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2024-04-05-accounts

Charity registration number 267172

THE BALCOMBE CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

THE BALCOMBE CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11 - 21

THE BALCOMBE CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R.A. Kreitman
Mrs P.M. Kreitman
Mr E.N.W. Brown
Charity number 267172
Auditor TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Bankers Barclays Bank Plc
1 Churchill Place
London
EC14 5HP
Investment advisors Whitley Asset Management Limited
116 Princedale Road
London
W11 4NH
Vermeer Investment Management Limited
130 Jermyn Street
London
SW1Y 4UR

THE BALCOMBE CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their annual report and 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 Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Structure, governance and management

The Balcombe Charitable Trust is a registered charity and was established under a Deed of Settlement dated 27 February 1974. It is governed by this Deed of Settlement and by the Charities Act 2011.

The Trustees who served during the year were: Mr R.A. Kreitman Mrs P.M. Kreitman Mr E.N.W. Brown

The statutory power of appointing new or additional Trustees is vested in the settlor, Mr. R.A. Kreitman, during his life. Additional Trustees may be appointed at any time but the total number of the Trustees shall be not more than four.

The Trust's day to day activities are administered by the Trust, and it normally employs one person to provide administrative support. Its Trustees alone are responsible for the consideration and authorisation of the charitable donations made by the Trust.

The Trustees regularly review the major risks which the Trust faces and believe that maintaining the free reserves at the levels stated below, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the face of adverse conditions. The Trustees have also examined other operational risks which they face and confirm they have established systems to mitigate any significant risks.

Objectives and activities

The Trustees’ short term objectives are to ensure that all grant commitments are met out of investment income. In the long term the Trustees hope to make further grants as cash flow allows.

The Trustees’ grant making policy is to make grants to charities operating in the areas of health and welfare, environment and education. The Trustees assess the need of the recipient charity in terms of available funding and ensure various reporting requirements are put in place to ensure the grants are being used for their intended purpose. The Trustees closely monitor the use of funds by all recipient charities.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

There have been no changes in the policies adopted by the Trust during the year.

The Trust's objectives are met in such proportion and manner as the board of Trustees shall in their absolute discretion, from time to time, determine.

The Trustees hold the capital and income of the Trust upon trust to pay or apply the whole thereof to or towards or for the benefit or furtherance of such charitable purposes, charitable institutions or charitable foundations as they, from time to time, decide.

THE BALCOMBE CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

During the year the Trust committed donations to 23 different charitable organisations amounting in aggregate to £806,822. It is the usual policy of the Trustees to only make awards from the accumulated unrestricted fund.

The Trust conducts its own research with regular project visits carried out by the Director of Grants and the Trustees as well as with the support of several independent grant assessors who are contracted according to their fields of experience. In 2023/24 exploratory visits took place both in the UK and Madagascar.

Please note that the Trust makes direct approaches to charities of interest and will not accept or acknowledge any unsolicited applications.

Achievements and performance

The Trust's key financial performance indicator is the return on investments held. In 2023/24 this amounted to 12.18% compared with a negative return of 5.57% in the previous year. The Trustees monitor return on investment closely and discuss strategies with their investment managers as required.

During the year, the Trustees made grant commitments totalling £806, 822.

Grants were awarded to 23 charities, some for multiple projects. Of these, seven formed part of a multi year project. It was the first year of funding from the Trust for three new charities.

There are regular Trustees' meetings, either in person or online. In addition, the Trustees remain in contact outside of these meetings and all respond swiftly to matters raised. Where appropriate, one or more of the Trustees visit projects or they arrange for professional assessors to inspect on their behalf. The Trust also liaises with other funders and funding networks to discuss appropriate needs and support strategies in different areas.

During 2023/24 the Trust continued to partner with many charities with which it already had an association. New or increased support was made to services for refugees and the homeless. The Trust increased its funding of counselling and benefits advice delivered via food banks across the country. This line of charitable investment continued to produce significant returns in terms of access to unclaimed government benefits for those most disadvantaged.

2023/24 was unusual in that no grants were made directly to benefit the environment. However, Trustees were engaged in talks and negotiation with a well known conservation organisation in the anticipation of announcing a major multi year grant for 2024/25.

As previously decided and recorded, no unsolicited proposals were accepted although the Trustees continued to conduct their own research and approach charities with whom they were interested in working.

