THE EDWARDS FAMILY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Asset cover for fund5 The trustees ar8 satisfied there are suff.0nt assots lo meet the Ch*itsO Ttusf$ obligations. Tha trustees, roport wa5 approv&1 by the Board of Tnte8$. Slmon Wllllim Edwards Tnjstee Dated". an Rlchard Borrows Tru3teo 2fflS.
THE EDWARDS FAMILY CHARITABLE TRUST BAIANCE SHEET AS Af SAPRIL 2024 2024 2023 Not Flx•d 2.675.348 23)2334 Currnnt a•Mts 11 18.840 372.434 Cash at baik WKI wi harmj 170.097 170.097 389274 Creditor¥: amounts falllng du• wlthln on• y•ar 12 (4.414) (12.948) Net cyjrrwt assets 165.683 378.328 Total assets less current Ilabilities 1841,031 I878.2 Income fiJnds Unrestricted fvnds. ca Unrestricted funds - VenUe 1.817.148 1.(123.8&3 1,746.732 931.930 2,841.031 2.678.2 The finan(ial stalemerts V•*ro apprnved by the Trustees M ...................-... Simon William Trustee
Charity Registration No. 1123136 THE TRUSTEES OF THE EDWARDS FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024
THE EDWARDS FAMILY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Simon William Edwards Alan Rithard Borrows Jane Ann Dewhurst William Richard Edwards Rosemary Gra Edwards Charlty number 1123136 Principal address DSG Chartered Accountants Castle Chambers 43 Castle Street Liverpool L2 9TL Independenl examiner Anthony Bayliss 72 Waterpark Road Prenton CH43 ORS Bankers Coutts & Co St Nicholas Pla 8 Princes Parade Liverpool L3 1DL Accountants DSG Chartered Accountants Caslle Chambers 43 Castle Street Liverpool L2 9TL
THE EDWARDS FAMILY CHARITABLE TRUST CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balan sheet Notes to the financial statements 9-14
THE EDWARDS FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 lo the financial statements. Objectives and activities Charltable Objects The Charitable Trust's objects are for the furtheran of such charitable purpose or purposes in any part of the world and if more than one in such proportions and in such a manner as the trustees shall from time to time think fit. with particular focus on North West England. Donations and furtherance of these objectives are detailed herein. Aims of charity The charity aims to make annual grants to registered charities, paying particular attention to the North West of England. The trustees meet annually to detemiine the level and appropriateness of their intended grants. How achievement of aims furthers objectives By making periodic grants to registered charities. Strategies for achieving aims The trustees, strategies to achieve their aims continues to be one of holding investments with the income being made available for the intended grants to be made by the trustees. Statement of compliance with Charity Commission guidance The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities the Charitable Trust should undertake during the year. The trustees are satisfied that the information provided in the report and accounts meet the public benefit rewrting requirements. Charitable Activities The main charitable activities of the Charitable Trust are the operation and management of the investment portfolio and the subsequent grants made. The trustees meet to determine the available income generated with a view to distributing as much of the annual income as possible. Grant making policy The Charitable Trust is solely one of grant making in furtheran of the Charitable Trust's aims. Grants made during the year are recognised in the accounts in the period for which they are intended to be applied as due in total on the date due and payable. Achievements and perfomiance Review of the Charitable Trust's achievements The trustees are satisfied that by reviewing the income levels of the Charitable Trust, a large percentage of income (less expenses) can be distributed by way of their grant making policy.
