Charity registration number.. 1192765 Belpech Charitable Trust Annual Report and Financlal Slalements for thg Year Ended 30 September 2024 MG AUDIT SERVICES LTD Chartered A¢counlanls 166 College Road Harrow Middlesex HA1 1BH
Belpech Charitable Trust Contents Reference and Administrative Details Trustees, Report 2108 Independent Examinerfs Report Stalemenl of Financial Actsvities Balan¢e Sheet Notes lo the Financial Statements 121021
Belpech Charitable Trust Reference and Admlnistralive Details Chairman C R Bland Trustees M K G Stevens C R Bland J K A Bruin Bland DPHOwen H C Bland Dr J L Bland Prin¢ipal Office 17 Gauden Road London SW4 6LR Ch8rlty Registration Number 1192765 Bankers Cater Allen Private Bank Sanlander House 9 Nelson Street Bradford BDI SAN Independent Examlner Investment advisers Gavin Femandes. FCA, CTA Cazenove Capital 1 London Wall Place GB-London EC2Y SAU Page 1
Belpech Charitable Trust Trustees, Report The trustees pr8sènl the annual report together with th8 financial slalemenls of the charity for the year ended 30 September 2024. Background The Belpech Charitable Trust IBCTI was originally established in 2013 as a donor advised fun¢J managed by the Charities Aid Foundation and frorn 2020 was registered as an independent charity. The Trust has SUPPDrted a wde variety of causes includin9 refu9ees, homelessness. international development, incarcerated people. youth employment, social inclusion. In 2020. the Trust in addition provided support to charities responding to the effects of the pandemic. The Reference and Adminislralive Details in the financial ststemenls form part of the trustees. annual rèport. Charitable activities for the publ1¢ benefit The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 and have taken due regard of the Charity Commission's general guidance on public benefit. This is achieved by making financial grants lo charib'es in the UK and overseas who are working for the public benefit. Charltable objectives The BCT has the foll¢)wlng objectives.. • The relief of those in need, by reason of youth. age, ill heatth, disability. financial hardship or olher disadvantage * The prevention or relief of poverty The relief of sickness and Ihe preservation of health rhe promotion of so¢ial inclusion for the public benefit by preventing people from becoming socially excluded, relieving the netsd of those people who are socially excluded and asslsting them to integrate into society. Page 2
Belpech Charitable Trust Trustees. Report General activities Following ristratIOn as an independent charity. BCT trustees decided that the Charity should narrow its focus 8nd concentrate on two areas.. refugees and people wming out of prtson. Support for these groups is consislenl with BCT objectives in tem)s of relief of need and promotion of integration into society. It is also to the public benefit in that a national re-offending rate in excess ol SO°/0 and a large number of young and qualified bul unemployed refugees both represent a major waste of human potential. AIon9side this focus, the trustees decided lo continue to give support to a small number of international development charities. The UK has an extraordinary number of charities, the vast majority of them being small. Most areas of need are addressed by multiple charitable organisalions, often with overlapping remits. Coordination happen5 and best practice is circulated but small charities, resource constrained as they are, tend to operate in silos which make it difficult lo look for partnerships and more effective ways of working. The BCT aims to help small charities lo build their effeclivenes5. The trustees believe that the relief of need. the prevention of poverty and the promotion of social inclusion are best achieved by promoting secure employment. economi¢ autonomy and respect in the mmunily. The BCT seeks to sUPPOrt these objectives through a focus on three priorities.. Refugees.. whatever the reason for their migration, m051 refugees aim lo build secure lives for themselves and their families in their new environment. A vital slep towards this is achieving economic autonomy. For this reason the BCT supports charities which provide employment related training lo refugees and support for their access to employment. People Comino out of prison.. data on fecidivism is contested but, by any standard, the rale of re-offending and return lo prison in the UK is unacceptably high. A major conlribulory factor is the inadequacy of support for those coming out of prison. As well as the cost lo the taxpayer and to society more