IM irwinmitchell IAR8GATE TftUT ARITY NUMBER REGIST INANCIAL 8T TE For th {Ref: TST14503G961)
FRIA GISTERED C SGATE TRUST UMBER 220 onteiils to ihe al Stateineiiis ie ear elidè A Irll 2023 TN$tees ieport Indopondgnl Examlners, RFport 51alemenl of r(nan¢l81 Aclivllles BalBnce Sheel Slalemenl of Cash FIOWA 10-16 Noles lo Fin8nclal Slalemenla 17-22 Schedulg ol Inve$lmeni$
Page 1 Friarsgate Trust Trustees Report For the Year ended 5th April 2023 General Informatlon Full Name of Charity.. Friarsgate Trust Nature of Governing document.. Deed of Trust dated 25lh March 1955 Registration Number.. 220762 Registered Address.. Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex, P019 1UF Principal Banker.. National Westminster Bank Plc, 5 East Street, Chichester, West Sussex, P019 1HH Solicitors.. Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 1UF Independent Examiner.. Claire Norwood. Carpenter Box Jones Avens, Piper House, 4 Dukes Court, Bognor Road, Chichester, Wesl Sussex, P019 8FX Investment Managers.. Brewin Dolphin Limited, 12 Smithfield Street, London EC1A 9LA Constitution and Objects The Trust was established under a Deed of Trust dated 25th March 1955 executed by the late C.P.8 Shippam and is a registered Charity number 220762. The objects of the Trust are".- al To provide funds for the academic and general education of orphans and children Iwhelher infant or adult) whose parents are in poor or reduced circumstances. bl To provide the mental, moral, physical, technical and social education of children, young persons and adults. cl To provide, equip and maintain for the purposes referred to in la} and Ibl above camping grounds, holiday camps, playing fields, club rooms or other accommodation and facilities. dl To provide for the relief and care of impotent persons including in that expression Ibul wilhoul in any way restricting the generality thereofj all persons suffering either temporarily or permanently from disease or disability of any kind affecting their body or mind. el To provide for the relief of persons over the age of sixty years by the provision of maintenance, food, clothing and housing. To promote and support or aid any charitable institutions, purposes or projects in any way connected with the objects aforesaid or calculated to further such objects or any of them. GA- 6671949 1
Pago 2 Trustees The current Iruslees are.. Mrs S Balii (rellred 21.4.2023) Mr.$ fJ l.Ivinoslone Irellied ?1.4.?0231 Mr R M Newin3n Mr& D A Aliinaii Mr R A Norton {appoinled 21.4.?.0231 Mrs N Small {appolnled 21.4.2023) The appoii)Inienl of the Tiusl88s is governed by lh8 TTLisI Deed. The Trusl¢g8 a aulhortsed lo ppoinl new T(uslees lo fill va¢3n¢188 arlsiiig Ihrougli reslgnalian ot death of on exisling Triislee. Trustees are appointed both on Ihe basis of Ihelr spe¢lalisl knowledge ol Ilia area bul also on Ihg skills 11)ey havè lo brlng lo Ilie rol8_ Prospective new Triislees are inviled lo allend al least onè truslee meeiinu belore making Ilieir declslon on whelher Ihey wish lo be appointed. They Arè provlded with coples of Ihc GonslllulSon, minules of Iwslee mpellng% and Ihe lasl two sets of accotjnls. In Ihe yoar lo fJth Aprll 2023 no Iruslees ielired and no new Iruslees W8fB appointed. In Ihe followlng year reiired and Mo new Irusiee5 were appoitTrled. In Ilie abs¢iic* ol express piovislujis uiider Ihe Trusl deed, 1119 power of appoii)Imenl aiid IElliei)ienl of Irusleesls exercised in aGcor(laii¢e wilh Ihe Trustee Act 1025. Oporallonal and De¢lsion Maklng The Truslees meet al lea51 lce a year lo monitor the acllvilltss wllhln ihe Triisl and