Charfty Registration No. 1129132 Company RegistratiOEI N￿ 06869381 (England and Wale81 THE PEBBLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE PEBBLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION TrusteeJ James Simon EdvArdAmell Louise MargaretAmell Louise Jane Stolen socrotary James Sirns)n Edward Amell Charlty number 1129132 Company number 08869381 PrfnGlpal addrass 25 Bury Street Sl. James'$ LMd SW1Y 6AL Auditor Stephen McAlpine SBMA550clales Limlted, Irdding a$ SBM & Co 24 Wandsworlh Road London SW6 2JW Banko The CC￿Operatiye Bank PO Box 200 Dew Ho￿9 Southway Skehnersdale 86GH Sollcltors Now Quadrant Pgrtners Limlted 25 Bury Street SL James's London SW1Y 6AL Investment advlsors Hargreaves Lansdown Asset Management Limited One College Square South Anchor Road Bristol BS15HL THE PEBBLE TRUST CONTENTS Pag? TNslees' report Independent audttofs report Slatsmenl of finandal activities 10 Balance sheet 11 statement ofcash Ilows 12 Notes to Iho eccounts 13-18 THE PEBBLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The TTuslees presanl their repurt and financial stalemerrts for the year ended 31 March 2024. The financlal statemgnts have beEn prepared In accordance wlh the accounting pc41cles 881 out In note 1 to the financial statements and comply ￿th the Charitys trust dtred, Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice appllcable to charities prepaiing their accounts In accord8n¢9 wllh tho Financial Reporting Standard applicable in the Unlted Kingdom and Republ￿ of Ireland IFRS 1021 (effective 1 January 20191". Ob]ectiv¢s and activities The Pebtle Trust opeiales as 8 grdnt*ivirrfJ charty, providlng funds sud) charitsNe objects. aclivilie8 or Instiluticffls as the Trustees think fft. The Trustees do Ih&ir own research to 8ele¢t potential benèfiaaries outside Brfghlon & Hove. They do not Iher8fore invite or conslder incomlng apJicaUon$ other than frDm ¢harilies, other charitabl• oryanisations or potential Talènt Grant red￿ents in Brighton & Hove. Application5 from 8righton & Hove should be made as set ebbl out on the Pebble Trust's website.. ￿￿[￿aLQ￿. We aim to support charities and charitable organisations wth a compelling, valu￿for-rnoneY approach to socAelal problem or challenge. We like lo see that approach delivered ￿th dedI￿lOn, professionalism, efficiency 8nd integrity. The organisalioris we support will often leverag& the time and enlhusi8sm of volunteers 8nd wll usually have dear metrics lo demonstrate the effectiveness <>f Ihelr approach. We run three application rounds each year and select based on our fundSng capacty from year to year and on thè quality of the applieations r8ceiv8d. We also support chAdren and young people in the city through our Talent Grants scheme. This has dellber8lety broad and indu5ive criteria, to allow us lo support a range of tslenls and to factor in the unique circumstances of each appli¢onL We 81$0 support ¢haribe$ and charitable organlsations outsid8 the aty. ¥￿ere we do SD, 11 Is u$ually with an environmental focus. Our environmental causos arg across the following aTeas= mar(ne conselvation I restoration, terrestrial conservation I reslorallon. netzero, biodiversity conservation I reslordlion, communications and res111er￿dadaplatfjOn. ￿ fijnd at local, nsfj(￿al and Internat￿nal levels Idl U￿baSed>. We do not sel our ovm specific criteria to measure success. instead prefeffing to rely on those we fund lo d8fine their own crfleria. We seek to avold creatlng unnecessary work for those we fund. We also seek lo minlmise our own costs. We recognise that the diversity of recApSenls of our fijnding render8 fulile any attempt to croale harmonised metrics of our own, so we rely on regular updates and information accompanying each new 8ppI'¢alion lo assess vthether we are getting what we consider l(tr be 8 good 'philanthroplc relum.. Princlpal Sources of fvndlng The prinripal source8 of fundlng are donation8 lo tho eharity made by Jamos and Louise Arnell or èntthès that they control. Relatlonshlps wlth related part1•8 Port Flyar Limited, a company eonlrolled by James and Louise Amell, made a donation of £1m to tha charity in the year ended 31 March 2024 