Charlty reglstration number 307319 WILLIAM PRICE CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WILLIAM PRICE CHARITABLE TRUST CONTENTS Page Trustees. rewt Annex A- References and administrats've details of the charity Annex B - Grants made Statement of trustees. rewinsibdities Independent auditors report 10-12 Statement of financial adivitres 13 Balance sheet 14 Notes to the financial Staten￿nts 15-22 ## **WILLIAM PRICE CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ The Trustees present the annual report together with the financial statements and auditors’ report of the charity for the year ended 31 March 2024. ## **Background of the Charity** William Price, a timber merchant of Fareham, drew up a will in 1721 which, after his death, founded a blue coat school in his town house. Price’s charity was formed to support the school which went through various phases, including relocation, before being closed in 1984. The Charity was reformed in 1989 as a grant making educational trust and in 1994 the school site in Fareham was sold to provide the permanent endowment of the new charity. In 2006, the permanent endowment was further enhanced when the proceeds of sale of a former Elementary School, also in Fareham, were transferred to the charity to administer. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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)" (effective 1 January 2019). ## **Object of the Charity** The object of the Trust is the promotion of Christian education of persons under the age of 25 years who live in the area of benefit, defined as the three ecclesiastical parishes of St Peter & St Paul, Holy Trinity with St Columba and St John the Evangelist, all of Fareham. These three parishes have the same area as the original Fareham town parish, but do not cover the whole area of the Fareham Borough. ## **Structure and Governance** The Governing Document of the William Price Charitable Trust is the 1993 Charity Commission Scheme which appoints the William Price Trust Company as its trustee. Other than assets held in trust, the Trust Company holds no assets and with no financial transactions in its own right its accounts are dormant. Reference and administrative details of the Company members, who are also the charity trustees, and their professional advisers are shown at Annex A, The Company’s Articles of Association register 19 Company members, of whom three are Incumbents of the Fareham town parishes, three are nominated by those parish councils and four others are nominated by appointing bodies – the Bishop of Portsmouth (1), Fareham Borough Council (2), and Hampshire County Council (1). A further nine members are co-opted, and these as far as practicable, through residence, occupation, employment or otherwise have special knowledge of the area or are, or have been, teachers in that area. Potential co-opted members are invited by Trustees to submit a curriculum vitae for consideration by them. If found acceptable, they are then invited by the Clerk to attend the first General Meeting of the Trust. Before attending this first meeting, they are required to sign and declare their willingness to act as a charity trustee and to act in the trust of the Governing Document. On appointment members are sent full information on the charity and given copies of the Governing Document and Memorandum & Articles of Association. ## **Management** Day-to-day management is delegated to the Company Director and Company Secretary, who are Chairman and Clerk respectively of the Charitable Trust. The members of the Company (the Charity Trustees) have established three committees to advise separately on policy, finance and grants and of these, the Finance and Grants committees report every six months to a General Meeting of the Company. The composition of the committees is shown at Annex A. The Chairman of the Trust is elected at the Annual General Meeting of the Trust Company by a majority of the Trustees. Similarly, the chair of each of the committees is elected at the first meeting following the AGM by a majority of the committee members. The remuneration of the Clerk is decided by the Finance Committee at its first meeting following the anniversary of his appointment ## **Risk Management.