Charlty number: 266842 THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE PAUL BASSHAM CHARITABLE TRUST CONTENTS Page Reference and admlnlstrative details of the Charity, Sts Trustees and advl$ers Trustees. report 2-10 Independent auditors. report on the financlal ststements ststemgnt of financlal actlvttles 11- 14 Balance sheet 16 Notes to the flnanclal ststements 17-27
THE PAUL BASSHAM CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 Trustses Morris Peacoc Alexander Munro liesigne<l 7 March 20241 Graham Tuttle Patrid( Harri5 Charlty reglstered number 266842 Principal office Howes Peruv Flint Buildings 1 Bedding Lane Norwch NR3 1RG Independent auditors Larking Gowen LLP Chartered Accounlants 1st Floor, Prosped House Rouen Road NOd1 NR1 1RE Bankers Barctays Private Bank 1 Stanhope Mayf3ir Lond W1K 1AF Solicitors Howes Peruval LLP Flint Buildings 1 Bedding Lane N0ch NR3 1RG Investment advisor Barratt & Cooke Limited 5 Opie Street Norwch NR1 3DW Investment advlsor Bardays Wealth 1 Chuwthill Place Canary Wharf London E14 5HP Page 1
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees psent their annual reF4)rt logether with the audiled financial statements of the Charity for the 6 April 2023 10 5 April 2024. Objectlves and actlvltles a. Objectives and actNities The Trust has chantse objeLts. The Trustees have unlimited discret as lo the application (for charitable purposes) of the capital and income of the Trust Fund. The Tru51ee5' policy In regard to the application of the Trust Fund is". Preference 15 given lo Norfolk charities and charrtable USeS and consideration is given to all applications of whatever nature provided that they are legalty charitable and fvlfil the public benef requirement. Donations will not be made direct lo individuals or unregistered ganiSatIonS so as lo ensure that all donations are used for charrtable purposes. To the extent that 8ny of the Twst's annual income remains undistnbjled wrthin 1 above, apiCatIonS would be considered from charits.es with national or internatsL¥)al coverage for expenditure on those charity'es, projects within Norfolk. The aim of the Trust conkn.nues to be lo prowde a charitable fund lo vthich applicatyons can be made by charits'es and charrtable causes tsf any kind based in Norfolk or wlh projects benefrti'ng Norfolk. The Trustees have received many acknovAedgments from don which record the benefit lo the community of donations made togelher wrth progress updates and details of completed Projects. Membership of the Norwich & District Funder5' Forum wvides iwght and U31e5 in relation to ftjnding and other difficulb'es of the charitable sect a5 well as e8rty notice of any forthcoming projects. The Trustees aims in 2023r24 financial year follow those of Ihe pviouS year. The Trustees wll seek lo identify those proie¢As where the greatest wdest benefit can be attained. The Trustees only consider written applications and, where necessary. make further enquiries. In Setting objectives and planning for actilIes, the Trustees have given due condera.0n to general guidance published by the Charrty Commission relabng to public benefit. including the guidance 'Public benefil". running charity IPB2)'. b. Vulnerable persons The Trust is a grant funding chaniy and does not rk with vulnerable aduf(s or children. Accordingly, the Trust dS not have a vulnerable persons policy in aCe would create suth a policy in the event that the airns and structure of the Trust a changed. c. Grant-maklng poll¢l¢s The Trustees have considered and aLlwJ on the Charity Commission guidance on the public benefit requirement under the Charities Act 2011. The Trustees make donations solely to bodies th are themselves registered charities or are chanlable todies exempl from registrabon but are conscious of the need lo ensure that a donation will be legally charitable. Eath application is conered on ils merits and the Tru51ees also consider the purposes foi which the application has been made to confimi that the public benefit requirement has been fulfilled. Page 2
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDEO S APRIL 2024 ObJKfjves and acllvlties (continued} d. Volunteers The Trustees give their time lo the charity freety, there are no othw ¥(Aunleers. Achievements and perfomiance The major donab.ons in year ended 05 April 2024 were". Age UK Bigc Break BUILD Charity Connect & Co Centre 81 Eating Matters Fresh Siart New Beginnings Frozen Light Future Projects Gt Yamiouth & Gorfeslon Young CareTs Harle5ton Information Plus Holt Youth Project Hope for Tomorrow Little Lifts Menscraft Matthew Prqect Musical Keys Nansa Nelsons Joumey Norfolk and N0ch Festival Norwch Ooor to Door Norwch Men's Shed Norwich School, Norfolk Summer Sehoc4 Norwch Scouts Groups Norwch Sarnanlans Norfolk Community Law Service Red Balloon Norwch Re(kn"ngs Horse Sanctuary Save Our Spaniels Sheringham Woodfields School Stepping Stones Sl Edmunds Society Sue Lambert Trust St Martins Sunflower School Club The Brits'sh Heart Foundation The Feed The Garage The Hamlet The Magdalen Group Thornage Hall Independent Living Walpole St Peter Parish Church £3.000 £25.000 £10000 £10,000 £5000 £12.OLXI £5.000 £5,000 £10,OIYJ £5,000 £10,000 £10.000 £5 000 £5,000 £17,000 £5,000 £25,000 £5,000 £10.000 £25.000 £7.500 £10,000 £10,000 £5,000 £15,000 £10,000 £25,000 £5.000 £5.000 £5.000 £10.000 £5,000 £5.000 £10,000 £10.000 £5,000 £1,000 £10,000 £2,000 £25.000 £5.000 £5.000 £s.000 Page 3
