Charity registrAtion 258035 IEnglaDd and W#le$) THE FLETCHERS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
THE FLETCHERS TRUST LEGALAIYD ADMINISTRATIVE INFORMATION Trustees A Mcmillall P Shears I hla¢tEllan Charlty nllmb¢r 258035 Principal addre55 36 Grcenhursl Drive East GrinsLead West Sussex RH19 3NE dependent Darren IlardingACAFCCA DChA Rkchard Place Dobson Services Litt)i*d 1-7 Station Road Crawley West Sussex Bllio iEr BAnkers HSBC FIC Aldermans Hill Pa]mers Green London N134YE CAF Bank 25 Kings Hills Avenue ta'ngs Hill Wcst Ma]ling Kent ,ME19 4JQ Investment advlsors Rèthbone Investment Management 8 Finsbury CirGus Loll(totL EC2M 7AZ
THE FLETCHERS TRUST CONTENTS Page Trustees, rer Jndcpendettt eXaner'S report Statement of financial activities BaLanc¢ sheet Notss w the financial stst¢ments 8- 16
THE FLETCHERS TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUARY2025 The iNstccs preseTLt th¢it annual r¢pon and financial Staternents for tbe year endcd 28 February 2025. The fJnaJ)cial statements have b¢¢n prepaT¢d in accordance wilh the accountin8 policics sct out iti notc I to th¢ financial stattmrnts amd coynply wkth Ihe tThst's Tn)st Dttd. the Charities Aci 2011 ond "A¢ef)wiiins aod RetOnin8 by Chtirktses.. Statement of RecoTnmended Practi¢e applic#bS¢ to cbarities preparing their accounts in accordanc¢ the Financial Reporting Standard applicable the UK artd Republic of Ireland {FRS 1021 (effectiv¢ l January 20191. Oblettive5 actlvltle5 The Trust'$ prin12ry objective is the promotion of thc sport of archery amottg disabled individuals and other Chliable activities Teled to sporting ¢aget for disabled p¢rsollS or di$advalltsg¢d youth. Th¢se obJtiVeS aligll WitIL th¢ tsrigindl ulthe whichiA¢lude'. Supporting Liverytnen and Freemen of th¢ CopanY of Fl¢tch¢rs in need. Addressing charitable puOse$ r¢l8ted to Èr¢h¢ry ajd disability. Supportittg appeals w2th connections to the L4)rd Mayor of London orthe City of Londott. Prowditig flexibility for the M&ster of the Wor5bipful copanY of FlrLL'h¢xs w nominatr a c]wiry for support durtD8 their tenure. Pthlic benefit The Trustees have adheTed to the Ch&tity Commissiott's guidance oll public bet2efit, focusing on suppofftng individuals with disabilitits through archery. Thi5 Sport has demonstrated benefiLg in ¢nh&n¢iDg physica] capabilsties and building self-estee. Tbe T$t collabotales with otgaui5atiOll5 su¢h asArcbery GB, the British IlTheelGhairArtheryAssociati()Tr, Bjilld VeteraDs U and British Blind Sports to ideJiify and support talented individuals and wjden acc&i% to the 5POrt. AcbievemeDts aJ]d pvrform¥n¢e Th¢ 202k25 fLnan¢ial y¢ar wb8 a period of meaDingful growth aud d¢]iv¢ry for th¢ Fletchers, Trust. Core activiti&8 remained focwed on the advancetnent of ahery for disabled people, youth and colnmunity developtnent, and tllilit2ry affilidtes. IA addition, thi's yeat Saw tEke successful launch of a llew fuud ¢KpliGitly d¢d]"rai¢d to tb¢ preservation attd support of the trdditional cTkn of fletching- honouring the Company'5 historic roots 8lld identity. l. Crallt-Mllg and Charltable Impact Support to IndisldualAr¢htrs: The Tht awarded over 40 gr8nts dur]ng the year, with a strong eMphiS on enabling access and excellence in pard-archery. Ben¢ficiari¢6 iTrGluded.. Ar¢b¢rA alArCher B. both qualified for PaTiS 2024, supporied with bespokc comp¢titioll-grdd¢ arrows. Archer C. cOvering from a stroke, supported to transition to compound how use. Ar¢her D and Arther E, clu1level aEchers with I)bIlity challenges, were provided wilh lightweight, specialist equipTnent to ¢otttinue their development. Support to Org¥ni¥ation$: Deer Pwk Ar¢beJ¥.