Charfty number: 250271 THE APPLETON TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE APPLETON TRUST CONTENTS Page Reference and administrattve details of the charlty, Ils Irus18es and advlsers Trustees, report Independent examlnerfs report Stat6m&nt of financi81 activities Balance sheet Nol8S to the ftnanclal 8tat8m•nts 9-15
THE APPLETON TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trust888 The reverend S Taylor l D Blythe, Chair (appolnted 26 June 2024) O P Garratt (appolnted 26 June 2024) Charfty registered number 250271 Prtnc1paloffe Dlocesan House L8dy Wootlon'8 Green Canterbury Kent CT1 1NQ Accountants Kreston Reeve8 LLP Chartered Accountanls 37 St Margaret's Stre8t Canterbury Kent CT12TU Bankers Lloyds Bank plG 49 Hlgh Street Canterbury Kent CT12SE Page I
THE APPLETON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their 2nnual report together wlth th8 financial statements of The Appleton Tru9t (the ¢harity} for the year ended 31 Decernber 2023. The Trustees COnfM that the annual report and financial statements of the charity comply with the current stalulory requirem8nls, the requirements of the charity's governing document and the provisions of the Stalem8nl of Recommended Practic8 (SORP} applicable to charities preparing the 3CGounls in acCOrdar with the Fin8ncial Reporting Sland8rd applicable in the UK and Republic of Ireland (FRS102) leffecllve 1 January 20191. Structurè, govornancg and management CONSTITUTION The Charitable Tru81. established by Hugh Thomas Appleton,15 cor15tltuted by a Trust Deed dated 4 October 1 g66 and Is 8 registered charty number 250271. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of Ihe charity 18 the responslblllty of Ihg Truste who are elgctsd and Covopled under the terms of the Trust Deed. Of the Trustees on page 1, S Taylor served as Managing Trustee throughout the year. Appolnlmenl of Trustees Is governed by th& Trust Dged of the charity.The Trust Deed appolnted the Canlerbury Dlocesan Board of Flnance (the Board) as Custodian Trustee, lo hold the Trust Fund In perpeluily, and the Chairman, Trga8urer and Secretary of th& Board as Managlng Trustees. The office of the Treasurer18 no longer used by the Board and. therefore. a Scheme amendlng the Trust Deed was agreed by Ihe Charity Commlssion allowing the Archblshop's Councll to appolnl a Trustee In p18ce of the Trea6urer. RISK MANAGEMENT The Trustees have con8lder6d the rlsks In maklng loans avallable In accordance wllh the Trust's oblecllves, and vl8wlh8 posslbllity of default In repaying these loans lo minimal. The Trustees wlll ensure that the level of invested caphal will nol reduce below th& original endowment of £150.000. Objectives and Activities POLICIES AND OBJECTIVES The principal object of the charity is lo further such charitable purpose5 connected with the Church of England as the Managing Trustees shall in their absolute discretion decide. GRANT MAKING POLICIES The policy of the Charitab18 Trust continues to be to pyovide grants to institullons and indlvlduaEs prlnclpally associated wllh th8 Diocese of Canterbury that meet the objects of the charlly and especially those connected with the Church who are facing hardship and where other assistance Is ellher unavallable or Insufficlent. The Trust also offers loans lo the clergy, parishes and lay workers of the Dlocese of Canterbury malnly to assist In the purGhase of cars and computerequlpment. Page 2
