## **THE AUBREY ORCHARD-LISLE CHARITABLE TRUST**
## **REGISTERED CHARITY NO: 1151335**
## **ACCOUNTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
**Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG**
## **THE AUBREY ORCHARD-LISLE CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' Annual Report - Administrative Information|**1 - 3**|
|Independent Examiners Report|**4**|
|Statement of Financial Activities|**5**|
|Balance Sheet|**6**|
|Notes to the Financial Statements|**7 - 10**|
## **THE AUBREY ORCHARD-LISLE CHARITABLE TRUST TRUSTEES' REPORT**
## **Charity Name**
The Aubrey Orchard-Lisle Charitable Trust
## **Registered Charity No**
1151335
## **Governing Instrument**
Trust deed dated 24 November 1987
## **Trustees**
Peter John Easby Andrew Edward Guy Gulliford Bryan John Laxton Jolyon Orchard-Lisle Rupert David Hunter
## **Principal Office**
10 Queen Street Place, London, EC4R 1AG
## **Bankers**
CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent, ME19 4JQ
## **Investment Managers**
Canaccord Genuity, 88 Wood Street, London, EC2V 7QR
## **Legal advisors**
Thomson Snell & Passmore, 3 Lonsdale Gardens, Tunbridge Wells, Kent, TN1 1NX
## **Accountants**
Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
## **Independent Examiner**
Mark Pattenden ACA Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
The Trustees present their annual report and the financial statements for the year ended 5 April 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (revised January 2015).
## **Constitution and objects**
The Aubrey Orchard-Lisle Charitable Trust is constituted under a deed dated 24 November 1987, as varied by a deed of appointment dated 29 November 2012 whereby the trustees of the Orchard-Lisle Chelsea Settlement irrevocably appointed to narrow the class of beneficiaries of the Settlement to those of a purely charitable nature, thereby altering the nature of the trust from private to charitable. The Charity Commission recognised this change in registering the trust as registered charity from this date under reference number 1151335.
The objects of the charity are to support West Buckland School and such other charities in the education and health sectors as the trustees agree. The provision of financial support for well-motivated young people who need help to complete their studies is given priority. Charities seeking more general support are required to demonstrate the direct measurable gain that any grant may make.
- 1 -
## **THE AUBREY ORCHARD-LISLE CHARITABLE TRUST TRUSTEES' REPORT**
## **Organisation**
The power to appoint new Trustees rests collectively with the Trustees. Trustees are selected for their expertise and experience. New Trustees receive copies of the governing document and details of the administrative procedures, history and policies of the charity. In addition, all new Trustees are given guidance material published by the Charity Commission on the responsibilities of being a trustee. The Trustees are kept informed about the Trust and relevant developments in the charity sector when appropriate.
## **Grant making policy**
The Trustees welcome applications for grants from charities registered and based in the United Kingdom. Minor donations (of less than £1,000) are dealt with ad hoc under delegated powers. More substantial requests are reviewed and determined by the Trustees as a body at meetings held every 6 months. The Trustees particularly look to support charities helping to deliver education and health care. Charitable work outside the United Kingdom will not be supported.
## **Conflicts of interest policy**
The Trustees' have a system in place to identify any conflicts of interests that may occur. When a conflict of interest arises, the relevant Trustee or Trustees' agree to withdraw from any discussion and decision.
## **Investment policy and review**
The trustees policy is that the charity's assets should be fully invested. To that end, they employ discretionary investment managers. The manager's remit is to design a medium risk portfolio that protects the real value of the capital and at the same time delivers a total return ahead of an agreed benchmark.
The returns from the Charity's investments were broadly in line with the adopted benchmark. The Trustees actively monitor the work of the Investment manager and are content that they understand the reason for the historic performance levels. They believe that an appropriate investment strategy is in place for the medium to long term.
## **Financial review**
All funds are unrestricted. It is intended that the investment portfolio will generate income which will be used towards satisfying the grant making policy in accordance with the objects of the charity.
As at 5 April 2024 the capital fund stood at £2,978,156 (2023: £2,886,188).
Total income in the period was £104,364 (2023: £102,563) and the costs were £5,930 (2023: £5,951). As at 5 April 2024 the income funds stood at £85,678 (2023: £73,184).