- £2.500 foraccessibj'lity extCJJ5ion. including new social aDd maintenaTJce faciliti¢s. Cleve Archers.. £2200 paid for a¢r¢55 improv¢mellts. Strategtt D15ability Inclu$ioA: £18,633 pttid to Archery GB ill September 2024 to c105C Out the four-ycar Paris Pwdlympic cycle comffjitment 1£65.560 in totsl). £2,063.50 paid as the first tratkctL¢ of th¢ £110,141 conllttitted to the Los All¥¢le$ 2028 ParalyJJ4)ic cycle. The Trusr's iTLV¢5tment sUprted Archery GB'S work on ¢lassifi¢atio]L WOOrce trniDillg> grasStoo¢b' ¢ug8gwts¢n4 VI spons coordinatioTL and r¢gional w00v8 across the UK. page I
THE FLETCHERS TRUST TRUSTEESI REPORT (CONTINUED) FOR THE YEAR EIVDED 28 FEBRUAR Y2025 2. Fundrai5illg Perform20te Totsi fLwdraisirtg during the year exce&led £11,7(Kl. GiftAid is still to be added to these total Major contributioDs illcluded.. UAtra-Mara(bon Campglgn (LlverymartrIed). £7.042.50 rai5cd. including nmtCtill from another Liver)rynan. Funds directed toward thc hcritsgc crlft Craft Culld Fundrglsthg Appeal. A key initiatiwe this year wa5 the MasieT's Letter Appeal, targeiittg m¢mbe]Y aod friends of the Cornpany to SUprt the newly established Crafi Guild Fund. Thss restricted fund was created 5p¢cifitAlly to.. - Prese¢ and piomot¢ the tradttionA] ¢rÈft of fletching. . Support education and skills developtnent in heritage archery tecbniques. - Enablc publie awene$S initiativ¢s and fvth]re collabor81ion with beritage itiKithtiOnS. Addiiiottal pledges and futur¢ fundrdiS?tsg a¢tivity are beitig developed to support this fill,5 growth. Th¢ Tnte¢S cotLSid¢r this a sigllificant step in affirmitt8 thc Company's historical and cultural legacy. Golden Htnde Event. £700 generdted from a ¢otnbination of tirket Sales and voluntary donatiotts. Il also as a publtc visibility event for the TTUSt. Charity Crleket Mateh St Lord'5. Raised £625. contrtbthing to unrestri¢1 vIllg. 3. Communkation and Engagement The Tn1 continued to improve its communi¢#tion$: Anew QR code and chatity trifold w¢re introduced &t eveuts to encourage spolltaneou5 digital givill¥. Fly•3 ai ¢vents llow include details of recent granttt5. Websile content is b¢illg updated to reflect live chantable activity and the neiy fletcjll'ng fund. Mernber5 tsf the Comp2#y Attended &lld represeDtcd the Trust at the Paris P8ThIyD¥iCS 8nd Stoke MandeNTrlle Pani)qnpic Flame Ceremony. The Fletchers. Disability Cb2p10Sh1pS at Lillesh811 welcomed record att¢ndanc¢ (70+ archers). 4. LookingAhe2d In 202>26. the Tm$t will.. D¢liv¢T Year l of the tnsAngele8 Paralympic cycle in collaboration wrth Archery GB. Fonyjalise and grow thc Craft Guild Fund. ensuring it %upports boih hcritage pre5¢rYatioD and publi¢ eLtu¢attOn. CoDtinu¢ inv¢stment in grassroots and elite-level archery for dE$8bled athletes. Expand the fimdrai5itLg bas¢ and iPfTease dollor visibility using digi1 too15 and tsrget¢d app¢Jl$. Th¢ TTUSt'5 a¢hievemcnts reflect the generosity of its supporter8, the professiotjalism of its delivery PaTther5. and the ¢Jduring legacy of the Worshipful Cornpany of Fl¢t¥h¢rs. Finxficial revitw The Cbariiy's funditlg CO¢5 frojn douatiDllS by the mcrGbets themselves. from 0¢5]91)a1 fund-iaisin8 events attd from the YetUTn on inv¢stments. The inve5trnents accounted foron 