** No major risks have been identified. Expenditure can be made by electronic transfer from the relatively small current account. A chequebook is under the control of the secretary and all transactions require two authorisations and in the case of cheques, two signatures. A hard drive is used to back up the Clerk’s PC and is kept at a separate location in a fire proof safe. - 1 - WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 object1￿8 of the Trustees. The Trustees place their emphasis on assistlng and supporting both indrviduals and educAtional establishments in the study of those subjects and the Pufsuit of those activities which in the opinion of the tNste8s do not command adequate priority in education. The typ8s of projects that are given priority are those that enrich the quallty of life and widan horizons, encourage participation and appr6ciation of th8 arts. develop good citizenship and encourage help in the communty and lo¢al environmenL Achlevements and performance For this year. th8 OV8rall expenditure on grants was £172.276. M05t schools have projects which requ1￿ outside fijnding and to achieve these they apply for grants from the charfty which are. in aggr8gat8. usually In excess of the money available. The main task for the trustees has therefore been to make choices from the appllcatlons In ac￿)rdanCe wrth their objectives. In order to 8nsure an equabl8 spread between the large and small schools the number of pupils in each sthool is taken into consideratlon as a factor in the decision-making. Overdll. the trusteès ar8 pleased that most grants shown in Annex B now fall wthin thelr objectives and consider that the charity is maklng a wel(x)me and positive contrlbution to support th6 educatlon of the young in the benefft area. There are 18 schools. one College and four eligtble churches substantialty serving the area of benefit and these are canvassed for applications tWiC8 a year for projects which would fall within th8 provisions of the &)v8rning Document. After sGruliny by the Grants Committee. and having regard to the available funds, the trustees at a General Meeting approved the grants shown in Annex B, where it will be seen that the expenditu￿ on grants lo the schools and churches vras £136,730. There were 18 eligible requests for individuals to recelv8 asslstance grants during the year, a decfease on last year broughl about by the lasting impact of the p8ndemlc and schools being closed for long periods In addtion to the overall economlc downtum. The overall total for assistsnce grants was £7.096. Larger grants, for universitylcollegel apprentlceship fees and overseas projects. were made to 11 indmduals dudng the year and for thes8 was awarded £15,450. The tru8t88s have established a bursary for the t¥vo private Schools in the area (now one following the dosure of Wykeham House School) offering oneaoff emergency help with fe8s on application by the schools, to give help for children whose parents have run into financial diffiojlty. There were applications this year. Far•ham Wollarg Tru8L William Price's onginal bequests were both to found a sch(x)l and to assist the pcxjr wid¢)ws of Fareham. To cover the s8cond bequest the Goveming Document requires this Trust to make an annual payment to the Fa￿harn Welfare Trust, into which the original Widows, Charity was merged. The Goveming Document has been amended to enable the trustees to carry out an annual review of this payment and this year a payment of £13,000 was approved as requesled by the Welfare Trust to assist Thardship" grants. WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Farnham College AgreemènL Following an e8rfier commitment by the trusle8s. the Goveming Document pemiitted pa￿ent of £1,000,000 of the sale proce8ds from Pri￿.$ site towards the ￿)sts inwrred by Hampshire County Council in improving and extending the buildings at Fareham College. subject to repayment in the event of change of use of the College. However before Price's site was sold the 1992 Higher Education Act changed the ownership of the College buildings to a College Corporation and the commilment was therefor8 r8ferred to the Education Assets Board to decide who should r8C8lve the payment and who should make repayment in the event of change of use. By the year 2000 th8 matter had b88n decided. thè Trust paid £1,000.000 to Hampshire County Council and an agreement was mad8 with Fareham College to repay to the Tnjst a sum equal to 7.33% of the then valuation of th8 College or proceeds of sale in the event of change of use. This contlnu8S to r8present a potential asset for the Trust. Th8 College sold a proportlon of its land for housing to raise th8 capital n8c8ssary to fvnd major building and refiJrbk8hment work on the remainder of the Sit8. A full valuation was made of the reduced sit8 arKI Its new and rèfurbished buldings in 2014 whlch reported a figure considerably higher than thè original valuation. The Trustees, after taking legal advice, agreed to thls salè taking place retaining their 7.33% in the reduced stle. The Trust is required to recoup the above Capital expenditure and to ensur8, as far as is practicable. that by th8 8nd of a p8riod of 30 years from 2002 th8 reduction in the ￿1 value of the assets is made good by the charity. This recoupment commenced in the financial year 2013114 at a value of £29.000 and will continue annually until 2030131. Flnanclal rnvlew The overriding financial objedive of the trustees is to maintain l¢xg term grrded at 6.11 but sllght higher than the ARC Index at 5.91. The risklreward relationship withln th8 Portfolio remains in line with our eyp8ctstions. It