REGISTERED CHARITY NUMBER: 1172695 ort of the Trustees an Unaudited Financial Statements ror the Year Ended 5 A ril 2024 for The Ennismore Charitable Trust Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW
The Ennismore Charitable Trust Contents of the Financial Statements for the Year Ended 5 A ril 2024 Page Report of the Truslees Independent Examiner's Report Statement of Financial Activities Statemenl of Financial Position Notes to the Financial Statements 9 to 14 Detailed Statement of Finaneial Activities 15
The Ennismore Charitable Trust ort of the Trustees for the Year Ended 5 A ril 2024 The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities-. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives 2nd aims The objects of the Charity which are for the general public benefit are as follows: l) To advance the Roman Catholic religion mainly, but not exclusively by means of funding courses, conferences, scholarships, allowances or grants. 2) To advance the education of the public in the Christian religion in particular the Roman Catholic Church religion. 3) To advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time. Public benefit In complying with the duty in section 17(5) of the Charities Act 201 l the rnteeS have had due regard and referred to guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aim and objectives and in planning their future activities. The trustees Consider how planned activities will contribute to the aims and objectives they have set. Grantmaking & social investmeDts The trustees adopted a Grant Making Policy dated 21 April 2017 to ensure that charitable funds are used exclusively for the public benefit. The trustees seek to sat15fy themselves that each grdnt is made in furtherance of a charitable purpose that offers an identifiable benefit to the public or a significant section of the public and that any private benefit that may arise to any person or company as a result of a grdnt is merely incidental. The trustees made a total of £938,734 in grant payments to the following causes during the year: £46,000 - Catholic Union £50,000 - Team Domenica £12,000 - Genesis Perforniing Arts £28,734 - Diocese of Szeged & Csanadi £120,000 - Highground UK £250,000 - St Edmunds School £432,000 - Tum to Starboard All grants made were for purposes that fall within the charity's objectives. The trustees do not anticipate any possibility of private benefit from their grant making but shall be rnindful of conflicts of interest or loyalty etc. Page I
The Ennismore Charitable Trust ort of the Trustees for the Year Ended S A ril 2024 FINANCIAL REVIEW Financial position The trustees are satisfied with the perfonnance for the year and the financial position of the charity at the year end. The deficit for the year amounted to £961,329 which includes £9i8.734 of charitable grantmaking. The balance on the general fund at the year end amounted to £8.674,825. During the year the charity received £296,125 by way of interest income on ils bank deposits. No income was received from its revocable interest in the income of a settlement from which its investment property was originally derived, the trustees of which are in the process of disiributing its resources to named capital beneficiaries. Additionally. no rental income is reflected in these accounts since, following the detennination in July 2022 by the erstwhile tenant's executors of the underlease over the trust's property at Flat 127 Ennismore Garden5 and the remaining in occupation of an erstwhile housekeeper, no rent has been collected. FollowTng legal proceedings and a payment of a sum of money to the occupant the trusl obtained vacani possession of the flat which was then sold after the date to which these accounts have been prepared. The charity made grants of £938.734 during the year. The main expenditure comprised service charges on the propety. costs of obtaining possession, legal and professional costs and the independent examinevs fee for the year. Bank and cash balances at the year end amounted to £7.376.509. Under the will of a benefactor who died in 2021 the trust was bequeathed what he considered to be his rights to claim ownership of a missing farnily portrait, the existence of which had remained in doubt following its disappearance in uncertain circumstances in the 1940's. The painting's eventual discovery fftn 2023 triggered lengthy discussions wilh a number of other relatives also claiming an interest on account of their connection with the family believed io have orioinally COTnmissioned it with a view to agreement being reached on the proportions in which the proceeds should be shared as bettveen the trust and those claimants on the one hand and the person actually having possession of the portrait on the other, in the event of it being put up for sale by auction. These negotiations while being at an advanced stage have )'et to be concluded. Additionally, whilst the painting was auctioned after the date to which these accounts have been prepared, the successful bidder is withholding payment of the hammer price pending agreement being reached with all claimants. In the event that these issues are resolved the indications are that the trust should sland to receive approximately Euro 5m. However notwithstanding the steps taken to identify all possible claimants, the trust has nevertheless had to enter into indemnities affording protection for those who Might allege they had suffered loss from ihe emergence of other. as yet unidentified, entitlements and accordingly the trustees do not expect lo be in a position to apply any part of their share of the auction proceeds for charitable causes until the expiration of the indemnities in 2027. With a view to consolidating the claims of the trust and two other principal claimants the legal costs involved in its promotion have been financed by the trust on the basi5 that two thirds thereof will be recovered provided that the trust is successfitl in its claim. Principal funding sourees The charity's principal funding resources are those as stated above. Page 2
