Andrews Charitable Trust (A COMPANY UMITED BY GUARANTEE} TRusfEES' ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity R￿iStratIon No. 1174706 Company Registration No. 10961227 (Er¥land and Wales) ANDREWS CHARITABLE TRUST (A company limited by guarantse) FOR THE YEAR ENDED 31 DECEMBER 2023 Table of Conlents LEGAL AND ADMINSTRATIVE INFORMATION........................................................................................ TRUSTEES, ANNUAL REPORT.................... STRucfuRE, GOVERNANCE AND MANAGEMENT.........................-.................................................. ConstltutK>n and Govemlre Document.................-...................................................................-...... O￿anIsatiOnal structure and decision makin8......_.............-........................................................... CHARITY OBJEcnvES AND AcfiviTIES................-.......-..................-.......-................-.....-.................. Objettive5 of Andrews Charitsble Trust.-.-...........-....-.......-............-.-................--.-................. Our fundiTr8 proBramme5 and activi¢ies.....- ..--... - ACHIEVEMENTS AND PERFORMANCE IN 2023..........................-.................. .10 5ummaryof funding opplication in 2023..... Establlsh programme ach•evemenr5....-...-.-........................-... Housin8-Related Poverty Grants Proyamme.............-....-.. Christian Communlty Grants Pro8ramme..........-.............................................................................15 Andrews stsff en8a8ement with Charlty pro8rammes...............................................-....................17 Plans for 2024...............................................................-.................................................................. 17 .10 .11 -14 FINAPICIAL REVIEW......................................-............................................................-..........-............... 19 Investment Powers.......-...... . ....... ........-...........-........-..................................-............-...-.......... 19 RelatK•nship with Andrews and partne￿ Limited .. .. Investrnent Policy................ .19 .20 Reserves and Liquidity Policy............-....................... Future Investment Policv..-.....-....-....-...-....-......-......-.....-................................. . . Investment Perfomiance....................... .20 .21 -21 PRINCIPAL RISKS AND UNCERTAINTSES.................................................................................................22 Andrews and Partnefs Limrted.....-...................................................................................................22 151in8lon property short lease...........................................................................................................23 Establish.....-...-.-............................-..................-......-.............-................-.-................-..............23 SECTION 172 REPORT......_...-...-......-.............-.....-...-................-....-....-......-.................-.............24 SECR ENERGY USE & CARBON EMISSIONS DISCLOSVRE...... . .26 GOING CONCERN. .28 STATEMENT OF TrUSTEES' RESPONSIBIUTIES... -29 GROUP STRUCTURE_ 30 ANDREWS CHARITABLE TRUST IA company limited by guarantee FOR THE YEAR ENDED 31 DECEMBER 2023 INOEPENDENT AUDrroR'S REPORT.................................... -31 CON50LIDATED STATEMENT OF FINANCIAL ACTIVlnES_-.... .35 CHARITY sfATEMENT OF FINANCIAL ACllVITIE5_....-.-...-..._-.---.--.-..........--...........-.-.............. 36 CON50LIDATED BALANCE SHEET..._._............._.__.........-.-.--.-.-.-.-..--.-............_.............-.-.......... 37 CHARITY BALANCE SHEET.-.. -....-. -.-...-..--.-.-..-..--..-.-.-.-......-.._-_.............-.......-.-.-........-.-....... 39 CONSOLIDATED STATEMENT OF CASH FLOWS.--....-._._..........._..............._........-.-......--.-.-.....-.....- 40 NOTES TO THE FINANCIAL STATEMENTS .. .-.-.-.-.-.-...--._.._.......---...........-.......-.-....................... 41 ANDREWS CHARITA8LE TRUST (A company Ilmlted by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Trustees on the date of approval of the financial statements were: A Davi5 (Chairl S Chisholm G Fietta K Hall S Kelly A McDonald S Mehta P Smith Company Secretary Sian Edwards Executive Director {Key Management Personnel) 5ian Edward5 Company registration number 10961227 Charity registration number 1174706 Registered office and principal address 428 High Street, Keyn5harn. Bristol, BS31 IDX Independent Auditors Crowe UK LLP, Fourth Floor, St Jarnes House, St James Square, Cheltenham. GL50 3PR Bankers CAF Bank. Kings Hill. West Mallin& ME19 4TA Barclay5 Bank plc. Brid8ewater House. Counterslip. Finzel Reach. Bristol, BSI 68X Solicitors Harris and Harris, 14 Market Place. Wells. Somerset. BA5 2RE Bates Wells, ID Queen Street Place, London EC4R IBE Investment Managers M&G Investments, PO Box 9038. Chelmsford. CM99 2XF ANDREWS CHARITABLE TRUST {A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES9 ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees ofAndrews Charitable Trust, who are D1￿Clor$ forthe purposes of company law. present their annual report, whith is the Direttor< report as requlred by company law, and the financial statements for the year ended 31 December 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and Governing Document Though originally established on 23 February 1965. the charity incorporated and re-registered with the Charity Commission on 13 September 2017. The charity is governed by its Memorandum and Articles of Assooation dated 13 March 2017. This the annual report for the charitrble compaTry (Charity Number 11747061 that includes the con501idated accounts which report on the financial ststus of Andrews and Partners Limited. a commercial property services company that is wholly owned by the Charity. Andrews & Partners Ltd. has the registration number 00235326. There are two sets of financial 5tatement5 included in this report comprising the consolidated accounts and the accounts of the Charity itself. Organisational structure and decision making The management of the Charity is the responsibility of the Trustees who a￿ elected and co-opted under the temis of the Articles of Association. The day ¢0 day management of the Charity is dele8ated to the Executive Director with oversight of the Trustees. Trustees who seNed throughout the yearwere: A Davis (Chairl H Battrick E Hu8he5 A Kellv R Knagg A McDonald N Moore C Tomlin N Wright S Mehts W 8erdinner S Chisholm G Fietta K Hall P Smith (resigned. 20 July 20231 (resigned, 20 July 20231 Iresi8ned 31 August 2024} (resigned 20 July 2023) (resigned 3 Febrnary 2023) (appointed 20 March 20231 (appointed l July 2023. resigned 14 March 20241 (appointed l July 2023} (appointed l July 2023) (appointed l Jtsly 2023 (appointed l July 2023) We are very grateful to the trustees who resi8ned in the year. mostofwhom had provided many years of dedicated service to the charity: Nick Wright. who served as treasurer on the board alongside his day-job as Finance Director for Andrews Property Group (until 20191- Nick provided dedicated trusteeship for an amazing 35 years. ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Liz Hughes- twefve years or four ternis Ruth Kna8g- nine years or three temis Carl Tomlin- three years or one temi Will 8erdinner- just with u5 for le55 than nine months. To facilitate appropriate govemance. the Trustees have established varlous sub-committees. Some of the specialist subject comrnittee5 include external advisors who are not Trustees. and this 15 Iioted, where appropriate. as follow5: Finance and Investments Committee N Wright Ichairl (appointed Oct 2022 and resigned 3 Feb 2023) A Davis lex-offiuol S Mehta Ichairl S Chisholm G Fietta (appointed l Apr 2023) (appointed l Jul 2023) (appointed l Jul 2023) Projects Sub-committee S Edwards (Chairl H Battrick A Davis lex-officiol K Hall (appointed l Jul 2023) Appointments and Remuneration Sub£ommittee A Davis (Chair) H Battrick N Wright S Mehia Iresi8ned 2 Feb 231 (appointed l Apr 20231 Speaking Volumes A McDonald (Chairl M Carroll lexternal advi50rl (resigned 26 Sept 20231 A Robb lexternal advisor) N Wright Iresigned 2 Feb 231 Establish N Moore Ichairl A Davis lex-officio) N Wright (resigned 2 Feb 231 P Smith (appointed l Jul 20231 H fin51ey (external advisor) Ifrom l Jul 20231 Method of appointment of Trustees New Trustees are appointed by the existin8 Trustee Board followin8 recommendation from the Appointments Commitiee. The appointment of new Trustees follows a fomal application and interview proce55. The position of new Trustees is widely advertised. ANDREWS CHARITABLE TRUST (A company lirnited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Existing Trustees serve for a three-year period and ￿tIre at the following Annual Retirement rneetin8 that is held at the sarne time a5 the Annual General Meeting. A retirin8 Trustee can be re-appointed but, following our 2017 M&As, may only serve for a maximum of three ternis after which they must have a break from office before they can be reappointed. On Specific requirements or justifications. the maximum temi can be extended by the Chair. though voting will tske place with the full board as with all Trustees. Policies for the induction and training of Trustees All new Trustees are provided with a full Trustee Infomlaiion Pack (TIPI which indudes all the essential reference infDrmation about the work of the Charity, its 8overnance. policies, strategies and finances. Thi5 15 fully introduced to Trustees in a factrto-face meeting with the Executive Direttor. In addition to this. the Charity requires all trustees to attend a formal Trustee Training course, run by one of the UK'S top legal firms. The costs of this training are rnei by the Charity- Pay Policy for Stsff The pay of the Charivs Executive Director is considered by the Remunerdtion Committee. which occasionally takes external advice on how our pay benchmarks against other sirnilar charities. The Group has its own Remuneration Comrnittee. which includes the Chair of the ACT board of Trustees and the Chair of the Finance & Investments Committee of the Charity. Risk Management The principal risks and uncertainties are covered in the Strategic Re￿rt below. These and the wider non-financial risks are monitored regularfy through a review of the risk register annually. The risk re8iSter will next be reviewed in October 2024. Trustees, indemnities One of the main reasons for incorporating was to ￿MOve the Tru5tees' personal liability for the Charitvs properties. Our Directors. and Officerf Liability insurance is covered by Zurich. through their Charities Executive Risk Solutions poliry. We 3150 have property o¥merfs insurance with Aviva for all our Establish Properties. or8anised as part of the F>Ortfolio with Andrews and Partners Limited. Information on fundraising practices The Charity is not generally a fundraising charity. Rather it earns it5 income through a range of Investments, bound by the finance and inve5trnents policy, artlculated below. That said. we are now 5UPPOrting the engagement of stsff from Andrews and Partners Llmited who are amazing fundraisers. along with all their other skills. In the main, to date, we have encouraged them to fundraise for the charities that the Charity 5UPPOrts, dirertty. but with Establish and our restricted fund. we are hoping that they will do more for the Charity directly. enabling us to add funding for support services and initiative5 that are d•rectly focused on the young people. In 2024, we will register lo receive Gift Aid. We have also taken on Speaking Volume5 from the Christian BoDk Promotion Trust, who have previously occasionalty raised fund5 through public donation5. We are aware that we need to monitor any efforts in line with the Code of Fundraising Practice and Charity law. We will also ensure that we fulfil our duties as a Data Controller under the rules and regulations of Data Protection Law and have a dedicated Data Officer to support our compliance. No complaints were received in the year. ANDREWS CHARITABLE TRUST (A company Ilmited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Public benefit The Trustees confim that they have complied with the duty in Section 17 Df the Charities Act 2011 to have due regard to public benefit guidance publisheil by the Charity Commiswn. Employee involvement. equality. diversity and inclusion Employees of the Group have been consulted on issues of concern to them by means of regular consultative committees. all company calls and staff meetin85 and have been kept infomed on specific matters directly bymanagement. They have also set up an Employee Engagement Team, made up of voluntary staff ￿preSentatiVes. to interact and improve engagement across the Group. The Group carries out exit interviews for all stsff leavin8 the or8anisation and has adopted a procedure of upward feedback for senior management and the Trustee5. The Group has implemented a number of detsiled policies in relation to all aspects of personnel matters including.. Equal opportunities polioi (to include diversity and inclusion) Safeguarding poliry Health & safety policy In accordance with the Group's Equal opportunities policy. the Group has long established falr employment practices in the recruitrnenL selection. ￿tentIOn and training. Full detsils of these policies are available from the offtes of Andrews and Partners Limited. Engagement with suppliers. customers and others This is covered in the Strategic Report on page 25. reflecting the detail from the Andre￿￿ and Partners Limited strategic report. CHARITY OBJECTIVES AND ACTIVITIES Objectives of Andrews Charitable Trust The Charity ha5 two charitable objectives as follows: The advancement of the Christian religion indud1￿ the declaration of eternal life: The relief of 5ickne55. poverty and di5tre55 in any part of the world. as an expre55ion of Christian love. These objectives are met through the delivery of our strategic plan wh•ch focvses on three programmes. which address the objectives in different way5. Strategic Plan Followin8 external advrce provided following a 3￿reVIeW of Our grant-making in 2021. a new strategic plan was developed with targets to be achieved during the three-year perlod 2022 to 2024. This report provides feedback on the second year ol thi5 plan. In summary. the plan has helped u5 to become more intentional in our three funding programme4 as follows: ANDREWS CHARITABLE TRUST IA company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Providing safe, affordable, hv&h-quality homes for young people who have experienced homelessness or the care systern. in our Establish programrne. Supporting innovation. whilst promoting replication and resilience in organisations iackling housing-related EK)verty. Supporting Christian organisations who are actNely 5UPPOrting communities, including through the provision of Christian literature to community librarie5 through our speaking Volumesgrants. Our funding programmes and activities A5 surnmari5ed above. we have thfee fundin8 Streams. each wirh their own strategies for how we work in each pro8Tamme: Establish= Affordable Homes for Young People. Thmu8h the Establish programme we purchase residential property. close to Andrews and Partners Lirniied (referred to throughout thi5 part of the report as Andrew51 bu5ine55es. for use as affordable accommodation for younB people in housing need, including those leaving the care system. We reserve the houses for beneficiaries of local youth charities who are local to the houses. so that our tenants can move.on from temporary "supported hausin8' whilst continuing to have the light support we all need to transition successfully into adult life. We are particularly focused on those youn8 people who are preparing for work and encourage Andrews, and other local busine55e5. to a55iSt our chaTitable partners and young people with work experience and mentoring. In addition. we encoura8e Andrews to offer a range of pro-bono and voluntary support to Dur charity partners. including property advice. housing mana8ement and other pro-bono skills. Houslng-Related Poverty". We I(￿k for relative￿ small or young organi5ation5 that have 8round- breaklng Ideas for how to tackle housing-related poverty. We offer core funding. SUPPOrt and advice from our staff and trustees to enable development and replication of the model. aiming to c￿ate and grow more resilient or8anisations. We