REGISTERED CHARITY NUMBER: 1160334 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 FOR THE EDWARD CADBURY CHARITABLE TRUST J WHlnks LLP Chartered Accountants and Statutory Auditors 19 Highfield Road Edgbaston Birmlnsham 815 38H
THE EDWARD CADBURY CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2014 Page Report of the Trustees Report ot the Independent Audttors 10 lu 12 ststement of Flnantlal Acllvltles 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Flnanclal Statements 16 to 33
THE EDWARD CADBURY CHARITABLE TRUSr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provi5ion5 of Accountin8 and Reporting by Charities.. Statement of Recommended Practice pplicable to charities preparing their accounts in accordance with the Financial Reporti n8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Objectlves and alms Pur ose5 and aims The charity is set up for general charltèble purposes and is solely a grant glvlng bodv, surin our work dellvers our aims We review our aims, objectives and activltles each year, This review looks at what we achleved and the outcomes of our work in the previou$ 12 months. The revlew looks at the success of each key activity and the benefits they have brou8ht to those group5 of people we are set up to help. The review also helps us to ensure that our alm, objectives and activities rernained focused on our stated purposes. We have refefred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewin8 our aims and oblectrves and in plannin8 our future activitles. In parhcular, the trustees conslder how planned activities will contribute to the alms and objectives they have set. The focu5 ofour work The focus of our work continue5 to be that of a charity set up for general charltable purposes acttng solely as a grant giving bodv. Grantmakln8 Strateiyj pollcy and procedures The trustees believe that their mission today is as Televant as it was when Edward Cadbury first identified the need to support the local community i n the early decades of the twentieth century. Edward Cadbury's particular interest in education. religion and social welfare, together with the Quaker values of slmplicity. equality, lusttce, peace and care of the environment, have helped Shape the grantmakln8 pollcy of the charitv. The interest5 of the founder and the trustee body therefore partfcularly focus on support(ng the voluntary sector in the Midlands region Including Hereford5hire, Shropshire, Staffordshire, Warwickshire and Worcestershire with the main areas of grant givlng encompa55ing education and traSnlng, community development, support for the oppressed and disadvantaged, the arts and the environment. The grant giving pro8ramme focuses on those interests by uslng slx maln headings which the trustees believe senslblv reflect the objects of the charity and comply with the definition of charltable purposes as set out in the 2011 Charlttes Act. and Culture (the advancement of the Arts, Culture, Heritage or Science). Communit Pro ects and Inte ration Ithe advancement of Citizenship or Community Development). Com assionate Su ort (the relief of those in need by reason of Youth, Age, 111-health, Disability, Financial Hardship or other disadvantage). Page I
THE EDWARD CADBURY CHARITABLE TRIIST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 OBJECTIVES AND ACTIVITIES- continued Grantmakink strate. pollcy and procedures - contlnued onservarion and Environ ment (the advancement of Environmental Protection or Improvement). Fdiication and Trainin (the advancement of Education). Research (the advancement of Health or the Saving of Llvesl. The Charity only makes grants to reglstered charities and not to Indlvlduals. An application for fundlng may be made at any tlme and should be submitted via the on-line application system at www.edwardcadbu trust.or k or by email or post to the trust mana8er. The trustees request that the application should provlde a clear and concise descriptton of the project for which the fundin8 is required as well as the outcomes and benefit5 that it is intended to achieve, They also require an outline budRet and explanation of how the project is to be funded initially and in the future together with the latest annual report and account5 for the charity. Application5 for fundin8 are generally considered within a three month timescale. 8efore awarding a grant, the trustees assess application5 against the charity's objectives and the Charity Commission's public bcncfit guidclinee to check that public benefit crltÈria are met. The charity usually make5 grants which vary in size between £3,000 and £25,000. These are normally awarded on a one-off basis for a specilic purpose of part of a project. Larger grants are occasionally made on an exceptional basis where the purpose Is partlcularly app051te to the charltY'5 Inlere5Ls. The grantmaklng policy and procedures are reviewed by the trustees on an annual basis. Publlc beneflt The trustees conflrm that they have referred to the Charity Commisslon's general guidance on public benefit In reviewing the charity's aim5 and objectives and have taken due regard of Its content in confirmin8 Its grÈntmakin8 strategy for the year ahead. Grant applicatlons are also assessed for public benefft criteria. Page 2
THE EDWARD CADBURY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 ACHIEVEMENT AND PERFORMANCE Charitable activhles Grant During the year ended 5 April 2024 206 grants have been made totalling £828,420 compared to 161 grants totalling £855.600 for the year ended 5 April 2023. The main beneficiaries from the charity's 2023-2024 grant giving programme were the public. generally through the support of museums. theatres, art centres and other cultural venues and projects (Arts and Culture),. sections of the public through community groups in both inner-city and rural areas (Community Projects and Inte8rarionl; provision of services for those in crisis or in need (Compassionate Supportl- conservation projects to protect buildings and develop facilities as well as raislng 3warene5s about environmental issues (Conservation and Environment),. educational opportunities for young people of all abilities. outreach work and skills training (Educatfon and Trainingl- and fundin8 for medical research IRe5earchl. By focusing their grant givin8 Wlthin these area5 the trustees believe that their strategic priorlties have been achieved. Lar8er awards In the 2023-2024 financlal year have included the followln8. Following an update provided on the progression of the Hallam Close "Live and Work" project, a grant of £25.000 was awarded to St Ba511's as a contribution towards the cost of fittin8 Out flats. Aston University Medlcal School was awarded 3 8rant of £50,000 towards the purchase of an