THE CAERLOW TRUST {R?gistered Charily No. 1202408 and Company No. 14615179) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024
THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 CONTENTS Pag• Annual Report of the Trwstees Independent Examiner's Report Statement of Financial Activities {including Income and Expenditure Account} Balance Sheet Notes to the Financial Statements 9-12
Page 1 THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 The Trustees present their report and indeFendently examined financial statements of The Caerlow Trusl ("the Trust. or "the Charitable Company.), for the period from incorporation on 25 January 2023 to 31 Janu8ry 2024. These have been prepared in accordance with the accounting policies set out on page5 9 to 12 8nd comply with applicable charity law. The Trustees have adooed the provisions of the Stalemenl of Recommended Practice (SORPI "Accounting and Reporting by ChaTlties' in pieparing the Trustees Report and Financial Statements. REFERENCE AND ADMINISTRATIVE DETAILS The Caerlow Trust, (Registered Charity No. 1202408 and Company No. 1461517g) is based and administered in the United Kingdom. The registered address is 5 New Street Squa, London, EC4A 3TW. Trustees: The Trustees of the Trusl who ar8 the Directors who held office during the period and continue to serv8 at the date of this rewrt are.. Lucy Rausing (appointed 25 J8nu8ry 2023) Constantin KiMan-Taylor {aptx)inted 25 January 2023) Hans Rausing (appointed 25 January 2023 and resigned 1 April 2024) Chades Kirwan-Taylor (appointed 25 January 2023) Laura 8urke (appointed 1 April 2024) The Trustees did not hold any beneficial interest in the Trusl at 31 January 2024 or at any lime during or since the period end. Charlty Dlrector: Hannah Bodek (appointed 7 May 2024) Bankers.. C Hoare & Co 37 Fleet Street, London, EC49 4DQ Solieitors: Withers LLP 20 Old Balley, London EC4M 7AN AcGOUntanls: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square. New Fetter Lane, London, EC4A 3AQ Independent Examlner: Michael Foster FCCA Eighth Flocr. 6 New Street Square, New Fetter Lane, London. EC4A 3AQ
Page 2 THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a charitable company limited by guaranlee gov8med by its Arttcles of Association dated 25 January 2023 and is registered as a charity with the Charity Commission for England and Wales and Companies House. The Trustees have re8pon8ibility for setting the Trusl's goals and strategy and meet to consider grants for exclusively charitable purposes for the public benefit in line with the Trust's Grant Making Policy. The number of Trustees shall be a minimum of two at any one time and new Trustees shall be appointed by ordinary resolution by the existing Truslees. The range of skills represented on the Trustee Board will be kept under review as the Trust develops over time. Induction and Training As part of their training. Trustees are given an informalion paGk which includes the Tnjsvs Memorandum and Articles of Association and the Chartty Commission guidance on Truslees, Responsibilities. All Trustees are aware of their legal duties and obligations in respect of the manag8ment of the Trust, including in relation to the protection of its assets. Statement of Trustees, Responslbllltles The Trustees (who are also Directors of The Caerlow Trust for the purposes of company lawl are responsible lor preparing the Annual Report of Ihe Trustees and the financial stalements in a¢¢ordance with applicable law and United Kin9dom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial stalements for each financial period. Under company law the Trustees musl not approve the financial statements unless Ihey are satisfied ihal they give a true and fair view of the st8te of affairs of the Charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for the period. In preparing these financial stalemenls, the Trustees are required to.. select SLJitable accounting policies and then apply them consistentty- observe the methods and principles in the Charities SORP (FRS 102)., make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject lo any malefial departures disclosed and explained in the financial statements,. and prepare the fin8nci81 statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Truslees are responsible for keeping adequale accounting records that disclose with reasonable accuracy at any tirne the financial position of the charitable company and enable them to ensure ihal the financial slatements comply with th8 Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3 THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT {continued) Internal Conlrols The Trustees have overall responsibility for ensuring that the Twst has appropriate syslems of inlemal controls. They a sponsible for keeping proper accounts.ng records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Trustees are also responsible for the Trust safegvarding ils assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of int8mal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Rlsk Management & Corporate Goveman¢e A risk assessment has been undertaken which comprises: An annual review of the risks the Trust may kn; The establishment of systems and procedures to mitigate those risks,. and The implementalion of procedures designed to minimise any potential impact on the Trust should those risks malerialise. Thls contlnulng process wlll Identlfy rlsk areas to whlch the Trust Is vulnerable and highlight any necessary safeguards thal will need lo be pul in place. No major risks were identified at the date of these account5. The Trustees have sned fil and proper declaratK*ns in line with HMRC gukfjan. In addition, the Trustees have taken due consideration of Good Govemance A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are: Underst8nding the Trustees, role., Doing what th8 organisation was set up to do- Working effectively; Control- Behaving wf(h Integrity: Equality, diversty and inclusion- and Openness and accessibility. The Truste8s recognise that good gov8manc8 plays an essential part in securing the future of the Trust and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Trust. No Trustee received any remuneration during the period from 25 January 2023 to 31 January 2024. The Trust does nol cary out fundraising activities from the public.
