IM irwinmitchell RE RITY NO. MENT d 31 Dec (Rél: OS366thJO.1)
frA8ERGATE CHAR A8LE TRLIS lorthe ear ended 31 Dece Arwlllal Report rlts Twsieos Independenl Report Bala8 Sheet Slal•nOnt of FthBnd81 ACtNI 7-12 Note5 to Financk41 Slatem&nts 13-19 Sthed(rte of Inv8slm•nts
ANNUAL REPORT OF THE TRUSTEES For the year end8d 31 D•c•mber 2024 Full namè of Ch•iity: Amborgatg Chaiiiable Tru61 Nature of govomlng document: Trusl deed dated 16 Oclober 2019 R•glstratlon Number: 1187659 Trn$t•e8: John Chartes Cumen Cathèrine Anne Cull8n Danlella Natasha Bunker Cullen Francesca Amy BunkeT Culten Luke Mll&s Bunker CLFllan Reulstsred Addres8: Thoma8 Eggar House. Fiiary Le, Chkhester. P019 1UF Bonker. Barclays 8ank PLC, 74-75 East Street. Chichester, We8t Sussex. P019 1HL Soll¢ltors: IMin Mitchell LLP, Th0188 Eggar Hou8e, Friary Lane, Chich8Ster, We8t Sussex. PO19 1UF Investment Manag•rs: Br8v*in Dolphln LThited, 12 Smilhfield Street. London. EC1A 9BD Indep•ndent E¥amlnern Carpenter Box, 4 Dukos Court, Bogrtor Road, Chichester. West Sussex. P019 8FX Op•ratlng R•strfctlon8: Charitabl8 objects 8¢¢orrfing to the Law of England WKl& unre8trided powers given lo the TruNtees in the deed dated 18 Oclob¥r 2019 Speclfic IDvgstment PO1$. GA.. 5257352_1
Objects of th• charlty Th8 Trustees shall hold tho (spiial and iOrne of th8 Trust Fund upon trust loapply Ihè incOff and allorsuch part or parts ol th8 capital al such lim• or limes and in such manner lo or for the benofil of such exclusively charitable objects and purposes in any part of the WOFkl as the TIu51ae$ may in their discreli(>n think fil or towards la) The prevention or r81i81 of poverty Ib) The rel[ of those th ne•d by reason of youth, 8ge. 111-heaiih. disabS1ily. linancial hardship or other disadvantage Icl The advancomnl of health and saving h'ves Id) Such olhei ex¢lussvety charitab purposes as decided by the TfUSte85 from lirn8 10 lim? al their sole di$¢110n. Grant making po11¢y . The capilal and income ollheTrusl is lo provideonlyfor Ihea55islanceorprovi4vJn olfunds as detailed In the deed dated 16 O¢lober 2019. Progress and Strateglc Directlon . )Ilsl this is th& lifth year of IheAmbeTgatèTrusl since Ineeption, il rs only Ihefourth yearof ft a¢lNely making granls. The aggrègate overlhosa fouryearslo 31 December2024 Is £396.500. TheTrusto&9 hop81geonlinue making grants al a similar rale over th? Goming years in a financially sustainable fashion as long as returns continue as they are. The Trustees have aFso taken the dèclsion to automate Ihe Grant Appeals process vla an online website.11 is envisaged Ihal this automation will be completed before the end of 2025. Thls 18 designed to mak8 tha applicalKJn process rncia streamlined aThJ effi'cient for applicants. Flnanclal revlew and Investment pvllw . There are no reslrlrlions on the chafily's power to Inve51. The inveslment slratg3y is set by the Iruslees l¢X period offwe years and lakes account ofdemand for funds. The Iruslees consider the income requiremellts, the risk profile and Ihe inveslmenl managerfs view of the market prospects in the medium term. This slralegy is sel within an overall policy which slates that the fund is lo b¢ invested in moderale iisk investmen15 with a view lo ansuring that Capilal apprecialion of the fund exceeds inflalion over èach five year period. The funds may be invested in any type olinveslmenl. Our strategy is reviewed wf(h osjr investment manayers annually. Thi5 r6 Ihefrfth yearof TheAmbergalè Chariiabte Trust. During the year incoming re50urcestotalled £229,315 12023". £349.8921 and resources expended lotalled £107,124.64 12023- £113.0681 and there were other recogni8ed gains of £165,89612023.' gains of £109.6861. As a result the fund balance carried forward at 31 Decembgr 2024 was £2.038,983 (2023= £1,750.8771. The Trugtees ¢onfiFm that th not 18ceive Bny remuneration during the ye3r, nor were Ihey relmbued lor any expenses. Reserves pollcy . 