TheTriangleTrust 1949 Fund REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2024 Roglsterod Charlty Number.. 222860 Pago Trustees, rei>ort 1- 11 Independent auditorfs rèport 12- 14 Slalemenl of financlal aC￿VitieS 15 Balance sheet 16 Statement of cash flow8 17 Notes lo the accounts 18-29 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trusteès present their report and financial statements for thg year ended 31 March 2024. The financial $lalemenl8 have been prepared in 8ecord#nee with the accounting policies sel out in note 1 to the financial statements and comply with the eharily's trust deed, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their financial statements in accordance ¥Mth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods Commencing from 1 January 20191. Objectlves and actlvltl08 for the publlc beneflt The Triangle Tntsl 1949 Fund is a grant giving charitable Irusl that was set up by Sir Harry Jephcott in 1949. when he was managing director of Glaxo Laboratories Limited. The objecls of the Trust as sel out in the Trust Deed are to $upport'. The educatson and allevlalion from povety of past or present employees of the phamwceulical industry, ond their dependents.. The promotion of a good sland8rd of heajth in the community, including recreational facilities an¢J medical welfar8', Such charitable activities as the Trusts65 may delemiine. The Trustees have adopted a policy of selecting third paty organisalions to which they make most of their grants under the wider charitable object of the Trust. Small grants are also made lo individuals have retired from the phamiaceutical industry. All the Triangle Trust 1949 Fund's grant giving ad1vill￿ focus on supporting organi$alions helping those who 8re disadvantaged or in need of specific help and as such deliver public benefit. The Trustees confimi that they have referred to the Charity Commission's guidance on public benefit when developing the current mi88ion, vlsion. and objecllves for the TnJ81 coverlng the period April 2023 to March 2024.. Vision: For every person in the UK to have the opportunity to a¢hi8v8 th8ir potential and participate in and conlrilxrte lo all aspects of life. Mlgslon: To fund community and voluntsry organisabons providing largeled higlFquality supkx)rt to Ih08e in need and dellvering long-lerm impact. Objecllves: To support organisations working with young peotde in contact with the criminal justice system, or at high risk of becoming so, lo enable them lo move on pgsitively with their lives and either avoid reoffending or receiving a first conviction. 2. To have a slralghtforward transparent approach to grant giving, making il easy for applicants lo apply. 3. To monitor and evaluate lo keep our grants relevant. 4. To apply good governance lo all that we do. Overvl6w This ha$ been a busy and exciting year as we launched our new fi'veryyear $tr01ggy. Aftgr mu¢h dis¢u5sion Trustees agreed to focus our assets on supporting work solely around young people and the criminal justice System. This meant making the difficult decision to step away from making grants that supported young carors. This decision was reached after Trustees reviewed the kind of funder they wanted the Trust lo become in the future and considered how lo make the most of our limited assets. Focusing on one area will allow us lo build significant sector kn¢)wlgdgo at the same lime as maximrLing our financial support. Trustees also agreed lo have an annual focu8 forfundlng.. for 23124 this was work that used a Sport 4 Development approach. Following discussion among Trustees. our funding has now tjeen divided between project and strategic grants, and a series ol strategic grants would form an gxil strategy from supporting work with young carers. Trustees also agreed lo work wlh Upshot to provide Monitoring, Evaluation and Leaming support lo grantees to help them with their own approach lo this as well as support the Trust's ability lo better understand the difference that we are contributing lo as a funder. TheTrkng1eTr￿t 19491-uivJ TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Granl maklng poll In line with Obj'ective 18bove, in April 2023, th8 Trust launched a new five-year strategy focused on supporting work aime(l at young people in Contact with the criminal justice system or those who are highly vulnerable lo becoming so. This focus emerged from a $lralegi¢ review that had been delayed by the pandemic. For the two provious years, it had fell appropriate to have ono-year strategies to ensure that we were meeting need as effectively as posgble and could quickly adjust. But in 2023 il felt time for a longer commitment lo a key issue affecting young people. Over the course of 2022123, Trustees spent ¢onsiderable lime considering a range of options around focus and impact, and ullimalely d8cid8d lo focus solèly on the issue of young people and th¢ riminal justice system. Thè Theory of Change that was developed for this strategy is shown below and run8 from 202>2028. Activity Outcome act Goal The I￿e$￿t young PEopI• ai futuresdI5rupted by the ciimioaljusiice system arotrènsf¢imed *thM**_ 11 11 Reoffending iate5for yQung peop￿ are ieduced F￿$1 olfonce5 IN high. ri%k y¢un9 PEopleon the ed9eol thecijrninal justicesystem aieawided As part of the new strategy Trustees wll annually review the focus of the funding 8nd choose 8 speclfic theme or focus, a8 a means of controlling ap￿ication nurnbers and ensuring that clear cohort8 of grantees with slmilar 8pproaches are Crealed. This will help us better understand the impact Triangle Trust is conlribuling to, as well a$ bringing logglher a group of linked proje¢ls to be supported through the Spark Programme, our funder-plus offer to grantees. As mentioned, for 2023-24 we agreed to support work using a Sport 4 Development approach. The income threshold for applicants remained at £1.5m lo refle¢t that $eVoral organisations who would have botrn good fils for our funding have incomes slightly ovor £1m. We continued our more open-minded approach lo the types of organisalions applying for fundlng to work with young people with criminal convictions, as the first round of funding highlighted the need for expertiso in working wrth this ag& group. Organisab'ons working with adult offenders don't