REGISTEBID CHARTfY NUMBER: 11411672 UD*udlted Stltt Cox & Co. (ACCO11) Limitrd High Street Turvcy Bedford MK43 8DB
Contents of the Statements FOR THE YEAR ENDED 31 DECEMB P•8e Report ofthe Trmte Independt#t Report ststement of Fln•ndil A¢dvttks B#lDee Sheet to the FIYAandl St•t¢rnt•ts S to 10 Det•lkd Ststem¢t •f nttdl Actlvitles 11 to 12
oftheT BER 31 December 2023. The trustrcs have adopted the provisions of Aectyjnting and RePO"ng by Cli8ritie6.' Ststement of Recommended Practice applicable to charities preparing their 8LYounts in 4Tdonee with the Financial Reporting Stsndard applithle in the UK and Rewblic of Ireland (FRS 102) (effectiv¢ l J8nu8ry 2019). REFERENCE AND ADMTNISTrATIVK DETAll Re8l•tered Chrlty Thmber 1140672 Pri•clpl Addre Clo RPG Accountants The Old P8rsowe Bcdford Stre¢t Woburn B¢dford5hire MK17 8NG Independent Examitr David A. Cox BA FCCA FCA Cox & Co. (A¢untanCy) Limit¢d Chartered Aceount4nts High Street Turvey Bedford Bedford8hire MK43 8DB
rt ofthe Trnstees Conthiued DED 31 DECEMBER 2023 FOR THE S¢Nd•rfy govern¢t and DMellt Th¢ MadTittha Tnth is a Tegstered charity, number I 140674 ad is nS¢llut¢d und¢r a Trust de¥1 The tTrt is registered with the Clwity Commi88ion in England and wales.71re are no restrieti(trA4 i# the governing documrnt on the oper8tion of the charity or on its invesw power8 other than those illwed by general chan'ty law. b. Th¢ Trn#tee• Th¢ truste wlw served thc chaTity during the yetrwere as follows:J Gwghcgan IChAirnWI). S C McKeaMd-Han (L¢8al Advisor), C PIX A sing Dr C Chand4 E PatsaI G Dib1. S CoJL8tantiii¢.Haidry. V Kyt¢, W De4r. All ttwte¢s 8ive their time freely ard no tsiwee remuner•tion was paid in the >rar. ¢. The methods &ptsd for the rttrkni #ud •PpoINthN¢ of Dew trurte The minimum number of tnS for the ehtirity is thffe. Any aLklitional trustees must be appointed by resol10 of the truste¢s gnd must iwjicate their wiltsn8tx to ¥1 4$ 4 tyuse of the charity before he or she may act a8 such. Pollel•# adopted for ¢h IJth¢llDD •nd TalDh8 of Trw•t There is no forn1 procfdur¢ for the iNluthon and trainmg of trusteu ]'d down in the Trust deed. TrUeeS will have long 8t8ndin8 business experience or dtrect ¢xP¢ri¢e of ¢hwitsble educion provision in the developittg world. All trustc¢s will be 'vert and dirrfied guidanc¢ for tnuie¢s issued by the Chan"ti¢s Commission in ordcr to help them underStd their duties aTrJ rwibilities 45 4 trustee of the ¢lwity. •. The •ry4tstlon 8¢nKtllr¢ oftb¢ ¢harlty dcddDM are m•d¢ The trust is monased bytru¥tee8. The trust de&1 Wulatr8 that at least two medinp are held per yw. fkning 2023. three ttustee meetÉngs We b¢ld. The tnwt¢e5 bave pwcedural p)rr8 in reIOn to decision llD8 to.. Appoint a chairnun. tre&8urer aryl other hOrary officers Dele8ate Any of thet"r nctionS to a committe4 whieh must ¢owi8t of two or more perg)ns. the rnajority of which must also bc trustcrs Mak¢ Nles to govern the pr(Keedin85 of tru4 ffttlings and committe Make re8ukntions to gov¢Tn th¢ admilltstration ofth¢ ¢Jwiry iticlwjmg the we a1 application of th¢ incom4 prom fi]nd4 the opwation of bank accoullts aud th¢ ¢ommitrKDi of funds. The followin8 offic¢rs #re awrently in place.. tre4wr¢r and Iwl advi who all support and 4dvise the 8te¢& DxisionB at InJ6tee meetiw d#t¢rD by a sinyle mBjority of the v(Jt& ¢¥t at a nYKtioB of tbc Irustees. f. The nwjor risk• to wl&b the eharlty •d r¢vlrn •Rd ryllems to te rJthJ The trustees identify the major iisks to which the ctrthrity is exws¢d ¢¥b fiDancial year when pwaritig uplating a strAtegt¢ p in parts"cular those rel8t¢d to the operati aDd fillae$ of the crity. The trnstees then review any major risks. wbich have be¢n identified. atrj estsbbsh sy5tell to nutt.gate t1 risks. Th¢ ¢lJatity is salisfjed that the SYSten are in place to mitigate theii eXpcre to the DJOr risks wbieh hav¢ b¢¢n g) identified aDI reviewed. g• Rtsk M•nagemellt ObJeetlve5 PDMd The rn4in fiTwicial tisks arising from the ¢harity's adiYitiGs hquidity. fraud athl th risks a8 d¢scnknJ b¢low.
