REGISTERED CHARITY NUMBf.R: 1203811 Re￿rI of the Trus¢ee$ 8Dd Fin51nei#l Statements for tht Period 30th June 2023 to 31si MArch 2024 ror Tht Daisie Rtch Trust Sheen Stickland Chanercd AcCoun￿nts Siaiuiory Auditors 7 Easi PallaDt Chichester Wesi Sussex I￿19 ITR Thc Dai5ic Rich Trust Contents of the FiThancial Statement$ ror the Period 30th Jline 2023 to 31st March 2024 Page Report of the Trustees Report of the Inilependent Auditors Statement of Fin*ncial Activities B#laTrce Sheet 10 Cash Flow Sta¢ement Noles to lh¢ C&sh Flow Statement 12 Notes lo ihe FiN&N¢i81 Ststements 13 to 17 Deiaileil St4¢ement of FiN#nci#l Activities 18 The t)¥isi¢ Rich Trust Report of the TrllstiY5 for the Period 30th Jui)e 2023 to 3191 March 2024 ThL trustees ol'The Daisie Rich Ttvsi preseni their Annual Report ¢1nd Audited Financial Statements for tlie period 30th June 2023 10 31. Marcl) 2024. The finoncial stc11ements comply wilh the Charitie5 A¢t 201 l. the Consiililtion of ihe Charity and the provisions of AccountingF and Reporting by Ch£1rilie%.. Staiememt of RccoTnTn¢nded Prnciice. applicable to chttritlLS preparing their accounts in accordancc wich the Financial Reporting Stondard applicable in the UK and Repiiblic of Irtland {FR8 102) {effcctiYe l Janiiary 2015). The Diqisie Rich Trust was originiilly a Will TTUSI sei up in accordanc¢ with (he final Will and Testamellt of Miss Winitred Dciisie Rich. who died in 1955. (Registered Charity 110. 236706.) In 2023. following an extensive review llnd fter consulthiion with ihe Trust's professional advisers. the TTUStees made the decision to chang)e the lebN1c l entity of the Trust from rm unin¢oTwratcd charitable trusi to a Charithble Incorporated Or¥1( nisa(ion (CIO). The new CIO wa.5 illCOTPOrydtod on 30 Jiine 2023 and allocated a new Reglister￿ Charity no. 120381 l. The Trust's k)ssets wcre tryansferred from th¢ former entity io ihe new CIO on 5 ' Ociober 2023. This rnore coniemporary leL¥RI stru¢ture will provido lh¢ Trust with greater prorection and flexibility ￿ meei its future ¢hiritttble ()hJeciives. OILJV.CTIVES AND AIMS FOR THF, PUBLIC BF.NF.FIT Objef t5 The charitable obJ￿ts ot the Trust in accordance with its Constitution are= For the public benefii- (a) The relief of poverty by the uyranting of annuities, pensions or allowallces to 5uclI of the persons following as are or shall be necessitous and deserving ncimely persons who have been in the employment of Upward & Rich Lirniied c1nd the wife widow, husband widower. children, Frdrenrs or (Aher dependents of any person wllo has been himself or lierself a member of the cla&8 of Beneficiarie5- and {bl To fiirther such ch1( riLible pujyws, which c?re charitable under the law of England and Wales, by Inaking brcinis and donlc tions 10 such oiher chariiable trusts or odier cliarithble entities or other orgianisaiions in each case lor Ihe benefit of ihe Isle of Wigiht nd its residents. Alms Thc T￿￿t lurthers its charitable Fxirwses. for the public benefiL through its Lirdni making policy wliicli aims ai utilisift it% surplu.