The Ennismore Charitable Trust Re ort of the Trustees for the Year Ended 5 A ril 2024 FINANCIAL REVIEW Reserves policy The trustees, policy as regards the maintenance of reserves is to ensure that at all times a prudent balance exists as between the long-tern] financial stabtlity of the charity, its financial obligations to pay service charges and the on-going support it aims to give to charitable causes. The balance on the general fund at the year end amounted to £8,674,825 after making grant payments of £938.734 in the year. Following their disposal of the charity's main property and their decision lo sell the flat once vacant possession had been obtained, the trustees have resolved lo gradually apply the trust's resources in line with their Objects and Grant Making Policy with a view to the whole of the charity's resources being so expended over the course of the next five years. In this conTtection, the trustees have formed a sub-committee to help identify potential beneficiaries and have made grants totalling £1,360,51 I so far during the year ending 5 April 2025. The sub-committee continues to identify rther charities which would benefit from support from the Irust and envisages making further recommendations for grants to be made during the course of that year. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence throughout the period of five years during which as explained above it is envisaged the trust's resources will be wholly expended. accordingly the trustees have adopted the going concem basis of accounting in preparing these financial statements. FUTURE PLANS The trustees are bound by the terms of Trust Deed dated 16 March 2016 as amended by the Deed of Variation dated 21 April 2017 and the Grant Making Policy adopted by thetn on 21 April 2017. The charity has a primary purposes relating to the advancement of the Roman Catholic religion and advancing the education of the public in the subject of religion and are considering making grdnts to schools or educational establishments in Hungary which are in line with the charity's objects and Grant Making Policy. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document and decision making The charity is controlled by ils governing documents as is decision making by the trustees. These documents comprise the Declaration of Trust dated the 16 March 2016 and the Deed of Variation dated the 21 April 2017. They are drawT] UP in accordance with the relevant provisions of the Charities Act 201 The trustees adopted a Grdnt Making Policy dated 215t April 2017 to ensure that charitable funds are used exclusively for the public benefit. The Trustees will seek to satisfy themselves that each grant is made in furtherdnce of a Charitable purpose that offers an identifiable benefit to the public or a significant seciion of the public and that any private benefit that may arise to any person or company as a result of a grant is merely incidental. Any grdnts made shall be in the best interests of the charity and will be used for purposes that fall within the charity's objectives. The trustees do not anticipate any possibility of private benefit from their grant making but shall be rnindful of conflicts of interest or loyalty etc. The trustees will regularly refer to the Charity Commission guidance on public benefit to ensure compliance. Recruitment and appointment of new trustees There has been no change in ihe trustees during the accounting year under review. The trustees at the date of creation of the charity all served during the period and were still serving al the year end. Page 3
The Ennismore Charilable Trust ort of the Trustees for the Year Ended 5 A ril 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees acknowledge their duty to idenlify and review the risks to which the charity is exposed and to ensure appropriate contro15 are in place to provide reasonable assurance against fraud and eOr. Robust and suitable procedures are in place to ensure these obligations are met to the fullest extent as is reasonable. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1172695 Principal address Wayside Sweethaws Lane Crowborough East Sussex TN6 3SS Trustees S J Matthews GCDrew R VNeve Independent Examiner Aidan P Smjth ACA Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Bankers C. Hoare & Co. Private Bank 37 Fleet Street London EC4P 4DQ CONTINUING ACTIVITIES The trustees made a tothl of £9)8,734 in grant payments to the following causes during the year: £46,000 - Catholic Union £50,000 - TeaTn Domenica £12,000 - Genesis Performing Arts £28,734 - Diocese of Szeged & Csanadi £120,000 - Highground UK £250,000 - St Edmunds School £432,000 - Turn to Starboard Page 4
The Ennislnore Charitable Trust ort of the Trustees for ihe Year Ended 5 A ril 2024 Approved by order of the board of trustees on 7 January 2025 and signed on its behalf by: R V Neve - Trustee Page 5