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONMNUEOI FOR THE YEAR ENDED 5 APRIL 2024 Achievements and perforniance {continuedl The Trustees have consided and acted on the Charity Commis%on guidance on the public benefit requirernent under the Charities Act 2011. The Trustees make datIOnS solely to bodies who are themselves registered charities or are charstable bodies exempl from registratron bLrt are consryous of the need lo ensure that a donab'on wll be legally charrtable. Each apIcab.0n is considered on rt5 men15 and the Trustees also consider the purposes for which the applicatr.on has been made to confimi that the public benefit requirernent has been fulfilled. Prominent examples of public benefft arising from donations made are.. 44th Norwith 1st Old Catton The Trustees made a donatson lo Scouts 44th NoNch 115t Old Cattffil in the sum of £5,000. The application was for urgenl funding towards a new roof for the Scout hut. vhith would benefit the 100+ young people al the Scout group and 20+ leaders. Th H mle The Trustee$ made a donation to The Hamlet in the sum of £25.000. The Hamlet supports those wth physical and learning disabilities, complex health needs and life-limiting meilical condib'ons. The Trustees donated towards updating and improving The Hamlet's tsalrties at a new Gent. su(J) as an electrical hoist, access slep5 and sensory room equipment. The Matthew Pro The Trustees made a donabon to The Matthew Project in the sum of £25,000. The charity supports those affected by drug and alcohol misuse and mental health. The TTUStee5 donated towards the charity's 'Next Steps Kitchen, which provides healthy meals and training and development opportunities for members. BUILD ChaT The Trustees made a donation lo BUILD Charty in the sum of £10.000. BUILD Charfty supports adults with disabilities in Norfolk by providing swal. leisure and learning opportunikn"es. The appli(3lion was for funding towards lifesaving training and equipment costs. The Sue Lambert TTUSt The Trustees made a donation lo The Sue Lambert Trust in the sum of £10.000. The Trust support5 Survivors of sexual abuse, assault and violence. Little Lifts The Tru51ees made a thation to Little Lifts in the sum of £10.000. Liltle Lifts supports bast cancer patients and the Trustees donated towards the Lilde Lifts Boxes for breast cancer patients undergoing surgery. Eatin Matters The Trustees made a donation to Eating Matters in Ihe sum of £5.000. The charity provides counselling for Norfolk people who are gjlfering wrth eating disorder5. The application was for supporting individuals towards recovery. the cost of SUPPOTb"ng one individual bw.ng £1,000. The Ma dalene Grou The Trustee5 made 8 donation to The Magdalene Group in the sum of £5.000. The applicats.on was for funding towards setbng up a service for wjlnerable women in prison on thwr release and ongoing support. The inveslrnenl wrtlolios had a comly'ne(I vve of £14.092.678 linduding a cash element of £50,671) al 05 April 2024, compared lo £14.088.081 (including a cash element of £52.5511 at 05 April 2023. This repSentS a less than 1Qh increase in the value ol the Trust's wrtfolio over the ye. Page 4
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENOED S APRIL 2024 Achievements and performance Icontinuedl The Barratt & Cooke portfolio is managed on a medium risk. balanced lolal return and incorne weld mandate. with quarterfy distributions. The emphasis has been on a natural income al least meeting the £200k annual distribution level, and the current portfolio comfortably does this 7thth ihe annualised income. The one off exceptional disth"butson over and above the di5tribub.on level has been partially funded by capital. The fund held vrth Bar¢lays. is a balanced strategy and both total return and income yield are important. The aim is lo produce a sustainable level of income that is growng, bul the Fund also seeks capital growth. The Strategy has an investment horizon of at least 10 year5. Having regard to the prudent approach a¢Jopled by the Trustees on the basis of investment advice, our view is that the performance of the main portfolio remains sound. There continues lo be volatility in Ihe markets, demonslraled by the poor perfomiance of the h¥0 more equity based indice5. We consider that there remain risks in the equity rnarkets and do not therefore believe it to be prudent for us to adopt anything other Ih8n 8 reasonably defensive strategy while retaining the ath.lity to achieve S)e gr¢y*th through keeping a reasonable proportion in good quality equrties and maintain yield. a. FLtndraising activities and income generatlon The Trust is not invdved in seekn'ng donats'ons or other fvn¢>raising. Flnancial review a. Perfomianc• rnview The total incorning resour weTe £401.704 in 2023124 and £410,748 in 2022123. Charitsble donations increased lo £7,716 in 2023124 from £475.439 in 2022r23. b. Going coficern After rnaking appropriate ewuiries. the Trustees have a reasonab expeclats.on that the Charity has adequate resources to ¢ontinue in operational existence for the foresee8e hjture. For this reason, they continue lo adopt the going concern basis in preparing the financial Statements. Furthei details regarding the adoption of the going concern basis can be found in the accounting policies. c. Reserves policy The Trustees have no poli¢y of retaining significant reSeeS, other than lo ensure. whenever possible. that sufficient funds are held at any one time lo cover the likely donatsons of the next quarterty rneeling although this is not essential since the Truslees have power to Use both the Unrestncted Income Fund and the Expendable Endowment Fund sh)uld the need anse As at 05 April 2024 the Trust had lolal funds of £14,558.464 12023.. £14,362.6931, of which £10.000 12023". £22.0001 was unrestricted. Trustee5 continue to identfy charities and charitable causes in Norfdk the greatest trnefit is altained by a major donation. Page S
THE PAUL 8ASSHAM CHARITABLE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 d. Materfal Investments polley The Trustees, policy has historically bw to invest for a balared lolal retum and income yield within the portfolio. The capital preservation and growih objective necessitates exposure to equity markets. The Trustees. policy in this regard Is to minimise and, wherever possible. avoid seclors of high risk. The Trust's investment portfolios are m8naged on a ftjll discretionary bBsis by the respective fund managers. The Trustees receive full half-yeady valuab'ons and reports. Ithich are monitored against appropriate published indices. The Trustees receive addib'onal interim updates and repyts in advance of methngs. e. Prlnclpal rlsks and uncertalntles The principal ri arise5 from the volatility of sloth markets as a result of global events. The Trustees, investment policies aTe de51gned to manage and miligale this nsk. f. Principal lunding All funding arises from InMe and gains from the charty's listed investment portfolio. Structure. governance and management a. Constitutlon The Paul Bassham Charitable Twst is a registered charity. number 266842. and is constituted under a Trust deed. b. Organisational Structure and deci5ion4maklng policies The Trust was created by a Deed dated 12 December 1973 and is administered by Trustees. New Trustees are appointed by the existing Trustees by virtue of the Trustee Act 1925 powers. From its inception, the Trust was administered by two professional Trustees apnted by the setuer. The Trust now has fouT TTuslees 8ntl the Trustees, view is that the current number provides assured continuity, reduces conflict of interest Issues anLI reduces the risks Inherent in the administraty'on of a charity. There have been no changes lo the basic lem7s of the Tntsl Deed (K lo Ihe Trustees. objectives during the year. The Trustees continue to meet al least four limes in each year to discuss policy and administrative mallers and to consider general applicabons. Addilional meetings or discussions are held vknere major projects are the subject of an application or where there is some degree of urgency induding communication by email. The day-to-day administration of the Trust is dealt with by Howes Periival LLP. Page 6