ultrafast spinning disk confocal microscope to help meet a clinical need for treatments for braln swelling a5 result of head or spinal column injury. While the summary above has focused on the larger grants made this year, many smaller grant5 whlch are equally as beneficial to the charities concerned, notwithstandin8 the slze of the organisation or the scale of the project, have also been made. FINANCIAL REVIEW Flnancial positlon As at 5 April 2024 the charity's net assets stood at £54,396,306 compared to £50,182,735 as at 5 April 2023. Durln8 the reporting perlod the charity's investment portfollo, managed by Quilter Chevlot on a discretionary basis, generated an income of £1,395,43112023: £1,336,609) and outperformed the dividend income target as set out in the charity'5 Statement of Investment policy. The charlty's holding in the Charltles Property Fund {CPFI was valued at £1,230,89912023: £1,303,896) wlth Income payments totallin8 £80,52312023.' £54,822). A transfer of £500,000 wa5 made from the charity's bank account to the CCLA COIF deposlt fund account during the year. The account balance as at 5 April 2024 was £1,065,93912023.' E553,1731. The trustees reconfirmed their ethical investment policy a5 part of their annual review of policies and procedures. further screening analysis of the charity's investment portfolio by Quilter Cheviot took place durin8 the year ended 5 April 2024. Page 3
THE EDWARD CADBURY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 FINANCIAL REVIEW Investment pollcy and objectives Investments are made taking a long term view, using a range of investment vehicle5 to achieve stability and growth within a well diversified portFolio. The 8uiding principle of the trustees, investment policy is to seek to maintain. in the long term, a balanced portfolio without undue overall risk that aims for both income and capital grovlth in real terms. Th.e tr Ji otepc <epk to ensiJre that the charitv'£ jnvpstmpnts fnn%i%tpnt with thp nurposes and values of the charifv. The trustees aim to avoid directly investin8 in companies whose main business is in tobacco, armaments, gambling or alcohol. Inere Is a stateo preTerence TO invesr in Inose compariies iridL fTldKe d PUSILIV¥ LUIIIIIUULIUII LIJ Liie environment and the cornmunity and which evidence corporate social responsibility. Reserves policv Unrestricted reserves at 5 April 2024 amounted to £54,396,30612023'. £50,182,735). It Is the trustees, policy to distribute the Income from its investments to fund Its 8rantmaking programme whilst maintainlng a sufficient level of funds to ensure the longevity of the charltv, While the trustees consider it prudent to retain sufficient reserves to cover its operational cost5 they have the power under the charity's Cpnstitution to urfli5e both Income and capital for charitable purposes at their discretion and therefore do not consider it necessary to ma5ntoln any further reserves. FUTURE PLANS Finance and inv ments Looking ahead to 2024-2025, ongoing volatility in the financial mJrket5 is anticipated. The charity's discretionary investment managers, Quilter Chevlot, have advised that they will continue to respond accordingly but encourage investors to keep to their lon8-term financial and investment plans. In determining the investment objectives for the linancial year 2024-2025 the trustees have agreed with Quilter Cheviot that the investment benchmark of a total return exceeding the MSCI PIMFA Private Investor Balanced index will be retained. Grant ivin In terms of the grant giving programme, the charity's main alms and oblectives in the forthcomln8 year are to build on and enhance the successful programme of grant giving undertaken durin8 the year ended 5 Aprll 2024 and to continue to support charitie5, principally within the Midlands region, which encourage community development, empowerment of the indlvidual and inclusiveness, provide compassionate support to those in need and promote educational, cultural and environmental prolectS. The formal outcome report forrn provides the trustees with helpful feedback for evaluation and has posltively highlighted the strai8htForwardnes5 of the charlty's application process. This monitoring form will therefore conJnue to be issued to grantees. Risk anal sls The trustees will maintain the ongoing risk analysi5 programrne which pays particular attention to economic conditions. including market volatility and inflation, and any change5 in legislation that affect the operation of the charity. Page 4
THE EDWARD CADBURY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Edward Cadbury Charitable Trust lincorporatedl was set up on 27 June 1945 under a Declaration of Trust (subsequently amended by a Charity Commission scheme dated 17 December 19901 and converted to a Charitable Incorporated Organi5ation ICIOI on 4 February 2015. The asset5 of the Edward Cadbury Charitable Trust (incorporated) transferred to the new CIO with effect from and includin8 6 April 2015. The original charity Ire8lStered charity number 2273841 was removed from the re8iSter of charitie5 on 14 September 2015 and entered into the register of mergers. The Edward Cadbury Charitable Trust operates under a Constitution and is an expendable fund. Recrultment and appolntment of new trustees Under the terms of the Constltution not more than ten or less than three trustees are required to serve. The overall balance of 5kllls of the exSstin8 trustee body Is taken into consideration when looking to appolnt newtrustees to ensure fhat a wide range of interests and professional expertise is available. A potential new trustee is Invlted to attend at least two meetin8s of trustees an an observer, This initiates a two-way process enablln8 both the observer and the exlsttng trustees to learn more about each other before any appolntment Is formalised. Background information 15 provided to the nominee at this stage and includes biographical information about Edward Cadbury, a copy of the Consdtution, a copy of the latest annual report and accounts, minutes of the previous two trustees, meeting5 and a copy of the 8rantmakin8 policy and application guidelines together with a copy of the Charity Commission's publlcation The Essential Trustee" All trustees give thelr time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charlty are set out in the notes to the financial statements. Page 5