always appreciate that young offgnders, needs can be different. For this first year, we framed our funding through di8tincl opportunits8s- round one focused on supporting young people who were already formally in contact with the criminal justice system, had a convlclion, or had served a custodial senlence, an¢J round ￿ focused on those highty vulnerable lo being given first criminal conviction. For the second round, we asked applieanls lo demonslralg how the young people they worked with were on the edge of the ￿lminal justice system and looked for evidence of strong links wlh TheTrlangleTnst 1949 kund TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 prevention initiatives such as Out of Court Disposal Order8. Youth Offending Team Prevention Programmes and Point of Arrest Diversion programmes. The maximum grant amount available through our open programmes was increased to £80,000 over a maximum of 24 months, and all bul one of the grants awarded were for requests for the lull th-year period. W"Ih an annual budget of up lo £1,000,000 available. £800.000 was allocated to work with young offenders through our open applicab'on process, and £200,000 allocaled to support strategic work, aimed al systemic change. Due lo the size of grants available and because applicants do not have to be a registered charity, the adjudication process for applications includes a formal Trustee review. Here, all applications meeting the quality threshold are individually scored by three Trustees lo identify which are lo be discussed in full al the Twslee meeting. Applicants shortlisled by Truslees are usually visited and further assessed by the Director before Trustees make the decision on whieh applications to fund. Visits are undertaken either via Zoom or in person. Non-ch8rily applicants are iequired to demonstrate their income is used for charitsble purposes and to also have a stslement wlhin their articles clearly slats'ng any profits are either invested back into the organisalion or passed lo a named règistered charity. Al applicants are required to have an extemal examinar or auditor report for their annual account8. We ￿ceIVed 1 D3 applications for funding131 in round one and 72 in round ￿) and fifteen organisations were awarded grants after the assessment process wlh )lJnding totsling £872.015. Examples of two of tho grants awarded durfng the year are b&low. Saints Foundatlon SAINTS FOUNDATION Saints Foundation is the charity of Soulhamplon F¢XIt￿lI Club and dedicates ils service lo supporting those most in need wthin Southamplon. They provide lif&changing opportunities and resources lo help th& city and ils communities thrive by delivering projects that respond lo the ever-evolving needs of the people in the city. Saints Foundation deliver fifteen projects across five key areas.. Health, Education, Gender Equality, Employability and Pathways. Their vision is creating a city where everyone has an equal opportunity to succoed. The grant of £65,882 over two years wll enable the extension of the Saints Switching Play project. Switching Play supports young people, ￿ferred by the Youth Justice Service, on a 1-2-1 basis. using sport as a hook to provide mentoring support. The project aims lo engage partiapants with a positive role model, raise their aspirations and ultimately reduce youth offending. Fulham Reach Boat Club Boats not Bars is an In-prison and on-release rowing programme run by the charrty Fulham Reach B¢at Club. It uses the intervention of a rowing programme as a medium for learning the skills and behaviours that have been shown to reduce the chances of someone reoffending after release from prison. Vvllh prisons al capacity, and S CM91-LII TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 statlstics showing us that nearly half of those behind bars will go on lo r8offgnd, something needs to be done lo make prison a one-off punishment, and not the start of an ongoing cyde of offending and imprisonment. The grant of £60,788 over two year8 wll be used to expand delivery al HMPI YOI Feltham which will increase lime spent Imth current Participants of the course and provide support lo those who have completed the course. on Ihg joumey to and after their release. This is a new element to the programmè which will enable the f8cililies on the river that are used by Fulham Reach Boat Club lo be incorporated into the project to provide ongoing communty- based support. strateglc Grants Alongside our open grants we also continued to make strategic grants. Strategic grants are awarded to organisalions that we want to support because Ih8y are doing work that has the potential to achieve some kind of systèmatic change that aligns wth our slr8tegy aims. This funding is by invitation only and supports work that would not be considered under oui open grants programme, which has a more front line and local focus. Cranfleld Trust Followng on from the posillve feedback received from grantees about the $upport that the Cranfleld Trust had provided through the Spark Progfamme, Trustees agreed to a further grant of £90,000 lo continue running the programme for the next three years. At Ihls point, we will review the activity and make a decision about how the support will be offered for the final two years of th8 Strategy. This links into our wider strategy aims of supporting networking opportunits'es for grantaes, supporb'ng capacity buildbng and Sharing leaming of what works. Thi8 initiative has main elemenls. 1. Consultancy and mentoring support for all new grantees linked to 8 spea'fic project identrfied by thè grantee or a key member of staff who would benefst from professional development. 