Charity registration number 242190 THE A S CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE A S CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru¥ts•s Mr G W Calvocoressi Mrs C Eady Mr S C Sampson Mr M J Silver (Appointed 8 November 20231 (Appointed 8 Nov8mbar 2023) M5 E J Calvocore5S1 Charity numb•r 242190 Registered office BrA Bottom Fami Henley-on-Thames Oxfordshite RG9 6BH Auditor els Audit SeNices Ash¢ombe Court Woolsack Way Godalming Surtey GU7 1LQ Banktsrs Royal Bank of Scotland pl¢ 49 Charing Cross Admiralty Arch London SW1A2DX
THE A S CHARITABLE TRUST CONTENTS Page Tw51ees' report Independent audiloes report Statement of fnanaal activities Balance sheet Notes lo thè financial stslefflenls 9-18
THE A S CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and thnaneial statements foi the year ended 5 April 2024. The financial slatements have been prepared in accordance with the accounth'ng policies set out in note 1 to the financial slalemen15 and mplY with the charity's governing document, the Charities Aet 2011 and "Accounting and Rèporting by Charitiès.. Statement of Recommended Practice applicable to chaiilies pieparing their accounts in accordance with the Finanal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from 1 January 20161 Oblèctlv•s and a¢tiviti¢s Th8 charitls objècts ara to benefit such chaiilable purposes cff tharitable institutions in such manner as the trusle8s from tlmgto lime think fil. The irusiees assess grant applications reiVed and rewew the ongoing support providèd to certain charifies. The trustees are grateful for the voluntary basis of the rnanagemenl olAS' affairs lo dale. Howevw. we recognise that Ihe time required and the divergence away from the Chairtnan's business is of Significan and we are therefore investjgating the potential to iemunerate his servicès. In addition to supporbng administrative time, this will serve lo ensure appropriate currency with grantee activities as wèl 8S Catrying out suitable due diligence on polential new grantees. Thè Irust8e$ h3v8 identified opportunities lo offer support to charities within our obJ'e¢b"ves by way of profe5510nal assistance. Where such advice has the potential lo be transformative and in instancès where the charity is un8ble to pay directly for such advice. AS may offer to subsidise such consuttarw in part w in full. The trustees have considered the grants awarded over the year and cOnSer that the amount distribuled is appropriate ii the ¢onlext of AS income received. reserves held and relwning flexibility to respond lo future requirements. The trustees are mindful lo operate on a low cost bas8 and note that the support costs represent 0.65°A of net assets12023- 0.6°AI. Thè trustèès havè paid due regard to guidancè issued by the Charity Commission in deading wh41 adivrfies the charity should undertake. Achievements and perforniance Finaneial review It is the policy of the charily that unr•stridad funds which have not been designated for a specffic use should b8 maintained al a level equivalent to behveen three and six month's expenditure. The trustees consider that reseNes at this level will ensure that, in th¢ ev¢nl of a significant diop in funding. they will be able to Continue thg charity's current activrties while eonsideration is givén to ways in whith additional funds may be raised. This level of rèsèrves has beèn m8inl8ined throughoLrt the year. At year end, the charity had total funds of £24,609k12023'. £22.433kl, of whiGh all were unre51ricled.
