Charity re8Lstration number: 1157697 The Cherish Freedom Trust Annual Report and Financial Statements for the Year Ended 31 D¢cember 2023
The Cherish Freedom Trust Contents (continued) Reference and Administrative Details Trnstees, Report 2103 Statcmcnt of Trusteeg Responsibilities Itq)endent Examinevs Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 8t014
The Cherish Freedom Trust Reference and Administrative Details Trustees Cherisb Freedom A M M&cLeod J M Jame5 Varga T W D BlaDey 1157697 Charity Regl$tT*tiOn Number Principal Office CIO Turcan Connell 6th Floor 17a Cutzon Street London WIJ5HS Independent Exarniner Thompson Elphick Limited The Corner House 2 High Street Aylesford Kent ME20 7BG Pag¢ I
The Cherish Freedom Trust Trustees, Report The TTUStees present the annual report togeth¢r with th¢ fJn8n¢iAI ststements of the Charity for ihe year ended 31 December 2023. Ob5eetiv&s actAvities Objects ondaims The Charity ainL4 to advan¢e education by promoting knowledge atMI understanding of the history of the 20th cenn]ry and more recent history. PAnicularly in relation to life and work of the Rt Hon. The Baroness Thatcher Of Kesieven LG. OM. FRS and for the general puo)oses of such charitable bodies or for such other lUSive]Y ch8ritsble pwposes as the Trustees may from time to time decide. P¥bli¢ benefil The Trustees conf]rni that diey have cornplied with the requirements of section 17 of the Charitics Act 201110 have due regard to the public benefit guidance published by ihe Charity Commission for England and Wales. Stru¢tUTey £tsYerD#n¢e and maD4gemeDt Nfithr ofgoverning doeumettt The Chariry is a Charitable Un]ncorpored Organisation controlled by its goveming document. its constitutioll. Recruithent appoinlmenlof TrusleeJ Thc Trustee5 who served during the year, and up to the date the financial statements were sign¢d, are as follows.. Cherish Freedom A M MacLeod J M James Var8a T W D Blaney The power to appoint and remove Tn¢S is vester in the su1VIng or Continuing Trtte5. The numb¢r of TJust¢es capable of being appoinled is unlimited. All Trustees are volunteer5 and the Charity employs personnel as it deems necessary to administer the charitsble aims. Finincs1 irtstrnments Objeelives andpolicies The Charity's activities expose it to a number of financial risk5 including credit risL cash flow risk ond liquidity risk. The use of financial derivatives is governed by the Charity's policies approved by the board of Trustres, which provide written principles on the use of fancial derivatives to manage these risks. Tkne Ch8riry does not use derivative fmancial instrLLment5 for speculative purpose5. Cdshflow The ChaTity's a¢tivities expose it prinwily to the finan¢] risks of changes in foreign currency exchange rates and interest rates. The Charity uses foreign exchange forward contrdcts and interest r&te swap contracts to hedge these exp¢)sures. Interest bearing assets and li8bililies are held Fdt fixed rale to ensure certainty of cash flows. Pag¢ 2
The Cherish Freedom Trust Trustees, Report (continued) Credit risk The Charity's principal financial assets are bank balances ond castl trade and other receivables. ond investments. The Charity's eredit risk is primarily attributsble to its trade receivables. The amount5 prc5ented in the balance sheet are nei of allow8nce5 for doubtful receivables. An allowance for impairment is made where th¢r¢ is an identified loss eveni which, based on previous experien¢< is evidence of & reduction in thc recoverAbility of the cath flows. The eredit risk on liquid fi]nds and derivative financial instruments is liinited because the counterparties are banks with high credit-ratings asSI¢d by iniernai%onal credit-rating agencies. The Charity has no 5ignifi¢ant concentration of Credit risL with exposure spread over a large number of counterparties and custorners. Liquidity risk In order to EDaintsin iiquidity to eDSure that sufficient fi]nds are available for ongoing operdÉion5 and fvture developments, th¢ Charity uses a mixtttre of lollg-ierni and short-temi debt financ¢. Further details regarding liquidity risk can be found in the Statement of aecounting policies in the finaT)cial statem1$. 51¢3NEDSE¢URELY 24/10/2024 IW2024at•."34."1•AMUTC The annual report was approved by tbe Trustees of th¢ Charity on.................... and si8ncd on its behalf by.. SIGNEOSECUR8LY 24m012024418..34..1O iITC T W D Blaney Trllsiee Pag¢ 3
