THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST (Registered Charity no: 1172239) AUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS CONTENTS Page Relerence and adminislialive information Trustees annual reporl Reporl of Ihe audilofs Slaleinenl of financial aclivilies for the year endeLI fj April 2024 Balance sheel as al 5 April 2024 12 Casl) flow slalemenl for the year ended 5 April 2024 13. 16 Noles lo the financial slalemenls
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS REFERENCE AND ADMINISTRATIVE INFORMATION Charity Nanie The Louis Nicholas Residuary Charitable Trusl Regislere(J Charily no.. 1172239 Governing Inslriimenl Will of the late Louis Nicholas Trustees Mr J R M Simc()x FCA Mrs K A Koiisla MQSmye Mrs F V Norrnan Principal C)Ific,e 35B Markel Slreel Hoylake Wirral CH47 2BG Adminislralion and Accounlancy Sinicox & Co. 35B Markel Slreel Hoylake Wirral CH47 2BG Audilor Riverside Accounlancy Lancaster Limited Riverside Offices Secon(J Floor 26 Sl Geor9es Qiiay Lancaster LA1 1RD Bankers Handelsbanken Liverpool Duke Slreel Brarich 4th Floor 10 Duke Slreel Liverpool LA1 1RD Websile Inrcl co.lik
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS TRUSTEES ANNUAL REPORT Trustees. Annual Report for the year ended 5 April 2024 The Iriislees of Ilie Louis Nicholas Residuary Charilable Trust present Iheir rerjoi l aiid accounls for the year er)ded 5 April 2024 The financial slalemenls have been prepared iri accordance willi the accounting policies sel OLII In the notes lo the accounts and comply wilh the Charily's governing docui7ienl, Ihe Chcirilies Act 2011 3nd Accounling and Reporting by Charities.. Slalernenl of Recommended Practice applicable lo charilies preparing Ilieir accoiinls iii acc.ord311ce wilh the Financial Reporting Slai)dard applicable In the UK and Republic ol Ireland Pliblislied iii Oclobef 2019 The Cliarily does nol carry oul fundraising activities Truslees Tlie Irijslees who acted throughout Ihe year were as follows. Mr J R M Simcox FCA Mrs K A Kon51a M Q Siiiye Mrs F V Norman Structure, Governance and Management The Charily Is an uninc.orporated ITUSI, conslilLJled undef the Will of the late l.ouis Nicholas and is a charity, number 1172239. The nLimber of ITuslees will be (Jelermined by Ihe exisling Iruslees. The nalure of Ilie tru81 is that there is seldom a need lo appoinl any new Iruslees. New Iruslees, when required, will be found by the exisliiig Iruslees Wlien recrLiiling new ITuslees. Ilip. Irijslees look for for Individuals wilh skills and experience which are ol value lo Ilip. (:harily The exisliiig Irijslees will spend a significar)I lime Iii providing background inlorn)alion lo the new candidate and al Ihe same lime make reference lo the detailed guidance provided by the Charity Commission. The ITiJslees mel formally Iwice dLiring Ihe year lo consider applications and decide on grants to worthy causes. The day lo day processiiig ol applications and correspondence is delegated lo Simcox & Co. from the principal office. The Iruslees give their lime Ireely Details ol trustees expenses are disclosed In note 9 lo Ihe accounts Risk Pollcy Tl)e Iruslees have examined the major strategic, operalioiial and finaiiLial risks which the Cliarily faces arid are satisfied Ihal syslein5 have been eslablished lo miligale exposure lo them Objeclives and grant policy The Charily has general charitable purposes sel out In ils trust deed The Iruslees confirm that they have complied wilh the dijly in section 4 of the Cliafilies Acl 2011 to have dije rp.ciard lo Ihe public yuidaTice. published t)y Ilie Chc?rily (OInn)iSsIOn when reviewing the. Charity's aiins arid obieclives aiid selling 11)e grant making policy. Tl)e Cha rily's gianl niaking polic.y {whir.li is sel out In geiieral gLJidelines lor applic8iils ) was as follows
