Charfty F8glgtratrJn rnAnber. 204958 Viscount Amory's Charitable Trust ATrnU Roport and Flnanclal Statements for the Year Ended 5 Aprfl 2024 WESTCOTTS IPTI RI D ACCOU NI4NTS
Vlscount Amorfs Charltablo Trust Contents (contlnued) Reference &)d Admlntstr8Yve fJgtall3 Truste0¥ Rewt 2to4 Indepent Audltcrf3' Report 5108 Slatoment of FInaThOI A(thitles 8olan¢8 Sheei 10 Notes to the FtnarKW Statsments 11to20
Vbscount Amorfs Charitable Trust Reforence and Admlnlstratlve Detalls Tn•st• Slr IBn Heathcoat Amory. Bt DL Mrs Calherina ENz8belh C8vend8r Chvlty Reglstratlon Numbw 204958 Prfnclpal Offl The Island Lowman Green Tiverton Devon EX16 4U4 Westcoits (SW) LLP 47 Bouwrt Slreèt Bamstaple Devon EX31 1SQ ditor Sollcltors A5hfords Ashford House Grenadier Road Ex8t8r Devon EXI 3LH Uoyds Bank PLC rsverton 46 Fore Slro01 riverton Devon EX16 6LF Bankors Invostrngnt brokern oinwort Hafflbros 8 Sl James's Squar London SW1Y4JU Adrnlnlstratlon Lowman Manufacturing Company Ltd The Iand Lowrnan Green T4verton Devon EX16 4LA Pag8 1
Vlscount Amorfs Charltable Trust Trustees. Report The Iru$leeB presgnt the annual report together wlth the flnCIal statements oflhè forthe ye8r ervjed 5 Aprti 2024. ObJ•ctlvo¥ and actIvIt$ ObJ8cts and¥lms The trustees belteve tha objectives of th8 trust are to donate Ihg annual Investment Ino)me to such dHritable institulions or ofhèr organisations as think fft primarily to benefit the inhat4tants of the county of Devon but to also asslst srung people. Ihe poor arKI aged and to advance education. The trust meets Sts objectlves ty fr4knwlng a generdl pjlicy of distrtbuting tho trusf$ Ineomg whlsi mainlaining th8 sub5tanco of the truBt8 investments to enlarg8 its gr8nl*iving phjtenual. Publlc nefft The trustees have had regard to the CharTty Commission guld8nce t)n publlc banefft and bellevo this Is achieved vla the charitvs ob]è¢llves aThJ advitles. Thg trusteos confimi that have complied the requirements of section 17 of the Charfties Ad 2011 to hava dug regard to the publlc benefft guidance publkshed by tho Charity Commission for England and Wales. Grantmklngpollclos The trustees invilg and respond to appllcauons from a wide vartety of establlshed charilies or groups promotillg charitable causes. Thèir preference is to support smaller groups, mostly In the south west of EThJland. which do not hav8 acces5 to sophlsttc8ted fund raising campalgns and on whth a relativoly srnall donatlon may have a signifkwt off6cL In this mannar Ihe aims of the thartty are for tho public benefft. Achlovomfrnts and porfomiance The trust has continued to run SM)th[Y maklng donsllons out of investrnent Inme to kxal Institutions and IndNiduals. Durfng thg al the trust madè don8ttons of £482.51712023.' £409.656). At tho yèar end lotsl unrestrtcted funds wgre £12,454.OSB 12023: £12,540.4281 of whtch £147,266 {20ZJ: £166,778) were daslgnot9d fvnds for fvrther commitments payable. Flnanclal r¢vf0W The financlal ststoments show net expenditure forthe ar of £99.081 12023: net Income £8.4461 Poll¢y on r•serv•s It Is the pollcy of the trust to maintain suffiaenl reserves lo mpet its comrniirnents lo grants awardèd bui not ypt paid and to mataIn th$ trusV$ grant-gmng potendal in real terms. Pa9e 2
Vlscount Amorfs Charltablo Trust Trustses, Report (contlnuèd) Inv•stmentpoliTCy and obhctlvos The Injsl omF4oy4 KIeWOrt Hambros b) menage most of its invethent portrollo. The rem81nder of the FfrAI0 Is Invested in oJmpanl8$ and other Investments In th8 ojunty of D8vi>n. Inveslmgnl incomo for th8 year was £473,14512023', £S06,752) repre8enluig a 3.75% reium120ZJ: 4.0%} on the marketvalue of the ptIO160. At Ihe year end th& mthetv8lu8 ol Investrnents held was £12.619,29212023: £12,686.1501. Plans for futurn P10d• Alms and keyobJeetlv8s ftirfutureperfods To continuo to donate tha annu81 In${ment In¢>Jm8 for charitabl8 purposos. Golng concom The value of the tharrvs inveslments vari9$ vjfith m¢)vements in the ffinanaal markets. As the truste hav8 P8rN(xJlar regard to tha Incomo vthen deciding on grants they assess the grant-gIng poiential wlfh ¥ tong tern vlew of tho agsets, and thls vlew allows them to draw fmm lh8 (spft81 gain$ of the frjnd from tkne to llme to supplement the Incomo. Th¥ tnJstee$ 8re of the opinion that the level$ of grants and MMItments can be $ustsined by the fijnd for at least the next tsyejve months. Structur•s gov•m?nco and manag•mont Nature offgov•mlng do¢ument Tha Trust is govemed by a Twst Deed d8ttd 26 FeLYuary 1962. Oryanlsatlonal sfw¢lur• Thg minimum number of trustee$ required kj administer the trust 13 three. However, fv40 trustee5 may sdminisfer the trust pmwd¢d the vacancy Ls filled as soon as posslble. Appolntmgnt Is by tho exsting trustees under the stalutory ptr*er5. Thè Trust88s are adlvejy s8eklng a thirf Trustse lo fill the vacanGy. Nomynees neèd to be loca aTrJ be prepared to act Majorrisks and manag•m•nt of thos• frlsks The Irustees have examined the maj¢)r strategiq IsInesS and operational ri3k8 vthtch the trust fa¢es and o)nfiun that systems have been eSlablhed to lessen those risks. Pago 3
