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 Finan￿al 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 re￿iVed 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 cOnS￿er 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 I￿e1 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 a￿Or￿all￿ with applicablè law and Unrted Kingdom Aeeounling Standards (Unrted Kingdom Generalty Accepted Accounting Pract￿1. 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 $l*ements on the going