Charlty number. 2S0271 THE APPLETON TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE APPLETON TRUST CONTENTS Page Reference and admini5trdtive details of the charlty, Its trustees and advlsers Trustees. report Independent examlnetrs report Statement of financial activltsgs Balance sheet Notes_ lo the financialstatements 9-15
THE APPLETON TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THe YEAR ENDED 31 DECEMBER 2021 Trustees N Mansley. Chair (resigned 1 January 2021) J Findlay (re8lgned 1 January 20211 J J Hllls (resigned 1 January 20211 The reverend S Taylor lappoinl6d 1 January 2021) l D Blythe, Chalr lappolnted 26 June 2024) O P Garratt (appolnted 26 June 2024) Charlty reglstered number 250271 Principal offlce Dlocesan Hous8 Lady Wootton'8 Green Cant8rbury Kent CT1 1NQ Accountants Kreslon Reeves LLP Chartered Accountants 37 Sl Margaret's Street Cantèrbury Kent CT1 2TU Banker$ Lloyds Bank plc 49 Hlgh Street Canterbury Kent CTI 2SE Page I
THE APPLETON TRUST TRUSTEES. REpoKr FOR THE YEAR ENDED 31 DECEMBER 2021 The Tru¥lees PSent their annual report together wilh the finanGial statements of The Applelon Trust (the charity) for the year ended 31 December 2021. The Trustees conf5rm that the annual report and financial statements of th8 charity comply with th8 current slalulory requiremènts, the requirements of Ihe ¢harity's governlng document and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard appllcable In the UK 8nd Republic of Ireland (FRS102) (effective 1 January 20191. Structur•. govarnanc• and managemènt CONSTITUTION Th8 Charllable Trust, establishèd by Hugh Thomas Apploton, Is constituted by a Trust Oeed dated 4 October 1966 and Is a reglsl8red charity number 260271, METHOD OF APPOINTMENT OR ELECTION OF TRUSTEE8 The management of the charlty18 the responsibillty of the Tru8lees who are elected and Cowopled under the 18rms of the Trust Dèed. Of the Tru51ees on page 1. S Taylor 5eTved a5 Managlng Trustee throughout Ihe year. Appolnlment of TTUStees Is governed by the Trust Deed of the rharlty.The Trust Deed appolnled the Canterbury Diocesan Board of Finance (the Board) ?5 Custodian Tru51ee. to hold the Tru51 Fund in perpetuity, and Chalrman. Treasurer and Secretary of the Board as Managlng Trustoes. The offi¢e of the Treasurer is no longer usel by the Board and. thefOre. a Scheme amending the Trust Deed wa5 agreed by the Charlty Commission aliowlng the Ar¢hbSshop's Councll to appolnl a Trustee In place of Ihe Tr&asurer. RISK MANAGEMENT Trustee8 have con81dered th& risks in making loan8 avallable In accordance wlth tho Trust's objectives, and view the possibility of default In repaying these loans to be mlnlmal. The Trustees will ensu that the level of invested capilal wlll rv)t reduce below Ihe original end¢)wment of £150.000. ObJ•ctlv•s arKI Actlvltles POLICIES AND OBJECTIVES The prInCal oblect of the ¢harfty Is lo further such char(18ble purposes connected wtth the Church of England a5 th8 Managing Tnjstees shall In Ihelr absolute discrelion declde. GRANT MAKING POLICIES Th8 polioy of th8 Charitabl8 Trust continu8S to be to prDvide gran15 to institutions and indNlduals principally associated with th8 Dioc8se Df Canterbury that meet the objects of the charity and especlally those connected with the Church who are facing hardship and where olh8r assistance is either unavailable or insufficient. The Trust also offers loans to the clergy. parishes and lay workers of the Diocese of Canterbury mainly lo assist In the purchase of cars and compulerequipmenl. Page 2