2. Peerf2Peer Exchanges which are 90-min￿e tscilitaled sessions involving a representstive from each funded organi8alion. These sessions provide an opportunity for grantee8 to come together wth other praclilioners wodfing in the same field and work their way through challenges and shared issues. The sessions lake an aclionloarning approach enabling participants lo find solutions lo problems through discussion and thinking wth their peers. The Spark Programme link8 to our slralegic aim of increasing networking opportunities belw8en grantees. Thls grant will enable up lo 40 grantees to access either consultsncy or m8nloring support and to participate in five Peer2Peer Exchanges lo maximize opportunities lo leam from one another and share knowledge and expertlse. Place28 Improving children's mental health Place2Be Is ulilising their expertise and reach 8Gross schools in order to Improve identification and support for young carers in schools. Young carers are children and young people who care for a family member, relative or ffiend. A young carer might 5UPPOrt someone ￿th a disability, illness, mentsl health conditl¢Jn. or issues related lo 1949 kund TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 drug or a1￿h01 use. Unfortunal8ly. many young carers remain unidentified and unsupported which affects their oducalion, So￿81 connections and mentsl health. Place2Be's Art Room team is worklng with young carers and young carer services to ¢￿desIgn an Art Room Legacy Project. Place2Be's Art Room 1$ o project whlch uses art to support children and young people's mental hoallh. Young carers are being consulted in the development of digital Art Room resources lo engagg young carers in crèative aclivits'es, so they can rèflect on their experiences and be supportgd lo build positive social and emotional connections wth others. The project aims to improve identification and support for young carers in schools by increasing awareness and understanding through digllal resources Cowdesigned and developed with youThJ carers. Th&se resources will bè shared wdely, including via Pla¢e2Be's onlinè plattom 'The Staffroom,, accessed by 13,000 teacher8 and school staff nalronally. A grant of up to £60,000 ha8 teen awarded towards Ihls prolecl. which Is taking place over an 1&month period Kinshl inshi Kinship is the leading kinship caro charity and main provider of kinship care support in England and Wale8. Uniquely, they uge their extensive. on-lhe-ground oxperionce and Connections with kinship care families lo influence policy and change practice. Their mI￿10n 1$ lo en$ure that kinship carers and the thildren they care for gel the support and recognition thèy need. A £90,000 threevyear grant wa$ awarded lo Kinship to support them lo further build on tho r￿QmmendatIonS from the Independent Review of Children's Social Care published in May 2022. The grant will contribute lo the salaries of key stsff members, the Head of Policy and Public Affairs and a Media and Communications Manager. The Head of Policy and Public Affairs lead8 on ￿nship'S Iwce•yeafly surveys of kinship carers and is responsible for prornoling the results and making recommendations to key stakeholders, using this dats to help secure significant changes to policy and legislation. The Medla and CommLtnication$ Manager focuses on securing hlgh impact media coverage that will place publSc attention on kinship Ca￿ Mlhin the children's 80dal care sy81em. Thi$ funding will help Kinship to ampllfy klnship carers, experfences, experuse and 88plratlons for thange using real life 'case studies, alongside suNey findings to develop newsworthy and hard-hitting stories. This grant foll¢)ws our one-year grant awarded in 2022 that contributed to work in three key areas., the salary of a Policy and Public Affairs Manager, media engagement to Secu￿ high impact media coverage that places public attention on klnshlp caft familie$ in the Child￿.5 80cial cara 8y8tem, and a Padiamenlary monitoring system. Grants to Indfvlduals The Trust contlnues to pay grants to Indivlduals under the first object of the Trust Deed. The education and allevlalion from poverty of past or present employees of the pharmaceutical industy, and their dependents.. Many of the recipients are in their ninetigs and gngage in rogular correspondence telling us how their annual grant bnghlens thelr Ilves. In 2012, Trustees decided all current individuals receiving annual grants will wntinue to do 80. howevef no additional indlvidual grant recipients will be sought. This continues to be the strategy we foll¢)W. Durlng the year. 86ven Individuals weived grants t¢)tslirvJ £10,500. AGhlevemonts and monltorlng Progress against the four key Objectives detailed on page 1 are monitored vla a system of key perfomance indicators. Achieveménts during the year against these objectives are summarised below.. 1049Fu TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 11 To support organlsatlons worklng wlth young people In contact wlth the criminal Justico 8y8tsm. or at hlgh rlsk of becomlng $0, to &n•ble thom to move on positivèly vAth theSr Ilves and elther avoid r•offending or r•¢eiving • first conviction: During the year we pald gran18 lotsling £684,744 and conditionally agreed fifteen new grants, totaling £872.015 over 12 to 24 months, focused on 8UPPOrtlng work wllh young people in or around the criminal justice System. Addillonally, we made three straleglc grants as detailed above. Wo also distributed funds of £337,856 to e￿$tIng young carer grantees. 21 To have a stralghtfonward transparent approach to grant givingi maklng It easy lor appllcants to appty: General feedbaek from appllc8nts has been very pOSi￿Ve regarding the application process and the information provided lo support the process. We have also signed up to Grant Adviser and encour898 811 applicants lo leave 8 review about our 8ppllcalion process. This is regularfy reviewed to ènsur8 that any Issues with making an application are understood and addressed where posslble. Our scores on this are extremely positive. Our website continues to receive pgsitive feedback about the overall user experien￿ for polenb.al applicants who say that the inf￿rnatIOn on there is dear and well laid out. The frligibility quiz is sllll an effective method to ensure that applications wg receive fit the criteria and a￿ submilted by eligible organisalions. This h88 helped to reduce the number of applications we receive that are not wlthin our criteria, saving time for the staff team, but also preventing applicants from spending time on proposals wth no chancè of succe88. 