Charity reglstration number 1136180 THE CASTANEA TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024
THE CASTANEA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusteos lan Forsyth Lee Duncan Geoffrey George Vvall Mark Rupert Feeny Charfty number 1136180 Prlnclpal address clo Brabners LLP Horton House Exchange Flags LNerpool L2 3YL Independent Examlner DSG Chartered Accourrtants Castle Chambers 43 Castle Street Liverpool L2 9TL Bankèrs HSBC Bank pl¢ 9&101 Lord Street Liverpool L2 6PG SollcitOT5 Brabners LLP Horton House Exchange Flags Liverpool L2 3YL Investment advisors Rathbones Port of Liverpool Building Pier Head Liverpool L31NW A¢countants DSG Chartered Accountants Castle Chambers 43 Castle Slreet Liverpool L2 9TL
THE CASTANEA TRUST CONTENTS Page Trustees, report ststement of trustees, responsibilities Independent examiner's report Statsment of financial activities Balance sheet Statement of cash flow8 Notes to th8 financial statements 10-21
THE CASTANEA TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the Year ended S April 2024. The financial statements have been prepared in accordance viith the accounting policies set out in the notes to the accounts. Objectlves and activitles Charltable objects The charitable trust's main objects are to improve the qualty of life for ex-service personnel and their families and to improve the quality of life of children who are sick and to help their wishes come true and to reduce animal suffering and to support and care for older people. Aims of charity The aims of the charity are to apply, at the discretion of the trustees. grants to the charitable objects. How achievement of aims furthers objects The trustees, by making the proposed grants to the various organisations decided upon have been able to assist in the purposes outlined as the charitable objects. Statement of compliance wlth Charity Commlsslon guidance The trustees have paid due regard to guidan issued by the Charity Commission in decldlng what activities the charitable trust should undertake. The trustees are satisfied that the infonnation provided in the report and accounts meet the public benefit reporting requirements. Charltable aetlvltles The only operational activities undertaken for the year by the charitable trust is the operation d the investment portfolio to provide growth and income to fund its charitable grants. The trustees hold a number of paintings in storage pending sale and reinvestment. Grant making policy The charitable trust is mainly involved in grant making in furtherance of the charitable trust's aims. Grants made during the year are recognised in the accounts in the period in which they are due and payable. Achl•vements and porfomiance Revlew of the Charlty's achlevements The trustees are happy that by applying their Intended grants to the various charitsble institutlons that they have been able to fulfil Iheir alms.
THE CASTANEA TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Inveslment perfomiance Most of the charitable trusfs cap]'tal is invested on the stock market, and throughout the year total return of the portfolio fell within the trustees acceptable variance to the perfomiance benchmark. Ongoing investrnent advice is provided by Rathbones in conjundion with the trustees. The market value of the portfolio on the 5th April 2024 was £8,431.835 (2023: £7,552,724). The Clerical Medical Group policy surrender value in April 2024 was £337,828 (2023: £316,845). On maturity. the value is likely to be in eXSS of the surrender value. Land was transferred By Mr Duncan to the trust in 2018. The land is currently the subject of a grazing agreement. The Agent Meller Spe8kman collect the gross fee for this and pass the net to the Trustees. Flnanclal revlew Revlew of financial posltlon The charitsble trusfs overall fund balan$ for the year total £10,823,195 compared with £11,612,564 for 2023. After taking into consideration total net income and expenditure, net galns on investments. commitments to charitable donations and govemance costs there was an overall decrease in the net movement in funds of £789.369 compared to a decrease of £550.354 for 2023. The trustees have also reviewed their grant making capability and are happy, going forward, that there will be sufficient income year on year to enable their financial commltments to be met. The trustees consider their investments as expendable endowments. providing a relatively secure and predictable stream of income from which to make grants. The trustees aim to distribut8 a large perntage of the irthme, net of expenses, in each financial year and therefore do not maintain Income reserves as such. However, any unrealised gains and the Income levels on the investrnents held are continually revi8W8d by the trustees at their meetings to ensure that they have sufficient funds to meet their objectives. Re$•rves pollcy It is the policy of the charitable trust that unrestricted funds vthich are of a G9Pital nature should be maintained as far as possible to achieve future growth vthilst those funds of an income nature should be ulilised as far as possible to meet the grant making activity. As such the trustees are happy that sufficient funds have been mairtained to meet their charitable objectives during the year. Investment pollcy The operation of the investment portfolio has been delegated to the investment managers With whom there is a discretionary management agreemenL The investment managers are required to avoid exposure to investrnents which are deemed to be un5Uitable in the context of the charitable trust's objectives. when considering the portfolio as a whole. The investment manager is also to have regard to the need for diversification and the total amount invested in a direct equity investment should broadly not exceed 5°A of the charitable trusfs total investment PDrtFolio at the time of purchase. The Benthmark upon which the investment portfolio is measured is based upon the follthving: MSCI V¥NA Baland The investment manager wlll provlde regular reports which viill include a statement confirming adherence to this policy or provide details of exceptions together with explanations. Ttr report will also include a comparison of the portfolio return in relalion to the benchmark. Major deviations will be examined and explained.