flnancial and invesln?eiil i)iioiilies. In addlllon, Ihey meet on a gular quarterly ba515 to assess graiii applicalions and lo approve or reluse grants aoainbl Ihe granl making crileTia. All docislons ¢?re made by Ilie Tiusltrès wilh 11)e lielp ol Ilieir professional advisers, There are no eimployees of the Tiiisl. Oecislons #re n)ade by majorily vole bul execution and impl8menlailon may requlre only two signatures from Iruslees. Fundralslng and Grant Making Poll¢y The Tmslees do not carry out any indopendeiil lundralslng but rely 501ety on the incomo goneraled by the Inveslmenl portfolio as managed by Ihe iiivei¥lm¥ril rftaiiagers 01) a dlscielloiidly iJd¥S¥. Ihfrre Is no geouraphleal reslilclion In Ilie Oblecls. the Trvslees glve i)riorily to local proSecls and those basod in Wesl Su558x. Granis ar6 made on Ihe basls of crller18 lald down and agréad by the Truslees, The Trlislees evaluate granl appllcalions niade 10 Iho Cliarily. Visi18 are 8rranged lo Bpplicanls polenllally quoiifyliiy Iui livppon In some cases and Then, Ir approprlaic, a wriiien commiimeni niaue seiiing oui the agreed conditions includliig 8ny Ilme limlls, In 60me c88es follow up v15119 are arranged to a55e58 Ilie Impact of the grant paymonl. Ali?Is and Objoctlvfs The alm ol Ihe Trust Is lo appty the incom8 and. il appfopriale, capilMI towards Ihe Oblecls ol Ilie Charily. The annugl Inme generated by the Inveslnienls Is LFSGd lo support porlicular prolecls or. where appropriaie, indivlduols. mie anllcipaled Incojiie lui Ilie comlng year Is approxlmalely £111.091. Although not formaity resolved, Ihe Ti(i$lees apply beiw8eii £15,000 and £25.000 pei quarter If suitable appeals are recelved.. whllst ensviing sulficienl liquid funds remaln foi the day lo day wnnlng ol lh8 Yrust. Tho Board ol Truslees h8ve p81(J due regarijs lo guld8nee IssLred by Ihe Charity Commlsslon on public bei)elit. JA.. 6671949 1
Page 3 OveNlÈw ol tli8 year There have been cxtornal challenoos dlirlng the year ntsily the Twslees, were mlndful of any downward lurn on Ihe Income and value of Ihe porllolK> in Ilghl OT Brexll and Ihe Lovid-10 pandemlG, Dvrlng Ihe year the Iiusloe¥ mridv 37 granls lolalllng £101,134, to insliluilons. of Ihe 37 grants made ov¢r 640A were for £2.000 or195s. No lurther pledge¥ were inade, bringiiig Ili¢ lolal grants and pledges in tho year ended 5#1 ApTiI 202310 £101,134 (In 2022 IliB grant payments were £133,732, Ihere were no pledges)-. Tho over011 reserve$ of Ihe Chaiily decreased dudng Ihe year by £306,056 {?0?? - Increased by £170.1gS). The yroles11iunal lees paid to INin Milcliell LLP were £14.100 12022 - £13.200). The Tru8tees conllnue Io us8 wth¥.friaTS at&irusl.or k giving the Irusl a web preseiice, lor a v8ry modest outlay. The prin¢iple object is lo iinprove thè quality of gr8nl 8ppliGanls by (equesllng applicants lo provide felevant information in a standard form81', as well as lo lurtlier publicise Ilie Trusts alm$ and oblp¢llvas. Investineiits The Inve51nienl PDrifolio as al 5th Apiil 2023 w86 £4.080,480 (2022 = £4.381.2851 with InMe geiiefaled of £l18.903 {2022 . £111,671). The lolal portfolto relurn was-4.49% compared uAth 2.09'h in Iho agreed benchmark. Tl)ere aiE no reslriclions on Ihe Charily'g POWQf to inve41. The Invfislmenl slralegy Is sel by the Tfiislees for a P¢TiO(l af three years and takes accounl of likely domlc n(ts for lunds en(J Ihe qvalily uf tho funding applleallons. ThB TIusle¥s cviislder Ilie IiiGoin¢ r¢qylremant6. th? dsk prollle and the inve8tmonl motiaugr'$ view of the markel prospects in Iha niedilim lerin. Tl)is slralegy is sel wilhli) an