THE ALMOND TRUST Charity No. 328583 ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 BUCHANAN BONDS Itd. Churiered Accounlonls & Cliartered Advisers 39 Braehead Crescent, Stonehaven Aberdeenshire AB39 2PP
THE ALMOND TRUST REPORT OF THE TRUSTEES The trustees present their annual report and financial 5tatetnents for the year ended 31 March 2024 and confirn) that they comply with current statutory requirements. aT]d with the requirements of the charity's governing instrumeT]t. Constitution The charity, which is regist¢r¢d with the Charity Commission in th¢ UK. was set up under deed of trust on 19 March 1990. Charity's aims and objeclives The trustees are empowered to apply the Trus1 funds, at their discretion, for charitable purposes, includingy the making of donations lo other charitable institutions for general or special charitable purposes, or the making of donations to any institution whatsoever, on ternis that such donations be applied for charitable purposes. The Trust's primary aims are the support of evangelical Christian projects. Christian evangelism and the advan¢¢m¢nt of the translaiion, reading, study and leaching of ihe Bible. The trustees rarely respond to uninvited grant applications. The trustees have onsidered the Charity Commission's guidanc¢ on public benefit. Review of th¢ year and future prospects The major source of income was by way of donation under gift aid. Charitable expenses in the fom of grants and donations were up on the previous year by £169.500 (49 % ). With an increase of £56,250 (80/0) in the level of donations received a surplus for the year rcsullcd. During the 2023124 year the trusiees approved a further investment of its surplus cash (£400,000) wilh AJ Bell in order to achieve better returns. The Trusl's investment policy is to obtain a reasonable rate of retum without exposing its funds to undue risk. With continued high inflatton. rising interest rates. sluggish economic growth and ongoing economic uncertainty the markets were volatil¢. However. with inl¢r¢st rates peaking at 50/0 and inflation falling from 90/0 to 30/0 confidence was growing and the portfolio showed a small growth of just under 40/0 in line with FTSE'S gain for the year. The portfolio now stands at approximately 100% of what has been invested. The balance of cash held at the year-end amount¢d to just over £464,000 with a further £156,000 due in gift aid. 28 institulions and 2 individuals (2023-. 23 and 2 respeclively) received financial support and encouragement, with the averag¢ grant payment equating to approximately £17,200 per beneficiary (2023.. £13,900). The main beneficiaries of the Trust were organisations and projects which fulfilled the primary aims of the Trust (see note 4 to the accounts). The Trust's future activities are likely to follow the same pattern, with donation5 for ihe next year being from a similar source and, so far. benefiting a similar range of charities to the current year. Trustees The trustees that served during the year are as follows: J L Cooke B H Cooke S T Cooke The statutory powers of appoinling n¢w and additional trustees. rests with the existing trustees. advised by the board of their legal duties and responsibilities and where necessary training is provided. Newly appointed trustees are Reserves policy The Trust has no need to create reserves &$ it has no binding commitment to incur expenditure in the future and has no overheads. In the event of any change, the policy on reserves will be reviewed. As at March 2024 the Trust held r¢serve5 of £1,593,622 (2023: £1,290,852) in Unrestricted Funds. No Restricted Funds are held.