THE A S CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The charity's incomè and expendrture for the year and the financial position al the end of th8 year were as disclosed in the attached finanaal slalements, whlch the trustees consider lo be $3tisf8ctory. On 5 April 2023 the Trustees accepted the assets of the Guy Fawkes Charilable Trust. On 8 November 2023 we also accepted th Elfrida Cafvocores$i, the Chair of Guy Fawkes Charitable Trust, onto our boaid of Ituslees and have also added Mr Mark Silver to the boaTd as Treasurer Trustee. The aims, purposes and working practices of Guy Fawkes are subslanlially similar to oui own and we anticipate that a select number of Guy Fawkes grant recipierbls may benefit from AS Charitable Trust resource5. The charity conlinues to add surplus income lo ils capital as the Iruslees anticipate that in the fulure a full lime administrator wll have to be appointed and they do not wish to becom? dependent or) public donations to support adminislralive personnel. They alw wish to have sufficient reserves lo make a few larger donations. The undedying Ie1 of investmènt income is similar to the prewous year. The investments are slated al mid- market value. based on the mid-fflarket valuation prepa¥ed by the inveslrnent managets. The net increase in market value is induded in the Slalemenl of Financial Adivilies. The trust IS P8rticularfy sympalhelic to projects. which eombine the advancement of the Christian feligion, with Christian lay leadership, with Third Wodd development, with peace making and reconciliali¢in or other area5 of social eoncem. During the year donations were made lo ¢h*ilies known to the Injslees and whosè aims they support. The trustees. aim is to conlinue making donations lo ctrarities thal need assistance and are known to Iherll and to retain maximum flèxibility as sel out rn the trust deed. In¥tMent pollcy There are no Strictl0nS on how the charity Can invgst its fund5. 11 is intended Ihal the capital of the trust will remain invested in stocks and shares. The charity has ind¢¢d to its Inve51menl Manager that all investments should be suitable for Charities arid should not include any dirèct investment in tobacco cnmpanies or gambling, especially casinos. The charity has made equity investment into residential property. Thè trustees consider this exposure lo be sensible in the context of the charity. Rlsk management The Iruslees have assessèd the major risks lo which the charrty is exposed. and are satisfied that systems are in place to miligale exposure to the major risks. The charity does not Seèk donations and d•pends on 113 in¢ome from the investment ptsrtfolio. 11 only prowdès donalions to chaiities ol which it has some knowledge. The Iruslgès mantain curreney with the markets from a layman's perspeclive whilst mainlaining close contact wilh the stockbToker whose regular reports cleady Illustrate their rforManCe relative to the agreed benchmark indKes. Exposure to property markets 15 a constdered diversification of capil81 Investment. Su¢h property investment is long tem and doès not inhibit the availability of funds foi the running ol the chariiy. Future dlr•ctlon The charity has developed confidence in beneficAarTre$ thus will consider increasing the weighting of their support and will remain passivèly open to new partners. Structure. gov•mance and managèment The charity was established by Trusl Deed dated 10 February 1965 by Mr Roy Calvocoressi and is 8 registered charity No. 242190.
THE A S CHARITABLE TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED S APRIL 2024 The trustees who served during the year and up to the date of signature of the financial statèmènts wère". Mr G W Calvocoressi Mrs C Eady Mrs C Sampson Mr M J Silver Ms E J Calvocores51 Statement of trustees. responsibilitie Th& Iruslees a letsponsible for pr&paring th& Twstoes, RgPQrt and the financial stalernen15 in aOrall with applicablè law and Unrted Kingdom Aeeounling Standards (Unrted Kingdom Generalty Accepted Accounting Pract1. IAppointed 8 November 2023) IAppoinled 8 November 2023} The law applicab to charities in England and e$ requires the trustees to prepare financial statements f each nanCIal year ¥vhich give a true and lair view of the state ol affairs of the charity 8n¢J ol the incoming resources and application of resources of the charity for that year. In preparing thèse financial stattmants, th8 trust•es ar• r•quirèd to.. - se18cI suitabl& awountin9 policies and then apply them con$i$t8nfjy", - obserye the methods and principles in the charib.es SORP., - make judgements and estimates that are reasonable and pwdenl., state whether applicable accounting standard5 have been followed, subject to any material departures disclosed and explained in the finanoal statements., and piepare the financial $lements on the going <xJn(rn basi$ ynl?