THE BACON CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Oiegistered ChArity 298633)
THE BACON CHARITABLE TRUST CONTENTS Page Report of the Trustees Independent examiners, report Bajallce sheet Statement of fmancial activities Notes to the accounts 8-11 S¢hedule of Investmellts 12
THE BACON CHARrrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 LEGAL AND ADMINtSTIL4TIVE INFORMATION Trustees SirNicholas Bacon, Bt Lady Bacon H 11 Ba¢<)n Prlncipal Office The Estate Office Raveningkn Norwi¢h Norfolk NR14 6NS IDdependent ExIller Andr¢w Gan)mon AG Tax Limitcd 3rd Floor 28 Austiti Friars LotLdon EC2N 2QQ
THE BACON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 The Ba¢on Clwitable Settlement was created und¢r a Deed of Settlement dated 16 December 1987 b¢twe¢n Pris¢illa, Lady Bacon ("the Settlor") and the Settlor, Sir NickLolas Bacon and William Drake (the 'TnJstees"). and is a registered cllarity) number 298633. The initial Tryst capital was gifted by the Settlor. Objects Under the tern)s of the Clwitable Settlement: The Trustees shall hold the capital and income of the TTht Fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable (according lo the law of England and Wales) pU0S and to make donations lo such charitable institutions at such time or times and in such manner as the Trustees may. in their absolule discretion. think fit. Th¢ Trustees ]nay at their absolute discretion for the period of 21 years from 22 April 1987. instead of applying the income of tkne charity in any year, accumulate all or any part of such income at Compound intcrcst by investing the same and tb¢ resulting ill¢ any of thc invcslmcnts authorised in tILe Trnst Deed. lll) Money to be invested under the Trnst Deed may be applied or invesied in the Purchase of or at interest upon the secuTÈty of such shares, stocks, funds, s¢curitie& land, buildings, chattels or other inve5tmctLts or property of any nature and in any part of the world and wh¢th¢r involving liabilitl¢S OT producing income or not as the Trust¢¢s S]11 in thetr absolute discretion thiJ)k fit. Eledion of Trustees The power of appoinling new Trustees is vested in the existing Trustees. Organis¥tional struethre The charity is run by the Trustees, with all decisions being takcll by a majority of Trustees presellt at any duly conStited nLeettng. Thc Trustees who s¢rvcd during the year are s¢1 out below:_ Sir Nicholas Bac0 Bt Lady Bacon H H Bacon Progress and 4¢hievements During the year to 5 April 2024. the Trnstees b&ve n)ade donations to sixteen ¢b4ritable institutions totallin8 £70,542. Page I
THE BACON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (eontitiued) lllve8tment policy The Capital of the TnL8t continues to be invested in listed investments and in a freehold property which is open as an educational centre. Reserves policy It is th¢ policy of th¢ Trustees to materially distribute surplus income in aCCOTdance with the charitable objects of the Trust. The TTUStees seek to nintaill capital reserves ac a level sufficient to derive an alaL income to enable a contltiuing levcl of support to be provided to a wide rattge of cFLaritabl¢ ¢aus¢s. The Tnistees consider that the ¢xisting assets of the Trust are sufficient to me¢t the projected charitable objtIVes. Major ri%k8 The Trust¢¢s have undertakcll an assessment of th¢ major risks which may potentially impact upon the Charitable Trust. Thcy have conclud¢d that tbese relate largcly to the freehold prortY and investment portfolio which represeni Ihe Trust's capital assets. The Trustees employ professional advisers to manage Ihe investmellt portfolio. in order lo mitigatc the risks and to miniJws¢ their fmallcial impact. Similarly. the Trustees have adequatc systems iti placc to monitor and wntrol such risks as nY impact ll)ll th¢ freehold property. Trustees, respollsibilites Under the Trust Deed, the Trustees have the rcsponsibility to manage all matters concernillg th¢ affairs of the Trust. Under CIMrities legislation, the Trnstees are required to prepare fmancial statements for fllwkcial period which give a trne and fair view of the state of affaits of the Trust and of the SUluS or deficit of income over expenditLWe. In preparing these financial stalements, the Trnstees should:_ select suitable accounting policies and apply them consistently,. observe thc llLetho(Ls and principles in the C]wities SORP. make judgements and estimates that arc rcasonable and prudent" state whether applicable UK accounting standards have been followed, subject to any matcrial departures disclosed and ex lained in the fmancial statcments" Page 2
