REGISTERED CHARITY NUMBER 288157
THE FUELLERS CHARITABLE TRUST FUND
TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 CONTENTS YEAR ENDED 31 DECEMBER 2023
| PAGE | |
|---|---|
| TRUST INFORMATION | 2 |
| TRUSTEES’ REPORT | 3 - 7 |
| STATEMENT OF FINANCIAL ACTIVITIES | 8 |
| BALANCE SHEET | 9 |
| NOTES TO THE FINANCIAL STATEMENTS | 10 - 15 |
| INDEPENDENT EXAMINER’S REPORT | 16 |
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THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 TRUST INFORMATION YEAR ENDED 31 DECEMBER 2023
| Managing Trustees | Chloё Andrews-Jones (Chairman) |
|---|---|
| John Bainbridge FCA | |
| Martin Hewitt | |
| Michael Hogg | |
| Professor Averil Macdonald OBE | |
| Shravan Joshi MBE CC | |
| William Walworth CBE | |
| Richard Walsh | |
| Advisory Panel | Dr James Cripps |
| Peter Harrison FCA | |
| Sarah Inge Parker | |
| Secretary | Alexander Maclean Bather |
| Honorary Treasurer | John Bainbridge FCA |
| Independent Examiner | Richard Spofforth |
| Kreston Reeves LLP | |
| Springfield House | |
| Springfield Road | |
| Horsham | |
| West Sussex | |
| RH12 2RG | |
| Investment Advisors | Baillie Gifford & Co Limited |
| and Managers | Calton Square |
| 1 Greenside Row | |
| Edinburgh | |
| EH1 3AN | |
| Sarasin & Partners LLP | |
| Juxon House | |
| 100 St Paul's Churchyard | |
| London | |
| EC4M 8BU | |
| Bankers | TSB Bank plc |
| 53 St. Anns Road | |
| Harrow | |
| HA1 1JU | |
| Correspondence | The Fuellers Charitable Trust Fund |
| Address | Carmen Hall |
| 186C Fleet Street | |
| London | |
| EC4A 2HS | |
| Registered Charity | 288157 |
| Number |
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THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2023
Introduction
The Trustees present their report and financial statements for the year ended 31 December 2023. These have been prepared in accordance with the accounting policies set out in note 2 of the financial statements and comply with the Trust Deed and the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) (Second Edition) in preparing the annual report and financial statements of the charity.
Structure, governance and management
The Trust was established in 1983 and is governed by a trust deed dated 10 October 1983 and amended by supplemental trust deeds dated 11 March 2005, 8 June 2011 and 29 June 2015. The execution of the 1983 trust deed was authorised by the Master and Senior Warden of the Worshipful Company of Fuellers, a City Livery Company.
The Trustees are an independent body and those who served during the year are set below:
Chloё Andrews-Jones (Chairman) John Bainbridge FCA Neville Brown JP (resigned 7.7.23) Martin Hewitt (appointed 14.12.23) Michael Hogg Shravan Joshi MBE CC Professor Averil Macdonald OBE (appointed 14.12.23) Carole Marsh (retired 14.12.23) William Walworth CBE Richard Walsh
Trustees must be members of the Worshipful Company of Fuellers, with appointment by the Trustees following nomination by the Company’s Court.
Under the trust deed, as amended, the Trust is to have a maximum of eight Trustees, all of whom must be members of the Worshipful Company of Fuellers. Nevelle Brown resigned on 7 July 2023. The Trustees thank him for his wise counsel. The Trustees retire at each general meeting, by rotation. Mike Hogg and Bill Walworth retired at the general meeting held 14 December 2023 and were re-appointed. Carrie Marsh also retired having completed a full term of office and the Trustees thank her for her commitment and contribution. Martin Hewitt and Averil Macdonald were appointed.
The decisions of the Trustees are by majority decision with the Chairman of the Trustees having the casting vote.
Advisory Panel
The Trustees are supported by an advisory panel consisting of members of the Company. The following served on the advisory panel during the year:
Dr James Cripps Peter Harrison FCA Martin Hewitt Sarah Inge Parker Professor Averil Macdonald OBE
On 14 December 2023, Martin Hewitt and Averil Macdonald stepped down and Sarah Inge Parker was appointed as an Advisor.