THE CASTANEA TRUST TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 5 APRIL 2024 Risk management The trustees have assessed the major risks to vthich the charitable trust is exposed. and are satisfied that systems are In place to mttigate exwsure to the major rlsks. The trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in retum for the prospect of additional retums over longer periods of time. They wish to moderate the risk of deviation of returns relatlve to the chosen benchmark. Plans for future perlods Plans for the future The trustees are satlsfied that their current policies are sufficlent to meet their objectives and do not feel these will be amended in the foreseesble future. They V•ill continue to review the position. The vffjrks of art are currentty in storage pending thelr removal and sale. Structure. governance and management Nature of the governlng document and charity constltutlon The charitable trust was estsblished by a charitable trust deed dated 6th October 2009. A letter of wishes created by the settlor advises the trustees of the charitable objects who are to benefit under the terms of th8 charitable trust deed. The trust was originally constituted by the introduction of a balance of cash and investments for the purposes of investment and the fulfilmerrt of the charitable aims of the charity. Trustses The trustees who served during the Year and up to the date of signature of the financial statements were: lan FOrsh Lee Duncan Geoffrey George Wall Mark Rupert Feeny Recruitment and appolntment of trustees The trust88s named in the original charitable trust deed are entitled to hold the office for life. Fuiure trustees must be appointed for terms of office of 5 years by resolution of the existirKJ trustees. A retiring trustse is competent to act may be re-appointed at the end of the term of office. Every future trustee must sign a dedaratlon of willingness to act in that purpose before they are entitled to vote at trustees meetings. The existing trustees vthen considering the appointment of future trustees will review the future requirements of the charitable trust and the professional eXWrien required by new trust888. Organlsatlonal structure The trust is mainly a grant making charity run by a body of trustees who meet periodically and who review the pollcles and objectives of the charitsble trust. How docislons are made The trustees liaise regularly amongst themselves and with their professional advisors to review the policies and objectives of the trust. The twstees act in accordance with the decisions made and appropriate actions minuted.
THE CASTANEA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Induction and tralnlng of trustees Incoming truste8s wll be made aware of their responsibilities and the charitable trust's objectlves by the existing trustees and their profession81 advisors at the date of 8ppointrnent. The trustees are kepl up to date on relevant matters by thelr professional advisors, Operational restrlctlons There are no specific restrictions imposed on the trustees by the governing document concerning t1 way the charitable trust can operate. Speclal Investment powers There are no specific restrictions on the trustees Investment powers. The trustees have decided for the time being to impose restrictions of their own on the investment managers as listed in the investment policy. Promotlng the success of the company The trustees are satisfied there are sufficient assets to meet the charitable trust's obligations. The trustees, report was approved by the Board of Trustees. G&offr8y Trustee 80rg8 Wall eny Trustee
THE CASTANEA TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The trustees a resFonsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England and Vkdles requires the trustees to prepare financial statements for each financial year which gtve a true and fair view of the state of affairs of the charitsble trust and of the incoming resources and application of resources of the charitable trust for that Year. In preparing these financial statements. the trustees are required to: - select suitable accounting policies and then apply them consistently; - obSee the methods and principles in the Charities SORP: - make judgements and estimates that a msonable and prudent. state whether applicable accounting standards have been followed. subject to any material departures disdosed and explained in the financial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity ill continue in operation. The trustees are responsible for keeping sufficient accounting records that disd05e with reasonable accuracy at any time the financial position of the charitable trust 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 tl* trust deed. They are also responsible for safeguarding the assets of th8 charitable trust and hence for taking r8asonable steps for the prevention and detection of fraud and other Irregularltles.
