IM irwinmitchell THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 FINANCIAL STATEMENTS For the ear eThJ8d SA rll 2024 IRaf: 451305471 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164980 Contents to Fl I statements for the ear ended 5 A 1-3 Annual Report of the Trustees Independ8nl Examinerfs Repo Balanc8 Sheet Statement of Financial Activities 7-12 Notes to Fln8n¢lal Slalements 13-20 Schedule of Investments ANNUAL REPORT OF THE TRUSTEES For thg y•#r •nd•d 5th April 2024 Full name of Char4ty-' The18n M Foulerton Charitable Trust Nature of governing document: Will of lan Michael Foulerton dated 4 December 2009 Registration Number: 1164969 Trustees: John Francis McEvoy Duncan Bernard O'Kelly Thomas Eggar Trust Corporation Ltd Directors of Thomas Eggar Trust Corporation Ltd: Paula Caryn James Craig Alexander Marshall (Resigned 18 December 20231 Darran Faw￿11 Sarah Phillips Caroline Shelton James Pavèy Michael Taylor Reglstered Address: Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex. P019 1UF Banker: Barclays Bank Plc, 74-75 East Street. Chichester, Wesl Sussex, P019 1HR Sollcitors: Itwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex, P019 1 UF Independent Examlners: Carpenter Box, Chartered Accounlanls, Piper House, 4 Duke Court. Bognor Road, Chichester, Wesl Sussex. PO79 8FX Investment Managers: Atomos Limited, St Johns Street, Chichester, Wesl Sussex. PO19 1UP Operating Restrlctlons: Charitable objects according lo the Law of England Specific investment powers- Wide unreslricled powers given to the Trustees in the Will dated 4 December 2009 GA.. 5257352 L Objects of the charity Tliv TIubl¥e¥ ¥lidll FiulLI ttrie capital and income of the Tiust Fund upon irusi to apply the Income and all or such part or parts of the capital al such lime or times and in such manner lo or for the benefit ol such exclusively charitable objects 8nd purposes in any part of the world as the Trustees may in their discretion think fil or towards lal The preservation conservation p¥oleclion and ￿$toratIOn for the public benefit of any building or buildings of historic archileclural or artistic or scientifi¢ interest and importance inGluding 8ny ancillary land and buildinys which ale vested in others or in resped of whi¢h the Charity shall have any interest or which shall or may al any lime be vested in the Charity Ibl The preservation proleclion conservation and restoration for the public benefil of all furniture pictures historic records books manuscripts munimenls armour porcelain silver and gold objects d'art and other items of historic artistic or scientific interest associated with or displayed in any such building or buildings Icl The advancement of the education of the public in buildings and ancillary land and items of historic archileclural artistic or scientific interest through the creation maintenance and funding of gran15 bursaries scholarships and prizes for educational and reSea￿h purposes and lo 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 ye8r end are sel out on page l. The Trustees mel during the year lo consider the fulure of the Trust. Thfj 81alulory power of appointment applies in connection with the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Grant making policies and activities The capital and income of the Trust is lo provide only for the assistance or provision of funds as detailed in the Will of lan M Foulerton dated 4 December 2009. The Trustees have paid due regard lo guidance iÈeiJed by thg Charity Commission in dccidin9 whot octivitic- thc Truat Should undert81(e. Achlevements and perfomiance During the year tho trust made 1312023.. 