work with a small number of organisations in any 8sven year but support these organisations over a number of years whi15t they become more established. Christian Communlty Grants: We have two separate approache5 to 5UPPOrtin8 churches and Christian organi5ation5. Both programmes focus on enablin8 people. of all faiths and none, to benefit from the Christian love and action at times of need. In addition. we contribute where we can to the Christian Funders Forum which is a group of grnnt-making trusts and foundations sharing besr practice, exploring ways of Collaborati￿ and of amplifying the work of Chiistian organisations. Supportingchurthestoser¥ethelrcommunlties: We provide small grantsto enable churche5 to start a project that addressesthe local needs of their comrnunity. In 2023. this wa5 achieved in partnership with ￿n￿arnOn Network. through their recognised pmjert stheme. Speaking Volumes: We offer grants to community spaces for the purchase of comfortin8 and Useful books. written from a Christian perspective. for lending to people with our Speaking Volumes programme. htt eakin olumes.or ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE IN 2023 Summary of funding application in 2023 In total we distributed £242,886 in grants and 8ifts in support of our three funding pro8rammes. by necessity, this was less than 2022, due to the reduction in the Charity's income though we continued to 5UPPOrt oll the initiatives for which long term commitments had been made. A breakdown of how that was distributed between our three programmes can be seen In FIgU￿ I, below.. Total: £242,886 Christian cornmvnity Esrablish ou￿n8 & Povertv SpeakinBVolumes The detail of what we have achieved in eath programme is given on the following page5. but a key part of this has included providin8 8rants and gifts of various kinds. The value of Brants and coniributions made to our charitable partners can be seen in Figu￿ 2, below- Housing and Povèrty Grants Total Hope into Action Go Forward Youth Child Rescue Nepal E140,340 £75,800 E54.540 £iO,LKJO Christlan Commuraty GrantsTotal Christian Funders Forum speakin Volumes Books Grants Cinnamon Network £70.071 E38.071 Estsbli5h ProyammeToQal 16251P CAYSH linclude5 funds to fumish I property) £32,475 £12,500 £19.975 io ANDREWS CHARITABLE TRUST (A company limited by guarantee FOR THE YEAR ENDED 31 DECEMBER 2023 In addition to the above. the Charity paid fees of £5,648 to young ambassadors from our charity partners for the work that they undertook for us. consulting their peer5 about the Establish prograrnmE arbd the move to independent livin8. Establish programme achievements In 2023. we were operating 7 Establish houses. offering homes to a total of 21 young people at any one time. In the year, we welcomed 13 new residents with a total of 32 young people benefitting from the quality, affordable semi-independent homes wiihin the year. Since 2017 since the project started, 30 young people have already moved on from Establish. with all of these being in work at fhe point that they left. 2023 ha5 been a year of consolidation for the Charity, without further expansion of ihe programme. due to the drop in our income. Instead of expanding to new are35. we have worked with our charity partners to refine the programme and leam from our experience to date. The programme currently lea5e5 2 properties each to CAYSH and 162S Independent People with a total of 11 units within these. In addition, in 2022 a new model was designed. so that young people would sign their individual room tenancies. in the new shared houses. with Andrews Property Group who would then a150 provide the Charity with landlord housing management services. We r￿W operate three home5, One in Bristol. one in south London and one in Oxford. with a total of 10 room tenancies. under this model. CASE STUDY Shaknra. Establish resident supported by Oxfordshire Youth says about the change from 5UPPOrted housing into her semi-independent Establish home: "I con go out by myself now and thGYs o big chongel When Ifirstrnetsue. wolking to ushop 2 minute5 owoy without crying used to be hfjrd. And now I con go cydingfor hoursl Ifeel soft and hoppy in my new 5pace- it 15 quiet and clean and itfeels like o home.- Sue. Shakira'5 progre55ion coach says about her. -Shakira has made amozing pmgress... She communicotes wirh the [And￿W$] londlordher5elf andh05 oppliedfor her own housing beneft... She 15 in work ond ￿ verysocioble to housemotes." 2023 was the fir5tfull year of running both models alongside each other and has enabled us to improve the way that we monitor and assess the programme. as detailed below. Firstly. assessing each model. through its affordability lo the Charity and the benefits that they afft)rd to our young tenants and the charities that support thern. A5 part of thi5. we held a roundtable meeting with our charitable partneTS to consult them on the topic of move-on accommodation. We also commissioned peer ambassadors to survey young people in our charity Partner services on what they think about moving out of hi8￿sUpPOrt services. They emphasised the benefits of havin8 a good support worker to ensure that they had the right skills to manage in the future. Overleaf. is a table to Show their views on what skilts are important to become independent: li ANDREWS CHARITABLE TRUST IA company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 loo% 80% 60% 40% 20% 0% Very important 11 Important Il A bit • Not irnportant The diaBram below summarises the things they told us were most important to them in the type of accommodation they wanted- the larger the word, the more young people ciied it: Pe-lce-ol-miiid aloiie-or-sliariiig own-space b•ili ..qi'.XD rldt* Hoiiitl parkiiig fr"ieiidly tlYIrnIryII: good sill- poi-tliie C.11'ing Sl).Ice rAT1P0"￿Ik KiL4X*r* Peaietiil Security SJfety rLskioiisibilitl' Cle.In sinii111' triliisport independence At the roundtable meeting itself. our charity partners expressed a p￿terence for Estsblish homes to be run by Andrews, as in Model 2. In 2024. we will be reviewing how we move to Model 2 acr055 the whole portfolio. Secondly. we have developed a monitoring dashboard for the programme and considering how we measure the impact of our inputs. as opposed to the impact of the work done by our charity partner& In 2023. we set up an Establish Committee with expertb5e from the Charitws trustees. Andrews staff with strategic experience of housing management staff and compliance and an extemal member with a backeround in management consulting. ThrO￿h this. we werE able to rationalise the data that we had and review rhe infomiation sent by our thority partTrer5. Importantly, we have also CoMpa￿d the financial feasibility of each model. including the implications for growth for the future. The orv8inal intention was that this pmperty-based progrdmme would "wash its own face" using both subsidised rent and commeroal rentfrom other propertie& However, the In¢￿aSe in interest rates has resulted in 8reatly increased running costs for 2023. due to the costs ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 of servicin8 our Charty Bank loan. used to purchase the most recent 3 propertie5. In 2024. it is the intention t0 Sell one commeraally let property to ￿d￿ce our debt and therefore interest payments. Establish Impact Partners The Charity relies on local youth-focused charities to support our Establish tenants. We selecr established charities that are srrongty focused on delivering people-centred care to young people who have experienced homelessness or who have been in the care systern. We have a150 chosen charities that are committed to supporting young people as they embark on the world of work- by providing strength-based coaching, prattical skills. netwo￿5 and mentoring. The Charity currently does not provide grdnt funding for the 5UPPOrt Servi￿ pmvided, but does endeavour to help with convenin8 learning opportunities. galvanisinB Andrews staff volunteers and fundrai5er5 and provi(ling housin8 mana8ement support. 1625 Independent People11625ip) 1625 Independent People works with young people who are homeless, leaving care or at risk of homelessness in Bristol and the South West. Estsblish sits under their employrnent support project called Building Futures. which includes other programmes and properties funded by others. The Building Futures Team leader is also the lead for Establish though young people engage with all members Df this team as they transition towards independence. 1625ip was the first Establish impètt partnerand started working with the Charity in 2017. Children and Young Single Homeless ICAYSH) CAYSH have been delivering ser¥￿e5 to homeless young people in Croydon and its surrounding boroughs since 1981. Establish properties are considered part of the move-on programrne at CAYSH and only the very lightest support is delNered by the floating 5UPPOrt Staff in CAYSH. In the Main. Establish tenants engage with their Employment & Enga8ement Officer whose focu5 is on life skill5. including employmenL trainin& education and money management. This SUPPOrt is provided as part of CAYSH'S commissioned work with local authorities and as yet not grant-fvnded. Tenants a150 have the opportunityta acce55 mentors through Croydon council'svolunteerservice. CAYSH is the Establish impact partner in south London and has been working with the Charity since 2018. In 2023, CAY5H Struggled to fill voids in the two leased properties ond had a very hvdh number of void days in the year. The Charity stepped in to renegotiate the relationship with Sutton Council arsd improve referra15 into the project so that by the end of the year. all 3 properties were full. OxFordshire Youth IOYI Since 1947. OY have been chompionin8 youn8 people in Oxfordshire. Traditionally 5UPPOrting youth club5 and youth seNices, they begon to provide support for young people in supported accommodation services in partnership with another charity, Response. in 2020. Establish provides an affordable move-on option foryoun8 peop￿ coming out ofthe supported housing pathway and is supported by a Progre55ion Coach dedicated to WOfkiTh8 With those in move-on accommodation. OY be8an a5 an Establish impact partner in 2022. In their annual reports to Acr, our Establish Impart partTrer5 reported the following perfonnance data: 13 ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Key Perforn￿￿e Indlc3tor Apr 2022- Mar 2023 CAYSH io 5of5 3of5 2ofS 442 1625ip 12 4of5 3of5 oy No Tenants housed in the year No. Leavers into stable housin No. Leavers in employment No. Leavers with unplanned arrears No. void days in Establish roperties Housing-Related Poverty Grants Programme In 2023 we provided £140.340 in grants for this programme. continuing to support Child Rescue Nepal, Hope into Attion and Go Forward Youth. Or8anisation Child Rescue Nepal Hope into Action Go Forward Youth Funding Began 2020 2023 Grant5 iO.OLJ) 75,800 54540 Contract Ends 2023 2021 2021 2024 2023 Hope into Artion (HIAI This is a charity that supports kKal church con8re8ations to invest in. and manage houses for homeless people. HIA finds investors to buy a property. which is then leased to the project for 5 years. Churches provide tenants with an Empowerment Worker and a loving community where vulnerable people can build relationships. bek)ng and thrive. This was our third year of a four-year contrnct with HIA. worth £246,400 in total. It provides core fundin8 to assist the organisation to implement its ambitious strategic plan, which focuses on developing its range of franchise options for churches and larger Christian charities. with the aim of developing 180 to 2CQ church relationships in 35 towns creating 200 houses for around 500 tenants over the four years. This step-change will be ach•eved by supporting a stron8 ethos. model and standards within HIA. In 2023, HIA have grown to 113 homes in 35 nei8hbourtboods, providing over 400 tenants in the year with a home. This included opening 20 new homes. In 2023. they report that 93% of tenants maintained their tenancy and that 92% of tenants abstained from crime. To read about an experience of a tenant in one of the HIA propertie5. see: htt www.ho eintoaction.or .uk blo ho e-is Go Fonyard Youth This young charity was founded by care-leavers for care.leavers so that they have somewhere and somebody to turn to at times of loneliness, crisis or just forcelebrations and festivals such as birthdays and Christmas. 2023 wa5 Qur last year of furKling in this contract, providing core 5UPPQrt to cover salary costs to the value of E158,906. Thi5 grant supported founder. Kadeema Woodbyrne's salary to enable her to tontinue to grow. and supported a fund-raiser. This ha5 helped the fledgling youth charity to build 14 ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 contact5 Wlth 8rant funders and in the year. they had secu￿1 fundin8 from City Bridge, propel and Garfield Weston, though more still needs to be done. Go Forward Youth 15 developing a hub in Camden. where car&leavers will supporr each other and celebrate events together. They a150 offer "Own-if, an accredited training advi￿ programme to support cohortsof young people to build theirown businesse5. Thi5 year Own it focused on developing and runnin8 RnB Adjacent, a business through which they ran a successful live music event in June. This event will now be repeated by the next cohort who have already Started their training. In the year they a150 employed their fifst fulktime members of staff worklng as a youth manager who will sUPPOrt the "home from home" concept and events such as the Chri5tma5 event which. in 2024 they hope to extend rnore widely through London. More infom)ation can be found at: htt o-ft)nvard outh.o Child Rescue Nepal Child Rescue Nepal ICRNI rescues children trapped in, or vulnerable to, slavery in Nepal. The Charity has contributed towards the salary of Jo Bega's. chief executive since 2016 si8nificantly increasing the apacity of the organisation. The Charity's lon8 terni funding for CRN came to an end in 2022. That said, in 2023. the Charity provided 3 grant of £IO.(KKI in support of their Radio 4 appeal providing rnatched funding as an incentive for others to give. Jo Bega. the CEO of CRN said. reporting on the success of the appeal: Yhefinolfigurefor our Rodio 4 oppeol wa5 EIIO.LUI- which is simpfy phenon7enol. Thi5 includes the £I0,0￿frOM Andrews which l Gm convinced wos o 9￿0t motivotion forpeople to givell* Andrews staff have been very inspired by CRN and there will be further fundraising activities for CRN during 2024. iDcludinE runners in the LondoTr Marathon! More inforn)ation can be found atr. www.childrescuene al.o Christian Community Grants Programme During the year, this programme had main streams. The first under our Speaking Volumes restricted fund, for the distributlon of grants for Christian book5. and the second to support a wider prograrnme of small start-up grants for churches wantin8 to initiate social action projects in their communities. This second programme is commissioned out to the Cinnamon Network. We a150 participate a5 an active member of the Christian Funders Fomi. Organi5ation Funding Began 2018 2023 Grants Contrart Ends Cinnamon Network Speaking Volumes book grants £30.000 Dec 2023 Charity Restricted Fund 2021 E38.071 Christian Funders Forum (contribution to CFF'S Together Fund, supporting Christian or8anisatiOn5 participatin8 in The Big Give fvndraising campaign) 2016 £2.CKIl Commitment agreed anDuallv 15 ANDREWS CHARITABLE TRUST (A company limited by guarantee FOR THEYEAR ENDED 31 DECEMBER 2023 A short commentsry of the yearfs athievements in each pro8famme are gv4en below: Cinnamon Network ICNI The Charity fundin8 has supported CN to work with churches who Wdnt to set up projects which will meet the needs of their communities. CN finds and then recommends a big range of projects to work with and the Charity provides £2.(X)O grants to help meet the set-up costs of startin8 a project. CN provides an extensNe range of training and resources to manage prarticalities such as fundraising and managing volunteers. The Charity agreed to provide a smaller grant to CN in 2023 due to the red￿tion in our income. but we were still able to provide a grant of E30.(MXI. Through the six-year partnership, the Charity funding has provided E218.