IM irwinmitchell E AMBERGATE CHARITABLE T EGISTERED CHARITY NO.11 76 FINANCI L STATEPIJENTS For the ear ènded 31 Decembor 2023 IRef.. 05356000-11 THE AMBERGA BLE TRLIST ERED CHARITY NO.118 Conl8nls to Flnanclal Statoments ear end8d 31 December 2023 Pa Annual RÈport of th8 Trustee5 IndÈpendent Examinerfs Report Ba18nce Sheet statement of Financial Acti￿711e$ 7-12 Notes lo FinancSal Slalemenls 13-20 Schedule of Inve81ments ANNUAL REPORT OF THE TRUSTEES Forthe year ended 31 December 2023 Full name of Charlty: Ambergale Charitable T¥u81 Naturg of govornlng do¢umgnt: Trust deed dated 16 October 2019 Registration Number: 1187659 Tru8tee8: John Charles Cullen Calheiine Anne Cullen Daniella Natasha Bunker Cullen Francesca Amy Bunker Cullen Luke Miles Bunker Cullen Règl8tered Addr888: Thomas Eggar House. Friary Lane, Chichester. P019 1 UF Banker: Barclays Bank PLC. 74-75 East Street. Chichester, West Sussex. P019 1 HL Sollcitor8: Irwin Mitchell LLP, Thomas Eggar House, Friary Lane. Chichester. Wesl Sussex, P019 1 UF Investment Managers: Brewin Dolphin Limited, 12 Smilhfield Street. London. EC1A 9BD Independent Examiners Carpenter Box. 4 Dukes Court, Bognor Road. Chichester. Wesl Sussex. P019 8FX Operating Restrictions: Charilableobjecls according lo the Law of Enoland Speclflc Inve8tm&nt power8: Wide unreslricled powers given lo Ihe Trustees in the deed dated 16 October 2019 GA.. 5257352 1 Oblegts of Ihg Charity Thp Triislpp% %hill hold the c2pilal and income of the Triisl Fiind upon Iriisl lo apply the income ic nd all Or such part OT parts of the capital al such lime 01 tifnes and in suGh mannei lo or Iof Ilie bene1110l sucli ex¢lusiv¢ly fylidl ildble objeLls aiid purposes iii aiiy Pdl-l ol Ilie world ¢lb Ilie Ti u￿1￿￿6 Illcly 111 Iligii disLi¥Iio)11 think fil or towards {al The prevention or relief of poverty (bl The relief of those in need by reason of youth, age, ill-heallh, disability, financial hardship or other disadvantage {c} The advancement of health and saving lives {d) Such other exclusively charitable purposes as decided by the Trustees from lime lo time al their sole discretion. Grant making policy The capital and income of the Trust is lo provide only for the assistan￿ or provision ol funds as detailed in the deed dated 16 October 2019. Financlal revlew and Investment pollcy There are no reslriclions on the charily's power lo invest. The investment strategy is sel by the Iruslees for period of five years and lakes account of demand for funds. The Iruslees Consider the income iequiremenis, Ihe risk prolile and the investment manager's view of the market prospects in the medium term. This strategy is sel within an overall PDlicy which stales that the fund is lo be invested in moderate risk inveslmenls with a view lo ensuiing that capilal appreciation of the fund exceeds inflation over each live year period. The funds may be invested in any lype of investment. Our strategy is reviewed with our inveslmenl managers annually. This is the fourth year of The Ambergale Charilable Trust. During the year incoming resources lolalled £349,892 {2022'. £338,572) and resources expended lolalled £113,06812022.. £75,222) and there were other recognised gains of £109,68612022'. losses of £154.7431. As a result the fund balan￿ carried forward at 31 Decembei 2023 was £1.750,87712022.' £1,404,368). The Trustees confirm Ihal they did nol receive any remuneration during the year, nor were they reimbursed for any expenses. Resgrves pollcy . It is the policy of the charity lo mainlain unieslricted funds, which are the free reserves of the charity. al a level which equales lo approximately six months expenditure. This provides sufficient funds lo cover management and adminislfalion and support costs and lo respond to emergency applications for grants which may arise. Unreslricled funds were maintained al this level throughout the year. Risk managemènt., The Iruslees have examined the major slialegic. business and