broadly, this means loss of the opportunity for a different kind of life for many thousands and continuing damage to their families. The BCT'S aim 15 to support charities which contribute to the reduction of re-offending by promoting stable post-prison livelihoods. International development." the BCT has two focuses the relief of poverty in East Africa and support for the rehabililalion of those affected by neglected tropical diseases in India and Bangladesh. In both cases the aim is lo enable stable lives and economic autonomy. The BCT dS not deliver any services. Its support for all these causes Is in the form of financial grants, principa11y to small charities doing innov8tive and effective work. Where useful, trustee expertise can be deployed to assist grant ceIvIng charities in building their organisation. governance and impact assessment. Page 3
Belpech Charitable Trusl Trustees, Report Strategias for achiéving objectives BCT policy is lo focus on small charities, the aim being lo look for innovation and best practice and, where possible. to SkJPPOrt partnership working. The BCT'S support for these causes is in the form of financial grants. Recognising that small chaiily finances are often precarious, the Iruslees, where possible, ¢ommil lo mulli year support in order to help planning in beneficiary organisations. In most cases. recognising the importance of core support, BCT grants are unreslricled. The Trust's aim is lo make an impact in ils Ghosen cause areas, working particularly with small and innovative charilies. These organis81ions tend to have little resource lo devote lo monitoring, evaluation and reporting lo donors. The BCT therefore does not require extensive reporting on the appli¢ats'on of ils grants bul focusses instead on pre-investment research and establishing good pèrsonal relationships through which to leam about and evaluatè the impact c>f ils grants. Fundraising activitie$ There were no fundraising activits'es during the period since the resgrve held by the BCT was sufficient for past and current requirements. This may change in the future. Grant making policy All grants made by the trust are for chariiable purposes and in accordance with the charitable objects sel out in the Trust's gDveming document. BCT Iruslees meet three limes a year. Al each meeting, individual trustees present candidates for future grants. These proposals musl include.. An indication of how Ihe grant would meet the BCT'S charitable objects The specific purpose of proposed grant The track record of the proposed receiving organisation Who would be responsible for managing the spend of any grant Scale and duration of any grant De¢l$i¢n$ on awards- Granls can only be made if a minimum of two Iruslees are in support. Recipients Df grants should no¥rnally be UK gIstered charitie5. All grant recipients are subject to appropriate due diligence befo award. Each recipient organisalion is required to produce an annual report outlining spend and impact. In order to reduce bureaucracy and process for small charities, the reporting and evaluation requirements are light and are supplemented by personal contact ben the receiving organisalions and BCT Iruslees Ivisils, rerllole discussion, presentations). Page 4
Belpech Charitable Trust Trustees. Report During the period und8r review, the BCT made grants in accordance with the agreed prioiilies. Support for people comln9 Out of prlson: The high rale of reffendIng in the UK is because many people coming out of prison lack the qualifications to access employment. They also frequently have addiction. mentsl hgalth, family disruption and other issues to deal with. They have few resour¢@s lo draw on and limited ac¢ess to slate support. Early relurn to offending is a frequent ¢ons&quence. The aim of BCT 9ranls is to help charities with a proven record of effective support for people coming out of prison to enable them lo build a life Ih¥l avoids falling back into the crirninal justice system. During the period unrestricted grants were provided lo.. - on Connect - Key4Life Howard League Standout Prison Advice and Care Trust - Tempus Novo Switchback Initiative Pri50ners' Advice Service Walk Ministries Forward Trusl Community Chaplaincy Association Support for refugees- People arriving in the UK as refvgees are employable and frequently have qualrficalions which are in demand in the UK employment market. They are keen lo work and represent benefit lo the UK as ptstential employees and taxpayers. But there are many barriers to employ7nent, in particular housing, language skills, lack of