2024-03-31-accounts

The Inlight Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Number: 236782

Contents Page Legal and administrative information Trustees annual report Independent auditor's report statsment of flnanclal actlvities Statement of financlal posltlon Notes lo the accounts 10-14

THE INLIGHT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs J Hayward, Senior Trustee Mrs S Knight. Honorary Treasurer Ms J Dunham Mrs S Vening Mr S Collins Mr P Summerfield Auditors Branston Adams Chartered Certtfied Accourrtants Sutte 2 Victoria House SoLrth Street Farnham Surrey GU9 7QU Principal registered address Clare Pegden Administrator POBox2 Liss Hampshire GU33 6YP Charity Registration Number 236782 Bankers Cazenove Capttal Management Ischrodersl 1 London Wall Pla London EC2Y SAU Solicitors Moore Barlow The Oriel Sydenham Rd Guildford GU13SR Investment Advlsors Cazenove Captlal Management (Schroders) 1 London Wall PlacE London EC2Y SAU

THE INLIGHT TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their Report and Accounts of the Charity for the year ended 31 March 2024. The financial statements have been prepared in a¢cordan¢e wth the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed ,th8 Charities Act 2016 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 17 July 2014. 1. STRUCTURE, GOVERNANCE AND MANAGEMENT The Inlight Trust is an unincorporated Trust created by a Trust Deed dated 12th June 1957. It is a Registered Charity, number 236782. The Trustees who served the Charity during the year were as follows.. Mrs J Hayward, Senior Twstee Mrs S Knight, Honorary Treasurer Ms J Dunham Mrs S V8ning Mr S Collins Mr P Summerfi8ld The Inlight Trust's Trustees are elected by a majority vote of all the Trustees. In the past ten years our policies and procedures for induction and training of our Trustees have been called into play in seven cases. In general, our policy is to seek potential Trustees who- a) come highly recommended by more than one referee already known to the Trustees, or bl are known already to one or more Trustees to be like-minded in ternis of our objectives and activities (see 2 below) and who at the same time are able to contribute their knowledge and experience of the areas from where our income is derived (see 4 below). The procedure is for the potential trustee to be first interviewed by the senior trustee and the treasurer and then, after discussion of the issues and accountabilities relating to our part of the charity world, he or she will be invited - subject lo mutual agreement- to attend our next Ihree or four quarterly meetings as our guest. Thè Trustees will then discuss the appointment and vote on it. Provided the majority are in favour the Senior Trustee will then invite our guest to formally attend our next meeting and complete the ne￿SSary documentation as a new Trustee. In tems oftraining and getting familiar with our work, they are referred to the Trust Deed, we have developed a 'Trustee's questions. letter, and we recommend that all Trustees should visit the Charity Commission's website at www.Gharit commission. ov.uk from time to time lo acquaint themselves with the guidelines for Trustees, the public character of charity, the emergence of new charitable purposes, charrties for the relief of sickness. etc. In addition, we try to make opportunities for a new trustee to 'ShadO￿ a more experienced trustee, possibly alongside our professional advisors, as are constantly seeking to optimise particular aspects of our operations (see 2, 3. 4 and 5 below) 2. OBJECTIVES. ACTIVITIES, RISK MANAGEMENT AND RESPONSIBILITIES The Trust's purpose is the furtherance of charitable religious activities and organtsations on an undenominational basis.

