**REGISTERED CHARITY NUMBER: 262524** **Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2024** **for Four Winds Trust** PPS Chartered Accountants 29 Devizes Road Swindon Wiltshire SN1 4BG **Four Winds Trust** **Contents of the Financial Statements for the Year Ended 5 April 2024** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|8| |**Detailed Statement of Financial Activities**|9|to|10| **Four Winds Trust** ## **Report of the Trustees for the Year Ended 5 April 2024** The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Charity was formed by Trust Deed on 3 May 1971 to support financially the furtherance of Christian work in the UK and overseas. It will also benefit, where thought fit, secular organisations, secular education and the relief of the poor and needy. Details of professional advisers are shown at the end of this report. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Four Winds Trust is a grant making charity whose primary purpose is to support the furtherance of Evangelical Christian work in the UK and Overseas. In addition, the Trust will provide gifts to secular organisations or individuals involved in education, health and relief of the poor and needy. The financial objective of the Trust is to at least maintain the real value of the assets whilst generating a stable and sustainable return to enable grant making. The Trust has the majority of its assets held in a share portfolio held by investment managers, with a freehold property occupied by a tenant who is poor and needy. The Trust aims to distribute grants of about £30,000 per annum but this can vary from year to year depending on grant making opportunities and investment returns. ## **Significant activities** During the year the Charity has made donations to various bodies and individuals as per the charities aims. ## **Public benefit** The trustees consider that they have met their duties in acting for the public benefit, as per Section 4 of the charities act. ## **FINANCIAL REVIEW** ## **Financial position** During the year investment income totalled £33,965 (2023 £33,890) and payments for charitable purposes totalled £25,265 (2023 £26,720). Donations received totalled £1,400 (2023 £900) and gift aid received totalled £225 (2023 £508). Payments for administration and costs relating to investments were £17,531 (2023 £10,528) and independent examiners charges totalled £1,319 (2023 £1,099). Sale of investments realised £41,437 (2023 £57,732) and purchase of investments cost £46,875 (2023 £24,129). The investments, which are held for the long term, are shown at published market value. The stock market has shown an increase in share prices, with investments at the date of these financial statements having risen to £892,861 from £851,437 at the end of the previous year. The investments are managed by investment managers. The trustees consider that the only significant risk to the charity to meet its objects in future, is a significant reduction in investment income. They consider that this is highly unlikely as the Trust has appointed expert investment managers. The charity has continued to give support to many institutions and individuals in furtherance of its objects. The trustees plan the amount of support in line with the assessment of needs and available funds. The funds held are adequate to meet the ongoing needs of the charity. ## **Reserves policy** All monies raised by or on behalf of the charity shall be applied to further the objects of the charity and for no other purpose. Investments are held by the charity for the purpose of generating income and these funds will then be used for the furtherance of the charity's aims. Liquid reserves are maintained at a level that will enable the Trust to meet ongoing administration costs, a regular level of financial support to causes and an amount to meet any special requirements identified by those in need of support. Page 1 **Four Winds Trust** ## **Report of the Trustees** ## **for the Year Ended 5 April 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 262524 **Principal address** 64 Station Road Drayton Portsmouth PO6 1PJ ## **Trustees** P J Charters S V Charters F M Charters S R Charters ## **Independent Examiner** Roger C Bloomer, FCA PPS Chartered Accountants 29 Devizes Road Swindon Wiltshire SN1 4BG Approved by order of the board of trustees on 9 January 2025 and signed on its behalf by: S V Charters - Trustee Page 2 **Independent Examiner's Report to the Trustees of Four Winds Trust** ## **Independent examiner's report to the trustees of Four Winds Trust** I report to the charity trustees on my examination of the accounts of Four Winds Trust (the Trust) for the year ended 5 April 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached. Roger C Bloomer, FCA PPS Chartered Accountants 29 Devizes Road Swindon Wiltshire SN1 4BG Date: 9 January 2025 Page 3 **Four Winds Trust** ## **Statement of Financial Activities for the Year Ended 5 April 