THE APPLEfoN TRUST TRUSTEES. REPORT (Gontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARI5 PURPOSES FOR PUBLIC BENEFIT The main activities are set out In the revlew of activities below. The Trustees have considered the Charity Commission's guldance on publlc benefit. Includlng the guidance. "pub5ic benefrt- running a charity (PB21" AChiementS and pgrformance GOING CONCERN The Trustees are of the opinion that the Charity has adequate resources lo continue in operational exlstence for the foreseeablo fijture and there are no material uncertainties regarding the Charity's abllSty to do so. REVIEW OF ACTIVITIES This year, 2 grants (2022.. 01 were awarded to Institutions and individuals, therefore the amountgranted was £2,050 (2022." £01. The Trustees provide car loans to licensed workers within the DKJcese and computer loans to Diocesan staff, although thls fa¢llity is little used at present. The TTuslees also provlde loans to individUS facing hardship In accordance with the Tnjsvs granl making policy. The lolal reser¥es of the trust increased by £113,308 in the year (2022." £12T.059 deThse}. Financial revlew FINANCIAL POSITION AT YEAR END At 31 December 2023 the charity has nel assets of£1,047.201 {2022.- £933,893). Endowment reserves of£918,377 (2022.. £822,659) consisted of investments of £1.183,258 {2022.- £7,087,539). cash of £42.221 {2022.' £19.998) and unpaid grant wnmitmenls of £166,7W {2022." £284,878). Unrestricted reserves were £128,824 (2022.. £111.2341. RESERVES POLICY It18 th8 policy of the Trustees to hold a sum in free reserves sufficient to enable the charity to fulfil ils policy of providing loans and grants to institutions and individuals. The unrestricted free reserves at the end of the year stood at £128.824 (2022.. £111,234). The Trustees consid8r th8 ryJrrent18vel of reserves is adequate. MATERIAL INVESTMENTS POLICY The Trustees continued their Investment Policy dUrg the year a5 follows.. To continue to use CCLA Management Ltd to manage their investment portfolio. To keep surplus liquid funds on short tem deposit. To move towards holding longer term investments at the fo15owing levels: Investment Fund (60%) Property Fund130%1 Fixed Interest Fund110%1 Page 3
THE APPLETON TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE DEVELOPMENTS Th8 Trustees will continue lo be alert to opportunllles to suppJrt the mission and ministry of the Church of England In the Dioc8so of Canterbury, in accordance with the objects of the Trust. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees arè responsible for preparing the Truslees, report and the flnanclal statements In accordance Wth applicable law and United Kingdom Accounting SlarKlards IUnrt8d Klngdom Generally Accepted Accountlng Pracllcel. The law appllcable to ch8rlltes In England and Wales requires tho Trustees to prgpare financial 81atemenls for each financlal year whlch glve a true and falr vlew of the slat8 of affairs of the charity and of the incoming resources and appllcallon of resources of the charity for that period. In preparing these financial slalem8nts, th8 Trustees are requlr8d to: select sullable accounting pollcles and then 8pply them con818lenUy: observe the Mel)d5 and prln¢lples in th& Charmles SORP: make judgment8 and accounting 8stimates that are reason8ble and prudent., prepare the financlal slalemenls on the golng concern ba818 unle68 It18 Inapproprfale to presume that t harlly wlll Gonllnue In operalktn. The Truslees are re5ponslble for keeplng proper accounting records that are sufflcient lo show and explaln the ¢hadVs transactlons and di8Glose with reasonable accuracy al any lime the fin8nclal posltlon of the charlly and enable them to ensure that the financlal sla18menls comply with Ihe Charllies Act 2011. the Ch8rlly (Accounts and Report51 Rewlations 2008 and th8 provislons of the trust deed. They are also respDnslble for safeguardlng the assets of the charity and hence for laklng reasonable steps for the preventlon and delectlon of fraud and other Irregularflles. DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER Each of the persons who are Tru8tee8 at the tlme when Ihls Trustees. report 1$ 8pproved has conflm)ed that: 80 far as that Trustee Is aware. there [5 no relevant information of which the charity's independent examiner is unaware. and thè Truste8 ha5 taken all the 81eps Ihal ought lo have been taken as Trustee in order lo be aware of any rel&vant Information lo establish that the Charit5 independent examiner is awar8 of that inforrnalion. Thls report was approved by th8 Trusteè on .. . and slgned by: i D Blyiho Trustee Page 4
