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2024-02-29-accounts

Charity registration number 258035

THE FLETCHERS TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

THE FLETCHERS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A McMillan
P Shears (Appointed 19 April 2023)
I MacLellan
Charity number 258035
Principal address 36 Greenhurst Drive
East Grinstead
West Sussex
RH19 3NE
Independent examiner Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited
1-7 Station Road
Crawley
West Sussex
RH10 1HT
Bankers HSBC Plc
1 Aldermans Hill
Palmers Green
London
N13 4YE
CAF Bank
25 Kings Hills Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment advisors Rathbone Investment Management
8 Finsbury Circus
London
EC2M 7AZ

THE FLETCHERS TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7
Notes to the financial statements 8 - 15

THE FLETCHERS TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2024

The trustees present their annual report and financial statements for the year ended 28 February 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable 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 2019).

Objectives and activities

The Trust’s primary objective is the promotion of the sport of archery among disabled individuals and other charitable activities related to sporting engagement for disabled persons or disadvantaged youth. These objectives align with the original aims of the Trust, which include:

Public benefit

The Trustees have adhered to the Charity Commission’s guidance on public benefit, focusing on supporting individuals with disabilities through archery. This sport has demonstrated benefits in enhancing physical capabilities and building self-esteem. The Trust collaborates with organisations such as Archery GB, the British Wheelchair Archery Association, Blind Veterans UK, and British Blind Sports to identify and support talented individuals and widen access to the sport.

Achievements and performance

Support for the 2024 Paralympic Games

The Trust has been instrumental in supporting Team GB's Paralympic archers in their preparation for the Paris 2024 Games. This support has included funding for training programmes, equipment, and participation in international competitions, contributing to the athletes' readiness and success on the global stage.

Individual Grants and Success Stories

The Trust has provided grants to individual archers, enabling them to acquire necessary equipment and participate in competitions. Notable retrospective (anonymised) examples include:

Fletchers’ National Disability Championships

The Trust sponsored the 2023 National Disability Championships at Lilleshall, an event that remains a highlight of the year. It provided an inclusive platform for disabled archers to compete, and the positive feedback from participants reinforced the importance of this initiative.

page 1

THE FLETCHERS TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

Support for Visually Impaired Archers

The Trust has consistently supported visually impaired archers, providing funds for specialised equipment and event participation. This initiative has significantly increased accessibility within the sport, allowing visually impaired athletes to excel at both national and international levels.

Financial Matters

The Trust’s funding is derived from donations by members of the Worshipful Company of Fletchers, investment income, and occasional fundraising events. For the financial year ending 28th February 2024. The funding is maintained through:

The Trustees have assessed potential risks, including fluctuations in investment income, and remain confident in the Trust’s financial stability, supported by consistent donations from members of the Worshipful Company of Fletchers.

Supporters and Acknowledgements

The Trustees express their sincere gratitude to:

Future Plans

Looking ahead, the Trustees aim to:

Financial review

The Charity's funding comes from donations by the members themselves, from occasional fund-raising events and from the return on investments.

The investments are accounted for on a Total Return basis.

Income arising from investments during the year has been apportioned between the Unrestricted Fund and the Total Unapplied Return (Income) portion of the Endowment Fund on a pro rata basis.

At the reporting date, the permanent Endowment Fund stood at £148,461 of which a maximum of £16,727 could be released for charitable expenditure. The Unrestricted Fund was £105,485.

Reserves policy

The Trustees' policy on reserves is to maintain the Unrestricted reserves at between 1 to 2 years-worth of charitable expenditure to allow for rolling commitments in recognition that recipients may be relying upon continuity of support to fulfill a particular objective.

Investments

Investment performance is monitored by the Trustees who receive regular reports from the investment managers, together with the overall investment strategy. The Trustees have assessed the major risks to which the Trust is exposed. Although a reduction in income from investments is anticipated, the bulk of annual income is received from members of the Worshipful Company of Fletchers and there are no indications that any material reduction in such income is likely to arise. Apportionment of the investment portfolios was completed by the Investment Adviser between the Unrestricted and Endowment Funds, according to the objectives set out by the Trustees on 28 February 2022.

Structure, governance and management

The trust is a registered charity, number 258035, and is governed by it's Trust Deed dated 15th November 1968.

page 2

THE FLETCHERS TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

The trustees who served during the year and up to the date of signature of the financial statements were: A McMillan

P Shears (Appointed 19 April 2023) I MacLellan C J Brown (Retired 19 April 2023)

Recruitment and appointment of trustees

Trustees are drawn from former Wardens of the Worshipful Company of Fletchers and are appointed by resolution of a meeting of Trustees. The Trustees provide regular updates to the Court of the Worshipful Company of Fletchers, which represents the membership of the Company and serves as the primary source of donations.

