Charity numbgr. 250271 THE APPLETON TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE APPLETON TRUST CONTENTS Page Reference and admlnistrative details of the charity. ils trustees and advl$ers Trustees, report Independent examineffs report Statement of financial acttvltles Balance sheet Notes to the financial statement5 9-15
THE APPLETON TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI. ITS TRUSTEES AND ADSERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees The reverend S Taylor l D Blylhe. Chalr (appolnted 26 June 2024) O P Garratt (appointed 26 June 2024) Charity regislered numb8r 260271 Prlnclpalofflce Dlocesan House Lady WoDtlon's Green Canterbury Kent CT1 1NQ Accountants Kr8Ston Reeves LLP Chartered Accountants 37 Sl Margaret's Slwel Canterbury Kent CT12TU Bankers Lloyds Bank plc 49 HSgh Street Canterbury Kent CT12SE Page I
THE APPLETON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report togetherwilh the financial statements of The Appleton Trust {Ihe charity) for the year ended 31 December 2022. The Trustees confirm that the annual report and financial statements of the charity comply with th8 curr8nt slatulory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charf(ies preparing their accounts in accordance with the Financial Repcrfting Standard applicable in the UK and Republic of Ireland {FRS1021 leffeclive 1 January 2019)- strtUre, governance and management CONSTITUTION The Charitable Twsl, establlsh¥Yl by Hugh Thoma5 Appleton. is conslituled by a Trust Deed dated 4 October 1966 is a registered charity number 2502T1. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Tnanagement of the charfty 15 th8 responslblllty of the Truslees who 8re elected and co-opted under Ihe terms of the Trust Deed. Of the Trustees on poge 1, S Taylor served as Managing Truste8 throughout the year. Appolntmenl of Trustees is governed by the Trust Deed of the charity. The Trust Deed appointed the Canterbury Diocesan Board of Flnance (the Board) as Custodian Trustee, lo hold the Trust Fund in perpetuity, and the Chairman, Treasurer and Secretary of the Board a5 Managing Trustees. The office of the Treasurer is no longer used by the Board and, therefore. a Scheme amending the Trust Deed was 8greed by the Charity Commisslon allowing the Archblshop's Council lo appoint a Trustee in p18ce of the Treasurer. RISK MANAGEMENT The Trustees have considered the risks in making loans available in accordance with the Trusvs objectives, and viewthe possibility of default In repaylng these loans to be mlnlmal. The Trustees will ensure that the level of Invested capital wll nol reduce below the odglnai endowment of £150,000. Objectivgs and Actlvltles POLICIES AND OBJECTIVES The principal object of the 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 poliw of the Charitable Trusl continue5 to be to provide grants to institutions aTKI indNiduals principally associated with the Diocese of Canterbury that meet the oblecls of the charity and especially those connected with the Church who are facing hardship and where other assistance is either unavailable or insufficient. The Trust also offers loans lo the clergy, parishes and lay workers of the Diocese of Canterbury mainly to 8SSiSt In the purchase of Gars and Gompulerg]uipment. Page 2
THE APPLEfoN TRUST TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 310ECEMBER 2022 MAIN ACTMTIES UNDERTAKEN TO FURTHER THE CHARirrs PURPOSES FOR PU8UC BENEFIT The maln actlvilies are set out in the review of actIvleS below. The Trustees have considered the Charity Commi88ion'3 guidance on publio ben8fiL includlng the guidance 'public benefft: running a charity (PB2)'. Achièvemgnts and performance GOING CONCERN The Trustees are of the opinion that th8 Charity has adequate resources lo conJnue in operational existence for the foreseeable future and there are no material uncertalnlles gardIng the Charity's ability to do so. REVIEW OF ACTIVITIES This year. O grants (2021.- 11 w8re awarded to institutions and individuals, therefore the arnCnt granted was £0 (2021.. £730). The Trustees provid8 car loans to licensed workers within Ihe Diocese and computer loans to Diocesan staff. although this facility is little used at present. The Truslees also provlde loans to individuals facing hardshlp In accordanc8 With th8 Trust's grant maktng poll¢y. The total reserves of the trust decreased by £127,059 In the year (2021.. 41.89T increase). Financial revlew FINANCIAL POSIMON AT YEAR END . Al 31 December 2022 the charity has net assets of£933,89312021.'£1,060,9521. Endowment reseTves of£822.659 12021.. £970.167) consisted of investments of £1,087.539 (2021.. £1.235,0481, Cash of £19,998 (2021.. £19.99n and unpald grant commitments of £284,878 12021.. £284.878). Unrestricted reseNes were £111,234 {2021.' £90. 