2024-03-31-accounts

THE crry CHARITY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Charity Registration No. 259420 KNOX CROPPER

THE CITY CHARITY TRusr CONTENTS Page REFERENCE AND ADMINIsfR4TIVE DEfAILS TRusfEES' REPORT INDEPENDENT AUDrroR'S REPORT ATEMENf OF FINANCIAL AcfIvtrIES BALANCE SHE CASHFLOW ￿ATEMENT io NOTES TO THE FINANCIAL sTATEmE￿s 11-17

THE CITY CHA￿ TRusr REFERENCE AND ADMINISTRATIVE DEfAILS Charity Number 259420 Trustees Alastsir John Calvert Collett Ellzabeth Ann Neale Principal Address One Bartholomew Close London ECIA 7BL Auditors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers Metro Bank One Southampton Row London WCIB SHA Solicitors Broadfield Law UK LLP (formerly BDB Pitmans LLP) One Bartholomew Close London ECIA 78L Investment Managers Charles Stanley & Co Limi￿1 55 6i5hopsgate London EC2N 3AS

THE CITY CHAIUTY TRUST TRusfEES' REPORT YEAR ENDED 31 MARCH 2024 The Trustees of the charity p￿ent their statutory ￿pOrt t&Jether with the accounts of The City Charity Trust ("the Trust") for the year to 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 11 to 13 of the attached accounts and comply with the Trust's Trust Deed, applicable laws, accounting standards (United Kingdom Generally Accepted Accounting Practi￿) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102). INTRODUCTION The Charity was C￿ated by Deed dated 26 July 1969 aThJ is estsblished as a grant maklng trust. The Trustees normally make donations to other registered charities. The scope of their giving is determined by the extent of their resources,. it is not restricted either geographically or by the type of activity carried on by the respective beneficiaries. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POUCIES Artlvities and speclfic objectives The Trust's charitable objertive as expressed in its charitsble objects is: "For the benefit of such charitable institutions or objects as the Trustees shall in their absolute discretion from time to time determine." The Trust carries out these objects by funding organisations identified and suggested to the Trustees as active in the field of the environment, arts, health and humanitarian need. Objectives and activities for the publlc benefit The Trust's sole activity is making grants to charitable organisations, fulling their aim to help people and the society they live in. The Trustees have confirmed that they have referred to the guidan￿ contained In the Charity Commission's general guidance on public benefit when reviewing the Trusvs aims and objectives, managing the Trusvs assets and considering applications for financial assistance. The Trustees are confident that their public tenefit duty is fulfilled. The Trustees also consider that there is no detriment, harm or private benefit that arise5 from carrying out the charity's aims. The Trustees are in correspondence with all of the organisations that the Trust support5 and we rece1ve confirmations from all recipients of our grants to ensure that our grnnts deliver public benefit. We ensure the public benefit is met by reviewing the activityes of the recipients of our support. Grant making policy and alms The Trust ha5 established its grant making policy to achieve its objects for the public benefit to seek organisations which improve the quality of people's lives. In order to award funding, the Trustees carry out research as to which organisations have the impact.

THE CITY CHARITY TRusr TRusfEES' REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Revlew of activities In the year, the Charity received legacy donations of £3,476,922 (2023: ENil) and grants of £44,000 were awarded (2023.. £Nil). Incoming Resources The total incoming resour￿ in the Unrestricted Fund for the year ended 31 March 2024 were £3,552,071 {2023', £5,634). Expenditure Resources of £78,196 were expended during the year (2023: EI,5091. Charitable management and administration costs were £14,86812023: £Nil). Charitable grants of £44,000 were committed during the year (2023: £Nill. Governance costs were £4.920 (2023: £Nil) and costs of raising funds were £14,408 12023.. £1,509). FINANCIAL REVIEW Results for the year The Trustees are satisfied with the financial w)sition of the Tharity and confirm that they have adequate assets available to fulfil their obligations. Cash held at the year end was £72,831 (2023: £2,144). Investment values have increased by £326,025 (2023.. decrease of £10,847). Detai15 of the movements are shown in note 7. Total Funds have increased by £3.799,900 (2023: decwse of £6,722). The Statement of Flnancial Activities shows the movement in detsil. Reserves Pollcy and going concern Funds in the Unrestricted Fund are kept to the minimum necessary for the operations of the charity to continue uninterrupted. When necessary unrestricted funds are supplemented by transfers from the Expendable Endowment. It is not envisaged that there will be future commitments that exceed future income on an annual basis therefore the Trustees are happy with the current reseNe level. The Trustees are of the view that the trust is a going COn￿r￿. Investment pollcy The Investment advisors are instructed to invest in a portfolio which will provide the optimum yield by way of capital appreciation and income conslstent with reducing risk to a minimum. GOVERNANCE, STRucfuRE AND MANAGEMENT Appointment of Trustees and Trustee indurtlon and training The Trustees are appointed in accordance with the term5 of the deed dated 26 July 1969 and have the appropriate knowledge and expertise to manage and administer the Charity. The Trustees have complied with the duty to have regard to guidance issued by the Charity Commission. New Trustees are briefed on their legal obligations under charity law, the Charity Comrnis5ion guidance on public benefit, informed of the contents of the deed, decision-making processes and recent financial performance of the Charity. Before tsking on the role they meet key advisors and other Trustees. Trustees are encouraged to attend appropriate extemal training events where these will facilitate the undertaking of their role. Risk rnanagement The Trustees have identified the major risks applicable to a trust of this nature and tElieve that appropriate action has been taken to mitigate these risks. The Trustees will continue to keep the adequacy of the systems under review.

