REGISTERED CHARITY NUMBER." 1179469 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE CONNAUGHT TRUST
THE CONNAUGHT TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 Pago Report of the Trustees 1 to 4 Independent Examlnefs Report Statement of Flnanclal Activitie8 Balancg Shggt Nole8 to the Financlal Statements 8 to 18
THE CONNAUGHT TRUST REPORT OF THE TRUSTEES FOR TKE YEAR ENDED 31 DECEM8ER 2024 The trustees present their report the nancIal statements of the charity for the year ended 31 D8cember 2024. The trustees have adopted the provisions Gf Accounting and Rewrtlng by Charities.. Slalemenl of Recommended Practice applicabte to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES ANO ACTIVITIES Hlstory and obJectiV05 The charity was originally created at the end of tho 19th Century for the benefit and support of the 3rd Hampshire Volunte8r Battalion. The furtrd has subsequently 5UPPOrted all units that occupied the Connaught Drill Hall 81 Stanhope Road, Portsmouth. As a resutt of ¢hanging Fnilitsry requiremgnts, the la51 unit left the Drill Hall in 1999. Al that time the trustees deGid8d, wth the consent of the Charity Commission. to expand the scope of the TNSI so that today the trustees are able to assist MOD sponsored Reserve and Cadet of all thr8B servicès within a defined geographical area. The Trust beome a Charstabl& Incorporated Organizalion {CIO) on 1st Jan 2019. The Objectives ofth8 CIO a. 11) To promote the mllttary efflclency of all ranks Serving in units of the Army R8serve, the Royal Naval Reserva, the Royal Marines Reserve. and the Royal Air Force Reserve and such other Reserve Units as established by the Ministry of Defence, in Hampshire and thelsle of Wight. {21 To support the charitable activities of units of the Army Cadet Force, the See Cadet Corps, the Air Training cos. the Volunt88r C8det Corps. the Cornbined Cadet Force and such other Cadet Units recognised as a Service Cadet Organisation by the Ministry of Def8nce. in Hampshire and th8 Isle of Wight. 13) If and in so far as the income and capf(al of the CIO Cannot be applied towards the objects above in the area specllled, may be applied towarrts th8 sam8 objects in Berkshire. Dorset. Surrey. West Sussex and Wlltshlr6. Procedurns policy and grantmaklng The trustees meet for grant%iwng purposes three times a year al approximatety four-month Intervals. At these meetings grant applications a di8cussed and considered on merit and availability of fund$. Grants are normally made on a one-off basis up to £5,000, as the trustees would pr8f8r to assist many organisations with a small grant rather than a faw Organisat$ with large orants. Guldance to appllcants Is contained in the Grant Givlng policy stslemenl which sets out the crfleria for grants and is available to view on the Trust's website. Applicatlons are made on an interactlve appllcation form, also available from the Trust's websit&. This gives the trustees enough Information to make their declsion. When considered necessary, the Iruslees and the Secrelary are available to discuss grant requirements with individual units. Uni15 are Encouraged lo make efforts to raise ftjnds IhemseFv8s and to approach oth&r grant giving organlsation$. The trustees remain keen to support the state school CCF cadet 8xpansion programme ICEPI and efforts a being made to bring the Trust to the attention of these new units with the help of the schaol liaison offlc8rs at SERFCA (South East Reserve Forces and Cadets A880Cl81ionl and Wessex RFCA {Reserve Forces and Cad81 AssOatiOn1. The Trust 18 pleased lo have supporte(I five CEP CCF detachmonts duflng 2024. The main method of promoting the aims of the Trust is through the Trust website. The Trust maintains Facebook and Linkedln pages, as w811 as 'X' and Inslagram accounts, which ar& managed by a media consultant. The Trust also advertises in the Reserve and Cadet Link magazines produced by SERFCA and Army Cadet UK. The trustees encourage photographs and gxpedilion reports from recipients of grants on the activity has taken place. Thls feedback has been expanded in 2024 by providing branded flaas lo assisl wllh pholo9raphlc opportunitiBs. Th9 Trust also provides branding and artsvork for specthc equipment thal has funded, for example, on minibuses or safely boats. The photographs and reports are used in the fuiure promotion of the Trust, both on social media and within news stories on the Trust website. Page 1