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONT]NUEDI FOR THE YEAR ENOED 5 APRIL 2024 Structur&. governance and management {¢ontlnued) c. Policies adopted for the induction and training of Trustees The Trust has not adopted a poli relating to the induction and training of trustees. mriS PeaccKk is a partner al Howes Percival LLP and the truslees are ao*ised by Howe5 Percival LLP on an ongoing basis in relation to their responsibilitses undef tnjst and chanty law and of any Televant legal and practical developments In this area. Pnor to his his retlrement as a trustee, Sandy Munro is a retired soliator who is involved In other charitable organisalions and has considerable experience in thanty adminisiration and rnanagerllenl. Patrick Harri5 is an accountant with many yews wofessional experience dealing charitie5 and the public sector and was a registered auditor of charities. The Tnjstees keep the question of training under review. If new and less experienced trustees are apwnted, apwopriale training and mentoring will be arranged. d. Pay policy for key management personnel The Trustees are the onty key management personnel. The Trustees are not paid. e. Related party relatlonships In the event that any of the Trustees has any connects'on vthatS¥er wth an individual or organisalion making an application lo the Trust for funding supp(xt. it is the Trustees, pdicy that a dedaralion of the ¢onne¢lion or relationship is made and. if the connection is con&dered to create a potents81 confli¢l of interest. the conflicted Trustee lakes no fvrther part In discussions or deasions in relakn.on lo the relevant applicab"on. The day to day administrab.on of the chaTrty is dealt V•ith by Percival. Trustee Morris Peacock 15 a partner of Howes Percival. f. Confllct of Interest policy statement The Trustee5 are fully aware of the need for Iran$parency and the need to avoid conflicts of intere51 and have considered the Charity Commission guidance on these issues. It consdered appropriate lo provide specific comment on two areas of potential conflict of interest as folbows. Page 7
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 strUCre. govemance and management {continuÈd Morri5 Peacock is a partner in Howes Per¢ival LLP and the 15 therefo a le party of the Trustees. In all matter5 relating lo the engagement of H(ws Percival LLP lo IVide seNices to the Trust and relating lo ihe payment of their costs. Morris Peacock absents himself from ihe decision making process, which is undertaken solely by the other Trustees. Howes Percival provides very detailed naative in 5UPPOrt of their invoices which are considered by the other three Trustees. invoice5 are approved by the other three Trustees before they are aulh0ri5ed for payment. Moms Peacock take5 no part In Trustees, discussions conceming the continue(J engagement of Howes Percival LLP as the Twsl adminislralors and legal advisers and does not charge the Trust for the b'me he s)dS dealing Mth the Trust's affairs. The fees charged therefore solely relate to the administratson of the Tmsl. Note 14 to the finanaal statement gtves full delail of related paty transactions In the year ended 05 April 2024. g. Rl$k pollcy statement The day-to-day administration of the Trust is deatt wth by H(phes Percival LLP a fimi of solicrtor$, and is therefore subject lo scrutiny by the Solicitors Regulation AUthlty. The correspondent Tnjstee. Morris Peacock, is supported by an eXperiend trust team al Howes Percival LLP. including members of The Society of Trusl & Estate Practitioneis. Morris Is subiecl lo the iegul81ion by the Solicrtors. Regulation ALthority as a partner in Howes Peraval LLP. Howes Peruval LLP holds ISO 9001 Quality Management UKAS accredrted certificab"on. Polenbal areas of risk have en identifieil and the Trustees. policy in ward to each is stated as follows". Client accounts are inlernally controlled and are regulated in accordance with the Solicitors, Regulab'on Authority Accc4Jnts Rules. Under those Rules, Howes Peraval LLP is obliged lo striCt the use of the Trust's client account for holding funds for the Trust and has a policy of clearing such money unless there are speafic reasons why rt should be held. I bank accounts are subject to the signatures of at least hvo Trustees. The accounts with Bardays include 311 of the present Trustees as account holders and all transactions rnust bear the signature of al least Trustees. Under the Solicttors, Regulation Authonty Accounts Rules, copies of bank slalements for all accounts of Trusts of which a partner in a firm of solicrtors is a Trustee musl be held on the file and must be open to inspection. The Trust holds two listed investment portrolios, one wth Bwatt & Cooke Limited and the other with Barclays Wealth. These are held in the nominee names of Barratt & Cooke Limited and Bardays Wealth respectively and are managed on a discretionary basis. The Trustees monitor the investrnent portfolio half yeady, review investment perfomiance regulady and meet periodically with the stockbroker5 lor reports and discu55ions. The Barratt & Cwke investment poIY is Low Medium Risk and the Trustees have agreed wrth Barratt & Cooke that the PIMFA Balanced Index provides the appropriate benchmark. Barrall & Cooke are aware thal the terms of the Trust allow a loial relum approach. The Bardays Wealth investment policy is Moderate Risk and Bardays Wealth use a 'blended benchmark" for comparative purposes, using weighted proFK)rtions ol vanous Investment funds to achieve a comparative relum deemed lo be appropriate given the Truslees. investment otr4"ecb"ves. The Truslees do not Invest in unquoted equities or Loan Notes. During the economic downturn. the Trustees sought divefsification from the exposure of their a55ets totally lo the stock markets and engaged Bardays Wealth lo recommend structured products wlh a view lo a defensive strategy for part of Ihe Trust Fund. The structured pioduds provi¢Jed some protedion against mafkel risk and were the subject of specific investment a(fvi. No slructUTed pr¢yJu¢ts aTe currently held but the Trustees rnay lake advice on fijther Such prryjucts a5 part of their inve5tsnent poly. Page e