% nei anniial income io provide benefii io the Isle of Wight commvnity. throu&>h g>rants and donations. The tru8tee5 cunfimi that they have referred io the Cliarity Commission s gienerdl b)uidance on public benefi( wh¢n reviewing th¢ Charily's aiwns and objeciives. in plannin& future aciiviiies. and se(iingp Ihe brani making policy for tlie year. Strategies To creclte consiant and s(able source5 of illcome whilst preserving the re&1 valu¢ of inve51ments. To maintain and minimise the Trust's cosis. To be innovative in our approach to the charitable needs ofthe community. Cr#nt making policy The TI￿st will only fund projects and a¢tivtties that are exclusively charithble. fall within its Obj¢cts, wid Iiieei its criteria. Allcr solislyinbT ils priiiiary Object lal. tlie reinainirhbj surpliLS funds are divided amoiigsl five designated sectors in order tliat tlie wid¢r Isle of WibTIIi community can bwiefit, in accordance with Obj¢ct Ib). The d¢5igJnated aTVLS tli Service5 to the Commiinity Arts.. Cultuiy and Environnieni The Daisie Rich 1'rust Report of th¢ Trusttts ror ¢ht Period 30th June 2023 10 3151 M#rch 2024 Th¢ Trust &c¢epls applications from cliaritable irnsts, other charitable enlilies or orbi<1nisaiions with charitable aims. fuT specific pllrtN)s¢s and projecis and l or for gjeneral runningi c051s. Each applicaiion is considered on its owii Inerils on a case by se basis clnd the aniounts krnnied Vary. Through networking, the trustees also identify and make approaches to poteniial rttipi¢nts. The Iruslees aim to invest in the community and io provide outcome fundin&. Feedback is 50ughi in order io monitor nd n)easure the successful ouicomes of any donation. incliidiiig sthiistics, data and inforfflation relaiing (u Ili¢ number of people who have benelited. It is th¢ Trust'$ inl¢ntion io add lJsiiD&v, Measurable Value ro its recipients. with a view lo them achievin&> long?.term self- sufficiency. It a150 aims to maintain fundingi continuiry to lis lon¥s(andinbJ recipients. wlien appn)priate. Investinents and gprants are under coniinual review by ihe Imst¢es when legal. scKiAI. environmenial and ethical considerations are taken inlo account. ACHIEVEMENTS AND PERFORMANCE Signific#iit #etivities As mentioned above, (or the firsi 6 monihs of this finan¢ial year the Tru￿'s a¢tivities w¢re con(lu¢t¢d uiider Ihe Ir&>ulaiion ol. lh¢ ori&)inal unincorporated charithble trust {ReLTisl¢red Cliarily no. 2367061, prior to di¢ ¢lian&Je 10 the CIO (Resjistered Charity no. 1203811) with ihe effect from 6 Ociob¢r 2023. The majority ol'ihe planned donations for the year were made in the fi￿[ 6 months. This should be noted when ¢onsideiing th¢ level and nllrnber ol. donalions as detailed b¢low. The Trust successfully fulfilled ils plaTTrned donations, pro&yrJmme. making grajits tolalling £51,075 duriiig> ihe perivd 6, October 2023 10 31° March 2024. This was ma(k up of birdnts to ex*mpby¢es of £19.51K) and 19 otlier setwraie ?eneral donation5 ainounltng lo £31.575 as follow%= SECTOR Number ofseparale onations awarded Total smoun¢ awarded £9,91K £8,0(M) £500 £12.375 £800 /• of totgl by amouiit Youth Healtli Wellair ServiLes to the Community Arts.. Culture & Environmenl A full list of donations is included in nole 4 of the a￿OUnT$. 250/0 3V/o The inisi¢es kwe a150 ple(tsed to re￿rt the followinL.' Leather Taylor have mad¢ SibTnilicani donations io the Daisie Rich Trust each year for the last 15 y¢Jrs, lolallinb £120.000 to date. The tTUStees are extremely gra￿ruI to Leather Taylor's board Of diiECtori for their continued support and contideiice in the Trusi's manauwemeni and chariiable activities. Dl< IA8wift Limited have coniinued to provide IT sUPWrt to u4 fTee of charg< which is miich appreciaied by the Board of Trusiees. In ord¢r to raise the profile of ils work on the Island, new