Inde endent ExaJniner's Re ort to the Trustees of The Ennismore Charitable Trust Independent examiner's report to the trustees of The Ennismore Charitable Trust I report to the charity trustees on my examination of the accounts of The Ennisrnore Charitable Trust (the Trust) for the year ended 5 April 2024. Responsibilities and basis of report As the charity trnstees of the Trust you are responsible for the preparntion of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Aci and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b} of the Act. Independent examiner's statement Since your Charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confinn that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirn) that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act" or the account5 do not accord with those records- or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Aidan P Sm)oh ACA Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW 7 January 2025 Page 6
The Ennismore Charitable Trusl Statement of Financial Actii'ities for the Year Ended 5 A ril 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3,615 Investment income 280,077 93,477 Total 283,692 93.477 EXPENDITURE ON Charitable activities and support costs Charitable activities ,190.021 1.494,066 Other 55.000 Total 1,245,021 1.494.066 NET INCOMEI(EXPENDITURE) (961,329) (1,400,589) RECONCILIATION OF FUNDS Total funds brought forward 9.636,154 11,036,743 TOTAL FUNDS CARRIED FORWARD 8.674.825 9,636,154 The notes form part of these financtal statements Page 7
The Ennismore Charilable Trust Statement of Financi21 Position 5 A ril 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Investment Investment Investment propety I,)00,000 1,300,000 1,300,001 1,300,001 CURRENT ASSETS Debtors Cash at bank 126 8,337,712 7,376,509 7,376,509 8,337,838 CREDITORS Amounts falling due within one year io (1,685) (1.685) NET CURRENT ASSETS 7.374.824 8,336,153 TOTAL ASSETS LESS CURRENT LIABILITIES 8.674.825 9.636,154 NET ASSETS 8,674,825 9.636,154 FUNDS Unrestricted ndS 8.674.825 9,636,154 TOTAL FUNDS 8.674.825 9,636,154 The financial statements were approved by the Board of Trustees and authorised for issue on 7 January 2025 and were signed on its behalf by.. R V Neve - Trustee The notes fonn part of these financial statements Page 8
The Enni5more Charitable Trust Note5 to the Financial Statements for the Year Ended S A ril 2024 ACCOUNTING POLICIES Basis of preparing the flnaneial statements The financial statements of the chariry, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitie5 Act 2011. The financial statements have been prepared under the historical Cosl convention, with the exception of investments which are included at markel value. as modified by tbe revaluation of certain assets. Income All income is recognised in the Statement of Financial Activiiies once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as s(K)n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable ihat a transfer of econornic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings ihey have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Allocation 2nd apportionment of costs Resources expended are allocated to ihe particular activity where the cost relates directly to that activity. Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements. and include any costs associated with the strategic management of the charity's activities. Investment property & olher assets The fair valuation of inve51ment property is reviewed at each reporting date by the trustees. The charity's interest in Flat 127 Ennismore Gardens has been valued by the trustees at £1,300,000 this being the only significant estimate in these accounts. No value has been ascribed to the charity's revocable interest in the future income of the tNst from which its investment was originally derived now that the trustees are distributing the funds to named capital beneficiaries. Similarly, given the position as explained in the trustees. report as regards the trust's interest in the family portrait, no value has been ascribed thereto in these accounts. Taxation The charity is exempi from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fund5 can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. At the period end. all funds owned by the charity are unrestricted funds. Significant judgements and estimates The charity's interest in Flat 1, 27 Ennismore Gardens was valued by the trustees in the sum of £1,300,000. this being the only significant estimate incorporated in these accounts. Page 9 continued...
The Ennismore Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5 A ril 2024 ACCOUNTING POLICIES- continued Financial instruments and functional currency Basic financial instruments comprising unlisted investments, debtors, bank and cash balances are disclosed at fair value. The functional currency of the charity is £ Sterling. INVESTMENT INCOME 2024 2023 Service charges payable Deposit account interest (16,048) 296.125 (23,323) 116,800 280,077 93,477 GRANTS PAYABLE 2024 2023 Charitable activities 938,734 1,475,000 The trustees made a total of £938,734 in grdnt payments to the following causes during the year: £46,000 - Catholic Union £50,000 - Team Domenica £12,000- Genesis Perforniing Arts £28,734- Diocese of Szeged & Csanadi £120,000- Highground UK £250,000 - St Edmunds School £4)2,000 - Turn to Starlxlard SUPPORT COSTS Governance costs Management Finance Totals Charitable activities 2,211 401 248,675 251,287 Support costs. included in the above. are as follows: 2024 Charitable activities 2023 Total activities Sundries Bank charges Trustees, remuneration etc Legal & professional Independent examinels fees 2,211 401 1,913 245,100 1,662 404 607 16,393 1,662 251,287 19,066 Page 10 continued...