12023 - £nill. It is ¢xpected that, in fuiure, some causes which were directly fijnded by James andlor Louise will be funded by the Pebble Trust and that the Pebble Trust wtll T￿1ve fundlng from Jam$$ and LouSseArnell, Iheir children and Port Flyer ￿rnited. THE PEBBLE TRUST TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Revlew of actlvltl8s The Trusletrs awarded and paid grants during the year totalling £449.S21 12023- £291,993) in accordan￿ wi the Charivs grant making policy. A detailad list of all grants made in th8 ygar is included in Note 6 on pages 14 and 15. In the year ended 31 MarGh 2022, the Tn￿tee8 entered ir￿• a five yaar agreernent with the Sussex Wdlife Tnrsl. pledging a £50,000 donatlon each year to help support the Sussex Kelp Restoratlon Prolect. The thlrd of these anTrual donations was mad& In the current year. In the year ended 31 March 2022. the Trustees etttered Into a three year ggreemenl wlth the Brighton Dome and Brfghton Fe8lwal, pledging a £125,000 donation each year. The third of these annual donations was madg in the current year. Continuing Ihe talent grants scheme, the Trustees provided approximately 70 grants of up to £500 to local leenaggrs lo help develop Ihar talents in sport, music. the performing orts and academia. The Trustees have conttnued Ihetr support of Ir￿al organisation$ worksng with disadvantaged pecpl& in tho crty of Brighton and Hovg. Publ1¢ Benefrt The Trustees confimi Ihgt they have referied to the guldance contained In the Charity Commission's general guidance on public benefit when reviewing the Trusvs alms and objectives and in plannlng future aclfvitles and settling the grant maknng pollcy for the period. The Tmst carries crtrt Its objectives ty providing grarts to in51iiulions that are also UK rgglstergd charities and UK Istered organisations for charitab]e purposes and whose objects comply thè Trust's Criteria. Whilst the TnJst&es are mindfijl of their own obligation to ensure that the Trust benefits thg PUtAi¢ generally - and they discharge this obllgabon by seeking infomiation from thè organlsaJons they support- thèy do factor in the fact that redplents of grants are tremselves regulale(I to operate for the public ￿nefit and therefore the Trustees tske a pragm81ic approach lo i•porting, as noted above. Potenliaj recipients of grants are identified by the Trustees individualty or through appllcatlon rounds, and pU￿1C benefit is a key s8lectlon crilerTon. The opportunity lo benefit is not restricted in any way except that grants are restricted to t￿lIeS ￿giStered in the UK. In pracfjc8, the charity ojnsiders applicAtsons from a broad Tange of org8nisalions within Brighton and Hove, but gives grants onty on a sglecuve, proactive basls- based on Its own research and priorities- outside the rAty. 11 does not invite applications from outside thè ¢ty- Finalty, the Trust does gwe small talent gr8nts to young people in the city. Applicatlons for these grants need the support of a responsible unrelated peTson (for example, a teacher) and are usually administered by schools or olhercompetent organlsalions, to ensure that the fiJThJs 8re applted as perthe grant appiicalion. The Truste￿ therefore considerlhat tho Trusf8 aclivities are for the banefil of the public generalty. THE PEBBLE TRUST TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Aehl•vem8nts and p•rfomiance Flnan¢ial rovlgw During th& year ended 31 March 2024, total incoming resoLfCOS amounted lo £1,612,006 12023 - £220,694) being incomo arising from donations, gift aid. bank Interest and Investment inoJme12023 belng donauons, gift ald and gift ald interest}. The Trustees. charitable activilles of promoting and enhancing charilablg work amounted to £462.169 12023 - £301,089). Governance costs including wrthln charitable aclwities 8mtturttÈd to £12,64912023- £9,096). The net Incoming resources were £1.149,83712023- ng1 ¢wtgoing resources £80,395). AJI Funds are unrestrlcted. F5nanclal posltion The stalemont of finan(aal activities shows total unre3tricted fvnds of £1.187,33812023- £37,499). Re5eNeB Pollcy The unreslrScted fvnd represents the funds Tec¢ived by the Charity on Its creation, adjusted