Envolrse ID: 3DE8977CC2409FCEG2O3g f the Trslee$ Colltlllued FOR THE YEAR ENDED 31 DECEMBER 2023 Llquldlty Rlsk The chan.ty prepfircs regular foreea8ts and rwts to its on a quarterly btisis. The board of tntee8 approve the forecasis and signs off the year end accounts. The charity utyJerstsThJs its cash flow requirements and its poli¢y is to nmintain sufficient fiuNls in a hquid foffn a]1 limes io eusure thw th¢ ¢haEiry can its liabltieS as thty lall due. The eh¥rtty ig lloi reliant oll alts or diti(ul donatioM. Otber rlsknl frand Tl$k The charity is not exposeJJ to risk8 involveA in futhisinB bttause its &#&vities are by donations from the founder and incom¢ from investnKnt ¢opitsk. The chan'ty has limited its ¢xposure to misappropriation of funds or misMa8emettt of its investsnents by contractin8 with Veritss Investment M8nagement LLP (t)ow renamed McTidicm Investm¢n¢ Manag¢11 and SEI Inv¢8tllKnts (Europe) Ltd) an entity r¢gula¢cd by Fina71 Conduct Authority (FCA). Invesmienis are held in lower risk as advised by M¢ridiem. The clj2n.ry is poliallY extx)sed mtsappropriation of grants. It controls this by seeking Teceipts and verifyin8 use of fvnds wherever P0S5ible. for exAmple. by attcnd4n¢e repDTts fmm the school ihat a sttht ha$ 4tt¢nded. The ¢h4n"ty relies on its investr)lts delivering income and value BrOh to fund futhu¢ llcts"viri#. As with &ny investtWL there is a risk thai the value dc¢lino8, this is Mitigat through kc¢ping a pcrccnlagc of invw¢m¢nts in short l¢nn moncy markd funds and us¢ of i professional investment manager. Veritss Invegtsnent managennI LLP (Th)w Meridiem). io manage the portfolio. Payinents are made whenever possible to pre•select¢d rtputable local pw11)er charities in each country to minimi8¢ the risk of frauthjlent pawts. h. Rdatlon8hl wlth otP 8ro•p4 ohrldtt ad ldlvldllh The charity recognises thai there is much activiry alr¢ady it) th¢ at¢a of improving educaiion in the developing world. Madrinh8 Tnt to ¢ompl¢m¢ni Tather thHn comW¢ wilh existing organisationy and as Ststl in th¢ ¢h¥riWs deyelopmeni plan aims to ¢sure fvnds are noi spent on any InfraSThu costs of kn or8anis&tions and that fiuth arc addits'ollal rathu than a of¢xl¥8 fun(ts. Up to ih¢ ¢ttd of 2023 the Charity had ¢StsbliSh relationship5 with 12 other chlble Or8an11oM ilwou8h whi¢h 8rants to Mentees are made. The r¢lationships cuttently existent ar¢.. l. Commonwealth Girls Educalion Fund ICGEF). b4s¢d in the United Kingdo provides sponsotsbip 8rants to girls ftjr secondary or high school elJu10n where this othenvise migbt be possible. 2. Kenya Kesho an educ•tioMI ehanty hAvin8 A hBe irya¢t on a very loc•l, disadvAnts8ed eommunity its Kle Counry of Southern K¢A. K1¢ County came Myjnd to bottom ID the ]08] ¢dUtiOn league tables in th¢ latest National •ssessments Tana 'Ver Life Foll]tion (TRLF) is 8 Charitsbl¢ Tr¥ s¢t up by G4bri¢l T¢0 Kian Clwng on 13th D¢¢¢mb¢r 2005 in Mombasa. KenyB. Gabriel has be¢D living and wY>rkin8 in T3na "Ve1 Ds'5tri¢L Ken sin¢¢ 1995. The Foundats"on wa5 5¢t up with the obJ"ective of ass15tin8 the manaliZed through education and acquisition of livelihc skill$. Rwanda Aid operates in th¢ r¢TNTrt¢ south-west of Rw8nd& in the districts of Rusizi and Nyam8sheke. The aim is to support the vul1wle attd disadvants8e4 especially ehildrtty helpiti8 th¢m to d¢vel¢)p the skills and knowledge to build a better future for dmselve& their families and their community. 5. TEST cfhe T¢rti8ry Education Scholarshw Tnjst) forAfrw based in Ghw Malawi, Tanzania and Ugth. Found by Keith Lloyd aD a]umnu5 and Hd of LitwGr¢ Collw. Oxford Univcr5ity. K¢ith and his wifr, Marjorie, with the help Of the UK governTn¢nt through th¢ DFtD a 3cri¢5 of xbolarships for vcry bn"gh¢ financially Deedy African students to pwsue wiiversity iti subjects whxcb would enlwice the social and n0C dcloPnKnt of thffl"r counln.es oforigln. 6. Teach the Ngtion SA.. Through its Fellowsbip sche Teach the seeks ty delop sttthnts 8nd to belp them io reach their fi1 potetttial and Arjake theth ready for thelr firture eareer.