THE CASTANEA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CASTANEA TRUST I report to the trustees on my examination of the financial statements of The Castsnea Trust (the charitable trust) for the Year ended 5 Aprll 2024. Responslbllltles and basis of report As the trustees of the charitable trust you are responsible for the preparation of the financial stat8ments in accordance with the requirements of the CharFties Act 2011 (the 2011 Act}. I report in respect of my examination of the charltable trust's financial ststements carried out under section 145 of the 2011 Act. In carying out my examination I have follovRd all the apICable Directions gNen by the Charlty Commission under sectlon 145(5}(b) of the 2011 Act. Independent examlnerfs ststem•nt Your attention is drawn to the fact that the charrty has prepared financial statements in accordarr£ ryth Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Ststement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulatlons Pxrt has now been V*rythdrawn. l understand that this has been done in order for financial ststements to provide a true and fair view in accordance th Generally Accepted Accountlng Practice effective for reporting periods beginning on or after 1 January 2015. I have wnpleted my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records wer8 not kept in respect of the charitable trust as required by section 130 of the 2011 Act. or the financial ststements do not accord with those records. or the financial statements do not comply with the applicable requirements Conrning the fom) 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 vi8w which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examlnatlon to vthich attention should be drawn in this report in order to enable a proper understanding of the finanaal statements to be reached. DSG Chartered Accountants Castle Chambers 43 Castle Street Liverpool L2 9TL Dated..
THE CASTANEA TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestrfcted Unrestricted funds funds General Capital 2024 2024 Total Unrestricted Unrestricted funds funds General Capital 2023 2023 Totsl 2024 2023 Notes Charitabk activities Investments Other income 2,500 234,916 4,202 2,500 234,916 4,202 234,082 315 234,082 315 Total Income 241,618 241.618 234.397 234,397 Raising funds 31,196 31,196 30.699 30,699 Charitable activities 492.014 8.613 500,627 118,646 25,561 144,207 Other 12 80 630.009 630.089 62 24.400 24,462 Total resources expended 492.094 669,818 1,161.912 118,708 80,660 199,368 Net gainsl(losses) on investments 13 130.925 130,925 (585,383) (585,383) Net movement In funds (250,476) (538.893) (789.369) 115,689 (666,043) (550.354) Fund balan$ at e April 2023 254,544 11,358.020 11,612,584 138,855 12,024,063 12,162,918 Fund balances at 6 April 2024 4,068 10,819,127 10.823,195 254,544 11,358,020 11,612.564 The statement of financial activities includes all gains and losses recognised in the Year. All income and expenditure derive from continuing activities.
THE CASTANEA TRUST BALANCE SHEET ASAT5APRIL 2024 2024 2023 Notes Fixed assets Tangible assets Investrnent properties Investments Mixed motive investments 14 15 16 1,275,000 90,000 8,431,835 337,828 2.780,000 90,000 7,552,724 316.845 10,134.663 10.739,589 Current assets Debtors Cash at bank and in hand 17 6.288 693,728 6,28B 888,694 700,016 884.982 Credttors: amounts falllng duè within one year 18 (11,484) (21.9871 Net current assets 688,532 872,995 Ti)tsl assets less Gurrent Ilabllltles 10.823,195 11,812,564 Income funds Unrestricted funds- Capital Unrestrlcted funds- General 10,819,127 4,068 11,358,020 254,544 10,823,195 11,612,564 The financi81 statements were approved by the Trustees on Geoffre Trustse rge 11 Mark Rupert Feeny Trustee
THE CASTANEA TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Cash flow5 from operatlng actlvltles Cash absorbed by operations 21 (535,704) (172,420) Investlng activities Proceeds from disposal of tsngible fixed assets Purchase of investments PrOedS from disposal of Investments Investment income received 357,991 (1,684,721) 1.432,552 234,916 240,600 (529,855) 707,916 234,082 Net cash generatsd from Investlng activili•s 340,738 652,743 Net cash used in financlng actlvltles Net {decrease)Ilncrease in cash and cash equivalents (194,966) 480,323 Cash and cash equiv81ents at beginning of Year 888,694 408,371 Cash and cash equivalonts at end of Year 693,728 888,694