THE EDWARD CADBURY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2014 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The trustees are collectively re5pon5ible for the strategy and good governance of the charity and normally meet on quarterly basis. The trustees delegate the management and day-to-day operation of the charity, within set policles, to the trust manager. I he chair ot the trustee Doay ana tno iru5t manager communicaie on a regular oa515 reBdfLiin¥ fillifiiy iTl+4ilvr Durin8 the year ended 5 April 2024 four full meeJngs of trustees have taken place. Trustees are kept informed between formal meetings on relevant matters of Snterest including an analysls Ot grants given, applicatrons received, chan8es to charity law and financial and investment athvltv. The trustees delegate the management of the charlty's investment portfolio to Quilter Cheviot on a discretionary management basi5 Wlthin the terms of a written Investrnent brlef. Following an investment mana8ement Year end review the trustees have agreed to continue this arrangement for 2024-2025, Chalrm8nshi trustee Prior to l January 2023 an arrangement was in place for a three year term of office. Under this rolling agreement Dr W J E Southall wa5 appointed chair on l January 2020 in succession to Mr R H S Marriott. The trustees subsequently decided terms of office would in future be on a 2-yeor rolling basis with effect from l January 2023 until further notice. On l January 2023 Mr N R Cadbury was appointed chair in succession to Or W J E Southall. Inductlon and tralnln8 of new trustees Any training needs are identified and arrangement5 made on an individual basis once an appointment has been made.. Key management remuneratlon In the trustees, opinion, the key management personnel of the charity responslble for the éirection, conlrol, running and operation of the charity on a day to day basis consists of the trustee body and the trust manager. ana emenl ersonnel trustee5 All tru5tee5 give uf their time freely and no trustee received remuneration durlng the yeor. Details of trustees, expenses and any related party transactions are dlsclosed in notes 9 and 16 to the flnancial statements, mana ent ersonnel trust ana er The pay of the charity's senior staff is reviewed annually and incorporates a cost of living Increase in line with the RPI Index. Rlsk management The truatCCJ take a pr03ctive approach to risk mana8ement and review and monitor linancial and operational risks at each meeting of the trustees through the use of a risk analysis matrix. The trustees are satisfied that appropriate measure5 and effective 5VStems are in place to mitigate those risks. Fundraising The charity did not engage in any fundraising activitie5 involving third partie5 and members of the public to generate charitable income during the years ended 5 April 2024 and 5 April 2023. The majority of the charity'5 income continues to be derived from the charity's investment portfolio. Page 6
THE EDWARD CADBURY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Re8lStered Charlty number 1160334 Principal address Rokesley University of Birmingham Selly Oak Bristol Road, Selly Oak Birmingham 829 6QF Trustees Mr N.R. Cadbury Mrs H.S. Banks Mr W.8. Cadbury Mr C.R. Glllett Mr A.S. Littlebov Mr R.H.S. Marriott Dr W.J.E. Southall Chair appolnted 25 March 2024 appointed IS January 2024 Trust mana8er Mi55 S. Anderson Auditors J W Hlnks LLP Chartered Accountants and Statutory Audltors 19 Highfield Road Edgbaston 8irmingham 815 38H Page 7
THE EDWARD CADBURY CHARITABLE TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Lloyds Bank plc 25 High Street Harborne Birmingham B179NP CCL4 Fund ManaEcf4f Limited One Angel Lane London EC4R 3AB IDvestment advlieri Quilter Cheviot Limited Two Snowhill Birmingham B4 6GA Savills Invp.stment Management IUKI Ltd 33 Margaret street London WIG OJD STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the linancial statements In accordance with applicable law and Unlted Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financlal Reporting Standard applicable In the UK and Republic of Irplanfl" The law applicable to charitie5 In England and Wales, the Charlttes Act 2011, Charity IAccounts and Reports) Regulayons 2008 and the provlsions of the trust deed requires the trustees to prepare financial staternents for each financial year which give a true and fair view of the State of affair5 of the charity and of the incoming resources and appllcatton of resources, including the income and expenditure, of the charity for that period. In preparin8 those financial staternents, the trustee5 are required to select suitable accountin8 policies and then apply them consistently: observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accountin8 Standards have been followed, subject to any materio I departures disclosed and explained in the financial statement5,' prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charitv will continue in business. The trustees are responsible for keepin8 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the linancial statements comply with the Charities Act 2011, the Charity IAccoLJnts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguaréing the assets of the charity and hence for taking reasonable steps for the prevention and detectfon of fraud and uther irregularities. Page 8
THE EDWARD CAD8URY CHARrrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 Approved by order of the board of trustees on 9 July 2024 and si8ned on its behalf by: Mr N R Cadbu Trustee Page 9
REPORT OFTHE INDEPENDENT AUDITORS TO THE TRUSTCIS OF THE EDWARD CADBURY CHARITABLE TRUST Opinion We have audited the financlal statements of The Edward Cadbury Charltable Trust Ithe 'charliy'l fur ilie y¥dl eiitle 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, includin8 a summary of significant accounting policies. The financial reporbng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), including Financial Reporknn8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the fi.nancial statements: give a true and fair vlew of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and have been properly prepared in ar.r.nrdanr.p with United Kingdom Generally Accepted Accounting Practtce, Includin8 Financial Reporting Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance wlth the requirements of the Charitie5 Act 2011. Dasls for oplnion We conducted our audit in accordance wlth International Standards on Audittng IUKI IISAS IUKII and applicable law. Our responsibilities under those 5tandard5 ore further described in the Auditors, re5pon5ibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fullilled our other ethical respon5ibiSities in accordance with these requirements. We believe that Llie audil evidence we have obtalned is sufficient and appropriate to provlde a basis for our opinion. Concluslons relatlng to golng concer In auditing the financial statements, we hove concluded that the trustee5' use of the going concern basi5 of accounYn8 in the preparation of the financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or condition5 