AMBROSE AND ANN APPELBE TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 REGISTERED CHARITY No. 208658 BDB PITMANS RBgisl•red Offvce One Bartholomew ClosÈ London ECIA 7BL DX 33940T London Wall 50160 Station Road Cambridge The1￿C￿r C81 2JH 34 Brtyè Sireet Reading. RGI 2LU DX 339601 Cambrvjge 24 DX 166420 Rehditwj 21 T *44101345 222 9222 GrosverbDr House Qsvenor Square Southampton. 5015 25E DX 38516 Southampton 3 AMBROSE AND ANN APPELBE TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 CONTENTS Page REPORT OF THE TRUSTEES 14 REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCiAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS AMBROSE AND ANN APPELBE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 The Trvslees are pleased lo present Iheir annual Iruslees. repNt together with the financial statements of the Charity for the year ended S April 2021. REFERENCE AND ADMINISTRATIVE DETAILS Full narne.. Ambr05e and Ann Appelbe Trust Registered Chaiity number.. 208658 Prinupal address.. BDB Pitmans LLP One Barthok)mww Ck)se London EC1A 7BL Trustees." Mr F Appelbe Mrs V Thomas Dr L Hobby Mr A Appelbe Mr W Thoma5 laFwinte(130 A[￿1 20201 Independent Examinèr Julia Strike TEP One Bartholomew Ck)se London ECIA 78L STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Charity is wnlrolled by its gove[nir￿ d￿Ment. a deed of trusl (tsled 25 December 1944, and constitutes an unincorporaled charity. Appointmènt of Trustees and Trustee inductlon and trainlng Trustees are appointed by deed. New twstees are briefed on thetr ￿gaI obligations under charity law, Ihe Charity Commission guidancè on public bènefit. infotrned of the contents of the deed. decision-making processes and re￿nt financial performance of Ihe charity. BefNe taking on the role they meet key advisors and othei trustees. Trustees are encouraged to attend appropriate extemal training events where these will faalitate the undertaking of their Tde. Risk Management The Trustees recognise that they have a duty to identtfy atMI review risks to which the ChaTty is exposed and lo ensure appropriate contro15 are in pl￿ to provide ieasonable assurance against fraud and error. The Trustees have considered the main aieas of risk arKI are ol the O￿nK)n that the Charity has the resource5 that. under nomial conditions would allow these risks to be mitigated to an acceptable level in its day-t(>day operations. OBJECTIVES AND AcnwTIES The Charity was created by deed of trust dateil 25 Decernber 1944 and exists to benefit such leg81ty charitable objects as the TNstees at their discretion select. The Trustee5 ¢ons4der applications for grants at meetings througlK)Ut the year. Page 1 AMBROSE AND ANN APPELBE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 {¢ont.I Public Benefit Statement The Trustees have referred lo the guidance contained in the Charty Commission's general guidance on public benefit when reviwng the Trust's aims and objectives and in planning future a¢livilies and deciding on the grants for the year. The Charity's objects are for the publie benefit. Those objects are achieved by virtue of the grants made by the Trustees to Charities in England and Wales and lo individuals lo assist with their education. ACHIEVEMENTS AND PERFORMANCE Because ol the panedemic, the Tiuslees did not m&t in person bul virtually, on various occasions lo consider the charity's activities and achievements during the year. The charrtable donations were agreed. 30 grants were made dLtring the year12020'. 31 granlsl. ranging from £500 10 £5.000 and the total is shown in note 2 to these accounts. The Trust funds were held in investments and cash. Income for the year. in the form of dividends and interest, amounled to £51.396.27 12020.. £65.7441. The market value of the investments al the dale of the Balance Sheet was £1.196.043.9412020.. £954,890). The Trustees were pleased lo see the increase in value of the portfolio following the fall in value in 2020. The TnJslees are aware of the impact the Covid 19 Pandemic had on the investments and their values in 2020 and the income arising from the investments held loo. The Charity is invested for the long lemi and the TTUStees will continue lo monitor the investments and their performance. FINANCIAL REVIEW Charitable Expendituro The 2020 Grants lolalled £47.0¢)012020.' £56.5001 which is k)*Er than 2019120. This is as intended by the Trustees. Other Expenditure Expendrture