2 Total Rcturn basis. Income arising frotti invesknent5 durillg the year has been apportioned between the Unr¢stri¢ted Fund and the Total Unapplied Retum IIDcomel portion of the EndowmerAt Fund on apro rats b95]5. At tbe rq)ortillg (tste, the perni8Thent Endowrnent Fu]Jd stood at £168,809 of wbich a rnaximurn of £24,731 could be leaSed for haritsble expenditure. During the year £2,668 was traosferred fron) th¢ ¢ndowmetyt fi]nd to urrestrlcted fi2nd5. Icavillg J)TestFiCted lld8 at £68.857 at the yeyr eD& Rerve$PolICy The T1¢<$, p)li¢y ott iesenw 2s to maitrlai the Unr¢stri¢t¢d re5eEve& at behveell I to 2 ye5-worth of chaiitablc ¢xp¢ndithre to allow for rolling commitments recognition that recipients may be relyitig upon continuity of SUp>rt to fulfill a pJrti¢ulir objective. page 2
THE FLETCHERS TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y2025 Inve51ments Irkvestmellt p¢rfonDance is monitDred by the Trustee5 who receive regular reports from the inveslmelll mattagets, together wlth thc oveTall irtve$tmcnt strategy. The TStee8 have assessed the major ri5k5 to which the Tntst is exposcd. Although a reduction in income from investments is allticlpafr the bulk of annual I]]co¥ is re¢¢ived from memb¢rs of th¢ Worshipfill CottLPHlly of Fletch¢¥s and there tto itidJcatioJJs tbai atsy material reduction it) such iticome is likely to arise. Apportii)nment of the ittve8tmeni portfolios wa5 completed by the Investment Adw5er bctw¢¢ll the Unre5tri¢ted and Endowment Funds, according io tbc objectlves set out by the TNstee$ on 28 F¢bnry 2022. Stru¢turey governance ¥nd managemeat Tht tr1 i$ a registeted charity, nuttther 258035. and is governedby it'5 TnJ5t Deed dated 15th N(pvemb¢r 1968. The tsus¢ees who served thIll8 tbe year and up to the date of 51gllattc of the financial s¢attttJents wer¢.. A Mcmillan P Shears l MaeLell& Recrnitment and appointmeni trfrrnstees Twstees are thwn from fonner Wardens of the Worshipful Compally of Fletchers alld ar¢ 2ppointed by solution of a tneetillg of Tn]stees. Thc Trustees provide regular updates 10 thc Court of the Worshipful Cornpany of Flttchers, w+Jich represents the embership of tb¢ Compatty and serves as the Priruary source of dollatioll5. Administr&tiVf i$ptovid¢dthroll8h thecleyk to theWI)r5hipfvl Company of Fletrh¢T5. PrlnclpAIAdtDln15trator Colonel Debs Taylor VR Clerk io the Worshipful Company of Flet¢hers. AdmffinlstrAtlve Addre55 36 GTeeDhwstDrive, East GriJ)stead.West Su&seK IU119 3NE Profe5s1ort¥l Advlsers Banks.. HSBC Plc, CAF Bank Lttl Investmeiit Adviser: Rjthbone Invdqtsnent Mana8emcnt Ltd ]ndep¢rLd¢nt Exan]iller.' Darren Hardl8. Richard Place Dtsbson Services Limited The trustees, Teport Was 4)proved by tht Board of Th]stecs. A Mcmillatt Trustee Da". page 3
THEFLETCHERS 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 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements m accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust's fmancial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the fmancial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their fmancial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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:
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1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011. 2 the financial statements do not accord with those records[; ] or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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 RHl0 l HT Date: 14/11/2025