for nel mvemenl$ since that date. The Trustees have the power lo meot administrative expenses from this knnd and may 8PF4y the income towards the general purpose5 of the Charty. Tho Charity is opeiatad as a grant giv7ng ch8rlty, and tho Tnjstees. policy18 to adminlster the Investment assets on an absolute retum basi& The Trustees will arr8nge further additions lo the Charity lo ensure the reserves are adgquale and provide a Stable basi$ fci tt8 conUnLung aGtivitlg5. These re8erves are on a regLdar b¥sl$. InT￿tment polky and p&rfornian¢g Trust monies requiring inveslmenl under the Trust may be Inve8ted in th8 purchase of such stocks, funds. shares. seeuritfes or other Investments of whatsoever nature as the Trustee$ shall in their absolute distt¢tion think fit The Trustees Shall have the samo full and unrestricted powets of Investing and converting investhients In all other respects as rfthey were absolutely enlltled lo the Trust Fund benefficially. The Trusleeswll hold their cash on an Interest bearfng bank account whèrè wsstbla. THE PEBBLE TRUST TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 R15k managem&nt In line with the requirement of Charity Trustees to undertake g rlsk as8essrnent exerclse tho Trust998 have Idgntifi8d three main 8reas where risks may ettur.. Govemance Operational Financwl Gov9mance covers the continuity of trusteeship. the sknlls and background of the Tiustees and tha pclicy of regular meetings of the Truslfj8S to review their aims and activltles. Operational risk covers the risk IrFherenl in the delegation of statutory ond legal requlrements of the Charity, its managemanl and secretarial fundions and delegation of certain of thgse fundons. Financial risks indud8 tho$8 Inhgront in delegatK*n of the fmanclal re￿)rd keeping of the Chorlty, Independent examtnatton or audit and wview procedures. Having assessed the majoT risks lo whi¢h the Charity is exposed. In particular those relattng lo ils finances. thè Trustees believe that by ensuring controls exist over key finan￿al systems incorporating the systems and controls implemented by Ngw Quadrant Partners. subject to iegular monltortng, they have established effectNO systems lo mttigate th0$0 risks. The risk manag8menl he kept under rggular r￿eW and Is futy reasse888d every thfee years. Futurè plans The Tnjstees will conllnue to support local organisatiorns worklng with disathanlaged groups, In the arts, In environment and to provlde tslenl grants to local Y￿ng peokle. Structurej govgrnance and Managen￿Trt The Pebbte Trust was incorporated In England and Wles as a company limited by guarantee on 3 Apr￿ 2009 (Company Reglstration No 068693811. The ChaTty was registered as a Charity wth the Charity Commission on 14 Awil 2009. It is governed by ils Memorandum and Articles ofAssociation. The Charity Is reglstered underthe CharitiesAct 2011. Charity Registration Number 1129132. Trustees Th8 names of the Trustees who serygd durfng the year are sel out as p8rt of the adminl8lrative information as set out bel¢JW'. James Simon EdwardAmell Louise MargarelArnell Louise Jane Stolen Appolntment of Trusts88 The statutory power of appointment of new trustees lies wth the trustees themsefve8. Apart from first trustees, every trustee rnust be appolnted ty a resolution of the trustees pss$&d 81 a special meeting. The trustees ¥MII select indtviduals wlth the relevant knovAedge and expartence needed for the effective administration of the charity. The new trustéè Is given upon appointment a ￿pY of the Trust Deed and any amendments therèto and a copy of the charitys latest report ar¥d finanaal statem4ntg 8nd are thoroughly brief¢d by thtrlr c(plrustees on the hlstory of the Twst, the day to day management, the re8pon5ibllittes of the trustees, the current obiectives arKf fvlure plans. THE PEBBLE TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Strurture and managem•nt rgportlng The Trustges are ulllmalely rosponsible for the polides, advlbes and assets of the Charfty. They meet annually to review the developmenlg with regard to the Charity. its grant giwng aCtI￿lieS and make any imwtant decisions. W)en necessary, tha Trustees seek advice and $upport