THE PAUL 8ASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 Structure, governance and management {continuedl All distributions are made on the deasion of the Trustees and are only made lo other charth'es or through or under the auspi¢e$ of bodies %thich are legally charitable. Graham Tuttle has represented the Trust at meetings of the Norwch & District Funders. Forum which has provided In&ght into and intelligence relating lo various major projects which have been the subiect of applications to the Trustees lor fundin9. Some Trustees are involved other charities in Norfdk. In regard lo applications by those charities where there is any potential conflicA of intefest (however small), the felevanl Trustee takes no part in decisions relating to possible donats"ons. This confonns wrth the Trustees, Confflicts of Interest Policy. Plans for future periods The Tnjst provides very JbStaral benefft lo chalilable b(xJies and Ihrough them public benefit lo the wider cornmunity in the Trustees, geographical area. Thi5 can only t* maintained If the Trust has solid capital foundations frorn which lo eam Income and fvture growth. The Trustees. policy wll be lo maintsin the strength of the Trust as a grant making Charity through sound investment management. The Trust does not raise funds from outyde sources $0 gro4th can only be achieved by these means. In accordance wth the goveming document of the Trust. the Trustees can use capital as well as income for ts purposes so capital growth is a reasonakje investment aim for the Trustees. The policy in regard to grant al¢aOnS wll conbnue as already stated. The Tnjstees will particularfy encourage projects where fvnding from sources out%de the Norfolk economy wll be attracted as a resu of local 5UPPOrt. Examples of this are charibes seeking matched funding to qualify for grants from bodies Such as the Heritage Lottery Fund and other Govemmenl matched funding coportunities. Through cont'nued participation In the Norwch & Distn"ct Grant Funders, Forum, the Trustees wll be able to identity projects which have not applied to the Trust for support where the Tru51ees feel that they could provide financial assistance and will able to identify projects %ich have applied bul have limited prospects of being achieved. The Forum also enables Ihe Trustees to identify proje(ts vknich are not suffiaently well planned and which are unlikely to gain sufficient support to succeed. The Trustees will continue to work wrth the Norfolk Community Fwndation on projects and fvnding Whe Ihe Trustees believe that it is appropriate lo do 50 and where Ihe public benefit which will result from the use of the Trust's funds in this way is 5LrfficienUy tdenlifiable_ Page g
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 Statement of Trustees. re5ponslbllltles The Trvslees are reSPonbIe for preparing the Trustees. report and the finanaal statement5 In accordance with applicable law and United Kingdom Acc4)unts"ng Standards (United lfjngdom Generally Accepted Accounts"ng Practice). The law applicable to charities in England & Wales Tequires the Trustees lo prepare financial slalements for each financial vthich give a true and fair view of the slate of affairs of the Charity and of Ils incoming resources and application of resources. Induding ils income and expenditure. for that period. In preparing these financial slaternents, the Tru5tee5 are required to". select suitable accounting pdi¢ies and then apY them consistenly", observe the methods and prin(itAes of the Charilies SORP {FRS 1021, rnake iudgmenls and accounting estimates that are reasonable and pwden( slate whether applicable UK AccoLsnbng Standards IFRS 1021 have been followed, sutr4.ect lo any material departures disdosed and explained in the financial statements., prepare the finanaal 51alements on the going concem basis unless rt is inappropriate lo presume that the Charity will cthllb.nue in business. The Trustees are sponSible for kewng adequate accounts.ng rerdS that are sufficient lo sh¢)w and explain the Charity's Iransartions and disclose with reasonable acoJr8cy al any lime the financial p0511ion of the Charity and enable them to ensure that the financi31 statements CoMY wth the chareS Act 2011. Ihe Charity (Accounts and Reports) Regulabons 2008 and the provisiS of the Trust deed. They are also responsible for safeguarding the asse15 of the Chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of infomiation to auditor5 Each of the persons who are Trustees at the time when this TTUStees' report is approved has confirmed that. 50 faT as that Trustee is re, there is no relevant audrt infomialion of whith the charty'5 auditors are unaware. and Ihat Trustee has taken all the steps that ought lo have been taken as a Trustee in ortler to be aware of any relevant audit informabon and to establish that the charily's auditors are aware of that information. Auditors The auditors. Larking Gowen LLP. have indicated their wllingness to continue in office. The designated Trustees will prop)se a motson reapwnling the audrtors at a meetsng ol the Trusiees. Approved by order of the members of the board of Trustees an(1 ggned on their behalf by". Morris Peacock (Trusteel Date.. 4 Defflber 2024 Page10
