Charity registration number 213579-R CRH CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CRH Charitable Trust CRH CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustègs Mf P M Stafford Mr3 D M ColquhDuft Mr H J J Rylands Mrs A Falk Dr D Hyland Mr S D￿1n {8pwJint•d 21 March 20241 Charity number 21357&R Prfnclpal office CRH Clwil3tAe Tnjst Clo 8¢y￿lj Piofft Ltd G104 BoltonArena. A￿na Approach HoTr¥ich Bolton BL6 6LB Audltor¥ DJH Mitten ClarkeAudil Limited BrKlgè House Ashley Road Hale C￿Shire WA14 2UT Bankers Barfcays Bank Leicèster LE87 2BB Sollcltors Land LLP 10-14 Markel Str88t Attrincham WA14 1QB AddleshawGoddard LLP One St Pelerfs Square Manthèsler M2 3DE Invvtment advlsors Sarasin & Partners Juxon House 11X) St Paul's c￿1rChY8rd LorKk)n EC4M 8BU CCLA FurKI Managers Senalor House 85 Queen Victor London EC4V4gr CRH CHARITABLE TRUST CONTENTS Pagv Trustees. report Stalemenl of Iwstees. iesponsibilities Independent auditorfs report Statemenl of finanaal acth¥itES 10 Balance sheet 11 Notes lo the ffinancial slatemenls 12-22 Detailed income and expendilure 23 CRH CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Trustees report The trustees are pleased lo present their annual report and finanual staternents ft)r the year ended 31 March 2024. Objectives and activities The charity was set up in 1842 by an Ad of Parfiament tr) operate a hO$￿"t31 addressing mental health illnesses. In due course. the charity became known as Cheadle Royal Hospital. In 1994 the charity sold the assels and undertaking rel8ling lo the operation of Cheacsle Royal Hospital whilst having 8150 entered into an agreement for the development into Cheadle Royal Business Park ol its surrounding land. Thereafter. the charity retained all its income artsing until a new scheme lor the charity, which was renarned CRH Charitable Tru51. received the a55enl of Parliament on 9th Apiil 20￿. The chaiity wa5 then able lo apply its income in accordance with new objects prescribed in the scheme. The objects under this scheme are.. to relieve persons who are sKk. convalescent, disatAed. handicapped w infirm and in particular, but not exdusNely, such persons who are suffering from mental illness in any of its fornis.. and lo pronk)te or assist in the promotion of research into ihe alleviaiion or cure of mental illness in any of ils ft)rms. The trustees confirm that they have referred to the Charity Commission's génei81 guidance on public benefit when reviewing the charity's aims 8nd objedivès and in F4anniThJ luture activiti.es. Grant making policy The chaiity's grant making policy has been established lo achieve its otyects forthe benefit of the publ￿. The charity invites tsnline applications at htt s'lAww.thecthcharitabletrust.or which meet its objectives Applicalions must contain 8 summary of their proposals which are then considered at a quarterfy rneeting of the trustees. As part of the assessrnent Pr(￿￿5$. granis over a minimum Ihreshold will be subject lo a visit 8nd diswssion with the applicant organisation. Thereafter. a report will be drafted for consideration by Ihe tsuslees. The trustees are williThJ to COn￿der granls covering up to three years. ￿nditsOnal on satisfactory interim progress ieports. Eligibility for grants is usually restricted lo applicants who are registered charities wth al least a two year history and who have relevant expertise. in order to ensure that Ihe benefils to Ihe intended benefrciaries a￿ of a high quality. The tiustees are particularly keen to encourage new and. hopefulty. sustsinable volunteering projects. The trustees are mindfijl, when approving applications, that there should be r•) discrimination in the selection of intended benefiriafies. Investsnent