branding. includinbi a new logo and website were created for the Trust, making it n)ore recognisable and easily accessible. ChHritable Aciivities The trLlStees continue to utilise their conn¢ctions and knowledge to remain acquainted witli ihe clianging needs of the local comihiinity. lliey constanily scek way5 of providingj a%5i%tance lo iiislitulions on the Isle of Wig>hi cliid iii parti¢ul&lr endeavour lo resp)nd favourably to application5 where there will be the opponunity lo make a real dilTerenc¢ for the public L7ood. In ¢1ccordc1nte willi Ihc Trust's &Jrdnt-n)aking policy, ¥Yhen considerinbl adly in-lin¢ witli tlie b¢n¢hinark aiid Il)e perforniance ¢x¢eeded ihic t of ils cojnparable w Liroup as m&￿ured by tlie ARC St¢rlinL Steddy Growtli Clixrily iiidex. Chanbies in lixed Js5¢ts diirinb? the year thre Set oui in the noies to th¢ financial siaiements. Page 3 The Dxisi¢ Rich Trllst Report of the Truslee$ for the Period Joth .111￿e 2023 to 31st Mttrch 2024 Ile.s¢rves policy 'I'he triistees have considered the financial risks io which the Charity 15 exposed and detailed these elsewliere in ihis rewrt. If any of these risks were 10 occur. Ihe irnsiees would wish io havc fieely available reserv¢s in order 11ilit tliey could coiitinu¢ to opcrovernance cosis woiild need to continue to ￿ paid. The trustees considcr thai it 15 ner¢s5Jry to hold fr¢0 reserves thai amouni io twelve monihs operaiingi expendilure plus the amOLini commitied to grants in the next twelve rnonths. iogeiher with ihe value uf any bTrdnts cominilted for a period of longier than twelve monihs. As at 31 st Ma￿h 2024 the tithl of free reseThes required is calculc11ed as being) £211.209 made up of opcr4iiion1c l expenditure of £74,309, paym¢nL% to the ex-employees of Upwatxl and Rich Ltd of £21,900 and other planned donations cimouniing to £115.000. As at 3 l%t March 2024 the Charity htid assets capable of bein& rei11ised inimediately of £2.45m . Iherefore. the reserve5 policy is mei. The amount of free r¢s¢rves required will be reviewed an￿U#llY by trllstees. FUTURf. PLATr4S Followinbi Ihc change of the le&i21 eniiiy of the Trusi, the Iruste¢s remain commiitrd to continue to make graTrt5 and donic lions in Iiccwdance with the strdted aims and objectives of the new CIO'S Consiiiulion. Aiialysi5 of eIficien¢y and ¢05t ¢ffeeiiveness are impon&nl to the Trusi 10 ei)able li to deliver its don￿10￿5 effeciively. 'I'hi5 includ¢s continued monitorinbT of its property portfolio. and manabpeineni of its equity inv¢simenis, cash aiid overheads. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing doeiimcnt The Trugt is a Chariiable Incorporated Orbjanisation (CIO) RegTiS(¢red charity number 1201811. The CIO wa5 incorp()rllted on 30 June 2023 and is controlled by its kioverninLi documenl. a Consiiiuiion of a CIO whose only voting member8 are its chariiy trnstees. OrganisAtional 4truetwre The org>?c nisatioJhal st￿¢t￿re of the Charity is ¢llntnily: five trustee& one ambassador, one administraiorlsecreiary and onc visitor. The Ints￿S meet rtbFularly (at leasi quarterly) to discu&5 grAnts, inveslments and slraleu. Decisions on graiit pplicaiions are Inade by the IrL1s￿e$ ai Ih05e regular meeiings. kxceptionally. Should an applicalion require an iirb?ent d¢¢ision. the trusiecs consider it either al an ad hoc mttiin&, or by ulilisalion of tlie Trust's electronic SharePoint system. In considering 4yplieaiions. the tnJ5t¢es are assisted by iDfomialion