Viscount Amorfs Charltabla Trust Trustees. Report (contlnued) ststement ol Tru$t•os' Responslbllltles The trustses ar8 responslble for preparing the trustses. rspN)rt and the finandal sttttsments in accordanc8 th8 United Klngdom Accounllng Stsndards {United KlThJdom Generalty Accepted Accounting Pradce} and applkable law and regulatlons. Th9 law applicable to charitles require5 the trustees to prepare finond81 statemgnts for 08¢h fin8neTo1 year whKh give a true and falr view of the stsle of affairs of the tharity and of ttrTe Irwmiro resources and appli¢ation of resources of thg charity for that period. In preping these ffflancaal statements. th trustees are requtrod to: 8ele(X suttabk ac¢ounllng potiths aThJ then app them consistenty. observe the methods and prinaplas in the Charities SORP," make ludgements and eslimates that are re8sonable and prudent,. stale whether appli¢ablo accounling standards have b8gn followad. $ubJ"8et to any maiorfal departures disclosed and explained in the finandal statemen15: and prepare tho fin8nci81 statements Tri the golng InCern ba81s unl858 It i8 inapprowiate to presumè that th• tharity wll conb'nue in busine5S. Thè trust8e$ are responslblg for kaeplng proper accounllng rec£Jrds thai dlsdoso wlth r8a¥Jnablo accuracy at any tlme the finBn¢xl position of the charity and onablg them to ensure that the finanaal s¢atemenis corryly with the Charftles Act 2011. Ihe Charitie8 (Accounts and Reports) Regulakn'ons 2008, and the provisions of the constitution. The twslees are also responsible for saleguardlng the aSS8ts of the charity and hen¢e for taking reasonable steps for the pravention aThJ det8¢tion of trnud and other irrogularltlgs. The trustee5 are rgsponslble for Ihe maintenanca and Int8gW of thè corporato an¢J finandal Infomiatlon Indudgd on the chadtablg companls website. Leg151ation goveming the weparallon and dlsseminailon ol finanrAal ststements may dlffer from legislalron in other jurisdictions. Disclosur• of infomiation to audltor Each trustee has taken steps that they ought to have taken as a tsustee rn ordgr to makè themselv0$ aware of any relevant audit information and to estsbThsh that the ch8ri1I8 audllor 18 awar8 01 Ihat Inlormation. The Iwslees confirm that there is no re18vant irrfoMi8tion that they know of and of byhth Ihay know the auditor is unaware. 22.1.Ir The annual roport was approved by thè trustaas of th* charity on .................... and svJned on its beha by Slr lanf8aththrfAknorrGri Trustèe Pa90 4
Viscount Amorfs Charltablè Trust Independent Audltorfs Report to the Members of Vlscount Amorfs Charitablo Trust Oplnlon Wo have audtted the financlal statements of Vl$counl Charltable Trust {th8 'chariiYI for th& yoar erKled 5 Apth 2024. vthlch mPrisO the Statement of Flnanoal Actlvibos, Balanco Sh&et. and Notes to the Flnanaal Ststements. induding a summary of signthcanl accounting pdiries. Thè financial raportlng framewo Ihal has been applied In thelr preparation Is Unlled Klngdom AccouThting Standard5. comprising Charitles SORP- FRS 102 The Financial Reporllng Stsndard applicable ffi the UK 8nd Republic of Irelorrt and applicablo law {United Ktngdom Generdlly Accepted Ac¢ounllng Pracucel. In our opinton the finandal statemts. grve a true and fair vlew of thè ststo of tho d)arty3 affatrs 88 at 5 April 2024 and of Its Incomlng resources and appllcallon of r8sour¢os. in¢ludlTh3 it8 incoffla and expèndMur8, lor th8 y&8r then onded., havè been pr¢)perty prepared In acLrdarA Unlted Klngdom G9naraJly A¢copted Accounllng Practke; and have been prgpared In accordance wlh th8 requiremenls ol the Charrtses Act 2011. Basls for oplnlon We rnnducted ¢Jur audit in accordance with Intemational Standards on Audrflng IUKI (ISAS (UKII and 8pplicable law. Our iesponsibllrt(es U19r those 3tand8r(Is arÈ furlher ebad In th6 audftor responsbllltles for thé audll of