policy The trustees are 8uthorised to invest in suth assets as they see fit. Accordingly. the trustees have established a policy of prudently managing the charity's investment funds by gianb.ng discretionary investmer¢l authority to external professional fund managers. In July 2022, the tiustees apwinted CCLA and Sarasin & Pariners as joint Investment Managers wilh discrelion8ry investment powers lo rnaximise total retums on the Irust's investment p￿0110$ wrth a laiget of achieving returns of CPI plus 3/0 over the investrnenl cycle. Trustees are advised that this factors in a level of risk appropriate to CRH Charitable Tfust. CRH CHARITABLE TRUST TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy The trustees have established a prudent policy of managing the charivs reserves in Ihe context Of theii investment policy. The trustees plan to distribute, each yeai. approxifflalely 3¢kn ol the charity's funds less expenses. with the aim, over the investment cycle. of preserving the real value of the charty's investment funds. laking inflation into account. The trustees recognise Ih8t investment returns will fluctuate and so maintain vnreslricted reserves as a buffei which allows lor Ihe charity's long term distribution poh'cy to be masntained. The twstees retain the diSC￿tion to increase ot decrease the level (rf distributions (directly impacting the level of reseThes) lo take into account their review of applic8lions received_ A permanent endowfflent fund was sel up at the direction of the charity commissioners. Income from this lund is required to be accurrbulate(l in the fund. Financial review Distributable incorne durin9 the year was £313,958 12023.. £224.0571. The significant increase is due lo the investfflenl of £3.480.000 being proceeds from ihe sale of investment properties dunno the year. It also lollows the appointment during 2022 of joint investment managers- CCLA and Sarasin & Partners. Gains on investments and from the sale of inveslrnenl properties duiing the year were a significant £4,719,59712023.' loss of£727.0141. In the Endowfftent Furtds. inveslmenl gains amounted £877.03712023.' losses of £536.5001 whilst nel gains on the sale of investment properties amounled to £3.696.53612023'. Trill. In the Unrestricted accumulated inrome fund, investment gains amounte(I 10 £146.02412023'. a loss of £1￿,5141. The gains on the sale of investment properties primarity reflected the sale of land located on Sl Ann's Road North. Cheadle. supplemented by a surplus on the sale of a lea5elK>ld property asset. Investrnent gains reflected a return to growth in international investment markets and the ￿1￿5 of the investment managers. Expenditure in the year amounted to £265.789 12023.. £298.1291_ Grants amounted to £227,14912023'. £234,383). The excess ol investFnent incom8 over expenditure during Ihe year amounted lo £56.26012023.' a deficit of £71.302}. The five year trend of annual income and Ihe grants and invesimenl gains can be seen beh)w 5 yearsummary income and grants extended Gains/losses 2024 4.LW,(U) 400,000 300,000 2.Lll).L￿) 200,000 1(KJ,000 2019 20 2021 2022 23 2024 .i.(ts).( 2020 2021 2022 2023 2024 Investment income •Grant& paid Investrnent Eainslbsses PropÈrtygBin5 Total funds al year-end increased from £9,041.682 to £13.817.539. CRH CHARITABLE TRUST TRUSTEES. REPORT (Continued FOR THE YEAR ENDED 31 MARCH 2024 Anzlysrs of grants During the period. grants amounled to £227.149 12023.. £234.383). This ￿presentS 36 grants paid during Ihe year 12023 311. Giants ranged from £1.550 lo £10.431 (2023.. from £2.1￿ to £26.2001 with an average of £6,30912023'. £7,560). 