Page 4 THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 OBJECTIVES AND ACnVITIES FOR THE PUBLIC BENEFIT The oblects of the Trust are restricted st)e¢ifically to the application of Trust funds, at such time or times and in such manner, for the public benefrt. as the charity trustees may in their discretion think fit for any exclusively charitable purposes in any part of the wodd. The Trusl operates as a grant- making charity. suppoth'ng charitable projects and organisations with grants of varying sizes and durations. The Trustees hav8 d8fin8d a programme of grant-making to charitles. For the foreseeable future, the charity's primary focus will be to- prevent or relieve poverty worldwide for individuals in n86d' advance the health and wellbeing of the gener81 public {including preventlng or relieving sickness. disease or suffering, as well as the promotion of good healthl- and support programmes which promote and advance the education of the general publiG. The Tnjstees have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate tems and conditions. ststement of Publlc Beneflt As a grant-funder, the Trust activtties will provide public benefrt to the individuals and communities who are beneficiaries of the Trust's funded projects. The Trust's public benefit is not limited with reference to geography, by the charging of fees or OtheiSe. The Trustees are aware of the Charity Commission guidance on Public Benefit and confim that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard lo . They conslder the Infom)atlon which follows in this annual reporl, about the Trust's aims, a¢tivilie$ and achievemenls in Ihe areas of inleresl that the Trust supports, demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities. Grant Making Policy The Trustees, grant making policy has been to generalty consider making donations by way of dlrect funding and also by way of grants to charitable organisations recognised as such in their respective jurisdictions for projects that are exclusively chartlable under English law. The Trust has begun to put in place sound grant arrangements so that rt can propody selecl appropriate granlees and impose prudent term$ on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by grantees. ACHIEVEMENT AND PERFORMANCE Charitable Activitie$ In Ihe initial period the Trustees have focused their efforts on identifying suttable grant recipients and estsbli8hing 8 strategy for furthering their objecls. 11 is anticipated that grant activity will commence in the forthcoming period.
Page 5 THE CAERLOW TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 FINANCIAL REVIEW The Statement of Financi81 Activities {'Ihe SOFA.) on page 7 Shows total ino)ming resources for the period of£532,250. There was no expenditure on raising funds bul £44,142 was expended in support of recruiting for a Charily Direclor, training for the Trustees and accountancy fees. Govern8nce costs amounted to £1,080 and are included within supwrt costs in the charitable aclivities. The balan of reserves at 31 January 2024 is £488,108 which is unrestricted. Reserves Pollcy The Trustees have examined the Trust's requirement for resources in light of the main risks to the organisation and have no outstanding commitments or cash demands which are not 8d8quately covered by existing resources. The net assets of the Trust 8re regarded as free reserves and the funds al 31 January 2024 will be retsined to make grants in accordance with the Trust's charitable objects and any policies. The Trustees consider that the freely expendable fijnds are appropriate and adequate laking into a¢count plans for granls to be awarded in future and have at presenl therefore not designated any specrfic reserves. However, the Truste8s will keep this under constant review. In future years. a specific reserves policy may be required. The financial statements have been prepared on a going concem basis as the Trustees believe thal no material uncertainties exist. The current uncertainty in the global economy, including cost inflating factors. have inGreased financial pressure on chartties. The Trustees have considered. the level of funds held. the expected level and security of income and the committed expendilure for twelve months from the date of signing of these financial statements. The Trustees are satisfied the f0caSt income and reserves are sufficient to cover all of the budgeted expenditure to be able to continu8 as a going concern. The Trustees therefore wnsider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. PLANS FOR THE FUTURE The TTvslees do not propose to deviale from the currenl objectives and activities of the Trust as delailed in Section 3 of this report bul will further develop and refine their strategies, policies and procedures in future. Approv•d by the trustees on 10 June 2024 and slgnod on thelr b•half by: Lucy Rausing Chair. Trustee