The Ennismore Charitable Trust Notes to the Financi81 Statements - continued for the Year Ended 5 A ril 2024 TRUSTEES, REMUNERATION AND BENEFITS No trustee received any remuneration during the year under review. Trustees, expenses Trustees were reimbursed £1,913 travel expenses during the year (2023 . £607). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund IIYCOME AND ENDOWMENTS FROM Investment income 93,477 EXPENDITURE ON Charitable activities and support costs Charitable activities 1,494,066 NET INCOMEI(EXPENDITURE) (1,400,589) RECONCILIATION OF FUNDS Total funds brought forward 11,036,743 TOTAL FUNDS CARRIED FORWARD 9,636,154 FIXED ASSET INVESTMENT Unlisted investment MARKET VALUE At 6 April 2023 and 5 April 2024 NET BOOK VALUE Ar 5 April ?024 At 5 April 2023 There were no investment assets held outside the UK. Fixed asset investment comprises the value of l ordinary share in 27-28 Ennismore Gardens Limited, a company incorporated in England & Wales. This company owns the freehold to the charity's investment propeity. The share 15 valued at par value of £1 each. Page I continued...
The Enni5more Charitable Trust Notes to the Financial Statements- continued for the Year Ended 5 A ril 2024 INVESTMENT PROPERTY The investment property comprises a long leasehold interest The charity also holds one share in 27-28 Ennismore Gardens Limited which company has the ownership of the freehold. The lease gifted to the charity was for the unexpired term of 999 years and was originally grdnted on 13 April 2012 at a peppercorn rent save that the freeholder reserved the right to render service charges to provide for the Maintenance of those parts of the building over which that interest exlended. The lease had been subject to a 10 year occupational underlease under which the rent was reviewed annually in line with the movemenl in the retail price5 index bul. following the death of the owner of that underlea5e, his executors exercised their rights to terminate it. Following the deterniinalion of the underlease. the mistees believe that the open market value of the flat with vacant possession is currently in the region of £1.300.000. Fair value at 5 April 2024 is represented by= Valuation in 2024 1,300,000 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 126 io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 1,685 1,685 MOVEMENT IN FUNDS Net movement in funds At 5.4.24 At 6.4.23 Unrestricted funds General fund 9.636.154 (961,329) 8,674,825 TOTAL FUNDS 9,636,154 (961,329) 8,674,825 Net movement in fund5, included in the above are as follows: Incoming resources Resources expended Movement in ndS Unrestricted funds General fund 283.692 (1,245,021) (961.329) TOTAL FUNDS 283,692 (1,245,021) (961,329) Page 12 continued...
The Ennismore Charitable Trust Notes to the Financi31 Statements- continued for the Year Ended 5 A ril 2024 MOVEMENT Ity FUIYDS- continued Comparatives for movement in funds Net movement in fldS At 5.4.23 At 6.4.22 Unrestrieted funds General fund 11.036.743 (1,400,589) 9.636,154 TOTAL FUNDS 11.036.743 (1,400.589) 9,636,154 Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Movernent in fi]nds Unrestricted funds General fund 93,477 (1,494,066) (1,400,589) TOTAL FUNDS 93,477 (1.494,066) (1.400,589) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 5.4.24 At 6.4.22 Unrestricted funds Generdl fund 11,036.743 (2,361,918) 8.674,825 TOTAL FUNDS 11,036.743 (2.361.918) 8,674,825 A cuent year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 377,169 (2.7i9,087) (2.361,918) TOTAL FUNDS 377.169 {2,739,087} (2,361,918) Page 13 continued...
The Ennismore Charitable Trust Notes to the Financial Statements- continued for the Year Ended 5 A ril 2024 12. RELATED PARTY DISCLOSURES There are no related party transactions requiring disclosure in these accounts. 13. ULTIMATE CONTROLLING PARTY The charity is controlled by the trustees acting as a single body. Page 14
The Ennismore Charitable Trust Detailed Statement of Financial ActiTr ities for the Year Ended S A ril 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations and legacies 3,615 Investment income Service charges payable Deposil account interest (16,048) 296,125 (23.323) 116,800 280,077 93,477 Total incoming resources 283,692 93,477 EXPENDITURE Charitable activities and support costs Grants to institutions 938,734 1.475,000 Other Payment to vacate 55.000 Support costs Management Sundries 2,211 Finance Bank charges 401 404 Governance costs Trustees, expenses Legal & professional Independent examinels fees 1,913 245.100 1,662 607 16,393 1,662 248,675 18,662 Total resources expended ,245,021 1.494,066 Net expenditure (961.329) (1,400,589) This page does not foTm part of the statutory financial statements Page 15