REGISTERED COMPANY NUMBER.. 02114948 (England and Wale81 REGISTERED CHARITY NUMBER: 297013 ortofth•T nd Financl ents for Yekr End•d 31 Decembèr 2023 for The Con ational & Gene Trust Charitabl• Wrighl Vigar Limited StalLJlory Auditors Chartèred Accountants & Business Advisèr8 15 Nèwiand Lincoln Lincolnshire LN1 1XG
atlon Tru9¢ Contsnts ol th• Financial Statements Ended 31 December 2Q2 Roport of th? Tnwtg•s 1 10 5 RoPQrt of tho Indgpendent Audlto 6 to 7 stst•m•nt ol Finxntlal AcOvttlg• Balance Sheet Ca$h Flow Ststemgnt 10 Notes to the Cash Flow Statsment Notes to thè Flnancial Statements 12 to 15 Oetalled Statement of FInal01 Activitie8 le
Tho Con Trus atl al & GeneMI Cha Istered number.. 02114948 ort of the Trus ar Ended 31 DeCeMr 2023 Introduction The trustees of The Congre98tional & General Charitable Trust have pl?asuTe in prèsenting th•ir Annual Report together wth thè Financial Stslemenls and Auditors Report of th8 ¢hantable (x)mpany for the yèar ended 31st Dgcemb•r 2023. The Annual RerM)rt sorves the purpose of both a Truslges Report and Dirertors Report under compÈny law. Constitution The Cornpany is a charitable company limited by guarantee. incorporated on 24 March 1987. The Company wa$ gslablished undÈr a Memorandum of Association which established Ihe objects and powers of the Company and is gpvern8d undeT its Artides ofAssooation. The director5 of the Charitable etsmpany Ilho Charitl'l are its trustees fcr thè puTp08e of charity18w, and constitute the Council of Management in accordan with thè Articles of A$socialion. The detsils of the trustees who s8Ned during th¢ year are included in the Referent and Administrah"ve detaS on pagè 08JECTIVES AND ACTIVITIES Objectives and aims The charitablè mpanIS prinopl& obie¢t is to promote the ChrislSan religion and in particular tho United Reformed Church and Congregational denominal'on$ and other churches (whether wholly independent tr assorAatèd with or united with another church or 9roup of thurthesl which arè of Piolestsnt Iradilion. They also have an obj¢ctive to contribute to the funds of any eharitable instiluDon8. associa*'on8, funds lect$ to cary out a charitable purpose. Its principal activity continuès lo be that of helplng sustain places of worship and Christian projects by thè maklng ol grants. The charitable company also contributes to the funds of other charitablè institutions. The Charity carries out these obje¢lives by making grarts to the churches mentioned above lo assisl Iheir congregatlons to maintain their places of worship and enable the support of tho local communities many of which usg the churches as80cAated properties and buildings for various mMunitY projects. Cran15 agreed go towards supporting the upkeèp of the churckn properbes. many of which can be elther Grade 1 or 2 listed properties and are expènsiv¢ to rn8intain. Assislance with datnaged ioofs, dry rot and water ingress are regular requests that have b&n supported. Other area5 of support indude assistance with disability access, disability toilets, window repairs and li9hling and heating i$$ues. any of the churthes have connected buildtngs housing community ¢entres 1¢h go Its support varh)u8 communty groups and small charitable organisation8, These include dementis groups, youth groups, ft>od banks and breakfast dubs for example. 11 is also important threes properb'es arè maintained lo ensure that thesè grcwp8 can continue lo 8UPPOrt their local comrnunities. In setting our objectives and planning the companies activities, tho members of the Council of MarTragemÈnl have given consideration to thè Charity Commission's genoral guidanGe on public bènefit induding the guidance "Public Benefit.. running a Charity IPB21" when fijture adivities are bèing planned and the Grant Poll¢y is r8viewÈd,' in the overall fvrthetance of the Chaiitys activits'es, the wblic benefit dolivery is inhereni within this. Page 1
The Con Trust tional & General Chari istsred numb•r. 02114948 le ort of the Trustses for the Year Ended 31 De mbor 2023 OBJECTI1$ ANO ACTIVITIES Grantmaking poIi¢y All applicwtions for gian15 and donations are consideTed at quarterly rneelings of the members of the Counol of Management. An eslabli5hed Grant policy is in pla and 15 reviewed annualty to en8ure that it is adequate for the Charity to maxirnise its 8UPPJrt of the ehurches and achieve its objectives. The Trust invil¢s applications for grants from Churches by advertising in specialist publications. word of mouth, website promotion and stands at appropiiate evènts. Applicants who have received a grant may not apply again for two year8. Th¢re aré certain areas that the Trust do8s not look lo SUprt being running costs, s18ndalonè solar panels, organ restor8tii)n, and PTojeds costing over £1 million. For lull details of exdusion$ pleasa see the Trusts website. The awarded giants are normally drawn down wrthin