page4
THE FLETCHERS TRUST STATEMENT OF FINANCiALACTIVITIES FOR THE YEAR EIVDED 28 FEBRUARY2025 Current fiuaAcig1 year Unre8trieted nds 2025 Re$triet¢d nd$ 2025 ndowtlltnt fllnds 2025 TotAI Thtal 2025 2024 Notes Income 2nd endowFththts from: Donatiot]s and legleS InYcstment$ Other inco¢ 55,088 2.709 15 15,749 8,327 3,830 79.164 6.539 15 46.IM4 5,814 748 Total kneome and elld0wrnets 57,812 15,749 12,157 85.718 52.606 Expenditure on: Ra151ng funds Chatitable aLuvities 2,412 95.315 2,412 95,315 68,761 Total espendlture 97,727 97,727 68.761 Ntt gaills/(losse510tt investments 13 4,636 6.842 11,478 4,619 Net iDrtsm6(¢xpenditure) (352791 15.749 18,999 (5311 (11,536) TraDsfer5 b¢tw¢¢n fiJn(ts (1.349) 1.349 Net movement in fvndg io 136,628) 15,749 20.348 (531) {11,536) R¢¢onellEadon of fund5: Futtd balances #t 29 F¢bn]ary 2024 J05,485 148.461 253,946 265,482 Fund ballltttes at 28 Febru4ry 2025 68,857 15.749 168.809 253,415 253,946 The 5tAtement of finall¢al a¢tiviti¢s includes gains aod losses recogDi%d iD the year. All incorae and exp¢uditUT¢ derive from continuing activities. page 5
THE FLETCHERS TRUST STATEMENT OF FIIYANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR EIVDED 28 FEBRUARY2025 Prior fin4nci#l year Unrestrieted EDd•Thinent fknd5 2024 Total 2024 2024 T4otes Income and end0wmets tTOm: Donations and legaci¢s Investm¢ntS Otb¢rittcomc 43.834 2.834 748 2.210 1980 46.044 5,814 748 Totsl ineonte attd endTrwments 47.416 5,190 52,606 ExpeDdlmre on: Charitable activities 68.761 68,761 Totgj expelldllure 68,761 6S.761 Net gaittsl(105ses) iskvestmenfs 13 1,049 3,570 4,619 Net Incomel{eelld1thre) (20.2961 8.760 (11.536) Transfers between funds 5,000 15,000) Net movement ID fllnds io (15.2961 3,760 (11.536) Reton¢TliatiO of funds: Fund balances ai l March 2023 120.781 144.701 265,482 Fond bglanc¢5 at 28 February 2(124 105,485 148.461 253,946 page 6
THE FLETCHERS TRUST BALANCE SHEET ASA T28 FEBRUARY2025 2025 2024 otes Flxtd Sets Inv&%1clS 15 229,957 213.926 Cmrrent assets Debiors Cash at bk and in halld 16 15,918 10.541 43,021 26,459 43,021 Credltors: fglllDg de wlthln one yeAr 17 (3.001) (3,001} Net ¢urreDt assets 23.458 40,020 Total assets less currtllt liabililles 253.415 253,946 The funds of the trust Et>dowffl¢nt funds Restricted income fijtsds Utjrestrietrd funds 18 19 20 168,809 15.749 68,857 148.401 105,485 253,415 253.946 The fill&ncial m¢nts were approved by thc trustees on.. Amcmillall Tru9teo page 7
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUAR Y2025 Aeeountlng pomcles Ch#rity Information The Fletchers Thjst is & charitable thst. The re815tered office is 36 Greenhurst Drsve, Etsst thinstead West Sussex, RH19 3NE. l.l Atc•untlng ¢oavettiion Th¢ financial ststemet)ts have be¢n pr¢pared irl accordance wjtb the tN5t's trust dced. the Choritie5 Act 2011, FRS 102 -The FitLaAcial Reportiu¥ Stattddrd applicabl¢ the UK alld Republic of Ireland" I'FRS 102,) attd the ChaTit1¢5 SOR "Accounting and Reporting by Charities.. Statement of Recon]ended Pralee applicable to charities preparing their a¢¢outtts ill accordartce with the FiDaD¢id Reportillg Stsndard applicable the UK 8lld Republic of Ireland IFRS 1021" (cffective l Jalluary 20191. The tnjst is a Publsc Benefit Entity as defined by FRS 102. The trust ]Ms taken Edvalltage of th¢ provisions iti th¢ SORP for c]witi¢s to prep a Statement of Cash Flows. The farcIal siatemettt8 