AMBROSE AND ANN APPELBE TRUST
TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
REGISTERED CHARITY No. 208658
AMBROSE AND ANN APPELBE TRUST
TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
CONTENTS
| Page | |
|---|---|
| REPORT OF THE TRUSTEES | 1-3 |
| REPORT OF THE INDEPENDENT EXAMINER | 4 |
| STATEMENT OF FINANCIAL ACTIVITIES | 5 |
| BALANCE SHEET | 6 |
| NOTES TO THE FINANCIAL STATEMENTS | 7-9 |
AMBROSE AND ANN APPELBE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
The Trustees are pleased to present their annual trustees' report together with the financial statements of the Charity for the year ended 5 April 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Full name: Ambrose and Ann Appelbe Trust
Registered Charity number: 208658
Principal address: BDB Pitmans LLP One Bartholomew Close London EC1A 7BL
Trustees: Mr F Appelbe Mrs V Thomas Dr L Hobby Mr A Appelbe Mr W Thomas
Independent Examiner: Julia Strike TEP One Bartholomew Close London EC1A 7BL
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust dated 25 December 1944, and constitutes an unincorporated charity.
Appointment of Trustees and Trustee induction and training
Trustees are appointed by deed. New trustees are briefed on their legal obligations under charity law, the Charity Commission guidance on public benefit, informed of the contents of the deed, decision-making processes and recent financial performance of the charity. Before taking on the role they meet key advisors and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk Management
The Trustees recognise that they have a duty to identify and review risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have considered the main areas of risk and are of the opinion that the Charity has the resources that, under normal conditions would allow these risks to be mitigated to an acceptable level in its day-to-day operations.
OBJECTIVES AND ACTIVITIES
The Charity was created by deed of trust dated 25 December 1944 and exists to benefit such legally charitable objects as the Trustees at their discretion select.
The Trustees consider applications for grants at meetings throughout the year.
Page 1
AMBROSE AND ANN APPELBE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 (cont.)
Public Benefit Statement
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and deciding on the grants for the year. The Charity’s objects are for the public benefit. Those objects are achieved by virtue of the grants made by the Trustees to Charities in England and Wales and to individuals to assist with their education.
ACHIEVEMENTS AND PERFORMANCE
Because of the pandemic, the Trustees again did not meet in person but virtually, on various occasions to consider the charity's activities and achievements during the year. The charitable donations were agreed. 26 grants were made during the year (2021: 30 grants), ranging from £500 to £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, amounted to £58,150 (2021: £51,396). The market value of the investments at the date of the Balance Sheet was £1,308,104 (2021: £1,196,044). The Trustees were pleased to see the continued increase in value of the portfolio following the fall in value in 2020. The Trustees are aware of the war in Ukraine and the ongoing impact it could have on the investments and their values and the income arising from those investments. The Charity is invested for the long term and the trustees will continue to monitor the investments and their performance.
FINANCIAL REVIEW
Charitable Expenditure
The 2022 Grants totalled £42,500 (2021: £47,000) which is lower than the previous year. This is as intended by the Trustees after consideration of their grant making was discussed.
Other Expenditure
Expenditure relating to the management, administration and governance of the Charity, amounted to £4,086 (2021: £4,644), less than 1% of the value of the Charity at 5 April 2022.
Investment Policy and Performance
The Trustees have an investment portfolio with 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 trustees the right mix of capital growth and income to meet their policy and is actively managed by M&G direct. The Trustees monitor the performance at their meetings and when the quarterly reports are received.
The investment portfolio showed a increase in market value over the period, with unrealised gains of £91,410 (2021: £257,711).
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. It is not envisaged that there will be future commitments that exceed future income on an annual basis therefore the trustees are happy with the current reserve level. The trustees are of the view that the Trust is a going concern.
Exemptions from Disclosure
There are no exemptions from disclosure.
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AMBROSE AND ANN APPELBE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 (cont.)
Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements and;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees:
Date:
Page 3
AMBROSE AND ANN APPELBE TRUST
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
I report to the Trustees on my examination of the accounts of the Ambrose and Ann Applebe Trust for the year ended 5 April 2022 which are set out on pages 5 to 9.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried 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 145 (5) (b) of the Act.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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3 the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julia Strike TEP One Bartholomew Close London EC1A 7BL
Date: 03/02/2023
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AMBROSE AND ANN APPELBE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Notes INCOME & EXPENDITURE Income and endowments from: Investments 4 Other sums received Total income and endowments Expenditure on: Charitable expenditure Grants 2 Support costs 2 Total expenditure NET INCOME/EXPENDITURE Net gains/(losses) on investments 3 Net income/(expenditure) Reconciliation of funds Fund balances brought forward Total funds carried forward at 5 April 2022 |
Unrestricted Fund Total 2022 2021 £ £ 58,150.26 51,396 590.49 - 58,740.75 51,396 42,500.00 47,000 4,086.00 4,644 46,586.00 51,644 12,154.75 (248) 91,409.98 257,711 103,564.73 257,463 1,212,353.30 954,890 1,315,918.03 £ £ 1,212,353 |
|---|---|
Page 5
AMBROSE AND ANN APPELBE TRUST
BALANCE SHEET AS AT 5 APRIL 2022
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Notes 2022 2021
£ £ £ £
Fixed Assets
Investments 3 1,308,104.17 1,196,044
Current Assets
Cash 12,313.86 17,259
Less: Current Liabilities
Amounts falling due within one year
BDB Pitmans LLP fee - 450
Grants payable 4,500.00 500
7,813.86 16,309
Net Current Assets
Net Assets 5 £ 1,315,918.03 £ 1,212,353
Funds
Unrestricted funds £ 1,315,918.03 £ 1,212,353
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The financial statements were approved by the Trustees and were signed on their behalf by:
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------------------------------
Mrs V Thomas - Trustee
Date:
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Page 6
AMBROSE AND ANN APPELBE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, with the exception that investments are shown at market value as at the balance sheet date and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective, 1 January 2015) and the Charities Act 2011. The charity constitutes 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 it remains appropriate to prepare the financial statements on a going concern basis. Where necessary estimates and judgements are based on historical experience and other factors.
Expenditure
A liability and related expenditure is recognised when there is a legal or constructive obligation at the balance sheet date as a result of a past event, that it is likely to be settled and that it can be measured reliably.
Funds
The Unrestricted Fund comprises those funds which the Trustees are free to use in accordance with the charitable objects.
Charitable Grants
Grants are recognised when the Trustees have made a decision to make a payment and that decision had been communicated to the recipient and it is probable that payment will take place. However, the recognition of any liability will be dependent on any conditions attaching to the commitment.
Investments
Investments are stated at market value as at 5 April 2022. Investment gains and losses are disclosed in the Statement of Financial Activities.
Investment Income
Investment income and tax recoverable are accounted for on a receivable basis.
| 2. Charitable Expenditure Grants made during the year totalled: Support costs Metro bank charge Legal & professional VAT (non recoverable) |
2022 2021 42,500.00 47,000 30.00 - 3,380.00 3,870 676.00 774 4,086.00 4,644 £ 46,586.00 £ 51,644 |
|---|---|
Page 7
AMBROSE AND ANN APPELBE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (cont.)
3. Investments
| Movements on quoted investments were as follows: | 2022 | 2021 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Market value brought forward | 919,185.89 | 919,186 | |||
| Add: acquisitions at cost | 19,146.27 | 19,146 | |||
| Net gain/(loss) on revaluation | 257,711.70 | 257,712 | |||
| Market value at year end | £ | 1,196,043.86 |
£ | 1,196,044 | |
| Historic cost value at year end | £ 939,059 | £ 918,408 | |||
| All investments are situated in the UK and listed on a recognised stock exchange. | |||||
| Investments which represent 5% or more of the total portfolio are considered by the Trustees | to be | ||||
| material and are: | |||||
| 2022 | 2021 | ||||
| M & G Charifund - Income Units | 60.38% | 61.53% | |||
| M & G Charifund - Accum Units | 39.62% | 38.47% | |||
| **4. ** | Investment income | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Income from UK investments | £ 58,150.26 | £ 51,396 | |||
| 5. | Movement in Funds | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Unrestricted Funds | |||||
| General fund | |||||
| Fund value brought forward | 1,212,353.30 | 954,889 | |||
| Add: | |||||
| Net movement in funds | 103,564.73 | 257,464 | |||
| Fund value at year end | £ | 1,315,918.03 |
£ | 1,212,353 | |
| Net movement in funds (above), arises as follows: | |||||
| Movement in | |||||
| funds | 2021 | ||||
| £ | £ | ||||
| Unrestricted Funds | |||||
| General fund | |||||
| Income | 58,740.75 | 51,396 | |||
| Gains and losses | 91,409.98 | 257,712 | |||
| 150,150.73 | 309,108 | ||||
| Less: Expenditure | 46,586.00 | 51,644 | |||
| £ | 103,564.73 |
£ | 257,464 |
Page 8
AMBROSE AND ANN APPELBE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (cont.)
6. Disclosure of Trustees' Remuneration and Expenses
None of the Trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity, no trustee expenses have been incurred nor have there been any related party transactions in the reporting period that require disclosure. (2021 also £0 in all cases). Independent examination fees are charged but they are part of BDB Pitmans LLP's general expenses. The functions are carried out separately within BDB Pitmans LLP.
7. Employees
The Trust does not have any employees (2021: none).
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