**Charity registration number 242190**
## **A S CHARITABLE TRUST**
# **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **A S CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr G W Calvocoressi Mrs C Eady Mr S C Sampson **Charity number** 242190 **Registered office** Bix Bottom Farm Henley-on-Thames Oxfordshire RG9 6BH **Auditor** Azets Audit Services Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ **Bankers** Royal Bank of Scotland plc 49 Charing Cross Admiralty Arch London SW1A 2DX
## **A S CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Notes to the financial statements|9 - 16|
## **A S CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
The trustees present their annual report and financial statements for the year ended 5 April 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
## **Objectives and activities**
The charity's objects are to benefit such charitable purposes or charitable institutions in such manner as the trustees from time to time think fit.
The trustees assess grant applications received and review the ongoing support provided to certain charities.
The trustees are conscious of the value of grants made relative to income received. This year end, charitable expenditure is 50% (2021 - 79%) of income which the trustees expect to improve upon next year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## **Financial review**
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The charity’s income and expenditure for the year and the financial position at the end of the year were as disclosed in the attached financial statements, which the trustees consider to be satisfactory. There were no unusual sources of income and expenditure during the year.
The charity continues to add surplus income to its capital as the trustees anticipate that in the future a full time administrator will have to be appointed and they do not wish to become dependent on public donations to support administrative personnel. They also wish to have sufficient reserves to make a few larger donations.
The value of the investment portfolio increased during the year as a result of the stock market bounce back following the Covid-19 pandemic. The underlying level of investment income is similar to the previous year. The investments are stated at mid-market value, based on the mid-market valuation prepared by the investment managers. The net increase in market value is included in the Statement of Financial Activities.
The trust is particularly sympathetic to projects, which combine the advancement of the Christian religion, with Christian lay leadership, with Third World development, with peace making and reconciliation or other areas of social concern.
During the year donations were made to charities known to the trustees and whose aims they support. The trustees’ aim is to continue making donations to charities that need assistance and are known to them and to retain maximum flexibility as set out in the trust deed.
- 1 -
## **A S CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **Investment policy**
There are no restrictions on how the charity can invest its funds. It is intended that the capital of the trust will remain invested in stocks and shares.
The charity has indicated to its Investment Manager that all investments should be suitable for Charities and should not include any direct investment in tobacco companies or gambling, especially casinos.
The charity has made an equity investment into residential property. The trustees consider this exposure to be
sensible in the context of the charity.
## **Risk management**
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity does not seek donations and depends on its income from the investment portfolio. It only provides donations to charities of which it has some knowledge.
The trustees maintain currency with the markets from a layman’s perspective whilst maintaining close contact with the stockbroker whose regular reports clearly illustrate their performance relative to the agreed benchmark indices.
Exposure to property markets is a considered diversification of capital investment. Such property investment is long term and does not inhibit the availability of funds for the running of the charity.
## **Future direction**
The charity has developed confidence in beneficiaries thus will consider increasing the weighting of their support and will remain passively open to new partners.
## **Structure, governance and management**
The charity was established by Trust Deed dated 10 February 1965 by Mr Roy Calvocoressi and is a registered charity No. 242190.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr G W Calvocoressi Mrs C Eady Mr S C Sampson
- 2 -
## **A S CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
.............................. **Mr G W Calvocoressi** Trustee 30 November 2023 Dated: .........................
.............................. **Mrs C Eady** Trustee 30 November 2023 Dated:.........................
..............................
**Mr S C Sampson** Trustee 30 November 2023 Dated:.........................
- 3 -
## **A S CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF A S CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of A S Charitable Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 4 -
## **A S CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF A S CHARITABLE TRUST**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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 (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
- 5 -
## **A S CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF A S CHARITABLE TRUST**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Robert Southey (Senior Statutory Auditor) for and on behalf of Azets Audit Services**
.........................