relating lo the management, administralion and governance of the Charty, amounted to £4,644.0012020". £3,W). less than 10h of the value of the Charity al 5 April 2021. Investment Policy and Performance The Trustees have an investment portfolio wf(h M&G comprising shares in their Sterling Charifund, with units held in both their Income and Accumulation funds. The investment in these funds offers the Iruslees the right mix of capital growth and income lo meet their policy and is actively managed by M&G direct. The Trustees monitor the perfomiance at their meelings and when the quarterly reports are reeeived. The investment portfolio showed a increase in maTkel value over the period. with unrealised gains of £257,711.7812020.' Unrealised losses.. £330.4141. There were no realised gains {2020. £0) . Reserves Policy and going concern The Trustees only use income arising during each year for grants and do not spend more than their annual income each year. 11 is not envisaged th* there will be future Commitments that exceed future income on an annual basis Iherefore the Iruslees are happy with the current reserve level. The Iruslees are of the view that the Tiusl is a going concem. Exemptions from Disclosure There are no exemptions from disclosure. Page 2 AMBROSE AND ANN APPELBE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2021 Icont.) Law applicable lo charrties in England & Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the Charivs financial activities during the year and of ils financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should folk)w best prath.ce and.. select suitable accounting policies and then apply them consistently.. make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures disclosed and explained in the financial slalements and., prepare the financial slatemenls on the going concern basis unless (( is inappropriate lo presume that the Charty will continue in operation. The Trustees afe responsible for keeping accounting records which disclose with ￿asonable accLJracy the financial position of the Charity and which enable them to ensure thal the financial slalemenls comply with applicable law and regulations. They are also responsible for safeguarding the assets of the Charity and hence for taking ieasonable steps for the prevention and dele¢lion of fraud and other irregularities. Slgned on behalf of the trustges". Date.. 6.06. Page 3 AMBROSE AND ANN APPELBE TRUST REPORT OF THE INDEPENDENT EL4MINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 I report to the Twslees on my examination of the accounts of the Ambrose and Ann Applebe Trust for the year ended 5 April 2021 which are set out on pages 5 to 9. Responsibilities and basis of report A5 the charity Iruslees of the Trusl you are responsible for the preparation of the 8ecounls in accordan￿ wth the requirements of the Charities Act 2011 {'Ihe Acl'l. I report in respect of my examination of the Trusys accounts carTied out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515} Ibl of the Act. Independent examlnefs statement In connection with my examination. no matter has come to my attention". accounting records were not kept in resFect of the Trust as required by section 130 of the Act- or 2. the accounts do not accord with those records" or 3 the accounts do not comply with the applicable requirements conceming the form and content of the accounts sel out in the charit￿S (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and faic view which is not 8 rnatter considered as part of an independent examinalion. I have no concerns and have come across no other matters in conneclKJn wlh the examination to which attention should be drawn in this report In order lo enable a proper undeistanding of the a¢counls lo be ￿8¢hed. Julia Strike TEP One Bartholomew Close London EC1A 7BL Date. 1510712021 Page 4 AMBROSE AND ANN APPEL8E TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 Unrestricted Fund 2021 Total 2020 Notes INCOME & EXPENDITURE Income and endowments from: Investments 51.396.27 65,744 Total income and endowments 51,396.27 65,744 Expenditure on: Charitable expenditure Grants Support costs 47,000.00 4,644.00 56.500 Total expenditure 51,644.00 60,464 Nel gainsl(losses} on investments 257,711.78 1330.4141 Net incomellèxpenditure) 257,464.05 1325,134) Reconciliation of funds Fund balances brought foNard 954.889.26 1,280,024 Total funds carried forward at 5 April 2021 £ 