The Epigoni Trust Trustees, Annual Report and Financial Statements For the year ended 31 December 2024 Charity Registration No. 328700
The Eplgonl TTUSt Trustees. report for the year ended 31 December 2024 Adminislralive Details Trustees CH Peacock Mrs B Bond AM Bond Address PO Box 79878 London SW19 9RQ Registered Number 328700 8anker5 CAF Bank Lld Kings Hill West Malling Kent ME19 4TA Investment Adviser5 Cazenove Capital 1 London Wall Place London EC2Y SAU Independent Examiner Marcus Cridland BA (Hons) FCA Scoll Vevers Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB
The Epigonl Tst Trustees. report forthe year ended 31 December 2024 The trustees present their annual report and financial statemenls of the chartty for the year ended 31 December 2024. The financial statements have been prepared in accordance wrth the accounting policies set out in note 2 to the accounts and compty with the charity's trust deed and Ihe Charities Act 2011 The Iru51ees have adopted the provisions ofthe Slatement of Recommended Practice ISORP) "Accounting and Reporting by Charities" IFRS 1021 in preparing the annu81 report and financial statements of the charity. The Epigoni Trusl is a registered charity established by trust deed on 28 September 1989. Its objects are to apply the income of the trust towards charitable purposes. This is athieved by making grants to other charrties and voluntary bodies. The trustees who served during the year are listed on page 1. Trustees are elected and removed by ihe serving board of trustees. The charity acknowledges its requirement to demonstrate dearly Ihal il must have charitable purposes or 'aims' that are for the public benefiL The Iruslees confirm that they have paid due regard to the Char Commission guidance on public benefrt before deciding what acttvities the charity should Undertake. Summary of maln activities and achlevements In the year Investmenl income during the year from investments and deposits lotalled £70.89312023: £73,9281- Grants made fromthe Income Fund amounted to £58.500 {2023'. £39.500).' a summary oflhe individual grants lo charities is gwen in note 3 of the accounts. Administration costs and fees were £442 {2023'. £4341. As a resutt of the income exceeding the grants made, there was a net surplus for the year of £11,951 12023.. £33,994). The Expendable Endowment Fund amounted to £4,784,740 on 31 December 2024. an increase of£465,205 on the opening balance of £4.319,535. The total retum forlhe year was +6.8O/y12023 total retum +12.3'101, as financial markets continued to recover from the weakness in 2022. The trust has a total retum 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 deposf( and spread between deposit takers to minimise counterparty risk. Reserves pollcy The trustee5 have considered the level of reserves they wish to relain, appropriate to the charity's needs. This 55 based on the charity's srze and the level of financial commrtments held. The trustees aim lo ensure the charty will be able to continue to fulfil its charitable objectives, even if there is a temporary shortfall in income or unexpected expenditure. The trustee5 will ende8vour not to set aside funds unnecessarily and consider the current level of reserves adequate. Guidance on gfdnt appllcations and oudookfordlstrfbutlons The trustees would note that appllcatlon for a grant is by invltatlon onty. In the interest of charities. resources, we discourage unsolicited applications as these are not considered and, due to this trust's own resources, their receipt are not ackn0edged. Charities invited to appty for 5UPPOrt may be required lo submit a report on their activtties and financial infomiation in a psCribed fomi to facilitate Ihe trustees. review. The trustees do not anticipate receiving further endowment capital into the tTusI and consequentty the amount available for distribution is wholly dependent on inveslment performance over time. Having regard for the reserves policy above, the trustees will decide on the overa51 level of annual grants in the light of investment relums and the outlook. Wrth the positive investment perfomiance in 2024, the value of the endowment has finally passed ils previous high, reached at the end of 2020. and was at a level required to meet the goal of keeping pace with infiation over lime. Accordingly. and subject to the development of financial markets, this should allow an increase in the level of overall distribution in future years. Major risks The trustees have a policy of formally reviewng the risks to which the charty is exposed at least annualty. The main risk identrfied is that the charity's investment performance will fall below the level required lo make the level of grants the Injslees would wish. This risk is mitigated by the application of the investment policy.