Financial statements

The Trust is an endowed charity with assets of approximately £42.8 million. The Trust's portfolios of quoted securities are managed by Vermeer Investment Management Limited and Whitley Asset Management Limited. All quoted securities are held on behalf of the Trustees by the appointed custodians of the investment managers in pooled investment accounts. The investment portfolio managed by Whitley Asset Management Limited is under the custodian of Multrees Investor Services Limited and that managed by Vermeer Investment Management Limited is under its own custody. Changes in the Trust's investments during the year are shown in note 14 on page 17.

Whilst the Trustees are not prevented from making grants from the expendable endowment fund, they have consistently awarded grants within the unrestricted income fund and have also built up a surplus over the years. Although some of the grants awarded last for more than one year, the Trustees are confident in being able to meet their financial commitments.

Costs are well controlled and remain relatively stable from year to year. They fall into four main areas:

  1. Investment fees

  2. Governance — including accountancy and legal fees

  3. Office management and support

  4. Travel expenses for meetings and project inspections

  5. 2 -

THE BALCOMBE CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Financial review

Details of income and expenditure for the year are shown in the statement of financial activities on page 8.

Incoming resources comprised entirely of investment income receivable of £1,185,744 (2023: £1,156,081), an increase of £29,663 compared to previous year.

Investment management costs in the year totalled £225,529 which is a £23,667 increase from the prior year. Grants payable in the year were £806,822, compared to £877,471 in 2023. Governance costs rose to £96,345 from £76,329 in the prior year mostly due to an increase in staff costs.

Total net (losses)/gains, both realised and unrealised, from the investments held by the Trust amounted to £3,421,791 as compared to a loss of £3,350,875 for the previous year.

The statement of financial position on page 9 shows the financial position of the Trust as at 5 April 2024.

Total assets less liabilities amounted to £42,815,510 which are represented by the accumulated balances on both the expendable endowment and unrestricted income funds. The net assets of the Trust's expendable endowment fund are held to generate sustainable income in order to support the Trust's activities and to meet a proportion of the management and administration costs of the Trust. The net assets of the unrestricted income fund are held in order to meet the ongoing overheads and administrative expenses and also to be applied towards the Trust's charitable objectives.

The Trustees have reviewed the unrestricted reserves of the Trust and consider it prudent that these funds should be maintained and are sufficient to cover the management and administration costs for at least the next three years and its ongoing conditional grant commitments.

There are currently no major commitments and the position together with the level of reserves is regularly reviewed by the Trustees.

The Trustees have the power to invest in such assets as they see fit.

The investment objective is to achieve real returns ahead of inflation.

Plans for the future

The Trustees plan to continue grant-making activities for the foreseeable future.

The Trustees' report was approved by the Board of Trustees.

Mrs P.M. Kreitman

Trustee Dated: 5 December 2024

THE BALCOMBE CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2024

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 Trust and of the incoming resources and application of resources of the Trust for that year.

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

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE BALCOMBE CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE BALCOMBE CHARITABLE TRUST

Opinion

We have audited the financial statements of The Balcombe Charitable Trust (the ‘Trust’) for the year ended 5 April 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. 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)

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 Trust 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE BALCOMBE CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BALCOMBE CHARITABLE TRUST

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

THE BALCOMBE CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BALCOMBE CHARITABLE TRUST

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

TC Group 5 December 2024 Statutory Auditor 5th Floor 3 Dorset Rise London EC4Y 8EN