(￿ worth of microgrants, resulting in 109 projects started, 5ub5tantially over our initial target of 60 projects. It is estimated that this has helped more than 10.IMKI beneficiaries and created 825 voluntary roles. In 2023. the value of the new voluntsry roles C￿ared (106) was £41,605. at the real living wage rate. This supported 1.340 direct and indirert beneficiaries. For more infomation please 5ee= htt cinnamonneiwork.co.u social-action micro- rants Speaking Volumes WorkinB in conjuncth)n with Christian booksellers publishers and disrributors we placed £38,071 worth of books in 159 librarbes and cornmunity spaces. where they can be accessed in time of need. Book 8rants average around £21JO. which enables Schools, prisons and other community projects to select books with the support of knowledgeable Christian boDksellers. which will provide wisdom to support the users of their services in time5 of need. A summary of the libraries receiving book 8rnnts is shown in the diagram below: Grant distribution in 2023 by library 102 yriFTiary:.rhool fore*.n 5F.IN sclml JlSecoi,daryscho( Cl4i pruiÈit Church c￿￿[th- i'J3rni spare5 • CotninypNTV lib,"Ary re5idenrial G3re ncme qesidental cer.trÈ *J Uyivpisjlyi.-hdi)Liinry Todd￿ Group tthc library pri501i Cur tnTTiUliilV centrL For more information please see= htt eakin olumes.o 16 ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Christian Funders Forum fCFF)- the Together Fund We provided £2,000 towards The Big Give's Together Fund. The Together fund provide5 matchin8 funding for explicitly Christian charities who participated in The Bi8 Give's 2023 Christmas fundraising campaign. From the total that CFF members contributed to the Together Fund. £180.414 was claimed by participating 56 tharities. who in total raised a total of El.058.155: a multiplier of 5.9 on the CFF funding utilised in the campaign. Andrews staff engagement with Charity programmes Support from Andrews plays an important part in Establish and in achieving our charitable objectives. This ongoing partnership is explicitly induded in the model of the Establish pro8r3mme. The Andrews Corporate Client Services Department IACCSI is commissioned, at below market rdtes16%1. to provide both lease and landlord housing management Servi￿5. The ACCS team consistently 8oes above and beyond their normal duties. 5UPPOrtin8 both tenants and charitles. with every artion designed to foster positive outcomes for ouryoung tenants. In addition to the support mentioned above. And￿w$ staff Significantly contribute to our charitable irnpatt through periodic volunteering. In 2023. this included various fundraisin8 events for all our fvnded charity partners. This has included challenges. such a5 cDlleague5 running marathon5 to raise funds, attendingjob fairs for young people. and participating in charity events. Their efforts have been instrumental in sUPPOrting our charity impact partner& Due to restructuring in the Group in 2023. we have been unable to collect the data necessary to fully evidence the substantial contribution made by the Group to Establish. However. looking ahead to 2024, we intend to begin monitoring both pro-bono and voluntary support to the programme and the charity partners that the Charity supports. We are confident that this will highlight the significant and ongoing contributions from Andrews staff. Review of our relationship with Andrews Property Group In 2023, the Charity commissioned Bates Wells LLP to review the way that the relationship is set up with Andrews Property Group. with the obiective of corretting the balance of power between the different entitie5 and puttirE in place a dear scheme of delegated authority. which can be implemented through clarity on the composition of the l)oards and their deci5ion-making processes. The report recommendation5 and implementation will be taken fon¥ard in 2024 and will be reported on in the 2024 Trustees, reporr15ee below). Plans for 2024 At the meeting of the Trustees in January 2024. we rewewed pro8re55 made a8ainst the Strategic Plan 12022 to 20241. It is clear that the level of expansion and new grants would need to be curtailed, due to the reduction in incorne to the Charity (See section on in¥estment performance). That said. it was ag￿ed that we can still work tovRrds our strategy and retaining our three core programmes. the following table wmmarises the plans were agreed as following for each of our programmes. 17 ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Agreed outcomes by WKI 1024 In UTrETht Strategy anned aCt5¥h1￿ for 2024 E5tabli5h 50 young people placed in safe, high quality. energy efficient & affordable homes. Your4q people tran51tlon to emplayment and independent Ilvin8. The E5t3blish model ￿ ready to scale Sustainability Df propertie5 in the Establish portfolio ma¥imised Analysis of the efficiency of eath model 355e55ed and deci5i0n made on the future of both. Plan for d￿r￿ng from one model to Ihe oiher developed, includiwd feasibility of Andrew5 contracted services. aarlfy and detail partnership Criteria for Estsblish and use this to review 3 partners. Explore potential investors for second property in Oxfordshire. Build on Establish committee recommendatlons for Andrews staff engagement (volunteering and professional supportl. Review energy effKiency of each property and See ifthere are low cost 501utions to improve rRrformance. Houslry.related Poverty Ground breaklng Ideas and appruache5 are 5ucce55fully implemented. More people reached through replication. Young Org￿ls0110n5 become more resilient. Pmjects Committee to establtsh priorit•e5 and maxlm15e Impact galns frIMn smallerlshorter grants. Continue lo re5earth and 501iut watth list. Establish a learning event lin conjunction with Hope into Attion71. Review how we could contribute non-financially. to prevlous grantee5 that we are not able to continue grant%ivlng. chrlstlan Communlty Grants Christian literature available to all in at least S￿) community Ilbraries. 60 new soual action projects implemented by churche5. CCG Committee to devetop a plan for Speaking Volumes In 2024 to ensure book 8rants can be distributed from Restricted Fund. Oevdop options fty more innobFtive approach to speaki￿ VolumE5 using legacy Bift1£6,(K)01. Explore ways to leverage our SV funding. Continue to network with CFF and contribute to the Showcase event for Chrsban community projects. In addition to the above programmatic developments, the staff and Trustees also plan a series of governance review and development actNities and stakeholder management. This includes succession planning for the Board and the implementation of govemance changes to the relationship that we have with Andrews Property Group. following the external review that took place in 2023. ThrouBh this we hope to re.estsblish our shared vision for the Group and a clearer framework for fvture governance and engagemenL 18 ANDREWS CHARITABLE TRUST IA company limitsd by guarantee FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Investment Powers Trustees have an obligation always to act in the best interests of the Charity. and this requirement obviously includes the optimi5ation of the Charivs investments. The Charivs Memorandum & Article5 provides a broad range of general powers to invpst in such a55ets as they see fit with no restrictions. subject to considerntions of risk and portfolio diversification. Relationship with Andrews and Partners Limited OurSettlor5 wishes Ireferred to in the Charirfsgoveming document). though not legally binding. state that the ownership of the Andrews businesses is central to the identity of the Charity. It provides the Group structure that we report on in these consolidated financial sratements. So. although in law Trustees would be allowed to dispose of the investment in Andrews. our unique relationship remains core to who we are and whal we do. With respect to this heritage, in 2023 Trustees comrni55ioned an external governance review of our relationship with Andrews and Partners Limited. undertaken by Bates Wells LLP. This ￿VIeW reflected on the Founders. intentions and provided a range of recommendation5 on how to clarify and update our governance arrangements. Thi5 include5 the development of a more comprehensive Relationship Agreement and a framework for decision makin8 to rEplace our existing Shareholder Directive. last updated in 2018. The key recommendation5 included: Ensurin8 that ownership remains in ihe best interests of the Charity and the circumstances in which we would divest. Developing an overall relationship agreement to reflect our values and the spirit of the relationship. Clarifying the ChariW5 Position regarding investment proposa15 from the Group and consideration of equity investors. Developing a framework for the governance of the relationship. Clarifyin8 what the Charivs Christian heritsge means in practical terms for the relationship and the personnel involved. Developing Service Level Agreements for 5er¥ices provided by the Group where they are not already in place. A list of ReseNed matte￿ which need Trustee approval. Roles, ￿latiOnships. communications protocols and handling conflicts of interest reviewed and documented. Revising the Memordndum & Artides of the Group businesses to reflect the above. We are hopeful that this new framework will not onty sUPPOrt better returns from the business. but that it will 5UPPQrt the Group's movements towards becoming a more responsible. purpose-driven business that is proud of its charirable ownership. 19 ANDREWS CHARtTABLE TRUST IA company limited by guarantee) FOR THE YEAR ENDED 31 DECENIBER 2023 Investment Policy Finance & Investments Policy was most recently updated and agreed by the full Board in January 2023 and 15 to be further reviewed in the light of a review of our governance of our relationship with Andrews and Partners timited duwin8 2024. The investment policy is intended to support the Charity to achleve greater impact. It articulates the follow5ng investment types, each with its own objective. Under each type of investment, the current investments are also noted: Reser¥es IRES) . Investments where the prirnary obiective is capital preservation and the ongoing liquidity of the Charity. This include5 cash held at the bank. plus funds invested in readily available equity investments. currently held in M&G's Charifund. In¢ome Generntion Investments (IGI) . Investments where the primary objective is their financial retum and the 8eneration of income. Currentty. our principal source of income 15 designed to corne from our IQO% shareholding of Andrews and Partners Lirnited. We have the M&G Charifund that provides income and was chosen as It prioriti5es dividend stability as a source of incorne. Then we have investment properties (currently one commercialty let property in London. one ground floor retail unit in Bristol and in January 2023 one residential property in OxFordl. Programme Related Investments (PRI) . Investments where the primary objective is to generate significant social retums which address our charitable objective. Currentty, our most sizeable PRIS are the property investments made under our Establish pro8Tamme. Mlxed Motlve Inve5trnents IMMI) . Investments with both financial and social return expectation5, such as Mustard Seed Properties - equity investment to encourage growth of cornmunity shares in a Cornwall-based fund that enable the purchase of housing for adults with learning difficulties. Reserves and Liquidity Policy Reserves Given the long-term nature of our grdnt partnerships. the policy 15 currently to hold net reserves to cover future grant commitments plus at least the rolling six months, Operating expenditure. In usual years. we retain up to 3 or4 years grant commitments in advance. though by the of 2023, we had reduced our forward commitments to only one remaining rnulti-year grant ending in 2024 (Hope into Action). In maintaining our reserves. consideration should be given ttj: their liquiditv. the mix of reserves held, whether reserve5 should be retained or invested for %Jcial purpose. At the current time, even without income from Andrews and Partner5 Limited. the Charit￿S reserves remain above that recommended in our policy. This situation is reviewed at each meeting of the FIC. Liquldlty We aim to maintain an appropriate level of liquidity. held as cash at the bank and in easily accessible equity fund5 IM&G'5 Charifund withdrawa15 take a matter of days). to cover our expenses and 8rant omrnitrnent5 for the current calendar year. 20 ANDREWS CHARrrABLE TRUST (A company limited by guarantse) FOR THE YEAR ENDED 31 DECEIIJBER 2023 Our current policy is supported by regular as5e55ments of our liquidity foreca5t5. to enable us to have plenty of advance Warni￿ should we need to d￿W on less liquid investments. considerir8 the following into account: liquidity & cash flow modellin& prevailing market conditions, future income generation, the social impact of the investments held and the impact of liquifying them. Future Investment Policy As articulated above, the current Finance & Investment Policy agreed in January 2023 will be reviewed by the FIC in 2024, with the intention of making recommendation5 for how these should be updated. for consideration by the main Board in Oclober 2024. The strategy provides an invaluable framework for the Charity to ask the right questions about ourfinances. with a focus on achieving greater impact. As articulated above. it articulates the investment objective5 that 8uide all decisions regarding our investments. A major part of thi5 review. as mentioned above. will be taking fonvard the recommendations of the 2023 eovernance review of our relationship with Andrews and Partners Limited with a strong focus on 5UPPOrting better investment returns from the Group. as well as SUPPOrting the Group's movements towards becomin8 a more responsible, purpose-driven business. proud of its charitable ownership. In addition to the above. and in anticipation of greater return5 from our existing inve5tment5 in the medium term, Trustees remain committed to developing a process for investment decisions that are inclusive of social, environmental and 8ovemance outcome5 and standards. Investment Performance Group Results ThE trading results for the year and the financial position of the Charity and the Group are shown in the accompanyin8 financial statements. An explanation of the structure of the Group and ihe separation of both Grouplcans01idated accounts and Charity-only accounts can be found on Page 30. The Group had net expenditure before net Ilossesllgains on investrnents of £12,112.4171 in the year (2022.. £13.247.402)). The net movementin funds for the Group was £13.227.2Cfi) (2022.'E(3.487.220J). The Charity had net expenditure before net11055e5l/gains on investments of in the year of £(245.7701 (2022.. E(249.412JJ. The net movement in funds for the Charity was £{3.227.206112022.'£{3.487.215}). Andrews and Partners Limited The principal attivities of the Group are in residential estate agency, letting and management and financial services. The key perfomiance indicators of the business are ￿venUe. profit before tax a￿1 cash flow. The trading results for the year and the financial position of the Group are shown in the con501idated financial statements. Total revenue decreased by IO% from E21.142,115 in 2022 to £19.025.309 in 2023. The Group made a loss befo￿ tax of £1.776,889 in 2023 cornpared to a 1055 before tax of £2.765.246 in 2022. There was no dividend declared or paid in the year. 21 ANDREWS CHARITABLE TRUST (A company limited by guarantee FOR THE YEAR ENDED 31 DECEMBER 2023 Following a run of poor results. a business transformation programme was initiated in 2022 and continued through 2023. Includi￿ recruitment of a busine55 transfomiation specialist contracted in the autumn of 2022, to lead the business through 2023 and the first quarter of 2024. Further information about this process is included underthe sertion below on risks and uncertaintles. Other investments The cash investments are benchmarked to provide a higher income yield and total annual return than the FfsE All-5hare Index. At 31 December 2023. the quoted investments in the M&G Equities Investment Fund for Charities had a market value of £932.92312022- £1.014,7111. Dividends from this investment in 2023 were E57,39712022= E54.2551, representing a 5.8% yield against a 3.8% return bv the FTSE All-share totsl return. The Charity a150 has 0 Small quoted investment in Banco Sontander. The market value of this investment was £639 in 2023 {£639 in 2022}- In 2023. the Charity had three propertie5 providin8 income for the charity.