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CAERLOW TRUST I report to the Trustees on my examination of the Financial Statements of The Caerlow Trust ('charitable company.) for the period 25 January 2023 to 31 January 2024 which are set out on pages 7 to 12. Respon51bllities and Basls of Report As the Trustees of the charitable company land also its directors for the purposes of company law) you are responsible for the preparation of the Financial Stalements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having salisfied myself that the fi'nancial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examinalion of your charitable company's Financial Statements as carried out Llnder section 145 of the Charities Act 2011 {'the 2011 Acl,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5llb) of the 2011 Act. Indgpgndent Examinorfs Stal¢ment I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me Cause lo believe that in any material respect: aeAounting records were not kept in respecl of Ihe charltable company as required by sedion 386 of the 2006 Act; or the Financial Statements do not accord with those records., or the Financial Statements do not comply with the accounting requirements of sectSon 396 of the 2006 Act other than any requirement that the financial statements give a 'lrue and fair view, which is not matter considered as part of an independent examination; or 4. the Financial Statements have not be&D pr8pared in accordance with the methods and principles of the Statement of Recommended Practi for acGounling and reporting by charities applicable to charities preparing ihelr Financial Stalem8nls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the Financial Statements to be reached. Michael Foster FCCA Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ
Page 7 THE CAERLOW TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 Pago 2024 InGorne from: Donations Inote 2) 532,250 Total Income 532.250 Expenditure on: Charitable Activities (note 3) 11 44,142 Total Expendlture 44,142 Net income 488,108 Nel movement in funds 488,108 Total Funds Carrled Forward at 31 January 2024 £ 488,108 All amounts r8late to continuing operations. There were no recognised gains and losses for the period from 25 January 2023 to 31 January 2024 other than those included in the Income and Expenditure Account. No Trustee received any remuneration or reimbursement of expenses dunng the period from 25 January 2023 10 31 January 2024.
Page 8 THE CAERLOW TRUST IRogister?d Charity No. 1202408 and Company No. 14615179) BALANCE SHEET AS AT 31 JANUARY 2024 Page 2024 Current Assets: Debtor Inote 4) Cash al bank (note 5) 12 12 6,450 501,708 Tolal Current Assets 508,158 Liabilitlos: Credrtors- amounts falling due within on& year {note 6) 12 (20.050) Total Liabilities {20,050) Net Assets 488,108 The lunds of the charity: Unrestricted funds 488.108 Total charity funds £ 488,108 For the financial period in question the charitable company was entitled to exemption und8r section 477 of the Companies Act 2006 relating lo small companies. No members have required the charitable company to obtain an audit of its a¢ntS for the period in que8lK)n in accordance with section 476 of the Companies Act 2006. The Trust88s (who are also the Directors of the ch8ritable Company for the purposes of company law) acknowledge their responsibility for complying with the requiremenls of the Act with Tespecl to accounting records and for the preparation ol accounts. These accounls have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved and authorised for issue by the Trustees on 10 June 2024 arKI were signed on their behalf by.. Lucy Rausing Chair, Trustee
Page 9 THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 ACCOUNTING POUCIES Basis of Preparatlon of Flnanclal Statoments The Caerlow TNst ('the Trusf or 'lhe Charitable Company"), an incorporated charty limited by guarantee with registered charity no. 1202408 and company no. 14815179. is based ané administered in the United Kingdom. The registered address is 5 New Street Square, London, EC4A 3TW. The nature of the Trust's operations and principal activities are set out in the Trustees, Annual Reporl. In the evenl of the Trust b8ing wound up, the liability in respect of the guarantee is limited to £1 per personal member. The financial statements 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 applicabl8 in the UK and Republic of Ireland {FRS 102) ("Charities SORP FRS 102,), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102}, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted A¢¢ounting Prac*ice. The Trust has applied the provisions sel out in FRS102 as published in 2019 and does not include a cash flow statement on this basis. The Trust constitutes a public benefit entity as defined by Charities SORP FRS 102. In applying the financial reporling framework. th8 Trustees have to make subjective judgements, for example in respect of signtficant accounting eslimates. Estimate8 and judgements are continually evaluated and are based on historical experience and olher factors, including expectations of future events that are believed lo be reasonable under the circumstances. The nature of Ihe estimation means the actual outcomes could differ from those estimates. The Trustees have not made any significant estimates and judgements affecting Ihese financial statements. The slgnlficanl accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otheNise stat6d. Incoming Resources All incoming resources are included in the SOFA when the Trust 1$ entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary donalions inGlude donations under Gift Aid with the associated tax Credits included when receivable. Interest from deposit accounts are included when received.