$8 it is inappropriate to presu£ that ihe charhy will continue in operation. The trustees are responsie for keeping suffiaent accounting records that disdose with reasonablè atracY al any timtr thè financ4al position of the charity and enable them to trnsure that the financial slatetnerrts comply with the Chaiilies Aet 2011. the Charity IAccounts and Reportsl Regulations 21)08 and the provisions of the trust deed, They are also responsible for 5aleguardin9 the asse15 of the charity and hence for takn'ng reasonable sleps for the prevention and detection of traud and other Irregulanties. Thé trustèès, rèport Wa5 appf¢)ved by the Board of Trustees. MJS,IveJ Mr Gwcalvo Trustee Dated.. 1 Februa.ry. 2025 Mr M Silver Treasurei tee Dated-..J..................... £ozS
THE A S CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THEAS CHARITABLE TRUST Oplnion have avdiled the financAal statements of The A S Charitable Trust {the 'charily'l for the year ended 5 Apiil 2024 which comprise the statement of financial acliviliès, the balance sheet and the notes lo th8 financial statements. induding a summary of signifi¢ant accounting polie$. The financial reporting frarnework that has been applied in their preparation is applicablè law and United Kingdom Accounting Standards, including Finan¢ial Reporting Standard 102 The Financial Reporting Standard appliGabl8 tho UK and Républic of lTrlarJd Iunited Kingdom Generalty A¢cepled Accounting Practieèl. In our Opmiion, the finanrAal $tstements'. give a true and fair eW of the slate of the ¢h8rity's affairs as al 5 April 2024 and of its incoming resour¢Ès and application of re50urce5. for the year then ended., have been properfy prepared in accordanGg with Unrted Kingdom Generalty A¢¢epted Accounting Practi.. and have been prepared in aw)rdance wth thè requirements of the Gharities Act 2011. Basis for opinlon We conducted our audit in accoTd8ncè wilh International Standards on Auditing IUKJ IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs SpOnsIbl11b@S for Ihe audil ol Ihg finèncial st8lements section ol our Teport. We are independent of the charity in 8¢¢ordance with the elhical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical standard, and we have fulfilled Qui other ethical rttsponsibilities in accordance with these requirements. We believe that Ihe $Irt Èvidence we have obtsined is sufficient and 8ppropriale to provide a basis for our opinion. Coneluslons relating to going concern In auditing the financial slalements, we have concludèd that the Iruslèes. us@ of the going ¢on¢em basis of counting in the preparation ol the Iin8ncial statements is 3ppropriate. Based on the work we h8ve performed, we havè not identified any material unrtaIntIeS relating to events or conditions that, individualy or collèctively, may casl significant doubl on thè charity's ability to continue as a going conrn for 8 period of at least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the r&sponsibililies of the trustees with respect lo going concem are described in the relevanl sections of this report. Oth8r InfomiatSon The other infomion comprises thè infomialion induded in th& annual report other Ihan the financial statements and our auditor's report thereon. The trusteès are respon51ble lor the other infom)atson contained within the annual report. Our opinion on thè financial sialements does not cover the other infomiation and we do not express any form of assuran conclusion thèr&on. Our responsibilty is to read the other information and, in doing sts. nsider whether thè other information is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit. or otheise appears to be matèrially misstaled. If we identify such rnalèrial inconsistencies or apparent matèrial missiatemenls, we are required lo determine whether this gives rise to a materhl misstaternent in the financial statèments themselve5. If, based on the work we have pertomed, we o)nclude that there is material misstalemenl of this other infomialion, we are required to report that fact. Wè have nothing lo report in this regard. Mattern on whlch are requimd to report by tx¢ptlon We have nothing to report in respect ol the following matters in relation lo whicl) the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in OLtr opinion.. thè information given in the finanryal statements is incon51Stent in any rnalerlal respert with thè trustéés, feport". or sufficient accounting e0rdS have not been k8pI" or the financial ststements are not in agreement with the accounting records: oi we have not eived all the infomation and explanations we require for our 8udil.