overall policy which siale5 Ilial 11)e fund Is lo be Invasled in a balanced portfolio with moderate risk based on a balance be(ween inwme and ¢apilal growlli. The inveslmenl pDrtfolio niay comprise oqullies, fixed Iii¢ome slocks and cash wilh a view lo ensuring Ihat capllal 8pprecialion ol Ilie lund Inalches or exceeds the fTSE 100, th¢ FTSE All Sliare Index. WbA Charities Unconstralned Model and FTA Coverninenl All Stocks over each IhrÈo year pèrlod. The fLind8, 81101 wl)ieh are unre51Tlcled. may be Inveslod In any lype ol Inveslmont, The slralogy Is rcvicwo<J wiin Ine Inveslmenl manag8r al led51 iafiiiulttlly. The portfolio IS Illdnaue<S on a (Jiscrelionary basis by Brewtn Dolphin foi a fgg based on the valuo 01 the POTllolio. In addilion lo a v81u8lion al the end Of the l(nancial year. the Investment manager provides the Trustee5 wlh a valuatson and foTmal revlew every Iliree monlhs as Bl le end of Jun8. September, ecember and M8r¢h. The quartlY reports are consldered al Ihe Trusiea meelings. GA: 6671949.J
Paga 4 Cas ('hanges In cagh leve15 are largely dlctaled by the incidence of ¢harllable granl paymenls,. Ihl,q year Ihe Tfusioos. belno mlndlul nl Ihp LinrertAlnty over incom8. BgrÉÉd tn hnld H mlnlmum pogllivo cash balan sufficienl Io Govor tho ¢osl of running Ilie Trust for a year. Tlie cash balance al 6 Apill 2023 wos £l5.533 compared with £27,456 a year earlSer. a dvrrease of £11,923. TIIE casli funds are under Ihe SVPelViiTrivri vf the Clidrlly's adnilnisbalurs. Ihe Tiusl Departmenl ol Ils solicilors. ReBeNes li Is Iliv pullby of Ilie Ghcirlly lo niaiiilclin tsiiffioient cash ruliS lo nieei lis aniiclpaied expenditure on ¢harilable graiil8. Incoing from Inveslmenls are qcnofally SLTrllidcht lo ¢overs ils normal ongolng expertLIIILifg. Tlio ro$orve$ al Ihe balaiice sheÈl dale were £4,000,364 {2022: f.4.396,4101. Rlsk Maiiagemelit I'hrouglioul the year th8 TTusloos havo examlned the malor $lrategic, bu$ln8S8 and operallonal risks which Ilie Trust IAces. A mlnlmum of hvo lrusleos are nocdod lo slgn all chequ&s and other docuinenlalbn relailng lo Iinancial or oilier Irans8cllon5, bul Ihe declslon havlng bEen made by all ITu$lees. The iwo assets of the Fri8tsgale Trusl are Ihts poilfolio of Ii)veslmenls and a casli deposll. Tl)e porllolio is sublecl lo dlscrelioi?ary manageménl bul Ihe Tru5lees have in place a manag¢menl agreement and Inveslmenl Policy. The markel risk Is moderala and l)Igh tisk Inveslmenls ale 8pecificttlly excluded. Regular reports are ItGeiv¢3d Iroin Ilie inv¢.slriieiil iTl¢allayVl¥. Tlie&e ieports arp revle.wed regularly and a nieellng willi the Inveslmenl 8dv5sor8 Is hcld ¢71 leiL sl onnually. Tlie Inve51monl Policy provides lor a maximiiin of Ihrae years between lormal reviews of investment dviRKtr_q For subslaiilltll IMuivtil¥, Ilie Tiuslefjs will liaists willi the orgsnlsallon In quesuon. revlew Èhe background and ensure the docunienlalion is In pla¢e. INhere appropilalo lunds are pledged wllli condilioiis to be sallsne(I lJ¢lor¢ Ihe aranl is made. Statomont ol Tru6tO¢8' R¢8pon)Ibllltlos The Irusiees are responsible lor preparing the '[ wslee5' RepDrt arid Ihe #Lcouiils In a¢¢ordance with apDIicdble law Uiiiled Klilgdoin Accounllng Slaiidaids {Uniled l<ingdom GenÈrRlly ArrAplod Accounting PracllGe). The law applicable lo ¢harllles Iii Englaiid and Wales requires Ilie Iruslees lo prepaie accounts lor each finanGial year whith give u Irutt and lalr vlew ol Ihe Iru81'9 fln8ncial acllvlll85 durlng Ilie year and ol Ils finaiiclal posllion al ihe end of the year. GA,. 6671919 1