**Chartered Accountants Statutory Auditor**
Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 6 -
## **A S CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**Unrestricted**
**funds**
**2022**
**Notes**
**£**
**Income from:**
Investments
**3**
432,151
**Expenditure on:**
Charitable activities
**4**
202,728
Net gains/(losses) on investments
**9**
1,653,926
**Net incoming resources**
1,883,349
**Other recognised gains and losses**
Other gains or losses
(14)
**Net movement in funds**
1,883,335
Fund balances at 6 April 2021
19,605,336
**Fund balances at 5 April 2022**
21,488,671|Total
2021
**£**
410,300|
|---|---|
||324,452|
||4,817,893|
||4,903,741
-|
||4,903,741
14,701,595|
||19,605,336|
The statement of financial activities includes all gains and losses recognised in the year.
The total funds are unrestricted.
All income and expenditure derive from continuing activities.
- 7 -
## **A S CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2022**_
|**2022**
**Notes**
**£**
**£**
**Fixed assets**
Tangible assets
**10**
658
Investments
**11**
20,197,391
20,198,049
**Current assets**
Debtors
**12**
72,488
Cash at bank and in hand
1,272,894
1,345,382
**Creditors: amounts falling due within**
**one year**
**13**
(53,160)
Net current assets
1,292,222
**Total assets less current liabilities**
21,490,271
**Creditors: amounts falling due after**
**more than one year**
**14**
(1,600)
**Net assets**
21,488,671
**Income funds**
Unrestricted funds
21,488,671
21,488,671
The financial statements were approved by the Trustees on .........................
..............................
..............................
Mr G W Calvocoressi
Mrs C Eady
**Trustee**
**Trustee**
..............................
Mr S C Sampson
**Trustee**
30 November 2023|**2021**
**£**
**£**
305
18,626,466
18,626,771
46,343
1,022,902
1,069,245
(70,440)
998,805
19,625,576
(20,240)
19,605,336
19,605,336
19,605,336|
|---|---|
- 8 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **Charity information**
A S Charitable Trust is a charity registered in England and Wales.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document. the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The net realised gains from investments are included as part of other recognised gains and losses rather than incoming resources as the trustees’ current policy is to preserve capital and only make the income arising from it available for grants.
Income from quoted investments is shown net, the related tax credits/income tax being shown as income tax repayable and is shown in the Statement of Financial Activities in the year in which it is receivable.
The trustees are of the opinion that it is the regular flow of net income which is immediately available for grants and their policy for awarding grants is not affected by changes in tax legislation which may arise from time to time.
- 9 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the Trust.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office equipment 25% reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
The quoted investments are stated at middle market price, as valued by Quilter Cheviot Limited.
The unquoted investment is stated at cost. The trustees are of the opinion that the market value of the unquoted investments are not materially different to its cost and including it at cost does not materially affect the true and fair view of the accounts.
Should there be any permanent diminution in the value of these investments, the trustees will make the necessary provision in the accounts at that time.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 10 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Other financial assets**_
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Transactions in foreign currencies are recorded at the rates ruling at the date of the transactions, and assets and liabilities at the balance sheet date are converted at the rate ruling on that date.
- 11 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **2 Critical accounting estimates and judgements**
The preparation of financial statements in compliance with FRS102 requires the use of certain accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
## **Critical judgements**
## **Investment valuation**
The valuation of investments is considered an area of judgement. The charity uses their investment manager to value their portfolio of listed investments on a quarterly basis.
For other investments, an external party has provided a valuation against the properties the loans relate to.
## **3 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|From quoted investments|432,037|389,243|
|From unquoted investments|114|21,057|
||432,151|410,300|
## **4 Charitable activities**
|Grant funding of activities (see note 5)
Share of support costs (see note 6)|**Grants**
**Support costs**
**2022**
**2022**
**£**
**£**
67,470
-
-
135,258
67,470
135,258|**Total**
**2020**
**£**
67,470
135,258
202,728|**Total**
**2019**
**£**
216,620
107,832|
|---|---|---|---|
||**2022**
**£**
67,470
-
67,470|||
||||324,452|
- 12 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **5 Grants payable**
|Alzheimers Society
Bibles for children
CHIPS
Circles SE
Cross Rhythms
Friends of Bix Church
GRACE Organisation
Hope Coventry
Lambeth Trust
Langley House Trust
Resurgo Trust
Royal Berkshire Charity
St Martin's House Project
Other grants (less than £1,000)
Coventry Cathedral|**2022**
**£**
2,500
-
20,250
-
-
-
29,820
-
10,000
-
7,000
5,000
-
400
78,470
(11,000)
**67,470**|2021
£
-
5,000
35,400
12,500
5,000
50,000
29,820
2,500
10,000
15,000
7,000
-
40,000
400|
|---|---|---|
|||216,620|
|||-|
|||**216,620**|
At the end of the prior year the charity had committed to pay a grant of £11,000 to Coventry Cathedral to support a particular member of personnel. Due to a change of personnel in the year the commitment was rendered void and therefore the accrual has been released.