- a commercial property in Islington, a ground floor shop in Bristol underneath three Establish flats and a residential property in Oxford rented on the market. In total these properties prOdU￿d £254.495 in income12022: 251,445) forthe Charity. This represents return of 8.8%. which 15 above our target of 6.75% pa income ybeld. As at 31 December 2023. the market value of these properties amounted to £2.7m. The value and yield of our largest investment property in Islington remains a risk and is covered in the sertion below. PRINCIPAL RISKS AND UNCERTAINTIES The Charity maintain5 a Risk Register which is reviewed annually by the Finance & Investments Committee IFIQ and approved by the full Trustee Board. In October 2022. the Tru5tee5 considered its investment strategy as a whole, and at that time, our investment in Andrews and Partners Limited was identified as our most significant risk. The assessments below. update the principal risks identified at that time. Andrews and Partners Limited The Group has suffered Significant losses over ihe last couple of year5 which ha5 resulted in the busine55 UtilisinB some of its cash reserves. The Directors of Andrews have undertaken a clear strategy to reduce the c05t base and return the Group to profitability in 2024 through to 2025 and onward5. There has been a reduction in people and supplier cost. which has resulted in the Group moving towards profrtability in the second half of 2024. The Group have also *rategically liquidated some of its assets in order to supplement the cash reserves. In order to provide short temi liquidity the Charity. as the ultimate parent company, has provided a short-tenn loan to the Group in order for it to meet its obligations. Thi5 loan wa5 repaid to the Charity in August 2024. The expectation is that with the business moving into profitability there will no lon8er be a requirement for any additional fundin8. 22 ANDREWS CHARITABLE TRUST IA company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustee responses, mitigating actions and future developments Trustees have stepped up fheir monitoring of the Group's perforrnance through 2022 and 2023 and thi5 is ongoing. Financially the aim is to return Andrews to a profitable position in 2024wtth continued growth in revenue whilst controlling the cost base. Weekly monitoring of cash flow and monthly meetings between the FIC and the Finance Director of the Group have continued through 2024 to consider the Charit￿5 p051tion having provided loan finance in January 2024. The loan has been repaid in August 2024. The Directors are yet to recomrnend a longer-tenn strategic plan to the Boa￿ of Trustees, followin8 the past two yearf5 plans forstabilisation of the business. butwith greateroptimi5m and the Stemming of cash losses, the proposition is to Position the Group going fonvard into 2025 $0 that it will make signifbcant profit and resume its a dNidend payments to the Charity. See the Sert*)n 172 report below for a further explanation of how Trustees are approaching this risk with the longer term in mind. Islington property short lease The lon8-term lease came to an end in early 2024. The Charity successfully renegotiated a new lease with the current tenant but on less beneficial temis. gNen the chan8es to market conditions ft)roffice 4)ace. and the difficulties of finding sub-tenants forthe Offi￿ space on the upper floors. Trustee responses, Mitigati￿ aclions and future developments The new lease is for four years which ha5 impacted on the value of the property as well as its income yield. In this time. we will explore options and contingencies for the future utilisation of thi5 a55et. as the market for both retail and office space ha5 dramatically altered. Establish The Estsblish pro8ramme has developed a new set of risks for the Charity. This is due to the taking on of debt-financin8 in 2021 Iwith Charity Bank} to finance the purchase of new propertie5. In addition. the comrnitments to property ownership and lease mana8ement present a new set of processes and responsibilities. Reco8nislng these, the Charity has entered into fomal management contracts with the Andrew5 Corporate Client SeTvice5 Department. to undertake b)th lease and landlord setvices work,. to ensure that we remain le8ally compliant. We a￿ also enriching our Board with expertise in property services and investment management experience to support our existing investment strategy for Establish and debt financin8 responsibilities. A full review of the whole progrnmme will take place in the second half of 2024 and will further consider these risks. Regarding the Charity Bank loan. as the business has suffered a deficif in the year. the loan covenant was not satisfied (the conditions of the covenant can only be met if a surplus is generated). Tntstse responses, mitigatin8 artions and future developments ThE Charity anticipated the i55ue regarding the covenant and advised Charity Bank before year end, so that they could consider their position. Consequentlyi they have confirmed that they will not request the rEpayment of the loan but rather have added an additional Condition. that the Charity retain5 a minimum of £0.5m in liquid assets at any one time. Di5CU55ions with Charity Bank have been very supportNe and as part ofthese Trustees have ag￿ed to sell the Oxford property in 2024 to reduce the size of the loan. 23 ANDREWS CHARITABLE TRUST IA company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 SECTION 172 REPORT The Companies Act 2006 ststes that Trnstees. as D1￿CtorS for the purposes of company law, must act in the way that they individually consider. in good faith. would be rnost likely to promote the success of the Charity for the benefit of its Members as a whole. In the context of the Group. the Trustees have tsken into consideration the relatioriship5 Within the companies that make up the Group. In assessing their duties durin8 2023. the Trustees have considered the actions and activities of the Board and of thE Board of Oirector5 of Andrews and Partner5 Limited as described throughout the report. The Trustees have had regard to the following- The likely consequences of any decision in the long temi. The lonB-temi 5UStainability of the Group is considered regularly by the Trustees and is bound by the Investment Policy described on page 20. This is ￿gularlY reviewed by the Finance & Investments Committee {FICI along Wlth the risk register for the Charity. which is undertaken annually. In 2024, in the light of the review of our relationship with Andrews Property Group. the Trustees have brought forward their review of the Finance & Investments Policy to ensu￿ that we are considering the long term implications over this period of uncertainty and1055es within the Group. At the time of wriling the review is still ongoing. but the issues bein8 considered in this review have contributed to the sections on Going Concern arKI Risk Management. The long-terni effects of decisions within Andrews and Partners Limited are monitored closely by the Trustees through reports by senior management at the quarterly Tru5tee5 meetings and at an annual shareholder meeting. Thi5 year. the Charity considered worst Case income projections in both the Group and the Charity along with contingency plans that would maintsin thE long-term future of the Charity- E55ential to these considerations were the operations and 5UPPOrt for beneficiarie5 of thE charitie5 already supported by the Charity- It was decided thac whilst income is reduced. priority will be given to supporting existing grantee oryanisation5, if necessary thrDU8h the utili5ation Df our liquid reserves. The interests of the charity's employees. The vast majority of the Group's employees work for Andrews and Partners Limited. Trustees recognise that the qualities and skills of its employees and the commitment of its staff plays a major role in its succe55. staff wellbeing and emotK)nal health has been a particular area of concern during the pandemic, with some staff having been furfoughed and others working from home for an extended period. The Group has improved services on offer to staff to help maintain good rnental health and thi5 will be maintsined for the long term. In 2022 and 2023. whilst there was a need to reduce the overall salary bill, most of the reduction has been achieved ihrough natural attrition and redeployment, where possible. The cornpany has in 2023. deveh)ped further its employee value proposit*)n. In addition, the Charity has supported stsff who are interested and motivated to enBage with the charitable work of the Charity- Trustees and Directors of the Company believe that building opportunities for stsff engagement will bri￿ benefits to our charitable partners and their benefitiariES and to the staff themselve5. 24 ANDREWS CHARITABLE TRUST (A company limited by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Fostering the company's relationships with suppliers. customers and others. In relation to key stakeholder engagement, the Trustees continually strive to strengthen and flEvelop the Charitvs relationship with Andrews and Partners Limited. primarily la5 described above) through en8agement with its stsff. Through this. however. we are mindful of the responsibilitiesthat the Group has to its wider Siakeholder5. including suppliers and customers. Through it5 shareholder relationship and close WOTkin8 relationship. the Charity strives to support improvements in the ethic5 and integrity of the ways in which the Group works with its other stakeholder5. Our strategic approach to achieving our charitable obiectives is to work closely with other charitie5 that receive financial support from us. in a "funding plu5" model of grant-making and social investment. As such. both the staff and Trustees have regular interactions with our key stakeholder5 throu8hout all partnerships. We hold annual reviews with all grantees with the expre55 intention of reviewing the partnership and exploring how the Charity can better support their ability to achieve positive outcome5 for the communities they work with. The impact of the GTOUP'S operations on the community and the environmenL In 2016, the Trustees agreed to the setting up of our first operational programme, Establish Ireported abovel- Our charity strategy 2022.2024, included an explicit intention to explore ond work towards maximising the environmental sustainability of our affordable housing portfolio. as an explicit intention of the Establish programme. Through partnership with LandAid, we were able to pilot energv saving initiatives in our refurbishment of new Establish propertie5. One property in Bristol wa5 8iven additional insulatFon and a second property wa5 refurbished to include an air source heat pump, moving the need for any ga5. Success is currently measured throu8h the uplift of the EPC rating. A numerical uplift of 20 points is our aspiration bu¢ in this case. a di5appointinB 7 points were achieved highlighting the limitations of the EPC as è measure. as the or￿inal EPC had presumed a level of insulatiorb that wa5 not. so we discovered. in place. That said, we are optimistic that we will continue to improve on our understandin8 of cost-effecrive improvements to build environmental considerations into future property purcha5e5. We have also had discussions with LandAid and other funding organi5ation5 about how we might share learnin8S with the wider charity sector and other socially minded landlords. Furthermore, this work is building the Charity's understanding of the retrofit challenge which will inform our a55e55ment of other potential grantee projects and our ability to advise and 5UPPOrt funded charities in their own property projects. The desirability of the Group maintsining a reputation for high standards of business conduct. The Charity and the Group take a zero-tolerance towards fraud, bribery and corruption. It IS committed to complying with all applicable laws and regulations that relate to these matters. The need to act fairly between Members of the Company. The Trustees undersrand the Charity Commission requirernents and understand the need to avoid and manage conflicts of interest. The Charity is limited by guarantee itself. but the Group indudes the And￿w$ and Partner5 Limited trading company. In 2023. we commenced a review of the relationship between the Charity and the Group to ensure that we maintain good 8overnance in the relationship in a way that respects the interests of both entities. This review is ongoing and will be reported on rn0￿ fully in the 2024 annual report. 25 ANDREWS CHARITABLE TRUST (A company limited by guarantse) FOR THE YEAR ENDED 31 DECEMBER 2023 Since the merger viith our sister charity. Christian Book Promotion Trust. in 2021, we have mana8ed the restricted fund set up with their assets. to ensure the continuation of their interests including th provision of Christian literature. as one of the way5 we addre55 our first charitable objective. SECR ENERGY USE & CARBON EMISSIONS DISCLOSURE The Companies (Directors, Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 {also known as SECRI introduce requirements for large unquoted companies and limited liability partnerships to disclose theirannual ener8y use and greenhouse gas IGHGI emissions, and related inforniation on energy efficiency measures undertaken and an energy effKiency rntKJ. Andrews and Partrfjers Limited dlsclose our energy use and greenhouse gas emissions in line wlth t requirements of the CoTnpanies Act 2006 regulations 2013 and the latest 2018 regulations. While the regulations set out a legal requirement to report on emissions, we also acknowledge the ethical and social requirernent to be acting on reducing these emi55ion5 SO that the amount that is reported each year is reduced. The annual carbon reporting statement for inclusion within the Directors, and Trustees, Annual Report 15 detailed below la5 the remainder Df the ExecutNe Summary. including footnotesl- As part of tlk consolidated nature of this ￿por( Trustees have included these di5c105ures in the group report below: Total Carbon Emissions FY 2023 (TC02e) Electricity Heati￿3 Fuels Transport Fuels and Mileage 26 ANDREWS CHARITABLE TRUST (A company limited by guardlltee) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 consump￿ kwh 613,634 23.siyi 310.783 947.921 1023 Emi$5ipn5 {TC02el 20ZZ Emi55iOn5 ITC02el Change Electrldty Gas Transport Fuels Gross Annual Total Inten51ty Metrfc Inumberof em loyeesl Total TC02elemployee 0.61 Quallfylng Green Tarlffs 0.00 Net Annual Total 947.921 204.36 Toble l.. Primorystatementfor Finonciol Yeor ending 3tst December2023 126 152 15 53 219 361 -17% -73% 74 -7% -9% 330 0.61 318.60 -36% The above ￿pOrted carbon emissions translate to Scope 1. 2 and 3 emissions as follows: 2023 2023 Emlsslons 2022 Emlssiorts Consumpti (rc02el ITC02el kwh Chan Scope l• 189.391 43.88 scope z Ilocatlon based) 558.837 125.75 scope 2 (market based) 558,837 125.75 Scope 3 199,693 34.72 Totsl (location based) 947,921 204.36 Total Imarket basedl 947,921 204.36 Table 2." Greenhouse G05 Emi55ion5for Finonaol Yeorending 315t December2023 45.58 Ist.76 151.76 21.72 219.06 219.06 4% -17% -17% 60% -7% -7% SECR Energy Use and Carbon Emissions Disclosure Andrews and Partners Limited disck)se our energy use and greenhouse gas emissions in line with the requirements of the Companies Act 2006 (Strategic and Directors, Reports) Regulations 2013 and latest 2018 regulation5. Baseline Year This is the fourth year of GHG reportin8 and is aligned with the financial year. 0110112023 to 3111212023. The flrst years. report forrns the baseline year which runs from 0110112020 to 3111212020. It is worth noting that the baseline year was formed during the Covid-19 pandemic and a5 such comparisons to this and futu￿ years may be skewed. Ar￿l￿w$ and Partners Limited may re- baseline once operation5 are le55 volatile due to Covid-19. Targets Andrews and Partners Limited have not developed anycarbDn targets forthe current reporting period. Intensity Measurement The intensity metric chosen is number of FFE employees as at the Financial Year ended 31st December 2023. This was chosen as the most suitsble metrK a5 the organi5ation's operation5 are closely linked to the number of ernployees. 