The Cherish Freedom Trust Statement of Trustees, Responsibilities The Trustee5 are responsible for preparing the Tntstees, Teporf and the fi[l¢La1 s¢atements in accordance with the United Kingdom Accounting Standards {Uniied Kingdom Generally A¢¢epied Accounting Practice) and applicable law and Tegulati¢)ns. The law 8ppli¢able to ¢harities requires the Trnstees to prepare finan¢ial staternents for each fiDaw181 year which 8iv¢ a tna¢ and fair view of the state of affairs of the C]wity and of the it01n8 re50urc¢s and application of r¢50w¢es of the Charity for that period. In preparing ih¢se financial staternent4 the Trste¢S are required to.. sele¢t suilable aOunting poli¢i¢s 8nd then apply them ¢ollsist¢lltly' observe the methods and principles in the ChaTitie5 SORP- make judgements and ¢stitt)at¢s that are r¢8sonable and prndenL' state whether applicablc accounling standards have becn followed, subje¢t to any material departures di5closcd and cxplained in the f]nancial statements. and preparc the fJnauci81 ststements on the going eoncern basis unless it is inappropriF4te to presume that the Charity will continue ill business. The TTUStees are responsible foT keeping proper aceounting records that disclose with reasonable aecuracy at any time the financRal position of the Charity and enable them to ensure that th¢ financial siatements cornply with th¢ Charitie5 Act 2011. the Charities (A¢counts and R¢ports) Regulations 2008. and the wovistons of the ¢onstitutiorA. The Trustees are a150 responsible for safeguarding the assets of the Chatyry and lknce for tsking reasonable step5 for the pievention and delection of fraud and other irreglalarities. The Trustees are responsible for the maintenance and integrity of thc COOrat¢ and fll)ancial tnfomiatio included on the Charitable mPan$ webslte. Legislation governing the preparation and dissemination of f]nancial stst¢ents may differ from I L*hEr jurisdictions. 4/ 10/2024 w124•t..a..IOAI UT Approved by the Tne5 of the Charity on .................... and signed on its behalf by: SIGNEDSECURELY 24MfjJ20244ti..M..i•AMUT¢ T WD Blaney Trustee Pag¢ 4
The Cherish Freedom Trust Independent Examiner's Report to the trustees of The Cherish Freedom Trust I report to the TrttreS on my examination of the ae¢owits of The Cherish Freedom Trust for the year ended 31 December 2023. Responsibilities and basis ol report As the Charity Trustees of The Cherish Freedom Tn you are respollsible for the pryration of the accounts in accordaDce with the requirements of the Charities Act 201 E ('the Aet.). I report in respect of my examination of the The Cherish Freedom TnL5t's accgunts wried out under section 145 of the 2011 Act and in ¢arrying out Tny exarnination I have followed 811 the 8ppli¢able Directions given by the Chariry Conunission under section 145{5)Ib) of the Act. Independent examiner's ststemellt I have Cornpleted rny examination. I confim) that no material matters hove ¢ome io Y attention in CODJ]ection with the exarnination givillg me cause to believe that in any material r¢sp¢¢t.' OUrtting re¢ords were not kept irj respect of The Cherish Freedom Trust as required by se¢iion 130 of the A¢¢- or 2. the accounts do not 8ccord with those re¢ords' or 3. the accounts do not comply with the accounting requir¢menis conceming the forni and CODtent of accounts set out in the Charities {Accounts and Reports) Regulatiotjs 2008 other than any requirement that the account5 give a 't and fair view which is noi a matter Considered a5 part of an independent examinaiion. I have no eonctrns and hav¢ Come acros5 no other tThattcrs in connectlOD the examination to which &ttention should bt drawn in this report in order to enable a propcr understanding of the accounts to be rearhed. rlRE Asgociation of Chartered Certified Accountants The CorneT House 2 High Street Aylesford Kent ME20 7BG PE4ge S
The Cherish Freedom Trust Statement of Financial Activities for the Year Ended 31 Deeember 2023 Unrestricted funds 2023 Totsl 2022 Note Income and Endowments from: CbaTitable a¢tivtties 88,643 11,354 Totsl incornc 88,643 11.354 Expenditure OD: Charitsble activities (84,693) (8,154 Total expenditure (84,693) (8.154 Net income 3,950 3.2(X) Net movement in fimds 3,950 3,2(M) Reeonciliation of fullds Totsl fvnds brought forvdrd 8J29 5,129 Totsl fvJJ& 1¢d forvMTd 12.279 8,329 All of the Charitgs activities derive from continuing operatiotLS during the above two periods. The fi]D(Ls breakdown for 2022 is shown in note 9. The notes on pages 8 to 14 fornj an integral part of the flnancial statements. Page 6