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles Charfty Informatlon The Castanea Trust is a charitable trust, and created by a trust deed dated 6th October 2009, which was registered as a charity on the 3rd June 2010, charty registration number 1136180, 1.1 Accounting convention The financial statements have been prepared in accordance with the charitable trust's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting period5 commencing from 1 January 2016). The charitsble trust is 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 involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but vthich has Since been withdrawn. The financial statements ar8 prepared in sterling, which is the functlonal currency of the charitable trust. Monetary amounts in these flnancial statements are rounded to the nearesl £. The financial staternents have been prepared under the historical cost convention, modlfled to indude the required revaluation of financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charitable trust has adequate resour$ to continue in operational existence for th8 foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting In preparing the financial statements. 1.3 Charitabl• funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charttable obieGtive5. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charitable trust is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charitable trust has been notified of the donation. unless perfonnance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Assets for distribution are recognised only when distributed. Assets given for use by the charltable trust are recognised when re1Vable. 1.6 Expanditurg Expenditure, including grants made, Is recognisable when and to the 8Xt8nt that the liability is incurred. 10-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng polici•s {Contlnued) 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The current tangible fixed assets are stated in the balance sheet at revalued amount5, being the fair value on the date of revaluation less any subsequent depreciation and impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which could be determined using fair values at the reporting end date. If an asset's carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equty. However, the increase shall be recognised in profft and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. The decrease of an asset's carying amount as a result of revaluation shall be recognised in other comprehensive income to the extent of any pvIouslY recognised revaluation increase accumulated in equty, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciatlon Is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the followng bases: Paintings zero The gain or loss arising on the disposal of an asset is determined as the dlfference beeen the sale proceeds and the carrylng value of the asset. and is recognised in the statement of financial activities. The paintings held within the charitable trust have been donated to the trustees and are currently held pending sale. 1.7 Investment properties Investment property, which is propety held to eam rentals andlor for capital appreciation. is initially recognised at cost, which includes the Purcha cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.8 Fixed asset Investments Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Fair value on fixed asset investments is measured as at the balance sheet date as follows.. Llsted securities at mid market value; Listed securities held in foreign currencles at mid market value and translated into their sterfing equivalent at the accounting dat8: Govemment Securities at mid market value and do not include accrued interest. Unrealised gains and losses are Included on the ststement of fin8ncial activities. 11
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies {Contlnued) 1.9 Impaimiont of fixed a880ts At each reporting end date. the tharitable trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any). Intangible assets wlth Indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an irKlication that the asset may be Impaired. 1.10 Cash and cash equival•nts Cash and cash equivalents include cash in hand, deposits held at call vAth banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Flnancial instrumènts The charitable trust has elected to apply the provlslons of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable trust's balance strEet when the tharitable trust becomes paty to the contractual provisions of the instrument. Baslc financial assets Basic financlal assets, whlch indude debtors and cash and bank balareS, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost uslng the effective Interest method unless the arrangement constitutes a financing transaction, there the transaction is measured al the present value of the future receipts discounted at a market rate of Interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic flnancial liabilities, including creditors and bank loans are initially recognised at transadion price unless the arrangement constitutes a financing transaction, where the debt Instrument Is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Derecognltlon of flnancial liabilities Financial liabilities are derecognised when the charitable trust's contractual obllgations expire or are discharged or cancelled. 