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THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2023
Objectives and activities for the public benefit
The objects of the Trust are:-
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The relief of poverty of persons generally and in particular of those persons engaged in the energy trade or energy industry and their dependents;
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The advancement of education in any manner which is now or hereafter may be deemed by law to be charitable of persons engaged or desiring to engage in activities connected with the energy industry or elsewhere in the industry and commerce generally and to provide or contribute towards the requisite facilities in connection therewith;
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Charitable research in the field of energy and energy technology and conservation or otherwise for the advancement of education of persons engaged or desiring to engage in the energy industry provided that the useful results of such research shall be disseminated and without prejudice to the generality of the foregoing the provision of financial support and facilities for those engaged in such research and the award of bursaries and prizes in connection therewith;
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To award persons intending to be engaged in the energy industry or elsewhere in industry and commerce generally scholarships and exhibitions at any educational establishment approved by the managing Trustees;
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To award prizes in connection with the examinations of recognised educational authorities;
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To assist in the general or industrial or commercial education of any persons in necessitous circumstances who are preparing to enter the energy industry commerce or industry generally by the provision of books the payment of fees and the defrayment of expenses of travelling or maintenance or by such other means as the managing Trustees think fit;
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To make donations to any registered charity.
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.
The Trustees have set a Policy of Giving that explains the strategies for achieving the objects set out in the trust deed. The Policy of Giving is detailed below. References to the Company refer to the Worshipful Company of Fuellers.
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The Trustees shall estimate at the start of each financial year the amount that the Fund would be able to donate in that year, taking into account the level of reserves and anticipated revenue from investment income and donations.
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Where possible, positive responses shall be made to those charitable requests where the donation may make a significant impact. Preference shall be given to small and medium size charitable organisations.
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Where possible, special consideration shall be given to appeals where the name of the Company can be clearly linked with the donation.
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THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2023
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Working within the objects of the Trust, special consideration shall be given to appeals that fall into the following categories:-
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a. Relief of poverty and hardship especially relating to Members of the Company and then to members of the energy industries.
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b. Advancement of education, especially within the energy industries.
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c. City of London appeals.
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d. Arts charities related to the energy industries.
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e. Special appeals from military affiliates.
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f. Suitable appeals from youth organisations, especially those having relevance to the energyindustries.
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There shall be a list of standing donations which shall be reviewed by the Trustees annually.
Investments
The Trustees have the authority to invest the funds of the Trust in a wide range of investments, as they think fit for the furtherance of the objects of the Trust.
The Trustees have appointed Investment Advisors and Managers to carry out this role. The Trustees seek to protect the real capital value of the investments over the long term while generating a stable and sustainable income and do accept a medium risk profile and also wish to protect against inflation over the long term.
Environmental, Social and Governance (“ESG”) issues have been increasingly highlighted for the investment management industry and the environment has in recent years been in sharper focus. The Trustees are pleased that the Investment Advisors and Managers have confirmed they continue to focus on improving corporate governance as a driver of returns and ESG considerations are a key part of their investment process. This encompasses both investments in companies which are part of the green economy and in companies moving towards a more sustainable future.
Financial review and review of activities
Income during the year increased to £57,025 (2022: £48,621) which included donations received of £22,646 (2022: £23,772). Investment income increased also to £26,916 (2022: £23,790). Donations and prizes given during the year were £34,134 (2022: £38,362).
Driven by easing inflation concerns and optimism about future interest rate cuts, global markets experienced a significant rally confounding earlier gloomy expectations around the prospect of recession, a mini banking crisis and geopolitical instability across Europe and the Middle East. Equities had a good year in the round, but the UK market continued to lag behind other global markets gaining less than 5%. Of course, everything else paled into insignificance in the face of the dreadful events that unfolded in Israel and Gaza, in addition to the ongoing stalemate in Ukraine that is almost into its third year.
The net realized and unrealized gains on investments were £73,463 (2022: losses of £239,501). There was an overall increase in the market value of investments of £82,604 (2022: decrease of £233,137).
After taking account of costs, the Fund increased by £89,976 (2022: £239,789 decrease). At the end of the year the Fund was valued at £1,162,732 (2022: £1,072,756).
The Trustees believe that the activities in support of education, defence services and other areas are of substantial public benefit. In particular some donations paid are focused towards various education initiatives. Many of these initiatives are designed to encourage students into energy related further education or energy careers.