that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a periud u( di ledsL Lwelve Iiiuiiilib frurii wlivii Ilie liiidllLldl slateii)eiits al'e autliorised for Issue. Our responsibilities and the responsibilities of the trustees wlth respect to 80ing concern are described Sn the relevant sections of this report. other infomiatfon The trustees are responslble for the other information. The other Information comprise5 the informatlon Included in the Annual Report, other than the linancial statements and our Report of the Independent Auditors thereon. Our oplnlon on the financial statements does not cover the other informatton and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connectton with our audit of the flnancial statements, our responsibilitV15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. It we identify such material incon51Stencies or apparent material mi5Statements, we are required to determine whether this 8ive5 rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other inforrnation, we are required to report that fact. We have nothing to Yeport in this re8ard. Page 10
REPORT OFTHE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EDWARD CADBURY CHARITABLE TRUST Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reportsl Regulations 2008 requires us to report to you if, In our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As eKplained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of Hnanclal statements that are free from materlal misstatement, whether due to fraud or error, In preparlng the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as appllcable. matters related to 8oln8 concern and using the 80in8 concern basis of accounting unless the trustee5 either intend to liquidate the charlty or to cease operations, or have no reallstlc alternative but to do so. Our responslbllltles for the audlt of the Ilnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulation5 made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraijd or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a moterlal misstatement when It exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. The extent to which our procedures are capable of detecting irregularities, including f raud is detailed below: enqulrln8 wlth management and others to 8ain an understanding of the organisatton Itself Includlng operations, financial reporting and known fraud or error,. evaluating and understanding the Internal control system,. performing analyhcal procedures as expected or unexpected variances in account balances or cla55e5 of transactions appear., testing documentation supporting account balances or classes of transactions,. and conilrmlng accounts receivable and other accounts wSth a third pèrly. Because of the inherent1imitation5 of an audit, there 15 0 risk that we will not detect all irregUlartres, including those leading to a material mi55taternent in the financiol stotement5 or non-compliance with regulation. Thi5 risk increases the more that cornpliance with a law or regulation 15 removed from the events and transactions reflected in the tinancial statement5, a5 we will be less likely to becorne aware of instances of non-compliance. The risk 15 a150 greater regardin8 irregularities occurring due to fraud rather than error. as fraud involves intentional concealrrent, forgery, collusion, omi55ion or misrepresentation. A further description of our re5pon5ibilitie5 for the audit of the financial statements Is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilitie5. Thi5 description forms part of our Report of the Independent Auditors. Page 11
REPORT OF THE It4DEPENDENT AUDITORSTOTHE TRUSTEES OF THE EDWARD CADBURY CHARITABLE TRUST Use of our report This report is made solely to the charlty's trustees, as a body. in accordance wlth Part 4 ot the Charitr'es (Accounts and Reports) Regulattons 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a bodv, for our audit work, for this report, or for the opinions we have formed. J W Hinks LLP Chartered Accountants and Statutory Auditors 19 Hi8hfield Road Edgba5ton Birmlngham B15 3BH Date.. 9 July 2024 Page 12
THE EDWARD CAD8URY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENOOWMENTS FROM Investment Income Other income 1,519,162 16,000 1,401.287 1.000 Total 1,535,162 1,402,287 EXPENDITURE ON Raising funds 174,655 175,361 Charltable actlvltles Grants payable Support costs Governance costs 828,420 85,174 4,920 855,600 76.846 4,800 Total 1.093,169 1,112,607 Net 8ain51llossesl on investments 3,771,578 15,311.7401 NET INCOMEIIEXPENDITUREI 4,113,571 15,022,060) RECONCILIATION OF FUNDS Total funds brou8ht forward 50,182.735 55,204,795 TOTAL FUNDS CARRIED FORWARD 54,396,306 50.182,735 The notes form part of these financial statements Page 13
THE EDWARD CADBURY CHARITABLE TRUST BALANCE SHEET 5 APRIL 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Investments 12 52,495,367 48,897,140 CURRENT ASSETS Debtors CdsII dL bdiik 13 95,967 1.855,342 140,241 1,193,854 1,951.309 1,334,095 CREDITORS An)ouiits falliiig due within one year 14 150,3701 148,5001 NEf CURRENT ASSETS 1,900.939 1,285,595 TOTAL ASSETS Less CURRENT LIA81LITIES 54,396,306 50,182,735 NET ASSETS 54,396,306 50.182,735 FUNDS Unrestricted funds 15 54.396.306 50,182,735 TOTAL FUNDS 54,396,306 50,182,735 The flnanclal statements were approved by the Board of Trustees and authori5ed for issue on 9 July 2024 and were signed on Its behalf by,. Mr N R Cadbury- Truste The notes form part of these financial 5tatement5 Page 14
THE EDWARD CADBURY CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Cash flows from operatlng activities Cash generated from operations 17 1,031.025) (1,166,268) Net cash used in operattng activities (1.031.025) 11,166,268) Cash Ilows from Investlng actlvllles Purchase of fixed asset investments Sale of fixed asset Investments Interest recelved Dividends received 17,145,848) 7.741,153 43,208 1,475,954 19.678,0651 9,685,875 9,856 1,391,431 Net cash provided by Invesdn8 acttvities 2,114,467 1,409,097 Change In cash and Cash equl¥alents In the reportlng perlod Cash and cash equlvalents at the be8lnnlnq of the reportln8 per5od 1,083.442 242,829 1.245.523 1,002,694 Cash and cash equlvalents at the end of the reportlng perlod 2,328,965 1,245,523 The notes form part of these financial statement5 Pa8e 15