- Fth b8sed in SouthAfrio is a volunteer.led non.for profit orgaDisation Wlti8 with the Diyloot conlld SdL(N)l township of epS100t on the northern outskits of JOhannbll SouttLAfrica. Collduryed THE YEAR ENDED 31 EMBER 2t123
- KHULA {fornlY the David Rattray Foundation) tIl¢b tlleans to Grow or to Prosper. The David Rattray Foulthtion foundd onnallY in 27. KHULA works closely con)muuib"es alld schools in Umzinyathi District of Kwazuiu NalaL SouthAfrica in providingthE r¢sourcrf, skills and OpEtt£S tbat the pupils necd to SWCe ID lifr.
- Makn A Difference IAdership Foutthtiott (MAD IAderthp Founda¢ioD), basal in South Afriw shares a vision to develop acadenM"cally talented s¢l¥)lJrs with Ifader5kn"p potential into firture leader5 for South Africa. Make A DiffeteThce I£adership Found*ioll NPC Wds fornd in 21K)3 to realise this ambiti¢)rt to transform South Africa- one SchOL at a tll.
- Saigon Children 15 a UK based clwity working out of Vietnam cDabling di5Sed children and young adults in lo reach their fidl tential through rec¢ivtD8 a qualityedtlott that is relevant Éo their needs. I l. Al-Quds Foundatt'on for M¢di¢al khools in Palestine IFQMS) wis forlld in 1997 as a UK [cStered Charity to sUprt medical olucation in Palestine.
- The HinlaYan Youth FOujaIlOn OIYF) works kn impmv¢ the educatioo health and living eondilions of 0balled semi-otphaned and th'sadvantaged ¢hildren and young people aged 6 . 25 livin8 in the Hima]ayan regiotl. The ¢h4Wt¢risti¢s of our parther clwi.ties are as follows: Our partner chan'tieg have effttve presence in the countries in v)1 tbey orrdte. and a WlD8 knowledge of their individual eatiO1]. political and econotDiC settings. We have easy access a rml UKh"vidual within our partheT cljariry is responsi1¢ for t}dIng to our querie& allaying any Cou¢¢ and is am¢nable to IllE guided in our etho& wuirements and targets. Owpartws are financially stsble, bave other 50urc¢s of iu¢on* and are not depelldent on our fithng. Our partners participate in ijjr knteractiye sessions aThJ Celebrate the su¢cess of our mentees. Our partsier cl]arities activcly partÈ¢ipa(e in re¢onw8 and recrniting suitabk who arc familiar with their region or Coun of OPWdUO Objtttives and activitW5
- A Summxry of the objects of the Charity %J set ik its pvernlAg do¢ull¢ The Trust deed of the chan'ty was created on l FebTtwy 2011 oll fitymls settled by Michael Frdncis GCOghega the fit thr¢¢ Itust¢¢s b¢in8 nan*d as Jania Gco8he8at4 MayJ Synbar atsd Atijril sill8 The Trnst dd oudines the obje¢tiv¢s of th¢ ¢harÉry. th¢ powers of tbe trustees and pr(KedUr for th¢ir appoiBtuKD( tul¢s fw the pro¢t¢dings of ttust¢¢s and their Pedural pow¢r& Twults for r¢cords and faounts arml procth for the amd8&On and dissolutson of th¢ charity. objxtiv¢s of th¢ ¢hArity ar¢ tbe advallcemen( of edatIOn and tbe reli¢f of povuty by the provision of fimds and financial assistance to cducatt¢)nal and other projccts anywhere iti the world but with a particular focus on Africa and the developing workl. Selected Projects sknuld 8iEn to Trnprove edIati0ft. relieve tM)vuty aDJ improve the conditioDS for socially and onomillY d1sadvalltag pwle and g)mmuniti¢s.