a tWtryè8r agreed time limit at a point whèn the applicants can prove that the project ha8 commenced 8nd paid invoiw to 8t least the value of th¢ totsl grant can be submitted to the Trust.. Thè Trusys grant-making policy was established lo achiéve ils objects for the publiG benefit in promoting the Christian religion Isee Page l Objectives for full details1 and in doing so enable churche8 to improve thè benefits and gener81 welfar¢ of thèir Congregations and communities. This is achieved by rTbainlaining the properties which churches use loi their worship and by improving 8ndlor developing 8ttached or adjoining bLSildings that are used to support both the church 8nd locAI cornmLJnitie5. Details of how fo app for grants, together with the rÈlevani process, are available on the Trust's website tog8ther wrth infomiation about the Trust and Casè Studies supplied by churches who have previously beèn supported by the Trust. STRATEGIC REPORT Financial positlon Review of thè Year 2023 has seen a good y8ar for the Trust, with a sleady incorne stream and a Maed improvem¢nt in Investment values. Desprte a conbnuing baekground of wèak eGonomic growlh, infl3tionary pressuies, gèopoliliral turbulence and transport disruptions, the recovery seen towards the end of 2022 has continued throughwt 2023 resulting in an encouraging OlCom8 and positive trends. Investments have increased from £16.8m to £17.5m and are thus not lar adrift from thp 2021 yeaTnd value of£19rn. The Trust ha5 maintsined ils grant actsvty this year, 5UPPOrting 4612022.. 481 churches wilh grants paid of £542k 12022.. £582kl. Although Ihts is 8 slight decrease in numbers on the previous y8aT, the value ol grants awaTtled in 2023. and payable wrthin Ihe next Iwo years, Es £888k. compared lo £771 k in 2022. Thls refl8Cts lo an extent the increas¢ In materials costs which d)UTcb¢s are èncountering. Although a large Charrty in lemis of its financ481 assets, the day-to-day operations are relètively Straightforwa being the processing of grant 8pplications and the dose Monitong of the invèstments, with the ineome and possible porttDIio growth ing used to maintain the support which the Charity provide5 to the churches and their communitiEs. Overall, it has bèen a successful year, managed well by the Trustees who Gontinuè to WOTk hard lo ensure th the assets are managed professionally, and that applications are PrOSsed in 8 diligent and &ent rnanner. Bèlow 8re exampl of scrfne of Ihè grants paid out thi5 year.. st Nicholas Church Hail Weston 57 West & Clarencè Road 8aptisl Blandford URC FaithwoTks Emtllanuel Church WÈslon Super Mare St Barrtabas Church Peasemore steep Tumpike Evangelical Church Kin9shall Methodist Church Adélaide Methodist Ghurth 15,000 Improvement of kitchen and rest facilities 6.300 Repairs to roof 23,000 Refurbishment to Community food shop roof Ropairs lo windows 15.000 Installation of kitchen and rest facilities 20,000 Repl8eement of frort entr8ncelimpTovements 20,000 Inslallation of new kitthèn and heating 20,000 Creation of community hub Financlal Revigw The financAal statem¢nts comply with the Charib8s Act 2011, the Companies Act 2006, the Memorandum of Artides of Assooiation, and Accounlng and Reporting by Chariti"es.' Ststement of Recommended Prac*"¢e applicable to charities eparing their accounts in accordance wlh the Finanaal Reporting Standard applicable in the LIK and Republic of Ireland {FRS 1021 (effective 1 January 2019). Page 2
Thè Co Tnjst ational & General Charitablo Istered number.. 02114948 Re Re ort of the Tr for the Y•ar ndèd 310oc mber STRATEGIC REPORT Flnanclal rèview Investmgnt pollcy and obi•ctives The Charity's Irust8e$ seek lo invest its funds in fixed interest, equity. and property funds some of which 8re d&sign•d for tharitiÈs and managed by professional ftrnd managets. The charity looks to achieve th8 best returns av8ilable from its investments whilst seeking lo rnaln18in a 8pread of investment types wlh the intention of redvung the lÈvel of gxposure lo market rates. To this ènd, th¢ trustees have utilised the sel¢e$ of professional fund rnanagers Invest¢c and CCLA bolh ol which are established and professK*nal fund managers who offèr guidance and support to thè trustees in m8ttaglj the Charity'8 investments. The professional advisors provide monthly and quart¢rty perfOman r¥ports and annual meetings are héld to review performance. risk, markets, and other economic faclors. Additional meetsngs can b8 8rrang¢d if mwkel uneÈrtaintle5 prevail. Performance has been satisfactory considÈring the uncertainlies in the inveslmenl marfr8tplac8 and provides the Chaiity wrth the assurance that it can continue to support fulure successful grant appltali'ons. With Invèslec the Trusl ha8 a Modiurn Risk Balanced In¥eslment Strate9y wlh an establishe¢J nel perfrjrrnan bènchmark agreed which is reviewed Annually. There is