Charfty number: 2502T1 THE APPLETON TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ThE APPLEfoN TRUST CONTENTS Page Reference and administrative details of the charity, its trustees and advisers Trustaes, report Independent examinerfs report Statement of financial activities Balance sheet Notes lo the financlal statements 9-15
THE APPLETON TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees The reverend S Taylor (retired 28 November 2024) l D Blythe. Chair (appointed 26 June 2024) O P Garratt (appointed 26 June 2024) Charlty registered number 250271 Principal office Diocesarn House Lady Wootton's Green Canterbury Kent CT1 1NQ Independent Examiner S M Rouse Kraston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU Bankers Lloyds Bank pl 49 High Street Canterbury Kent CT1 2SE Page I
THE APPLETON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Tnjstees present their annual report together with the financial statements of The Appleton Trust {Ihe charity) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the charity comply wth the currènt stalulory requirements, the requirements of the charity's governing document and thè provisions of the Slalement of Recommenéed Practice ISORPI applicable lo charities preparing their actounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {effeclive 1 January 2019}. Structur•. governance and management CONSTITUTION The Charitable Trust. established by Hugh Thomas Appleton, is constituted by 2 Trust Deed dated 4 October 1956 and is a registered charity number 250271. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. Of the Trustees on page 1, Stephen Taylor served as Managing Trustee up to November. lain Blythe and Orla Garratt were appointed in June and served for the remainer of the year with lain Blythe acting as a Managing Trustee. Appointment of Trustees Is govemed by the Trust Deed of the Gharity. The Trust Deed appointed the Canterbury Diocesan Board of Finance {Ihe Board) as Cust(NYian Trustee. lo hold the Trust 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 Dèed was agreed by the Charity Commission allowing the Archbishop's Council to appoint a Trustee In place of the Treasurer. RISK MANAGEMENT The Trustees have considered the risks in making loans available in accordance with the Trust's objectives and viewthe possibility of default in repaying these loans lo be minimal. The Trustees will ensure that the level of invested capital will not reduce below the original endowment of £150.000. ObjectiS 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 policy of the Charitable Trust continu8S to be to provide grants lo Inststutions and Individuals prindpally associated with the Diocese of Canterbury that meet the objettls of the charity and especially those connected th the Church who are faclng hardship and where other assistance is eith8r 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 computerequipmenl. Page 2
THE APPLETON TRUST TRUSTEES. REPORT l¢ontinu•dl FOR THE YEAR ENDED 31 DECEMBER 2024 MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARirrs PURPOSES FOR PUBLIC BENEFrr The main activities are sel out in the review of activities below. The Trustees have considered the Charity Commission's guidance on public benefit, including the guidan "public benefit.- running a charity (PB21" Achievemonts and performance GOING CONCERN The Tru51ees are of the opinion that the Charity has adequate resources lo continue In operational existence for the foreseeable future and thore are no matertal uncertainties regarding the Charity's ability lo do so. REVIEW OF ACTIVITIES This year. 1 grant (2023.. 2} was awarded lo CDBF to fund a subscription lo Church Grants, the amount granted was £4,800 (2023.. £2.0501. The Trustees provide car loans lo licensed workers within the Diocese and computer loans to Diocesan staff. although this facility is little used at present. The Trustees also wovide loans lo individuals facing hardship in accordance with the Trust's grant making policy. The total reserves of the trust increased by £39.021 in the year12022.- £113,308 increase). Flnanclal review FINANCIAL POSITION AT YEAR END At 31 December 2024 the charity hag net assets of £1,086,221 (2023.. £1,047,2001- Endowment reserves of £946,14912023'. £918.37n conslsted of investments of £1,211,02912023.' £1, 183,25n, cash of £41.544 {2023.' £42.2221 and unpaid grant ¢ommitrnenls of £161,130 (2023.. £166,799). Unrestricted reserves were £140,072 (2023.- £128,823). RESERVES POLICY It is the policy of the Trustees lo hold a sum In free rèseNes sufficient to enable the charity lo fulfil ils policy of providing loans and grants to Institutions and individuals. The unrestricted free reserves at the end of the year stood at £140,072 {2023= £128.823). The Trustees consider the current level of reserves is adequate. MATERIAL INVESTMENTS POLICY The Trustees continued their Investrnent Policy during the year as follows- To continue to use CCLA Management Ltd to manage their investment portfolio. To keep surplus liquid funds on short terrwy ¢Jeposit. To move towards holding longer term investments al the following levets.. Investment Fund (600k) Property Fund {300/0) Fixed Interest Fund (10%) Page 3
