Charity number.1123289 THE CARNELIAN TRU5r UNAUDITED TRUSTEES. REPORT AND FINANCIAL sTATEmE￿r5 FOR THE YEAR ENDED 5 APRIL 2024 THE CARNELIAN TRUST co￿E￿rS Page Relerence and Administrative Details Ot the Charity. its Trustees and Advisers Trustees, Report Ind¢p¢ndenl Examlnerfs Report Sfalèmènt of Flnandal Activitiès Balance Shèel Notes to the Finan¢lal Slalèmènls THE CARNEUAN TRU REFERENCE AND ADMINISTRATIVE DEfAILS OFTHE CHARttY. trs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustee5 R T Chenevix Trench A M Chenevix Trench D Fishèr Charity reglslered number 1123289 Principal office Unit 4 Hill Farm rby Road Kirby Bedon Norwich NR14 7DU Accountants BW Audit Limited Chartered Actounlanls Berry & Warren 54Thorpe Road Norwich NRI IRY Page I THE CARNELIAN TRU TRusfEES REPORT FOR THEYEAR ENDED 5 APRIL2t124 The Trustees present their annual report togElher wilh Ihe financial statements of Ihe Charity for Ihe year 6 April 2023 to 5 April 2024. The Trustees have adopted the provisions of Accounting and Reporling by Charitie5: Slatemenl of Recommended Praclice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (elfeclive l January 20191. Objeelives and acllvltles Pollcles and objeclives The Charily is a general purpose charlly and the intention of the Trustees has been lo develop main area5 01 benefit Qvgr the course of time. more recently around educativn. health. environmenlal mallers and general welfare. In setting objectives and planning for adivilies. the Trustees have given due consideration to yeneral guldancg published by the Charity Commission relating lo public benefil. including the guidance 'Public benelil= running a charity IPB2)'. Athlevernenls and p•rlonnaDce a. Maln achlevernenls Qt thè Charity The Trustee5 keep under review how best to achieve their objective& They have agreed that gran15 may be made lo a particular recipient organisation for a period of up lo three years, acceptin9 Ihat the Trustee5 could decide on a particular case to make a one off granl and similarly that it would be within their discretion to make further payments beyond three years if thought appropriate. In addilion. as a general rtjle, any yrènt made should not be more than 12% of the recipierbt charitls annual income. Gran15 have been paid to Dryanisalions where the funds will have a high impacl on the end user and during thE year ended 5th April 2024 grants lotalling £50,00012023 - £20,(￿Qj were paid as detailed in note Il lo the accounts. A transfer of È5A,767 12023 - £25.180J was made from endowment funds to the unrestricled funds to COVEr a shortfall arising in unre5lricted funds as a result of making these grants. in accordance with the TruslE¢S' policy of releasing funds frtsm the endowment Ivnd, as required. to meel the operating needs of the Charlly. Flnan¢lal revlew . Goiny ¢oneeTn After making apprupriale enquiries. the Trustee5 have a reasonable expectation that the Charity ha5 adequate resaurces to continue in operaliunal existence for the loreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adopt40n ol the going concern basis Can be found in the accounling policie5. Page 2 THE CARNELIAN TRusr TRusfEE5' REPORTICONTINUEDI FOR THEYEAR ENDED 5 APRIL2024 b. Reserves PDIicy In view of the fact that thè Trvslees are able to apply Ihe capital of Ihe lund a5 well as in¢ome. the Trustees consider they have sullicienl resour¢es lu respond to applications lor gran15 and ensure Ihal they have adequate fLFnds available lo cover SUPPDrt and yovernance costs. The unrestricted income fund al 5th April 2024 was £nil (2023 £nilJ which is in line with the policy. and the endowmenl fund was £1.365,902 12023 El,458,789}. The Trustees keep the level of reserves under review although ihere is no formal benchmark against which the endowment fund is measured given its nalure. L Materlal Inveslmenls pollcy The Trustees are holding cash while Ihey continue lo consider and devÈlop a more detailed investmenl slralegy for the future. The Trustee5 have invested 82% f2023- 79%J of the Trust Fund in a fund giving them a spread of exposure lo the equity markel. d. Principal funding The Charity w85 established by an initial granl from Mr R Chenovix Trench, wth further funding from Sloane Robinson