Charlty reglstratlon number 1186325 THE ZENA TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE ZENA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs S J P Flower Mr C C Andreae Ralhbones Trust Company Limrted Charlty number 1186325 Principal address 30 Gresham Street London EC2V 7QN Solicitors Currey & Co 33 Queen Anne Street London W1G 9HY THE ZENA TRUST CONTENTS Page Trustees, report Statement of financial actwities statement of financial position Notes to the financial slalements 7-13 Schedule of investments and income THE ZENA TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial slalements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the char(ty's trust de￿. the Charities Act 2011 and Accounting and Reporting by Charities. Slatèmenl ol Recommended Practicè applicable lo charities preparing their accounts in accordance wth the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191 Oblectlves and actlvltles The Zena Trust was created by Deed dated 1st October 2019. The Trustees shall sland possessed of the capital and income of the Trust Fund upon trust and shall pay or apply the income of the Trust Fund and may also transfer, pay or apply the whole or any part or parts of the capital of thè Trust Fund lo such charities or for such charitable purposes as the Trustees shall from lime lo time in their absolute and uncontrolled discretion think fil statement of Compliance with Charity Commission The Trustees have complied V￿th the duly in section 17 of the Charities Act 2011 to have due regard to the public benefrt guidance published by the Charty Commission. Grant-making Pollcles The Trustees, current policy is lo review all written appeals received on a quarterly basis and to consider each appeal on Ils individual merits. Only successful applicants are notified of the Trustees, decision. Donations are made wthoul any commitment lo future funding During the year under review, the Trustees resolved lo make two donations, a8 detailed In note 18 of these accounts. Achlevements and performance Trustees, meetings lake pla(* on an ad hoc basis However. investment performance and income levels are kept under regular and Informal review with the investment manager5. In beiween meetings, applicatsons are considered on a quarterly basis and donations are ratified when the Financial Statements are rèviewed and approved. Financial review Total incoming resources were £13.019 1£258.335 in 20231, wlh £10,000 (£2,100 in 20231 being committed lo charitable aclivilie5 of which £0 1£2,100 in 20231 relates to support and governance ￿Sts. Costs of lundia151ng amounted to £1,936 (£1,642 in 20231, There was an unrealised gain of £50,822 (loss of £11,747 in 20231 on investments and in addition a realised Ilossl of £1,977 (loss of £4,493 in 20231 resulting in nel inflow ol funds of £49,928 (inflow of £238,353 in 20231 THE ZENA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves The charity's reserves are in a managed investment portfolio. The donation and running costs are all funded from the managed portfolio The trustees are subject lo the effects of volatility In Income, due lo stock markets and the overall economy. The portfolio is moni(ored and reviewed on a regular basis lo ensure that the investments are generating sufficient income. As at 31 March 2024 there was a balance of £687,04712023- £637, 1191 held on unrestricted reserves. Investment policy As there are no specific reslricliorts of investment wwers undèr the governing deed, the Trustees have full discretion over the invèstments The Trustees have delegated Rathbones Investment Management to have full discretionary day lo day control of the investments Mqlh a risk level of 5 and Investment objective for Income. In accordance with the Trustee Act 2000, as this duly has been delÈgaled, the Trustees have in place a Policy Statement that has been agreed with Rathbones Investment Management The Trustees have reviewed current policies and do not feel any amendments are necessary Assets have bèen acquired and diswsed of in accordance with the powers available to the Trustees. The Trustees have reviewed the portfolio and are satisfied wlh its performance in light ol the current economic climate. Investment performance The investment objectivè for the Trust is for a balance be￿een capital growth and income, in line with Risk Strategy Level S, as defined by Ralhbones Terms of Business. As at 31 March 2024 the Trust was valued al £658,248 and was forecast lo produce an estimated gross annual income of £14,792 or 2.250 During the 12 months to 31 March 2024, the portfolio rÈturned 10.01% in total returns nel of fees as compared to inflation +3.2% and ARC Sterling Steady Growth which returned 9.2%. The year 2023 ended on a more upbeat lone followqng what was a fairy lumulluous year wth many conflicting economic forces at play. Over the period we took advantage ol the opp)rtunilies in the fixed income market, reducing exposure to tolh equity markets and diversifiers As at 31 March the exposure lo equf(ies was 840A, diversifiers were 60A and Ih]uidily assets were worth 100kn of the wrtfolio. For 2024. worldwKie conflicts serve to remind investors how fragile the geopolitical landscape is and how inextricably linked global markets are lo such events. This is sobering as we start an election year wi(h over half the world's population sel to vote Including both In the UK and in the USA. Some leading economic Indicators are forecasting a rècession this year. However. when we look through thè lens ol individual companies, we can lake ctsnsiderable confidence from the services and prcrfjucts being created and the opportunrties therein despite the geopolitical landscape. A8 at 31 March 2024 2CCLJmLJ12ted inctsmè stood at £27,425 Risk5 The Trustees have not idenlrfied any major risks and wll continue to monrtor the adequacy ol the systems in place. Plans for future periods The Trusteès do not envisage any significant changes to ts aims & objectives and they intend to continue supporty'ng the various charities lo a similar level THE ZENA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The charrty is an unincorporated association, ils governing document is the trust deed. The power lo appoint new trustees Is vested in the Settlor, Mrs Flower, during her life. This power is contained in the trust deed. The trustees who served during the year and up lo the date of sunature of the financial statements were.. Mrs S J P Flower Mr C C Andreae Ralhbones Trust Company Limited The Charity's other advisors are noted on page 1. The individuals who were directors of Ralht()nes Trust Company Limrted were". Miss Linda Joyce Cousins Mr Trevor Harris Mr Jsmes Stephen Hurrell Mr Bruce Robert Newbigging Mr Alexander Richmond Mrs Kerry Roberts Mi Robert Paul Stockton ststement of Trustees. responslbllltles The trustees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance wrth applicable law and United Kingdom A¢¢ounling Standards Iunited Kingdom Generally Ac¢epted Accounting Praclicel. The law applicable lo chari(ies in England and Wales requires the trustees lo preparè financial statements for each financial year which give a true and fair view of the slate of affairs of the charrty and of the incoming resources and application of resources ol the charity lor that year. In preparing these financial statements, the trustees are required to.. select surtable accounting poli¢ies and then apply them consistently,. obseNe the methods and principles in the Charities SORP., makejudgemenls and estimates that are reaSona￿e and prudent., slate whether applicable accounting standards have been followed. subject lo any material departures disclosed and explainèd in the financial slalements, and prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the Charity wll continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply wrth the Charities Act 2011, the Charrty (Accounts and Reports) Regulations 2008 and the provi4ions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. THE ZENA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees. report was approved by the Board of Tru5tee5. Linda Cousins on behalf of Rath￿￿￿ne5 Trust Company Llmlted Trustee 1 November 2024 THE ZENA TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income and endowments Donations and legacies Investments Other income 250,000 6,9C 1,429 11,972 1,047 Total income 13,019 2S8,335 Expenditure Raising funds 1,936 1,642 Charitable activ((ies 10,000 2,100 Totsl resources Èxpende 11,936 3,742 Nel gains I Ilossesl on investments 10 48,845 116.2401 Net movement in funds 49,928 238,353 Fund balances al 1 April 2023 637,119 398,786 Fund balances at 31 March 2024 687,047 637,119 The statement ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. THE ZENA TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investments 12 658,248 623,544 Currentassets Debtors Cash at bank and in hand 13 655 28,648 16,159 29,303 16,159 Creditors: amounts lalllng due ￿thIn one year 14 15041 12,5841 Nel current assets 28.799 13,575 Total a55ets less current liabilities 687,047 637,119 Income funds Unieslricted funds 687,047 637,119 687,047 637,119 The notes on pages 7 to 13 form part of these financial slalements. The financial statements were approved by the Trustees on 1 November 2024 Linda Cousins on behalf of RathtrK*nes Trust Company Llmlted Trustee THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charity information The Zena Trust Is a unincorporated charity. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with 'Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Second Edition). and the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as r( applies from 1 January 2019. The ¢harily has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalements are rounded to the nearest £ The financial slalemenls have been prepared under the historical cost convention, modified to include the revaluation fixed at investments al fair value The principal accounting policies adopted are sel out below. 1.2 Golng concern At the lime of approving the financial slalements. the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence lor the foreseeable future. Thus the Iruslees continue to adopt the going ¢on¢ern basis ol accounting in preparing the financial statements. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the Iruslees in furtherance of their charitable objectives. 1.4 Income Income is recognised when the charity is legally entrtled to (t after any performance conditions have been met, the amounts Can be measured reliably, and it is probable that income Myll be received Cash donations are recognised on receipt. Other donations are reo)gnised once the charty has been notified of the donation, unless performance conditions requiie deferral of the amount Income lax recoveiable in relation lo donations received under Gift Aid or deèds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otheMise if thè charrty has been notified of an impending dislribulion. the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset 1.5 Debtors Debtois are re¢ognised al their expected settlement amount. THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 1.6 Expenditure Expenditure is recognised once there is a legal or constructive otligation to transfer economic benefit to a third party. rt is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total ol direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activty are allocated directly lo that adivily. Shaied costs which contribute lo more than one actwity and support costs which are not attributable lo a single activity are apportioned between those activ(ties on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Fixed asset investments Fixed asset investments are initially measured al transaction price excluding transaction costs, are subsequently measured al lair value al each reporting dale. Changes in fair value are recognrsed in net