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDSTED ACCOUNTS TRUSTEES ANNUAL REPORT (continued) Guidelines for Grants 1 Tl)e. Cl)arily provides Iinaricial dssislaiice lo Iliose org3nisalions willi aiiy ge17eral charilable purp()ses w1111I1) Eiigland and Vvales 2 C?ran15 are awarded oiily l() cl)8rilable organisJlions wliich l)ave a proveii Irach recoicl uf 5uccesslul and efficient LlSe of resources 111 their operalion or, in the case of newer organisalion%, ronvincing evideiice ol abilily. Objectives and 9ranl policy .3 Tlie Chafily will con8ider graiils lo orgdiiisdlions of all sizes. Grants vary ir) anioiinl, bLII generally fall wilhin Ihe range of £ 1,000 10 £25,QOO T hts lolal ai?ioui)l awarded varie% froiii yeai lo year accordinq lo available fLiiid5 On occasioiis payn)enls Iii exce.%% of £25,000 are made lo sijpporl one-off projects 4 Iii the currenl financial cliniale, comniilmenls lo n)ake liilure payn?enls are qiven c)i)ly in exceplinr)al circ.Iimslances. with graiils normally being uiie-olf aiiniial qranls 5 Exceptional Grants The Irublees do cnnsider larcJer exceptional grants. t)ul Iliis Is ijnuslial arid geiierdlly coiifiiieii lo Lharilies 11)al we know well There is no sepdfdle grants prograinnie for this, and conleiiders will be idenlilied froni Ihe nornial graiil rouf)d Review of activities During 11)e year ended S April 2024, 3 lolal 01199 granls were awarded lolallirig L1 ,104,900 con)pared with £1,090.0001180 grant81 the yrevioiis year Exarnples of 9ranls awarded diiring Ilie year are as follows a A ijonalioii of Lil.OOU lo support disabled 4ervice velerans b A donalioii Df £12,000 towards ai) organisalion providir)(J equipmeiil for use by csiasable(J c.hildreii A donalion of £20.000 offering a befriending service lo people wlio are hou5eboiiiid d A donation ol £10,000 lo support the work of proleclii?g Ilie countryside A donaliDii of £ l 0,000 lowards the costs nf redislribulion of unwanled luo(I l A dDnalioi) 01 £1.000 lo supporl an independenl aninial c.haiily. g A donalioii of f.10.400 siJpi)orliriq the arls r.onimunily In inner cily scliools. h A donation of £7.000 lo provide new eqiiipnie.nl for an air aiiibulariLe Financial Posilion and Results of the year All lunds of Ihe Charily IiLld a5 Unreslricled Funds During Ihp year Ilie nel oulooing fesoLJrces lolalled £196, 35712023 £210,0511 The valijp ol 11)e inveslinen15 al 5 April 2024 Is showii in nDle 2 10 11)e accounts The Trtl8lpes are 581isfie(I willi Ilie perfor1113ncp. of Ilie charity's Invesln)enls.
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS TRUSTEES ANNUAL REPORT (continued) Investment Policy I'he iiiveslnienls lield within the IrLJsI are holdiiigs in unquoted conipai)ies As wilki (ill unqijoled iiiveslnienls, Ihe Iruslees are Inin(5ful of Iheir values Iqowever, Iliey afe confident Ihal the values sliown are fair. Tliey are also confident in Ihp c.ompaiiies to nidinlain the current level of dividends inlo the foreseeable lulure Reserves Policy Tlie Charity Is a granl making charity and ils income qerieraling assels are Ihereforp held as ii)veslnienls and cash dp.posil8 In ariy giveii year. a suiplu% (Ir delicil (Jii Iièl iesources will arise whicli will flucluale froir year lo year Any balance of inconie cai ried forward into the next year is Irealed as income available for dislribulion The Iruslees coiisider all income is available for dislribulioi) 8iid do nol anlicipal selling aside any fLJnds for spp.cial projects Al 5 April 2024 the Charily l)eld reserves of f15,927,q1512023 £15,791,8131. Plans for future periods The ITuslees do not anlicipale any significant changes lo Ilieir currenl syslen) lof awarding grants. Statement of trustees, responsibilities in relation to the financial statemenls The Iruslee5 are responsible lor preparing the Trustees, Report and the linai)cial slalenieiils in accordance with applicable law and United Kiiigdom Slandards The law applicahle lo charities iii England and Wales req Liires