Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
Charity number: 1144836
ED DE NUNZIO CHARITABLE TRUST UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 19 |
Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Antonio De Nunzio, Chairperson |
|---|---|
| Julie De Nunzio, Secretary | |
| Sophie De Nunzio, Trustee | |
| Graham Ralph, Trustee | |
| Jill Hayden, Trustee | |
| Charity registered number 1144836 Principal office The Croft Kirby Wharfe Tadcaster North Yorkshire LS24 9DE Accountants Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH Bankers HSBC Bank plc 13 Parliament Street York YO1 8XS Solicitors Stone King LLP 16 St John's Lane London EC1M 4BS Investments M&G Investments Laurence Pountney Hill London EC4R 0HH |
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Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report together with the financial statements of the Ed De Nunzio Charitable Trust (the charity) for the year ended 31 December 2024. The trustees confirm that the annual report and financial statements of the charity comply with the Charities Act 2011, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP): Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (FRS102).
Objectives and activities
a. Policies and objectives
The Trust's objects are the advancement and promotion of such exclusively charitable objects or purposes in any part of the world as the trustees may in their discretion think fit, for the benefit of the public.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. They consider the information which follows in this annual report, about the trust's aims, activities and achievements in those areas that the trust supports demonstrates the public benefit that arises from its activities.
Achievements and performance
a. Main achievements of the charity
During the year the charity met its objective by providing donations to a variety of organisations, details of which are set out below:
York Carers Centre - Young Carers Service - Charity No 1127644
The charity agreed to a multi-year grant in 2024 of £10,620 per annum for the next 3 years, to cover the cost of a Young Carer Support worker, in order to support young carers.
Door 84 - Charity No 1203574
The charity agreed in 2024 to a multi-year grant of £9,770 over 2 years, going towards the running costs for weekly youth sessions.
The Wilberforce Trust - Charity No 1087065
The charity agreed to a multi-year grant lasting 2 years, with a £7,000 each year, to help cover the cost of running the Club Wilber project where blind, disabled children aged 0-18 years old can socialise with their peers and meet other children in similar circumstances. This grant is to go towards the running costs of Club Wilber for the academic year 2024-2025. The second payment will be paid in October 2025 for the 2025-2026 academic year.
Panathlon Foundation - Charity No 1072638
The charity had agreed in 2021 to a multi-year grant of £5,000 for 3 years. The last payment was made in October 2024.These funds are to be specifically used to fund Panathlon activities and events in schools and organisations with a York postcode.
1st Holgate Scouts Group
The charity agreed in 2024 to offer a grant of £2,000 towards the cost of an Accessible Minibus, to allow more young people access to opportunities.
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ED DE NUNZIO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
The Candlelighters Trust - Charity No 1045077
The charity offered a grant of £9,500 in 2024, to help support the families of children in Yorkshire diagnosed with cancer.
Ryedale Special Families - Charity No 1170988
In 2023, the charity agreed to offer a grant of £8,701 per year for 2 years, with the last payment made in 2024. The donation is to help towards the cost of running the specialist Youth Group for disabled young people aged between 11 and 17 years old.
Tang Hall Primary School
The charity donated £1,700 to Tang Hall Primary School to subsidise families to help send their children on an Outdoor Adventures and Activities residential visit in July 2024.
The Big Futures Foundation - Charity No 1173374
.
The charity donated £10,000 towards the cost of running the second year of their Youth Programme and agreed to a further £10,000 towards the cost of running year 3 in April 2025. The Foundation works with children from disadvantaged backgrounds in primary schools supporting them and their families with their emotional wellbeing and life skills. The grant is to be used to cover the cost of their Youth Programme, working with pupils moving to secondary school in 2024.
Yorchestra Trust - Charity No 1074042
The charity agreed in 2023 to offer a grant of £1,000 per year for the next 3 years. The second payment was made in 2024, with the final payment due in 2025. The donation is to help contribute to their bursary fund in order to help students attending state schools have greater accessibility to orchestral work.
York St John University
in 2024, the charity agreed to grant £12,000, supporting students facing financial difficulties to access education and achieve their life goals. This grant is to be used to offer a bursary of £1,000 per year for 3 years to help support 4 students.
