Charity Registration No. 1156863
ENDEAVOUR HEALTH CHARITY TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
ENDEAVOUR HEALTH CHARITY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | David Stables |
|---|---|
| Rachel Stables | |
| Andrew Whitwam | |
| James Berry | |
| Charity number | 1156863 |
| Independent examiner | Kerry Gallagher FCA DchA |
| RSM UK Tax and Accounting Limited | |
| Chartered Accountants | |
| Davidson House | |
| Forbury Square | |
| Reading | |
| RG1 3EU | |
| Bankers | Santander UK PLC |
| 2 Triton Square | |
| Regent's Place | |
| London | |
| NW1 3AN | |
| Solicitors | Rollits LLP |
| Forsyth House | |
| Alpha Court | |
| Monks Cross | |
| York | |
| YO32 9WN | |
| Investment advisors | Investec Wealth & Investment Limited |
| 30 Gresham Street | |
| London | |
| EC2V 7QN |
ENDEAVOUR HEALTH CHARITY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
Objectives and activities
The trustees meet formally two or three times each year to discuss donations which they would like to make. They are, in addition, in contact with each other in between formal meetings whenever they wish to discuss matters and make specific decisions.
The objectives of the Charity are defined widely in the appendix to the governing document to include: To preserve and protect the health and support and improve the healthcare of patients suffering from mental or physical illness of any description by designing and providing and assisting in the design and provision of healthcare information technology which directly involves patients and their families as users.
All charities are required to report on the benefit of their work to the public. The aim of the trustees is to distribute the income in accordance with the objects of the Trust and the grant-making policy.
The trustees take into account the public benefit when deciding on grants and have given careful consideration to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, making grants and in planning future activities.
During the year, the Charity made charitable grants, donations and similar funding totalling £70,825 (2023 - £128,769). They were made out of the income and capital of the Trust in pursuance of its objectives. The trustees therefore consider that the Charity's objectives have been met during the year.
Included within the funding made by the Charity were amounts paid in relation to the Discovery Project.
The Discovery Project has been shaped with the main aims being to predict, anticipate or inform individual health needs from algorithms running in real time (or as near as possible) and to deliver the insight gained directly into the patient's record across the whole of their pathway, whether in primary or secondary care or elsewhere, and including the patient themselves, thus creating the opportunity to improve or prevent adverse outcomes.
Grant making policy
The Charity has established its grant making policy to achieve its objects for the public benefit to preserve and protect the health, and support and improve the healthcare of patients suffering from mental or physical illness of any description, by designing, providing, and assisting in the design and provision of healthcare information technology, which directly involves patients and their families.
Achievements and performance
Financial review
During the year, net outgoing resources of £62,885 (2023 - £117,939) were deducted from the unrestricted funds which, together with the net increase in the value on investments held at the year-end of £128,000 (2023 - decrease of £177,439), resulted in the net assets of the Trust increasing by £65,115 (2023 - decrease of £295,378).
On 9 August 2023, 200 ordinary shares in Endeavour Predict C.I.C were gifted to the charity. This equates to the entire share capital of the company.
Reserves Policy
At present, it is the policy of the trustees to distribute all the Trust's income they receive together with some of the capital of the Trust Fund. The balance of the Trust Fund is to be retained to produce income for future years.
The balance held as unrestricted funds at 5 April 2024 was £1,936,271 (2023 - £1,871,156). The trustees believe that these funds are adequate to enable the Charity to continue to pursue its charitable objectives.
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ENDEAVOUR HEALTH CHARITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Investment policy
The trustees have appointed Investec Wealth & Investment Limited as their investment advisors. The trustees receive a full valuation report in respect of their investment portfolio every 3 months, meeting with the investment manager to discuss their portfolio and investment policy at least once each year. The agreed strategy is to invest medium risk with an income objective. All investments are held by Investec Wealth and Investment Management as nominee.
The value of the Charity's investments is shown within notes 9 and 10 to these financial statements. The trustees continue to have confidence in their investment advisors.
Risk management
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Risk is mitigated by retaining expert investment managers and have a diversified investment portfolio.
Structure, governance and management
Reference and administrative information set out in the financial statements form part of this report. The Endeavour Health Charity Trust was created by a Trust Deed dated 30 January 2014 and is registered as a charity under the Charities Act 2011, Registration Number 1156863. Under the terms of the deed the trustees are directed to hold the Trust Fund and the income thereof for such charitable purposes as the trustees in their absolute discretion think fit.
The trustees have administered the Charity during the year, in accordance with the terms and objects of the Trust as laid down in the original Deed. The Trust began operating on 6 April 2014.
The Trust Deed contains no restrictions on the distributions of either capital or income, provided such
distributions are for charitable purposes.
Clause 4 of the deed gives the trustees wide powers of investment to the extent that they have the same powers as if they were absolutely entitled to the Trust Fund beneficially.