Ihe IrLislees lo prepare finaiicial slalemeiils lor each finaiicial year whicli give a Irtje and fair vie.w nl Ihe slale ol affairs ol the Charity aiid ol Ihe incoming resoLirces and applicalioii ol resoijrces nl Ilie Charily lor th81 period In preparing these finaiicial sl2lerTierils, the IrLislees are required lo select suilable accoijnling policies and apply them consistently, observe the melhods and priiiciples of Ihe Charities SORP., make iudgemenls and eslimales Ihal are ieasonable and prudent, stale wlielher applicable accoui)liiig standards liave been followpd, siibjecl lo any departLires disclosed aiid explairied in the financial slaleinenls an(J prepare Ihe financial slaleiiienls on the going concern basis unless il is Inappropridle lo presume Ihal the Charity will cor)linue iii business The Irijslees are responsihle for keeping accoLJiilirig fecords wliich disclo8e witli reasonable accuracy 11)e fiiiar)cial p0511ion of Ilie Charily and efiable Iheiii lo asLertain lo eiisure Ihal the financial slalemenls coiii{)ly with the Charilies Act 2011 , the Charily (Accounts aiid Repoflsl Regulations 2008 and the provisions ol Ihe IrLJsI deed. Ihey arp also responsible IOT safeguarding the assels ol the Charily and hence for laking reasonable sleps loi Ihe prevention and deleLliori ol Iraud and olhei Irregiilai Ilies Tlie Iru51ees are resporisible lor the ii)ainlenance and iiilegrily ol Ilie cliarily aiid financial inlorinalion included on Ilie Charity's website
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS TRUSTEES ANNUAL REPORT (continued) Declaration I declare, in niy capacity ol cl)arily Iruslee, that Ilie IrLislees have approved the report above and have authorised nie lo sign Il 01) their behalf. J R M Simcox, Truslee DATE
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS INDEPENDENT AUDITOR'S REPORT Opinion We liave audited the financial slalenipnls ol the Louis Nicholas Residtiary Charitable TrLisI Ilhe charilyl for the year ended 5 April 2024 wl)icli Loii)prise Slaleiiienl of Financial Aclivilieb. Balance Sl)eel. Cash Flow Slalemenl and notes lo the fii)ancial slalen)enls, Includiiig 51gnilicanl accoiinliiig policies The financial reporting framework Ihal has been applied in Iheir preparalion is dpplicable law and Ljniled Kingdom AccoLinling Slandards, Inc.luding Financial Reportirig Slan(lard 10?. The Fir?anrial Rep()rting Sl317cJard cipylicdlile ii? Ihe UK aii(l Rppiiblic ol Irelai?d l Ljniled Kirigdom Generally Accepied Accountin9 Praclicel In our opinion the fiiiancial slaleii)enls'. give a Iriie and fail view ol the slate ol the charity'% aflairs as al 5 April 2024. and ol ils Incoming resources and applic.alion of resources, including ils income and expendilure. for the year Ilie.n ended.. have been properly prepared in accordance willi Uniled Kingdom Generally Accepted Accouiilin9 Practice, and have beeii prepared in accordance wilh the requirenienls of the Charities Act 2011 Basls for opinion We coiiducled our audil iii accordance with Inleri)alional Standards on Auditing l UK I I ISAS l UK I l and applicable law Our re<ponsibililies under those standard5 are further desciibed In the Audilor's responsibilities lui Ihe audil ol the financial slalemenls seclioii ol oiir report We are independeiil of Ilie charily in acc,ordance willi the elliical re9uiierTienls that are relevanl lo oijr audit of Ilie Iinaricial slalemenls in 11)e UK. including Ihe FRC'S Ethical S13ndard. aiid we have fulfilled Quf other elhir,al responsibilities In accordance wilh these reqiJirerTienls We believe that Ihe aiidil evidei)ce we have obtained is sufficienl and appropriale lo provide. a basis for our opiiiion Conclusions relating to going concern In aiidiliiig Itie Iinar)(:ial slalenienls, we l)ave concluded that the Iruslees, usp. DI the going concern basis of accounting in the preparation of Ilie fiiiancial slalemenls is appropriate. Based