Charity number: 1123289
THE CARNELIAN TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE CARNELIAN TRUST
ee A A PPC AIR PASE A A LE NA
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details ofthe Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2-4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| NotestotheFinancialStatements | 8-16 |
THE CARNELIAN TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025
Trustees RT Chenevix Trench AM Chenevix Trench D Fisher
Charity registered number 1123289 Principal office Unit 4 Hill Farm Kirby Road Kirby Bedon Norwich NR14 7DU
Accountants BW Audit Limited Chartered Accountants Berry & Warren 54 Thorpe Road Norwich NR1 1RY
Page 1
THE CARNELIAN TRUST
SY TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report together with the financial statements of the Charity for the yearyear 6 April 2024 to 5 April 2025. The Trustees have adopted the provisions of 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) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The Charity is a general purpose charity and the intention of the Trustees has been to develop main areas of benefit over the course of time, more recently around education, health, environmental matters and general welfare.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
The Trustees keep under review how best to achieve their objectives. They have agreed that grants may be made to a particular recipient organisation for a period of up to three years, accepting that the Trustees could decide on a particular case to make a one off grant and similarly that it would be within their discretion to make further payments beyond three years if thought appropriate. In addition, as a general rule, any grant made should not be more than 12% of the recipient charity's annual income. Grants have been paid to organisations where the funds will have a high impact on the end user and during the year ended 5th April 2025 grants totalling £75,000 (2024 - £50,000) were paid as detailed in note 4 to the accounts.
A transfer of £74,634 (2024 - £54,767) was made from endowment funds to the unrestricted funds to cover a shortfall arising in unrestricted funds as a result of making these grants, in accordance with the Trustees' policy of releasing funds from the endowment fund, as required, to meet the operating needs of the Charity.
Financial review
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.
b. Reserves policy
In view of the fact that the Trustees are able to apply the capital of the fund as well as income, the Trustees consider they have sufficient resources to respond to applications for grants and ensure that they have adequate funds available to cover support and governance costs. The unrestricted income fund at 5th April 2025 was £Nil (2024 - ENil) which is in line with the policy, and the endowment fund was £1,307,450 (2024 - £1,365,902). The Trustees keep the level of reserves under review although there is no formal benchmark against which the endowment fund is measured given its nature.
a a a es Page 2
THE CARNELIAN TRUST
----- Start of picture text -----
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED5 APRIL 2025
----- End of picture text -----
c. Material investments policy
The Trustees are holding cash while they continue to consider and develop a more detailed investment strategy for the future. The Trustees have invested 87% (2024 - 82%) of the Trust Fund in a fund giving them a spread of exposure to the equity market.
d. Principal funding
The Charity was established by an initial grant from Mr R Chenevix Trench, with further funding from Sloane Robinson Investment Services Limited.
Structure, governance and management
a. Constitution
The Carnelian Trust is an unincorporated charity, constituted under a Trust Deed dated 27 February 2008, as amended on 5 May 2016 and is a registered charity, number 1123289.
b. Methods of appointment or election of Trustees
The power of appointing new or additional trustees is vested in Mr R Chenevix Trench. The minimum number of trustees (under the terms of the Trust Deed) is three. The Trustees keep the skill requirements of the Trustees under review and any new Trustees will be encouraged to attend lectures or seminars along with being provided with guidance on the requirements of trustees’ roles from the Charity Commission website, intended to ensure that charity trustees maintain the necessary skills to continue the valuable work the Charity does.
c. Organisational structure and decision-making policies
The Trustees have regular contact during the year to discuss and consider the potential areas of activity for the Charity, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of the grants and the processing is delegated to the administrator FisherLegal LLP (who are solicitors to the Charity) of Unit 4 Hill Farm, Kirby Road, Kirby Bedon, Norwich, NR14 7DU. The Trustees decide on the grants to be paid after careful review of the applications received. This strategy will continue to be implemented for as long as the number of applications remains relatively small.
d. Related party relationships
Mrs D Fisher, a Trustee, is a Principal Member of FisherLegal LLP, a firm of solicitors which raises invoices to the Charity for legal and administrative services rendered. Payment of these invoices is authorised by the other Trustees. No trustees' expenses have been reimbursed during the year.
e. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees consider there to be no significant areas of concern.
Page 3
THE CARNELIAN TRUST
pe
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Statement of Trustees’ responsibilities
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 each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
° select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles of the Charities SORP (FRS 102);
-
° make judgments and accounting estimates that are reasonable and prudent;
-
. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate 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.
Approved by order of the Trustees and signed on their behalf by:
----- Start of picture text -----
D Fisher
----- End of picture text -----
Date: aseat? 5 SO0DL
Page 4
THE CARNELIAN TRUST
a
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025
Independent Examiner's Report to the Trustees of The Carnelian Trust (‘the Charity’)
| report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.