27 ANDREWS CHARITABLE TRUST IA company limitsd by guarantee) FOR THE YEAR ENDED 31 DECEMBER 2023 Carbon Offset Andrews and Partner5 Limited have no quolrfying cart￿n offsets during this financial period. Energy Efficiency Narrative To reduce energy consumptK)D. Cost. and carbon emi55ions. AndreV￿ and Partner5 Limited 15 encouraged to continue their existing good work and implement further energy conservation measures in the next 12-month period. GOING CONCERN After makin8 appropriate enquirie5. the Trustee5 have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and at least for twelve Months of the date of approval of the financial 5tatement5. For this rea50n, they continue to adopt the going concern basi5 in preparing the financial statement5. Further details regarding the adoption of the going concem basis can be found in Note 2.2 within the Accounting Policies. Disclosure of infomiation to Auditors Each person who was a Tnjstee at the rime thi5 report was approved confirnis that.. 50 far as that Trustee is aware. there is no relevant audit information of which the Charitable Group's auditors are unaware, and that each Trustee ha5 taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit inforn)ation and to establish that the Charitable Group's auditors are aware of that information. Independent Auditors In accordance with Section 485 of the Companie5 Act 2006. a resolution prop05ing that Crowe LLP be reappointed as auditors of the Charity will be put to the members, who are the Trustees. This conclude5 the annual report of the Trustees. It was approved by the full Board of Truslees and is s•gned here on their behalf by: Ami Davis. Chair Dated. 241 b4 14 28 ANDREWS CHARITABLE TRUST (A company limited by guarantee> FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEESY RESPONSIBILITIES The Trustee5 (who are also directors of Andrews Charitable Trust for the purposes of company lawl are responsible for preparin8 the Trustees, report and the financial statements in accordance with applicable law and United ￿ngdoffl Accounting Stsndard5 (United Kin8dom Generally Accepted Accounting Practicel. Company law and charity law requires the Trustee5 to prepare financial statements for each financlal year. Under company law and charity law the Trustees mtssr not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and the Group and of the incoming resources and application of resources. including the incorne and expenditure. of the Charitable Group for that period. In preparin8 these financial Statements. the Trustees are required to: select suitable accounting policie5 and then apply them consistently: observe the method5 and principles of the Charities Statement of Recommended Practice: make judgments and accountin8 estimates that are ￿asOnable and prudent: state whether applicable UK Accountire Stsndards have been followed. subject ¢0 any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern ba515 unle55 it is inappropriate to presume that the Charitable Gniup will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable CompanVs and the Group's transactions and disclose with reasonable accurary at any time the financial position of the Charitable Company and the Group and enable them to ensure that the financial statements compiy with the Companie5 Act 2006. They are also responsible for safe8uardin8 the 355ets of the Charitable Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. This report was approved by the Trustee5 and signed on their behalf bv- Arni Oavls, Chalr Dated: LLI109 IL* 29 ANDREWS CHARITABLE TRUST (A company Ilmll¢d by guarantso) GROUP STRUCTURE FOR THE YEAR ENDED 31 DECEMBER 2023 Group structure explalned Andrews Charitable Trust holds a number of invesbnents in tyder to fund its chantable aims and objecb'ves. Explanabon of the rarKJe aTrY perfomiance of all investrnents is given ¥1 the annual report above including an introdLKtion lo the rdationship with Andre•K aTrJ Pathers Limited. y far our largest in¥esthient is in Andre4¥S and Partnets knmited. the ￿SIdential prowty seNices business. For this reason, and as required by xcounting standards, the fclbwry accounts provide two sets of wncipal financial inlomiatM: Consolidated 5ts1ements Charity only statements By way of explanation of the scale of the investrnent ￿ AT￿rew5 and Partners Limited. in the year, the company had an aver¥ge of 370 employee5 (2022." 414) operating from ts Head Office in Keynsham. near Bristol and ils 40 or 50 bwche5 in 8ri5tol, 8ath, Gloucestershire, Oxfordsh¥e. South London. Surrey. Sussex aThJ Kent The key performance Indicato￿ of the bu%ness are revenue. p￿fil beth tax and cash flow. A5 briefly ouuined on pa9e 20. the Andrews and partne￿ Group is made up of a number of spectalised divisions." Estate Agency IAEA)., Lettings & Management IALMI: Mortgage se￿ices {AMS).' Corporate Client SeNices IACCSI., Financial Service5 IAFSI and Land & Nthv HO￿ (L&NH). Flnancial Statement structure Pages 34, 36 to 37 and 39 of the firwicial statements reflect the consolidated results. balance sheet and cash flows of the whole Andrews Charitable Trust Group. ind￿ling the fjr)ancAI position of Andrews and Partners Limited. They Sh￿k1 therefore be read on Ihis basis. Pages 35 and 38 of the finan(xal statements reflect the results and balance sheet of Andrews Charitsble Trust only. The Notes to these ststements help to explain the numbers and the differences be￿n the consolidated and Charity only Statements of Financial Aclivities. B*nce Sheet and Cash Fk)w. Page 30 ANDREWS CHARITABLE TRUST IA company limited by guarantee) INDEPENDEKf AUDITORS REPORT TO THE MEMBERS OF ANDREWS CHARITABLE TRUST Oplnlon We have audited the financial staterrEnts of Andr￿￿ Charilabte Truslllhe 'parenl charitable companll and its subsidiaries (the 'group'l for the year ended 31 December 2023 which c(Knprise the Consolidated statement of financial activities. the Consolidated balance sheeL the Charity baLance shee[ the Consolidated statement of cash flows and the related notes, induding a summary of significant ac£ounbng polici&s. The financial reporbng framework that has been applied in their preparathryn is applicable law and Untttd Kingdom Accounting Standards, llicluding Financial RepNting Slandard 102 The Fbnancral Reporting Standard applicable in th& UK and Republic of Ireland. (United K#wdom Generalty Acc£pted Acojunimg Praclice)- In our op#iion the financial statements.. give a true ?rKi lair view ot the state d the Group'5 and of the parent charitable companys affairs as at 31 December 2023 and of the Gr￿p,$ inccmning resour￿$ and application ol resources. including its income and expenditure for the year then ended.. have been propedy p￿pared in accordan￿ *ith United Kingdom Ge￿￿lY Accepted Accounting Practice; and have been wepared in accordan￿ with the requirerr*nts of th& Companvas kt 20C6. Basi5 for oplnion We COr￿UCted ovr audit in accordance with IrrternatMal Standards on Authting (UK) IISAS (UKII and applicable law. Our Te5pJnsibilitie5 under those standards are turther described in the Audilofs responsibilities for the audit of the financial statements section of our reporL We are independent ol the Group in accordance with the ethical requiremen15 that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reportin9 Counc*s Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beleve that the audrt ev￿nce we ha¥e oblained is suffiuent and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the finaneAal statements, we have concknjed that the Trustees, use of the going concern basis of accounting in the preparalton of the financ￿1 staterrents is appropriate. Based on the wwk we have perfor￿, we have not Identi￿ any rnaterial Uncertainl￿ relating lo events or condition5 that, individually or collethety. may cast s￿nif￿ant dwbt on the Group's OT the parent charitable ompany's ability to continue a5 a gong concem for a penod of at least ￿RIve months from when the financtal 51aternents are auth0ri5ed for issue. Our responsibilities and the reS[mM￿rtles of the Trustees with respect to goN)g wncem are described in the relevant 5ectson5 of this report. Other information The other information comprises the infomwtion included in the Annual report other than the fina￿la1 statements and our Audilo¢s rewt thereon. The Trustees a￿ responsitde lor the other infomation conlained within the Annual report. Our opinion on the fmanC￿lI ststements does not cover the other infonnation and, except lo the extent otherwise expliatly stste(i in our report, we do not exwess any fom of assurance conclusion Ihereon. Our responsibility ts lo read the other infmtion and. in doing so. Cons￿er whelher the other infomiatson is materially in￿nSIs1ent with the finan¢il slatements ¢x our knowledge obtsined in the course of the audit, or otherwise appeats to be materially misststed. If Klentify such mat￿la1 inconsistencies or apparent material Page 31 ANDREWS CHARITABLE TRUST (A Company limitfjd by guarnntee) INDEPENDEMf AUDITOR'S REPORT TO THE MEMBERS OF ANDREWS CHARITABLE TRUST ICONTINUEDI mi5Statements, we are required to detennine whether this gives ￿ to a mateiial mlsstatement in the financial statements themselves. If. based on the wofk we have pertomied. we conclude that there ts a material mi5Statemenl of this other InfomHIM￿. are required to rewt that facL We have nothing to reF￿ in this regard. Oplnlon on other matters prescrlbed ty the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit the infomiation given n the TfUStees' Report induding the Strategic Report for the finanoyal year ts which the financral slalements are prepared is consistent with the financial $talernents. the Trustees. Report and the Strategic Repcxt have been wepared in accordance wilh applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of our knowledge and understarKling of the charitable company and 115 environment obtaine(l in the course of the audit, we have not identified material ￿￿tateMentS in the Trustees. Report including the Strategic Re￿t. We have nolhing to report in respect of the folkAying matters in relalion to which Companies Act 2006 requires us to report lo you if. in our opinion.. the parent char5table company has not kept adequate and suffic¢ent a￿unting records, or relums adequate for our audit have not been re￿Ned from branches not visited by us". ar the pa￿nt Charitable company financtal stalell￿ts are not in agreement vthh the accounting records and retums., or certain disdosures of Trustees, rerrnnerdi>Jn specified by law are not mode: or we have not receNed all the infonnathryn and exFknatM)n5 we require for our audiL Re5ponslbllllles of trustsfjs A5 explained more fvlly in the Trustees. responsibilities statemenl the Trustees (who are also Ihe directors of the haritable company for the purpose5 of company knvl are responsible for the weparati(yn of Ihe financial 5tstements and for being ￿ttS￿ed that they give a true and fa'r view. and for such intemal control as the Tru51ees dete￿Ine is necessary to enable the prepwation of financial statements Ihat are free from material mi55tatemenL whether due to fraud or e￿Or. In preparing the thanoal statements. the Trustees are resp(K￿lI￿ for assessing the Group's and the parent charitable companys ability to conts'nue as a going concern. disclosing, as applKable. matters related lo going concem and using the going concem basis of accounting unless the Trustees erther intend lo liquidale the Group or the parent charitable company or lo cease operalM)ns. or have no reaksbc allemalive but to do so. Page 32 ANDREWS CHARITABLE TRUST (A company Iwnited by guardntee) INOEPENDENT AUDITOR'S REPORT TO THE IIIEMBERS OF ANDREWS CHARITABLE TRUST (CONTINUED) Audltotrs responslbllltles for the audlt ol the financial statements Our objectives are to obtsin reasonable aSSUrar￿ about whether the financial statements a5 a whole are free from material misstatement whether due to fraud or error, and to issue an Auditols report that includes our opinion. Reasonable assurance is a high lev&1 af as5urnnce. but 15 not a guarantee that an audst conducted accordarKe with ISAS IUKI will ￿waYS detect a material misstaternent when il exi515. Misstatements can arise from fraud or error and are COn￿dered makrial rf, indmdually or in the aggregate, they could reasonably be expected to influence the e￿￿Orrk deusian5 of u5er5 taken on the basis of these ffnancial statements. Irregularilies, tncluding fraud, are instances of ￿0￿c￿l￿anCe with laws and regulath)ns. We design procedures in line wth c￿r resP￿sIbilitIes. outlined at*)ve. to detect material misstatements in respect of irregularities, including fraud. Th extent to which our wocedures are capa￿e of detecting irreguL4rilies, including fraud is detailed below: We obtained an understanding of the legal and regulatory framewo￿ Y￿1￿1n ￿lch the company operates, focusing on those laws and regulab'ons that have a direct effect on the detenrination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Acl 2006, Financial Reporting Standard 102 and Charities Ststement of Retommended Pratlice (SORP). We identthed the greatesl risk of material IM￿ on the finarwl st*éments from irregularitie5, induding fraud, to be the override of controls by management and coryletenass of income. Our a￿111 procedures lo respond to these risks included enquiries of management about their own identification and assessment of the risk5 of irregularities, sample testing on the posting of p)umals and revwing accounting estimates for biases, reading minutes of those charged with goveman¢e and designing audit ￿￿edureS to test the timing of income. Because of the inherent limitations of an audit. there is a risk Ihat ￿11 not detect all irregularities. Including those leading to a matenal misstaterr*nl in the financial statements or nonrycompliance with regulation. This risk increases the more that compliance with a law or tegulalion 15 removed from the events and transactions reflected in the firwicial statements. as we will be less likely to become aware of instances of non￿MplianCe. The risk is also greater regarding irregularities ocojrring due to fraud rather than error, as fraud involves intentional concealmenL forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audil of ihe financial statements is located on the Financial Reporttng Council's website al.. www.frc.o .uklaudttorsres nsibilities. This description part of our Auditorfs report Page 33 ## ANDREWS CHARITABLE TRUST ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANDREWS CHARITABLE TRUST (CONTINUED)** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. **Guy Biggin (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham **GL50 3PR** Date: 26 September 2024 Page 34 ANDREWS CHARrrA8LE TRUST IA company Iwnited by guarantee) CONSOLIDATED STATEMEKf OF FINANCIAL ACTlVtTIES IINCORPORATING INCOME ANO EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestri¢tsd funds nds 2023 2023 Total funds 2023 Total funds 2022 Income from: DonatK)ns aThl legacies other trading xlivilies Invesknents 400 19,025,309 1,015,449 252,615 71,498 21.140,412 521.672 258,538 19,025.309 1.015N49 252,615 Other income Total incomg 20,293,773 20,293.773 21.992.120 Expendlture on: Raising funds-. Other raising funds Charitable aclivit*s 21.747.949 614,995 21.747,949 658,241 24.521.135 718,387 Total expendlture 43,246 22J62.944 22,406,190 25.239,522 Net expendlture before net losses on IThvgStments Nel losses on investments 143246) 12,069,171) 12.112.417) (564.147) (564.1471 (3.247.402) (59.380) Net expenditure before ta￿n Taxation 143.2461 12,633,318) 12,676,564> (3,306, 782) (274,626) (274,626) (89.696) Net expendlture after laxatlon Transfers between fvnds 143,2461 12,907,944) 12.951.190I (3,396.478) (153,370) 153,370 25 Other recognlsed galnslllosses): Losse5 on revaluation of fixed assets 1276,016) 1276,016) (90,742) Net movement In funds 1196.616> 13,030,590) 13,227,206) f3.487,220) Reconclllatlon of ￿nds. Totsl funds brought fop4vard Net movement in funds 256,849 11.720,773 11,977.622 15.464,842 1196,616) 13.030.590) 13,227,206) (3.487,220) Tolal funds carri￿1 fO￿ld 60233 8.690.183 8,750,416 11.977,622 The Consolidated Statement of Financk41 Acbvitses I￿ude$ all gains arKI1055es recogni5ed in the year. The note5 on pages 41 to 75 forn part of these financial statements. Page 35 ANDREWS CHARITABLE TRUST (A company Ilmlted by guarantee) TRUST STATEMEKf OF FINANCIAL ACTIVrnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 R•5trtcted UnT85trict•d fund5 fund5 2023 2023 Total fund6 2023 Tot Tund5 2022 Income from: Donations and grants Charitable acbvibes other 40D 400 71,498 93,480 305.700 99.768 312.303 99,768 312.303 Total Income 412N71 412.471 470,678 Expendmurn on: Charitable actsvities (43,246 1614.995) 1658.241) 1720,090) Total expenditure Net105s b8fora Investment losses {43,246) 1614,995) 1658,2411 