on the work we Iiave perlormed, we have nol ideiilified any Inalerial ijiicertaiiilies relaling lo c.veiils or conditions that, Individlially or collectively. Inay cast significaiil doLJbl 01) Ilie charily's ability lo continue as a goiiig coiicerii lor a period ol al leasl twelve nioiilhs from when Ilie firiancial slalemenls are 3iJlhorised for issue OIJT re8ponsibililies aiid the responsibilitie8 ol the Iru51ees will) rp.specl lo going c.oncern are desciibed In 11)e relevant sections of 11)is repori. Other information The other information compr15es the Inforinalioii 11)clLided in the Iriislees, annual report. ollier Ihaii the financial slalernenls and our audilor's reporl Ihereon The Irusleps are respoiisible lor the other infornialioii Lonlained wilhin the annLial report. Our opiiiion on the financial slalenienls does iiol cover the other inforinalioii aiid. excepi lo the exlp.lil otherwise explicitly staled iii oijr rpport. we do not express any lorni ol as8iirance conclusion Iliereon
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS INDEPENDENT AUDITOR'S REPORT (continued) Irregularilies, Including fraud, are instances of non-compliance willi laws ai)d regiilalions We desiqii procedures in line with our responsibilities, outlined above, lo delecl nialerial misslalenieiils in respect ol irregularities. including fraud The extent lo whicli our piocediires are capable of delecling irregularities, includiiig fraud is detailed below. The financial slalemenls liave been reviewed in conjijnclion with ali FRS102 Charity checklisl lo ensure. Ihe enlily is complying with the correct franiewoTk. Review ol Iruslees minutes and review of nominal posting8 for le9al and professional fee8 ensLired we identified any regulatory compliance issues and laws Ihal the charity m usl follow iii tl)e year and lo Ilie dale of signing the financial stalenienls The assessrY?enl ol fraud was considered as low due lo the segreg<ilion ol dulles seeii, Ihe low levels ol ca81i handled and Ihe regular reporlir)g reqijired ol Ihe c.harity lo ils Iruslees During the audit we speak lo m<inagenienl. lesl Ihe syslems and speak lo various Ineiiiber8 ol Ihe finance funclion lo understand the entily Ils processes an(J the nallire ol trade lo a84isl iii determining If the financial slalements are ITiJe and fair As pan ol an audit in accordaiice willi ISAS (UK), we exercise Professional judgmenl and mainlain professional scp.plicism throughoul Ihe audit. We a150. Identify and assess the risks of material misstalenienl of the financial slaleinenls, whether dije lo Iraud or error. design and perfomi audit procedures responsive lo those risks, and oblain audit evidence 11)al Is SLifficieiil aiid appropriate lo provide a basis for our opinion The fisk ol not delecling a malerial misslaleineiil resulting from fraud is higher Ihan for one resulting froin error, as fraLid may Irivolve collusion, forgery, inlenlional omissions, misrepresenlalions. or Ihp Dverride of iiilerrial control Oblain an understanding of internal control relevant lo Ihe audit in order lo design audit procedures Ihal ale appropriate in Ihe circun)slances, bul nol for Ihe purpose of expressing an opinioii on Ihe effectiveness of the charity s internal conlrol Evaluale 11)e appropriateness of accounting policies used and Ihe reasonableness of accounting esliinales and relaled disclosures made by the trustees Conclude on the appropriateness ol the Iruslees use of the going concern basis of accounting 3nd, b3sed on the audit evidenc.e obtained, whether a nialerial uncertainly exisls related lo events or conditions that niay cast significanl doubl on the charity s ability to continue as a going coiirern If we coi)clude Ihal a material uncertainly exists, we are required lo diaw alleiilion in oui aLidilor s report lo the related disclosures iii Ihe financial slalemenls or, if such disclosures are inadeouale, lo