THE CITY CHARITY TRusr TRusfEES' REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024 GOVERNANCE, sfRUCtURE AND MANAGEMEMf (CONTINUED) statement of Trustees, responsibilities The Trustees are resFK)nsible for preparing the Trustees, rep)rt and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A￿pIed Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a ttwe and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that peric•J. In preparing these accounts, the Trustees are required to: select suitsble accounting policies and then apply them consistentty: obserye the methods and principles in Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); make judgements and estimates that a￿ ￿sOnable and prudent; state whether applicable Unrted Klngdom accounting stsndards have been followed, subject to any material departures disclosed and explained in the accounts; and p￿pa￿ the accounts on the going con￿rn basis unle55 it is inappropriate to presume that the Trust will continue in operation. The Trustees a￿ responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the governing documents. They are also reswnsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and (ktertion of fraud and other irregularities. PLANS FOR THE FUTURE The City Charity Trust aims to cement relationships with the reclpients of grants whilst malntsining an c mind to support other organisations with our charitable objectives. Signed on behalf of the Tnjstees: Trustee Trustee Alastair Collett Elizabeth Neale Approved by the Trustees on................ -.2025

THE CITY CHARrrY TRusr INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARrtY TRUST Opinion We have audited the financlal statements of The City Charity Trust (the'chaTityJ for the year ended 31 March 2024 which comprise the statement of financial acttvities, the balan￿ sheet, the statement of cash flows and note5 to the financial statements, including a summary of significant accounting policies. The flnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial ResX)rting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prattl￿). In our oplnion, the financial ststements.. give a true and fair view of the state of the charivs affairs as at 31st March 2024 and of its incoming sources and application of ￿sOUrceS for the year then ended. have been properly prepared in accor(knce with United Kingdom Generally Actrpted Accounting practi￿,. and have been p￿pared in accordan￿ with the Charities Act 2011. Basis for oplnlon We conducted our audit in accordan￿ with International Standards on Auditing (UK) (ISAS (UK)) and pplicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in accordance with the ethical ￿qUirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the athjit evidence we have obtsined Is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going con￿rn basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not NJentif￿d any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue a5 a going concern for a Feriod of at least tr4elve months from when the financial statements are authorised for Issue. Our responsibilities and the ￿￿nsIbIlitieS of the trustees with re5￿t to going contrrn are described in the relevant sections of this report. other informatlon The other information comprises the infomlation included in the annual report, other than the financlal statements and our auditor's retLJrt thereon. The trustees a￿ resp)nsible for the other information. Our opinion on the financial statements not cover the other infomiation and we do not express any form of assurance conclusion thereon. In connettion with our audit of the financial ststements, our responsibility is to read the other information and, in dolng so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheMise appears to te materially misststed. If we identify such material Inconsistencies or appa￿fit material misststements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have ttrfomied, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have r￿thIng to report in this regard.