operational risks which the charily fa￿S and confirm that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. GA.. 5257352 1 Tru8teès' re8ponsibiliti&s in relation to the financlal slatgm&nts Law applicable to charities in England and Wales requires the Iruslees lo prepare financial statements for oach financial year which give a true and fair view of Ihe charity's financial activities during the year and of ils financial position al the end of the year. In preparing those financial slalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP,. state whether applicable accounting standards and slalemenls of recommended practi￿ have been followed subject lo any departures disclosed and explained in the financial slatemenls., and prepare the financial slalemenls on the going concein basis unless il is inappropriate to plesume Ihal the charity will continue in business. The Iruslees are responsible for keeping accounting records which disclose wilh reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011. They ale also responsible for safeguarding the assets of the charity and hence for tsking ieasonable Steps for the prevention and detection of fraud and other ir¥egularilies. The Tfuslees confiim that the accounts comply with the governing document. Al present there are five Trustees. the minimum allowed in the Trust Deed, with an unlimited maximum. The rirsl Tru es ree tilled lo hold office for life. John Cull Catherine Cullen Daniella Cullen Francesca Cullen Luke Cullen GA: 5257352 1 THE AMBERGATE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AMBERGATE CHARITABLE TRUST I report lo the Iru51ees on my ex8minalion of the financial statemenls ol The Amberoale Charilable Tnisl Ilhe 'charily'l for Ihe year ended 31 Decefflber 2023. Responslhllltlpq and has18 of rppnrt As the Ifuslees ol the charity you are responsible for the preparalion of Ihe financial slatemenls in accordance wilh Ihe requiiemenls of the Chaiilies Act 2011 Ilhe 2011 A¢ll. I report in ¥espect of my exarninalion ol the chaiily's financi81 slalemenls carriè(6 out under section 145 of Ihe 2011 Act. In carrying out my examination I have followed all the applicable Oireclions given by the Charity Commission under section 145151{bl of the 2011 Acl. Ind•pèndfrnt examlner's statement I have completed my examinalic>n. I confirm Ihal no mallers hav6 come to my allenlion in conneclion with Ihe examinalion giving me cause lo believe Ihal in any material re5pecl'. accounting records werg not kèpl in rèspeet of the eharily as required by section 130 of Ihe 2011 Acl,. or the financial statements do not accord with those recoids., 01 Ihe financial slalèmenls do not Comply with the applicable requirements concerning the form and conlenl ol accounts sel out in the Chaiilie5 (Accounts and Reports) Regulations 2008 other than any requirement Ihat Ihe accounts give a Ifue and fair view which is not a mallei considered as part ol an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which allention should be drawn in this report in order lo enablè 8 proper understanding of tha financial stat&m&nls lo be reached. Claire Norwood BS¢ FCA ATII Carpenter Box PipeT House 4 Duke8 Court Bognor Road Chichester We51 Sussex P019 8FX 2211012024 Dated.. P8g8 5 THE AMBERGATE CHARITABLE TRUST REGISTERED CHARITY NO.1187659 Balance Sh88t as at 31 December 2023 Note A5 at 31.12.23 t 31.12.22 Flxed Asse18 Inves¢m8nts al value 1,753.232.88 1,369,648.75 Current Assots Cash at bank Debtors 2,655.25 39,022.59 2,655.25 39,022.59 Liabililies falling duè wthin 12 moftth5 Creditors Nel curfenl assets 5,070.85 12,355.801 4,302.86 34.719.73 Total assets less current Ilabllltles 77. 