1720.090) {43.246) 1202.5241 (16,4051 (637.500} (245,770) 116,4051 (637,5001 (249,412) (62,477J {229,64¥ Net105ses on investments Net losses on investment properties Net lossos b8fore oth8r recognised gain$ and Ioss85 (43.246) (856,429) {899,67S) (541.534) Transfer be￿een fund5 Losse5 on revaluation of inve5trnents in subsidiaries {240.189) 240.189 (365.1￿) (1.962.341 I 12,327,531) (2.945,681) Net movement In lunds {648.625} 12,5n.581) (3,227,206) (3,487,215) Reconclliation of funds: Total funds brought fon4vard Movement in funds 1,261.636 10.709,741 11P71,377 15.458,592 1648,625) (2,578,581) (3,227,206) (3.487.215) Total funds carrfed fotward 613,011 8,131,160 8.744.171 11.971.377 Page 36 ANDREWS CHARITABLE TRUST (A company limited ty guarantee) REGISTERED NUMBER: 10961227 CONSOLIDATED BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2022 Not• Flxed assets Intangible a55ets Tangible assets Investments Social investments Investment propety 14 15 17 18 16 310,191 3.972.467 933,562 l688,S51 4292,128 382.472 5,000,025 1.015.350 3,235, 741 4,524,870 12.196.899 14,158,458 Currgnt assets Debtors Cash at bank and in hand 19 1A69.986 1.663.802 2,430,430 2.193,983 4.094.232 Creditors.. amounts falling due within one year 20 12,518.6471 (4,002,652) Net current Ilabllftles l assets 1324,6641 91.580 Total a55ets less current liabilities 11,872,235 14,250,038 Creditors: anunts falling due after than one year ProV￿10n$ for liabih'ties 21 24 12,622.223) {499,596) (1.608,332) (664,084) Total net assets 8,750,416 11.977.622 Page 37 ANDREWS CHARITABLE TRUST IA company lirnited by guarantee} REGISTERED NUMBER: 10961227 CONSOUDATED BALANCE SHEET (CONTINUED> AS AT 31 DECEMBER 2023 2023 2022 Note Charlty funds Restricted funds Unrestricted tunds 25 60233 256.849 General funds Revaluation reseNe 25 7,666,681 1,023,S02 10.421.255 1,299,518 TO￿ unrestricted funds 25 8,690,183 11,720,773 Total lunds 8,750,416 11.977.622 The Trustee5 acknowledge t￿r responsitx'lths for complw'ng with the requirement5 of the Act with respect to accounting records and preparatKffl offmancHI statemen The finanaal statements were approved and autholised ftjr issue by the Trustees and signed on their behalf by.. A Davis Chair of Trustees Date= 1410914- The notes on pages 41 to 75 fom part of these financial stateffents. Page 38 ANDREWS CHARITABLE TRUST IA company limited by guarantefr) REGISTERED NUMBER: 10961227 CHARrrY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Flxed assets Tangible assets Investments Social investments 15 17 18 16 320,899 4A56,686 2,688,551 2.707,128 364,033 6,866,005 3.235.741 2,842. 128 Investment property 10.173,264 13,307,907 Curwent ￿Sets Debtors Cash at bank and in harKI 19 27,860 165A15 34,902 284.723 193,275 319.625 Creditors.. amounts falling due wihin one year 20 1122,368) (1.656.155) Net current assats I liabilites 70,907 (1.336,530) Creditors: amounts fallllw due after more than one year 21 11,500,000) Total net assets 8,744.171 11.971.377 Charlty funds Restricted funds 613,011 1,261,636 Unrestricked funds General fund5 8,131,160 10.709.741 Total unrestricted funds 8.131.160 10,709.741 Total fund5 8.744.171 11,971,377 The Trustees ad(nowledge their responsiblities for comth'ng with the requirements of the Act wtth respect to accounting rec(Kds and preparation of financlal statements. ancial tements were apwoved and aUth￿l$ed for issue by thè Trusteès and signed on their behalf by: A Davls Chair of Trustees Date. L4101 ILF The notes on pages 41 to 75 foffn part of these finanL>al statements. Page 39 ANDREWS CHARrrABLE TRUST (A company llmlted by guarantee) CONSOUDATED STATEIAENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash fl¢)ws from operatlng activiti•5 Net cash used in operating activities 28 (2,559,797) (3.231.718) Cash Ilow8 from Inv•stlng activibgs Dividends. interests and rents from investments Proceeds from the sale of tsngl￿e ffixed assets Purchase of tangible fixed assets and social ￿ve51Th￿nts Proceeds of investments 1.010,449 242.486 {62,876) 252.883 521.672 142, 187 (837,910) 25,000 Net cash provid•d byllused In) investing actlvltlps 1,442,942 1149,0511 Cash flows from fmancing activities Interest paid Repayments of loans 1103,468) (131.600) 1486,110) (555. 556) Net cash used In Ilnanclng acllvltles 1589.5781 1687,156) Chang8 in cash and cash equfvahnts in the year Cash and cash equivalents al the beginning of the ye 11,706,4331 (4,067,925) 2,430,430 6,498,355 Cash and cash gqulvalents at the end of the year 29 723,997 2.430.430 The notes on pages 41 to 75 frym part of these fmanual slaterrEnts Page 40 ANDREWS CHAR￿ABLE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Infomiatlon Andrews Charitsble Trust (-the Chari￿1 15 a PTivate company limrted by guarantee and a registered charsty (Charity T￿. 11747C6) (Company Tr). 10961227) I￿)rporated and registered in England and Wale5. The addre55 of its registered office 15 42b High Street, Keynsham. Bristol. BS31 1 DX. The Trust ha5 been established for the advancement of christr.an religx)n and the relTref of sickness. wverty and di5tre55 woddwide, a5 an expre55ion of chrisb.an love. AGcountlng pollcles 2.1 Ba515 of PrePar￿On of finanGlal statements The financial 5talernents have been prepared in accordance Iwth the Charities SORP IFRS 1021- Accounting and Repjrting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance vAth the Financial Reporting Siandard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Irekind {FRS 102) and the Companies Act 2006. Andrews Charitable Trust meets the definition of a pU￿1C benefit entity under FRS 102. Assets and liabilities are initialty recognised at hisloricat cost or transaction value unless otherwise staled in the relevant accountirmj pthy. The Consolidated statement of financial athsbes (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsNJory undertakings. The results of the subsidiaries are consolidated on a th'ne by line bags. 2.2 Golng concern The Trustees have considered the groups fmanoal forecasts to consider its abilty lo meet its liabilibes as they lall due. They have conSide￿d the expectatson5 of fijlure trading. forecast operating costs and current a55ets and do not believe there are any mater￿1 uncertaints'es over its ability to continue as a going concem. Accordingty the fin￿cial statements have been prepared on a going concem basis. Despite ojrrent circumstance5 the Trustees bekeve that the groups ffin8n¢ial resource5 are sufficient lo ensure the abilty of the group to continue as a goiThJ concern for the foreseeable future. being at least ￿e1Ve months from the dale of approval of these financial statements and therefore have prepared the financial statements on a grAng concem basis. Page41 ANDREWS CHARITA8LE TRUST {A Company ￿mited by guarantee) NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Iconttnued) 2.3 Income All income is recognised once the Charity has enliuement to the income. it Is probable that the income will be receNed and the aTh￿fit of incoff* receivable can be rnea5u￿d reliably. Grants are included in the Con9)lidaied ststernent of financAal activits￿ on a weNable basis. The balance of income recewed for SpeUr￿ purposes bul not expended during the period is Shown in the relevant funds on the Balan￿ sheet whe￿ income 15 received in advance of entiuement of receip( its recognibon is deferred and included in ueditor5 a5 deferred income. Where enlidemenl occurs efore income is re￿Ned, the income is accftAd. Government grants are accounted under the a(yJua15 model a5 PETmitted by FRS 102. Incoff* tax reojverable in relation to donatw)n5 Trcerved under Gift Aid or deeds Ot covenant is recognised al the time of the donalion. IneJ)me tax reeA)verable in relati￿1 to investsr￿1 income 15 reQ￿nISed at the time the investment income is receivable. Other income is recognised in the in which it 15 receivable and to the extent the 9(>￿5 have been provided or on complelion ol Ihe Ser￿e. 2.4 ExpendiluT• Expenditure 15 recognised once theTr 15 a kgal or 0￿5t￿Ctive ot￿l9atiOn to transfer econom￿ benefit to a third party, it 15 probable that a transfer of econom￿ benefits wdl be required in settle￿￿nt and the arnount of the obligalion can be Th￿asured reliably. Expenditure is classified by actNity. The costs of each acb'vity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aC1p￿ty. DTrct costs attriLwtable to a single xtrvity are a*Jcated direcuy to that activity. Shared costs whth contribute to more than one activity and supp3rt o)sts which are not attributable to a Single activity are apportioned be￿en those activities on a basis consistent with the use of resources. Central staff costs are althated on the b￿S of time spenL and deprecialton charges allocated on the Poftion of the asset's use. Expenditure rai%ng fund5 inckmles all expenditufe incurred by Ihe Group lo raise funds for its tharitable Purposes and includes costs of all fundraising acbvities events and non NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollc5es (contlnuedl 2.6 Turnover Turnaver comprises revenue recognised by the Group in respect of good5 and ser¥￿eS supplied during the year. exdusive ofvalue Added Tax and trade discounts. Tumover in resFeCt ol Itajing subsdiJies is induded in "other trading incnme" within income on the Sialement of Financial ActNitie& Revenue from se￿iceS is recognised in the period wi ￿thIch the servti is rendered. when the significant risks and rewards of ownership have been transferred to the buyer, the amount of revenue can be measured reliably. it is Probab￿ that future econorr4c benefits will flow to the entity, and when the specific criteria relating to exh of the ￿an￿S sa￿S channels have been me[ as described below.. al Estate Agency.. Commission receivabte in respect of the sale of pmpety on behalf of dients is recognlsed in the financial statements on the exchange of each sale. b} Other Activities.. Revenue represents ccffimission and fees from FXOWty letting man>J&mèn( and commisslons from financial services. Initial commissiC￿ on financial services is tscognised a5 incom& whèn the policy goes on risk. A W>ViShM is made for fLrture clawbacks Df initial comMiss￿)n anticipated lo arise in the indemnity period. Renewal comrni5sion is rec4)gnisable on a recèived basis. Fe&s and commissions receivable from dients of property ￿tting arKI rnanag8m8nt businèss arè recognised in the profft loss account on cc>mpletion af the ￿tting of the propety. as rents credited to the profit fal or over the duratkon of thè management conlracL Commission receivable in respect of surveys is remni5ed when the wotk has been cowgleted. 2.7 Tennination payments Ter￿￿nation payments are accounted for as 500n as Ihe Group is aware of the obluation to make the payment 18 Intsnglble assets and amortlsalion Intangible assets coslirvJ £Nil or ￿vJre are ca•ed and recognised when future economic benefits are probable and the cost or vdue of the asset caTr be measured reliably. Intangible assets are initialty recognised at cost. After recognition. under the cost model, intangible assets awe measured at cost less any accumulated amortisation and any accumulated impaimient losses. Amortisalion is prolided on intangible asseis at rates caculaled to tAfite off the cost of each asset on a slraight-line ba￿S over its expected useful lite. The estimated useful lives are as folkhvs: Lettings boc Goodwill Negalive go(Khhll 10 years 5 to 10 years 10 ￿r¥ Page 44 ANDREWS CHARITABLE TRUST (A ¢ompany Ilmlted by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AccountSng polScles l¢ontlnued} 2.8 Intanglble assets and amortlsatlon (contlnued) Goodwlll Goodwl represents the difference behveen amounts paid on the cost of a business combination and the acquirerfs inlerest in the fair value of ils identifiable assets liabilities of the acquiree at the date of acqubsitson. Subsequent to inibal recognition. goodwill is measured al cost less accumulated amorbsation and accumulated impawrnent losses. Goodwiu ts amortised on a slraight-line basis lo the Profit and loss account over its useful economic life. Nqgativa goodwlll Negalive goodwill is the difference betsveen the lair value of the a55ets arKI liabilibes acquired of a busines5 and the arn￿￿t paid on acqulslth￿.Negative goodwill 15 credtted to incoming re5ource5 on 51raight line basts over 115 exp8cled Irte of 10 yeaT& 2.9 Tanglble fixed assets and dopreciatlon Tangible fixed a55ets c051ing £Nil or more are capitalised and reccgni5ed when future econo￿￿C benefit5 are probable and the c05t or Va￿ of the asset can be measured reliably. Tan9ible fixed a55ets are inib'alty recogni5ed at cost. After recognition. under the c05t model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Ail costs incurred io bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Oepreciation is prOv￿ed on the fcthwing bases: FreePth)Id propety 50 years Long4em leasehold proFety - Unexpired of the lease Short4em leasehokl woperty - Unexpired perh￿ of the lease Motor vehides - 4 years Fixtures and ffttings - 2to 10years 2.10 Revaluation of tanglble r￿ed assets The Group has adopted the revaluation model to reVa￿e items of propety whose fair value can be measured reliably. The revaluakn.ons shall be made vmh suffioent regularity to ensure that the caffying amount does not drfler materialty fffjm that which V•Y)uld be dete￿Ined using fair va￿e at the end of the reports'rvj period. The fair value of land and buildir¥Js is usualty detemiined from market-based evidence by appraisal that is normally undertaken by prOfesS￿)nallY qualified valuers. The fair value of items ot property 15 usualty their market ¥a￿e deiemlned by appraisal. RevalualK)n gains and bsses are recognised #i other comprehensive income and accumul*ed in equity. Page 45 ANDREWS CHARITABLE TRUST (A ¢ompany Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollc5es (continued) 2.11 Investments Fixed asset investments are a fonn of finafiC￿ instrument and are initially recognised al their transaction cost and subsequentty measured at fair value at Ihe Balance sheet dale. unless the value cannot be measured reliably in ￿lch case it is measured al cost less impaim*nt. Investment gains and h)sses. whelher realised or unreali5ed. are combined and presented as 'Gainsl{Losses) on investments. in the CorwlKlated stalemenl of financial aclivbties. Investrnents in subsidiaies are valued at fairvalue whth the Directors esbmate to be approximate to the net asset value of the urmletyw￿ group. Social investsnents are initially measured at cost and a￿ subseqLwidy measured at cost adj'usted for iff¥airrwits where n￿SSary. InvestrrEnt propety is carried at Pair vakE delemitned annualty ty extemal valuers and derived from Ihe current market rents and livestment property yields for comparable real estale, adjusted if necessary for any difference in the nature, hxation or ¢ondition of the specific asseL No depreciati is provided. Changes in far a￿ recognised ￿ profit or loss. 2.12 Debtors Trade and other debtors are rectyjnised at the selllement amount after any trade discount Offe￿d. PRpayments are Va￿ed at the aTh)unt wepaKI net of any trade discounts due. 2.13 Cash at bank and in hand Cash at bank and in hand indudes cash and short4enn hDJhly Ixjuid investments with a short maturity of th￿8 ￿￿NthS or less from the dale of acquisition or opening of the deposit or similar account. 114 Llabilities Liabilities and provisions are recognised vthen there is an obligation at the Balance sheet date as a result of a past event. r( is probable thal a transler of econorric benefit will be required in settlement. and the amount of the Settle￿￿nt be esiwnated reliabty. abilities are recognised * the amijunt that the Twst anticipates it will pay to settle the debt or the amount it has receNed as adVa￿d payments for Ihe g(K)ds ry seNi¢es il provide. Provisions are measured al the best estimate of the atwunts required to settle the obligation. Where the effeci of the time value of money is malerial, the provision is based on the present value of Ihose amounts, discounted at the prfrtsx discount rate that reflects the risks specific to the liabiltty. The unwnding of the discount is recognised in the Consoltdated statewEnt of financial activilies as a finance cosL 2.15 Financlal Inslmments The Group onty has financial asseis and fthincial labdities of a kind that qualify as basic ffinanaal instruments. Bast finanual instruments * inth'ally recognised at transaction value and subsequently measured at their settlement value vth the exceptK)n of bank loans which are subsequently measured at amorbsed cost ￿n9 the effective interest method. Page 46 ANDREWS cHAR￿ABLE TRUST (A company Ilmited by guaTantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting PDlklos Icontlnued) 2.16 Taxatlon The Chaiity 15 Con￿dered to pass the tests sel out in Pawraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Chafity is potentialty exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the TaxatNJn of Chargeable Gains Ad 1992. to the extent that such income or gains are applied exclusively to chatitable purposes. 