1.12 Employe• benefrts The cost of any unused holiday entitlement is recognised in the period in vthich the employee's services are received. Termination benefits are recognised immediately as an expense vthen the charitable twst is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 12-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Crltlcal accounting estimate5 and Judgements In the application of the charitable trust's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revislon affects lY that period. or in the period of the revision and future periods where the revision affects both current and future periods. Key sourcos of estimatlon uncertainty The estimates and assumption5 which have a significant risk of causing a material adjustment to the carying amount of assets and liabilities are as follows. Paintings Valuation The paintings were originally the subject of a gift based on an historlc insurance valuation. Subsequent to the completion of the 2018 accounts a fair market Valuation of the paintings has been undertaken and the accounts now reflect the corrected value. Charltable activities 2024 2023 Rentsl income 2,500 Investmgnts Unre8trfcted Unrestricted funds funds General General 2024 2023 Income from listed investments Incorne from unlisted inveslments Overseas Interest Overseas dividends Interest receivable 123,809 14,913 14,817 65,225 16,152 140,046 8,390 12,678 65,503 7,465 234,916 234,082 13-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Other Income Unrestrictad Unrestricted funds funds general General 2024 2023 Wayleaves Insurance Refund - Storage of Art HMRC Funds due to Trustees from Hynet 1,000 3,202 (185) 500 4.202 315 Raising funds Unrestrfcted Unrestricted funds funds Capital Capital 2024 2023 Investment management 31,196 30.699 31,196 30,699 14-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charltable actlvltles 2024 2023 Motor vehlcle Insurance Maintenance & preparation of motor vehicles for sale Insurance - Storage of Art Transportation costs Postage costs 804 305 3,840 2,768 7,726 Grant funding of activities (see not8 8) Share of governance costs (see note 9) 473,075 27,552 102,400 34,081 500,627 144,207 Anatysls by fund UnstriCted funds - General unstricted funds - Capital 492.014 8.613 500,627 Forthe Year ended 5 Aprll 2023 Unrestricted funds - General Unrestricted funds - Capital 118,646 25,561 144,207 15-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 Grants to instiiutions: 3H Fund Abbeyfield ABF The Soldiers Charity Addlngton Fund Age UK Amputation Foundation Anlmal Action Greece Animals Asia Blind Veterans UK Breakthrough Brooke Hospital for Animals Carers UK Children's Heart Federatlon Combat stress Deafblind UK Dogs Trust, Shrewsbury Douglas Bader Foundation Felix Fund Footsteps Foundation Freshfield Animal Rescue Gurkha Welfare Hansa Class UK Heropr8neurs Himalayan Animal Treatment Centre UK Hope House Children's Hospice IAH Charity Co Ltd Independent Age Joss Searchlight Katherine House Hospice Leeds Weekend Care Association Make Them Smile Microphthalmia Anophtalmia and Coloboma Support Mildenhall Parochial Church Council MIND National Museums Liverpool Nicodemus Parkinsons UK PDSA RAF Benevolent Fund Seafarers UK Sllver Llne SSAFA Starlight Children's Foundation Southern Thailand Elephant Foundation St John the Baplist Mildenhall St Luke's Cheshire Hospice STUBS 4,000 1,450 6,500 6.125 4,000 900 300 1750 1750 3000 5500 1200 3250 1200 6000 18.875 5,750 11,000 2.500 20,750 2,500 5,000 21,500 8.000 5.000 4.150 13.250 5,000 5,000 15.875 3,250 5,000 5.750 8,750 8,000 11,000 5,000 6,500 5,000 5,000 5,000 5,000 2,500 19.000 2,575 11.000 15,500 6,500 8,250 6500 1200 600 5000 3250 1750 600 2500 600 3,000 4,750 1,200 1,250 4,500 2,750 14,750 9,500 5,750 1,200 3,250 600 11.000 1.350 16-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable (Contlnued) The Anne Robson Trust The Christie Charity The Gurkha Welfare Trust The Movement Centre The Not Forgotten Asscciation The Officers, Association OubNard Bound Trust The Resprf(eAs8cciation The Royal Brltlsh Legion