31 To monltor and evaluate to keep our grants rolovant: In 2024 we celebrat6 (￿r 751h anniversary. and as we l¢Jok back on what has be8n achieved during that lime, understanding impact conlinugs to be extremely important. We have awarded over £8m in fvnding since 2013 on Development Grants, emergency Covid grants. our young people focused programmes that supported young carers and young offendgrs and our first tsvo rounds of Sport 4 Development grants. We have built UP 8 good bank of repotts showing the difference our funding has made and some strong case studies demonslraling the oulcomeg lo which we have contributed. AS we move fotward. understanding our conlribullon to this impact more become5 ever important. Part of our Theory of Change talks about sharing leaming of what works- this relies on u5 having batter eviden¢8 and under8tsnding of what success looks like. We aim lo be able lo speak lo other funders and stskeholders about the typ9 of work that we are supporting and the klnd of difference it is making to the lives of the young people benefiting from our grants. The Peerf2Pegr Exchanges that form part of the Spark Programme, provide 8 unique opportunity for grantees to come together to Share their expertise and bull¢J on their leamlng atrx)ut what works. We continue lo ask grantees to report back lo us every slx months, completing a 6-monlh progress update and a longer annual report al the end of each year. We ask granlpgs to identify key largels for each year of th¢ gront based on 4 set of social impact areas thal we have identified. Those wore developed wlh advice from InFocus, who have done considgrablg work identifying consislenl factors that conlribulg to change around offending behaviours when uslng a Sport 4 Development approach. We hope that this 5￿11 enable tsrgets lo stsy relevant and help us lo build up a clearer plcture of progress. Fomi81 feedback is provided lo grantees after they submit their annual reports. In 2024 we stsrted working with Upshot 8nd agreed to partner wilh them to enhance our approach to Monitoring, Evaluatlon and Laarning. We wll be providing all grantees th a license lo use Upshot's MEL platfomi lo both record their data and to more easily provide us with updat88 progress. As part of our commitment lo supporting the wider organisation, we have alBQ provided grantee$ with tho option of using Up$hol lo word their dats for all their work, not just Triangle Trust fund8. We hope that this will provide grantees who have limited capacity with regards lo their MEL capabililles. with the opportunity to understand their work in a deeper way and begin to eviden￿ the impact they arg making. This 811 links to our Monitoring, Evaluation and Le8mlng 8trategy that Trustee8 agreed in March 2024. We also completed our database project wlh Hyphen8 providing us wth a more functional verslon of Sale8force lo improve our overall grant management proces888 and bgtter meet our needs for recording and understanding impact. This was a significant financial investment for the Trust bul demonstrates our commitment lo being a more 8ffeclive fvnder and being botter a￿fj lo understand our impact and share this wlh olheis. 4) To apply good govemance to all that we do: In addition to the regular cycle of reviewing Triangle Trust poliues. Trustees have continued to vislt current grantees durlng the year lo improve their knowledge of our TheTriaryleTnJt 19fj91-uiid TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 target sectors. These meets'ngs have taken place both in person 8nd vla Zoom and provide a valuable way for Trusteès lo understand more al)out the work wa are funding, the outcomes and impact we are contributing lo and increases Ih¢ir knowledge about the issues we support. They have been Impr8ssed by thè great work they have seen taking place 8nd the passionate and committed stsff they have mgt. Trustees produce a report after each visit that Is shared wlh Trustees al the next Trustee meeting and interesting points ale discussed. Trustees conllnue to Use the priv#le area on our website lo access documents and review papers, usefvl infom)alion, and resources. This has cut down significantly on the number of emails and paper copies of documents and ènsured that Trustees have easy acce88 10 important documentation to support their roles. Our Investment Comrnitt¢e was estsblished in 2022 and contlnues to meet four limes a year to ensure that our financial processes and forecasting are robust, supporling our intention to spend more than the income from our endowment. Thls also enables us lo lo¢Jk more deeply al th8 perfomiance of the investment portfolio and consider other ways of using our financial assets, such as potentially exploring social Investing opportunities in the future. The Investment Committee also undertook a review of our Investment Manag8rs with the support of Neil Thomas from Independent Investment Review and held a tendering process. We interviewed four fimis. alongsbde Sara8in & Partners, and, advised by the Investment Committee, Trustees moved the endowment to bè managed by two firms, CCLA and Quilter Cheviol. CCLA wll manage 50% of the portfolio in a pooled fund and Quilter Chevlol wlll manage tho other 50% in a segrégated fund from August 2024. In Jun8 2023, we recrulled new Tru$loe5, Hindpal Singh Bhui anrj Clio Carpenter. Both were ￿c￿lled through an open applicabon process where the vacancies were advertised across a range of different platforms including Clinks and A88ocialion of Charitable Foundations vacancy boards on their websites. A skills audit had Identified some gaps In krtowledge around both young people and the criminal justice system and we are delighted that Hindpal and Cllo had the skills and relevant expertise that we were looking for. In Octob9r 2023 Fran Box resigned as Grants A8sistsnt. In Odober 2023 we were joined by FranGe$ Harding who took over In this role. Flnanclal rèvlèw The Trust's work is entirely reliant on income from ils expendable endowment. Durlng the year, we recelved an inveslmont income of £726,485 and we Committed £1,154.0581o organisations for now and ongoing grants. £11.849 was paid a8 grants to individuals. Th18 raSU￿ed in a defial of£439.422 at the end ofthe year against earned Sncome and exp8ndlture {2023.' deficit £247,26n. The value of Investments saw a £1,743.619 incTease12023.' decrease £1.401,1011. Tho reserves al the year*nd slood at £23.860,443 ofwhich £23,573,1￿0 is the endowment fiJnd and £287,383 18 unreslricteil reserves. Ofthe unfft$tri¢led r95ervg5 £2,982 is held as offic& equipmgnt by the tharily and so not