modify our opinion Qlir conclusions are based on the audit evideiice obtained up lo the dale of our aLidilor s report However. future events or conditions may cause the charity lo cease lo continue as a going concern Evaluate 11)e overall presentation, slriiclLtre and coiilenl ol 11)e financial slalemenls, including Ilie disclosures, and whether Ihe financial slalemenls represent the underlying Iransaclions and evenls in a manner Ihal achieves fair presenlalion l ie gives a Irue and lair view). We coininunicale wilh those p.harged wilh governance regardiiig, among other mallers. Ihe planned scope and limin9 of the audit and 51griificanl audit findings. inclLidiiig any significant deficipncies in inlernal control Ilial we identify rtijring our audit
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS INDEPENDENT AUDITOR'S REPORT (continued> Other information Our re<ponsibilily is lo read Ihe other Information and, in doing so, consider whether Ihe olher Infornialiori 15 malerially incoiisislenl wilh the financial 51alenierils or our knowledge obtained In the COLJrse of the audil or oltiefwise appears lo be nialerially misslaled 11 we idenlily sucli maleT131 inconsislencips or apparanl material misslalemenls. we are reqijired lo delerrnirie whether this qives rise lo a material misslaleinenl In the financial slaleinenls Ihemsplves 11, based on the work we liave perforrTied, we conclijde Ilial Ihere is a Inalerial misslatemenl of Ihis olher informalion, we afe reqiiired lo report that facl We have nolhing to report In Ihis regard Matters on which we are required to report by exception We have nolhiiig lo report iii respecl of 11)e followiiig Inallers in relalioii lo which the Qhafilies (Accouiils and Reports) Regulalions 2008 require us lo repori lo you il. in our opinion. the informalion given in Ilie financial slalemenls is inconsislenl in any iiialerial respecl wilh the truslees report. or the charity has nol kepl adequate accoiinling records, OT the financial slaleiiieiil8 are nol in agreemenl with the accounting Fecords and returns,. or we have Iiol ieceived all the informalion and explaiialions we require loi our aiidil Responsibllltles of trustees As explained more fijlly in the Iiuslees, responsibilities slalemenl sel out on page 4, the Iruslees are responsible for the preparalioii ol lir)ancial slalemenls and for being satisfied that they give a Iriie and l<iir view. and for SLJch Inleinal control as the Iruslees deleriTiine 15 iiecessary lo enable the preparalioi) ol linancial slalemenls that are ffee from material misstalemenl, whelher due lo Iraijd oi error. In prepariiig the fiiiancial slalemenls, the truslees are responsible fof assessing the charity's ability lo conliliue as a goin9 concern. disclosing, as applicable, Inallers relaled lo going concern and Lising the goiiig concern basis of accounling unless Ihe IrLislees eilher inlei)d lo liquidate Ilie cliarily or lo cease operalions. or have iio realistic allernalive bul lo do so Auditor's responsibilities for the audit of the financial statements We have been 3ppoinled as aiidilor under section 144 of the Charilies Act 2011 and report in accordance with regulations made under section 154 of Ihal Act. Oiir objectives are lo obtain reas0113ble assuraiice about whellier Ihe financial 8laterTients as a whole are free from material misslalemenl, whelhef due lo fraud or error. and lo issue ali audilor's report that Includes our opinion Re.aSCinable assuraiice 15 8 liigh level of assurance. bill is iiol cl 9tJarai)lee that an audil conducted ii) accordance wilh ISAS l UK I will always delecl a Inalericil niisslaleinenl when il exisls. Misslalemenls r.an arise from IraLid or error and are considered material if, IrTrdividually or in the aggregate. they colild reasonably be expected lo iiifluerice the economic decisioiis DI users taken on the basis of these financial slalen)enls.