1.404.368.48 Fund Balancè as at 31.12.23 Unraslricied 1.750,877.26 1,404,368.48 The financial statements were approved 11 Iio ILf..... he board ol twsle¥s on...................... and sKJned on their behaW by John Cullen Trustee Catherine Cullen Trustse Danlella Gullen Tru5188 Franeesca c*JI￿Tr Trustee Luk8 Cu118n Trustee The notes ￿ pages 7-12 form part of Ih8s8 accounls. Pag9 6 THE AMBERGAT REGISTERED CHAR BLET 187 us an lal Actlvltl8s for tho ear ended J1 December 2023 Yoar ended 31.12.23 Year ended 31.12.22 Note INCOME & EXPENDITU 112.r)Qil On 37,391.64 31?,500.00 26.072.01 G1055 income Total Iniomlng Resource$ 349.891.64 338,572.01 Rosourc05 8XP8nd4d Chatilable AdvSlk8$ 102.228.(XI fj6,102.00 Inveslm8nl m8nag8ment costs 10,840.48 9.120.09 Total Resource5 Exp8nd8d 113,088.46 75.222.09 other Recognlsed ILos88sIIGaln8 R8alised11055e$llgalns on sale ol investments Unreali88d Ilossesllgain5 on investments Not Incom* for Ihe yearlNet movement In fund5 1,212.81 108,472.79 346.508.78 134.811.761 (119,931.591 lo8,6(￿.57 Fund balanc8 bioughl foward 1.404,368.48 1,295,761.91 Fund balance caTrled lo￿81￿ 31.12.23 1,750,877.26 1.404,368.48 None of the Charity'5 activities were a¢quI￿d or dlsconllnued during IhK8 fBc81 period. The Charity has no recegnlsed galns or losses 0lh8r than th08e dealtwilh in the Statement of Financia1 AGlivilies. The nolss on pages 7-12 form part of the88 accounts. Page 7 THE AMBERGATE CHARITABLE TRUST REGISTERED CHARITY NO. 1187659 Notes to the Accounts for the ear ended 31 December 2023 1 ACCOUNTING POLICIES The Ambergale Charitable Trust is an unincorporated charity. registered with the Charity Commission number 1187659. The registered address is Thomas Eggar House, Friary Lane. Chichester. P019 1 UF 1.1 ACCOUNTING CONVENTION These accounts have been prepared in accordance with the charily's memorandum and articles of association. the Charity's Act 2011 and 'Aecounling and Reporting by Charities. the Slalemenl of Recommended Pra¢li¢e for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice as il applies from 1 January 2019. The charity is a Public Benefit Enlily as defined by FRS 102. The charrty has taken advantage of Ihe provisions in the SORP for charities applying FRS 102 not lo prepare a Slalemenl of Cash Flows. The accounts are prepared in sterling, which is the functional CLtrrency of the charity. The accounts have been prepared on the hislofical cost convention modilied for the revaluation of inveslmenls. The principal accounting policies adopted are Set out below. 1.2 GOING CONCERN Al the lime of approving the accounts. the Iruslees have reasonable expectation that the charily has adequate resources lo Continue in operational existence for the foreseeable future. Thus the Iruslees. continue lo adopt the goit)g concern basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use al the discretion of the tru8lee8 in furtherance of their charitable objectives unless the funds have been designated for olher purposes. 1.4 INCOMING RESOURCES Incoming resources includes investment income, which is recognised when the charity ha8 a legal right lo the income. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilurel for the year. Pag8 8 1.5 GRANTS PAYABLE Grants payable are debited lo expenditure wilhin the Slalemenl of Financial A¢livilies in the period lo recognised lor Ilie full amouiil ol 11)e coiislruclive obligalion unless coiidilioiis are allached lo fulure payments such that the Irusloes elleclively relain Ihe discretion lo avoid making such payments. 1.6 INVESTMENTS AND INVESTMENT INCOME All investments are slated at fair value and the movement shown compiises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments Ilogelher with provisions for diminution in value}, are credited or debited lo the Slalemenl of Financial Activities, and subsequently transferred lo Unreslricled Funds. 1.7 CHARITABLE ACTIVITIES The cost of charitable aclivilies consists of grants made. 1.8 COST OF GENERATING FUNDS The cost of generating funds con8151s of inveslmenl management fees. 1.9 GOVERNANCE COSTS Governance costs comprise 811 costs involving the public accounlabilily of the eharily and ils compliance with regulation and good Practice. These costs include costs related lo slatulory audit and legal fees together with other overhead and support costs. 