THE PAUL 8ASSHAM CHARITABLE TRUST INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST Opinion We have audited Ihe finanal slalements of The Paul Bassharn Charrtable Trust (the 'charity) for the year ended 5 April 2024 vthich comprise the Statement of financial acb"vilies, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounts.ng policies. The financial reporting framework that has been applied In their preparabon Is aPIcable law and United Kingdom A¢counting Standards, induding Finanual Reporting Stsndard 102 The Finanual Reporting Stsndard applicable in the UK and Republi¢ of Ireland. (Untted Kingijom Generalty Accpteil AUl}b.g Practice). The financial statements have been prepared in accordance Vith Accountsng 8nd Reporting by Charitses preparing their accounts in accordance wlh the Financial Reporting Slandaids applicable in the UK and ReputC of Ireland IFRS 1021 in Pferen to the Accounb"ng and Repon9 by Charities.. Slatemenl of Recolnrnended Practice issued l April 2005 which is fer[l to in the exiant regulations bjl has been Ihdrawn. This has been done in order for the accounts lo provide a true aThJ fair view in accordance wth the Generally Accepted Accountsng Practice effective for reporting riOdS beginning on oi after 1 January 2015. In c¥Jr opinion the financial stalemenls-. give a true and fair view of the 5tste of the charty's affairs as at 5 April 2024 arKI of ils incoming re50urce5 and application of resources for the year then ended", have been propedy prepared in accordan United lQngdom Generally Accepted Accounting Practs'ce.. and have been prepared in accordance with Ihe requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance Nvith Intemalional Slandar¢Js Auditing IUKI IISAS IUKII and applicable law Our responsibilib'es under those slandards are further described in the AudiloTS' responsibilits'es for ihe audit of Ihe finanaal statements section of our report. We are independent of the chanly in accordance wfth the ethical requirements that are relevant to c¥Jr audit of the financial statements in the United Kingdom. including the Financial Reporting Coun1,5 Ethical Stsndard, and have fullilled our other ethical responsibilities in accordance with these reqviremenls. We believe that the audrt evidence wè have obtained 15 suffiaenl and appropriate lo prowde a b35is our opinion. Concluslons rèlating to going concern In auditing the financjal slalements. VR have Ly)nduded that the Trustees, use of the gtyng concem basis of accounting in the PTeparakn"on of the finanoal stslements 15 appropriate. Based on the work have perfomied. V have not identified any material un¢ertainties relats.ng to events or condf(ions Ihal. individually or collectively. may cast significant db( on the charity's ability to continue as a going concern for a penod of at least fvlelve months from when the financial statements are aulhorised for issue. Our reSSitI1rtieS and the iesponsikn"lib"es of ihe Trustees 1th respect lo going concern are described in the relevant sections of this repcKt. Page11
THE PAUL 8ASSHAM CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST ICONTINUEDI Other infomiation The other information comprises the infomiatson indude(l in the Annual report other than the financial statements and wr Auditors, report thereon. The Trustees a reSponsie for the other information contained within the Annual report. Our opinion on the financial ststements does not cover the other inforrnation and, except to the exient OtheSe expliully staled in our report. do not exFYess any form of assurance conclusion thereon. Our responsibility is lo reatl the otheT information and. in doing so, Consider whether the other 1nforrnalion is malerialty inconsistent vith the financial statements or wr knovAedge obtained in the course of the audit, OT Otherwise appears to be matenally mi5Staled If we Identify such material in¢onsistencies or appant matenal misstatements, TrAE are required lo determine whether this gives rise lo a rnalerial misslalemenl in the finanoal slalemenls Ihernsefves. If, based cm the wryk v have perfomied, we conclude that there Is a material misstaternent of this other information, VR are required to rew)rt thal fact. We have nothing lo report in this regard. Matters on vthich we are rnquired to wvport by exception We have nothing to report in resKd of the fdlowng matters Ythe the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you rf, in wnion". the informab'on given in the Trustees. report is inconsistent In any material reSpt with the fin8nci81 statements.. or sufficient accounting records have not been kept". or the financial statements are not in agreement wrth the a¢¢ounting record5 and retums," or t have not reIved all the information and explanations require for our au¢Jil. Re$ponslbililiè$ of trustees explained more fully in the Trustees. responsitA'lf(ies statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such inlemal control as the Trustees delemiine 15 lle55ary to enable the Preparation of financial statements that are Ie from material misstslement, whether due lo fraud or error. In preparing the finanaal statements. the Trustees are responsible for assessing the charivs ability to Continue as a going concem, disdosng, as applicable, matters related to going concem and using the going concern b8s15 of accounting unless the Trustee5 either intend to liquidate the chanty or lo cease operab'ons. or have no realistic akemalive but lo do so. Page 12
THE PAUL BASSHAM CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PAUL 8ASSHAM CHARITABLE TRUST ICONTINUEDI Auditors. rèsponslbilities for the audit of the financial $tat6ments We have been appointed as auditor under section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulabons made or having effect thereunder. Our objectives are to obtain reasonatle assurance about whether the finanaal statements as a whole are free from malenal misstatement. whether due lo fraud or error, and lo issue an Auditors. report that inclvdes c#Jr opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducte(l in accordance wth ISAS IUKI wll always delect a material misstatement bvhen Il exi51s. Misslatemenls can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected to influence the e¢L0M1¢ deCIonS of users taken on the bays of these finanoal slalemenls. Irregularities, including fraud, are inslances of norCOml3nce *ith laws and regulations. We design yocedures in line with OUT respon5ibililies, outlined above. to delect rnalenal misslalernen15 in respect of irregularities. including fraud. The extent to which PrdureS are capable of detecting irregularities. including fraud is detailed below_ Based on our understanding of the tnJst and sector in which rt operates. we Identified the principle risks of non- compliance with laws and