an overall benchmark set and separate benchmarks in iespect of overall exposure wthin the vavious assèts held In the portfolio. The funds investéd with CCLA are within the Ethical Investmènt Fund, the aim being to provide a Jong-t•mi total retum comprising growth in capitsl and distributM)ns. This is an established fund suitable for the CharilW5 aim5 of achieving a good level of distributions. long-lemi protection from inlation together with a wide range of ethical restrictions. The Trust aims to achieve a reiurn in the reglon of+ 4Dh pa on the funds investèd and considers Ihe perfowmancg this year lo be satisfactory ¢onsideMg the market vclalilily experienced. Rèserves policy The charitable comp8nVs res&Nes consi81 mainly of investments held wlh its investment rnanag¢rB, Inveslec and CCLA. Each year the charity aims at least to distribute lés net investment income in Ihe financial year in which it is raeeived OT in the tsvo ftsllowng years. The tharitae COTnpany looks to ensu It always has sufftienl liquld fijnds lo meet the payment of grants when they fall (lue. Grants are normally drawn within a tWyear period otheMi5e they wll lapse. With the levels of cash at bank, within the investments and the agreed ftjlure invéstment income stream, funds conb.nue to bè suffic91 lo cover grants due and the operating overheads. Total charitable company rgserves as al 31 December 2023 were £16,705,07012022'. £15.996.1861 ¥thieh cgmpris8 negativè free res¢rves 01 £8.498(2O22.. £814.855} wth no current restiictions or designations inherent or applied_ The remainin9 r8serves, tolalling £I7,541,8(2o22." £16,811,043) are ld up in inveslTnents but these too hav¢ no current restrictions or designation8 inh&renl or applied. Flnanclal and rlsk managemgrrt obhctive8 and pollcl•¥ The Council of Management actively rev the majoi risks which the charitable company facès_ Th¢y believe the ctrOlS and systems in plac& can ad¢qualely deal with risks which the th8rity is likely to fa in the near fulura. The Council of Managem8nl have a rfsk rnanagement strategy which eornprises.. - An annual review of the risks1he Charity may fats., - The establishment of systems and procedures to mitigatE those risks idenlthed,. and The implem&nt8tion of proCedUS de8ign•d to minimise any potential impact the Charity should those iisks matèrialise. The primary market risks in the charitable company's investment portfolio is the fair value sensitivity ol fixed-income securitip& lo changes in interest rates, and risks assoaaled with investmènls in listed equity share5. Risk appelit? is set by The Couwl of Management awKI then managed Ihrough the investrnent PDrtfolio managers. Further information on lh¢ Charity's investment policy can ba found above. The Charfty's transactions are all in pounds sterling and tharéftsre there is no èxposure 10 o movement in exchange rates. However, some ol the Charity's investmgnts have under4ying overseas asse15 and arè Iheiefore subjed to fluctuations in value res'ng from movements in exchange rates. P8ge 3
The Con Trust ational & Gèngral Charl blè istered num r.. 02114948 Re Re rt of the Trustee$ Year Ended 31 December 202 STRATEGIC REPORT Future dèvelopments As a grant making charity 811 developments are focu3od upon maximising the number of thurches and (t)mmunitie5 that benefit from Ihe Charity's efforts, The Pfofi1e of the CharfLy conlinues to be an area where efft)rts are being made in order to reach out to the churthes neÈding help. The Trust 11 again advertise in the appropii8te publications as in the previous year and look lo expand this further where possible. Attendance at V3TiOUS lorums is also being researched and attendance al Ihese will be considered by the Twst8es. An updaièd website is under dovelopfflant. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing ducument, a deed of trust. and constitutes a limitèd company, limited by guarantee. as dèfjned by the Companies Act 2006. Recruitment and appointment of new trustees Rotation of Members of the Councll Under the requirements of the Memorandum and Arbdes of Association. membership of the charlt8ble company is subjeet to certain rèstrictions. TheÈÈ are that a mernber shall be a member of a UThled Refomied Church, Congregational Church or other chuich of the Protestant iradition provided not more than three or 250k of the total. whSchevei 1$ the lesser (who are not members of th$ aforementioned Churches} may be Individuals who shall agreè in wriling to accept the objects of the charitsble company. At the Annual GenEral Meeung in evéry year, one third oflhe mernbers oflhe CouncAI of Management for the lime ing, or, rf their nurnber is not Mree or a multirAe of three, then the number neartst one third, sh811 retire from offi. Those meMr$ of Counul retiring Ihiough this rotslion are eligible for re-election at the AGM. The membèrs of the Gouncil