F C Charftablo Trust Report and Flnanclal Statements For the year ended 6th Aprll 2024 R•glstor•d Charlty No: 277686 HUNTERS LAW LLP 9 New Square Lincoln'5 Inn London WC2A 3QN SEC.WM.357341
F C CHARITABLE TRUST Contents of the Financlal Ststements For the year ended 6th Aprfl 2024 Pag• Independent examIneS report Trustees, Report Balance 8he8t Statement of Financl81 Adivities Donatlons Investments Investment Changes Notes to th8 Accounts 111
Independent Examlners Report to the Trustee5 Of F C Charilable Trust I r•port on th• accounts of the Trust for the year end8d 5 April 2D24 Respectlve responsibilities of trustees and examiner The charty's trustees are responslble for the prèparation of the accounls. The charity's trustees consider that an audit is not required forthis year under soclion 14412) of the Charili8S Act 2011 {Ihe 2011 Act) and that an independent examination Is needed. It Is my rgsponsibllity to.. examine the accounts uThJer sectlon 145 of tha 2011 Actr lo follow the procedures lald down in the General Directions glvèn by th? Charlty Commissioner under $8clion 145(5)Ibl of the 2011 Act,. and to State whether partlcular matters have come lo my attenllon. Basis oflndgpend8nt ex8miners roport My 8xaminallon was carrlad out accordance with the General Dlrectlons glven by the Charlty Comml$sloner. An examlnation includgs a revlew of the accounting records kept by th? charity and a comparlson of tha accounts pre$&nled with thos8 records. 11 also includ88 considerallon of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concorning any such matters. Th8 proGeduws undertaken do not provld8 all the evldence that would be reqUred In an audit and, consequently no opinlon is given as to whether tha accounts presont a 'lruo and fair view, and the report is limited to those mattars set out In tha stat8m?nt b•low. Independent gxamin8f'S Statemenl In connectlon wlth my èxamlnatlon, no mgtt8r has coma to my attentlon.. whi¢h glv8s me reasonabl? ¢au$o to bèlieve thal, in any matorlal r&sp¢c( the requlrements: (al to keep acwuntlng records In accordance wllh sectton 130 of tho 2011 Act.. and (bl to propare accounts which 8ccord with the accounting records and to comply with the accountlng requlrem&nls of the 2011 Act have not been mel., or to which. in my opinion. 8tt8nlion should be drawn in ordar lo enable a rQr understanding of the acc£sunls to bo r8ach8d. Colin Reid FCA Burgess Hodgson LLP Chartered Accountants 27 New Dover Road Canterbury Kent CT1 3DN September 2024
F C CHARITABLE TRUST Report of the Trustees for the year ended 5th April 2024 The Truslees present their report and the Financial Slatemenls of the charity lor the year ended 5th April 2024. The Financial Stalements comply with the slatutory Tequirements. the governing document and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP IFRS 102)). OBJECTIVES AND ACTIVITIES Objectlves and alms The chanty's objeclives as defined in the governing document are to pay or apply the income of the Trust Fund and may from lirne to time pay or apply the whole or any part or parts of the capital of the Trusl Fund for such charrtable purposes as the Trustees may from time to time think frt, prior consideration being given lo the 8dvancement of the Christkin faith in any part or parts of Ihe world to churches. missionary societies, ministers and missionaries and the relief of hardship and deprivation of Sndividuals and communities in any part of the world. The Trustees do not make grants to people or organizations who appw speculativety. The charity has a policy of nol responding lo any correspondence unless it relate5 10 grants il has aoreed lo make or to the general management of the Trust. Publlc beneflt The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning their future activities, as required under Section 17151 of the Charities Act 2011. ACHIEVEMENTS AND PERFORMANCE Charllable actSvltles Ounng the year the Charity provided funding to 9 charlties. the majorty of which are involved in the advancement of the Christian faith