the financial statements sectlon of our report. We are independelll of the ¢hBrNy In arxord4nce wth the ethical requirements that are relevant to our audrt ol the financr statements In the UK, Indudlng the FRC'S Ethlcal Standard. and wo have luifilled our olher etlical fesponsibililies in accordance vrith thèsè r8quiremènts. Wo lI9ve Ihat tho audit gvlden¢8 we have obtained is suffident and approw4te to p8 a b8818 for our opinion. Conclusions relatlng to golng ¢onc•rn In au¢Jlting thg finandal stalernents. we have corEdud8d that the trustses use of the golng concem basis of accounkn'ng In the preparation of the ffinBndal staternents Is approprfate. Based on the work wa have parfom)èd. we h8v& not idgntified 8ny matèrial uncortalnti8s relating io events or CondOn$ that. indNidually or collectively, may cast signifit2nt dovbl on the charitys 8billty to witinue 8$ 8 golng oJnc8m for a per of at least Nvelve months from when the original fin8rt¢xal Statements were authoYis8d for Issua. Our responslbiliti¢s and th8 wsponsibililies of the trustses with r¢$pe¢t lo golng ¢on¢orn are dtrscribed in the levant sections of this report. Other infomiation The trustees are resporksible for the other information. The other informalion comprlses Ihe Information induded in the annual rèporL othèr than tha finanaal statements and our auditorfs report thereon. Our oplnN)n on the fin#ncial stslements does not cover Ihe other infornation and, 0pt to the extent otherwise expliulty stated in our report. we do not express any fom of 8ssurance conclusion th8r80n. Page 5
Vlscount Amotys Charftable Trust Independent Audltorfs Report to the Members of Vlscount Amorvs Charitabl• Trust lcontinued) In connectk)n wNh our audlt of the financial statemonts, our responsibility is to read th$ other Irrfomatlon and. dotrrfj so. consider 8thr the othèr inform8Uon is Matarially Irtconsistent swth the financlal stataments or our knowledge obtalned in thg audit or otheJw5e aparS to b8 materially misstated. K we identify such material irKonsistencies or apparent material misslalements, we ar8 requlred to determlne whether there is a material misstatem8nt In the financaal ststements or a rn818ri81 mk$5tatemenl of tho other Infomiation. If, based on the work wfr have performed. we condudtr that there Is a material mithternent of this other information. we are required to raport Ihat fact. We havo nothlng to report in thls regard. Matter4 on whlch we ar• r•qulr•d to r•port by •xceptl¢>n In the Ilght of our knowledge and understandlng of the c*barity and its environment obtained In the courso of the audiL we have not id8nofi8d motgrfal misstatgmanls in th8 Trustees, Report. We have nothing lo port In r6specl of tha folk)wrng matt¢rs %there the Charflles (Accounts and Report) Regulauons 2008 requlw u3 to report to JDU rf, In our opinlon.. adequate accounting reD)rds have not tjeen kept. or reknms adequate for our audit have not t4en received from branches not vi$Sted by us.. or the financial stalements are not In agreem8nl with tho 8c¢ounting r¥cords and relums: c ClaIn disdosures of Irustses remuneration specified by law are not made: or we have not rèceivèd all the information arKI explanations we wuire for our audit Re8ponslbllltles of trnstg•s As 9xplain more fully in the Statement of Tru5tses' Responsibilis(set out on page 4), thp Iwstees re responsible for the preparation of finanaal stalements and tor belng satisfled that they give a tn and fair view. and for such inlem81 ntrol as the tsuslees detemilne is necessary to enable the preparation of finanual ststements that are free from malertal misstatemert whethgr due lo fraud or e(ror. In prep81ing the finandal statements. the trustees arg r9sponsible for assesslng the tharity's abllty to o)nlinue as a going concem. disclosing, as applicable. fflatte related to gorng concem and uslng the golng concom bas of accounting unle55 the trustees either Intend lo Ilquidate tho charfty or lo 88 oparalions, or have no realistic amemative but to do so. Audltor R•sponslbilltles for the audlt of th• financlal statements Our ObjeVe# are to obtsin reasonable assurance abwt whtrlher the financi81 statements as a who are free froffl material misstalemenl. vthether due lo fraud or error. and to issue 8n 8uditol$ ieport that indudes our cySnion. Re8sonable assurance is a hlgh lovel of assurance. bul 15 not a guarantee that an audk conducted in aA)rdance with ISAS IUKI 1 ay3 detect a moterial misstalement when