785). RESERVES POLICY 11 is the polioy of the Trustees to hc4d a sum in free reserv suffici8nt to 8nabl8 the charity to fulfil its poliw of providing loans and grants to institution5 and individuals. The unrestricted free reserves at the end of the year stood at £111,234 (2021= £90,785)- Th8 Trustees consider the Crn1 level of reserves is wjequate. MATERIAL INVESTMENTS POUCY The Truslees contSnued their Investment Policy durlng the yew as folh)ws: To continue lo use CCLA Management Ltd io manage Iheir investment portFollo. To keep surplus liquid funds on short tem) deposit. To move towards holding longer term Investments at the following levels.. Investment Fund (60%) Propety Fund1300A) Fixed Interest Fund11a%) Pa8e 3
THE APPLETON TRUST TRUSTEES. REPORT Icontinu•d} FOR THE YEAR ENDED 31 DECEMBER 2022 FUTURE DEVELOPMENTS The Trustees will continue to be alert lo opportunities to support the mission and ministy of the Church of England In the Dloces8 of Canlerbury, In accordance wllh the oblecls of th& Trust. TRUSTEES. RESPONS181LITIES STATEMENT The Trustees are responslble for preparlng the Trustees, port and the financi8151atements in accordance with appllcable law and United Kingdom Accounting Standards (United Kingdom Gener211y Accepted Accounttng Practice), The law applicable to Gharftles In England and Wa18s requlres th8 Trust88s to pr8par8 ftnanclal statements for each finanGi81 ye8r whlGh give a true and falr vlew of th8 51at8 of affalrs of the charity and of the Incomlng resources and applicalion of resources of the charlty for that period. In preparlng these ftnanclal slatem8nts. the Tru81ees a requlred to.. select 8ultablg accounting pollcles and then apply them conslslenlly., observe the method8 and prlncipjes in the Charlues SORP; make fvdgmenl8 and accounlSng es15mal8s that ara reasonable and pnjdent., prepare the flDanclal slalement8 on the 9)ing cOrer basis unl838 11 Ss Inapproprlale lo presumé that thè charity wlll contlnue in operallon. The Trusteès are responslble for keeplng proper accounllng reoL)rds Ihal are sufficient lo show and explaln the charlty's transactions and disclose wllh reasonable accuracy al any IiTne Ihe fin¥nGial po¥ilion of Ihe Gharlly and anable them lo ensure that the finan¢lal stalements Gomply wllh the Charities AGI 2011. the Charlty IAccounl8 and Report8) Regulallons 2008 and the provision5 of the iru5t deed. They are 81so responsible for safeguardlng the assets of the charity and hence for taking re8sonable Steps for the preventlon and deleGlion of fraud ar olher irregularillos. DISCLOSURE OF INFORMATION TO INOEPENDENT EXAMINER Each of the persons who are Truste•$ at the time whèn thls Trustees, report 18 approv6d has Confirmed that: 50 far as that Trustee 15 aware, ther8 Is no relevant Informatlon of whlch thè charity's independént examlnerlg unaware. and the Trustee has taken all the Steps that ought lo have b88n taken as Truste8 in ordèr to b8 awar8 of any relevant inforniatlon and to establish that the charity's independonl examiner is awaro of that information. Thts report was approved by the Trustea on and Signed by: i D Blythe Trustee Page 4
THE APPLETON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Examinerfs Report to the Trustees of The Appleton Trust I pOrt to the charlty trustees on my examination of the accounts of the charty for the year ended 31 December 2022 whith are set out on pages 7 10 15. Responslblllties and basls of report As the charity's trustees you are responsible for th8 preparation of the accounts In accordance with the requirements of the Charities 2011 {'Ihe ACV). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(b) of the Act. Independent gxamlnetrs statement I have completed my examination. I confimi that no material matters hav8 Corn8 to my attention in connection with the examlnatlon glvlng me cause to believe that in ary material respect: accountiThJ records were not kept in respect of the charity as requir8d by sectlon 130 of the Act,. or 2. the aGcounts do not accord with those records," or 3. the accounts do not comply with the applicable requirements conmIng the fomi arml content of accounts set out in the chareS (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection wlth the examination to lch attention should be drawn in thls report in order lo enable a proper understandlng of the accounts to be reached. This report is made solely to the charity's Trusl8es. as a body. In accordance with section 145 of the Charities Act 2011 and regulations made under sectlon 154 of that Act. My work has been urKlertaken so that I might state to the charivs Trustees thoso matters l am required to state lo them in an Independent Examinerfs Report and for no olher PUTpose. To the fullest extent permltted by law. I do not accept or assume responslbility to anyone other than the charlty and the charsvs Trustees a5 a t¥)dy. for my work or for thls rep*xt. Page 5
