Charity number 226621 The Ian Fleming Charitable Trust Trustees, Report and Accoullts 31 March 2024
The Ian Tr lemiiig Charitable Trust Tru.%tees' Report and A¢count5 Contents Page Referen¢e and adiDini5tration dctails Tiwstees repoi't StAtenJent of FinAnti&l Attivities BAIAnee sheet Notes to the aeeounts Independent Eiaminer'5 Report io
The lan Fleming Charitable Trust Reference and AdminT$tration Details Ti'ustee5 A.H. Isaacs G. Wyllie Fouiider A.A,l. Fleming (died 26 April 2Q231 Independent Examiner Mr Dan&el Valentine ACA Begbies Unit 14, Park B'll Evegate Busiiiess Park, Snieeth Ash(ord IN25 6SX Bankers C.liai'ities Aid Foundation {CAFI 25 Kings Hill Avenue West Malling MEI 9 4JQ Solicitors Steplienson Haiwood Si Paul's Chuicliy#Td, London EC4M 8SH Investment man#eei'$ RBC Bi'ewin Dolpliin 12 Smithficld Street London EC IA 9BD PJ'incip81 addres5 clo Begbies Unit 14. Pai'k Barn Evcoate Busiiiess P<irk, Smeetli Ashfard'tN25 6SX Cli%i'ity i'egistei'¢d number 263327
The lan Fleming Charitable Trust Trustee5' Report for the year ended 31 March 2024 The Trllstees present theiT report and accounts for the year ended 31 March 2024. Tlie Trustees confinn that the Aniiiial Report and ac¢ouots have been piepared in accordanGe with tlie accoiiiiting policies set ollt in Note I to the a¢couiits and coiiiply with the cliaiiws govejning doeiimei)t. The charlt¢S Aot 2011 and Accountin8 aiid Reporting by Charities.. Statement of Recointnended Pi'actice applicable to chai'ities pi'epai'ing ihtir accounts in accordance with tlie Financial Repoiting Standard FRS 102 applicable in die UK and Republic ofireland published on 16 July 2014. Sti'uctui'ei govern*iice and anagement The cliarity was set lip by the settloi", A.A.l. Fleining, by a Deed of Tnist dated 9 November 1971. The Trustees re¢ord with I'egiet Èlie death of tl)e settloi., lan Flemiiig wlio gene1slY created the Chai'itable Trust 1971 and who was a ti'ustec until his death. He inspired Ilie lan Flernittg Musi¢ Awai'ds, now permanently endowed with the chirity now known as Help Musicians, and donations liave over the last 50 years been made to numeiYJu5 other Chai'ities. The statutory power of appointnient of trustees applies to tlie seitlenient aiid is exercisable by the preseiit Iruslees. When reciuiting new trustees the existing tnistees look for individuals witli skills and experience which al'e of value to the trust. Any pottntial t1.teeS will be interviewed by thc existing trustees and provided witli a pack of infoTmatlDn including accounts ld a copy of the t1.%( deed, The trustee5 &'E highly experienced individLials and have a good iilldei'standing of what is involved in beit)g a trustee of a charity. The tiSte¢S have I'egular contact during the ytai. to consider recommendations foi., and make final decisions on, the awai'dEnu of grallts. Risli nJ&nAgement The tiwstees have assessed thc inajor risks lo whicl) tlie chavity is exposeJ, in particulai. those related to the investment strategy. They ai"e %atl5fied that adequate procedui'es are in place to miti(Yate exposiire to these risks, althougli it Es recogllised that systems can only pi'ovide reasonable, not absolute. &8SLirance. The Trustees have identified the following I'isks.. l. Investinents will dIp iti valuc the Ti'llstees have appointed a professional firm to manage tlie investments. The Trust fund is invested for a total retui'n witli the aitn of Inainlaining tlie Gapital value of the fund after donations aiid allowing foi. inflation. 2. Donations i)iade will not be spent as the Trustees would like- Where appropriate the TIste¢S will seek conffirtnation that a donation lias been appropi'iately applied by the donee. Objeetives and activities for the public benefit The ti'ustees have powei. to apply the trust fLind and incoime thereof for sucli cliaiitable pui'poses or to pay tlie sanie to SLiclI cliai'ilable bodies, associations or instituttons as the li'ustees sliall froni tiir¢ to tiine in tlicii. absoliite discrction dctei'niirte. The tvu%lees have reviewed theii. i)0Sicy of di5ti.ibutioDs to chai'ities aiid decided that, subject to aiinual revicw, it would be tlieii. inteiitioi) to distribute the Tiicome and additional #inounts froin iiet i'ealised capital appi'eciations. The ts'ustees confirm that they liave referred to tlie guidance contained in tile Chai'ity Commission's genei'al guidance on public benefit W1)e ieviewing the Ti'iist's aiins and objtctlV¢5 and in planning future activilies ai)d setting tl)e gixnl imakiiig policy for tlie year. The pi'itjcipal act&vity of tlie cliarity is tlie Inaking of giartls, pi'oviding benefit to UK registei'ed chai'ities i¥oi'king Ilie field of., suppoit, ielief and welfai-e of disabled 01- liandi¢apped people, oi. those otherwist in need. and ¢hai'ities involved in ieseaich on humaii di5ea5es, paiticulai'ly in tlieii. cause and pi'evention.