THE CHARITY TRusr INDEPENDENT AUDITOR'S REPORT TO THE TRusfEES OF THE crry CHARrtY TRusr Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2CK)8 require us to report to you if, in our opinion.. the information given in the financial ststements bs inconsistent in any material respect with the trustees, report,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not r￿1Ved all the information and explanations we require for our audit. Responslbilltles of trustees As explained more fully in the tnJstees' responsibilities Statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for teing satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to er¢able the preparatlon of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assesslng the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to th so. Auditor's responsibilities for the audit of the Ilnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan￿ with the Art and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable asSuraTr￿ atout whether the finanoal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assuran￿, but is r￿t a gL*arantee that an audit conducted in accordan￿ with ISAS (UK) will alway5 detect a material misstatement when tt exists. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial Statements. Irregularities, Includlng fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with ovr ￿SponSibl11t1e5, ouuined alx)ve, to detect material misststements In respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraL￿ is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charty and detemiined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities, {SORP), in accordan￿ with the Financial Rewrting Standard applicable In the UK (FRS 102) and the Charities Act 2011. We understocxj how the Charity is complying with those frameworks via communicatlon with those changed with governance, together with the review of the Charity's documented pollcies and procedures. The Charity is required to comply with charity law and, based on our knowledge of Its artivities, we identified that the legal requirement to accurately account for funds receivable and to award grants in furtheran￿ of the charity's objectives were of key significan￿.

THE CITY CHARITY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CITY CHARITY TRUST

Auditor's responsibilities for the audit of the financial statements (Continued)

• The audit team, which is experienced in the audit of charities, considered the Charity's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override of controls.

• Our approach was to check that the income from legacies and donations were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We confirmed the movements on the investments and the bank accounts. We also reviewed journal adjustments and unusual transactions for management override and considered the identification and disclosure of related party transactions.

There are inherent limitations in the audit procedures described above and, the further removed non­ compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report or for the opinions we have formed.

Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD

28th January 2025

Knox Cropper LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE CITY CHARITY TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 Notes Flxed assets Envestments 3,554,428 152,648 Current assets Debitors Cash at bank and in hand 382.689 72,831 2,144 455,520 2,14VI Credltors: amounts falling due withln one year io (55,256) Net Current Assets 400,264 2,144 Total assets le55 current liabilities £3,954,692 £154,792 Income Funds Unrestricted funds Expendable Endowment Fund li 483,066 3,471,626 30,616 124,176 £3,954,692 £154,79- The financial ststements were approved by the Trustees on ............... ... .2025 Trustee Trustee Alastair Collett Eliza1￿th Neale The notes on pages 11 to 17 form part of these financial statements.

THE CHARrtY TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Notes Net Cash Provided by (used in} Operatlng Artlvities Cash flows from investing actlvities: Dividends and interest from investments Proceeds from sale of investsnents Transfer of Investments Purchase of Investments 3,071,293 (3,669) 75,149 2,443,235 (3,049,465) 2,469,525 5,634 12,814 Net cash provlded by (used in) investing activities {3,000,606) 1,795 Change in cash and cash equivalents in the reporting period 70,687 (1,874) Cash and cash equivalents at the beginning of the reporting period 2,144 4,018 Cash and cash equlvalents at the end of the reporting period £72,831 £2,144 Reconciliation of net incomel(expenditure) to net osh flow from operating actlvltles 2024 2023 Net income/(expenditure) for the reportlng period: {a5 per statement of financial activities) {Gains)IL055es on Investments Dividends and interest from investments (Increase)Idec￿a$e in debtors Increaselldecrease) in creditors 3,799,900 {326,025) (75, 149) {382,689) 55,256 (6,722) 10,847 (5,634) 2,160 Net cash provlded by {used In) operating activities E3,071,293 E(3,669) Analysis of changes in net funds At 0110412023 Cashflows At 311312024 Cash at bank Investment Manager 1,292 852 51,468 19,219 52,760 E2,144 £70,687 £72,831 10-

