Charity number. 250271 THE APPLETON TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE APPLETON TRUST CONTENTS Page Reference and admlnlstratlve detalls of the charlty. Ils Irust8es and advisers Trustees. f8Frf)rt Independént examinerfs report Stal?menl of financial activities Balance sheet Notes lo th8 flnancla18tatements 9-15
THE APPLEfoN TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees N Mansley. Chair (resigned 1 January 2021) J Findlay (resigned 1 January 2021) J J Hlll$ {resign6d 1 January 2021 > The reverend S Taylor (appolnted 1 January 2021) l D Btythe, Chair lappolnted 26 June 2024) O P Garratt lappolnted 26 June 2024 Charity registered number 250271 PrlncipalofflGe Dloce8an House Lady Woollon'6 Green Canterbury Kent CT1 1NQ Accountants Kr88ton Reev85 LLP Chartered Accountants 37 Sl Margaret's Street Canterbury Kent CT1 2TU Bankers Lloyds Bank plc 49 High Stre81 Canterb Kent CT1 2SE Page I
THE APPLEfoN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECENBER 2020 The Trustees present their annual report logetherwith the financial sla18ments of The Appleton Trugt (the charity) for the year ended 31 December 2020. The Tnjstees confirm that the annual report and financial statements of the charity comply with the current slalutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable lo charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable In th8 UK and Republic of Ireland (FRS102) (effectlV8 1 January 20191. Structure. govemance and management CONSTITUTION The Charitabla Trust, established by Hugh Thomas Appleton. 18 conslituled by a Trust Deed dated 4 October 1966 and is a registered charity number 250271. METHOD OF APPoINTMEr OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and ¢o-OPted under Ihe terms of the Trust Deed. The Trustees on page 1. with the 8XC8Ption of S Taylor, served as Managing Trusleeg throughout the year. Appointment of Trustees is gov8rned by the Trust Deed of the charty- The Trust Deed appointed the Canterbury Diocesan Board of Finance Ith8 Board) as Custodian Trustee. to hold the Trusl Fund in perpetuity, and the Chairman, Treasurer and Secretary of the Board as Managing Trustees. The office of the Treasurer is no longer used by the Board and. therefore, a Scheme amending the Trust Deed was agreed by the Charity Commission allowing the Archbishop's Cauncil to appoint a Trustee in place of th8 Treasurer. RISK MANAGEMENT The Trustees have Csidered the risks in making loans avallabl8 in accordance wlh the TrusV$ ObjeIveS. and viewthe possibility of default in repaying these loans lo be minlmal. The Trustees wdl ensure that the level of invested capital will not reduce below the original endowment of £150.ODO. Objectives ar*J Actlvlties POLICIES AND OBJECTIVES The principal object Df th8 charity Is to further such charitable purposes connected with the Church of England as the Managing Trustees shall in their absolute discretion decide. GRANT MAKING POLICIES The policy of the Charilable Trust continues to be to provide grants to Institutions and indlviduals wincipally associated with the Diocese of Canterbury that meet the objects of the charity and especially those connected with Ihe Church who are facing hardship and where other a55istsnce is eilher unavailable or insufficient. The Trust also offers loans to the clergy, parishes and lay worker5 of the Diocese of Canterbury mainly to assist in the purchase of cars and computer equipment. Page 2
THE APPLEfoN TRusr TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2020 MAIN ACTMTIES UNDERTAKEN TO FURThER THE CHARtrYs PURPOSES FOR PUBLIC BENEF The tnain activities e set out in the revi8w of 1vI below. The Trustees have considered the Charity Commission's guidance on publ benefiL including th8 guid "publio b8n8fit: running a charity (PB2)". Achlevoments and perfommnce GOING CONCERN Th8 Trustees are of the opinion that the Chty has adequate resources to continue in operational existence for the foreseeable future ar¥J thwe are Materi unc£rtwnties regarding the Charivs ability lo do $0. REVIEW OF ACTivmES This year. 1 grant (2019.. 