8eneficiary organisations afe detailed in note 6. The truslees rnonitored and reviewed annual rewrts on the progress of mulli-year projects for which fijnding has been made ￿fore approving subsequent payments. Acxoss the North Wesl the grants were sprea(18s folk)ws.' Donations by geographic region 2022 Sallord Manch8ster 3% Nonh Derbyshire. Cheshire Wesi Cumbria Bolton Wigan The Wir¥al Cheshire | 11% Tameside Siockport 51 Helens Cheshire Easi Salford, 286 Oldham. Lancashire 6Vu Norshwesi Manchester 17% . Liverpool., Boiion Liverpool Sallord rhe Wirral Salforo Manchester Cheshi16 Manchester Si Helens • Wiga Cheshire Wesi Cheshire East Norihwest siockport Cumbri LantashirÈ Oldhatn Tameside North Derbyshire CRH CHARITABLE TRUST TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 AIARCH 2024 Stmctur•. govèrnance and manag￿ent The charity is a registered charty covered by a sd)eme sealed by Ihe ¢harity comrnissioners on 26 Maich 2006 and given effect by an order of the Seuetary of Statè on 9 April 2c￿. The scheme altered the existing ￿lmInIstration of the thatity under which it was governed by regulatth$ uKxlated on 17 March 1950. Under the 20￿ Schem8. a nominated irustee musl be apkxmrhled by the Presidenl of the Royal College of Psychiatr151s and up to five co-opted tiu$t¢es must be appointed al 8 meeting of the trustees. The apwntment of the nominated trustee is for a period ol foul years arvj Ihe appoinlmenl cNpled trustees ts for a ￿lod of fivè years. The trustees manage the day lo day operatK)ns ofthÈ ctharity. The charity does not employ any staff directty but does 'lise the services of n a Secretary & administratorernployed by Be￿d Profft Ltd aThJ, liil. a grounds maintenance manager. All trustees give of th￿r time freely and no Irustee remunerabon cff expenses were paid in yeai. The twuslees mel foul time8 during the year. The trustees who servèd during Ihe year aThJ up to Ihe date ol signature ol the financial stalernenls were.. Mr P M Slafford Mis D M Colquhoun MIH JJ Rylands MrsAFalk Di D Hyland Mf S Qevlin (Appoinled until 29 June 2025) (Appoinled until 03 Juty 2028) (Appointed until 29 June 20241 IApp)inted until 01 Juty 2026} (Appointed until 01 July 2025) {Apwinted 21 March 2024 until 04 J￿Y 2027) BK)graphies of truslee5 are set out Peter Stafford- Chairman Pritsr to being appointed as a truslee, Peter h8d previoL* s￿￿ as a Iru5lee of Rathbone Training for 9 years. He IS 8 charter8d accwntant retiring as a partner and partnership board mernter of Dehjilte. Diana Colquhoun Diana is a lavryer Intm in the main retired) speoalising in wmmercid property transactions. She was a partner al Addleshaws in Manchester for many years and is currenlty a tx)nsultant at Lat)d Law LLP. Before joining Ihe trustees al CRH she was a govemor at Withington Girts Schod. and latèr a trusiee at th& Oavid Lewis Cenire. as w811 as havin9 interests in a numbei of twsinesswomen's groups. John Ryland$ PrK>r to being appointed as a truslee. John had seryed astrustee and lead treasurer at Togelher Trust and as a Iruslee al ManehÈstÈr Oulward BouThl Asswali'on. Folfving a seffomployed career in corporate finance, John presenl pursues a number of and private commercial interests. Amanda Falk PriDr to rÈtiring in August 2020. Amanda was a sdigtot advi&ng on trusts, lax and estates {usitwJ her maiden name, Freeman). This included 10 years as head of the privale diÈnt depart￿￿nI of Myerson Soliators LLP. She also served as a dweclor ofTraffoid Shopmobility for 10 years. She ntsw enjoys a number of hobL4es. Declan Hyland DÈclan is th8 nominated trustee appointed ty Ihe President of the Royal Col*e of Psychialrists. Dedan is a cortsuliant in gèneral aduli psythiatry and will be worki￿. fi¢yn August 2024. in an inpatient seiting in Runcom. He is emF4oyed