Handelsbanken Wpalth & Asset Mancigpinent THE PONTOON TRUST REPORT AND ACCOUNTS Year ended 5 Aprll 2024 1?.4
THE PONTOON TRUST INDEX Year ended 5 April 2024 Page General information Report of the trustees statement of trustees, responsibilities Independent auditors, report 7-10 Statement of financial activities Balance sheet 12 Cashflow 13 Accounting policies 14-15 Note5 to the financial slalements 16-18
THE PONTOON TRUST GENERAL INFORMATION Year ended 5 April 2024 Trustees Slefan Olsson (Appointed 24.01.171 John Tierney (Appointed 24.01.171 Dominic Allain (Appointed 24.01.17} Jim Barrat (Appointed 24.01.17) Accountant Handelsbanken Wealth & Asset Managemenl 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS Independent Auditors Gibson Booth Chartered Accounlants & statutory Auditors New Court, Abbey Road North Shepley Huddersfield HD8 88J Princip81 Office 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS Registered charity number 1172421
THE PONTOON TRUST REPORT OF THE TRUSTEES Year ended 5 April 2024 The trustees present Iheir report with the financial stalements of the ¢h8rily for the year to 5 April 2024. The Iruslees have adopted the provisions of Accounting and reporting by Charities: Statement of Recommended PraGti¢e applicable lo charilies preparing Iheir accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019>. Object and activities for the public beneflt The object of the charily, under the terms of the Trust Deed- The advancement of the Roman Catholic religion by supporting Ihe works of the members of the Society of Jesus (The Jesuits) in the United Kingdom, the Republic of Ireland, Sweden and Easl Africa. Provide financial assistance for students wishing to attend Blackro¢k College, Dublin, and other similar Catholic schools or academic inslilutions, where the costs may otherwise make it impossible. The 8dv8ncement of thè arts, and in particular of classical music and opera. The relief of those in need because of youth, aga, ill-health, financial hardship or other disadvantage by providing financial and other assistance lo.. persons in need of assistance during their education or training (whether academic, professional or vocalionall,. and Older persons suffering from neglect, abuse or other forms of hardship. The Irust furthers ils charitable purposes for the public benefit Ihrough ils Gurrent granl-making policy in the areas covered by the ch8ritable objects referred to above. This is aimed at supporting either the core overheads of the organisations to whom granls are made or otherwise supporting specific fundraising objectives. The Irustees confirm they have had due regard to the guidance issued by the Charily Commission on the public benefit. Achievements & Performance The trustees Carefully oonslder how their available resources can be utilised by way of grant making to existing charitable organisalions in such a way as lo maximise impact in the arears covered by the trust objects. They mainlain direcl personal oversight of and interest in Ihe grantee organisatsons with this in mind. Financial Review Unrestricted funds Incoming resources for the year amounted lo £227,440 Compared to £82,294 for Ihe period to 5 April 2023. Grants of £3,320,000 were made and support costs amounted to £7,951. The deficit has been made good by transfer from the expendable endowment fund. This compares to grants of £1,450,000 and supporl costs of £7,762 for Ihe previous yèar. Expendable endowment An additional donation and gift aid repayment lolalling £4,396.222 was added to the expendable endowment fund In the year. Expendable endowment stood 8t 18,465,561 (2023.- £16,508,011) at the balance sheet date and conslilutes the free reserves.
