REGISTERED CHARrrY NUMBER: 1193921 Report ofthe Trustees and Unaudited Flnanclal Statsmenls for the Y￿r Ended 31 March 2024 for The Cirsium Trust Tho CITslum Trust Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees 1 to2 Independent Examin*s Report Slalemenl of Flnancial Activities Balanc& Sheet Notes to the Financial Statements 6108 Detsiled Stslement of Finanaal Activities The Clrsium Trust Report of the Trustees forthe Year Ended 31 March 2024 The tru51ees present their rep¢)rt with the financial ststements of the charity for the year ended 31 March 2024. The trustees have adopted the provi&ons of the Statement of Recommended Practice ISORPI Accounting and Reporting by Charities. issued in hAarch 2005. Referenca and admlnlstrative detalls Registered Charity numb&r 1193921 Prlnclpal address Wesffield Sleading Auberrow Welllinglon Hereford HR4 8AJ Trustees Dr M Q Russell Mrs A M Russell Mlss S A Russell D R Russell Ind8pendant ￿3M[ner Crowihers Chartered Accountants 15 Sl Georges Road Cheltenham Gloucestershire GL50 3DT structure. governance and management Governing document The charity is controlled by Sts governing document, a deed of Irusl, and conslilutes an unincorporated charity. Risk management The Iruslees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assuran￿ against fraud and error. Objectives and activjtlas Obje¢tives and aims The object of the Cirsium Trust is the advancing of general charitable purtM)ses (according lo the law of England and Wales) as the trustees see fil from lime to lime. in any part of the worfd for the public in general by, in particular bul not exclusively, the advan￿ment of.. Enwronmenlal protection or improvement Education Health or the saving of lives The arts. culture, heritage or science Prevention or relief of poverty - Other purposes beneficial lo the community in the UK and anywhere else in the world. Slgnificant activities During this repo￿.ng period. the Trustees continued their focus on strategic considerations about the idenlificalion of potential beneficiaries le.g. lo whom grants may be awarded) and the decision making processes underpinning such decisions. During the period, the Trustees awarded iwo grants wlh a total value of £15.000. Publlc benefit The Trustees are all aware of the guldance issued by the Charity Commission on public benefrt and have tsken that guidance into account when conducting the business of The Cirsium Trust. Page 1 Tho Clrsiurn Trust Report of the Trustses forthe Year Ended 31 Mar¢h 2024 Achievement and perfomian¢e Charitable activities The ChaTrty has issued Its first grant award lo Herefordshirè Wildlife Trust and 8 second grant award to Cancer Research UK. The Tnjstees are curenlly Considering further grant awards. Financial rèview Principal funding sources The prinupal Sour￿ of funding is currently from the Trustees Approved by order of the board of trustees on 23 October 2024 and signed on its behalf by.. Dr M Q Russell - Trustee Page 2 Independent Examiner'5 Report to the Trustaas of Thè Cirsium Trust I report on the accounts for the year ended 31 March 2024, whlch are set out on pages four lo eight. Responsibilities and basls of report As the charity's trustees you are responsible for the preparation of the acco*Jnts in accordance ¥￿th the requlrements of the Charities A¢t 2011 {Ihe AcVI- I have examined your charity's accoLrnts as required under se¢b'on 145 of the Charitss Act 2011 1.the Act'i. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of Ihe 2011 Act. My role is lo slate whether any material matters have come to my attention giving me Cause lo believe.. that accounting records were not kept as required by section 130 of the Act., ¢x that the a¢¢ounts do not accord with those records., or that the accounts do not comply with the accounting requirements of the Act., or that there is furthei information needed for a proper understanding of the accounts. Independent examinerfs statamgnt I have Completed my examination and have ￿ concerns in resFrfI of the matters 11110141 listed above and, In connection with Idlowing the Directions of the Charity Commission I havo found no matters that requirg drawing to your attention. MISS S L Crowther FCA CTA crO￿har$ Chartered Accountants 15 Sl Georges Road Chellenham Gloucestershire GL50 3DT 23 October 2024 Page 3 The Clrslum Trust Statement of Financial Activities for the Year Ended 31 March 2024 2024 Unrestricted fund 2023 Total funds Notes INCOMING RESOURCES Incoming resources from generated funds Voluntsry income Other Incomlng r9$0ui¢es 198,377 3,447 204,763 1.019 RESOURCES EXPENDED Costs of generating funds Costs ol generating voluntary income Investment management costs Charitable activities Donation to Hwr Donation lo Cancer Charity Governan¢e Costs 586 3,857 1.227 10,000 5,000 720 750 Total rosourcas expended 20,163 1,977 NET INCOMING RESOURCES 181.661 203,805 Other recognls•d galnsllosses Royal London Unil Trust Janus Hender50n Investment Lion Trust SF Gainsllosses on investment assets 34,363 40,416 4,461 14601 111,5801 373 1171 Net movement in funds 260,441 192,581 RECONCIUATION OF FUNDS Totsl