from the ChaTi¥8 professional advisor& incfuding sollcttors and 8¢￿Un￿nI$. The day to day management of the Charity's ¥cbvlllgs, and the implemenlalion of polici85, is dealt WI￿ by the Trustees themselves. New Quadrant Partner3 Limlled ensure that the grant applicalions are presented to the Twstees as approprtale.. the ftmi maintains the acrDunllng records of the Challty. At thair meeting$ the Trustees review the proposals for grants to te made and approve such grants os approprfate. Trustees. responsibllitle8 In relatlon to the flnanclal $tat¥n*nts The Trustees, who are also th8 directors of The Pébble Trust for the purpose of company law. are responslble for preparing the Report and the accounts in accordance with applicable law and United Kingdom Accounting standards (United lfjngdom GenerallyAttepledAwunting Practice). Company Law requires the Trustees lo prepare a¢￿UnIS for each finan¢581 yearwhich give a true and fair view of Ihg State of affairs of the Charity and of the Incoming resources and applicallon of resources. including the Income and expenditure, of the charftable company for that year. In preparing these accounts, IheTruslees are required tr): - $ek¢t suitaL4è accounliNJ polia8s and then ap￿Y them ¢onsist•nty'. - obsewe the methods and prfnapl8s in the Charibes SORP,. - makejudgements and estSmales that are reasonable and prudtrnl., - stale whether applicable UK Attounling Stsndards have been fol￿wed, sub5ed to any material dapartures dlsclosed and explained In the accounts.. and prepare the ￿¢¢$unts on the golng LX)ncem bals unless il 18 inappropriate to Presume that the Chorlty wll conllnuo in operation. The TTUSt8es are responsitle for keeping adequats ac¢ountiThJ records that disclo$8 with reasonable accurydw at any time the finanoal position of the Charity and enable them to ensure that the a(counls compty with the Companies Act 2006. They are also responslble tor safeguardlng the assets of the Charity and hence for taking reasonaLle steps for the prevention and detection offraud and other irregularitie& The Trustees are responsible for Ihg maintenance and integrity of the Charity and financial infomialion induded on th8 Charity's website. Legi8lation in the United Kingdom govemlng the preparation and dissemln8tion of financial slalements may differfrorn19gislaJon in olherlurisdictions. This T&POrt has te¢n prepared in acwdance with the specAal wovl8ion5 relallng to small companie8 wlhln Part 15 ofthe Compan19sAck 20(k8. Thls r8port was approved by the trustees and Signed on th8ir behalf ty. James Slmon Edward Arn811 Dated.. 20 March 2025 THE PEBBLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PEBBLETRUST Opinion We have audited the fin8ncial statements of The Pebble Trust {Ih& 'charilY) for the year ended 31 March 2024 which comprise th8 Ststemenl of Financ'd Activities, the Balance Sheet, the Staternent of Cash Flows and notes to the financial slalemenls, induding a summary of significant accounting policies. The financtal reporting framawo that has been applied in their preparatlon 1$ applicable law and United Klngdom Accounting Standards, indudSng Flnand81 Reporting Standard 102 the Finan(#81 Reporting StarKlard applicable in the UK and Rtrpublic of Irgland Iunlted tQngdom GenerallYA￿ptedAec0￿nIng PractSce}. In our O￿nIOn the financi8] slalement8-. give a trug and fair vlew of the stale of the chartty's affairs as al 31 March 2024, and of tts Incoming resources and application of resources, for the year then ended,. have been properly prepared in 8rtsrdan￿ with Unrted KingdEyn GonerallYAccepledA￿oun1lng practi￿.. and have been prepared In accordan￿ with th8 roqutrements of the ChariliesAct 2011. Bas1$ for opinion conductèd our audit In accordance with InteTnational Standards on Aud￿ng (UK) IISAS (UK)) and aP￿Icable law. Our Tesponsibilities under those standards are furthor descrlbed in theAuditorf5 responsibilities for the audit of the finanoal statements 8eGbon of our report. Wg are independent of the charity in accordancg Mrith the elhlcol requirements that are relevant to our audit of the financial slalements In the UK, including the FRC'S Ethi¢01 StarKlard. and we have