CharSty regiBtratlon numbér 274769 THE ZOCHONIS CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024
THE ZOCHONIS CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trust$ MrA G Calder r P Milner Dr P D Evans MsSEHill (Appointed 9 May 2024) Charity number 274769 Prlnclpal addres PZ Cussons PIC Manchester Buslness Park 3500Aviator Way Manchester AudStor Badow Andrews LLP Cadyle House 78 Chorfey New Road Bolton B4nk•r8 Barclays Bank PIC 51 Mosley Street Manchester
THE ZOCHONIS CHARITABLE TRUST CONTENTS Page Trustees, report Stslemenl of Iruslees, re5pon$ibililies Independent audilorfs rèport Slalemenl of fin8naaS activities Balance sheet Statemènt of cash flows Notes lo the finanual statements 10-16
THE ZOCHONIS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Iruslees presenl their annual report and financlal slalèmenls for the year ended 5 Aprfl 2024. The flnancial slalernenls have been prepared In accordance wllh the accounllng pollcies $01 out in note I lo IhB rinancial slalemenls and comply with the chaiily's governing document, the Charities Ad 2011 and 'Accounling and Reporting by Charities.. Statement of Recommendtsd Pradi¢e 8pplicable to charS1ies preparing Ihelr accounls In a0rdanC0 wllh thé FinaneAal Reporting Standard applicable in tho UK and Republic of Ireland IFRS 1021 (effective 1 January 2019)" Obl8ctlv8s and actlvltles The objects of the charity are 10 8UPPOrt ch8r518ble Causes by making grants. Each year the trustees review Ihe objectives and activilI0s of the charily lo ensure that they ¢onllnue to reftecl their aims 8nd lo provide public benefit. Th8 Iiuslees are mofe than salisfiad Ihal they do. The Iruslees have pgid due regard lo guldance issued by the Charfty Commlsslon In deciding what actlvllles the charity should undertake. Grant requests are reviewed by the Iru81ees on an Indlvidual basls. The Iruslees Consider the rnerils of each roqU&St and Invèst largely in local Charit5, with a particular 8mphasis on education and the welfare of children. Achlevements and performance The results for the year ended 5th Aprll 2024 are sel out in the Slalemenl of Flnanclal Aclivilie8 on pag8 7. During the yèar Snvestment incorna has decreased by 18.300h. Th& charity has rnade 176 donations lo charflable auses lolalling £3,481,84012023 - 187 donalH)ns lotalllng £4,248,800). The Iruslees consider the perforrnance of the investments lo be sali8f8clory In tèrms of dividends. Flnanelal r•vl•w The prfndpal funding source is income generafed from investménts. prirnarily in PZ Cussons Pl¢. Details of the assets of thé charity are given on the balance sheet on page 8 to the accounts. The Iruslees confirm that Ihe charity's assets are availablè and adequate lo fulfil ils obligalitsns as they fall due. 11 is the policy of the charity lo maxirnise unreslricled funds which are the free reserves of thè chanty, lo ensure sufficient funds are avallable lo cover donations payable, managemènt and adminislralion costs for the foreseeable future. The trust de8d does not reslrfct tho Investment poweTS of thè trustees. The Iruslees are responsible lor setting Ihe Inve$lmènt slfalegy, whieh Is reviewed on an annu81 basis. The current slralegy is to Invest in low rfsk, blue chip sharès, prlmarfly PZ Gu88ons Plc. 11 is the policy of the charity that unTest¥icted funds whlch havè nol been deslgnalgd for a specific usa should be malnlalned al a level equivalent lo between three and SIX month's expenditurè. The Iruslees consider that reserves al Ihls leval will ensure that, in thè èvent ol a significant drop in funding, they will be able lo continue Ihe charity's current acllvilies while conslderallon is glvèn lo ways in which add[lnal lund5 may be raised. R8seNes of al188$1 this level have been malnlained throughout th8 year. Al the year Ènd the charlly held Iree res8rvtss ol £2,130,20112023.' £2,349,938) and endowmènt funds of £54,736,772 (2023.. £118.018,0371. The Iruslees have ex8mined the operallonal and business rlsks, which the ch8rity faces, and confirm that they have established systems lo miligale the $lgnificant risks. PlanB for futurè perlods The Zochonis Charitable Trust is a lasllng leslimony lo the generosity and phllanlhropic concerns of the latè Sir John Zochonis. The need for ald seems n8ver ending and tha Iruslees plan lo continue doing what they can lo assist. However, the Irusleos realise that Ih*y must use the resources they have wisely. They thèrefore intend lo ¢onlinuè their approach ol funding a mix tsf10¢81. nats'onal and Inlamallonal charllable instilulions. Post year end decision was made lo convert tha Trust lo a Ch8rllable IncorpL)ral8d Organi5alion, this will be progressed over the coming tnonlhs.