THE A S CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE A S CHARITABLE TRUST Responsibilities of trustees As explained mts fully in the slalemem of trustee5' responsibbjities, the trustees are responsible for the preparation of the financial slalefflents and for being satisfied that they give a Irue and fair view, and for such iniemal control a5 thè Iruslees determine is necessary to enable Ihe preparation ol financial statém•nls that are free from rnalerial misstatement, whether due to fraud or error. In preparing the finanrAal statements. the Iruslees are Sponsible for assessing the charity's ability to continue as a going ctsncem, disdosing, as appIlble, rnatters related to going concern and using the going concem basis of accounting unlèss thè trusteès ÈrthÈr intend to cease Iyerations, or have no realistic alternalive bul lo do so. Auditor's Tesponsibililies for the audit ol the )Inanaal statements We have been appointed as audrtor under se¢tion 144 of the Charities Act 2011 and report in accordance with thè Act and r$levani gUlationS made or having effect Ihereunder. A furiher description of our SpOnsibl1t1eS is available on the Finanryal Reporting Counciys websrte al-. https'.11 www.frc.org.ukJauditorsresponsibilities. This descripkn'on fomi$ part of Ouf audilo¢s report. Extènt to whleh thè audlt was eonsid•rèd eapablè of d¢tsctlDg SrregularitieB. Includlng frdud Irregulaiilies, including fraud, are instsn¢es of non-crrfnpliance wilh laws and regulations. We design procedure$ in line with our responsibitsti'ets. outlined above and on the Financial Reporting Counal's website. to detect rnaleii81 mi$$latemenl$ in rg$p&¢t of irrègularitiès, induding fraud. Wè obtain and update our understanding of the entity, ils activities. its control environment, and likety future developments, including in relalion lo the legal and regulalory framewort applicable and how the entity is ¢omplying with that frarnewoik. Based on this understanding, we identrfy and assess the risks ol material misstatement of the financial statements, whelher due to fraud or error, design and perform audit procadures responsive to those risks. and obtain audrt eidence that Is sufficient and appropriate to p¥ovide a basis foi our gpinion. This includes consideration of the risk of acts by the enb'ly that were contrary to apKAicable laws and regulations, induding fraud. In response tts the risk of irregularities ond nOrKMplI#¢e with laws and regulations, induding fraud. we designèd procedures whi¢h induded.. Enquiry of rnanagement and those chaTged wrth govemance arout)d actual and potential liligalion and claims as well as actual, suspected and alleged fraLtd', Assessing the extenl of compliance with the laws and iegulations considered to have a direct material èffèct on thè finanaal statèrnénts 01 the operations of the entity through enquiry and inspection., Rèviewing financial slatemènt disclosurès and tèstsng lo supporting documentation to assess mpliance with applicable laws and regulations,. Perfoming audit work over the risk of management bias and overyide of controls, including tèsting of journal Èntriés and othei adjustments for appr0pnaneSS, evaluating the business rationale of significant Iiansaclions outside the notrnal course of bu5ines5 and reviewing accounting estimates for indi¢ators of potential bias. Because of the inherent limitab"on5 of an audit, theie is a risk that we wil not detecl all irregularities. in¢luding those leadin9 to a rnalerial misstslemÈnt in the financial stalernents non-compliance with re9ulation. This nsk increases the mole that compliance with a law or iegulalion is removed from the events and Iransaclion5 reflected in the financial statements, as we will be less likely lo become awa of instance5 of norpwfflpliance. The risk ol not detecting a material misstatement resuhing from fraud is higher than for one resulbng trom Èrror, as fraud may involve collusion, forgery, intentional omissK•ns, misrepresentations. or lh¢ ov¢rrKle of inlemal control. Oth¢r m•ttèrs Your attention is drawn to the fad that the charity has prepared finaneial statements in accordance with"Accounting and Reporting by Chaiiliss". Slal¢menl of Recomm$ndsd Pra¢ti¢e applicable lo charities preparing their accounts in aceord8ncè with thè Financial Reporttng Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference to IheAccounting and Reporting by Charities.. Statement ol Recommended Piaclice issued on 1 April 2005 which is referred lo in the extant regulab'ons but has now been withdrawn. This has been done in order for the financial statements lo wovide a true and fair view in 8ccordance with current Generally Accepted Accounting Practice.
THE A S CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE A S CHARITABLE TRUST Use of OLFr report This report is made solety lo the charity's trustèès. as a body, in accordan with part 4 of the Charities (Accounts and Reports) Regulations 2008 Our audit work has been undertaken 50 that we might stale to the chanvs trustees Ihose mailers we are required Io slate to them in an auditor's report and for no other purpose. Tts the fullest èxtent permitted by law, we do not awpt or assume responsibility to anyone other than the charity and Ihe chaii1*5 trustees #S 8 body. for our audit work. for this report, or for the opiniLins we have formed. Robert Southèy Isènlor Statutory Auditor) for and on behalf of Azets Audit Sorvl¢•$ 4 February 2025 Charter•d Accountants Statutory Auditor Ashwmb• Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ Azels Audit Servi$ is eligible for appointment as auditor of the charity by Mrtue of its eligibility for appointment as auditor of a company under section 1212 of the Cornpanie5 Act 2CKJ6.