THE APPLETON TRUST TRUSTEES. REPORT {¢ontlnued) FOR THE YEAR ENDED 310ECEMBER 2024 FUTURE DEVELOPMENTS The Trustees will continue to be alert lo opportuntties to support the mission and mintsty of the Church of England in the Diocese of Canterbury. in aGcordance with the objects of the Trust. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP. make judgments and accounting esllmales that are reasonable and prudent.. prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the harity will continue in operation. The Trustees are responsible for ke8ping proper accounting records that are sufficient lo show and explain the charity's Iransaclion5 and disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, th8 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER Each of the persons who are Trustees al the Ilme when thls Trustees. report is approved has confirmed that: so far as that Trustee is aware, there is no relevant information of which the charity's independent examiner is unaware. and the Trustee has taken all the steps that ought lo have been taken as Trustee in order lo be aware of any relevant information and lo establish that the charity's independent examiner is aware of that informatw)n. This report was approved bytheTruslee on.............................. and signed by- l D Blythe Trustee Page 4
THE APPLETON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examinor's Report to the Trustees of The Appleton Trust I r8POrt to the charity Irustees on my examination of the accounts of the Gharity for the year ended 31 December 2024 which are set out on pages 7 to 15. R•sponsibilities and basis of report As the charity's trustees you are responsible for the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 I'the Act')- I report in respect of my examination of the Gharty's accounts carrled out under sectlon 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 145{SXb) of the Act. Independent examlnor's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo belleve that in any material respect.. accounting rewrds were not kept in respect of the charity as required by section 130 of the Act" or 2. the accounts do not accord with those records.. or 3. the a¢u1$ do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Awounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, whiGh is not a maller consi(lered as part ol an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in thlg report in order to enable a proper understanding of the accounts lo b& reached. This report 18 made solely lo the charity's Trustees. as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I rnh1 stsle to the charity's Trustees those matters l am required to state lo them in an Independent Examiner's Report and for no olher purpose. To th8 fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity arKI the charity'5 Trustees as a body, for my work or tr this report. Page 5
THE APPLEfoN TRUST Signed: a 7n 2 S M Rouse FCCA DChA Kreslon Reeveg LLP 37 St Margarets Street Canterbury CT12TU Date.. 17 June 2025 Page 6
THE APPLETON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Endowment funds 2024 Total fvnds 2024 Totsl funds 2023 Note INCOME AND ENDOWMENTS FROM: haritable aclNlties Investrn8nls 34.858 34.858 33.337 TOTAL INCOME AND ENDOWMENTS 34,858 34.858 33,837 EXPENDrruREON: Charitable activities 23.609 23,609 16,248 TOTAL EXPENDITURE 23,609 23,609 16,248 NET INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINS Net (lossesygains on investments 11,249 11.249 27,772 17.589 95,718 27.772 NET INCOMEIIDEFICIT) FOR THE YEAR 11,249 27.772 39,021 113,307 NET MOVEMENT IN FUNDS 11249 27,772 39,021 113,307 RECONCILIATION OF FUNDS: Tot21 funds brought forward 128,823 918,377 1,047,200 933.893 TOTAL FUNDS CARRIED FORWARD 140.072 9M149 1,086,221 1,047,200 Al activities relate to conlinulng operations. The notes on pages 9 10 15 form part of these financial statements. Page 7
THE APPLETOM TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Investments 1,211,029 1,183.257 CURRENT ASSETS Debtors Cash al bank and in hand 41.544 42.222 41.544 42,222 CREDITORS: amounts falling due within one year (166,352) (178,279) NET CURRENT LIA81LITIES 1124.808) 1136.057) NET ASSETS 1,086,221 1,047,200 CHARITY FUNDS Unrestricted funds ETrJowment funds 10 10 140,072 948,149 128,823 918.377 TOTAL FUNDS 1,086,221 1,047,200 The financial slatem8nts were approved by the Trustees and signed by: (G¥L. l D Blythe Tnjstee The notes on pages 9 10 15 form part of these financial statements. Page 8
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION The Appleton Trust is an unincorporated Trust registered in England and Wales with the Charty CommissDn. The charty registration number 18 250271. The charity's principal is Canterbury Diocesan Board of Finance, Di0san Hous8. Lady Wootton's Green. Canterbury, CT1 1 NQ. ACCOUNTING POLICIES 2.1 Basls of preparation of financial statements Basis of preparation.. The financial statements have been prepared in accordance with the Chari(ies SORP {FRS 102k Accounting and Reporting by Charities: Statement of Recommended Practice appliGable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} {effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Appleton Trust constitutes a public benerrt entity as defined by FRS 102. The CharItS functional and presentational currency is Pounds Sterling. The charity's financial statements are presented to the nearest pound. 2.2 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriat8 fund. 2.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.4 Expenditurè Expenditure is recognised once there is a legal cff constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is ¢iassrfied by a¢tivty. Grants payable are charged in the year wh8n the offer is made except in those cases where the offer is conditional, such grants being reGognisgd as expenditure when the conditions attaching are fulfilled. Grants offered subjeGI to conditions which have not been met al the year end arB noted as a commitment, but not awued as expenditure.