fijlfflled our othor gth1¢8i responsibilities in accordance wfth thesg requirements. We believe that th8 evldence we have obt&ned 1$ $uffi¢S8nl and apprcprlate to provide a basls lor our OPTnion. Concluslons relatlng to golng concern In auditing the finanaal ststements. we have eondudod th81 the trustees. use of the going concern basls of accounting In the Prepa￿110￿ of the financial statements Is appropriate. Based on the work we have perfomed, we have not identffied any m8teri8J uncertainties re]aling to events or conditions that, individually or collectively, may sl slgnificanl doubl on the charity's abibty to contlnue as a going concern for a period of al least ￿e1ve months from when the financial statements aro aulhorised for issue. Other Informatlon The trustees are responslble for the other Infomiatton. The other infomatbon comprises the irrformation niduded in the trustees, annual report, ¢)ther than the finanasl statements and our auditor's report Ihereon. Our oplnlon on the ffinanci￿ statements does not cover the other irffornialion and, &￿apt to the extent otherwise expliciuy stated in our rèport. we do not expr¢ss any fomi of assurance condusion thereon. In connection with our audit of the financd statements. our responsibility is lo read th¥ othor information and, in dolng so. conslder whether the other infomiatfon Is materially inconsistont with the financial Slalements, or our knowted9e obtaln$d Sn the audit or otherwise appears to bg materially misstated. If we identify such material inconsislen¢le$ or apparent material misstatements, we are required to d8termine wholher there is a material mlsstslemenl in the financial statements or a matsri81 mlsstatemenl of the other infomalion. If. based on the wo we have performed. we condude that there is a material misstatement of this other Infcimalltx), w6 are requlred to report that facL We have nothing to report in th18 regard. Matt•Ys on bthlch we are requlred to report by exceptlon We have nothing to report in respect of the fdlovhng matters in retallon to whlch the Ch8rltte8 (Attounts and Reports) Regulations 2008 requlre us to repctrt lo ycw rf, in our opinion- the inlomiation glven in the financial statements is inconsislènl In any rnalerial respect with the trustee8' reporL' or suffiaent 8ecounling rety)rds have not been kapt., or Ihe financial stslements are not in agreement wfth the 8¢counling records-, or we have not received all the Information and explanations we require fc*r our oudil. THE PEBBLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE PEBBLE TRUST Respon$1bilitl￿ of Trustees As explained more fulty in thB Stalemgnt of Irus18•s' respon5ibilitw, the truslaes, vtho are also the dlreclors of the trust for the purpose of ¢ompany13w, are responsiNe for the preparation of finanaal statements which give a true and lair view, and for such Intemal control a$ the trustees determing is neceswy lo enable the preparation of financial Blalements that are free from mated81 misslalement. whether due to fraud or erroT. In preparing the finandal slalements, the twslees arè rasponsible for assessing thÈ d)ariVs ability lo continue as a going concem, disclo&ng, as applICa￿e, matters related lo going concem and u8lng th8 golng concem bas18 of accounting unless the trustees either intend lo liquidate tho charity or to cease operallons, or have no realistic attematlve bJt to do so. Audltorfs responslbllltles for th• audlt of tho ftnanclal ststem•nts We have been appolnled as auditor undgr section 144 of the Charitie8 Act 2011 and report in accordance wlh th8 Act and relevant ￿ulatiOnS made or having èffect thereunder. Our objectives aro lo obtain reasonatle a8suiance aboL*t ￿ether the Charity financial stalemenls are free from material misstatement, whether due to fraud or error. and to issue an audiloffs report that indudes our opinlon. Reasonable assurance is a hlgh level of a88urance bul Is not a guarantee that an audlt wnducted in accordance with ISAS (UK) will thays dfyl&ct a material rnisstalemenl when it èxsts. Mlsslalements can arise from fraud or error and are consSd&red material if, indNidualty or in the aggregate. they could reasonably be