THE EDWARDS FAMILY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investment performance Most of the Charitable Trusys capital is invested on the stock market subject to a cash reserve. As at the 5th April 2024 the market value of the portfolio was £2.675.3481£2,302.334 for 2023) which generated a net income of £112,580. The trustees receive regular perfomiance reports and also review the portfolio regularly and are satisfied with the performance during the year. Flnanclal revlew Review of financial position The charitable trust's overall fund balances total £2,841,031 as at 5th April 2024. This compares to a total of £2,678.662 as at 5th April 2023. After taking into consideration total net incoming resources, recognised gains and loses during the year, commitments to charitable donations and govemance and support costs there was an overall increase in the net movement of funds of £162,369. This compares to an overall decrease of £100,940 as at 5th April 2023. The trustees have also reviewed their grant making capability and are satisfied that there will be sufficient income year on year to enable their current financial commitments io be met. The trustees consider the investments held as expendable endowments. providing a relatively secure and predictable stream of income from which to make grants. Reserves policy It is the policy of the charitable trust that reserves are held in the fonn of fixed asset investments to generate a return in the form of investment income to provide the Trust wilh funds to meet its Gharitable objeGtives through the payment of grants to other charitable organisalions. Investment policy The trustees are responsible for the investment decision making process. As there are no specific restrictions on investment powers under the goveming deed the trustees have full discretion over the investments held. The investment objectives are to achieve a baland retum from capital appreciation and income yield. It is anticipated thal the income yield from the investment portfolio will be broadly in line with that provided by the FTSE All Share Index and that the income stream will maintain its value in real terms. The trustees are to avoid exposure to investments which are deemed unsuitable in the context of the trustees. objectives, when considering the portfolio as a whole. The trustees are also to have regard for the need for diversification and the total amount invested on a direct equity investment would broadly not exceed 50/0 of the trust's total investment portfolio at the time of purchase. The benchmark upon which the trustees will measure the investment perfOnTran of the investment pcrtfolio is measured is based upon: FTSE All Share Index The trustees will receive half yearly reports from the Unil Trust providers in order to determine adherence lo Ihe investment policy and to compare the portfolio's performance in relation to the benchmark. The trustees have reviewed the current policies and do not feel any amendments are necessary.
THE EDWARDS FAMILY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Risk Management The trustees have assessed the major risks to which the charitsble trust is exposed, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. This includes the appointment of solicitors to provide legal advi. accountancy and secretarial servIs. investment advisors to provide conlinuous oversight of the trust's investment portfolio, and the trustees themselves have agreed to delegate Gertain functions to those with appropriate skills to monitor the effective management of the trust and the application of funds to fulfil their charitable objectives. Plans for the future The trustees are satisfied that their current policies are sufficient to meet their objectives and do not feel that these will be amended in the foreseeable future. They will continue to review the position. Structure. governance and management Nature of governing document and charity constitution The Charitable Trust was established by a trust deed dated 29th February 2008. The trust was originally constituted by the introduction of a balance of cash for the purposes of inveslmenl and the fulfilment of its charitable aims.
THE EDWARDS FAMILY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustees The trustees who served during the year and up to the date of signature of the financial statements were.. Simon William Edwards an Richard Borrows Jane Ann Dewhurst William Richard Edwards Rosemary Grace Edwards Recrultment and appolntment of trustees The power to appoint further trustees rests with the existing trustees who continue to review the future requirements of the Charitable Trust and professional experience required when considering the appointment of new trustees. Organisational structure The trust is a grant making Charitable Tnjst run by a body of tnjstees who meet annually to review the policies and objectives of the trust. The trustees, in conjunction with the investment managers, ensure that a half yearly report is provided which Confirms the investment managers adherence to the trustees. delegation of responsibilities in terms of exercising the asset management function. The trustees will then decide on the preferable charitable donations including identifying and liaising with organisalions whose activities help fulfil the objectives of the Charitable Trust. How decisions are made The trustees liaise regularly amongst themselves and with their professional advisors formally twice a year lo review the policies and objectives of the trust. The trustees act in accordance wilh the decisions made at these meetings with the appropriate actions minuted. Induction and training of trustees Incoming trustees are made aware of their responsibilities and the trust's objectives from the existing trustees and their professional advisors at the date of their appointment. The trustees are kept up to date on relevant matters by their professional advisors. Operational restrictions There are no specific restrictions imposed on the trustees by the goveming document conmIng the way the Charitable Trust can operate. Special investment powers There are no specific restrictions on the trustees investment powers. However, the trustees have decided to provide guidance to the investment managers when exercising the asset management functions.