Administrative support is provided through the Clerk to the Worshipful Company of Fletchers.

Principal Administrator

Colonel Debs Taylor VR Clerk to the Worshipful Company of Fletchers.

Administrative Address

36 Greenhurst Drive, East Grinstead, West Sussex, RH19 3NE

Professional Advisers

Th trust ' po was approved b[y ] the Board of Trustees. � ...... A McMillan Trustee Date: .... 4.J./2. . ��.f �/� W 'c ft�_

page 3

THE FLETCHERS TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE FLETCHERS TRUST

I report to the trustees on my examination of the financial statements of The Fletchers Trust (the trust) for the year ended 28 February 2024.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 enable a proper understanding of the financial statements to be reached.

Darren Harding ACA FCCA DChA

Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT

5 December 2024 Dated: .........................

page 4

THE FLETCHERS TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 28 FEBRUARY 2024

Current financial year
Unrestricted
Endowment
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
43,834
2,210
Investments
4
2,834
2,980
Other income
5
748
-
Total income and endowments
47,416
5,190
Expenditure on:
Charitable activities
6
68,761
-
Total expenditure
68,761
-
Net gains/(losses) on investments
12
1,049
3,570
Net income/(expenditure)
(20,296)
8,760
Transfers between funds
5,000
(5,000)
Net movement in funds
9
(15,296)
3,760
Reconciliation of funds:
Fund balances at 1 March 2023
120,781
144,701
Fund balances at 28 February 2024
105,485
148,461		 Total
2024
£
46,044
5,814
748
52,606
68,761
68,761
4,619
(11,536)
-
(11,536)
265,482
253,946		 Total
2023
£
55,513
4,120
1,150
60,783
37,592
37,592
(13,461)
9,730
-
9,730
255,752
265,482

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

page 5

THE FLETCHERS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

Prior financial year
Unrestricted
Endowment
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
54,201
1,312
Investments
4
1,795
2,325
Other income
5
1,150
-
Total income and endowments
57,146
3,637
Expenditure on:
Charitable activities
6
37,592
-
Total expenditure
37,592
-
Net gains/(losses) on investments
12
(5,063)
(8,398)
Net income/(expenditure) and movement in funds
14,491
(4,761)
Reconciliation of funds:
Fund balances at 1 March 2022
106,290
149,462
Fund balances at 28 February 2023
120,781
144,701		 Total
2023
£
55,513
4,120
1,150
60,783
37,592
37,592
(13,461)
9,730
255,752
265,482

page 6

THE FLETCHERS TRUST

BALANCE SHEET

AS AT 28 FEBRUARY 2024

Notes
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
The funds of the trust
Endowment funds
17
Unrestricted funds
18		 2024
£
-
43,021
43,021
(3,001)		 £
213,926
40,020
253,946
148,461
105,485
253,946		 2023
£
8,403
49,897
58,300
-		 £
207,182
58,300
265,482
144,701
120,781
265,482

The financial st ments were approved by the trustees on .. 1.�� t/rl):lJf

.,_;;[=-] ••••• •••••••••••••••••• AMcMillan Trustee

page 7

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

1 Accounting policies

Charity information

The Fletchers Trust is a charitable trust. The registered office is 36 Greenhurst Drive, East Grinstead, West Sussex, RH19 3NE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's trust deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable 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 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Interest is recognised when receivable.

Dividends are recognised when the dividend is declared and when the trust has been notified by the investment advisor.

page 8

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

page 9

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Investment valuation

Valuation of investments at market value, based on calculation by the investment fund manager. The investments held are all shares listed on a recognised stock exchange and have an easily identifiable market value.

3 Income from donations and legacies

Unrestricted
Endowment
funds
funds
2024
2024
£
£
Donations and gifts
43,834
2,210
Donations and gifts
Donations
40,138
2,210
Gift Aid
3,696
-
43,834
2,210		 Total
Unrestricted
Endowment
funds
funds
2024
2023
2023
£
£
£
46,044
54,201
1,312
42,348
51,045
1,049
3,696
3,156
263
46,044
54,201
1,312		 Total
2023
£
55,513
52,094
3,419
55,513
Unrestricted
Endowment
funds
funds
2024
2024
£
£
Income from listed
investments
2,129
2,847
Interest receivable
705
133
2,834
2,980		 Total
Unrestricted
Endowment
funds
funds
2024
2023
2023
£
£
£
4,976
1,645
2,325
838
150
-
5,814
1,795
2,325		 Total
2023
£
3,970
150
4,120