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS INDEPENDENT AUDITOR'S REPORT (continued) Use of our report This reporl is made solely lo the charity's Iruslees, as a body. in accordance willi Parl 4 of 11)e Charilies (Accounts and Reports l Regulations 2008 Our aiidil work has beeii Liiiderlakeii so Ilial we iiiighl slate l() 11)e charity s Iruslees Ihose mallers we are required lo stale lo them in an auditor's report and lor no olher PLirpose To the fijllp.sl exlenl permilleLI by law, we do not accept or assiime responsibility lo anyone other than 11)e charily and Ihe cliarily'5 Iruslees as a body, for our audil work, frjr this report, or lor Ihe opiiiioiis we have lornied Penelope Bowden Riverside Accountancy Lancaster Limited Chartered Accountants and Statutory Auditors Riverside Offices Second Floor, 26 St Georges Quay Lancaster LA1 1RD Dated /*/IL)/irty
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Note 2024 2023 All funds held are unrestricted Incoming resources Inveslnieiil IriLonie. Charitable activitles 990.154 957,371 2,000 959,371 990,154 Resources expended Charitable Aclivitiès Grants made lo inslilulions SLJPPOrt c.osts Govcrii(Ince cosls 1 1114,9()0 1.090.000 3,976 4,490 1,186,511 1.169,422 Net {ouigoingllincoming resour¢8s 1196,J571 (210,0.$11 Gain in lair value ol Iiivestmenl 8ssel8 332.45CJ 670.957 Nel movement in lunds for the year 136,102 460,906 Total funds brought fonvard 15,791,813 15,330,907 Total funds carried forward 15,927.915 15,791.813
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 2023 All lijnds hèld are ui)restricled Fixod assets Invpslrneiils 15.277.756 14 945.297 Current assets c.ash al barik and in liand 697.732 89J,311 Current liabilities Credi1gr5 aniounls lallii)g dije within one year 47,573 44.795 Net ¢uirenl assets 650.159 846,516 Nel assets 15,927,915 15.791,813 Represented by.. Uiirosiiicled luiids 15,927,975 15,791.813 15.927.915 15,791.813 Approved by Ihe Iruslees on 161,4- and signed Iheieby J R M Simcox, Trustee Mr5 K A Konsta, Trustee M Q Smye, Trustèe Mrs F V Norman, Trustee The notes on pages 13 10 16 Iofni parl ul Ihese accouii15
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Cash flow5 from operaling activitie5.' Nel movement in fund8 per Slalemenl of Financial Activities - Inconie aiid ExpendilLire Accoijnl 1196.3571 1210,0511 Adjusliiienl lor increase in credilors 2.778 J11,434 Net cash provided by operating activities (193,579) 1221,485) Cash outflow 1193.5791 1221.485) Casli and casli eouivalenls broughl forward 891,311 1,112,796 Cash and cash equivalents carried lorward 697,732 891,311 Analysis of cash and cash equivalents Cash al bank and iii liand 697,732 891,311
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS NOTES TO THE FINANCIAL STATEMENTS Principal accounting policies a Basis of accounting Tliese financial slaleinenls have been prepared under Ihe historical cos1 convention las niodified by the revalualioii of iiiveslmenls al year er)d values I in accordance wilh the Charities Acls, Ihe Slalemenl of Recoinmended Praclice 2019. FRS102 and other applicable accounting standards The charity is a PLiblic benefit enlily Tkie accouiils are prepared in sterling, wliic.li is the functional currency ol the Charity. Mor)elary amounl In Ihese fiiiancial slalemenls are roijnded lo the nearest £ b Fund accounting All fur)ds held within the Charity are unreslriclpd and are for the use al the discrelior) of the Iruslees in fulherarice of Ilie general cliarilable obieclives. c Investments Inveslmenls are slated al a fair market value as calculated by 117e Iruslees al Ihe balance sheet dale All gains and losses, on these fair valises are taken lo Ilie Statement ol F ii)aiicial Activities as they arise. d Grant8 Donalions are charged lo the Slalemenl ol Financial Activities