L E Andrews Charitable Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Registfrred Charity Number 1129185
L E ANDREWS CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Pag8 Report of the Trus188S Reference and administrative details Report of the Independent Examiner Slatement of financial activities Balance sheet Noles to the financial statements
L E ANDREWS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees pres9nt their annual r8POrt and financial statements of the Charity for the year ended 5 April 2024. The report and financial statements have been prepared in accordance with the accounts'ng policies set out in note 110 the accounts and comply with the Charity's Scheme, the Charities Act 2011. and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicab19 to charities preparing their accounts in accordance wtth Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191. AIMS. OBJECTIVES AND ACTMTIES FOR PUBLIC BENEFIT Under the lem)s of L E Andrew's original Will dated 30 October 2001 and a charitable trust approved by the Charity Commission. the overall aim of the Charity is the weifare of animals. The trustees have had due regard for the Charity Commission's general guidance on public benefit. They are satisfied that the current aims. objectives and actwities are for the public benefrt and are comparable with the updated descriptions of charitsble purposes detailed in the Charities Acl 2011. The Charitys obltiVe is to make donations and grants to support the welfare of animals. ACHIEVEMENTS AND PERFORMANCE During the year, the tnjst's capital has increased due to unrealised gains on investment portfolios as detailed in note 7. The investments have continued lo produce a Steady slroam of income which has been diStrited al the trustees. discretion lo various local charities having as thèir object the weware of animals. FINANCIAL REVIEW In order to undertake its work. the Charity is reliant upon the income from ils investments and other sources. This amounted to £36,96412023.' £45,641) being 8 decrease of £8.677119.01'/0) from the prevbus year. The Charity also receiv8d a loan from The Execulors of L E Andrews of £13,263 in the year12023'. £nil). Investment Poll¢y and Performancé The inv•slmenls are currently held in a range of funds operated or monitored by the 8ppointed Investment Manager, GHC Capital Markets Limited. who has delegated authorty which allows Ih&m to move funt1s within their portfolio. In accordance with good management the trustees monitor the funds through a range of measures.. Quartedy reports from the respective Fund Managers. An annual revlew of the overall investment policy. Rlsk Management Thg trustees have considered the malor strategic. business and operational risks relevant to the Charity and have set out a Poltcy to manage those risks. As virtually all of the Charity's income is generaled from investments. the trustees conslder that the risks lo both the capital and income can marbaggd through thg diversification of these investments. Re$ervo$ Pollcy The reserve policy of the charity is to hold sufficient funds lo cover at least Iwelve months of expenditure. The trustee9 mnltor the reserves level through the year. Page I
L E ANDREWS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 PLANS FOR THE FUTURE The trustees wll conb'nue to seek out and support ¢haritie$ whose purpose is the welfare of animals. STRUCTURE. GOVERNANCE AND MANAGEMENT The Charity was created by the Will of L E Andrews as a charitable trust and registered as a charity on 16 April 2009. The Board of trustees normally meets quarterly to consider g8neral busin9ss such a$ grant making. finance, investments and policy matters. In addition to the Annual General Meeting. the trustees also hold adhoc meetings to reviow grant requests or other matters. The trustees are appointed by the extsling trustees. Key management personnel remunèratlon The trustees consider that the Board of trustees comprise the key management personnel. Trustees are not remunerated and give their lime wrthout cost to the Charity. Trustees. expenses and related party transactions are disclosed Sn note 2 of the Flnan¢ial Slatemenls. REFERENCE ANO ADMINISTRATIVE DETAILS Charlty Number: 1129185 Address: 7 Abbey Court Abbey Lane Evesham Worcestershire WR114BY Telephone.. E-mail.. 01386 718955 Wlll.Bailey@Almswc4)dAdvisory.co.uk Trustees: Mr R l Bailey Mr D A Brown Mr W G 8ai1gy Mrs P J Hill Chairman Resigned on 9 Odober 2023 Appointed on 9 October 2023 Correspondents: Mr R l Bailey Indopondent Examlner: P R Parsons Clemenl Rabjohns Limited 111-113 High Street Evesham Worcestershire WR114XP Bankgrs: Cater Allen Private Bank 9 Nelson Street Bradford 8D15AN Investment Managers: GHC Capital Markets Limited 22-30 Horsefair Street Leicester LE15BD Page 2