giathered on tlieir behall. by th¢ admini8trAtor. Recriiiln]eMt, Appointment, induttiom and traini￿g of new trustees Thc i]Icijority ()f ihe kneficiaries ()f the Chariiy are r¢si(knt on the Isle ofwiglil and tlierefore Jiew Irustce5 are recruited from individuals in &?ood sthnding on the Island. and well c(bnnected with the local community. Prior 10 the appoinlrnent of a new tnisiee. Ilie existing tnJst¢¢s iindertake a review of the skills requiird and the commi(ment needed for new tnistees. They (hen ￿ke soundings in the commiinity 10 identify individuals wl)o migyht be 8Ultnble lor ihe positiOTL. Poieniial irustets are fully briefed on the ChaiitV'5 aims, objeciives and metliod of 0￿ra110n and arc inviied to aitend at ledsi one Ineeiin&i ofihe Iruslees as an observer. followinbj which the trustees would con5ideT whethcT tlie individiial should be inviied to become a irustee. If th¢y are invited, and acccpi, Ihey WOLtld be supplied witII copi¢8 ol. the govemiDk docllmen( relevant exiracts fr￿￿ previous rninut¢s and would be briefed on ciirreiit IS5iies. They w(Truld also be uiiven appropriate irainiDg in ihe duiies and re$r￿SIbIlitI¢S of a trustee. Page 4 Tlie Daisie RÈch Trus( Report of the Trusiees for 11)¢ Period 30th June 2023 10 Jlst March 2024 Risk In#n#gement The iriisiees recogTlllSe and comply with their duty to identify and review the ri8ks lo which the Charity is exposed and tu ensure appropriate contsDls are in place to provide reasonable assurdjice against frdud and error. llie principal ri5k5 are those Ic 5sociated with the invesimenis in slocks and sliares. and propcrty. These risks are milibTaied by retainingv an ¢xpert. reputable. national firni ofstockbrokers to manag>e thc Trusi's inv¢stm¢ni portfolio, on discretionary basis. Th¢ Trusl's propertie5 ale managed by a mainland company of cOmm￿rI#l prop¢rty advisors and are mainlain¢d in the nam¢ ol-lhe CIO. ControLs are in place which ensure that two tru5tee5 independently authortse each banking tran.gaction. The tru5t¢e5 are provided with reb?ular financial utdales at irusltts. meetings. The ts'ustees review the risks annually and have put in place insurance to cover appropriftie insurable risks. Mcittcrs of doubt ure pliiced ￿[orc the Trust's solicitors. REFERENCE AND ADMINISTRATIVE DETAILS Charitable Incorporated OrEanis#tion (CIO) Incorpornted 30, Jun¢ 2023 ReEiStLired Cliarily number 1203811 Priiicipal address Th¢ 14c 5 Tli¢ l)iii.4ie RiLh Triist ltcpnrt ()rthL. Ti'ustees for thc l>eri(Ml 30th Jiint 2023 to 31st March 2024 IIF.Friir.NCF, AND AI)MINISTRATIVF. DF.TAIL Ilankcrs N1< liL)n resources and appliccllion ol. rLsources. includiTrL the income and cxpcndilure. of ihe chc1ri1y lor Ihai period. Iii preparinbi tliose rinancial slcLteiMenis. Ihc irustees aro required lo sclo¢t Siiitable accounting wjlicies and then cipply them consist¢ntly- ob.%crvc the mcthod8 11 nd principles in the Ch1( riij. SORP; niclke judgicnienl.% Lsiimclies ihat are reasoncible aiid prndcnl- prLparc IhL financi¢l1 Slc11emenis on the bToinLi concern b&sis unless il is inapprotyiaie io presume Iliai ihe cliarily will continu¢ in b115iness. 