THE EDWARDS FAMILY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Asset Gover for funds The trustees are satisfied there are sufficient assets to meet the Charitable Trust's obligations. The trustees, report was approved by the Board of Trustees. Simon William Edwards Trustee Dated: Alan Richard Borrows Trustee
THE EDWARDS FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARDS FAMILY CHARITABLE TRUST report to the trustees on my examination of the financial statements of THE EDWARDS FAMILY CHARITABLE TRUST (the Charitable Trust) for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the Charitable Trust you are responsible for the preparation of the financial statements in aGGordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charitable Trusvs financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I 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 financial statements in accordarte with 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) in preference to the Accounting and Reporting by Charities.. Stalement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I 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 charitable trust as required by section 130 of the 2011 the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities IAcGounts 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. I 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 financial statements to be reached. Dated: Anthony Bayliss 72 Waterpark Road Prenlon CH43 ORS
THE EDWARDS FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 General funds Capital funds Total 2024 Total 2023 Notes Investments 116,743 116,743 104,813 endi Charitable activities re on: 24.790 2,598 27,388 20,895 Net gainsl(losses) on investments 73,014 73,014 {184,858} Net movement in funds 91.953 70,416 162,369 {100,940} Fund balanS at 6 April 2023 931,930 1,746,732 2,678,662 2,779,602 Fund balances at 5 April 2024 1.023.883 1,817,148 2,841,031 2.678,662 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE EDWARDS FAMILY CHARITABLE TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Fixed assets Investments 2.675.348 2.302,334 Current assets Debtors Cash at bank and in hand 11 16,840 372,434 170,097 170,097 389,274 Creditors: amounts falling due within one year 12 (4.414) {12,946} Net current assets 165.683 376,328 Total assets less current liabilities 2,841.031 2.678,662 Income funds Unrestricted funds - capital Unrestricted funds - revenue 1,817,148 1,023,883 1.746,732 931,930 2,841,031 2,678,662 The financial statements were approved by the Tnjstees on ......................... Simon William Edwards Trustee Alan Richard Borrows Trustee
THE EDWARDS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity infonnation THE EDWARDS FAMILY CHARITABLE TRUST is a Charitable Trust. established by a declaration of trust. 1.1 Accounting convention The financial statements have been prepared in accordan with the charitable trust's trust deed, the Charities Act 2011 and "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 1021" (as amended for accounting periods commencing from 1 January 20161. The Charitable Trust is a Public Benefit Entity as defined by FRS 102. The Charitable Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Ststement of Cash Flows. The financial statements are prepared in steding, vthich is the functional currency of the charitable trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include the required revaluation of financial instruments at fair value. 1.2 Going concem At the time of approving the financial statements, the trustees have a reasonable expectation that the Charitable Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtheran of their charitable objectives. 1.4 Incoming resources Income is recognised when the Charitable Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations or legacies are recognised on receipt. Other donations are recognised once the charitable trust has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised at the time of the donation. However, it is not anticipated that any further cash donations or legacies are to be made to the charitable trust. 1.5 Resources expended Expenditure, including grants made. is recognisable when and to the extent that the liability is due and payable.