familiarity with UK employment pro¢essos and lack of access to ¢omputers and communications technology. The BCT focus is on charities which provide support in these aspects lo refugees who have achieved asylum status land therefore have the right to workl. During the period, unreslricted grants were provided lo.. Lambelh MLJtual Aid Breaking Barriers Ruth Hayman Trust Katherine Low Settlement Aspire - Clemenl James Community - Young Roots Tho Enlerpreneurial Refugee NeOrk Migrants Organise The Bike Project Fairbeats Music International development: Lepra.. leprosy and other neglected tropical diseases in India and Bangladesh Ripple Effect (formerly Send A Cowl= poverty alleviation through 8gricullural development in Easl Africa Other: Hope and play Isupport for Palestinian children in Gazal Their Lives Matter Ichildren's cancer hospital in Tanzanial Open Access Arts {deTnentia projecll Page 5
Belpech Charitable Trust Trustees. Report Financial review Income Our income for the financial period in quèstion was £103,409. 11 can be calegorised in this way.. Amount Donations & le acies Investment Income 36.200 67.209 We only received general donations during the period. General donation 811ows us freedom to use the funds when and where is the greatest need, so we have been able to supplement everyone of strategic priorlty areas. Page 6
Belpech Charltable Trust Trustees. Report Expenditure Tolal grant expenditure was £139,750, which can be summarised as follows.. AnK)unt ort for le comi ort for refu ees ort for intematsonal develo Other OLrt of rison 64,500 Su ment 7.000 Structure, gov*rnan¢e and management Constitution The BCT is constituted under a Memorandum of Trust dated 10 December 2020 and is a registered charity Ino 11927651. Method of appointment of trust•os The management of the BCT is the responsibility of the Iruslees who are elected and appointed under thg lerThs of the Goveming Documenl. Organlsatlonal structure and decisionwmaking The 8CT has no staff other than the Iruslees. The trustees are responsible for the management of the affairs of the 8CT. They sel the strategic direction, appoint the Chair Iwho is also a Irusteel and provide financial and programme oversight lo the BCT. The trustees generally metrt three limes a year. Rl$k ass•s$ment The major risks lo which the Trust is exposed are.. lack of funds for grant making purposes. Mitigation.. The m8n8gernenl of the trust's portfolio was transferred during the year from Verso Investment Management to Cazenove Capital. The Iruslees are responsible lor monrtoring portFolio performance. No grants are made unless appropriate funds are available. Damage lo reputats'on through funding an organisalion with aims in confli¢t with BCT charitable objects. Mitigation.. due diligence prior lo grant commitment. ongoing relationship with grant recipients to monitor performance. Inappropriate use of grants made lo charities operating OLJlside the UK. Miligalion.. where funded activities are outside the UK, the BCT policy is to make the grants to UK registered charities with the Capability lo provide assuran of control over granl distribution. Reservés pollcy.. The Trust has no staff or ongoing overhead ¢osls. Grants are made out of available resources. The trustees aim to disburse in gfanls about 50/9 of the value of the Trust's porrfolio each year Icurrently eouivalent to about £125,000). The reminder of the investment portfolio represents a rtrsetve which could be drawn on to ensure delivery ol mulli-year grant commitments or olhei ¢onlingencies. Page 7
Bolpoch Charltabl• Tru•t Trust8, Roport SLgt•mqnt ol TruBte•8' RMpon$lbllltl•w The Irvst8e8 are fespon6ible lor FKepariry Ihe tnjsleeo. f8PLKt #nd fv rn1 acciYdarKe with the Uniiéd Krngdom kn)unbffj SlandO• Ge1ty kc••J pr) and armj iequtatm. The aptA Trblo to thanties feqvires the trustees to p¥eparfj fJnwl alwr¢S eac year vthich oNe a true and ol ts Ilats o18ffrn ol the charty el th& feK¥Jt¢es and 8pplthbon ol resources of the chanty Icrf that perb)d. In PfepathJ fnarKtat •tattments, Ihe truslees are iequired to. ' sdecl syrtable Ihen 8PFty them ' observe the lIK)dI and w'ncith in the Charths SORP.. make Judgements aTra estxnaw that are reaBk aThJ slats vthether ap[lble accountirvJ standards have 1dk1. •uW lo departures ¢isckxed elalA&J in t finwwl statefmnts. prerAre finarwl $talemerttJ on Ihe goupa c4>rrem basts un68 rt IB to tsxewme that charty conb'rbuo fft IMJBW. The trustees are re8pJnsible for [Arj XCDufttiNd ra$ that disLxe vrtth rea8C# uri al any bme the ftna(K4al wsrIJc of chartty enat tljem lo erwe ihat the firL8ra statsments vnth the Charit5 t 2011. ts applrabk Ctwbes (p¢£rY1S and Rop>ts) REgvlatrns. and the pr(NisKJns of the Constrt. The trustees are a0 resFonstr fw g8lfguarsg the assets of the ¢hantrJ arhy her for tskn.ryd rea8cffjable steps fof the aTrJ detect of fraud and olhef irreguJarFbes. The Tiustees are reSF)n8Ote the nwntenancE al integity of the anfj Irtfcylnatic in¢kJd&Y on Ihe Tnjsfs vthite (rw)t yet treated). lAgs[a UJ Ik Unr& governirg the yeparhx aTrJ fiTrar staleft Irrxft S&Jtgar)n rthef jurJsdKons. 4e0 ty tThrd of zz •*J its teham Chairman Tnjstee CY J L Bland Trustee P4e8
