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 r￿istratIOn 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 d￿S 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 be￿n 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 re￿ffendIng 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 Ne￿Ork
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 rn￿1
acciYdarKe with the Uniiéd Krngdom kn)unbffj Sland*O• Ge1￿￿ty kc••J
pr￿￿*) and armj iequtatm.
The aptA Trblo to thanties feqvires the trustees to p¥eparfj fJn*wl *alwr￿¢S eac*
year vthich oNe a true and ol ts Ilats o18ff￿rn 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 reaB￿k* aThJ
slats vthether ap[l￿ble accountirvJ standards have 1dk1￿. •uW lo
departures ¢isckxed el￿alA&J in t￿ finwwl statefmnts.
prerAre finarwl $talemerttJ on Ihe goupa c4>rrem basts un*68 rt IB to tsxewme
that charty conb'rbuo fft IMJBW.
The trustees are re8pJnsible for ￿￿[Ar￿j XCDufttiNd r￿a$ that disL*xe vrtth rea8C#
ur*i al any bme the ftna(K4al wsrIJc￿ of chartty enat* tljem lo erwe ihat the firL8r*a
statsments vnth the Charit￿5 ￿t 2011. ts applrabk Ctwbes (p¢£￿rY1S and Rop>ts)
REgvlatr*ns. and the pr(NisKJns of the Constrt￿. The trustees are a*0 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 yepar*hx aTrJ fiTrar￿￿ staleft￿ Irrxft S&Jtgar*)n
rthef jurJsdK*ons.
4￿￿e0 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
accoMpan￿n9 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 be￿een 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 re￿1vable 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