by Mersey Carè NHS F￿1ndatiOn Trust and has been a cwsultant Augusl 2016. His current Trustee fole with the CRH ChariiablÉ Trust is his first role as a trustee arKI ￿e Ihat he is realty enjoying. stephen Oevlin Stephen is a retired corporate lawyer Ihamng specialised in capital market transactions) and now sits as a Deputy District Judge Icivil) on the Northem Cir(JJiL He has cecently retired as Chair of Trustees of the David Lewis Centre having ￿en a trustee there for 9 years. CRH CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Induc￿0￿ and trainiry of trustees An induction pack Is rnade avail8ble10 811 tru￿¢¢$ whKh i￿ludeS a copy ofthe governing docurnent. a Summary ofthe charit￿$ objectives. a copy of the tharÈty (x)mmi%K)n's guide on the dub.es of a trustee and the mosl recent nanoal staternenls. Risk Thanagement It is the policy of the trustees to identsfy and r*othely managè risks on 8 regular basis. The charity will in general be risk neutral in ils decision making. but Iwstees may &cept SFeeifitAIty idèntified rksks where their impact is w¢lhin ihe ch8rity's rtsk appetite and whwe there are clear strategEs in ￿ace to mitigale and m￿11￿ the risk beirMJ fa￿￿. The following kèy pnnciplÈs outlinè th8 chatitrfs arvoath to risk management and intemal control.. the trustees have reswnsl￿"litY kn o¥erseeitwJ risk managernenl wrthin Ihe charity as a wlKIle,' an open and receptive approach10 501ving wisk ptouems is adopted by fv tnJstees.' the Secretary supports, advises ar￿ implements ￿l￿e5 approved by the board oftrustees., th¢ tharrty makes conservat've and prudent recogni1￿ and disdosurÈ of the financial and non-financial irnplic*ions gf rths. Audltors The charily appointed as auditors during tho year DJH Mrtlen Cl8th¢. prevwsly known as HWCA A5trincham. trustee8' report was approved by the Board of Tr￿1*￿s. Mr P M Stafford Truste•. CRH CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AIARCH 2024 The trustees are responsible for preparing the Truslees. Repcrft and the Finanttk81 Statements in accordance with applicablelawand United KingdomA¢xounting Stsndard5{Unil&l Kingdom GeneraltyAcceptedAco)unting Practice). The law applica￿@ to charities in England 8nd W81ès rèquirès the trustee$ to prepare finanGial slalemenls for eath finanrral year which give a tnk and fair view of the state of affaits ol ￿ charity 74)d ol thè incoming rÈsourtès and appll¢alion of r&sources of the charity for that year. In preparing these financial slatements, the trustees ale required lo: - select suitat4e accounting pdicies and then appty them consislenlty," - obseNe the m8thods and prinaples in the Charibès SORP.. - makejudgernenls and estimates that are reasonable arKI KxudBnL' - state whether applicablè 8ccounling standards havè bèen foll￿￿. 5ubied lo any malwial departu￿8 disdosed and explained in the financial statements; awwj - prepare the fina￿la1 stalemerts M the gcAng ¢mm basi5 unless it is inapprwriale to presume that the charity will ¢xntinue in opeiation. The trustees are responsible lor keeping gjffioent accounling records that disclose with reasonable accuracy at any time the fina￿lla1 p05ilion of the chatrty and enab￿ lo ensure thal financial $taternents comply with the Charities Act 2011. the Charity (Accounts and Rèports) Regulatity￿ 2008 and the provisions of the twsl deed. They are also restx)nsible for safeguarding the a5se15 of the charity and for taking ￿8$on$ble sleps f￿ the pievenlion and deteGtign of fraud and other itregularities. CRH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRH CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2024 Opinion have audited the financial statements of CRH Chaiilable Tnjst Ilhe'th8rityI for Ihe