EMBIRICOS FAMILY CHARITABLE TRUST
REGISTERED CHARITY NO: 1198479
STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
EMBIRICOS FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Contents
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Trustees’ Report | 2 - 4 |
| Statement of Trustees’ Responsibilities | 5 |
| Report of the Independent Auditor | 6 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 16 |
EMBIRICOS FAMILY CHARITABLE TRUST REFERENCE & ADMINISTRATIVE INFORMATION
Page 1
| Page 1 | Page 1 |
|---|---|
| ________________ | |
| Official Charity Name: | Embiricos Family Charitable Trust |
| Charity Registration Number: | 1198479 |
| Registered Office/Address: | 42 Berkeley Square, |
| London, | |
| W1J 5AW | |
| Trustees: | Mr George Embiricos |
| Mr Richard Moore | |
| Dr Foteini Loverdou | |
| Mr Ioannis Markianos-Daniolos | |
| Bankers: | National Westminster Bank Plc |
| PO Box 34, | |
| 15 Broadgate, | |
| London, | |
| EC2P 2AP | |
| JP Morgan Private Bank | |
| 390 Madison Ave. | |
| Floor 29, | |
| New York, | |
| NY 10017 | |
| Investment Advisors: | Galini SAM |
| Le Montaigne | |
| 7 Avenue de Grande Bretagne | |
| 98000 Monaco | |
| Accountants: | Moore Family Office Limited |
| 42 Berkeley Square, | |
| London, | |
| W1J 5AW | |
| Auditor: | Stephen Jones |
| R.E. Jones & Co. | |
| 132 Burnt Ash Road, | |
| Lee, | |
| London, SE12 8PU |
EMBIRICOS FAMILY CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Page 2
Report of the Trustees for the year ended 31 December 2023
The Trustees present their report for the year ended 31 December 2023 under the Charities Act 2011, together with the accounts for the period and confirm that they comply with the requirements of the Act, the Declaration of Trust and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015.
Structure, Governance and Management
The Embiricos Family Charitable Trust is an unincorporated charitable Trust created by Declaration of Trust on 9 August 2021 and registered with the Charity Commission of England & Wales on 31 March 2022. The Trustees are directed to hold the capital and income of the Trust Fund on trust for such charities and for such charitable purposes, as they in their absolute discretion think fit.
Trustees serve an indefinite term based on their relative experience and contribution to the Charity as a whole. The Trustees aim to keep the skill requirements of the Trustee body under review and in the event that a Trustee retires, or additional new Trustees are required, the existing Trustees will collectively discuss the change. There is no formal induction or training of new Trustees. However, appointment would be by nomination and the Trustees would review the skills of each nominated person to select members with the relevant experience and skills and, where appropriate, Trustee training would be provided. The four Trustees are considered to be the Key Management Personnel and are actively involved in the administration of the Charity and currently meet twice a year to agree the broad strategy and areas of activity, consider grants, their grant making, reserves and risk management policies and to review the investment performance and financial position of the Charity.
All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee administration expenses and related party transactions are disclosed in note 4 to the accounts. Trustees are required to disclose all relevant interests and in accordance with the Charity's policy withdraw from decisions where a conflict or interest arises.
All funds are unrestricted and the Trustees retain sufficient capital for the maintenance of the Charity.
Risk Management
The Trustees are responsible for the management of the risks faced by the charity. Risks are identified and assessed, and controls are established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis. The key controls used by the charity include formal agendas and minutes for all Trustee meetings, comprehensive planning, budgeting and accounting and clear authorisation and approval levels of all grants and other expenditure.
Through the risk management processes established, the Trustees are satisfied that the major risks identified have been adequately managed. The major risks identified by the Trustees are the volatility of investment returns on the portfolio, fluctuations in currency rates on the non-Sterling cash deposits, and the proper use of the grants given by the Charity each year. The Trustees have independent advisers who monitor the risks and advise accordingly.
EMBIRICOS FAMILY CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Page 3
Objects, Objectives and Principal Activities for the Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. Being a grant giving charity, the main activities are providing donations to organisations which further the charity's purposes. In doing so, the Trustees carry out relevant due diligence and research on each one.