THE A S CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unre$tri¢ted fLrnd$ 2024 Total 2023 Not•s Donations and legaaes Investments 3,001,998 506,059 6D9,201 Total nme 609,201 3,508,057 •n ur• Charftat4e activOlSes 587,367 514,927 Nel gainslllossesl on investments 10 2.134.750 12,049.1661 Nèt Ineomlng ro¥our¢•$ 2,176,584 943,964 other recognised gains and losses Other gains or losses {1651 Net movement in funds 2,176,419 943,964 FurKI balances at 6 April 2023 22.432,635 21,488,671 Fund balanc•s at 5 April 2024 24,609,054 22,432,635 The statement of financial alti.e$ indudes all gains and losses rgniSed in the year. The lolal funds are unre31ricted. All inrne and expenditure derive from ntinUIng aclivilies.
THE A S CHARITABLE TRUST BALANCE SHEET AS AT5 APRIL 2024 2024 2023 Notes Fixed assèts Tangible assets Investments 12 13 2,463 22.952,426 494 20,911,590 22.954,889 20,912,084 Curr•nt assets Debtors Cash at bank and in hand 14 59,2L 1,677.098 48,485 1.562.055 1,736,304 1.608,540 Crèditors.. amounts falling du• wlthin on• y•ar 15 (52.639} 177,989) Net cufrenl assets 1.683,665 1,530,551 Total assets lèss eurrnnt liabilliles 24,638,$54 22,442,635 Crnditors= amounts falllng due after •hDre than ono year 16 129,5001 110,000} Net assgts 24,609,054 22,432,635 Income funds Unreslri¢ted funds 24,609,054 22,432,635 24,609,054 22,432,635 The fjqaniial Ytemenls were approved by the TTU5tees on 1 Februgry. 2025 ssl Mr M Silver Treasur8r Tru$tse Trustse
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 Ac¢ountlng po&cies Charity infomiation The A S Charitable Trust is a charity registered in England and Walès. 1.1 Accounting comiention The financial statements have been prepared in acccrdance with ihe ¢hanly's governlng document. the Charits Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland. f'FRS 102.1 and the Charities SORP 'Accounting and Rèporting by Chaiities.. Statement ol Recornmended Practice applicable lo charities preparing their accounts in aOrdanCe with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102, The charily has taken advanlag¢ of the provisions in the SORP for charities not to prepafe a Slalgnenl ol Cash Flows. The financ¢al statements have deparied from the Charities IAccoun15 and Reports) Regulations 2008 only to the extent required to pfovide a true and fair wew. This dèparture has invofved following the Staternenl ol Recommendeil Practice for charitses applying FRS 102 rather than the vefsion ol the Statement of Recommend8d PiadiGe whith is iefetred lo in the Regulations bul which has since b&en wlhdrawn. The financial stalernent5 are prepared in sterling, which is Ihe functional cUncY ol the tharity. Monetary am¢)unls In these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost Convention, modified to indude rtain financial instruments al lair value. The principal accounting poli¢ies adopted are sel out below. 1.2 Going eoncèm At the time of appromng the financial statements, the trustees have a reasonable expectation that Iho charity has adequate fesources to continue in operatsonal existence for the foreseeable future. Thus the Irustees conlinue to adopt the going concwn basis Of accounting prepaiing the ftnancial statements. 1.3 Chariiable funds Unrestricted funds ale available for use at the discretion of the trustees in furtherance of their tharitable objectives. 1A Income In¢tsme is reix)gnised when the charrty 15 legally entitled to rt after any perfom)anee conditions have been met, the amounts can be measured reliably, and il is probable that ints)m6 will be ieGeived. Cash donations are gnised tsn Teceipl. Other donalions are recognised once the chaiity has en nou'ffied of the donation. unless performance nditionS require delerral of ihe amount. Income lax recoverable in relation t¢ don8b.ons rerÈived under Gfft Aid or deeds ol covenanl is recognised at the timè of the donation. Assets for disln'bulion ar8 f•cognisad when iJi3tribuled. Assets given for use by the ¢haiity are recognised when recavable. Stocks of undistributed donated goods are not valued lor balance shÈet purposes. The net realised gans from investments are induded as part of other recognised gains and lossès rather Ih8n incoming resources as the Iiuslees, current policy is lo pieserve capital and only makè th8 in(x)me wising from it availablè lor grants.