THE ALMOND TRUST REPORT OF THE TRUSTEES Risk management The trustees have reviewed the charity's exposure to major risks and accordingly have established systems to mitigate them. Registered 0]ee The charity is administ¢red from White Birch Farni, White Birch Lane, Warbleton, East Sussex TN219BE. ndependenl Examiner The charity's examiner is Graham Bonds FCA CTA of Buchanan Bonds Ltd. Chartered Accountants & Chartered Tax Advisers, 39 Braehead Crescent, Stonehaven, Aberdeenshire AB39 2PP. Banking serviees Banking services are provided by Coutts & Co. 440 Strand, London WC2R OQS. Investment managers Investment services are provided by Cantab Asset Management Ltd. 50 Station Road, Cambridge CB12JH. This report was Approved by the trustees on. 25.. S.1 and signed on their behalf. J L Cooke Trustee
THE ALMOND TRUST tNDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ALMOND TRUST I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 St March 2024 which are set out on pages 4 to 12. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my exainination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent exgminer's statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirni that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies. I have completed my examination. I confinn that no matrrial malters have come to my attention in connection with the examination giving m¢ rause to believe that in any material respect: accounting records were noi kept in respect of the charity as required by section 130 of the Act; or th¢ accounts do not accord with those records; the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 oiher than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an indep¢ndenl examination. I have no concerns and have come arross no other matters in connection with the examination to which artention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Graham Bonds FCA CTA Buch8nan Bond5 Itd. CharteredAccounlants & Cliurtered Advtsers 39 Braehead Crescenl Stonehaven Aberdeenshire AB39 2PP
THE ALMOND TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 RESTA TED Tolal 2023 Notes Restricled Unreslrieted Funds Funds Tolal 2024 Income and ¢ndoivment5: Donations and legacies Investment income Other income Total income and endowments 781,250 25.718 20 806,988 781,250 25,718 20 806,988 725,000 Jl.298 J6 730,314 Expenditure: Raising funds Charitable aclivities Total expenditure (11,200) (518,145) 529,345 (11,200) (5, 060) 518.145) (348, 700) 529,345 (353, 760) Net realised gains/(10sses) on investmenls (10,334) (10,334) 122,009) Net income/{expenditure) 267,309 267J09 360,545 Transfers between funds Other recognised g8insl(losses) Net unrealised gainsl(losses) on investments 35,461 35.461 (30, 191) Iyel movement in funds 302,770 302,770 330,354 Reconeiliation of funds: Tolalfund balances broughiforward 1.290.852 ,290,852 900,498 Total fund balances earrled forward 1,593,622 1,593,622 1,290,852 All amounts relate to eontinuing activities. The 5tatem¢nt of financial activities includes all gains and losses recognised during the year. Notes I to I I form part of th&%e aceount
THE ALMOND TRUST BALANCE SHEET AS AT 31 MARCH 2024 Notes Restricted Unrestricted Funds Funds Total 2024 Total 2023 Fixed assets: Investments 974.559 974,559 540,400 Current assets: Debtors Cash at bank 156,250 464,013 620.263 156,250 464,013 620,263 145, 000 606, 052 751,652 Liabilities: Creditors falling due within on¢ year 1,200) 1,200 1,200) Net current assets 619,063 619,063 750,452 Total assets less current liabilities l Net assets 1,593,622 1,593,622 1,290,852 Total charity funds 1.593,622 593,622 1,290,852 These aeeounts were approved by the trustees on 2g jo? J L Cooke Trustee Notes I to I I form part of these a¢¢ounts.
THE ALMOND TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RESTA TED 2023 Notcs 2024 Cash flow from operating gctivities Net cash flow from operating activities 251,875 251,875 362,566 362.566 Cash flow from invesling activities Payments to acquire invcstinents Receipts from sales of investments Interest received Dividends received Investment Inanageinent fees Net e9sh flow from investing 2Ctivities (571,638) (222.115) 162,606 225.334 5.604 20,114 (11,200) 394,514 1,837 (5, 000) Net increasel(decrease) in Cash and cash equivalents (142,639) 362, 566 Cash and ¢ash equivalents ai l April 2023 606,652 244,086 Cash gnd cash equivalents at 31 Mxreh 2024 464,013 606, 052 Cash and cash equivalents consist of: Cash at bank and in hand 464,013 464,013 006,652 01)6,052 Notes I to I I form part of these accounts.