Richard Shephard Music Foundation - Charity No 1189066
The charity agreed to a grant of £10,000, helping disadvantaged children in the York area to access music education.
York Christian Youth Holidays - Charity No 1186934
In 2024, the charity agreed to offer a grant of £1,100, to be used towards the cost of a new marquee for use in summer camps aimed at young peoeple in the York area.
Lord Deramore's School Fund - Charity No 1047005
In 2024, the charity donated £2,000 to be used towards the Seeds of Hope - Planting Brighter Futures Project, enabling more children to become involved with the forest school provision.
IntoUniversity - Charity No 1118525
The charity has agreed to a 2 year gift, with the first instalment made in 2023 of £5,600 and second made summer 2024 of £5,600. The donation in 2024 was used to support a residential trip.
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ED DE NUNZIO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
Pilot Theatre Limited - Charity No 1003677
In 2024, the charity donated £5,000 towards the cost of running Elevate: Reaching New Heights Project, offering more young people the chance to be part of drama and arts.
University of York
The charity agreed to donate a grant of £20,000 for 5 years beginning in June 2023 for the Westfield Project. The Westfield Centre (now renamed The Place) will provide a new community embedded learning centre in southwest York. Sitting at the crossroads of three of the most deprived areas in the city - Westfield, Chapelfields and Foxwood. To begin it will work with 2 schools in the area, Westfield Primary and York High School. The long term aspirations of the project are to increase educational attainment and improve social mobility in these disadvantaged areas of the city.
St Paul's Nursery School
The charity offered a grant of £9,620 to St Paul’s Nursery School in 2022, to be used to purchase equipment for a new sensory room. The grant was split into 2 payments, the first £5,000 of which was paid in 2022. The second payment of £4,620 will be paid when the building project begins.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trust has no outstanding commitments or cash demands which are not adequately covered by existing resources. The net assets of the charity are regarded as free reserves and the funds at 31 December 2024 will be retained to makes grants in accordance with the charity's charitable objects. As at 31 December 2024 the charity's funds were £801,533.
The trustees consider that freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in the future and have therefore not yet designated a specific reserves policy. However, the trustees will keep this under constant review. In future years a specific reserves policy may be adopted.
c. Material investments policy
The trustees have power to invest surplus funds. Any monies not immediately required for the furtherance of the charity's objects may be invested at the discretion of the trustees. There are no restrictions on the trustees' power to invest funds.
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ED DE NUNZIO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
d. Results for the year
The Statement of Financial Activities set out on page 8 of the financial statements shows how the Trust's incoming resources have been expended during the year ended 31 December 2024.
Total incoming resources amounted to £57,516 (2023: £148,951), comprising donations of £26,965 (2023: £100,020) and dividend and interest income of £30,551 (2023: £48,931).
Total expenditure for the year was £122,489 (2023: £177,270), which included grants paid to charitable institutions of £118,930 (2023: £174,030) and governance costs of £3,559 (2023: £3,240).
The net loss on investments for the year was £11,923 (2023: £14,848).
Accordingly, the resulting deficit for the year was £76,896 (2023: £43,167). After bringing in the brought forward reserves of £878,429 (2023: £921,596), the closing unrestricted funds at 31 December amounted to £801,533 (2023: £878,429).
The Balance Sheet set out on page 9 of the financial statements shows the financial position of the Trust at 31 December 2024.
The Trust’s investments were valued at £881,491 (2024: £918,747).
Debtors amounted to £1,305 which relates to gift aid receivable on donations.
Cash at bank and in hand amounted to £31,000 (2023: £68,803).
After deducting current liabilities of £61,643 (2023: £48,121) and grant commitments payable after more than one year of £50,620 (2023: £61,000), total net assets amount to £801,553 (2023: £878,429), which is represented by the closing balance on the unrestricted funds.
Structure, governance and management
a. Constitution
Ed De Nunzio Charitable Trust is a registered charity, number 1144836, and is constituted under a Declaration of Trust, established on 11 November 2011. It is an unincorporated charitable trust governed by the charity law of England and Wales.
The trustees are resident in the United Kingdom and meet regularly to discuss and develop the charity's goals and strategy and to review grant proposals and general grant requests.
