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. 

- 7 - 



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