6) was 8A*arded to institutions and Ir1(5 arKI ttr amount granted was £103 (2019.. £14,005). Trustees provide car loans to linised w(th within th8 Die88 and computer loans to Diocesan staff. athough this facilty 15 litite used at presenL The Trustees a150 provide loans to individuals facing hardship in aCCcdance with the Trust's grdnl makirvJ pc4icy. The total reserves of the trust Ireased by £82,335 in the year (2019.. £142.9601. Financial revlew FINANCIAL POSITION AT YEAR END At 31 December 2020 the charity has net assets of £919,05512019.. £836,72Q). ErOWrnent reserves of£845.769 {2019: £783.20n conststed of investmerts of £1.110.650 (2919." £1,048.088), cash of £19,997 {2019." £26,660) and unpaid granl commitrnents of £284,878 (2019." £291,541). Unrestricted reserves were £73,286 (2019.. £53.513). RESERVES POLICY It is the wlicy of the Trustees to hokl a sum in free reserves sufftient to enable the charlty to fu1 pollcy of providing loans and grants to insbtutiorts aTrJ iTrjrrfMJus. The unrestricied free reserves at the end of the year siood al £73.286 (2019: £53.5131. The Trustees Lrts1der the omnt level of reserve5 15 adequate. hlATERIAL INVESTMEIITS POLICY The Trustees (xjntinwj their Investment Policy during the ywas follo. To continue to use CCLA Management Ltd lo Mar ther investment [rollO. To ke8p surplus liquid funds M short lemi deposit. To move towards holding longer term investments at the follcAving levds: Investment Fund (60%) Propety Fur)J (30%) Fixed Interest Fund (100/0) Page 3
THE APPLETON TrUST TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2020 FUTURE DEVELOPMENTS The TftteeS will continue to be alert to opportunities to support the mission and ministy of the Church of England in the Diccese of Canlerbury, in OrdanCe with the objects of the TrusL TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance yth applicable law and United Kingdom ACCnting Standards {United Kingdom Generally Accepl&d Accounting Praclicel- The law appllcable to charities In England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and falr view of the state of affairs of the charity and of the incoming resources and application of resources of the Gharily for that period. In preparing these financial stalemenls. th8 Trustees are required to: select suitable accounting policies and then apply them consistentty- observe the methods and principles in the Charities SORP., make judgments arvj a¢¢ounling e51imates that are reasonable and prudent,. prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper a¢¢ounting rerdS Ihal a suffKient to show and explain the charity's transactions and (Ilsclose with reasonoble accuracy at any lime the financial posilw)n of the charity and enable them to ensu that the financial staternents comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulalions 2008 and the provisions of the trust de8d. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for th8 prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO INDEPENDENT EXAAIHNER Each of the persorts who are Trustees at the lime when this Trustees. report is approved has confirn)ed that: so far as that Trustee is aware, there is no relevant inf0mial of which the charivs indeFendent examiner is unaware, and the Trustee has taken all Ihe steps that ought to have been taken as Trustee in order lo be aware of any relevant InfMatiOn and lo establish that the charli$ independent examiner is aware of that information. This report was approved by theTrustee on .... and signed by= i D Blythe Trustee Page 4
THEAPPLETON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Independent Examinerfs Report to the Trustees of The Appleton Trust I report lo the charity trustees on my examinat(on of the Unts ofthe charity for the year ended 31 Decem 2020 which are set out on pag8s 7 to 15. Responslbllities and basls of report As the chariws trustees you are responsible for th8 eparat of the a(Lounts in a¢cordan¢e with the requirements af the Charities Act 2011 {'the Acf). I report in respect of my examination of the charity's accounts carried out under secbon 145 of the 2011 Acl and in carrying out my examination I have followed ail the applicable Direcllons Oven by the Charity Commission under Section 145(5)(b) of the Act Independent examlnefs statement I have completed my examination. I confTh that no material matters have come to my attentlon In connection with the exanwnalion gvitNJ me cause to b8lwe that in any materiat respecL' accounting records were nol kept in pect of the tharfty as Tequwed by 130 of the Act. or 2. the accounts do not aCCd tlv)se rewds: or 3. the accounts do not comply with the appli¢able reqUireM¥ts cM¢erning the form and content of accounts Set out in th8 chareS (Accounts and RepLYtsI Regtlatlon$ 2008 other Ihan any requirement that the accounts give a 'true a1 fair vie¥K whth is not a matter constdered as part of an independent examination. I have concerns and have u)me across m Olher mallws u) with the examination lo Vthh attention should be drawn in this report kn order to en*e a woper Understar1rj of the accojnts to be reached. This report ts made solely to th8 charity's Tntees. as a bLxty. in ats)Yda with $tIOn 145 of thè Chartties Act 2011 and regulations made under sectK)n 154 of that A"ct. My work ha5 been undertaken so that I might stale to the charity's Tnjstees tTrh)se matters l am required to state to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by IwAt. I do a¢cept or assume responsibility to anyone other than the charity and the charivs Trustees as a bcKJy. my work or for this report. Page 5