THE BACON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued) Tru$tees' responslbilites (continued) prepe the finallcial statements on a going concern basis unless it is inappropriate to assume the Trust will continue in its activities. The Trustccs arc Tcsponsiblc for keq)ing proper accounting records which disclose with reasonable accuracy at ally time thc fanCIal position of tELe Trnst and ¢nabl¢ it to comply witb the Statement of Recommellded Pra¢ti¢e.' Accounting and Reporting by Charities preparing their accounts in accordance with the Financial RerK)rting Standard Applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with The Charities Act 2011. Thcy have a generdl responsibility for tsking such steps as are reasonably opcn to them to safeguard the assets of the Trust alld to prcvent and dett fraud and other itTegulaTities. Sir Nicbolas Bacon, Bt On behalf of the Trnstees 27 January 2025 Page 3
THE BACON CHARITABLE TRUST INDEPENDENT EXAMIIYER'S REPORT TO THE TRUSTEES l Teport on the accounts for the year ended 5 April 2024 set out on pages 4 to 15. R¢spedive responsibilities of trustee5 and examiner As th¢ charItS tt¢c8 you are re5FK)nsible for the prcparntioll of thc accounls? you consider that the audit requirement of Section 144(2) of the Charities Act 2011 {the Charities Act) does not apply for this y¢ar and that an independent examination is needed. It is my r¢sponsibilty to examine the accounts (undeT Section 145 of the Charilies Art). to follow the procedures laid down in the General DIrtionS given by the Charity Commissioners (under stIon 145(5)(b) of the Charities Act), and to state whether particular matters have come to my attention. Basis ofIndependent ¢x4mlner's report My examination was carried out in accordance with the General Directions given by the Charity Colljmissioners. An examination includes a review of the accounting records kept by Ihe Charity and a comparison of the accounts preselltcd with thos¢ records. It also includes consideration of any unusual itcms or disclosurcs th¢ a¢counts and setknng explatkations from you as trustees concerning any such altcrs. The proccdures uud¢rtak¢n do not pruvide all the evidence that would be Tequired in an audit, and cons¢quently no opinion is givcn as to whether the accounts present a 'tNe and fair, view and the report is limited to those matters set out in the stalcmcnt bclow. IDdependenl exAmlner's ststement In connection with my Cxaminatio no matter has come to my attention which gives me case to believe that in, any material tESP¢¢t: thc accounting rwoTds were not kept in accordance with section 130 of the Charities Acl. or the accounts did not accord with the accounting rewrds. or the account$ did not comply with th¢ applicable rcquircments ¢onc¢rning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2(X)8 other than any r¢quiremellÈ that the accounts give a 'te arLd fair. view which is not a matter considered as part of an independent cxatnination. Page 4
THE BACON CHAIIITABLE TRUST INDEPEIYDENT EXAMINER'S REPORT TO THE TRUSTEES (¢ootknu¢d) I have come across no other matters Én CA)nnection with the vAamination to which attention should be drawn in tha5 r¢port in order to enable a proper un&rstsnding of the acwunts to be rea¢hed. 27 Jatiw 2025 3rd Floor 28 Austin Friars London EC2N 2QQ G*mtnoD Page 5
THE BACON CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Plotes Tangible Fixed Assets 133,334 133.334 Investments (Page 12) 386,881 405,986 520,215 539,320 Current %5set5 Other (kbtors 15,809 23,414 102,778 15.877 75,343 5.038 Income tax repayable Cash at bank 142,001 96.258 Current ]iabilitie$ ereditors 961 3,843 Net current assets 141,040 92,415 Total assets less current liabiliti¢s 661.255 631,735 Unrestricted funds: Expendable eudowment fuDd (Page 7) 661,255 631,735 Unrestrieted ineome fund (Page 7) 661,255 631.735 The fjnancial statements were approvcd by the Trustecs on 11 tWfyLY and signed on their behalf by Sir Nicholas Bacon. Bt Pagc 6
THE BACON CHARITABLE TRUST STATEMENT OF FINANCLIL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 2024 2023 UDregtrleted Expendable elldowment Totsl Totsl income fund fund Notes In¢orning r¢sour¢es Incoming resources from generated funds Voluntary income - Donations 3,601 117.068 120.669 17.245 Inv¢stm¢nl iticome - Bank Tn¢ome (gross) 835 835 84 Total Incomlng resources 4,436 117,068 121,504 17,329 Resourtes expended Direct charitable expenditure - Donaiions made 70.542 430 70,542 430 50,583 793 - Property repairs - Sundrytxpenses 1,427 1,427 2,880 72.399 72,399 54,256 Cost of ¥eneratitLg funds - Inv¢stsnent managcment fees Governance costs - Independent ¢xaminer8' fees - Legal fees 480 480 1,320 480 480 1,320 To¢*1 resources expended 72,879 72,R79 55,576 Net incomingl(outgoing) r¢sour¢es Transfer to inwn¢ aOUnt (68,443) 68,443 117,068 (68,443) 48,625 (38247) Realised foreign ex¢hangc gainsl(losses) Gain(loSSeS) on investment ass¢ts'. Realised Unrealised (19.105) (19,105) 31,579 Net movement In fund& 29,520 631,735 29,520 631,735 (6,668) 638.403 Fund balance8 brougbt fonvard Fund balances Caled fonvard 661,255 661,255 631,735 The statement of fmancial activities has been prepared on the basis that all operations ar¢ continuin i O erations Page 7