There has been no material change in the Trust's grant making policy. It ￿ntInueS to be directed towards Charities concemed wrth religious and spiritual development, healing and growth on an undenominational bask8. The routine business of the Trust continues to be carried out on a voluntary basis by the Senior Trustee, the Honorary Treasurer and four further Trustees. During this year the Trust's Auditor has also agreed to assist in an advisory capacity. A part-time Administrator assists them. There are currently six Trustees in total. Decisions on Grants and the management of the Trust's assets continue to be made by the Board of Trustees 8$ a whole at regular meetings. As Trustees of The Inlight Trust we are duty bound to demonstrate not only competen￿, challenge, and knowlèdge of charity affairs, but to make oUrSe￿eS aware of any significant risks which the Charity may face on a regular basis and to ensure that the annual review of our financial and operational affairs carried out through our internal discussion8 and audit programmè will provide sufficient resource8 to deal wth any adverse conditions. AS to any fresh and significant risks and responsibilities whTrch the Charty may fa￿ in the future. we have been concemed that °duital continuw of documents (that is th8 ability to use our information in the way we need, for a5 long as we need) and the availability of trwo signatures re Gheque5 and other legal docum8nts can both be put at risk by death, a￿dent, changes in organisalion. management, pr¢Jcesses, technology, holidays, or travel. In practical lemis. our infomiation is only usable if we can find it, open il, work with it, understand it and trust it. In order therefore for u8 to maintain infomiation continuity and the ability to do our business, we ensure that our Administrator acts as a hub for all information, and in case of accident th* her infomiation 8y8tem will be understood and accessible to at least one named trustee. The Trustees have assessed the disclosures made in the Truslee's report and consider that these sufficiently delail the significant activities undertaken in order to carry out the charity's aims for the public benefit. When planning the Charity's activities, the Trustees have given regard to the Charity Commi88ion8 guidan￿ on public b8nefit. 3. ACHIEVEMENTS AND PERFORMANCE In th8 year ending 31 March 2024. The Inlight Trust made: 22-grants totaling £174,500 giving an average of £7,932 per grant (compared to the year ending 31 Marth 2023: 16 grants totaling £125,0(X) giving an average of £7,812 per granti. A detailed list of grants made in the year is included in note 5 of the attached accounts. Historically the Trustees mel quarterly but more regular meetings have taken pla￿ since the Covld 19 Pandemic to ensure a swifter distribLrtion of funds and there are no plans for this to change. The Trustees fed that their obj'ectives have been adequately met this year. However, the Trustees are aware that there are extemal factors which could affect the achievements of their objectives. In respect of investments these are dependent on the general performance of the UK markets. In order to minimize this, the Trustees have set prudent investment policies and place relian￿ on the technical expertise and foresigm of the investment managers to monitor and advise on necessary investment changes and suitable ass8t allocations. There are no restrictions on tYk8 Charrty's power to invest. The investment strategy is set by the Trustees and takes into account income requirements. the risk profile and the investmenl managers ew of the market prospects in the medium temi. The overall investment poliGy 15 to maximize total retum.

The investrnents market value as at 31 March 2024 £371,879 (2023 . £987,408). Overall the investment p)rtfolio has maintained FerfOrMan￿ and after the above reorganisation the investments are being made in accordance with the Trustees. investment policy set out above. The Trustees are satisfied with the overall perfom)ance of the investments and remain satisfied that their investment obJ"ectives are being met and their policy is being achieved. 4. FINANCIAL REVIEW The Trust's strategic income policy is to increase both the capital value wherever possible and the income of its assels and to achieve the maximum distnbution of income consistent with prudent management. As an endowed Charity. the Trust has never made an apFEal for funds. The Trust's income continues to derive from residential properties, from chartiable common investment funds and from bank interest. In recent years the government redU￿d our dividend income by taxal￿n and introduced legislation that has steadily added to our residential property Costs over and above inflation, and thus to the level of resetves required to maintain the Properttes both to a sattsfactory standard and to ensure that they meet current regulatory requirements. Accordingly. we continue to Carefully review the perfoman of our residential properties (see 5 tElow), and whilst we keep info￿ned about our Investsnent Fund Managers, policies V￿ continue to be satisfied with their overall perfomiance. The Trustees confirm that all the Trust's investments are in line wtth the original deed, i%ing in elhical common investment funds. and the Trustees have been advised by their Fund Managers that our indirect exposure is less than 5% in areas of concem e.g. tobacco, armaments etc. lthilst Ihe Trustees work hard to ensure they act in accordance with all current rules and regulations, the decision was made as the world becomes generally more litigious. that it would be prudent to reduce the Trustees personal exposure and an appropriate insurance package was purchased from Zurich. Additionally. it was agreed that investigation into the merits of becoming an Inwrporated body should be undertaken. Investigation into the merits of b￿MIng an IncorFrf)rated b(yJy is ongoing 6. PLANS FOR FUTURE PERIODS During the year under review. in conjunction with our respeGtive managers, we have Gontinued our p￿VioUSlY established strategic approach to the individual and collective Strengths, Weaknesses, Opportuntties and Threats. in respect of all our investment funds and residential properties. Working dosely with the Trust's legal advisors consideration is being given to establishing a CIO for Inlight as a replaceiiient for The Inlight Trust. This would allow the incorporated body to enter into contraGts in its own name rather than requiring the Trustees to do this in their individual capacity on ehalf of the Charity We have continued with our more attentive approach to residential properties" we continue to dispose of selected older properties in vthich there are no longer Regulated Tenants. in favor of affjuiring more modern properties. 6. STATEMENT OF TRUSTEES. RESPONSIBILrriES The charrty's Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordan￿ with applicable law and UK accounting standards (UK Generally Accepted Principles).