It exL8ts. Mlsstatements can arfse from fraud or error and are con$ldered maleilal If. Indfvklually or Sn the aggrogate, they could reasonably be expected lo InfinCe thfr econ¢)mic de¢i5kJn3 of usets tskan on the basis of these financial statements. As part of an audit In accordan wlth ISAS (UK}. we exerclse profesBional judgment * mantain professional sceptidsm throughout thè audtt. We also: Id8ntify and assess the rjsks of material misstatement of the finandal statements, wheth8r lo fraud or error. design and perform audit procedures responsive to those risks. and obtsin audit gvldence that is Suffiaenl and approprfate lo prowde a baslg for our oplnion. The risk of not detecting a material misslatement resulting from fraud is highef than for onè SuItIng from effor. as fraud may Involvo collusbn, forgery. Interttlongl omlssw5. rnisrepresentations, or the override of intsm81 control. Page 6
Wis¢ount Amorfs Charltable Trust Independent Audltorfs Report to the Members of Vlscount Amorfs Charltablo Trust (continued) Obtain an undarslandlng of inlemal control relevant to thè audit In ord8r to deslgn audit procedures that are appropriats in tha C1UMStanCes. bul not for Iha purposo of expr8s$lng an opSnlan on th8 effgcfveness of thg Intgmal control. Evaluate the appropriateness of accoUnng pottCi¥$ Used and the reasonableness of aoxunting esumates and related dIsclosuS made by the trustses. Conclude on the approprialeness of the trustees, use of tha going con¢8m basks of aLxounUng and. based on tho audll evidence obtalned, whether a material uncertalnty exists related to 8vents or conditions that may cast signillcant dvubl on the d)ariW3 ability to continue a5 a going concem. W we condude that a materral uncertainty exists. we are required to draw attèntlon IN our auditc¢s rep)rt lo Ihe relBtèd dlsdosures In the finartd81 statements or. if such dlsdosuros are in8dequ8ts. to modlfy our opinion. Our conduslons are based on the audll 8v&Jence obtalned up lo the dale of our audrtofs reporL Howevgr. ftjiure events or conditMs may use tha charity to cease to continu8 as a gc4n9 C4)n¢gm Evahjale the ov•rall prosentalion. structure and exjntent of ts financial 3tstements, induding tr disdosurgs. and whether lh8 financial statements ryesent the undertying transactsns and events wt a manner that achieve5 fair presentation. Wa Communile Ihose charged with governance regardlng. among oth8r mattws. the planngd scoptr and liming of the audit and significant Itndlngs, tndudiThJ any signffi¢ant d8ft¢4ende8 In Intemal control that we Identtfy durlng our aud Irregularities. Induding fraud. are instances of non-Q¥)mpliance ¥th laws and regulations. We desbn procedu$ In Ilne wlth Jr responsiNime5, ouulned above, to detect materlal misslataments In respect of irrpgulaTitles, Includlng fraud. Tho extent to whleh c*Jr proeedur8s arè capabl• of dètectir regularttses. We idenffied aroas of laws and regulauons that could reasonably b8 expected to havg a material effect on the finanaal statements from our general commercial and sector experience and through dtscussion wilh the directors and other managemenl. We ojmmunicated idgntilled laws and regulations throughout our team. and remained alèrt to any indications of non-compli8n¢a throughout Iho audit The charlty is subjed to laws and regulations Ihat govem the PTeparabon of the financial ststtrments, indudlng finanu81 reporting legislation, and olher charitses legislauon. The charfty 1$ also subject to other laws and regulatlons where the cons8qugne•s of non-ry)mpllan¢e could have a material impact on the amounts or dlsdosurgs wlthln the financlal 8tstBments, Includlng gmploymenL anti-bribary, anti-money launderfng and certaln aspocts of tharrttes teglslalion including pubtic bonofft consideration. ng to th8 inherent limitatlons of an aud Ihore 1$ an unavoidable risk th81 we may nol have det$¢ted some material mlsstatemènts in thè financial stslements. even though we have properfy planned and perfom)ed our 3udlt In accordance wth auditing standards. In any audlt. ther• remains a higher risk of non4I81ecUon of Srregulorities. as th888 may invdve colluslon, fery. Inlenllonal omlssions. misrepresenlations or Ihe overrlde of Inlemal contrds. We are not responsSNe for prevenllng non-compliance and cannot be expect to datect non-¢ompllance with all laws and regulatlons. A fvrlher descTtption of our resrmsibilities Is available on the Financial Reporting Council's websle at: www.frc.org.uklaudilorsresponsibilitles. ThSs do$crfpllon forms part of our audiloffs report. Page 7