THE CONNAUGHT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTMTIES PUBLIC BENEFIT The trustees confiTm that they have referred to the guidanc8 contsined in the Chartty Commission's general guidance on pU1C benefit when reviewng the Trust's alms and objectives and in planning fvture a¢tivttles. The trustees are (#)nscious that the use of charitable funds should have an element of benefit to the public. The Income from the Trusvs Investments is used to support the objectNes of the Charity as outlined in the trustees, report. The truste believe that the grants that thay make both to the Reserva and Cad8t forces throughoul the area of the Trust's remit glve public benefit. The grants aid a substantial number of people from all walks of lrfe with military connections as well a5 give benefit to the communibes in which Ihe ReseN88 and Cadets are Ioc81ed. ACHIEVEMENT AND PERFORMANCE During 2024 the Tnjst received 63 grant applications12023". 621 of which 48 were approved. Five 9rants were refunded, these included.. a grant for Alton School CCF as the unit was closed when the school dosed at the 8nd of th8 summer temi and 1827 {OLliaml Sqn ATC refunded a grant when they did not take part in training week and dld not maka a planned purchase of equiprn8nt. The total amount of grants paid during 2024 Wds £152.43212023". £162,630). 48% of the applications12023'. 52Yol w8r8 recewed from ReseNe 8nd Cadet units in Hampshire and the Isle of Wight and 52Yo from the adSoining qualifying ryjynties. The number of appllcations from Cadel units remained high comprising 84% of the appllcatlons {521. re¢elvlng 91% 1£138,0461 of the lotsl amount awarded. The grants 5UPPOrted v8ri0us actlvitles Including support for annual Ixmps, battlefield tours, the purchase of adventure training and military @quipment, and fundlng for adventure training exercises. They also supported places for 92 cadets to attend The DaY Story at Southsea ComTnDn. Tho provisioft of grants has a significant impact on recruilmenl and retentSon for the bBn&ficiary units. During the year a combined total of 11,577 reservists and cadets benefited from grants from the Trust. FINANCIAL REVIEW The Trust's overall investment income for 2024 was £215,132 12023.. £244,531). The inGome of the Trust comes from equity investments managed by Cazenove Capital, plus rents received from the three commercial Investments owned by the Trust. The redurtion In income in the current year was as a result of one of the properties becomlng vacant ift the prlor year and the an1 golng into admlnistration. Expenditure ov8rall for the year raduced by £17,360 (2023: increas¢d by £72.259}, this is as a result of a combination of effects. Costs associated with raising funds have increased by £14,05012023 - £1,606), the increase in the current year is as a resutt of additional costs Incurred in respect of the vacant propety. Costs assoryated with grantmaking have reduced by £31,484 (2023 - increased by £72,259). Grants paid reduced by £11.S41 12023 - increased by £48,72818nd in the prior year £18,994 was incurred in ro$pect of the final costs asS(at8d the book pro5ect. The resuts for the year were affected by the net losses on investments, £39,932 12023 - gain8 £26,077), whilst the Caz8novo portfolio saw an increas8 of £267.883 unfortunately the prop8rti&s held reflècted a decrease of £310,000. Overall the result of the year was a defiat of £59,520 (2023- Surplus £18,41. Net assgts at Iha y8ar end are £4.848,16912023- £4,907.7631 including ass815 put asid8 in de8ignatgd funds for repairs to prop8rty fund, £325.000 and a grant reserva of £145.000. RESERVES POLICY Thg reserves p¢Jicy of the Trust is for free res8rves lo cover one year of grants estimated at £200.000. The increase above the free res8Tves amount is held for specifie projects to cover futuve repairs and maintenance of the Trust properues atKI marf(eling costs 88soclaled wth promotlng the Trust to Its beneficiary units and individuals. Page 2
THE CONNAUGHT TRUSF REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLAN8 The trustees plan to continu8 making grants in a similar way to the rent past. There is no intentlon lo 8tt8r the policy that the Trust has adopted over the recent past. Howev8r, th8 Irus188S Colltinually look to swayB of expanding its coverage wrthln its beneficlary group and continue to retaln a medla con5Utiant, Gr88nfield Sttes, to help with promotion of the Trust. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng docum&nl The charsty is a Charitable Incorporation Organisaty'on ICIO), and its govemance 18 set out in its FouThJing Constitution which was adopted on 1st Jan 2019. The Trusts Founding Constitution provides for a minimum of three and a maximum of eight trustees. The tnjslees Teview the skill set of the cu¥rent trustees and seek to recruit new trustees to balance Ihese skills as r8qLJired. Al ye8r end there were flve Iruslees, and the trustees decided to r8crutt two additional trustees, using a specialrst charity recruitment agency. Th8 chaimian is responsible for ensuring that any new trustee receives appropriate training and is aware of the Charfty Commission requir8m8nts and the laws governing trustees. The existing trustses have held office for pertods varying from one to fift8en years. Tnjstees are appointed for a perii)d of up to fivè years and can stand for reappointment subj8Ct to a maximum term of fifteen years. From 1 Jan 24. Lt Cdr Jules Rogers has been employed as the Trust Secretary to carry out th8 day-tdaY administration of the Trust. She also reviews all grant applications before submission to a full meetlng of the trustees. The fomiei Execullv8 to the Trust, Maj Julian Walker. ntinUed as a trustee, having been r8appolnled for years from l Jan 23; he reslgned on 31 Dec 24. The Trust's equity funds are managed by ca0Ve Capital. which reports monthly through the Secretary and th8 fund manager attend5 either In person or remotely at least one annual meeting lo rBPOrt to all tnjstees. As well as the funds under managem8DI by Cazenove, the Trust owns three ¢ommerciaS properties. It uses one agent to manage one of the Prope&S whlch Is multi-lel with fvrthgr commerd81 propertl6s being managed by another agent. The Trusvs documonl base Is In SharePolnt. This enabl&s all the trustees lo access th8 Trtjst's database thus enabling them easily to view applications and other relevant dats. The trust8es hav8 b88n reviewing all inl8mal policses to ensure that th8y also conform trj guid81in8s issued by the Charity Commission. These arg r8gularty reviewed throughout the year. REFERENCE AND ADMINISTI4ATive DETAILS Registered Charlty number 1179469 Prlncipal address Statlon House North Street Havanl Hampshire P09 IQU Trustees Chades Edward Hawland Ackro Anthony Ch8rles Robert Stlckland Danielle Louise Griffin GTreme William Nexander Hughes Jamio Douglas L3Y Julian Francis Scutts Walker Resigned 3111212024 Julia Anrtr Rogers (Appointed 01101120241 Page 3
THE CONNAUGHT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Indèpendent examlner P J Underwood, FCCA Morris Crocker Chartered Accountants Stslon House North Street Havant Hampshire Pog 1QU 8ollcltors Blake Morgan New lfjngs Court Tollgate Chandlerfs Ford Easllgigh Hamp5hirg S053 3LG Inve81m¢nt Managors Cazenove Capkal 12 Moorgate LDndon EC2R 6DA Approved by order ofthe board oftrusle&s on........ . and signed on its b8half by: CEHAckroyd-T Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CONNAUGHT TRUST Indepondent examinerfs report to the trustees of The Connaught Trust I report to the tharitylrustees on my examination of the accounts of The Connaught TNst (the Charftyl for th8 period 8nded 31 December 2024. Responslbllllles and ba818 of rnport As th8 charity trustees of th8 Charity you are responsiile for the preparatlon of the accounts in accordance th the requirements of the Chariues Act 2011 Ilhe ACYI. I report in respect of my examillation of th8 Charitys accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all apICable Directions given by the Charity Commission under Seetion 14515}Ibl of the ACL Indepgndent examlnerfs statement I have completed my examination. I confirm Ih3t no material matters have come to my attention in cOnneCn with the examination glving me cause lo believ& that in any material r8spect'. 1. accountin9 records were not kept ri respect of the Charity as required by Section 130 of th6 Act: or 2. the accounts do not accord wtth those records., or 3. the accounts do not comply wth th? applicable requireTnenls conceming the lorm and content of accounts sel out in fhe Charities {Ac¢ounls and Reports) Regulations 2008 other than any requirement that the accounts givg a true and fair vlew whlch Is not a matter t))nsklered as Part of an independent exaMinaOn. I have no concerns and have come across no other matt81s In connection vAth the examinatton to whleh attention should be drawn in this rewrt in order lo enable a proper understanding of the accounts to be re8ch8d. P J Underwood, FCCA Morris Crocker Chartered A¢counlants Station HDUS8 North Street Havanl Hampshir¢ P09 1QU Dale.. Page S