'rhe inistcc8 urc rcsponsible for keeping pmper accouniing records which di￿lose iyiih rea50niible clLLUt•Cy (11 any tiinc (he Iinilncial po%ition of Ihc chic riiy 12nd to cnt1ble Ihein io ensurc tlial ihe financial slat¢rnenl8 coii)ply willi Ilie ChdTIIIc5 Acl 201 I, thc Lh1¢ rity IAccoiini.5 £1nd Rcports) Rebwiilaiions 2008 and th¢ provisioiis of thL Irll81 dLLd. Tliey drL Iilso rL%ponsiblL for %ufegiiiardinb the 1¢ of the ch1( riiy ¢lnd hence for taktngT rcasonablc sl¢ps for the preveii(ion and dctLxtion ol. IriLid and othcr ]￿L¥ll1{￿rItIcS. Approved by order ofthe board of irusiees on ...... .................... .'knd signed on ILS l)ehalf by.. Mrs C P. B LockL DL {Chairl- Trust¢e Pag7c 6 Rcport of the Indepenrlent Auditors to Ihe Trustees or Tlie t)ai$ie Rich Trust Opinio W¢ have alldiled the fin£illcic11 statetnents of The Daisie Rich Trusi It])e'charily') for (he ￿rIC￿ cnded J l st Marcli 2024 which comprise the Stat¢ment of finan¢tal Activities. the Bic lance SheeL the Cash Flow Statement and noies to tl)¢ financial slaienients, in¢liidingTr a surnniary of significant accouniin& policies. 'lThe financial reporting framework that has be¢n appli¢d in their preparation 15 appl]￿b]e law and United Kingdorn Accouniing Standards (United Kii)bTdom Generally Accepted Accounttng Pracii¢¢). In oiir opinion the financial slai¢menls'. ive a true and lair view of ihe stale of the chi¢ rity's affairs as at 3 1st March 2024 and of its imcominbl Tesollrces and application of resources, for the period then ended- liiive been properly prcp4ired in accordcince wilh United Kingdom Generdlly Accepted Accounting Praciice,. and liave been prepared in accordance with the reqiiiremenls ofihe Chariiies Aet 2011. Ba515 for opinion We condiicted Olir aiidil in accordance wilh Iniemaiional Sthndards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities Linder those standards are further described in the Auditors, resp(Trnsibilitics for tlie audit of ilie ftnllncial stsltenients section of our rew>rt. We £lre independent of ihe charity in accoTdAnc¢ witli thc ethical IEquir¢ments Iliat are Televani to our aiidit OF the financial statements in the UK, including the tr'RC's P.thi¢al %taiidard, and we hav¢ fulfilled our other ethical responsibilities in accordance with these reqUir¢m¢￿t$. W¢ believe thai tfie audit evidence we have obtained is siifficient and appropriate to provide a basis for our opinion. Coiiclusions relatin% to going eoneer In auditing the fjnilncial 5tatCTncnts. we have concluded thai the tTUStLYs' use of d)e going concern basis of accoiintin&T in the preparation of the financial stlltements is appropriaie. Based on Ilie work we hav¢ performed, we have not identified any material uncenainiits relating io cvencs or conditions thai. individually or collectively, may cast significant doubt on ihe charity's ability to continue as a going concem for a period ot-c1t least twelve inonth5 frotn when (he financi£il ￿￿teMen18 are aulhorised for issue. (￿r responsibililic5 and th¢ rosponsibililies of the trusiees with respect to going concem are descril￿d in the relevant sections of tliis rcport. Olhcr inlormYJtion -rhe rriislees 11 re responsible for ihc othcr infom)aiion. The other infom)ation comprises the informaiion inclvded in th Anniial l lo repoTt in rLspeci of ihe following matter5 where the Charilies (Accounts and Repons) ReuTulaiions 2008 reqLiJres lis to rewrt to you if. in our opinion= the infomc1tlOll gTrlVCTI Ln Ihc Repon of the TTU5tees is inwnsisieni in any material respecl with the financiic I 51ed with &vov¢rnance and the entity's solicitors around actual and poienlial lit1￿jatiOn claims. ¢nquiry of eiiiily's ¢0 identify any instances ofnon-compliance with laws and re&>ulations- reviewinbi