bave departed from the ChaTities (Accounts and Reports) Regulation5 2008 only tu tbe extent rquired to providc a true and fair view. This depaffle h&s involvEd following the Ststement of Recomm¢ndd Practice for ¢tLarittes applyitig FRS J02 rath ibe versioll of ihe Statellleat of ReEommended Pr&cti¢e whi¢h is referr¢d to in th¢ RegulatitsJJS bui which has $ince been withdrawn. The financial $teMentS are prtportditt sterlirsg. whi¢h is the function81 currency of the trust. Monetary amounts iTrth¢se fillan¢ial statements are routtded to the neatf5t £. The financial statement6 have been prepared und¢r the histori¢al cost convention. The principal aGcountittg policies Adopted are set out below. 12 Going ¢ontern At th¢ tim¢ of approving the fi]Mttcial 5taterncuts, the trustees bave a reasonable expeaatiorl that th¢ trust b3s adequate 1¢50urces to contirtue itt operdtioTwI wi$tence for the foreseeable fvt. Thus the tTUSt¢¢5 Eontinbe to adopt the going ncern basis of accounting ID pr¢pariag the ¥LqLemeDts. 1.3 Charitable fllnds Unrestrict¢d funds are av&i13bl¢ for at the discrEtion of the tn15t¢es IA fijrtherance of their charitsble obje¢tive$. En(lowmellL funds arc 5ubj¢ct to 5pecifiG codiOnS by dollois thai the capitsl mwstbe keptby th¢ tr51. 1.4 Income Intome is rccogni%ed wben the ttusl is legally etttAtled to tt after perfomance condrtioRS httvc beett me¢ the arftounts canbe measud reliably. and li is probable that income will bc Ctived. C&8h donations are recogni5cd on rtteipt Oth¢rdollHtions are recogtused once tbe tTUSt has been notified of the donation, unless performance Londitions require deferral of th¢ amouElt. Income tsx te¢ovcthle r¢l&tion to donations r¢c¢iv under GiftAid or deeds of Goyetjant is recolsed ai the timc the ¢lain) 18 Jn&de. L¢ga¢i&s are recogni8ed OD receipt or otherwise if the thjst has b¢en Dotifjed of an imp¢Hding distribution. the amount is known, ao4 receipt is expected. Ef the aOunt Is notknown. th¢ legacy is treated &8 a contillg¢Dt gs$¢r. Dividends are reco8ttiscd %4Jcn th¢ dividend is d¢¢l8r¢d alld wheFJ th¢ trLJSthas tsotified by the investtnentadvisor. pag¢ 8
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE IEAR ENDED 28 FEBRUAR Y2025 Atcounting polities Icontknued) Its Expendlture EKpcnditure is recognised once there is a leg2J orcoll5trnctive obligation to trall5fer economic benefit lo a third party It is prob2ble that a transfcr of cconomic bellefits will iy r¢quired in settlement. and the amount Of the obligation can be measured reliably. pcnditure is classified by activity. The tost5 of each a¢tivity are m8de up of thc totsl tsf direct ¢Dsts and shared costs, iDcludio¥ sup)x>n eo$ts illvolved in utLd¢rtakiti8 each activity. DiTrct costs attributable to & single activity are allecat¢d directly lo that activiry. sh91 costs which contribute to Tnorc th2n one activity 8nd support ¢05ts which are not atttibutable to a single activily are apporLioned b¢twe¢n those activitie5 OL a b8sis consslettt with the use of resour¢¢s. Central staff costs are allotated on thc basis of time spent, 8T deprecidiion Charges are allocated on thc portion nf the asset's use. 1.6 Fixed asset Investments Fixed asset investmetits a initially measured at rrsttwction pritt excluding transaction costs, are sub5¢quently ]neasured at fair value at &2ch TEPOrtin8 ddte. Ch&Dges ill fail value are recogtii5ed in net incomel(expenditUTel for the year. TiRll5aGtiOJF costs arecxpensed as 1llcurd. 