The Ep¥goni TNst Tru8tses' report for the yoar endod 31 December 2024 Tru$tè¢8' re$pon8lbllltles The trLtsloes afe fequired under Charity law to ppare financial stalemenl3 for each fin8ncial year whic give a true antl fair view of the state of affairs ot the charity and of the financial activities of the chanty for Ihal period. In preparing those financial slalemersls, the Iruslees are requirod lo= Select suitable accounting pol*cies and apply them nsIStenI1y. ObseNe the methods and principles in the Chariltes SORP, Make judgements and estimales that are reasonable and prudent-, stale whether opplicable accounting slandards have been followed. subject to any material departures disclosed and exp18ined in the financial statements; and Prepare finaricial statements the goiEig conceyn basis unl85$ it is inappropriate to presume Ihal the trust will conlir)ue in ex¢Sten. The Irustees are responsible for keeping proper accoLintsng rewds. which disclose with reasonablè accur&cy at any time the financial position of the charity and enable them to ensure that the financial statements comply with applicable laws and regulations. They are also responsible lor ensuring th81 the charity maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against loss or un3Uthorised use and lo prevent and det&t traud and other irregularitie$. Signed on behalf of the trustees CH Peaco¢k Dale . .2025
Independent Examiner's Report to the Trnstees of The Epigoni Trnst I report to the charity trustees on my ex8minalion of the accounts of Ihe chartty for the year ended 31 December 2024 which are set out on pages 5 10 9. Responsibilities and bas15 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 carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. Accounting records were not kept in respect of Ihe Trust as required by seclion 130 of the Act., or The accounts do not accord with those records., or The accounts do nol comply with the applicable requirernents conceming the form and content of accounts set out in the Chartlies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'tnJe and fair view which is not a maller 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 underslanding of the accounts to be reached. Signed.. - Marcus Cridland BA {Hons) FCA Scott Vevers Ltd Chartered Accountants and Registered Auditors 65 Easl Street Bridport Dorset DT6 3LB Date.. 6L(C> (Lf
The Epigoni Trust Statement of Financlal Activities (InCOoratIng an Income and Expendlture Account) for the year ended 31 December 2024 Income Expendable Fund Endowment Iunreslrictedl Iunrestrtiedl Totsl 2024 Total 2023 Income and expenditure Note Incoming resour¢es Investinent income.. Dividends Interest income 68,910 68,910 72,580 Total incoming resources 928 Resources expended Direct charitable expenditure.. - Grants to charities other expenditure.. Bank fees and administration costs 58,500 58,50Q 39.500 442 442 434 Totsl resources expended Net incominglloutgolng) resources for the year 11.951 11,951 33,994 Other recognlsed galns and losses Gainsl(losses) on investment asset5'. Realised Unrealised Transfer from Expendable Endovjment to Income Fund 465,205 465.205 206,633 Net movement In Funds 11.951 465,205 477,156 240,627 Funds balan5 brought forward on 1 January 4319535 4 IL29 4 112 902 Funds balances caThied for4vard on 31 December 4 784 740 £30 685 4 353 529 All amounts derived from conlinuing activities. All gains and losses recognised in the period are included in the statement of financial aclivilies. The notes on pages 7 to 9 fomi part ofthese accounts
The Eptgonl Twst Bala*¢• $he0t a8 at 31 Dgcembor 2024 2024 2023 Atssets Fix¢d assets Investments (Note 51 4,740.568 4,275.363 Current assets Debtots {Nole 61 Cash and $hort-temi deFXkSit$ 9,195 8,777 69 761 90,49S Totsl assets 4,831.063 4,353,901 Creditots.. Amounts due within one year (Note 7) Total net assets Reprent by: Expendable En¢lowment 4,784,740 4.319.535 Income Fund 33 Total funds L Ot_'rL.8&L 2025. The financial ststements weE approved by the trustees on ........... . The notes on pag&s 7 to 9 fm part of these accounts.