THE ZOCHONIS CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structure, gov•mancè and management Th8 charlty was establlshed, under a tru3t d88d dated 4 MaTch 1977, on th8 Settlement of preperty by the late Slr John 8asll Zochonls. The truste8s whD 5eNed durfng the year #nd up to the dBte of 3t9natur8 of Ihe fjnancl81 statemEnts were-. MfA G CBlder Mr P Mllner Dr P D Evans M¥SEHIII (Appolnlèd 9 May 2024) The stgtutory power of appolntlng new and addlllonal iruslees under section 36 of the Trustee Act 1925 app118S to the settlement. No trustee has any Interest In the Charty. When new trustee$ are appolnted they are given an Inlroducllon to Ihe work of the twst and are provlded wth the Infomiation they need to fulnl thelr roles, whlch Includes Information 8bout the rol8 ol trustees and chorlty law. Trust885 5eNe Ltntil they regign. There are curiently four trusie and grant5 are approved by all trustees, atthough th8 veilng of appllcallon8 15 delegated to two tW8toeB. It should be hlghllghtecl that th8 Charfty does nol h8ve key rnanagemenl personnel who rec¥fve emplgymanl benefits. It Is the truste•s who make the key declslon¥ kn the trust and no remunvrolon Is p8ld to them. Audltor A resOlutn for th¢ reoppolnlrnent of BaoW Andrews LLP as auditor Is lo be proposed at the ferthcorrlTrg General Meeting. The irustees recommend that 88rlow Andrews LLP remaln in office until further notice. Dlsclosure of Infornatlon to audltor Each ol the trustees has confirrrEd that Ihere no Infonnatlon of whlch they sre aw8r8 whlch 18 relevanl to tho Judll, but of whlch the audltor Is unaware. They hav8 further confirmed that they have taken appropriate Steps lo identty Such relevant Inforrnatlon and to 85tgbllsh that thE audltor is 8ware of such Intom18110n. Byo r of the Iwslee Mr P Mllner Trust80 Dated., 28 vsl 2024
THE ZOCHONIS CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED S APRIL 2024 The Iruslees are responslblts for preparlng the Truslees. Report and the Ilnancial statements In accordance wilh applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Acctrpled Acc£Junling Practicé}. The law applicabl8 lo charllias in England and Wales r8qulrÈs the trustees to PTeparè ffinanclal statements for each financial year which glve a IrLJO and fair view of the slate of affairs of tha charity and ol the in¢omlng resouTces and application of resources of the Charlty for that year. In preparing these financial slalemenls, the Iwslees are Igquired lo.. select suitable accounllng policiès and then apply them conslsl6nlly', observè the molhods and principle8 in the Charitiès SORP., make judgements and esllmalgs that are reasonable and prudenl., slate whether applicable accounllng standards hav8 been followgd, subject lo any m818dal departur95 dlsdosed and explained in the financial slalemenls., and prepare the financial statements on the going concern bas18 unless St is inappropriala lo presume that the charily will continuo in op8ralion. Th8 Iruslaès aré rasponsible for keeping sulficienl aceounling records that disdose with reasonablè 8ccuracy al any lime the finanal position ol the charity and enable thém lo ensure that Ihts financial slatemenls comply wilh the Charities Act 2011, the Gharlly IAc¢ounls and Reports) Regulations 2008 and the provlsions of Ihe trust deed. They are also responsible for safeguarding thè assets of Ihe charity and hence for taking reasonable Steps for the prèvention and detection ol fraud and oth8r irregularities.