funds brought forward 409,143 216.562 TOTAL FUNDS CARRIED FORWARD 669.584 409,143 The notes forrn part of these financial ststemenls Page 4 The Clrslum Trust Balance Sheet At 31 March 2024 2024 Unreslricled fund 2023 Total funds Notes FIXED ASSETS Investments 672,308 405,560 CURRENT ASSETS Cash at bank 52 CREDITORS Amounts falling due within one year 12.776) 11.4701 NET CURRENT ASSETSIILIABILITIES) 12,7241 3,583 TOTAL ASSETS LESS CURRENT LIABILITIES 669.584 409,143 NET ASSETS 669,584 409.143 FUNDS Unreslricled funds 669,584 409,143 TOTAL FUNDS 669,584 409,143 The financlal statements were approved by the Board of Twslees on 23 October 2024 and were signed on its behalf by.. Dr M Q Russell-Truslee The notes form part of these financial ststgments Page 5 The Clrslum Trust Notes to the Financial Statements forthe Year Ended 31 March 2024 ACCOUNTING POLICIES Accountlng convention The financial statements have been prepared under the historical cost convention, with the exception of investments which are included al market value, and in accordance with the Finanual Reporting Standard for Smaller Enlilies leffeclive April 20081, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. Incoming resour¢es All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can ￿ quantified with ￿3$Onable accuracy. Resources expend¢d Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs ¢annot be directly attributed lo particular headings they have b8en allocated to activities on a basis consislenl with the use of resources. Grants offered subject to conditions which have not been mel at the year end date are [￿ted as a commlthenl but not a¢￿Ue￿ as expenditure. Taxatlon The charity is exempt from lax on ils charitable activities. Fund accounting Unrestricted funds can k ustsd in accordance with the Charitable objectives al the dI￿retIOn of the Iruslees. Reslricled funds can only be used for particular restricted purposes within the objects of the charity. ReslriclB)ns 8rise when specffied by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fijnd is included in the notes lo the financl81 statements. INVESTMENT MANAGEMENT COSTS 2024 2023 Portfolio management 3,857 1.227 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tw$t•8$' 0x￿nsaS There wgr8 no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. FIXED AssEf INVESTMENTS 2024 2023 Olher 672,308 405,560 Thera were no investment assets outside the UK. Investments (neither listed nor unlistedl were as follows.. Page 6 The Clrslum Trust Notes to the Flnancial Statements- continued for the Year Endfrd 31 March 2024 FIXED ASSET INVESTMENTS- continuod 2024 2023 Royal Lon(Son Sustainable World Class C Acc Unil Trust Janus Henderson GISusEq l A Lionlrusl SF 229.065 240,405 202.838 200,424 205,136 672,308 405.560 Durfng the period ended 31 March 2024, the charity ￿ceiVed a donation of £198,376 from its trustees in the fom of shares. The investment was initially recognised al its transacfjon value and has subsequently been measured al its fair value as al the balance sheet dale, using the closing market price. The gain arising on revaluation is shown in the Statement of financial acbvilies. A small number of units were sold during the period, wlh the realised gain shown in the detailed stslement of financial aclivilies. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdraft5 Trade creditors Other creditors 2,026 720 750 750 2,776 1,470 MOVEMENT IN FUNDS Net movement in funds Al 114123 Al 3113124 Unrastrlctsd funds G9n&ral fund 409,143 260,441 669,584 TOTAL FUNDS 409,143 260.441 669,584 Nel movement in funds, included in the above are as follows.. Incoming resources Resourcès expended Gains and Movement in losses fund5 Unrestrlcteil funds General fund 201.824 120,163) 78.780 260.441 TOTAL FUNDS 201,824 120,1631 78,780 260,441 Page 7 Thè Clrslum Tru$t Notes to the Financial Statements - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS- continued Comparatlves for movemont In funds Nel movemonl in lunds At 114122 At 3113123 Unrestrlctsd Funds General fund 216,562 192,581 409.143 TOTAL FUNDS 216,562 192,581 409,143 CompaTative net rTV)vement in funds, in¢luded in the above are as follows.. Incoming resources Resources expended Gains and Movement in losses funds Un￿strICted fvnds General fund 205.782 (1,9771 111,224} 192,581 TOTAL FUNDS 205,782 11,9771 111,2241 192,581 A current year 12 months and prior year 12 months cornbined position is as follows-. Net movement in funds At 114122 Al 3113124 Unrestricted funds General fund 216,562 453,022 669,584 TOTAL FUNDS 216,562 453,022 669,584 A current year 12 months and prior year 12 months combined nel movement in funds, induded in the above arg 8s follows.. Incoming resources ReSoUr￿S expended Gains and Movement in losses funds Unrestricted funds General fund 407.606 122.140) 67,556 453,022 TOTAL FUNDS 407,606 122.1401 67,556 453,022 Page 8 Th8 Clrslum Trust Dotslled Statement of Financial Activities for th• Year Ended 31 March 2024 2024 2023 INCOMING RESOURCES Voluntary income Donations 198.377 204,763 Other Incomlng resources Dwidend Income Interest Income 3.431 16 