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 liesigneraising. 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 foresee8￿e 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 reSe￿eS, 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 tr￿nefit 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 balar￿ed 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 In￿Me 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 ap￿nted 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. m￿riS 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 strUC￿re. govemance and management {continuÈd Morri5 Peacock is a partner in Howes Per¢ival LLP and the 15 therefo￿ a ￿l￿e￿ party of the Trustees. In all matter5 relating lo the engagement of H(w*s Percival LLP lo I￿Vide 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 na￿ative 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 AUth￿lty. The correspondent Tnjstee. Morris Peacock, is supported by an eXperien￿d 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 poI￿Y 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 ￿JbStar￿al 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 a￿l¢a￿OnS 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 reSPon￿bIe 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 ap￿Y 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 re￿rdS 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 CoM￿Y wth the char￿eS Act 2011. Ihe Charity (Accounts and Reports) Regulabons 2008 and the provisi￿S 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 De￿fflber 2024 Page10 THE PAUL 8ASSHAM CHARITABLE TRUST INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST Opinion We have audited Ihe finan￿al 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 aP￿Icable 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 Acc*pteil A￿Ul}b.￿g Practice). The financial statements have been prepared in accordance V*ith Accountsng 8nd Reporting by Charitses preparing their accounts in accordance wlh the Financial Reporting Slandaids applicable in the UK and Reput￿￿C of Ireland IFRS 1021 in P￿feren￿ to the Accounb"ng and Repo￿n9 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 Coun￿1,5 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 d￿b( 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 reS￿SitI1rtieS 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￿ reSponsi￿e 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 Othe￿Se 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 appa￿nt 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 resK*d 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 reSp￿t 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 re￿Ived 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 lle￿55ary to enable the Preparation of financial statements that are I￿e 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¢L￿0M1¢ deCI￿onS of users taken on the bays of these finanoal slalemenls. Irregularities, including fraud, are inslances of nor￿COm￿l3nce *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 Pr￿dureS 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 Coun￿1.$ 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 ACTI￿nEs 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 un￿Stricted 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 ap￿l￿ble 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 ￿qUI￿d 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￿"r￿j 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 p￿Sented 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 m*erial 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 p￿iCY 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 CHAR￿ABLE 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 ap￿ICable 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 rai￿ng fvnds indudes all expenditure incurred by the Char(ty to raise funds for its charrta￿e purposes and indudes costs of all fundrai&ng athvil￿5 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 accn 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