The Epigoni Trust Trustees, Annual Report and Financial Statements For the year ended 31 December 2023 Charlty Registration No. 328700 The Epigoni TNst Trustees, report for the year ended 31 December 2023 Administrative Details Trustees CH Peacock Mrs B Bond AM Bond Address PO Box 79878 London SW19 9RQ Registered Number 328700 Bankers CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA Investment Arfvisers Cazenove Capital 1 London Wall Place London EC2Y SAU Independent Examiner Marcus Cridland BA (Hons) FCA Scott Vevers Ltd Chartered Accountants and Registered Audf(ors 65 East Street Bridport Dorset DT6 3LB The Epigoni Trust Trustees. report for the year ended 31 December 2023 The trustees present their annual report and financial statements of the charty for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charty's trust deed and the Charities Act 2011 The trustees have adopted the provisions of the Statement of Recommended Practi￿ {SORP) "Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charity. The Epigoni Trust is a registered charty established by trust deed on 28 September 1989. Its objects are to apply the income of the trust towards charitable pU￿oses. This is achieved by making grants to other charities and voluntary bodies. The trustees who seNed during the year are listed on page 1. Trustees are elected and removed by the serving board of trustees. The chariiy acknowledges ts requirement to demonstrate clearly that it must have Charitable purposes or 'aims' that are for the public benefrt. The trustees confimi that they have paid due regard to the Charity Commission guidan￿ on public beneff( before deciding what activities the charity should undertake. Summary of main activities and achievements In the year Investment income during the year from investments and deposits totalled £73,928 (2022.. £41,543). Grants made from the Income Fund amounted to £39,500 (2022: £53,000)., a summary of the individual grants to charities is given in note 3 of the accounts. Administration costs and fees were £434 (2022: £440). As a resutt of the higher investment income and reduced grants for the year, there was a surplus on the income fund, amounting to £33,994 (2022.. deficit £11,897). The Expendable Endowment Fund amounted to £4,319,535 on 31 December 2023, an increase of £206,633 on the opening balance of £4,112,902. The total return for the year was +6.8OA (2022 total return -11.OOk), as financial markets started to recover from the weakness in 2022. The trust ha5 a total return approach to investment with a view to achieving a more consistent level of grants, while maintaining the real value of the endowment over the medium temi. Other funds of the trust are held on deposit and spread be￿een deposrt takers to minimise counterpaty risk. Reseries policy The trustees have considered the level of reserves they wish to retain, appropriate to the charrty's needs. This is based on the charty's size and the level of financial commitmenls held. The trustees aim to ensure the charty will be able to continue to fulfil r(s charitable objectwes, even ff there is a temporary shortfall in income or unexpected expenditure. The truSt￿S will endeavour not to set aside funds unne￿$SarilY and consider the current level of reserves adequate. Future plans and guidance on grant applications The trustees do not anticipate receiving further endowment capf(al into the trust in the foreseeable future and consequently the amount available for distribution is wholly dependent on investment perfonnance over time. Having regard for the reserves policy above, the trustees will decide on the overall level of annual grants in the light of investment retums and the outlook. Despite the positive investment perf0mlan￿ in 2023, the value of the endowment was Still below its level at the end of 2020. The trustees are minded to maintain the overall level of grant distributions at least around historical levels in the short term, recognising the ongoing Challenging environment for charities. The trustees would note that application for a grant is by invitation only and unsolicited applications will nomally not be considered. Charities invited to apply for support may be required to submit a report on their activities and financial information in a prescribed fomi to facilitate the trustees, review. Major risks The trustees have a policy of fonnally reviewing the risks to which the Charty is exposed at least annually. The main risk identffsed is that the charty's investment perfomiance will fall below the level required to make the level of grants the trustees would wish. This risk is mitigated by the application of the investment policy. The Epigoni Trust Trustees. report for the year ended 31 December 2023 Trustees, responsibilities The trustees are required under Charity law to prepare financial statements for each finanGial year whi¢h give a true and fair view of the state of affairs of the charity and of the financial activities of the charity for that period. In preparing those financial statements, the trustees are required to.. Select suitable accounting policies and apply them consistently; ObseNe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any maerial departures disclosed and explained in the financial statements; and Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence. The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with applicable laws and regLslations. They are also responsible for ensuring that the charity maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against loss or unauthorised use and to prevent and detect fraud and other irregularities. Signed on behalf of the trustees CH Peacock Date 8 August 2024 Independent Examiner's Report to the Trustees of The Epigonl TNst I report to the charty trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 9. Responsibilities and basis of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in COnn￿tIon with the examination giving me cause to believe that in any material respect.. Accounting records were not kept in respect of the Trust as required by section 130 of the Act. or 2. The accounts do not accord with those ￿Cords., or The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. LLK. o..5 Marcus Cridland BA (Hons) FCA Scott Vevers Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB Date.. LfilIlL The Epigoni Trust Statement of Financial Activities {Incorporating an Income and Expenditure Account) for the year ended 31 December 2023 Income Expendable Fund Endowment {Unrestrictedl {Unrestrit&J} Total 2023 Totsl 2022 Income and expenditure Note Incoming resources Investment income.. Dil￿dendS