IM irwinmitchell THE IAN M FOULERTON CHARITABLE TRU8 EDC ANC ALS ATE ENTS IRéf.. 4613QS471
AN FOULERTON CHARITABLE REGISTERED CHA 164969 Content8 to Flhanclal Statement8 for the eare 5 A rll 2025 Annual ReN)rt of th6 Trustees Indyndent Examine¢s Report Balan Sheel statement of Flnancbl Activities 7-12 Noles to FIn8n4 Statements 13-20 Schedule of Inve8tm$nts
ANNUAL REPORT OF THE TRUSTEES For tha yèar 8nd8d 5th Aprll 2025 Full name of Charlty: The lan M Foulerton Gharilable Trust Nature of governing documont". Will of lan ThAichael Foulerton dated 4 Dacember 2009 Règistration Numbèy.. 1164969 Tru8te&8: John Francis McEvoy Duncan Bernard O'K6lly Thomas Eggai Trust Corporallon Ltd Directors of Thomas Eggar Trust Corporation Ltd: Paula Caryn James Naomi Neville (appointed 29 October 20251 Darran Fawceti Sarah Phillips Caroline Shelton James Pavey Michael Taylor Reglstered Addr8., Thomas Eggar Hguse, Friary Lane, Chichester, West Sussex. P019 IUF Banker.. Barclays Bank Plc. 74-75 East Stre81. Chichester, Wesl Sussex. P019 1HR Solloltors: Irwin Mitchell LLP, Thomas Eggar House, Friary Lan8, Chich$sler, West Sussex, P019 1 UF Indèpendènt Examlners: Carpenter Box, Chartered Accounlanls. Plper House. 4 Duke Court. Bognor Road, Chlchesler, Wesl Sussex, P019 8FX Investment Manag8r8'. Alomos Llmiled, st Johns Street, Chichester, W6sl Suss8x, P019 1UP Operatlng Restrlctlons: Charitable oblecls accordlng to the Law of England Speclflc Investment power8: de unreslricled powers giv8n to th& Trusl88s in the Wll dated 4 December 2009 GA.. 5257352 1
Oblecls of the charlty The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the inwme and all or such part or parts of the capital al such lime or limes and in such manner lo or for the benefit of such exclusively charitable objects and purposes In any part of the world as the Trustees may In Ihelr discretion think fil or lowa¥ds {al The pr6s8Nalion conbervalion protection and resloralion for the public benefit of any building or buildings of historic archileclural or artistic or Scientif interest and Importance including any ancillary land and buildings which are vested in olhers or in respect ol which the Charity shall have any interest or which shall or may al any lime be vested in Ihe Charity (bl The preservation protection Conservation and resloralion for the public benefit of 811 furniture piclures historic records books manuscripts munimenls armour porcelain S[er and gold objects d'art and other items of historic artistic or scientific Interest assoclated wllh or dlsplayed In any such building or buildings Ic} The advancemenl of the education of the public ill buildings and anciHary land and items ol historic archileclural artistic or scienlif1c interest through the OallOn maintenance and funding of grants bursaries scholarships and prizes for educational and research purposes and lo increas& ihe public's knowledge appreciation and enjoyment of such buildings land and items Organlsatlon The Trustees who served during the year and since the year end are sel out on page 1. The Trustees mel durlng thts year lo consider th6 future of the Trust. The slalulory power of appointment applies in connection wllh the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Grant maklng pollcles and actlvllles The capital and income of the Trust is to providè only lor th8 assistance or provisk)n of funds as detailed in the Wll ol lan M Foulerton d8led 4 December 2009. The Trustees have paid due regard lo guidance Issued by the Charity CommiSsn in deciding what activities the Trust should undertake. Achlevèmènts and performance During Ihe year the trust made 25 {2024.. 131 donalion8 tolalling £107,31512024'. £123,000). Flnanclal rèvlew and Investmont pollcy There are no restrictions on the charity's power to invest. The investment strategy is sel by the Iruslees for a period of five years and lakes account of demand for funds. The Iruslaes nsider the in¢om6 requlremenls, the Yisk profile and the investment manager's view of the market prospects in the medium term. This strategy is sel within an overall policy whlch siales that the fund Is lo be invested In moderata risk investments with a view lo ensuring that capital apprecialltsn of the fur)d exceeds inllallon over each rive ye8r period. The funds may b& invested in any type of investment. Our strategy is reviewed with our investment managers annually. During the year incoming restsuices totalled £53,294.8fj12024- £55,880.72), resources expended lolalled £136,652.75 12024 - £150,185.06), and other recognised losses lolalled £10,290.93, 12024 galn £44.114.981. As a result the fund balance carried forward al 5 Aprll 2025 was £1,347,676.77 {2024 £1,441.325.641. The Trustees confirm that they dld not receivo any remuneration during the year, nor were they reimbursed for any expenses. Resorves poll¢y ' 11 is the poIY of the charity lo maintain unreslricled funds, which are the free reserves ol the ¢harity, al a level which equates lo approximately six months expenditure. This provides sufficient funds lo cover management and 8dminislralion and support costs and lo respond lo emergency applicalions for granis whlch may arlse. Ut)reslricled funds were maintained al this lev61 throughout the year. GA.. 525735LI