exp8¢t8d lo influence the economic deosiDns of users taken on the basis of these ]Inancial ststamants. Irregularrfies, induding fraud, are instances of noTrcomplIan￿ with laws Bnd regutations. We design procedures in line with our responsibil￿&s, ouulned above. lo detect material misstslements in respect of Irregulariti¢s, induding fraud. The extent lo which our procedLwes can detect irregularilie$, Induding fraud is detailed below.. Our approath was as follow8.' To Idenlfy iisk3 01 material Misstalemenl due to Ir￿9(18n1lfjs we assessed everjts or condltions that could lead to Irregularities. Our risk assessment procedures Snduded.. enquiring of Trustees and management 8nd Inspecllon of poncy documentsllon as to the CharilV3 p0￿cleS and procedures lo prevent and detect irregularili¢s, as well as whether they have knowigdge of any actual. suspected, or alleged fraud or breache8 of relevant laws and reguEations,' and using analyUc81 procedures to identify any usu81 or ungxpectod retalionship& We identlfie accordance wth tho Financial Reporting Stsndard appllcable in the UK and th& Republic of Ireland {Ihe SORPI. Data ProtecUonAct. and rdevant lax leglstauon. In addition. ￿ have considered provisions of other laws and regulaliorss that do not have a direct effect on the finand81 statements but Complian￿ with which rnay be fundamonlal lo the company's ability to OP8rate or lo avoid a material penalty. We Identified the fo]lowng areas 88 tt)ose most likety to have such an effect: employment law, recogni$Sng tho nature of the Charity's activities and its legal fom. Audiling standards limst th¢ requlrod audit procedures to Identify noThcomplian¢e ￿th these laws and regulations lo enquiry of the Trustees and management and inspection of regulatory and legal correspondence, if any. Th¢refore, If a breach of operational ragula￿On$ Is not di8closed lo us or evident from relevant correspond8nc8, an audit wll ¢annot b8 relied upon lo detect that breach, THE PEBBLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE PEBBLE TRUST We commun&￿ted identified Eaw5 and regulations and potential fraud risks lo all engagement team members and remalned alert to any indlcalions of fraud or nonn The Pebbl8 TNst is a Public Benefit Entity and 1$ incorporated as a ￿rnpany. The Company Registration number Is. 06869381 and the registered address is 25 Bury Street, St James's, London SW1Y 6AL. 12 Statsment of Compllancg These a¢¢ounts have been Prepared In accordance with FRS 102 'The Fbnandal Reporting Standard applicable in the UK and Repubiic of Ireland" fFRS 102.1, °Accounling and ReportSng by Charfties. the Statement of Recommended Practice for charities applylng FRS 102, the Companies Act 2006 and UK G&nerally Accèptèd Accounting Practi￿ as il appllès from 1 January 2019. The Charity Is a Public Bgnefit Entity as deflned by FRS 102. 1.3 Basi$ ot preparat￿n The accounts are prepared in slerfing, whlch Is the functlonal CUTrency of the company. Mongtsry om¢Junts in these financial slalements gie rounded to the nearest £. 1.4 Golng Concem Thè trustees have 8ssèss•d whether the use of the golng concern ossumption Is appropriate In preparing these flnancial slalements. The Iwstoes have mads this assessm￿1 In re$p9d of a period of one year from the d81e of the approval ofthese finanaal statements. The truslaos of the Charity have condudgd that there are no materfal uncertainties related tcj events or nditions %thich msy cast signifi¢anl d¢ubl on the ability ofthe Charity lo contSnue as a gdng concem. The tru51eg$ are of the opinion that the Charity ￿11 have suffiaenl resources to meet its liabilities as they fall due. 1.5 Incomlng resource5 Income Is reco9nispd whgn th• Charfy is legally entitled to 51 aft&r any perfomiance CorKI￿n8 have been mel. tha amounts can be measured retiably. and It Is probable that Incomg will be received. Cash donations are recognised on receipt. Other donations are recognised oncè the Charlty has been notThled of the donation, unless performance conditions requlre deferral of the amount Income lax woveTable in relation to don811ons rewved under GiftAid ordeeds of covgnant is recognised al the lime of th& donation. Intaresl is accounted for In thp period in which the charity18 entitlad to recelpl. 