C￿lity rogls¢r•lknn Tr￿ts•r 1200657 THE EQUILIBRIUM CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 THE EQUILIBRIUM CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tnffjt••s CAL•wson M Millon-Eth¥ard8 D Shah S E Wathrton A R Èvans IApwnled 72 O¢#obor 20221 IAppc4nted 12 Odober 20221 1*44JPOillted 12 ¢klober20221 (Appinted 12 Ckkè8r 20221 (Appoinled 12 Octobor 20221 Chalr A R Evans ¢harlty number 12Q0657 Ind•pend•nt ex￿￿•1 A2et$Audil S8M¢*s THE EQUILIBRIUM CHARITABLE TRUST CONTENTS Pag• Tru8t096' ropc*t statemtnt of trusteeg respc￿￿11￿e9 Independent ex8merf$ rewt ST8*rn￿t of fin￿181 ac¥￿118$ Balanc8 slwt Notes to Ihe ffnartial statements THE EQUILIBRIUM CHARITABLE TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The truste88 prnsènt1heir amual report and financial Staten￿¢S for thè perFod ￿led 31 March 2W24. The flnan¢ial slalements h8ve been prepared In accordance wlh the awnbrvj pofK4eS sei out In no￿ 1 to Ihe rinancial 3talemenls and compty Mth the dwrftys governing documont, thg Charibes Act 20118nd'Ac(xhuThting and Reportin9 by Charlb"es.' Statement of Rec4)Tnme￿jed Prdcbce awlc￿b￿ ID charfes prep8riTrJ Ihelr ac￿rts In aCC￿rdanCe whlh Ihe Flnand21 R8Wttiry St3nO8rd In the UK and Rap￿IC of Irdand IFRS 1021" 18ffecbv• 1 JanuBry 20191. Oblodlw and 4cthIttl8s Qur a¢￿0[ adwised fLmd IDAFI, Tho Eouilibrivm Ch8ritèt48 Tru$t. W35 r¥e8led in 2022 to ffiction-fr8e ￿Ule intri philanihropy. As as offering fm8nclal pl8Ming b8n8fts. charitabla giviffj offers ¢r¥)rmous Frt)t8ntk81 to rnake odffterenc8. frng8ge syith fiJlLtre g8neratio￿ aThJ tha abilty to I￿ve a la81.ng legacy. A DAF ￿ th$ UKS fastèst growkng ph¢'lanthropk v8hid8 8811 ts an attra¢lve atterr>oti¥è io ￿c￿8￿"n9 i*rethy or 5ett*ng up an kn(Ividu& GhaTitsbl8 foundgllw. They provbje a smart and tff8ckn %￿Ul10￿ to make a phl8nlhro1￿ Impacl in g $impb, flexlblt And Cast-effecb￿ MaDr￿r. Ovnor thsed funds orn welke5tablish8d in the US and are b?c4)ming increaslngty used UK to support donor5 their charilabje endeavours. In lkne with their wrpose of rnakirg p80ple's lives betlei. Equilibr¥Jm Financial Hanning LLP sought to launchThe Equilibrium CharilableTrust and offer as partotlheir financ4al planniNJ proposilion in ry¢er to buikj on the growrwJ importance of philanthropy amongst t￿T¢ll8￿1 bank. ThÉ trustee5 have pald due regord to guidance i88U8d by the Charity comm￿•00 in decKling what actrvthe5 the chanty ShO￿d undertake. e objects ot the CIO are suth exduswely ch&ritsbl8 p￿￿08￿ for t￿ pubjk benefrt as tho chaiity Iru5tBe5 May IroTn litne to fyme see rrt. Granis 10 spec￿lC org8nisab)n$ have not yet been m8¢e but WIU be deterni1￿d by th8 ￿she$ ol the and subject10 ¢Jue diligence prfor to the INstees agffemenl to support such cau5e5. Grants will be made lo charitsble 0[gan￿￿10￿5 ITh lin8 th8 Ststad wish¢s of tho dcw Isu¥od to approv41 from thE Iru51ee$ fc11v￿ng appyoylat? dug dlliggrKel Volwleèr$ manag8 th8 day lo day runnlryJ of •nd promote th6 CIO. A¢hl•vtMonts and p•rfomyènce During first full y$ar of gperalon. th8 CIO h8$ $8CLWè(J ttthation5 tolalliry £269.619 of whlth £135.000 is eligible lor glft gid. Th? donots h8vè $pecffjed a number of than[￿S for Ihe twstegs to wnsldar whKh