Rlsk management . The Iruslees have examined the Major slralegic, business and tsperalional risks which the charity faces and confirm that systems have been established lo enable regular reports lo be prodijced so that the necessary steps can be taken to lessen these risks. Trustees, responslbllltles In r&latlon to tho flnanclal statemenls Law applicable lo charllles In England and Wales requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the charity's financial aclivllies during the year and of ils financial position al the end of thè year. In prepaying those financial statements, the Irltslees are required lo.. select suitsble accounting wlicles and then apply them consislenlly., observe thè methods and prlnciples In the Charllies SORP., slate whether applicable accounting slandards and slalemenls of recommended pr8cll¢e have been followed subject lo any departurès digclosed and explained in the financial slalemenls., and prepare the financi41 sl8lem8nts on the going concern basis unless it is inapprowiale lo psume that the charity will continue in business. The Iruslees are responsible for keeping accounting records whh disclose with reasonable accuracy at any lime the financial position of the charity and erbable them lo ensure that the fin8ncial slalemenls comply wilh the Charities Act 2011. They are also responsiblè for safèguardlng the assets of the charity and hence for taking rèasonable steps for the prevention and deleclion of fraud 2nd other irregularities. Th¢ Trusleos confirm that the accounts comply with Ihe governing document. The stalulory power of appointment applies In connection with th6 appointment of Trustees and is gxercisable by the continuing and retiring Trustees. The Truslees report was approved by the Board of Trustees Dated. Director For and on behalf ol Thomas Eggar Trust Corporation 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 retx)rt lo Iho lius1888 on wy examln811on of the fin8ncl81 stslgmgn18 Of Th& lan M Foulerton Ch8rilab10 Trusl lthÉ charllyl lor the year ended 5 Aprfl 2025. Responslblllt188 and basls of report A6 the irustees ol the charity you are responslble f¢Y the preparallon ol the financial sialemenls in accordanee with the requirements of the Chariiles Act 2011 Ilhe 2011 Aeti. I raport h respect of my examlnatlon of Ihe charlty's finaneial statements carrled out under sectlon 145 of the 2011 Act. In cairying oul my ex8mlnatlon I have followed All Ihe appllcttble Dlrecllons given by th9 Charity Commi$8ion under seclion 14515llbl ol the 2011 Act. Independent examlne¢s statement I have cornpleted my ex&mlnallon. l eonfirm Ihal no mallers have come to my attention In connecllon with the examlnatlon glvlng me rause to belleve Ihal kn any malerial iesped.. awounlin9 recotds weie not kept in respect of Ihe charily as required by secllon 130 01 the 2011 Act., or thè finonclal slalements do not accord wlh those records- or the f1nallcFal statemenls do not comply Mlh the applic&ble requlr8ments c¢)ncernlng Iho lomi and content of accounts 8el out in the Charities IA¢coun18 and Reports) Regulations 2008 other tha any requiceingnl that th8 a¢UnIS give a Iru8 and fair vi8w which 18 not a maller con8idered 8s part of an Independent bxamlnatltsn. I have no nCernS and have come across no otheT rnatler8 in connection wth the examination to whKh allenlion should be drawn in this report in older to enable a proper undeislanding of the finanoal sl&lements lo be reached. Claire Norwood BS¢ FCA ATII Carpenler Box Piper House 4 Dukes Court Bognor Road Chlehester Wèsl Sussex P019 8FX 0310212026 Doled:..................,.........................
UL TO Flxed A#gts Inv8slmertSgtvglu 1.33e.296.71 1,406,%358 crr•nIA9$l& D#biO 682.40 8.B29.23 Cash 44.5.29 45.212.6è 29 563.34 38,992.57 L14blliU8sf81ing dv4Th 12months 83 83fj.63 3,20&61 ieyrrgnlAs6ql8 YoialAg•i41091 CiiNènt 114tsllltleJ 11,391.08 1 347.67S.77 35 188.96 1.441.525.64 BJlaAt• as at&4.25 1 ts47 676.77 1.441.325.e4 The ffllAndg1•bm$nl$wr89Pp[OYed byiho tsusiee8 on .ifid $ionèd¢)n thdlr b¢haU by Th(4$ EgggrTnI corr¥I0 Lid Tlkg nole¥oD pag4$7-12 ftsrm pirtOYthgÈ atttl.