Pag8 6 In preparing acGounls givlng a liue arid fair vlew. Ihe Iruslees should tollow besl praG11 ano- ole¢t sullable accounlln9 policles and then apply them consistently., observe the methods and prlnclple$ ol Ilie Ch8riiles SORP- make judgm8nls and 051im8ley that Br6 reasonable and prudent.. 3181e whether appIlble ¥4iuuiilirig slandards aiid 31alen?enls of re¢ommended pr8¢llc¢ have been followad. subjeGI to any deparlures dlscloged and explained In the accounts- and pr¢paro the accouiils on lh9 going eoncern ba$1$ iJnle44 11 iq inHppmprlAte to presum8 Ihal the Gharily wlll ctsnliniie In operalioii. The Irusle8B are iesponslble for keeplng adeqiiotp. aceouiiling records Ih8t discb5e with reasonable accuracy al ai)y liine Ihe financial position of tho trusl and wl)Ich enable Iliem to ensure 11)al Ilie 8ccounls coniply wllh 1118 Cliarilies Act 2011. Ilie Charity (Accounlg and Reports) Regulallons 2008 aiid Ilie provi5iofbS of the trusl d(*ed. They are also responsible for safeguarding the asBels of the ohaFlly 4nil IleJI for lakliig Tfja8onable steps for lh¢ pr¢venlion and O¢l¢dlon of fraud and oihor Irregulsrlties. Appioved by Ihe Trustees and signed on thelr behall.. .TIu6te6 .TfJslee -TruE+teg ..Twstaa 16.01.2024 GA.. 6G11949_1
Pag¢ 6 FRIARSGATE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIARSGATE TRUST I report to the trustees on my examination of the financial statements of Friarsgate Trust (the charity) for the year ended 5 April 2023. R8sponsibiliti8s and ba515 of report As the tIU5tees of the charity you are responsible for the preparation of the financial statetnents in 8ccoid8nce with the requirerllents of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl ol the 2011 Acl. Independent examiner's statement I have completed tny exatnination. I confirm that no Tnatter5 have wme lo my attention in connedion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charrty as required by section 130 of the 2011 Act., or the finanaal statements do not accord with those records., or the finanual statements do not comply wth the applicable requirements concerning the form and content of accounts set out in the Ch8rities (Accounts and Reports) Regulation5 2tK)8 other th8n 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 con$ 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 finanaal statements to be leached. Claire Nomood Bsc FCA ATII Catpentei Box Jones Avens Pipei House 4 Dukes Court Bognor Road Chichester West Sussex P0198FX 1610112024 Dated.. Carpenter Box Jones Avens is a trading name of Jones Avens Limited GA: 6672023 1
Pauè 7 IARSG GISTER TE TRUS ITY NO. 2207 tateiii Inai udlii lal ActlvllloB for r ondod 5th A 112 )endltuYo Accoii 23 Ic Total 2023 Total lu 2022 Noie Iiicoinliio rgsoiirc4B Inve31nient Incomo and bank InleTeal 118.g02.67 11 B,002. 111671.60 111,871.6J RosQU¢8 trxpendÈd Govem81)ce cosls 15,696.60 15,310.80 InveslnioDI magement c81 25,599.30 27.619,D3 Charileble aeilviiles Total Resources Expeiided 101.134.00 142,429.90 133.732.00 176,661.83 Not Gainslllo¥so$l on Inve$lmenls Roallscd IIos8es)Igaln8 on dlspos81 oifixe(18sset Inveslmen18 -} on ievaluatlon ol fixvd a$get Inv¢sim¢nl$ Net movemgnt in fvllds {83,709.981 198.728.59 1306.055.80 42.620.91 102 563.80 q7 Fund bal8nce brought lolward 6.4.22 4,39S,419.48 4.226,224.95 Fund baloneè carrlèd fomard J.423 90,363.68 4,396,419.48 None of Ihe Cliarills acuvllies were aGquirod or d15contlnu¢d duilng the abovè wjo 118cal years. Tlie Charity has no rocugnls8d gains or los$e¥ olher Iliaii Ihosè dealt wllh in Ihe Sl8lénienl of FlnanGio1 Arllvillos. The iioles on pagès 10 10 16 form part of111888 accounts.
