THE IAIN GRANT TRUST ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024 CHARITY NO 327181 Harrison Latham & Company? Chartered Accountants & Registered Auditors 97, Tulketh Street, Southport, PR8 IAW THE IAIN GRANT TRUST YEIlR ENDED 5TH APRIL 2024 CONTENTS Page No Details Trustees annual report 213. Independent examiners report Statement of financial activites Balance sheet Notes 718. THE IAIN GRANT TRUST ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024 DETAILS Charity Number 327181 Principal Address 97. Tulketh Street Southport. PR8 IAW Stockbroker Christopher Clay Investec, 100, Old Hall Street, Liverpool, L3 9AB Accountants Harrison Latham & Co 97, Tulketh Stree( Souihport. PR8 IAW THE IAIN GRANT TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2024 The Trustees present their annual report for the year ended 5th April 2024. together with the financial statements. Governing Document The Iain Grant Trust is governed by the settlement dated 16th June 1986 and is managed by three trustees. Trustees The trustees who served during the period: A.M. Latham N.A. Latham V.A. Hulton The settlor of the trust stated that there should be three trustees, one from the field of commerce, one from the field of accountancy and one from the field of teaching. On a current trustee wishing to resign searches are made in the relevant field to find a replacement. Reserves Policy The trustees have no fornial reserves policy in place. It is their intention to grant the whole income of the trust to applicants. Aims and Objectives The object of the organisation is to provide grants to provide assistance in the field of education as follows: To assist working teachers of children under the age of13 to travel abroad to study teaching methods. To assist the advancement of education by the headmaster of Woodchurch C of E Controlled Primary School by providing £l.000 per annum. To provide scholarships to practising teachers from any country to spend a period of up to 6 weeks in another country to study teaching methods. In applying the aims and objectives of the trust, the trustees have given careful consideration to the charity commission's general guidance on public benefit. While the trust aims are very specific, they believe that the public benefit is achieved as no school teacher of relevant school children is precluded and therefore all children can benefit from the teaching ideas obtained from the visits assisted by the grants. THE IAIN GRANT TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2024 Over the years a number of the grants have been paid to teachers travelling abroad to study teaching mcthods and this should assist in improving their students learning experience Excerpts from reports No new reports have been received due to travel in the COVID period together with a current slow uptake and therefore we have left in the old reports for interest. Visit to India, Singapore and New Zealand "In all three countries, it was the similarites in how we educate - more than the differences - whÈch stiuck me most during the trip. In hindsight I should have expected these similarites, for we as teachers are all chai'ged with the same task: to facilitate learning (and instil a love of learning?)" Visit to Shanghia This entire experience has really helped me to consider best practise in schools, how It can develop my own and staff support, and consider how certain adaptions may enhance the opportunities and learning styles for all children in my school. Thank you for the unforgettable, professional development opportunity this visit has afforded me. It really has revolutionised aspects of what I consider to be most effective teachino strateuie%" Designated Fulld A designated fund has been created by the trustees to honour the wishes of l.C.S. Grant, whose intention was that his residuaiy estate would be added to the restricted funds of the trust. The funds received following the death of Mrs June Grant from her residuary estate and the lain Grant settlement for her have been added to this fund. Fundraising The trust does not fundraise, relying on its investments for income. These investments are actively managed by stockbrokers to balance any risk. N.A. Latham Trustee THE IAIN GRANT TRUST INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 5TH APIUL 2024 I report on the accounts of The lain Grant Trust for the year ended 5th April 2024, which are set out on pages 5 - 8. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, 'it is my responsibility to: examine the accounts under section 145 of the Act follow procedures laid down in the General Directions given by the Charity CommissÉon under section 145(5)(b) of the Act. and state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures 'in the accounts, and seeking explanatAons from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiller's statement In connection with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with section 130 of the Act and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act and with the methods and principles of the Statement of Recommended Practice Accounting and Reporting by Charities have not been met or (2) to which, in my Opinio￿ attention should be drawn in order to enable a proper understanding of the accounts to be reached. M.BillAngton THE IAIN GRANT TRUST STATEMENT OF FINANCIAL AcfivITIES FOR THE YEAR ENDED 5TH APRIL 2024 Unrestricted Designated Restricted Funds Funds Funds Total 2024 Total 2023 Notes Income: Investment income 35,417 35,417 28,065 Total Income 35.417 35,417 28,065 Expenditure on: Cost of raising funds Investment management costs Charitable activities Governance costs 18,974 18,974 1,000 3,150 19,030 1,000 2,682 1,000 1,575 1,575 Total Expenditure 2,575 20,549 23,124 22,712 Gains/(losses) OD investment assets 76,250 76.250 (87,583) Net Incomel(expenditure) 32,842 55,701 88,543 (82,230) Transfer between funds Net movement in funds 32.842 55.701 88,543 (82,230) Reconciliation of funds: Total funds brought forward 359,499 954,152 941 1,314,592 1,396,822 Total funds carried forward 392,341 1,009,853 941 1,403.135 1,314,592 THE IAIIY GRANT TRUST BALANCE SHEET AS AT 5TH APRIL 2024 Ullrestricted Designated Restricted Funds Funds Funds Total 2024 Total 2023 Iyotes Fixed Assets Investments 366,583 1.011,428 1.378,011 1,276,296 Current Assets Debtors Cash at bank and in hand 27,333 941 28.274 40,978 Total Current Assets 27,333 941 28,274 40,978 Creditors amounts falling due within one year 1,575 I,575 3,150 2,682 Net Current Assets 25,758 (1.575) 941 25,124 38,296 Total assets less current liabili. 392,341 1.009,853 941 1,403,135 1,314,592 Funds Unrestricted funds Designated fijnds Restricted funds 392.341 392,341 1,009,853 941 1,403,135 359,499 954,152 941 1,314,592 1,009,853 941 941 392,341 1,009,853 These financial statements were approved by the trustees on li behalf by: 7202¢and were signed on its N.A. Latham - Trustee THE IAIN GRANT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APIUL 2024 Accounting Policies l. l Basis of accounting The accounts have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accoi'dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) which became effective l January 2015. 1.2 Incoming resources These are included in the Statement of Financial Activities (SOFA) when: The organisation becomes entitled to the resources. The committee members are virtually certain they will receive the resources. and The monetary value can be measured with sufficient reliability. Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA. Grant and donations Are only included in the SOFA when the charity has unconditional entitlement to the resources. Investment income Is included in the accounts when receivable. Investment gains and losses Are included on the sale of investments and includes any gain or loss resulting from revaluing the investments to market value at the end of the year. 1.3 Expenditure and liabilities Liabilities are recognised as soon as there is a legal or constructive obligation committing the organisation to pay out resources. Governance costs include costs of the preparation and examination of statutory accounts, the costs of committee meetings and cost of any legal advice to committee members on governance or constitutional matters. 1.4 Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment ass¢ts are included at trustees, best estimate of markct value. THE IAIN GRANT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 Analysis of Incoming Resourees 2024 2023 Bank and H M Revenue and Customs interest Investments held on a stock exchange Tax refund 522 34,895 536 25.529 35,417 26,065 Investments 2024 2023 Carrying market value at the start of the year Add: additions to investments at cost Less: disposals at carrying value Add:(loss)Igain on revaluation 1,276,296 266,635 (235,981) 71,061 1,363,557 63,982 (64,941) (86,302) Carying market value at the end of the year 1,378.011 1,276,296 Market Value at the Year End Market Value at the Year End Investments listed on recognised stock exchange 1,378,011 1,276,296 Debtors 2024 2023 Other debtors Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 3,150 2.682 Funds The restricted fund represents the original settlement. The designated fund represents the funds from Iain Grant's Estate. In order to comply with his expressed wishes to hold the monies as capital and to use the income in accordance with the charities objectives.