of Management retiring by rotation this year arè Reverend Pamela Ward. Mr Alastair Forsyth and Reverend Richard Turnbull and being eligiblè, offer Ihemselves tor Te-election. The Membets of the Council of Management have the power io appoint addiéional memt*rs as il considers fft to so. Due to the nature of the company's charitable status and ils source ol income. the Council of Management seeks to ensure that the objeclives of the charitsble Company are achievablè through the diversity of skills within the tfu$lee$' eomposltion. Organi8ational structuye The trustees corTrsider the Board of Trustees as the key rnanagement personnel of the charitable company who arè all members ofThe Council of Manaoernent shown on page 6. The tharitable cornpBny is currèntly wn by ten trustees who meet on a ouarterfy basis to consider the grant applieAtion8 received. The trustees have individLJal Tesponsibility for v81ious aspects of Ihe running of the charitable company including reviewing and presenting grant applications, the produdion of finanual inftsrmation, the org8nisaiion of the charitable comp8nV5 banking arrangemen15 and development 8nd managernent of the Charity's web site. There is also the support of a paid administrator to assist with the day to day management of the Charity assisting thè tnJst8ès with the clÈrical aspects of running thè Charity. particularly wth managing the giant applications receNed and also ensuring the charitable company wmplies with 8ppropriale regulations. The trustees are proactively sèeking to add to the Counal of Management wrth new trusle¢s who h8v6 Ihe required skills, mMitment and lime lo support the ongoiFig work ofthe Charity. Induction and tralning of new trustee8 mernbO of the Council of Managemont Inductlon and Training New members of the Council of Managemènt are provided wilh the 8ppropriate Chanty Comtnission publications, induding the Commission's guide The Essenti81 Tnjstee" and 'Charity Finances.. Trustee Essentials" and these arè dislribut8d lo all new members of the Council of Managetnent altsng wilh the Mernorandum and Articles and thè latest financial slalements. New m&mbef8 of the Council of Management arÈ also required lo Cotllplete 8 questionnai which assesses their filn¢ss for purpose as a member of the Council of Management and sign th& Charitiès Commission usual dedaratson of suitability ttt be a Iwstee. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 02114948 (England and VVal&s) Regi$tered Charlty numbèr 297013 Page 4
Trust 15tered number.. 02114948 rt ofthe TrustRe for the Year Endgd 31 Docembor 2023 Regi8tered office 15 Newland Lincoln LN1 1XG TYuste•s Mg M E Atkinson Mrs S M Austin ReverÈnd D G Coote r A C Forsyth Reverend D Grosch-mill Dr A Hamnett lappoinÉed 2.3.231 Mr J F Holmes Iiesigned 5.1.24} Reverend E M Tait (resigned 7.9.231 Reverend R l Turnbull Reverend P Ward Reverend C Bones lappoinled 5.12.23} Auditors Wright Vi98r Limited Statutory Auditors hartered Acco¢Jntanls & Business Advisers 15 Neand Lincoln Lincolnshire LN1 1XG STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of The Congregational & General Charitable Tru31 for Ihe PUTposes of company lawl are responsible lor preparing the RepDrt of the Tru51ee8 and the financial statemen15 in accordance applicable law and United Kingdom Accounting Standards (United Kingdom G&n8rally Aecapled Accounting Practice). Company law requires thè trusteès to prèpare finanu81 st8tements for èach finanual yèar which givè a truè and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, induding the income and expenditure, of the tharilable company for that period. In preparing those fina#31 stslements. the trustees are required to select Suitable accounting Oicie5 arml then apply them con8i8tenlly', observe the methods 8nd principles in the Charity SORP., make judgements and astimales1hat are reasonable and wudènt.. slate whèthèr applicablo accounting standard$ hove been followed, subject lo any maleriol departures dtscloged and explained in the financial statements-. ppare the finanual statements on the going c4)ncern basis unless rt is inappropriate to presume thal the chaiitable company will continue in busine5S. The Irusleès are rèsponsible for keeping proper accounting records which disclose wth r8asonabl• accur8Cy 81 any lime the finanual position ol the charitable company and to enable them to ensure that the financial slatements rx)mpty with th¢ Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and hence for taking reasonable Steps for the prevention and delection of fraud and other irregularities. In 80 f8r as the trustees are aware= there is no relevant audit inlorrnation of which the tharitable companys audttots ale unaw8Fe'. and the trustees have taken 811 stèps that they ought to have taken to makè themsalws aware of any r8lèvanl audit infomation and to establish that the auditors are aware of that information. AUDITORS The auditors, Wllght Vigar Limited, will be proposed for re-appointment at the forthwming Annual General Meeting. Report of ihe tru8teè8, in¢orporating a atr8tÉgic rèpert, approvèd by order of thg board of Irusleos, as the cempany director8. on 3 September 2024 and signed on the board's b¢half by.. U (dcLKJ Reverend P Ward- Trustge Page S