The Financial statements show investments at market value. The unrealised and realised gains and losses on the revaluation and disposal of investment assets for the year was a net profit of £106,415 (2023: loss £183,216).
## **Reserves policy**
The Trustees normally expect to distribute each year's dividend receipts fully. Generally the capital of the fund will not be distributed.
## **Going concern**
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
- 2 -
THE AUBREY ORCHARDIISLE CHARITABLE TRUST
TRUSTEES. REPORT
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AUBREY ORCHARD-LISLE CHARITABLE TRUST**
I report to the Trustees on my examination of the the accounts of Aubrey Orchard-Lisle Charitable Trust for the year ended 5 April 2024, which are set out on pages 5 to 10.
## **Respective responsibilities of Trustees and Examiner**
The Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The Trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s accounts as carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of [Regulation 11 of the Charities Accounts ] the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
## **Independent Examiner's Statement**
In connection with my examination, no mater has come to my attention:
- 1 Which gives me reasonable cause to believe that, in any material respect, the requirements:")
- to keep accounting records in accordance with section 130 of the Charities Act 2011: and:
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Charities Act 2011 and which are consistent with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities.
Have not been met, or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached:")
Signature
..........................................................................
## 05/11/2024
Dated ..........................................................................
## **Katharine Arthur**
Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
- 4 -
## **THE AUBREY ORCHARD-LISLE CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024**
|||**Unrestricted**|**Funds**|**Total for**|**Total for**|
|---|---|---|---|---|---|
|||**Income**|**Capital**|**Year Ended**|**Year Ended**|
||**Note**|**Fund**|**Fund**|**5 April 2024**|**5 April 2023**|
|||**£**|**£**|**£**|**£**|
|**INCOME FROM:**||||||
|Investments|**3**|104,364|-|104,364|102,563|
|**Total income**||104,364|-|104,364|102,563|
|**EXPENDITURE ON:**||||||
|Raising Funds||-|14,447|14,447|17,299|
|Charitable activities|**4**|91,870|-|91,870|94,034|
|**Total Expenditure**||91,870|14,447|106,317|111,333|
|Net income / (expenditure) before gains||||||
|and losses on investments||12,494|(14,447)|(1,953)|(8,770)|
|Net (losses)/gains on investments||-|106,415|106,415|(183,216)|
|**NET MOVEMENT IN FUNDS**||12,494|91,968|104,462|191,986|
|Total funds brought forward at 6 April 2023||73,184|2,886,188|2,959,372|3,151,358|
|Total funds carried forward at 5 April 2024||85,678|2,978,156|3,063,834|2,959,372|
All operations are continuing.
All recognised gains and losses are included in the Statement of Financial Activities.
- 5 -
THE AUBREY ORCHARDIISLE CHARITABLE TRUST
BALANCE SHEET
AS AT 6 APRIL 2024
FIXED AS3
2.W.380
2,876.742
CURRENT A88Ern
1(W).315
87.970
l(X).315
8T.9TQ
LE58: CURRE1 UABILrnES
5.870
91.445
3.C*a.834
ZW.3T2
REPRESEIITED 8Y
2.978.156
85 678
2.8WJ.11J8
73.184
LANCI Pt.R STATEIAEfr (
F kNhtrlCIALACTMTIES
3,(*3.834
2.W.3T2
**THE AUBREY ORCHARD-LISLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## 1 **Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## (a) **Basis of preparation**
The financial statements have been prepared 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Aubrey Orchard-Lisle Charitable Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The registered address is 10 Queen Street Place, London, EC4R 1AG.
## (b)
## **Going Concern**
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
- (c) **Investments**
Investments are included at closing mid-market value at the balance sheet date. Any gains or losses on revaluation are taken to the Statement of Financial Activities.
- (d) **Income Recognition**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Income arising from investments is accounted for when it is receivable.
- (e) **Expenditure**
Expenditure is included on an accruals basis.
Grants payable are charged in the year which the offer is conveyed to the recipient except where the grant is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions that have not been met at the year-end are noted as a commitment but not accrued expenditure.
Governance costs comprise costs associated with complying with constitutional and statutory requirements.
Support costs comprise management and administration costs for running the charity as an organization.
## (f) **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## (g) **Cash and cash equivalents**
Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- 7 -
**THE AUBREY ORCHARD-LISLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## 1 **Accounting Policies (Continued)**
## (h) **Estimates and judgements**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The trustees do not consider there to be any material estimates and judgements.