PaBg 8 FRIARSGATE TRUST REGISTERED CHARITY NO. 2 èétasa 88t5.42 8 at 6.4.22 Flxed AsBels InveslmÈnl¥ ¥t VAIIJ 4.080.420.?0 4.381.286.92 Curreiit A55e19 Ca511 Told cuffenl Assets 15 533.48 15.533.48 27.465.76 Llabllilies falling duv wllhln 12 m¢i)Ih3 CIEdilvis Nel eurrÈi?t Assets Total A88018 los$ currenl Ilabllllles 5650.00 9.883.48 12.321.62 15.134.16 4.390,419.4 Funds ol tho Charilv Unreslricle(I 4,090.363.88 41396 410.48 16.01.2024 The nnaii&iul ¥ldltHii¢iits WFle W)provEd by Iliv bu&1r uf Ill14lCQS 011........................ .ana sianed on ils behaifby Tiuslè Th¥ nol¢s on pages 1010 10 lonn part of11105e accounls
PAue # IARSGATE TRUS Y NO. 22076 GISTE steleinènt of C sli Flow èar onded 5th A 023 Tot41 16 2023 Total le 2022 Nèt oosli utsad 01)orAtlnu a¢llvltig% 10 14D.101.52 (176.809.461 Cash Ilow$ from liiv88llnu aellvllle8: Inleresl pnd dlvldend8 Pufchas8 01 iiive5tnienl$ Pf¢ceo¢Jts Irom ale of invèstinaiils 118.902.67 {1,190,q13.881 1 1.24.3tIO_73 64.169.lj2 111,671.05 1670.29 Jf.99} 740 526.70 181.904.38 Net Gosh provldod by lrtvestlng acllvltles Clk8nué In cash aiid CA9h eoiiivalgiits In Ihg vè8r (84.032.001 5,D94.90 Cash brought foArd {al bank and on porllomo) Casli CUTrled foard 156.901.10 71.060,10 151.UUU.30 1*j6,4(51.10
Page 10 FRIARSGATE TRUST REtsISTERED CHARITY NO. 220762 Notes tlie Accoiinl oar endéd 51h A rll 2023 1 ACCOUNTINQ POLICIES Tlie kiiarsgale Trusl 15 en iininGorporaled ¢harily, reglslered wilh lh8 Cliarlly Commission number 220762. Th8 regislered address is Thoma5 Eggar Hoiise. Fiiary Lane. Chlche81er, Wesl Sussex. POI0 1 UF 1.1 ACCOUNTING CONVENTION TIip.46b 8e*.ounlR I)Ava bèÈn preparad In £ecordanco wilh "Aecounling and Reporllng by e.hArili£s" Ilie Slalomont of Rocommended Pracllce lor charilies app5ylng Ilie Flnanclal Reporting Standafd applicabla In IhÈ UK and RepubliG of Ireland IFRS 102) UK Gei)erally A¢cepled Accountlng PraGlice as il api)lies from l Jaiiuary 2019. The charily Is 8 Public Benefit Enlily as definud by FRS 102. The accounls arè prepared in 51erliiig, whiGh Is the funclional curreney ol lh¢ ¢l)arlly. The accounts Iiave been prepai'ed on th2 hislorlcel cost convenllon modified for the revalLiallon of InvebkniJ¥iil¥. The prlnGip&I accountino pollcles adoplea are sei oui uélow. 1.2 GOING CONCERN Al the time of approvlno Ihe 8ecounl%. Ihft Iruslees liave reasonable expectation Ihal tho charily has adequate re30urce3 lo ¢onllnue lrt op¢ralional e%lslence for Ilie foreseeable luluig. Tliu¥ Ilie Itublees. coi)Iliiue lo adopl the going concem b8sls of aGcounllng in proparallon of the a¢counl8. .3 CHARITABLE FUNDS & FUND ACCOUNTING UnreslilGlgd luiid5 aig avallable for uso at Ihe dlscTeUoii OT Ine Irusiees In (unherance ol Ihelr ¢harilable obSecllves unles611i8 funds have been designated for olhor PLIIPUSg$, InGonilng Respurcg8 Incon)Ing resourcgb InGlude5 Investfflonl in1[1. wlil¢li Is re¢ogiilfjg(f wli¢ii the cliarlty hBs a legal rlghl lo Ihe income. TIiA OAin or Ioss arising on Ihè diiposol cil 8n assél 1$ dglomiinad a8 tha difference between the alE proc£eds and Ilie carrylng v81ue of the a5sel, and Is ¢0nIsed In nel Incomel{expendilurel lor thg year.
Page 11 IA GRANTS PAYABLE Gioiils payable are debited lo oXpun(fil6 wll)I11 1119 Slalcmonl of Flnanclal knitvlliog In Ihe period I wliioli Ilio ¢harlty enters iiilo a consliuclive obligalion to make 6ucli paymenls. WheTe a grant commitment is payable over a period ol more Ihan one year. 8 liability Is re¢ognised ior 1118 lull amount of the toiislruclive obltgalion unless condilions are allached lo luture payments SLich that Ihe Iruslees effectively relain the discrellon lo avold making such paymenls. 1.5 INVESTMENTS AND INVESTMENT INCOME All inve.81inÈnls ara staled al lalr v8luo and Ihe move.Inenl shown comprlses both realised and unioallsed galns and losses. Rea119ed gains Of losses erlslng on Ihe dlsposal DI Investments (together wlth provisions for diminuuon In value), are ¢fÈdlled or deblled io Ihfj Stal&meiil ol FinaiiclQl Acllviiies, and subsequently Irangforred to Unrgslficled Funds. 1.6 CHARITABLE ACTIVITIES The G051 of charitabla acllvilies conslsts of grants made. 4.7 COST OF GENERATING FUNDS The cost ol generallng funds conslsly of invo51menl management lee& .8 GOVERNANCE COSTS (iovemance cosls compr15e all ¢osls Involvirbg the puljllc accounlabllity of the charily and Ils compliance wllh regulation and good practice. These eosts Include eosls relaled lo slalutory audit and legal foos Logolher wilh vlli¥i civeiliead and 3UPPOrt C05l5. 