THE ZOCHONIS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ZOCHONIS CHARITABLE TRUST Oplnlon We have audited the financ6al 81alem8nls of The Zochonis Chaiilable Trust (the 'charily'l for th8 yèar ended 5 April 2024 which comprise the slalernenl of fln8ncial activtlies, the balance sheet, the slalernenl of Cash flows and the notes to the financial slalemenls. inclvdlng a summary of significant a¢¢ounting pollcies. The fin8ncSal reporting framework that has been applied in their preparation Is applicable law and Unltèd Kingdom Accounting Standards. including Fin8ncl81 Rèporting Standard 102 The FinanciBI Reporting Standard applicable An th8 UK and Republic of Ireland (Untted Klngdom Generally Accepted AccounlSng Pr8clic81. In our opini¢)n, the financial slalements.. give a true and fair eW of Ihg slatè of the charity's affairs ag 81 S April 2024 and of Incoming resources and application of resources. for the y¥ar then ended., havé baen propeTly prepared in a¢Idanc• with Uniled Kingdom Generally Accepted Accounling Practice., and have been prepared In accordance with the requirÈm8nts ol the Charities Act 2011. Ba818 for oplnlon We conducted our audil in accordance with International Standards on Auditing (UK) {ISAs lu) and applicable law. Our responsibilities under Ihosts standards are further described in the Audilorfs fvsponsibililies for th& 8iidit or Iho financial statements section of tsur report. We are independent of the charily in accordance with the elhical requirements thal are relevant lo our audll of the financial slalernenls in Ihe UK, inclkjding the FRC'S Ethical Standard, and we have fulfilled our other elhieal rèsponsibilities in accordance with these requirements. W8 bdiev8 that the audit ewdancè we hBve obtained is sufficient 8nd appropriate lo provld9 a basi5 for our opinion. Con¢luslons rolatlng to going concern In auditing the financial 51alements, we have con¢lud8d that the trusle88' use of the going concern bas18 01 a¢eounling in Ihe preparation of the financial statemen15 Is appropriate. Based on the work wg have perfom)ed, we have not identified any material uncert81nlies latIng lo events or conditions that, individually or colleclively, may cast slgnifieanl doubl on thè charlly's ability lo eonlinue as a going concem for a period of al least iwelve months from when the financial 51alernenls are aulhoFi8ed for issue. Our responsibllilles and thè responsibilllies of the trustees wlth respect lo going concern are described in the rélevant sections of this rtsport. Othor Snfomiation The olher infomallon comprises the 1nform8ts.on indudèd Sn Ihe annual report other than th8 financial sl8t8menls and our auditor's report Ihèreon. The Iruslees are rasponsible for the other informalion contained withln the annual report. Our opinion on the financial slalemenls does not cover the other inforrnalion and we do not express any lorrn of assurance conclLtsion Ihereon. Our respon$ibi1Sty is lo read tho other inforrnallon and. in doing $0. consider whether the olhar informallon is malerially inconsl$lent with the Ilnancial slalemtrnls or our knowl8dg& obtained In the course of the audit, or olhérwlse appears lo be materially misslaled. If we identity such malerial inconslslencles or apparent matèrial ml8s18lèm&nls, we are rèquired to dèlerrnlne whether this gives rise lo a material misstatement in Ihe financial slalernenls themselves. If, based on the work we have pèrfornied. we conclude that there 18 8 malerlal misslalemenl of thi$ olher information, we are required lo report that fact. We have nolhlng lo report In Ihis regard.