THE APPLETON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examine$ Report to Ihe Trustefrs of The Appleton Trust I report lo the Charity truste&5 on my examlnalion of the accounts of the charlty for the year ended 31 December 2023 which are set out on pages 7 to 15. Responglbllltleg and basls of rnport AS the charity's trustee8 you are responslble for the preparallon of the accounts in accordanc8 with the requlremenls of the Charltle$ Act 2011 ('Ihe Act'l. I report In re8pe¢l of my &xamlna15on of the charlty's 8ccourts carrfed out under 8ecllon 145 of the 2011 Act and in carying Out my examination I have followed all Ihe app15cable Dlrectlon8 glven by the CharSty Commission under section 14515llb) of Ihe Acl. Indopondont oxamln•rfs •tatom?nt I have completed my examlnallon. I confirm that no ma18rt81 mallers have come to my attentlon In onneclion wlth the examination glvlng me cause to b8lleve that In any materlal respect.. accountlng rècords were not kepl In respecl of the charfty as requlred by Sectlon 130 of tho Act- or 2. the accounts do not accord wllh those e0rd$., or 3. the accounts do t comply with tho applicablo requirements concerning th8 form and content of accounts sel out In lh6 Charllies (Accounts and Reports) RegulalM)n8 2008 other than any requlremenl that the accounts glve a'lruo and fair vlew, which is not a maller considered a8 part of an independent examlnallon. I have no concerns and havo comfr across no other matters In connectlon wllh the examination lo whlch attentlon should be drawn In thls r8POrt In order lo enable a proper underst8ndlrffJ of the accounts lo b reaGhed. Thlg report is made solely to the charlty's Trustee8, 88 a body, In a¢¢ordance wllh se¢tlon 145 of the Chwilies AGt 2011 and regulallons made under secllon 154 of that Act. My work has been urKlertaken so that I might slate lo the charity's Trustees those matters l am required to 5tal8 to them in an Indep8ndent Examinerfs Report and for no other purpose. To th8 fullest 8x18nt permllled by law, I do not accept or assume responsibility to anyone other than the Gharity and the charivs Trustees as a body, for my work or for this report. Page 5
THE APPLETON TRUST Signed: S M Rouse FCCA DChA K5t0 Reeves LLP 37 St Margarets Street Canterbury CT12TU Date: 30 August 2024 Page 6
THE APPLETON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted fund8 2023 Endowment fund8 2023 Total funds 2023 Total funds 2022 Note INCOME AND ENOOWMENTS FROM: Charitable activities Inveslrnents soo 33,337 500 33.337 32,894 TOTAL INCOME AND ENDOWMENT8 33.837 33,837 32,894 EXPENDITURE ON: Charltable aCtltIeS 16,248 16,248 12,445 TOTAL EXPENOITURE 16,248 16,248 12,445 NEf INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINS Net110ssesygalns on Irwestments 17,589 17,589 20,449 95,718 (147.508) 95,718 NET INCOMEI(DEFicrr) FOR THE YEAR 17,589 95,718 113,307 (127,059) NET MOVEMENT IN FUNDS 17,589 95,718 113,307 (127.059) RECONCILIATION OF FUNDS: Total funds broughtforward TOTAL FUND8 CARRIED FORWARD 111,234 822,669 933,893 1,060.952 128.823 918,377 1,047,200 933.893 All aclivllles relate to contlnulng operatlon8. The notes on pages 910 15 form part ol these flnancial statement5. Page 7
THE APPLETON TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not• FIXED ASSETS Investmerrts 1.183,258 1.087.539 CURRENT ASSETS Debtors Cash at bank and in hand 42,221 155,362 42,221 155,362 CREDITORS: amounts falling due within one year (178,279) (309,008) NET CURRENT LIABILITIES (136.058) (153.646) NET ASSETS 1.047.200 933.8g3 CHARITY FUNDS Unrestricted funds Endowment ftinds 10 10 128.823 918,377 111,234 822,6S9 TOTAL FUND5 1.047.200 933,893 Th& financial statements were approved by the Trus188 . and signed by: l D 81sithe Trustee The notes on pages 9 10 15 part of these finanal statements. Page 8