THE APPLETON TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2021 MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITf6 PURPOSES FOR PUBLIC BENEFIT The main activitles are sel out in Ihe review of activities below. The Trustees have considered the Charity Cc*mmission's guldan¢e on public benefit, including guidance 'publlc benefit: runnlng a charfty (PB2)'. Achievements and performancg GOING CONCERN The Trustees are of the oplnbn that the Charity has adequate resources to continue In operational existence for the foreseeable fvture and there are no material uncertaintie5 regarding the Charity's ability lo do so. REVIEW OF ACTivrriES This y8ar. 1 grant (2020.. 1) was awarded lo institutions and individuals and the amount granted wa5 £730 (2020.- £1031. The Trustees provide Car loans to linSed workers within the Dlocese 2nd computer loans to Diocesan staff. although this facillty is little used at present. The Trustees also provide loan5 to tndividuals facing hardship in accordance with the Trust's grant making policy. The lolal reserves of the trust increased by £141,897 in the year (2020.. £82.3351. Flnancial review FINANCIAL POSITION AT YEAR END At 31 Décember 2021 the charity has nel assets of£1.060,952 {202Q.' £919.0551. Endowment reserves of £970.167 (2020.. £845,769) consisted of Investments of £1.235,048 {2020.' £1,110.6501, cash of £19,997 {2020.- £19,99n and unpaid gr8nt commitments of £284.878 (2020.. £284.8781. Unrestricfrd reserves w8r8 £90,785 (2019." £73.286). RESERVES POLICY It 15 the policy of the Truste85 to hold a Sum in free reseNes suffictent to enable the charity to fulfil its pollcy of providlng loans and grants to institutions and indNiduals. The unrestricted free reserves at the end of the year stood at £90,78512020'. £73.2861. The Trustees consider the current level of reserves Is adequate. MATERIAL INVESTMENTS POUCY The Trustees continued their Investment Policy during the y8ar as follo. To continue to use CCLA Management Ltd to manage their investment portfolio. To keep surplus liquid funds on short lemi deposlt. To move towards holding longer term investments at the followiro leve]s.' Irwestment Fund (60%) Property FurKI {301/ID) Fed Interest Fund (100/0) Page 3
THE APPLETON TRUST TRUSTEES. REPORT {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2021 FUTURE DEVELOPMENTS The Trustees will conllnue lo b& alert lo opportunlties lo support the mlssion and ministry of the Church of England in the Diocese of Canlerbury, In accordance wllh the objects of the Trust TRUSTEES. RESPONSIBILITIES STATEMENT Th& TrLfStees ar8 r8sponslbl6 for pr8parlng th& Trusteés, report and the financial slalements in accordance with 8ppllcable law 8nd Unlled Kingdom Accounting Siand8rds {Uniled Kingdom Generally Ac¢epled Accounting Practlc8>. Th8 law applicable lo charities In England and Wales requtres the Trustees to Prepa financial statements for each financi81 year which give a true and fair vlew of the stale of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slalemenls. the Truste88 are requ*ed to.. select sullable accounllng pollcles and then apply Ihern conslslBntly- observe the methods and prlnclpl08 In the Charllles SORP., mak6 judgments and accounllng esllmales that arg reasonable and prudent: prépare the flnanclal slal8ments on the golng concern bas18 unl8ss It Is Inapproprlate to presume that Ihe charlly wlll conllnue In operatlon. The Trustees ar8 r88ponslble for ke8plng proper accounllng records that ar8 sufficiènt lo show and explaln the Iransacllons and disclosé wllh reasonable accuracy al any Ilme the flnan¢lal posllion of the ch8rlly and ènable them to ensure that the flnanclal statements comply wkh the Charllles Act 2011, the CharSty (Accounts and Reports) Regulatlons 20D8 and the provlsions of th& trust deed. They are also responsible for safeguarding the 8ssets of the charlty and henc& for laklng reasonable sl&ps for Ihe prevonlion and dgloclion of fraud and othèr Irregularftlos. DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER Each of the porsons who are Trustee8 al the tlme when thls Trusle88' report Is approved has corfflrmed that: 80 far as that Trustee is aware, there 15 relevant information of which the charity's independent examlner Is unaware, and the Trustee has tsken all the steps that Dughl to have been taken as Trustee tn order to be aware of any relevant Information and to establish that the charity's ind8p8ndent 6xamin8r is aware of that information. Thls report was approved by the Truslee on . . and signed by,. l D Blythe Trustee Page 4