THE CONNAUGHT TRUST STATEMENT OF FINANCEAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2024 2D24 Unrestrictsd funds 2023 Total funds INCOME AND ENDOWMENTS FROM Itynent income 215,132 244,531 EXPENDrruRE ON Flaising funds 45,556 31,506 Charfl¥bl• actlvhlos Gr8ntmaking 189,184 220,648 Total 234.720 252.154 Net gainsl(loss&s} on illv8stments 139,932) 26.077 NET INCOMEI{EXPENDITUREI 159.520) 18,454 RECONCILIATION OF FUNDS Tol81 funds brought foward 4.907.763 4,889,309 TOTAL FUNDS CARRIED FORWARD 4,848.243 4.907,763 CONTINUING OPERATIONS AU income 8nd expenditure has ari%en from contlnuing a¢tivltio8. 2023 FuThas were all unr8St¥lcted funds. The nol8s forTn part of these flnanclal statements Page 6
THE CONNAUGHT TRUST BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Note5 FIXED ASSETS Tangible assets Horitage assols InvoStm•nts Investments Investment property 212 50,000 10 49,900 11 12 3.268,691 1.425.000 2,975,727 1,735,000 4,743,591 4,760,939 CURRENT ASSETS Debtors Cash at bank 13 10,773 97.958 8,g89 174.744 108.731 183,733 CREDrroRS Amounts falling duè within one year 14 14,0791 136.9091 NET CURRENT ASSErs 104,652 146,824 TOTAL ASSETS LESS CURRENT LIABILITIES 4.848,243 4,907.763 NET ASSErs 4,848.243 4,907.763 FUNDS Unrestricted funds 15 4.848.243 4,907,763 TOTAL FUNDS 4.848.243 4,907,763 The finan¢1 statements weo approved by the Board of Trustees and aLthorfjsed for issue o ..&...Kdr. ....34.A.<... and w8r8 signed on its behalf by. C E H Ackroyd- ruslee Th8 not85 form part of th8S8 financial stat8m8nls Page 7
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUKTING POLICIES Basls of Prqparlng tho finanelal statemgnts The financial statements of the chaTIty. which 4$ a public benefrt 8nlity under FRS 102, have been prepared in a¢cord8n¢e the Charities SORP IFRS 1021 'Accounling and Reportlng by Charities.. Statement of Recommended Practice appllcable to tharities preparing their accounts in a¢¢ordance with the Financlal Reporting Stsndard apFAicabl8 in the UK and Republlc of Ireland (FRS 1021 (effective 1 January 20191,, includlng the provisions of Section 1A"Small Entittes. and the Chariti8s Act 2011. Thg financfjal statements have been prepared und8r th8 historical cost convention, wth the exceptron of investments which are included at market valua. as modified by the revaluation of certain assets. The finandal statements have been completed uslng pound stsrfing as the currerw and all figures hov8 been rounded lo the nearest pound. Golng concern Th8 trustees consider that there are no mal8rtal unGertainties about the charitys abllity to cthinue as a going concem. Income All incom8 recognlsed in the Statement of Financial Activities once the chartty h8s entilement to the fijnds. It is probable thal the Income will be raceived and th8 amount can b6 measured refiabty. Expenditurè Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charty to th81 expenditure. it is probable that a transfer of ecoTtomic benefits will be required in settlement and thè amount of the obligation can be measured relk?bly. Expendlture is ac¢ounted for on an accnJa15 basis and has been classifd under headings that aggregate all cost relalgd lo the category. Wher& cost5 cannot be directly attributed lo particular headings they hav8 b88n allocatsd to actNits85 on a basis u)nsislent with the use of re8ourc85. The chority recovers a proportlon of its VAT du8 to being partially exempt for VAT purposes. Grants offered subje¢t to Condian8 which have not met at the year end date are noted as commitment but not accrued as expen¢Jllur8. Alloutlon and apportl¢nment of costs SLSPPOrt costs have been drfferentiated betsveen governance costs and other 8UPPOrt cost5. Governance costs comprise all c09ts involvlng the public accounlabllity of the ¢hoty and ils Complian th reguLqtion and good pract. These costs costs relatert to Independent examination and legal fees together wlh an app)rtionment of overhead and support costs relating to trustee Board meetings. As grantmaking 18 the charivs only Gharitable actw a basis of apportionment relating tr) govemance costs and support costs is not required. Tanglble ftxgd assets Depreclation is provided at the follong annual Tates in order to wrlte off each asset over its estimated usefvl lif8. Fixtures and fittings 10% on cost and 10% Dn reducing balance Individu81 fixed assets co8ng £500 or mor8 are c8pllalised al rosL Herllage assets The TSyS collection of oil paintings, prints and Sier is reported in the Balance Sheet at fair value. A formal valuation was made by prDf8ssional valuers ID.M. Nesblt & Company) In 2018, the trustees then review the heritage asset value on an annual basis. Page 8 continuad...