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The Appleton Trust Is an unlncorporated Trust registered in EnglarKI and Wales with the Charty Commission. The charity registration number Is 250271. The charlty's prlnclpal offloe Is Canterbury DICeSan Board of Finance, Dlocesan House, Lady Wootton's Green, Canlerbury, CT11 NQ. ACCOUNTING POLICIES 2.1 8asls of prnparatlon of flnanclal 8tatomonts Basis of preparation: Th8 financlal 8latemgnts have been pr8p8red In aCrdanCe with the Charitie8 SORP IFRS 102)- Accounllng and Reporting by Charllles.. Slalemenl of Recommended Practtce appllcable to charities preparlng thelr accounts in a¢cordanGe wllh the Financial Reporting Standard applicable in the UK Bnd Republlc of Ireland {FRS 1021 {effecllve 1 January 2019). th8 Financlal R8POrtSng Standard appllcable in the UK and Republlc of Ireland IFRS 102) and th8 Companles Act 2006. The Appleton Trust ¢on$llbJles a publlc benefll entity as deltned by FRS 102. The charlty's funcllonal and pres8nlatlonal currency18 Pound8 Stertlng. The chartty's finala1 8tatements aro prosenled lo the n&ar881 pound. 2.2 Fund arxountlng General funds are unrestricted funds whlch are avallable for use at tha dlscrollon of th8 Trusleos In furtherance of tho general oblectlvos of the charity and whlch havè not beon dèsignated for olhar Pufposes. Investment Income, galns anej losses are alloGaled to Ihe appToprlate fund. 2.3 Income l income is recogni8ed onc8 th8 charfty has enlttlemenl to the Income. tt 19 probable that the income will be received and the amount of income receivable can be measured reliably. 2.4 Exp•ndltur• Expendlture IB recognlsed once there Ss a legal or constructlve obllgallon to transfer ecor¥)mlc benefit lo a thd party. it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligallon can measured reliably. Expenditure Is dassified by acllvity. Grarts payable are charged In th8 year vth8n thé offer Is made except In tP•)s8 ¢as8s where the offer Is conditional, such grants being re¢ognlsed as expenditure when the conditions attaching are fijlfilled. Grants offered 8ubl8ct to Conditions which have not been met at the year end are noted as a commilment, but not accrued as expenditure. Pa¢p q
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (contlnued) 2.6 Investmonts Listed investments are 8 form of flnanclal Inslrurnent and are inltially recognised at their transactlon cost and subsequently measured al falr value at the balanc8 sheet dal8 using the closing quoted mark81 price. Investment gains and losses, whether reallsed or unr8allsed, are combined and 8hown In the heading'Net Ilossesygains on investments. In the Statement of Financial Aclivilies. 2.8 Interest rocelvablo Interesl on funds held on d8posII is Included when receThrabl& and the amount can be measured reliably by the charity,. thls Is nornially upon notification of the irsleresl paid rx payable by the Bank. 2.7 Debtors Trade 8nd other debtors ar• recognised at the setllgmenl amount after any trade dlscount offered. Prepaym&nl$ are valued al the amount prepald nel of any trade dlsGounls due. 2.8 Cash at bank and In hand Cash 81 b8nk and In hand InGlude8 cash and short term hlghly Ilquld Investments wlth a short malurily of Itt& month8 or le88 from the dale of 8cqulsltlon or openlng of the deposit or 8irnllar a¢¢ounl. 2.9 Credltor8 Llabllltles are re¢ogni$ed when there15 an obligation at the balance sheet date a8 a result of a past event. It Is probablg that a Iransfor of economlc beneftl will be required In $8lllom8nt, and th8 amount of tha selll8mgnl can be estimated reliably. Llabilllies are recognlsed at th8 amount that the charlty antlclpales il will pay to settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are meaSUTed al th8 b8sI estlmale of the amounts rgquired to sellle the obligation. Where the effect of the lime value of money Is material. ihe provislon Is based on the present value of those amounls, dlscounted at the pre-tax di5Gounl rale that reflects the T15ks specific to the liablllty. The unwlndlng of the discount Is reco9nised within interest payable and similar charges. 