THE APPLETON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Independent Examlnerfs Report to the Trustees of The Appleton Trust I reFNNi lo the charity trustee5 on my examination of the xcounis of the charity for the year ended 31 December 2021 which are set out on pages 7 to 15. Responsibllltles and basls ot report As the Charity's trustees you are responsit4e for the Wepara1K r)f the xcounls in accordance with th8 requirements of the CrItIeS Act 2011 (Ihe ACV). I report in respect of my examination of the ¢hariVs a¢¢ounts carried wt under section 145 of the 2011 Act and in arying out my examination I have follcywed all the appliCae Dtrections gNen by the Charity Commission under section 145(5Xb) of the Act. Independent examlnefs statement I have completed my ex8mirotion. I confirn that rK) materral matters have me to my attentlon In ¢J)nnection with the examination giving me cause to believ8 that in any material resFect'. a¢xounting remrd5 W8re rK)t kept in respect of ihe charity as required by section 130 of the Act", or 2. the accounts do t acTr)rd those recorts: 3. the accounts do t comply with the appliCae r4utrements con¢ernir*J the form and corrtent of accounts set out in the Charities (Accounts atKI Reports) Regulations 2008 other than any requirement that the accounts gNe a Irue and fatr VI, which a matter considerwj as part of an Independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enab a proper underslanthng of the accounts to be reached. This report is made solely to the charivs Trustees. as a Imjdy. in 0)rdance with section 145 of the Charities Act 2011 and regulations made under section 154 of that ACL My work h8s been undertaken so that I might slate lo the charity's Trustees those matters l am required to stale to UM in an Independent Examiner's Report and for no olher purpose. To the fijllest extent pemiitted by law. I do not accept assume reStsi11ty to anyone other than the charity and the charitys Trustees as a trm. for my wcfk or for this reporL Page 5
THE APPLETON TRUST Signed: S M Rouse FCCA DChA Kreston Reeves LLP 37 Sl Margarets Street Canterbury CT12TU Dale: 30 August 2024 Page 6
THe APPLETON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestrlcted funds 2021 Endowmen1 fund8 2021 Total funds 2021 Total funds 2020 Nots INCOME AND ENDOWMENTS FROM: Charitable 8Ctrvities Investments 3,275 32,2SI 3,275 32,257 32,574 TOTAL INCOME AND ENDOWMENTS 36.532 35,532 32.808 EXPENDITUREON: Ch8rit8ble acllvllies 18,033 18,033 12,835 TOTAL EXPENDITURE 18,033 18,033 12.835 NET INCOME I {EXPENDITUREI BEFORE INVESTMENT GAINS Nel {105sesygaln8 on Inv8Stm8nt8 17A99 17,499 124,398 19,773 62.562 124,398 NEf INCOMEIIDEFICIT) FOR THE YEAR 17,499 124,398 141,897 82,335 NET MOVEMeNT IN FUNDS 17.499 124398 141,897 82,335 RECONCILIATION OF FUNDS: Total fund8 brought forward TOTAL FUNDS CARRIED FORWARD 73,286 840,789 919,065 838,720 90,786 970,187 1,060,952 919.055 All aGtivllle8 relate to contlnulng operatlons. The notes on paw 9 10 15 forni part of these financlal statements. Page 7
THE APPLETON TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2Q20 Note FIXED ASSETS Investments 1,235,048 1,110.650 CURRENT ASSETS Debtors Cash al bank and in hand 130,982 107,482 130,982 107,482 CREDITORS- arnounts falling du8 within one year (305.078) (299.077) NET CURRENT LIABILITIES (174096) {191.5gs1 NET ASSETS 1.060,952 919.055 CHARITY FUNDS Unrestricted funds Endomnent funds 10 10 90,785 970.167 73.286 845.769 TOTAL FUNDS 1,060,952 919.055 The financial ststements were approved by the Trustee . and signed by- l D Blythe Trustee The notes on pages 9 10 15 forni part of these financial ststements. Page 8