regulatsons related to chanlable trusts and the application of charitable funds We also considered Ih05e law5 and regulations that have a direct Impact on the preparation of the financial slalements such as the Chanties Act 2011. We evaluated managements incentives and opportunitses for fraudulent manipulatson of the finanual ststements and deterniined the principal risks were related to management bias in accounty'ng estsmates. In a response lo these risks, audit procedures perfom)ed by the engagement team induded". Discusslons wlh management of kncff or susFected instances of non-compliance with laws and regulations and fraud. Reviewing minutes of trustee meetings. There are inherent limitations in the audit procedures described above and the further removed non compliance of law5 and regulations is from the events and transactions reflected in the finanual slaternenls, the less likely we v40uld becorne aware of it. Also, the risk of not detecting a material misstalemenl relating to fraud is higher than the risk of not detecting one results.ng Irom erroT, as fraud may involve deliberate Goncealmenl. A further description of our reS[sIbIlityes for the audrt of the financial statements is located on the Financial Reporting Coun1.$ webste al.. wwhv.f This description forms part of our Auditors. report. Page 13
THE PAUL 8ASSHAM CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST ICONTINUEDI Use of our report This report Is made solely lo the charty's trustees. as a boty. in accordan Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit vrt)rk has been undertaken so that might slate lo the charity's trLJStees ihose matters VR are required to state to them in an Auditor5, report and for no other purpose. To the fvllest extent permitted by law, do not accept or assume responsibility lo anyone other than the chanty and rts trustees, as a Ix%Jy. for our audit work. foT this pOrt. oi for the opinions we have lomied Larking Gowen LLP Chartered Accounlanls Stslutory Audrtors 1 st Floor, Prospect House Rouen Road Nonmch NR1 1RE Date.. 12 Decer(tser 2024 Larking Gowen LLP are eligible to act as audrtors in terms of secb.on 1212 of the Companies Act 2006. Page 14
THE PAUL BASSHAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTInEs FOR THE YEAR ENDED S APRIL 2024 Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowrynents from: Investments 401.704 401,704 410. 748 Total incorne and endowments 401.704 401.704 410,748 Expenditure on: Investment manager fees Charitable activrties 21,256 21.256 786,751 20,888 545.021 786.751 Total expenditure 786,751 21,256 808,007 565,909 Net expenditure Transfers belween lunds 1385,0471 373.047 121,2561 (373.0471 1406,3031 (155, 161) Net movement in funds before other recognised gainslllossesl 112,0001 (394,303) 1406,3031 (155, 761J Other recognised galnW{lossesl: Gainslllossesl on revaluation of fixed assets 602.074 602,074 (949, 142J Net movement in funds 112.0001 207,TTI 195.771 (1, 104,3031 Reconciliation of funds.. Total funds brought forward Nel movement in funds 22.000 {12.0001 14,340,693 207,771 14.362,693 195,771 15,466.996 (7, 104,303) Total funds carried forward 10,000 14,548,464 14,558,464 14,362,693 The Slalement of financial activities indudes all gains and losses recognised in the year. The notes on pages 17 10 27 form part of these finanual 5tstemenl5. Page 15
THE PAUL BASSHAM CHARITABLE TRUST BALANCE SHEET AS AT S APRIL 2024 2024 2023 Not• Fixed assets Investments Current assets 14.092,678 14,088,081 Debtors Cash al bank and in hand 63.135 434.055 75.040 215,256 497.190 290,296 Creditors". amounts fdling due within one year 10 131.4041 f15, 684) Net currgnt assets 465,786 274.612 Total net assets 14,558.464 14,362,693 Charlty funds Endowment fvnds 14,548,464 10.000 14,340,693 22,000 unStricted funds Total funds 14,558,464 14,362.693 The finanaal statements were approved and authorised for issue by the Trustees and ggned on their behalf by". Morris Peacock tsick Harri Tuttlè Date.. 4 December 2024 The notes on pages 17 to 27 fomi part of these finanual slatemenl5. Page 16
THE PAUL 8ASSHAPA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 General infom)ation The Paul Bassham Charitable Trust is an unincorpofated charity registered in England and Wales govemed by a Trust Deed dated 12 December 1973, charity nurnber 266842. The registered office is Howes Perrival LLP, Flint Building5, 1 Bedding Lane, Norwich, NR3 1 RG. Accounting policies 2.1 Basis of preparatlon of financlal ststements The financial statements have been prepared in accordance th the Charities SORP IFRS 1021- Accountyng and Reporb"ng by Charities. Statement of Recornrnended Practice appli¢able to charilies p¥eparing their accounts In accordance wrth the Financial Reports'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectwe 1 January 20191. the Financial Reporting Standard aplble in the UK and Republic of Ireland IFRS 1021 and Ihe Charities Act 2011. The financial statements have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reportsl Regulations 2008 onty lo the extent qUId to provide a Irue and f8ir' view. This departure has involved followng the Chanties SORP IFRS 1021 published in OctobeT 2019 rather tharh the Accounting and RepO"rj ty Charities.. Statement of Recommended Practice effective from 1 April 2005 lch has since been withdravm. The Paul Bassham Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilitses are initially recc4Jnised al historical cost or transaction value unless otherwise stsled In the relevant accounting policy. The financial $181ements are pSented in Slerting. is the fvnctional currenq of the Ch8rily, and roun(Jed lo the nearesl £. The following prinupal accounb'ng poliae5 have been applied". 2.2 GoSng concern The Trustees consider that there a no merial un¢ert'nties about the Trust's ability to continue as a going concem. With respect to the foreseeable future. the most significant uncertainty that affects the carrying value of assets hdd by the Trusl are the level of inveslrnenl retum and the perfomiance of invesiment markets {see the investmenl piCY and performance and risk management secb'ons of Ihe Trustees, Annual Report for more informalionl. The Trustees consider that the level of assets held by the Chartty mean that it can absorb any asonable fluctuats'ons in perfomiance withiyjt Issue. 2.3 Income All income Is recognised On the Charrty has enlitlemenl to the income. it Is probable that the income will be received and the amount of income receivatAe can be measured reliably. Inte$1 on funds held on deposrt is included vthen receivable and the amount can be measured reliably by the ¢hanty'. this is normalty upon notsfication of the interest paid or payable by the bank. Dividends are cOgnised once the dividend has been dedared and notification has been received of Ihe dividend due_ This is normally upon nob"ficats"on by the investment advisor of the dividend yield of the investment portfolio. Page 17