THE ALMOND TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The principal accounting policies, which have been applied consistently in the current and preceding year in dealing with items which are considcred material to the accounts. arc out b¢low. Basis of preparation The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or Iransaction value unless otherwise stated in the relevant note(s) to these accounts. The financial slatement5 have been prepared in accordance with th¢ Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011 . The charity constitutes a public benefit enlity as defined by FRS 102. As a small entity the charity has not included a cash flow statement on the grounds that it is applying FRS 102 Section l A. No material going concem unc¢rtainti¢s exist. Fund gceounting Funds are classified as either restricted funds or unrestricted funds, defined as follows. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or wilh their authority or created through legal processes. but still within the wider objects of the charity. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated a5 a separate fund. This designalion has an administralive purpose only and does not legally restrict the trustc¢s' discretion to apply the fund. Incoming resources Income is recognised when the charity has entitlement to the funds, any perforniance conditions attached to the item(s) of income have been met. it is probable that the income will b¢ received and the amount can be measured reliably. Resources expended Resources expended, which include ]ecoverable VAT, are recognised in the period in which they are incurred and allocated accordingly based on appropriate means. Fixed 4ssel investmenls Fixed asset investments are all UK quoted securities and are stated at their market value. Realised gainsllosses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gainsllosses are ¢alculated as the difference between opening (purchase date if later) and closing market value. Investment ineome Interest on fund5 held on deposit is included wh¢n receivable and the amount can be measured reliably by th¢ charity- this is nomially upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Finaneial Instruments (Debtors and Credilors) The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with exception of loans which are subsequently measured at amortised Cost using the effective interest method.
THE ALMOND TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTINC POLICIES (eonL) Taxation Th¢ Almond Trust is rtcognised as a charity for the purposes of applicable taxation legislation and is therefore not subjecl to taxation on its charitable activities. The charity is noi registered for VAT and re50urce5 expended therefore include irrecoverable input VAT. Charitable activities Costs of charitable a¢tiviti¢s include grants made and governance costs. 2. INCOME AND ENDOWMENTS Restrieled Unrestricted Funds Funds Total 2024 Tolal 2023 Donations and legacies: Gifts and donations {includ¢s gift aid) 781,250 781250 781,240 781250 725,000 725 (JOO All 'donations and l¢gaci¢s' relate to unrestricted funds for both 2024 and 2023. RE.gTA TED Tolal 2023 Restricted Unrestrieted Funds Funds Total 2024 Investment income: Dividend income Interest income 20,114 5,604 20,114 11.294 All 'investment' and 'other' income relate to unrestricted funds for both 2024 and 2023. 3. EXPENDITURE Restrieted Unrestricted Funds Funds Total 2024 Total 2023 Raising funds: Portfolio investment management costs 11,200 5,060 All 'portfolio investment management costs, relate to unrestricted funds for 2024 and 2023. Restricted Unrestricted Funds Funds Total 2024 Total 2023 Charilable aetivities- eost of grant making: Grants payable (s¢¢ note 4) GoYernanc¢ costs - examiner's f¢es Total cost of grant making 516.945 1,200 518,145 516,945 1,200 518,145 347,500 1,200 348, 700 All 'charitable expendiNre' relate to unrestricted funds for both 2024 and 2023. The examin¢r's fee comprised the examination fee of £1,200 (2023.. £1,200) and tax work of £nil (2023.. £0)- There was no expenditUTe on fimdraising or publicity.