THE EDWARD CADBURY CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 ACCOUNTING POLICIES GENERAL INFORMATION AND BASIS OF PREPARING THE FINANCIAL STATEMENTS General Informatlon The Edward Cadbury Charitable Trust is a charitable incorporated organisation ICIOI re8lStered with the Charity Commission in England and Wales. The address of the charity's registered office and principal place of business is Inr.Htè.d Ar RcJkp.8ley, University of Birmingham Sellv Oak, Bristol Road, Selly Oak, BirminRham, B29 6QF, Acc.oi•nlln8 f.nnvpnrfnn The financial statements of the charity, which 15 a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinR their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 leffective l January 20191 Fiiiaiicial Reporting Jtaiidard 102 'The fin8neial fieportin8 Jtgndord applicablc in thc UK and Rcpublic of Ireland" and the Charlttes Act 2011. The financlal statements have been prepared uslng the historic cost convendon as modifled by the revaluafjon of investments and are presented in sterling which is the functional currency of the charityi rounded to the nearest £1. Thp. significant accountin8 policies applied in the preParaOn of these financial 5taternents are set out below. These. policies have been conslstently applied to all years presented unless otherwise Stated. INCOME All income is recognlsed in the Statement of Financial Activities once the charity ha5 entitlement to the fund5, It Is probable that the income will be received and the amount can be measured reliably. Investment income is earned through holding asset5 for investment purpose5 such a5 quoted investments. includes dividend5 and interest receivable. Income from quoted Investments is recognlsed on an accruals ba515 at the tfme a dividend 55 declored and the quoted Investment hp.r.nmp. p.x.divide.nd. Income from bank deposits is accounted for on an accruals basls. EXPENDITURE All empenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or ConstrucVe obli8ation to make payments to thlrd parties, it is probable that the settlement will be required and the amount of the obligation can be Measured reliably. It is categorised under the following heodin8S. C05t5 of rai.sing funds. Expenditure Dn charitable activities. Support C05t5 ore those that assist with the work of the charity but do not directly represent charitable activitie5 and include office costs, governance costs and other administrative costs. Page 16 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES - conllnued EXPENDITURE Grants payable to third parties are within the charity's charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. TAXATION The charity is exempt from tax on Its charltable acttvitie5. INVESTMENTS Investment assets whlch mainly comprise investments quoted on reco8nised stock exchan8es are included at market value at the balance sheet date. Realised gains and1055es on investment disposals are computed by comparin8 net sale proceeds with thelr carrying value at the previou5 balance sheet date or c05t if acquired during the period under review. Unreallsed gains and losses on investments represent the difference between thelr carryin8 volue and thelr mid- market value at the balance sheet date. CASH ANO CASH EQUIVALENTS Cash and cash equivalents include deposlt5 held at call with banks and other thlrd partie5. OPERATING LEASES Rentals payable under operating leases are charged against Income on a 5trai8ht line basis over the period of the lease. PENSION COSTS AND OTHER POST-RETIREMENT 8ENEFITS Contributions to the personal pension schemes of certoin employees are charged to the Statement of Financial Activities in the period in which they relate. The a55ets of these personal penslon schemes are held separately from those of the charity in independently admlnlstered funds. EMPLOYEE BENEFITS When employees have rendered servlce to the charity, short.term employee beneftts to which the employees are entitled are recognlsed at the undlscounted amount expected to be pald In exchange for that service. The cost of any unused holiday entitlement Is recognlsed in the period in which the employee's servlces are received. Termlnatlon benelits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an ernployee or to provide termination benelit5. FINANCIAL INSTRUMENTS The charity only has financial a55ets and liabilities of a kind thot qualify as basic financial instruments. Basic financial instrurnents are initially recognised at transaction value and Subsequently measured at amortised cost. FUND ACCOUNTING Unrestricted funds can be used in accordance wlth the charitable objectives at the discretion of the trustees. Page 17 continued..-
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES- contlnued FUND ACCOUNTING Restricted funds can only be used for particular restricted purposes within the object5 of the charlty. Restrictions rise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. GOING CONCERN The trustees believe that it remains appropriate for the financial statements to be prepared on a going concern basis a5 the trustees believe that no material uncertainties exist. The expected level of income and expenditure is sufficient with the level of reserves for the charity to be able to contlnue as a golng concern. I he financlal statements do noi Include any adjustments whlch would result from the basis uf prepiifdliuii beiii inappropriate. FOREIGN EXCHANGE Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of transacfjons, At each reportin8 end date monetary assets and Ilabllltie5 that are denomlnared In forei8n currencies are retranslated at the rates prevailin8 On the report(ng end date. Gains and losses arlslng on transladon In the perlod are included in income and expenditure. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the charity's accounting policies, the trustee5 are required to make Judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sourees. The estimates and underlying assumptfons are reviewed on an ongoin8 basls. Revlslons to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the perlod of the revlsion and future periods where the revlslon affects both current and future perlods. INVESTMENT INCOME 2024 2023 Quoted inve5trnents - dividends Quoted investrnents - CPF Short term cash deposit interest 1,395,431 80.523 43,208 1,336,609 54,822 9,856 1,519,162 1,401,287 Page 18 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 OTHER INCOME 2024 2023 Exceptional items 16,000 1,000 Grant commltments Exceptional items totalllng £16.000 for the year ended S April 202412023.. £1,000) consist of grant payable commitments recognised as at 5 April 2023 which the charitv Wa5 no longer committed to as at 5 April 2024. RAISING FUNDS INVESTMENT MANAGEMENT COSTS 2024 2023 Investment mana8ement fees 174,655 175,361 CHARITA8LE ACTIVITIE5 COSTS Grant funding Df activities (see note Support costs (see note 81 71 Tota15 Grant5 payable Support costs Governance costs 828,420 828,420 85,174 4,920 85.174 4,920 828,420 90,094 918,514 GRANTS PAYABLE 2024 2023 Grants payable 828,420 855,600 Durin8 the year ended 5 April 2024 the charity made the following 8rants In order to advance arts and culture, community projects and integration, compassionate support, conservat(on and the environment. educatlon and training and research. Total 8rants payable to instttutions durin8 the year were as follow5. 2024 2023 Arts an ulture Armonico Consort Ltd Birmingham Opera Companv Create (Arts) Ltd Dy50n Perrins Museum Escape Arts 5,000 3.000 3,000 5,000 3,000 Balance carried forward 19.000 Page 19 continued...