1.10 CASH AND CASH EQUIVALENTS C88h and eash equivalent$ in¢lude depo$i18 held al call with banks. 1.11 FINANCIAL INSTRUMENTS The charily has olecled lo apply the provisions of Section 11 'Basic Financial In81fuments' and section 12 "Other Financial Inslrumenls Issues. of FRS 102 to all of ils financial inslrumenls. Financial assets and liabilities are offset, with the nel amotjnts presented in the financial slalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo sellle on a nel basis or to realise the asset and sellle the liability simultaneously. Basic financial assets Basic financial assels, which includes debtors and cash and bank balances. are initially measured at transaction price including Ir8ns8clion costs and are subsequently carried al amortised cost using the effective interest method unless the ariangemenl conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable wilhin one year are not amortised. Page 9 Impairment of financial assets Financial assets, other than those held al fair value through income and expendilure. are assessed for indicalois of impairment al each ieporting dale. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred arter the initial recognition of the financial asset, the eslimaled future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in nel incomellexpendilurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised. the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been. had the impairment previously been recognised. The impairment reversal is recognised in nel incomellexpendilurel for the year. Basic financial liabllitieg Basic financial liabilities. including trade and other payables. are initially recognised al transaction price unless the arrangement ¢onslilutes a financing Iransaclion, where the debt instrument is measured al the present value of the future feceipls discounted at a market rale of interest. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If nol. they are presented a5 non-currenl liabilities. Trade payables are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. D&recognltlon of flnanclal Ilabilltles Financial liabilities are derecognised when the ch8rily's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the trustees ale required lo make judgements, eslimales and assumptions about the carryin9 amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. 11 THE AM8ÉRGAIECHAftITAeLE Yoai•nd V•4r•firt•d 6.CA8H 3,fj5&Z5 a9.￿?.5 I. DEBTORS HPA tREDIT<>Ji$:WOUNTS FALIW$DVESYtrHWONEYEAri IndBpBlldBnlExAm￿ÉtsmIÈbts 2.2W. 1,9200D 2,810.$5 2,3B2.eo F. CHARITABLEACTIVINES Yèarendqd Y•arBndèd G￿fil￿p￿blal￿¥ 101 ¥.5W.fy) 5.F28OD 6.1D2.L 1th QRANTS?AYA6LE Is￿ 2022 2fj052072 26052022 26.05.2Q22 26052922 24062022 030?W23 0ts032023 31.03 3023 I&D5 2023 09.C¢.2023 1&10 2Q23 50 50.W).O) 2.WD. 2.(W. M8SuriFw.forNwsFs VITAL S.￿.£ BHT 5u5¥X P•lun 20.MDQD 4.fthL¥) 20,(W.OD 2.5WOD s.(ts) 25,￿). Londonth￿l1￿c0 ÈHT$￿BStr Rg¥olYgNow P8go12 THE AMBERGATE CHARITABLE TRUST REGISTERED C ARITY NO.1187 Notes to Acco nt8 for the ear ended 31 December 2023 11. COST OF GENÈRATING FUNDS Ye8r ended Y&ar onded J1.12.2 9.120.09 Brewin Ddphln Llmlted 10.840.46 12. GOVERNANCÉ COSTS Year ended 31.12.23 3,348.00 2,380.00 5,728.00 Ye8r ende 31.12.22 4,122.00 1,980.00 6,102.00 Itwin Mii¢hell LLP- Legal & Professk)nal fees Carp8n181 Box- Ind8pendent ExaminalK>n fee5 Basls of AJkncatk)n'. All of Ihe governance costs are allocal8d trj the charltable acbvffity of grant making. lolalling £5.728 in 202312022." £6,1021 13. TRANSACTIONS WITH TRUSTEES Ther8 were no payments lo Trusle8s for Ihe year ended 31 D8cembei 202312022 nil) 14. EMPLOYEES There were no employees durlng Ihe year12022.' nl¢) 15. RELATED PARTY TRANSACTIONS There We￿ no 0 Ill Doo $808¥88- >0* oui v) DDD sggg8gogg- J p j¥ IDWD **v ¢(5 ill li Jjiiij li 11 21 0000 0000 DDDO ooooD 0000 ti)** o? V) P4 EEE )*** aooDo 00