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2024-04-05-accounts

Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

Charity Registration No. 265290

THE ADINT CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

CONTENTS
Legal and administrative information 1
Trustees Report 2-4
Independent Auditor’s Report 5-7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10-16

Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST GENERAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 5 APRIL 2024

Charity number 265290 Registered office and operational address Windsor House Bayshill Road Cheltenham Glos. GL50 3AT Trustees A J Edwards D R Oram B Pate C Edwards Bankers HSBC plc 18 North Street Bishops Stortford Herts. CM23 2LP Investment managers Charles Stanley & Co Limited Windsor House 6-10 Mount Ephraim Road Tunbridge Wells TN1 1EE Canaccord Genuity Wealth Management 88 Wood Street London EC2V 7QR Auditors Hazlewoods LLP Windsor House Bayshill Road Cheltenham Glos. GL50 3AT

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their report and the audited financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2022 and the requirements of the Statement of Recommended Practice, ‘Accounting and Reporting by Charities’ in accordance with the Financial Reporting Standard applicable in the UK (FRS102) effective 1 January 2015.

Charity law as set out in the Charities Act 2022 requires all organisations to demonstrate that their aims are for public benefit. The charitable grants made by Adint Charitable Trust are restricted to Charities registered with the Charity Commission for England and Wales or the Office of the Scottish Registrar of Charities. A full list of the grants is given in the Annual Accounts. The Trustees have discussed the issue of public benefit and are confident that the breadth and scope of the work of the Charity as disclosed in this Report, clearly falls within the guidelines set in Section 4 of the act.

Structure, governance and management

The Adint Charitable Trust is constituted under a Trust Deed dated 17 November 1972 between Henry John Edwards (the Settlor) and Margaret Edwards, Anthony Edwards, David James Miller and Alfred Aaron Davis (the trustees).

On 10 January 1973 a supplemental Trust Deed was executed by Margaret Edwards, Anthony Edwards, David James Miller and Alfred Aaron Davis (the trustees).

It is a registered charity no 265290.

The Trustees who have served during the year and since the year end are set out on page 1. The power to appoint additional trustees is vested in the current trustees and is exercisable in writing.

Objectives & activities

Under the terms of the Trust Deed, as amended by the supplemental Trust Deed, the Trust Fund and the income are held upon trust to apply at such times and in such manner as the trustees shall in their absolute discretion think fit for or towards any purpose or purposes recognised by the law of England as charitable.

Public Benefit Statement

In accordance with Charity Commission requirement the Trustees affirm that its grants are made only to those institutions with accredited charitable status.

Grant making policy

Applications can be submitted to the trustees by charitable institutions and these applications are considered at the regular meetings of the trustees. Applications should be in writing and incorporate full details of the charity for which funding is requested. No acknowledgements will be sent out to unsuccessful applicants.

Achievements and performance

The Trust continued to provide grants to charitable institutions throughout the year. The amount of the donations made in the year was £295,000 (2023: £470,000). As referenced in the Report of Trustees last year, the amount of the donations in the years ending 2021 to 2023 were increased to assist charities who were impacted by the adverse economic climate and other factors. This higher level of donations could not be sustained and in 2024 the trustees decided to revert to an amount in line with the long-term run rate of donations.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2024

Future developments

The trustees anticipate making donations of circa £300,000 in the financial year to 5 April 2025, in line with 2024 and the long-term historical run rate.

Financial review and investment policy

The trustees have continued to apply their funds in accordance with the objects clause of the Trust Deed, as amended, and there are no immediate plans to alter the way in which income is expended. Grants totalling £295,000 have been made in the year (2023: £470,000).

The investments are managed by Charles Stanley & Co Ltd and Canaccord Genuity Group in consultation with the trustees and the holdings are registered in the Stockbrokers’ nominee names. The trust has performed satisfactorily, and the trustees are satisfied with the investment performance of the investment managers.

The trustees follow a conservative policy with a view to maintaining the capital of the charity in a mixture of equity and bonds whilst ensuring sufficient liquidity for the Trust’s foreseeable future.

Reserves policy

All of the charity’s funds held at 5 April 2024 are general unrestricted funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investments.

As the charity does not currently seek funding but uses its resources to provide funding for the furtherance of its objects, it is the trustees’ policy to maintain the charity’s reserves at a sufficient level to enable it to continue to provide such funding in future years. This is monitored on a regular basis by the trustees, who review the level of reserves in the light of future funding requirements. The current target level of reserves is at least 10% of the value of investments.

Risk management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.

Statement of responsibilities of the trustees

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2024

Statement of responsibilities of the trustees (continued)

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees

The trustees who served during the year and up to the date of this report were as follows:

A J Edwards D R Oram B Pate C Edwards

The trustees have no beneficial interest in the charity.