THE EDWARn c.ADBIIRY CHARITABLE TRUST NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 GRANTS PAYABLE- continued 2024 2023 Balance brought forward 19,000 Handsworth St Mary Frozen Light Music Therapy Works New Vic Theatre, Newcastle under Lyme OHMI Trust Open Theatre Ccjmpany, Coventrv Qrchestra of the Swan Shropshlre Bookfest Soundabout Plus 415 grants of le55 than £3,000 5,000 y,000 3,000 4,000 3,000 3,000 J,000 3,000 3,000 5,000 7,000 It Pro ects and Inte Adfam National Afro Innovat(on Group, Leicester All Salnt5 Action Network, Wolverhampton Ashbourne Methodist Church Batchley Support Group, Redditch Beacon Church, Watergate Becomin8 Families, Worcester Birch Thomp50n Memorial Furbd Birmln8ham Scouts Black Country Net 8ournville Village Trust ILi8htmoor} 8ournvllle Village Trust (The Holdings} 8ournvllle Vlllage Trust (Money Advlce Hub) British Disabled Angling Association Br051ey Group of Churches, All Saints Burton upon Trent YMCA Canon Pyon Playlng Fields Association. Hereford Checkley Parish Community Hall, Stoke CoachBright Charitable Trust Corpus Chr55ti Church, Stechford Coventry Boys and Gilr5 Club Deaf World Derby City Mission Derby TOCH Children's Camp Donnin8ton Partnership CIO Elayos Gingerbread Centre, Stoke-on-Trent Girls Friendly society Helping Hand5 Community Project Henry Home-start Wyre Forest Home-start Banbury, Bicester, Chipping Norton ration 4,000 5,000 3,000 5,000 3,000 io,oou 3,000 5,000 3,000 20,000 5,000 10,QOD 3,000 5,000 5,000 3,000 3,000 4,000 3,000 3,000 5,000 3,000 3,QQQ 3,000 5,000 4.000 3WDO 3,000 5,000 3,000 Balance carried forward 97,000 112,IXJO Page 20 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 GRANTS PAYABLE- contlnued 2024 2023 Balance brought forward 97,000 112,000 Home-start North West Home-start Tameside House on the Corner Community Project James Lloyd Almshouses KIDS Lanesfield Methodlst Church, Wolverhampton Light House Coventry Manna House, Tamworth Muslim Educational Consultative Committee NAYC Whiternoor Lake5 Newbigin Cornmunity Trust Northfield Community Partnershlp Odell Trust, Kidderminster Peter le Marchant Prison Fellowship Quinborne Community Association Redeemer Church Birmingham Rugby Baptist Church 5aathi House Sandwell Churches Link Sandwell Homeless and Resettlement ProJect Shrewsbury Food Hub Smethwick Church Action Network Solicitors Pro Bono Group Sophie Hayes Foundation St Agatha's Church, Sparkbrook St Andrew's Church, Staffordshlre St Andrew'5 Church, Westlands, Staffordshire St Ann's Community Orchard Stjames Styvechale. Coventry St John the Baptfst RC Church. Alton St John the Bapttst Church, Claines St John's Church, Donisthorpe St Mary's Church, Ross-on-wye St Peter's Hillfields, Coventry St Peter's Walsall PCC Steep Turnpike Church, Matlock Strarford on Avon Narrowboat Trust Telford Gurdwara Sevadaar5 (Volunteers) Volunteering Matter5 Walsall Society for the Blind Wigmore Village Community Centre Without Walls Christian Fellowship Leicester Worcestershire YMCA 5,000 3,000 3,000 io,ofA) 5.000 5,000 3,000 4,000 5,000 4,000 5,000 4,000 3.000 5,000 3,000 3,000 4,000 4,000 3,000 4.000 5,000 3.000 3,000 4,000 3,000 3,000 3.000 5,000 5,000 3,000 3,000 3,000 3,000 3,000 3,000 Balance carried forward Z14.000 166,000 Page 21 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 GRANTS PAYABLE- continued 2014 2023 Balance brought forward 214,000 166,000 Youth for Christ Pliis 191?1 granfs nf 1p.ss than £.3,000 5,000 36,600 38,620 ervation and Environment 8irmingham Conservation Trust Bournville Vllla8E Trust (Selly Manor Museum) Ouglife - The Invertebrate ConJerv8tion Trust Clean Rivers Trust rriends of Westonbirt Arboretum Future Trees Trust Good Soil Trust Great Malvern Priory Lichfield Waterworks Trust Oak Tree Farm Rural Project, Stone Staffordshire Wildlife Trust St Helen's Church, Worcester St Paul's Church 'Raise the Roof Appeal Plu5 514 grants of less than £3.000 5,000 3,000 3,500 5,000 3,000 5,000 5,000 3,000 5,000 5,000 3,000 3,000 15,000 9,41JO 5,500 Com ass ate ort Acocia Family Support Action for Pulmonary Fibr05iS Alice (Relief of Poverty) ARCOS Rags nf 81essings Nortingham Beyond the Horizon Charity Birmingham City Misslon Bournville Village Trust 'Well Wlnter Campaign" British Heart Foundation Castel Froma Neuro Care Changin8 Faces Child 8rain Injury Trust Children's Heart Foundation Chris Westwood Charity for Children with DisablllJes Coroner5' Courts Support Services Coventry Boy5 and Gir15 Club Coventry and Warwickshire MIND Cranstoun Crohn's and Coliti5 U K Cruse Bereavement Support south Staffordshire Cystic Fibrosis Trust Deafblind UK Disasters Emergency Committee IDECI Dementia UK 3,000 5,000 5,000 3,000 3.000 3,000 3,000 4,000 10,000 7,500 50,000 3,000 J.ooo 4,000 3,000 3.000 3,000 3,000 3.000 3.000 4,000 3,500 5.000 3.500 5,000 5,000 35,000 5,000 Balance carried forward 368,020 361,100 Page 22 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED S APRIL 2024 GRANTS PAYABLE- continued 2024 2023 Balance brought fon¥ard 368.020 361,100 Dog Assistance in Dlsability ECHO for ExLra Choices in Herefordshire ERIC, Children's Bowel & Bladder Charity Family Attton Flt2roy Support Food for All Haemophilia Society Headway North Staffordshlre Hearin8 Dogs for Deaf People Helping Angels Charitable Assoclatton Staffordshire Hope House Children'5 H05pice5. Shropshire Hosplce Charlty Partnership HunYn8don's Disease Inspire Foundation Lupus Macular Society Maggs Day Centre Mary Stevens Hospice Muscular Dystrophy UK Myriad Centre Myton Hosplces NMC Midlands (Musclar Dystrophy Centrel North Staffordshire Carer5 Association Ome8a, Natfonal A550ciation for End of Llfe Care Options for Life Oracle Cancer Trust Orthopaedic Institute Oxford Hospitals Charity Pancreatic Cancer UK Parenting Mental Health Plasma of Hope Railway Children REACT Disaster Response Re-engage Recovery Foundation Relate Coventry and Warwickshire Safe Families Salus Fatigue Foundation Samaritans Birmingham samaritans Shrewsbury Samaritans Stoke on Trent and Newcastle Sandwell Advocacy Sensory People 5evern Angels Housing and Support 3,000 5,000 3,000 10,000 3.000 3,000 3.000 3.000 3.000 5,000 3,000 10,000 5,000 7,500 3,000 3,000 3.000 50.000 3,000 4,000 3.000 4,000 3,000 5,000 3,500 5,000 4.000 3,000 3,000 3,000 4,000 3,000 3,000 3.000 5,000 5,000 3.000 3,000 3.000 3,000 6,000 Balance carried forward 