Vlscount Amorfs Charitablo Trust Indgpendent Audltovs Report to tho Mombèrs of Vlscount Amorfs Charitablo Trust (continued) Us• of Our r¢port Thls ieport Is made soiely to the charfty tru3tees. as a bc#ty. In accordance wllh sectlon 144 of the Chariiigs Act 2011 and regulaltons mado und9r $9cllon 154 of that Act. Our audit work ha5 been undertaken so that we might stats to tha trusteès thoJ8 matter8 w8 ara requlred to state to tru8le8s In an audliors, report and fcr no other purFose. To the fiJlle5t extent pemllted bylaw. we do not accept or assume responsibility lo anyone other than th8 charity and its trusts85 as a body. for our audit work. for this report. or forth8 opink)ns we havo fomièd. Westcoits ISWI LLP. Statuiory Audltor 47 Boutpclt Street Bamstaple Devon EX31 1SQ Datg:..2fj.......Tè.nJ* Page 8
Vlscount Amorys Charftable Trust Statomanl of Flnanclal Adlvltles for the Yaar Ended 5 Aprll 2024 Unrestrlcted funds Endowment fund8 Total 2024 Total 20ZJ Not• Incom¢ and Endowments from: Investment Incomo 473,145 473.145 506,752 Total in¢om 473.145 473.145 506,752 Expendtture on: Raising lunds Charftable 1vIt 180,190) 492.036 (80.1WI 492.036 184.019) 414,287 Totsl 8yndliure Net expendtturBlpmfft before investment galnsllloss8s} Galnslllos$851 on investment a55ets 1572.226 572,226 498.306 199.081) {99,0811 12.711 12.711 1.300,202 Nel expenthture R•ronelllatlon of fund$ 186.370) (86.3701 {1,291,7561 Total frjnds brought lorward Total fijnds Med forn¥ard 16 12,540,428 312.500 12.852.928 14.144.684 12,454.058 312.5CQ 12.766.558 12.852.928 l of the ¢harity'8 acbvltses derive from contlnuing operntions during the above p8ri0ts. The funds breakdown for2023 is shown in note 16. The notes on p8gos 11 to 20 forffl an Integral part 01th Ilnandal sLth8nts. Page 9
Vlscount Amorfs Charltablo Trust {Registratlon number: 2049581 Balance Sheat as at 5 April 2024 2024 2023 Flxod 33ots Inve8lments 12.619.292 12,686,150 Cuyrnnt a8S•t8 Debtor3 C8sh al bank ond kn h8nd 12 13 20.180 185.869 12,072 184.429 186.049 196,501 Credftors: Amounts lallln9 du• wlthln one y•ar Met cuTrtrnt assets 14 38,783 29.723 147.286 166.778 12,766.55B 12.852.928 Funds of th• ¢harlty: Endovmi¢nt fund• 312.500 312AOO Unrestrlcted InGom• funds Unrestdcted funds 12,454,058 12,540,428 Totsl fund 16 12.766.558 12.852.928 The fi ncial stalements on pages 9 to 20 were approved by Ihe INslees, and auihoris¢d for Issue on and signed on their behalf ty. Slr lan Ho0th¢(i#t Amory. Bt Trustee Th& notes on pagss 11 ta 20 fom an Integral part of these fin¥nd81 statements. P8gg 10
Viscount Amorfs Charltable Trust Notes to the Flnanclal Statements for the Year Ended 5 Aprll 2024 1 Charlty $tatu$ Vlscount Arno8 Charitsble Trust Is a thÈrity registered kn England w6th1n the Unttgd lfjngdom. The address of its register office is., The1818nd Lowman Green riv¢rton Devon EX16 2 A¢¢ountlny polkl•s Statsm•nt of compllanc• The financial statements have been prgpared in accordance 1h Iho second edition of the Charibes Statement of Recommended Prad¢g Issued tn October 2019. the Finandal Reporting Standard applicable In thg United Klngdom and Republic ol Ireland IFRS 102) and the Charities Ad 2011. Basls of preparatlon WLscount Am0S Charttabl8 Trust meets the definition of a public bènefft èntrty under FRS 101 The 8c¢ounts lfinan¢lal slatamentsl ha been proparad under the histori1 cost (xJnvantlc wlth items re¢ognls8d al cost or Iransactk)n walue unloss 01heI$9 stated In the relevant note{$) to thaso accounts. Ex•mptlon from prep4rlng a cash flow statemènt The charity has taken the exemptTon urKler FRS102 Ch8rfty SORP from preparrng a c88h flow statement as it is dassed as a small tharity. Going conrAm The trust8es consider that Ih•ro are rK* malerlal unegrtalnlles about the charitys abirty to conunue as goirtg concem. Income and endowment6 l nmIng resources are ind18 In th6 Statement of Fknanctal Activitie5 when the tharity Is legal entlued lo the income after any performance Cond.03 h8ve been met. the amc4Jnl be measured reliobly and rt ts probabl& that the Incomo wlll be recelved. Donatlons and lagacl For incoming donations lo be recognised the charity have been nobfied of the am¢)unts and settlement date in writing. 11 therg are conditions attached to the donatlon and this requires a 1g¥el of performanca before enlitlgment Can b8 obtsined then income Is d8ferre(l until those conditnS are fully met or the fvllllment of those conditions Ls wlthin thè control of the charity and it is probable that Ih9y VAII bo fulftllgd. Pa11
