IM irwinmitchell HE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 FINANCIAL STATEMEN ear ended S A ri1202 (Ref: 461305471 THE IAN M FOULERTON CHARITABLE TRUST RE TERED CHARrrY NO. 11 969 te tstoFln nclal Statem nded S A rll 2022 Annual Report of the Tnjstees ALKlitorfs Report Balance Sheet statement of Financial Aetivities 14 Notes 10 Financial Statements 1&19 Schedule of Investments ANNUAL REPORT OF THE TRUSTEES For the year ended 5th April 2022 Full namè of Charlty.. The lan M Foulerton Charitable Trust Nature of goveming document: Will of lan Michael Foulerton dated 4 December 2009 Registration Numbor: 1164969 Trustoes". John Francis McEvoy Duncan Bemard O'Kelly Thomas Eggar Trust Corporation Ltd Dirgctors of Thomas Eggar Trust Corporatlon Ltd: Paula Caryn James Craig Alexander Marshall Darran FaW￿tt Sarah Phillips Caroline Shelton James Pavey Michael Taylor Reglstered Address: Thomas Eggar House, Frrdry Lane, Chichester, West Sussex. P019 1UF Banker: Barclays Bank Plc, 74-75 East Street, Chichester, West Sussex, P019 1HR Solicitors: Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chi¢he$ter, West Sussex. P019 1 UF Indop•nd8nt Auditors: Jones Avens Limited, Chartered Accountants, Piper House. 4 Duke Court, Bognor Road, Chichester. West Sussex, P019 8FX Investment Managèrs: Sanlam UK Limited, St Johns Street, Chichester, Wesl Sussex, P019 1UP Operatlng Re6trl¢tions: Charitsble objects according to the Law of England Speclflc investment powers: Wide unrestricted powers given to the Trustees in the Will dated 4 December 2009 GA: 525735LI Objects of the charlty . The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital at such lime or times and in such manner lo or for the benefit of such exclusivety charitable objects and purposes in any part of the worfd as the Trustees may in theirdiscretK)n think fit or towards (al The preseNation conservation protedion and resloralion for the public benefit of any buikling or buiklings of historic architectural or artistic or scientific interest and Importan￿ including any ancillary land and buildings which are vested in others or in respect ofwhich the Charity shall have any interest or which shall or may at any time be vested in the Charity Ib) The presetvalion protection conservation and ￿toration forthe public benefit of all furniture pictures historic records books manuscripts muniments armour porcelain silver and gold objects d'art and other iterns of historic artistic or scientific interest associated with or displayed in any such building or buildings {cl The advancement of the education of the public in buiklings and ancillary land and items ol historic architectural artistic or se￿n￿riC interest through the creation maintenance and funding of grants bursaries scholarships and prizes for educational and research purposes and to increase the public's knowledge appreciation and enjoyment of such buildings land and items Organisation The Trustees who served during the year and since the year end are set out on page 1. The Tnjstees met during the year lo consider the future of the Trust. The statutory power of appointment applies in connection wth the apF)ointmenl of Trustees and is exercisable by the continuing and retiring Trustees. Grant making policies and aclNitI8s . The capital and income of the Trust is to provide only for the assistance orprovision of funds as detailed in the Will of lan M Foulerton dated 4 December 2009. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. Achlevements and perfomiance During the year the trust made 2312021.. 161 donations lotslling £167,500.00 (2021.. £135.380.001. Financial revlew and Investment pollcy There are no restrictions on the charity's power to invest. The investment strategy is sel by the trustees for a period of five years and takes account of demand for funds. The Iruslees consider the income quirements. the risk profile and the investrnent manager's view of the rnarkel prospects in the medium term. This strategy Is setwithin an overall policy which slates that the fund is to be invested in moderate risk investments wth a ￿eW to ensuring that capiial appreciation of the fund exceeds inflation over each fwe year period. The funds may be invested in any type of investment. Our strategy is reviewed with our investment managers annually. During the year incoming resources totalled £48.414.7612021-£43,804.641, resources expended totslled £191,983.24 {2021 - £159,420.72>, and other recognised gainslllossesl lotalled £44,951.36, 12021 £335.134.61} As a