Charity no. 1123700 ## **THE ANNETT CHARITABLE TRUST** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST DECEMBER 2024** **The Annett Charitable Trust** ## **Reference and administrative details for the year ended 31st December 2024** |Charity number|1123700|| |---|---|---| |Principal Office|37 High Street|(2 Queen Square)| ||Warminster|(Bath)| ||BA12 9AJ|(BA1 2HQ)| |Trustees|The Trustees who served during the year|and up to the date| ||of this report were as follows:|| ||JJ Thring, DL (Chairman)|| ||AMS Young|| ||Mrs EM Evans|| |Secretary|Mrs N Fox|| |Solicitors|Farnfields LLP - Appointed Dec '24|(Thrings LLP - Resigned Nov '24)| ||37 High Street|(2 Queen Square)| ||Warminster|(Bath)| ||BA12 9AJ|(BA1 2HQ)| |Investment Managers|Rathbone Investment Management Ltd|| ||7th Floor EQ|(10 Queen Square)| ||111 Victoria Street|(Bristol)| ||Bristol|(BS1 4NT)| ||BS1 6AX|| |Independent Examiner|Matthew Bracher BSc FCA|| ||Gravita Audit Western limited|| ||Chartered Accountants and Statutory Auditors|| ||Bath House|| ||Bath Street|| ||Bristol BS1 6HL|| |Bankers|CAF Bank Ltd|| ||25 Kings Hill Avenue|| ||Kings Hill|| ||West Malling|| ||Kent, ME19 4TA|| 2 **The Annett Charitable Trust** ## **Trustees Annual Report for the year ended 31 December 2024** The Trustees present their report with the financial statements of the charity for the year ended 31st December 2024. 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). ## **Structure, governance and management** The Annett Charitable Trust was constituted under a trust deed dated 23rd May 2003 under direction of the Will of Margaret Dorothy Annett who died on the 28th March 2003. The Trust does not actively fundraise and seeks to continue the charitable work as desired by the Trustees through the investment of its existing resources. The Trustees who have served throughout the year and since the year end are set out on page 2. Trustees are appointed by the board of Trustees and may serve without limitation other than as imposed by law. New Trustees are inducted by the existing Trustees and the procedure includes imparting knowledge of the history of the charity, its constitution including an understanding of its trust deed and other deeds and documents, the charity's objects and the Trustees' current policies. The Trustees meet twice per annum, and the day to day administration of the charity is delegated to the Secretary. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of any trustee expenses and related party transactions are disclosed within the notes to the financial statements. Trustees are required to disclose all relevant interests and register them with the Secretary and, in accordance with the Trust's policy, withdraw from decisions where a conflict of interest arises. Current related party transactions are disclosed in Note 8 to the financial statements. The Trustees have considered the major risks which the charity faces and confirm that systems have been established to manage those risks. The Trustees consider that the variability of investment return on the portfolio constitutes the charity's major financial risk and volatility in the global stock market has demonstrated this over recent years. However, the Trustees regularly review the performance of the portfolio and that of the investment manager to ensure that the total return of the portfolio is in line with comparable indices. ## **Objectives and activities** The objects of the charity are to pay or apply the income and capital of the trust fund to such charitable organisations or for such other general charitable purposes as the Trustees in their discretion think fit but having particular regards for charities involved in health care. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year. The charity carries out its objects by inviting applications for funding from both individuals and charitable organisations. Support is focussed on the local area, South West of England, for general purposes but the Trustees would consider, for medical research purposes, the whole nation. The Trustees were pleased to support charitable institutions and individuals during the year in line with the charity's objectives. ## **Achievements and performance** There are no restrictions on the charity's power to invest. The investment strategy is set by the Trustees for a period of three years and takes account of recent demand for funds and the quality of the grant applications. The Trustees consider the income requirements, capital grant funding requirements, the risk profile and the investment manager's view of the market prospects in the medium term. This strategy is set within an overall policy which states that the trust fund is to be invested to obtain an annual increase in the value of the fund which, as a minimum, matches inflation, and to produce a reasonable income yield in line with the yield on the FTSE-100 Share Index. The Trustees review their investment strategy with their investment manager at each half yearly meeting and also receive reports at least quarterly. During the period the charity's investments increased in value by £52,230 [2023 an increase of £29,106]. ## **Financial Review** The trust receives income from its investments. The results for the year are shown on page 6. The Trustees consider the results to be satisfactory given the current market conditions. The trust fund is entirely unrestricted, and produced an income of £78,077 [2023 £75,053]. Grants and related management expenses funded out of both capital and income totalled £81,173 [2023 £125,901]. During the year, the Trustees awarded grants totalling £57,000 Divided between the following activity areas:- £ £ Medical Research 8,000 Youth Nil Healthcare Welfare 7,500 Education 2,000 Social Welfare 13,500 Conservation & Environment 26,000 The Trustees ensure that their grant making policy accords with their available resources each year and as they can make distributions from both capital and income, the Trustees consider that there is no need for a specific reserve. 3 ## **The Annett Charitable Trust** ## **Plans for future periods** The Trustees consider that the trust fund is sufficient to ensure the future of this trust, and for it to carry out its charitable objectives, for the foreseeable future. ## **Independent examiners** The Trustees have asked Matthew Bracher BSc FCA of Gravita Audit Western Limited to undertake the independent examination of the Trust. Approved by the Trustees and signed on their behalf by: …................................................................ .........................................................2025 Jeremy John Thring Date Chairman 4 **The Annett Charitable Trust** ## **Independent examiner's report to the Trustees of The Annett Charitable Trust** I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on pages 6-13. ## **Responsibilities and basis of report** As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 *'the Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no materialmaters 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 rquired by section 130 of the 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 'trust 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 order to enable a property understanding of the accounts to be reached. ….........................................................................................................2025 Matthew Bracher BSc FCA for and on behalf of Gravita Audit Western limited Chartered Accountants and Statutory Auditors Bath House Bath Street Bristol BS1 6HL 5 **The Annett Charitable Trust** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31ST DECEMBER 2024** |**Note**