PAY6 AR TABL Yearended lii¢oMino Re8oiir£ès atoss invesknanllllcome .294.81 65.880.72 Totsl Resou 53.294.81 55.e80.72 R•our¢+ •xpnd• Chalkb11v18$ {140.832,001 Coyt¢l##nerGiing lunds lttve5tmert mafiagementrA)8t# {13B.e52.751 (150.185.081 Il£t{Lo88e&yGalii4 on Iwoatsxgnt6 Reall8¢81n$)S$8y1on bolèof Inve$trn¢r*$ uned{sgÈ8iIgaIA>orI lhvea¢t9 N41 Ino¥¢mAnl 6.286.31 PI.510.481 75,625.44 (50.189.J6) Fynd hlIrd 1,441,326.64 Fuiid balaiice¢arA£d foNiord 5.4,26 1 347,676.77 1 441.325.64 Nona41th&ChèdV$ dth4ib&8wèf¢ Ac4ulr¢d ord18ctInu& dudng thlsf15¢91p8dod. The Chadlyha5 nor¢cogIsed 9altbsorlossè$ Othèrthall thts>èdelVth lftihè siat4m•Mof FIngne1 A¢UvkléÈ. The noleson P55 7-12101rn rt01thcfi1.
Page 7 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Notes to the Accounts for the ear ended Sth A rll 2025 1 ACCOUNTING POLICIES The lan M Foulerton Charitable Trust is an unincorporated Charity, registered with the Charity Commission number 1164969. The registered address is Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex. P019 1 UF 1.1 ACCOUNTING CONVENTION The financlal statements have been prepared In accordance wllh Charllles Act 2011 and "Accounting and Reporting by Charllies.. St21emenl of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 102) 18s amended for accounting periods commencing from 1 January 20191. The charity 18 a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which Is the functional currency of the chaiily. The accounts have been prepaTed on the historical cost convenliorb modified for the revaluation of inveslments. The prinapal accounling policies adopted are set out below. 1.2 GOING CONCERN Al the Ilme of approving Ihe accounts, the Iruslees h8ve reasonable expgolalion that th8 charity has adequate resour5 lo conllnue in operats'onal exislence for the foreseeab future. Thus the trustees. linue lo odopt the golng cCGern basls of accounting In preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use at the discretion ol the Iruslees in furtheran of their charitable objectives unle88 the funds have been designated for other purposes. Incomlng Resource8 Incoming resources includes investment income. whiGh Is recognised when the charity has a legal right lo the inme. The gain or loss arising on the dispDsal of an asset is d&iermined as the difference bettveen the sale proceeds and the carrying value of the as8el, and is recognised in nel incomellexpendiiurel for the year.
Pago 8 1.4 GRANTS PAYABLE Grants payable are debited lo exper>dilure within the Statemenl of Financial Activities in the period in which the charity enters into a constructive obligation lo make such payments. ere a grant commitment is payable over a peri of more than one year, a liability is recognised for the full amount of the conslruclive obligation unless conditions afft allached lo future payments such that the Irusl&es effectively relain the discrets.on lo avoid making such payments. 1.5 INVESTMENTS AND INVESTMENT INCOME All inveslmenls are slated al fzir value and the movement shown comprises both realised and unreali8ed gains and losses. Realised galns or losses arislng ot) the disposal of inv6slmenls Ilogelher wllh provlslons for dlminullon In value), are credlled or debSled lo the Slalement Of Financial Aclivllies, and subsequently transferred lo Unreslrialed Funds. 1.6 CHARITABLE ACTIVITIES The cost of ¢harilable activities consists of grants mad&. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of Investment management fees. 1.8 GOVERNANCE COSTS Governanc8 costs comprise all costs involving the public accounlabilily of the charity and ils compliance wilh rUlatIOn and good practice. These costs include costs related lo statutory independent examination and leg81 fees together with other overhead and support costs. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalent8 Include deposits held al call wllh banks. 1.10 FINANCIAL INSTRUMENTS Th8 charity has alected to appty the provistons of Section 11 '&as Financial Inslrumenls. and section 12 "Olher Financial Instruments Issues of FRS 102 to all of ils finanoial instruments. Flnanclal assets and liabilities are offset. with tho nel amounts presented in Ihe financial slalemenls, when there Is a legally enforceable right lo Sèt off the recognised amounts and there is an intention lo sellle on a net basis or lo realise the asset and sellle the liability simultaneously. Baslc financlal assets Basic financial 8ssels, which indudes debtors and cash and bank balances, are initially measured al transaction Pri induding Irans2clion costs and are subsequently carried al amortisÈd cost using the effecllve inlerèsl method unless the arrangement Conslilules a financing Iransaolion, where the transaction 18 measured at the present value of the future reip1S discounted al a market rale of inleresl. Financial assets Glasslfied as recelvable within one year are not amortlsed.