TC Group is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE BALCOMBE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Endowment
funds
funds
2024
2024
Notes
£
£
Income from:
Investments
2
1,185,744
-
Expenditure on:
Raising funds
3
108,981
157,870
Charitable activities
Education
4
80,121
3,056
Environment
4
-
-
Health and welfare
4
781,776
29,814
Total charitable
expenditure
861,897
32,870
Total expenditure
970,878
190,740
Net gains/(losses) on
investments
10
-
3,421,791
Net income/(expenditure)
214,866
3,231,051
Other recognised
gains and losses:
Other (losses)/gains
12
-
(117)
Net movement in
funds
214,866
3,230,934
Reconciliation of funds:
Fund balances at 6 April 2023
3,056,119
36,313,591
Fund balances at 5 April 2024
3,270,985
39,544,525		 Total
Unrestricted Endowment
funds
funds
2024
2023
2023
£
£
£
1,185,744
1,156,081
-
266,851
98,686
141,558
83,177
101,334
3,558
-
52,296
1,836
811,590
767,815
26,961
894,767
921,445
32,355
1,161,618
1,020,131
173,913
3,421,791
-
(3,350,875)
3,445,917
135,950
(3,524,788)
(117)
-
17,270
3,445,800
135,950
(3,507,518)
39,369,710
2,920,169
39,821,109
42,815,510
3,056,119
36,313,591		 Total
2023
£
1,156,081
240,244
104,892
54,132
794,776
953,800
1,194,044
(3,350,875)
(3,388,838)
17,270
(3,371,568)
42,741,278
39,369,710

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

All income and expenditure derive from continuing activities.

THE BALCOMBE CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 5 APRIL 2024

Notes
Fixed assets
Investments
14
Current assets
Cash at bank and in hand
Current liabilities
Other payables
15
Net current assets
Total assets less current liabilities
The funds of the Trust
Endowment funds
18
Unrestricted funds		 2024
£
£
41,757,055
1,137,385
78,930
1,058,455
42,815,510
39,544,525
3,270,985
42,815,510		 2023
£
£
37,814,884
1,635,917
81,091
1,554,826
39,369,710
36,313,591
3,056,119
39,369,710		 2023
£
£
37,814,884
1,635,917
81,091
1,554,826
39,369,710
36,313,591
3,056,119
39,369,710
39,369,710
36,313,591
3,056,119
39,369,710

The financial statements were approved by the Trustees on 6 December 2024

Mr R.A. Kreitman Trustee

Mrs P.M. Kreitman Trustee

THE BALCOMBE CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 21 (1,163,896) (1,142,127)
Investing activities
Purchase of investments (5,881,406) (5,489,768)
Proceeds from disposal of investments 5,361,026 3,727,589
Investment income received 1,185,744 1,156,081
Net cash generated from/(used in)
investing activities 665,364 (606,098)
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (498,532) (1,748,225)
Cash and cash equivalents at beginning of year 1,635,917 3,384,142
Cash and cash equivalents at end of year 1,137,385 1,635,917

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The Balcombe Charitable Trust is a registered, unincorporated charity. The correspondence address of the Trust is 5th Floor, 3 Dorset Rise, London EC4Y 8EN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. Fixed asset investments consist of quoted shares, traded bonds and similar investments. These are measured initially at cost and subsequently at fair value based on published market prices. The principal accounting policies adopted are set out below.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next reporting period.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust 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 financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives and to meet ongoing overheads and administrative expenses.

The restricted capital fund comprises an expendable endowment fund (see note 18). The income generated by the funds held on this endowment are unrestricted and are, therefore, included as part of the unrestricted income funds for the year.

1.4 Income

Income is recognised when the Trust 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.

Investment income from interest on deposits and listed loan stocks is accounted for an accruals basis. Income from other investments is accounted for when received.

Voluntary donations are recognised on receipt.

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are fulfilled.

1.6 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8 Foreign exchange

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources.

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.9 Investments

Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price.

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 they were 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 investment gains and losses are combined in the Statement of Financial Activities.

1.10 Irrecoverable VAT

Irrecoverable VAT is shown separately in the notes to the statement of financial activities for the convenience of the Trustees in monitoring expenses.

2 Investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 1,185,744 1,156,081

3 Raising funds

Unrestricted Endowment
funds
funds
£
£
Foreign tax deducted
41,322
-
Irrecoverable VAT
11,276
26,312
Investment management fees
56,383
131,558
108,981
157,870
For the year ended 5 April 2023
Foreign tax deducted
38,382
-
Irrecoverable VAT
10,051
23,593
Investment management fees
50,253
117,965
98,686
141,558		 Total
2024
£
41,322
37,588
187,941
266,851		 Total
2023
£
38,382
33,644
168,218
240,244
38,382
33,644
168,218
240,244

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

4 Charitable activities

Education
Environment
Health and
welfare
£
£
£
Grant funding of activities (note 5)
75,000
-
731,822
Governance costs (note 6)
8,177
-
79,768
83,177
-
811,590		 Total
2024
£
806,822
87,945
894,767		 Total
2023
£
877,471
76,329
953,800