available for expenditure in the nomal course of operabon. Invostment pollcy and porfomiance The investment object*ve of the Trust's endowment is lo enhance the Gapital value over the longer term and to generate sufficient income to meet the Trust's requirements. The longer-term target return is. inflab'on plus 4% per annum. nel of fees over rolling five-y8ar period8. The Trust's portfdio was valued al £23,573,060 as of 31 March 2024, an increase in value of £1,741,619 since 31 arch 2023. This increase ha$ bgen achieved during a year of considerable stock market volatility. Positive sentiment has been driven by more optimistic views that inflation is beginning lo come under control with many commentators antlcipating ￿dUCtIonS in interest rates in the months ahead, whilst ongoing concems about the war in Ukraine escalating and the more recent atrocities in the Middle East dgveloping into a much wider geographical confftict have negatively affected senlimenl. However, the portrolio ¢onlinue$ lo bengfit from diversification across worfd stock markets, in particular in the US and Europe, resulting in the welcome increase in portfolio value during the year. TheTrkngkTrust 1949 Fuiid TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Tho portfolio is managed by Sarasin & Partners on a discretionary basis swthin thgir in-hous6 Charitable Aulhorised Investment Fund ICAIFI for End¢)wment$ and will r8main ￿ unlll August 2024. CAIF'S investment objective is to achieve long term capital and income growth from a well-diversified global portfolio invested in the wortd's principal stock, bontj, and currency markets, as well as investments in allernalive ass818, such as property, infraslructufe, and hedge funds. The equity content is geographicalty and thematically dlverslfied. The CAIF may hold cash where is il is in the interests of the efficient asset management. It is anticipated that this strategy provid8s a wnsgrvaliv8 approa¢h and meets the Trust's objective of achieving attractive long-tenn total returns. CAIF does not invest in loba¢¢o and the Tw$lee8 8UPPQrt the CAIF Ethical Policy which restricts investments in 8lcohol production, aimamènls, adult 8nlert8inment. and gambling. Porffolio valuations are urculaled to Trustees quarterfy by Sarasin to coincide with ihe Trust's y8ar gnd and prosenlalions are made by Sarasln to Trustees on two occasions durfng the year. Since the Trust formed an Investment Committee thi5 group has had a morè active role in repo￿ng to the Board of Trustees and is responsible for undertaking detailed monitoring and review8 of the Trust's porttolio with Investment Managers outside of Truslge mg9lirgs. During the year to 31 March 2024, the Trust's portfollo produced a total return of 17.50h against the benchmark return of 15.5'10. Over the18sI three years the portfolio ha8 achieved a retum of 4.4% ￿r annum against the benchmatk of 7.1 %. Trustees review investment policy annually and review investment manager perfomiance every three years, followed by a more detailed review every five years. A beauty parade was undertaken in March 2024 and the decision made lo move the portfolio lo ￿ new Investment Managers, CCLA and Quilter Cheviol. A new Investment Policy refiecling a more detailed approach to ethical considerations will be develop8d in 2024 with support from Quilter Cheviot. R18k managomont Thg Trustfje$ are responsible for the management of risks faced by the charity. The Trustees agree the risks annually. Procedures have been put in plate lo m8nage any risk identified, including preventing fraudulent appllcallons. The fluctuation of investment retums on the capital held by the chorily poses the risk that grant making may bg limited in any one year. H¢)wever, as both the capital and income of The Triangle Trust 1949 Fund are expendable in line with the oblects of the Trust, the Tru8tses do not see mlnor 81ock market fiu¢tL￿t￿onS as a major risk. Despite significant global events, the portfolio conlinue51o be managed by speci81isl Investment rnanagers and has benefitted from dlver8ificalion away from the UK and in parbcular into the US and Europe. Nevertheless, Trustees will continue lo review all the risks lo the organizalion on a slx-monlhly basls and the Director and Chair wll also review risk rating8 on a monthly basis. R68ebvo8 poIIcy 11 has been the pollcy of the Trustees lo distribute the annual nel ineome frem fts endowment each year in the fomi of graftts lo not-for-profit organls8tlons and a small percentsge as hardshlp grants lo pensioners. H¢)wever. in recognition of t1￿ increase in the value of the portfolio ovgr recent years and the current challenges fadng many charrtSe8, Trustees made the doclsion in 2022 to distribute up 10 £1 m annually. We will supplement our income through a discretionary withdrawal of ca￿tal if required. The whole endowment is therefore available as reserve, over$oen by the Investment Committee. A balance approximalety equivalent lo at least SIX months, forecast expendilurg is hold as a ￿$h deposit in the bank account wth th¢ Charities Aid Foundation Bank. This allows u s lo m a ke regular payments of grants and invoices easily and ensures all financial commitments for a six-monlh Peri￿ eould be mel In the unlikely event of the quarterfy inve8tment income ￿ce[pl being delayed or not received. Grant Payments are made on a six-monlhly ba818, rather than annual, so this helps to ease cash flow further. A cash fl¢)w forecast that details the full financial year and then six monthly for a further 18 months has been developgd to highlight points when additional funds will ng8d to be requested from Ihe investment portfolios. ' The **Triangle** Trust 1949 Fund **TRUSTEES'REPORT** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **Plans for the future** At 31 March 2024, Trustees have provisionally allocated grant payments to organisations to the value of £1,217,845, to be funded by future income over the coming two years. The payments are all subject to satisfactory progress of the funded work. As detailed above, a five-year strategy starting in April 2023 was agreed by Trustees focusing on supporting work in the young people and criminal justice system space, aimed at those both already in contact with the criminal justice system and those