THE PAVL BASSHAM CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED SAPRIL 2024 Accountlng policles {continuedl 2.4 Expenditure Liabilities are recognised as expendrture as S( as there is a legal or conslfuch.ve obligation committing the charity lo that expenditure. it is wobably that setuemenl wll be required and the amount of the okjigab.on can be measure(1 reliabty. All expenditure is accounted for on an accruals bags. Al expenses induding support O)sts and governance cost are allocated or apmoned to Ihe apICable expenditure heading5. Grants payable are paymen15 made lo third parties in the furtherance of the d)arilable objects of the Trust. Grants are recognised as expenditure in the year in they are approved by Trustees. Gianls which a unpaid at the year-end are carried f¢%ard as creditors Expenditure on raing fvnds indudes all expenditure incurred by the Char(ty to raise funds for its charrtae purposes and indudes costs of all fundrai&ng athvil5 events and rbon-charilable trading. Expenditure on charitable activities is incLFrred on diie¢ty undertaking Ihe activities which further the Charity's objectives. as well as any assoa*ed support costs. 2.5 Interest receivable Interest on ftJnd5 held ofi deFrt)sit is indu¢Jed vthen receivatrje and the amount can be measured reliably by the Charity.. this is nomially upon nolificats'on ol the interest paid or payable by the insiffub'on wth vknom the fvnds are dew)wled. 2.6 Investments QLbOted investments are stated at fwr value (being their bid pricel. Fixed asset inveslments are a lom of financial instrument and are initially recognised at their transaction CA)St and subsequendy measured at fair value at the Balance sheet date, unless the value cannot be measured rdiably in vthich case it is measured at cost less impairment. Investment gains and losses, whether realised or Ltnrealised, are combined and presented as 'GainsllL055esl on investments, in the Statement of finanaal ath"Mtie5. The Trust does not acquire pul opb"ons. derivab.ves OT Other complex fjnanoal stalemenls. The main fomi of financial risk faced by the charity is that of volatility in equity markets and investment markets due lo wder economic condibons, the ath'tude of investors to investment risk, and changes In sentiment conceming equib.es wrthin a particular sector or sub-se¢tor. 2.7 Debtoys Trade and other debtors are recognised at the setitement amount after any trade discount offered. Prepayments are valued at the amount pfepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand indudes cash and short-term highly liquid investments wlh a short maturity of three months OT less from the dale of 8cquisilion 01 opening of the deposit or similar acc<yJnl. Page 18
THE PAUL BASSHAM CHARITA8LE TRUST NOTES TO THE FINANCIAL STATEPIENTS FOR THE YEAR ENDED S APRIL 2024 Accountlng pollcles Icontlnuedl 2.9 Liabilities and provisions Liabilities a recognised when the is an obligation at the Balance sheet dale as a result of a pa51 event. it is probable that a transfer of economic beneflt wll be required in setllemenl, and the amount of the settlement can be estsmated reliably. Liabilities are recognised at the amount that the Chanty ants"apales it will pay to settle the debt or the amount it ha5 received a5 advanced paenIS for the goods services it must provide. Proviwons are measureil at the ikst estimate of the amounts required to settle the obligalitsn. Where the effect ol the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks 5pecifi¢ lo the Iiabilily. The unwinding of the discryjnt is recognised In the Stslemenl of financial activities as a finance cost. 2.10 Flnancial Instruments The Charity onty has financial assets and financial liabilrties of a kind that qualify as basic financial instruments. Basic finaneial Instruments are inrtially COgniSed al Iransacts'on value and subsequently measured al their settlement value. 2.11 Fund accounting The end0ent of the tharrty is an expendable endowThent, lch is regulady reviewed and maintained by the TTUStees. The Trust Deed allows this fund lo spent as income or retained as capital al the Trustee5' discretion. The income ansing Irom the expendable endowment is unreslncted. General funds are unrestricted funds thich are aVailae for use at the discretion of the Trustee5 in furtherance of the general objectives of the Chanty and lch have not been designated for other purposes. Investment income, gains and losses are all(tsted lo the apprriate fund. Investment Income Unrestricted funds 2024 Total funds 2024 Income from listed investments Intere51 on cash deposrt5 398.286 3.418 398,286 3,418 401,704 401,704 Page 19
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Investment Income (continued) Unrestrided runds 2023 Total funds 2023 Incorne from listed investments 410.455 293 410,455 293 Interest on cash deposrts 410. 748 410, 748 Analysis of grants Grant$ lo Institutions 2024 Total funds 2024 Grants payab 7.716 7C6,716 GnIS to Institutions 2023 rolal funds 2023 Grants payable 475,439 475,439 Page 20
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 The Chanty has made the followling material grants lo Inststu0lls during the year.. 2024 2023 Name of Institution Age UK Big C Cancer Charrty Break 3,000 25,000 10,000 10,000 5.000 12.000 10,000 BUILD Charity Connects & Co Centre 81 Dereham Baptist Church Eab'ng Matlers Fresh Start New Beginnings Frozen Light Fuiure Projects Gt Yarmouth & Gorfeston Young Carers Harleston Informatson Plus Hott Youth PToject Hope for TomooW Little Lifts 7,000 10,200 5.000 5.000 10,000 s,000 10.000 10,000 5,000 5.000 17.000 5.000 25,000 5.000 10.000 25,000 7.500 Menscraft The Matthew Project Musical Keys Nansa 10.200 5.000 Nelson's Journey NOrfk and NO[Ch Fesb"val Norfolk CAB North Norfolk & Waveney MND Norwich Door to Door Norwich H1Storic Churthes TnJ5t Norwich School, Norfolk Summei School N0ch Men's Shed Prisulla Ban Norfolk Hospice Care Norwith Scouts Groups Norwch Samaritans 5,000 2,500 fO.000 10,000 6,000 5,000 5,000 10,000 25,000 15,000 10.000 25,000 5,000 5,000 Norfolk Community Law Service Red Balloon Norwch Redwings Horse Sanduary RNMI Food & Farming Di$Very Tnjsl Sain5bury Cent Save Our Spaniels Stepping Stones 5.000 15.000 4,000 5,000 5.000 5,000 Page21