in the year when the donatiori is confirrTied by the Iruslees e Support costs These relate lo support the grant Inaking aclivities of the Charily l Governance costs Goveriiance costs comprise all cos18 Involving Ihe public accouiilabilily of the chaf Ily and ils compliance willi regulalioii and good practice Thp.se costs Incliide costs relaled lo slalulory audit and legal fees. g Goin9 concern Al the linie ol approvii)g Ilie accounts, the Truslees have a reasonable expeclalioii Ihal the Charity has adequale resources lo continue in operational existence for the foreseeable fulure Thus Ihe Truslees continue lo adopt the going concern basis of accoLJnling in preparing 11)e accounts. h Financial inslruments The Charily lias elected lo apply the provisions of Seclion 11 'Basic Financial Inslrumenls, and Secliun 12 '01her Financial Inslrunienls Issues, of F RS 102 to all of Ils financial inslrunienls. Fiiiai)cial Iiislrijmenls are recognised iii Ilie Charily's balance sheet wheri Ihe Charity becon?es a party lo the conlraclual provisions ol the inslrumenl. Financial assets and licibililies are oflsel. wilh the iiel aniouiils presei)led Iri Ilie financial slalemenls. when there is a legally ei)forceable right lo sel olf Ilie recognised amounts and there is ali Intention lo sellle on a nel basis or lo realise Ilie Issel and sellle the liability simultaneously
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS NOTES TO THE FINANCIAL STATEMENTS (continued) h Financial instruments cont. Basic financial assets Basic Iinaiicial assets. whi(:Ii IllLliide Ile,tJlurs and rash arid l)ank hal?f)ce.%. afe. iriilially me.asiired al Irans8(:Iioi) price lnc.ludiiig Iraiisacli()n c.08ls an<1 are siibseqijenlly carried cil ariiorlised cu51 u%iiig the effective inlp.retl niplliod Iiiile45 Ilip. arrdnqeiT)eiil coiisliliiles a Iincll)cirig Iraiisaclion. wl)ere Ilie. Iransarlioii Is measiirp.d al Ilie pre.%enl valLJe ol the lulLire reLeip18 di¥Loiiiiled al a n)arkel rale ()1 ii)lere.sl Finari(-,ial assets classili(:d [18 receivable. williiri ()Iie year are Iiol rllll(lrti%eil Basi¢ financial liabilities Basic fiiidn¢,ial liabilities. inc.luding creditors arid baiik 10<3114 are Inilially recogiiised al Iransar.Iion price ui)less Ilie arrangemeiil conslilules a financiijg Ifansac.liori, wliere Ilie debl inslrunienl is nieasured al Ilie present value. of Ilip. fulijre payments discolinled al a niarkel iale ol intere51. f. ii)ancial li8bililip.s classified as payable williiii 01?e year ale nol ainortised Debt iiislriimenls are siib4eqLienily carried al aniorlised Lost. Iisii)g 11)e elleLlive. inlp.resl rale meihod Trade rre(iilors are obligations lo pay for goods or services Ihal 1)8ve beeii acqLiired ii) Ilie Ofdir)ary Lourse ol operation% froni siippliers An)oiinls payable are classified as ciJrre,nl liabilities Il paymeiil is due williiii ()iip ye'ir ur letss 11 not. Ihey ale presented as iioii.currenl Iiabililies Trade credilors are rec,'vgiii5ed iiiilially al Iransacliui) priv and subseqijenlly measLife (Il amorlised cosl usiiig11)e elfeclive inlerp.sl ii)elliod i Judgements and key sources of estimatlon uncertalnty In the applicaliun ol the Charily's accoiinliiicJ poliLies. Ilic. Iiuslees ¢ire reqliireil lo n)ake Iiidgerrieiils, eslim3led and assiiiiiplions aboul the. carrying ainounl ol assels and liabilities Ihal are iiol readily ai?parenl froin other soiirces Tlie o'.sliii)ales aiid a%soci¢31ed assLiiiiplions rire based on 1i18lorical p.xperience and ollier faclors Ilial arp considefed lo be relevant Aclual results niay differ from Ihese esliniales The esliniales and ijnderlyiiig assumptions are reviewed ori èri origoirig basis RevislQ51S lo aLcouiiling esliiiiales arp. ILJ{'.