swyort tt0￿1h. ilthtrn. $ocial issues 8nd the envronmenl but wlsh Ih8ir dL*)aUons lo grow belue any grants are madè. Convetsaiion$ with dienls of EqUIlibr￿rn Finan￿al Plannlng LLP IEFPI svhD have an inl8rest kn phlanthropy. and who see this 8$ part of their futur8 finandal plgnryiTrg arr￿ge￿Thts, tontrnue to tske plxe. A high leYÈl of 8ryagem8nl ha5 alreadybeen Shovm we antiupate a hard18urKh ofthrts seMC6 thrinu 2025. Flnanrl•l r•v18W 11 Is Ihe policy ot thè ¢harily ttiat unrestrictsd funds whth havÈ been d8svjnat￿ for a specif¢ Use sh)uld mainfain8d at 8 lev81 eq￿al￿nt to belw88n Ihre8 $iY monih s expendilwe. Tha ￿stetS consder thal reserrfes at this level will ensu￿ thai. in IIE event of a slgnificanl drup in funding. they wll be ab￿ 10 continue Ihe charty's Gurr8nt activilitrs while rAIn5￿eratiOn 15 gi¥en io ways in whith additional funds may b8 raisèd. Thi5 kv81 of r058rves ha¥ been m8inl8ln*d thrtsughwt the period. THE EQUILIBRIUM CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Inv•stment poll¢y EFP has recommtsndÈd Ihat Equilbi rium Investsnent Management IEIIJI be appointeol by the IrvsidÈs. Thèy V￿11 be ky0￿d*d wFlh an invtrstment mandalÈ whth can b8 used to manage Ihè C105 funds 8nd prewd¢ a framewot* for the lund 5dection based on the obpclNaS ofè8ch d(￿￿. Pflnclpal rf5k$ and unc•rtalThtl•s The prir(ip81 risks S￿ tho impacl of Iho •c1￿MI¢ ¢Trvlronment on the fiThanclal rn8rkets and Subsequent investment rfomr*e, and 81$0 th& #p￿￿te ofd16nts to make donations. Slrnctur•* governance and management The a rpmpany lim11￿ by guarantee. Thetru5tees who seryed dyrir¥J Ihe peri¢xl up lo the dats of *grt8lure ofthe financial State1￿￿ts ¥￿￿.. CA Lawson M m￿￿¥￿s D Sh8h S E Wpxburton AR Evans (Arwintthl 12 00t0￿20T2) IAFwintod 12 OGlobBr 20221 {Appointed 12 (ktvbpr 20221 IApwlnteLI 12 OGtober 20221 IAppc*nted 12 October20221 In selecting IndMdu81s for 8ppJinlment. the charity trvstee5 mv¥t havo rogafrt to Ihe Ékllls, kn￿￿8dge experience needed for the effectsve administrat￿￿ of Ihe CIO. No fewer th￿ 8 Ihirf ol the thanly Iwslees Bh811 bg 8ppointed by EFP And need not be a rrErnber or employee Df EFP. kny p*son rS￿r￿9 as 4 charity trustee 15 elgiNe for reappOint￿ent. The charfty tnJstees sh811 rnana99 the 3fla¥s of the CIO. ThEre musl be al kast three charity Irus¢e•s and the M8￿m￿n rwJnb8r that may ￿ app￿ntS￿ is sèven. Tho Ilrst charity trustses a￿ fve In numb¢f. Equlibriurn Finonckryl Aanning IEFPI provtdes invesimeni and financial rdamlng advice to IT￿lY1￿j￿$ In thg (x)W38 of its day to day business. Client8 of EFP arè ofvrad th6 opportunity to c¥eale a fijnd ¥Mthin the CIO op8raie as ¢JryK)r all￿75ed fvndl in order to ￿￿l￿al& th•r ¢haritat48 gNing. EFP wil forw fees on pknning adwee lo thnt on the elerwnl of theirfund5 which give to the CIO. It alsv provk1es sgnthGarbt adM￿lsIr￿9 supwl to Ihe CIO. Including free provi51on ol meetiryJ roorn5 fry trustée and other meetings, tr 8ervkes and nwnutfriakwg in order to Ihs [￿nIm1$& aoministraive o)sls of the CIO. In addltk)n. EIM h8s ￿en appcin18d as th8 investrneni manager wlh> njn a rarKJe of their own fund5 with varying degrees of risk in il is likely that donors wll invest in. The annual