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
Prtnc1paloff￿e
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 COnf￿M 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 CHARI￿5 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"
AChi￿ementS 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 individU￿S 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 dUr￿g 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 Charit￿5 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
K￿5t0￿ 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 aCt￿ltIeS
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 finan￿al 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 DIC￿eSan 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 aC￿rdanCe 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 fina￿la1 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 th￿d 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 In￿Me - 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