()giiise(I Iii Ilie i)eriud iii whii:h IIIL. esliinale is revised wliere 11)e revi%ion affects only that period. or in Ilie yeriud i)1 Ilip revi%iciri aiid ILilure periods wllerp. Ihp. rp.vision affèr.ls bolli current ¢qnd fiilure periods Key sources ol estimated uncertalntly Tlie e.slimale% a(Trd assiJiiii)Iioiis wliiLlI Iiavp a signilicanl risk ol causii)g a Iiialerial adiu%lmeiil lo Ilie Larrying arrtounl of assels and liahililies are as follows Fair value of Investments The cliarily 5 Iru51ees delerniine Ihe fair value of 11)e inveslme.nls'. a5 Iliese are unlisted inveslmenlq there is no liidrkel comparison available liowp.ve.r the.y calriJ1ale fvliire valijalion ol Ihe InveslrTienl based on the relurii ffoni Iliese 11)veslmenls ijsiiig a 11151oric, (Jivideiid yield of C) 4,10 Fixed As¥et Investments Tlie lair value of Ilie fixed assel Iiiveslmenis held by Ihe Clidrily Is perforriied nn Ilie 118si% of a Ilisioric divide.rid yiel(I ii)o(lel IJsii)q r31i exi)p.c.lecl yield 016 40/, 1 I ie 1111slee.s coi)sidp.r Illi% lu bL) lili ak)propTiale raip li) iJ%e. 01) Ihp l)88is ol ièliirils Ilial Iiiiqlil lie. p.xi)e(:led fron) %iiiiilar inveslinenls in ilflqlltttecl Iradirig (".aiiii)¢aiiiL•S
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS NOTES TO THE FINANCIAL STATEMENTS (continued) k Incoming Resources Inveslinenl Income - Inleresl and olhei inveslmenl Incoine is recorded In Ihp Slalemenl of Financial Activities wheii received by Ihe Charity 2024 2023 Investmenl assets UK unquoted investments Al faif value as per Iruslees valualiori lJ,277,7.56 14,945.297 Fair value al 5 April 2024120231 Fair value al 5 April 2023120221 15,277,756 14,945,297 14.945.297 14,274,340 Increase In falr value 332,459 670,957 Investmenl Income UK uiiquoled inveslinenls Olher income 977,775 12,379 956.499 872 990,154 957.371 Charitable activities Donations not presented 2,000 Credltors: amounts falling due withln one year Accruals 47.573 44.795 Support costs Fees charged by Simcox & C.0. in Ihe accounts for Ihe year were £77.635, {2023 £74,932} inclijsive of VAT and disbursemeiils. Governance costs Bank charges fof the year amounted lo £14212023 £1441 Trustees expenses lor Ilie year amounted lo £N IL paid lo two IrLJslees iii Ihe year, 12023 £5111. These related lo Iravelling expenses Audit fee% of f.3,834 were cliarged dijring Ihe year in respect of the year ended 5 April 2023 12023 L3,834)
THE LOUIS NICHOLAS RESIDUARY CHARITABLE TRUST AUDITED ACCOUNTS NOTES TO THE FINANCIAL STATEMENTS Icontinuedl 2024 2023 8 Donation5 T he. IriJslee5 Niade dunalioi)s dii¥ing 11)e yeai lo 1n81iliilions In Ilie lollowiiig sectors ol snriply Aninial Welfare Ciiildrei) and Yoiilh Educalion and Trairiing Eiiviroiimenl Ex Service Suppo Family Sijppom Heallli aii(J Hospilals The Arl% Religioiis Aid 36,500 22U.OUO 34.000 28,000 38,000 470,500 244 500 10.400 23.UUO 49.000 247.000 43 000 37.000 394,000 200.000 61.000 1.IU4,900 1.090,000 9 Employees The Cl)aiily did not have any employees diiring Ilie year12023 nil) No Iiiislees receivecl reiiiLineralioi) or pmployriieril borielils Iioni 11)e e.Iiarily 10 Relaled Party Tran5acllons Diiflllq Ilie year lees were charged by Simcox & Co. a lirili in which J R M Sinicox 8 Iruslee is priricipal. amoiinling ¢0 £77.63512023 £74,932) inclusive ol VA T and disbLtrsemenls Ir)T Ihp provisioii ol a(Imiriislralive dnd ollief SLlPP(>rl services. Al Ihe year p.nd an amoiiril ol 147,57312U23 £14. 7951 was InclLJded williin Credilors 111 201 q MI M Q SITiye was appoinled a diTeclor c)1 all Iolir companies Ir> whicli the rliafily lias invesliiienls. Diirii)g 2024 11)eTe were no olhef relalecl party doiialions m<ide.12023. noiiel 11 Commitmenl lo future donallons Tlie Iiusl has cointnilted lo don8lion5 lolalling f. I t),000 In Ilie 12 monllis allei 5 April 2024 12023. f 30.0001 7 2 Control Relationsliips T lie charily Ir coiili L)Iled by Ihe Iruslep.s