Belpech Charltable Trust Independent Examiner's Report to the trustees of Belpech Charitable Trust I report to th8 ¢harily Iruslees on my examination of the accounts of the charity for the year ended 30 September 2024 which are set out on pages 10 10 21. Respective responsibilitles of trustee$ and examiner As the charity's trustees of Belpech Charitable Trust you are responsible for the preparation of the accounts in accordance wth the requirements of the Charities Act 20111'lhe Act'}. I report in respect of my examination of the Belpech Charitable Trust's accounts carried out ijnder section 145 of the 2011 Act and in caryin9 Out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of Ihe Act. Ind•pendent examiner's statement I have completed my examination. l Confimi that no malgrial matters have corne to my attention in connection with the examination giving me Cause lo believe that in any material respect.. 1. accounting records were not kept in respect of Belpe¢h Charitable Trust a5 required by section 130 of the Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements concerning the form and Content of accounts set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and lair view, which 15 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in Connection the examination lo which attention should be dra in this report in order to enable a proper undefstanding of the a¢¢ounts lo be reached. Gavin Fernan es, FCA, CTA For and on behalf MG Audit Services Lt Chartered A¢¢ountants 166 College Road Harrow Middlesex HA1 1BH Date.. Page 9
Belpech Charitable Trust Statement of Flnancial Activities for Ihe Year Ended 30 September 2024 Total 2024 Total 2023 Not• In¢ome and Endowments frorn: Donations and legacies Invgstment income 36,200 67,209 95,096 57,783 Total income 103,409 152,879 Expenditure on.. Raising funds Charitable gran15 Governance costs 120,5001 {139,7501 3,180 114,9341 1119,3551 2.700 Total expenditure Gain on investment assets 163,430 267.444 136,989 204,104 Nel movement in funds 207,423 219,994 Reconciliation of funds Tol81 funds brought forward 2,539,307 2,319,313 Total funds carried forward 12 2,746,730 2.539.307 All of the charity's activities der¢ve from continuing operations during the above Iwo peri$. The funds breakdown for 2023 is shown in note 12. Page 10
Belpech Charitable Trust IRegi8tration number: 1192765 Balance Sheet a8 at 30 September 2024 2024 2023 Not• Flxèd as89ts Investments 2,658.420 2.262,876 Current assets Cash al bank and in hand Credltorn.. Amounls falllng duo wlthln onè yoar Net current as5•ts NetaBsets 10 91.491 282.842 11 3,181 6.411 88,310 276,431 2,539.307 2.746,730 Funds of the Charity: Unrestrictèd Incom• funds Unieslricled fvnds 2.746.730 2,539,307 Tolal lund$ 12 2,746,730 2,539.307 The finan on. ial t2lemen15 on pages 10 10 21 were apprDved by the tsU$eS, and aulh0ri5ed lor issue nd sKJned on their behall by.. Chairman a njslee Dr J L Bland Tnjslee Page 11
Belpech Charitable Trust Notes to the Flnanclal Statemenls for the Year Ended 30 September 2024 1 Accounting policies Charity status Belpech Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales. Registered on 14th December 2020 and the Charity number'.1192765. The registered office address is 17 Gauden Road, London SW4 6LR. Statement of complianc• The financial statements have been prepared in accordance with Accounting and Repo.ng by Charities.. Slalement of Recommend8d Pra¢ti¢e appli¢able lo charities preparing their accoun15 in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021 and the Charities Act 2011. Ba$1$ ¢f preparation Belpech Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilially recognised al historical cost or transaction value unless otherwse stated in the relevant accounting policy notes. Going concern The Trustees assess whether the use of going concern is appropriate i.e. wheth6r thare are any matérial uncertainties related lo events or conditions that may cast significant doubt on