THE APPLETON TRUST Signed.. S M Rouse FCGA DChA Kr8ston Reeves LLP 37 Sl Margaréls Street Canterbury CT12TU Date: 30 August 2024 Page 6
THE APPLETON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrlcted funds 2022 Endowmenl funds 2022 Total funds 2022 Total funds 2021 Note INCOME AND ENDOWMENTS FROM: Charitable activitS Investments 3.275 32.257 32,894 32.894 TOTAL INCOME AND ENDOWMENTS 32,894 32,894 35,532 EXPENDITURE ON.. Charllable aclfvltles 12,445 12,445 18,033 TOTAL EXPENOITURE 12,445 12,•MS 18.033 NET INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINS Nel IIOs8esygaln8 on Investments 20,449 20,449 17,499 (147,608) (147,508) 124,398 NET INCOMEI(DEFICIT) FOR THE YEAR 20,449 1147,508> (127,059) 141,897 NET MOVEMENT IN FUNDS 20,449 1147,508) (127,059) 141.897 RECONCILIATION OF FUNDS: Total fund8 brought forward TOTAL FUNDS CARRIED FORWARD 90,785 970,167 1,oeo,952 919.055 111,234 822,659 933,893 1,060,952 All a¢t6vities relate to conllnuing operalions. The notes on pages 9 to 15 form part of these financial statements. Page 7
THE APPLETON TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Nole FIXED ASSETS Investments 1,087,539 1,235,048 CURRENT ASSETS Debtors Cash at bank and in hand 155,362 130.982 155.362 130,982 CREDITORS- amounts falling due within one year (309.008) (305.078) NET CURRENT LIABILrriES (153,646) (174,096) NET ASSETS 933.893 1.060,952 CHARITY FUNDS Unrestricted funds Endowment funds 10 10 111234 822.659 90.785 970.167 TOTAL FUNDS 933,893 1.060,952 The financial Statements wer8 approved by th8 Trust88 . and signed by: l D Blythe Trustee The notes on pages 9 to 15 fomi part of these financial statements. Page 8
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 GENERAL INFORMATION The Appleton Trust is an UnInced Trust reglstered In Eroland and Wales with the Charty Commission. The charity rogistralion number is 250271. The charity's prlnclpal offic6 is Canterbury Diocesan Board of Finance, Dlocesan Pkyjse, Lady Wootton. Green, Canterbury. CT1 1 NQ. AcCOuPING POLICIES 2.1 Basis of preparatlon of flnancial statements Basis of preparation: The financlal slalements have been prepared in accordanG8 With th8 Chartties SORP (FRS 1021- Acccwjnting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 102} {effeclive 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Appleton Trust consliknles a putAic be1 entity 88 defined by FRS 102. The charity's functional and preserrtational currency is Pounds Sterllng. The charivs financial statements ar8 pr888nled to the nearest pound. 2.2 Fund accountlng General funds are unr8Stricted funds which are available for use at the discretion of the Trustees in fijrtherance of the general. objectives of the Charfty and which have not been designated for other purposes. Investment income. gains and losses are allocated to the approprlate fund. 2.3 In¢omo All hcome is recognised On the charity has entitlement to the irme, li is probab18 that th8 income will be received and the amcyjnt of income receivable can be measured roliably. 2.4 Ex[ditUre xpendilure is recogntsed once there Is a legal or o)nslruGlive obligation to transfer economic benefit lo a third party, it is probable that a transfer of econoTlliC benefits will be required In Setuement and the amount of the obligation can be m8asur8d reliably. Exp8ndllure is classified by activity. Grants payable are charged in th6 year when the offer is made except li those cases where the offer is conditional, such grants being recognised as expendUre when the condltions attaching are fulfilled. Grants offered subject to condlllons which have not been met at the year end are noted as a commitment. bLrt nol accrued as expenditure. Page 9