Under the terms of the Declaration of Trust, the Trustees have discretion to pay or apply the Trust Fund, or the income thereof, including but not limited to, charities in the United Kingdom and in Greece to:
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relieving elderly people who are in need by reason of financial hardship or poor health;
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providing care or specially designed or adapted housing, and items, services or facilities calculated to relieve the needs of such persons;
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and generally for such purposes or objects which are from time to time recognised as exclusively charitable according to the law of England and Wales as the Trustees in their absolute discretion think fit.
Grant-Making Policies
The Trustees frequently review their grant making policy in the light of the following factors:
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Limiting the administrative costs of the Charity in the making and monitoring of donations.
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Maximising support for those causes for which the Trustees assess the Charity’s activities provide a significant social reward.
Unsolicited applications are accepted, but the Trustees do receive a very high number of grant applications which, in line with the Trustees' grant making policy, are mostly unsuccessful. The Trustees prefer to make donations to charities whose work they have researched, and which is in accordance with the aims and objectives of the Charity for the year. Financial circumstances will be relevant only in determining the amount of an award.
The Trustees will require reports from the donation recipients providing details of how the grants have been allocated and spent. Grants will only be continued where the recipient provides sufficient relevant information to the Trustees and satisfies the Trustees that continuation of funding is in the interests of the Charity's purposes
Achievements and performance
During the year ended 31 December 2023 the Trustees received capital donations totalling £1,225,517 (period ended 31 December 2022: £3,883,289). These additions have been invested with JP Morgan Private Bank to provide capital growth and income for the long term benefit of the Charity with a view to furthering the charitable purposes.
Financial review (including Reserves Policy)
The Charity is reliant on the income from its investments, and from donations that it receives, which it will use to provide donations to support its key objectives. The Charity's income during the year ended 31 December 2023 comprised capital additions, by way of donations to the Charity, and interest earned on cash deposits amounting to £1,393,757 (period ended 31 December 2022: £3,883,559). The Trustees report an income surplus for the year ended 31 December 2023 of £97,595 (period ended 31 December 2022: Nil).
EMBIRICOS FAMILY CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Page 4
Financial review (including Reserves Policy) (continued)
The governance costs of the Charity for the year ended 31 December 2023 were £20,645 (period ended 31 December 2022: £13,164) and included accountancy and audit fees.
The Trustees have a balanced investment policy and retain an appropriate level of capital for the maintenance of the Charity. At the year end the Trustees held unrestricted funds of £4,886,396 (2022: £3,771,080) which make up the expendable reserves.
Investment Policy and Performance
The Declaration of Trust confers upon the Trustees wide powers of investment, in all respects, as if they were absolute owners beneficially entitled to the underlying assets. At present the Charity's Funds comprise cash.
Charity monies requiring investment may be invested in the purchase of such stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall in their absolute discretion think fit. The Trustees shall have the same full and unrestricted powers of investing and converting investments in all other respects as if they were absolutely entitled to the Trust Fund beneficially.
The Trustees' policy is to invest the funds available in a secure market, endeavouring to obtain a reasonable income, compatible with protection of the capital value involved and taking into account inflationary factors. With this in mind, the Trustees have engaged with Galini SAM to guide and act for them on a professional basis. The Trustees will monitor the performance of the investments in line with their short and long term aims and objectives, as well as undertaking regular reviews with the investment managers at the Trustees' meetings throughout the financial year.
The Trustees confirm that the Charity's assets are sufficient to fulfil its obligations in respect of unrestricted funds and that all investments held by them on behalf of the Charity have been acquired in accordance with the powers available to them under the Declaration of Trust
Plans for the future
The Trustees intend to invest and distribute the available funds of the Charity in line with their objects.
The Accounts
The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations.
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All cash, apart from a small working balance, is held on interest bearing bank accounts.
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The accounts comply with current statutory requirements.
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Investments have been acquired in accordance with the powers contained within the governing document.