at high risk of becoming so. After focusing funding in the first year of the strategy on Sport 4 Development approaches, Trustees agreed that the focus for 2024/25 would be young women and girls aged 11-30. ## **Structure, governance and management** The charity is endowed with a Trust Fund, the income from which is distributed in accordance with the objects of the Trust. The Trust Deed allows the capital of the Fund to be similarly applied if required. The Trust is managed by a Board of Trustees comprising a chairperson and seven other Trustees as detailed on page 10. Trustees are supported by a part-time Director and a part-time Grants Administrator. Existing Trustees appoint new Trustees ensuring there is a mix of skills on the Board as identified by the Trustee Board skills assessment and audit which we regularly undertake. W e f o 11 o w our policy for Trustee Recruitment which includes open advertisement of any vacancies. There are job descriptions for Trustees, Chair and Vice Chair which we regularly review. The maximum term of office for an ordinary Trustee is initially five years with an extension of a further five years, but this can be extended if the Trustee is holding the position of Chair or Vice Chair when they reach the end of their 10-year term to allow them to complete a five-year term as Chair or Vice Chair (i.e. up to a maximum of 15 years in total). An induction process for new Trustees is in place which includes a meeting with the Chair or Director, a visit to a current grant holder, key documents to read, access to online resources for background information and attendance at relevant external training courses dependent on the skills and experience of the new Trustee. We allocate grants and regularly monitor the Trust's resources against an annual income and expenditure budget. Trustees consider grant applications that meet our funding policy at quarterly meetings. The day-to-day administration of grants and processing of applications prior to consideration by the Board is delegated to the Director. Progress of funded projects and development work is appraised regularly, through written reports from the grant recipients and periodic visits by the Director or Trustees. The charity is a member of the Association of Charitable Foundations (ACF). The ACF provides useful information on good practice and changes in law affecting charities, and acts as an authoritative lobby on behalf of charitable foundations with the government and regulators. The charity is also a member of Clinks and part of the Corston Independent Funders Coalition. The Trust follows the Charity Governance Code for small charities, published by the Charity Commission, and Trustees are satisfied the governance procedures in place in all areas adhere to this Code. ## **Key management personnel remuneration** The Trustees consider the Board of Trustees and the Director as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 6 and 19 to the financial statements. Trustees are required to disclose all relevant interests at the start of each Board meeting and withdraw from decisions where a conflict of interest arises. A policy for the payment of staff is in place which adheres to the principle that staff should be paid a fair salary that is competitive within the charity sector, proportionate to the complexity and responsibility of each role in line with the Trust's charitable objectives. All salaries are benchmarked against comparable roles in the charity sector at least **9** The **Triangle** Trust **ji** 1949 Fund **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2024**_ every 5 years and a pay increase may be awarded annually dependent on an individual staff member's performance. ## **Charities (Protection and Social Investment) Act 2016** The Triangle Trust receives income from investments and does not fundraise for donations and grants. As a result, the Trust does not employ any fundraisers, has not signed-up to any fundraising regulatory standard and has no ongoing monitoring in place. The charity has not received any complaints with regards to fundraising during the year, but in the unlikely event that fundraising commences will take steps taken to make sure vulnerable people are protected. ## **Legal and administrative information** ## **Registered Charity Number: 222860** ## **Trustees** The Trustees who served throughout the year were: Ms Karen Drury - Chair Ms Alison Hope - Vice Chair Mr Hindpal Bhui (joined December 2023) Ms Clio Carpenter (joined December 2023) Ms Doreen Foster Mr David Loudon Mr James Marshall Ms Sarah Cutler ## **Staff** Ms Victoria Southwell - Director Ms Fran Box - Grants Assistant (resigned October 2023) Mrs Frances Harding - Grants Administrator (joined October 2023) ## **Office** Brighton Eco Centre, 39-41 Surrey Street, Brighton BN 1 3PB ## **Website** www.triangletrust.org. uk ## **Auditors** Begbies, 9 Bonhill Street, London, EC2A 4DJ ## **Bankers** CafCash Ltd, Kings Hill, West Malling, Kent, ME19 4TA ## **Investment Managers** Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London, EC4M BBU The trustees' report was approved by the Board of Trustees. 10 TheTrlwknTnot I Fund STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The triJ51••5 w• r•sp0nsjb￿ for p¢*pwno th* Trus￿, R•port and th• fin•w* s&tem•nts in accordanc• wnth pplicable •nd Unrt•d ltr*dom Accounbr¥ Sthnd*￿s IUnEted JQn9d(*m Gen¢r¥lty hxepred AccounDn9 Prxtr'ce). The appW• to thMnlie5 in Eryknd Vl4le5 requi￿$ Ihe tN5tees to prtparn fift￿Cial slat•n￿ts for èach arrtial y•ar *h4eh gN• a truè and lair view ol st•*• ol affairn of1h• ¢harfty and of th• ir*omirwd f•SOLffC•S and awubon of ￿$0￿1¢& oi the chanty ftjr Ihat yè31 In pt•panny th•5e financi* 5tatem¢nts. th• tatstee5 ar• r•wred to.. . st3tr •pphc•bl• •c¢ounts"no siaThlarfs hav• b•efi k110¥￿d. subjec4 ￿ any mat*nAI departures disc40séd and •Wam•d in fin3nci•l 5f*efflents: . prepare firwna¥l 6l•t•m•rrts on goir& Conc￿ b•sffj il ￿ in4Fsw•l& ¢0 that tho ¢h•fty ill ￿ntmu* in oprakn. The tru5t•es Jre regpoftsibl• for *•ewg suffiei•nt 3¢￿￿￿trn9 IP*•t dlsdose ¥Mlh re850nable accuracy at amy bme fift￿traI p0s￿on ol Ihe thavty and enaige Ihern kn ettsure that the finèntyal XatÈments comply v•th titÈ Chaftb¢s Act 2011. Ihè Ch•nty l*£r*O lh* no*$ w the