2.17 Penslons The Group operaies a defined ry)ntri￿ti0n pension scheme and the pension tharge represents the amounis payable by the Trust to the fund in respect of the year. Pension CDs15 are alkncated to the unrestricted fund because this is the furKI where all staff salaiie5 are recognised. 2.18 Fund accounting Genèral fund5 are unrestricted funds whith are availaL4e for use al the di5crelion ol the Tru51ees in furthernno of the gener￿ obJ"ective5 of the Group and whith have not been de5i9nated for other purp05es. Restricted funds are fvnds thich are to be used in XCOrdan￿ with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are tharged a9ainst the speak fund. The aim and use of each restricted fvnd is sel out in the notes to the financial stsletnents. 2.19 Contlngent Ilablliiles In accordance with the SORP, a cajntingent liability is disclosed for those grant5, which do T￿t represent liabilibes, where the possible obloation, which ari5e5 frDm past events, will only be confimied by the occurrerte of onè or more uncèrtain fuluTe events not wholly within the Trustep5' control. Page 47 ANDREWS CHARITABLE TrUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 crftlcal accountlng estknates and areas of 5udgement Estimates and judgements are conlinually evaluatejj arKI are based on historical experience and other factors. including expectations of luture events Ihat are believed to be reasonable under the circumstances. Critical accounting estimates and assump1k￿ls. The Trust makes estimates and assurrwions 0)n￿MIng the future. The resulting accounting estimates and assumptions wll. by definition. seldom equal the related octual results. The esb'rnates and assumptions that have a s￿rtIficant risk of eau5ing a mateiial adjustment to the carying aThwJunls of assets and liabilities within the next ffinancial year are disCU55ed beiryw. CritKal areas of judgementr. a> Propertyi plant and •quipm8nt (note 15 The annual depreciation Ch￿ for property, plant ¥TKI equipment15 sensitive to changes in the estimated economic useful lives arKI residual values of the a55ets. The useful economic live5 and residual values are r&assessed annuaty, and are amended to reflect current e5tsmaie5 based on market conditions. Assets are revalued on a periodr basis Using approFyiate a55ump1h￿s'. further detail is provided in note 15 to these f￿anCIal ststerr￿￿ts. b) Impainnent of goodwill Inots 14) D•lerrrMning whether goodwll is impaired requires a management estimate of future cash flows. The goodwill in the group'5 financial State￿￿ntS reL3te5 to the future value of managed letttyigs contracts acquired when the bu5ine55 wa5 purchased. The key judgement here is the attrition rale of the lets over lime and thi5 15 monilored by management on an ongoing basi5. ¢1 Dilapldation provislons (note 24) The Group is required lo perform dilapidation repars and restore properties to agreed spe¢ifieAtions on leased propertie5 prior lo the properkn'es besng vacated at the end of their lease temi. Provision for such cost is rnade where a legal 01￿￿atron is identified and the liabrkty can be reliably qLwtified. d) Onerous lease Provisio￿ Inote 241 The Group is legally responst4e for rent payments on any property they ¥a¢ate under a lease agreement before the end tem or break dale the o)ntract. ProvisM)ns for sucn cost is made where a legal obligthn is Klentified and the liablty can be ￿liablY quanlified. el Clawback provisions Inoie 24) The Group is ha￿e for d&Yback on commisson r￿e1ved on the sale of third party Products where customers cancel agreements within a specified txne per￿. Provisions such cost is made where there is a legal obligabon and based ￿ hthrical experien￿. Page 48 ANDREWS CHARITABLE TRUST (A company limlted lry guardnt￿l NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donation$ and lfjgxios Restrfcted UnrestrJcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations and grants 400 400 71,498 Total 2022 61,575 9,923 71,498 Incom• from other trading activities Income from non charkable tradlng actlv51 UnrestrictRd funds 2023 Total funds 2023 Total fvnds 2022 ConsolKialed tumovef ofAndrews & Partnets Limited 19.025.309 19,025,309 21, 140.412 Totsl 2023 19,025,309 19.025.309 21, 140,412 Tolal 2022 21, 140,412 21. 14Q,412 An anaty5is of the consolmlaied tumover of Arvjrews and Partners by class of turnover Is as follows.. 2023 2022 Estate agency Conveyancing Financial seTvices Letting and management 6.797,772 519,397 1.551,915 10,156,225 8.531,586 697,164 Z 286,470 9, 625.192 19,025,309 21, 140,412 Page 49 ANDREWS CHARITABLE TRUST IA company limitod by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Income Unrnstricted nds 2023 Total funds 2023 Total funds 2022 Arising from investrr*nt pmKErtEs Arising from listed inve51Tnents Arising from social investsnents Interest re￿1vable Profit on disposal of branch 254.495 57.808 99.768 598,378 5,OLKI 254,495 57.808 99,768 59B.378 5,000 251,445 54.255 93.480 122.492 Totsl 2023 1,015,449 1,015,449 521,672 Total 2022 521.672 521.672 Other Incomlng resources UnrestrictRd funds 2023 Total funds 2023 Total funds 2022 Rental income 252.615 252,615 258.538 Total 2022 258,538 258,538 Page 50 ANDREWS CHARITABLE TRUST IA ￿npanY Ilmitod ty guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendllure on charhable activit*s Summary by ftmd type Restricled Unrestricted funds funds 2023 2023 Tolal 2023 Total 2022 Eslablish-young people Relief of poverty Christran Speaking volurnes 5.175 185,553 186,249 77.909 165,284 190,728 186,249 77,909 203,355 131,914 344,427 154.796 87,250 38.071 Total 2023 43.246 614.995 658,241 718,387 Total 2022 42.￿? 675.887 718,387 Anatysi5 of 8xp8ndI￿re by activilies Grant undertaken funding of dirnctly activities 2023 2023 Support costs 2023 Tolal funds 2023 Total funds 2022 Establish-young peoF4e Relief of poverty Christian 112.344 32.475 140.340 32.000 38.071 45.909 45,909 45,909 165,284 190,728 186,249 77.909 203,355 131,914 344,427 154,796 87.250 Speaknng Volume5 Total 2023 112.344 242,886 303,011 658,241 718.387 Total 2022 s8,￿7 298.403 361.477 718.387 Page 51 ANDREWS CHARITABLE TRUST IA company Ilmtted ty guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendibjre by actlvitle51conlinued} Analysis of dirnct costs Establlsh young people 2023 Total funds 2023 Total funds 2022 Depreciation Propety expenses Professio￿ fee expense5 69,526 34.102 8,716 69,526 34,102 8.716 17,581 26,129 14,797 Total 2023 112,344 112,344 58,507 Total 2022 58.597 58.507 Analysis of support Costs Establish young poople 2023 Relbgf of poverty 2023 SpeakSng Volumes 2023 Total funds 2023 Tolal funds 2022 Christian 2023 Slaff c05ts Office costs Auditorfs remuneration Truslee5' expense5 16.703 26.177 16.703 26,177 16.703 26.177 60,275 94,203 110,384 172,734 134, 922 207,245 2.585 2,585 2,585 9.207 16.962 18.701 1,599 1931 609 Tolal 2023 45.909 45.9)9 45.909 165.284 303,011 361,477 Total 2022 40.212 188.675 84,796 47. 794 361,477 Page 52 ANDREWS CHARITABLE TRUST IA ¢ompany Ilmitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Analy51s of grants Grants to Institutions 2023 Total furKIs 2023 Total funds 2022 Gran15, E51abli5h young peorAe Grants, Relief of povety Grants. Christian Grants, Speaking Volumes 32.475 140,340 32.000 38.071 32,475 140,340 32,000 38,071 33,195 155,752 70,000 39,456 Tolal 2023 242.886 242,886 298,403 Total 2022 298,403 298,403 Information relatiNJ to grants made to institutions by Ihe Group are disclosed in the Tru5tee5 ReporL 11. Auditofs rnmunernlion 2023 2022 Fees payable to the Charivs auditor ft)r the audit ofthe Chariiys annual accounts 7,700 7,000 Fe?5 payable to the Chartys a￿liE0r in respect OTr Auditing of financial slatements of subsidiaries of Trusl Taxation compliance 5er¥ices AJI non4udii seThices not Ir￿1￿ atM)ve 39.050 10,50D 12,100 34500 11.500 i 1.000 Page 53 ANDREWS CHARITABLE TRUST (A company limitod by guarantw) NOTes TO THE FINANCIAL STATEMeKrs FOR THE YEAR ENDED 31 DECEMBER 2023 12. Staff costs Group 2023 Gmup 2022 Charity 2023 Charity 2022 Wages and salaries Social security costs Contribution to defined contribution pension 11.801,800 12.642,324 1202.716 1.334,858 93,588 10.913 114,655 72,925 401650 436.141 5,883 7.342 13.407,166 14,413,323 110,384 134,922 The Group made did not make any lefflmnaknon payments during the year (2022." £294.632). At the year end £M'I (2022.. £4&9021 was induded within acC￿￿S. The average number of per￿)nS ery)byed by Ihe Chanty during the year was as follows". Group 2023 No. Gmup 2022 Chatbty 2023 No. Charity 2022 No. Estate Agen Lettings Charitable xtivitie5 Admin and support Financial servi 165 134 156 208 17 29 21 373 417 Page 54 ANDREWS CHARITABLE TRUST IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 Staff costs (contlnued) The number of employees whose employee benefts (excluding employer pension costs) exceeded £60,000 was.. Group 2023 No. Gmup 2022 No. In the band £60,001-£70,0 In the band £70,001- £80.000 In the band £80.001- £90.000 In the band £90.001-£1CQ,000 In the band £130,001-£140,C In the band £200.001- £210.000 In the band £220,001- £230.000 In the band £290,001- £3CQ,OCrtl In the band £340.th)1- £350.OtKI 11 Key management personnel for the Trust is COn￿dered to be the Executive Director who receNed emoluments of £61.446 (2022." £68.574). The Trust has 3 ernpknyees (2022.. 3). The key management personnel for the Group is considered lo be the Executive Director of the Trust and the Diiectors of Andrews & Partners Limited. Total remuneration for key management personnel was £783.72112022.- £1,228. 138). The total Directors emoluments lor Direcknts of Ihe SUb￿lary UThJerta￿.￿gS in Ihe year amounted to £660.753 {2022.' £905.325) which includes compensation fDr Dir8Ctor5 1055 of office tot3lling £Nil12022. £193.0401. The total pension payments lo these Directots amounted to £53,122 12022.. £52,331). The highest paid Director of the subsidAry undertaking5 Trceived remuneration of £323,2CN) 12022." £345,923). The value of the Groups contribubon5 paid to a defined contrsbution pension scheme in respect of the h￿hest paKI Direcior amounted to £33.120 (2022" £4.4311. 13. Trnstees. rnmun8rntion and expense5 During Ihe year. 2 Trustee5 receNed aggregate erryJu￿￿nts of £35.0￿ (2022." £449. 788, 5 Trustees) for their role a5 Director5 in Andrews & Partners Limited. the subsidiary of the Irusl. Total pension payments made were £Nil12022." £9.83n. During the year ended 31 December 2023. expenses tolalling Q.931 were reimbursed or paid directly to 7 Trustees (2022- £608 to 4 Trnstees) in relation to tra¥d c¥Js Page 55 ANDREWS CHARITABLE TRUST (A company lknit•d by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Intanglbl• ass•ts Group Negatlve goodwlll book Goodwill Total Cost At 1 January 2023 319.583 867,033 (59,S831 1,127,033 At 31 December 2023 319.583 867.033 (59,5831 1.127.033 Amortlsatlon At 1 January 2023 CharyJe for the year 31.958 32.174 718￿6￿ 46,065 (5,958) (5,95B) 744,561 72,281 At 31 Oecember 2023 64,132 764,626 Ill￿16) 816.842 Net b¢)ok value At 31 December 2023 255,451 102.407 {47.667 310.191 At 31 December 2022 287.625 148,472 (53,625) 382,472 The goothiill cost inclLwJe5 the fully arnortised acquisrtion of A¢uedited Lettings Limited of £404,220, Accredited Lettings knmited being dissofved in July 2018. The remaining gwdwill at 31 December 2023 relates to the acquiwlion of managed letb'ng contsact5 in 2016. The acquisition of the lettings book relates to the fair vak* of the lettings book purchased from Browns WOr￿Ster Park Est* Agents during 2021. Th¢s resulted in negab've goodwill of £59.583. The intangible asset is being amNtised over 10 years. Page ANDREWS CHARITABLE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Tanglble fixed assets Group Long4erni Short4emi FreelM>ld leasehokl leasehold property prnperty property Motor Fixlurns vehicles and fittlngs Totsl Cost or valuatlon At 1 January 2023 Addrtions Di5P05als Revaluation5 1779,258 150.OIXI 233.597 601,188 12.846,3TI 16,610.420 62.876 62,876 1461,345 1234,258) 1185.000) 1164258) (276,345) 160,000) (10.0001 At 31 December 2023 2,430,000 223,597 324.843 12.909.253 15,977,693 Depreclatlon At 1 January 2023 Charge for the year On disposals 175.169 520,188 10,915,03B 11,610,395 639,676 639,676 1244,845) 1244.8451 At 31 December 2023 175.169 275,343 11,554,714 12,OOS,226 Net book value Al 31 December 2023 2.430.OOD 48,428 49￿00 1,354,539 3,972,467 At 31 December 2022 2, 779.258 58.428 81,000 1,931,339 5,OCKI,025 Page 57 ANDREWS CHARITABLE TRUST IA ￿￿panY Ilmlt¢d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 15. Tanglble fixed assets Icontlnuedl Charlty Flxlures and fittlngs Cost or valuatlon At 1 January 2023 478,743 At 31 December 2023 478,743 Depreciation At 1 January 2023 Charge for the year 114,710 43,134 At 31 December 2023 157 Net book value At 31 Dece￿er 2023 320,899 At 31 De￿Mtser 2022 364,033 The Group's freehold properties aTe foTmally ￿ValUed every year. They were last fornally revalued at 31 December 2023 on the basis of open market value by Ailchison Raffety are independent qualified valuers. The valuations were uThJertaken in accordance wth the Appraisal and Valuation Manual of the Royal Institute of Chartwed Surveyors in the United Kingdom. These valuations have been incorporated into the financial statements and the resulting revaluation adjuslments have been taken to other comprehensive income. At 31 December 2023 the histryical costs of the revalued freehokl Premi￿ was £1,346.85Y) {2022." £1.513.835) and the short leasew premises was £50.500 (2022 £50.%Lry and the long leasehold wa5 £2fy).00012022 £2IXI,0001. At 31 December 2023 the histori&ql nel bocA( value of Ihe revalued freehold premises was £1.114,520 12022.. £7.126,30n and sbort leasehdd premises £48,480 (2022.. £49.9851 and the king leasehold prem￿e5 was £194.00012022." £196.0(Iop. Page 58 ANDREWS CHARITABLE TRUST IA company ￿rnited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Investment property Group Freehold investment property Valuatlon Al 1 J￿vary 2022 Disposals Loss on revaluation Transfers in year from social lnvestff￿nts 4,524,870 1187,500) 154S,242) 500.000 At 31 DeCerT￿er 2023 4.292,128 Charlty Frnehold invgstment property Valuallon At 1 Januay 2023 Loss on revaluation 2,842,128 1635,000) 500,000 Transfers in year from sC￿la1 investrnènts At 31 December 21723 2,707.128 The 2023 valuation5 were undertaken by Coppwy Joyce (Chartered Surveyor5) for the Charitable TrusV5 London Propety, Csquared for the rnixed use property in Bristol and Ailchi50n Raffety for the subsidiary ents.ty Andrew5 Estale Agents Limited. The ¥that￿ were on an open market value for exisb'ng use bas1S. If the investrnent properties h￿1 been xcounted for under Ihe historic cost accounting rules, the properties would have been ffoasured as follows: Group 2023 G￿up CompaTry 2022 2023 Cornp8ny 2022 Hi51oriG cast Historic accumulated depreciation 4.107,595 4.107.595 13,016,813) (2,848,325) 57.595 16,6811 57,595 (5,529) Net book value 1.090.782 1,259.270 50,914 52.066 Page 59 ANDREWS CHARITABLE TRUST IA company Iwnited by guardnteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Flxed asset Investments Llsted Investments Group Cost or valuatlon At 1 JanLWy 2023 Disposals Revaluatsons 1,015,350 16S,383) 116,405) At 31 December 2023 933,562 Investments in subsidiary Llsted companies investments Total Charlty Cast or valuatlon At 1 January 2023 Disposals ReV￿vationS s￿50.655 1,015,350 165,383) 116A05) 6,866,005 165,383) {16,4051 12.327.531) Amounts written off 11327.5311 At 31 December 2023 3.523,124 933,562 4,456,686 Prlnclpal subsldlaries The following were subsidi¥y undertakings ofthe Charity. Namos Company number Prlnclpal actlvlty Holdlng Andrews & Partners LI￿￿ted Andrews Estaie Agents Linited 235326 7(WO HokdiryJ company Estate agency and financial seNices Pension Trustee Letting agents Block management ser¥￿e5 1 OOYO 100% Andrews Pen5iM Trnst knmited Andrew5 Letb'ng & Management Limiied Andrews West Street Management Limited 537669 1538384 5617915 100% 100% 100% Page 60 ANDREWS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Flxed asset Invesknents Icontlnuèd) The finarKial results of the subs￿l*le$ for the year wwe: Name¥ Income Expenditure ProfiUILoss Ilncluding (including gains) Net assetsl (liabilities) Andrews & Partner5 Lirnrted Andrews Estate Agents Limited Andrews Pension Trust LinNted Andrews Letting & Management Limited Andrews West Street Management Limited 11109.0291 12.109.029) 14,241.024) 1628.060 889.826 1220.534 100 1,615.506 8M69.084 10.156325 114.726.771) (4.570.546) Andrews & Partners Limited is majority cNmed by Andre•¥S Charitsble Trust and all other ccffipanw are wholty owned subsidiaries of Afidrews & Partners Lifflted. Andrews West Street Management Limited is exempt from the requirements of the Act relating to the audit of the fin￿tial stslements under section 479A of the Corry)anies Act 2006 and is not consolidated into the group on the grounds that it is immatwffjl. Andrews Pengon Trust Limited is a dOm￿nI coryany and ts exempt from the requirements of the Act relating to the audit of the ￿anCial statements under sects'on 480 of the Companies Act 20C8 and is not on501idated into the group on the 9round5 that it is Th￿ter￿1. The registered office of al subsidiaries is 42b High stfftt. Keynsham. BS31 1 DX. Share in group undertakings are valued at the Gr￿p.S share of the underlying net assets of the subSKliary companies. being the Trustees best estimate of the fair value of this investment. Listed investments are revalued by reference lo market prices prevailing on the Balance Sheet date. Page 61 ANDREWS CHARITABLE TRUST IA Gompany limiled by guarnntee) NOTES TO THE HNANGIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Soclal Investrnents Group and Charity Mustard Seed Establlsh Properties Total Cost or valualion At 1 January 2023 Transfets to inves1￿￿t property 3,319,609 1502.5001 50,000 3,369,609 (so2,5(￿) 817.109 50,000 2,867. 