THE PONTOON TRUST REPORT OF THE TRUSTEES Year ended 5 April 2024 Principal funding source The principal funding source comprises gifts from the Irustees of the charity and from investment income. Investment policy and objectives The trustees have agreed a medium risk profile. Reserves policy The trustees aim lo maintain the endowment fund al 2 level lo provide a sufficient capital base lo generate an income level sufficient lo maintain the level of grant making planned in the future. The trustees are salisfled with Ihe current level of rèserv6s. structure, governance and management The Pontoon Trust is conslituled by Deed of Trust dated 24 January 2017 and is a regislered charity, Number 1172421. Trustees New Iruslees may be appointed by the existing trustees by virtue of a power contained within the Tiusl Deed. The Trust Deed provides for a minimum of three trustees. Governing document The charity Is controlled by its governing (Socument. a deed of trust and constitutes an unincorporated charity. Recruitment and appointment of new trustee New Iruslees may be appointed by the existing trustees by virtue of a power contained within the trust deed. A minimum of three trustees is required by Ihe trust deed. Organisation structure The Ifuslees musl hold at least two ordinary meetings each year. At those meetings, the Iruslees agree broad strategy and activity for Ihe Trust, including consideration of grant making, investments and reserves. Induction and trainlng of new trustees On appointment, new trustees must expressly acknowledge hls or her acceptance of office of Truslee of the Charlty. In selecting new trustees, the Irustees must have reg2rd lo the skills, knowledge and experience needed for effective administration of the charity. New trustees are provided with a copy of the Trust Deed and a copy of Ihe Charitys latest report and accounts.
THE PONTOON TRUST REPORT OF THE TRUSTEES Year ended S April 2024 Risk management The trustees have assessed the risks to which the charity might be exposed and consider them lo be minimal. The trustees have addressed such risks that exist. Approved by order of the board of trustees on. .and signed on its behalf Slefan Olsson Trustee John Tierney Trustee Jda7_
THE PONTOON TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Year ended 5 April 2024 Trustees. responsibilities in relation to the financial slatements The trustees are responsible for preparing the Report of the Trustees and the financial statements in accord8nce wlh applicable law 8nd United Kingdom Accounting S18ndards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo ch8rities in England and Wales requires the trustees lo prepare financial $18tements for each financial ye8r which give a true and fair view of the slate of 8ffairs of the charity and of the incoming resources and application of resources of Ihe charily for Ihe perlod. In preparing these flnancial statements, the trustees are required lo.. select sullable accounting policies and then apply Ihem consistently.. observe the methods and principles of the Charities SORP 2019 IFRS 102): makejudgements and accounting estimates that are reasonable and pruder¢t', slate whether applicable accounting slandards have been followed prepare the financial slatements on the going concern basis unless it is inappropri8te to presume that the charity will continue in business. The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them lo ensure that Ihe financial statements comply with the Charities Act 2011, the Charity (Accounls and Reports) Regulslions 2008 and the provisions of the trusl deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabl6 steps for the prevention and detection of fraud and other irregularities.
THE PONTOON TRUST Independent Auditor's Report to the Trustees of The Pontoon Trust Year ended 5 April 2024 Opinion We have audited the financial slalements of The Pontoon Trust (the 'charill) for the year ended 5 April 2024 which comprise Ihe slatemenl of financial aclivilies, Ihe balance sheet, cash flow slalemenl and the notes to the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalemenls.. give a true and fair view of the slate of the charity's affairs as al 5 April 2024, and of ils Incoming resources and application of resources. including ils income and expenditure, for the year then ended: have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with Ihe requlrements of the Charities Act 2011. Basis for opinton We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUKI} and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities for the audit of Ihe financial stalemenls section of our report. We are independent of the Gharity in accordance with the elhical requirernents that are relevant lo our audit of the financial statements in the UK, including the FRC'S EthiGal Slandard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidenGe we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audlting the financial slalemenls, we have concluded thal the trustees, use of the golng concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Ihe charitvs ability to continue as a going Gonrn for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibllities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees annual report, other than the financial slatetnents and our auditor's reporl Ihereon. The trustees are responsible for the olher information contained within Ihe annual report.