Investment Sèrvices Limitèd. Structure, guvernance and managemenl a. Constllutlon The Carnelian Trust 15 an unincorporated charity. consliluted under a Tru51 Deed dated 27 February 2008. a5 amended on 5 May 2016 and Is a registered Charily, number1123289. Methods of appolnlmenl or electioN of Truslets The power of appointing new or additional trustees 15 vesled in Mr R Chenevix Trench. The minimum number of Iruslees {under the terms of the Trust DEed} is three. The Trustees keep Ihe skill roquiremenls of the Trustees under review and any new Tru$tee$ will be encouraged to atlend lecture5 or seminars along with being providèd wilh guidance on the requirements of trustees. roles from the Charity Commission website. intended to ensure that charily trustees maintain the necessary skills to conlinue the valuable work the Charliy dDes. Organisational slrudure and deci5i0n*making policies The Trustees have regular contact during the year lo discuss and consider the potèntial areas ol activity lor the Charity. including consideration of grant makin9. investment, reserve5 and risk management policies and performance. The day to day adminislralion of the grants and the prfjcessing is dolègated to the administrator FisherLegal LLP IwhD are solicitors lo Ihe Charity) ol Unil 4 Hill Farm, Kirby Road, Kirby Bedon. Norwich, NR14 7DU. The Trustees decide on Ihe gran15 to be paid after careful review of the applications received. This strategy wlll contlnue lo bp implemented lor as IDng a5 the numbpr Df applications remains relatively smalL d. Relatèd party relallonships Mrs D Fisher, a Trustee, 15 a Principal Member of FisherLegal LLP. a firni cf solicitors which raise5 involtÈs to Ihe Charity lor legal and adminislralive services rendered. Payment ol these invoice5 is aulhorised by the other Trustee5. No Iruslees, expenses have been reimbursed during the year. Page 3 THE CARNELIAN TRU TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL2024 Structure. goYernan¢e and managernent (c•nlinued) . Rlsk management The Trustees have a55essed the major risks to which the Charity 15 exposed. in parlicular thDSe related lo ihe operations and finances of the Charity. and are salislied Ihat 5y5tems and procedures are in pla¢p lo miligale exposure lo the major ri5k& The Trustees consider there lo be no siynificant areas of ¢Dncert). Slatemenl ol Trusleès. responslbliities The Truslees are responsible for preparing the Truslees, Report and the financial statemen15 in accordance with applicable law and UnitÈd Kingdom Accounting Standards (United Kinydom Generally Accepted Accounting Praclicel. The law applicable lo charitie5 In England & Wales requires the Trustees ID prepare financial slalemenls lor each financial which give a true and fair view of the state of aflairs of the Charily and ot ils incoming resDurces and application uf resources, including its income and expenditure. lor Ihat period. In preparing these financial slalemenls, the Trustees are required lo= select suitable accuunting policies and then apply them consistenlly. observe the mplhods and principle5 01 the Charities 50RP (FRS ID21: make judgments and accounting eslimales that are reasonable and pnjdent: slate whether applicable UK A¢¢ounling Standard5 IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the linancial statemenls.. prepare the financial slalements on thE going concern ba51$ unless It Is inapprDpriate lo presume that the Charily will continue in business. The Truslees are responsible lor keeping adequale accounling record5 that are sufficient lo show and explain the Charills Iransactions and di5clasè with reasonable accuracy at any time the financial p0511ion of Ibe Charity nd enable them to ensure that the financial slatements comply with the Charilie5 A¢1 2DII. the Charity IAccoynt5 and Reports) Regulalion5 2008 and the provisions of Ihe Trust deed. They are a150 responsible lor safeguarding the assels ol the Charily and hence lor laking reasonable steps lor the prevention and detection of fraud and other irregularities. Approved by order of the Trustees and signed on their behalf by. D Fisher Date: Paye 4 THE CARNELIAN TRUST ## INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 ## Independent Examiner's Report to the Trustees of The Carnelian Trust ('the Charity') I 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'). I 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 I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent Examiner's Statement 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: 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. 