THE CITY CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Charity Information The City Charity Trust is an unincorporated Trust. Its prinapal place of business is One Bartholomew Close, London, ECIA 7BL. l. l Accounting convention The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities.. Statement of Recommended Practice applicabFe to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land (FRS 102} {effertive I January 2019) and the Charities Act 2011. The financial statements have ￿en prepared to give a 'true and fairf view and have departed from the Charities (AccoLtnts and ReF¥)rts) Regulations 2008 onty to the extent required to provide a 'true and fairf view. Thi5 departure has involved following Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and rather than the Accounting and Reporting by Charities: Statement of Recommended Practlce effective from l April 2005 which has Sin￿ been withdrawn. The financial statements are prepared in sterling. whlch is the functional currency of the Charlty. The financial statements have been prepared under the historical cost convention, with items recognised at cost or transartion value unless otheTrvise stated in the relevant notes to these account5. 1.2 Going concern At the time of approving the financial statements, the Trustees have aJeasonable expectation that the Charity has adequate r￿oUrceS to continue in operational existence for the foreseeable future. The Charity is not a funC￿nal Charity having staff and overheads but makes grants and donations from its investment income. The Trustees have assess￿1 whether the use of the going con￿rn assumption is appropriate In preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The Trustees of the Trust have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees are of the opinion that the Trust will have sufficient resour￿ to meet its liabilities as they fall due. 1.3 Charitable funds The Expendable Endowment Fund is the Capitsl Fund of the Charity and represents the original investments, subsequent receipts, and subsequent gains and losses thereon. The Endowment 15 not pemanent as the Trustees may apply these funds at their discretion. The Unrestricted Fund is the General Fund which is available for use at the discretion of the Trustees in furtheran￿ of the general objectives of the Charity and which have not treen designated for other purposes. 1.4 Incorne Income is recognised On￿ the Charty has entiuement to the income. It is probable that the income will be re￿ived, and the amount of income receivable can be meaSu￿d reliable. All income is stated gross of any ex￿nditu￿. 11

THE crry CHARITY TRUST NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (CONTINUED) 1.4 Income (continued) Legacies and Donations are recognised when the Trust has confim￿tion of ix)th the amount and the settlement date. In the event of donations pledged but not re￿ived, the amount is accrued for where the re￿Ipt is considered probable. In the event that the donation is subjert to conditions that require a level of performance before the Trust is entIt￿d to the funds, the income is deferred and not recognised until either the conditions are fully met, or the fulfilment of these conditions are wholly wlthin the control of the Trust and it is probable that these conditions will be fulfilled in the reporting period. Dividends are recognised On￿ the dividend has been dedared and notification has been recelved of the dividend due. Interest on funds held on deposit is included wI￿n receivable and the amount can be measured ￿lIablY by the Trust,. this is nomially uwn notificatFon of the interest pahl or payable by the bank. 1.5 Expenditure Expenditure is recognised once there is a legal or construrtive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Ex￿ndItUre comprises the following: a) Expenditure on raising funds includes fees paid to investment managers in connectlon with advi on and mar¢agement of the Trust's listed investments. b) Ext￿ndItu￿ on charitsble activities comprises grants payable. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related condition5. Grants approved and communicated but not paid at the end of the financial year are accrued for. Grants where the IRneficiary has not tseen infomied or ha5 to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the accounts. All expenditure is statement inclusive of irrecoverable VAT. 1.6 Allocation of support and governance costs Support Costs represent indirert charitsble expenditure. In order to carry out the primary purpose5 of the Trust it is necessary to provide supp)rt in the form of administrative services. Governance costs comprise the costs involving the public accountsbility of the Trust (including audit Costs) and costs in resFett of its Complian￿ with regulation and gcxjd practi￿. Support costs and governan￿ costs a￿ apwjrtioned directly to the one charitable activity, 1.7 Flxed asset investments Investments are a form of baslc finanoal Instnjment and are initially recognised at their transartion value and subsequently measured at their fair value as at the balance Sheet date using the closing quoted market pri￿. The Ststement of Financial Activities includes the net gains and losses arising on disposa15 during the year and fair value adjustments at the year end. 1.8 Taxation The City Charity Trust Is a registered Charity and is not liable to income or capitsl gains tsxes on its present artivities. 12-

THE CITY CHARITY TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (CONTINUED) 1.9 Debtors Debtors are ￿OgnISed at their settlement amoun¢ le55 any provision for non-recoverability. Prepayments are valued at the amount prepaKI. 1.10 Cash at bank and in hand and short terni dep051ts Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. De5X)sits for more than three months but less than one year have been disdosed as short temi deposits. 1.1 I Creditors Creditors are recognised where the Charity has a p￿sent obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are usually recognised at their settlement amount. 1.12 Critical accountlng estlmates and areas of judgement p￿paratiOn of the accounts requires the Trustees to make significant judgements and estimates. The item5 in the accounts where these judgements and estimates have been made include income recognition. DONATIONS AND LEGACIES 2024 2023 Legacies £3,476,922 A significant legacy was recelved by the Charity during the course of the year. INVESTMENTS 2024 2023 Income from listed investments Brokers interest 73,935 5,634 £75,149 £5,634 CHARITABLE ACTIVITIES 2024 2023 Grants (4.1) Support costs14.2) 44,000 É63,788