in the UK and throughout Ihe world. The amount donated was 10.99°1o lower than in the previous year. Payments in support of work overseas were made to charities registered with the UK Charty Commission. Investment pollcy and performance The charity has no investment properties. Its funds are h8ld in investments. During the year the charity did not purchase any investments and were gifted investments of £19,998.29. The annual revaluation saw a gain of £3,535.22. Proceeds from sale of investrnent5 were £53,030 and there was a loss on disposals of £4,024. At the year end investments were in the following sectors:_ 2024 13.63Q 2023 13.680 UK fixed interest UK listed e utties Overseas listed e Cash TOTAL uities 45.25010 2.32° 1 OOYD FINANCIAL REVIEW Financial position The charity's work is reliant on income and investment relurns. During the yeai it received investment income of £21,909. This was a decrease of 4.39°k on the previous
year. The charity's funds decreased by £36.024 from £615,463 to £579,439. The investments decreased in value by £33,520. Investment policy and objectives The Trustees are free to invest the funds of the charity as they f8el is appropriate. The charity has PTolessional inveslment advisers who manage the charitys investments on a medium high-risk basis with a balanced investment objective. The trust funds are invesled for the long-tern in a mixture of equilies and bond. The investmenls are reviewed by correspondence al least twice a year. Reserves pollcy The Truslees have power under the goveming document to apply income and capital for the Trust's objectives. In practice Ihe Trustees aim to distribute the income and to build up the capital content as unrestricted reserves. The reserves al the year-end were £579,439. FUTURE PLANS The Ghanty intends to continu8 its existing work ol advancing the Christlan faith. STRUCTURE GOVERNANCE AND MANAGEMENT The governing document is a Settlemenl dated 1s1 June 1978 made by Ihe Reverend Jonathan Jame5 Motyneux Fletcher. Power of appointing new Iruslees is vested in the Settlor duTing his lrfelime. Any new Iruslee would be provided wilh a copy of the charity's gov8rning documents, annual report and financial statements for the previous three years and the Charity Commission's documents relating to the responsibilities of charity Irustees. The Trustee would explain how the charity is run on a day-to•ay level and how it is managed by its Trustees. Rlsk management The principal risk faced by the charty lies in the performance of investments. This 18 mitigated by retaining expert investment managers and having a diversified investment portfolio. REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Charlty Number 277686 Principal address lo Hunters Law LLP, 9 New Square, Lincoln's Inn, London WC2A 3QN Trustees Ifrid Edward Vernor-miles Richard Mark Blair Wilkinson (Chair of Trustees) Aaron Mark Stead Banker¥ CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Solicitors.. Hunters Law LLP. 9 New Square, Lincoln's Inn, London WC2A 3QN
Inve¥tment Managers Raymond James Investment Ser4ice Limf(ed, St(Kkbrokers of 1 King Wlliam Street, London EC4N 7AF Independent Examlner Colin Reid FCA. Burgess Hodgson LLP, 27 New Dover Road, Canterbury, Kent CT130N STATEMENT OF TRUSTEES RESPONSIBILITIES The ch8rty's Trustees are responsible for preparing the Tiustees, Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charty for that perlod. In preparing these finandal statements the Trustees are required to:. select suitable accounting policies and then apply Ihem consistent observe the methods and prlnciples in the Charities SORP make judgments and estimates that are reasonable and prudenl state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the finanrial staternent5 prepare the financlal statements on the going concem basis unless it is inappropriale to presume that the charity will continue in business. The Trustees are responsible for keeping accounting records which will disclose with reasonable accuracy al any lime the financial position of Ihe charity and enable them to ensure that the Financial Statements comply with the Charities Ad 2011 and the Charity (Account5 and Reports) Regulations and th8 provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitl8S. Approved by the Trustees on ......... t*.........and signed their behalf