should. however, b8 noted that volatility measured over short perlods can be problematic as it is more influenced by short-term market movements. Over the longer term the relationship is also as we would expect. Ov8rfiv8 years th8 annualised volatilty is 7.49 relativ8 to 7.87 in relation to the blended IA Mixed Investment benchmark and 8.15 in relation to the ARC benchmark with the Trust portfolio produc¥ng growth of +16.19% ￿lative to +15.74% for the IA Mixed Investment benchmark and +20.95% for the ARC Belanced Charity irKlex. The total income yleld from investments and cash Into the prfolio was £240,095 for the year for the capital fund. repr8S8nting a yleld of 3.170/0. and £9.062 for th8 Wykeham House Designated Fund. representing a yiekj of 5.57%. The Trust maintains the Total Retum Approach to inveslng whereby grants are met vla a combinauon of the natural Income yield of the portfolio and accumulated capital growth wlthln the Unapplied Total R8tum. Total Relurn Approach to Invoslments. A total relum approach to investments was adopted from 1st Aprfl 2002 wlth a dedared p8mianent 8ndowm8nt of £3.113,126, Increasing to £4.638.126 wlth tha transfer of the Fareham Educatlonal Trust funds. Due to the recoupment policy. the pemianent endowment was increased to £4,725,126 In 2016 and will Increas8 annually by £29,000 as above. The value of the Pennanent Endowmènt as of the 31st March 2024 was £5,113,916. Any sum In the capltal fund over that tolal 18 being treated as unapplled total return on Investments and the trustees are pemilttèd to decide how much ol this is transferred to the income fund for use in mèèting the objects of the charfty. The trustees remain aware thal the amount transferred must be compatible wlth the requirement to be even handed in their treatment of present and future beneficiaries and to meet the Recoupment Policy as noted above, The amount transferr8d lo the Income or General Fund in the year to meet grants was £192.000. R•8ervos Pollcy. The trustees are also aware that rf the vaue of the capital fijnd stM)ukl fall below the dectared value of the pemanent endowment no transfers to the income fund wll be permltted until Ihe situation improves. The situation with Ihe stock market has shown that such a fall in value could o(xur. hopefully only on a temporary basis, and that in this event a reserve in the Income Fund would be required to enable the charity to ￿ntinue to operate, albeil at r8duced level. The trustees have established a Reserves Policy to pemiit transfer of suffic18nt Unallocated Retum to th8 Income Fund to build up to one yearfs income In reserve at the end of the financial year. The ￿lIcY has been reviewed during the year and will be maintsined for as long as is considered n8cessary. Wlnding-up of The Wykèham House School Trust Following the closure of Wykeham House School and the dlsposal of its assets, its Trustees declded that the surplus funds {£156.789.60) should be given to thls tharity to assist In furthering its aims. The funds have been Invested in a separate a￿ount as requested by the liquidators. An interim recommendation to invest 980A of the Wykeham House cash was rnade and fund purchases completed in June 2018. The objectrve was to provide a 30 annual income yield to fund a bursary and grow th8 capital over the longer temi. The portfolio has met the brief and cash is available to distribute. As of the 31sl March 2024 the available e4sh was £19.816.00. WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Designated Fund. In the short time that the Fareham Educational Trust was in existence there were four establishmerts named as beneficiaries of that charity. Fareham College and three schools. although none were due to receive any benefit until the Wickham Road school site had been sold and the proceeds invested. These f￿r establishments are also beneficiaries of this charity and as such have r￿1Ved many grants to date. However now that the cf£rities have amalgamated. to ensure that the estsblishments would not be at a disadvantage compared with trwo separate charities, the trustees have agreed to designate part of the income fvnd speufically for them. Further funding has been designated and payments from this fund have been made. Coftcluslon. Overall the Wlliam Price Charitable Tntsl is in as good a shape as the (Y￿rent market ￿nditionS allow. The capital from the sales of the two school Sbtes is invested in a dIVer￿ty of avsets and in the longer temi this is expected to provide the growth necessary for the charity to survive into the foreseeable future, as well as seela'ng to maintain grants to current benefiuaries. This income is being used to assist the education of the young who live in the Fareham town parishes. c108e to the original wishes of the benefactor, W#iam Pri￿. e trustees, s approved by the Board of Trustees. Mr D Madow Chalrnian Date.. WILLIAM PRICE CHARITABLE TRUST Annex A- Reference and Administrative Details of the