109 Deprn¢iation At 1 JanLW 2023 Charge for the year 133,868 44.690 133.868 44,69Q 178,558 178.558 Net book value At 31 December 2023 1638,551 50,0( 2.688,551 Al 31 December 2022 3,185,741 50.000 3.235.741 Social investments comwse: Property 2023 Total 2023 Total 2022 Establish 2,638,551 2.638A51 3,185,741 Property 2023 Total 2023 Totsl 2022 Mustard Seed Properties 50.DLK) 50.000 Page 62 ANDREWS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Debtor5 Group 2023 Group 2022 Charity 2023 Charity 2022 Trade debtor5 Other debl(Ks Prepayments and accrued w￿ffle Deferred tsxation 1.115,598 42,329 312,059 591.131 156.700 64t,345 274.626 10J49 34,902 17.511 1,469,986 1.663.802 27,860 34,902 Credltovs: Amounts falllng du? within on8 year Group 2023 Grnup 2022 Chartty 2023 Charity 2022 Bank loans Trade L¥editor5 Amounts owed to group undeftakirwJs Other tsxation and Social 5ecunty Other creditors Accruals arKi deferred income 486,111 459.522 1.986, 112 463.824 1.500.000 5277 40,90B 43,917 703,112 256.550 613,352 405,869 200. 172 946.675 39,525 36,658 33,350 78,888 1518.647 4.002.652 122,368 1.656,155 Group 2023 Gffjup 2022 Charlty 2023 Charity 2022 Deferred income at 1 January 2023 Resources deferred during the year Amount5 released from FKevious peTiod5 455.332 388,948 (455.332) 48,295 38,650 (48,295) 55, 723 48,295 (55, 723) 88,650 1388.948) 88.650 388.948 38,6SO 48,295 Page 63 ANDREWS CHARITABLE TRUST (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Credltors: Amounts falling du8 after more than one year Gmup 2022 Charity 2023 Charity 2022 2023 Bank l¢wis Other loans n,223 150.000 1.458.332 150.000 1,500,OIJO 2.622.223 1,608,332 1,500,DOO Included within the above are arnoun15 falling due as fokn.. Group 2023 G￿up Company 2022 2023 Company 2022 Between one and two yea Bank loans 971223 1.458,332 Bptween two and Ilve yearn Bank loans other loans 1,5110,000 150,0110 1,500,000 150.000 The Group bank loan is a CBILS ktan of £1m and is secured by a cross guarantee h favour of the Group5 bankers frornlgranted by Andrews & Parlners Liffuted. Andrews Letting and Mana9emenl Limited and Andrews Estate Agents Limited. Interest is charged at 2.4% per annum above the Bank of England base rate and the loan is due for repayment in 12 equal instslments that commenced January 2022. The bank *so holds security over a number of freehold prope￿e$ known as The Old Bakery Bristol, 532 London Road North Cheam Surrey. 84 Station Road Bristol. 3&5 Worcester Street Gloucester, 26 & 28 Com Street Vvitney. 24 King Street Stroud. 12 Badminton Road Bristol, The Old Bam Bristol. 5 Upper Green East Mitcham. The other loan is a 60 month loan re￿ed from Openworks, which 15 interest free and onfy repayable if there is a default or iemiination in agreerrent. At the year end. the ￿11 £150,000 wa5 due greater than 5 ye¥s. The Charity has a £1.5m lo￿ that is secured over the Ch￿IS investment property in 151ington. The loan repayments are Inte￿$1 only for the first 10 yews folkywed by capital and interest payments for the remainder of the tem being a fvrther 15 years. Interest is rharged at 2.859A above the Bank of England base Tate. The loan has certain conditicms *KI covenants in ￿Ce. As the Charity was aW￿e before the balance sheet dale that ￿ trading subsidiarie5 would 5uffer1055es n 2023. and that no dNidend would be paid to the Charity. the lender was •Jwsed of the position and a waNer requested. This waiver was agreed by the lender, the additional requirement that the ChaTity maintains £0.5m minimum in liquid assets (cash and our M&G funds currently}. The knder Inlorrr￿d the Charity that will not be requestiTVJ repayment of the loan before 31 Decellts 2024. Page 64 ANDREWS CHARITABLE TRUST (A company limiled ty guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Financial Instnunents Group 2023 Gmup 2022 Charlty 2023 Charity 2022 Flnancial assets Financial assets measured at fair vak through income and expenditure 5,Z25,690 5.540.220 7,163,814 9,708, 133 Finanoal a55e15 measured at fair value through income and expenditure comprise listed and unlisted nvestrnènts. 23. Deferred taxatlon 2023 2022 Group BalaTKe brought forwafd Charge for the year Other movement 274,626 (274,6261 319,674 (62,866) 17,818 274,626 The deferred tax asset is ￿Hde up as folky￿. GTOUP 2023 Gmup 2022 Accelerated wtal afnwa Capital Igainsvlosses Other short tern differences 260,503 (5,932J 20,055 274,626 Page 65 ANDREWS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Provlslons Group Onerous lease Clavthcks Total At 1 January 2023 Additions Amwnts used 473,333 77,609 1244,6881 190.751 116,921 (114,330) 684,084 194,530 (359,018) 306.254 193.342 499,596 Onerous Lease Provlslons Following the dOSu￿ of 8 sites since 2018 an (Mwous lease provision was recognised whth represents the directors, eslimales of the net unrecovered costs during the ￿MainIng Fwiod of the leases. These leases still remain as onerous at the 31 Deceml)er 2023. Clawbacks Provision is made for lulu￿ dawbacks of initial financial serytis commission an￿1pated lo arise in the 38 month indemnty period. The group has anatysed historical dats to calculate the rale of pr￿￿ted fvture Clawbacks based on past experieno. The Charity has no provwns. Page 66 ANDREWS CHARITABLE TRLIST IA company limitod by guarantse} NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. Slatement of fvnds- Group Statement (rffunds - currqnt year Balance al 31 Gainsl December (Losses) 2023 Balanco al 1 January 2023 Transfers Inlout Unrestricled funds Charitable General Fund Investment Propety Revaluation Reserye Investment Revaluation Reserve Tradng GTOUP General Reserve Trading Group Revaluation ReseNe 4.769.891 412N71 1614,995) 153A70 4,720,737 2,777A44 116,4051 2,761,039 1M42.193 (637,5001 1,204,693 1.031,727 19.881,302 I22,022￿7S} 89.758 (1,019.788) 1A99,518 1276,0161 1.023,502 11,720,773 20,293.773 122,637,570) 153,370 1840,163) 8,690,183 Restrlcted funds Establish Speaking volumes 141.762 15.175) 1110.686) 25,901 115,087 138,071) 1416841 34,332 256,849 143,246) 1153,3701 60,233 Total of funds 11.977,622 20,293,773 122,680M16) (840,1631 8,750N16 Page 67 ANDREWS CHARITABLE TRUST IA company Ilmlted ty guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. Statement of funds {contlnued) Statefnent of funds- prlor year Balance at 31 Gainw December (Losses) 2022 Balance at 1 January 2022 Unrnstrlcted funds Charitsble General Fund Investmenl Propety Revaluati￿ ReseNe Investment Revaluation Reserve Trading Group General ReSe￿e Trading Group Revaluatiffb ReseNe 5,036.675 409. 103 (675,887) 4. 769,891 3.￿7.089 (229,645) 2,777,444 1.904.670 (62,477) 1.842. 193 3.888,374 21.521.442 (24.610,831) 232.742 1,031,727 1,390,260 f90.742J 1,299,518 1&227.068 21.930.545 (25.286.718) f150, 122) It, 720. 773 Re$trl¢ted funds Estsblish Speaking volumes 83.231 154.543 61.575 (3,044) (39.456) 141,762 115,087 237,774 61.575 (42,500) 256.849 Total of funds 15.464,842 21,992,120 (25,329,218) (750. 122) 11.977,622 Page 68 ANDREWS CHARITABLE TRUST IA ¢ompany lknited by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of funds (contlnued) Unrestrlcted reserves Charitable general fund is the Trusts unrestricted fund. Investment proFety revaluathin reserée is the fitnd used to monitor the Movement on the revaluations of investment propety held by the Trust Investment revaluatirm ￿erve is the fvnd used to nvJnitor all other movement5 in inVeSt￿￿n Trading group general reserve is tho fvnd rElating to the Trusts substdiary undertaking Andrews & Partners LinNted. Nonacontrolling interest is the fvnd which identified the fflin￿ty Inte￿51 applicable to Andrews & Parthers Limited. Trading group revalUatiC￿ reserve is the fund used to monitor the movement on the revaluations of Ireefvsd property within the T￿￿ subsidiwy undertalungs. Reslricted reserves Establish - to pYoVide'rr￿e in. pad(s for young lennants in Establish Homes. spea￿n9 Volumes- this lund was crealed on the merger ￿ Christian Book ProT￿tion Trust and 15 fore the purposes of the advancement of the Chrisban Religion and of the Chii51ian ￿jUnCtIonS by the issues of literature, I￿uding tooks and the wonwion of exisb'ng books. Page 69 ANDREWS CHARITABLE TRUST (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26. Statement of funds- Char5ty Statement of fu￿. cwrent year. Chartty onty Bala￿e at 1 Transfers Galns I inlout (L05ses) Balance at 31 December 2023 Unrestrlcted funds Charilable Gener21 Fund In￿sIn￿nI Prwety 7.932,297 412.471 (614,995) 240.189 (1,978,746) 5,991,216 2.Tll.444 1637,500) 2,139,944 10 709 741 41 471 61 8 131160 Establish s[￿akIng 141,762 1,119.874 (5.175) (110,686) 38.071 129.503 25,9D1 365.190 613011 11971377 41 471 8 744 171 SlatqTh*rt of funds. wior year. Ch¥ity ￿lY Balance at 1 January 2022 Transfers Gains 1 i￿out (Lo￿e$) Balance at 31 Decen*er Expendlture Unrestricted funds char[lab￿ General Fund In￿1 Property 10.346.051 409.103 (6Th.590) 4Tr).419 (2.545.686) 7,932,297 3.tK17.089 (229.645) 2,777,444 13 353 140 10 709 741 Estabbsh Speakiw VolunEs 83.231 2,022.221 61.575 13.044) 39.4 soo 141,762 1119874 1261636 400,419 462.472 Total funds 15458 592 3 237 803 11 971377 Page 70 ANDREWS CHARITABLE TRUST (A Company Ilmitad by guarantgo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2023 Analysis of net assets beiween funds Analysis of net assets between funds - current year Re5trkted Unrestrlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Intangible rtxed assets Fixed asset investments Invesb)wit propety Social investrnents Current assets Creditors due within one year Creditors due in more than one year Provisons for liabilities snd th¥rges 3,972,467 3.972N67 310.191 310,191 933.562 933.562 4,292,128 4,292,128 2.688,551 2,688,551 2.133.750 2,193,983 12,518,647) (IS18,647) (2.622.223) (2,622.223) {499.596} 1499,5961 60.233 Total 60.233 8.690.183 8,750,416 Analysis of nel assets between funds- prior year R8Stiicted Unrestncted fvnds funds 2022 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Fixed asset investments Investment propety Social inve5trnents Current assets Creditors due within one year Creditors due in more than one year Provisions for Ikabilities and chages 5.IXIO.025 5.000,025 382.472 382.472 1.015,350 1,015,350 4.524.870 4.524,870 3,235.741 3.235, 741 3.837.383 4.094.232 14,002,652) (4.002,652) 11,608,332) (1,608,332) (664.0841 (664.084) 256.849 Total 256,849 11,720.773 17,977,622 Page 71 ANDREWS CHARITABLE TRUST (A company limited by guarante8) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Recon¢lllallon of net movement In funds to net ¢ash flow from operating actfvitles Group 2023 Group 2022 Net expenditure for the year {as per Stste￿￿t of Financial AcbvitEs} 12,951,190) (3,396,478) Adjustments for: Depreciation charges AM0￿$allOn charges Profft on sale of fixed assets Dividends. interests and rents from investrnents Loss (M waluation of investments Decreasel{increasel in debtors Increaselldeuease) in creditors Lossl{gains} on revaluati)n of ¥ivestm8nt proFwty Interest paid Decrease in pmisions Tax charges 639,676 741,525 116,971 1IT.189 167,744) (20,865) I1￿10.449) (521,672) 18,905 62.476 180,810) 855,569 15.996 {1,213,247) 545242 (3.097) 103,468 131.600 1164.488Tr 174,414) 274,626 89,696 Not cash used in operating activilie5 (2,559,797) (3.231. 718) 29. Anatysis of cash and rash equivalents Group 2023 Group 2022 Cash in hand 723,997 2,430,430 Page 72 ANDREWS CHARITABLE TRUST {A company Ilmited ty guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIABER 2023 30. Analysls of changes In net d•bt Other non- At31 cash December changes 2023 January 2023 Cash Ilows Cash at bank and in har Debt due withtn 1 year Debt due after 1 year 2830,430 (1.706,433) (1.986,1121 486,110 11.608A32) 723,997 1,013,891 {486,111) 11,013,891) 12,622,223) {1.164.0141 11220.3231 (2,3B4,337) 31. Conllngent Ilabllltles Al 31 Oecember 2023 grants sanctioned by the Trustees but not yet spent, where ojnditions attached to the grants have not yet been lulfilled, amounted to £117,300 (2022.. £305,642) which is du& in 2024. The perfomiance conditions for these grants a￿ in ￿lation to ensuring speofic selectKfft criteria for tenants and key perfomance mileslones and targets bew achieved fft ￿lation to the tenant5 positive progress during their tenancy. The Gmup haj forward commitments due as at the year end of £252.292. The GIOUP had no other contiwt liabilibes (2022." £NH). Further details on grant commbtments are given in Ihe Trustees ReporL 32. Penslon commitments The Group operates a defined Contrit>Ut￿ pension scheme. The as5els ot the scheme are held Separately from those ol the Group in an independentty administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted as per the staff costs note. Contribu￿nS totallin9 £66.887 {2022.' £69.473) were payable to the fund at the Bala￿e Sheet dale and are included in creditors. Page 73 ANDREWS CHARrrABLE TRUST IA cornpany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 33. Opèratlng l•as•s - L#85 At 31 December 2023 the Group and the Chwity had commitments to make future minimum lease payments urKler nonan¢elkble opernkn'ng lea5e5 as f￿￿¥S.. Group 2023 Group 2022 Land and bulldings Not later than 1 year Later than 1 year and not later than 5 y￿S Later than 5 years 1.027.785 2,978,034 1,604,333 1.050, 144 2.610.309 1,348,124 5.610.152 &008,577 Lease payments recognised as an expense in the year totalled £1.460.753 (2022.. £1,593,281). 2023 2022 othor Not later than 1 year Later than 1 year arKi not later than 5 year5 112,866 5,257 208,414 121, 156 118,123 329.570 Operatlng leases- Lessor Group 2023 Group 2022 Trust 2023 Twst 2022 Not later than 1 year Later than 1 year and not tater than S years Later than 5 years 344.688 888,159 991,81XI 616,789 602,984 335. 185 140,754 S82,340 763,403 341.527 284,565 51.788 2,224,647 1,554,958 1rt86A97 677,880 The operating leases relate to the renkl income due from investrnents and rental of other group properbes fc￿ commercial arKI residential purFQ5es. Page 74 ANDREWS CHARITABLE TRUST IA eompany limited ty guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Related party transactlons The Group has taken advanlage of Ihe exempbon availabte vndei FRS 102 Section 33.1A from disclosng transactions vAth entities that are ￿olty cNmed within the group. During the year. A. Davies and S. Mehta provide(I non-exeojbve director consuttancy servi￿5 for a fee of £20,￿0 and £15,000 respectively to Andrews and Partners Limited (2022.. £MI). The total amount outstar￿Ing al the year end was £N￿ (2022.. £NdJ. Page 75