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 A¢¢ounting policles Icontlnuedl IrKorne from quoted investments is $h(w4n net, the Telaled lax CTedrtslincome lax belng shown as income lax repayable and is shown in the Statement of Financial Aclivilies in the year in which il is reeèivable. Thé trusteas ar• of the opinitsn that it is the regular flow of net income whiGh is immedialefy avallable for grants and their polry for awaiding grants is not affected by changes in lax legislation which may arisÈ from time lo time. l.S Expenditure Expenditure is recognised once Ihertr is a legal or constructive obligation to tr8nsfer enoMiC benefit lo a third party, il is probablè that a transfer of economic benefit5 will bè required in settlement, and Ihe amount of the obligation can be measured rdiably. Expendslure is classified by a¢tivliy. The cos15 01 each scliwty are made up of the total of dir&t Costs and shared costs. induding 5UPPQrt costs involved in undertaking each actiwty. Direct costs altribvlat4e lo a single actiwty are allocated directly to that activity. Shared costs whi¢h conlribule lo more than one activity and support costs whi¢h are not attributable lo a sing18 activity are apportioned between those activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basls of lime spent, and deprecAation charges aro allocated on the portion of thè asset's use. All expenditure is included on an accruals basis and is recognised whèn there Is a legal or constFUCtive obligation to pay for expenditure. The trust is not registered for VAT and accordingly expendrture Is shown gross of irreGov•rable VAT. Grants payable are payments made lo third pae$ in ihe furtherance of the charitable objects of the Trusl. In the Gase of an unconditional grant offer this is accrued once Ihe recApient has been notrfied of the grant award. The notificAtion gNes the recipienl a reasonable expectation that they will Tecewo the one year or multi-year grant. Grants awards that are subjeGI to the recipient fuffilling pèrformance ¢ondrtions are onFy accrued when the recipient has been nob'fied of the grant and any rernaining unfulfilled conditions attaching to that grant are outSKle of the control of the Trust. 1.fj Tangib fix•d sets Tangible fixed as50ts are initially mèasured at cost and subsequentty measured 81 cost, nel ol depreoxation and any impairment losses. Depreciation is reGognised so as to write off the cost of assets less their residual valLJèS over their useful lives on the following bases= oirKe equipment 25% reduung balance melhod The gain or loss arising on the disptssal of an asset is deleimined as the difference belween the sale proceeds and the carrying value of the asset, and is rècognised in the si*ement of financial activities. 1.7 Flxed asset inve¥trnènts Fixed asset investments are initially rneasured at transaction price exduding IransaGtion costs, and arè subsequentty measured at lair value al eaGh reporting dale. Changes in fair value are recognised in nel incornellexpet)diturel for the yèar. Transaction costs are expensed as incurred. The quoted investrnents are slated al middle market price, as valued by Quiltèr Cheviol Limited. The unquoted investment is slated at value based on m8rkel value of similar assèts in the area. Should therè be any permanent diminution in the valug of these investments, the truslees will make the necessary provision in the account$ al that time. 10-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED S APRIL 2024 Aecountlng pollel•s (Continuodl 1.8 Impairnient of fixed assets At each reporting end date, the charity reviews the earying amounts of its t8n9ible asseis to deterniine whether the is any indication that those asse15 have suffered an impaimienl loss, If any such indication èxists, thè rècovÈrabla amount tsf thè asset is èsts"mat6d in oid8r lo dg18rrning the extent of the impairment 10ss {rfanyl. 1.9 Cash and cash •quivalents Cash and cash equivalents include cash in hand, deposils hekl at call with banks, othor short-tem liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in currenl liabilities. 