Vlscount Amorfs Charltable Trust Notss to Ihe Flnanclal Statements for the Year Endgd S Aprll 2024 {continuedl Inv•stmont In¢ome Investment incomg is oamod through holding assots for Investment purposes such 88 sh8rn& It Includes dlvld8nds and Interest. Inv&stment incoTh Is included when thè amount can be mea5ur8d reliably. Interest income is recognis8d using tho effec*ve inlere8t method and dNidend income is recognised when the charity$ h1 to fo¢8ivg paywent Is establlshed. Exp•ndliur• All expendilwe bs recognlsgd once there Is 8 lega or ¢onstrucUve OlgatIOn to make that &xpenditurg 8nd the amount ¢an be measured reliably. Al costs are allocated to the applicable expènditure heading that aggregate similar costs to that category. Where cosls not be dirediy attrlbuted to parti(JJlar headlngs thay have been allocated on B basls conslstenl Yhth the uso of r8sources. Ralslng fund¥ Thesè are costs Inrred in the management of investrnents. Chaiylabla 4etlvltlas Charitabte eyp8ndituTe comprfsos thos8 costs Inojffed by the charity in the delNery of its acthvilles and ServIS for its benefidartes, pmcipally grnnts mad8 or notified. It indude5 both cosls that can be 8Trocated dFf8Ctly to Suth adwities and those costs of an indlrecl nature ngcessary to support them. Grantprovlslons ProwsKJns for gr8nts aro mad8 when tho Intention to make a grant has been communi¢al8d lo th& reopienl but thoro is uncortalnty about either the tÈmlng of the grant or the am01 of grdnl payablo. Gov8Tnancg costs These indude the costs attributable to Ihe tharitys compliance with consutttticqwl and stalutuy requirements. Indudlng audit. strategic management and trustees meelings and reimbursed ey4)enseg. Flx•d asset Investments fixèd 8s$8t In¥oslments aro induded al market valug at the balance sh8et dale. Re#lisod gains and losses on investments are calculated a5 thg differènco baen sal8s proceeds and thèSr merk value at the start of the year. or their subsequent (xjsl. and are chargad or lted lo Ihe Ststsment of FinanLial A¢Uvhbe¥ in the perk)d of disposal. Unrealised gains and losses represent the movement in rnarkel values during the year and aTO credoted or ¢l)arged lo Ihe Stalernent of Finanry¥l Activiues based on the markel valuè 8t the year end. Cash and cash equlvalents Cash and cash equlvalents comprise cash un harml and call deposits, and other short4ern hbhly Ilquid investments that are readily conveitible to a known 8mounl of cash and are 8ublac¢ tu an Inslgnlficant risk of thange wi valug. Fund structurg UntrIcted income furHls are general fund$ Ihat are available for use al the trustees, disuel in fijrthernnce of the objectwe5 of th8 charity. Pag9 12
Vlscount Amotys Charltable Trust Notes to the Flnanclal Stateménts for the Year Ended 5 Aprll 2024 (rontlnued) Designated funds are unrestrfcted fvnds set aside for specmc purposes at the dlscretlon of Iha fDJstees. Endowmgnt funds represent those assets which much b8 held p8mwnètty by th6 eharlty, prfnclp8V certain Invesfments. Income arfslng on the endowed assets can bo used In ardance wilh tho objects of the charity and is induded as unffjstricted in(x)me. Any capital gains or losses arfslng Orb the Investments are 81s0 Induded induded in unrestricted irKome. Instment management charges and legal advico relaUng to ihe frjnd are charggd against unrestrlcted funtjs. Flnanclal InstNmonts Classllkation Finanaal assets and flnanc4al Ilablllttes are recognised when tho ¢harfty bocomes a paty to th8 contractual provisions of the instrument. Flnandal Ilabmlties and 8qLLIty Instrumants aro dolfi9d ac£ording to trt8 substance of the ntra(lUa1 avrongem8nts enterad into. R9gnIon andmeasurement All flnanoal asget$ and Ilab114tle$ ara initialty méasurgd at transaction prfce lindudlng transaction Ca)5ts), except for Ihose financial assets da5sified as at fair value Ihrough profft or105s. which are initialty ffleasured at fair value (which is nomially the transaction price exduding transaction costs). unless the affangement con$tituteg a flnanc4ng transacuon. If an arrangement constitut6s a financing trdnsaction, tho financial asset or finanual liabilty is measured al the present value of the future paeTrts discounted at a market rate of interest for a 3imi18r debt Instrument. Flnanoal assets and Ilabllllles ara only offset In the staternent