minutes of meetings of those Charged with &¥ovemance-, revi¢winb financial statement disclosur¢s and iesting to sup¢￿(ln￿) documentstKFn to assess compliance with pplilable laws and regpulations: and auditing the risk ofmanagiemeni ove￿Ide olconlrols including through iesiiiig joumal enlries and oiher adjuslmenis lor appropriaientss. and evaluating the business rationale of significant Iransaclions outside ihe nornial course ofbusiness. A lurther des¢fipiion of our responsibilities for the audit of the financial stalements is localed on Il)e Fiiiancial Reporting> Coun¢il's Websi￿ at www.frc.org.uk1audito￿res￿nslb1lIIles. Thts description fomis pan ofour Report ofih¢ Independent Auditors. Use of our report Thi5 repon is mad¢ solely to the charity's Irvst¢¢s. as a body. in accordance wilh 4 of the Chariiies (Aecoiints ajid Reports) Regiulations 2008. Our audit work lias b¢¢n undertaken so thai we mibbhi stale to the charity's trustees Il)ose matiers we £ire required tg slate to (hein in an auditors, rerK)rt and for no other PiiTpose. I'o Ilie fullest extent permilled by law. we do noi accept or assutne Te5ponsibility io anyone other than the charity and ihe cliarity's trustees as a body, for our Audit work, for thi5 report, or for the opinions we have fornied. Sheen Stickland Cl)artered A¢coLiniants Stsiiiitory Aiiditors Chichesler Wesi Sussex P019 ITR D&il¢: PaLJe 8 The Dfiisie Rich Trust Ststement of Fiiian¢iAI Activiti¢s ror the Period 3UtlI June 2023 to 3151 March 21b24 Ui)rrstricled fiind Notes INCOME AND ENDOWMENTS FROM Donations and lega¢i¢s 10,0 Itjvestment incoine 76.141 TotAI 86,141 EXPENDITURE ON Rai5inb lunds 6,102 Charitable xctivities GTaiits lo individu471s and in%titutiOn5 for ihc lurtherance of the ch41rity's objects and associated costs for producing su¢h kFrdnts. 75.579 Totxl 81.681 Net gains on investments 243,861 NET INCOMV. Other recognised gAin￿(losseS) F.xchic nge lo%ses Transfer froin Drtisie Rich Trusi 248,321 (861 3.749 28Y Net movement in funds 3.997,524 TOTAL FUNDS CARRIED FORWARD 3.997,524 Tli¢ notes fomi pan of these financial siaterncrhts Th¢ l)aisi¢ Ili¢li Trii$l Jlst Mhrch 2024 Uiire%iricied Notes FIXI.:I) A.%SF.T.S Inv¢'%linents 2,307,648 ,-$68,317 Invesim¢ni property 3.875.965 CURRE4 NT A.8.SET.S Cash i1t bank 147.884 CRf.DIT()RS Amoiinis 1111ling￿ due wiihin one year 126.325) Nb:'I' CURKb'N'I' A&%b"rs 121,55C} TOTAL AS.SF.TS LF.%% CVRRF,NT LIAIIILITIF.S 3.997.524 NET ASSETS 3,997,524 FUNI).4 IJIiiL'%tI'iCl¥sd lunds 10 3.997,524 TOTAL FUNDS 3,997.524 -rhe linancial sialements w¢r¢ approved by the Board of Tmsiees authori5¢d lor issue 011 and wer¢.4iLyncd on it5 behalf by.. C E B L()cke - Trustee ACMedley-T usiee 'lthe notes forni ofthese finl¢ ncial staiLn)ents Th¢ Doisie Rieli Trust Cash Flow Stxtemeiit for ihe Period 30ih June 2023 to 31st March 2024 Noies Cash flows from opcrating activiti Cash b?enernied from 0￿ratIOnS Bank Lh￿￿TeS 62,094 175 Net cash (used inyprovided by operating activities 61.919) Cgsh flows from investing aetivities Purchase ot. fixed assei invesiments Sale ot- fjxed asset invesiments Interest r¢c¢ived Divideiids and Rents Received (68,735) 78.559 16 Net cth provided by inv¢siinbF Il¢livities 85.965 Change in Cash #Nd c*sh equivAlents in the reporting period Cash and ca.