financial|statements:|
----- End of picture text -----
EAST COURT CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
Trustees
.
Mr Angus Selwyn Llyod Mrs Wanda Marian Lloyd Mr Ross Wyndham Badger Mrs Pippa Satchwell-Smith Mrs Victoria Lloyd Rev Richard LLoyd (appointed 4 October 2023)
Charity registered number
1117439
Principal office
45 Pall Mall, London, SW1Y 5JG
Accountants
Hillier Hopkins LLP, 45 Pall Mall, London, SW1Y 5JG
Independent examiner
Peter G. Hakim, 39 Borrer Drive, Henfield, West Sussex, BN5 9FQ
Page 1
EAST COURT CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the charity for the 6 April 2023 to 5 April 2024.
a. POLICIES AND OBJECTIVES
The Charity is established for the purpose of the advancement of education and religion and relief of the persons in need, hardship or distress and other charitable purpose including (without limitation to the foregoing) the making of grants and subscriptions to other charitable bodies (the "objects").
The Trustees hold the income of the Endowment Fund to pay and supply the same in promotion of the objects in such manner as the Trustees from time to time think fit and in particular the Trustees shall have power to pay the said income to the Trustees of East Court Charitable Trust for its general purposes, provided always that the Trustees shall be entitled to direct that all or part of the payment shall be applied for any one or more specified purpose.
Notwithstanding the foregoing trust income, the Trustees may at any time at their discretion pay or apply the whole or any part of the capital of the Endowment Fund in promotion of the objects in such a manner as they think fit.
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
a. CONSTITUTION
East Court Charitable Trust is a Charity constituted by a Declaration of Trust dated 8th December 2005.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The Trustees of the Endowment Fund shall be not less than three more more than twelve in number and shall, as far as possible, (but without imposing any legal obligation in this respect) include a majority of persons connected with East Court Charitable Trust. The power of appointing new Trustees is invested in the surviving or continuing Trustees.
c. RISK MANAGEMENT
The charity Trustees have considered the major risks to which the charity is exposed and have reviewed those and established systems and procedures to manage those risks. The Trustees consider the variability of investment returns on the investments to constitute the charity's major risk and continue to keep the investment portfolio under review.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
Page 2
EAST COURT CHARITABLE TRUST
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED5 APRIL 2024
each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
e select suitable accounting policies and then apply them consistently;
-
° observe the methods and principles in the Charities SORP;
-
e make judgments and accounting estimates that are reasonable and prudent;
-
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees, on 14 June 2024 and signed on their behalf by:
==> picture [143 x 69] intentionally omitted <==
----- Start of picture text -----
\e QS
Ross Badger
----- End of picture text -----
Page 3
EAST COURT CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED5 APRIL 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EAST COURT CHARITABLE TRUST (the ‘charity')
| report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
| report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. | understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
| have completed my examination. | can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which ion should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
gnea: Dated: 14 June 2024 Peter G Hakim
Page 4
EAST COURT CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | |
| INCOME FROM: | ||||
| Donations and legacies | 2 | - | - | 50,000 |
| Investments | 3 | 31,008 | 31,008 | 31,804 |
| Other income | - | - | 445 | |
| TOTAL INCOME | 31,008 | 31,008 | 82,249 | |
| EXPENDITURE ON: | ||||
| Raising funds | 6,130 | 6,130 | 5,888 | |
| Charitable activities: | ||||
| Donations | 60,200 | 60,200 | 57,300 | |
| Other charitable activities | 8,799 | 8,799 | 7,950 | |
| TOTAL EXPENDITURE | 6 | 75,129 | 75,129 | 71,138 |
| NET INCOME / (EXPENDITURE) BEFORE INVESTMENT | ||||
| GAINS | (44,121) | (44,121) | 11,111 | |
| Net gains on investments | 8 | - | - | 5,009 |
| NET INCOME /(EXPENDITURE) BEFOREOTHER | ||||
| RECOGNISED GAINSAND LOSSES | (44,121) | (44,121) | 16,120 | |
| Gains/(losses) on revaluations offixed assets | 258,968 | 258,968 | (76,101) | |
| NETMOVEMENT IN FUNDS | 214,847 | 214,847 | (59,981) | |
| RECONCILIATION OF FUNDS: | ||||
| Total funds brought forward | 1,882,511 | 1,882,511 | 1,942,492 | |
| 2,097,358 | 2,097,358 | 1,882,511 | ||
| TOTALFUNDSCARRIEDFORWARD | ee | C= |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
EAST COURT CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2024
==> picture [493 x 270] intentionally omitted <==
----- Start of picture text -----
2024 2023
Note £ £ £ £
FIXED ASSETS
Investments 8 2,020,795 1,761,827
CURRENT ASSETS
Debtors 9 5,000 5,000
Cash at bank and in hand 72,563 116,432
77,563 121,432
CREDITORS: amounts falling due within
one year 10 (1,000) (748)
NET CURRENT ASSETS 76,563 120,684
NET ASSETS 2,097,358 1,882,511
CHARITY FUNDS
Unrestricted funds 2,097,358 1,882,511
TOTAL FUNDS 2,097,358 1,882,511
----- End of picture text -----
The financial statements were approved by the Trustees on 14 June 2024 and signed on their behalf, by:
Ross Badger
The notes on pages 7 to 13 form part of these financial statements.