470,020 493,100 Page 23 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THE YEAR ENDED S APRIL 2024 GRANTS PAYABLE - Contlnued 2024 2023 Balance brought forward 470,020 493,100 Severn Freewheelers EVS Shirley Old People's Welfare (Elizabeth Housel Sight Losss Shropshire Spinal Muscular Dystrophy Stroke Associatfon St Basil's SL Geur¥e's Clidi ilv St Germain's Church St Mathn's Church for Health & Wellbeing St Richard's Hospice Staffordshire Women's Aid STAMMA Telford Crlsls Support Tornrny5 Wellbein8 of Women West Mercia Rape and Sexual Abuse Support Wolverhampton Samaritans Worcester Communlty Foundatton Worcester Samaritans World Vision Plu5 19113 grants of less than £3,000 3,000 A,nno 4.000 4.000 3,500 25.0) 5,000 5,000 75,000 5,000 3,000 3,000 3,000 4,000 5,000 20,000 3,000 10,000 20,500 31,450 Educa nd Trainin Access Project Alternatives to Violence Anne FrankTrust UK Beatin6 Time Beaude5ert Trust Climbing Out Criminon UK Dodford Children'5 Farm, Bromsgrove Dyslexia Association of Staffordshire Epic Partners First Give Foundation for Conductive Education Friendship Project for Children Girls Network Give a Book Hereford5hire Vennture House on the Corner Community Project Howley Grange Scout Group. Hale50we INSIGHT Counselling, Coaching and Support ITSA Di8ltal Trust Jamie's Farm, Hereford 5,000 3.000 3,000 3,000 3.000 3,000 3,000 3,000 5,000 3,000 3,000 3,000 5,000 3,000 5,000 3,000 10.000 3.000 5.000 3,000 5,000 5,000 Balance carried forward 610,470 690,100 Page 24 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED S APRIL 2024 GRANTS PAYABLE- continued 2024 2023 Balance brought forward 610,470 690,100 Jericho Foundatlon Level Water Mentor Link Meriden Adventure Playground Association Message Trust Mount Pleasant School Farm Nattonal Literacy Trust North Smethwick Development Trust Notknngham5hire County Scout Council Over the Wall Peace Hub Peacemakers Peter Pan Centre for Chlldren Prlsoners, Education Trust QRBC Duke of Edinburgh Award5 Resources for Autisrn RJ Working CIO Royal National College for the Blind Schoolreaders CIO Shannon Trust Simply Limitle55 Smart Works Birmingham Square Peg Activities Ltd Street Teams Suited for Success Tutors United Unlverslty Educatton Victoria College Ltd Wildgoose Rural Training Working Options in Education Yeoman Park Academy, Nothnghamshlre Yss Plus 216 8rants of less than £3,000 5,000 25.000 3,000 3,000 3.000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 5,000 3,000 5,000 4,000 3.000 3,000 3,000 4,700 3,000 5,000 3,000 3,000 3,QOO 5.000 3.000 5,000 3,000 5,000 8,000 3,000 5,000 3,000 5,000 3,500 12,500 Aston University Medical School Bone Cancer Research Trust DEBRA Diabetes UK International Spinal Research Trust Juvenile Diabetes Research Foundation Worldwide Cancer Plu5 110 grant of less than £3,000 50,000 5,000 10,000 25,000 10,000 5,000 4,000 5,000 750 Balance carried forward 778N20 805,600 Page 25 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED S APRIL 2014 GRANTS PAYABLE - contlnued 2024 2023 Balance brought fon¥ard 778.420 805,600 Other The Edward and Dorothy Cadbury Trust 50,000 50,000 Total of 2061161 grants payable 828A20 855.600 SUPPORT COSTS Information technology Governance CDStS Maiid8enient Totals Support costs Governance costs 72,427 122 12,625 85,174 4,920 4,910 72,427 122 11,6Z5 4,920 90,094 During the year ended 5 April 2024 the charity recharged an amount totallin8 £18,60012023'. £15,000) to the Edward and Dorothy Cadbury Trust, a charity registered in Englané and Wales, for administrative 5UPPOrt incurred by the Edward Cadbury Charitable Trust on behalf of the Edward and Dorothy Cadbury Trust. Support cost5, included in the above, are as follow5: MANAGEMENT 2024 Support costs 2023 Total activities Wages Social securlty Ppnsinns Rent Insurance Telephone P(751age and stationerv Subscriptions Legal and professional Sundries Administration fee 64,484 2,644 6,449 6.419 6,975 1.014 1,229 60,877 ZA97 5.840 9,595 6,007 930 1.216 98 1,527 1,548 115,000) 448 1.365 118,600) 72,427 74.935 Page 26 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 SUPPORT COSTS - contlnued FINANCE 2024 Support costs 2023 Total activities Bank charges 122 122 INFORMATION TECHNOLOGY 2024 Support costs 2023 Total activlties IT costs 12,625 1,789 GOVERNANCE COSTS 2024 Governance costs 2023 Total activities Auditors, remuneratton Auditors, remuneration for non audit Vrk 4200 720 4,080 720 4,920 4,800 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other beneflts for the year ended 5 Aprll 2024 nor for the year ended 5 April 2023. TRUSTEES, EXPENSES Durlng the year ended 5 Aprll 2024 trustees, expenses totalling £73812023.. £4741 were paid by the charlty to total of 6 trustee512023: 41 for travel and other reimbursable costs incurred on charity busines5. io. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other penslon costs 64,484 2,644 6,449 60,877 2,497 5.840 73.577 69,214 The average monthly number of employees during the year was as follows.. 2024 2023 Management Page 27 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 io. STAFF COSTS- contlnued The number of employees whose annual remuneration was £60,000 or more was as follows. 2024 2023 £60,000- £70,000 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted fund INCOME AND ENDOWMENTS FROM Investment income uther Income 1,401,287 I,(H)O Total 1,402,287 EKPENDITURE ON Raising funds 175,361 Charltable actfvltle5 Grants payable Support costs Governance costs 855,600 76,846 4,800 Total 1,112,607 Net galnslllossesl on Investments 15,311,740) NET INCOMVIEXPENDITURE 15,022,060) RECONCILIATION OF FUNDS Total fund5 brought forward 55,204,795 TOTAL FUNDS CARRIED FORWARD 50,182,735 Page 28 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THE YEAR ENDED 5 APRIL 2024 12. FIXED ASSET INVESTMENTS 2024 2023 Market value at 6 April 2023 Additions at cost Sale proceed5 on disposal Gainlllossl in the year.. reali5ed and unrealised 48,845,471 54.165,021 7,145,848 9,678,065 17,741,153) 19.685,8751 3,771,578 5,311,740) 52,021,744 473.623 48.845.471 51.669 Cash on deposit as at 5 April 2024 Market value at 5 April 2024 52,495.367 48.897,140 Historic cost at 5 Aprll 2024 44.635.970 44,399,300 ANALYSIS OF INVESTMENTS 2024 2023 UK gilts UK quoted equities Non-UK quoted eouities and bonds UK quoted bonds Cash 2,373.668 20,636,189 26,138,349 2,873.538 473,623 21,376,268 24,651,232 2,817,971 51,669 52,495,367 48,897,140 No individual investments in excess of 5% of the total portfolio value existed a5 at 5 April 2024 and a5 at 5 April 2023. 13. OEBTOR5: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 95,967 140.241 Other debtors conslst of ex-dividends declared but not yet received as at the balance sheet date, Pa8e 29 continued...