DrxkJn En¥ekpè1Tr. Th9 . MAnTtiN VTqT R THE YRAR END 31 EMB b. Publk benefit that h provlded by the ebarlty Throughout the finaDGial year the main objpJaive of the chvity Ll)ntInu to be to ideoti'fy youtt8 pty)pl¢ irt t thc charity. The clbarity b¢li¢ve8 lh¢ Provi of a Ibwture to ertsure that a young ppty(m receives ats4Uate education is a very irnportanl * in ensuring tha¢ a youn8 pw50 their family and ultimatrly theircommunity can Itft themselves ou¢ of pKtverty. The trustrt8 of the charity have been direaly involve•J in nwtOrn8 selxted I151th so that they Wi8t them with their p8ths aThl ensure. &8 far as posqibl& that the reeipiats use their and whtion fijr th• bentsfit of th¢ir native county. In framing the obj#iives of th¢ charity. the trusfee8 have regatd to th genernl guidance ISSU by the Charity Commissi¢M on public benefic iR¢ludin8 guidance ott the F&evention wtd rclief of ¥¢Try for th¢ public benefit. e. The eharlty'j Jndlldlug the or dIffern h to mke tbromgh Its •edwltlè4 The ¢[16 vi8ion is to devel<y Sjture l¢ad¢15 of ttr¢ dtvolopiu¥ worl¢t Thi8 will be tthi¢ved by prm'din8 eduejlional ndin8 for disvan8¢d youn8 people with leJetship ability aTht prov¥Jing individually tsilored Support for their developmeoL ett¢ouragin8 gn open 17witorin8 r¢latioAsl)ip to boost tb¢ir 4nd creating an aveDue for ¢xplorin8 th¢ OprtunitieS open to them. The charlry 15 committed to pro acLYss ty education for the pe4¥le in its prowxmme by pAyin8 sch1 and ¢¢rtiary edtIOn f¢es. In th.tio th¢ charity 11 provide ancillary seThi¢es to the Mentees such as phon¢s. laptops, work experienee in gap year In ord¢r to m&ximi8¢ the bEnefit of w tion thftt it pTovide& the cljarity believe& that mentoring and 8uidance is An important part ofthe edu¢aiion PTCW& The clwity prnvidu UK m¢Lt0 to all the 5cknlarship ment¢es, offtn"n8 long The Chity has a wide discr¢tiOD in its werS and csn help edwion pro¢ess in several Y$. This could also includ¢ assisting and futiding resegr¢h to Crea 8n plats for a COUDty provtde fi& for the edwln of potential leader& 8$ well as helpll build the educatsonal slru¢ttwe in third world counttie5. d. Att esplgDtlo4 of the ¢h•rlty's objecdyts lor the ytar During 2023 th¢ objective of the eharty remaill to expnd its base of mentors and to develop alstrengt1 IiDks with 8ponsorA4g parthm with the 8im of irrs8 the numb of thknts r¢ceiving exlucatiotwl supporL The chaTityhas also adiv¢ly Iked to Str the 81kninistratioffj mentoring offering attd mgrk¢tiD8 of the ch8rity. e. An explatt4tloD of th¢ ¢harfty's Str•te5 for Its aled th&5¢ ate: Flnd sultable bMe1k¢*
Ca[idateS are sel¢da by lcd partner charities atMI then intcrviewed by Mad[iE TIst tn who assess their suitability for seholaTship selection and th¢ rnentorship programn. The final It of suwessfid e4ndidat&q is tl fornTrlly approved And signed offby the t[steeS at a meett Conlititsed FOR THE YEAR ENDED 31 DECEMBER 2023 Jn 2023 the ¢trlty pT0vid scholarsbips for 57 sc1w15 whose aJllcatioth81 exFEKh'ture lths been approveAL The Methees of the Ttust ¢on)pris¢ JThth"vithMls wl¥) tsplay the follo are High Achievers who w often IHve Fwtive Tole nM)d¢ls within tbeiT local conLmullities. are fron) disadvantaged aTrl often the first within tbEir families to aspire to higher lucatioll. Without the TTUSt 5uppor¢ tkny will b¢ unltkely to furt their &Jucation in spit¢ of having yeai poto]tt"al. have the potential to become le&dttg in various fields gnd thin their CotimntieS. Our Ment0 continue to gwde recogmse thi.s p)tential and fulfil it. have gtrong commitments lo glve baek and'pay fonvard. to their Cornnues and to contribute to making the ider world better for others. Accq)tin8 a mentored fimm"Tr8 a8retmenr vknich iorat¢S a strong personal are able arwj willing to rommunicate their goals {shoTL mediwll and long) and their challenges lo their mt0[5. Th¢ir rnwtors will kw working with to firy15Uitable soluts'ons. MeDtor the knefitia Before the approval of any firn¢la1 