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 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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Dated: Joanne Fox BA FCA BW Audit Limited Chartered Accountants Norwich Page 5 THE CARNEUAN TRusr srATEMEKf OF FINANCIAL ACT5vmES FOR THEYEAR ENDED S APRIL2024 Unreslrfcled lunds 2024 Endowmenl fund5 2024 Tolal funds 2024 Totul fvnds 2023 Notè Income and endowment5 from: Investments 3.015 3,015 1303 Total income and endowmenl$ 3.015 3.015 1.303 ExpÈnditure on: Charitable activities 57.782 57.782 26.483 Total expen¢filure 57.782 57.782 26.483 Net expendlture before nel losses on Investments Net Ios5e5 on investments <54.767) (54767) (38.120) {25.180J f155.847J (38.120) Net expenditure Transfers between lunds (54,767) 54.767 (38.120) (54.767) (92.887) 1151.027J N•1 movement in funds (92,887) 192.887) (181,027) Recon¢lllallon of fundx Total funds brought forward 1.458.789 1.458.789 L639.816 Total lunds carried forward 1.365.902 1.365.902 1.458,789 The Slalement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 16 form part ijl these financial slatemenl& Page 6 THE CARNELIAN TRU BALANCE SHE AS AT 5 APRIL 2024 20Z4 2023 Note Fixed assets Investments 1.114.928 1,153,048 I,M4.928 1.153.048 Current ass&Is Invèstments Cash at bank and in hand zoo.000 58.756 312,224 258,756 31Z224 Creditors amounts falling due wilhin one y&ar io (7.78¥ (6.4831 Net current a$$ets 250,974 305.741 Total net assets 7.365.902 1.458,789 Charily funds Endowment funds IJ65,902 L455.789 Total funds IJ65.902 1,458 789 The financial statemen15 were approved and aulhorisèd for issue by the Tru51ee5 and signed on their behalf by. D Fisher Dale.. The notes on pages 8 to 16 fomi parl of these financial statements. Page 7 THE CARNEUAN TRUST NOTES TO ThE FINANCIAL SrATEmE￿S FOR ThEYEAR ENDED 5 APRIL 2024 Goneral inlorniation The Carnelian Trusl is a general purpose charity. establishèd in England and Wale5 wilh Charity Reference Number1123289. The principal address 15 FisherLegal LLP. Unil 4 Hill Farm. Kirby Road. Kirby Bedon. NorfoiK NR14 7DU. Accountlny policies 2.1 Basls ol preparalion ol finaneial slatem•nts The financial statements have been prepared In accordance wilh the Charitie5 SORP IFRS 102) Ac¢ountin9 and Reporting by Charilips: Slalemenl of Recommended Practice applicable to charitie5 prepariny their accounts in accordance with the Financial Reporting Standard appiicablo in thè UK and Republic ol Ireland IFRS 102) (effective l January 2019). the Financial Reporting Standard appllcable In the UK and Republic ol Ireland (FRS 102) and the Charities Act 2011. The financial slalpmènls have been prepared lo give a Irue and fairf view and have departed from the Charities (Accounts and RepDrls) Regulations 2008 only lo the exlenl required to provide a'true and falrf view. This departure ha5 involved following the Charilies SORP (FRS 1021 published in October 2019 rather than the Accounting and Reporting by Charilies= Statement ol Recommended Pra¢li¢e effective from l April 2005 which ha5 since been withdrawn. The Carnelian Trust meels the definition Df a public benefit entity under FRS 101 Assets and liabiiilie5 arè initially recognised al historical c05t or transaclion value unless otherwise stalèd in the relevanl accounting policy. 22 Golng concern The Truslees have review¢d the level of investments held at the year end alongside movemenls in value since Ihe year end and considered the level of anticipated grants. Based on this. they have a reasonable expectation Ihal Ihe Charity can meet its liabilities as they fall due and have Iherefore prepared Ihe accounts on a going concern basi& 2.3 Income All income is recogni5ed once the Charlty ha5 enlillemenl to the income, it is probable Ihat the income wlll be received and Ihe amounl of income receivable Can be measured reliably. Investment income is included when receivable. 