1,212.353.31 £ 954,890 P8ge 5 AMBROSE AND ANN APPELBE TRUST BALANCE SHEET AS AT S APRIL 2021 Notes 2021 2020 Fixed Assets Investments 1.196.043.94 919,186 Current Assets Cash 17.259.37 37,254 Less- Current Liabilities Amounts falling due within one year BDB Pilmans LLP fee Giants payable 450.00 500.00 1.050 500 16,309.37 35,704 Net Current Assets Net Assets £ 1,212.353.31 £ 954,890 Funds Unreslricled funds £ 1,212.353.31 £ 954,890 The financial slalemenls were approved by the Trustees and were signed on their behalf by.. Mrs V Thomas- Trustee Dale.. 6.06 Page 6 AMBROSE AND ANN APPELBE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 1. Accountlng Pollcles Basis of aceounlin The financial slalements have been prepared under the historical cosl convention. with the exception that investments are shown al market value as al the balance sheet dale and are in accordance with the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effeclive, 1 January 2015} and the Charities Act 2011. The charity conslitutes a public benefit entity as defined by FRS 102. Having assessed the Charity's financial position and plans for the forseeable future, the Trustees are satisfied that il remains appropfiale lo prepare the linancial statements on a going concem basis. Where necessary eslimales and judgements are based on historical experience and other factors. Ex enditure A liability and related expenditu￿ is recognised when there is a legal or ¢onslruclive obligation at the balance sheet date as a resuli of a past event. that il is likely lo be seiued and that il can be measured reliab￿. Funds The Unreslricled Fund comprises those funds which the Twslees are free to use in accordance th the charitable objects. Charitable Grants Grants are recognised when the Trustees have made a decision lo make a payment and that decision had been communicaled lo the recipient and it is PTobable that paymenl will lake place. However. the recognition of any liabilty will be dependent on any conditions attaching lo the commitment. Investments Investments are slated al market value as at 5 April 2021. Investment gains and losses are disclosed in the Statement of Financial A¢livilies. Investment Income Inveslmenl income and tax recoverable are accounted for on a recewable basis. 2. Charitable Expendlture 2021 2020 Grants made during the year totalled.. 47.000.00 56,500 Support costs Metro bank charge Legal & professional VAT (non recoverable) 10 3.295 659 3,964 3,870.00 774.00 4,644.00 £ 51.644.00 £ 60,464 Page 7 AMBROSE AND ANN APPELBE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 {cont.I 3. Investments Movements on quoted investments were as folk)ws'. 2021 2020 Market value bioughl forward Add." acquisitions al cost Net gainllloss) on revaluation 919.185.89 19,146.27 257,711.78 1,225,605 23.994 1330.4141 Market value at year erbd £ 1,196,043.94 £919,185 Historical cost value at year end £918.408 £ 899,262 All investments are situated in the UK and listed on a recognised stock exchange. Investments which represent 5% or MO￿ of the lolal ￿rtfoliO are considered by the Trustees lo be material and are.. 2021 6153% 38.47% 2020 62.43% 37 57% M & G Charrfund- Income Unrts M & G Charifund- Accum Units 4. Investment Income 2021 2020 Income from UK investments £ 51,396.27 £ 65,744 5. Movement in Funds 2021 2020 Unrestricted Funds General fund Fund value brought fotward 954.889.26 1.280,024 Nel movement in funds 2S7.464.05 1325,1341 Fund value at year end £ 1,212.353.31 £ 954.890 Nel movement in funds labovel. arises as follows.. Movement In funds 2020 Unrestricted Funds General fund Income Gains and losses 51.396.27 257,711.78 309.108.05 65,744 330,414 1264,6701 Less." Expenditure 51,644.00 £ 257,464.05 60,464 £ 1325,1341 Page 8 AM8ROSE AND ANN APPELBE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 {cont.I 6. Disclosure of Trustees, Remuneration and Expenses None of the Trustees have been paid any ￿muneratIon or recewed any other benefits from an employment with their charity or a related entity, no Itustee expenses have been incurred nor have there been any related party transactions in the ￿porting period Ihal require disclosure. 12020 also £0 in all cases). Independent examination fees are charged but they are part of BDB Pilmans LLP'S general expenses. The functions are carried out separately wrthin BDB Pitmans LLP. 7. Employees The Trust does not have any employees {2020: none). Page 9