F C CHARITABLE TRUST BALANCE SHEET as at 5th Aprll 2024 2023124 2022123 UNRESTRICTED FUNDS 579 438.70 615,462.53 There are no Restrlcted or Endowment Funds represented by:_ INVESTMENTS at Market Value 565,383.72 598,903.88 CASH CAF Bank Raymond James Hunter8 12,679.85 758.24 4,000.00 14,093.47 3,265.18 4,000.00 DEBTOR Funds due to CAF bank from Raymond James Income due 2,000.00 73.09 2,000.00 CREDITOR Donations Burgess Hodoson Independent Examiners fee for 2023124 14,500.001 1954.00) (8,800.00) 579 438.70 615 462.53
F C CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 5TH APRIL 2024 2023124 2022123 INCOMING RESOURCES CAF Bank interest UK Bank Interest UK Interest UK Dividends Unit Trust Dividends Overseas Dividends 22.18 73.09 4,881.95 10,371.63 24.34 5,084.81 10,294.80 6.559.80 21,908.65 7,511.79 22,915.74 Donation refund 11.000.00 Gifts to the Char Shares 19,998.29 ,906.94 33,9 RESOURCES EXPENDED ire haTrtable Ex enditur 65,185.00 73,230.00 na ement min Hunters professional charges lo 514123 linduding £1,120 VAT) 6,720.00 6,360.00 Burgess Hodgson Independent Examiners fee for 2022123 670.00 738.00 Burgess Hodg8on Independent ExamlneTS fee for 2023124 954.00 Bank fees 81.00 92.00 Raymond James Administrallon fees 3,632.13 3,930.58 Loss on currency conversion 918.83 85 269.41 77,442.1 THERE ARE NO PUBLICITY OR FUND-RAISING COSTS Net Incomlngloutgolng Resources In the year 135,535.19) 151,353.67) GAINILOSS ON INVESTMENTS IN THE YEAR Realised Unrealisèd 14,023.86) (11.206.74) 3,535.22 (28,531.52) Total funds brought forward 615,462.53 706,554.46 TOTAL FUNDS CARRIED FORWARD 579,438. ,462.53
F C CHARITABLE TRUST DONATIONS made In the year ended 5th April 2024 Cheque Summerstown Mission Evangelical Church Impact Giving Trust Dragon School Trust Impact Giving Trust Maecenas Faith Foundation Building Fund Inlemational Presbyterian Church Impact Giving Trust Summersl¢)wn Mission Evangelical Church Impact Giving Trust Impact Giving Trust Union Foundation Impact Giving Trust Christ Church Jersey Maecenas Faith Foundation Building Fund Impact Giving Trust Summerstown Mission Evangelical Church International Presbyterian Church Impact Glvlng Trust Foundation Matters Impact Giving Trust Foundation Matters Summerslown Missbon Evangellcal Church Impact Givlng Trust Impact Glvlng Trust 2,000.00 4,000.00 300.00 4,000.00 3,000.00 1,500.00 3,500.00 3,000.00 4.500.00 4,500.00 1,685.00 4,500.00 1,000.00 2,000.00 4,000.00 2,000.00 2,000.00 3,000.00 1,500.00 2,000.00 1,500.00 2,000.00 3,200.00 4,500.00 H5 447 449 450 451 452 453 454 455 457 458 459 460 461 482 463 465 466 467 468 469 470 Buroe85 Hodgson -954 65,185.00
F C CHARITABLE TRUST INVESTMENTS a5 at 6th Aprll 2024 Market Value Market Value at at 514123 Incomo 100,000 Tesco 6.15% Notes 15111137 accrued interest UK Companles 5.000 BP Ord US$O.25 600 Diageo Ord 28 1011108 1,200 Glaxosmithkline PIC Ord GBP 0.3125 5,000 Haleon PIC Ord GBP 0.01 JP Morgan Asian Investmenl Trust Ord 25p National Grid Ord 0.113953p Shell Ord EUR 0.07 SSE Ord 50p 4,881.95 78,906.46 84,237.10 1,123.48 480.00 889.00 25,305.00 17,097.00 19.554.00 16,295.00 26,685.00 22,014.00 17,846.40 17,032.50 29,280.00 45,160.00 51.820.59 50,233.95 936.00 2.280.00 2,243.86 2,429.29 4,000 2,193 2,770 41,320.00 60,965.40 44,029.15 Forelgn Companle• 1,543 Australia & NZ Bank Grp NPV 8,000 Australia Foundation Inv NPV 220 Microsoft Corp Com 500 Nestle SA CHFO.10 400 PTOCter & Gamble Com NPV 100 Roche Holdings AG CHF1 700 Venzon Commun Com US$O.10 1,422.74 1,038.11 447.72 857.00 1,009.63 548.54 1236.06 603.38 23.425.56 30,301.14 74.165.29 40,836.78 49,467.61 20,356.88 23,358.47 565,383.72 19,378.47 31.780.08 57,019.44 50,082.11 48,532.10 25,280.72 22,521.42 598,903.88 Market Value at 514123 of investmenls Sold Cost of Investments acquired (57,053.67) 19,998.29 Burgess -954 0.00 -954 32.836.33 561,848.50 565,383.72 Value at 514124 UNREALISED GAINI(LOSS) IN YEAR TO 514124 3,535.22