Page 6
EAST COURT CHARITABLE TRUST
- ACCOUNTING POLICIES
,
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
- 1.1. Basis of preparation of financial statements
The financial statements have been prepared to give a ‘true and fair’ view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
East Court Charitable Trust constitutes a public benefit entity as defined by FRS 102.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
- 1.3. Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to makea distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Page 7
EAST COURT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
1. ACCOUNTING POLICIES (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Snared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
- 1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- 1.8 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 8
EAST COURT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
1. ACCOUNTING POLICIES (continued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donation - Craig-Lloyd | - | - | 50,000 |
| Total 2023 | 50,000 | 50,000 | |
| INVESTMENT INCOME | |||
| Unrestricted | Total | Total | |
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Dividends | 31,008 | 31,008 | 31,804 |
| Total2023 | 31,804 | 31,804 |
3. INVESTMENT INCOME
Page 9
EAST COURT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
4, ANALYSIS OF GRANTS
| Grants to | |||
|---|---|---|---|
| Institutions | Total | Total | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donation | 60,200 | 60,200 | 57,300 |
| Total 2023 | 56,800 | 57,300 | |
| Donations were made to the following Individuals | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Mary Morgan | 1,000 | - | |
| Others < £1,000 | - | 500 | |
| Total | 1,000 | 500 | |
| Donations were made to the following Institutions | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Costa Rica | - | 1,000 | |
| Crossways Councilling | 5,000 | 5,000 | |
| EmergeAdvocacy | - | 5,000 | |
| Haslemere Penny Half Penny | 2,000 | - | |
| Hear Here | - | 5,000 | |
| Holingdean Food Bank | 2,000 | - | |
| Hope Garden | 2,000 | - | |
| Leatherhead Community Hub | 3,600 | 1,800 | |
| Leatherhead Youth | 15,000 | 15,000 | |
| Love Christmas Campaign | 2,500 | - | |
| MHA Communities East Surrey | - | 4,000 | |
| Ramsay Health | - | 6,000 | |
| Relational Hub | 5,000 | 5,000 | |
| Safe Haven Women | 5,000 | 4,000 | |
| Spear Brighton | - | 1,500 | |
| St Matthias Bright | - | 1,000 | |
| Tackling Anxiety | 2,500 | - | |
| The Brigitte Trust | 10,000 | - | |
| Zimbabwe Charities | 2,000 | - | |
| Others < £1,000 | 2,600 | 2,500 | |
| Total | 59,200 | 56,800 |
Page 10
EAST COURT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
5. GOVERNANCE COSTS
6.
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Bank Charges | (1) | - | |
| ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE | |||
| Othercosts | Total | Total | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Expenditure on investmentmanagement | 6,130 | 6,130 | 5,888 |
| Costs of raising funds | 6,130 | 6,130 | 5,888 |
| Charitable expenditure | 60,200 | 60,200 | 57,300 |
| Accountancy fees | 7,800 | 7,800 | 7,200 |
| Independent Examiner's fees | 1,000 | 1,000 | 750 |
| ) | |||
| 69,000 | 69,000 | 65,250 | |
| Expenditure on governance | (1) | (1) | - |
| 75,129 | 75,129 | 71,138 | |
| Total2023 | 71,138 | 71,138 |
7. AUDITORS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,000 (2023 - £ 750).
8. FIXED ASSET INVESTMENTS
| Listed | |
|---|---|
| securities | |
| £ | |
| Market value | |
| At6 April 2023 | 1,761,827 |
| Revaluations | 258,968 |
| At5April2024 | 2,020,795 |
Page 11
EAST COURT CHARITABLE TRUST
| NOTES TO THE FINANCIAL STATEMENTS | |||
|---|---|---|---|
| FORTHEYEAR ENDED5 APRIL 2024 | |||
| 8. | FIXEDASSET INVESTMENTS (continued) | ||
| Investments at market value comprise: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Listed investments | 2,020,795 | 1,761,827 | |
| All the fixed asset investments are held in the UK | |||
| 9. | DEBTORS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments and accrued income | 5,000 | 5,000 | |
| 10. | CREDITORS: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals and deferred income | 1,000 | 748 | |
| 11. | ANALYSIS OF NETASSETS BETWEEN FUNDS | ||
| ANALYSISOFNETASSETSBETWEENFUNDS-CURRENTYEAR |
| Unrestricted | |
|---|---|
| funds | |
| 2024 | |
| £ | |
| Fixed asset investments | 2,020,795 |
| Current assets | 77,563 |
| Creditors due within one year | (1,000) |
| 2,097,358 |
Page 12
EAST COURT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted | |
|---|---|
| funds | |
| 2023 | |
| £ | |
| Fixed asset investments | 1,761,827 |
| Current assets | 121,432 |
| Creditors due within one year | (750) |
| 1,882,509 |
Page 13