Page 9 Impalmient of financlal assets Financial assets, other than those held al fair value through Income and expèndilure, are assessed for indicators of impairment al each reporting dale. Financial assets are impaired where Ihere is objective evklence that, as a result one or more events that occurred after the initial rècognition ol th8 financial asset, the eslimaled future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The Impalrmenl loss Is recognise(l in net incomellexpendilurel for the year. If there18 8 decrease In the Smpairmonl loss arising from an event occurring after the impairment was recognlged, the Impalrmenl Is reversed. The reveisal is such that the Current carrying amount does not 8x¢e8d what the carrying amount would have been, had the impaiiment previously been recognised. The impaim)enl reversal is recognised in nel incomel(exp8ndilurel lor the year. Baslc flnanclal Ilabllltlos Baslc financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement conslilules a financing transaction, wher& the debt instrument is measured al the present value ol the future receipts discounted al a market rale of inleresl. Debt instruments are subsequently Carried at amortised cost, using Ihe effective interest Fate method. Trade payables are obligations lo pay for goods or serVeS that have been acqulred In the ordinary course of operations from 8uppliars. Accounts payable are classed as current liabilities if payment is due wllhln one year or less. If not. they are presented as non-currenl liabilities. Trade payables are recognised initially al transaction pri and subsequenlly measured al amortised cost using the 6ffe¢live interest Fnelhod. Der8cognilion of flnanclal Ilabllltles Financial liabilities are derecognised when the ¢harity'$ ¢onlraclual obligations expire or are dÉscharged or cancelled. 2, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the chaTily's eccounling policies, the Iruslees are required lo make judgements, eslimales and assumptions about the carryirbg annI of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumpllons are ba8ed on hlslorical experlence snd other factors that are considered lo be relevant. Actual Tesulls may differ from thesè esbmales. The eslimales and underlying assumption8 are reviewed on an ongoing basis. Revisions lo accounting 8slimales are recognised the peiiod in which the estimate Is revised where the revision affects onty Ihal period, or in the period of the revision affects only that period. or in the peyiod of the revision and future periods wherè the revision affects bolh eurrenl and future pe11<S.
Page10 AN M FOULERTON CHARIT BLE TRUST REGISTERED CHARITY NO. 1164969 Notès to the Accounts for the èar ended 5 A rf12025 3. FIXED ASSET INVESTMENTS (Summary of pagos 13 to 20} Year ended 6.4.25 Year &nded 6.4.24 Quoted inv88tr1)£nis 8roughl foNard 6.4.24 1,408,136.68 1.474.142.10 Addition$ Decrease In port1 cash D&$posals Nel UllTealised Uos$esllgalns 484.843.81 13.829,191 {534.278.351 16,577.241 1.336,29Jf.71 1,609.900.31 131,813.341 11.721.717.831 75.625.44 1,406.136.68 Quoied UK Inveslmenls Quoted Non UK Inve81ments Cash held on portfomo 198.460.75 1.110,244.88 27,590,08 1,336.295.71 145,985.25 1,228,732.16 31,419.27 1.406,136.68 Hisloiic cost