The management of the charity is conducted solely by the trustees.
The number of trustees shall be a minimum of two and not more than seven at any one time. The first trustees are entitled to hold office for life. future trustees shall be appointed by majority resolution by the existing trustees.
b. Induction and training
Should new trustees be appointed a formal induction process will be conducted by the trustees. Other trustee training is undertaken as and when appropriate. All trustees are aware of their legal duties and obligation in respect of the management of the charity, including in relation to the protection of its assets.
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ED DE NUNZIO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (continued)
c. Internal controls
The trustees have overall responsibility for ensuring that the charity has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements follow best practice and all applicable law, regulation and guidance. The trustees are also responsible for safeguarding the charity's assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
d. Risk Management
A risk assessment has been undertaken which comprises of:
-
an annual review of the risks the charity may face;
-
the establishment of systems and procedures to mitigate those risks; and
-
the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
The continuing process will identify risk areas to which the charity is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements.
The trustees have signed fit and proper declarations in line with HMRC guidance.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
The trustees do not propose to deviate from the current objectives and activities of the charity as detailed above and will further develop and refine their strategies, policies and procedures for the future.
Approved by order of the members of the board of trustees and signed on their behalf by:
................................................ Antonio De Nunzio Trustee
Date: 26-Sep-25 | 00:10 BST
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ED DE NUNZIO CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent examiner's report to the trustees of Ed De Nunzio Charitable Trust ('the charity')
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed 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 were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.
Signed:
Dated: 26-Sep-25 | 17:50 BST
Marc Levy FCA Blick Rothenberg Limited 16 Great Queen Street London WC2B 5AH
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ED DE NUNZIO CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net expenditure before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: 12 Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 26,965 30,551 57,516 122,489 122,489 (64,973) (11,923) (76,896) 878,429 (76,896) 801,533 |
Total funds 2024 £ 26,965 30,551 57,516 122,489 122,489 (64,973) (11,923) (76,896) 878,429 (76,896) 801,533 |
Total funds 2023 £ 100,020 48,931 148,951 177,270 177,270 (28,319) (14,848) (43,167) 921,596 (43,167) 878,429 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
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ED DE NUNZIO CHARITABLE TRUST
BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Net current liabilities / assets Total assets less current liabilities Creditors: amounts falling due after more than one year 11 Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
1,305 31,000 32,305 (61,643) |
2024 £ 881,491 881,491 (29,338) 852,153 (50,620) 801,533 - 801,533 801,533 |
- 68,803 68,803 (48,121) |
2023 £ 918,747 918,747 20,682 939,429 (61,000) 878,429 - 878,429 878,429 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
................................................ Antonio De Nunzio
Date: 26-Sep-25 | 00:10 BST
The notes on pages 10 to 19 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ED DE NUNZIO CHARITABLE TRUST
1. General information
Ed De Nunzio Charitable Trust is a charity registered at the charity commission in England and Wales with charity number 1144836. Its principal address is The Croft, Kirkby Wharf, Tadcaster, North Yorkshire, LS24 9DE.
The financial statements are prepared in sterling (£), which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Ed De Nunzio Charitable Trust meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2.4 Fixed asset investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
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ED DE NUNZIO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.5 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is derived from dividends and interest receivable from investments and is accounted for in the period in which the trust is entitled to receipt. Interest from income bearing deposit accounts is recorded as and when received only.
Donation income is recognised when the income is received.
2.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Other costs relate to the general running of the charity, as opposed to the management functions inherent in generating funds.