Charity Charlty Name Registered No. Registered office Wllllam Pri¢0 Charitable Trust 307319 8 Earl Go(hvin Close Hampshire Fareham P016 ODW Trust00 Registered No. Registered office Illam Price TTr￿t Company 2775695 8 Earf Godwin Close Hampshire Fareham P016 ODW Governing Document Charity Commission Scheme of 31 December 1993 (Amended 1910111999 and 24111r2005) Charity Comm88ion Orders - Investment Manager - Total Return Approad) 14 March 1994 11 January 2002 Administration of the property of Fareham Educational Trust Charity Commission Scheme of 8 August 2006 (for Chanty no.3963656) Director and Chaiman of the Trust C<)mpany Sec & Clerk ol Ihe Trust Mr D Marlow Mr C Newcombe Mfrmborn of th• Tnmt Company and Charity Trustoos: Mrs Donna Irving Nominee, Bishop of Portsmouth Mrs Pamela Bryant Nominee. Fareham 8rough CiJun¢il Mrs Tina Ellis Nominee, Fareham Brough Council Mrs Margaret Chappell Nominee. PCC St Peter & St Paul Mrs Eleanor Coults Nominee. PCC St John the Evangelist G Mrs Lucy Docherty Nominee. PCC Holy Trinty Mr Peter Latham Nominee, Hampshire County Council G Mrs Anne Butcher c(￿opted Mr Phillip Reynolds CTropted Mr Derek Marlow C(￿OPted Mr Tim Geoghegan C(￿Opted Mrs Sara Heaysman CO￿pIed Mr Neale Fray C(Fopted Mr David Luckett C(K)pted Mr Nick Groves C{￿Opted Mr David Foot c(￿opted Mrs Louise Clubley CoThOPted Commlttoe Membershlp FIGIP FIGIP FIP G = Grants Committee. P~ Pollcy Committae, F z Finance Committee WILLIAM PRICE CHARITABLE TRUST Annex A- Reference and Administrative Details of the Charity Auditor Sumer Audit Piper House 4 Dukes Court Bognor Road Chithester West Sussex P019 8FX Bankers Transact 29 Cl8m8nfs Lan8 London EC4N 7AE CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malllng Kent ME19 4JQ Investment advtsors Howard Wealth Management Ltd Fareham Innovation Centre Office 18, Merfin House 4 Meteor Way L88-OnThThe-Solent P013 9FU Website: bVVM.pri¢etrust.org WILLIAM PRICE CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees. Report and the finanoal statements in accordance with applicable law and United Kingdom Accwnting Standards (Urwted Kingdom Generally AC￿pted Accounting Practice). The law applicable to tharities in England and Wales requires the trustees to prepare financial statements for each financial year vthi¢h give a true and fair view of the state of affairs of the charrty and of the incoming resources and application of resources of the chanty for that year. In preparing these financial statements. Ihe trustees are required lo.. - select suitable accounting policies and then apply them consistentty: - observe Ihe methods and princ4pkn in the Charilies SORP: - make judgements and 8Stimates that are reasonable and pnxlent; - state whether applicablè accounting starKlards have been followed. s￿leCt to any material departures disdosed and explained in the financaal sL*ements: ar - prepare the financial statements on Ihe going concern basis unless il is inappropriate to presuTh* thal the chanty will continue in operats'on. The trustees are responsible for keeping Slrfficient actounting records that disclose with reasonable aLruracy at any time the financial position of the chanty and enable them to ensure Ihal the financial statements comply wrth the Charities Act 2011, the Charity {A¢¢ounts and Reports) Regulats'ons 2008 and the provision8 of the trust deed. They are also responsible for safeguarding the assets of the chanty arKI hence for taking reasonable steps for the prevention and dete(aion of fraud and other iffe9ularities. WILLIAM PRICE CHARITABLE TRUST Annex B- Grants Made Cat. School I Collège Projects Supported by Grants Grants 2024 2024 2023 Orchard Lee Infant Orchard Lee Hub Ranvilles Infant Ranvilles Junior St Francis Heathfield Walllsdean Infant No appllcations No appliGations Laptops and Sensw Practice Outdoor leaming centre R8juvenation of 'Dingly Deir Reluvenation of Library Educational visits & d8v8lop sensory garden School visits & gardening project SEMH support & THRIVE sessions 5.950 3.000 5.850 6.350 6.300 2,880 Walllsdean Junior St Columba CofE Primary Aeademy 10 Redlands Primary 11 Sl Jude's Primary 12 Wl¢or Prlmary 13 8oundary Oak 14 Henry Cort College 5,100 8,300 Ipads No applications Smart Screens No applications Upgrade Drama studlo & Laser cutters All weather canopy DofE Equiplpurchase 25 sewing machines & Ipadsl replace rotten wooden benchès Outdwr tacUI8 play area No applications No applicatlons 13,000 21,440 11,750 15 Fareham Academy 16 Cams Hlll 32.11)0 7.500 17 Harrison Prfmary 18 Uplands Primary 19 Far8h8m College 129,520 112,256 Churches 21 St John Evangelist Promoting Chfislian aducallon amongst persons under the age of 25 years who Ilve withln the parlshes 2.000 2.500 22 Holy Trinity 23 St Columba 24 St Peter & St Paul 210 7,210 7,096 9,656 10,009 25 Indivldual Assistance Grants 7,096 26 Other grants for individuals College l Universty fees l Bursaries (11 persons) 15.450 15,450 20,480 Fareham Wèlfare