THE ZOCHONIS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ZOCHONIS CHARITABLE TRUST Matters on whleh wè arè requlred to report by èxe•ptlon We havè nothing to report in respect of thè following mallers in relallon to which the Charities Acl 2011 requires us lo r¢port lo you if, in our opinion.. the informallon giv&n In the financial slatemenls18 Inconsislenl in any malerfal respecl with Ihg trustees. report.. or adequate aw)tJnfjng records have not been kept, or returns adequate for our audit have not be8n received from branches not visitèd by us., or the financial slatemenls are not in agreernenl with the accounting rewrds., or wé h8V8 nol received all the infortnation and explanations we require for our audit. Rèsponsibilities of tNstee$ As explained more fully in the Slaltrmènl of Iruslees. re5ponsibllitles, the Iruslees are responslble for the preparation of the financial slalemenls and for being sallsfied that they give a true and fair view. and for such inl&rnal control as the Iiuslees determine is necessary lo enable the prèparation of financial statements that are free from malerlal misslalemenl, whether duè to fraud or error. In praparing the financ1 slalements, thé trustees are respon$lbl8 lor assessing the Charfly's ability lo continue as a going concern, disclosing, as appllcablo, matters related lo going concern and using the going concern basis of acwunling unlèss Iha Iruslees either intend lo Ilquidale the charity or lo cease operalitsns, or have no realistic allemalive bul lo do so. Audltorfs rospoTrslbllltlo¥ for th• audlt of the financial stat•m•nts Our objectives aro lo obtain reasonable as5uranc8 about whether the financial slalemenls as a whole ai8 free from material rnisslalemenl, whethèr due to fraud or error, and lo issue an audllor's report that Includes our oplnion. Reasonable assurance is a hSgh level of assurance bul Ss not a guarantee that an audit conducted in accordance wlth ISAS {UK) will always delecl a material misslalemenl when il exi51s. Misstalemenls can arise from fraud or error and arè oonsidered material il, individually or in the aggregate, they could reasonably be expectad lo influènce the economlc 9$10n5 of users lak8n on tho basis of these finaneial slalemenls. The ext8nt lo which our procedures are capable of deledlng Irregularillas, including fraud, is dètailed below. the engagernenl partner ansured that Ihg angagemenl team collectively had the appropriale Compelen. cap8bililies and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulallons applicable lo thè charity through discussions with trustee8 and other management, and from our commercial knowledge and experience of th8 charily sector.. we focused on specific laws and regulations which we considered rnay havè a direct material effed on the financial slalemen18 or the operations of the charity, including employment and health and safely legi51alion; we a88essed the extent of ¢omplianc8 wllh the laws and r8gulalions idénh'fied abovtr through rnakSNJ enquiries of managernenl., and idenlified laws and regulations wore communlcalad wlthln the audil team regulady and the tèam remained alert lo instances of non-compliance throughout th9 audit. Wg ass8ssed the susc8plibilily of the charfly's finandal slaternenls to malerial mlsslalemenl, Including obtsining an understanding of how fraud might occur, by.. rnaklng ènquiries of management as lo where Ihey consid8rÉd there was suscepliblllty lo fraud, their knowledg& of actual, suspacled and all£ged fraud., and considering the inlemal ¢ontrols in place lo mitlga18 risks of fraud and non-compliance wlth laws and regulats'ons. To address th8 risk of fraud through management blas and ovethde of control8, Wg.. performed analytical procgdures lo klenlify any unusual or unexpected relallonships.
THE ZOCHONIS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ZOCHONIS CHARITABLE TRUST In response lo the risk of irregularities and non-compliance with laws and regulation8, we designed pro¢edures which included, bul were not limited lo.. agrééing financial slalemenl disclosures lo underlying supporting documantation: and enqulrlng of man8gemenl as lo actual and polgn1131 liligalion and clalms. There are inherent Ilrnllalions In our audit procedures d98crlbed above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would becomè aware of non-compliance. Auditing standards also limit the audit procedures required lo Identify non-compliancg wllh laws and regul81ions lo enquiry of the directors and other managemenl and the inspection of regulatory and legal correspondence, il any. MAl8ri81 misstatements that arise due lo fraud Can be harder lo dete¢l th81 Ihose Ihal arlse from èrror as they may involve deliberate concaalment OT collusion. A further descriptlon ol our responsibilities 18 avallable on the Financl81 Rgportlng Council'8 Wgbsile al.. hllps'.11 www.frc.org.uklaudilorsre8ponsibililles. This description foms part of our audilof s rèporL Use of OUT report This report 15 made 5018ly lo the charily's Iruslees, as 8 body, in accordan¢e with Part 4 of Ihg Charities {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we mighl slate lo the eharily's Iruslees those mallers we are required lo slatè lo them in an audiltsr's raport and for no other purpose. To the fullest extonl pèrmitt by law, we do not accept or assume responslbllily lo anyone other than the charity and th& charity's Ir118tee8 as a body, for our audit work, for Ihls report, or for the opinlons we have formed. This report is mad8 solèly to the company's members, as a body. in aceordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that wè mighl slate lo th8 company's m8mbers those mallers we are required lo stale lo them in an audilorfs report and for no other purpose. To the fullest extent permilled by law, we do not accept or assurne re8ponslbility to anyone olher than the company and the company's members as body, for our audit work. lor this Teport, Of lor the opinions we have formed. Dayld Kay (Senior Statutory ditorl For and on behalf of BarlowAndrews LLP 28 August 2024 Chartered Accountants Statutory Audltor Carlyle Hous8 78 Chorley New Road Bolton Barfow Andrew8 LLP is ellglble for appointment as auditor of the charity by virtue of ils eligibility for 8ppoinlrnenl as audllor of a company under section 1212 of ihe Companles Act 2006.