1.9 CASH AND CASH EQUIVALENTS Cash on(i cash equlvalents Include d8posIts hold al eall wilh banks. 1.10 FINANCIAL INSTRUMENTS The cliarfty lias elected 10 apply tho piovlsloii$ ol Section 11 '8aslc Flnanclal Inslrumen15' aiid section 12°OthBr Financlal InslNm8nls Issues" of FRS 102 to all of its fiiiancial ins1rUnls. Financial as5815 and liabllllies are offsel. wllli the iiet amounts pre5enled in Ihe financial slalemenls, ièn11)ere Is a legalty enfoTceable right to sel off Ihe re¢ognlsed amouiils and there is an inlenlion lo -ct and selue the liability simLilloneovsly. etlle on a n•1 b?si$ or lo realis8 Ilic o-- Baglc flnanclal a$BBts B8$1¢ fln8nclal assets, wlilcl) Includes debtors and ca8h and bank balances. are Ini118lly mea5uied al liansa¢llon i)rlca inclvding Ir8n98cUon costs 8rè $ubseqiienlly e8rried al amDrtSsed cost uslng Iho effeclive Inler¢s1 motliod iinless Ilie arrangement conslitutes a finan¢lng tr11 nsaclinn, whpre the Ifansaciion is me83ured at Ino preseni value of 1119 (Ulu iecelpts digcounted al e mark¢t rato of Inlere81. Flnan¢lal assets classilied as receivablp wilhin one year afe Iiol amortlsed.
Page 12 Impalnment of IliianGlal Rssets Fii?¥lltylÉal a55els, other than those held 81 fair value Ihroliyh Income aii(J expeiidiiuie, are assessed for Indicators of imi)alrmei)l al eacli reportinq dale. F5nancial assets are lipaired wl)ei'e 11)ere Is obleclive evldence Ihal, a5 a resull one or Inore evenl$ Ilial occurred after the Iiiliial tecognilion of the rinafitial a6$el, the esllmated fulurc cas17 flov49 have been affe¢led. If an assel Is Impalred, Ihe Impairmenl loss 18 Ihe dlfference between Uie carrylng amount and Ihe pres*.nl valu8 of Ihe esllmaled cash Qows dis¢oLlllted al 11)e 0s8el's original 8flÉcllvè Interest rate. The Inipairmonl loss Is rpcoJ( nlsed in nèl Incomel{expendilural for Ihe year. If there is a deGreaso In Ihè Impalimenl1086 ailslng from an event occurrillg after the Impalrmenl was re¢oyiil¥¥tl, Iliu liiipaltmenl 15 reveised. Tho roversal Is sucli 11)oi Ine eurfeiit cafrying amount does not exceod wlial Ihe carrying amouiil would have been. had the impairmtsnl previously been recognlsed_ Tlig impalTmenl revfjrsal is recogiiiseu in i)el Iiicoiiiellexpendllurel lor the year. Bi81¢ Ilnan¢lal Ilabllllles B8sic financial liabililles, Iiicludliig Irade and olher payable5. are Inillally reco.qnised al Iransacllon prlce ui)less IhB arrangenienl con51ilules a llnan¢ing Iransaclion. where Ihe debt inslfumenl 15 measiired 81 Ili¢ prÉsenl value ol the fuluf8 rèceSpts discounted al a mafkel rale ol Inlerésl, Debt instrumenls are subsequently corrled al emortised cost, uslng effective inleiesl rale method. Trade payables ara obligallons lo pay for goods or servlces 1118l hTJve beeii acqulred in Ilie ordinary courso ol operaiions Irom suppliers. Accounts payatsle are classed as curreht Ilabililies if paymeiil Is due wilhln one yoar or less. 11 tlol, 11)ey are presenled as non-currenl Ilabllilles. Trade payables are recogiiised Ii)Illally at transaction prtcg and subseauenlly measufed al amortlsed c051 using the effeLlive Iiileresl Inelhod. DereGogiilllon of linanGlal IldlJlllllts$ Flnancial Ilabifilies are derecognl8ed when the charily's conLfaclual obllgallons explre or are di¥charged or eaneelled. 2. CRificAL AGGOUNTING ESTIMATES ANDJUU14EMtNIS IA Ilie appllcalion ol Ihe charlty'5 8ccovnling policie5, the If(Islee$ are requliEd lo make ludgemenls. eslimal8s and 8ssiimplions 8tyoLtI Ihè eafrying amounl of assels and liabllliies thal are nol rpadlly apparenl Irom other sources. The esllmales 4nd ossoelaled assumpllons are based on historical experteiiGe oiid oll)er f4olors Ihat are Guii¥ldEietl lu bc rolov8nl. Aclual ie5uIIs Tnay dlffer troin IhBse 85tlmales. The eglimale5 and undedying 455umplions gre T¢vi$wgrJ oli an ongoing baBiB. Revlshfts lo accounlii)g eslimales are recognlsad In Ihe period In which the eslimale is revised where Ihe revision affects only Ihal period, or in Ihe peilad ol 1118 revislon affecls 01)ly Iliat period, or In Ihe period of the revlslon and fvlure peilods where the rovi51on affects both eurrenl and lulure periofjs.