11 is the pol¢cy of th8 chafily lo malnlain uniesliicled funds, whi¢h ale the fre8 reserves of the charity, at a knl which equates toapproximately 81x monlhs expendilure. This prowdes suffictent funds Io cov8r managomenl and adminislralion and support C051s and to respond 10 8mergenGy applications for grants which may arise. Unrestriclod funds werè maintsinod al this level IhToughoul the year. Rl$k rnanagemont . The trusteès have examined Ihe m8ior slfategic, busine55 and c)eratK)nal risks which th8 charty faces and confirm that systems have been established to enable r¢gulaT reports lo be produced so that the necessary sleps can b¢ iaken lo lessen Ihese risks. GA.. 5257352_1
Trusts88' r8spon$lbllltl•$ In r•latlon to tho Ilnan¢lal st4t•monts . Law appltcableto charities in Englandand Wales requlreslhelrusleeslo ppTerinanclal slatoments f¢¥each financial year whkh glve a tr 8nd fair view of the ch8rlty's financlal actNiIT88 during the year and of118 finar181 position al the end of the year. In preparing thosefinanclal Stotemen thetrusiees are requlred to.. sel8¢t $ultgble xcounling policios and then apply them conslstentty: observe Ihe melhods 8nd principles in Ihe Ch8filie8 SORP- stale whetherapplicable o¢counling 818ndards and Slalements of recommended practth have b90n followed subject lo any departures disdosed and èxplained in the financial statemgnls,. and preparethe financial Statements on Iho going con¢xm basis LtnI8 il 18 Inappropriatelopr88umelhal the chartty will continuè in busines8. The Iru$lees 8ie re4)orv3iblg for keeping accounting records which disclose with reasonable accuw 81 any tlme the financial position ofthe charrty and enable them lo onsure that Ihe financial slalements 0)Mp with the Charilles Act 2011. They aro also responsible for safeguarding the assets of the charity and henco for taking reasonable $1gps forlhe prevention anddetection of trd and clherirregul8ritie8. TheTnJstsescorthm that the accounts comply with the governing thumenl. At present there ale fNeTruslees. the minhnum alkjwed in the Tru81 Deed. wilh an unlimhed maximum. The Ilrs TTu$lees are entitled lo hold oflke for life. Cullen Catherine Cullen aniella Cullen Francesca Cullen 29.07.2025 Luke Cullen GA.. 52573SLI
THE AMBERGATE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AMBERGATE CHARITABLE TRUST I reporl to the Iru$leès on my examinalion of Ihè financial 61aiernents of Thè Ambargate Charilable Trust (the 'charily'l for the year ended 31 December 2024. Regpon#lbllit108 and bas1$ of r•port As the trustees ol the d)arily you are iesponsSbie lor Ihe preparation of Ihe financi81 st8lem•nts In accordance with Ihe requlremenls of Ihe Charitles Act 2011 (the 2011 Acll. I report h) respect ol my examination ol Ihe charity's financtBI stalement8 C8rrted oul under section 14S ol the 2011 Act. In cawylng out my exarnlnallon I have followed the op1¢able rectionS glven by Ihè chlty Commi88ion under sedion 1451511bl ol the 2011 Acl. Independent exarnlner's statement I have completed my examinalltjrb. I confirm ihal no m8ltèrs have come lo my atltrnlion in connection wlh Ihe 9¥ominaiion giving me caus& to believe Ih8t in any material resped.. accounting ie(XJFd5 were not k8pt in r8specl ol the charily as required by seclion 130 01 the 2011 A(a'. or the financial slalements do nol accord with those T8cords,' or the fmancial slalemènts do not comply 7th the applicable requiremen15 concerning Ihe fomi and conlenl DI acGounls s8l oul In the Charilles (Accounls 8nd Reports) Regul81ions 218 olhei Ihan any requit8monl that the 8CfLJunls give a true and lair vlew which 15 n¢A a malter considered as part of an independenl èxamlnalion. I have no concerns and have come across no olher malters in conneclioTr wlth the examSnallon lo whlch altanllon should ba drawn in Ihis r rt in order lo enablo a proper understanding of the financial slalemenl3 10 be Te8¢hed. clai Norwood Bsc FCA ATII Carpenter Box Piper House 4 Dsjkes Court 8ognor R08d Chlchèsler Wesl Sussex P019 8FX Dated..