THE ZOCHONIS CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 5APRIL 2024 Unrestricted Endowment funds funds 2024 2024 Total Unrestrlctsd Endowmgnt funds lunds 2023 2023 Total 2024 2023 Notes Investments 3,312,668 3,312,668 4.054.915 4,054,915 endlture on: Chariiable activilies 3,532,405 3.532,405 4,302.973 4,302,973 Net gainslllossesl on inv&slrnenls {63,281.2651163,281.2651 110,175,876) 110,175,876) N•t movement in lund$ (219,73n 163.281,265} 183,501,002) 1248.0581110,175,8761 {10.423,9341 Fund balancgs 316 April 2023 2,349.938 118,018,037 120.367,975 2,597.W 128,193,913 130.791,909 Fund balanees at S April 2024 2,130,201 54,736,772 56,866,973 2,349,938 118,018,037 120,387.975 The slalemenl of financial activities Indudes all gabns and losse5 recognisad in the year. All incomè and expenditure derive from continuing aclivities.
THE ZOCHONIS CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Flxed 888et8 Investrnenl8 io 54.736,772 118,018.037 Current a$$•ts Debtor8 Cash at bank and in hand 12 1,682,612 671,328 2.135,241 2.135,241 2.353,938 Credltora.. •mounts falllng du? ¥thIn ono year 13 15,0401 {4.CoI Nèt current a8set8 2,130,201 2,349,938 Total assets leg9 cuimnt Ilabllltlejj 56,866,973 120,367.975 The funds of the Charfty Endowment fvnds Unrestrtcted fvn¢J¥ 54.736.772 2.130.201 118,018,037 2,349,938 56,866,973 120.367.975 Thefi clal stateme we approved by thè trustees on 28 August 2W24 Mr P Mllner Tru¥teo
THE ZOCHONIS CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notos Cash flows from oporatlng a¢tlvltlg$ Cash absorbed by opèr8b.ons 16 11,848,753) 14,311.9081 Investing activities Investment income r8cèiv8d 3,312,668 4.054,915 Not cash goneratod from investing a¢tivitlèi 3,312.868 4,054,915 Not cash used in financing actlvltlgs N•t Incr8A8elldecroase} In cash and ¢a$h equivalents 1,463,915 1256,9931 Cash and cash equiwalents al beglnnlng of year 671,326 928,319 Cash and cash equSval•nts at gnd ol year 2,135,241 671,326
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting polleles Charlty Informatlon The Zochonis Charilablo Trust Is a charity eslablSsh8d under a trust deed. The reglslerod office 18 PZ Cussons Plc, Manchester Business Park, 3500 Aviator Way, Manchester. 1.1 Accountlng conv•nOn The financial slalern8nls have been prepared in 8ccordan¢e with the charity's governing documènt, the Charities Act 2011 and 'Accounling and Reporting by Charitie5.' Slat8menl ol Recommended Piaelice applicable lo charfllas PTepaTing th8lr aecounls in a¢¢ordance wilh the Financjal Reporting Standard applicable in the UK and RepL¢blic of Ireland IFRS 102) l8lf8clive 1 January 20191" The d)arity is a Publlc Benèlil Enlily as defined by FRS 102. The financlal $18lemenls have departad from the Charities IAccounl8 and Reports} Regulations 2008 only lo the extent required to provide a true and faiT view. This departure has Involved following the Sl8temenl of Recommgndad Practioe for charities applying FRS 102 ralher than the version of the Slalement of Recommended Practice which is referred to in the Reuulalions bul whlch has since been withdrawn. The accounts ar8 prepared in slerfing, which 18 Ihg fvnctional currèncy of the charlty. Monetary amounts In Ihese financial slalamenls are Toundèd to the nearest £. The aount$ are prepared under th8 historical cost convention as modthed by the revaluation of fixed a$sg1 inveslrnenls. 1.2 Golng ¢oncorn At the lim¢ of approving Ihtr finanaal slalemenls, the Iruslees have a reasonable expectation Ihal the charity has adequate resources lo continue in operational exislencts foi the foreseaable future. Thus the Iruslees contsnue lo adopt the going conctrrn basis of accounting In preparing the financl81 slalemenls. 