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

5 Grants payable

Education Environment
Health and
welfare
£
£
£
The Jericho Foundation
-
-
-
Prison Radio Association
30,000
-
-
St Christopher's Hospice
30,000
-
-
Coram Fields
-
-
-
Money for Madagascar
-
-
50,310
Zoological Society of London
-
-
-
Durell Wildlife Conservation Trust
-
-
-
Radical Recruit
-
-
19,675
The Halo Project
-
-
20,000
The 999 Club & Lady Florence Trust
-
-
46,000
Medical Justice
-
-
25,000
Bone Cancer Research Trust
-
-
25,000
Assist Sheffield
-
-
15,000
The British Liver Trust
-
-
-
The Trussell Trust
-
-
300,000
The British Shalom - Salaam Trust
-
-
-
The Royal Marines Charity
-
-
-
Lewisham Food Bank
-
-
35,000
Housing Justice
-
-
16,500
In2Out
-
-
40,000
Refugee Community Kitchen
-
-
45,000
Bloody Good Period
-
-
15,000
Medical Aid for Palestinians
-
-
15,000
Asylum Matters
-
-
-
Asylum Support Appeals Project
-
-
15,000
The BACA Charity
-
-
5,000
The Vavengers
-
-
-
Birth Companions
-
-
-
Stop Hate UK
-
-
5,000
The Blackheath Society
-
-
-
Crisis UK
-
-
-
Doctors in Distress
-
-
10,000
Dorothy House
-
-
-
Greater Manchester Immigration Aid
Unit
-
-
25,000
The Happy Baby Community
-
-
-
Langdale/Ambleside Mountain Rescue
Team
-
-
-
Nunhead's Voice Limited
-
-
4,337
Passage 2000
-
-
-
Sex Education Forum
-
-
-
Venice in Peril Fund CIO
-
-
-
Read - The Reading Agency
15,000
-
-
75,000
-
731,822		 Total
2024
£
-
30,000
30,000
-
50,310
-
-
19,675
20,000
46,000
25,000
25,000
15,000
-
300,000
-
-
35,000
16,500
40,000
45,000
15,000
15,000
-
15,000
5,000
-
-
5,000
-
-
10,000
-
25,000
-
-
4,337
-
-
-
15,000
806,822		 Total
2023
£
20,000
34,000
-
22,500
30,727
22,300
25,000
-
20,000
26,000
25,000
25,000
15,000
15,000
290,000
5,000
29,000
25,000
16,500
25,000
25,000
15,000
16,000
10,000
-
5,000
12,000
5,000
-
8,500
15,000
9,100
3,000
25,000
7,000
10,000
3,344
5,000
15,000
2,500
15,000
877,471

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

6 Governance costs

Governance costs
Staff costs
Audit fees
Legal and professional fees
Travelling expenses
Irrecoverable VAT
IT Costs
Sundry expenses		 2024
£
32,606
9,000
28,576
4,782
8,381
3,597
1,003
87,945		 2023
£
23,551
9,000
28,449
782
7,814
5,775
958
76,329

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. One of the Trustees, Mrs P.M. Kreitman, was reimbursed £2,125 (2023: £3,216) for travelling and other expenses during the year.

The Trustee, Mr E.N.W. Brown, is also a consultant with BDB Pitmans LLP ("BDB"), a firm of solicitors. During the year the Trust paid BDB legal fees amounting to £11,440 (2023: £16,135).

8 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Administration 1 1
Employment costs 2024 2023
£ £
Wages and salaries 31,950 22,812
Other pension costs 656 739
32,606 23,551

There were no employees whose annual remuneration was more than £60,000.

9 Auditor's remuneration

Fees payable to the Trust's auditor and associates:
Audit of the Trust's annual accounts
Non-audit services
Fees payable to the Trust's auditor for all other non-audit services		 2024
£
9,000
16,611		 2023
£
9,000
10,375

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

10 Net gains/(losses) on investments

**Endowment ** Endowment
funds funds
2024 2023
£ £
Revaluation of investments 3,196,817 (2,934,665)
Gain/(loss) on sale of investments 224,974 (416,210)
3,421,791 (3,350,875)

11 Taxation

No liability to taxation arises as the Trust is a registered charity and is, therefore, exempt from UK taxation on the income arising from its normal activities.