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMETr¥fs - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES- ¢ontinu8d Herltage asG•ls The oll palntings. prints and silver are deemed to have indelemilnale Ilves and the trustees do not therefore consider it appropriate to charge depreciatKJn. Investment propertles The value of inv8strn8nl properti8s at the balance sheet date is revlewed annually by the tnjsleos. In addition, an external professional revaluation of the properties is conducl¢d every fwe years on an opan market basis. Any surplus or deficit in th8 valu8 of th8 prop9rties is refiect8d in the Statement of Financial Activities. Taxatlon The charlty Is exempt from tax on Its chadtablè actlvitles. Fund accounting Unrestricted funds can be used in accordanc8 with th8 charltable objectlv8s at the discretkjn of the trustses. D8signated funds ar8 unrestflcl8d fvnds earmarked by the tNsl88s for particular purp08es. Restricted funds can only be used for particular restricted purposes wthin th8 objects of the charity. Restrictions arfse when specffied by the donor or when funds afe rdis8d for partlcular restricted puiposes. Flnanclal Instruments The charity only enters into basic financial instruments transactions that wult in the CognItion of financial ass8ls and liabilities like trade and other accounts receivable and payable, loans from banks and other Ihlrd parties and loans lo related parties and investments in complicated investment products. Trade and other debtors Short term debtors are measured at Irdnsaction price. less any impaimient. Cash and cash equivalents Cash and cash 8quival&nts comprise cash 8t bank and on hand. deposits wlth banks and oth8r $hort-temi hlghly liquld Inve$tm8nts. Trade and other credltOY8 Short term trade credf(ors are measured al the transactn price. Other financial liabilities, includlng bank loans. are measurwj inallY al falr value, nel of transaction costs, and are measured subsequendy at amortlsed cost Ltsing the effective interest method. Judgomofits and k•y sources Ot esllmatlon uncortalnty In the applwion of the companys accounting polioies, the Iruslees are required to make Judgements. estlmales and 8SSUrnPtbns about the carryillg amount of asseis 8nd liabilities that are not readily apparent trom other sour¢8s. Tha estimates and associated assumption$ a base don historical exp8r1en and other factors that ar8 considered to be r818vant. Actual r8sults may drff8r from these estimates. The estimates and underfwng assumptions a vieWed on an ongoing basis. Revtsion to accounting 8s1imales are recognised in the period which the estimate 15 revised where th& revlslon affects only Ihal perlod, or In the period of the revIan and future perfod whether fevisiofb affècts both current and luture periods. Th8 valu8 of investment Fryerti8s is consid8red al each b8lanG8 sheet date, due lo the nature of th& assoc there is an elemenl of 8Stimation which could Material impacl the results of the ent. Page 9 ¢onlinued..
THE CONNAUGfr TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢onllnued FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 2024 2023 Rents received Grant of the rlght of access across car park Dividends from equities Interest from Gash deposits 80,394 108,256 6,000 127,995 2,280 129,482 S,258 215,132 244.531 All investrnent incom81s derlv8d frorn a55ets held in the United Klngdom and overseas. RAISING FUNDS Investment management costs 2024 2023 Commission and management fees Investrnenl management fees Bad debls Malnlenance cttarges Insuran Sundry expenses Printing and advertising SeNice char9e Depreclation Loss on sal& of assets 7.250 7,445 1,850 7,102 12,592 2,773 3,419 1,687 1.$41 20.175 5.828 1,500 3,167 542 191 45,556 31,506 CHARITABLE ACTMTIES COSTS GnI funding of aCtive5 Isee note 6} Support costs Iseg note 71 Totals Grantmaklng 145,010 44.154 189,164 Pag8 10 contlnued..