The law applicable to dprities in England and Wa18s requires Ihe Trustees to wepare fnancial ststements for each finanoal year whith give a lrne and fair vtew of the slate of affair5 of the charity and of the incoming reswTh and appli¢atK)n of resources for th& cfrN9rity for that period. In preparing these financial statements. the T￿￿ are requireil to: seled suitable a(￿x￿ntIr￿ tdicies arNJ then them t4￿￿ls18nty, observe the methods and princxples of the Chartties Statement of Recommended Practlce (SORP)". make Judgments arKI estimates that are reasonab￿ arKI pnKlent state ￿ther a￿lICat￿e standards have been folhmd, subject to any material departures disck)sed arKI explained in Ihe firwirxal Statem￿ and prepare the financial statements on ts going concem b8sis unless it i8 inappropriate to presume that Ihe d)anty will o)ntinue in OFwakn. The Trustees are restKthle for keeping proper ￿)unt￿)g re￿dS that disdose with reasonable accuracy at the time the financial [￿tIon of the charity and enabk them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (ACc￿nts arKI Reports) Regulations 2008. The Trustees are also responsible for safeguarding the assets of the charity and hence for tal￿￿9 reasonabte steps for prevention and detection of fraud and olher I[￿ularl11e$. 7. DISCLOSURE OF INFORMATION TO Au￿oRs In so far as the Trustees are aware: there is rK) relevant audit u)fonnatw)n of which the charitys auditors are unavmre: and the Trust8es have taken all steps that they ought to have taken to make themselves a*vdre of any relevant audit infornth a￿1 to establish that the auditors are Signed on behalf of the Trustees of The Inlight Tntst by Dale

Independent Audltorfs report to the Trustees of Tho Inlight Trust for the year ended 31 March 2024 We have audited the financial statements of The Inlight Trust for the year ended 31 Marth 2024 set out on pages 8 to 14 which have been prepared on the basis of the accounting policies set out on page 10. The financial reporting framework that has been applied in their preparation is applicable law and Uniied Kingdom accounting standards (United Kingdom Generally Accepted Accounting Pradi¢e). This report is made solety to the charity's Trustees as a body. in accordan￿ with Section 144 of the Charities Act 2016 and the regulations made under Section 174 of that Act . Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purFose. To the fUl￿st extent perniitted by law, we do not accept or assume responsibilty to anyone other than the thartty and the charity's Trustees a8 a body, for our audit work, for this report, or for the opinM)ns we have fonned. Respective responslbllltl88 of Trustees and Audltor As explained more fully in the statement of Truste8s' R88ponsibiltties, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vi8W. We h8ve been appointed as auditor under section 144 of the Charities Act 2016 and report in accordance wtth regulations made under section 174 of that Act. Our responsibility is to audll and express an opinion on the financial statements in accordance with applicabl8 law and International Standards on Audrting (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's ethical standards for auditors. Scope of tho audlt of the financlal 8tatements An audit involves obtaining evidence about the amounts and disdosures in the financial statements sufficient to give reasonable assurance that the financial statements are f￿ from material misstatement, whether caused by fraud or error Thts includes an assessment ofr. whether the accounting policies are appropriate to the group's circumstsn¢es and have been consistently applied and adequately disdosed., the reasonableness of signtfi¢anl accounting estimates made by the Trustees- and the overall presentslion of the financial statements. We read all th8 infomiation in the report of Trustees to identrfy material inconsistenc*s with the audited financial statements. If wè become aware of any apparent material misstatements or inconsistencies we consider the impliGations for our report. Oplnlon on flnanclal statements In our opinion the financial statement8: give a true and fair view of the state of the Charitls affaws as at 31 March 2024 and of the Charity's incoming resources and application of resources, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally A¢￿pted Accounting Praclice arKI have been prepared in accordance wrth the requKements of the Charities Act 2016. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities Act 2016 requires us to report to you if, in our opinion..