THE APPLETON TRUST Signed: S M Rouse FCCA DChA Kreslon Reeves LLP 37 St Margarets Street Canterbury CT1 2TU Date: 30 August 2024 PaBe 6
THE APPLETON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 DECEMBER 2020 Unrestricted funds 2020 Endowrnenl funds 2020 Total funds 2020 Total funds 2019 INCOME AND ENDOWMENTS FROM: Charitable activities Investmenls 105 33.030 32,S74 32,574 TOTAL INCOME AND ENDOWIJIENTS 32,608 31608 33.135 EXPENDITUREON: Charitable activities 12,835 12,835 29.957 TOTAL EXPENDITURE 12.835 12,835 29,957 NET INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINS Nel (losses)Igains on investments 19,m 19.773 2,562 3.178 139.782 62,562 NEf INCOMEI(DEFICIT) FOR THE YEAR 19.773 62,562 82,335 142,960 NEf MOVEMENT IN FUNDS 19,773 62,562 82,335 142,960 RECONCILIATION OF FUNDS: Total funds broughtfotward 53,513 783,207 836.720 693.760 TOTAL FUNDS CARRIED FORWARD 73,286 845,769 919.055 836.720 All a¢trvities relate to continuing operations. The notes on pages 9 to 15 form part of Ihesefinanclal statements. Page 7
THE APPLETON TRUST BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note FIXED ASSETS Investments 1,110,650 1.048,088 CURRENT ASSETS Debtors 2,827 89,796 Cash at bank and In hand 107,482 107,482 92.623 CREDITORS- amounts falling due within one year {299,077) (303,991) NET CURRENT LIABILITIES <191,595) (211,368) NEf ASSETS 919,055 836,720 CHARITY FUNDS Unrestricted funds Endowment funds 10 10 73,286 845,769 53.513 783.2D7 TOTAL FUNDS 919.055 836,720 The financial statements were approved by the Trustee . and signed by: l D Blytho Trustee The notes on pages 9 to 15 ft)rm part of these fina[[al statsments. Page 8
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 GENERAL INFORMATION The Appleton Trust 18 an ninrporated Trust reglstered in England and Wales with the Charty Commission. The charity reglslrallon number Is 250271. The charlty's prfncipal office is Canterbury Diocesan Board of Finance, Dlocesan Hous8, Lady Wootton's Green, Canterbury, CT1 1 NQ. ACCOUNTING POLICIES 11 Ba81s of praparatlon of financial statements Basls of preparatlon: The financial st81ements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charities preparing ther accounts in accordanco with the Financial Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 102118ffecllv8 1 January 20191, the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 1021 and the Companles Act 2008. The Appleton Tru81 conslltut88 a public benefll enllty 85 d8flned by FRS 102. The charlty's funcllonal and presenlatlonal Currency Is Pounds Stérllng. The ¢harlty's flnanclal statements are presented lo th8 nearest pound. 2.2 Fund accountlno General funds are unrestrlcled funds whlch ara avallable for use at the dlscrellon of the Truste88 In furtherance of the gonoral oblecllv95 of the charlty and whloh have not bgen de8lgnated for other purposes. Investment Income, galns and10sseB are allocated to the 8pproprlate fund. 2.3 Incom• All Incomè Is recognlsed once the charlty has enllllement lo the income, it is probable that the Income wlll be received and the amunt of income receivable can be measured rellably. 2.4 Expendltur• Expendllure Is recognlsed onc8 th8re Is a legal or ¢onslruollve obligation to transfer economlc benefrt to a thlrd paty, il is probable that a transfer of e¢onoml¢ ben8flls wlll be required In settl8ment 8nd the amount of the obllgatlon can be measured rellably. Expenditure is dassrfied by activity. Grants payable ar8 charged in the year when the offer Is made except In those cases where the offer is condlllonal. such gran19 belng recognlsed as expendlture when the conditions attaching are fulfilled. Grants offered subject to conditions which have Th)t been met at the year end are noted as a commitment. but not accrued as expenditure. Page 9
THE APPLETON TRUST NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES {contlnuedl 2.5 Investments Listed investments are a form of financlal Inslrurnent atKI are initially recognised at their transaction cost and subsequently measured al fair value at the balan sheet dale using the closing quoted market price. Investment galns and losses, whether realised or unrealised. are combined and showTJ in the heading'Net (lossesygalns on imiestmenls. in the Statement of Financial Activities. 2.6 Int8rest rqGglv3ble In18T851 on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the Bank 2.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount Ffepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank arKI in hand irKludes cash and short term hithly liquid investments with a short maturity of three monlFks or less from the dale of acquisltion or opening of the deposit or similar accourrt. 