14 Expendilure Expendilure is recognised on an accruals basis once there is a legal or constructive Ob￿gatiOn to Iransler economic benplil lo a Ihird party, il is probable Ihal a transler ol economic benefits will be required in 5elllement and the amuunl ol the obligation can be measured rÈliably. Expenditure is classified by activity. The costs ol each aclivity are made up ol the total ol direct Costs and support c¢sts involved in underlaking each activity. Support costs which are not attributable lo a single activity are apportioned between those activities on a ba515 con5i51ent with the use of resource5. Expenditure on charitable aclivilie5 is incurred on directly undertaking the aclivilies which further the CharÉty'5 ob5eclives, as well as any associated support costs. Page 8 THE CARNEUAN TRU NOTES TO THE HNANCIAL STATEMENTS FOR THEYEAR ENDED 5 APRIL Z024 Accountlng policies (contlnued) 2.4 Expendilurp (Continued) Grants payable are charged in the year when the Dffer is made excepl in Ihose cases where the offer 15 conditional. such grants being recognised as expenditure when the conditions allachiny are fulfilled. Grants olfered subject to condilions which have nol been met al Ihe year end are noted as a commitment, bul accrued as expenditure. All expenditure is inclusive ol irrecDverable VAT. 15 Investments Yixed a55el investmen15 are a lorm ol financial inslrumenl and are inilially recognised ai ihelr transaclion cosl and subsequently measured al fair value al Ihe Balance Sheel dale, unle55 the value cannot be measurèd reliably in which case il 15 measurèd at cost less impairment. Inveslmenl gains and losses. whether rEalisèd or unreatised, are combined and presented as 'Gain51(Losses) on investments. in Ihe Stalemenl ol Financial Activities. 16 Cash at bank and In hand Cash at bank arhd in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from ihe dale of acquisition or opening of the deposil or similar accounL 2.7 LlabllEiies and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a resull of a past evenl. il is probable that a transfer of economic benefit will be requirE¢J in selllemenl, and the amounl of the seltlement can be estimated reliably. Liabilities are re¢ognised al the èmounl that the Charity anticipales il will pay to settle the debt or Ihe amount it ha5 received as advanced payment5 for Ihe goods or services it must provide. 18 Flnanclal Instruments The Charity only has finaneial assets and financial liabilities ol a kind that qualify as basic financial instrument5. Basic financial instruments are initially recognised al Iransaction value and subsequently measured al their seltlement value. Page 9 THE CARNEUAN TRUSr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policle5 {conlinued) 19 Fund aecuunling General lunds are unrestricted funds which are available for use at the discretion of tho Trustees in furtherance of Ihe general obleclives of the Charity and which have not been dÈsignaled lor other purposES. The expendable endowment fund represenls donations received which lorm part of the capital fund of Ihe Charity. The lund 15 expendable endDwmenl insofar as the Tru51ees havè discretion to Expend the funds in lurlherance ol the objects ol the Charily. Transfers are made from Ihe endowment fund to the general fund tTJ cover any shDrtlall arising on a year by year basis as a resuli of atnDunls expended from the general fund in furtherance ol the Charil*s object in excess of the net balance held in the general lund. InYe5tmenl Income Unr¢strlcled lunds 2024 rotol fvnds 2023 funds 2Q24 Investment income 3,015 3.015 1,303 Pagelo THE CARNEUAN TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THEYEAR ENDED S APRIL 2024 Analysls of grants Grantslo Inslitulion5 2024 Tolal lund5 2024 Totol fvnds 2023 Granl making 50.000 50.000 20,000 Toto12023 20.oc 20,OQO The Charily has made the following material grants lo inslilutions during Ihe year. ZUZ4 2023 Name of Inslilutlon Black Mountains College Prisoners Abroad 30,000 20,000 20.000 50,000 20.