The trustees, were appointed on formation of the Charity and may seek reappointment if they retire by rotation or by giving notice. Apart from the first trustees, every trustee must be appointed by resolution passed by the members. In selecting individuals for appointment, the trustees must have due regard to their skills, knowledge and experience.
Details of related party transactions have been included in note 14 to these financial statements.
The trustees who served during the year and up to the date of this report were:
David Stables Rachel Stables Andrew Whitwam James Berry
Future Plans
The trustees plan as far as is possible that sufficient income and capital is available to be able to continue to make donations and grants at similar levels as at present to potential beneficiaries who may be eligible.
Key management personnel remuneration
The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid during the year.
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ENDEAVOUR HEALTH CHARITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees and signed on its behalf by:
.............................. DZS tdee David Stables Trustee Dated: .........................04/02/25
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ENDEAVOUR HEALTH CHARITY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ENDEAVOUR HEALTH CHARITY TRUST
I report to the trustees on my examination of the financial statements of Endeavour Health Charity Trust ('the charity') for the year ended 5 April 2024, which are set out on pages 5 to 13.
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 all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or
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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.
Kerry Gallagher FCA DchA The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading RG1 3EU
Dated: .........................
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ENDEAVOUR HEALTH CHARITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
| Notes Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net expenditure before gains/(losses) on investments Net gains/(losses) on investments 10 Net movement in funds Total funds brought forward Total funds carried forward 14 |
2024 £ 200 46,496 46,696 16,041 93,540 109,581 (62,885) 128,000 65,115 1,871,156 1,936,271 |
2023 £ - 47,519 47,519 16,228 149,230 165,458 (117,939) (177,439) (295,378) 2,166,534 1,871,156 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ENDEAVOUR HEALTH CHARITY TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 11 | 1,923,722 | 1,864,951 | ||
| Current assets | |||||
| Cash at bank and in hand | 27,125 | 30,051 | |||
| Creditors: amounts falling due within | 12 | ||||
| one year | (14,576) | (23,846) | |||
| Net current assets | 12,549 | 6,205 | |||
| Total assets less current liabilities being net | Total assets less current liabilities being net | ||||
| assets | 1,936,271 | 1,871,156 | |||
| Income funds | |||||
| Unrestricted funds | 1,936,271 | 1,871,156 | |||
| 1,936,271 | 1,871,156 |
04/02/25 The financial statements were approved by the trustees on ......................... and are signed on their behalf by:
.............................. DZ bbe David Stables Trustee
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
Charity information
The Endeavour Health Charity Trust was created by a Trust Deed dated 30 January 2014 and is registered as a charity under the Charities Act 2011, Registration Number 1156863. The registered office is Low Farm, Barthorpe, Malton, YO17 9RW. Under the terms of the deed the Trustees are directed to hold the Trust Fund and the income thereof for such charitable purposes as the Trustees in their absolute discretion think fit.
Accounting convention
The financial statements have been prepared under the historical cost convention with items recognised at cost of transaction value unless otherwise stated in the relevant note(s) to these financial statements.
These financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The charity has adopted the Charities SORP (FRS 102) rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure is necessary for the financial statements to show a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2019.
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 £.
The charity constitutes a public benefit entity as defined by FRS102 and has therefore applied the relevant public benefit requirement of FRS102.
Going concern
The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Trustees review reserves levels, commitments, cash and forecasts at least one year ahead when assessing going concern. The Trustees continue to review the current economic environment and the impact of cost of living, inflation and changing interest rates. The Trustees do not see this having an impact on the charity's ability to continue as a going concern, and therefore the Trust continues to adopt a going concern basis in preparing its financial statements.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.
Investment income from bank interest is brought into the account gross when receivable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies (Continued)
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Governance costs include those incurred in the governance of the charity and its assets and primarily associated with constitutional and statutory requirements.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the trust. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant is outside of the control of the trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Raising funds
The costs of raising funds comprise of investment management costs and certain legal fees.
Charitable Activities
The costs of charitable activities include grants made and governance costs.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial instruments
The charity only has basic financial assets and liabilities of a kind that qualify as basic financial instruments which are initially recognised at cost. Fixed asset investments are subsequently recognised at fair value with any movement being shown in the Statement of Financial Activities.
Cash flow exemption
The charity has taken the exemption under section 7 of FRS102, permitted by the Charities SORP, to not prepare a cash flow as the charity is considered to be a small entity.
2 Donations and legacies
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other | 200 | - |
On 9 August 2023, 200 ordinary shares in Endeavour Predict C.I.C were gifted to the charity. This equates to the entire share capital of the company.