THE crry CHARrrY TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CHAIUTABLE ACTIVITIES (CONTINUED) 4.1 Grants payable Grants during the year comprise: 2024 2023 ARC Children's Hospi￿ South West Exmoor Trust Farms for City Children Hackney DooNays Homestart West Somerset League of Minehead Friends The Ninehead Hope Centre Trust Society for the Relief of Distress The Somerset Fund Somerset Wildlife Trust West Somerset Foc•d Cupboard 3,000 5,000 5,000 3,000 3,000 3,000 5,000 3,000 3,000 5,000 3,000 3,000 ÉH,0 4.2 Support Costs The breakdown of supp)rt costs is shown in the table ￿10￿ whlch indude governance costs of £4,920. 2023 2024 Legal Fees Audit fees 14,868 £19,788 TRUSTEES AND RELATED PARTY TRANSACtIONS Both Trustees Alastair Collett and Elizabeth Neale are Partners at BDB Pitmans LLP to whom legal fees were paid arnounting to £14,868 {2023: £Nill for seNices provided to the Trust. The Estate of Sheila MacPherson from which the legacy was receivable in the year (£3,476,922) was managed by BDB Pitmans LLP with Alastair Collett acting as joint executor under the will. Neither of the Trustees received any remuneration or reimbursement of expenses in either the current or the previous year. EMPLOYEES There were no employees durrng the year or the previous year. 14-

THE ￿ CHARrrY TRUST NOTES TO THE F114ANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 FIXED ASSET INVESTMENTS 2024 2023 Movement in Investments Market value as at l April 2023 Transferred Investments Additions Disposals Realised gainslllosses) Unrealised gains/(losses) 152,648 3,049,465 2,469,525 (2,443,235) 55,563 270,462 159,656 16,653 (12,814} 1,816 (12,663) Market value at 31 March 2024 £3,554,428 £152,648 Cost at 31 Marth 2024 £3,263,393 £145,664 Quoted Investments with more than 5% of market value, which are considered to be material (2023.. None). 0/0 7.00 6.43 Value 249,000 228,698 F&C Investment Trust GBP 0.25 Fidelity American W ACC The carrying amount of financial assets measured at fair value through income and expenditure within investments is £3,554,428 (2023.. £152,648) DEBTORS 2024 2023 Estate of Sheila MacPherson HMRC Overpaid Taxation Investment Income 366,522 2,416 13,751 É382,689 CASH AT BANK AND IN HAND 2024 2023 Metro Bank Account Charles Stanley Account 52,760 20,071 1,292 852 £72,831 £2,144 15-

THE CITY CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. CREDITORS: amounts falllng due wlthln one year 2024 2023 Legal fees Audit fees Grants 6,336 4,920 44,000 55.256 11, RESERVES Expendable Endowment Unrestricted Total 2024 Balance Brought Forward At l April 2023 Income Expenditure Gains/Losses on Envestments Transfers Between Funds Balan￿ Carried Forward At 31 March 2024 124,176 30,616 3,552,071 {44,CQO) 154,792 3,552,071 (78,196) 326,025 {34, 196) 326,025 3,055,621 3,055,621 £3,471,626 £483,066 £3,954,692 Expendable Endowment Unrestrlcted Total 2023 Balance Brought Fo￿ard At l April 2022 Income Expenditure GaInslLos￿ on Investments Transfers Betheen Funds Balan￿ Carried Fomard At 31 March 2023 136.532 24,982 5,634 161,514 5,634 (1,509) {10,847) (1,509) (10,847) £124,176 £30,616 £154,792 12. NET ASSETS BEfwEEN FUNDS Expendable Endowment Unrestricted Total 2024 Flxed Assets Current Assets Current Liabilitie5 3,482,882 71,546 455,520 (44,000) 3,554,428 455,520 {55,256) (11.256) £3,471,626 £483,066 £3,954,692 16-

THE crry CHARITY TRusr NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2024 12. NET ASSETS BETWEEN FUNDS (CONTINUED) Expendable Endowment Unrestrlcted Total 2023 Flxed Assets Current Assets Current Liabilities 124,176 28,472 2,144 152,648 2,144 £124,176 £30,016 £154,792 13. TAXATION The City Charity Trust is a registered charity and is potentially exempt from tsxation in resFect of income and capitsl gains re￿iVed within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain5 Act 1992 to the extent that such income or gains are applied to charitable purtx)ses. 17