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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
| have completed my examination. | confirm that no matters have examination giving me cause to believe that in any material respect:
| confirm that no matters have come to my attention in connection with the
-
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 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 | might state to the Charity's Trustees those matters | am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, | 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: 4 February 2026
Joanne Fox BA FCA
BW Audit Limited Chartered Accountants Berry & Warren 54 Thorpe Road Norwich NR1 1RY
Page 5
THE CARNELIAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2025 | 2025 | 2025 | 2024 | ||
| Note | £ | £ | £ | ra | |
| Income and endowments from: | |||||
| Investments | 3 | 9,217 | - | 9,217 | 3,015 |
| Total income and endowments | 9,217 | - | 9,217 | 3,015 | |
| Expenditure on: | |||||
| Charitable activities | § | 83,851 | - | 83,851 | 57,782 |
| Total expenditure | 83,851 | - | 83,851 | 57,782 | |
| Net expenditure before net | |||||
| gains/(losses) on investments | (74,634) | - | (74,634) | (54,767) | |
| Net gains/(losses) on investments | 8 | - | 16,182 | 16,182 | (38, 120) |
| Net (expenditure)/income | (74,634) | 16,182 | (58,452) | (92,887) | |
| Transfers between funds | 11 | 74,634 | (74,634) | - | - |
| Net movement in funds | - | (58,452) | (58,452) | (92,887) | |
| Reconciliation of funds: | |||||
| Total funds brought forward | - | 1,365,902 | 1,365,902 | 1,458,789 | |
| Totalfundscarriedforward | - | 1,307,450 | 1,307,450 | 1,365,902 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
THE CARNELIAN TRUST
| BALANCE SHEET | BALANCE SHEET | ||||
|---|---|---|---|---|---|
| AS AT 5 APRIL 2025 | |||||
| 2025 | 2024 | ||||
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 8 | 1,131,110 | 1,114,928 | ||
| 1,131,110 | 1,114,928 | ||||
| Current assets | |||||
| Investments | 9 | 172,157 | 200,000 | ||
| Cash at bank and in hand | 13,034 | 58,756 | |||
| 185,191 | 258,756 | ||||
| Current liabilities | |||||
| Creditors: amounts falling due within one | |||||
| year | 10 | (8,851) | (7,782) | ||
| Net current assets | 176,340 | 250,974 | |||
| Total net assets | 1,307,450 | 1,365,902 | |||
| Charity funds | |||||
| Endowment funds | 11 | 1,307,450 | 1,365,902 | ||
| Totalfunds | 1,307,450 | 1,365,902 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
o— CP BiB
----- Start of picture text -----
te ot
----- End of picture text -----
Date: Rona é 27 XY) b The notes on pages 8 to 16 form part of these financial statements.
Page 7
THE CARNELIAN TRUST
----- Start of picture text -----
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
----- End of picture text -----
4; General information
The Carnelian Trust is a general purpose charity, established in England and Wales with Charity Reference Number 1123289. The principal address is FisherLegal LLP, Unit 4 Hill Farm, Kirby Road, Kirby Bedon, Norfolk, NR14 7DU.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended ‘Practice effective from 1 April 2005 which has since been withdrawn.
The Carnelian Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees have reviewed the level of investments held at the year end alongside movements in value since the year end and considered the level of anticipated grants. Based on this, they have a reasonable expectation that the Charity can meet its liabilities as they fall due and have therefore prepared the accounts on a going concern basis.
2.3 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.
Investment income is included when receivable.
2.4 Expenditure
Expenditure is recognised on an accruals basis 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 support costs involved in undertaking each activity. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 8
THE CARNELIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
2. Accounting policies (continued)
2.4 Expenditure (continued)
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.
All expenditure is inclusive of irrecoverable VAT.
2.5 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 the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.6 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.
2.7 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.
2.8 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.
Page 9
THE CARNELIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
2. Accounting policies (continued)
2.9 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.
The expendable endowment fund represents donations received which form part of the capital fund of the Charity. The fund is expendable endowment insofar as the Trustees have discretion to expend the funds in furtherance of the objects of the Charity. Transfers are made from the endowment fund to the general fund to cover any shortfall arising on a year by year basis as a result of amounts expended from the general fund in furtherance of the Charity's object in excess of the net balance held in the general fund.
3: Investment income
Investment income
| Unrestricted | Total | Total |
|---|---|---|
| funds | funds | funds |
| 2025 | 2025 | 2024 |
| £ | a | £ |
| 9,217 | 9,217 | 3,015 |
Page 10
THE CARNELIAN TRUST
ee
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
4. Analysis of grants
| Grants to Institutions |
Total funds |
Total funds |
|
|---|---|---|---|
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Grant making | 75,000 | 75,000 | 50,000 |
| Total2024 | 50,000 | 50,000 | |
| The Charity has made the following material grants to institutions during the year: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Name of institution | |||
| Black Mountains College | 30,000 | 30,000 | |
| Prisoners Abroad | 30,000 | 20,000 | |
| The Mukisa Project CIC | 15,000 | - | |
| 75,000 | 50,000 | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Activity funded | |||
| Education | 45,000 | 30,000 | |
| General welfare | 30,000 | 20,000 | |
| 75,000 | 50,000 |
ee
Page 11
THE CARNELIAN TRUST
NE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
5. Analysis of expenditure by activities
| Grant | ||||
|---|---|---|---|---|
| funding of activities |
Support costs |
Total funds |
Total funds |
|
| 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Grant making | 75,000 | 8,851 | 83,851 | 57,782 |
| Total 2024 | 50,000 | 7,782 | 57,782 | |
| Analysis ofsupport costs | ||||
| Grant making |
Total funds |
Total funds |
||
| 2025 | 2025 | 2024 | ||
| £ | £ | £ | ||
| Independent examiner's remuneration | 2,130 | 2,130 | 2,028 | |
| Accountancyand legal fees | 6,721 | 6,721 | 5,754 | |
| 8,851 | 8,851 | 7,782 |
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £936 (2024 - £894), and accountancy fees of £1,194 (2024 - £1,134).