SlTPPOrt the Mentees have to agree to participalion in the 1)loring prr. Exh To ensure that th¢ Mentces are paired with a Mentor fM whom th¢y benefit aTrJ to ensure the ongoing quality of the Mellloring proc¢4 th¢ charity IK)Id8 regular Mentoring WOTkslw and meet ups. The overall obje¢tive remains lo ensure that Mentors are p0iTed with a suiiable Mentees and to ach the skills rwuirnl to be a suc£¢ssfvl Mentor, the records need to b¢ kept of COTDrnuttieation4 guideltnes for Mentees, ertluation te¢hniques and howw report succus. Mtthinh& places ValUe on the role of the Mentor poformoj to as hjgb a standard &5 p)ssibl¢ et)sure that the proces5 15 out for bellefit of Mentees. Th¢r¢f{¢. a Mentoring Imndbook JMS b¢¢n publishryl 8nd is issued to alt M¢n¢ors. The Mellloring handbk cOntaE th¢ Madtioha TnL8t'$ core values, the D)1¢5 gDd rasp¢)nsibilities of MeDlors. rigllts #j wnsibilxties of Men. steps in the mentoring prrtt4 record keeping requirements, the requiremenÉ for a filter in th¢ nxlltoiing pri)¢e4 tips oo l¢tt¢r writing and developmg relatiOns'p$ as well as guidan¢e tn the cage of probIell. Th¢ ¢lwity has Mentors who regulartyrnll7L with ¢h8rity via Wh&tsApp to stay in re colltsct with Madrinha and the Madrinba melltees. m¢nt¢¢, th¢y arc all volunt¢US. They bave an affinity for ¢itber th¢ meDttt's country. subject of study or &spirations; very oft¢n all thr¢e. edu¢ational syst¢nL mentors attend internctiv¢ sessiotL8 atsl xtively strive to Unde1 and mentor in line with the TnLSt's cthos. cujoyablc fDr the
ThE MADRINHA TRUST ofth YEAR ENDED 31 DECEMBER 2011 FO Complek Its The chaTity supporty exiing and stthts through both their time as a mentee and afterwarts.. Mu]tiple communic8tiOD channels Iwve bcen in place inchth8 Walt8App. pkn¢ and E-mail for both Mentees and for Mentors. Madrinha bas set up a bw nmtotship programme made up of lo1 ahmthi who ¢an offtr in region pttr peer support to mentees. Madn'nha knlds regular work5hop5 for all sellts focusin8 on • wel]thCOllStntcd career skills proarnme. MadTinha has crvdted an aetsye 4iumni As110 for 118.8radua. who ve compl¢d the formal period of education and nnton& madn.nha will continue to tske on new teTheficiaries but only where it has the ftu¥ts available to finance each ment¢c's cthTcational programme to ¢x)mpldio Mrke¢li the chartty The main nwketin8 Xtivities of the cljarity are.. Pmmotioo VIA Its websiie with Mentor profiles afMI Vid from Mentett.. wvnv.madrinha.trust.org MaintenA[ of a LinlIn py with coDDection5 to rn¢n, mentOf5 nd"on th¢ 8rouNI ctrordinatorB'. Produ¢tioD of * re8u]ar M•drinlw tru8t newsletter i98ued to Mentee4 Mentors and $uppJrt¢T8 of thc Charity. Preparntion of an annual Tep)rt deriling the of the charity during the yw. AchleveThe4ts and performnc¢ . Charftbl¢ •¢dvltie4 durlDZ the yur The ¢hotity funded 57 m¢nt¢¢s during 2023 of whon) 45% w¢ fem¢ and S5¥• mal¢. They Ore based in I I developin8 countries. Pa)Inents to mentees iotslled £184.026 in the to 3 Ill3 atKI the tn¢S innd w njakc payts to exÈsting ThKntees 01£397,123 over the yews from 2024 to 2027. Th¢ chariry has pmidAI a of £2.18m in olucatiooal aDJ si¢ iwuo b. VundTJlslwg •rtMd DuTing th¢ course of th¢ year th¢ cbjnty bas Conunu t¢ fund ty th¢ original ¢xp¢ndabl¢ ¢ndowuwl of a gift of thares given by M F Geo8he8An related intnI revenues. No addition fithisittB activities were earried out during 2023. Investn•t perf•rmaRre ¢kieved xgAth# thvethllent objethe4 Th¢ tnLSte¢s have adopt¢d 8 Stat¢nKnt of inve5mxn1prlip1e% 7whi¢b aTe describ in the 5tion of th¢ trLSt¢e5' rqjort r¢lating to Inv1¢nI poli(1 4nd obJ'¢cliv The m8rket investment8 Are Tnanaged by Verit9s InYestEnettt Mattthgettknt LLP Meridiem Investment Mau2gem¢nt). The cljarity Tre4suT¢f 8nd a s¢wnd tTh¢e hold a aDttual with Veritas ItLYestUllI Management LLP to review the investmetti (00 aDd out a suitabib.ty review. Monthly valuation ryorts are supplied by Ventas and ad hoc meetiw are arranged as alld when necessary.