the ability of the ¢haTily lo ¢onlinue as a going concern. The TrLJslees make this assessment in respect of a peiiod of al least one year from the date of authorisation for issue of the finan¢ial stalemenls. In forming their asses5menl, the Trustees have also given consideration to finan¢ial forecasts and business plans. The Iru51ees have considered thal the charity has sufficient ¢ash resources lo continue for the foreseeable future, The Charity balance sheet as al 30 September 2024 reports net assets of £2,746.732 12023.. £2,539,3071 The Trustees 8150 highlight that the investments carried within fixed assets of £2,658,421 12023.. £2,262,876) are available lo the Charity in order to meet working capital needs if required, and only invested in order lo provide a better retUTn on surplus funds which are not immediately needed. The Trustees have therefore concluded that the Charity has a¢Jequate resources lo continue in operational existence fr)r the foreseeable future and lo meet liabilities as they fall due for a period of al least 12 rnonlhs following the Trustees, approval of these financial slalements. Further commentary on the Trustees, assessment of going concern may be found within the Trustees. report accoMpann9 Ihe financial statements. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is re¢ognised when the charity has enlillemenl lo the income, it is probable that the income will be received and the arnounl can be measured with sufficient reliability. Page 12
Belpech Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Investment Incomg Dividends are recognised once the dividend has beon declared and nolificalion has been received of the dividend ¢Jue. This is normally upon nolificalion by our investment advisor of the dividend yield in the investment portfolio. Interest on funds held on deposit is included when receivable and the amoLsnl be measure reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. Expendlture Ralsing funds These are costs incurred in attra¢ling voluntsry income, the management of investments and those incurred in Ifading activities that raise funds. Charitable grants Charit2bl@ grants Comprises those costs incurred by the charity in the delivery of its activities an setvices for its beneficiaries. 11 includes both costs that can be allocated directly lo such activities and Ihostr costs of an indirect naturè necessary lo support them. Governance costs These include the Costs attributable lo the charity's compliance with constitutional and statutory requirements. including audit, strategic management and trustees. meetings and reimbursed expenses. Taxatlon The Charity is Considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and lfverefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of in¢ome or capital gains received within categories covered by Chapler 3 Part 11 of the Corporation Tax A¢1 2010 or Se¢lion 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that SUGh income or gains are applied exclusively to charitable purposes. Fixed asset investments Fixed asset inveslments are a form of basic financial instrument and are initially recognised al their transaction value and subsequently measu al their fair value as at the balance sheet date using the ¢losing quoted market price. Any change in fair value will be recognised in the statement of financial activits'es. Investmènt gains and losses. whether realised or unrealised, are combined and shown in the heading "Gainslllossesl on inveslmenls. in the slalemenl of financial aclivilies. The charity does not acquire pul options, derivatives or other complex f5nancial instruments Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Page 13
Belpe¢h Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Creditors and provisions Creditors and provisions are re¢ognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Long term liabilities ale discounted where the effect of discounting would be material to the a¢¢ounls. Fund a¢¢ountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general obje¢tives of the Trust and which have not been design8led lor other purposes. Designated funds Comprise of unrestricted funds that have been sel aside by the Tru51ees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the finan¢ial slalemenls. The investments revaluation reserve is an unrestricted ftjnd and refiects the balance induded within fixed asset investments which has arisen as a Consequence of the cumulalive impact of market value changes to the Trust's investment assets. Restricted funds are funds whi¢h are lo be used in accordance with spe¢ifi¢ restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are chargect against the specific fund. the aim and use of each restricted fund is sel out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Financlal In$trum¢nts Clas$lfl¢otlon Financial assets and financial liabilities are recognised when Ihe charity becomes a party to the contractual provisions of the inslrumenl. Financial li8bililie$ and equity instruments are classified according lo the substance of the conlraclual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets ol the charty after deducting all of its liabilities. Page 14