year ended 31 MaTch 2024 yhich comprise the slaternent ol finanrjal ￿t￿llIes. the balan￿ sheel al￿ notes lo Ihg fin8nci81 slalement5. Induding signifficanl ac£ounting policaes. The financi* reporting framèwork that has be•n applied in thÈir preparatK>n is applicable law ar￿ United Kingdom Accounting Stsndards. i¥xJuding F[nanc￿l Reporting Standard 102 Finan￿￿1 R&piwthng Stendard 8pp1¢8ble in lh& UK and Reputth"¢ of irtland (United KingTrJcrfn Generally A¢¢ep1ed Accounling Ptacticel. In our oKMnion. the finanoal statements.. give a true and fair of the state of the chanvs affa.rs as at 31 March 2024 and of its incorning resource8 and application of resoufces, for the year then ended., have been property prepared in accordance with Unrted Kingdom Generally AcceptedAccounting Practice" and havè bÈ8n prepared in 8ccordance with requirèm8nts ofthe Chariiies Act 2011. Basis for opinion W& conducted our audit in aceordanc& with Intemalty)nal Standards on Audthng (UKI {ISAs {UKI) and applicabl& law. (Jjr responsibilities under standards a￿ lurther descn'bed in Ihe Auditoes ￿sponSIb￿lI￿S for the aut*t ol the Inancial slaten7enls section of our rewrt. ￿ are independent of the charity ir7 aC(y)rdance wrth the ethical requirements Ihat a￿ relevant to our audrt of the fIr￿cial statements in t1￿ UK. indudirvJ the FRC'S Elhical Standard, and we have fttlfilled our other ethical responsibilities in ac£Ndartcè with thése requirémènts. We believe thaf the audit evidence we have obtai[￿1 ￿ ￿ffI<￿ent 8nd appropri*e to wovwje a basis for our opinion. Conclusions relating to going concern In 8uditing the financial statèmènts. wtr hav8 cc4)duded that￿￿truStees, use ofthe goiThJ concem basis ofaccounting in Ihe preparation of Ihe finanaal statements is appropriate. Based on tho work we have perkMft￿. have not idenlified any material unceriainties ￿lating lo events or conditions that. indiv1dual￿ er (xJllecb"vely. may cast S[gnffj￿anI doubt on the charity's ability to continu8 as a going concern lor a period of at least twelve months from %then the financial statements are authori$ed for issue. Our responsiENlitieg and the responsibilitses of the trusteeswith respect to going concem are described in Ihe rel&vant sections of this ￿pOrt. Other infomiatlon The other information comprises the infomiatNJn induded in Ihe annual repcwt other Ihan the financial staten)ents and ouc audilo¢s report thereon. The truslees are respowble forthe other informatK)n eA)rrtaine(I within Ihe annual report. Our opinion on the financial stalery*nts does not o)ver Ihe olher inforrTWtion and we do not express any form of assurance eoncluiion Ihereon_ Our responsibility is to rèad the oth* Informati￿ and. in doin9 so, consider whèiher the olhei information is rnaterially inconsistent ￿th the finarKial s18tements or our kno￿edge obtaFned In the wurse of the audit. or otherwise appears lo be malerially misststed. If we identify such material In￿￿￿151¢nClQ& or apparent material rni5Statements. we are required to determine vknether this gives rise to a mat8ri81 misststÈmÈnl in the fillan(xal slatements themselves. If. based on the work we have performed. we condude that there is a material misststemenl of Ihis other Inf(*malw)n. we are lo that fact have nothing to ￿port in this regard. CRH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRH CHARrrABLE TRUST {CONTINUED FOR fHE YEAR ENDED 31 AIARCH 2024 MatterB on which we are required to rèport by •xception We have nothing lo report in res￿ o)fthe followiNJ matters in rdabon towhth the Charities {ArL￿nts 8TvJ Reports Regul8tions 2008 require us to report to you if, in our Wn1￿.. Ihe infom)ation given in the finarv81 stat8m8nts is IncL4is15tent in any