231 donations totalling £123.000.0012023.. £145,000.00). Flnancial review and investment pollcy Thor& ar& no restrictions on the charity's power to inv&8t. Thè invo¥tment Strategy i= -ct by thc tru- for a period of five years and lakes account of demand for funds. The Iruslees consider the income requirements, the risk profile and the investment manager's wew of the market prospects in the medium term. This strategy is s•t within an ovgvll policy which states that the fund IÈ to be invested in moderate risk inveslmenls with a view lo ensuring Ihal capital appreciation of the fund exceeds inflation over each rive year period. The funds rnay be invested in any type of investment. Our strategy is reviewed with our invéslmenl managers annually. During the year incoming resources lotalled £55.880.7312023- £41,991.37>, resources expended lolalled £150,185.06 12023 £170,451.50). and other recognised gainslllossèsl lolalled £44,114.98, 12023 1£143,403.0711. As a result the fund balance carried forward al 5 April 2024 was £1,441,325.64 {2023 - £1.491.515.001. The Trustees conlirm that they did not receive any remuneration during the year, nor were they reimbursed for any expenses. Reserves policy . 11 is the policy of the charily lo maintain unreslricled funds, which are the free reserves of the charity, al a level which equates lo approximately six months expenditure. This provides sufficient funds to covèr management and adminislralion and support costs and to respond lo emergency applications for grants which may arise. Unrestricted funds were maintained at this level throughout the year. GA.. 5257352 1 Risk management: The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been •gtablishod to •nabl& ragular rgports to bo produe•d so that tho necessary steps can be taken lo lessen these risks. Trustegs, responsibilities in rglation to the financial statemènts Law applicable lo charities in England and Wales requires the Iruslees lo prepare financial slalements ft)r each financial year which give a true and fair wew of the charity's financial activities during the year and of ils financial position al the end of the year. In preparing those financial slatemenls, the trustees are required lo.. s818Ct suitabl8 accounting policies and th8n apply them consistently,. observe the methods and principles in the Charities SORP.. stale whether applicable accounting Standards and slalements of recommended practice have been followed subject lo any departures disclosed and explained in the financial slalemenls., and prepare the financial slalemenls on the going COn￿M basis unless il is inappropriate lo presume that the charity will continue in business. The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position ol the charity and enable them lo ensure that the financial statements Comp￿ with thè Charities Act 2011 They arè also résponsiblé for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confi'm) that the accounts comply with the governing document. The slalulory power of appointment applies in connection with the appointment of Trustees and is exercisable by the continuing and retiring Trustees. The Trustees report was approved by the Board of TrLtslees Dated... Ifu ! Itl Director For and on behatf of Thomas Eggar Trust Coiporalion Ltd GA.. 525735LI Page 4 THE IAN M FOULERTON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE IAN M FOULERTON CHARITABLE TRUST I report to the trust88s on my examinatk)n of the financ*al statements ol Th&18n M Foulerton Chaiit4ble Trust Ilhe thaiityl for Ihg year ended 5 April 2024. Rospon8lbllltle8 and ba81s of report As th8 Irustg93 of the charity you are responsible for the preparation ol the financSal stal6m8nts In Accordan￿ with the requirements ol the charit￿$ Act 2011 (the 2011 Act). I r8POrt in respect ol my exarnination ol the charity's financial stslements carried out under section 145 ol the 2011 Act. In carrying out tny exatnin8tion I hav8 followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examIne￿$ stat•m•nt I h8ve comP￿ted my examination. I conlirni that no matters have como to my altention in