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 3 Investments Income from investments Interest receivable 4 Raising funds Investment management 5 Charitable activities Expenditure in relation to open source software and project management Grant funding of activities (see note 6) Share of governance costs (see note 7) 6 Grants payable Grants to institutions: Bradford Hate Crime |
2024 £ 44,718 1,778 46,496 2024 £ 16,041 16,041 2024 £ 70,825 - 22,715 93,540 2024 £ - |
2023 £ 47,008 511 |
|---|---|---|
| 47,519 | ||
| 2023 £ 16,228 |
||
| 16,228 | ||
| 2023 £ 116,769 12,000 20,461 |
||
| 149,230 | ||
| 2023 £ 12,000 |
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
7 Governance costs
| Governance costs | ||
|---|---|---|
| Accountancy Independent examination fees Bank charges Legal fees Tax compliance fees Analysed between: Charitable activities |
2024 £ 3,840 3,054 90 15,731 - 22,715 22,715 |
2023 £ 4,200 3,786 90 11,185 1,200 |
| 20,461 | ||
| 20,461 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year (2023 - none).
9 Employees
There were no employees during the year or prior year.
10 Net gains/(losses) on investments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Change in fair value of investments | 128,000 | (177,439) |
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
11 Fixed asset investments
| Investments £ Cost or valuation At 6 April 2023 1,808,023 Additions 771,204 Change in fair value 128,000 Equalisation (1,495) Disposals (868,520) Movement in cash - At 5 April 2024 1,837,212 Carrying amount At 5 April 2024 1,837,212 At 5 April 2023 1,808,023 Other investments comprise: Notes Investments in subsidiaries 17 Investments at fair value comprise: UK Fixed Income UK Quoted Equities Real Estate Investment Trusts Overseas Fixed Income Overseas Fixed Interest Overseas Equities Alternative Assets |
Cash in portfolio £ 56,928 - - - - 29,382 86,310 86,310 56,928 2024 £ 200 2024 £ 482,990 108,658 106,949 293,614 - 556,045 288,956 1,837,212 |
Total £ 1,864,951 771,204 128,000 (1,495) (868,520) 29,382 1,923,522 1,923,522 1,864,951 2023 £ - 2023 £ - 164,236 65,194 - 684,969 532,776 360,848 1,808,023 |
|---|---|---|
Fixed asset investments revalued
Investments are revalued at the end of each year by reference to their fair value. The historic cost of the investments is £1,805,420 (2023 - £1,871,005).
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 12 | Creditors: amounts falling due within | Creditors: amounts falling due within | one year | |||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Trade creditors | 2,925 | 11,884 | ||||||
| Accruals and deferred income | 11,651 | 11,962 | ||||||
| 14,576 | 23,846 | |||||||
| 13 | Financial instruments | 2024 | 2023 | |||||
| £ | £ | |||||||
| Carrying amount of financial assets | ||||||||
| Instruments measured at fair value through profit or loss | 1,923,522 | 1,864,951 | ||||||
| Carrying amount of financial liabilities | ||||||||
| Measured at amortised cost | 14,576 | 23,846 | ||||||
| 14 | Analysis of charitable funds | |||||||
| Movement in funds | ||||||||
| Balance at 6 | Income |
Expenditure | Gains and | Balance at 5 | ||||
| April 2023 | losses | April 2024 | ||||||
| £ | £ | £ | £ | £ | ||||
| Unrestricted funds | 1,871,156 | 46,696 | (109,581) | 128,000 | 1,936,271 | |||
| 1,871,156 | 46,696 | (109,581) | 128,000 | 1,936,271 | ||||
| Movement in funds | ||||||||
| Balance at 6 | Income |
Expenditure | Gains and | Balance at 5 | ||||
| April 2022 | losses | April 2023 | ||||||
| £ | £ | £ | £ | £ | ||||
| Unrestricted funds | 2,166,534 | 47,519 | (165,458) | (177,439) | 1,871,156 | |||
| 2,166,534 | 47,519 | (165,458) | (177,439) | 1,871,156 |
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ENDEAVOUR HEALTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
15 Analysis of net assets between funds
| Fund balances at 5 April 2024 are represented by: Investments Current assets/(liabilities) Comparative analysis of net assets between funds Fund balances at 5 April 2023 are represented by: Investments Current assets/(liabilities) |
Total £ 1,923,722 12,549 |
|---|---|
| 1,936,271 | |
| Total £ 1,864,951 6,205 |
|
| 1,871,156 |
16 Related party transactions
The trustees confirm there are no related party transactions to disclose (2023 - nil).
17 Subsidiaries
Details of the charity's subsidiaries at 5 April 2024 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Endeavour Predict C.I.C. | Oaktree House, | Community Interest Company | Ordinary | 100.00 |
| 408 Oakwood | (CIC) | |||
| Lane, Leeds, | ||||
| England, LS8 | ||||
| 3LG |
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