1.3 Charltable fund$ Unresliicled funds represent aecumulaled income less tllrect chartsble and other &xpenditure. They are expendable al thè discretion of the trustees. Endowment funds are expendablo al the discrètion ol the trustees. They reprv3ent amounts 3ellled, logelher with investment gains and losses less any capital èxpended by the Iruslees. 1.4 In¢om& Income is recognI88d when the charity is legally antilled lo il after any perfomiance condllions have been mel. the amounts can bg measured reliably, and il is probabl8 that incomo will bg received. Income from inveslmtsnls is recognised al the ex.dlvidend date. Legacies alld gifts of shares are recognSsed on recelpl or c*lhewwise if the charily has been notified of an mp8nding dislribulion, the amount is known, and recelpl is expected. If the amounl 15 not known. the lègacy is Irealed as 3 conlingenl asset. 1.5 Expendlture Expendllure is recognlsed on an accruals basis. io-
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Icontlnugdl Aecountlng pollcleB Charitablè expenditure comprises those costs incurred by the charlty in the d81ivery of Ils a¢tlMlies and services for Ils beneficiaries. 11 includes both costs thal can be allocated directly lo such activities and those costs of an indlrect Nature necgssary lo support them. Grants payable are accounted for when the trustees have accepted a legal or mor81 obligation and 8ceounled for as resources expended in the slalernenl tsf financial activiti8s. Activities that are wholly funded from lulure income are d15dosèd in a nole lo the accounts. Govarnance costs includÈ those costs assoaaled wlth meeting thè nstItUtIOnal and slalulory requirements of th8 charity and indude the audll fees and costs Ilnked lo the slraleglc management of the charity. 1.6 Cash and Cash gqulvalents C8sh and cash equivalenl8 in¢luda cash in hand and d8posiis held al eall with banks. 1.7 Finan¢lal Instruments The charity has elected to apply the provisions of Séction 11 'Basl¢ Financial Inslrumants. and Sèction 12 'Olhtrr Flnancial Inslrumenls Issues, of FRS 102 to all of ils financial inglrLJmenls. Financfal in81rumenls are recogni8ed In the charily's balan¢a sheet when the charity becomes party lo th8 contractual provisions of the inslrumenl. Fln8n¢Sal assets and liabillli8s are offset, with the nèl amounts prosènled in th8 ffin8ncial slalemenls, when there is a legally enlorceable right to set off the recognised amounts and there Is an Intention to 6elUe on a nel basis or lo reali8e the asset and settle the liability simultaneously. 8aslc flnancial a$set$ Basie financial assets, whlch indude cash and bank balanc8s, are measured al transaction pric&. Otherfinancial assols Financial assets elassified as other financial assets arg slated al fair value with any gains or108ses arisbng on remeasuremenl rocognised in the slalamenl of financial activities. Fln8neAal assets are der8eognlsed only when the contractual rights lu the cash flows from the assèt explre or ara sgllled, or when Ihe charily transfers the financial asset and substantially all the risks and rawards of ownership lo another entity. or if some significant risks and reward6 of own8rship ale rètained bul control of the asset ha8 transferred lo another pariy that is able 10 Sell the asset in its entirely lo an unrelated third party. Basic linèftclal liabilities Basic financlal liabilities, whlch include olhèr creditor5, are recognl8ed at Iran3action prSc6. 1.8 Inv•slments Investments are 81aled al market value. Realised and unreali5ed gains and lossès are shown In the approprlale section of the stBlem8nl of financial a¢tlvilies.