Re ort ofthe Inde Con ndenl to thè MÈmbèrs of ational & General Charitable Trust Opinion We have audited Ihe financial statemenls of The Congregational & G8nèral Charitablè Trust Ithe'charitabl8 companw) foT the year ended 31 December 2023 kvhith cornprise thè Statemènt of Finanaal ActNiities, the Balance Sheet. the Cash Flow Statement and notes to the finan¢ial Stalgments, including a summary of significant accounting policies. The ancial reporting fratnework that has been applied in their preparatitin is ApplieAbl8 law and Un¢tod TrthThJdom Accounting Standards (Unfted Kingdom Generally Accepted Accounting Practice). In our opinion the financial stst8m8nt8'. give 8 true and fair view of the stale of the charitable companys 8ffairs as at 31 Dernber 2023 and of Fts incoming rèsourcès and application of resources. including its income and expendrturè, forthe year Ihen ended,. have been properfy prepared in 8ccord8rtce with United Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We ¢r)nduded our audit in accordance with Inlem8tional Standards on Auditing IUKI {ISA5 IUKII and applicable law. Our responsibilitiès under those standards are further described in the Audilots, responsibilib.es for the audit of the financial 51alem¢nts section of our report. We aTe independent of thè charitablè company in accordance with the elhical requifeTnen15 that are relevant to our audit of thÈ financi8J statèménts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olhgr ethical re5pon5ibilitie5 in accordan wtth these requirements. We bèlieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for Our opinion. Conclusions relating to ydng eonc•rn In audrting the financial slalemenls, we have concluded that the trustees. use of the going concxm basis of 8ccwnting in the preparalion of the finanaal slaternenls is appropriate_ Based on the worfo we have perfomFd. we have not idEntffjie¢J any material uncertainties relating to events or conditions that, individually or oollectively, may cast significant doubt on the charitsble company's ability 19 ntInUe as a goSng concem for a pèriod of at least e1ve months from when the ffinancial slal¢ment5 aiE aLrthorised for issue. Our responsibilities and the responsibi1it1è5 of thè trustees with respect to going concem are deribed in the relevant sections of this report. Other inforniatlon The trustees are resF)onsiblè for thè other infomiation. The other information comprises the infoimalion induded in the Annu31 Report, other than the ffinancial statements and our Report of the Independent Audrttsis thereon. Our opinion on the finanial 51atements doÈs not eover the other inlomiation and, excEpt lo the extent otherwse explicitly stated in our ¥¢port, we do not exp$5 any fomi of assurance conclusion theretsn. In llonngction with our audit of the ffinanThal slalemenls, our responsibilty is lo lead the other information and, in doing so, o)nsider whether the other infortnatloll 15 materially Inconsist&nt wth the finanual statements or our knO%èd9e obtained in the audrt or otherwis8 appears to be materialty missialed. If we identify such ffl8terial in¢gnsislencie& or app8iÈnt material misstatements, we are required lo delerrn1 whether this gives rise to a material misstatement in the financial $18lements themselves. If, based on the work wè havè pÉrfomi*d, wè condude that there is a material misstatement of this other infomiatSon, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters pres¢ribgd by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in th& Rèport of the Trustees for the financial year for whith the finanGial statements are prÈparÈd is eonsistent wrth the finarrial slatemenls,. and the Report of the Trustees has been prepared in accordance wth applicable legal requirements. Matt•rn on whlch we are required to report by exceptlon In Ihe light of the knedge and understanding of the charitable company and its enwronmenl obtained in the coutse of the audbt, we have not identified rnaterial rnisstalements in thè Rèport olth8 Trust88S. We have nothing lo report In respect ofthe following rnatters where the Gompanie8 Act 2006 rèquires us lo rèwt to you if, in our opinion.. adequat6 8ccounting records have not been kept or relums adequate for our audit have not been received from branches not visited by us", or the financial statements are not in agreernent with the accxjunting records and retums. or cèrtain disclosures of Iruslees. remuneration specrfied by law a not made", or we have not received 811 the inforrnation and explanations w6 require for our audit. Paga 8