110 Flnanclal Instrument8 The Charity only has financlal assets and fflnanclal Ilabililies of a kind that qualify as b85ic financial instruments. Basic flnanclal Instruments are Inillally reco9nised at transaction value and subsequently measured al thair settlement value, 2.11 Golng Conc•rn The Trustees are of the opinion that the Charity has adequate resources to continue In operational existence for the foreseeable fulure arvj there are not material uncertalnlies regardlng the Charlty's ability lo do 80, Page 10
THE APPLETON TRUST INCOPJIE FROM CHARITABLE ACTIVITIES Unrestrlcted Endowment funds Funds 2023 2023 Totsl funds 2023 Total funds 2022 Charitable activities 000 500 In 2022. of the lotal InGome from charitable aclivilies, £nil was to unrestriGted funds. Page 11
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 INVESTMENTINCOME Unrestricted Endowment Fund Fund 2023 2023 Total fund 2023 Total funds 2022 Inve81menl InMe - listed Inveslmenl InGame- cash 32,030 1,307 32.030 1,307 32,667 227 33,337 33.337 32,894 In 2022, of the total Investment Ineom8. £32,894 was to unrestdcled funds and £nll lo r8strlcled funds. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2023 2022 Coun88lllng fees and expenses Grants EKpendlturo on gov•mance 10,498 2,000 3,700 7,995 4.450 16,248 12.445 The grants were a8 follows: 2023 Number 2023 2022 Number CDBF Individuals 2,050 2,050 Page 12
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS Listsd Securities Market value Al 1 January 2023 Revaluatlons 1,087.539 95,718 At 31 Dgcomber 2023 1,183,258 Investm8nt8 at market value comprlse: 2023 2022 Listed Investments 1,183.208 1,087,539 All the flxed asset Investmonls are hold In the UK In Central Board of Flnance funds man8ged by CCLA InYe3tmenl Manag8ment Llmlted. Materlal Inve5trnents 31 De¢emb?r 2023 310eGember 2022 CBF Investment Fund CBF Property Fund CBF Flxed Intere81 Securllles Fund 1,024,451 19,123 139,683 935,653 20,058 131.828 1,183.25B 1,087.539 DEBTORS 2023 2022 Other debtors CREDITORS: Amounts falllng due wlthln one year 2023 2022 Grant commitments Other creditors 166,799 11,480 178.279 284.878 24.130 309.008 Pa8e 13
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RELATED PARTY TRANSACTIONS 23 2022 Management charge due lo Canterbury Diocesan Board of Finance 2,900 2,850 In 2017. a grant lotaling £300.000 was awarded to the Canterbury Diocesan Board of Finance to help them achieve their slralegiG goals. At the year end, the amount due to the Canterbury Diocesan Board of Finance was £166.799 (2022: £284,878). No trustees received remuneratlon in respect of the y8ar ended 31 December 2023 {2022: £Nil) and no Trustees were reimbursed expenses in SpeCt of the year ended 31 December 2023 {2022.' £Nil). There were no other related party transaction In the year ended 31 December 2023 {2022: £Nil). 10. STATEMETrrr OF FUNDS Brought Forward Gainsl (Losses) Carrled Forward InGome Expenditure 2023 Unrestrictsd fund5 General Funds- all funds 111234 33,83S (16,248) 128,823 Endowm8nt funds Endowment Funds - all funds 822,659 95,718 918,377 Total fvnds 933.893 3&837 {16,248) 95,718 1,047.200 2022 Unrestricted fund8 General Funds- all funds 90,785 32,894 (12.445) 111,234 Endowment fund5 Endowment Funds- all funds 970,167 {147,508) 822,659 Total of fund8 1,060,952 32,894 {12,445} (147,$08) 933,893 Page 14
THE APPLETON TRUST 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unre8tr(cted Endowment funds funds 2023 2023 Total funds 2023 23 Fixed asset Investments Current assets Credllor5 due within on8 year 1,183.258 140,303 (98.082) 111,480) (166,7991 1,183.258 42.221 (178,279) 128,823 918,377 1,047,200 Unr•3trlGtod Endowment funds funds 2022 2022 Total funds 2022 Flxed a55et Investments Current a55ets Credllors due wlthln One yèar 1,08f,539 1,087,539 135,364 19,998 155,362 (241301 (284,878) 1309,0081 111,234 822,659 933,893 Page 15