The Ian Fleming Charitable Ti'ust Tru5tees' Report for the year ended 31 March 2024 Gi'ants The Trustees normally make donations to wcll establislied chai'ities which have Teceived 5UPPOrt in the pasl and wliicl) the Ti'ustees consider ¢ontiniie lo do valuable wol41. Finxnctal Review 'I'he net inconie before investment gains and losses foi. the year to 31 March 2024 was £27,223 12023 net expcnditiire.. £60,719). Tli£ inveslment manageinent Costs in the year n0[Inted to £7.988 (2023.. £8,234). The fJnat]cial stateinents sliow Ihc investments at rn.kel value. Tlie Eainl{lossl on disposals of investments is based oil their OPEning market value and resulted in a rcalised gain of £62,680 foi. the yeaT ended 31 March 202412023 loss.. £27,793). At the year ejid tlie uni'ealised net gain atnounted to £30,758 (2023 1055.. £94,771). Invtstment policy The trustees aim to preserve a balaiite between achieviiig inodest grothffjh in the Ti'usÉ's investrnents and piDducing income adequate lo maintain the desired level of gi'ant-niaking. Wlien necessary, investsnellt unit5 deyigned for gromth will be sold to pi'ovide income above the level produced by intome units. Re5erve5 policy The trustees do not consider that there is a iTreed to maintain a spe¢ific level of reserves to achieve the objectives of the charity otliei. than to meet futiire commitnients. Theii. policy is to distribute, on Tegulai. basis. the whole of the iiet incoine togetl)er with a part of the net italised investment gains whether ai'ising in the Gurient or prior years. Ti.SteeS i'esponsibilities The Trustees are I'espoiisible for preparinE the Trustees, report and accounts in a¢¢ordance witli applicable law and United Kingdom Accounting St)dards (United Icingdom Generally Accepted Accoiinting Pi'acti¢el. Charity law i'equii'es the Trustees to pi'epai'e accounts for each financial yeai. wliicli give # true 2nd fair view of the stale of affairs of the charily alid of its incoming ie50ur¢es and applicatloll of i'e50urces of the cliarity foi. that period. In preparing these aocnunts, tlie Ti'ustees al'e required to.. select suitable accounting policies and tlien apply them consistently. observe the tnethod5 and principles in the Charities SORP; make judgcments and estiinate5 tliat are reasoiiable and prLident. State whethEI' applicable accountlDg standards liave been followed. subject to any depaitUTes disclosed and explained in the financial statemeiit5', and prepare the accounts on the goino Collcern basis unless it is inappTopriate to presume that tl)e charity will contEnue in business. Tlie triistees are i'espolisibt for keeping accounting iecoi'ds whifyh disclose with reasonable accuracy the fJnaDcial position ol tlie chai'ity at aiiy tirne, and to enable the ts'u5te¢s to eiisure that the financial stateinents coniply with the Charities Act 2011. the Charity IAccouiits aiid Reports) Regiilations 2008 and the provisioiis of tlie tiust deed. They al'e a150 responsible foi. safeguarding the cliai'iry's assets, and lience for taking reasonable steps for tlie preventioii and detection of error. fiaud aiid othei. This I'epoi
S appj'oved by the Tru5tecs on 26 August 2024
aes Ti'ustee
The lan Pleming Charitable Trust St#temciit of Financlal Activities fui. the yeai- ended 31 March 2024 Ye%r ended 31 Mareli 2024 Yeai. ended 31 M81'ch 2023 Expettdable Etidowi)ient Fund Unrtstt'ictL'd F.Ypendable Total Endowment 2024 Fund UnTestricted Total 2023 General Fund Genei. Fuiid Notes Income from: Donations Invcsiments 2,1)00 28,841 2,000 28,841 30,302 3n,302 Tot21 iijcome 30,841 30,841 30,302 30,302 Expcndilui'e oll.. Raising tunds investment inanagement fees Ch'itable activities - grants payable govet'nance cost$ 7,988 7,988 8,234 8,234 112,8001 8,430 112,8001 8,430 70,000 12,787 82,787 70,000 12,787 