Belpech Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Rocognltlon and measurement All financial assets and liabilities are initially Tneasured at transaction price lincluding transaction Costs), except for those financial assets classified as al fair value through profit or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction coslsl, unless the arrangement conslitules a financing transaction. If an arrangement constilutes a financing transaction, the financial asset or financial liability is measured at Ihe present value of the future payrnents discounted at a market rale of interest for a similar debt inslrumenl. Financial assets and li8bililies are only offset in the ststemenl of financial position when, and onty when there exists a legally enforceable right lo set off the recognised amounts and the charity intends either lo settle on a net basis, or Its realise the asset and sellle the liability 5imullaneously. Financial assets are derecognised when and only when al the contractual rights lo the cash flows from Ihe finan¢ial asset expire or are settlgé, bl the ¢harity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charity. despite having retained some, but not all, significant risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Impairn7ent An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference beeen its carrying amount and Ihe present value of the estimaled fijture cashflows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calcLJlated as the difference beiween its carryin9 amount and the best estimate of the amount that the Charity would receive for thè asset if il were to be sold al the reporting date. Interest on the impaired asset Continues lo be recognised through the unwinding of the éiscounl. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impalrmenl loss to decrease, the decrease in impairment loss is reversed through profil or loss. Fair value measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical a55el provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good ests'mate of fair value. Ihe fair value is estimated by using a valuation technique. statement of financial activities presentation The charity has only unrestricted general funds both in the current year and the comparative year. As a result, no fund name is mentioned on the face of the slalemenl of financial ath'vities. Page 15
Belpech Charitable Trust Notes to the Finan¢lal Statements for the Year Ended 30 September 2024 2 Income from donations and legacies 2024 2023 Donations and legacies., Received from CAF trust Other donations 58,246 36,850 36,200 36,200 95,096 3 Invostment Income 2024 2023 Income from dividends.. Dividend income from listed investments Interest receivable and similar income., Interest re1vable on irsveslments 55,097 51,341 12.112 6,442 67.209 57,783 4 ExpenditUTe on raising funds 2024 2023 Investment management costs 20,500 14,934 5 Trustees remuneration and expenses No Iruslees, nor any persons connected with them, have received any remuneration from the charity during the year. 6 Staff costs There was no employee during the period. The charity incurred no costs in respect of wages, travel, subsistence or meeting costs. Page 16
Belpech Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 7 Charltable grant$ The charitable grants were paid lo different inslilLrtions, to be used in carrwng out supporting activities for people coming out of prison and supporting activities for refugees. Listed below are arnounts paid to different instilulions. 2024 2023 Aspire Breadwinners Breaking Barriers Butterfiy Conservation Clement James Community Community Chaplaincy Association Entrepreneurial Refugee Network Fairbeats Music Forward Trust Hope and Play Ltd Howard League for Penal Reform Katherine Low Settlement Key 4 Life CIO LEPRA Migrants Organise Only Conne¢1 Open Access Arts Open Collective Prison Advice and Care Trust Prison Radio Association Prisoners Advice Service Refugee Action Ripple Effect (Send A Cowl Ruth Hayman Trust Standout Switchback initiative Tempus Novo The Bike Project The Koeslier Trust Their Lives Matter Walk Ministries Working Chance Young Roots 7,000 1.000 5,000 10,000 250 5,000 5,000 5,000 5.000 5,000 2,500 7,000 5,000 5,500 2,000 5,000 5,000 5,000 3,000 5,000 5,000 5.000 1.000 5,000 5.000 30,000 5,000 5,000 105 1,750 5,000 5,000 5,000 5.000 5,000 5,000 5.000 5.000 5,000 10,000 5,000 5,000 5,000 5.000 500 500 s,000 5,000 5,000 5,000 5,000 139,750 119.355 Page 17