the infomation given in the report of Trustees is inconsistent in any material respect with the financial statements- sufficient accounting records have not been kept" the financial ststements are not in agreement with the accounting records and returns and we have not received all the infomation and explanations we require for our audtt. Paul Branston Adams (Sanlor Statutory Auditor) For and on Behalf of Branston Adams Statutory Auditors and Chartered Certified Accountants South Street Farnham Surrey GU9 7QU Date

The Inlight Trust Statement of Flnancial Aclivities Forthe year ended 31 March 2024 2024 2023 Note INCOMING RESOURCES hvestment hcome Interest Receiva￿0 R￿tal hcome 42,759 6,735 321.873 47.995 2,146 321,789 TOTPL INCOMING RESOURCES 371.367 371,930 RESOURCES EXPENDED Costs of generating funds.. Rental expenses Charriable actiwties Governancè costs fvtsnagement and adminisration 101,376 125,000 174,500 52,TT8 33,553 TOT￿ RESOURCES EXPENDED 322.187 259,929 NET RESOURCES EXPENDED BEFORE ASSET DISPOSL 49.180 112,001 Gainsl(Loss) on disposals of wopety assets Gainsl(Loss) on disposals of investment assets NET RESOURCES EXPENDED BEFORE REVALUATIONS 49,180 112,001 Gainsl(Loss) on revaluations of propety assets Gainsl(Lo88) on rewaluations of investment assets 9,937 (80,815) NET MOVEMENT IN FUNDS FOR THE YEAR 59,117 31,188 Total funds at 1 April 2023 8,484,315 8,453,129 TOTPL FUNDS AT 31 MRCH 2024 8,643,432 8.484,315

The Inlight Trust Statsment of Flnanclal Posltlon As at 31 March 2024 Note FIXED ASSErs Tangible assets bTrf8strnents 8.057,500 371,879 8,429,379 7.057.500 987,408 8.044,908 10 CURRENT ASSETS Debtors 11 112,853 118.853 436,831 444.269 CREDrroRS: amounts falllng du8 within rme year 12 (4.800) (4,862) NET CURRENT ASSETS 114,053 439,407 TOTPL ASSETS LESS CURRENT UPBILITIES 8,543,432 8,484.315 THE FUNDS OF THE CHARITY LknTestri¢ted income funds 13 8.543.432 . 8.484.315 TOTPL FUNDS 8.543,432 8A84,315 The financtal statements were approved by the Trustees on ..lo and were signed on thelr behalf ty:

Notes to the financial ststements For the year ended 31 March 2024 1. ACCOUNTING POLICIES a) Basis of preparatlon and Golng concern The financial statements have been prepared in accordance wsth the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 17 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2016. The trustees consider that there are no material uncertainties about the Trust's ability to ontinue as a going concern. b) Incomlng resources Income comprises gross investment income, deposit interest and property revenue. All incorning resources are included in the Statement of Financial Activities when the charity has entitiement to the funds, certainly of receipt and the amount can be measured with Sufficient reliability. c) Resources expended Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive, of any VAT which cannot be recovered. All expenditure has been classified under headings that aggregate all costs related to the category. Costs that cannot be directly attributed to particular headings have been allocated to acttvities on a basis consisterrt with use of resour￿5. Grants payable are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant whiGh remain in the control of the charity. d) Fund accountlng Funds held by the charity are unrestricted general funds, which are available for use in acGordance with the charitable objects at the discretion of the Trustees. el Tanglble fixed assets and depreciatlon Freehold investment properties are professionally valued every five years, which is in accordance with recommended practi￿. In intervening periods, invesbnent properties are shown at market value based on the trustee's review. The last professional valuation took pla￿ during March 2023. Leasehold protErties a￿ shown at market values allowing for the length of temi remaining on the lease and are professionally valued every five years. The last valuation took pla￿ durFng March 2023. No depreciation is provided on freehold or leasehold properties as they are held as investment properties and recorded at market value. 10