91,021 Total expenditure 7,988 14,370 3,618 8,234 Net expendlture before Eains and losse5 OU investment assets {7,9881 35,211 27,223 18,234) 152,4851 160,7191 Net gaiTrsll1055¢s) on investment assets Net intotnel(exptnditui'el 93,438 93,438 122,564) 122,5641 1183,2831 85,450 35,211 120,661 1130,798) 152,4851 Traijsfers Ti'&nsters between funds 152,485) 52,485 Net movement ill furtds 85,450 35,211 120,661 1183,283) 1183,2831 Reeonciliation of Funds Total Fund8 at l Api'il 2023 1,187,061 1,187,061 1,370,344 1,370,344 Total Fuiids a¢ 31 MAreh 2024 ,272,Sl I 35,211 1,307,721 1,187,061 1,187.061 The Note5 to the Accounts form parl ot'the Financial StatemenL
The Ian Fleming Charitable Trust Balanee Sheet as at 31 March 2024 Notes 2024 2023 Fixed assets Investnients Listed it]vestiMents Cash held witliin poitfolio 684,953 540,887 1225,840 1,125,365 14.903 1,140,268 Current assets Accrued income Ca511 at bank 87,582 87,582 65.293 65,293 Ci'editors.. Aniounts falliDg due withiij one yeki. {5,700) 118,500) Net current a55ets 81,882 46.793 Net g$$ets 1,3Q7,722 1,187,061 Represented by: Uiji'estricted Trunds Expendable Endowtnent Fund Geiiei'al Fund 1272,511 35,211 1.187.061 Total Funds io I J07,722 1,187,06L Appi'oved by the Tiwstees 26 August 2024 A.H. IsAges Ti'ustce Tlie Notes to the Accounts forin part of the Financi21 Slatejnents
The Ixn Fleming Charitable Trust Notes to th¢ Accounts foi. the yÈai' ended 31 March 2024 Accountitig policies Busis ofppéptoiul1o lId .$.¥¢.1,1?1ie}1t olgoiiig coiicein Tlic accounts have been pirpared in accordance with the Statement of Recominended Practice.. Accounting and R¢poJting by Chai'ities pi'epai'iii£ their accounts in aecoj'dance with the Finaneidl Repoiting Standai'd applicable ill tlie UK and Repiiblic of Treland (FRS1021 publislied on 16 .Tuly 2014, tlie Financial Reporting Standard appli¢able in tli¢ Uiiited Kingdoni aiid Republic of Iieland (FRS 1021 and the Chai'ities Act2011. Assets and liabilitie5 aTe initially recogllised at liistorical cost oi. ti'ansactioi) value unless otheiwse stated in the ielevant accounting policy lloteg. I'he financial statements are presented in sterling and al'e iDUllded to the ne.est pound. Tlie charity constitE]tes a public benefit entity as defined by FRS 102, The ti'ustees consider that there are no material uncertainties about tl)e ¢hai'ity's ability to contiiiue as a going concern. Fuiid uecuiipiliiig The Ullresu'iLted Geneial Fulld is available for use at the disciEtion of the trustees in furtherance of tlJe general objectives of tlie charity. Income 8risii)g OD tl)e Expeiidable Endowment Fuiid can be used in accordaiice with the charity's objectives and is allocated to the Unrests'icted General Fiind as unrestt'icled income. Additioiial amounts from net Teali5ed capital appreciations ai'isin2 01) tlie Expendable Lndowment Furt(f can be Used in accoi'dance with t]Je Charity's objectives. Al income is recognised once the chaiity has entitlement to the income, there is siifficient certainty of receipt and so it 15 Probable tliat tlie incoine will be received, and the amount of intome receivable ¢an be Ineasured reliably. Interest on fvnd5 Iield on deposit is included upon notification af the interest paid oi- payal?le by the bank. Investtnellt incoiiie is i'ecognised on a i'e¢eivable basis vnce the amoiints can be iiieasured reliably. EKpendilEire Liabilities are recogiiised as expeiidEture as soon as there is a legal or ¢onsti'u¢tive obligation coiiiinitting the chai'ity to tliat expenditiire, it is probable that settlement will be requll'ed and the amoiint of the obligation can be nieasiired ieliably. All expendituie is accounted for an an actruals basis. All expense5, illcluding support costs and goveriiance costs, aiE allocated or apportioiied to the applicable