Page13 FRIARSGATE STEREO CH Rl RUST . 2207 to tho 0¢ Total 10 2023 Tatal lè20 3. Inv65tiiient Incomo and bank Interest Iiioomo from IiBled UK Invo¥lmertl Income from lisled Non-UK inveslmgni8 Bank ond olhe¢ Ini¢r¢$l received Inleresl received on cash hold on polllollo 107.?43.8? 11.397.46 87,371.26 24,300.39 261.40 118 002.87 111671.85 4. Qov8man¢e costs Iliicl VATI lThvln MSlehell LLP diarges Jones Avens, IndepBndenl exurwtln811onlaudllors lees AAléc Compuiers- Webslla D08tgn 14,100.00 1,308.00 198.60 15,6g6.60 13.200.00 1,99d.U 118.BO 1Jf 310.8 All ol Ui8 gov8(nanc ¢48ts aro alloralod lo thD chorithble acllvlty olgranl m8klnu. lot8llino Fl6.697 in 20231£15.311 In 20221. G. lrtv•#lm•nl man#0am•llt costs liwtssln)eiil Management le03 25.599.30 ?7 fi19.03 e. Chaillabl8 aetlvlllÈs Gran18 10 insliluitons {nol¢ 11> Orai)Is lo individuals 101.134.00 133,732.00 1011J4.00 133.732.00 0.00 Pledges m8de lo inslilullons PlodgeF m¥dv lo lrt&ivlduals 0.00 Total grants and pledges ,134.0
FRIARSG EREO GH TRUST Y NO. 22076 otes to I GCQlllIts 7. Flxed Assèt Iiivgslmont8 To181 rotlll Qirolgd Inveslmenl8 and portfollo caBh Markel valuè 6 Aprll 20?? Addition8 Disposals In¢re8sel{Decioas¥l Iii ijorllollo cash Nei unreAli3ed Iloss)lo81n Mafkel value 6111 Aprll 2023 4.381,285.32 1,190.113.88 {1,219.180.711 113.009. IUI {198.7?8. Jr 4,080.480.20 4,182,035.17 870,2tt3.El (697.907.791 3I.298.15 192.563.80 4 381285.32 l.Ilslorical cog1 ol quoted Invesln)enl¥ 3.721.043.09 3 287 470.00 QLioled UK Inv8slmÈrtla Quote(5 Non Ul( Inveslmenls C88h hèld on portlolio 3,38fj,7O8.00 865,042.00 129 445.32 4.381285.32 1,857.460.05 J8 435.82 4.080 480.20 The followlng Invejslmenl repiesenl$ gfeoler than 5% of Ihe portfolio by m8rkel value 48,110146.fjOftr Fldelily ljclts ICA U 322.03T.6è 318,170.00 8. Analysls OT Gurrviil a¥¥EI5 C08h 81 bank 15 533.48 15. Jf33.48 27.455.78 27.455.78 9. Aiialysl¥ of Giiyrènt liabS1ille¥ Creditors Irwir) Milel)sll LLP Jone8 Aveiis Bren Dolphln Ltd Pledged granls Youth Lounsellln9 Projecl- chèque not cash8d- Apfil 2018 3,4oro,00 1,200.00 2,550.IJO 1,902_00 6,86è,62 1000.00 12.321.62 5 650.0
Page15 FRIARSGATE STER RUST 0. 22076 Notes to tlie a 10. ReGonGlllatloii of iiet movemoiit In lund8 to n61 cash flow iroin operaiiiig aGllvlllQS Total 102 1306.OJJ.80) Total 2022 170.194.53 Not movement In funds De(fucl dividend anfl inlprggl Income shown In inveailng scllvlil05 LoSSE51IGalns) on d18Pti¥Jl of Ii)veslinènls Add back lossesldediicl (gain5} on Invoglmonls In¢rea$e Ideueas8) Sn credilots (118.902.671 83.799.98 198.728.59 6.671.02 14Y.IU1.) {111.671.661 (42.020.911 1192.Jf63.801 147.63 1713.009.40 Total ylo 2023 Gr8nt$ lo nsll on Total y18 2L122 Grai)ts to Edijcalion 45.572.00 102.225.00 Carc and Wellaia Tolgl .fj.fj fj62.0 101134.OD 31.507.00 133 732.00 Thoiawero no grants lo Indiwidual¥ durfiig Ihe year (2022.. none}