1.6 Re50urcos expended The cost of charitable activities are indudèd in the staternenl of finand81 activities on an aCLfu81 basls, indusive of VAT, which cannot be ￿COVe￿d. Charitable costs comprise grants payable In promoting and enhancjng d)aritable work carried out by othèr chartiable organisalions and the c08t of administering the activities of the Charity. Grants payable are induded In thè slalgment of financial activities when approvad and when the intended rerypiénl has esther received the funds or bean infomied of the dedsion to make the donation and has satisfied all relal8d conditlons. Grants approved but not paid at the end of the ffnancial year are accrued. Grants where the bentrfidary has not been Informed or has lo meet certain conditions befo￿ the grant is released are not ac£rued bul are noted as financial commitments In the notes to the accounts. Govemance costs Indude costs which are directly attributable lo the Independent Examination and othgr procedures nece88ary for compNanco ￿th statLrtory requirements and tha govgrnanc8 of the charity. 13- THE PEBBLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng pollcles Icontlnuedl 1.7 Cash and cash equlvalents Cash ond cash oqulvalents Indude cash In hand, deposits held al c￿1 ￿￿th banks. other short-lerm liquid investments vAlh Orig1n￿ maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wmhln tK)rrowlngs In current Ilabilitl& IA Flnaneial Instruments The Company has eFected to appty th& provisions of Section 11 'BasiG FinanrAal Instruments, aTtd Secuon 12 'Olher Financlal Instruments Issues, of FRS 102 to 811 of ils finanaal inslwmenls. Finer￿{81 instnjments are recognlsed when the Charity becomes party to Ihg contractual provisions of th9 Instrument. Flnancial assets are offset, wth tha nat amount¥ presented in the accounts when there is a legal onforcgable rfghl ID sel off th8 recognised amounts and there is an Intention to settte on a net ba8is or to realise the asset and setue the liabilty simultaneously. Derecognltlon olflnanclalllabllmas Financial liabil(ties are derecognised vknen the companls conts¢Xual obl*g￿on3 explre or are dlstharged or cancelled. 1.9 Taxatlon The Pebble Trust Is a registered charfty and therefore is not liaNe to income tax or corporation tsx on income derived from ils charitab￿ activities, as it frdlls within the various exemptions aV￿lable lo registered charittes. Crttlcal accounting ostlmat06 and Judgements In the application Df the Charlty's accounting policies, the dlrectors are ￿qUIred lo make luctgements, estimales and assumptions about the carrying ￿noUn1 of 8SS8ts and liabilitles that are not readiiy apparent from other sources. The estimatès and awdaled assumptions are based on historical experience and other factors th* Are consid¢red to be relevant. Actual r88uIts may differ from these estimates. The estimates and undeAw'r¥J assumptions are reviewed on an ongoing basis. Revisions to accounting estim8tes are recognised in fhe perfod in which the esllmate Is revlsed where the revision affects On￿ that period, or in the ￿riod of the rewslon and future periods where the revision affects both current and futurè period& No suchjudgemenls or eslimale$ wer8 Used In th¥ prewaration of these financia Btalements. Donatlons and legaclès 2024 2023 Don*ions atKI glfts Inclusive of GiftAd 1.593,750 218.750 14- THE PEBBLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Othgr Income Total 2024 Total 2023 Refunds from CAF Interest on GtftAid Bank interest 18,015 1,845 99 241 18,256 1.944 Charltablg actlvltl8s 2024 2023 Independent Examination orAudit fee ￿￿b$lIe dèsign fee Brighton FringeAwards Mentoring fees New Quadrant Partngrs Limit&J fee8 Bank chargès 4,740 2,000 120 1.500 750 4,639 87 750 7,124 35 12,649 9.096 Grant fundlng of activi 449,521 291,993 462,169 301,089 15- THE PEBBLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants pald 2024 2023 Grants to institutions.. ASC-Mast¥)t CIC Youth Group Amaze Brlghlon College Brighton & Hove Toy Library Brighton Dome Patrons Brighton Frtnge Brighton Oasis Project Brighton PIP