expeiiditui'e headings in the statement of financial activities. Graiits payable al'e payinents made lo tliird parties in the furihei?nc# of the ¢haritable objects of the Cliarity. In tlic case of 2n ui)conditional giaiit offer, thi5 is acGI'ued once the i'ecipient lias been notified of the grant award. Gi?Iit awai-ds tl)at ale subject to tlie recipieiit fiilfilliiig pei'foriiiance Coiiditions are only accrued wlien tli¢ iecipitiit Ilas been notified of the g'aiit and any i'eniaining unflllfilled condition attacliing to tliat grant is outside of the control of the Trust. li'recoverable V AT is charged against tlie expenditure head&ng foi. whicli it was incurred. Tlie costs of i'aising fiiiids consist of investment management fees. Tlie expenditure on ¢1111 rstable activities includes grants payable and support and governance costs.
The Ian Fleming Charitable Trust Notes to the Accnunts foi. the year ended 31 Lvlarch 2024 Fi¥ed o5SCtinveJlftieiils Iiivestnicnts are a form of basic finaiicial instrunient ai)d are initially recogiiised at tlieii. tran%action value alld subsequeiitly nieasured at thcii. marl(ct value as at tlie balan¢e sheet date usiiig the closing quoted rn1(et price. All gains and losses are takcn to the statcinent of fInanGial aciivities as they arise. Reali5ed gains and losses on iiivestinents ale ¢alculaled as tlie difference between sa1¢5 prtsceeds and tlieii. opening cariying valiie oj. tl)eii' pui'chase value if acquired subsequent to the fiist day of Ilie financial year. Unrealised gains aiid losses are calculated as the diffeiellce between fair value at the year end aiid tlieii. cariying value. Realised alld unrealised investment gains and losses are coinbined in tlie ststement of financial activities. Investnjent income 2024 2023 Intei'est i'¢ceived Bank interest RBC Brcwin Dolphin Quoted investment income 467 24 236 39 28,134 28,841 30,027 30,302 Expenditui'e Dn charitable activities 2024 2023 Grants payable (see note 6) Support and govemance costs15ee note 51 {12,800} 8,430 70,000 12,787 4,370 82,787 Suppoi't and governante costs 2024 2023 Suppoi't costs Bank chai'ges 60 127 Governance costs Accountancy and Independent #xaniination Begbies Chettle Agar Total 8 J70 7,500 8,430 7.627 Staff costs Ti'ustee5 remunerylion 9nd expenses Tlie cliarity lias no eniploye¢s. Dui'ing the yeai., no Trustee J'eceived any remuneixtion oi. benefits in kind (2023.. £nill. No ti'ustees i¢¢eived reiinbursemenl of expenses in the year (2023.. £nill
The IXD Fleming Charitable Trust Notes to the Accounts for the ytai. ended 31 Mai'ch 2024 Charitable gi'Ants paysble 202 2023 Arcliaeology Scotland Ayrsliire Ho%pice Disa5tei's Einergency Coinmittee Ldinbui'gli Youiig C8rers Frjends at the Eiid SCIO International Rescue Coinmittee Ness of Bi'odgai. Tiust One City T]St Survivoi's of Hiiinan Tral¢killg in Scotlaiid TTu£8ell Tru.4t, Tlie Ulliver5ity of Edinburgh 05d cheques written back 5,QOO 5,000 10,000 5,000 5,000 10.000 5.000 5,000 5.000 5,000 10,000 12,800 12,800 70,000 Investments 21124 2023 Mg1'keÈ v&lue At l Api'il 2023 Additions at cost Dispouls at carying value Net gaiii on revaluation At 31 Mireh 2024 1,125J6S 334,529 (80.5,6991 31),7.%8 084,9.%3 1,313.918 350,925 {444,7071 (94.7711 1,125,365 Hi5toric#l eost 637,334 .065.114 Listed investment5 Itt fair value compj'ised.. 2024 2023 UK bond5 Oveiseas bonds UIC equities International ¢quit1¢5 Emei'git]IT markets Glob81 investments Absoliite I'etui Propeity Comtlloditie5 Private equity Cash pi'oduct Otliei. investmenis 144,903 76,490 76,672 203,544 42.820 12,668 232,530 456,215 92,223 48,483 7,345 35,672 3,907 15,000 66,571 1,125,365 92,339 13,092 40,041 15,000 22,272 684,953 Tlie Chai'ity's snvestinents aiE I'egistei'ed in tlie najne of tlie nominee fyompany of tlie RBC Brewiii Dolpl)in group.