1.7 Cash e*sh equIVc4 Cash alld cash equivaleDIs includ¢ cash ill hand, deposit5 he141 at call with baDks. otheT 5bon-tern) liquid iDV¢Stments original maturities of tIee month5 or less, and bank overdraft5. Ba]Jk overd£afts are showu wsthiD botsowings in ¢utreDt 1.8 Financial iDstrument5 The trjst bas ¢leGttd to apply tb¢ provision$ tsf Scctiott El 'Ba5ic Finatteial [UstNents, aud Section 12 '0thei Financial lttstrumcnts Issues, of FRS ID2 to all of its finalleia] itistrLunents. Financial instrutnents ate TECO8nised in the tn]st's balaTLce sheet when the tsILgi beCollS p8ry to the contractual provisions of the inslrumeni. FinancA8J 8ssets and liabilities are offse( with the nei 2mowJts pented i)) the finan¢iaJ ststementy when ther¢ i5 a l¢gally errforceable rigbt lo set off the recogtiised Mn]ounts and there is an intcJJlioD to settle on a net basis or to realisc the asset and s¢ttle the liability simultslleollsly. Btulcflnn¢ll Iets B2si¢ fi[]claI a&set%, which include debtors and cash and bank ba12ttc¢s, are initially tn¢asured at transaction price including transa¢tion costs and Mr¢ subsequently carried at 8mortised cost using the effective int¢rest method lle&s the arrnngemcnt consrinjtts E financing rrhnsaction, wh¢ the tr8n$8¢tioD is Measurel ai the westnt value of rhe fyture receipts discounted at a market r4t¢ of ittteresL Financial assets ¢lassified as r¢ceivabl¢ withtn one ycar are not amortise(L ILFicfinanciol I1bIlitieS Basic financial liabilities. illcluding ¢reditors and bank loans are inTtially recognised at tIallction Price unless the arrangemcnt ¢onstitut¢s a findll¢in8 traDsaLtiOrt, where the debt instnltncllr is measured at the pffs¢nt value of the future paym¢nt$ di5couatcd at a ttwkct rat¢ of interest. FartC1 Itabilities tlÈssifi¢d as payabl¢ within one year 8re not nortisc DerecogRitioM oJJLtyallriAI liabiliiies FittattGial liabilities are dereco8Thised when the injst's tA)ntractual OblitiO5 expire or &r¢ discharged or canccll¢d. page 9
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y2025 Critic#1 •ctouuting estimate5 andJudgemen¢$ En the application of the ttwt's a¢¢ountiDg policies. the tsustees are requifftl to make judgcments, estimates and sumpliolls gbuut dt¢ carryillg atllouttt of assets Ijabtlitics that are llot readtly apparent from other sources. Th¢ eslimatcs 2nd associated assumptions are based on bistorical experience and other factors that are con$ider¢d to be r¢levanL Aclud Fe5uIts n]ay differ from thes¢ estimates. The estitnate5 and underlying assumptions are reviewed on an ongoing knis. Revisions ts) accounting estimates are reco)ISed ill tbe period in whi¢h ttke estitnat¢ is r¢vi5ed where th¢ revision affects ollly that period. or the period of the revisioll fiU[C periith where the revision aff¢¢ts both ¢urrent and firturc pcriods. Criti¢al judgements Investment valug4tlon Valuanon of ittvesnnettrs at mwket value. based on calculation by the investtnettt fvnd maTvdg¢r. The Tnvcstsnents held are 8115hares listwj ot% a [ogniSed stock exchange and h4v¢ an easily Edentifiable market value. IDcome from donAtions and legatl U]Ere8tt4eted fvnd$ 2025 Restrf¢ted funds 2025 EndoivmeDt ds 2025 Totsl 202S Donations gtn5 55,088 15.749 8.327 79.164 attd gifts Donations GiftAid 41,525 13 J6J 15.749 6,277 1050 63.551 15,613 55.088 15,749 8.327 79,164 Unrestdct&l fvnds Re$trl¢ted ttd5 Totsl 2024 2024 2V24 2024 Donation5 gifi5 43.834 2,210 46,044 Donadons glfts Donations GiftAid 40.138 3.696 2,210 42.348 3.696 43.834 2,210 psge 10