rtofthèlnd The Co "tors to the MembeY8 of ational & General C ble Trust Rosponsibilities of truste As explained more fully in the Statement of Tw$tees' Re8ponsibilities, the trustees (who are a150 the directors of thè rJaritablÈ company forthÈ purposes of wmpany lawl are responsible for the pparath"on of the finanrial statements and being satisfied that they give a true and fair view. and for such intemal control as the trustees determine 1$ nece558ry to enable the preparation of financial statements Ihal are free from m8teTial misslaternent. whether due to fraud or error. In preparing the finandal slatem8nts. thè tNst•èS 8rè rèsponsible lor assessing the tharitable company's ability lo c0nbnue355w1ng concern, disclosing. as applicable, matters related to going cone8m and using the going CoeM basis of Ing unless the trust¢es ¢ither iw>lend lo liquidate the (ariiable company or to cease operations, or have no realisli¢ allernalive bul lo do so. Our responglbllltles for the audit of the finan¢ial ¥tatemgnts Our objectives are to obtain fasonable as5uiance about wh¢lheT Ihe ffin8nci81 slalemenls as a whole are free from material misslalernenl, wh8th due lo fraud or error, and to tssue a Rdport of the Indep8ndent Auditors that indudes our opinion. Reasonable assurance is a hluh level of assurance, but s not a guarantee that an audit conducte(I In accordance wlth ISAS IUKI wll athys dèt8ct a material mi8stalement when it exists. Misstatemenls can arise from fraud or error and are considered material if. individually or in the aggregate, thèy ¢ould reasonably be expected lo inthuenG the 0m1C d¢¢isions of users taken on the basi8 of these financial statements. The extent lo which our procedures are capable of ddeding irregularities, Includln9 fraud Ss d8ta118d t)èlow. Our work 18 perfom7ed lo include an assessment of the susceptibility of th¢ entity's ffin8ncial slatemenls lo material misstatemenl, including the risk of fraud. Owng lo the inherenl lirnitations of an audit. there is an unavoidable risk that material misslatements in the finanaal stalem8nts may not bè dÉtèctÈd. even though the audit is properly planned and porformed in 8cxord8nre wth th& ISA5 IUKI. In ident'tying and assessing risk of material misstatement in respact of irrÉgulaiitiÈs, including fraud and non<onwlian with laws and iegulalions, our procedures induded the following.. We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the secloT in which they operate. We perform our work to ensure that th6 enlty Is complying its legal and iegulalory framework. We obtained an understanding of how the company is complying wtth those leg¥1 and re9ulalory framewth5 by making inquiries to th• manag•m8nt and pèople rtharg8d with governance. We assessed the susceplibilily of the CoMpanS financAal statetnents to materfal mlsstatèmènl, in¢luding how fraud might occur. Audit procedures perfomeil by Ihe engagornenl leaTll included.. - Substantive pro¢edures performed in accordan bwth the ISAS IUKI. Challenging assumptions and judgments made by management in rfcs signtfiGsnt a(zwnling eslimale5. Identifying and testing journ81 entries, in particular material journal entries and an assessment of year end journals. - Assessing the extent of compliance wth the relevant18ws and regul8tions. A fvrthèr d•scription of our rèspon$ibrfilie$ for the audil of the financial slatements is located on Ihe Financial Rewrting Council's websit8 at W¥W4.frc.org.uklauditorsrespon5ibilili8s This description fomis part of our Report of the Ind8p8ndenl Auditors, U$¢ of our report This ieport is madè solèly to the ch8rilable companys members, as a body, in accordance wth Chapl¢r 3 of Part 16 of the Companies Act 2008. Our audit work has been undertaken so that we might slate lo the (ariÉable company's rnÈmbers thosé mattèrs we 8re required to slate to them in an auditors, report and for no othei purpos¢. To the fullest axlènl pem)itted by18w, we do not accèpt or assumè responsibility to anyone other than the charitable company and the charitable company's members as a body, for oui audit work, for th¢s report, or for tha opinions wè have formed. Paul Colcomb FCCA (Senior Statutory Auditor) For and on behalf of Wright Vigar Lwnited ststutory Auditor8 Chartered Accountants & Business Advlsers 15 NevAand Lincoln Lincolnshire LN1 1XG 3 September 2024 Paoe 7
Th& Con ational & Gengral Charitable TnMt Statsment of Financial A¢tiviti8S for the Ye r Ended 31 De¢•mbèr 2023 2023 Unrestricted fund 2022 Totsl funds Notes INCOME AND ENDOWlhlENTS FROM Investment income 533,720 514.050 EXPENDITURE ON Raising funds 13,369 9,114 Charitablè acdvities Charitable Activities Raising funds 779.236 44,927 642,671 47,540 Total 837,532 899,325 Net gainslllosses} on investments 1,012,694 12,233,274) NET INCOMEIIEXPENDITURE 708,882 12.418,5491 RECONCILIATION OF FUNDS Total funds brought forward 15,996,188 18,414.737 TOTAL FUNDS CARRIED FORWARD 16,705.070 15,996.188 The notes form part ol these fin8ft81 st818mants Page 8
