Charity numb8r: 1119947 THE ADDO TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE ADDO TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARifi, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustae$ JW Barnett KBamett Charlty registered numbgr 1119947 Princlpal offlGe 16 Great Queen Street London ING2B SAH Accountants Blick Rothenberg Limited 16 Gie* Queen Street London VVC28 SAH Banke HSBC Bank 69 Pall Mall London SW1Y SEY Page 1 THE ADDO TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trusteès present their annual report together with the finanual statements of the Thg Addo Trust for the 1 January 2023 to 31 December 2023. The Twslees confirm that the Annual report and financial statements of the charity comply with the current ylalulory requirements, the requirements of the charftys goveming document and the provisions of the Statèment ol Recommended Practice ISORP} applicable lo charities PTeparing their accounlg in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. Stru¢ture, govemanee and manag•mont Obje¢tivès and activitias a. Poll¢l¢s and objectives In setting objectives and planning for actimlies, the Trustees have given due u)nsideration to general guidance publi8hed by the d)arlty comrnission ￿lating lo public benefit. The principal objective of the charity is to relieve poverty and dislress in the UK with parti¢ulaT reference Its raring and supporting young people in material, physical, educational or other need. The ¢harity aims to help relieve hurnan suffering amongst hotneless people and support other charitable purposes worldwide as the trustees deem appropriate from time lo lime. These objectives are lo be achieved from donatKJns. The charity is govemed by a Trust Deed, dated 27 March 2007. Achl8v•ments and pgrfomance a. Rovlew of actlvltl The Trustees have taken steps during the year lo publicise their proposed areas of gmng lo groups speufied above. Grants amounting to £49,00012022'. £66,000) were paid by the Trustees during the year. Nel incoming resources before invesimenl revaluations were £108,62012022'. £97.0131. The funds available al the yeai end and carried foJward wgre £2,830.851 <2022.. £2,515,604). Flnancial review a. Reserves policy The Trustees establish funds ft>r particular purpose5 or to maintain reserves, which are reviewed at their regular meÈtings. b. Risk Policy The Trustees have idgntthed the risk$ lo which the Trust is exposed and have imptemenled procedures lo mitigate those risks. Page 2 THE ADDO TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 . 111othod of appointment or •l&ctlon ot Tru$toeg The Twstee5 shown on page I held office during the year. Where there are requiremonls ft)r new Trustees, JW Bamett will makg these appolntments. The Chief ExecJJtive Officerwho has been delegated day to day management is JW Barnett. Approved by o by.. Y of the members of Ihe btsard of TD2slees on 19 September 2024 and signed on thair behalf JW Bamett Trustee Pago 3 ## **THE ADDO TRUST** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Independent examiner's report to the Trustees of The Addo Trust ('the charity')** We report to the charity Trustees on our examination of the accounts of the charity for the year ended 31 December 2023. ## **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'). We report in respect of our examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed 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 in 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. We 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. We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. 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. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our work or for this report. Signed: Dated: 30 September 2024 Shaun Melvin FCA Blick Rothenberg Audit LLP 16 Great Queen Street London WC2B 5AH Page 4 THE ADDO TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Ineomg from: Investments 160.594 160,594 165.759 Total In¢ome 160,594 160,594 165,759 Exp&ndlture on: Charitable adivilies 51.974 S1,974 68.746 Total eXpendI￿re 51,974 51.974 68,746 Net movement In fund$ before other r¥cognised gainslllosse$l Other r•cogni$ed gainslllossesl.. Gainslllossesl on revaluation of fixed assets 108,620 108.620 97,013 206.627 206,627 1962,134) Net movement In fund8 315.247 315,247 1865,121} Re¢oncllSation of funds: Total fvnds brought fomrd Nel movement in funds 2.515.604 315.247 2,6IS,604 315.247 3,380,725 {865,1211 Tolal fvnds carried forward 2,830,851 2,830,851 2,515,604 The Slalement of finanual 8divities indude5 811 gains and losse5 recogni3￿ in the year. Page 5 THE ADDO TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Nots Fixed ass•ts Investments Currènt assets 2.797.620 2.428.$40 Cash at bank and in hand 38,601 89.684 Creditors.. amounts falling due wlhin ono year {S.3701 {2,620} Not current assets 33,231 87,064 Totsl assets1•ss ¢UTTent Ilabllltie¥ 2,830,851 2,515,604 Total net assets 2,830,8S1 2,515,604 Charity fund$ Unrèstricted funds General Funds 12,830.8511 12,515.6041 Total fvnd$ 2.830,851 2,515.604 The finanaal statements were approved and authorised for issue by the Trustees on 19 September 2024 and signed on their behalf by.. JWB Tnjslee The notes on pages 7 10 11 form part of these financi￿ slalemenls. Page 6 THE ADDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUn￿n9 pollcies 1.1 Ba$ls of PTgparatlon of financial xtstements The financial statements have been prepaTpd in accordance with the Chariligs SORP IFRS 1021 Accounting and Reporting by Charities". Statement of Rewmmended Praetice applicable to charlues preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irel8nd IFRS 1021 leffeclive 1 January 20151, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Thè finanryal statements have been prepa￿d to give a 'true and falf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent fequlred to provKle a 'true and faif wew. This departure has involved following the Charities SORP IFRS 102} published on 16 July 2014 rather than the Accounting and Reporting by Charib"es'. Statement of Re¢ommended Pr8dice effactive from 1 April 2005 which has since been withdrawn. The Addo TTu$I meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially re¢ognised at histori¢al cost or transactson value unless otherwise stated in the relevant accounting policy. 