finanty¥l 51èt•rMnts, • surnrnuy ol swikant XlXKir*r#J poltOe5. Th• ffftrnal reporthno h•5 been •pF4tt1 ￿ thw prèpar•tVl V5 •pplic•blè 14* •r¥J Km9rfffjrn A£c￿n￿9 8•5is opinm rMuir•nwrts that bre rele¥•rt to our ￿￿rt of th• ffflano•l stsitmw15 ￿ Ihe UK. M￿dir¥a Ihe FRC'S Eihicol thal w*•¥thally or c￿e¢￿v*. may c*st gwrfrant dwbt ¢n c*aw's contsL* as a and our there￿ The tW5tee5 or• r•sponsibl• f4)r tr* other irrfornjtyon c￿l￿ned Wbthtn Ihe annu•l DI J55urance coftdu5w therW￿ ()Jr r*spMs*Jilty t5 to the Lther ffrfwnatson aiiy. In dory 50. tr)è Informath￿ is ￿t￿l•llY Inconwsltni 51•lwn•rrfs or krthowledp obt•rnd the coutse of the •JdL LW to b• rn¥l•n•lly misstsi•d. W Idtyitrfy suth ￿l•Tr￿ mcen515tqnJ repo￿ o* 12 TheTrlanghTru%t 1949 Fund INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TRIANGLE TRUST 1949 FUND FOR THE YEAR ENDED 31 MARCH 2024 Responsibili*i•s of trusl••s As explaned more fvlty In lh• 5t•*ffl•nt d trust•e5' r•5p0ngbil￿5. th• ￿Stee$ are Fesponsth fL¥ the preparat ol the finanaal statoments and for beino satssfiÈd ih8t thèy give a true and fair wew. and for 9Jth Internal contrd as the trustees déternine is ￿e￿Sary to enable the preparatson of statements that are from rn3tenJl 5StaremenL *hetr*r 4Yut to Of efror In prepanng the finanoal stsiements. rhe tmstees are re5pon51ble for assessmo the ch3fty'5 atrlrty tLS ￿￿'￿Ve Js 8 gtyrv4 cmpIion￿ wth la*5 •nd regulabons. We de5¥n procedures In line our re5￿￿51￿1￿￿$. above. to detect maten* missi3wnents In respect of Irregul3ntie5. Including fratKI. The extent to t*hich our kY￿•dUm5 Jr• capable ot dèi*¢ting IrregLE1￿tse5. ￿￿uding tra￿1 Is detaikd bebw - Enquwi•s and confimiatth) of m&ftagLwMnt and the trus￿￿5 as to their Identfficabon of ary Th￿-L￿VI￿nce 5 or re9ulJl¥>nx or ￿ actual or Fthb•l daITr￿.. - UllVEdtclabty irto n￿r•. aryllor ext*nt oftQ5try. - Ev•luatiw oflhe sdecbon ol the a¢eounbng gollw ch)sen by thè ch•rty. In rela)lon to the r￿J¢ of manwment ovèrride ol internal coThirots. by undertakfftg pfocedures io re￿￿W Joumal rtnes and ev31uBbng there wJ5 ￿Jen￿ of ￿a5 Ihat represented a r15k ol maknal mK55tstÈrnEnt dLte tp fraud,. and - We assessed the 5U5ceKthIty ol the charty's fin¥nrAal statern￿ tc* maten•l ffl15*3twnenL how fraud might 0¢￿T by cons￿e￿O the key hsks impadmg the finanoal siatements. (>Jr •udrt procedures **rÈ dèswèd to to nsks of matènal misst>tement in the fina￿al st•tsments. recogni￿￿9 thal the n5k of r￿t detecbng a m*enal m155tstement to frJud ss higher th3n the rr5k ol not deiecL one resultsry from •rror. •5 may ￿¥01¥• d•lib•r•t• conceakneni ty. for exwnpl•. fvrqery. misr•preswtstyons or through ￿lIUs*￿. Thw• are *nh•r•nt limrtjticffjs in Ihè lU￿rt ￿¥•cedU￿$ p*form￿ and Ihè furthw ronK*¥ed nonrycomplwnc* laws t￿p￿e aware of A fvrthef deserptson ol OUT re5pon5sbli1*5 is ¥varfJble on Ihe FinarwJJl Repofty'rw CO￿$>1.$ *Eb5rte OL hlty5.'11 w*wfrc.(Yg ukl•uthtryye¥JthigbJlit*S Th￿ de5¢nptx￿ f¢wms part of our ￿dI10￿5 rEpoTi 13 TheTrlangleTrust l yfj(J kijr INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TRIANGLE TRUST 1949 FUND FOR THE YEAR ENDED 31 MARCH 2024 Th45 rewt Is m•the solely iv fv Chaiity's trusl*es. as J body. in J(•)r(lant* ¥nlh pan 4 IhE CWie5 (Accwits and RepC￿ts} Regulatrons 2￿8 C*Jr wrjrk th35 been ￿dertaken so thar ryht slal* tts thè L*anVs trust￿￿•nd•d Practste applie*>lt Its charrt*s prwnng Kcourts sn accoldancé thé F¢n•n¢s•l Rèpottrg Stwd¥d In thè UK an(t Repubhc of Ir*¥thl IFRS 1021 leffe¢*ve 1 j•nts￿ 2019)-. ch•nty 6 • Pub* 8•nef# Enlty ttefiW by FR5 102 the exthni Tequired to Pro￿￿e J tn* and Iwr T￿5 tteparture Invth*d Ihe Slatement of ReCoYnm￿oed PraC￿e far clwrtit5 •p#wrY4 FRS 102 fath*r than the 4v5K•n cd th* s¢•*m￿l of R￿MMendEd Pracbce Is io in RWaDLNis which has sirte be￿ Tthth¢Jrawn these fN*anoal 5ts*mens Jre TOLtFMle¢l to the £. r*ValUat￿ of cutsin finanual Instr￿￿15 at ￿l￿e. The pM(Jpal accounty poltpps athwted art 1.2 concern ha5 awuate res￿r(¢S to conbnu* In operat￿nal exp51*nce for lore5eeablt future the tru 5th0￿d the neeo art5e. 1.3 Charitsblo fl¥￿$ objects olthe chanty. 1.4 In¢offwng ro￿urCeS In￿rne Is recognr5ed chanty s ￿allY enbthd can be n￿￿Jr*d •. rt All exDen¢Jrturp Is ithclvd•d on ￿ 4ccnkal* • Wl ctharfy rn¥kes mthwdsJ•ls •nd In5trtl￿Vts In ts chwrtth r*¢ts- In acc4xdance ¥oth the 50AP pttytnwon Ès fflado frJr all qr•rdS •￿￿(￿15*d by th• Board 0fTrUst￿ m tr* yw. •isi•lft ol grants ar* ¢wthb'onal. ￿lY 9rani In5taArnents a• the have bltn Met at year ond the Ins4lments h*¥• be•n •pwD¥ed to bo ftude r*c4nis•d in the ffinwty•l stataTnEnt5. e>w5• for lh• FenDd 15 reduced by •ny c•ncoNathOn of gfJpts aathMs•d b￿1 5Lknséqutnty requw•d 18 TheTrlangleTnot 19491.uixl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢cowrting polici•s (C4Jfilinuedl investrr￿lts and not InvThc4d 5epar&tety to the chartty. As 31kJwed by Ihe SORP thè share of these costs wwld Tel*ts to chanty'5 unrt5 ha5 not be•n as an oxpense In these finJnoJl 513iernent5 Charrty c0vmii55￿n. In a¢ccfd¥nce the SORP these a￿ alkncated across the ch￿t￿le R<*¥rt*s. The $41PPQrt ￿515 are ¥wboned to tr•È eh•rrtable acthit*s the kwcentsge of lothl grants pa￿ ￿ thal 1.6 Tanoible fixed assets Tangibk fixed assets •r• inth.aly measw•d at cost and subs•9￿1￿Y m*asurad * cost LY v•luatw. net of epreuBtwi and arry smpawrnent t095e5 Dep¥ewkn is rerAgnised so os lo *nt• off cost or ¥alv•lwi ol ￿ets le55 r•wdual vJlue5 over their L￿¢L￿ h"¥e5 Oll the foltowng ba5fr5' The gwn or loss ansmg ￿ ihè doposal of an a55Qt is deienThned as the drflErence bet**en the 5a proceeds the carying ¥Jlue of the a55el. an(1 15 roco9n15ed In the staiwnenT of financial acbvit￿5 1.7 Fi*￿ ¢urTent a55et investments F￿e0 arvj current asset Irkvesbments at• m•Jsur•d at trJn5acbon exdudww trJn5Jcbon costs. and are subseq￿tlY megSLtre(l al value at eath repytyng d*. Chansp5 in f31r Value are ￿cOgnised *n r￿¢ irwffl&lw￿th￿jle) lor yèar. 1.8 Cash *quiva*nts Cash ar¥J cash eqw¥alents ￿$h in h3rKI. derosits held al csw wth baftks. othèt short-tÈm liqu ¥estrn•nts wrth onginal mabJrrt*s of three month5 or less, bank overdrafts. Balan￿5 hebj by th• th3rty5 inve5trwit manager wsthin the inve5tmeni pJrtfo150 3rMI the 813ckrnek ste￿A9 LJquKtity unit5 afe duded the category ol Inv•sbnents. hip*ever the current and income ac4)unts hekl by the Investment manageT are reooropd *5 cash WMI cash ewtvalen15 1.9 Financ￿1 ift5trwnent5 The c*anty has elecied to 3pply provtr5rons ol settb.on 11 'Ba￿C F*nanoal Inthim•nts' and seets.pn 12 'Other Fmanwl Instrumen￿ 155U•s" of FRS 102 to •fi of rt5 finarKial In5tn¥nwts. finanpjal instruments are reeogntsed in the charit¢s balance sheet Ihe charity beco￿ party to the prDWSions ofthe Instrurnent thefe s a begaily entsceats￿ rvJht io set off recogn15ed amoLtnts there s afi tntenuon io Set￿ I￿1 basts or to ￿￿15¢ the a55et •rwJ 9e#* the Ir•hlsty ¥mu1tsne￿j5Iy. finan¢i•l 8asc finanu•l a55ets. whth Include d•btor5. cash bank b8lance5. are Init￿NY m￿sUrel •t transac￿On ce. Finan￿1 assets dasyfiod as r•e•vatr￿ ￿1Th onè yèar are not amorbsed. 