Richard Moore Trustee
Date: 30 October 2024
EMBIRICOS FAMILY CHARITABLE TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023
Page 5
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity, for that period. In preparing financial statements the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Declaration of Trust. The Trustees are responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE EMBIRICOS FAMILY CHARITABLE TRUST
Page 6
Opinion
We have audited the financial statements of the Embiricos Family Charitable Trust the ('charity') for the year ended 31 December 2023 which comprise the statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE EMBIRICOS FAMILY CHARITABLE TRUST
Page 7
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) regulations 2008 requires us to report to you if, in our opinion:
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sufficient accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the charity and industry, and through discussion with the trustees and other managers (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act, Charities SORP (FRS 102), taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alter to any indications of non-compliance throughout the audit.
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE EMBIRICOS FAMILY CHARITABLE TRUST
Page 8
Capability of the audit in detecting irregularities, including fraud (continued)
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:
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Discussions with Trustee’s and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
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Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions that may indicate risks of material misstatements due to fraud; and
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Identifying and testing journal entries, in particular any manual entries made ate year-end for financial statement preparation.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Prior year corresponding figures
The corresponding figures have not been audited, but as part of our audit procedures, these figures have been found to be reasonable.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Jones (Senior Statutory Auditor) For and on behalf of F E Jones & Co Chartered Accountants and Statutory Auditor 132 Burnt Ash Road London, SE12 8PU
Date: 30 October 2024
EMBIRICOS FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 9
| Note Income and endowments from: Donations Investments 2 Total Expenditure on: Charitable activities 7 Total Net income/(expenditure) before net gains/(losses) on investments Loss on foreign exchange Net income/(expenditure) and net movement in funds Reconciliation of Funds: Total Funds Brought Forward at 1 January 2023 Total Funds Carried Forward at 31 December 2023 |
Period from 9 August 2021 to 31 December 2023 2022 Total Total Income Capital Unrestricted Unrestricted Account Account Funds Funds £ £ £ £ - 1,225,517 1,225,517 3,883,289 168,240 - 168,240 270 168,240 1,225,517 1,393,757 3,883,559 70,645 - 70,645 (13,164) 70,645 - 70,645 (13,164) 97,595 1,225,517 1,323,112 3,870,395 - (207,796) (207,796) (99,315) 97,595 1,017,721 1,115,316 3,771,080 - 3,771,080 3,771,080 - £97,595 £4,788,801 £4,886,396 £3,771,080 |
|---|---|
The notes on pages 13 to 16 form part of these accounts.
EMBIRICOS FAMILY CHARITABLE TRUST BALANCE SHEET
AS AT 31 DECEMBER 2023
Page 10
| Note Current Assets Cash at Bank Total Current Assets Current Liabilities Creditors: Amounts falling due within one year 5 Net Current Assets Net Assets Represented by the Unrestricted Funds of the Charity Capital Account Income Account |
2023 £ £ 4,903,801 4,903,801 17,405 4,886,396 £4,886,396 4,788,801 97,595 £4,886,396 |
2022 £ £ 3,778,460 3,778,460 7,380 3,771,080 £3,771,080 3,771,080 - £3,771,080 |
|---|---|---|
Approved by the Trustees on 30 October 2024 and signed on their behalf by
Mr Richard Moore Trustee
The notes on pages 13 to 16 form part of these accounts.