Pau• 6 THE AMB TEC LE TRUST CHARITY NO.11 4 Shv•148 a Nolo 31.12.24 31.1223 Ftxad Asmts IrN1M 8t va 1.946.139.30 1,753.232.86 CurrnntP4•0ts C¥5h ai bank 112,284.18 2.655.25 112,28 2,655.2S LI01¥)5 fallww th8 thIn 12 nK)nttr Cth1Or8 Nel ss%e18 19.44&1 2.823.68 &010.85 12,355601 Totsl •sets IB88 £EÉrmnt liabllitlo Fund B¢9 a8 at 31.1124 Unrestri¢l4d ?.038,.98 1,75Q.87726 Th? finandaf StsI6W8rs 29.07.2025 th8 toard dtruths on.............................•nd sioned on th Lwhatlty John Calh8riM Cthlen Tnwtee Trutse T¥51e0 LuktrCuifgTr Tr1¢ Tl nolg8 fm P8985 7.12 ftytTr paFld Ihesg actrrtmts.
Pag8 8 THE AMBERGATE CHARITAB us REGISTE ED CHARITY NO.1187659 ento Flna aren èd r 2024 Year ¢nded .12.24 Year ended 31.12. Note INCOME & EXPENDIT D¢nan8 and LegarAe8 GTOSS Imiestmenl incom8 187,500.00 41,814.52 312,500. 37.391.64 Totsl Incomlng ROUrCeS 229,314.52 349.691.fj4 Regource• expended Charilable AdNities 94.754. 102.228.IXI Inve8lmBnt man89srnnt cosls 12.370.64 10.840.46 Tolal RegourGe8 Expend¢d 107,124.64 113.068.46 0th8rR•¢ognls•d ILo88esllQalns Realised1105sesygains on Sale of Inveslmenls LIn(eased11oSSesYga&ns on In¥es1NTr N9t Incom• forth• yearlN•tmov8ment In lunds $3,276.91 112.618.93 288,085.72 1,212.81 108.472.79 346,506.78 Fund bal8rK8 brouam forward 1.750.877.26 1.404.368.48 Fund balancè tgffled lorward 31.12.24 2.038,962.98 1.750.877.26 None of the Charitys 8c*vllk8 (e ac4ulred ordtYed tluring thv8 fi$cal period. The Charily has no rgwynis8d ga9 or losses other Ihan those doallwrth in Ihe Slatemenl ol Finanaal Acl1vit. The notes on pages 7-12 form part of these accoun.
Page 7 THE AMBERGATE CHARITABLE TRUST REGISTERED CHARITY NO. 1187659 Notss Ac¢ounts for tho ended 31 Decfrm 1 ACGOVNTING POLICIES The Ambergale Charitable Trusl is an unincorporated charfty, registered wilh the Charity Commissicn number 1187659. Th• regisleted addr88S 1$ Thomas Eggar House, Frrary Lane. Chi¢he8ter. P019 IUF 1.1 ACCOUNTING CONVENTION These aeLounts have been prepared in accordan with the charity's memorandum and artides of assoaalion, the Ch8rily's Acl 2011 and "Accounting and Reporting by Chartti8s- Ihe Statement of Recommended Practice for charities applying the Financt81 Roporting Stsndard 8Wrcble in the UK and Repu of Irel8nd IFRS I2) and UK Generally Apted Accounting Practice 88 11 applies from 1 January 2019. Th8 charity is a Public Benefit Entity as defined ty FRS 102. The tharity has taken advantage of tho provlsions in th8 SORP for charlllès apptying FRS 102 not to prepare o Statement of Cash Fbws. The accounts are prepared in sterlirvd, whK r& the functp)n81 ¢urrency of the charity. The accounts have been prepared on the h¢stOl rmt conventlon nK#Jilltid for the revalualion of Investmen The prfncwl accounliw policies adopted are set oul below. 1.2 GOING CONCERN Al the time ol 8Fproving the 8eccNJnts, the Irustegs have reasonable exlatIOn that the charity has adequate re8ourcgs lo continue h) operationol e$tence for the foreseeable fu¢ure. Thus the Irustses. continLFe lo edopl the going concem bo818 of 8ccounling In preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrgstrthd funds are avaable for usè at the discretir of thè truslees In furtheiance of their charitabl8 objectives unles5 Ihe funds have been designaled for other purposès. 1.4 INCOMING RESOURCES Incomirvj resources indudes investment income. which 18 recognised when the ch8rity has a 1 right lo the inc¢xn8. The gain or Ioss arising on the diwal of an asset 18 detemiined as the differ befvmn the sale prOed$ the carrying value of the as801, and is recognisad In nel i)Mo1(expend1tyre) for tho year.