n Fixed asset invesknents Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as al the balance sheat date using the closing quoted market pri￿. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options. derivatives or other complex financial instruments. The main fomi of financial risk fa￿d by the charity is that of volatilty in equity markets and investment markets due to wider economic conditions, the attitude of investors to investrnent risk, and changes in sentiment conceming equities and within particular sectors or sub sectors. g) Reallsed galns and losses All gains and losses are taken to the Staternent of Financial Activities as Ihey arise. Realised gains and losses on investments are calculated as the drfferen￿ between sales proceeds and their opening carying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Rèalised and unrealised investment gains and losses are combined in the Statèment of Financial Activities. h) Assets and liabilities Current assets are included at the lower of cost and net realisable value. Liabilities are generally recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Liabilities are included at their settlement valuÈ. 2. INVESTMENT INCOME 2024 2023 UK quoted investments 42.759 3. INTEREST RECEIVABLE 2024 2023 Interesl rèceivable 6,735 4. RENTAL EXPENDITURE 2024 2023 Community charges and general rates Agent's fees Repairs and maintenance SeNice charges Light & heat and insurance 493 39,695 30,220 10,346 14,155 94,909 969 41,409 45,382 8,397 5,304 101,461

1. GRANTS PAYABLE 2024 2023 Grants 174,500 125,000 Grants were made as follows in the year ended 31 Mar¢h 2024: 2024 1210512023 Douglas Macmillan Hospice 1210512023 Zoe's Place Trust 1210512023 Salisbury Cathedral 1910612023 Ellenor 1910612023 Shipston Home Nursing 1910612023 St Francis Hospice 3110812023 A Rocha UK 3110812023 Princess Alice hospi 3110812023 St Catherines Hospic8 3110812023 St Andrew's Hospi 3110812023 St Helena Hospice 2311112023 Dent Meditation Centre 2311112023 Interfaith Network 1110112024 Rookhow 1110112024 Good Faith Foundation 1110112024 City Hope trust 1110112024 DemeEza House Children's Hospice 2110312024 Ayrshire Hospice 2110312024 Bethel Church 2110312024 East Anglia Children's Hospice 2110312024 Katharine House Hospice 2110312024 St WIWrid's Hospice 12,000 13,000 18.000 5,000 13,000 7,000 5,000 6,000 10,000 4,000 10,000 5,000 2,500 7,000 7,000 5,000 7.000 13,500 4,000 13.500 5,000 4,000 174500

2. GOVERNANCE COSTS 2024 2023 Management and admlnlgtration costs Professional and legal f*s Accountancy fees Audit fees Staff salaries Pension Travel, stationery. postage and office expenses 23,786 2,616 2,880 16,668 241 6,587 52,778 4,885 2,824 3,280 17.970 318 4,276 33,553 12

3. TRUSTEES None of the Trustees or any persons connected wtth them re￿iVed any remuneration during the period. Six Trustees and one employee were reimbursed a total of£6.587 {2023- £4,276) for travel, stationery, postage and office exFenses. STAFF The average number of person's employed during the year was 1 (202>1) 2024 2023 Staff costs were as follows: Staff salaries Social security costs 15,689 979 16,668 16,844 1,126 17,970 No Employee or Trustee r8ceNed emoluments abjve £60.000.

4. TANGIBLE FIXED ASSETS 2024 2023 Freehold and leasehold investment property As at 1 April 2023 7,057.500 7.322,500 Additions Disposals Revaluations 1,000,000 265,000 Balan￿ as at 31 March 2024 8,057,500 7 057,500 Properties are freehold and leasehold and were last professionally valued during March 2022 on an open market value basis Subject to the tenanues subsisting at the valuation date and the leasehold terms remaining. Trustees have confirmed that the value shown accurately refiects the proFerties at market value, in accordan￿ with the tharity's accounting policy.
5. INVESTMENTS 2024 2023 Investments Valuatlon Market value as at 1 April 2023 987,408 1,068.478 Additions Disposals Revaluations (625,466) 9.937 {80.815) Market value as at 31 March 2024 371,879 987 408 13

The Charity held the following rnaterial UK investment portfolios as at 31 March 2024-. 2024 Material UK Investments Cazenove Income Maximiser Fund Cazenove Charity Multi-Asset Fund 98,666 273,213 Market value as at 31 March 2024 371.879 11. DEBTORS 2024 2023 Trade debtors Other debtors 1,353 6,000 6,000 6,000 7,353 12. CREDITORS: Amounts falling due within one year 2024 2023 Pension Accruals 62 4,800 4,800 4,800 4,862 13. FINANCIAL COMMITMENTS At 31 March 2024 the charity had no financial commitments (2023 - £Nil) 14. RELATED PARTY TRANSACTIONS Ther8 were no related party transactions in the year. (2023 - £Nil) 15. TAXATION The Inlight Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 14