Trust 13,000 13,000 11,000 Total grants for the flnanclal year 172,276 163,401 WILLIAM PRICE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WILLIAM PRICE CHARITABLE TRUST Opinion We have audited the financial statements of Wlliam Price Charitable Trust (the 'tharity') for the year ended 31 March 2024 whith comprise the ststement of financial activities, the balance sheet and notes to the financial statements, including signffiGant accounting policies. The financial reportsng framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards. induding Financial Reporting Stsndard 102 Th8 Financial Reporting Slandard applicable in the UK and Republic of lrnland (Unrted Kingdom Generalty Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charty's affairs as at 31 March 2024 and of its incoming resources and application of resources. for the year then ended; have been properly prepared in accordance United Kingdom Generally Accepted Accounting Practio; and have been prepared in accordance with the requirements of the ch￿7t•eS Act 2011. Basls lor oplnlon We ¢onduGted our audit in accordance wilh Inlernalional Stsndards ty) Audib'ng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audrtorfs Trsponsibilities for the audit ol the financial statements section of our report. We are independent of the charity in ac£ordance with the ethical requirements that are relevant to our a￿Irt of the financial ststements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al ￿sponsibl1rtles in a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficierrt and appropriate io WOVKle a basis for our oFxnion. Con¢lu81on8 rolatlng to going COn￿M In auditing the financial statements, we have ￿x￿uded that the tn￿teeS use of the going o)ncem basis of accounting in the preparation of the financial stateff*nts is appropriate. Based on the work we have perforn￿d. we have not identified any material uncertainties relating to events or conditions that. individualty or collectively, may cast signfficant doubt on the d)arity's ats'lity to rA>ntinue as a going concem for a period of at least twelve months from when the finanoal st*ments are authorised for issue. Our responsibilities and the responsibilrties of the trustees with respect to goifYJ ￿nCern are de8 Not movament In fund• (24.876) 83.070 58,194 (39,710) (496,447) (536,157) Recon¢lllallon of lund8: Fund balances at 1 April 2023 173,314 7,511,436 7.684.750 213.024 8.007,883 8,220,907 Fund bolancgs at 31 March 2024 148.438 7.594.506 7,742.944 173.314 7.511,436 7,884,750 The statemenl of finant3al activitses includes all gains and losses recognised in the year. All irK￿rne and expenditure derive from conttnuing activities. 13- WILLIAM PRICE CHARITABLE TRUST BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Fixod assets Investments 12 7,039.494 7,488.148 Current assets Cash at bank and in hand 707,000 200,152 Creditor5: amounts falllng du• wlthin ono year 13 (3,550) (3,550) Not current assets 703,450 196,602 Total as80ts1•88 current Ilablliti08 7,742,944 7,684,750 Net a880ts •xcludlng ponslon Ilablllty 7.742.944 7,684,750 The fund• of the charlty Endowment funds Unrestricted lund8 14 7.594.506 148,438 7,511,436 173,314 7,742,944 7,684,750 finan ents were approved by the trustees on .12 Mr D Marlow Chalman 14- WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng policles Charity information William Price Charitable Trust is an uninwporated tharity. registered with the Charity Commissicm number 307319. The registered address 1$ 8 Earl God¥￿"n Ck>se. Fareham. Hampshire, P016 ODW. 1.1 Accounting convonilon The financial statements have been prepared in accordance wrlh the charitys governing document, the Charities Act 2011. FRS 102 -The Financial Rep(xts'ng Standard applicable in the UK and Republic of Ireland. I'FRS 102") and the Chaiities SORP "Aay)unting arKI Reporting by Charities: Statement of Recommended Pradice applicable lo chanties preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefft Enty as defined by FRS 102. The charity has taken advantage of the p￿￿$bOnS in the SORP for d)aritie$ not to prepare a Statanent of Cash Flows. The financial statements are prepared in sterlin9. whith is the functional currency of the charity. Monetary amounts in tP*se ffinancial statements are rourKled to the nearest £. The financial statements have been prepared under ts historical cost ¢x)nvents"on, modffied to certain financial Instruments at fair value. The principal accounting polica8$ adopted are set out belN. 1.2 Going concern At the time of approwng the financial statements, the trustees have a reasonable expectation that the charity ha8 adequate r88ource8 to continue in operational existence for the foreseeable future. Thus the trLBtees continue to adopt the goiNJ concem basis of accounting in preparing the finan¢ial statements. 