L E ANDREWS CHARrrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees are responsible for preparing a trustees, annu81 report and financi81 statements in accordance with applieable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice)- The law applicable to charities in England and Vvales requires the trustees to prepare financial statements for eath year which give a true and fair view of th& stsle of affairs of the Charity and of the incoming resources and application of resources, of the Charty for that period. In preparing the financial statements, the trustees are required lo.. select suitsble aOUntIng policies and then apply them consislenlly., observe the methods and principles in the applrcable Charities SORP; makg judgements and estimates that are reasonable and prudent.. slate whether applicable accounting stsndards have been followed. Slsblecl to 8ny material departures that must be disclosed and explained in the financ1 stal8ments' pTrpare the financial statements on the going concern basis unless it is inappropriate to presume that the Charty will ¢ontinue in business. The tnjslees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial posllion of the Charity and lo enable them to ensure that the financial statements comply with the Charities Act 2011. the Charities (Accounts and Reports) Regulations 2008, and the provlsions of the Trust deed. Th&y are also responsible for safeguarding the assets of the Charity and taking re8sonable steps for the pr9venlion and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the Charity and financial infomialion included on the Charity's wgbsite. Legislation in the United Kingdom governing the preparation and dissemination of financial statemènts may differ from legislation in other jurisdictions. This Report was approved and adopted by the Board oftrustees at the Annual Ggngral Meeting held on 3 February 2025. Mrw G Bailey- Trustèè Pa8e 3
REPORT OF THE INDEPENDENT EXAMINERS TO THE TRUSTEES OF L E ANDREWS CHARITABLE TRUST I report to the charity trustees on my examination of tho a¢¢ounts of the charity for the year ended 5 April 2024 which are set out on pages 5 10 11. Responsibilities and basis of report As the charity's Iruslees you are responsible forlhe preparation oflhe accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'}. 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(5llbl of the Act. Independent examinerfs statement Your attention is drawn to the fact that the charity has prepared the financial ststemenls in accordance with Accounting and Reporting by Charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 in prefence to the Accounting and Reportillg by Ch8ri1ies= Slalement ol Recommended Practice issued on 1 April 2005 whi¢h is referred to in the exiant regulations bul has nONV been withdrawn. understand that this has been done in order for the financial statements lo provide a true and fair view in accordance with Generally Accepted Accounting Practi effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no material matters have Gomg to my attention in connection with the examination gwing me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the fomi and conlenl of accounts set out in the Charities (Accounts and ReF>Ortsl 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 ¢on¢erns and hav& ¢ome across no other matters in connection with the examination to which attention should be drawn in this report In order lo enable a proper understanding of the accounts to be reached. Mr P R Parsons Clernent Rabjohns Limited 111-113 High Street Evesham Worcestershire WR11 4XP .2025 Page 4
L E ANDREWS CHARrrABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted funds 2024 Unrestritted funds 2023 INCOME AND ENDOWMENTS Invastm8nt incom• 36.964 45,641 Total Income 36.964 45,641 EXPENDITURE Costs of raising funds Investment management costs 4 Professional fees Charltable a¢tlvltle$ Grants and donations Trugtees, expenses 22,344 30,895 15,470 31,135 76,000 Totsl expendlture 129,239 46,605 Net expenditure and net movement In funds before galns on Investments {92,2751 {9641 Nel galns l (losses) on Investments 168,128 194,864) Net Income l {expenditure) 75,853 {95,828} RECONCILIATION OF FUNDS Total funds brought ft>rward 2.044.869 2,140,697 TOTAL FUNDS CARRIED FORWARO 2.120.722 2.044.869 The notes on pages 7 to 11 fom part of these accounts. Page 5