ls Trustees’ remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 12
THE CARNELIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
8. Fixed asset investments
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Listed|
|investments|
|£|
|Cost|or|valuation|
|At|6|April|2024|1,114,928|
|Revaluations|16,182|
|At|5|April|2025|4,131,110|
----- End of picture text -----
At 5 April 2025 the investment was listed outside the UK and was in Cerno Unconstrained Fund. The historical cost of the investment at 5 April 2025 and 2024 is £750,000.
9. Current asset investments
Unlisted investments
----- Start of picture text -----
|||
|---|---|
|2025|2024|
|£|£|
|172,157|200,000|
----- End of picture text -----
Unlisted investments consistent of amounts held in fixed term deposit bank accounts with a maturity of between four and twelve months.
10. Creditors: Amounts falling due within one year
Accruals
----- Start of picture text -----
|||
|---|---|
|2025|2024|
|£|z|
|8,851|7,782|
----- End of picture text -----
Page 13
THE CARNELIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
11. Statement of funds
Statement of funds - current year
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Balance|at|6|Transfers|Gains/|Balance|at|5|
|April|2024|Income|Expenditure|in/out|(Losses)|April|2025|
|£|£|£|£|£|&|
|Unrestricted|
|funds|
|General|Fund|-|9,217|(83,851)|74,634|-|-|
|Endowment|
|funds|
|Endowment|
|Fund|1,365,902|-|-|(74,634)|16,182|1,307,450|
|Total|of funds|1,365,902|9,217|(83,851)|-|16,182|1,307,450|
----- End of picture text -----
The Endowment Fund consists of funds provided by way of donation to the capital of the Charity. The General Fund holds the income from the Endowment Fund and is primarily used to meet expenditure incurred in the furtherance of the objects of the Charity but the Endowment Fund is also expendable on those objects at the discretion of the Trustees.
A transfer of £74,634 was made from the Endowment Fund to the General Fund to cover the shortfall arising in the General Fund as a result of making grants in accordance with the Trustees' policy of releasing funds from the Endowment Fund, as required, to meet the operating needs of the Charity.
Page 14
THE CARNELIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
- Statement of funds (continued)
Statement of funds - prior year
| Balance | at | Transfers | Gains/ | __Balance at | ||||
|---|---|---|---|---|---|---|---|---|
| 1 April2023 | Income | Expenditure | in/out | (Losses) | 5April2024 | |||
| £ | £ | £ | £ | £ | £ | |||
| Unrestricted | ||||||||
| funds | ||||||||
| General Fund | - | 3,015 | (57,782) | 54,767 | - | - | ||
| Endowment | ||||||||
| funds | ||||||||
| Endowment | ||||||||
| Fund | 1,458,789 | - | - | (54,767) | (38,120) | 1,365,902 | ||
| Total offunds | 1,458,789 | 3,015 | (57,782) | - | (38,120) | 1,365,902 | ||
| Analysis of net assets between | funds | |||||||
| Analysis of net assets between | funds | - current year | ||||||
| Unrestricted | Endowment | Total | ||||||
| funds | funds | funds | ||||||
| 2025 | 2025 | 2025 | ||||||
| £ | £ | £ | ||||||
| Fixed asset investments | - | 1,131,110 | 1,131,110 | |||||
| Current assets | 8,851 | 176,340 | 185,191 | |||||
| Creditors due within one year | (8,851) | - | (8,851) | |||||
| Total | - | 1,307,450 | 1,307,450 |
- Analysis of net assets between funds
Page 15
THE CARNELIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds- prior year
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Fixed asset investments | - | 1,114,928 | 1,114,928 |
| Current assets | 7,782 | 250,974 | 258,756 |
| Creditors due within one year | (7,782) | - | (7,782) |
| Total | - | 1,365,902 | 1,365,902 |
13. Related party transactions
Mrs D Fisher is a Principal Member of FisherLegal LLP, a firm of solicitors which raised invoices to the Trust for legal and administrative services rendered. Professional fees amounting to £6,721 (2024 - £5,754) were payable to FisherLegal LLP during the year. Creditors at the year end include £6,721 (2024 - £5,754) due to FisherLegal LLP.
During the year a grant of £15,000 (2024 - £Nil) was paid to The Mukisa Project CIC. R T Chenevix Trench (a Trustee) is connected to The Mukisa Project CIC.
Page 16