The Cherish Freedom Trust (Registration number: 1157697) Balance Sheet as at 31 December 2023 Note 2023 2022 Current assets Debtors Cash at bank and in hand 16,154 16,716 8,329 8,329 32,870 Credltors: Amounts falling due wlthln one year (20.591) Net A$$ets 12.279 8,329 Funds of the Charity: Unrestricted income fllllds Uwestrtcted fill$ 12,279 8.329 Total fllnds 12,279 8J29 r4NEo$&btsfinancial siaternents on poges 6 10 14 were approved by th¢ TThtees. and authorised for issue on 24/ 10/202.4......... and signed on their behalf by.. 21DJ2•14B.'34.'1VAM UTC SIGNED SECURELY IttQO24at8'.34'.10AMurc T W D Blaney Trust¢¢ The note5 on pages 8 to 14 forni 2n integral part of the5¢ financial 5tattments. Page 7
The Cherish Freedom Trust Notes to the Financial Statements for the Year Ended 31 December 2023 l Aceounting policies St8tement of eomplianee The f]nan¢ial statements have been prepared ID accordance with the Second edition of the Charities Statement of Recomended Pia¢ti¢e issued in October 2019, the Financial Reporting Standard applicable in the Unit¢d Kingdom and Republic of Ireland IFRS 102) and the Charities Act 2011. Basis of preparation The Cherish Freedom TnL8t meets the definition of a publi¢ benefit entity under FRS 102. The accounts If]nan¢ial ststements) have been prepared under the historiral ¢osi convention with items recogn15ed at C05t or tratJsa¢tion value unless otherwise stated in the relevant notelsl io these accounts. Going coneern The Trnstecs consider that there are no material uncertainties about the Charitys abiliry to continue as z going ¢onc¢rn. Income endowments Deferredincome Deferred income represents amounts re¢eived for future p¢riod8 8nd 15 released to incoming resources in the perÈod for which, it has been received. Su¢h income is only defeTred vknen: - The donor specifies that the grani or donation must only be used in fvrure accounting p¢riods,' or - The donor has imposed conditions which must be before the Charity has un¢onditional entitlement. Expenditure All eXpendire is recognised once ihere is a legal or constructive obligation to that expenditure, li is probable settlement is required and the alnount ¢an be measured reliably. All costs are alloc&ted to the applicable expenditurc heading that aggregate similar costs to that category. Where costs carjnot be directly attributed to particular headiDgs they have been allocated OD a basis ctsnsistent with the se of resources. with central staff costs allocated on the basis of time spent, aDd depreciation charges allocated on the portion of the et'S use. Oth¢r support Costs are lOCated based on the spread of staff ¢osts. Choritttble delivities chItablE expcDditure comprises those costs incurred by the Chariry in the delivery of it5 activities and serviccs for its beneficiaries. It includes both costs that can be allocated directly to such activitie5 and those costs of an indirect nature Jiecessary to SUPPOrt them. Governance costs These in¢lude the costs attributsble to the Charity's compliance Mrith constitutional and Statutory requirement xncludin8 audit, strategic managemcnt and Trustees mectings and reimbursed expenses. Page 8
The Cberish Freedom Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Taxatio The Cbarity is considered to p5 the tests set out in Paragraph I Sehcdule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. A¢cordiDgly, the Charity 55 Potentially exempt from iaxation in respect of income or capitsl 8aiDS received within categories covered by Chapter 3 Part I l of the cooration f8x Act 2010 or Section 256 of the Taxatiou of Ch8rgeable Gains Act 1992. to the extent that such income or gains are applied eXcI$ive?Y to charitsble puoSes. Trade debtors Trade debtors are amounts due from customers for merchandise sold OT services perfornied in the ordinary course of business. Tiade debtors are recognised initially at the transaction price. They are subsequently rneasuted at arnortjsed cost using the effe¢iive interest method. less provision for impairnient. A provision for th¢ impairrnent of trade debtors is established when there is objective evidence that the Charity will ttot bc able to eollect all amounts due according to the origjnal t¢rms of the receivables. Cash and ca$h equiyalents Cash ond cash equiyalents Comprise c&sh on hand and call deposit$, and other short-terrn highly liquid inveslments thai are readily Convertible to a known atnount of eash 8nd are subject to an InsilfIcallt risk of change in value. Borrowing5 IDterest-bearing borrowings are initially recorded at fair value. net of transaction costs. Interest-bearing bOowingS are subsquently carried at Amortised cost, wilh the differcAce between the pro¢eed5, nct of traDsaction costs, and the atnount due on redernplion being recolsed &s a charge to the Statement of FinanciÉl