1.2 Cash Ilow The financial 518tements do not indude 8 Stalemenl of ¢ash flows because the Charity, as a Small reporting entty, is exempl from the requiremont lo prepare such a stslement. 1.3 Incomo All incomè is re¢x)gnised once the charity has entitlement to the income, rt is probable that the incomo will be foceived and the amount of income receNable can be measured reliably. Income lax recovetable in relation lo investment income is recogni5èd at the time th¢ investment income is rècewable. 1.4 Expendituro Expenditure is recognised onGe there is a legal or constructive obligation to transfer e￿noMiC b8nefft to a third party. it is probable that a transfer ol economic benefits will be required in settlement and thè amount of the obligation can be measuiad reliably. Expenditure is dassified by aclivity. The costs of each 8ctivity afe made up of the total of direct costs and shared costs, induding support costs involved in undèrtaking each acliMty. Direct costs attfibulable lo a single adivty are allocaled diF6CtIy to that activity. Shared ¢osts which contribute to more than one activity and support costs which are not attributable to a single adivily are apportioned bel￿een those aolivilies on a basls consistent with the use of resourrRs. Central staff wsts are allocated on the basis of time spènl. and deprerixtion ch8rges allocated on the portlon of the asset's use. Expenditure on chaTltsble activities is Incurred on dire¢My undertaking the activitiès which fvrther the charity's objectives, as well a5 any as50ClOted support costs. GTanls pay8ble are charged in the year when the offer is made except in those cases where the offer is condition81, such gran15 bging recognised as expenditure when the conditions attaching are fu￿l[led. Grants offered Subject to conditions which have not been met at the year end are noted a$ a commitment, but not arLiued as expenditure. All expendiluTe is indusive of irrecoverable VAT. Page 7 THE ADDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuèdl 1.S Investments Fixed asset investments arè a forrn of financial instrument and are inrtially recognised at their transaction cost and subsequenlly measured 81 fair value 3t the Balance sheet date, unless the value cannot be measured reliably in which c8se il is measured al cost less impaimient. Investment gains 8nd losses, whether realised or ￿n￿alIsed, aro ¢ombined and Pfesenled as 'GainsllLossesl on investments. in the Statement of financial aetiwties. 1.6 Ca$h at barik and In hand Cash at bank and in hand include5 cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of a¢qui5ition or opening of Ihe deposit of similar account. 1.7 Liabilities and provisions Ltabililie5 are recognised when there is an obligation 81 the Balancè sheet date as a result of a past èvent, il is probable Ihal a transfer of economic benefft will be required in settlement, and th6 amount of the settlement can be eslmatèd reliably. Liabilities are recognised at the amount that the charity anticipates tt will pay lo settle the debt or thè amount il has feceived as adVan￿d payments for th& goods or setvices il must provide. Provisions are measured at the best eslirnale of the amounts ￿qUired to settle the obligation. Where the effect of the lime value of money is material, the prowsion is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specifie lo the liakn'lity. The unwinding of the discount is recognised in th& Stslement ol financial activities as a finance ¢051. 1.8 Financial instrurnBnts The charity only has financial assets and finan¢ial liabilities of a kind that qualify as basi¢ financial inslwmenls. Basic financial instrurllenls are initially recognised al transaction value and 5vbsequenVy measured at their settlement value with the exception of bank loans which are subsequendy measurèd al amortised cost using the efféctive interest method. 1.9 Fund accounting GeneTal funds are unrestrided funds whith are availabie for use al the discrellon of the Trustees in furtherance of the general objectives of the charty and which have not been designated for other purposes. Investment in￿me, gains and losses a￿ allocated lo the appropriate fund. Page 8 THE ADDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1￿￿stM•nt in¢ome Unrestrlcted lunds 2023 Total funds 2023 Income from local listed inv&stments 160,594 160,694 Unrestricted funds 2022 Total lund5 2022 Income frf)m lo¢al listed investments 165,759 165,759 haritsbh activltios 2023 2022 Grants to inslrtulions Accountancy fees Bank chargès 49,000 2,750 224 66,000 2,650 96 51.974 68.746 Th$ charity had no employees in 2022 or 2021. Indeptrndont 8xaminerfg remuneration 2023 2022 Fees payable lo the eharTtVs independent examiner for the independent examination of the charitys annual accounts Fees payable to the charily's independent examiner in respect ofr. All othei servi￿$ not included above 2.000 2,000 750 650 Page 9 THE ADDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Flxed asset investmènts Ll$tsd in￿stments Cost orvaluatlon Al 1 January 2023 Additions 2.428.640 162,453 206,627 Revaluations Al 31 Decembèr 2023 2,797,620 N•t book valufr Al 31 Decembèr 2023 2,797,62Q Al 31 December 2022 2,428.540 Crgditorn- Amounts falllng due withln on• y•ar 2023 2022 Accruals and deferred ino)mg 5.370 2,620 Page 10 THE ADDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ststemenl of fund$ Statement of fund$- currant yoar Balan¢9 at. 31 Gainsl December {Losses} 2023 8alance at 1 January 2023 Income Expenditure Unrestri¢tsd fund$ General Funds- all fvnds 2,515,604 160,594 151,9741 206,627 2,830,851 R•lated paty transacdon$ The Trustee5 recewl no emoluments during thè year lyear ended 31 December 2022.. £nill and no Trustees received any reimbursement of expenses (year ended 31 December 2022.. £nill. 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