The lan Fleming Charitable Trust Notes to the Aceounts for the year ended 31 ftrlai'ch 2024 Casli balaiJce5 2024 2023 CAF Bank Royal Bdnk of Scotland 87,582 30,539 34,754 65,293 87,582 Creditors: Amounts falling due withiii Dlle ytir 2024 2023 Grants payable Accnials 12,800 5.700 18,500 5,700 5,700 io Analysis of Net Assets Between Punds Expendable Endowment Fund General Fund Toll 2024 Fixed assets investments Cah t bank Othei. cui-r¢nt gssets 1,225,840 46,671 1,225,840 87,582 5,700) 40,911 {5,7001 35,211 At 31 March 2024 ,272,511 A,307,722 Expendable Endowmeiit Flind Genei'al Fund Total 2023 Fixed asscts investment5 Cash at batd Othei. current assets 1.140,268 46,793 1,140,268 65,293 118,500 1,187,061 18,500 (18,5001 At 31 Nlarcli 2023 1,187.061 Related Pai'ty Ti'#n$aetions Tliere were no related party transactions in the yeai.. 12 Related Party TraTL54ttions After the year-eiid, the ti'ustees approved Charitable grants totalliiig £480,000.
The Ian Fleming Charitable Trust Independent Examiner's Report to tho Trustees for the year ended 31 March 2024 l i'eport (o the triistees on my examination of the a¢¢oiints of The lan Fleining Charitable TrLlSt {the charity) foi. the yeai. elided 31 Mai'¢lTr 2024 wliich set out on pages 4 to 9. Re5pollsibilities Aiid bAsis of repoi't As tlie cliarity's ti'ustees you are responsible foT the pi'tparation of tlie accouDts in accordance Il)e requirernenl% of the Cliai'ities Act 2011 I'the Act,). l i'eport iji respcct of Iny examination of the tiste¢s, accoltS carried out linder section 145 of the 2011 Act and in carrying out Iny exai))ination I have followed all tlie applicable Directions given by the Cliarity CoinmissEoner undei. section 145(5)Ibl of the 201 l Act. Independellt examinei. s 5tateinent I have completed iny examination. l ¢onfiiiM tliat no material matters have coine to my attention in ciTrnneLtion with the exainillatioll giving me cause to believe tjiat in any Inate.1al re5PeCt'. 111 accounting records werc not kept in r¢speGt of the TL'USt as required by se¢tion 130 of the Act; or (21 tlie accoiints do not accoi'd witli those i'e¢ords,' or 131 Ilie accounts do not comply with tlie applicable requii'einent5 concerning tlie foi'tn and Gontent of accounts set out in the CliaTjties (Accounts and Reports) Regulations 2008 otlier than any I'equii'emellt that tlie accounts give a'tsue and fair view which is not a matter considered as part of an independent exaniination. I liavt no concerns and have conie acr05% no other niattei's iii connect5011 Mith the exaniination to which attention should be drawn in tliis repoit in ol'der to ellable a pi'oper iinderstandillg of the accounts to be i'eaclied. D4nicI Valentine ACA Begbies Unit 14, Park Barn Evegate Biiisiiies5 Park Sineetli, Ashford Kent TN25 6SX L¥lql 024