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022 ACCOUNTING POLICIES (Gontinued) 2.5 Invostmgnts Llsted investmenls are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the balance sheet dale using the closing quoted market price. Inve51menl gains and losses, whether reallsed or unrealised, ar8 combin8d and shown In the heading 'Nel110ssesllgains on investmen15' in the Statement of FinanGial AGtivities. 2.6 Intergst rgcelvable Interest on funds held on deposit is induded when receivable and the amount can be meaSUd reliably by the charity- this is normally upon nolificalion of the interest paid or payable by the Bank. 2.7 Debtors Trad@ and other debtors are recognised al the settlement amount after any trade dlscounl offered. Prepayments are v81ued at the amount prepald net of any trade discounts du8. 2A Cash at bank and In hand Cash at bank and In hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Credltors Llabilllles are reGognlsed wh&n there is an obligation at the balance sheèt dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised at the amount that the charity anlicipales it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provKle. Provisions are measured at the best estimate of the amounts required to setue the obligatitsn. Where the effect of the lime value of rnoney is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to th? liability. The urbwinding of the discount is recognised withln inter8sl payable and slmilar charges. 2.10 Financial instruments Th charity only has financial assets and fina[al liabilities of a kind that qualify as basic financlaj instruments. Basio financial inslrumenls are initially recognised at transaction value aTh subsequently measured at thelr settlement value. 2.11 Going Concern The Trustees are of the opinion that the Charity has adequate resources to cOntUe in operational existence for the foreseeable future and there are not malerlal uncertainli88 regarding the Charty's abllity to do so. Page 10
THE APPLETON TRUST INCOME FROM CHARITABLE ACTIVITIES Unrostrlcted Endowmont funds Funds 2022 2022 Total funds 2022 Total funds 2021 Charitable aclivittes 3.275 In 2021, of the lolal Incom8 from charltable acllvilles, £3,276 was lo unrestrlcted funds. Page 11
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 INVESTMENTINCOME Unrostrlcted Endowment Fund Fund 2022 2022 Total fund 2022 Total funds 2021 Investment Irm8 Ilsted Investment income- cash 32,667 227 32.687 227 32,223 34 32,894 32.894 32.257 In 2021. of the total Investrnenl Income, £32.257 was to lreStrICted fund8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2022 2021 Counselllng f88s and 8xp8nses Grant8 Expondllure on governance 7,995 9,938 730 7,385 4450 12.445 18,033 Thè grants were as followB: 2022 Number 2022 2021 Number 2021 Together Kent IndIdUal5 73C 73C Page 12
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FtXED AssEf INVESTMENTS Listed securitl8S Mafkét valuo Al 1 January 2022 Revaluations 1,235,048 (147.508) At 31 December 2022 1,087,539 Investments at market value GOTnprts8: 2022 2021 Llsted Investments 1,087,539 1,235.048 All the flxod ass6t Investments are held In the UK Sn Central Board of Flnance funds managed by CCLA Inve8tment Management Llmlted. Material Inve8tment8 31 Decomb•r 2022 31 December 2021 CBF Inv88tmenl Fund CBF Property FurKI CBF Flxed Interest SeGurllle5 Fund 935,653 20,058 131,828 1,059,864 22.724 152,460 1,087.639 1.236,048 DEBTORS 2022 2021 Other d&blors CREDITORS: Amounts falllng due wlthln one year 2022 2021 Grant commltments Other creditors 284,878 24,130 309.008 284,878 20,200 305,078 Page 13
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 RELATED PARTY TRANSACTIONS 21)22 2021 Management tharge due lo Canterbury Dlocesan Board of Finance 2,800 In 2017, a grant lotaling £300,000 was awarded lo the Canterbury Diocesan Board of Flnance to help them achieve their strategic goals. Al the year end, the anThJunt due to the Canterbury Diocesan Board of Finance was £284,87812021: £284,878). No trustees received remuneration in respect of the year ended 31 December 202212021: £Nill and no Trustees were reimbursed expenses in respect of the year ended 31 December 2022 2021.. £Nil). There were no other related paty transacllon In the year ended 31 December 202212 21: £Nill. 10. STATEMENT OF FUNDS Brought Forward Gainsl (Losses) Carried Forward Income Expenditure 2022 Unrestrfcted funds General Funds- all funds ).785 32.894 (12,445) 111,234 Endowment funds Endowment Funds - all fijnds 970,167 1147,508) 822,659 Total funds 1,080,952 32,894 {12N45> 1147,50B) 933,893 2021 Unrestrlcled funds General Funds- all funds 73,286 35,532 118,033) 90.785 Endowment funds Endowment Funds- all funds 84&769 124398 970,167 Totsl of funds 919.055 35,532 (18,033) 124,398 1,060,952 Page 14
THE APPLETON TRUST 11. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Unrestrlcted Endowment fund8 funds 2022 2022 Total fundg 2022 2022 Flxed asset Investsnenls Current assets Creditors due within one ye 1,087,539 135,364 19.998 (24,130) 12W878) 1,087.539 155,362 1309.008) 111,234 822,859 933,893 UnrostrlGtod Endowment funds funds 2021 2021 Total fund8 2021 2021 Flxed asset inv88lmenl8 Current assets Credllors due wllhln one year 1,235,048 1,235,048 110.985 19,997 130,982 (20,200) (284,8781 {305,078) 90,785 970,167 1,060,952 Page 15