**Income from:**
Investments
2
**Total income**
**Expenditure on:**
Raising funds:
Investment Management
3
Charitable activites
3
**Total expenditure**
3
**Net income/(expenditure) & net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net gains/(losses) on investments**|**Total**
**Total**
**2024**
**2023**
£
£
Unrestricted Funds
Unrestricted Funds
78,077
75,053
78,077
75,053
12,910
12,396
68,263
113,505
81,173
125,901
52,230
29,106
49,133
(21,742)
2,098,687
2,120,429
2,147,820
2,098,687| |---|---| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. 6 **The Annett Charitable Trust** ## **BALANCE SHEET AT 31ST DECEMBER 2024** |**Note**
**Fixed Assets**
Investments at open market value
5
**Current Assets**
Cash at bank
Dividends due
**Current Liabilities**
Investment transactions unsettled
Creditors: amounts falling due within one year
6
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after one year
**Net assets**
**Funds**
General funds
**Total charity funds**
Approved by Jeremy John Thring on behalf of the Trustees:
…………………………………………
Date
Jeremy John Thring
Chairman|**2024**
**2023**
£
£
Unresticted
Unrestricted
2,130,434
1,984,361
2,130,434
1,984,361
105,199
175,016
438
212
105,637
175,228
32,393
-
40,857
35,902
73,250
35,902
32,386
139,326
2,162,820
2,123,687
15,000
25,000
2,147,820
2,098,687
2,147,820
2,098,687
2,147,820
2,098,687
……………….………. 2025| |---|---| 7 **The Annett Charitable Trust** ## **Notes for the financial statements for the year ended 31st December 2024** ## **1 ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention except for the revaluation of investments. 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 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2015 which has since been withdrawn. The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £. The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **Investments** Listed investments held at the year end are valued at fair value being current market value at that date. Investment income from dividends is included in incoming resources when realised and unrealised losses and gains on investments are shown separately on the Statement of Financial Activities (SOFA). Realised and unrealised gains are shown as one figure being net gains/(losses) in the SOFA on page 6. 8 **The Annett Charitable Trust** ## **Notes for the financial statements for the year ended 31st December 2024 (contd)** ## **Debtors** Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. ## **Creditors** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees. ## **Financial instruments** The charity only has financial assets and 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. ## **Short term liquid investments and cash** Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to a significant risk of changes in value. 9 **The Annett Charitable Trust** ## **Notes to the financial statements for the year ended 31st December 2024** **----- Start of picture text -----**
2 Investment income 2024 2023
£ £
Investment income 75,877 69,775
Interest 2,200 5,278
78,077 75,053
**----- End of picture text -----**
10 **The Annett Charitable Trust** ## **Notes to the financial statements for the year ended 31st December 2024** **----- Start of picture text -----**
3 Total expenditure
Investment Charitable Support and
management activities governance costs 2024 Total 2023 Total
£ £ £ £ £
Grants payable (note 4) 57,000 57,000 101,200
Investment management fees 12,910 12,910 12,396
Independent examination fees 1,200 1,200 1,440
Administration and secretarial fees 9,973 9,973 10,752
- - -
Trustees' meeting expenses
Bank charges 90 90 113
Sub-total 12,910 57,000 11,263 81,173 125,901
Allocation of support costs 11,263 - 11,263
-
Total expenditure 12,910 68,263 81,173 125,901
**----- End of picture text -----**
11 **The Annett Charitable Trust** ## **Notes to the financial statements for the year ended 31st December 2024** **----- Start of picture text -----**
4 Grants payable 2024 2023
No. £ No. £
Grants to charitable institutions 42 57,000 51 101,200
Grants to individuals - - - -
42 57,000 51 101,200
Grants payable to institutions 2024 2023
No. £ No. £
University of Bath 1 50,000
RICE 1 3,000
Wellbeing of Women 1 2,000
Wiltshire Air Ambulance 1 2,000
Jessie May Children's Hospice at Home 1 2,000
Bath Assembly Rooms (National Trust) 1 25,000
Other institutional grants (under £2,000) 41 32,000 46 42,200
42 57,000 51 101,200
5 Investments - pooled investment vehicles 2024 2023
£ £
Market value at 1st January 2024 1,984,361 1,937,796
Additions 436,747 256,280
Disposal proceeds (342,904) (238,821)
Revaluations 52,230 29,106
Market value at 31st December 2024 2,130,434 1,984,361
Historical cost:
At 31st December 2024 1,662,347 1,547,423
**----- End of picture text -----**
12 **The Annett Charitable Trust** ## **Notes to the financial statements for the year ended 31st December 2024** |**6 Creditors : amounts due within 1 year**
Accruals
Grants awarded yet unpaid
**7 Creditors : amounts due over 1 year**
Grants awarded yet unpaid|2024
2023
£
£
10,857
10,902
30,000
25,000
40,857
35,902
2024
2023
£
£
15,000
25,000
15,000
25,000| |---|---| ## **8 Related party transactions** Jeremy Thring is on the staff list as a Consultant for Thrings LLP. Thrings carried out all of the administration and accounts preparation of the trust until November 2024. The fees charged for this service in 2024, solely by Thrings LLP, was £4,320 including VAT (2023 : £8,304). Following the transfer of the adminisation and accounts preparation to Farnfields LLP, in November 2024, there were no further related party transactions to declare. ## **9 Trustees remuneration and receipts** There was no Trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023. There was no Trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023. 13