## (i)
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
|2
**Investment Assets**
Market value at 6 April 2023
Additions at cost
Disposals at opening market value or later cost
Unrealised gains/(loss) in the period
Market Value at 5 April 2024
Cash held in the investment portfolio
Historical Cost at 5 April 2024
3
**Analysis of Total Income**
Dividends and interest
Interest on cash deposits
Legacy Income|**2024**
**£**
2,769,566
380,366
(327,000)
106,415
2,929,347
40,042
2,969,389
2,532,619
**2024**
**£**
96,165
2,147
6,052
104,364|**2023**
**£**
3,027,632
327,409
(402,259)
(183,216)
2,769,566
107,176
2,876,742
2,526,837
**2023**
**£**
101,799
764
-
102,563|
|---|---|---|
- 8 -
**THE AUBREY ORCHARD-LISLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## 4 **Analysis of Charitable Activities**
During the year to 5 April 2024 the Charity made the following grants totalling £91,870, including governance costs (2023: £94,034)
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Britten Pears Arts|3,000|4,000|
|Blooming Blossoms|5,220|-|
|Calvert Trust|3,220|5,500|
|Cancer Support|3,750|3,675|
|Cavell Nurses Trust|4,800|4,908|
|Cry|6,000|6,000|
|Designability|6,000|6,000|
|Douglas Bader|5,550|3,000|
|East of England Ambulance Service|1,000|-|
|Fifth Trust|-|5,000|
|Footsteps Foundation|5,000|5,000|
|Greggs Foundation|1,000|-|
|Heacham Parish Church|1,000|1,000|
|Horatio's Garden|1,000|-|
|Jamie's Farm|4,000|4,000|
|Make them Smile|-|3,000|
|My Name’5 Doddie Foundation|1,000|-|
|Norfolk Hospice|3,000|3,000|
|Open University|2,500|5,000|
|RREF|10,000|10,000|
|Salvation Army|4,000|4,000|
|St Marylebone Church|4,000|4,000|
|Sunny Days|2,500|-|
|Talent Tap|6,000|6,000|
|TLC|1,000|-|
|Wildlife Aid Foundation|-|4,000|
|Willow Foundation|-|1,000|
|Winston’s Wish|1,400|-|
|Governance costs (note 5)|5,930|5,951|
||91,870|94,034|
## 5 **Analysis of Governance Costs**
Haysmacintyre LLP, Chartered Accountants, prepare the accounts of the charity and Mark Pattenden, a partner therein, carries out the independent examination.
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Fees for the above|5,870|5,340|
|Legal fees|-|540|
|Bank charges|60|71|
||5,930|5,951|
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**THE AUBREY ORCHARD-LISLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## 6 **Trustees' Remuneration and Expenses**
No remuneration was paid or is payable either directly or indirectly for the year to any trustee or to any person or persons known to be connected with any of them.
No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.
|7
**Cash at bank**
CAF Bank Cash Account
CAF Bank Gold Account
Canaccord Genuity Wealth Management
8
**Creditors: amounts falling due within one year**
Haysmacintyre LLP|**2024**
**£**
97,031
2,375
909
100,315
**2024**
**£**
5,870
5,870|**2023**
**£**
79,799
2,325
5,846|
|---|---|---|
|||87,970|
|||**2023**
**£**
5,340|
|||5,340|
## 9 **Related Party Transactions**
There were no related party transactions to report for the year ended 5 April 2024.
## 10 **Analysis of Net Assets Between Funds**
||**Income**|**Capital**|**Total**|
|---|---|---|---|
|**2024**|**Fund**|**Fund**|**Funds**|
||**£**|**£**|**£**|
|Represented by:||||
|Investments|-|2,929,347|2,929,347|
|Current Assets|91,548|48,809|140,357|
|Current Liabilities|(5,870)|-|(5,870)|
||85,678|2,978,156|3,063,834|
|**2023**|**Income**|**Capital**|**Total**|
||**Fund**|**Fund**|**Funds**|
||**£**|**£**|**£**|
|Represented by:||||
|Investments|-|2,769,566|2,769,566|
|Current Assets|78,524|116,622|195,146|
|Current Liabilities|(5,340)|-|(5,340)|
||73,184|2,886,188|2,959,372|
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