Re rtoftheTr Continued FOR THE YEAR ENDED 31 DECEMBER 2023 . Polldes raerv At the end of December 2023. the Chatity held £334,527 {2022 £398,448} of net assets after 4111)Trin8 for future ommitments for existing melltees. Endowment ll0 reserves are ODly witb the asleetne of the Founder and TnLStees. b. PrlDdpl fuDdh8 ree8 and how exp¢ttditsre ltt the yesr revlew Iw supported tbe key obJe¢dves of the ¢h4rlty The charity funded eXnditure in 2023, &% pernjitted in its tnLSt de•L prinmftly by thawing dovrn cash from the investhnt portfolio by Veritss IveStment LIF. The main eX"ttWe of the ch&ity in 2023 continwl To be the fi]ndiDg of rnetttees education xti developing countries 14 a¢rordance WLth the chity'S key obJtIves. e. The investment pli¢y lod obje¢lfve4 knduditig the exte fif any) to whkh ¢iL enYiroumeDtsI or ¢thlf•l ¢tsttsideratioMs are Éakett iDo &¢¢ount Back8round Th¢ nujority of these shares were immediately itiv¢std in a medium risk investwt fund as advised by Veritss Investltt ManagenKnt LLPI Vlt&S a¢ts"v¢ly the investment wrtfolio ofthe Charity. Veritas Investment MaweDWtt LLP IS a nM)Dthty porfolio valuatiott and in addttson the crIty Twurff Chairnw hold meetin8s with the fimd manageTS to dis¢u&8 and resry¢w the Charitys portfolio. The fiwd continued to generate above infiatson returns iti 2023. Dunng the coury¢ of the yeatthe value of the under ma[ement gener2t¢d reahsed gains of £66.8k plus unr¢alis¢d gaiDS of £l1.5k on utrestrictcd and £121k on Yc5trictrd a&sets. After withdrJwals of £0.44m the 21123 Brought forw*rd 1.844 (440) 67 12 121 Re1$ gal Carrled fornard
rtof Cotttinued R ENDED 31 DECEMBER 2023 2. InvesttneN Objectivey In order to guide the inve6thrtI 8t¥gy. the b08rd of tsv8te# b¥$ adopted the folbwiti80bJ'¢¢tive$ with Spect to investy¢nts: The trusi wishes to mlmIge the r¢bJrns on all its investrnents cornm with its defuKd level of ri8L adherin8 to the 8¢nefal principlts of tnt law for charitable inv¢$mKni portfolios. At 31 D¢comber 2023, approxinwtely 67V• of the porfolio held itt •nd 33% iti fiAc41 iDtwe5t 8¢curÈtie6 and eath. The asucts of the clwily will be expo¥¢d to various fit)wlal ri8ks. The h88 con51ded the following risks when 8greein8 their sts¥te8y: The ri8k iThvestm¢nts will not skltver the iw¢J8e8 ift Teal Clts1 or values exted. Tr risk th the inv¢sth)ent manw will noi xhi¢ve the returns projttteA. 4. Inve8tnut Str8te8y Tr 3trate8y adopt¢d is thaL' InY¢stments ar¢ held to creat¢ 01 over iDvesttnent honzon of five yearsplus through both dividcJMI aTxI inluest income 2rthl ¢4)it¥l WOh. The Developmeot Plan aBsumes a real rets]rn of 2Y•. The trwtces are willing io awt o medium risk aN>roa¢h in the &hIeVennI of their obJtiVes. The lon8-1¢rn1 indicatiV¢ 8uidclinc as8¢t dlo¢aknon for the main fund will be fif/d65% equities and 350/d40Y• fixed IDCO or eqw'valents. 5. Ethiell P08itiOII Th¢ Gbarity bas ao 3pxifi¢ ¢thical guId¢lin to Veriw tfjvrst MaDaganellt LLP. 6. Day to day maSer The tnLStees hve 8Ptx)inted Veritss Investtnent Mwgement LLP &$ th¢ investnrnt n)allag¢r to th¢ Ill8 itivestment portfolio. Thc itivestnKnt MaScr txercists its i¥wrstDt powers to scbieve the trust's obje¢tiv¢s with th¢ appropriats lev¢1 of diversifi¢ation as thrcctedin s¢¢tion 3.12 of th¢Clwi"tsble TnL5t degj. The charity Treasurer and a second truee llmitor the perfollCe of Veritss and asse86 the perforn)ance at]nually in & JrKrting with VltaS lnvesttllI Matmgcment LLP &s w¢ll as ad hoc should the
TRU ftheT NDED DE ER20 Av•llablllty athquAey •f ets Of of tht fqRds The board of trSt¢ 18 Sati86d thtyt the ¢knityB 888cts in ¢¥h fllz are awilable to thlfil its obligatiOtt$ ITI T¢spt of ¢a¢h fuo . Tr*¢01 #lld pothk+n The SthteJMii of Fin8tKiil }vItA 3how5 nrt outgoing forthe ye•r of £63,921 (2022 £405J94). Tho totsi r•Berveo at p¢riol e1 At £334.52? (2022 £398.448). Approved by Order of the memkn ofthe iM)#rd of Trtte8 ATMI on theirbdmif by: J Geoghegan Tnle£ -L Tru8te0 Date..