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Investm¥nts Unrestrlcted Unr8strlcted fund$ funds 2024 2023 Income from li51ed inveslrnenls Intere51 receivable 3,308,646 4,022 4.045,784 9,131 3.312,668 4.054,915 Charitsble attivltl 2024 2023 Bank charge5 Leg81 and professional fees 60 13,924 56 21,449 13,984 21,505 Grant funding of activities Isee note 41 Shar& of governance cos18 Iseg nola 5} 3.481,840 4,248.800 36,581 32,668 3,S32,405 4,302.973 Grants payablo 2024 2023 Grants lo Insthtullons.. Educallon Health Childrèn & youth Ovèrseas Emergency Sodal equity 1,026,550 1.121,550 945,450 1.005,750 426.340 413,500 312.¢X)O 415,000 60,000 771.500 1.233,000 3,461,840 4.248,800 Social equity grants Sn the year include £12,QOO {2023'. £12,OCX)I lo Stockport Women's Centre ol which related party ol a trustee was a IFuslee during the year. 12.
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support and yov•mane• costs 2024 2023 Bag19 of allocation Staff costs 30.741 26.608 Staff lime Audit fees 5.840 4.060 Full c081 36,581 32.668 Analysed be@@n Charitable activities 36,581 32.668 Trustee Durlng the period, one Iruslee received a 10181 of £5,374 {2023'. £5311 of reimbursed travel and accommodation expenses. No other tru8le85 lor any persons connected wllh them) received any remuneration. beneflls or expenses from the d)8rlly during the year. Employ••¥ Number of employees The average monthly number of employees during tho year was.. 2024 Numbgr 2023 Number Admini81ration Employmant costs 2024 20Z3 Wages and s8larfo$ 30.741 28,608 13-
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Not galn¥l{loJseBI on Investments 2024 2023 Galnl{losBI on revaluation of investment8 163,281,265) {10,175,8761 Taxation The charity 15 exempl from lax on income and gains falling w51hln 5ecllon 505 of the Taxes Act 1988 or secllon 252 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied lo 118 charitable obj8Cts. 10 Flx•d assèt Inv8$tm•nts Llsted Investments Cost or valuatlon Al 6 April 2023 Valuation ¢h8ng98 118.018.037 183,281,265) At 5April 2024 54.736,772 Carrylng amount Al 05 Aprll 2024 54,736,772 Al 05 April 2023 118,018,037 14-
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Flnanclal In¥truments 2024 2023 Carrying amount of financlal assets Debt instruments measured al amortised cost Equity Instruments measured al cost less impairment 2,135,241 671,326 54.736,772 118.018,037 Carrylng amount of flnanclal Ilabllltles Mea8ured al amortised cost 5,040 4,000 12 Debtors 2024 2023 Amounts falllng dug wlthln ono yoar: Prepayments and accrued Incorne 1,682,612 13 crltOrS. amounts falllng dug wlthln ono year 2024 2023 Accruals and dofgrred income 5.040 4,000 14 Anatysl$ of net assets b¥tw••n funds Unre6trlcted Endowment funds funds 2024 2024 Totsl Unrèstrlcted Endowment funds fund8 2023 2023 Total 2024 2023 Fund balances at 5 Aprfl 2024 arè represented by.. Invèslmenls Nel curronl assèts 54,736,772 54,736,772 2,130,201 118,018,037 118,018,037 2,349.938 2,130,201 2,349,938 2,130.201 54,736,772 $6.866,973 2,349,938 118.018,037 120,367,975 IS Rglatsd party transactlons There were nts relaleil paty Iransaclions in ihe financial yoar lo 5 April 2024 or 5 April 2023 other than those disclosed in note 4. 15
THE ZOCHONIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 16 Cash generated from operations 2024 2023 DefieS1 for Ihg ygar 163,501,LK)21 110,423,934) Adjuslfflenls for.. Inveslment income recognised in stslement of financial aclivilleB Fair value losses and (gains) on investment valuations {3,312,6681 14.054,9151 63,281,265 10,175,876 M0MentS In worklng capital.. Decrease in debtors Increasel{decreasel in creditors 1,682,612 1,040 18,9351 Cash ab$ort)ed by operatlon¥ (1,848.7531 14,311,908) 17 An#lysi$ of Changes In not fund$ The charfty had no material debt durfng the year. 16-