2.7 Taxation
The charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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ED DE NUNZIO CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.9 Financial instruments
The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
The charity’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors are initially recognised at transaction 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the charity would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ED DE NUNZIO CHARITABLE TRUST
2. Accounting policies (continued)
Financial instruments (continued)
Impairment of financial assets (continued)
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
3. Donations and legacies
| Donations Total 2023 |
Unrestricted funds 2024 £ 26,965 100,020 |
Total funds 2024 £ 26,965 100,020 |
Total funds 2023 £ 100,020 |
|---|---|---|---|
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ED DE NUNZIO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Investment income
| Unrestricted funds 2024 £ Bank interest 7,884 Dividends 22,667 30,551 Total 2023 48,931 |
Total funds 2024 £ 7,884 22,667 30,551 48,931 |
Total funds 2023 £ - 48,931 |
|---|---|---|
| 48,931 | ||
5. Analysis of expenditure by activities
| Funded from unrestricted funds: Grants awarded Total 2023 |
Grant funding of activities 2024 £ 118,930 174,030 |
Support costs 2024 £ 3,559 3,240 |
Total funds 2024 £ 122,489 177,270 |
Total funds 2023 £ 177,270 |
|---|---|---|---|---|
Analysis of support costs
| Independent examiner's remuneration Bank charges |
Activities 2024 £ 3,498 61 3,559 |
Total funds 2024 £ 3,498 61 3,559 |
Total funds 2023 £ 3,180 60 |
|---|---|---|---|
| 3,240 |
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ED DE NUNZIO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Charitable activities
The following grants were awarded to charitable institutions during the year to 31 December 2024;
| York Carers Centre Candlelighters Trust The Wilberforce Trust York Christian Youth Holidays 1st Holgate Scout Group Door 84 York St John University Pilot Theatre Richard Shephard Music Foundation Lord Deramore's School Fund Upfaders Youth Music Project Coast and Value Community Action Cruse Bereavement Support The No Way Trust Independent Domestic Abuse Service IntoUniversity ToyLikeMe CIC Big Futures Foundation Home Start York Yorchestra Tang Hall Primary School Tang Hall Community Centre York University Ryedale Special Families |
2024 £ 31,860 9,500 14,000 1,100 2,000 9,770 12,000 5,000 10,000 2,000 - - - - - - - 20,000 - - 1,700 - - - 118,930 |
2023 £ 8,413 - 10,000 - - - - - - - (15,000) 5,000 3,000 5,000 5,126 11,200 2,075 10,000 5,000 3,000 2,200 1,614 100,000 17,402 174,030 |
|---|---|---|
7. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, no trustee expenses have been incurred (2023 - £NIL).
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Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Fixed asset investments
| Cost or valuation At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 9. Debtors Due within one year Other debtors 10. Creditors: Amounts falling due within one year Trade creditors Accrued grants payable to institutions Accruals and deferred income |
2024 £ 1,305 |
Listed investments £ 918,747 524,667 (560,933) (990) 881,491 881,491 918,747 2023 £ - 2023 £ 20 44,921 3,180 48,121 |
Listed investments £ 918,747 524,667 (560,933) (990) 881,491 881,491 918,747 2023 £ - 2023 £ 20 44,921 3,180 48,121 |
|---|---|---|---|
| 2024 £ 20 58,125 3,498 |
2023 £ 20 44,921 3,180 |
||
| 61,643 | 48,121 |
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Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Creditors: Amounts falling due within one year (continued)
| Grants accrued at 1 January 2024 Grants approved in the year Grants paid in the year Grants accrued at 31 December 2024 |
2024 £ 105,921 118,930 (116,106) 108,745 |
2023 £ 42,120 174,030 (110,229) |
|---|---|---|
| 105,921 |
11. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accrued grants payable to institutions | 50,620 | 61,000 |
12. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 878,429 | 57,516 | (122,489) | (11,923) | 801,533 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 921,596 | 148,951 | (177,270) | (14,848) | 878,429 |
Page 17
Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. Summary of funds
Summary of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 878,429 | 57,516 | (122,489) | (11,923) | 801,533 |
Summary of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 921,596 | 148,951 | (177,270) | (14,848) | 878,429 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 881,491 Current assets 32,305 Creditors due within one year (61,643) Creditors due in more than one year (50,620) Total 801,533 |
Total funds 2024 £ 881,491 32,305 (61,643) (50,620) 801,533 |
|---|---|
Page 18
Docusign Envelope ID: 4D1CDE06-76A5-48E9-AD7C-D6431702B2A9
ED DE NUNZIO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2023 £ 918,747 68,803 (48,121) (61,000) 878,429 |
Total funds 2023 £ 918,747 68,803 (48,121) (61,000) 878,429 |
|---|---|---|
15. Related party transactions
No charitable donations were received from the trustees during the year ended 31 December 2024 (2023: £5,868).
Page 19