(￿0 2024 2023 Activily lund•d Educatlon 30,OOQ 40.OCQ 35.000 Environmental Health General wellare 20,000 40.000 50,000 140,OtXI Page 11 THE CARNEUAN TRusr NOTES TO THE FINANCIAL ￿ATEmE￿ts FOR THEYEAR ENDED 5 APRIL 2024 Analysis Ol expÈndilure by adivities Grant funding of aclivilies Support fosls ZD24 Total funds 2024 rotul funds 2023 2024 Grant making 50.000 7.782 5Y,782 26.483 Totol 2023 26.483 Analysls of support costs Granl making 2024 Total funds 2024 rotgl funds 2023 Independent examinerf5 remuneration Accauntancy and legal fees 2.028 5,754 2,OZ8 5,754 1.932 4,551 7.782 7.782 6.483 Independenl examlnerfs remuneration The independent examinerfs remuneration amounls lo an independent examiner lee of £894 12023 - £852J, and accountancy fees of £1.134 [2023 - £1.0801. TruslÈès' remuneration and expenses During the year. no Trustees received any remuneration or other benefils12023. £NILI. During the year ended 5 April 2024. no Trusteè expenses have been incurred12023- £NIU. Page 12 ThE CARNEUAN TRu¥r NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED S APRIL 2024 Fixed asset investments Llsleil Investmènls Cvst pr valuallon Al 6 April 2023 Revaluations 1,153.048 (38.120) Al 5 April 2024 1.114.928 Al 5 April 2024 the inveslmenl wa5 listed outside the UK and was in Cerno Unconslrained Fund. The hislorical cost of the inveslment ai 5 April 2024 and 2023 is ￿50.000. Current asset investments 2024 2023 Unlisted investments 200,000 Unlisted investments consistent of amounts held in fLxed term deposit bank accounts with a malurily of between four and twelve monlh% 10. Creditor¥. Amounts falung duo wilhln one yèar Z024 2023 Accnjals 7.782 6.483 Page 13 THE CARNEUAN TRUST NOTES TO THE FINANCIAL STATEMENTS FQR THEYEAR ENDED 5 APRIL2024 Slatement ol fund5 Slalèment of lunds - CUTrenl year Balance at 6 April 2023 Translers Inlout Galn51 Balance al 5 IL055es) April 2024 Income Expenditure Unrestricted funds General Funds 3.015 (57,782) 54,767 Endowment funds Endowment Fund 1,458,789 154.767) (38.1201 1165,902 Total of funds 1.458.789 3,015 (57,782) 138.1201 I J65,902 The Endowment Fund consi515 of funds provided by way of donalion lo the capital of the Charity. The Unreslricled Fund holds the income from the Endowment Fund ènd 15 primarily used lo mpet expenditure incurred in the furlherance of the objects of the Charily but the Endowmenl Fund 15 also expendablÈ on Ihose objecls at the discretion oi ihe Trustee A Iran5ter of £54,767 was made from the Endowment Fund lo the General Fund lo cover the shortfall arising in the Generol Fund as a result DI making grants in accordance with the Tru5tees' policy of relèasing funds from the Endowment Fund. as required. lo meel the operating needs of the Charity. Page 14 THE CARNEUAN TRUST NGfES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL2U24 Statement ol funds Iconlinued) ststemenl ol funds - prior year Bolance ut l Apri12022 Tronsfrrs /out Goins/ Bolonce ut (Lossesj 5Apn12023 Income Expenditure Unrestricted fvnds GenEral Fund5 1.303 (26.483J 25.180 Endvwment lunds Endowment Fund 1639.816 (25.180J 1155 847J 1,458 789 Total of funds 1639.816 1.303 f26.483J f155.847J 1.454789 12. Analysis ol net assèts betw?en lunds Analysis ot net assets betweeTh funds- curr•nt perfod Unrostrfcled Endowmenl funds funds 2024 2024 Total funds 2024 Fixed assel investments Currenl assets Credilors due within Dne year 1.114.928 250.974 1,114,928 258.756 (7.782) 7.782 (7,782) Total ,365.902 1,365,902 Page15 THE CARNEUAN TRusr NOTES TO ThE FINANCIAL STATEMENTS FOR THEYEAR ENDED 5 APRIL2024 12. Analysis of net a55et$ between funds (continued) Analys15 ot net a55e15 belwèèn lunds- pr]or p•rlod Unrestricted Endowment fvnd5 funds 2023 2023 Totul fvnds 2023 Fixed asset inve51men15 1.153.048 311224 16,483J Current assets 305.741 Creditors due within one year (6.483J Tol41 1.458.789 1.458 789 13. Related party Iransactions Mr5 D Fisher 15 a Principal Member of FisherLegal LLP. a firm of 501icitors which raised invoice5 to the Trust for legal and administrative services rendered. Professional fees amounting 10 £5.754 f2023 £4.551} wère payable to FisherLegal LLP during Ihe year. Creditors al the year end include £5,754 {2023 E4.551J due lo FisherLegal LLP. Subject lo the above. no Trustees or other person related lo the charity had any personal inleresl in any contract or transaction entered into by the charily during the year. Pa9e 16