THE PONTOON TRUST Independent Auditor's Report to the Trustees of The Pontoon Trust Year ended 5 April 2024 Our opinion on the financial statements does not cover the other information and we do nol express any form of assurance conclusion Ihereon. Our responsibility is lo read the other informalion and, in doing so, consider whether the other information is materially inconsistent with Ihe financial statements or our knowledge obtained in Ihe wurse of the audit or otherwise appears lo be materially missl8ted. If we identify such material inconsistencies or apparent material misslatements, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we h8v& performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Malters on which we are required lo report by exception We have nothlng to report in respect of Ihe following matters in relation to which the Charities (Accounts and Reporls) Regulations 2008 require us to report to you if, in our opinion- the informallon given in the financial statements is inconsistent in any material respe¢t wllh the trustees. report., or the charity has not kept adequale accounting records. or the flnancial slalemenls are not in agreement with the accounting records., or we have nol recelved all the infoimation and explanations we require for our aullit. Responsibilities of trustees As explained more fully in the slalement of Iruslees, responsibilities sel out on page 6. the trustees are responsible for the preparation of financial stalemenls which give a Irue and fair view. 8nd for such internal Gontrol as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessir)g the charitys ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basls of accounting unless the Iruslees eilher Intend to liquidate the charity or lo cease operations, or have no realistic allernallve but lo do so. Auditor's responsibilities for the audit of Ihe financial statements We have been appointed as audilor under section 144 of the Charities Act 2011 and report In accordance with the Acl and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wth ISAS (UK) will always delecl a malefial misstatement when il exisls. Misslalemenls can arise from fraud or error and are considered
THE PONTOON TRUST Independent Auditor'5 Report to the Trustees of The Pontoon Trust Year ended 5 April 2024 material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basi5 of the financial slalemenls. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl malerial misslatemenls in respect of irregularities, inclLtding fraud. The extent to which our Procedures are Capable of delecling irregularities, including fraud is detailed below.. Based on our understanding of the charity and the charity sector, we identified that the principal risks of non-wmpliance with law and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial stalemenls. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and the audit procedures performed incluijed.. Correspondence with Management including consideration of known or suspected instances of non-compliance with laws, regulation and fraud; Testing of bank transactions, including tracing grant payments made. lo supporting informalion. Testing completeness of income Testing accounting adjustments Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularitles, Includlng those leading to a material misstatement in Ihe financial s18tements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely to become aware of InslanGes of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities is available on the Financial Reporting Council's website al: htt s.'Ilwww.frc.or -uklOur-WorklAudiVAudil-and-assurancelStandards-and- uidancelSlandards-and- IAudilors-res onsibilities-for-audiVDescri lion-of-audilors-res onsibilities-lor-audit.as This description forms part of our auditor's report uid8nce-for-auditors
THE PONTOON TRUST Independent Auditor's Report to the Trustees of The Pontoon Trust Year ended 5 Aprll 2024 Use of our report This report is made solely to the charity's Iruslees, as a body, in accordance with Part 4 of the Charilies (Audit and Reports) Regulations 2008. Our Audit work has been underlaken so that we might slate to the charity's trustees those matleis we are required to slate to them in an auditor's report and for no other purpose. To the fulle51 exlenl permitted by law, we do not accepl or assume responsibility lo anyone other that the charily's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Gibson Booth Chartered Accountants & Slalulory Auditors New.Court Abbey Road North Huddersfield HD8 8BJ IDatel 6 , }. 3(1 Gibson Booth is eligible to aGt as an auditor in terms of section 1212 of the Companies Act 2006 10