THE BACON CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Basls of preparation Bfdsfis of accounthig The accounts have been prepared in accordance with the Statement of Recommended Praclice: Accounting and Reporting by Charities preparing their accounts in a¢wrdan¢c with the Financial Reporting Standard applicable in the UK and Republic of Irelalld (FRS 102) issued on 16 July 2014 and with the ChaTities Act 2011. The CIltY constitstes 3 public benefit entity as defined by FRS 102. The accounts have b¢¢n prwed under the histori1 cost convention. as modified by the revaluation of investments at llrket value. 12 Re¢on¢iliation Ivlth preidous Generally Accepted Aecountillg PrYdctic¢ In preparing the accounts, the trustees havc considered whether in applying Ihe accowiting policies required by FRS 102 and tbe Charities SORP FRS 102 the restatcmcnt of omparative items was required. No restatements We required. ij Going concern The trnst reported a net cash inflow of £48.625 during th¢ year alld thc tNstees are of the view tbat the c]]arity is a going conce Incoming resources Income is recognised when the charity has entitlement to the funds, any perforn]ce ¢onditioDs attached to the item(s) of incoll have been nJet, it is probable that the income witl be re¢¢ived and the amount call bc measured reliably. Expendlture Expenditur¢ is rccognised once th¢ is a legal or constluctive obligation to llk¢ a payment to a third party, it is probable that settlement will be required and the amount of the obligation call be measured reliably. Support costs CIwttable activities represents amounts expended for the specific pury)oscs desigThat¢d by the Trustees, as directed by the objects of the Trust. There are no non specific supwyrt costs. All Costs are allocated to ihe activity to which they relat¢. Governance Costs relate to costs incurred in the generdl n]J)ning of thc charity. Page 8
THE BACON CHARITABLE TRUST NOTES TO THE ACCOUNTS (conlinu¢d) FOR THE YEAR ENDED 5 APIUL 2024 Tangible Fixed Assets Freehold property is capitalised and valued at cost. The trnslees lIeve the is no change of markel value of tbe property, hence no impairnlent is required during the year. Investment5 Fixed asset investnwits ill quoted slwe& traded bonds. and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year en Funds The unrestricted income fund is available for use at the discretion of the Trustees in fvrtherance of the objve$ of the Trust and which havc not been deSIgated for other pUSeS. The expendable endowment fiLnd may be utilised at the discretion of the TleeS lo any deficit in annual ino)me, but is not rcgarded as being generally available to spend on any or ati of the Trtt'S pUnSeS. 'rangible red assets Freehold property Cost At 6 April 2023 Additions in the year 133.334 At 5 April 2024 133.334 Net book value At 5 April 2024 133.334 At 5 April 2023 133,334 Page 9
THE BACON CHARITABLE TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 5 APIUL 2024 l)onations mad¢ 2024 2023 Priscilla Bacon Hospice RHS Fellows 40,000 5,000 6,811 1,000 1.509 1.000 1.200 500 12,5(M) 4,280 6.004 The Country Trust Cancer & Pisces Tnjst Connexions Community Hub Earl of Bessborougb (Fiddown Church Restoration Group) East Allglia Art Fund {EAAF Patrons) Excelsior Trnst H Roebuck- Community Enterprise Hales & Loddoll CC 200 5(M) Jack Topping - Community Ent¢Tprise Lincs & Notls Air Ambulance 500 2,072 1,000 7,500 750 Norfolk BeekeepeTS Association R Ward - Community Enterprise Theatre Royal (Nonvich)"frust Ltd Thornage Hall Independent Living The Rivers Trust 4.000 250 Laura Holmes- Commwiity Entcrprise Oscar Sk¢liott- Conununity EJtery)rise The British Illstitute of Florence 120 5,(K)O 2.500 2,579 i.(M)O 7,500 1,000 150 The Bucktngham Emergency Fo(Kl Appeal (BEFA) East of England Ambulance Service Hardley Windmill Mark Hambling- Community Ellteo)rise Nick Clith¢roe Ukraine Relief Fund Norwich Theatre Royal Songbird Survival Trust Springthorpe Church PCC 1,000 1,000 Balance Carried Fonvard 70,542 48,883 Pag¢ 10
THE BACON CHARITABLE TRUST NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 5 APRIL 2024 DonAtROnS mAde {Cont'd) 2024 2023 Balancc Brought Forward 70.542 48.883 St John Ambulance 900 Starr in tkne Community Tall Ships Waveney Stardust Trnst 100 600 70,542 50,583 AlysIS of fund &$sets and ]irdbilitie8 Unrestricted Expendable endowment Totsl income fund fund Tangible Fixed Assets Investments 133,334 386,881 142.001 (961 661,255 133,334 386,881 142,001 961 Current assets Current liabilÉties 661,255 Pagell