of finan(xal poslllon when. and only when. there exlsts a legal enforceable right lo set off the recognlsed amounts 8ntl the charSty kntends eltrer to sethe on a net basls. or to realise ts a&s818nd sott18 tha liabillty simultaneou$ly. Flnancial assets are doreeogniswj when aTrJ only when a) th8 contractual rfghts to ttTe cash Ilows from the Ilnandal ass¥t axpire or are sellled. b) the charity transf8rs to arLQthgr patty subsiantially all of the risks and rewards of ownership of Ihe financial atsèt, or c) the charity. despite h8ng rgtalned some. but not all. slgnfficant rkS and rewards of ownershlp, has Iransferred control of ihe assel to another paty. Financial liabilllles are derecogntsed only Ythen the obl?110n spgdfted in the contract 1$ dlscharged. Cancelled or explres. Inv•slments Invgstments In non-tr)nverlble prefenCe shares and non-puttable Ofdlnary or preference shares (where share8 are publicty traded or thelr falr valu& Is rellably measurabltrl are maasud at fair value through profrt or loss. Where fair value cannot be measured reliabty, investments 8re measured al co$l1088 Impalrmenl. Falr valu• m•asurnnent The best evidenco of fair value 15 a quoted prfc8 fer an identical asset in an active market When qLtoted prices 8ra unavallabla, the price of a recent transaction for an identical a&8el prowdes evidence of tsir Wdlue as long as Ihere h85 not been a significant thang8 In oconomlc clrcumstances or a slgnificant lapse of ¢tme slnce the transaction look pla. If the market is not a¢tNe and recènt ansactlons of an Identical asset on their own afe not a good esllmale of falr value. the fair value is èsttmaled by uslng a valuation tsthntqu&. Po9e 13
Vlscount Amorfs Charltable Trust Notes to the Flnancial Statements for the Year Ended 5 Aprll 2024 {contlnued) 3 Inv•stment In¢om• Total 2024 Total 2023 Incom8 from listed inveslrnents Income from other unllsted Inveslrngnts Propèrty incomo divtdends Interest on stc¢k Inleresl on deposlt w5th stockbrokers Forekjn Dlvjdends - quotèil shares 201,420 1,173 17.187 139,107 18.537 95,721 473.145 239.596 9,371 122.173 4,268 97.781 506,752 Al Investrnent Inojme relates to unrostricted funds. 4 Expgnditurn on rahlng fvnd3 In¥trnent managèment ¢o$ts Total 2024 Total 2023 Portfolki m8nagament Costs 80.190 84,019 80.190 84.019 I Investrnent management costs wlats to UnStrICted fund& 5 Exp•ndltur• c*n charltsbl• aetfvlttes Total 2024 Totol 2023 Grnnt fundiry of a¢btI¥ Support c)J8ts 482.518 9.518 4.631 492.036 414.287 l expendliure on charrtable actNNtes relatss to unrastrlcied ft5nds. Paye 14
Vlscount Amorfs Charltable Trust Notes to Ihe Flnanclal Statsments for the Year Ended 5 Aprll 2024 {contlnued) 6 An#tysl¥ of g¢)veman¢e and Jupport ¢0gts Support CO8ts allocated to charltable actlvltles Total 2024 Total 2023 Bank Charges Website sts Audit fees A¢¢ountsncy fees TnJ$lees' expenses 140 3,560 378 347 9.518 4.631 7 Grantvmaklng Analysls of 9rnnts Grnnts to Instltutlons 2024 2023 Grntlts to Indmduals 2024 2023 Analysis Edueational General - sodal and enwronment81 General - health General- rdlef of poverty RelwJlo 218.228 209,9n 6.915 209,729 12,97S 11.321 20,0 472.253 158.121 9.745 2.8 500 2,070 14,600 10.265 10,578 The total number of grants payable lo Individuats durfng the year vrn$ 14 {2023:171 and the totsl valuo amounted to £10.265 (2023- £10,578). Page 15
Vlscount Amory's Charltable Trust Notes to the Flnan¢lal Statements for the Year Ended 5 Aprll 2024 (contlnued) Grants of £5,000 or above glven to instilutlans 2024 2023 Educ•llonal Birkenhead s(¢)ol Blundell's sthool Blundell's lknpatory Stho Devffl County Council Exetsr Cathedral Stho Tubws Acad8my Lld 13,800 65,249 6.000 12,(1]O 5.0 44.700 12,258 42,250 5.670 132.969 128,707 Gon•ral- Soclal & Envlronm•ntsl Rona Saillng Project Heathcoat Cricket Club Tlyerton Musgum of Mld Devon Lif8 124.600 110,51K) 24.000 153.6CVJ 110.500 Gener31- Health G•nwal. R•llef of Povorty Churches Housing Action Team Exeter Cathedral St Peterfs Church. fwerton 5,000 15.000 301.569 239,207 B Trustw rgmuneratlon and expens•¥ During the year thè charity m8d0 lh8 following transact#)ns with trustees: Travel expenses totaulng £378 (2023'.£3471 were paid to 1 TTU3tee. No remungratlon was pa•J to any Trustee. 9 Auditors, remuneratlon 2024 2023 ALtdit of the ttnandal slatern8nts 3,560 10 Taxallon The chartty is a rggi$tsrsd charity and is therefore exempl frorn taxalJn. Pagg 16