The Con st nal & Gonèral Chari Rè i$tÈred n r: 02114948 Balanc8 Sh8•t 31 December 202 2023 UnrÈstrictsd fund 2022 Total funds Not•s FIXED ASSETS Investments 17.541,568 16.811.043 cuRREr ASSETS Debtors Ca$h at bank 35,117 218,944 32.203 89.428 254.C61 121,631 CREDITORS Amount$ falling due within one year 10 {1,090.5591 (936,4861 NET CURRENT ASSETS 1836,498) 1814.855) TOTAL ASSETS LESS CURRENT LIABILITIES 16.705,070 15,9,188 NET ASSETS 16,705,070 15.996,168 FUNDS Unrestricted fijnds 16.705.070 15,996.188 TOTAL FUNDS 16.705,070 15,996.18B The financial statements weie 8pproved by the Board of Trustees and authorised for issue on 3 September 2024 and wor¢ $1gned on its behalf by: Revarend P Ward - Tiu$lee Mrs S M Austin- Trust88 The notes form part ofthese fflnatKlal stalemenl8 Pago 9
Thè Con ational & General Charitable Cash Flow Statement for the Year Ended 31 2023 2022 Notes Cash flows from operating activlties Cash generated from operab.ons {686,3731 1863,3851 Net cash used in operating activili8S 1686,3731 {663,385) Cash flows from investing activities Purchase of investments Sale of investments Interest received Dividends recelved 12,060,462} 2,342,631 2,381 531,339 11,228.0691 1.272,e41 513.7 Net cash provided by investing a¢tivities 815,889 558,622 ¢hang• in ¢ash and ca8h equivalents in the reporting period Cash and cash equival•nts at the beginnlng of the reporting period 129.516 {104,7631 89,428 194,191 Cash and cash equivalents at thè end ol the reporting period 218,9H 89,428 The Mles fom) part ofthese financial statements Page 10
Thec atlonal & Trust Charllabla Notos to the Cash Flow Statom&nt for tho Yèar En 1 December 2023 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net Incomellexpendlturo) for th• rèporting pgrfod las per the StaiÈment of Flnanclal Acti¥itie$l AdlustmentB for.. {Gainlllosses on investments Interest rècèiv8d Dividends received Increase in debtors Increase in Greililor8 708,882 (2,418,549} {1,012,6941 2,3811 1531,3391 12,9141 154,073 2,233,274 {3441 1513,7CEI 16,0841 42,024 Not cash usèd In ¢)p?r•tions 1686,373) 1883.3851 ANALYSIS OF CHANGES IN NET FUNDS Atl.1.23 Cash flow At 31.12.23 Net cash Cash at bank 89.428 129,516 218,944 89,428 129,516 218,944 Total 89.428 129,516 218.944 The notes fomi part of these finaTh81 statements Page11
Thec tional & Ganeral Ch¥rltabl• Trust Notes tg the Financlal Statsments or the Year Ended 31 Dè ember 2023 ACCOUNTING POLICIES Basis of preparing the financial ststements The finanaal stalements of the charitable cx)mpany. which is a public benefft entity under FRS 102. have been prepared in awordance with the Chaiitiès SORP {FRS 1021 'Ac¢ounting and Reporting by Charities.. Statement of Recommended Practice appltcable to d)arities preparing their accounts IN accordan with the Finanal R8porting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 2019}', Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and tha Companies Acr 20. The financial statémènts have been prepared under the hi5toric81 Gosl convention, with the exception of investments which are includeLI at markat value, as modified by the revaluation of certain assets. Incom8 All income is COgNISed in the Statement of Fin8naal Activthes once the chality has entiélemenl to the funds, it is probable thal thè income will be received and the amtsunt can be m$asured reliably. Expendlture Liabiliti8s are recogni8ed as expenditure as soon as there is a legal or constructive obligation committing the charity to that expendiiur8, it is probable that a transfer of ecollomic banefits will be required In settlement and the amounl of thè obligation can be rneasured reliably. Expenditure is accounted for on an accruals basis and has been ¢lassified under hèadings that aggregate all cost relaled to the category. Where cosls cannot be directly attributed to parbcular headings they have been allocated to 8Ctivhies on a basis consistent with the use f resources. Grants offered subject to conditions which have not bean met at the year end date are noted as a commitment not accnjed as expenditure. Taxatlon The charity is exempt trn Corporation lax on ils charrtable activities. Fund aeeounting Unreslri¢le¢J funds can be used in accordance with the Ghaiitable objectives at thè discretion of the trustees. Restricted fund$ can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specthed by the donor or whèn funds are ratsed for patb"cu13r restricted puwoses. Furthér explanation of the nature and purpose of each fund is induded in th8 notes to the ffinanclal SlatentS. INVESTMENT INCOME 2023 2022 Invèstment income Inteiesl receivable 531,339 2.381 513,706 533,720 514,050 Page 12 Cominued...