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THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2023
Unrestricted Designated Fund
The Trustees maintain a designated fund for certain specific objectives, nevertheless this forms part of the unrestricted funds. This is the Coal Meters Fund, which is recorded separately, having been established in 2018 from an initial transfer of £94,618 of investments from the Coal Meters Committee by way of a donation and increased by a final donation in 2020 of £173,819.
Future plans
For the future, the Trustees’ key objective is to increase the Trust’s giving in absolute terms. The Trustees aim to achieve this by encouraging higher levels of regular giving to the Trust by freemen and liverymen of the Worshipful Company of Fuellers. The Trustees will therefore continue to seek to raise the profile of the Trust within the Company’s literature and will also encourage further fundraising events, as well as remembering the charity in their wills with an appropriate legacy.
Reserves
At the balance sheet date, Unrestricted Funds were £1,162,732 (2022: £1,072,756). The Trustees consider reserves of this amount necessary in order to generate the level of investment income required to supplement voluntary income in order to meet the Trust’s objectives.
Unrestricted funds include designated funds which are designated for certain donations relevant to the Coal Meters Committee
Risk assessment
The Trustees have regularly reviewed the risks to which the charity is exposed and have established appropriate systems and procedures to manage these risks. The ability of the charity to make grants is dependent on mainly the level of donations and the stability of investment income.
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THE FUELLERS CHARITABLE TRUST FUND REGISTERED CHARITY NUMBER 288157 TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2023
Statement of Trustees’ Responsibilities
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 & 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are grateful to all the members of the Worshipful Company of Fuellers and others who have supported the Charity during the year. The Trustees hope that any Company members not making regular contributions to the Charity will consider doing so in the future. The Trustees are also grateful to Baillie Gifford and Sarasin for their care as Investment Advisors and Managers.
This report was approved by the Trustees on and signed on their behalf by
Chloё Andrews-Jones Trustee (Chairman)
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THE FUELLERS CHARITABLE TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure account) YEAR ENDED 31 DECEMBER 2023
Income from: Donations Other trading activities Investment income TOTAL INCOME Expenditure on: Charitable activities Donations made and prizes Support of the Fuellers Ezra Lecture Governance & support costs TOTALEXPENDITURE Other recognised gains and losses Net realised and unrealised investment gains Net income / (expenditure) Reconciliation of funds Funds brought forward Funds carried forward |
Note 3 4 5 7 11 |
Restricted - - - ───── ───── - - ───── - ───── - ───── - - ────── - ══════ |
Unrestricted 2023 2022 22,646 22,646 23,772 7,463 7,463 1,059 26,916 26,916 23,790 ───── 57,025 ───── 57,025 ───── 48,621 ───── ───── ───── 34,134 34,134 38,362 - - 5,000 6,378 6,378 5,547 ───── ───── ───── 40,512 40,512 48,909 ───── ───── ───── 73,463 73,463 (239,501) ───── ────────── 89,976 89,976 (239,789) 1,072,756 1,072,756 1,312,545 ───── ────── ────── £1,162,732 ══════ £1,162,732 ══════ £1,072,756 ══════ |
|---|---|---|---|
All income in 2022 was unrestricted. All expenditure in 2022 was from the unrestricted fund.
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THE FUELLERS CHARITABLE TRUST FUND BALANCE SHEET 31 DECEMBER 2023
| Fixed assets Investments Current assets Debtors Cash at bank Short term deposits Creditors: Amounts falling due within one year Sundry creditors and deferred income Net current assets Net assets Represented by: Unrestricted funds Total funds |
Note 2023 2022 7 1,136,033 1,053,429 8 2,858 2,825 29,167 20,768 - - ───── ────── 32,025 25,593 95,326 4,266 ──── ──── 26,699 19,327 ────── ────── £1,162,732 £1,072,756 ══════ ══════ 11 1,162,732 1,072,756 ───── ────── £1,162,732 £1,072,756 ══════ ══════ |
|---|---|
The accounts set out on pages 2 to 15 were approved at a meeting of the Trustees held on ______ and signed on their behalf by
-------------------------Chloё Andrews-Jones – Trustee (Chairman) -------------------------John Bainbridge FCA – Trustee and Honorary Treasurer
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
1. General information
The Trust was established in 1983 and is governed by a trust deed originally dated 10 October 1983. The charity is a Public Benefit Entity registered in England and Wales and a registered charity (Charity Number: 288157). The address of the registered office is given in the charity information on page 2 of these financial statements.