man8gem8nl charge of 8uch funds 1$ (£rfnpeltNe r8Lqtfve to th8 whter markfjl Oneof the first charity trustee¥ is alw a maprlty equty partner In b)th EFP and Elm. The trustoo$' reportwas approved by Ihe &Jard ofTrustee$. CALaw80ll Trn8te¢ THE EQUILIBRIUM CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONS181LrriES FOR ThIE PERIOD ENDED 31 MARCH 2024 The Irustees are ￿sF￿NbSrb￿e for weparing th• TDJslae¥ Rwrt and the Inanclal Btat8ments in ￿cC4￿¢1¥nce h￿th applicab￿ law and Unit8d Klngdom Accounting Si8mdards (United Kingdom Gar￿allY Accep￿￿ Acc£￿1 Practlcèl- The law appllcgble to charities In England arKI Wales requwes the trustee5 to prepare Inandal slatements fcy each financial year which gwe a Irue and fAir vivw of tho Stat8 of affairs ol Ihe ¢h8rlty and of Ihe lrtomlng ￿$oUr¢e¥ 8nd applicat￿￿ of T85￿1r￿ of the ¢harty lor that perlod. In prep3riryJ these fm8ncial 51aleFnen15. the Iruslees are requlred to.. - 8ebct$uitabJ6 accOUntir￿ polic￿S Bnd then apply them ¢thsi$tently'. -obseNé the Methods and prindples In ihe Cwties SORP., - rnakeiud9Bm8nts and estbnales th81 are reasonable and pnJd¢nt,' - stale wheth$r appllGabl8 accwnting standards b8ve fdlowed, subiect lo any maknal 4kporture5 thsclosed and axplainod in th8 finan￿￿ slèlem8nis". and - ffepare the finan¢i81 $tstprnents cn thè going rA)n(¥m basis vrless 11 Is uw)roprrdte lo PreSW￿ Ihgt thariiy ryll conJnu8 in operatK)n. Th8lw8tees are responsble for keeping 8uffthnt 8¢couniiftg records that disd05ewrth reason8b18 accur8Gy at any me the fin8ndal ptrsillon of tho charity ènd enable them lo ensura that the financiol s¢al8n)8nts CoM￿Y the charit￿S Act 2011, the Chartty IAccouTrls 8nd Reports) ReguLqb"ors 2008 and Ihe tWVi5us of the tru$t d¢ed. Th¢y ere also responsible for $afeguardiry the a8sels of the tharily and hene¢ for trkin9 rga50nable steps for the pre¥enbon and dtttction of fraud and olhar irregularities. THE EQUILIBRIUM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EQUILIBRIUM CHARITABLE TRUST I rew>rt to the trustee5 on my examinaton ol Ihe finanrAal slaI•ff￿nts ol Th8 Equilbrlum Charfiable T￿$t (the chÈrityl forlhe perK)d Md•d 31 March 2024. R*spon$lbllltlos and bas16 of roport As the tNstees of1he charty you ar• r•sponst4e for th8 preparatkJn ttl th• finan081 s&te￿ntS in 8Cwrdar￿e with the iequirem8nts of the ChahUe5 Ad 2011 (the 2011 Act). I r8porf In resF*d of my examinotson of the charilys financlal stat8ments ¢Xrt undtr section 145 ol the 2011 Act. In carying out my exatninalon l trove fdlowed 811 Ihe S￿￿*￿1& Dffèctions given by Ihe Chority ComDws8ion under 5ecion 145(5llbl ol 2011 A¢L Independ￿1 *xBminerfs slat•m•nt &nce Ihe chartEys gross incorne exceed*l £250,￿0 your examiner mLL8t be a m8rrthr of a btsjy listsd in ¥e¢t 145 of Ihe 2011 Act. I confirm that 18m qualthed to undwtsk• the examinatt￿ becaus6 1 am z m8mber of ICAEW, is one of the lislfjd bodN88. Your altsntDn Is drawn to th9 fad that Ihe (l)arfty has prep￿￿ finan¢k81 $*atements kn a&￿r￿art¥ ￿1h Attouming and Reportiw by Charitio8 preparing IhBiraccounts in acc)ndi￿On5 by do￿r$ as to how ihey m8y ￿ usod. The pwty)ses anLI Uses of th6 restrited funds are out in the note5 to the financlal statements. ErLtIosYmwt fvnd5 are 8u¥8ct to sp8crf* condMon& by d￿or5 thal the capitsl must be rnaintalned by charity. 