incomellexpenditurel lor the year. Transaction costs are expensed as incurred 1.8 Cash and cash equivalents Cash and cash equivslents include Cash in hand, deposits held al call with banks. other short-term liqu investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown thin borrowings in eurrenl liabilities 1.9 Flnanclal instruments The charrty has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls. and Section 12 'Olhei Financial Instruments Issues, of FRS 10210 all ol its financial instiumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty lo the contractual provisions of the instrument. Financial assets and liabilities are offset, wf(h the net amounts presented in the financial slalemenls. when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liabilrty simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carrièd al amortised cost using the effèctive interest method unless the arrangement wnstilutes a financing transaction. there the transaction is measured at the present value of the lutLJre re￿iptS discounted at a market rate of interest. Financial assets dassified as receivable within one yèar are not amortised. 8asic financial liabilities Basic financial liabilities, including credf(ors and bank loans are ini(ially recognised at transaction price unless the arrangement conslitules a financing Iransaclion, where the debt Instrument is measured al the present value of the lulure payments discounted al a market rale ol interest Financial liabilities classified as payable thin one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effectwe interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from SLJppliers. Amounts payable are classified as CLJrrent liabilities if payment is dLJe wfchin one year or less. If not. they are presented as non-currenl liabilities Trade credrtors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl Derecognltlon of financlal Ilabllltles Financial liatylilies are dere¢ognised when the charty's contractual obligations expire or are discharged or cancelled. Crltlcal accountlng estlmates and Judgements In the application ol the charity's accounting policies, the Iruslees are required lo make judgÈmenls, estimates and assumptions a￿￿ul the carrying amount ol assets and liabilities that are not readily apparent from other sources. The eslimales associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may diffèr from these eslimales. The estimates and underlying assumptions ale reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affecis only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacles Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 250,000 Investments Unrestricted Unrestricted funds funds 2024 2023 UK dividend income Foreign income Unil trust & fixed interest Accrued income 5,468 4,087 2,224 193 5,348 1,208 350 11,972 6,9C6 Othei income Unrestricted Unrestricted funds funds 2024 2023 Gross Interest 1,047 1,429 THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ralslng funds Unrestricted Unrestricted funds funds 2024 2023 Investment management fees 1,936 1,642 1,936 1,842 Grants payable 2024 2023 Grants lo instilulions. Heritage & Archaeology 10.000 Support ¢o$ts Support Governance costs costs 2024 2023 Independent examiners fee Audit fees 2,4 13C()I 2,100 Analysed between Charitable activities 2,100 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year except in connection wlh the amounts included in note 17 10- THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net galns I Ilossesl on Investments 2024 2023 Revaluation of investments (Lossl on sale of investments 50,822 11,9771 111,7471 14,4931 48,845 116.2401 11 Taxation The charty is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Fixed asset investments Listed investments Cash in porttolio Total Valuation At 1 April 2023 Addrtions Valuation changes Realised Ilossl Cash generated Disposals 546,386 SS2,661 50,822 11,9771 77,158 623,544 SS2,661 50,822 11,9771 173,4241 1493,3781 173,4241 1493,3781 At 31 March 2024 654,514 3,734 658,248 Investments representing more than 5Qh of the pjrtrolios lolal market value.. Investment Units Market Value % of Totsl Market Evenlode Investment Funds C IsharÈs FTSE 100 M&G Securities Limited 13,000 4,400 23,000 33,520 34,188 37,439 5.12¥. 5.22% 11 THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Fixed asset investments Icontlnuedl 2024 2023 Other investments comprise.. Listed investments Cash in investment portfolio 654,514 3,734 546,386 77,158 658,248 623,544 13 Debtors 2024 2023 Amounts falllng due wlthln one year.. Prepayments and accrued income 655 14 Credltors: amounts falling due within one year 2024 2023 Accruals and deferred income 504 2,$84 15 Employees There were no employees during the year,12023". none) 16 Unrestricted funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants thich are not subject lo specific conditions by donors and grantors as lo how they may be used Thèse include designated funds which have been set asidè out of unrestricted funds by the trustees for spècific purposes. At 1 April 2023 Incomlng Resources resources expended Gain5 and At 31 March losses 2024 General funds 637,119 13,019 111.9361 48,845 687,047 Previous year: At 1 April 2022 Incoming Resources resources expended Gains and At 31 March losses 2023 General funds 398,766 258,335 13,7421 116.2401 637,119 12- THE ZENA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Related party transactlons Ralhbones Investment Management Limited, a company related lo Ralhbones Trust Company Limited by virtue ol common control of both, provided investment management services to the trustees for which (t charged £1,936 inclusive of VAT12023- £1.6421 Ralhbones Trust Company Limited a trustee i8 also a trustee of The Scorpion Charitable Trust which made a £Nil donation lo the Zena Charitable Trust in the year12023 - £250,C(K)i. 18 Donations made during the year 2024 2023 Courtauld Inslilule of Art Fusilier Museum 5,000 5,000 10,000 13-