THE ALMOND TRUST NOTES TO THE Accouf4rrs FOR THE YEAR ENDED 31 MARCH 2024 4. GRANTS PAYABLE Number 2024 2023 Grants paid to institutions: To tsupport ongoing work and specificprojects.. Arab Vision Binscombe Church Brighton and Hove City Mission Christians in Sport Christian Solidarity Worldwide Crosslinks Firesz Fri¢nds International Friends of St Ebbe's Trust Grace Church Greenwich Haggai Institute Hoine Leone Jews for Jesus Latin Link Lawyers, Christian Fellowship London City Mission London Institute for Contemporary Christianity oiccu OMF International Proclamation Zambia Samaritan's Purse SAT-7 UK Trust Scripture Union Spurgeon's Lollege Tear Fund Titus Trust The Ditch Foundation The Bible Network UCCF Warbleton Parish Church Council Wycliffe Btble Translators 10,000 150,000 i 0,000 i 0,000 10,000 10,000 1,945 i 0,000 10.000 50,000 10,000 i 0,000 i 0,000 10,000 10,000 20,000 10,000 Jo,000 40, 000 10.000 10,000 10,000 30.000 10.000 Jo,000 Jo,000 20.000 10,000 5.000 10,000 15,000 10,000 20,000 10,000 10,000 25,000 10,000 7, 000 15,000 15,000 15,000 Jo.000 10,000 20.000 J5,000 15,000 15,000 15,000 i 0,000 i 0,000 15,000 Tothl grants payable to instilutions 496,945 327,000 Grants payable to 2 individuals {2023: 2) 20,000 20.500 Total grants payabl¢ 516,945 347,500 As at March 2024 there were no grant commitments (2023.. nil).
io THE ALMOND TRUST NOTES TO THE ACCOUNTS FOR TFtE YEAR ENDED 31 MARCH 2024 5. FIXED ASSETS INVESTMENTS Unrestrieted Income Cost Market Value Ai l April 2023 (eosl restaled) Additions Disposals at cost/mark¢t value Unrealised gains1(108ses) on revaluation At 31 March 2024 571,802 540,400 571,638 571,638 (170,397) (172,940) 973,043 974,559 Total portfolio spilt - market value: Cosl Market Value Cash Listed investments 6.824 966,219 973,043 0,824 967,735 974,5$9 6. CURRENT ASSETS 2024 2023 Other debtors (gift aid) 1 $6,240 156,250 145, 000 145,000 All 'other debtors, relate to unrestricted funds both in 2024 and 2023. All 'cash at bank, relate to unrestricted funds both in 2024 and 2023. 7. CREDITORS 2024 2023 Accruals 1,200 1,200 1,200 1,200 All 'creditors' relate to wirestricted funds both in 2024 aT]d 2023.
THE ALMOND TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 8. RESERVES UNRESTRICTED FUNDS 01/04/2023 Income Expenditure Gains I (losses) 3110312024 General Fund Total Unrestricted Funds 1,290,852 1,290,852 806,988 806 988 (529,345) 529.345 25,127 25.127 1593,622 1593 622 Reslated Jn¢ome Reslaled Gains / (losses) Reslaled 31/03/2023 01/04/2022 Expenditure General Fund Total Unrestricted Funds 960,498 966,498 736,314 736,314 (353, 760) (353, 701)) 52,200 (52,200) 1,290,852 1,290,852 Unrestricted funds are the g¢neral funds available for use at the trustees, dis¢retion in furtherance of the objectiv¢s of the harity. RESTRICTED FUNDS None for 2022123 and 2023124. 9. RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES RESTA TED 2023 2024 Net ineomel(expendlture) for Ihe year Dividend income Interest income Investment management fees Gains/(Ioss¢5} on sale of investments (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash flow from operaling g¢1ivities 267,309 {20,114) (5,604) 11,200 10,334 (11,250) 369,545 (11, 294) 5,060 22,009 (13, 750) 251,875 J62,566 10. RELATED PARTY TRANSACTIONS AND TRUSTEES, EXPENSES AND RENUMERATION No trustce received any remuneration or r¢imbuTsement of expense5. During the 2022123 and 2023124 years. no trustee or person related to a trustee had any personal interest in any contract or transaction entered into by the charity. During the year donations totalling £781,250 (including gift aid) were received from the trustees.
12 THE ALMOND TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 11. PRIOR YEAR ADJUSTMENT To take account of the deemed income arising from accumulation distributions of £9.457 and the knock-on effect to unrealised revaluation losses, the 2022123 comparatives have been reslaled.