etsnnect￿n with the examinatv)n giving me cause to believe that in any matèrlal r6spect". accounting tscords w&re not kept in r85P8cI of the charity as requir&% by section 130 01 ihe 2011 Aet.. or lh8 financial ststgments do not actord with ihose re￿rdS., or the financial 5tatetnenls do not comply with the applicable requirements concerning the form and cx)nt@ril of accounts set out in the Charities IA¢¢ounts and R$3POrt51 Regulations 2008 other than any requirement that the accounts give a tru8 and fair view vthich is not a matter Considered as part ol an independent examination. I have llo concern5 and hav8 come across no other mallers in Connection with the examination to which attention should ba diawn in this report in order to enable a proper undersianding ol the financial statements to be reaehed. Giaire Nofwoou AI11 Carpenter Box Pipei House 4 Dukes Court Bognor Road Chich8St81 West Su5S8X P019 8FX Pag¥ 6 THE IAN M FOULERTON CHARITABLE TRUST ERED CHARITY NO. Flxed As8#18 Invo5tments al¥￿￿$ 1.406.136.98 CurrwtA¥¥wts Oobt e.829.23 1.512.41 Cg$h 29.553.34 38.392.$7 19.108.11 20.620.52 Crediicrfs N¢1 ¢urronl A65els Total Assèts less Curient L￿a￿lItIes 3.203.61 3.247.82 35,188.96 1.441,325.64 17.372.90 1,491.515.00 Fund as 8t 6A.24 Uniésli*t8d 1 441 325.64 1.491 515 OD Thèfinw¢kg141obm•Dt¢wr• &pprowd byiha trusi8•È on 16 ! Ixi t¢>idl.And I￿n￿d on th￿1 by Thomas EqgarTruslcor￿rat￿Tr Ltd............. ......................... Trustse Thg noto$ on poge$ 7-12 f(rfm portollhgw g¢¢ounts. Page 6 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CNARITV NO. q164969 t* t of Financial Activities for the ear ended 5 A rll 2024 Genoral Unro£*rtcted Funde Includln Income and Ex endlture Acco Year ended 5.4.24 Year ended 5.4.23 Note INCOME & EXPENDITURE Incorning Re50urce5 Gro88 inveslrnenl income 55,880.72 41.991.37 Total In¢omlng ResourGe5 rJf,880.72 41,991.37 Resource8 gxpended Charitable Activities 1140,832.WI (162,232.001 Cosl ol yenerdling funds Investment management costs Total Resource5 Expended 9,353.08) (150,185.061 18,2f9.501 (170,451.501 Net IL085e8llGains on Investments Realised Ioss8s on sa18 of investments Unrealised gainslllossesl on investments Net movement in funds {31.510 461 75,£i25.44 150.189.361 152,322.771 191,080.301 1271,863.201 Fund balance brought forward 1,491,515.00 1,763,378.20 Fund balance Carried foTward 5.4.24 1.441,325.64 1,491,515.00 None of the Charills activities were acquired or discontinued during thls fiscal pèriod The Charity has no iecognised gains or losses other than those dealt with in the Stalemenl of Financial Activities. The notes on pages 7-12 form part of these accounts. Page 7 THE IAN M FaLJLERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Notes to the Accounts for the ear ended 5th A ril 2024 1 ACCOUNTING POLICIES The lan M Foulerton Charitable Trust is an unincorporated charity, registered with the Charity Commission number 1164969. The registered address is Thc*nas Eggar House, Friary Lane, Chichester, Wesl Sussex, P019 1 UF 1.1 ACCOUNTING CONVENTION The financial slalemenls have been prepared in arXOrdan￿ with Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. las amended foraccounting periods eommeneing from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The accounts a￿ prepared in sterling, which is the functional currency of the charity. The accounts have been prepared on the historical cost convention modified ft)r the revaluation of inveslmenls. The principal accounting policies adopted are set OLJt below. 