Activities over th¢ period of the relevant borrowing. Interest expense is reCOlsed on the basis of the effective interest Tnethod and is included in interest payable and similar charge& Borrowings ar¢ ¢lassified as current liabilities unless the ChaTiry ha5 an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income fidS are generdl fimds that Are available for use at the TTusrees discretion in fiberance of the objcctive5 of the Charity. Financial instrutnents CI&s5ificaiion Financial asscts and fillancial liabilities are re¢ogtiised when the Charity becomes 8 paty to the contractual provisions of the instnmient. Financial liabilities and equity LT15trnments are ¢lassified according to the substance of the contractual arrangeTnents entered into. An quity instrument is any contract that evidences a residu81 interest in the asset5 of the ChaTity after deducting all of its liabilities. Page 9
The Cherish Freedom Trust Note5 to the Financial Statements for the Yev4r Ended 31 Deeember 2023 (eontinued) RecognitsoK and mertsurement A]1 financial assets and liabilities aTe initially measured at trn)saction price (including transaction ¢osts), except foi those financial assets classified as 8t fair value ihrougb profit or 105$, which are initially measured at fair value (which is norn)8lly the tr&ns8Ction price exclud]ng tractIOn costs), unless the arrangement ¢onstitutes a finaneing transaction. If an 8rr8ngenieut constitutes a f]nan¢ing transaction. the financial asset or fmanciAI liability is measured at ¢h¢ present value of the tllre payments discounted at a market rate of interest for a similar debt inStrumt. Financial assets and liabilities are only offset in the statement of financial position wbeJL and only when there exists a legally enforceable right to set off the recogni5ed amounts and the ChaTiry ititends either to settle on a net basis, or to realise the asset and settle the liabiliiy simultsneously. Financial assets are derec0]Sed when and on]y whet) a} the contractual rights to the cash flows from the financial asset expire or are Settle b) the Charity transfers to another party substsntially all of the risks and rewards of ownership of the f#¢1#1 asset. or c) the charty, despite having retained som4 but not 011, significont risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities are derecogllised only wthen the obligation specifled in the contract is discharged. eancelled or expires. Page 10
The Cherish Freedom Trust Notes to the Finanei81 Statements for the Year Ended 31 December 2023 (eontinued) Debt Illstruments Debt instniments which meet the following conditions arc subsequently measured at amortised cost L5ing the effective interest method- (a) The contractual return to the holder is li) a fixed amount,. (li) a positive fixed rate or a positive vaTiable rnte- or (iii) a combination of a positive or a rtcgative fixed rate and a positive vzriable rate. {b) The contract may provide for repayments of the PriTJcipal or the return to the holder (but not both) to be IiTJked to a single relevant observable index of general price inflation of the currency tn which the debt instrument Is denominated, provided such links are not levuaged. (c) The contract may providc for a detetminable vlation of the return to the holder during the life of the instswmenl, provided that (i) the new rate satL5fEes cot)dition (a} and the variation is not ¢ontingent on fufttre events other than {1) A change of o ¢orttrathal variable rate',12) to protect the holder against ciedit deterioration of the issuer: (3) changes in levi¢s applied by a central bank Or arising from Changes in r¢levant taxation or law- or li1} the new rate is a rnarket rate of interest and satisfi¢s ¢ondition la)- {d) There is no ¢ontra¢rual provision that Could. by its temis, result in the holder 105ing the principal 8mount or any interest attributable to the ¢urrent period or priorpcriods. le) Ctsntraetual piovision5 that pemiit the i5siicr to prcpay a debt instnJn)ent OT permit the holder to put it back to the issuer before maturity are not contingent on fiiture evcnts, other than to protect the holder against the credit deteriordtion of the issuer or a change in ¢ontrol Of the issuer, or tts protect the holdez or issuer against Changes in levies applied by a central baok or arising from ehanges in r¢lcvant taxation or law. lfj Contractual provisions may perniit the extension of the tcrni of the debt instnmenl provided that the rellmi to the holder aud any otber Contract1 provisiolls applicable dllyillg the extended term satisfy the conditions of paragrAphs (a) to (c)- Debt instnmenls that are classTfied &s payable or receivable within one year on initial recognition and which meet the above wndillons are measur¢d at the undiseoYnt¢d amount of the cash OT other ¢onsideration eXpecd to be paid or rec¢ive¢l nei of impaim)ent. With the exeeption of some hedging instrnments, other debt instrnments not meeting thes¢ conditions aTe measured at fAir value through pmfit or10sS. Commitments to and receive loans which meet the conditions mentioned above are measured at C05t (wbich may be nill less impairnient. Investments in non-convertible pFerenCe shares and non-puttable orditwy or preference shares {where shares are publicly traded or their fair value is reliably measurdble) are measured at fair value through profit or loss. Where fair value camiot be measur¢d reliably, investrnents ere measured 8t ¢ost less impairn)ent. Investments in subsidiarie5 and 0clat¢S arc measured al cost less Rmpairni¢nt. For investments in subsidiaries aequired for consideration including the issue of shares qualifying foT merger relief, ¢ost is measured by referenee to the nomin81 value of th¢ shares issued plus fair value of other consideration. Any premium 15 ignored. Pagell
The Cherish Freedom Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) DerivolivefinaThcial instrumertts The Charity use5 derivative finan¢ial instNments to reduce exposure to forei exchange risk and ittteresi rnte movements. The Charity does not hold or issue d¢rivative finaneial instnllnents for speculative purposes. Derivatives are illitially recognised at fair value at the date a derivative coniraei És entered into and are subsequently Femea5ured to theii fair value al each reporting date. The resulting gain or loss is recognised in statement of financial actLVltie5 i7t]mediately unless the derivative is designated and effective as a hedging instrument, in which event the t118 of the recognition in statement of financial activities depends on the naturc of the hedge relationship. Fair meosHrepNenl The best evidence of fair value is a quoted price ftir an identi¢al asset ID an active n]arket. When quoted pritts are un8vailAble, the price of a recent traDsaetioD for an identical asset provides evidence of fair value os long as there has not been a significant change in economic ¢ircunlanceS or a significant lapse of time sin¢e the transaction took place. If the rnarkei is not active and recent transaction5 of an identical a55et on their own arc not a good estimate of fair value. the fair value 18 estimated by using a valuation technique. 2 Income from charitable sctivities Unrestrieted funds General TDtal 2023 Totil 21122 Donations Fundraising 17,302 71.341 17.302 71,341 5.000 6,354 88.(A3 88.643 11.354 3 Expenditure on charitsble a¢tivitie$ Unre5tritted fund$ GeDeral Tot41 2023 Total 2022 Note Internship Programme Frcedom Festival Conferences Donaiions Travel Marketing Fundraising Events ConsuliaTJ¢y Governance costs 39,059 17,113 3,023 820 774 782 20,061 39,059 17.113 3,023 820 774 782 20.061 3,481 4.5(X) 173 3,061 3.061 84,693 84,693 8,154 Page 12
The Cherfish Freedom Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (Continued) 4 Analysis of governance and $llpport costs Governance costs Unr&stricted funds General Total 21123 Totxl 2022 Governance Other fees paid to auditors IT lJ80 931 545 205 1,380 931 545 205 173 Insurance Bank Char8e5 3,061 3,061 173 5 Trustees remuner*tioo and expeDse$ No Trustees, nor any pet30s cornected with thern, h8vc received any remuneration from the Charity during the year. No trustees hav¢ received any reimbutsed expenses or any other benefits from the clwity during the y¢ar. 6 Taxation Th¢ Charity is a registered charity and is therefore exempt from taxatiOJL 7 Debtors 2023 2022 Prepayments 16,154 8 Creditors- amounts falli£ due within one year 2023 2022 Otlfft creditors Accrua]s Deferred income 1,2(M) 19.390 20.591 Page 13
The Cherish Freedom Trust Notes to the Financial Statements for the Year Ended 31 Deeember 2023 (Continued) 9 Funds Bal¥Dce at 31 Decernber 21123 Balance at I January 21123 IntoJDillg resour£e5 Resource5 expended Unrestricted fund$ G¢neral 8,329 84,693 12,279 Balanee at 31 December 2022 BalAnee at I JADUary 2022 Incoming resources Resources expended Unrestricted funds Genero1 5,129 11,354 (8.1541 8,329 10 Analysis of net 4$$ets betwee funds UDrestrieted funds General T•t&l fund5 gt 31 December 2023 Current assets Current liabilities 32.870 (20.591) 12,279 32,870 (20,591) 12,279 Totsl net &ssets Unrestricted funds General Total funds at 31 December 2022 Cumt assets 8,329 8.329 Page 14