Ltd Brfghlon Table Tennis dub Brighlon Theatre Brighton Youth Centre Bristol Eslale Lea P Donation Chri5Vs Hospttal Foundation Clod( Tower Sanctuary Crew Club Crossover Brigmon Dementia Singing Donmar EmmaLL8 En￿re Brighton & Hove Famhy Support Work Fareshare Sussex Fresh Start Portdadè Hollingdean Wednesdays Impact Initiatives istar NYC La Di Da Society Llwng Vrtal Cob Oven Martlets Hospice Mousecoomb Forest Garden & Wildlrf8 Project Nati￿81 Theatre Platform B Studio EquipmeTrt Pedal People Quiet Down Tharg Safety Net SoLrth East Dance Speak Out Sl John'sAmbulanc• St Bamabas Hospice StreetfiJnk Dance 2.000 5,000 29,150 2,000 10,000 200,000 6,451 5,000 2,000 29.150 76,000 4,775 5.000 2.500 1,350 2,500 1.470 41.910 5,000 5.000 4,766 2,490 3,000 5,000 4,720 3,000 3.500 3,000 5,000 790 1,500 5,000 5,000 1,500 5.000 3.500 1.500 2,000 4.000 12.000 3.500 5.000 2,189 5,000 2.000 3,000 3,000 4,997 1,318 2,5 Carried forwar(J 372.516 174,490 16- THE PEBBLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants pald {Contlnu•d) Brought forward 372,516 174,490 The Hangleton & Knoll Project ThEt SvrvivoTS Network Blg Give Third Space Thoatre Room Hlro Time lo Talk Befriending Together Collective Voices in Exile YMCA Downslink 50,000 4,000 5.000 5,000 5,000 25,000 3,000 5.000 50.000 50,000 491,516 257,490 Brought forward grants to Institullons Grants T￿erSed Talent grants and prizes ID young per80ns'. nr> individual person receSv8d a grant exceeding £500 491,516 (70,000) 257,490 28,005 34,503 449,521 291.993 In the year ended 31 March 2021, the Twslees committed to make five annual payments of £35,000 to Martlets Hospice. Due to a change of management durlng the year the Iruslees made Ihe derAsion to withdraw th& remaining commitment arnounling to £70.000 ar)d thls Ss rellected 8bov8 as"Grants reversed" In the year ended 31 Marth 2022. the Trustees committed to I[￿e five annLrdl payments of £50.OCQ to The Sussax Wldlife Twst to hetp support the Sussex Kelp ReStoratic￿ Prolecl. The third of these ennu81 payments was rnade In the year. In the year ended 31 March 2022, the Trustees commltted lo make Ihree annual payments of £125.000 to the Brighton Dome & Brighlcn Fring& The thir<1 ofthese 8nnug1 payments was made in the year. During thè year an existing toan to thè Brtghton Fring8 of£200,000 was converted into a grant Staff Costs and Trustsas. R•muneratlon The Charity employed no staff during year12023- Nong). Tha key management personnel of the d)arfty ￿nSISt of Ihfj trustees only. No Truste8 received any rernuneration in resFect of their services durlng the yeai (2023- £Nill. None ol th8 Trustees were reimbursed ft)rtravel expenses during the year {2023- £Nil). D8btors 2024 2023 Amounts falllng du¢ wlthln one yeaT: GIft￿d recoverable 162.500 43,750 17- THE PEBBLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crodltor5 2024 2023 Amounts falllng dve ￿thIn on• year. Independent Examinerfs orAudil fees Grants payable 4.740 50,000 2,000 210.000 54.740 212,000 Amount falling due after one year. Grants payable 50,000 135,0 104,740 347.000 10 Mpmbers. Ilablllty The Charity is conslitLrted as 8 Company Limited by guarantee. In the event ofthe Charity being wound up. momkors Sro requiied lo conlribute an amoLnl not ex¢eedSng £10 each1£30 In totsl). 11 Related party trnnsacilons Ms L J Stoten 18 8 partner of New Qu8dranl Partners, 8 firm of solicitor3 who provided legal and 8dminlslrative 8eMces to the charity during the year. The lolal fee5 charged for the year (Induding VAT and disbursements) 5SEre £7.12412023- £4.639). James Simon Edward Amell made donations of £275.000 (2023- £niYI lo th8 charity in the year. LouiseAmell made donattons total￿ng £200,￿0 (2023- £175,000) to the charity in the year. Port Ftyer L(miled made donauons lolalling £1m12023- nll) lo the charfty In the year. James Simon EdwardAmell sèNes as the Chairman ofthe Brighton Fringe committee on a non4emuneralNe b8sls. A conflici policy slalernent is in place whith Is monitored to ensure therè is no conflict of inte￿1 be￿en IhB PobbleTru5t Brighton Fringe and this is reviewed annualty. James &mon Ea￿￿rdArne￿ and LoulseArnell are D1￿CtorS of Port Flyer Limited. 18-