The Royal Navy and Royal Marines Charlty The Royal Star & Garter Homes The Severn Hosplce The Woodland Trust Tom Harrison House Tree of Llfe for Anlmals Up n'Away Vljlngs For Warriors ZANE 5.750 12,500 6,000 4,500 5.000 6,125 4,000 5,300 6,500 13,500 6,500 6,5Crf) 9,500 5,000 7,250 8,500 2,500 5,000 18,500 1,750 1,200 3,850 3,000 1,750 3.000 1.200 600 1,200 5,000 473,075 102.400 Support costs Support Governance costs osts 2024 Support Govemance costs costs 2023 Legal and professional Audit costs Accourrt8noy fees 16,068 1,320 10.164 16,088 1.320 10,164 23,641 1,200 9,240 23,641 1.200 9,240 27,552 27,552 34,081 34,081 Analysed between Charitable 8Ctivities 27,552 27,552 34,081 34,081 Audit costs includes payments to the auditors of £1,320 (2023- £1,200). 10 Trustees None of the trustees {or any p8rsons conneded with them) received any remuneratlon or benefits from the charitable trust during the Year. Mark Rupert Feeny one of the trustees is also a partner with Brabners LLP who charge for th8 legal and advisory servi$ they provide to the charltable trust. During the year costs invoiced including VAT amounted to £16.068 {2023 £23,641). 17-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Employees There were no employees during the Year. 12 Other Unrestrlcted Unrestrictsd funds fund5 Total Total 2024 general 2024 Capital 2024 2023 Net profiV(loss) on disposal of tangible fixed assets Bank charges 630,009 630,009 80 24,400 62 80 80 630,009 630,089 24,462 Forthe Year •nd•d 5 April 2023 62 24,400 24,462 18-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Net gainsl(1088e8) on Investments Unr•strict8d funds Capltal 2024 Total 2023 Revaluation of investments Gainl(loss) on sale of investments Revaluation of CMG paid up whole of lrfe policy Revaluation of paintings 650,182 (23,240) 20,983 {517,000) (451.412) (72,542) (61,429) 130,925 (585.383) 14 Tanglble fixed assets Palntlngs At 6 April 2023 Disposal pr(Keeds Revaluation Loss on Disposal 2,780.000 (357.991) (517,000) (630.009) At 5 April 2024 1,275,000 Carrying amount Al 5 April 2024 1,275,000 At 5 April 2023 2,780,000 16 Investmont property 2024 Falr value At 6 April 2023 and 5 April 2024 90.000 Investment propety comprises land at Backford, Liverpool Road, Chester. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 st March 2018 by Meller Speaknian Chartered Surveyors, who are not connected with the charitable trust. The valuation made on an open market value basis by reference to market evidence of transaction pri5 for similar properties. The Trustees do not consider the current market value to be significantly different from this valuation. 19-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 16 Flxed asset investments Llsted investments Cost or valuation At 6 April 2023 Additions Valuation changes Profitl{loss on disposals) Disposals 7,552,724 1,684,721 650,182 (23,240) (1,432,552} At S April 2024 8.431.835 Carrying amount At 05 April 2024 8,431,835 At 05April 2023 7,552,724 17 Debtors 2024 2023 Amounts fa115ng due wlthln one year: Other debtors 8,288 6.288 Trade debtors disdosed above are classlfied as loans and receivables and are therefore measured at amortised cost. 18 Creditors: amounts falllng dug Within one year 2024 2023 Accruals and deferred income 11,484 21,987 -20-
THE CASTANEA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Analysis of net assets between funds General 2024 Capital 2024 Total 2024 General 2023 Capital 2023 Total 2023 Fund balances at S April 2024 are represented by". Tangible assets Inveslment properties Investrnents Mixed motive investments Current assetsl(liabilities) 1,275,000 1,275,000 90,000 90,000 8,431,835 8,431,835 2,780,000 2,780,000 90,000 90,000 7,552,724 7,552,724 337,828 684.464 337,828 688,532 316,845 618,451 316,845 872,995 4,068 254,544 4.068 10.819,127 10,823,195 254,544 11,358,020 11.612,564 20 Relatod party transactlons There were no discloseble related paty transactions during the Year (2023 - none). 21 Cash generatsd from operations 2024 2023 Deficit for the Year (789.369} (550.354) Adjustments for: Investment income recognised in statement of financial activities Loss on disposal of tangible fixed assets Loss on disposal of investments Fair value galns and losses on investment bond Fair value gains and losses on investments (234,916) 630,009 23,240 (20,983) (650,182) {234.082) 24.400 72,542 61,429 451,412 Movements in working capital: (Increase) in debtors (Decrease}fincrease in Greditors (2,186) 4,419 (10,503) Cash absorbed by operatlons (1.052.704) (172,420) 22 Analysis of chang•s In net funds The charbtsble trust had no debt during the year. 21