EMBIRICOS FAMILY CHARITABLE TRUST STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 11
| Period to | ||
|---|---|---|
| 31 December | ||
| 2023 | 2022 | |
| £ | £ | |
| Net cash used in operating activities (Page 12) | 957,101 | 3,778,190 |
| Cash flows from investing activities: | ||
| Interest received | 168,240 | 270 |
| Net cash provided by investing activities | 168,240 | 270 |
| Change in cash and cash equivalents in the year | 1,125,341 | 3,778,460 |
| Cash and cash equivalent brought forward | 3,778,460 | - |
| Cash and cash equivalents carried forward | £4,903,801 | £3,778,460 |
EMBIRICOS FAMILY CHARITABLE TRUST NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 12
1. Reconciliation of net movement in funds to net cash flow from operating activities
| Period to | ||||
|---|---|---|---|---|
| 31 December | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Net movement in funds for the reporting period (as | ||||
| per the statement of financial activities) | 1,115,316 | 3,771,080 | ||
| Adjustment for: | ||||
| Interest | (168,240) | (270) | ||
| (Decrease)/Increase in creditors | 10,025 | 7,380 | ||
| Net cash used in operating activities | £957,101 | £3,778,190 | ||
| 2. | Reconciliation of net cash flow to movement in net | funds | ||
| Period to | ||||
| 31 December | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Balance at 1 January 2023 | 3,778,460 | - | ||
| Net cash inflow/(outflow) | 1,125,341 | 3,778,460 | ||
| Balance at 31 December 2023 | £4,903,801 | £3,778,460 | ||
| 3. | Analysis of cash and cash equivalents | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Cash at bank and in hand | 4,903,801 | 3,778,460 | ||
| £4,903,801 | £3,778,460 |
EMBIRICOS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 13
1. Principal Accounting Policies
- (a) Basis of Accounting
These accounts have been prepared for the year ended 31 December 2023. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard application in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard application in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
- (b) Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.
(c) Fixed asset investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
The Charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risks faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, changes in sentiment concerning equities and within particular sectors or sub sectors, and foreign exchange movement.
Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
(d) Debtors
Debtors are recognised at their settlement amount, less any provision for nonrecoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.
EMBIRICOS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 14
1 . Principal Accounting Policies (continued)
- (e) Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
- (f) Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle the debt.
- (g) Income recognition
Investment income is credited to the income account when receivable. Bank interest is accrued for at the year end but there is no accrual for interest on fixed interest investments at the year end.
- (h) Foreign currencies
Assets and monetary liabilities in other currencies at the balance sheet date are translated into pounds sterling at the rate ruling on that date. Transactions during the year have been translated into pounds sterling at the rate ruling on the date of transaction. Exchange differences arising during the year are dealt with in the income account or the capital account.
- (i) Funds Added
Funds added to the Charity are credited to the capital account when receivable.
- (j) Donations
Donations are charged to the income or capital account on the date of approval by the Trustees.
- (k) Governance Costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs also include costs related to the independent examination and administration costs.
EMBIRICOS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 15
2. Investment Income
| Period to | |||
|---|---|---|---|
| 31 December | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest Received | 168,240 | 270 | |
| £168,240 | £ 270 | ||
| 3. | Governance Costs | ||
| Period to | |||
| 31 December | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Accountancy fee | 15,129 | 8,970 | |
| Audit Fee | 2,050 | 2,000 | |
| Other | 3,466 | 2,194 | |
| £20,645 | £ 13,164 |
4. Information regarding Trustees, Key Management Personnel and Related Parties
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a) The Charity had no employees.
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b) None of the Trustees have been paid any remuneration or received any other benefits from the Charity.
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c) There were no travel expenses reimbursed or paid to the Trustees during the year (period ended 31 December 2022: None).
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d) The Trustees have not purchased indemnity insurance.
The accountancy fee for the year ended 31 December 2023 relates to the charges of Moore Family Office Limited, to whom the Trustees had given responsibility for the day to day administration and accountancy of the Charity. During the year Trustee, Mr Richard Moore, was a Director of Moore Family Office Limited who charged fees of £15,129 plus VAT (2022: £8,970 plus VAT).
5. Creditors; amounts falling due within one year
| Accountancy costs Audit costs |
2023 £ 14,945 2,460 £17,405 |
2022 £ 4,980 2,400 £7,380 |
|---|---|---|
EMBIRICOS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 16
6. Grants paid or payable
| The Hygiene Bank Total Donations (note 7) Costs of grant making Donations (note 6) Governance Costs (note 3): |
2023 Income Fund £ 50,000 50,000 20,645 70,645 |
2023 Capital Fund £ - - - - |
Period to 31 December 2023 2022 £ £ 50,000 - £50,000 £ - Period to 31 December 2023 2022 Total Total £ £ 50,000 - 50,000 - 20,645 13,164 70,645 13,164 |
|---|---|---|---|