Pag8 10 THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 Resources Expendèd All expenditure is included on 8n accruals basis and is recognised when there is a legal or constructive obligation committing the Trust lo the expenditur8. The Trust is unable to reclaim VAT. Irrecoverable VAT is charged against the activity for which expendrture was incurred. Charitable activities include grants incurred during the period and are expended through Ihe SOFA when the offer is conveyed to the reciplent. Support Gosts are costs incurred to facilitate charitable activities but are not directly related to the activity- Support costs include the central office functions. such as governance, general management. infomation technology, human resources and finance. Governance costs are cost relating to the g0Veman of the charity such as audit, some legal fees and any costs associated with Trustee meetings and constitutional matters. Support and govemance costs are allocated to charit8ble 8Ctivtties on the SOFA. Grants payabl¢ Grants P8yable are made lo Ihird parties in furtherance of the Trust's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustee has agreed lo pay the grant without condrtion. or the recipient has a reasonable expectation that they will receive a grant and Ihat any condition attaching lo the grant is outside of the control of Ihe Trust. Flnancial Instruments The Trust only h8s financial assets and financial liabilities of a kind that qua5ify as basic financial instruments. B8sic financi81 inslrumenls are recognised at transaction value and subsequently measured at their settlement value. Status of funds The entire resources of the fund are unrestricted and the Trustees have complete dlscretion for thelr use in pursuan of its objectives. Taxation The Trust is not subject to any taxes on ils charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Creditors payable wlthln one year Creditors with no slated interest rate and payabl& within one year are recorded al transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposils held on call with banks. other short-lerm highly liquid investments with original maturities of three rrK)nths or less and bank overdrafts. Bank overdrafts. when applicable, are within borrowing in current liabilitie5.
Page11 THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 ACCOUNTING POLICIES {continu•d) Provisions Provisions a recognised when the Trusl has an obligation at the Balance Sheet date as a result of a past evenl, il is probable that an outflow of econornic benefits will be required in settlement and the amount can be reliably estimated. Golng eoneem The financial statements have been prepared on 8 going concem basis as the Trustees telieve Ihat no material uncertainties exisl. The Currenl uncertainty in the global economy, including cost inflating faclors, have increased financial pressure on charities. The Trustees have considered Ihe Ihe level of funds held, the expected level and security of income and Gommrtted expenditure for e1ve months from the date of signing of these financial statements. The Trustees 8re satisfied the forecast income and reseNes are sufficient to cover all of the budgeted expendilure to be able to continue as 8 going concern. The Trustees therefore consider the adoption of the going concem basis in preparing these financial statements continues lo be appropriate. Page 2024 INCOME FROM DONATIONS Donations received Gift Aid 525,800 6.450 £ 532,250 EXPENDITURE ON CHARITABLE ACTIVITIES Support Costs: Professional service fees Governance costs Training costs Bank charges General expenses 35,520 6,781 1.496 302 43 Total Support costs 44,142 Total Charltable Aclivlties: 44,142 The ¢harity had no employe8s during the period. The key management personnel of the charity comprise the trustees and thé charty director, none of which recewed any remuneralKJn during the period.
Page 12 THE CAERLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 25 JANUARY 2023 TO 31 JANUARY 2024 Page 2024 DEBTOR Gift Aid rec18im 6,450 CASH AT BANK C Hoare & Co Current £ 501,708 CREDITORS- amounts falling due within one year Accounts payable Accruals 15,850 4.200 Total creditors 20.050 RELATED PARTY TRANSACTIONS The Trust received donations totalling £25,800 from a Trustee during the period from 25 January 2023 to 31 January 2024 on which grfi ald of £6.450 will be reclaimed. No Trustee received any remuneration or reimbursement of expenses during the period from 25 January 2023 to 31 January 2024. ULTIMATE CONTROLLING PARTY The Trustees consider that the Trust is jointly controlled by the Trustees and that there is no ultimate controlling paty. FINANCIAL INSTRUMENTS Page 2024 The carry amounts of the Trust's financial instruments are as follows.. Financial assets Measured at fair value through SOFA.. -cash at bank and in hand -Debtors 12 12 501.708 6.450 Financial liabilities Measured at amortised cost.. -creditors 12 20,050