These financial statements are presented in Sterling and are rounded to the nearest £1.
2. Accounting policies
- a) Basis of accounting
The financial statements are prepared in accordance with 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) issued on 16 July 2014 (as updated through Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Second Edition), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The Fuellers Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Trustees have a reasonable expectation that the Trust has adequate financial resource to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. For this reason it continues to adopt the going concern basis in the financial statements. These considerations take into account the impact of Covid-19.
b) Income recognition
All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Investment income is included on a receivable basis. Donations are accounted for when their receipt is probable. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognized when entitlement has occurred.
- c) Expenditure recognition
All expenditure is recognised on an accruals basis. Expenditure is allocated to appropriate headings within the Statement of Financial Activities. Costs of charitable activities include donations made, prizes awarded and governance and support costs. Governance costs and support costs have been allocated fully to expenditure on charitable activities. The allocation of support and governance costs is analysed in note 5.
Donation payments due are accrued once agreed by the Trustees, the recipient is notified and any conditions are satisfied.
d) Investments
Investments are stated at market value at the Balance Sheet date. Any changes in value during the year are disclosed separately in the Statement of Financial Activities.
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
e) Debtors and creditors
Debtors and creditors are recorded at transaction price.
f) Funds
Unrestricted funds include general and designated funds. General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Unrestricted designated funds are designated by the trustees for certain specific purposes, but nevertheless form part of the unrestricted funds.
Restricted funds are to be used in accordance with specific purposes imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Investment income
All of the dividend income is attributable to UK listed investments.
| 2023 | 2022 | |
|---|---|---|
| Dividends | 26,453 | 23,646 |
| Interest | 453 | 144 |
| ────── | ────── | |
| £ 26,916 | £ 23,790 | |
| ══════ | ══════ |
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
| 4. | Donations made and prizes | 2023 | 2022 |
|---|---|---|---|
| Arkwright Scholarships | 2,530 | 2,300 | |
| Affiliate prizes | 2,824 | 2,794 | |
| British Heart Foundation (Master’s Challenge) | 2,100 | - | |
| British Red Cross | 1,450 | 1,000 | |
| City Harvest | 1,000 | - | |
| City of London Schools | 280 | 210 | |
| City University prizes | 4,000 | 3,000 | |
| Community Energy London | 1,000 | 550 | |
| Doreen McGechan | - | 1,500 | |
| Energy Sparks | 750 | - | |
| GASP | 1,000 | - | |
| Generating Genius | 2,000 | 4,000 | |
| HMS Sultan Central Amenities Fund | 2,750 | 2,500 | |
| Inspire at St Peters | - | 1,500 | |
| Jai Ferguson | - | 500 | |
| Livery Schools Link | 175 | 125 | |
| Livery Schools Opportunities fund | - | 1,000 | |
| Lord Mayor’s Appeal | 2,000 | 2,000 | |
| Master’s Charities | - | 1,000 | |
| Oliver Joy | - | 1,000 | |
| Platanos College | 1,500 | 4,458 | |
| Providence Row | 1,000 | 750 | |
| Royal National Lifeboat Institution | 3,000 | 3,000 | |
| Royal National Lifeboat Institution (Master’s Challenge) | 2,100 | - | |
| TeenTech | 2,500 | 4,000 | |
| The Hygiene Bank | - | 1,000 | |
| United Guilds Service | 175 | 175 | |
| ────── | ────── | ||
| £34,134 | £38,362 | ||
| ══════ | ═══════ |
5. Allocation of governance and other support costs
The breakdown of support costs and how these were allocated between governance and other support costs is shown below:
| Cost type | Other support | Governance | Total allocated | Basis of |
|---|---|---|---|---|
| costs | related | apportionment | ||
| Staff costs (note 6) | 931 | 2,792 | 3,723 | Time spent |
| Bank and other | 208 | - | 208 | Activity based |
| financial charges | ||||
| Stationery | 213 | - | 213 | Activity based |
| Insurances | 377 | 537 | 914 | Activity based |