THE PONTOON TRUST STATEMENT OF FINANCIAL ACTIVITIES Year ended S April 2024 Unrestricted Income Fund Expendable endowment Fund Total this period 2024 Tolal last yeai" 2023 Note Incoming resources Voluntary Income Donalions and compensallon 3,516,978 3,516,978 9,024,711 T8x refund due on gifl aid 879,244 879,244 1,500.013 Invesfment income 227.440 227,440 Total incoming resources 227.440 4.396,222 4,623,662 10.607,018 Resourses expended Cost of generaling funds Inv8slment management costs Charitable activilies Grants made 3,320.000 3,320,000 1,450,000 Ollier Audit fees Accountancy and advice fees Bank charges 1.860 6,000 91 1,860 6,000 91 1,740 6,000 22 Total resources expended 3,327,951 3,327,951 1,457,762 Net incomingl(outgoing) resources before transfers (3.100,511) 4,396,222 1,295,711 9,149,256 Gross transfers between funds 3,100.511 3,100.511 Net incomelloutgolngl resources before other recognised gains and losses 1,295.711 1,295.711 9,149,256 Other recognised gains and losses {Losses}Ig8ins on investment assets Net movements in funds 661,839 1,957,550 661,839 1,957,550 1434,078) 8.715,178 Fund balance brought forward Fund balance carried fotward at S April 2024 16,508,011 18,465,561 16,508,011 18,465,561 7,792,833 16,508,011
THE PONTOON TRUST BALANCE SHEET As at S April 2024 Total this period 2024 Tolal lasl year 2023 Note Fixed assets Investment at market value 13,926,282 11.752,137 Current assets Debtors 2,074 13 Cash al Handelsbanken Cash al Handelsbanken Wealth 4,541,506 499 4.747,737 12,805 Current liablities Creditors.. amounls falling due within one year 14,800) 14,680) Net current assets 4,539,279 4,75r),875 Net assets 18,465,561 16,508.011 Funds Expendable endowment fund Unreslricled income fund 18,465,561 16,508.011 18,465,561 16,508,011 Approved byorder ofthe Iruslees on.......-.......... .and signed on Its behalf by.. stefan Olsson Trustee John Tierney Trustee 12
THE PONTOON TRUST CASHFLOW STATEMENT As at 5 April 2024 2024 2023 Net income for the year 1,295,711 9,149,258 Adjustments for Interest and dividends Decreasel{In¢reasel in debtors Increase in creditors (227,440) 12,0611 120 (82,294) 113) 240 Cash flows from operating actlvltles 1,066,330 9,067.189 Cash flows from investing activities Interesl and dividends Proceeds from sale of investments Purchase of investments 227.440 82,294 3,962,459 (9,011,908) 11,512,306) Net cash used by investing activities {1.284,866) (4,967.155) Ch8nge in cash and cash equivalents Cash and Cash equivalents brought forward Cash and cash equivalents carried forward (218,536) 4,760,541 4,542,005 4,100,034 660.507 4,760,541 13
THE PONTOON TRUST ACOUNTING POLICIES As at S April 2024 Basis of preparing the financial statements The financial stalemenls of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)"Accounling and Reporting by Charities= Slatement of Recommended Pracliee applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 (elfeclive 1 January 2019)" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. The financlal statements have been prepared on a going concern basis and under the hlstorical cost convention wlh the exception of investments which are included al market value, as modified by the revalualion of certain assets. Going Concern There are no material uncertainlie5 about the charity's ability lo continue. Income All income is recognised in the Statement of Financial Activities once the charity has enlillemenl to Ihe funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognlsed as expendllure as soon as there is a legal or conslructive obligation committing the charity lo thal expenditure, It is probable that a transfer of economlc beneflts will be required in settlemenl and the amount of the oblig8tion can be measured reliably. Expenditure is a¢counled for on an accruals basis and has been classified under the headings Ihat aggregate all cost relaled lo the category. Where costs cannot be dii'eGIIy 8ttributed to particular headings they have been allocated to activales on a basis consistent with the use of resources. Grants offered subject lo conditions which have not been met al the year end date are noted as a commitment bul not accrued as expenditure. Taxation The ¢harily is exempt from tax on ils charitable activities. Fund A¢counling Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The expendable endowment fund has been invested lo primarily produce income although the trustees may use the fund for charitable purposes if required. Reslricled funds can only be used for 8 particular restricted purpose within the objecls of the charity. Restrictions arise when specified by the donor or when funds are raiseij for particular restricted purposes. Foreign Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foFeign currencies are translated into sterling at the rale of exchange ruling al the dale of transaction. Exchange differences are taken into account in arriving al the operating result. 14