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Sunflower School Club Shenngham Woodfiellls Sch¢x4 Sl Edmund5 Society Sue Lambert Trust St Martins The British Heart Foundation The Fee¢J 5,000 10,000 5.000 10,000 10,000 1,000 10,000 2,000 25,000 5.000 5,000 5,000 5,000 5,000 13,000 The Garage The Hamlet CenlTe Trust The Magdalene Group Thornage Hall Independent LNing Walpole St Peter Pansh Church 402,500 162,9QO Other grants to insb"ILrtions (under £5,000) 304.216 372,539 7[,716 4T5.439 Anatysis of expenditure by a¢Uvftles Grdnt funding of activhies 2024 Support costs 2024 Total funds 2024 Grants payable 706,716 80.035 786,751 G1 fvnding ol aclivrties 2023 Support costs 2023 Total fun(ts 2023 Grants payable 475.439 69,582 545.021 Page 22
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activitie5 (continved) Analysls ofsupportcosts Grants payable 2024 Total funds 2024 Management lees Audrt & accc¥Jnlancy 69.276 10,759 69,276 10,759 80.035 80,035 GTrnts payable 2023 Total funds 2023 Management fees Audit & accountancy 58, 794 10. 788 58, 794 10, 788 69,582 69.582 Auditor5, remuneration 2024 2023 Fees payable lo the Charty's auditor for the audit ofthe Charrty's annual accounts 9,978 9,504 Trustee$. rgmungratlon and expenses During the year. no Trustees received any remunerats.on or other benefits (2023- £NIL). Dunng the year ended 5 April 2024, no Trustee expenses have been incurred (2023- £NIL). Page 23
THE PAUL 8ASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EP4DED S APRIL 2024 Fixed asset investments Listed investment5 Cost or valuation At 6 April 2023 Additions Disposals Revaluations Cash hdd al brokers 14,035,530 1,641,789 12,237.3861 602,074 50,671 At 5 April 2024 14.092.678 Net book valve At 5 April 2024 14.092,676 At 5 April 2023 14.035.530 The historic cost of the listed investments lexduding cash held al brokers) vras £12,029,542 12023.. £12.329,6551. Investments in eqijilies and fixed interest securities are all trnded in quoted public marke15, primarily the London Stock Exchange. Holdings in common investment hjnds. unf( trusts and open-ended investrnenl companies are at the bid price. The basi5 of fair vJue for quoted Investments is equivalent to the market value. using the bid pnce. A5sel sales and purthases are recognised at the date of trade al cost {that is their Iransactson value). One holding was above 5% of the whcAe portfolio, being the Bardays Charty Fund - R, 8 closing market value of £6,672,17712023'. £6.680.1431. The portfolio was invested as frAIows'. 2024 2023 Gilts Bonds Unit trusts 49 52 Equities Cash 43 45 100 Page 24
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Debtors 2024 2023 Due wlthln one year Prepayments and accxued income 63,135 75,040 63,135 75,040 10. Creditorn.. Amounts falling due within one year 2024 2023 Accruals and deferred income 31,404 15,684 11. Flnancial instruments 2024 2023 Flnancial assets Finanaal assets measured at fair value through irthme and expenditure 14.092.678 14,088.081 Finanual assets measured at fair value through irKome and expenditLbre comprise listed inveslmenls. Page 25
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 12. Summary of fund$ Summary of funds - cuThent year Balance at 6 Aprll 2023 Transfe inlout Galnsl Balance at 6 {L055e$l April 2024 Income Expenditure General lunds 22,000 401,704 (786.7511 373.047 10,000 Endob*Tnent fvn¢Js 14,340,693 (21,2561 1373,0471 602,074 14.548,464 14,362,693 401,704 1808.0071 602,074 14,558,464 The unrestncled Income fund comprises those lunds the TnJ51ee5 are free to use in accordance vAlh the charitsble ofy'ects. The expendable endowment fund COnstS of funds provided ty way of donation to the capital of the trust, principally comprising investments. The fvnd may be used in accordance wth the charrtable objects. Incorne arising on the expendable endowmenl fvnd can be used in accordance wlh the objects of the chanty arKI is included In unreskn.cted income. Any caprtal gains or losses arising on the investments form part of the fund_ Summary offunds- prioryear Balance at 7 April 2022 Transfers in/oul GaiTr Balance at (Losses) 5 April 2023 Income Expendrfu General funds iO.LX 410.748 (545.021) 146.273 22,000 Endobvment funds 15.456,996 (20,888) (146,273) (949, 142) 14,340, 693 15.466.996 410.748 (565.909) (949. 142) 14,362, 693 13. Analysis of net assets b8tw8en fvnds Analysis of net assets between funds- curTent period Unfestricted Endowment funds funds 2024 2024 Total funds 2024 Fixe¢J asset investments Currenl assets Creditors due wthin one year 14,092.678 14,092.678 455.786 504.190 138,4041 48.404 138.4041 Total 10,000 14,548.464 14,558,464 Page 26
THE PAUL BASSHAM CHARABLE TRUST 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 13. Anaty5is of net assets between funds Icontinuedl Anatysls of net a$sets between funds - p01 perlod UnrEslncted Endowment fvnds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due vthin one year 14,088,081 14,088.081 252,612 290,296 (15,684) 37,684 (15,684) Totsl 22.{ 14.340, 693 14.362.693 14. Related party transactlon$ Morris Peacock is a partner at Howes Peruval LLP. The firm was paid £69.276 in SpeCt of management charges for the Trust 12023 £58.794). As at 5 Apnl 2024 £nil 12023." £nill was due lo Howes Perc¢val LLP. Aexander Munro 15 a trustee of The Historic Churches Trust Limited. During the year, £nil {2023'. £5,000) of gr3nls We paid across lo The Historic Churches Trust Limiled in line with the conflict of Inte$1 policy described in the Trustees repjrt he did not pa'cIpate in the decisir>n to award the grant. Graham TLrtUe is a trustee of Red Hwse YoLrth Trust. Dunng the year. £2.00012023." £6891 of grants were paid across to Red H¢Juse Youlh Trust in line wrth the conflict of interest pclicy described in the Trustees report he did not participate in the decision lo avrnr(l the grant. At 5 April 2024 £2,000 12023". £nill was due to Red House Y(th Trust. Page 27