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATElENTs (cONTlED) FOR THE YEAR ENDED 28 FEBRUAR Y2025 Incorne from Investments UDrestrl¢ted EDdowmeDt tiEllds fuDd5 2025 2025 Total Unrestricted EndoTrinent ruuds funds 2024 2024 TotAI 20ts 2024 Income froryl IEsled investtnents Interest receivable 1.728 981 2,439 1.391 4,167 2.372 2,129 705 2.847 J33 4,976 838 2,709 3.830 6,539 2,834 2.980 5,814 Oth¢r income Unrestricted Unrestrl¢ted fttnd5 fuDd$ 2025 2024 Misce118neou5 6al¢8 15 748 Expenditure on ra151ng fund9 Unre5trlcted Unre$tri¢ted fttuds fund5 2025 2024 Fuodralslng 4nd publtclty Staging fijthising events 1412 Expendltsre on ¢b4rltable actitIes Gr#nt glvlng Grant ghing 21125 2024 Dlrect Costs Spvllsot3bipB 1,603 Grant fijttding of acliviue5 (se¢ note 81 83268 60.152 Share of Support govenJ#nce tosts (see Dote 91 Ovvernatt¢¢ 10.444 8.609 95,315 68.761 Analysts by fund Uur¢slrict fid$ 95.315 68,761 page 11
THE FLETCHERS TRUST IOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 28 FEBRUAR Y2025 Gr&nts payable Grant givlng Gr#llt glvlng 2025 2024 Grants to 17 indivtdua] arcbers {2024.. 161 Grants to InStitiOnS for the disabled Grants to othet Instituti%S 12 J02 59,166 11,800 14,056 33,981 12.115 83.268 60.152 Support ¢ts ÈUo¢ated to &ctlvlties 2025 2024 Govemant¢ costs 10,444 8.609 ADgIysed betFYeen: Graot ving 10,444 8,609 2025 2024 GoverThathce costs tOmPri5e: Independenr examination fe¢s Investelli mallager Administr&tio 3.900 3204 3,340 3,000 2,971 2,638 10,444 8,609 IO Net movement funds 2025 2024 The net movemellt in fulld8 IS stated after charg(credItIogI'. Fees pyable forthe ittdep¢[et cxamiDalion oFthe dwity'5 statements 3,900 3,000 11 Trustees Noll¢ of the ttwt¢¢s (or any persotL5 connected with them) received ally reLerall0ll or benefits from the trllst during the year. 12 ETnplDyee8 The &vera8c monthly number of employees duting the year w88: 2025 Number 2024 Nwmber Totat pag¢ 12
THE FLETCHERS TRUST NOTES TO THE FllNANcL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y2025 13 GalR$ and losses on IDvestment5 Unrestrict¢d EDdoATheni fllds fuuds 2025 2025 To¢•1 Unre5ttIcted Efjdowment funds (und$ 2024 2024 Total 2025 Gain{loSSeS) arisio8 on.. 2024 Revaluation of irlvesknents Sal¢ of inV¢Sents 6.105 737 10,149 .329 1.694 (645) 674 2,896 592 2,368 2,251 4,636 6,842 11,478 1,(149 3.570 4.619 14 TaxAtIo The charity is exempt from twtioj) OD its &Ctiviti¢s beCaSe all its income is applied forcJJAritsble pu0$¢5. 15 Flxed 2sset IDv¢stmtnts Ltsttd Inve8tents Cs$h In POTrfoliD Total Cost or valulltion At29 February2024 Additions Valuation ch8ng¢5 Movement Disposals 208,153 20,941 10,149 5.773 213,926 20,941 10,149 (4011 114,6581 {4011 (14,658) At 28 February 2025 224,585 5,372 229,957 Carrying amount At 28 Febttwy 2025 224,585 5,372 229,957 At 28 February 2024 208,153 5,773 213.926 Hi5toric&l cost.. 2025.. £184,578 2024.. £170.471 There were no iav¢5tments held 8t thc year elld which wer¢ valued at over 5Vo of th¢ port£oIio'5 loial llwket valu¢. 16 Debtors Amounts falling dkne one year: 202S 2024 Other debtws 15,918 page 13