Interest income 72,580 72.580 41,342 Total incoming resources Resources expended Direct charitable expenditure: Grants to charities other expenditure: Bank fees and administration costs 39,500 39,500 53,000 434 434 440 Total resourGes expended Net incomingl{outgoing) Tesources for the year 33.994 33,994 {11.897) Other recognised gains and losses Gainsl(losses) on investment assets.. - Realised Unrealised Transfer from Expendable Endowment to Income Fund 14.148 206,633 {572,508) 206,633 Net movement in Funds 33,994 206,633 240,627 (570.257) Funds balance5 brought fO￿ard on 1 January 4 112 902 4 112902 4 683 159 Funds balances carried fO￿ard on 31 Decernber 4 319 535 4 353 529 4 112 902 All amounts derived from continuing actThiities. All gains and losses recognised in the period are included in the statement of financial activiiies. The notes on pages 7 to 9 fom part of these accounts The Epigoni Trust Balance sheet as at 31 December 2023 2023 2022 Assets Fixed assets Snvestments (Note 5) 4,275,363 4.068,730 Current assets Debtors (Note 6) Cash and short-tem deposits 8,777 6,747 78,537 44,856 Total assets 4,353,901 4,113,586 Creditors: Amounts due within one year (Note 7) 372 Total net assets 4 353 529 4112902 Represented by: Expendable Endowment 4,319.535 4,112,902 Income Fund Total funds 4 353 529 4112902 The financial statements were approved by the trustees on 8 August 2024. CH Peacock The notes on pages 7 to 9 fonn part of these accourrts. The Epigoni Trust Notes to the accounts for the year ended 31 December 2023 General information The Epigoni Trust is a registered charity in Engtand established by trust deed on 28 September1989. The address of the registered office is provided in Administrative Details on page 1. Details of the charity's operations are provided in the Trustees Report. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: (a) Basis of preparation The charty constitutes a public benefrt entity as defined by FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention and in accordance with Accounting and Reporting by Charrties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts include the resu￿$ of the charty's operations which are described in the Trustees, Report, all of which are continuing. (b) Accounting convention The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist. The tnjstees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is SLffi¢ient with the level of reseNes for the charity to be able to continue as a going concern. (c) Investment income is recognised when recewable. (d) Expenses are recognised where r( is more likely than not that there is a legal or constructive obligation committing the charity to the expenditure and the amount of Ihe obligation can be measured with reasonable certainty. All expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all costs related to the category. (e) Unrestricted funds are those that are not subject to any special restrictions and they can be used as the Trustees decide. (Q Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial adivities includes Ihe net gains and losses arising on revaluation and disposals throughout the year. (g) Debtors and crediiors receivable I payable within one year Deblors and creditors with no sL*ed interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaiment are recognised in expenditure. (h) Financial instruments ClasSrf￿all0n Financial assets and financial liabilities are recognised when the charty becomes a party to the contractual provisions of the instrument. Financial liabilities and equty instruments are classrfied according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charrty after deducting all of its liabilities. ReGognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs). except for those financial assets classrfied as at fair value through profrt or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transactions. If an arrangement constitute5 a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for similar debt instruments. Financial assets and liabilities are onty offset in the statement of financial position when, and on when there exists a legal￿ enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liabilty simultaneousty. The Epigoni Trust Notes to the accounts for the year ended 31 December 2023 (h) Financial instNments (continued) Financial assets are derecognised when and onw when a) the contradual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paty Substantial￿ all of the risks and rewards of ownership of the financial asset, or ¢) the charity, despite having retained some, but not all, signrficant risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Grants to charities 2023 Chichester Festival Theatre (LEAP) Pallant House Gallery Sussex Snowdrop Trust Switchback 9,000 17,500 6,000 Total Administration costs The administration costs inCu￿ed in 2023 represent independent examination fees of £372 {2022: £354) and bank charges. The Trustees recewe no remuneration or expenses. Inveslments comprise holdings in collective funds. Market value on 1 January 2023 Net additionsl(disposals) Unrealised gainl{loss) on revaluation Market value on 31 December 2023 4,068.730 206 633 4 275 363 Cost at 31 December 2023 The share portfolio was valued by Yealand Fund Services based on the market price at 31 December 2023. Debtors 2023 2022 Accrued income Creditors.. Amounts due within one year 2023 2022 Accruals 372 684 The Epigoni Trust Notes to the accounts for the year ended 31 December 2023 Net assets by fund Unrestricted Funds Restricted Funds Total 2023 Total 2022 Fixed assets Current assets Creditors". Amounts due within one year 4,275,363 78,537 4,275,363 78,537 4,068.730 44,856 372 372 684 Net assets 4 353 529 4 353 529 4 112 902 Financial instruments Categorisation of financial instruments 2023 2022 Financial assets measured at fair value through net income l expenditure 4,275,363 4,068,730 Financial assets that are debt instrument measured at amortised cost 78,537 44,856 Financial liabilities measured at amortised cost 372 684 The income, expenses. net gains and net losses attributable the charty's financial instruments are summarised as follows.. Income and expense Financial assets measured at fair value through net income l expenditure Financial assets, that are debt instruments, measured at amortised cost 72,580 1,348 41,342 201 Net gains l (losses) Financial assets measured at fair value through net income l expendtture 206,633 (393.076) 10. Related paty transactions There were no related party transactions during the year. No remuneration or expenses were paid to trustees during the year (2022: £nil).