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 GENERAL INFORMATION The Appleton Trust15 an unlncDrporal8d Trust reglstered In England and Wales th the Charty Cofflmission. The Gharity registration number is 250271. The charity's principal offlce Is Canterbury Dloc8san Board of FSnance, Dlocesan Hous8, Lady Wootton's Green, Canlerbury, CT1 1NQ. ACCOUNTING POUCIES 2.1 B8818 of preparatlon of tlnanGlal ¥tatfrments Basls of pparatIOn- The financial statements have been prepared In accordance wlth tha Charllles SORP (FRS 1021 kGounling and Reporting by Charllth.. Statement of Recommended Pracllce appllcable to chariknes preparing their accounts In accordance wlth the Flnanclal Reportlng Standard appllcabl8 In the UK and Republic of Ireland IFRS 102) {effectlv8 1 January 2019), th8 Flnanclal R8porting Standard applicablè In t UK and Republlc of Ireland {FRS 1021 and th8 Companiés Act 2006. The Appleton Trust conslllutes a publlc benefll anllty as defined by FRS 102. The charity'8 funcllonal and presenlallonal curr6n¢y18 Poundg Sledlng. Th6 charfty's fln8nclal stalemenls are presented to the nearest pound. 2.2 Fund accountlng General funds are unreslrlcted fvnds whl¢h are avallable for use at Ihe dl$crellon of the Truslees In furtherance of the general oblecuves of the charlty and whlch have not b8&n d88lgnal8d for other purposes. Inve8lmenl Income, galns and losses ar8 allocatèd to thè 8pproprlat8 fund. 13 Incomo Al Income is recognised c8 th8 charity ha5 enlillèmenl to the Income, It Is probable that the InGome will be rec81V8d and the amount of Income CeIVable can bo measured rollably. 2.4 Expondlturg Expendllure Is recognised onGe ther8 is a legal or constnjctfve obligation to transfer economlc benefit lo a third party, 11 is probable that a transfer of economic benefits wlll be requId Sn settlement and th8 amount of the obllgallon can be measured rellably. Expendliuw Is classlfled by activity. Grants payable are chged In th& year when the offer is made except in those ca8es where the offer is conditional. such grants being recognised as expendilure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not b88n mel at the year end are noted as a carnmilment, but not accrued as expenditure. Page 9
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES (contlnued) 2.5 Investments Listed investments ar8 a form of financial instrument and are initially cOgnised at their transaction cost and subs&quently measured al fair value at the balance Sheet date using the closing quoted market price. Investment gains and losses, whether realised or unrealised. are combined arKi shown in the heading Nel Ilossesllgains on investmenls. in Ihe Slatement of Finala1 Activities. 2.6 Interest recelvable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the charity,. this is normally upon nDlification of the interest paid or payable by the Bank. 2.7 Dgbtors Trade and other debtors are recognised at the settlement amount after any trade discount off8red. Prepayments are valued at the amount prepaid n8t of any trad8 discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand Sncludes Cash and short term highly liquid investments with a short maturity of fvee months or less from the date of awui5ilion or opening of the dewsit or similar account. 2.9 Creditors Liabilities are recognised wheri ther8 is an obligation at the balance sheet date as a result of a past 8venL it is probable that a transfer of ecommi¢ benefit wlll be required in settlement, arKI the amount of the settlement can be estimated rellably. Liabililies are recognised at the amount that the charity anticipates il will pay to setue the debt or the alnounl il has received as advanced payments for the goods or servlce$11 must provide. Provisions are measured at the best estimate of the arrnts required lo settIe the obligation. Where the effect of the time value of money ts material, the provislon is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to Ihe liability. The unwinding of the discount Is recognised within interest payable and Similar charg8s. 2.10 Flnanclal Instruments The charity only has financial assets ané flnanclal liabilities of a kind that qualrfy as basio flnancial irtstruments. Basic fina[la1 instrument5 are initially recognised al transaction value and subsequently measured at their selllemenl value. 