1.2 GOING CONCERN At the time of approving the accounts, the Iruslees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees. Gontinuo to adopt tho going ¢on¢¢rn basis of accountin9 in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of their chari(able objectives unless the funds have been designated for other purposes. Incoming Resources Incoming re80urce8 includes investment income, which is re¢ognised when the ¢harily has a legal right lo the income. The gain or loss arising on the disposal of an asset is determined as the diffeience between the Sale proceeds and the carrying value of the asset, and is recognised in net incomellexpendilurel for the year. Page 8 1.4 GRANTS PAYABLE Grants payable are debited to expenditure within the Slalemenl of Financial Activities in the period in which the charity enters into a conslruclive obligation lo make such payments. Where a grant commilmenl is payable over a period of more than one year. a liability is recognised for the full amount of the conslru¢live obligation unless conditions are allached lo future payments such that the Iruslees effectively relain the dlscrelion lo avoid making such payments. 1.5 INVESTMENTS AND INVESTMENT INCOME All investments are slated al fair value and the movement shown comprises both reall￿d and unrealised gains and losses. Realised gains or losses arising on the disposal of investments Ilogelher with provisions for ditninulion in value), are credited or debited lo the Statement of Financial Aclivilies, and subsequently transferred lo Unre8lri¢led Funds. 1.6 CHARITABLE ACTIVITIES The cost of charitable aclivities CDnsisls of giants tnade. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. 1.8 GOVERNANCE COSTS Governance costs comprise all costs involving the public accounlabilily of the charity and ils complian tn regulatlon ano good practice. These cosis include cosis related to statutory audit and legal tees together with other overhead and support costs. 1.9 GASH AND GASH EQUIVALENTS Cash and cash equivalents include deposits held al call with banks. 1.10 FINANCIAL INSTRUMENTS I he charily has elecled lo apply tho provisions of Section 11 'Basic Financial Instruments. and section 12"Olher Financial Instruments Issues. of FRS 102 to all of ils financial inslrumenls. Financial assets and liabilities a￿ offset, with the nel amounts presented in the financial slalemenls, when there is a legally enforceable right lo sel off the re¢ognised amounts and there is an intention lo sellle on a nel basis or lo realise the a88el and sellle the liability simultaneously. Basic financial assets Basic financial assets, which includes debtors and cash and bank balances. are intt1a1￿ measured al transaction pri￿ including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rale ol interest. Financial assets Classified as receivable within one year are not amortised. Pago 9 Impairment of financlal assets Financial assgls, other than those held al fair value through income and expenditure, are assessed for indicators of impairment at each reporting dale. Financial assets are impaired where there is objective eviden￿ that, as a result one or more events that OCCUr￿d after the initial recognition of the financial asset, the eslimaled future cash flows have been affected. If an asset 1$ impaired, the impaim8nl loss is the diffèrence belween the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The impairment loss is reco9nised in net incomel(expendilurel for the year. If there is a decrease in the impairment loss aiising 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 h8vè b88n. had the impairment previously been recognised. The impaimenl reversal is recognised in nel incom8llexpendilur@I fo¥ the year. Baslc financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised al transaction price unless the arrangement ¢onslilules a financing transaction, where the debt instrument is measured at the present value of the future ￿CeIptS discounted al a market rale of interest. Debt instruments are subsequenlty cairied al an￿rtised cost, using the effective interest rale method. Trade payables are obligations to pay for goods or service8 that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade payables are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecogn5tlon of flnanclal Ilabllltles rinanGial liabilsties are dereGogniacd when th¢ ch8rity's contractU81 obligations expire or are discharged or Can￿lled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDCCMENTS In the application of the charity's accounting policies, the Iruslees are required lo make judgements, e5tiiiiale& and a55uniptions about th¢ ¢arrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimatos. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recoonised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision affects only that period, or in the period of the revision and future periods where the revision affects both curient and future peiiods. Page 10 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Notes to the Accounts for the ear ended 5 A ril 2024 3. FIXED ASSET INVESTMENTS Isummary of pages 15 to 191 Year ended 5.4.24 Year ènded 5.4.23 Quoted investments Brought forward 6.4.23 1,474,142.10 1.735,494.51 Additions IncreasellDecreasel in portfol￿ r*sh Disposals Net unrealised gainsllbssesl 1,609,900.31 131,813.341 11,721,717.831 75,625.44 1,406,136.68 265,021.38 138,268.301 (397,025.191 191,080.301 1.474.142.10 Quoled UK Invesknenls Quoted Non UK Inve51tnenls Cash held on portfolio 145,985.25 1,228,732.16 31,419.27 1,4QK3,136.68 844.519.74 566.389.76 63,232.60 1,474,142.10 Histork cost of quoted inv85tments 1,299,525.56 1,370,999.22 Investments that represent greator than S% of the portfolio by Market Value Royal Loroon Colp Bond Lionlru81 strateg￿ Bond M&G Inve51menl Man North American Dividend Sanlam Universal Mullislral Isha￿S Physical M Ishs Physical Gold BNY Mellon Clb Fds U S Hi Yld Beta X GBP Dis H Robeco Cao Glh Fds Qi Gbl Mulli Factor Stale Sl Gbl Advis Gbl Aggrg Bd State St Cbl Advis T8y Bd Idx 128,860.20 81.362.62 93,248.29 81.829.70 91.929.26 98,784.30 117.712.08 103.647.27 97.554.59 4. DEBTORS Atomos Bank interest due Atotnos diwdends due HM Revenue & Customs 355.43 8.217.28 256.52 8.829 23 742.19 770 22 1,512.41 S. CASH Barclays Bank PIC 29,563.34 19108.11 6. CREDITORS Other Creditors Carpenter BoxlJones Avens- Independent &xamin8tlon Atomos Limited- Investment Managewenl ¢harge5 1,200.00 2,003.61 3.203.61 1.200.00 2,047.62 3,247.62 TERED CHARITYNO. 1184989 Notès dodSA 20 7. GRQ$S INVESTMENTINCOME Yebrended 5&24 YeDrBnded 5.4.23 N•l 26,175.35 13,87&48 Inc(Kr￿lI￿￿ lisled uK￿Ve￿￿enls Non UKlnwS￿énls 12.943.34 40.))3.48 fj2,943.34 40,203.48 265.20 13.875.48 $4? 65 $47.È5 Inr%￿ ImmThgs16 21.12.2023 16. 16.80 GtUU3b4nkdeFwiliiknteBI 01(I&y6 Bqnk Fk lomo 756.73 7S8.73 1.41272 SS.880 72 81927 856.01 55,8ÉD.72 0.00 265 28 Ye4rended 5.4.24 Yparpndèd 6.&23 . CHAFUTAELE AcTmT￿s (¥8￿5pAy*lt (Mte 9) IZ3￿.￿) 145,000.00 O[QO¥*[￿nEè CO51$(r￿ 10> 17.B3Z. 140.832.fy) 162.232.00 *. CHARITA8LEGR4NTS PAYA8LE 14.04.202Z Peleiburoughca￿edral 14.04 2022 PCC SIAndrews 30.06.2022 garfing M9Qna 30.06 2022 PCC olRoxwell JO.06.2022 PCC ol&anbpr¢uyh 30.06.2022 PCC ofmodbury 3008.2022 PCC orealcombt 13.QF.2022 Parish D[wa￿V** SI MW9 10.Q8.2022 siebblny Par¢¢hI￿ Coundl 150A20?2 W8wld DO￿land0P￿￿ ￿rmLL￿RIA￿l 240B2022 AlSo￿s Chwch BuSldlng Proieci 05.09.2022 unr1pr5ityofo￿Wd De*lopm¢ni 05092022 GDrfngP3rothtsl CMIth co￿1 18.11.2022 FriendsolSIMarysehuFth WoudhBm 21 11 2022 PCC SIGeotgpand Sl PaulTlvedO 21.11.2022 St PaLI StMarf¥Hadtsw 28.11.2022 St M8rysBrOOrnfieldPCC 09.12.2022 LVG Mg¢hanl¢s 09.12.20LL GreaiMEII￿9tyUryFGG s,000. 2,500.W 5,000.00 5,QOO. 10.OC4).(N) io.000.th) 5.000 1S.Otw).(h) S.OCN).(M) I5.0￿.00 s.ow.00 S.Qm.00 2,5ty1.00 5.QQQ.00 3.(th).00 5,OW.QO 1.￿.00 12.12.2022 PCC 27.01.2023 ChWh95krCathgdial 09.02.2023 PCC 21.02.2023 T￿4tL￿￿Ip 21.07.2023 S31sburyCalhédial 21.07.2023 SIMary 21.07.2023 Slsatrysons 21.07.2023 Slfilarymialn. Bei¢h8m 21.07.2023 SpvewBtth 15.09.2023 Sl Ilary M￿a￿, Weihei$ne 26.09.2023 SIMarys and Sl E