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL 8TATEMEMfs- o?ntlnued FOR THE YEAR ENDED 31 DECEMBER 2024 DIRECT COSTS OF CHARITABLE ACTMTIES 2024 2023 Book project costs 18,944 GRANTS PAYABLE 2024 2023 Grantmaking 145,010 156,551 The totsl grants paid to institutions durtng the year was as foNows: 2024 2023 Reserves 4th Bn PWRR HQ 106 Regl RA 266 Port Sqn 165 Port Maritime Regt RLC 295 Bty RA, 106 Regt RLC 4 PWRR IHQI 457 Bty RA. 106 Regl RA 679 (Duke of Connaughtsl Sqn AAC (2024 2 awards) C Coy4 PWRR C Coy 6th Bn The Rifle5 Royal Wessex Yeom8nry Southampton UOTC 8(M) 3,500 4,1X)O 4,718 700 918 1,550 3,800 1,000 600 11,800 1,400 3,600 Cadets 135 IReigatB and Redhilll Sqn ATC 171 (Christchurch) Sqn ATC 172 IHaywards Heathl Sqn ATC 2327 Sqn Havant RAFAC 2464 Storrington Sqn ATC Alton School CCF Ash Manor School CCF (Navy) Ash Manor School CCF (Army) B Company Sussex Army Cadet FcffGe Ichlchester) Basingstoke Sea Cadets Berkshite Army Cadet Force Boummouth Sea Cadets Brak8nhal8 School CCF13 Awards) BrockenhLfrst College CCF Budmoulh CCF Canford School CCF Central District Sea Cadets Churchors Coll8g6 CCF Cty of Portsmouth Co]lega CCF12023 2 awards) Clair&5 Court School CCF Connaught Cadet Chamenge Comp Cowes Sga Cadets Crawley Sea & Marine Cadets D Company ACF No 13 Shoreham by S88 Dorset Ar Cadet Force East Grinst88d Sea Cadets Effingham Schools Trust CCF Galipdi Coy ACF Gosport Sea Cadets 4.140 4.801 8.000 7.650 500 4.632 4.999 3,400 8.675 5,165 5,000 6,000 2,292 6.000 1,908 5.000 4,550 4,000 5,400 3,000 1,960 1.749 3,000 3,246 1,725 5,000 5,000 4,372 5.000 1.000 7.OOt) 5.0(10 3.600 1,250 Pag811 conlnued...
THE CONNAUGFrr TRUST NOTES TO THE FINANCIAL STATEMENTS- conllnuod FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE- contlnued Hampshire and Isle of Wlght ACF (4 Awards) Hampshire and Isle of Wight RAF HMS Collingwood John Madejski Academy Lituehampton, Arundel a1 District Sea Cadets Maidenhead S88 Cadets Marine Society and S8a Cadets Matravers CCF Odiham Air Cad&ts Poole Sea Cadets Portsmouth City Council Portsmouth Grammar S¢hwl CCF Portsmouth RMVCC {2 Awards) Roading Sea Cadets Royal Grammar Schi)ol Guildford CCF Surrey District Sea Cadets Surrey Wing RAFAC Sussex ACF VCC (HQ) Volunle8r Cadet Corps Training Centre Warminister school Wittshire ACF Winchester Sea Cadets {2 Awards) 13,442 3,225 3,500 3,773 15.321 12,380 3,500 3.000 3,339 4,1100 750 3,220 1,225 8,125 2,000 3,600 400 4,500 5.640 5,000 1,500 2.500 4,200 7,300 623 10.000 152,433 162.630 1827 {Odiham} Sqn ATC 4th Bn PWRR HQ12022 grant) lon College CCF (Army) Brtghton Mètropolitsn College CCF (2022 grant) Hampshire and Isle of Wight ATC12023 granti Maidenhead Sea Cod8ts Roydl Wessex Yeomanry VCC HQ Volunteer Cadet Gorps Trainlng Cenlre12022 grant) 13,3391 1700} 12,2031 14,944} 1356) (6001 {6031 {6771 {801 145,010 156.551 P8ge 12 continued..