¥h eqiiiv#lents at the beglnning of the re￿rtIng period 147,884 Cash and cash equivalents a¢ ihe end or the rerrtjrting period 147884 The noies fomi part ofthese financial si*enients P¥￿Te I I The Dalsio Rich Trust Noits lo the Cxsh Flow Staiemenl for tht P¢riod 30th Juli¢ 2023 to 31si March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIF.S N¢1 iN¢nmt for the reporting period (as per tht Statement of Tr'inancial Activilicsl Adjiistmciits for: Nei ciirrcnt asseis from Unlncor￿rated chhrity LO￿e5 on investments Inter¢%1 received Bank char¥es Dividend% and Rcllt% Received ExchanLy¢ Liainsl(losses) Incr¢a4c in cr¢dito 248.321 107,361 {243,861) 175 (76.125) (86) 26.325 Net cash Iu8ed in)Iprovided by operation3 ANALYSI.S OF CHANGES IN NET FUNDS AI 30.6.23 Cash flow Ai 31.3.24 Net e*$h Cth%h at 147.1184 147,884 147,884 147 884 Tothl 147,884 147.884 The noics form part of th¢5e financit11 siaicments Pabie 12 The DJi$ie Rich Trust Note% to thL Finxneifil Statements for the Periibd 30th June 2023 to 31st M&rLh 2024 ACCOUNTING POLICIF.S Ba815 of preparing the financial statements I'he tin2¢ ncial 51atLinenis ol. rhe Lharity. which is a public benefit eniiiy under FRS 102. have been pr¢par¢d in accordance with the Charities SORP (FRS 102) 'Accouniing and Rewrtiiig by ChaTili¢s'. SiaieineDt of Rccommended Prnctice applicable to charities preparing iheir a￿tsun(S in Accordance with the Finanlial Reporting %tandard gtpplicable ill the UK and Repiiblic of Ireland IFRS 102) (effective l January 2019),, Financial ReportinL 8t1( ndard 102 Financic11 Reporting Standard applicable in the UK R¢piibli¢ uf Ircland. nd lh¢ Chariti¢% Act 2011. The financial siaiements have been prepared under the historical ¢0st convention. wilh the ex¢¢ption of invc%tments which cire included ai markei value. as modified by the rcvnluation of cenain Iwets. Incom¢ AII iTtcorne is recobiniscd in the Siclternent of Financial Ac(tvi(ies once the cliarily has enuilemeTht ts) the funds. it 1.8 probable that the incomc will be received and thc amount can be measured reliably. I xpeDditur¢ l.iabililie% are re¢ognised as expendiiure as soon as there is a legal OT Constructive oblibiaiion commillinb the charity to ihai expellditure. il is probable ihat a trdnsfcr uf economic benefits will ix required in s¢iilem¢nt and the amouni of th¢ oblibFaiion can be measured reliably. Expenditure is account¢d for on an xcru1c Is basi5 dnd l)41S been cla$8ificd under headin&s Ihai agu?regate all ¢ost related ￿ the categiory. Wh¢r¢ costs eaniioi be direcily iiribuled io particular h¢adinbFs ihey have been all(Kated (o aciiviiies on a basis ¢onsi51enl wilh lh¢ us¢ of resoiirces. Grnnis offered subject to cortdilions which have not been met at the year end date are not¢d ps a ¢ommiimeni bul noi accrued as expenditur¢. GovernAnet eosls Gov¢rnancc costs include thc ¢osts of biovernance arrdn&F¢fflenis which Jrlare to the gienernl runiiinky of the Trust. Alh)c#tioN apportionment ofeosts Where wsts cllnnoi be direcily attributed to particular h¢adinbJs they have been allocaied on a basi5 con51sl¢nt wilh the use of rLsourtes. Investmcnts Invesiinenis cire stated rtl their fair value at Ihe year end. The Stat¢m¢n¢ of Financial Activities includes the Iiet ins and1055es pri%ill&F on revalualions and diS￿SaI5 ofinvesltnenl 355ets throubhoul the year. Investment property Inve.4imeni property is shown ai mosi recenl valuaiion. Any ￿rreLate surplu5 or deficit arising from chanb7es in faLT vttlu¢ is recoginised the Siaiemeni of Financial Aciivilies. T8XSItio I'lie charity i% exempt from tax on its charitable acitvilieg. Fund hccoiinling CienLral funds aTe unTtstricted funds which are availabl¢ lor use at the discretion of the Iruslees for particular purKX)ses. eoniiiiued... The Daisie Rich Trust Notes to the Financi¥l StMt¢ments- continue(I for the Period 30th June 2023 to 31st March 2024 1Tr4VF.8TMENT INCOME Rents rcccivLd Dividends Dcposit account intcrest 49.08. 