THE PONTOON TRUST ACOUNTING POLICIES As at 5 April 2024 Investments Investments are shown al market value at the balance sheet date. All gains or losses on the revaluation or on disposal are included in the Statement of Financial Activities Investment Income is recognised as receivable. Financial Instruments A financial asset or 8 financial liabllily is recognlsed only when the charity becomes 2 party to the contractual provlslons of the inslrumenl. Basic flnanGlal instruments are initially recognised al the Iransaclion price, unless the arrangement constitutes a financing Iransaclion, where it is recognised al the present value of the fulure payments discounted at a mark81 rate of interest for a similar debt instrument. 15
THE PONTOON TRUST NOTES TO THE FINANCIAL STATEMENTS As at 5 April 2024 2024 2023 1 Income Gift Aid donations Gift of shares 3,516,978 6.000,052 3,024,658 9,024,711 IDonalions and Telated tax refunds aro all expendable endowmenl tL•nd incomel 3,516,978 2 Investment income Handelsbanken interest LF Hb Balanced Mulli Asset Fund I Inc dividend dislribulions Ilnveslmenl in¢omè Is all unrèslricled funds income) 49,628 177,812 227,440 79,404 82,294 3 Grants Grief lo Gr8ce Royal Opera House Opera RARA Westminsler Cathedral Jesuits in Britaln (Society of Jesus Trust of 1929 for Roman Catholic) Creative Futures (UK) (Granl expenditure is all unrestiicled Fund exp?ndilur•) 150.000 1,000,000 150,000 1,000,000 1,000,000 20,000 3.320,000 150,000 1.000,000 100.000 200.000 1.450,000 4 Other Aiidil lees 202-_23 Ace.ouiilancy ai)d VVe.alll) advice lees to 31 March 2023 (Handelsbcinken Wealth Mgll 1,740 6.000 Bank chai'gos Audit fees for 2023-2024 Accountancy and Wealth advice fees to 31 March 2024 (Handelsbanken Wealth Mgi) 22 1,860 6,000 Bank charges lolher expendilure is all unrestrittted fund expendilure) 7,951 7,762 5 Fixed asset investments Market value Carrying (market) value at beginning of year Add Additions al cost Less disposals at carry value Addl{deducl) net gainlllossl on revaluation Carrying (market) value al end of year 11,752,137 1,512,306 7,136,766 9.011 LJ08 3,962,459 (434,0781 11,752,137 661,839 13,926,282 16
THE PONTOON TRUST NOTES TO THE FINANCIAL STATEMENTS As at 5 April 2024 2024 20?3 5 Fixed asset Investments continued Analys•s of Investment Mkt Value at year end Mkt ValLie al year end 9,037,171.962 Hb 881anced Multi Asset Fund I Inc 13,926,282 11,752.137 Tot81 13,928.282 11,752,'131 The historic cost of these investments was £13,183,794 (2023.. £11,671,489) 6 Debtors Outstanding gift aid refund Accured inleresl on bank balance 13 2,061 2,074 7 Creditors: amount falling due within one year Auclil lees Accouiilancy and Wealth advice fee5 10 31 mai.ch ?023 IHai)delsbanken Weallh Mgll 1,680 3.000 Audit fees Accountancy and Wealth advi fees to 31 March 2024 IH8ndelsbanken Wealth Mgt) 1,800 3,000 4,800 4,680 17
THE PONTOON TRUST NOTES TO THE FINANCIAL STATEMENTS As at 5 April 2024 8 Analysis of Funds Al 06-Apr-23 Income Expenditure Gains losses & transfers Al 05-Apr-24 Expendable endowment funds Unrestricted funds 16,508,011 4,396,222 227,440 13,327,951) 12,438,872) 3,100,511 18,465,561 16,508,011 4,623,662 (3,327,951 661,839 18.465.561 Al 06-Apr-22 Income Expenditure Gains losses & transfers Al 05-Apr-23 Expendable endowment funds Unrestricted funds 7.792,833 10,524,724 82,294 (1,457,762) (1,809,546) 1,375,468 16,508,011 7,792,833 10,607,018 1,457,762) (434,078) 16,508,011 Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the g8neial charitable objectives. Expendable endowment funds are primarily invested lo produce Income but may be used to fund charitable purposes. 9 Related Party Disclosures During the year Mr S Olsson made donations of£4.396,222 including Gift Aid to the charity. During the previous year Mr S Olsson rnade donations of £7,500,066 including Gift Aid to the charity. In addition he gifled 1,727,191.63 Hb Balanced Multi Asset Fund l Accumulation units lo the Gharily which had a market value of £3,024,658 al the time of Iransf6r. A grant of £150,000 (2023 £150,000} was made to Grief to Grace, a charity in which Dominic Allain is a trustee. 10 Staff costs and Trustees, Remuneration and Benefits There were no employees of Ihe oharily during the year. The trustees received no remuneration and were not reimbursed for any of the expenses in the year. 18