1.10 Financial instruments The charty has elected to appty Ihe provisions tsf Section 11 'Basic Financial Inslrumenls. and Seclion 12 'Othei Finan¢ial Instrumants lssu$$' of FRS 102 to all of ils finan¢ial inslrumenls. Financial instruments are recogni6ed the (arily's balan sheet when the charity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabili(ies are offset, with the net amounts psented in the financial statements, when therè is a legally enforceablè right to s•t off the recognised amounts and there is an intention lo setue on a nel baS or to realbse the asset and settle the Ibability simuttaneously. Basit financial assèts Basic financial assets, which include debtors and cash and bank balancès, ale inibalty measured at transaction pricè including transaction ctssts and are subsequendy carried at amorlis@d cost using the effective intérést mèthod unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts dis¢ounled at a marf(&l rale of interest. FInancI assels classified as receivable within one year ara not amortised. Othèr linancial assèts Other financial assets, including investments in equity instrumenls whid) are not subsidiaries, associates or joint nIr¢s, arè Initially measured at fair value. which 1$ normalty the Iran5adion price. Such assets are subsequently carried at fair value and the changès in fair value are recogni5ed in net incomellexpenditure), expt that investments in equity instruments Ihat ale not publicly traded and whose fair values cannot be measured reliably are measured at C05t less impaimient. Bas1¢ Ilnaft¢lal Ilabllftles B85ic fin¥nci81 liabilities, induding crèditors and bank loans are initially reGognised al Iiansaction price unless the airangemènt tonsb"lutès a financhn9 transaction. whèr8 thè debt instrument is measured at the presenl value of Ihe future payments dis¢ounled at a market rate of interest. Financial liabilities classffied as payable withirb one year are nL)l afflortised. Debt instruments are subsequenlty carried al amortised cost. using the effective interest rate method. Derecognition of financial liabilities Financial liabilrtie$ affj derett)gnised when the fanty's ¢ontra¢lual obligations expire or are discharged or cancelled. 1.11 Employee beneffts The $1 of any unused holiday enlillemenl is recogniseil in the perio¢J in whth the emF4oyee's services are received. Termination benefits are recognised imrnediately as an expense when the charity is demonstrably committed to terniinate the employment of an employee or to provide termination benefits. 11
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 AGcountlng policies Icontinuodl 1.12 Foreign ex¢hanye Transactions in foreign Curne$ are cOrded al the rates ruling al tha date of the transactio, and assets and liabilities at tha balance sheet date are converted al the rate ruling on that date. Critical ac¢ountlng estimatss and ludg•ments The pparatiOn of finanaal statements in ctsmplianca with FRS102 iequires thè usè of certain a¢¢ounting estirnales.11 also requires management to exercise judgement in applying the accounting policies. Crlilcal judgèments Investment valuation The valuation of invèstments is considered an area of judgetnent. The ¢haiity uses their inveslment manager lo value their portfolio of listed investments on a quarterly basis. For other investments, an external party ha5 provided a valuation agalnsl the properties Ihe loans relate to. Donations and legacie¥ Total Unrestrict•d funds 2024 2023 Donations and gifts 3,001,998 I*¥1mentS Unrestricted Unr•strlcted fund$ funds 2024 2023 From quoleil invèslmenls From unquoled investments 563.632 45.569 490.493 15,566 6¢J9.201 506,059 12-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charitsble activities Grnntssupport Gosts Total Total 2024 2024 2024 2023 Grant funding of actiwties (see note 6) Sharè of support ¢osts1see note 8} 406.200 406,200 381,045 161,167 133,882 161,187 406,200 161,187 567,367 514,927 13-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Grants payJblè 2024 2023 Al2hmeTs Society Bibles ft)r Children Blind Veleians UK Cambridge University R8al Tennis Club CHIPS Circles South Eas¢ Clean Sheet Clinical Theology cms Concordis International Trust CURTC Embracè MKldle East Elemity Downham M8rket Gra Organi5alion Henley & District Agricultural Assouatlon Henley Gospel Trust Henley on Thames Churches Debt Cèntre Hoty Trinity Slow Bardolph HOPE Coventry Langlèy House