TRUST ststsllllt of FOR THE ENDED 31 DECEMBER 2023 Activities 2023 2022 Totsl Notes INCOME AND ENDOWMENTS FROM Donations and Icgacics 14,081 lThvestment income 7,952 7.952 3.962 133.161 8.952 8.952 151204 EXPfNDITtIRE ON RAi$iug fill 2292 2292 (4,724) ChAritable artlvllle8 Cmt Fullding of artivities 184.Ir26 184,026 337.614 85.818 85,818 42,031 Totgl 269,844 2292 272.136 374.921 Net sain00SSeS) OD investments 78228 121.035 199263 181.677 NET INCOME1XPENDlTURJ Tr4n$fers betsveett funds IIR2.664) 297.791 112.743 297.791 (63.)21) (405.J94) io Net nwYem¢nt iti fuBth 115.127 (179,048) (63.921) {405J94) RECONCILIATION OF FUNDS Total funds brought forvmrd 82.720 315.728 398.448 803.842 TOTAL FUI¥DS CARRIED FORWARD 197.847 136.680 334.527 398.448
TRUST BalaDce Sheet DECEMBER 2023 2023 Tc4al 2022 Tot81 fiJn(k Not&s FIXED A&SETS Investments 560.022 I.(K3.709 1.603.731 1.844.469 CURRENT ASSET3 Debtors Cosh at baok 263 263 18,770 36 36.780 36.780 33,759 CREDITORS Amounts falling within one (246.719) (246.719) (294.428) NET CURREiYf A&SETS TOTAL ASSETS LESS CURRE LIABILITIES 350.083 1,043.7( 1.393.7Y2 1.583.8 CREDITORS Amount8 hllin8 ifter nk)r¢ thon on¢ year 1152236) (7.029) (1.039.265) (1.185,3521 NET A.&SETS 136.680 398,448 FUNDS 10 Unrestricted ndS Endowment funds 197.847 82,720 315728 TOTAL FUNDS 334 $27 398,448 Tb¢ fiw?¢ial Statem were approved by the Bwd of TAtte5 authorised for i$Bu¢ on . and were si8ned on its behalf by.. Tn¢£ li/io /z+
Notss to the Ffinn tst AccouNfiNG POLICILS The financial staternents of the charity. which is a pubkic benefit entity FRS 102. have been prepared in a¢¢ordaiK¢ with th¢ Chariti¢5 SORP (FKS 102) 'Acr4)unting and RqK)rting by ChaTiti¢s: Stat¢ment of Reconn))ended Practi¢e appli¢abl¢ to ¢hartties pYq)aring their a¢¢oullts in acwrdance with the Ftnancial Rrtg Standard applicable in the UK a1 Republic of Ireland (FRS 102) (effe¢tive l January 2019),, FiDancial Repthting Sw¥]atd 102 Tr FinaD¢ial Rwung Strlldard applicable in the UK and Republic of Elalld, a¥wl the Charities Aet 2011. Th¢ fina141 8tst¢unts hav¢ been pr¢pared urKl¢r the histtirieal eost collventio with tbe exceptsoll of invest[ts wh]"ch are It1 ttt m8rket value, as ll1fied by the revaluatton of certaTrn a#ets. IDcoiiie All income is recognised tFLe Ststem¢Dt of Finawial Artivities onc¢ the charity ha5 ¢nLitl¢m¢nt to th¢ fi. 1¢ is probable that the incottte will be received and the anUnt can be Yeli8bly. Expendlthre Liabilitie5 are rQgniSed as exrKndibJre &4 sx)on there is a legal or consve obligation committing the charity to that expenditute. it is probable that a transfer of economic benefits will be tEquired in settlement and the of the obligatioll b¢ m¢asured r¢li8bly. Expenditure is for on an ¢]8]$ b&sis and has been cla&sified under beadings that aggregate all cost related to the calegory. Where {sts canrKyt be direcdy attributed to particular headings tFy have been allocated to a¢tiviues otr a basis ¢onsist¢nt with the use of Grants offergj subject to conditions Twhich have not beffl at the year date are noted as a rMMittent but not accrued as exlture. Tlxatlon Thc chatity is ¢t[l from tax on its charitsblc aGtiviu¢s. Futtd attoutttitig UnTestriei¢d fimd% ¢an in aC(x)r wth the charitable objectives atthe th"scrett"on of the trusteu. Restrtctions arise wh¢n wififd by the dotK)r or kn fimds are raised for particular ttstricted pur. Further eKplan8tion of thc naturc and purp of ¢ach fi is ]lUd in th¢ now to th¢ fJDancial srat¢m¢nts. Penskbn Costs other post-retlrement benellts The charity operntes # defined conthl)ution pension schen contrUtiOnS payable to the charity's peosion scheme are cbarged to the Statent of Finattcial Aetivitses in the period to I]ch they relBte. 2023 2022 Other fixed invest. Fll Itr¢st ¢¢1y 7.633 319 56 7.952 3.962 rxJnbry...