1A IhEtsn Income is reco9nNÈd when the cWly1518gdly 8ntlU*l trj tt after any perfDrmance condit￿1n5 have been met, Ihe amounts r4n be m8a$Uf8d rnliably. and it 13 probable that incorre VAII be rerrived. Cash donatlons are rwcognls9d on recelpt. Other dcfiatith)s are r6cogni59(J once Ihg charity has b88n nofjfied ol the doTratson, unles5 P8rfo￿naDCS conttrtions requwe deferral of the a[ni￿nt. Inrune lax recoverable In relation to donations re￿iVed under GiftAJd u deeés ol covenant 1$ recoanised at the bme of the donation. Le9aaes are recOgn￿Ed Dn receipt or otherwise if the charity has been notif￿d af an imp8nding di5trftsU￿n. the amount is known. and receipl expected. If th8 amount & Mt knpwn, fv leg8Cy i5 trealed as a contingeni 8SS81. THE EQUILIBRIUM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2024 AGCQUDtlng polldos Icontlnutrd) Expenditur Expenditure is recc•Jnl8ed oncè th8re ks ¥ 10gal or conslruclw8 oblwjation lo Iran5fEr ewn(ThiG benefrt to g party, rfi is prob8bl& th81 a transfer of ecorx)mic bertsfts will ￿ tequired in ￿ller￿ent, and the affKunt of the oblig81ion can b8 me88ured reliably. Expandilurè is dassthed by aGtivAy. ￿ costs of 9o¢h a¢ibvity arg m¥Jo up of th8 total of dir￿1 costs and Sha￿ co$ts, in¢luding ¥UPPOrt costs involwd in ￿ndert8￿1vj e8ch ￿ti¥￿. t4rect eosts 8kn￿jtat1e to a single ¥ctivlty are ￿l0(￿ted d[￿¢1￿ 10 that acti￿ty. Shared cosls wthich witrit)utp to mcre tron one acilryty and $upport costs wPurJ) a￿ nol attri￿table to a single aclivity ar8 8PPOrtioned belween those activit￿5 on 8 basi5 consistent the use of res(xJrces. centr￿ stsff costs ar8 alkjcaled on ba*s of lime sp9nl, ?nd deprnc¥ath)n tharg8s we allocatsd on thg POrtk)n ofthe qssefs uw. 1.6 F￿•d a88Ot Invostm*nts xed assel investmerrts are initially rreasured al tranSac￿n pri￿ eX￿￿1￿j tr8Tr5acb'on costs. 8nd are subs8quentty measured at value al 88ch reportlng date. Changes In falr ￿lue are recognisoj in rel kncomellbxp8ndituro1 for the yB8r. Tran5acion costs ar8 exp8n88d as inGurretL 1.7 Cash and ¢ash equivalents Cash 8nd cash equlvalents iKhJd8 rash In hand. depD6its heha al wrfh b8nk$. other showrm Investm8n18 witt) ongin81 mat￿1￿05 of three months or kss. 8nd b8nk overdofts. BBnk overdi￿5 8re shown vthhin borrowirys in currnnl1￿b1￿"È$. 1.8 FiThanGlal InslrumAnts Th& tharity h85 el8de(f to appty If* wowsions of Sectth 11 '8asiG Ftnaro81 Instrumenls. 8nd Sect*)n 12 '0￿er Fin8nual InstNnEnts1ssue5' of FRS 102 to 81 of fts In8ftual instrurr￿ts. Flnantjal insltument5 are recognis8d in the charitrfs batar¢e shvel syhen the charty bew1r￿S paty to the contractual proviwon5 vf ￿ inslrumenl. Financial assèts and liabilthès Are off5el. the net amounts presenied in Ihe finarKial statements. when Iher8 is a18galty enf¢rteable vght to sel off the recognised 8mounts and there is an nIenti￿ to selle on a nel ba￿8 or to realise the ass￿ and seitle Ihe liabli ity slmurtaneously. B•slG IlwnGlalassets Baslc financi￿ assets. which include debtors and cash ar¥J bank bak7nces. are initkqlty m8asufed at transaction wice including Ir8ns8cliDn cosls and ai8 sub58qugnUy ca￿￿ al amort&ed cost tha effedvo inleresl m@Ihod unless the arrangement constitui*s a trary5ac￿'on, where the tran5actton Is measured ai Ihg pr8S9nt value of Ihe lubJ￿ r¢celpls ¢Jls¢owited al a market rate of interest. Finana81 as88ts as reCe￿ab￿ wilhin oik year we no18mcrfh8Éd. Basic finaTr¢l&l li8blllll•s Basic f￿ancIal N8blllll8s, InclL¥llng *>wlilors and bqnk 108ns are millalty recwlsad 8t transacibn prf¢e u￿8$6 the Btr4ngernent conslilutes 8 fin8ndrvJ lr8nsatl1￿. where thè debt iTrStrJmenl i8 rneasured 81 the present vakne of tho fulvr8 payff*nts discounted at a market rate of inleresl. Fin8noal ￿l011itieS da$$rfied as payable within one year a￿ not Amrxti￿. Debt instnjments wp subsoquenlly carrfjed ai amortw cost, u$ing the effective ￿terest rale Ththc¢J. rrode (xeditcr5 are obligatiODS to Pay for goods ar servlte$ thai h3ve been acquired in the ordinay course ol operBIK)ns from suppliers. ATr￿Unts p8yabte are dassrfiÈd Hs current liabJ'trlkgS If Payr￿Trt is due wrtNn one ye2r er le55. If nDt, Ihey are pre5enl8d as nOn￿rrent li8￿1th@S. Trade credi10￿ a￿ recogni5ed In￿"a￿Y at transa￿0￿ price and subseq￿n11y me8$ured at arnorti$ed eosi usin9 the effective interest method. THE EQUILIBRIUM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 A¢c¢untlng pollclvs Icontlnugd) D¢r¢¢ognltion offinanc181 Ilablllttos Flnancol li*llit￿$ are derecognlsed when the chadtys ¢*ntr&hJal expire or arg di8¢harged or canc8118d. Donatlons ¥)d l•yacl Unrestrlcted fund 2024 DonatKJns ané gdtg 303.369 Investment¥ UvetsiA¢i fund$ 2024 Interest recdvab 52 Thlstsos None of the truslees lor 8ny per500s connecled wth Iheml r8t£wed 8ny rernunerntion or ben*fils from th• charily durin9 the pariod. Employ8•8 Th¢ av¢rage monthty numiEr ofempbyees during thè pe¥lod wa$.. 2024 Nurnb•r Total Thare were no ¢mpW¢$ whtss¢ onnual remuneralon was more than £60,000. THE EQUILIBRIUM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Unr•stricled Jnd8 2024 Gov8man¢e costs Finanur& costs 2.835 24 2.859 It ￿ intended for Ihe 9ovwnwKe costs of Ihe trust lo b* offset by donalK)ns Into th8 irusl Equilibrium Finartial Flanning LLP. The dix)alions will be made post ye8r end. Net galnsl{I088￿) on In￿%￿￿*n￿ Unrestrirtqd lurA18 2Q24 R6vduation ol irwestrnents 2,754 Tax811on The tharity is èxempl from tsx on InrxJmÈ and gains falling wlthin Sectlon 505 of tt)e Taxe$Ac¢ 1988 or section 252 of ihe Taxalionol Chargeable GainsAct 1992 lo the 8knenl that ihese are ap￿le￿I lo Its charttable ot4ecls. 1Q THE EQUILIBRIUM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 FMed a888t Investments Listed Inv•¥trn8nts Cost orvaluatlon At 12 Octob8r 2022 Addiuons Velu8iion changes 269.619 2,782 Al 31 M8rch 2024 272,401 Carrylng ¥mount AI 31 IA8rch 2024 272,401 At 12 Othober 2022 10 Oèbtors 2024 Amounts f•lllng du¢ wilhin one y•8r: Other debtors 33.750 11 Crtdtt•rn.' anwunts falling wtthln y•ar 2024 uaLs and deferred intome 2,835 12 Unrnstrlct•d funds It is iritended for the operati)nal costs of trust to be offsel by donations into trL151 by Equilit￿uM Financral Planniry LLP. The donations wlll be made Post year end. 13 Relat•d party transaetlons There ¥Ytr• w 41sc1050ble rdat8d paty transactims durtng lh8 p¢ri¢d.