rnalerial respect with Ihe trusteès, report.. or suffKAenl accounting records have Th)1 been kept.. or Ihè finan(#al statements are not in a9reemenl with the accounling recfjrds: ty- we have nol recerved all the informabon and explanat￿n$ we cewire for cyjr audtt. R¢sponsSbilities of trust￿$ As explained mole ful￿ in the statement of trustè•s' responsit4lities. the In￿leeS are iesponsible for the preparation of the financi81 statements and for being satisfied that they give a true and lair view. and for such internal Contr￿ as the trustees determine is necessary to the w¢paralwJn of financhil sialement$ that are free from material nwsstalement. whether due to fraud or error. In prepariThJ the finar￿181 statements. the trustees are responsib￿ for asseswg the tharity's ability to continue a$ a goiThJ concem. disdosing. as applicable. malters re181ed lo going cern at¥J using the gc*ng ¢))nwn basis of accountiro unless the trustees either Intend to (tase operations. or havè Tb) realists'c allematNe to do so. Awlitorfs r•sponsibllitles for th? audit of the flnancial staternents have teen ap￿iThted as audilor under secim 145 olthe Ch3ntiesAd 2011 and report in 8¢￿rdance vriih theAcl and reEevant iegulatK)ns made or haviw effecl thereund&r. Our objedives a￿ to obtain reasonable assurance ab￿t whether the fJn8ncial ststements as a w￿le aro free from m818rial rnisslatemenl, whether due to fraud or erfor. arKI lo issue an audito¢s ￿P)rt that I￿ludeS our opinion. Reasonable assurancg is a high level ol assurance ixrt is r￿t a guaranteè Ihat An audit conducled in accordance wrth ISAS {UKI will a￿ayS detect a material misslalement exists. Misstalemenls can arisÈ from fraud or error and are c¥Jnsidered material if. individualty Dr in thè aggregate. they could ￿SonablY ￿ expected to influence the econryni¢ de(i$ions of users taken on the basis of ihese financial Statsrn￿. The exlenl to which oui procedures are capable of dete¢br¥J irregdarities. indudiThJ fra￿Y, 18 detailed below. A fijrther desuiplion of our responSi￿￿tieS is availablè on th8 FinanrAal ReportiThJ Council'5 website al.. https'.11 www.frc.ory.uk1audit￿SrespoTrslb1lIt￿5. This desthption forms part of our al￿rt0￿8 ￿port. Other matsrs Your 8ttenlion is drawn to the faet that charity has prepared financial 51alernents In accordance with Accounting and Reporting by Charities.. Stslemenl of Recommended PraclKe applitsble to tharit*S Preparing their a¢counts in accordan￿ with the Financial Rèw)rting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amendedl in pTeferer￿e to Ihe Accounting and Reporting by Charities.. StatenEnl of R¢commended Practicè i￿￿ed on 1 April 2005 which is relerred lo in the extant regulalions bul has rthi bÈÈn wrtlmyrawn. This has been fjone in order for the financial stalemenis to provide a Irue and fair view in accordan￿ with current Generally Accepted Accc*Jnting Practice. CRH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRH CHARITABLE TRUST (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Use of our report This report is made solety lo the charrtrfs tnJste8s. as a t￿ty, in 7Lcordaw with part 4 of the Ch81ities (Accounts and Reports) Regulali)ns 2Cth. Our audrt work has been und&laken so that we mighi state to the chaiily's Iruste¢s thoiÈ mattèrs wè arè r￿uired to state to them in an audilorfs report and for Tr) other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibih.ty t¢> anyono otlwthan the dtaiity and the chanty's tru5tee5 a$a tsdy,f r our aud. wcwk, lor this repwl. or for thè opinKX)s we havè f(med. Candlcè ynon CCA (Senior Statutory Auditor) forand on behalf of DJH Mltten ClarkÈ Audit Llmlt•d 111zo£9- Chartered A¢eountaftts ststutory Audit Biidge House Ashl&y