Tru51 MCCF Nomad Oriel Ministries Relational Peabulk1in9 Resurg0 Trust Riverside Counselling Royal Berkshi Charity Royal Hospital for Neuro4isabilty Sl Martin in the F*lds Trust T&RA l Dick Biidgeman Foundation T&RA Lld The Breakou( Trust The Church Association for Sudan & South Sudan The Henley Festival Trust The Lambelh Trust ILambelh P8rtnership) The m0 Hospices Tree AKI urtian Expres5KJn ltheel Power Worfdshare 5,IXIO 2,500 9,000 100,900 22,500 62.500 28,875 27.500 50,0110 100 3,500 10.000 2.500 5,000 2,500 39,820 7SO 20,000 9,250 37,800 1,500 1,500 2,500 2,500 100,000 60,000 7,500 1,000 6,000 2.500 9.000 7,000 1,SOO 2,500 5.000 50.000 750 750 250 5,QOO 5,000 6.500 12,500 10.1i00 25.000 1,500 5,000 10,000 406,200 381,04S 14-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustees None of the Iruslees lor any persons ¢onneded with them) reiVed any remuneraln or beneffts from the charity durin9 the year. During the year the Iruslee Mr G Calvo¢oressl was reimbursed £3,194 12023 - £nil} for travel expense5 relating to the ehanty's operations. Addrtitsn8lly he was was reimbursed for prior year travèl èxpenses lolalling £2.989 during the current yeai. Support costs Support Govèmaneè costs costs 2024 2023 Depciall0n Sundry Office expenses Telephone Management chaigtrs Auditors. fees Accountant5 fees Administrariv8 ¢0sts Archive storage Rent Legal and professional Travet Entertaining Computer expenses 395 2,109 1.320 1.886 91,237 395 2,109 1,320 1,886 91,237 7,800 7,200 18,750 6,208 18,000 4,500 1,525 116 121 1,174 835 84,123 7,800 7,200 10,SYK) 12.549 1,051 18.086 18.750 6,208 18,000 4.500 1.525 116 121 146,167 15.OLX) 161,167 133.882 The above support costs are in relation to the chantiès tsnè incijme activity which is the inv*stmen15 in Stocks and shares as well as ¢osls of grant dislribulion. Employees The average monthly number of emKloyees during the year was.. 21124 Numbèr 2023 Number Total Thère were no employees whose annual remuneration was more than £60.000. 15-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Net gainslllr)ssesl on Investh)ents Unrestricled Unrestricted funth funds 2024 2023 Revaluation of investments Gainlllossl on sale of investments 2,005.344 11.430,854} 129,406 1618,312) 2,134,750 12,049,166} 11 Taxatlon The charity is exernpt frorn lax on income and gains falling within secllon 505 of the Taxes Act 1988 or section 252 01 the Taxalionof Chargeable Gain$Ad 1992 to the extent thal these arè applied to ils charitable objects. 12 Tangible fixèd assets Office eqtslpmont Cost AI 6Apiil 2023 AddltTrons 2,752 2,384 At 5 April 2024 5,116 DeprecIatl and impaim*nt At 6 April 2023 Depreciation dhargèd in the year 2,258 395 Al 5 April 2024 2.653 Carying amount At 5 April 2024 2.463 Al 5 April 2023 494 16-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 13 Fixed 4#¥et investments LSst•d Othgr investments Invèstmènts Cash in portfolio Total Cost or valuation Al 6 April 2023 Additions Nel Ilossllgain Tealised on market valug Increasellde¢r¢a$el in unie¥lised gains Disposals 19,700,199 2,655,880 129,406 2,020,982 12.632.796) 471,961 739,430 2,390,399 20.911.$90 5.046,279 129,406 2,016,706 12,507,398) {5,140.1921 (4,2761 Al 5 April 2024 21,873.671 467,685 622,433 22,963,789 Carrying amount Al 05 April 2024 21,873.671 467,685 622,433 22,963,789 At 05 April 2023 19,71JO,199 471,961 739,430 20.911,SSO 14 Dèbtors 2024 2023 Amounts falling du• wlthln onè y**r= Other debtors Prepaymènts and accnjèd incom 49,353 9,8S3 41,445 5,040 59,206 46,485 15 Cmditors: amounts falling due within ono y8•r 2024 2023 Granl accruals Other C¥edilors Accruals and deferred income 32,020 5,619 15,000 52,339 25,650 52.639 77,989 16 Croditorn: amounts falling due after more than one year 2024 2023 Granl accruals 29,500 10,000 17-
THE A S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 17 Rèlated party transactions During the year the charity paid a facililres charge of £15,OOQ + VAT 12023 - £15,072 + VAD to Kambos Ctsnsulting Limited IOT office space- a company in which one of the Irusiees is also a direcior of. No balances were outstanding at year end12023- £NifJ. A family member of a trustee was 8mpk)yed as a consultant lo carry out administrativè dutiès to tlp value ol £10,97512023- £12.5691. 18-