result the fund balance carried forward at 5 April 2022 was £1,763,378.2012021 £1,861,995.32. The Truslees confim that they did not receive any remuneration during the year. nor were they reimtr￿r$ed for any expenses. ReseThes pollcy . It is the policy of the charity lo maintain unreslricled funds, which are the free reserves of the charity, al level which equates to approximatety six months expenditure. This provides 8uffi¢ienl funds lo cover management and administration and support costs and lo respond lo emergency applications for grants which may arise. Unrestricted funds were mainlained at this level throughout the year. GA.. 5257352 1 Risk management . The trustees have examined the major slralegic, business and operational risks which the charity faces and confirm that systems have been established to enable regular repotts to be produced so that the necessary steps can be taken lo lessen these risks. Trusto•$' rosponslbllltles In relatlon to th• financlal statements Law applicable to Charities in England and Wales requires the trustees lo prepare financial statements for each financial yearwhich give a true and fairview of the charity's financial activities during the year and of ils financial position at the end of the year, In preparing those financial ststemenls, the trustees are required lo.. sdect suitable a¢￿Unting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. slate whether applicable accounting standards and ststements of recommended practice have been followed subject to any departures disclosed and explained in the Iinancial statements., and prepare the financial statements on the going concern basis unless it is inappropriate lo presijme that the charity will continue in business. The trustees are responsible for keeping accountTng records which disclose with reasonable accuracy at any time the fir¢ancial posits'on of the charity 2nd enable them to ensure that the financial statements comply with the Charities Act 2011. 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 irregularits'es. The Trustees confim) that the accounts comply with the governing documenl. The $tstulory power of appointsnent applies in connection wth the appointment of Trustees and is er 2￿ble by the continuing and retiring Tnjslees. McEvoy D O'Kelly Ciirector For and on behalf of Thomas Eggar Trust Corporation Ltd cial Reptirting Council's wèbsite 81.. http..1￿￿￿.frc.org.UkIaudIt0rsreSponsIb1Il1Ies. Thi$ d•scripts'on form5 part of OUT auditorfs report. Use of our r•part This repL¥i is made solely to the d)aritys Imsle8$, a5 a body, in acc£Jrdance with part 4 of the Charitiès (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo thè charitys trustees those matters we are required to state lo them in an audrtors. report and for no othar purpose. To the fvllesl extent perrnitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys IrustÉes as a tK)dy, for our audit work, for this report, or for the opinions we have formed. Clalre NorW￿d BS¢ FCA ATII (Senior Statutory Auditor) for and op behalf of Jones Avens LimSt•d 1311212022 Chartered Accountants Statutory Audltor Plper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX Jones Avens Limited is eliolble for 8pp04ntment as auditor ol the charity by virtuè of its ehgibility for appointment as auditor of 8 company undef of section 1212 01 the Companies Act 2006 Pagg 8 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 ststem of Flnanclal Actlvlti rll 2022 ricted Funds Income and Ex enditure Account Year ended 5.4.22 Year endèd .4.21 Note INCOME EXPENDITURE Incomlng Resources Gross investment income 48.414.76 43,804.64 Total Incomlng Resources 48,414.76 43,804.64 Resources expended Charitable Actlvlties {183,964.00) (151.106.001 Cost of generating funds Investment management costs Totsl Resources Exp8ndod 11 18,019.24 {191,983.24} 8,314.721 (159,420.721 Net {Lt)sses)IGalns on Investments Realised gainslllossesl on sale of investrnents Unrealised gainslllossesl on investments {Losse8llGains on foreign exchange Gains from non-reporting funds Net movement In funds (5,010.931 49,962.29 94,158.01 241,198.87 1227.52) 5.25 219,518.53 198,617.121 Fund balance brought forward 1,861,995.32 1,642,476.79 Fund balance ¢•rrled fovward 5.