2.11 Golng Concem The Trustees are of the opinion that the Charity has adequate r&sources to continu? in operational existen for the foreseeable future and thore are not material uncertainti8s regarding the Charity's ability lo do so. Page 10
TPtE APPLETON TRUST INCOIAE FROM CHARrrABLE ACTIVITIES Unr8Strlctad Endowment funds Funds 2021 2021 Total funds 2021 Total funds 2020 Charltable actIvltles 3,275 3,276 In 2020, of the lolal Income from ch8rit8ble activities, £34 was lo unrestricted funds. Page 11
THE APPLETON TRUST NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 INVESTMENT INCOME Unrastrlctèd Endowment Fund Fund 2021 2021 Total fund 2021 Totsl funds 2020 Investment Incom& - Ilsted Investment incorne- Gash 32.223 34 32,223 32,384 190 32,257 32.257 32,574 In 2020, of the loial Investment Income, £32,574 was lo unreslricled funds. ANALYSIS OF EXPENDrruRE ON CHARITABLE ACTIVITIES 2021 2020 Coun5elllng fee8 and expenses Grants Expendlture on govemance 9,938 730 7.385 9,922 103 2,810 18.033 12,835 The grants were as follow6: 2021 Number 2021 2020 Number 202C Together Kent Individuals 730 730 10q Page 12
THE ApPLON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FIXED ASSEf INVESTMEKrs Llstèd securtties Market value Al 1 January 2021 Revaluations 1,110,650 124,398 At 31 De¢¢mbor 2021 1,235,048 Inve3lment8 at market v*ue mPrIse. 2021 2020 Usled Investments 1,235.048 1,110,650 I the flxed assat investments are hdd in the UK In Centrat Board of FlnaKe fvrKls managed by CCLA Inv88tmenl Management Llmw. Materfd Investments 31 Dec•mber 2021 3108cember 2020 CBF Investment Fur CBF Property Fund CBF Fixed Interest Securities Fund 1.059,864 22,724 152A60 926,286 20,411 183,953 1.235,IM8 1.110.650 DEBTORS 2021 2020 debtors CREDrroRS". Amounts falllng du• wlthln on• year 2021 2020 Grant commitmerts Other creditors 284,878 20,200 30&078 284,878 14.199 299.077 Page 13
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 RELATED PARTY TrANSACTIONS 2021 2020 Management charg8 due to Cant8rbury Diocesan Board of Finance 2,800 2,750 In 2017. a yant lotaling £300.000 was awarded lo Ihe Cantarbury Dlocesan Board of Finance to help them achleve their strategic goa15. At the year end, the amount due lo the Canterbury Olocesan Board of Finance was £284.87812020.' £284,878}. No Trustees received remuneration in respect of the year ended 31 December 2021 (2020: £Nil) and no Trustee8 were reimbur8ed expenses In respecl of th& year erKled 31 December 2021 {2020.' £Nil). There w8re no other related party tran$acllons In the year ended 31 December 2021 (2020: £NIII. 10. STATEMENT OF FUNDS Brought Forward Galnsl ILos8a8) Carrled Forward Incoma Expgndlture Unrestricted funds General FundB- all funds 73,286 35,532 (18,033) 90,78S Endowment funds Endowment Funds - all fund8 845,769 124,398 970,167 Total funds 919,OS6 36,632 (18,0331 124,398 1,060,952 Unrestrlcted 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 of funds 83fj720 32,608 (12,835) 62,562 919,055 Page 14
THE APPLETON TRUST 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Endowment funds funds 2021 2021 Total funds 2021 2021 Flxed asset invéstments Current assets Creditors due wllhin on8 year 1,235,048 110,985 19,997 (20,2001 (284,87B) 1,235,048 130,982 1305,0781 90.785 970,167 1,060,952 Unrastrlcted Endowment funds funds 2020 2020 Total funds 2020 Flxed asset Investments Current a55els Credltors due wlthln one year 1.11 D,650 87,485 19,997 (14,1991 (284,8781 1,110,650 107,482 (299,077 73,286 845,769 919,055 Page 15