27,040 16 76.141 RAI.SINC. FUNDS Investment manogtmcnt costs BrokeTS' Adininistrdtion Fees 6.102 GRANTS PAYABLE GTanis to individuals and institutions for the furthernn¢¢ olthe charily's objects and associaied costs for pr￿￿¢In&l such gyrnnts. 51,075 Grants m£1de 10 Institulions and individuals for the furtherdnce of the charity's objects were- Beaulieu Respite CRUSE B¢reav¢ment Care Earl MoLintbi£ Iten H05pice Fre¢ Food in s(￿doW Friend5 of Newport Minister (iirls Elrigad¢ 3rd Ryde coM￿nY (ireater Kyde B¢n¢volent Trust H£iinpshire & 151¢ of Wight Air Aimbulance Isle of Wigiht tkaf Children's Association Isle of WiLht Pliysi¢ally Di&Hbled Sociery Igle uf Wigiht Prostare Cancer Support Groiip MotOT Neurone Disease Association Isle of Wight Ne¢dles (NCI) National Coaslwatch Institution Saiiirday Club lor Deaf Children Shunklin Vuluniary Youth and com￿u￿1tY Cenire I'idal FaTnily SuprK>rt Ventnor EXCh￿l￿￿Je West Wigilit Chiirches Youth Project 1,000 2,000 4,000 2.000 800 i.(M)o 500 4,000 400 1,500 1,500 1,000 2,375 400 1.600 2,000 2,500 Totxl 31.575 Ex cmployee5 uf Upw#rd 4nd Rich Ltd or thelr dependants 19.500 Pagye 14 coniiniied. The Dalsle Rieli Trust Notes to the Fin#neial St4tcments- eontiNued ror the Period 30th Junc 2023 to Jlst March 2024 TRUSTF.F.S' RF.MUNF.RATION AND BF.NEFIT. There were no twsiees. remunerniion or oiher benefits for the period endeil 31 si MaTch 2024. Trustees, expenses Ther¢ were no irustees, eXpeT￿eS paid for the period ¢Dded 315t MaTch 2024. STAFF COSTS Wages and salarics The llvernge monthly number of employees during ihe peri(Ml w&8 as follow5= Administration and ¢onsultan¢y No ¢mployees received emoluments in excess of £60.O¢M). FIXED A.SSET INVESTMENTS Listed invesiments MARKET VALUE TransfeTS frorn Daisie Rich Trust Addiiions Disposa15 Revaluation5 2.073,611 68.735 {73,6001 238.902 At 3181 March 2024 2.307.(48 NFI. BOOK VALUE At J I st March 2024 2 307,648 At 31 si March 2024 ihc cosl of listed investments were £1.725.714. Investm¢nt assets Outside ihe UK at 3 1st Marrh 2024 tothlled £1.367,943 Cost or valuation at 3 1st MclTch ?024 is represented by: Lisicd investrn¢nts Value 17 The D#i5i¢ Rieh Trust D¢tailed Staltment of Financial Aclivities for the Period 30th Junt 2023 to 31st M#r¢h 2024 INCOME AND ENtK)WMENTS DoTtation$ legaeles Don¥l1ions 10.(K)o Investment income Rents received Dividends Deposit accoiini interest 49.085 27.040 76,141 Total incoming resources 86.141 EXPENDITURE I￿VeStment rn#nagement eosls Elrok¢r5' Adrnini5tration Fees 6,102 Charitabl¢ aftivilie5 Grants to insliliition5 (irants to individua15 31.575 19,5(K) 51.075 Suppori costs Mwijdgement W#&T¢s Insurance Telephon¢ 13.294 67 303 244 175 Compu(er consultancy 1£ nd costs Baiik char&T¢s and interesi 14,199 GoVern￿nee Costs Auditors, fLmunention Pn)fessioval fees 3.800 6.505 10.305 Total resources expended 81.681 Nel irteome before guin$ xnd losses 4.460 Reiili5od reeogiil￿d g#ins aiid 1055C5 Realised glain￿(lO&ses) 011 Iixed s¢1 inveslmenis 4.959 Net Ineorne 9.419 This P41&ve doL's not fomi part of the 5talutory fiiiaDcial staleineiits Pag>e 18