Paue16 IARSGATE TRUST O CHARITY NO 220 EG hè ¢¢ou 11. Cliarllabl8 acllvllles Icoiitliiuedl Grants to utloiis 350.00 500.00 2.500.00 2,500.00 ?,ooo.00 io,ooo.00 1,000.00 1,500.00 2,aroo.oo 1.516.00 2.600.00 3.000.00 8.572.QO 1.408.00 6.000.00 5.000.00 2.000.00 2.423.00 1.000.00 Grant5 to Ttstal 350.00 501J.00 2.500_00 2.500.00 3.000.00 04.05.2022 Cl)Iche5ter Youlh Advenluivj Twsl 04.tJr).2022 Amaze 04.05.2022 DSsabllily Cliallengors 04.05.2022 Medical Enginetrr ResourGfj Unll 04.05.2022 I'htr Hyglenè Bank 04.nf>.2022 Chrlsli8n Youlh Enlerprisos Salllno Centro 03.08.2022 8rillsh Dl8abl8d Angllng AsEoGlailon 03.08.2022 CancerKise 04.011,20?? ABlhma Rellel 04.08.2022 Crackerlacks Childr81i's TTU81 04.08.2022 Headway 04.08.2022 71ippAnny Bam Edut¥litsn 05.08.?0?? Flshbaurne Playlng Fleld As8od8lion 05.08_2022 Cycall 05.08.2022 Cl)Icheslei Boys Club 05.10.2022 Llslcl)estgr Hoys Club 07.11.?02? Bogntsr Reglg Youlh & Coniinunity Centre 07.11.2022 4Slglit Insioii Suppporl 07.11.2022 Brllisli Dysle¢5 07.11.2022 Cliild ilrain Injury Trusl 07.11.2022 Culld C?r 07.11.2022 Sussex MS Cenlf8 07.11.2022 lIC Lodgc Cc*nlr¢ 08.11.2022 MobllSly Trii81 08.11.2022 Sussex Asststsci81lon for Spin3 Blllda Hydrodoph 2B.12.2022 Cliicheslor Boys Club 07.02.2023 The Aniber Foundation 07.0?..20?3 Dvmpniia Supporl 07.02.2023 Hoiiie Start CHAMS nA n?.?023 Llllle Greon Pio 08.02.2023 Sols8y Belfiendlng AdivlllèA 08.02.2023 W¢si wU$8¢X Miiid 08.02.2023 Tlilnk18 UU.U2.2U23 Life ZOO 02.03.2023 Momenliim Chlldrèns CFiaiily 15.03.2023 Boonor Regls Youth & Con)niunity Centre 28.03.2023 Cliicl)esler Boys Club 1.000.00 1,600.00 2.50U.UO 1.515.00 2.500.00 J.Doo.00 6,57?.00 1.4¢8.00 5.000.00 o.000.00 ?,000.OD 2.423.00 1.000.00 1.000.00 1,600.00 4.7Jf2.00 5.000.00 1.554.00 2,000.00 5,000.00 2.000.00 5,000.00 1.500.00 3,000.00 1.650.UU 1.050.00 1,500.00 2,000.00 1.000.00 1,500.00 5.000.00 101124.00 1,SOO.00 4.752,00 G,000,00 1.5i4.00 2.000.00 5.000.00 2,000.00 ,n(Jo.o(J 1.500.00 3.000.00 1.650.00 1.850.00 1.500.00 2,000.00 1,000.00 1.500.00 6 000.00 101 134.00 Plgdged cl)eriiablÈ uraTIts 12. Transdctlons wllh Tru$toe¥ No Tiuslees received remiinerallon or olhor benofil8 from Ilie Trusl duiing ih8 year, and none {2022 - nono) of Ihem w&r8 felinbursed £nil12022: )111 for Iravel expenses. Theie were no Iran8acllon8 beiw¢en lh8 chadly and any olh8T relaleu partley duiing Iho yo&r12022.. NIII 13. Efflployoo Thoro w0r¢ no employees durfng Ihe year {2022=nll) 14. Tr8nsAciion$ wiiii rèlated parties Thore wer¢ no tran$g¢11oiis will) related pathes
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