Thè Con onal & General Ch otès to the Financial Ststements - contlnugd g Year Ended 3100 mb IiAISING FUNDS Invesbn•nt managemènt ¢o$ts 20fJ 2022 Adminislralive expen8es 13,369 9,114 CHARITABLE ACTIMTIES COSTS Grortt fundlng of actlvltles Isee note 51 Supwrt ¢osts Isè• nots6 Totsl8 Charitable Actiwties Raising funds 763.1 16,136 44.927 779,236 44,927 763.100 61.(3 824,163 GRANTS PAYABLE 2023 2022 Chorrtable Actlvitles 763.100 623,800 SUPPORT COSTS Govemance costs Management Flnan¢e Totals Charitable Activities Rai8ing funds 7,099 44,927 2,335 6,702 16,136 44,927 52,026 2,335 6.702 61,063 TRUSTEES. REMUNERATION AND 8ENEFITS There wer? no Iruslees, remuneration or oth8r bènèfiti for the year ended 31 December 2023 nor lor the year ended 31 December 2022. Trust•••' +xnIé$ 2023 2022 Trustees, expens¢s 1,438 1,175 The tru$lees are unpaid volunteers and are 1MbUr8ed for the expenses incurred in respect of travel to and from the quarter5y me&tings and any administration costs that tnay incurred. Trustèè èxpenses were repaid lo 8 Trustees duwing the year. Page13 nlinued...
The Con ational & Genèral Charltable Trust Notes to the Flnancial Statements- continu•d for the Year Ende 31 December 2023 FIXED ASSET INVESTMENTS Listed InStMentS MARKET VALUE Al 1 January 2023 AddrLions Disposals Revaluations 16,811,043 2,060,463 (2,342,631) 1.012,693 At 31 December 2023 17,541,568 NET BOOK VALUE At 31 December 2023 17,541,568 At 31 DecembeT 2022 16,811,3 There were no investmènt assets OLrtside the UK. Cosl orvaluation at 31 Owmber 2023 is represented by.. Listed investments Valuatlon in 2023 Cost 1,012,693 16,528,875 17.541,568 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Prepayments and a¢crued illCA)me 35.117 32,203 10. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Giants awarded but unpaid other creditors 1.084,800 5,759 931.20D 5.286 1,090,559 936,486 MOVEMENT IN FUNDS movement in funds At 31.12.23 Atl.1.23 Unrostrfcted funds General lund 15.996.188 708,882 IS.705,070 TOTAL FUNDS 15,996,188 708.882 16.705.070 Page 14 continued...
èc atlonal & Tru•t ritable Notès to thè Finaneial Sta for thè Y• 8nts- conunued December 2023 11. MOVEMENT IN FUNDS- contlnued Net movement in funds. included in the above are as follows.. Incoming restyurces Resourc•s expended Galn8 and 10880$ Movement In funds Unrnstr4Ctèd fvnds General fund 533,720 {837,532} 1.012,&J4 708,882 TOTAL FUNDS 533,720 (837,532} 1.012,694 708,882 Comparntlvèg for mov•m•nt in fund8 Not movement in lunds At 31.12.22 At1.1.22 Unrestrlcted funds Gèneral fund 18,414,737 {2,418,5491 15,996.188 TOTAL FUNDS 18.414.737 12,418.5491 15,996.188 Comparative net movement in fvnds, induded in the al)ove are 98 foll¢)ws'. Incoming Te50urces Résources expended Galns and losses Mov8m8nt in funds Unrnstrletsd fund8 General fund 514,050 1699,3251 12,233,274) 12,418.5491 TOTAL FUNDS 514,050 1899.3251 12,233.2741 12,418,549) 12. RELATED PARfY DISCLOSURES There were no related party transactions for thè year ended 31 December 2023. Page 15
Thè Con ral Charl ilod Statement f Fl Y8#r Endèd 310 l A¢tlvltlos 2023 2023 2022 INCO1 AND ENDOWMENTS Inve¥tm8nt In¢omg Invesbment income Inte$t ceIvable 531,339 2,381 513,7C 533,720 514,050 Totsl Incomlng rg8ourc08 533.720 514,050 EXPENDITURE Inve¥trgnt manaympnt co•t8 Administrabve expensès 13,389 9,114 Charftsblg activile8 Grants to institution$ 763,100 623.800 Support ¢osis Managèmont Trustees. 8xpense5 Management Fees Website IT costs M88ting room8 1.438 44,927 1,100 1.175 47,540 29 1.691 2,420 2,255 52,026 52,855 Flnan¢• Insur8llCè PO box Sundries Bank charges g97 891 360 780 102 2,335 2,126 Gov¢mance ¢o$ts AccDuntancy and legol feg 6,702 11,430 Total resources expeThled 837,532 699,325 Not •xp•ndlturè 1303.8121 1185,2751 This page does not forffl part ofthe StstOry finanaal st8tèments Pago 16