L E ANDREWS CHARrrABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 Total funds 2024 Total funds 2023 Note FIXED ASSETS Investments 2,032,326 1,843,245 CURRENT ASSETS Debtors Cash al bank and in hand 652 202.103 102.839 Total Current Assets 102.839 202,755 LIABILITIES Creditors falling dug within one year {14,4431 11,131) NEf CURRENT ASSETS 201,624 TOTAL ASSETS LESS CURRENT LIABIUTIES 2,120.722 2,044,869 NET ASSETS 2,120,722 2,044,869 THE FUNDS OF THE CHARITY 10 Unrestricted Funds 2,120,722 2,044,869 TOTAL CHARI FUNDS 2,120,722 2,044,869 The notes on pag9$ 7 to 11 fomi part of these accounts. The financi81 statements were approved by the Board of Trustees on 3 February 2025 and were signed on its behalf by- Mr W G Bailgy- Trustee Page 6
L E ANDREWS CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES Charlty Infonnatlon L E Andrews Charitable Trust is an unincorporated charitable tnjst created by the will of L E Andrews. Accountlng Conventlon The financial statements have been prepared in accordance wth the Charity's Scheme, the Charities Act 2011 and °Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {8ffgclive 1 January 20191.. The Charity conslitules a public benefit entity as defined by FRS 102. The financial statements 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 involvgd ft)Ilowing the Statement of Recommended Practice for charities applying FRS 102 ratherthan the version ofthe Statement of Recommended Practiee which is referred to in the Regulations bul which has since been withdrawn. The financial gtalements are prepared in sterling, which is the functional currency of the Charty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convenb'on. modrfied to include the revaluation of freehold property and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below. Golng concem Al the time of approving the financial slatemenls, the Trustees have a reasonable expectation that the Charity has adequate resource$ lo conlinue in operats'onal existen for the foreseeable future. Thus, the Trustees conkn'nLte lo adopt the going Concern basis of accounting in preparing the financial stalemenls. Fund strncturè The Charity received cash from the will of L E Andrews. Thls represents unrestrfcted funds and can be expended al the Trustees, discretion in accordance wllh the charity's oblectives. Income rocognltlon All income is recognised once the Charity has entill8menl to the income, it is probablg that the income will be received and the amount of income receivable can bg measured reliably. Interest on funds held on deposit Is included when recetvablè and the amount can be measured roliabty by the Charity,. this is normally upon nolifieation of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nomially upon notificab'on by our investment advisor of the dividend yield of the investment portfolio. Exp•nditurn r•¢ognition Liabilities are recognised as expenditure as soon as there is a legal or conslrucllve obligatson committing the Charity to that expenditure. it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned to the applicable 6xpendilure headings. Grants payable are payments made to charfties In the furtherance of the objectives of the Charity. The grants are accounted for where either the Trustees have agreed to pay the grant without condition and the recipient ha$ a reasonable expectstion that they will receive a grant. or any condrtion attaching to the grant is outside the Control ofthe Charity. The not¢s forni part of these financial statements Page 7 continu¢d...
L E ANDREWS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES- continued Irrecovernble VAT Irrecoverable VAT is eharged against the expenditure heading for which rt was incurred. Costs of ralslng funds The costs of generating funds Consist of investment management costs. Charltsble actlvltles Costs of charitable activities include grants made as shown in note 6. Flxed asset Investments Investments are a fomi of basic financial instrument and are initially recognised at thelr transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market pri¢e. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options or other wmplex financial instruments. The main form of market risk faced by the Charlty 1$ that of volalilily in equrty marke1$ and investment markets due lo wider economic conditions. the attitude of investors lo investment risk. and ¢hanges in sentiment conc8ming equities and within partlcular sectors or sub sectors. Cash and cash equlvalents Cash and cash equnialenls include cash in hand, deposits held at call with banks and other short-lemi liquid investments with original maturiligs of three months or less. Flnanclal instrumert$ The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumgnls, and Section 12 'Olher Financial Instruments Issues, of FRS102 10 its financial instrum8rbls. Financial instrum8nls are recognised in the Charity's balance sheet when the Charity becomes party lo the contractual provisions of the inslrumenl. Baslc flnanclal assets Basic financial assets classified as receivable within one year, which include other rg¢eivables and cash and bank balances are measured al transaction price including transaction wsls. Ba$lc flnan¢lal Ilabllltles Basic financial liabilities, including trade and other payables are initially recognised al transactn price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fubjre payments discounted al a market rate of interest. Financial liabilities classified ag payable withln one year are not amortised. Taxatlon The Charity 1$ exempt from tsx on its charitsble activities. Reallsed galns and losses All gains and losses are taken to the Statement of Flnanci81 Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value or their purchase value if acquired subsequent to the first day of the financi81 year. Unrealised gains and losses are calculated as the differencé b9tween the fair value at thg year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Aclivilies. The notes fonn part of these financial 5tat¢m¢nts Page 8
L E ANDREWS CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 RELATED PAR TRANSACTIONS AND TRUSTEES, EXPENSES AND REMUNERATION The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind {2023.' £nil}- The reimbursement of trustees, expenses was as follows.. 2024 Number 2023 Nurnb8r 2024 2023 Travel The following related paty transactions Curred during the year. In 2024. Almswood Advisory Services Ltd received £24,000 {nel of VAT) in respect of professional services. Mr R l Bailey and Mr W G Bailey are employees of Almswood Advisory Services Ltd 12023- 25,000 was received net of VAT)- INVESTMENT INCOME 2024 Total funds 2023 Total funds Bank deposit interest Investment interest Dividends Fe19n income Propety income Income tax refund 5.139 25.785 6,023 3,288 23,895 16,735 1.477 246 17 36,964 45,641 All income was attributable to unreslncted funds in the current and prior year. INVESTMENT MANAGEMENT COSTS 2024 Total fund6 2023 Total funds Portfolio management 22,344 22,344 15,470 All of the Invé$tment management costs were allributable lo unreslricled funds in the current and prior year. The notes forni part of these financial statements Page 9
L E ANDREWS CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 INDEPENDENT EXAMINER'S REMUNERATION The independent examiner's remuneration amounts to an accNed independent examination fee of £983 12023= £955, invold amounl}- Figures are nel of VAT. ANALYSIS OF GRANTS 2024 2023 Bimingham Dogs Home Blue Cross Cotswold Dogs and Cats Home Forest Dog Rescjje Gloucester Animal Welfare Association Goats Galore Animal Sanctuary Good Heart Animal Sanctuaries PDSA Bimiingham RSPCA Coventry RSPCA Worcester 5,000 5,000 5,000 20,000 5,340 4.355 5,000 6.305 10.000 10,000 76,000 FIXED ASSET INVESTMENTS 2024 Movement In flxed asset Ilsted Investments Markgl value brought fOard al 6 April 2023 Additions to investments al cost Disposals at carrying value Realised gains Net unrealised investment gains 1,843,245 843,552 1822,5991 3.000 165.128 2.032,326 Nel cash released from investments in the year was £60,000 {2023'. £90,000). 2024 2023 Equities and fixed interest securitie$ 2,032,326 1.843.245 2,032,326 1,843,245 ANALYSIS OF CURRENT ASSETS 2024 2023 Debtors Cash at bank 652 202,103 102.839 Total 102.839 202,755 I cash and bank balances were represented by unreslricled funds in the current and prior year. The notes forn) part of these financial ststements Pag¢ 10
L E ANDREWS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 ANALYSIS OF CURRENT LIABILITIES 2024 2023 Accruals Loans 1.180 13.263 1.131 Total 14.443 1,131 All creditors were represented by unrestricted funds in the current and prtor year. 10. ANALYSIS OF CHARITABLE FUNDS Ngt At 6 April movoment In 2023 funds Transfers between funds At 5 Aprll 2024 Unrestricted fvnds 2.044.869 75,853 2.120.722 TOTAL FUNDS 2.044.869 75,853 2.120,722 Net movement in funds, inclutled in the a0ve are as follows: Incomlng resourcès Rèsourcès expendèd Galns and Movement In losses funds Unrestricted funds 36.964 1129.2391 168.128 75,853 TOTAL FUNDS 36,964 129,2391 168,128 75,853 The unrestricted funds balance represents the balance of capital donated under the L E Andrews Will to the ¢haritsble trust and surplus in¢ome brought forward which is available lo be spent at the trustees, discretion on the objectives of the charity. The notes forn] part of these financial stslements Pagell