F C CHARITABLE TRUST INVESTMENT CHANGES during the year ended 5th April 2024 Market Value Proceed8 at $14123 DISPOSALS GainlLoAs 2016123 3,738 Scol American Inv Ord GBP 0.25 4110123 30 Microsoft Corp Com USD 0.00000625 811124 8,000 JP Morgan Asla Grow Ord GBP 0.25 19.573.84 7.496.99 25,958.98 53,029.81 19,998.29 7,775.38 29,280.00 57,053.6 (424.451 (278.391 3,321.02 4,023.86 Cost ACQUISITIONS 1416123 3,738 Scot American Inv Ord G8P 0.25 lg 998.29 Gift 19 998.29
F C CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024 BASIS OF ACCOUNTING These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the statemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charrties SORP {FRS 1021) and the Charities Act 2011. Hi8lorical cost accounting rules have been applied In all instances except for the valuation of investments. Inve51ments have been valued at their yearend market value, on a middle price basis. Any corresponding g8in or loss on this revalualion is shown in the Slalement of Financial Activities for the year. Judgernents and •sllmatlon uncertalnty The preparation of the financial statements Tequires managemenl to make judgements, estimates and a8sumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rar6ly equal Ihe relaled actual outcome. These estimates and judgements are conllnualty reviewed and are based on experience and other factors, induding expectations of future events that are believed to be reasonable under the circumstsnces. Flnanclal Instruments Financial liabilities and equlty Instruments are classified aco)rding to the substance of the contractual arrangements entered into. Debtors and creditors with no slated Interest rate and receivable or payable within one year are fecorded at transaction price. Any losses arising from impaient are recognised in the profft and loss account in olher administrative expenses. Loans and borrowings are initialty recognised at tTansaGtion price including transaction costs. Subsequently, they are measured at amortised cosl using the effective interest Tate method. less impairment. If an arrangement constitutes a finance transaction it is measured at presenl value. INCOME The Trust Income is derived from its investment portfolio and additional gifts made to the Charity. The Trust is not involved in fund-raising or publicity. RESOURCES EXPENDED Expenditure is included on an actual basis. 10
Staff costs Th8 average head count of employees during the year was O (2023: Nil). No employee received employee benefits of more than £60,000 during the year 12023.. Nill. This employee and key management personnel figure does not indude the Trustees appointed and in posilion during the year. Trustee rernuneratlon and expenses No remuneration, benefits or expenses were pald to the Trustees of the Charty In the current or previous year. Mr W E Vernor-miles is a partner in the firm of Hunters Law LLP who prepared the Trust Accounts and act in the administration of the Trust. No travel exp8n5e5 were claimed by any of the Trustees. Investments at Market Value CornpTised:_ 2023124 2022123 Fixed Interest securities uities 78 906 486 477 13.96Y. 86.04% 14.079 All investrnenls are carried at their fair value. Invèstments in equittes and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investments funds, unit Irusls and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognized at the date of trade al cost (that is their transaclion value). The trustees note the slight decrease in proportion held in fixed interest at the end of the year compared lo the start of the year and are happy with the balance beeen the assel dasse5 at the end ol the year. Independent Examlnatlon Burgess Hodgson have provided a provisional fee of £954 in regards to the annual independent examination on the 5 April 2024 accounts, which will be paid and reported in the 5 April 2025 year. 11