1,019 3,447 1.019 Total incoming rvsources 201.824 205,782 RESOURCES EXPENDED Costs of generatlng voluntary Income Sundries 586 Inve5trnent management costs Portfolio management 3,857 1,227 Charitable activities Grants to instilulions 15,000 Governan¢o ¢¢$ts Accountancy 720 750 Total resources expended 20.163 1,977 Net Incomo boforg galns and losses 181,661 203,805 Realised recognised gains and los$g$ Realised gainsllk)ssesl on fixed asset investments 14601 1171 Net Incomo 181,201 203,788 Thls p8ge does not fom part ￿the statutory finanaal statements Page 9 CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period From 1 April 2023 To 31 March 2024 Charity name: The Cirsium Trust Charity registratlon number: 1193921 Objectives and Activities SORP referenc8 Summary ofthe purposes of the charity as set out in its governing document Para 1.17 For the public benefit, the advancing of general charitable purposes (according to the law of England and Wales) as the trustees see frt from time to time, in any part of the world for the public in general by. in particular but not exclusively, the advancement of: Environmental improvement Education Health or the saving of lives The arts, Culture, heritage or science Prevention or relief of poverty Other purposes beneficial lo the community in the UK and anywhere else in the world. protection or Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. Para 1.17and During this reporting period, the Trustees continued to focus on strategic considerations about the identification of potential beneficiaries (e.g. to whom grants may be awarded) and the decision making processes underpinning such decisions. During the period, the Trustees awarded the following grants with a total value of £15,000.. £10,000 to Herefordshire Wildlife Trust,. and £5,000 to Cancer Research UK. Statement confirming whether the trustees have had regard to the guidan issued by the Charity Commission on publi benefrt Para1.18 The Trustees are all aware of the guidance issued by the Charity Commission on public benefit and have taken Ihat guidan￿ into account when conduding the business of the Cirsium Trust. Achievements and Performance SORP reference Summary ofthe main achievements of the charity, identifying the difference the Charity's work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. Para 1.20 Grants have been awarded to Herefordshire Wildlife Trust and Cancer Charity. In this financial year, the Charity has accepted a share donation of £198,376. Financial Review Review of the charity's financial position at the end of the eriod Statement explaining the policy for holding reseNes slating why they are held Para 1.21 The Charity has accepted donations of £198,376. Para 1.22 Reserves are held to help the charity operate effectively. The Trustees keep the level of reserves held under review and monitor the level of reserves held throughout the year. Amount of reserves held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charity continuing as a going con￿rn Para 1.22 £669,584. NIA Para 1.22 Para 1.24 No funds are materially in deficit. Para 1.23 There are no uncertainties regarding Ihe charity's going concern status. Additional inforniation loptionall You ma choose to include further statements where relevant about.. The charity's principal Parg 1.47 The principal source of funding is currently sources of funds (induding from the Trustees. any fundraising) Structure, Governance and Management Description of charity's trusts.. Type of goveming document Para 1.25 Trust deed - dated 23 March 2021 How is the charity Constituted? P8ra 1.25 Unincorporated association. 'Inn:-! Inf?L- Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees Para 1.25 The Trustees were appointed at time of the establishment of the Cirsium Trust. No further Trustees have been appointed. Reference and Administrative details Charit name Other name the chari uses istered charit number Charity's principal address The Cirsium Trust 1193921 Westfield Steading Auberrow Wellington Hereford HR4 8AJ Names of the charity trustees who manage the charity Dates acted if not for whol• ear Trl￿tee name Office lif any) Name of person lor body) entltled toa oint trustee Ifan Dr Malcolm Quentin Russell Ann Maclntyre Russell Shona Alice Russell Chair Duncan Roderick Russell Cor orate trustees - names of the directors at the date the re ortwa5a roved Dirèetor name NIA Name of trustees holding title to property belonging to the charity Trustee name Datas acièd If not for whole ear NIA Funds held as custodian trustees on behalf of others Description of the assets NIA held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity's objects NIA Details of arrangements for safe custody and segregation of such assets from the charity's own assets NIA Exemptions from disclosure Reason for non-disclosure of ke ersonnel details NIA Other o tional information NIA Declarations The trustees declare that they have approved the trustees, report above. Sign8d on behalf of the charit trustees Signature(sl Full namels) Positlon (eg Secretsry, Chair, etc) Dr Malcolm Quentin Russell MBE Chair Date