1.3 Charltsble funds Unrestricted lunds are available for use at the disc¥elion of the Iwstees in furtherance of their charitable objectives. Restricted fund$ are subjed to speafic conditions by donofs or grantors a$ to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to speafic conditions by donors thal Ihe capital must be maintained by the charity. 1.4 Incomo Income is recognised when the charty is legally entitled to tt after any perf0rnan￿ ￿nditionS have been met, the amounts can be measured reltsqbty, and rt is probable that income will be received. Investment income comprises inc(Kne frcKn dividends which is recx)gnised once the dividend has been declared and notice has been re￿IVed that the dividend in(x)me is due. 15- WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or construdive obligation to transfer economic benefit to third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliabty. Expenditure 1$ classified by activty. The costs of eath ac*vty are made up of the total of dIr￿t costs and shared costs, induding support Costs involved in underta￿.ng eath aclivty. t*rect costs attributable to a single activity are allocated diredty to that aclity. Shared costs which (x)ntribute to more than one actiwty and support costs which are not attributable to a single aciivrty are apporttoned betr4veen those activitss on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts'me spent. and deprecbation tharges are allocated on the portion of the asset's use. Grants payable a￿ recognised in fvll once a constructive o￿lgation to make a payment has been created by the charity. unless the condrtions attached to the grant are that the trustees retain discretion in whether to make payment. 1.6 Flx•d 088et Investments Fixed asset investments are initially measured at transact￿1 prica exduding transaction Costs, and are subsequentty measured at fair value at eath ￿po￿ng date. Changes in fair value are recognised in net incomel{expenditure) for the year. Tran&Klion ￿)sts are expensed as irKurTed. 1.7 Ca•h and cash oqulvalents Cash and cash equivalents indude (xsh in hand. deposits held al call with banks, other short-temi IKiuid nvestments with original maturilies of three months or less, arKI bank overdrafts. Bank overdrafts are shown within borrowings in current liatm'litses. Baslc flnanclal assets Basic financAal assets, which indude deblors and cash and bank balances. are inits'ally measured transaction price induding transaction costs and are subsequenty carried at amortised cost using the effective interest method unless the arrangemerrt constitutes a financing transacaion. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassffied as receNable wtthin one year are not amortised. Basic financial Ilabilibes Basic financial liabilities. induding credit¢Jrs arKI bank loans are inrtially recognised at transa¢Aion price unless the arrangement Constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a matttet rate of interesL Financial liabilities dassified as payable ￿￿thin one year are not amortised. Debt instruments are subsequenty carried at amortised cost. using the effec*ive interest rate method. Trade ueditors are obligats'ons to pay for goods or seNices that have been acquired in the ordin¥y course of operations from suppliers. Amounts payatAe are dasstfied as Current liabilities if payment is due within one year or less. If not. they are presented as nowrrent liabiliti'es. Trade creditors are re¢ognised initially at transaciion price and subsequenty measured at amortised cost using the effective interest method. Derecognition of flnanclal Ilabllllles Finanoal liabilities are derecognised when the charity's contra(lual obligations expire ¢x are distharged or cancelled. 16- WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Contlnued) 1.8 Employee boneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's ser￿IceS are received. Tennination beneffts are recognised inynediatety a$ an expense when the chanty is demonstrably 192.000 10.515 148.438 Prevlous year. At 1 Aprfl 2022 Incomlng Resources rnsources oxponded Transfers Galns and At 31 March 108s8s 2023 The Wykeham House Designated Fund General funds 182.242 30,782 7.526 (23,640) 188.128 7,186 (229,632> 206,000 213,024 7.562 (229,632) 206.000 (23.640) 173,314 21 WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between fvnds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 IAar¢h 2024: Investments Current assetsl{liabilities) 142,807 5.631 6,896,687 697.819 7,039.494 703,450 148,438 7.594,506 7.742,944 Unr•strict8d EndO￿nefit funds funds 2023 2023 Total 2023 At 31 March 2023: Investments Current asset&l(liabilities) 153.322 19,992 7.334.826 176.610 7,488,148 196.602 173.314 7.511,436 7,684,750 17 Related party transactlons The child￿n of a Trustee re￿iVed £1,950 (2023 £2,700) in grants in accordance with the ¢*arities objectives. The grant applications went tlwoluh the usual processes and were approved by the board of Trustees at a￿S length. There were no further disdosable related party transactions during the year (2023- n(Ine).