THE EOWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- Lviitinued FOR THE YEAR ENDED 5 APRIL 2024 14. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 50,370 48,500 Is. MOVEMENT IN FUNDS Net movement At 5,4.24 At 6.4.23 Unre5trlcted funds 1pnp.ral fiind 50,182,735 4,113,571 54,396,306 TOTAL FUNDS 50,182,735 4,213.571 54,396,306 Net movement in funds, included in the above are as follows: Incomin8 resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 1.535,162 11.093,1691 3,771,578 4,213,571 TOTAL FUNDS 1,535,162 11.093,1691 3.771,578 4,213.571 Comparatlves for movement In funds Net movement in funds At 5.4.23 At 6.4.22 Unrestrlcted funds General fund 55,204,795 15,022,060) 50,182,735 TOTAL FUNDS 55,204,795 15,022,060> 50,182,735 Page 30 continued...
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED S APRIL 2024 15. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources expended Galns and losses Movement in funds Unrestrleted funds General fund 1,402,287 11.112,6071 15.311,7401 15.022.060) TOTAL FUNDS 1,402,287 1,112,607) 5,311,740) 15,022,060) A current year 12 months and prior year 12 months combined position is as follows: Net movement In funds At 5.4.24 At 6.4.22 Unrestrlrted funds General fund 55,204,795 1808,4891 54,396,306 TOTAL FUNDS 55,204,795 1808,4891 54,396.306 A current year 12 months and prior year 12 months combined net movement In funds, Included In the above are as follows.. Incomin8 resources Resource5 expended Gains and losses Movement in funds Unrestrlrted funds General fund 2,937,449 12,205,776) 11,540,162) 1808,4891 TOTAL FUNDS 2,937.449 {2,205,7761 11,540,162) 1808,4891 Purpose of Unrestrlcted Funds General fund - Ex endable Endowment fund This fund represents funds avoilable to be expended at the discretion of the trustees in the furtherance of the objects of the charitv. Page 31 continued..
THE EDWARD CADBURY CHARITABLE TRUST NOTtSTOTllC fiNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 16. RELATED PARTY DISCLOSURES Key management remuneration In addition to themselves the trustees consider the charity's key management personnel to also include the trust manager who has responsibility for planning and controlling the activities of the charitv. The total compensation paid to key management personnel for services provided to the charity during the year ended 5 April 2024 was £64,48412023'. £60,877). The charlty also made payments into a money purchase penslon scheme for the benefit of Sts employee dvrin8 the year ended 5 April 2024 amounting to £6.44912023.' £5,840). Bournvllle Vlllage Trust Mr N.ft. Cadbury, a trustee of the Idword Cadbury Charitable Trust, also 5erve5 a5 a trustee of the Bournville Vlllage Trust, a charity re8lStered in England and Wale5. The following transactions occurred between the Edward Cadbury Charitable Trust and the Bournville Village Trust during the year ended 5 April 2024. Grant5 During the year ended 5 April 2024 the Edward Cadbury Charitable Trust awarded Brants totalllng £IO,00012023-. £25,0001 to the Bournville Villa8e Trust for projects falling under the category of community projects and integration, £3,00012023.' £nill for a grant falling under the category of conservation and the environment and a further grant totalling £nil12023: £10,000) falling under the category of compa5510nate 5UPPOrt. The Edward and Dorothy CadburyTrust The trust manager of the Edward Cadbury Charitable Trust also serves as the trust manager and clerk of the Edward and Dorothy Cadbury Trust, a charity registered in En8land and Wales which share5 similar oims and objectives to those of the Edward Cadbury Charitable Trust. The following transaction5 occurred between the Edward Cadbury Charltable Trust and the Edward and Dorothv r.adhiiry Triist diirin8 thp ypxr pnflpfl S April ?fl?4. Grants able During the year ended 5 April 2024 the Edward Cadbury Charltable Trust awarded a 8rant totallin8 £50.(M)O 12023.. £50,000) to the Edward and Dorothy Cadbury Trust. Administrative su ort char During the year ended 5 April 2024 the charity recharged an amount totalling £18,60012023.' £15,000) to the Edward and Dorothy Cadbury Trust for administrative support and other serVceS incurred by the Edward Cadbury Charitable Trust on behalf of the Edward and Dorothy Cadbury Trust. Page 32 continued..
THE EDWARD CADBURY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 17. RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income/lexpenditure} for the reportln8 perlod las per the Statement of Financial Actlvltlesl Adjustments far.. IGainl11055es on investments Interest received Dividends received Decreasellincreasel In debtors Increaselldecreasel in creditors 4,213,571 15.022,0601 13,771,578 5.311,740 143,208) 19,8561 11,475,954) 11,391,431) 44,274 151,4581 1,870 13,2031 Net cash used In operatfons 11,031,025) {1,166,2681 ANALYSIS OF CHANGES IN NET FUNDS At 6.4.23 Cash flow At 5.4.24 Net cash Cash at bank Cash with investrnent manager 1.193,854 51,669 661,488 421,954 1,855.342 473.623 1,245,523 1,083,442 2.328,965 Total 1,245,523 1,083,442 2,328.965 19. OPERATING LEASE COMMITMENTS At 5 Aprll 2024 the charity had outstandlnB commitments for future minlmum lease payments under non- cancellable operating leases which fall due as follows. 2024 2023 Within one year Between two and ftve years In more than five year5 4,814 4,814 Pa8e 33