The Epigoni Trust Notes to the accounts forthe year ended 31 December 2024 General information The Epigoni Trust is a registered charty in England established by trust deed on 28 September 1989. 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. Accounts'ng policies The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. {al Basis of preparation The charity constitutes a public benefit 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 Charities.. Statement of Recommende(f Practice applicable lo charities preparing their accounts in accordance wf(h Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 (Charrties SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The accounts include the resutts of the charivs operations which are described in the Tru51ees' Report, all of which are continuing. Ib) Accounting convention The financial statements have been prepared on a going cx)ncem basis as the trustees believe that no material uncertainties exisl. The trustees have considered the level of funds held and the expected level of income and expendrture for 12 months from aulhorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charty to be able to continue as a going concern. Icl Investment income is recognised when ceivable. {dl Expenses are recognised where it is more likely than not that there Ss a legal or constructive obligation committing the charity to the expenditure and the amount of the obligation can be measured with reasonable certainly. All expenditure is accounted for on an accruals basis and has been dassffied under headings that aggregate all costs related to the category. le) Unrestricted fvnds are those that are not subject to any special restrictions and they can be used as the Trustees deade. (n Investments are a form of basic financial instrument and are initialty recognised at their transaction value and subsequently measured at their fair value as al the balance sheet date using the closing quoted mathel price. The statement of financial activities includes the nel gains and losses arising on revaluation and disposa15 throughout the year. Ig) Debtors and credrtors receivable I payable within one year Debtors and credrtors wf(h no Stated interest rate and receivable or payable wf(hin one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (h) Financial instmentS Classitication Financial assets and financial liabilits'es are recognised when the charity becomes a party lo the contractual provisions of the irjstrument. Financ4al liabilrties and equity inslruments are class(fied according to the substance of Ihe contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of Tts liabilities. Recognition and meastjrement All financial assets and liabilities are initially measured at transaction price (including transaction costs). except for those financial assets dassffied as al fair value through profrt or105s, which are initialty measured at fair value (which is normalty the transaction price excluding transaction costs), unless the arrangemenl constitute5 a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liabiliiy is measured al the present value of the future paymenls discounted at a market rate of interest for similar debt inslrumenls. Financial assets and liabilities are onty offset in the slalemenl of financial position when, and only when there exists a legalty enforceable right lo set off the recognised amount5 and the charty intends either lo settle on a nel basis, or to realise the asset and settle the liability simultaneousty.
The Epigoni Trust Notes to the accounts for the year ended 31 December 2024 (h) Financial instrument5 Icontinuedl Finanaal assets are derecognised when and only when a) the contractual rights to the cash flows from the finanaal asset expire or are settled, bl Ihe charity transfers to another paty substantially all of the risks and rewards of ownership of the finanryal asset, or cl the charity. despf(e having retained some. but nol all, significant risks and WardS of ownership, has transferred control of the asset to another party- Financial liabilitie5 are derecognised only en the obligation specified in the contract is discharged. cancelled or expires. Grants to charities 2024 Chichester Festival Thealre {LEAPI Pallanl Hovse Gallery Slonepillow Sussex Snowdrop Trust Switchback Tuppenny Bam 9,000 17.500 5,000 7,000 10,000 Total Administration costs The administration costs incurred in 2024 represent independent examination fees of £378 {2023'. £372) and bank charges. The Trustees receive no remuneration or expenses. Investments comprlse holdings in collective funds. Market value on 1 January 2024 Net additionsl{disposalsl Unrealised gainllloss} on revaluation Market value on 31 December 2024 4,275,363 465 205 4 740 568 Cost at 31 December 2024 The share portfolio was valued by Yealand Fund Services based on the market price 3131 December 2024. Debtors 2024 2023 Accrued income 777 Creditors.. Amounts due wthin one year 2024 2023 Accruals 37 372
The Eplgonl Trust Notes to the accounts forthe year ended 31 December 2024 Net assets by fund Unrestricted Funds Restricted Funds Total 2024 Total 2023 Fixed assets Current assets Creditors.. Amounts due within one year 4,740,568 90,495 4.740.568 90,495 4.275,363 78,538 378 378 372 Net assets 4 830 685 4 830 685 4 353 529 Financial instruments Categorisation of financial Instruments 2024 2023 Financial assets measured at fair value Ihrough net income l expenditure 4,740,568 4,275,363 Financial assets that are debt inslrument measured at amortised cost 90,495 78,538 Financial liabilities meaSUd at amortised cost 378 372 The income. expenses, net gains and net losses attributable the charity's financial Instruments are summarised as follows.. Income and expense Finanaal assets measured at fair value through net income l expendf(ure Financial assets. that are debt instnjments, measured at amortised cost 68,910 1,983 72,580 1.348 Net gains I Ilossesl Financial assets measured at fair value ihrough net income l expenditure 465,205 206,633 10. Related party transadions There were no related party transactions during ihe year. No remuneration or expenses were paid to trustees during the year12023'. £nill.