2.9 Credltors Liabilities are recognised when there is an obligation at the balance sheet dale as a result of a past event, it is probable that a transfer of economic b2nefit will b8 required in setUem8nt, and the amount of the settlement can be estimal&d reliably. Liabilities ar8 recognised al the amount that the Charity anticipates il will pay to settle the debt or the amount it has received as advanced payments fDr the good5 or services It musl provide. Provisions are measured at the best estimate of the amounts required lo setue the obligation. Where the effect of Ihe lime value of Money is material, Ihe provision is based on the present value of those amounts. discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the di$¢ount is reColSe within Inte$t payable and similar charges. 2.10 Financial Instruments The charity only has financial assels and financial liabilities of a kir that qualfy as basic financial instruments. Basic financial instruments are initially recognised at transacllon value and subsequently measured at their settlement value. 2.11 Golng Concern The Trustee5 are of the opinion that the Charity has adequate resources to continue in operational existence for th8 foreseeable future and there are not material UnrtaInlieS regardlng the Charivs ability to do so. Page 10
THE APPLETON TRUST INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Endowmont fund8 Funds 2020 2020 Total funds 2020 Total funds 2019 Charllable 8cllvll 34 105 In 2019, of the total Income from charltablè acllvitles. £105 was lo unrestricted funds. Page 11
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 INVESTMENTINCOME Unr08trlcted Endowment Fund Fund 2020 2020 Total fund 2020 Total fund5 2019 Investment income - li8ted ITweslmenl income- cash 31384 190 32.384 190 32.781 249 32,574 32,574 33,030 In 2019, of the total Inve51menl Income, £33,030 was io unrestricted funds. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTlVtTIES 2020 2019 Counselllng fees and expenses Grants Exp8nditur8 on govemance 9,922 103 2,810 10.312 14,005 5.640 12,835 29,957 Tho oranls were as follows: 2020 Number 2020 2019 Number 201É Together Kent Indlvldual$ 10,OOC 4,ooe 103 103 14.01 Page 12
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FJXED ASSET INVESTMENTS Llst8d securitl8S Inarket value At 1 January 2020 Revaluations 1,048,088 62.562 At 31 Decombfrr 2020 1,110,6SO Investments at market value comprfse: 2020 2019 Ll8ted Investments 1,110.650 1,048.088 All the fixed asset Investment8 held in the UK in Central Board of Finance fijnds Managed by CCLA Investment Management Llmlled. Malerlal Investments 311)ecember 2020 31 Dec8mb8r 2019 CBF Investment Fund CBF Property Fund CBF Flxed Interest Se¢urilles Fund 928,288 20,411 163,953 868,726 21,257 158.105 1,110,650 1.048,088 DEBTOR8 2019 other debtors 2,827 CREDITORS: Amounts falllng du• wlthln ono year 2020 2019 Grant commitmts Other creditors 284,878 14,199 299.077 291,541 12,450 303,991 Page 13
THE APPLEfoN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 RELATED PARTY TRANSACTIONS 2020 2019 Management charge due to Canterbury Dloc888n Board of Flnance 2,750 2,700 In 2017, a grant lotallng £300,000 was awarded to th8 Canterbury Diocesan Board of Finance lo help them achleve their strategic goals. Al the year end. the amount due lo tho Canlert)ury Dlocesan Board of Flnance was £284,87812019'. £291,541). No Trustee8 recelved remunerallon In r8SP8cI of tho year 8nd8d 31 Dècembèr 2020 (2019.. £Nil) and no Trustees were relrnbursed expenses in resp8Ot of th8 year ended 31 December 2020 (2019.. £NII). There were no other related p8rty Iransacllon8 In the year ended 31 December 202012019: £NII). 10. STATEMENT OF FUNDS Brought Forward Galngl (Losses) Carrled Forward Income Expandlture Unrestrlctgd funds General Funds- all funds 53,513 32,608 (12,835) 73,286 Endowment funds Endowment Funds- all funds 783,207 62.562 845.769 Total fiJnd8 836,720 32,808 112,8351 62,562 919,066 2019 Unrestrlcted funds General Funds- all funds JOA35 33,135 (29,957) 53,513 Endowment funds Endowment Funds- all fund8 643,425 139,782 783.207 Total of funds 693.760 33,135 (29,957) 139,782 836,720 Page 14
THE APPLEfoN TRUST 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unreslrlcted Endowment funds funds 2020 2020 Total funds 2020 2020 Fixed asset investments Current assets Credltors due within one year 1,110,650 1,110,650 87,485 19,997 107,482 (14,199) 128L878) (299,0771 73,286 846,769 919,055 Unr•strlct•d Endowmont funds funds 2019 2019 Totsl funds 2019 Flxed asset Investm8nls Current assets CredSlor8 due wlthln one year 1,048,088 85,963 26,660 (12,450) 1291,541) 1,048,088 92,623 (303,9911 $3,513 783,207 836,720 Page 15