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS Govemanc8 costs Management Finance Totals Granlmaking 7,519 90 36,545 44,154 Support costs, incILed in the above. are as follows.. Managemgnt 2024 2023 Total activities Grantmaking Marketing Sundrles IT support 6.486 287 746 7.621 323 978 7.519 8,922 Flnance 2024 2023 Tot acliwties Grantm8king Bank Charges 90 GovgrnanGg Costs 2024 2023 Tot81 activtttes Grantmaklng Wages Accountancy IE Fegs Executive to the Trusvs fe0$ Trustees. expanses Professional fees Recruitment fees ,476 634 1.325 2.936 2,174 4,500 2,500 1,667 834 25.939 3,340 3,567 36,645 36,147 TRUSTEES. REMUNERATION AND BENEFITS During thg ye8r, Julian Walker received con$ultan¢y fees totalling £2,93612023'. £25,939) for hls role as Executlve lo the TrusL Apart from the above. there was no trustee's remunefalion or other benefits for the year 8nded 37 December 2024 nor for the year ended 31 Dernber 2023. Page 13 contlnued...
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS . Gontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES. REMUNERATION AND 8ENEFITS- continued Trustees. exponses During the year IhTee Irustees12023.' six) were reimbursed out of pocket expens8s totslling £2,174 12023.. £3,340). TANGIBLE FIXED ASSErs Fixtures and fitbn9S COST At 1 January 2024 Disposals 7,119 11.935) At 31 December 2024 5,184 DEPRECIATION At 1 January 2024 Elirninatgd on disp0881 6,907 11,723) Ai 31 December 2024 5.184 NET BOOKVALUE Al 31 Dgcomber 2024 Al 31 December 2023 212 10. HERITAGE ASSErs MARKET VALUE Al 1 January Addit40ns Revaluations Disposals At 31 December 2024 2023 50,000 eA,110 2022 2021 76,183 75,315 280 888 (14,0701 {11,3131 1401 11,0401 2020 55,905 19,410 2019 55,905 (1001 55 905 NET BOOK VALUE At 31 December 49 900 50 000 64110 76183 55 In 2018 the herflage assets, consisting of sifver, oil paIngS and prints, were professionally v81ued by D.M. Nesblt & Cornpany on an open market basls. In Nov8mber 2020, heritage assets wlh a market value £19,410, ¢onsisUng of silver were transf8rred to th8 Trust from Hampshirg & Isle of Wight Territollal Trust. Bgfore the transfer these h8ritage assets were professionalty valued by D.M. Nesbit & Company on an op8n market b88iS. In 2022, the c8rying value of the heritag8 assets was reviewed by the trusteos and il was detsmiined to deease the hedtage ass8ts value by £11,313. Sn 2023. the carrying value of the hgritage 08sets WBS r8viewed by the trustees and tt was determined lo decrease the herltage assets value by £14.070. In 2024, the Trusle&s rewewed the value of the heritsge assets and deemed the market value of £49.900 as appropriate. Page 14 conlinued...