- 13 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **6 Support costs**
|Depreciation
Office expenses
Telephone
Management charges
Auditors' fees
Accountants fees
Consultancy
Archive storage
Rent|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
149
-
167
-
(500)
-
87,148
-
-
4,800
-
7,020
12,584
-
6,091
-
17,799
-
123,438
11,820|**2022**
**£**
149
167
(500)
87,148
4,800
7,020
12,584
6,091
17,799
135,258|2021
£
101
2,616
1,469
73,669
3,780
5,820
10,088
6,091
4,198|
|---|---|---|---|
||||107,832|
The above support costs are in relation to the charities one income activity which is the investments in stocks and shares as well as costs of grant distribution.
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
During the year the trustee Mr G Calvocoressi was reimbursed £502 (2020 - £Nil) for expenses relating to the charity's operations.
## **8 Employees**
The average monthly number of employees during the year was:
||**2022**|**2021**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **9 Net gains/(losses) on investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Revaluation of investments|852,761|4,611,200|
|Gain/(loss) on sale of investments|801,165|206,693|
||1,653,926|4,817,893|
- 14 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **9 Net gains/(losses) on investments**
## **(Continued)**
|**10**|**Tangible fixed assets**||
|---|---|---|
|||**Office equipment**|
|||**£**|
||**Cost**||
||At 6 April 2021|2,250|
||Additions|502|
||At 5 April 2022|2,752|
||**Depreciation and impairment**||
||At 6 April 2021|1,945|
||Depreciation charged in the year|149|
||At 5 April 2022|2,094|
||**Carrying amount**||
||At 5 April 2022|658|
||At 5 April 2021|305|
## **11 Fixed asset investments**
|**Listed**
**investments**
**Unlisted**
**investments**
**Other**
**investments**
**£**
**£**
**£**
**Cost or valuation**
At 6 April 2021
17,657,299
3,291
466,707
Additions
2,484,012
-
-
Net (loss)/gain realised on cost
801,166
-
-
Increase in unrealised gains
830,712
-
22,050
Disposals
(2,231,034)
-
-
At 5 April 2022
19,542,155
3,291
488,757
**Carrying amount**
At 05 April 2022
19,542,155
3,291
488,757
At 05 April 2021
17,657,299
3,291
466,707|**Cash in**
**portfolio**
499,169
1,569,138
-
-
(1,905,119)
163,188
163,188
499,169|**Total**
**£**
18,626,466
4,053,150
801,166
852,762
(4,136,153)|
|---|---|---|
|||20,197,391|
|||20,197,391|
|||18,626,466|
- 15 -
## **A S CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**12**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**13**
**Creditors: amounts falling due within one year**
Grant accruals
Accruals and deferred income
**14**
**Creditors: amounts falling due after more than one year**
Grant accruals|**2022**
**£**
72,488
**2022**
**£**
32,760
20,400
53,160
**2022**
**£**
1,600|**2021**
**£**
46,343|
|---|---|---|
|||**2021**
**£**
54,420
16,020|
|||70,440|
|||**2021**
**£**
20,240|
## **15 Events after the reporting date**
Subsequent to year end a decision was made to transfer the assets of Guy Fawkes Charitable Trust into A S Charitable Trust. The transfer took place on 5 April 2023.
## **16 Related party transactions**
During the year the charity paid a facilities charge of £15,625 (+VAT) (2021 - £6,250 (+VAT)) to Kambos Consulting Limited for office space - a company in which one of the trustees is also a director of. No balances were outstanding at year end (2021 - £Nil).
- 16 -