24/1/2025

Approved by the trustees on ………………….. and signed on their behalf by:

……………………….. A J Edwards Trustee

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ADINT CHARITABLE TRUST

We have audited the financial statements of The Adint Charitable Trust for the year 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Opinion on financial statements

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report, other than the financial statement and our auditor’s report thereon. The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ADINT CHARITABLE TRUST (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2022 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial 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 assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ADINT CHARITABLE TRUST (CONTINUED)

Extent to which the audit was considered capable of detecting irregularities, including fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and noncompliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the charity financial statements or that had a fundamental effect on the charity’s operations. We determined that the most significant laws and regulations included UK GAAP and the Charities Act 2022.

• We understood how the charity is complying with those legal and regulatory frameworks by making inquiries of management, those responsible for legal and compliance procedures.

• We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Detailed analysis of journals posted through the accounting system during the year to 5 April 2024 has been undertaken;

• Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controls for the entirety of the audit, instead taking a substantive testing approach, however controls were in place to prevent fraud, and they appeared to be working effectively;

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act 2022. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors’ 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.

………………………………….. Martin Howard (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor

24/1/2025

Date …………………………….

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Hazlewoods LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

Note
Income From
Investments
2
Loan interest receivable
12
Expenditure On
Raising Funds
3
Charitable activities
4
Total resources expended
Net resources expended
Net gains/(losses) on investments
8
Net movement in funds
Funds at the start of the year
Funds at the end of the year		 2024
217,229
88
217,317
35,008
302,032
337,040
(119,723)
661,915
542,192
8,755,262
9,297,454		 2023
236,938
-
236,938
35,893
476,848
512,741
(275,803)
(850,165)
(1,125,968)
9,881,230
8,755,262

The statement of financial activities includes all gains and losses recognised in the year.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

BALANCE SHEET

FOR THE YEAR ENDED 5 APRIL 2024

Note
Fixed assets
Investments
9
Current assets
Cash at bank and in hand
10
Non-current assets
Loans receivable
12
Creditors: amounts falling due within 1
year
11
Net current assets
Total assets less current liabilities
Income Funds
Unrestricted funds		 £
90,251		 2024
£
9,167,415		 £
146,197		 2023
£
8,615,065
130,039 140,197
46,088 -
(6,300) (6,000)
9,297,454 8,755,262
9,297,454 8,755,262

24/1/2025

These accounts were approved by the trustees on ……………………………...

……………………….. A J Edwards Trustee

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The Adint Charitable Trust is constituted under a Trust Deed dated 17 November 1972, with a supplemental Trust Deed executed on 10 January 1973 and is a registered charity.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's trust deed, the Charities Act 2022 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice (SORP) for charities applying FRS 102 and UK Generally Accepted Accounting Practice. The Charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. They are investments held at the year end, dividends and interest received or generated for charitable purposes.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Resources expended

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Grants payable are payments to registered charities based on recommendations by Douglas Oram (Trustee) and approved by all of the Trustees. These are charged in the year when the grant is awarded by the Trustees.

The costs of raising funds directly relate to the costs of managing the investment portfolio.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies (continued)

1.6 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date using the closing market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Transaction costs are expensed as incurred.

The main form of risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimate uncertainty.

2 Investment income

Dividends and interest received
Profit/(loss) on foreign currency exchange		 2024
£
224,271
(7,042)
217,229		 2023
£
216,445
20,493
236,938

All investment income is unrestricted during this year and all previous years.

3 Raising Funds

2024 2023
£ £
Investment Management Fees 35,008 35,893

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

4 Charitable Activities

5
Grants Payable
Grants to institutions:
Acorns Children's Hospice Trust
Acts 435
Afasic
Age UK
Alzheimer’s Society
Bag Books
BillyChip Foundation
Bliss
Bloodwise
Bloody Good Period
British Heart Foundation
British Polio Fellowship
Children's Liver Disease Foundation
City Harvest
Community Housing and Therapy
Crimestoppers Trust
Crisis UK
deafPLUS
Domestic Abuse Volunteer Support Services (DAVSS)
Dressability
Epilepsy Action
Family Holiday Charity
FareShare
Fitzroy Support
Food Bank Aid
FoodCycle
Footsteps Foundation
Gingerbread
Auditors’ fees for audit services
Post Services and other
Grants Payable (see note 5)
All Unrestricted Funds		 2024
£
-
20,000
5,000
-
-
5,000
5,000
10,000
-
5,000
-
-
5,000
-
-
-
-
-
10,000
10,000
-
-
-
-
-
-
5,000
-
2024
£
6,300
732
7,032
295,000
302,032		 2023
£
5,000
15,000
-
10,000
10,000
10,000
-
10,000
5,000
-
10,000
5,000
-
10,000
10,000
10,000
10,000
10,000
-
-
10,000
10,000
10,000
10,000
10,000
10,000
-
10,000
2023
£
6,000
848
6,848
470,000
476,848