Ro Habe Altn'ncham Chethire WA14 2ur DJH Kkn"tt¢n Clarke Audit Limrted is digilje f(￿ appcxntment a5 ol thÈ Charity by virtue of its eligibility for appointment as auditor ofa c(Mnpany under seck*n 1212 ofthe Compan￿$ Aci 2CQS. CRH CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES AS AT 31 MARCH 2024 Unr8strlct•d Endowm•nl furMI$ lunds 2024 2024 Tolal Unrestricted ErKlowment funds funds 2023 2023 Total 2024 2023 Notes Income from Investments Other income 304.813 9,145 4.911 3.180 3CIg,724 12,325 224.057 2.770 226,827 Total incorne 313.958 8.091 322.049 224.057 2.77D 226.827 Expenditure on- FLFnd management 2,987 19.513 22.5 Chantable activities Grant5 payable Support and Govemance Legal and professional Fee5 10 227.149 227.149 234,383 234.383 33.184 33.184 29.743 29.743 5,456 11.503 11,503 Totsl expenditure 265.789 265.789 267.113 31,016 298,129 Net income & Èxpenditure before gainsl{losses} on vestments 48,169 8.091 (43.056} 128.246) 171.3021 Nèt g8inslllosses} on invoslmenls 11 146,024 4.573.573 4.719.597 1190.514) 1536.5001 1727,0141 Net movèmènt in lund$ 194,193 4.581.664 4.775.857 1233.5701 1564.746) 1798,3161 Fund balances al 1 April 2023 1.816.408 7.225.274 9.041.682 2,049,978 7.790,020 9.839,998 Fund balances at 31 March 2024 2.010.601 11.806.938 13.817.539 1,816,408 7.225,274 9.041.682 The Statement ol ffinaniial adi¥ities includ&s 311 gains and k>sses recognised in the year. All incorne and expwKlIlu￿ derive Itom ¢onth"nuiny actjvrties. The notes on pages 12 to 22 form part of Ihese financial stsfements. 10 CRH CHARITABLE TRUST BALANCE SHEET AS Af 31 MARCH 2024 2024 2023 Nots Fixed assets Tangible assets 13 221,859 221.859 Investments 14 13.280.865 8,765,656 13.502.724 8.987,515 Current assets Debtors 15 11,584 1,410 Cash at bank and ir¢ hand 321.075 58,457 332.659 Creditors.. amounts falllng due within one year 59,867 16 117.844) {5.7001 Net cul￿nt assets 314,815 54,167 Total assets less Current liabilitiès 13.817.539 9.041.682 Endowment funds Gener81 endowment fund 17 11,458,862 6.899,162 Pemanent endowment fund 17 186.328 164.364 Revaluation rèseThe 17 161,748 161,748 Income funds Unrestricted accumul8led in¢ome lund 11.8￿,938 7,225,274 18 2.010.601 1.816.408 13,817.539 9,041.882 The notes on pages 12 10 22 form part of these financial stslemenls. The financial statements were approved by Ihe Truslees on ............ .. MrHJJR Trustee ands CRH CHARITABLE TRUST NOTES TO FINANCIAL STATEMENTS AS AT 31 MARCH 2024 Accounting policies Charity information CRH CharIta￿e Trusi is a registered charity- 1.1 Accountlng converitio The financial staternents have been wep8red in acwdan¢ewth U)e¢hority'5goveming document. the Charities Act 2011, FRS 102 The Financial Reptsrting StaNlard ap￿￿3￿e in the UK and Republicof Ireland l°FRS 1021 and the Charities SORP 'Accounling arKI Rewrtirwj by Chanties." Slatemenl of Recommended Practice applicable to charities preparing their aec(MJnts in ￿Ordance wilh the Financial Reporting Standard applieabbe the UK afKI Republic of Ireland {FRS 1021" {ef￿tIVe 1 January 20191. The charily is a PublK B8nèfit Entity as defined by FRS 102. The charity has taken advanta￿ of the provisio￿ Trn the SORPfor tharities not to prèparè 8 Stslemenl of Cash Flows. The fin8nci81 slalemonl$ havo departed from Ihe Chartbes {ACc￿jnts and Reports> Regulations 20[18 only lo Ihe extent required to provide a true and fair view_ This dep8rtuie has invofv¢d foll¢)wing the St8tement of Recommended Pr￿li￿ for charities app￿"n9 FRS 102 r8th8r than th8 vèrsK)n of thè Staternenl of Recommended Practice which is ref￿e(l lo th8 Regulab"ons but which has sincè bèèn witlKlrawn. The financial slalemenls are prepated in sterlirKJ. is Ihe funclional