page 10

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

5 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Miscellaneous sales 748 1,150
6 Expenditure on charitable activities
Grant giving Grant giving
2024 2023
£ £
Direct costs
Grant funding of activities (see note 7) 60,152 31,744
Share of support and governance costs (see note 8)
Governance 8,609 5,848
68,761 37,592
Analysis by fund
Unrestricted funds 68,761 37,592
7 Grants payable
Grant giving Grant giving
2024 2023
£ £
Grants to 16 individual archers (2023: 8) 14,056 9,345
Grants to institutions for the disabled 33,981 14,832
Grants to other institutions 12,115 7,567
60,152 31,744
8 Support costs allocated to activities
2024 2023
£ £
Governance costs 8,609 5,848
Analysed between:
Grant giving 8,609 5,848

page 11

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

8
Support costs allocated to activities
Governance costs comprise:
Independent examination fees
Investment manager
Administration
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements		 (Continued)
2024
2023
£
£
3,000
-
2,971
2,512
2,638
3,336
8,609
5,848
2024
2023
£
£
3,000
-		 (Continued)
2024
2023
£
£
3,000
-
2,971
2,512
2,638
3,336
8,609
5,848
2024
2023
£
£
3,000
-
5,848
2023
£
-

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

11 Employees

The average monthly number of employees during the year was:

Total
Gains and losses on investments
Unrestricted
Endowment
funds
funds
2024
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
1,694
674
Sale of investments
(645)
2,896
1,049
3,570		 2024
2023
Number
Number
-
-
Total
Unrestricted
Endowment
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
2,368
(5,063)
(8,398)
(13,461)
2,251
-
-
-
4,619
(5,063)
(8,398)
(13,461)

12 Gains and losses on investments

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

page 12

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

14 Fixed asset investments

Listed
investments
Cash in
portfolio
£
£
Cost or valuation
At 1 March 2023
201,570
5,612
Additions
32,014
-
Valuation changes
2,369
-
Movement
-
161
Disposals
(27,800)
-
At 28 February 2024
208,153
5,773
Carrying amount
At 28 February 2024
208,153
5,773
At 28 February 2023
201,570
5,612
Historical cost:
2024: £170,471
2023: £181,373		 Total
£
207,182
32,014
2,369
161
(27,800)
213,926
213,926
207,182

Investments held at the year end which were valued at over 5% of the portfolio's total market value were as follows: Invest Fund Services Ltd Evenlode Income D Inc: £11,348

SPDR Series Trust S&P 500 ETF (GBP): £13,267

15
Debtors
Amounts falling due within one year:
Other debtors
16
Creditors: amounts falling due within one year
Accruals		 2024
£
-
2024
£
3,001		 2023
£
8,403
2023
£
-

page 13

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2024

17 Endowment funds

Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 March Incoming Transfers Gains and
At 28 February
At 28 February
2023 resources losses 2024
£ £ £ £ £
Permanent endowments
Trust for Investment 134,524 2,210 (5,000) - 131,734
Unapplied Total Return 10,177 2,980 - 3,570 16,727
144,701 5,190 (5,000) 3,570 148,461
Previous year: At 1 March Incoming Transfers Gains and
At 28 February
2022 resources losses 2023
£ £ £ £ £
Permanent endowments
Trust for Investment 133,212 3,637 - (2,325) 134,524
Unapplied Total Return 16,250 - - (6,073) 10,177
149,462 3,637 - (8,398) 144,701

The Trust has adopted a 'Total Return Approach' under which the permanently endowed funds are invested to produce an investment return without regard to whether that return is in the form of income (such as dividends or interest) or capital appreciation.

The investment return forms a component of the Endowed Fund know as the 'Unapplied Total Return'.

The trustees then periodically determine how much of the Unapplied Total Return is released to income for spending and how much is retained for investment as component of the Endowment.

The Endowment Fund accordingly has two distinct components:

page 14

THE FLETCHERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March Incoming Resources Transfers Gains and
At 28 February
At 28 February
2023 resources expended losses 2024
£ £ £ £ £ £
General funds 120,781 47,416 (68,761) 5,000 1,049 105,485
Previous year: At 1 March Incoming Resources Transfers Gains and
At 28 February
2022 resources expended losses 2023
£ £ £ £ £ £
General funds 106,290 57,146 (37,592) - (5,063) 120,781
Analysis of net assets between funds
Unrestricted Endowment Total
funds funds
2024 2024 2024
£ £ £
At 28 February 2024:
Investments 86,217 127,709 213,926
Current assets/(liabilities) 19,268 20,752 40,020
105,485 148,461 253,946
Unrestricted Endowment Total
funds funds
2023 2023 2023
£ £ £
At 28 February 2023:
Investments 84,223 122,959 207,182
Current assets/(liabilities) 36,558 21,742 58,300
120,781 144,701 265,482

19 Analysis of net assets between funds

20 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

page 15