P•gg 8 I.S GRANTS PAYABLE Grants pay&¥l& 8re debited to expendilure wilhin Ihe Slalement of Financial Activities thi the period lo whi¢h Ihay relate. Where a giant o)mmilménl is payable over o peri<>d of mtsrè than on8 year. a liability 18 recognlsed for the lull amount of thè conslructlve obligation unless conditions ale 8llach8d to fuiu payments such Ihal the trustees effeclively reloin the dsscretion to avo¢d making such payments. 1.6 INVESTMENTS AND INVESTMENT INCOME All Investments 8re staled al fair v81ue and the movement shown comprises bolh realised and unrealised gains and Ios6es. Rgalised galns or losses orising on the dlsposal of investments {t(g61her with pfovislons for diminution in value), are credited or debited lo the Statement of Financial Aclivities. and subsequently transfeNed to Unr8Striclgd Funds. 1.7 CHARITABLE ACTIVITIES The cost of charitab10 activities consists of granls mad8. 1.8 COST OF GENERATING FUNDS The cost of gener8lin9 lund8 consisls ol inve81menl managemenl f*•s. 1.9 GOVERNANCE COSTS Qovernance costs c(PY18e all ¢osts involving the public accounlability of the chaiity and its compli8ncft with regulolion and good Practice. These GlS include costs related lo slatulory aLKlil and legal fees togelher with olhèr overhead 8fid support costs. 1.10 CASH AND CASH EQUIVALENTS Cosh and cash equivalents include deposils held al call wth banks. 1.11 FINANCIAL INSTRUMENTS The ¢harity has él¢clgd to apply Ihe provisions of Sèclton 11 'Ba81o Financial In81rumgnts° and S1%n 12 'Olher Financial Instrumen15 Issues" of FRS 102 to all of ils fin8nci81 inslrumenls. Financlal assets and liabilities are offset, w¢lh Ihe net amounts presented in Ihe financial slalemenls. when Ihefe is a legally enforceable right to sel off the recognised amounts and Iheie is an inl8nlK>n to sell18 on a nel ba5lS 01 to realise thè asset and setlle the liabilily Simultaneously. Baslc Ilnanclal as8•ts Basic financial assets, which includes debtors and cash and bank balances. are inilially measured 81 Iransaclion price in¢luding Iransacli(In wsls and are subsequently carried al amortised cosl sIng Ihe effective intere51 mèthod unless the airaThJ8menl conslilu18s a financing Iians8clion, where the Iransaclion Is measured al the present value of tho futu receipls discounted at a mafftet rate ol inlgresl. Financbl assets classified as receivable within one year ale I1 amortised.