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS - ntInUed FOR THE YEAR ENDED 31 DECEMBER 2024 11. FIXED ASSET INVÉSTMENTS Listed investm8nts MARKET VALUE At 1 January 2024 Additions Disposats Revalualons 2,975,727 32.313 {7.288} 267.939 Al 31 December 2024 3,268,691 Cash avoil8bl8 to inv8$t 1,973 NEf BOOK VALUE At 31 December 2024 3,268,691 At 31 December 2023 2,975,727 Anatysis of investments by tr: 2024 2023 Equitie5 Bonds Mulli-Asset Funds Property other Cash held within the investm8nt porffolio 2,452.683 319,358 2,060,027 384,447 47,792 192,430 110,906 180,625 176,987 246.742 62.B42 3,268,891 2.975.727 AnalyBis of investments between those held thin or outside the Untted Kingdom.. 2024 2023 Within the United Kingdom Outside the United Kingdom 760.386 2,508,305 1,027,003 1,948,724 3,268.691 2,975,72TT Pag8 15 conlinued.-
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEAIBER 2024 12. INVESTMENT PROPERT FAIR VALUE At 1 January 2024 R8valuatlDn 1,735,000 (310,0001 At 310ecember 2024 1,425,000 NEf BOOK VALUE At 31 Decemb8r 2024 1,425.000 At 31 Decemb8r 2023 1,735.000 Fair value at 31 Deeemtrkr 2024 is r8presented by.. V8lu*ion in 2022 Valuation in 2023 Valuation in 2024 1,737,000 (2,000) {310,000} 1,425,000 An extemal valuation was Garried out in October 2024 by Vall Williams, an independenl fim of Chart8rgd Surveyors. resuttlng in a £310,000 loss on revaluatson. 13. DEBTORS: AMOUNT8 FALLING DUE WITNIN ONE YE4R 2024 2023 VAT Accrued Income Prepayments 2.053 7,915 805 8,200 789 10,T13 8,989 14. CREDITORS: AMOUNTS FALLING DUE wrrHIN QNE YEAR 2024 2023 Soaal securfty and other taxes VAT Grants payable Other creditors Def8rr8d income (sea below) Accrued expenses 628 407 3.542 17,280 1,259 10.457 3,263 4,079 36,909 2024 2023 Brought forward Amount released lo Incomlng resources Amount deferred in year 10,457 110,457) 25,095 125.0951 10.457 Carried forward 10,457 Page 16 continued...
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢onlinued FOR THE YEAR ENDED 31 DECEMBER 2024 1& MOVEMENT IN FUNDS N8t movement in funds Tran$f8rs been funds At 31.12.24 Al 1.1.24 Unrestricted ndts General fijnd Repairs to Property Fur Marketing Fund Grants reserve 4.813,885 84.419 9,459 (35.7801 (399,862) (17.254) 257,835 (6,486} 12.973> 145,000 4,378,243 325,000 145,000 4.907,763 (59,5201 4,848,243 TOTAL FUNDS 4,907,763 {59,520} 4.848.243 Nel movement in hjnds. induded in the above are as follows.. Incoming resourcos R8sourc8s expgndgd Gains and Movement losses in funds Unrastrfctgd funds General fund Repairs to Properly Fund Marketing Fund 215,132 {210.980) 117,254) {6,486) 139.932) 135,780} 117,2541 (6.4861 215.132 1234.7201 139.932) (59,5201 TOTAL FUNDS 215,132 1234,7201 139,9321 159,520) Comparatlve8 for movement In funds Net movemenl in funds At1.1.23 31.12.23 Unrestrlct?d funds General fvnd Repairs to Prop8rty Fund Marketlng Fund Book project 4.779,389 86,822 17,080 6.018 34,496 {2.403J 17,621) 16.0181 4,813,885 84.419 9.45g 4.889.309 18.454 4.7,783 TOTAL FUNDS 4.889,309 18,454 4,907,763 Pago 17 conllnued...
THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 15. MOVEMENT IN FUNDS- contlnued Comparat9 net movement in funds, in¢lud•d in the above are as follows: Incoming resources Resourc8S èxpended Gains and Movement losses In funds Unmtrlcted ndS General fund Repairs to Property Fund Marketing Fund Book project 244.531 (236,1121 12.4031 (7.621) (6,018) 26,077 34,496 12.403) 17,621 } 16.018) 244,531 1252,154) 26,077 18,454 TOTAL FUNDS 244,531 1252,1541 26,077 18,454 The grants reserve is set a$KJe for future grants and r8presents the cumulation of underspent grants from the budget prepared. The repairs to propety fund is deslgnaled to provide futur8 rep81rs to all the trust's Invèstment propety. The marketing fund is dasignated lo assist with ftrture expenditure incurrod on promoting the Trust to the wider network. The book project fund is a resuA of the digsolutlon of the Hampshire & l$le ol Wlgm Terrftorlal Trust viho transferred the remaining ass@ts urca £12.000 In cash and some silver to The Connaught Trust. It as agreed that the funds would be used to fund the publlcatlon of a book on the history of the TefTitorial Army in Hampshire and the Isle of Wlght. 1& RELATED PARTY DISCLOSURES During th6 year the Charrty paid £28,080 12023- £1,020) to Vail WilliaTllS, a company in which one Trustee is a member. There were no12023.- £nil} balanc8s owed or Ong at the year end. Pag8 18