&22 1,763,378.20 1.861,995.32 None of the Charitys activities were acquired or discontinued during this fiscal period. The Charity has no racognised gains or losses other than those deali with in the Statement of Financial Activities. Th& notes on pages &14 fom part of these accounts. Page 9 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Notes to the Accounts for the earended 5th A ri12021 1 ACCOUNTING POLICIES The lan M Foulerton Charitable Trust is an unincorporated tharity, registered with the Charity Commission number 1164969. The registered address is Thomas Eggar House. Friary Lane. Chichester, West Sussex, P019 1UF 1.1 ACCOUNTING CONVENTION The financial statements have been prepared in accordance with Charities Act 2011 and "AcLounling and Reporting by Charilies.. Statement of Recommended Practice applicab￿ to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterlin9, which is the functional currency of the charity. The accounts have been prepared on the hislorieal cost convention mcdified for the revaluation of investments. The principal accounting policies adopted are sel out below. 1.2 GOING CONCERN At the time of approving the accounts, the trustee5 have reasonable expectation that the charity has adequate reSoUr￿S lo continue in operational existence for the foreseeable future. Thus the Iruslees. continue to adopt the going COn￿M basis of accounting in preparation of the accounts. 1.3 CHARrrABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the trustees in furtherance of Iheir charitable objectives unless the funds have been designated for other purposes. Incoming Resources Incoming resources includes investment income. which is recognised when the charity has a *al rtghl to the income. The gain or loss arising on the disposal of an asset is determlned as the difterence be￿een the sale proceeds and the carrying value of the asset, and is re￿gnised in nel incomellexpenditure} for the year. Page 10 1.4 GRANTS PAYABLE Grants payable are debitéd to expenditure wthin the Slatement of Financial Activit￿S in the period in which the charity enters into a constructive oblKJation lo make such payments. Where a g￿nt commitment is payable over a period of more than one year, a liability is recognised for the fvll amount of the conslruclive obligation unless conditions are attached to future payments such that the trustees effectively retain the discretion to avoid making such payments. 1.5 INVESTMENTS AND INVESTMENT INCOME All investments are stated at fair value and the movement shovm comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of invéstments (together with provisions for diminution in valuel, a￿ ¢redited or debited to the Statement of Financial Activities, and subsequently transferred to Unreslricled Funds. 1.6 CHARITABLE ACTIVITIES The cost of charitsble activities consists of grants made. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. 1.8 GOVERNANCE COSTS Govemance costs ¢omprise all costs involving the public accountability of the charity and its compliance wth regulation and good practice. These costs include costs related to statutory audit and legal fees together with other overhead and support costs. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments. and se¢lion 12 "Other Financial Instruments Issues" of FRS 102 to all of ils financial instruments. Financi21 assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liability simultaneously. Baslc flnancial as8et8 Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the Iransaction is measured at the present value of the future receipts discounted al a market rale of Interest. FinanThal assets classified as re¢eivable within one year are not amortised. Page 11 Impalmient of fin•nGlal assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impaimient al each reporting dale. Financial assets are impaired where there is objeclNe evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impaimienl loss is the difference be￿een the carrying amount and the present value of the estimated cash Ilows discounted al the asset's original effective interest rate. The impaimient loss is recognised in net incomellexpendf(urel for the year. If there is a decrease in the impawmenl loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impaimient reversal is recognised in net incomellexpendilurel for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables. are initially recognised at transaction price unless the arrangement consti(utes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to Pay for goods or Services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due w71hin one year or less. If not, they are presented as non-current liabilrties. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal Ilabllltles Finan¢ial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES ANO JUDGEMENTS In the application of the charity'$ accounting policies, the tntstees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the ￿vIsion ffects only that period, or in the period of the revision affects only that period, or in Ihe period of the revision and future periods where the revision affects both current and future per￿ds. Page 12 N M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Not Accounts f earended 5 A 3. FIXED ASSET INVESTMENTS {Summary of page¥ 15 to 19) Year ended 5.4.22 Yoar ended 5.&21 Quoted investments Brought forward 6.4.21 1,840,493.72 1.633,078.47 Additions Increasel{Decreasel in portfolio cash Disposals Nel unrealised gainsl{lossesl 265,320.22 82,639.28 (502.921.001 49,962.29 1,735,494.51 528,782.72 12,500.47 (575,066.811 241,198.87 1,840,493.72 Quoted UK Investments Quoted Non UK Investments Cash held on portfolio 1,026,850.22 607.143.39 101.500.90 1.735,494.51 1.299,837.03 521,795.07 18,861.62 1,840,493.72 Hi$lori¢ c05t of quoted investments 1.413,600.58 1,586,591.80 Investments that represent greater than 6% of the portfollo by Markel Value Royal London Corp Bond Investec Gbl Tot Rtn Lionlrusl Strategic Bond M&G Investment Man North American Dimdend ishares Physical Gold Sanlam ijniversal Mullistrat 147,487.47 155.529.63 100,788.89 144,403.83 136,748.14 95.636.71 93,432.85 93,316.07 93.189.91 DEBTORS HM Revenue & Customs 504.96 403.61 S. CASH Bardays Bank Pl 30,604.84 24 536.84 CREDITORS Other creditors Jones Avens- Audit fee Sanlam UK Limited- Inve8trnent Management ¢harge$ 1.284.00 1.942.11 3.226.11 1,284.00 2,154.85 3,438.85 IJ THEL4NMF RE A8LE TAU r¢h 7. GROSS WVESTMENTINCOME Y04rend￿ 5&22 Y•arond•d 5.&21 Inwm¢from UK *￿*men1$ Infx)mfrom 15t8d UK In¥e¥ments 36.352￿8 11.528.43 101 36.454.33 11.92e.43 34.253.e8 9.48&$7 6&10 X4.318.84 9.48¥.97 o.to Grossknkdwsrf iteieit Baw ￿kPk 32.fy) 48,312 41 a2. 1.73 101.35 43.741.4B 16 ye•r•r￿ld Yur•Dd 5A &eM•AT￿E￿CTm￿Es Inthg} 167,SLM).00 135,380.00 16.461.00 i$J,w.00 15.726fy1 151.1LN5. CHARrrA8LE GPANTS PAYABLE 20.IQ.2021 St PeitrsolTew 03.11.2021 PCC dW•*lwion%th Emsvrt 03.11.2021 We>tyton QardiStcr￿rt 03.11.2021 Si J(th th* w$t o[wtstbw￿ 13.1t.2021 Abergorki ¢ommuntyH¥l 20.11.2D21 th8$ Frw¢aDon 01.122021 Edwa￿ J￿5 FrAth¢aDon 07.12.202t Suls8x HBrttau•TtustLIN9d 18.12.2021 Sl Pltars Cthurch S￿￿th8Or￿h 18.12.2021 Sutfdk B￿dIng Fr•sv￿￿on Tnisl L￿.01.2021 ￿￿rdjaMeS Foundaiion 2e.01.2022 Cha￿Y 28.01.2022 EdwardJam•s FouWIoffl 28.01.2022 SI (lavT 04.￿.2(22 Na￿0￿chW¢heS 04.W.2022 Le¢4nfdJ Hal 29.04.2021 klMT. Gui*è .U4.2021 PCC St Matysat Ihè .￿.2021 lId￿l￿ PCC C6.05.2021 PCC 07.07.2021 ThE CWsTnJ 25.08.2021 FTrpndsd sIL￿￿￿￿e E4st 2S.1)B.2D21 SIM￿￿ 25.OB.102t RHS 25.LI3.Z021 SIF￿p￿s1 J8m•s OZ.09.2021 W8th￿dd FCC 02.09.2021 $1 An(trw Re5tryatsoDAy IW.J)21 Dsanand ChawerrfEx8ier 04.11.W1 Sl Sampsth75 Urknknj 09.11.2021 Church Takion PaTrsh (&12.2021 pcc wegt Gnnytead 12.2021 G¢Mg PCC 01.￿2 Suss*xFknge Tr￿tsM￿￿d le.02.￿2 BU￿￿9 Pres￿$￿0n Tfugt le.02.2￿2 ChArt 18.02.2022 The Wes1m￿S1OrNbt4Y 18.02.2022 MH H￿se Ro4(rfAtkii I4.￿.2022 PCC Wncar¢ 14.03.2022 The Outy s￿bUt￿ s,(w.fy) S.O(MXO) 4.1￿. lo￿. 32.oaoj 22.00a. 15.000. 5.000. J.000. 8.000. 10.000.00 2.880. 5,000. Jfy).00 10.(VJ).00 d.(h)O.00 5,(N)O.00 4.(W.00 20,(th).ttO 5,(W. 5.(ts). i.XM).fy) 10.wo 10.(￿0Th) s.m￿(￿) I1.￿0.00 2.WO.QO 5.OJO.00 7.WO.OQ IS.￿0.00 s,(￿.00 lo.￿.00 1￿.¥80.&) Y•4r•nde A.21 SA22 G¢ant• to GrinlB to Gr4M$io ofGraThts Pr&S￿VaK￿01 BU￿*¥JS Pres*V*H￿OI F￿nIu8 andobJqUsdan 149.OW.LYJ 120,W. 18,SN.00 I67.5￿. IS.(￿.£ 135,J80.C Page 14 THE IAN M FOULERT CHARITABLE TRUST RE TERED CHARITY MO. 11 lotheA Counts for arended S rll 2022 Yearended 5.4.22 Yearend?d 5.4.21 10. GOVERNANCE COSTS Irwin Mitchell LLP Jones Avens- Audit fee 15.120.00 1.344.00 16.464.00 14,400.00 1326.00 15,726.00 Ba$is of Alloc*ion'. All of the governance costs are allocaled to the charitable activity of grant making, lotalling £16,464 in 2022 {£15.726 in 2021 11. COST OF GENERATING FUNDS Slnlam UK Limited 8,019.24 8.314.72 11 EMPLOYEES There were no employees during the year12021.'nil) 13. TRANSACT1014S WITH RELATED PARTIES Th)mas Eggar Trust Corporation Limited (Trustee) is a trust company wholly owned by Irwn Mitchell LLP. During the year Irwin Milehell LLP provided professional setvices to the Charity amounting lo £15,120 12021.. £14,400). Al the balance sheet dale, nil12021." Thll was outstsnding in respect of these fees. 1& TRANSACTIONS WITH TRUSTEES There were no payments lo tnjslees during the year. ¢4yrt 88 88 U) 4$* 111 11*4 I I I u