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) 2.5 Investments Listed investments are a form of financial instrument and are initially recognised at their transaction cost 2nd subsequently 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 and shown in the heading'Net (lossesygains on investments, in the Statement of Finan¢ial Actwities. 2.6 Interest recelvablè Interest 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 digcount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash al bank and in hand includes cash and short tenn 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 Creditors Liabilities are recognised when there is an obligation at the balance sheet date as a sU11 of a past event. it is probable Ihal a transfer of economic benefit will be required in selllement. and the amount of the settlement oan be estimated reliably. Liabilities are recognised al the amount that the charity anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or servi$ il must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money 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 lo the liability. The unwnding of the discount is recognised within interest payable and similar charges. 2.10 Financial instruments The charity only has financial assets and financial liabililles of a kind that qualrfy as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value_ 2.11 Going Ccncem The Trustees ar8 of th8 opinion that the Charity has adequate resources to Gontinue in operational 8XlStence for the foreseeable future and there are not material UnrtaInlieS regarding the Charity'g ability to do so. Page 10
THE APPLETON TRUST INCOklE FROM CHARITABLE ACTIVITIES Unrestricted Endowment funds Funds 2024 2024 Total funds 2024 Total funds 2023 Charitable activities 500 In 2023, of the total income from charitable aclivilies, £nil was to restricted funds. INVESTMENTINCOME Unrestrlcted Endowment Fund Fund 2024 2024 Total fund 2024 Total funds 2023 Investment income - listed Investment income• cash 33,079 1,779 33.079 1.779 32,030 1.307 34.858 34,858 33.337 In 2023. of the lotsl investment income, £33.337 was lo unStrICted funds and £nil to restrict&d funds. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES 2024 2023 Counselling fees and expenses Grants Pastoral supervision Expenditure on govemance 9,310 4800 4.277 5.222 10.498 2,050 3.700 23,609 16,248 The grants were as follows: 2024 Number 2024 2023 Number CDBF Individuals 4,800 2,050 4800 2.050 Page 11
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS Listed securities Market valuè At 1 January 2024 Revaluations 1,183,257 27,772 At 31 December 2024 1,211,029 Investments at market value comprise.. 2024 2023 Listed investments 1,211.029 1,183,257 I the fixed asset investments are held in the UK in Central Board of Finance funds managed by CCLA Investment Management Limited. Material investments 31 D•cèmb8r 2024 31 December 2023 CBF Investment Fund CBF Property Fun CBF Fixed Interest Securities Fund 1,047.900 19,229 143,900 1.024.451 1g,123 139,683 1,211,029 1,183,257 DEBTORS 2024 2023 Other debtors CREDITORS: Amounts falling due wlthln one year 2024 2023 Grant Commitments Other rred5tors 161,130 5,222 166,352 166,799 11.480 178,279 Page 12
THE APPLETON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9. RELATED PARTY TRANSACTIONS 2024 2023 Management charge due to Canterbury Diocesan Board of Finance 2,950 2,900 In 2017, a grant tolaling £300,000 was awarded lo th8 Canterbury Diocesan Board of Finance lo help them achieve Ihelr strategic goals. At the year end. the amount due to the Canterbury Diocesan Board of Finance was £161.13012023.. £166.799)- No Iruslees receNed remuneration in respect of the year ende(131 December 2024 {2023.' £Nil) and no Trustees were reimbursed expenses in respect of the year ended 31 December 202412023.. £Nil). There were no other related party transaction in the year ended 31 December 2024 (2023= £Nil}- 10. STATEMENT OF FUNDS Brought Forward Galnsl {Losse8) Carried Forward Income Expenditure 2024 Unrestricted funds General Funds- all funds 128,823 34,858 123.609 140,072 Endowment funds Endowment Funds - all funds 918,377 27,772 946,149 Tot81 funds 1,047.200 34.858 (23,609) 27.772 1,086.221 023 Unrestricted funds General Funds- all funds 111,234 33.837 {16.249) 128,823 Endowment funds End(Iwment Funds - all funds 822,659 95,718 918.377 Totsl of funds 933,893 33,837 116.249) 95,718 1,047,200 Page 13
THE APPLETON TRUST 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Endowment funds funds 2024 2024 Total funds 2024 2024 Fixed asset investments Current assets Creditors due within one year 1,211,029 1,211,029 1103.750} 41,544 1161,1301 (166,3521 145.294 (5.222) 140,072 946,149 1,086,221 Unrestricted Endowment funds funds 2023 2023 Total funds 2023 2023 Fixed asset investments Current assets Creditors due wlthin on8 year 1.083,257 140.303 (98,081) 111,4801 (166,7991 1.083,257 42,222 (178,2791 128,823 918,377 1,047,200 Page 14