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 28 FEBRUAR Y2025 17 Creditors: (alling due 111 one year 2025 2024 Acauals 3,001 3,001 18 Endoryuent funds Endowment fimds represent assets wbickn must held permanelltly by tbe trust. ]ncom¢ arising oll the eudowmeni fijnds can be u5¢d in aLYord#nce with tbc objects of th¢ tnjst 2nd ?s incJ)Jded as unrestiyrted inconJ& AJ)y capital gains or losses arisEng on tb¢ 455ets form part of rhe fim¢ At 29 F¢brn#ry 21124 IDcomlng resourees Tr&nsfrrs Gxill5 and At 28 February lo$se5 2025 Penllllent endowweDts Trusi for Investment Unapplied Totsl Return 131,734 16.727 ,327 3,830 4,017 (2,6681 144,078 24,731 6,842 148,461 12,157 1,349 6,842 168,809 Prevlous Yr. At 28 February 2023 Transfers G#in$ and At 28 February los$es 2024 resourc P¢rm¥nent endowments TTUSt for Investsneut Unapplied Total Rets]rn 134.524 10.177 2,210 2.980 (5,0001 131.734 16.727 3,570 144,701 5.190 (5,ffl0) 3,570 148.461 The Ttwst has ailopt&l a'Tottl R¢turn Apptoacb, under whi¢b the pernanerttly endowed funds are inv¢8led to produce att investment retum withow regard to whethcr that return is in the fornt of incom¢ {sucb as divide[$ or sntere$tl or capiial appreciation. The iDveslmeDt retUEn tomts a compon¢trt of th¢ Endowcd FuTrd kDOW as th¢ Vnapplied Totsl Return,. Tbe trllstees then peri{l¢allY determill¢ how much tsf the Unapp11 Total Rettwn 15 releas to lllcome for spending and how mu¢h is retained for investtnent as componettt of thc End0enL Th¢ Elldowment Futtd accordingly has two distinct compotteTJts= the value of tbe orinl and any subscquent gifts ma(k to the capital of the endowtnent (which cannot be sp¢iitl.' tcmjed Trust forIttvesttncttt'. the accumulated inv&stsnent Teturn5 frorn the investrnent of the elldowrneJJt, l¢$s any atnounts which have been allocated to incomt.. ternied Un9pplied Total Rcturn,. page 14
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR E]VDED 28 FEBRUAR Y2025 19 RestrAeted funds Th¢ T¢stricted fdS of ihc chlty conwris¢ the Ull¢xp¢fjd¢d b&lances of donations and graJ)ts h¢ld on trust subject to Specific conditiolls by donors as to how they tnay be usa. At 29 F¢bruary 2024 Incomffing At 28 Februarv re50urce5 2025 Crdft Guild Fuk 15,749 15,749 The Craft Guild Fund r¢late8 to donations received to be used towards the preservation 511PPOtt of the trndilional ¢taft of tl¢icbing Unrestricted fulld$ Th¢ unrestricted fimds of the Charity comprise the UDexpelldd balance$ of donations snd 8rant5 which 2r¢ not5ubject to specifjc coudition5 by dottors and tOrS as to how tbey may be used. These snclude desigD8t¢d futtds wbi¢kn bave b¢en sct aside out of unrestricted funds by the tNste¢s for specific putpose& At 29 Februarv 2024 lllcomivg resources Res0ree5 expended TrAn$fers Gain$ 2nd At 28 February losse5 2025 General funds 105,485 57,812 197,7271 11,3491 4,636 68.857 Prevlous ye*r= At 28 Febrnary 2023 IncomÉn resources Resouree5 expended TraH5fers Gatns and At 28 February losses 2024 GeefUlld8 I20,78I 47.416 (68,76LI 5.000 105.485 21 ADaly515 of net gS5ets between funds Unrestrltted funds 2025 Restricted fuDd$ 2025 Total Ttds 2025 2025 At 28 February 2025: 91.740 (22.883) 138,217 30.592 229,957 23,458 cU¢t &s$¢r(l8bili1Ies) 15,749 68.857 15,749 168.809 253,415 P88¢ 15
THE FLETCHERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 28 FEBRUAR Y21125 21 ADalysls of net a$5ets betwten fuod5 {Contiuued) UnregtrR¢ted fund 2024 Re5trI¢¢ed fitnds 2024 Endowmtnt funds 2024 Tot91 2024 At 28 February 2024: Inv¢5Un¢ttt5 c1 asset&l(li8bilitic51 86.217 19,268 127.709 20,752 213926 40,020 105.485 148.461 253,946 Related party trgn$4CtIoty$ There war tLO di¥closable relat¢d party traDsactions duTiDg the ye4r12024- Done). page 16