ol quoted investm8n18 1,272.804.30 1,299,525,5$ Inve8tm8nts that represent greater than 5% of the portfollo by Market Value 8NY Mellon Glb Fds U S Hi Yld Bela X GBP Dis H Robeco Cap Gth Fd8 Qi Gbl Multi FaOr staté St Gbl Ad$ Gbl Aggrg Bd State St Gbl Adws Tsy Bd Idx stst8 Sl Adws Gbl 128,882.75 78,954.94 79,100.15 110.326.14 80,208.87 98,784.30 111.712.08 103.647.27 97.554.59 4. DEBTORS AloTh)s Bank interest due AtorrK)s dlvidènds du¢ HM Revenua & Customs 4?.4.79 1.09 256.52 682.40 355.43 8,217.28 256.52 8,829.23 CASH Barcl8y8 Bank PIC 44.530.29 29 583.34 6. CREDITORS Other credllors Carpenter Box- Independent examination Atomos Llmlled- Investment Management charges Grants payable comrnitmenl 1,320.00 2.011.63 30,500.00 33.831.63 1,21)0.00 2,00&81 3,20&81
l. LI)5$1NVE6IIIIT W¢OIJ Yi4rend•d J4.25 &924.10 44115.37 5,410 46,11&37 12.94134 40201 12.V4384 40.203.48 tncoffleliqfft¥slgdNonUKkn¥esth?nl LGaallD1 etsr)pÈnÈa1itirt 547.85 IrMIlTr2I.12.2S f&W) i&) GToi&WdEpwlinleFeil J81.95 813.39 381.95 8F3a9 75e.73 75&73 6S.080.F2 Yéir&ndÈd & ¢HANYAÈACYMWIÈS G[4nlspayaO(lo 107.315 123,(K¥X 8hsr¢ofQtyw4mwc¢etssts I• io) 1&720,( 9. CMfftITA8LEGR#JITS PAYA8LE 21.OF.2023 s811sC81hths1 21.#7.S023 SINl8ryldagdplene, 21.oF.23 21.Q7.1023 21.OY.2028 16.09.2023 26.20?3 2&0D.2023 s.(w.o¢ stNtsrylfirJin. Bd¢h¥r Spl¥M¥)ith $IN1aryMagda1I, 8iMarys8ndSI 810141¥ 2.500.(0 ioouooo 40,OOthOD 3.(ty) 1&10.20 10.X 1&01.2024 .01. 11.IW.2024 lSm.2024 15.M2024 15.(&2024 15.0&2024 Fdk41<8lI Lincomp su55exHI1aggTSl Llnllq¢ $,(w I6,(.<1) $1 N1¢holg$ch¢h. $1 Pé1#SY TéTthr slJthnThfrBW. Wlj? $IAndiew9, Nwfyjry Y.31&00 s,ooD.00 2,QOQOO 1&0&3r4 1&0&2024 1&0&2024 I&0&24 15.0&2024 1&12.2024 1&12.2024 01.04.2026 01.04.25 OIflI.J025 Q&¢4.302S 0&04.2025 0104.2025 004.2025 OkO4.2075 4&LM.2¢>25 Q&Q4.2025 43..2025 03.0i2025 5.0fy).00 2AW PCCSI Br1 E4slC ThealFkg CE4q? Twst 6.OOCLCO PancrasCthxth. Chkhp51 4.590. 5.QQD.CQ stAndt¢wS 1100.th) £ILl¢n$¢¢kn. slok 8tPèièrsClwrdi. 81191kn7 slPthchLChtsrL. O&Jleg16V WilnsyRinqiwSoc I,(. 5,0M. s,wo. GreeNIthFwnd41 IOF 315.(Q Yoaronded tsr4nistC oran1 ar4ntv io foni*lo AnalysbÈotGrants PrerqrdalIon8Ulkhg 45.th0o IOT,000.QQ 82ts1&00 107.315, 16QOO.QO 123.OQoo
Pag8 12 FOULE TON CHARITABLE YRUS EGISTERED CHARITY NO. 1164969 Notes to the Accounts for tlie earended 25 Year ended Year ended 5A.24 O. GOVERNANCE COSTS Mitchell LLP Carpenter Box- Independont examlnalion 17,280.00 1,440.00 18,720.00 16,632.1]0 1,200.00 17,832.00 Basis of AIIoc81ion.' All ol Ihe governance costs are 811¢ated to the eharitablts atllvlty ol grant maklng, totalling £18,720 in 20251£17.832 in 20241 11. COST OF GENERATING FUNDS Atomos Llmited 10,617.75 9,353.08 12. EMPLOYEES There were no employees during the ye8r12024.'nill 13. TRANSACTIONS WITH RELATED PARTIES Thomas Eggar Trust CorfY)r21ion Limited ITrusleel is a trust eomp8nywholly owned by IN4n Milehell LLP. During the year Irwin Mrtchell LLP provided professlonal services lo the Charfly amounting lo £17,280 12024.. £16,632). At the balancè sheet date, nil12024', nil) w88 oulst8nding in r8sped of Iheso fees. 14. TRANSACTIONS wifH TRUSTEES There were no payments to trustees during the year.
Ala &&&&l Xièi %% a**
Iiil Ill 111111 glkg ak8 pp ai-5 oo pi
*x8 111 li I
t I I I i I I ro v) 00
213 40 ¥ £¥