12 Other gains or losses

12 Other gains or losses
**Endowment ** Endowment
funds funds
2024 2023
£ £
Foreign exchange gains/(losses) 117 (17,270)
13 Financial instruments 2024 2023
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 41,757,055 37,814,884

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2023 37,814,884
Additions 5,881,406
Valuation changes 3,196,817
Disposals (5,136,052)
At 5 April 2024 41,757,055
Carrying amount
At 5 April 2024 41,757,055
At 6 April 2023 37,814,884

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

14 Fixed asset investments

(Continued)

Fixed asset investments revalued

The historical cost of the fixed asset investments held at the year end is £36,187,806 (2023: £35,547,162).

15 Creditors

Creditors
2024 2023
Amounts falling due within one year: £ £
Accruals and deferred income 78,930 81,091

16 Unrestricted funds

The unrestricted funds of the charity comprise of the unexpended balances of investment income and donations which are not subject to specific conditions by donors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 6 April
2023
£
3,056,119
At 6 April
2022
£
2,920,169		 Incoming
resources
£
1,185,744
Incoming
resources
£
1,156,081		 Resources
expended
£
(970,878)
Resources
expended
£
(1,020,131)		 At 5 April
2024
£
3,270,985
At 5 April
2023
£
3,056,119

17 Analysis of net assets between funds

Unrestricted
Endowment
funds
funds
2024
2024
£
£
Fund balances at 5 April 2024 are represented by:
Investments
2,212,530
39,544,525
Current assets/(liabilities)
1,058,455
-
3,270,985
39,544,525		 Total
2024
£
41,757,055
1,058,455
42,815,510

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

17 Analysis of net assets between funds (Continued)
Unrestricted Endowment Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 5 April 2023 are represented by:
Investments 1,501,293 36,313,591 37,814,884
Current assets/(liabilities) 1,554,826 - 1,554,826
3,056,119 36,313,591 39,369,710

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

18 Endowment funds

Endowment funds
Balance at
6 April 2022
£
Expendable endowments
Expendable
restricted funds
39,821,109
39,821,109		 Incoming
resources
£
-
-		 Movement in funds
Resources
expended
Investment
gains/(losses)
Foreign
exchange
gains/(losses)
£
£
£
(173,913)
(3,350,875)
17,270
(173,913)
(3,350,875)
17,270		 Balance at
5 April 2023
£
36,313,591
36,313,591		 Incoming
resources
£
-
-		 Movement in funds
Resources
expended
Investment
gains/(losses)
Foreign
exchange
gains/(losses)
£
£
£
(190,740)
3,421,791
(117)
(190,740)
3,421,791
(117)		 Balance at
5 April 2024
£
39,544,525
39,544,525

The Trust's expendable endowment fund is attributable to the original amount settled on the Trust, subsequent settlements and the accumulated realised and unrealised gains (less losses) thereon. Under the terms of the Deed of Settlement, the endowment is expendable at the discretion of the Trustees on expenditure which meets the charitable objectives of the Trust.

THE BALCOMBE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

19 Financial commitments, guarantees and contingent liabilities

At the year end, the Trust had made commitments to pay a further £298,000 (2023: £260,000) in grants to certain charities but subject to specific future conditions being satisfied by those charities. As there is uncertainty as to whether those conditions will be satisfied, these future commitments have not been provided for in these financial statements. Of the total amount, £245,000 (2023: £165,000) would be payable within one year, while £53,000 (2023: £95,000) would be payable in more than one year.

20 Related party transactions

The only related party transactions during the current and comparative years have been disclosed in note 7.

21 Cash generated from operations 2024 2023
£ £
Surplus/(deficit) for the year 3,445,917 (3,388,838)
Adjustments for:
Investment income recognised in statement of financial activities (1,185,744) (1,156,081)
Foreign exchange differences (117) 17,270
(Gain)/loss on disposal of investments (224,974) 416,209
Fair value gains and losses on investments (3,196,817) 2,934,666
Movements in working capital:
(Increase)/decrease in trade and other receivables - 2,202
(Decrease)/increase in trade and other payables (2,161) 32,445
Cash absorbed by operations (1,163,896) (1,142,127)