Pag80 Impalrniont of flnanclol a88et8 Fingnual assets, other than Ihose held al fair value throLtgh income and expenditure. are assessed for iThJicators ol impaimienl al each relrtIng date. Flnan¢ial a88ets are impaired wh•ra thore is objective evid8nc8 that. as a resull ong or moro evenls that occurred aftsr the Initial recognilk)n of the fanCIal a88el, the eslimaled fijlure cash Ilows have been affected. If asset is impaired. tha irnpaim)8nl loss 1$ Ihe difference behyeen the carrying amount and the prent value of the eslimaled cosh flows th8counted al the asset's orvJinal effective Interest rale. The NnP8lmenl loss 1$ rec(Jnised in net In¢omel{expendilure} for the ye8r. If there a d8crgase in the impaimenl loss arising from an event occurring 8fter the impairment was recognised. Iho in)paimisnl is reversed. Th? reversal 18 such Ihal Ihe ¢urrent rarrying amounl 11068 not oxc8ed what the carrylng amount would have been. had the impaiimenl prev•)usty been reccgniJ. The pairnent reversal Is recLwnl$8d in net inc0mellexpendl1u) for tha yeBr. 8a$lc financial Ilabllltlo¥ Bastc financial liabilities. indudSng trade and other payables, are inilialty recognised al Iransacf¢on prico unkns tho arrangement conslitutes a finanang transaclion. where the debt inslrumenl 1$ measured at the present value of the fvture receipts discountsd 81 a market rate of Interest. Debt instruments are subsequently carrfed al amortised cost, using the effecttY8 intsresl rale melh¢xl. Trade payables are otrAigalion8 lo pay for good8 or Services Ihal have en acquired in the ordinary Course of operations frcn suppliers. Accoynls payable are ¢las8ed as current li8bllilies If payment is within one year or le. If not. Ihey are present1 8$ non-curronl liabilluos. Trade payables are recognised inilially al traIaCtIon price and sub8equenUy measured at amortFsed cost using the 8ffectNe inlerost melh¢>J. Dgrncognltlon of flnanel•l Il•bllltles Financial liabilith are derecognised when Ihe charity's contractual objrgalions explre or aro discharged or canceled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the 8pplicalion of the charity'8 accounting poltcies. the ITu81ees are r8quired to make IJgements, eslimale8 and assumptions atrL>ul the carrylng amount of $8sets and liabilllles that aro not readily apparent from other souices. The eslimates and a880ciated a$sumplb)ns are based on historical eXpor1en and otherfactors that ara con8K4ered to bg relevant. Actual re8uIts may differ from Ihwae e8mateS. Thg estimates and undertying assunyJlw)ns are review on an ong)ing basi$. Revisions to accounting eslimales ar9 recognlsed in the period in which the estsmale is revised where the revision aff¥ct$ onty Ihal period. or in the period of th8 revislon affects only Ihal peiiod. or in th& period of the revtsron and lulure perkJs where the revlslon affect8 th current and lulure periods.
Y••r•nthd Ji.i224 7.OEBTCa8 ilJl.1124 14.rm.riJ 3241 3l.IZ.21 Itt IWNT$PAV•Lt t•073 IJ(62023 2.rthc IF.11 14.C¢4J. 4.twc 2AW.C 2DX¢fAI 3,LXVJDJ 1f.11Ity24 SAW.L¥J 1?.112024 .112024 fll12024 1a112024 r¥str• 1&112Q4 t4.11 2V s,c•xoJ S.LWth) 31.12>)21 BHT&M& 14.thXIO)
Pag8 12 E AMBERGAT ARITABLE TR ED CHPRITY NO.11876 ST 11. COST OF GENERATING FUNDS Year ended 31.12.24 12,370.64 Yearonded 31.12.23 10.e40.46 Brewln Dc*hln Limited 12. GOVERNANCE COSTS Yeargnded 31.12.24 3,546.00 2,208.00 5,754.00 Yearendod 31.12.23 3,348. 2,380.LX) 5,728. Iwin Mitthell LLP- Legal & Piofe&3ignal lees Cary)•ntor Box- Independenl Examin81ion fees Bals olAlh)calion'. of Ihe govoman¢• rxjsts are aM¢rAled lo Ihè chafilabte a¢tNIty olgranl makiNJ. lot•llng £5.754 In 202412tr23.. £5.7281 13. TRANSACTJONS WTH TRUSTEES There were no panIS to frustees IOT the year8nded 31 D8rnbEr 202412023.. nil} 14. EMPLOYEES There no ernptoyee5 rJurln9 th• yoaT12023.' nil) S. RELATÉD PARTYTRAN8ACTION5 Total donaknons of £150,OC()12023= £250.Cl wwe received Ir¢Jn Irustees durfng the yearwilhoul conditions attached.
111 K Xo all
rj v4 ?¢J 2* 1
!IlllQlllilil 111111111 1111 k%x ¥¥ EE¥ l &ij gija Xii Il t
8%8¥
I I 1111 11 g_li 8-¥- *52 a gg ¥ii
65 *lJ
11 111111 11