currency of the charity. Monetary amwnts in Ihese finanoal stslements are rounded to Ihe nearest £. Th8 financial statements have been prepared under the hiStOr￿al cosl convenlioii, 8nd the win(xpal K£ounting policies adopted are set out ￿k)w. 1.2 Golng concern the time of approving the financial statements. the trustees have a reasonable expeciation Ihat the charity has ad￿￿31& resourcès to continue in operational eXts￿ce for the foreseeable future. Thus the Irustees ntinuÉ to adopt Ihè going eonce(n basis of accounling in p￿ParIng the financial statements. 1.3 Charltable funds Unrestricled funds are availab]e fot Use at ts disc￿li0n of the trustees in furtherance of their Gharitable ¢bjÉctivés. Endowment funds are S￿leCt to s￿]fiC condilions detailed in the charivs g¢wemin9 docuTnenl. 1.4 Income Overall, i￿ome is recognised when Ihe tharity is legally entitled to il after any perf￿rnanCe conditions have been mel. the amounts can be measureil rdiabty. arKI rt ts pfobabk that in￿[￿¢ will be received. Income from investments is re¢ognised when receNa￿e in cash temis from the investment porlfolio$. 1.5 Expenditure Expenditure 15 recognised once there is a legal or 1X￿$t[￿￿e oblig*"on to transfer e(x)Th)miG benefrt lo a third party, it Is probable that a transfÈf of e(X)nOm￿ ￿nefitS ￿11 ￿ requi￿￿ in sett￿Ment, and the amount of the obligation Can be measured rdiably. 12 CRH CHARITABLE TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2024 Accounting policies Icontlnuedl 1.6 Tangible fixed assets Tangible fixed assets are initialty nuU￿d al cost sub8equenlty measured at cost or valua￿n. nel of depreciation and any Impair￿nt losses. The Mly assets held by the charrty in the year relale to freehoklland which is not depreryaled. Th& gain of Ioss arising on thè disposal ol an asset is determined as the difference belween the sale ptcveds and Ihe carrying value of the asset. and is recognised in statement of financial 8Ctivitiès. 1.7 hnpalrnient of fixed assets Al each reporting end dale. the charity reviews the carrying 8mounts of its langibk assets to detemiine whether Ih8rè is any indication that those as3ets have suffered an impairn*nt los5 If any suGh indication exists. the recoverable amount of Ihe assel is eslimaled in order to deiermine the èxtènt of the imp8imènt loss lif 8nyl. 1.8 Flxed Asset Investments Fixed asset investments are initialty measured at tr8nsth W￿ eXd￿lIng Iransaction costs, and are subsequentty measured at fair value at each reF¥Jth"ng dale. Charyes in fair value are recognised in net inGomellexpgndilurel for the year. Transaction costs are expensèd As i[*￿[red. 1.9 Cash and ¢ash gquivalents Cash and c8sh eqUiV8￿ntS indude ¢xsh Trn hand, deF#)siis hdd at ¢al wlh banks. olh8r short-lerm liquid investments with oti9inal maturrties of three months or less. and bank overdrafts. Bank overilr8fts arè shown ¥hthin borrowings in current liatslities. 1.10 Financial instruments The charily has elected lo apply the provistons of sect￿ 11 'Ba* Finanlial Instwments, and S￿tIOn 12'0ther Financial Instrun*nts Issues. of FRS 102 to all of rts finanual instruments. Fina￿1￿ instrumenls are recognised in the charrt￿5 baLance sheet Ihe charity becomes party lo the Lvnltactual provisions of the inslrumenl. Financial assets and liabilities are offset, wrth the net amounts presenl•Y in Ihe financial ststements. when there is a legally enforCea￿e right to set off th8 rWn1S￿ amcwnts arKI there is an intenth)n to settle on a net basis or to re81ise the asset end settle Ihe liability simultaneousty. 8•sie financial assots Basic financial assets. whth indude debt0￿ and cash and bank balances, 8re inilkqlly mèasured at tr8nsaction price including transactitsn