12

Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

Grants Payable (continued)

2024 2023
£ £
Good Shepherd Wolverhampton - 10,000
Great Ormond Street Hospital Children's Charity 10,000 -
Great Western Air Ambulance Charity 10,000 -
Guide Dogs for the Blind Association - 10,000
Handicapped Children's Action Group - 5,000
Hearing Dogs for Deaf People - 10,000
Hospice UK 10,000 10,000
Huntington's Disease Association 5,000 -
I CAN CHARITY - 10,000
Independent Age - 10,000
KIDS - 10,000
Listening Books - 10,000
London's Air Ambulance Charity - 20,000
Lullaby Trust - 5,000
Macmillan Cancer Support 10,000 -
Marie Curie Cancer Care - 10,000
Missing People 10,000 20,000
MPS Society - 5,000
National Association for Mental Health (MIND) - 10,000
National Association Of Swimming Clubs For The Handicapped - 5,000
National Autistic Society 5,000 -
Netherhall Educational Association 10,000 10,000
Noah's Ark Children's Hospital Charity 5,000 -
Parkinson's UK 5,000 -
Phyllis Tuckwell Hospice Care 20,000 -
Princess Alice Hospice 5,000 -
Providence Row 10,000 -
Queen Elizabeth's Foundation for Disabled People (QEF) 5,000 10,000
Revitalise 10,000 -
Royal College of Surgeons of England 10,000 -
Royal Hospital for Neuro-disability - 10,000
Save the Children 10,000 -
Scleroderma & Raynaud's UK - 5,000
Sick Children's Trust - 10,000
St Catherine's Hospice 5,000 -
St John Ambulance - 10,000
St John's Hospice - 10,000
St Mungo's - 10,000
Support Thru Court 15,000 -
The British Liver Trust - 5,000
The British Red Cross Society 10,000 10,000
The Ectopic Pregnancy Trust 5,000 -

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

Grants Payable (continued)

The Jessie May Trust
The Julian Trust
The Royal National Institute of Blind People (RNIB)
The Urology Foundation
Thomas Coram Foundation for Children
Tuberous Sclerosis Association
WellChild
Winston's Wish		 2024
£
5,000
5,000
10,000
-
5,000
-
-
5,000
295,000		 2023
£
-
-
-
5,000
5,000
5,000
5,000
-
470,000

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration, expenses or benefits from the Charity during the year.

7 Employees

There were no employees during the year.

8 Net gains on investments

2024 2023
£ £
Gains/(losses) on revaluation of investments 661,915 (850,165)

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

9 Fixed asset investments

Listed investments
UK unquoted investments
Investments at market value comprised:
UK fixed interest securities
UK quoted investments
Foreign investments
Cash		 2024
£
9,110,435
56,980
9,167,415
2024
£
395,492
4,253,676
4,252,383
208,884
9,110,435		 2023
£
8,579,995
35,070
8,615,065
2023
£
267,127
4,333,389
3,516,784
462,695
8,579,995

Fixed asset investments revalued

Listed investments are carried at their fair value. Investment in equities and fixed interest securities are primarily traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value. Asset sales and purchases are recognised at the date of trade at cost (that is, their transaction value).

Unquoted investments are carried at cost.

Movements in fixed asset investments
Cost or valuation
At 6th April 2023
Additions
Valuation Changes
Increase/(decrease) in cash held as part of Investment Portfolio
Disposals
At 5thApril 2024		 2024
£
8,615,064
1,322,517
661,915
(253,811)
(1,178,270)
9,167,415		 2023
£
9,760,395
1,344,872
(850,165)
9,838
(1,649,876)
8,615,064

The significance of financial instruments to the ongoing financial sustainability of the trust is considered in the financial review section of the trustees’ annual report.

The trust manages investment risk by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment classes that are quoted on recognised stock exchanges.

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Docusign Envelope ID: CAFEFB1A-E972-43AC-BC88-D02F2C4E81A2

THE ADINT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

10 Cash at bank and in hand

HSBC Current Account
11
Creditors: amounts falling due within 1 year
Accruals		 2024
2023
£
£
90,251
146,197
2024
2023
£
£
6,300
6,000

12 Related parties

Mr A Edwards, a trustee of The Adint Charitable Trust, held an executive position with Cortex Limited during the year. The Adint Charitable Trust held 3,507 shares at the start of the year. During the year, there was a 0.625 for 1 rights issue and the Trust took up its rights, subscribing to a further 2,191 shares for consideration of £21,910.

During the year, the Trust also provided a loan of £46,000 to Cortex Limited which is repayable in full on 30 June 2025. Interest has been charged at a rate of 10% per annum to 31 December 2023; no interest is charged after this date.

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