2024** ||||5.4.24|5.4.23| |---|---|---|---|---| ||||Unrestricted|Unrestricted| ||||fund|fund| ||Notes||£|£| |**INCOME AND ENDOWMENTS FROM**||||| |Donations and legacies|||1,400|900| |Investment income||2|33,965|33,890| |Other income|||41,662|58,240| |**Total**|||77,027|93,030| |**EXPENDITURE ON**||||| |**Raising funds**||||| |Other trading activities|||1,319|1,099| |Investment management costs||3|17,531|10,528| ||||18,850|11,627| |**Charitable activities**||||| |Donations|||25,265|26,720| |Other|||46,875|24,129| |**Total**|||90,990|62,476| |Net gains/(losses) on investments|||41,423|(50,590)| |**NET INCOME/(EXPENDITURE)**|||27,460|(20,036)| |**RECONCILIATION OF FUNDS**||||| |Total funds brought forward|||1,200,057|1,220,093| |**TOTAL FUNDS CARRIED FORWARD**|||1,227,517|1,200,057| The notes form part of these financial statements Page 4 **Four Winds Trust** ## **Balance Sheet** ## **5 April 2024** |5.4.24
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
275,000
Investments
6
892,861
1,167,861
**CURRENT ASSETS**
Cash at bank
62,923
**CREDITORS**
Amounts falling due within one year
7
(3,267)
**NET CURRENT ASSETS**
59,656
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
1,227,517
**NET ASSETS**
1,227,517
**FUNDS**
Unrestricted funds
1,227,517
**TOTAL FUNDS**
1,227,517|5.4.23
Total funds
£
275,000
851,437
1,126,437
77,127
(3,507)
73,620
1,200,057
1,200,057
1,200,057
1,200,057| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 9 January 2025 and were signed on its behalf by: S V Charters - Trustee The notes form part of these financial statements Page 5 **Four Winds Trust** ## **Notes to the Financial Statements for the Year Ended 5 April 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from tax on its charitable activities. |**2.**
**INVESTMENT INCOME**
Rents received
Dividends etc.
Deposit account interest
**3.**
**INVESTMENT MANAGEMENT COSTS**
Portfolio management
Cottage expenses|5.4.24
£
1,740
32,100
125
33,965
5.4.24
£
8,238
9,293
17,531|5.4.23
£
1,740
32,101
49| |---|---|---| |||33,890| |||5.4.23
£
9,938
590| |||10,528| continued... Page 6 **Four Winds Trust** ## **Notes to the Financial Statements - continued for the Year Ended 5 April 2024** ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023. ## **5. TANGIBLE FIXED ASSETS** |**COST OR VALUATION**
At 6 April 2023 and 5 April 2024
**NET BOOK VALUE**
At 5 April 2024
At 5 April 2023
Cost or valuation at 5 April 2024 is represented by:
Cost
Increase in valuation in 2007
Increase in valuation in 2023|Freehold
property
£
275,000| |---|---| ||275,000| ||275,000| ||Freehold
property
£
35,000
151,415
88,585| ||275,000| Property, which comprises a cottage, Kings Close East, Ashbury, Swindon, Wiltshire, was originally inherited at a probate value of £35,000. It is included in the Statement of assets and liabilities at an informal market value in November 2022 of £275,000 as it is not practicable to obtain an annual professional valuation on grounds of costs. The property is kept in good condition. ## **6. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Unlisted| ||investments| ||£| |**MARKET VALUE**|| |At 6 April 2023|851,437| |Surplus on revaluations|41,424| |At 5 April 2024|892,861| |**NET BOOK VALUE**|| |At 5 April 2024|892,861| |At 5 April 2023|851,437| There were no investment assets outside the UK. continued... Page 7 **Four Winds Trust** **Notes to the Financial Statements - continued for the Year Ended 5 April 2024** **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** Other creditors |5.4.24
£
3,267|5.4.23
£
3,507| |---|---| Page 8 **Four Winds Trust** |**Detailed Statement of Financial Activities**
**for the Year Ended 5 April 2024**
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Rents received
Dividends etc.
Deposit account interest
**Other income**
Sale of investments
Gift aid received
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
Cottage expenses
**Charitable activities**
Donations to charitable & religious institutions
Donations to charitable & religious institutions
over £1,000
Donations to individual evangelists &
missionaries
**Other**
Purchase of investments
**Support costs**
**Governance costs**
Independent examiners charges
Total resources expended
**Net (expenditure)/income before gains and**
**losses**|5.4.24
£
1,400
1,740
32,100
125
33,965
41,437
225
41,662
77,027
8,238
9,293
17,531
10,770
12,845
1,650
25,265
46,875
1,319
90,990
(13,963)|5.4.23
£
900
1,740
32,101
49| |---|---|---| |||33,890
57,732
508| |||58,240| |||93,030
9,938
590| |||10,528
7,820
17,350
1,550| |||26,720
24,129
1,099| |||62,476| |||30,554| This page does not form part of the statutory financial statements Page 9 **Four Winds Trust** |**Detailed Statement of Financial Activities**
**for the Year Ended 5 April 2024**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
**Net income/(expenditure)**|5.4.24
£
41,423
27,460|5.4.23
£
(50,590)
(20,036)| |---|---|---| This page does not form part of the statutory financial statements Page 10