Belpech Charltable Trusl Notes to the Financial Statements for the Year Ended 30 September 2024 8 Gov•rnan¢• ctysts 2024 2023 Audiv independent examination fees Legal and professional fees 2,880 300 2,200 500 3,180 2,700 9 Flxed asset investments 2024 2023 Other inveslmenls 2,658,420 2,262,876 Page 18
Belpech Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Other inv•stm8nts Llstsd investments Total Cost or Valuation Al 1 October 2023 Revaluation Additions Disposals 2,262.876 2,262,876 322,744 322,744 2,445,100 2,445,100 2,372,300 2.372,300 AI 30 September 2024 2,658,420 2,658,420 Net book value At 30 September 2024 2,658,420 2,658,420 AI 30 September 2023 2,262,876 2,262,876 10 Cash and ¢a$h •quivalènts 2024 2023 Cash al bank Other cash and cash equivalents 90,517 974 29,755 253,087 91,491 282,842 At the reporting date. £53,566 of cash was held on behalf of Ihg trust by the investmènt adviser. The trust retains full ntrol over these funds. 11 Creditors: amounts falling due within one year 2024 2023 Accruals 3,180 6,411 Page 19
Belpech Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 12 Funds Balan¢• at Other 30 Incoming Resources recognised September resources expended Igainslllosses 2024 Balan¢t at 1 O¢tober 2023 Unre$tricted funds General 2.539,307 103,409 158,408 262.422 2,746.730 Balance at Other 30 Incoming Resources recognised September rosources axpend8d Igalnsllloss8S 2023 Balance at 1 October 2022 Unrestricted funds General 2,319,3131 152,879 136,989 204,104 2,539,307 13 Analysls of not •$$et$ betw¢•n fund$ Unrestricted funds 2024 Total fund at30 Sèpt•mb•r 2024 General Fixed asset investments Current assets Current liabilities 2.658,420 91,491 13,181 2,658,420 91,491 3,181 Total net assets 2,746.730 2,746.730 Page 20
Belpech Charitable Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Unrestrlct&d funds 2023 Total funds at30 September 2023 Gen¥ral Fixed asset investments Current assets Current liabilities 2,262.876 282,842 6,411 2,262,876 282,842 6,411 Total nel assets 2,539.307 2,539,307 14 Analys1$ of net funds At30 Septèmber 2024 At 1 October 2023 Cash flow Cash al bank and in hand 282,842 1191,3511 91,491 Nel debt 282,842 {191,3511 91,491 15 Financial instruments Categorlsatlon of flnanclal In$twm•nts 2024 2023 Financial assets measured al fair value through profil or loss Financial assets that are debt instruments measured al amortised cost 2,658.421 2.262,876 91,491 282,842 2,749,912 3,181 2.545,718 6,411 Financial liabilities measured al amortised cost Page 21
Belpech Charitable Trust Detalled Statement of Flnancial Activlties for the Year Ended 30 September 2024 Total 2024 Total 2023 Income and Endowrnents from: Donab'ons and legacies lana5ysed below) Investment income lanalysed below) 36,200 67,209 95,096 57,783 Total income 103,409 152,879 Expenditure on: Raising funds lanalysed below) Charitsble aclivities lanalysed below) Totsl expenditure Gainsllosses on investment assets lanalysed belowl {20,5001 142,9301 114,9341 122,0551 {163.4301 267,444 1136,9891 204,104 Net income 207,423 219,994 Net movement in funds 207,423 219,994 Reconeiliation of funds Total funds broughl forwar(J 2.539.307 2,319,313 Total funds carried forward 2,746,730 2,539,307 Page 22
Belpech Charltable Trust Detalled Statement of Financial Activities for the Year Ended 30 September 2024 Totsl 2024 Total 2023 Donations and legacies Appeals and donations Other donations 58,246 36,850 36,200 36,200 95,096 Investment income Dividend income from listed investments Interest inwme on investments 55,097 12,112 51,341 6,442 67,209 57,783 Raising Funds Administration Cost Portfolio rnanagement wsts Foreign exchange difference Advertising 114,8981 15,0221 580 114,934} 20,500 14,934 Charitable activities Charitable donations The audit of the charitls annual accounts Legal and professional fees 1139,7501 12,8801 13001 142,930 1119,355} 15001 12,200 122,055 Gains on investment assets Unrealised gains of investment Realised Ilossesl on disposal of invtrslmenl 322.745 155,3011 267,444 40.016 364,088 204,104 Page 23