THE EDWARDS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in nel incomel{expenditure) for the year. Transaction costs are expensed as incurred. Fair value on fixed asset investments is measured as at Ihe balan sheet date as follows= Listed securities at mid-market value- Listed securities held in foreign currencies al mid-markel value and translated into their sterling equivalent at the accounting date- Government securities at mid-market value and do not include interest accNed. Unrealised gains and losses are included on the statement of financial activities. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities although il is nol anticipated that there will be any overdraft or short term borrowing requirements. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured al Iransaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the presenl value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Financial liabilities are ostensibly in respect of professional and accounting fees and represent obligations to pay for services that have been required in the ordinary course of operations. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charitable trust's contractual obligations expire or are discharged or canlled. 10-
THE EDWARDS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments Unrestricted Unrestricted funds funds general general 2024 2023 Income from listed investments Interest receivable 112,580 4,163 103,287 1,526 116,743 104,813 Charitable activities Charitable Charitable Expenditure Expenditure Governance Grants 2024 2024 Total 2024 Total 2023 Grant funding of activities (see note 4) 24.490 24,490 16.700 Share of support costs (see note 5) Share of governance costs (see note 5) 300 2,598 300 2,598 225 3,970 2,898 24,490 27,388 20,895 Analysis by fund Unrestricted funds- general Unrestricted funds - capital 300 2,598 24.490 24,790 2,598 16,925 3,970 2,898 24,490 27,388 20,895 For the year ended 5 Aprll 2023 Unrestricted funds- general Unrestricted funds - capital 225 3,970 16.700 16,925 3,970 4.195 16.700 20,895 11
THE EDWARDS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 Grants to institutions {8 grants) VAC Southport Christmas Shelter Progetto Itaca Andrea BoGelli Foundation Lathom Chapel Trust Early Music as Education Patchwork Project Other Queenscourt Hospice Liverpool Biennial 400 2,000 4,323 3,567 1,200 6,000 6,000 1,000 1,200 6,000 7,000 1,000 1,500 24,490 16,700 Support costs Support Governance costs costs 2024 2023 Bank charges Accountancy Charges Independent Examiner Legal and professional 300 300 3,798 600 {1,800} 225 3,450 520 3,798 600 {1,800) 300 2,598 2,898 4,195 Analysed between Charitable activities 300 2,598 2,898 4,195 Govemance costs includes payments to the independent examiner of £600 (2023- £5201 for independent examination fees. Trustees None of the trustees {or any persons connected with them) received any remuneration or benefits from the charitable trust during the year. Employees There were no employees during the year. 12-
THE EDWARDS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Net gainsl(losses) on investments Unrestricted Unrestricted funds funds capital capital 2024 2023 Revaluation of investments 73,014 1184,858) Fixed asset investments Listed investments Cost or valuation At 6 April 2023 Additions Valuation changes 2,302,334 300,000 73,014 At 5 April 2024 2,675,348 Carrying amount At 05 April 2024 2.675,348 At 05 April 2023 2,302,334 10 Financial instruments 2024 2023 Carrying amount of financial assets Equity instruments measured at cost less impaimient 2,675,348 2.302,334 Carrying amount of financial liabilities Measured at amortised cost 4,414 12,946 11 Debtors 2024 2023 Amounts falling due within one year: Other debtors 16,840 13-
THE EDWARDS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Creditors: amounts falling due wilhin one year 2024 2023 Accnjals and deferred income 4,414 12,946 13 Analysis of net assets between funds Revenue 2024 Capital 2024 Total 2024 Total 2023 Fund balances at 5 April 2024 are represented by: Investments Current assetsl(liabilities) 2,675,348 {858.200) 2,675,348 165,683 2,302,334 376,328 1.023.883 1.023.883 1,817.148 2,841,031 2.678,662 14 Related party transactions There were no disclosable related party transactions during the year {2023 -none). 14-
THE EDWARDS FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARDS FAMILY CHARITABLE TRUST I report to the trustees on my examination of the flnanclal statements of THE EDWARDS FAMILY CHARITABLE TRUST (the Charitable Trust) for the year ended 5 April 2024. Responsibilltles and basls of report As the trustees of the Charitsble Trust you are responsible for the preparation of the financial ststements in accordance wilh the requirements of Ihe Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charitsble Trust's financial slatemenls carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact Ihat the charity has prepared financial statements in accordarce with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charities.. Statemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. l Confirm that no matters have com8 lo my attention in conneGtion with the examination giving me cause to believe that In any matèrial respecL' accounting records wèrè not kept in respect of the charitable trust as required by sedion 130 of the 2011 Act., or the financial statements do not a¢cord with those records., or the financial ststements do not Gomply with the applicable requirements concerning the form and ttsntènt of accounts set out in the Charttles (Accounts and Reports) Regulations 2008 other than any requlrement that thè accounts glve a true and fair view which is not a matter consid&red as part of an independent examination. I have no contsms and have Come across no other matters in connection with the examlnatEon to which attp tion should be drawn this report in order to enable a proper understanding of the financial slatements to ached. ated= Anthony Bayliss 72 Waterpark Road Prenton CH43 ORS