Notes t the TrIDandal t4¢tments- continued NDED 31 DECEMBER 2023 Inves¢mellt mam•gement 2023 2022 Portfolio mawement 4.724 TRUSTEES, REMVI¥ERATION AND BENEFITS ended 31 Dccanbtt 2022. Trnlteei, ezpeb 31 December 2022. COMPARATIVE.8 FOR THE STATEMENT OF FINANCIAL ACTIVrnES REND BER 2022 Tthi fvndb INCOME AND ENDOWMENTS FROM Donations legacies 14.081 14,081 Investment i 3.962 3,962 133,161 133.161 Totsl 147 242 EXPENDITURE ON Raising funds (3.9141 18101 (4.724) Cknrl¢abk ltthldei Grant Funding of activities 337.614 337,614 42,031 Tot*1 375,731 374,921 8ain8100s8es) on wvestts 150 765> 30912) 181677 NET INCOMEI(KXPELYDrruRE) Transfers between (379.254) 154243 (26,140} (405,394) Net moveme&t ts fundj (225,011) (180J83) (405J941 RECONCILIATION OF FUNDS Total fut brought fon¥ard 307.731 496.111 803,842 81720 3 15.728
Notes to the F1nndl StstemeDts- tottthilled THE YEAR ENDED 31 DECEMBER 21123 FIXKD ASSET INVESfMENrs At l January 2023 Disposals Revaluatiot 1.844,469 (373230) 132,492 At 31 December 2023 1.603,731 NET BOOK VALUE At 31 Decernber 2(123 1.603.731 At 31 Decemiv 2022 1,844,469 Cost or va]uation at 31 Decemiw 2023 is represen1 by. Valuatiott ill 2022 Valuation in 2IY23 Cos¢ 236,136 132,492 1235,103 1,603.731 DEBTORS: AMouNfs FAILING DUE wrrHIN ONE YEAR 2023 2022 Other debtOTS Pr¢payments and a¢¢n*d income 263 327 18.443 263 18,770
RUST ot¢J to the f•¢141 Sttemeiits- ntInUed FOR'I'HE YEAK EI¥DED 31 D MBER 20 2023 2022 4,306 242.413 4,253 290.175 246.719 294.428 CREDITORS: AMOUN15 FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 1059 265 1.185.352 io. MOVEME1 IN FiINDS 1.123 fund6 31.1123 UnreJtrl¢t¢d fund General fiu 82.720 (182.664) 297.791 197,847 Endowment funds Endowment Funds 315.n8 118.743 1297,791) 136,680 TiwfAL FiINDS 334 527 Net moYcnKnt in fillmts. Ilded in the abov¢ arc as ftilk)ws'. Galns and V8m8nl fvnd6 UDMtrlrted fun CJ¢ncrnl fund 8,952 (269.8441 78228 (182,6641 Emdownnt fundi Endowrnt (2292) 121.035 118.743 TOTAL FUNDS 8.952 272.136) 63,921)
Notes lo ¢h¢ Sttemellts- ¢•D¢IDU FOR THE YEAR ENDED 31 DECEMBER 21123 10. MOVEMENT IN FUNDS. eoBtl•ued CompxrAtlves for movement kn fuDdJ Tran5ters 1.122 31.1222 UAreJtrlcted f•J General fuT 307.731 (3792541 154,243 82.720 Endowment Funds 496.111 (26,140) (154243) 315,728 TOTAL FUNDS 803.842 405J94 398,448 Comparntiv¢ net moTrtm¢tst il) futyjs. in¢lud¢d in the abDve ate as follovo: GftSar fvndB Uttrrftrlfted fundi G¢nernl fund 147.242 (Y75.7Jl) {150.705) (379,254) Endowment fvndi Endowrnent Funds 3.962 810 (30,912) (26.1401 TOTAL FUNDS 181677) 405 394) A current year 12 nx)nths and Oryt 12 months Combi p)sitiOrt ig as follows.. Trars Al 31.1223 Al.122 General fund 307.731 (561.918) 452,034 197,847 End01wTht Funds 496.111 92.603 (452,034) 136.680 TOTAL FUNDS 803,842 469J15) 334,527
UST Notes to the ¢11 Sttements- thiued FOR THE YEAR ED3 10. MOVEMENT IN FUNDS- t114•¢d A curreut year 12 aThJ prior 12 combined net rnovenn¢ in fid& included in the above arc as follow5: In fvndl Unre5tr1ded fuDd• 156.194 (645.575) (72.537) (561,918) EBdownDt fundg Endtswment Funds 3.962 {1.482) 90,123 92.603 647.057) ii. RELATED PARTY DISCLOSURES There w¢re related paty traDsactioN for the en 31 Dec¢nts 2023. 10
TRUST lled Stteme Finncil AetivitRes 2023 2022 D04•thns aDd ]egc Donations 14.081 Oth¢r fixe4J asset inv¢8t- FII Int¢re81 received 7,633 319 3.906 56 7.952 3.962 Othèr Income Capital contribution ari8in8 frcrfn lofin intere foregone 133 161 Total IncomlD8 reioiireei 8,952 151204 EXPENDITURE IDvegtm8n¢ wnageJDen¢ eo Portfolio management 2292 {4,724) Ch•rltsble etlvlti Grant giving and mentee Swort 184.026 337,614 Other Wa8es Social 5euJrity Pensions Bk and othcr chat8¢S Trdvel and subsistence and 50ftware cos Admin office costs Gift5 and enterttinment Founder loan discowit Advenisirt8 & m2Tketing costs 23,625 1678) 522 1,783 23,625 522 1.673 40 969 4.646 2,102 1.897 6.072 1.741 40.1) 77.398 33,577 Support costs CoverDllee co 8.420 272 136 374.921 Net t4ndIre before 8*kn IOM (263.184) {223,717) Realised recognkntd R•llls losse carri forward (271,604) (232,171) 11
Det•iled Ststeme (Fln l Activilies BER 2023 2022 Brought forward R¢alised gains/(Ios8es) on fixeAI a&q¢t irtvestsnu (271,604) 66,771 (232,171) 181677) Net expendlture 196.413) 405J94) 12