| Independent examiner | - | 1,320 | 1,320 | Governance |
| ────── | ────── | ────── | ||
| Total | £ 1,729 | £ 4,649 | £ 6,378 | |
| ══════ | ══════ | ══════ |
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
| 6. | Staff costs | 2023 | 2022 |
|---|---|---|---|
| Wages and salaries | 3,459 | 3,139 | |
| Payroll charges | 264 | 330 | |
| ────── | ────── | ||
| £ 3,723 | £ 3,649 | ||
| ═════ | ══════ | ||
| The average number of persons employed by the charity during the year was as | follows: | ||
| 2023 | 2022 | ||
| 1 | 1 | ||
| ══════ | ══════ | ||
| 7. | Fixed asset investments | 2023 | 2022 |
| Market value at beginning of year | 1,053,429 | 1,286,606 | |
| Additions | 9,141 | 6,324 | |
| Net realised and unrealised investment | 73,463 | (239,501) | |
| ─────── | ────── | ||
| Market value at end of year | £ 1,136,033 | £ 1,053,249 | |
| ══════ | ══════ | ||
| 8. | Debtors | 2023 | 2022 |
| Income tax, gift aid recoverable | 2,858 | 2,685 | |
| Grants in advance | - | 140 | |
| ────── | ────── | ||
| £ 2,858 | £ 2,825 | ||
| ══════ | ══════ | ||
| 9. | Creditors | 2023 | 2022 |
| Accruals and other creditors | 1,326 | 1,266 | |
| Donation and prize commitments (note 10) | 4,000 | 3,000 | |
| ────── | ────── | ||
| £5,326 | £4,266 | ||
| ══════ | ══════ | ||
| **10. ** | Donation and prize commitments | 2023 | 2022 |
| At beginning of year | 3,000 | 9,326 | |
| Commitments paid | (3,000) | (9,326) | |
| New commitments | 4,000 | 3,000 | |
| ────── | ────── | ||
| At end of year | £4,000 | £3,000 | |
| ══════ | ══════ |
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
11. Funds reconciliation
| Unrestricted funds: General fund Designated funds – Coal Meters fund |
Balance at 1 January 2023 Income Expenditure (Losses)/ Gains Balance at 31 December 2023 849,260 57,025 (40,512) 73,463 939,236 223,496 - - - 223,496 |
|---|---|
| £1,072,756 £57,025 £(40,512) £73,463 £1,162,732 |
Unrestricted funds
The general fund comprises of funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Designated funds comprise the Coal Meters fund. The Coal Meters fund is available for donation in accordance with one or more of the following objectives. These are to an energy related apprenticeship, certain research initiatives, funding for the National Coal Mining Museum or for an individual energy related study. In addition, any such donations must be permitted by the objectives of The Fuellers Charitable Trust Fund.
The Coal Meters Fund was separately managed by Rathbones until March 2021. Since then, it is managed by Sarasin and not separately identified, accordingly any income, losses or gains are now included within the General Fund.
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
12. Analysis of net assets between funds
| Unrestricted | |||
|---|---|---|---|
| Unrestricted | designated | Total | |
| funds | funds | ||
| Fixed assets | 908,537 | 223,496 | 1,132,033 |
| Cash and cash | |||
| equivalents | 29,167 | - | 29,167 |
| Other current assets | |||
| / (liabilities) | 1,532 | - | 1.532 |
| ____________ | |||
| Total | £ 939,236 | £ 223,496 | £ 1,162,732 |
13. Trustees’ expenses and remuneration
John Bainbridge was reimbursed £34 (2022: £51) for postage and stationery incurred during the year. No other Trustees were reimbursed any expenses or paid any remuneration during the current and prior year.
14. Related parties
The Trustees are all members of the Worshipful Company of Fuellers. There were no related party transactions which require disclosure in the year.
15. Taxation
The charity is exempt from tax on income and gains under the Corporation Tax Act 2010 to the extent these are applied to its charitable objects.
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THE FUELLERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 202 3
Independent Examiner's Report to the Trustees of The Fuellers Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 202 3 which are set out on pages 8 to 15.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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 (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an Independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work or for this report.
Richard Spofforth For and on behalf of Kreston Reeves LLP, Chartered Accountants
Date: 3 April 2024
Springfield House, Springfield Road, Horsham, West Sussex RH12 2RG
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