19 TheTrlangleTntst 1949 Fund NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8a51c finan￿1 I13bilW. *iduthng u•drtor5 JTrJ accrua15 *• rncogrwd li ptK•. Fman¢ial 1.10 Emplty•* i￿n*fits 1.11 R•lirement benefits nd a55tsmPbOVS abwt caryirwJ amcwffl of •55ets 3fNJ IwtsliI*5 Ilwt aT2 nol re•thty aFvarert frprn oth nds ds 713.41e 13.06 QB5.953 5.845 Intsrest oceivabl 701.7Q8 20 TheTrlangleTntst 19491.ut NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 TheTrlanghTrust 1949 kurKi NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Gfants yyable 21123 Grants to 17 kwlÈ•s (2023.. 181 2A.44 19.925 IZ5 19.50e 19.653 28.7 15.000 ￿.olX) 15.•XQ XI.(￿¥ 115,1)(￿• 45.cKKI 14.000 2&C 1*974 14.900 29.080 27.596 19.044 785 I￿285 30,000 20.000 20.5LW 20.C Britlges Prwe C•rer5 Tw5t and Wèar rznlleld Tntst Gloucester5h4rè yo￿9 Cws 14.5gS 29.305 Kn5h MYTIPAE four¥ Caf*f5 S•n¢t**ll Young CaTVS Sefton Carer5 Cervtre s￿9nPD5I Stoc*port for Carw5 Sol'+bull Carw5 Cen SI Carvs Centy Th* Junctyjn F￿ndI￿r￿ 188 1&05Q 337.8SI 43P.74a 22 TheTri•nghTn 19491-UlKI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants payab (Contybued Grants payable Yourbg Peoplè *ith Crim•nal Convictions Grants to inskn.tuts￿$ 37 wanttes (2023" 241 3Pdlars Pw. 2 50.000 20.000 29.521 15,000 13.271 15.000 Al-Hurr•y• C*zwo Ltd Cwclos SW c￿rf￿1 TnJ5t Exrt Found•b"o F￿dIng Rytrwns Fulh•m Rea¢h goat Club Huddw5￿1d Tofm FourMtsI>¢NI Insha• Connocbons Konrjed Communibe5 CIC Mersey5Kl* Expandiw Htywzons On tt* Cxrt Open Lons DAed'a 14.7ao 15.orKI 26.138 28.750 10.989 io.( 14.797 19,560 30.000 IS.000 15.000 10.000 13.g16 14.82D 25.OOD 30.000 9.880 10.575 21.000 15.000 15.000 15.OC(J 22.500 13.917 P4w5 for Proy•ss CIC Place2 12.500 24.374 PrTrson Rebrm Trust Tho R••5W5 Fouryb¥tK Rec(￿p R15wwJ Star5 SuppNt CIC Rcthd*lo AFC 22.51)0 11,945 15.000 15.0 9.302 Saints Fouw¥Jation Sp•r* Insth Swt 4 Lrfe UK St. C￿Mb$ Hous• St. Uary'5 Youlh Club Sussex Paitf•ay5 18.178 13.225 1120T 14.175 19.9119 15.000 15. 30,fM)0 15.otsj 28.854 14.057 15.436 15.C 18.805 15.OOD 14.175 ST*blrh Up Tompus Thè 180 Proyamme CIC Trail.81azer5 Uent TSA Spwts and EdÈ*aliDn crc Turnaround Prwect WIAITS 15.(KKS 20.888 14.è97 13.820 14.907 084.7H 391.5 R•li*f of PD¥•rty lknnts tD indmduals 7 qrnnteÈs12023.. 8 10.500 10.0 1.033,100 841.338 You 23 1949 ￿r￿1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants payabl* Peo lè wrth Cnrnift•l Cowcrion5 Young peoFAe arKI the erwThnal iusi** syyem - u￿1* dsrupted by cnfflinal Jusbee sysiem Rd*lol Po¥e Cwnm¢rn•nts The thanty awards pn*Jkn-year 9rants. 5ubJèct to th• r•p¥trng Of Ibe Outco￿ yl e¥¢h mststhont lknn the condrtion5 for the next IN5talmeni •r* mei the yani Is ittluded In for ¢ornmrtted grant5 induded In 1131￿1b@S the chanty has grarrted ￿ndS ol £1.217.845 12023. £1.304215) are subject to ¢￿￿￿On5 Ihat yel to be rnet 31 the b*anc* $hÈet and not re)kned m Trustee5 arty thJnrg R•rnbursed tWStee tra¥el eXp￿Se5 p*d 10 frve trust£e5 I0￿*d £i.902 12023 Costs 2024 ¢osts s￿ff c45ts 74.488 74.488 7T.580 1.417 0.7 730 159 1.114 Pnnbrw. poswe. teleptttyie ind thonery StJff tramiry and r*¢ruitrnent CompLfftf 5UPPt*5. wpbgtè and s￿[ Grant rT]ofbrtMn9 •nd staff tra%*1 *xpenJo5 54 >1 1.291 26.748 2.819 20.748 5.OB4 2.819 8.505 2.829 Audil f••5 4.UKI 4.2 4.879 123.128 0.679 132.807 107.729 Grant monrttyfftg e05ts £22.630 up9rJ¢lin9 tht wants d•i•b•5e. Dtssts ￿￿¢1*$ 10 th• ￿lIrt￿5 91£4.800 {2023 . £42WI lor •Jtht fees. 24 TheTrlangleTntst 1949 kuiid NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Employ•o5 2024 Nmbef 2024 2023 70.011 2.514 71593 3.021 1.052 74.488 2024 2W13 Nwnber £ao.crfJi to £70.IXXI Ernployv penson made In rèsp•ct ofthe hgher paKI employee Were £1.893. nd5 2024 lund5 .743.819 (1,401.101 l• Taxalion 25 l (J491'.ur NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ft Tang¥ble fixed *ss•ts Cost Al l Awl 2023 Disposa15 13.C¥)4 31 2024 At l April 2023 Dèprwatyon thwged 4n yèw Imfflated ￿ ospect ol disposals {3.L¥)4) At 31 Uarth 2024 C¥rying amount Al 31 Marc* 2024 2.982 At 31 Plarth 2Q23 3.19 12 Fixed asstl in¥o5trnents 31 Marth 2023 1 741.352 (l50.C￿l 06p05als 31 PJ3rth 2024 23,573.CAO Carwnq amount Al 31 2024 Z4.573.C 31 Mjrth 3J23 21MI.708 Fix•d asset in¥tstrnentS fe¥31ued The IIsEpd Inve5trnÈnts shottn ai Bloornbvg do￿￿9 tsd Pr￿ a5 at the sl*4t d•kn Thè hslDn t oflh• ￿¥estsn￿ts ffj £15,021081 12023.. £t5.119.6431. 26 TheTh4angleTn 1949 FUIKI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 F•ryl •55et iDV•sbnents As at 31st IAarth 2023 2024 tm was inlwled by SJra5rn PartW5 LLP m Sarasin ErKlo￿￿ Fund Cla55 A InwnÈ Units. Chanty Authorsed In¥e5trnent Fund Ico% The 355e¢ the Culled￿ ￿ve$￿en1 fvnd on a tODk I￿u9th ￿sIS ¥ts5 as foll￿￿ at 315t PAJrth 2024 F(x•d IrKcffi• Equrtyes 12 40% 73 20% L*iuKI Assets 1LM)% Detsi15 of Chanvs in¥e5tment and pÈrfrrtYnance Jlong *ith rt5k manaoément polry are contair In th* trustee5' reForL Th? charty seeks to rninimi5e the nsks of haldmg lnv*sln￿ts. cljmpnsè main rn•rket. •nd Iwidty nsk5. thrO￿h the apwntrrwt of an Independent Inb*5tTr￿ M•rw. in¥ests via a common irNestment fimd spÈethG•lty tsilored for chanbos ol Lh15 nafuf*. The holth.ng ol eommon invesknenl the thsrty to access fflcfejsed dr¥er5fficthon Jt a lo*?r ￿51 than would otlww'5• be avJ*lable rf ¢rNe5tir* dirtcwy. and accrydin9ly decreas￿ tho n&*s of holdsng 2024 2023 Cxbw debtors 41x1 1.430 2.712 2024 2023 128.798 Jrbd were 4ated at mjrket Value. These In*strwits T￿*￿ helo lo ￿ce liq￿￿ty nsk whitst generating hyher intW*5t ￿l￿rn than easl hobjinos. Curreni assÈt In¥e5trnents wtre h•ld to moel methum lerm cash 27