V18count Amorfs Charltable Trust Notss to the Financlal Statemonts for the Year Ended 5 Aprll 2024 (contlnued) 11 Flx•d ass•t Inve8tm•nts Llstèd Unli$t Investments InveBtmonts 2024 2023 Cmt orvaluatlon At 6 April 2023 Revaluation Additions 05sposaLg 11,197.349 196.725 2,794.776 2,630,521 936.291 12,133.640 (80.973) 115,752 2.794.TT6 2.630.521 13.787,431 {924.6301 3,818,796 4.547.957 At 5 April 2024 Cash h8Jd as part of investrnent fvnds 11.558.329 855.318 12.413.647 12.133.640 205.645 552,510 11.763.974 855.318 12,619.292 12.686,150 Hislorrcal cost 11.395,962 46.488 11,442.450 12,015,725 12 Debtors 2024 2023 Othar d8btors 12.072 13 Cash and cash equlvalents 2024 2023 Cash at bank 165.869 184.429 14 Crèdltors: amounts falllng due wlthln one year 2024 2023 Olhercreditors Awuals 32,183 25,523 4.200 29.723 15 Commlthlents Pledges of COF]Unued support have been made by the truslee3.' these afflounled to £320.85912023: £358.191) al the balan¢9 sh981 dale. Sndudlrvj 8n unqu8ntifiablg contingency ralatiThJ to school fees for a numbar of pupils. These comfflitments havo nol ygl been provlded for in the 1Snancial slatem8nts as they aro ccfflditional. Page17
Vlscount Amorfs Charitable Tru$1 Notes to the Flnanclal Statements for the Year Ended 5 April 2024 (continued} 16 Fund• oth•r rocognlsed gainsl Ilo$ses> Balancè at 6 Aprll Incomlng Resourc 2023 resources Upended Transfer¥ BaSanee at S Aprfl 2024 Unr¢strlct•d fund8 General General Funds 12.373,650 Designatsd Funds 473.145 (243,8881 1308,8261 12,711 12,306,792 186.TT8 328,338 308.826 147.266 12.711 12.454,058 12.540,428 473.145 {572.2261 Endowmgntfvnd¥ Pgmianollt Thg Trust Fund 312,500 312. Totsl funds 12.852.928 473.145 572.226 12,711 12.766.558 Pa98 18
Vlscount Amorfs Charltabla Trust Notes to the Financlal Statoments for the Year Ended 5 Aprll 2024 (contlnuod) Oth•r recognl8ed galnsl (10$8•s> Balance at 6 Aprfl lTh¢omlng Re8our¢es 2022 wesoufces expended Tran8fers at 5 Aprll 2023 Unr•stsSctsd funds Gon8ral Gora7 Fund¥ 13,808.992 Designated Funds 506.752 {175,7551 {466,137} (1,3W.202} 12.373.850 23.192 322.551 166,7T8 13,832,184 506.752 1498,306) (1,300,202) 12.540.428 Endowmont fund• P•rnianont The Trust Fund 312,500 14,144,684 312.9)0 Total fvnds 506.752 498,306 1,300,202 12,8S2.92B The specrftc purposes for %thteh Ihe funds are to be applled arg 8$ follows: Tho funijs of the charity include the abova deslgnated arnounts which have been set aslda out of unrestricted funds by tha Trustees for 5pgcffl¢ purposes and nottfied to the potential benefldaries but payment of whlch may not ¢ome to pass. 17 Analysls of n•t assèts b8tw89rt funds Endowmont funds P•miangnt Total fund¥ at S Aprfl 2024 Unrestrlcted funds General Oeslgnated Flxed asset Invastrnents Current ass9ts Currgnt IlabllTtles 12.300,792 312.500 12.619.292 186,049 38.783 188.049 38,783 147.266 Totsl not assets 12,306,792 312.500 12,766,558 Endowment funds P•mian•nt Total funds at 5 Aprll 2023 Unr¥strf¢l¢d funds General Designatod Fixed asset inves¢ments Clvrent assets Current liabilittes 12,373,650 312,500 12,886,1 196,501 2S.723 196.S01 29,723 Total net assets 12.373.65) 312.500 12.852 928 Pa90 19
Viscount Amorfs Charltable Trust Noto5 to the Flnanclal Statsmonts for the Year Ended 5 Aprll 2024 (contlnued) 18 Rglat8d party transactlon• Slr lan Heathcosl Arnorfs parsonal shareholdlng In Iha fdliythng unllsted Investsments. kn whith Wist¥)unt Am0S Charitable frust also has a h(Adlng, 1$: London & Devonshire Trust Ltd ~ 5.84% Lovman Manufacbjring Company Ltd- 6.67% {He i8 also a dlr8Ctor of thls company) thjring the ypar the charity donated tr*tsl grnnts of £124,6(M) {2023.' £110,500) to The Flona Trust (charity number 10730481 also knoym as the Rona Sailing Project. Mr Wlllkni Heathc>)at Arnory. $on of Sir Ian Heathco8t Amory, 18 a trustee of Thè Rona TnJ$L Grants to tho Rona Saillng Prolgct Idlow thè samè approval protoDJl as any oth8r grnnt Apwow Is CU51omarity gNen. Grants to the Rona Sallng Project Includo a contrlbutlon to thelr annual dlnner. The Trust IS agrged to dale a total of £77.400 pable over 7 yeais to Birkenhead School for the education of Emily and Edward Grovgs. who are grandchildren of Mrs Catherine Elinbeth Cavender. The Trust donatay £1.479 to The Leamiru Te Academy for nursery fees for Theo Gmves. who is a grandthikl of Mrs Cath•rino Elzabelh Cavendar. Th9 Trust made a donation of £1,800 (2023:£1.9001 to Ihe Ludovic Amory Trus( of whth Sir lan Haathcoat Amory Is a Trust90, tOW8rds tharitabie donations modo by that Trust. Page 20