SWALLOWDALE CHILDREN'S TRUST REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31sr MARCH 2024 CHARITY NO. 526205 CROSSLEY AND DAVIS Chartered Accountants Ground Floor. Seneca House Unks Point. Amy Johnson Way Blackpool Lancashire FY4 2FF SWALLOWDALE CHILDREN'S TRUST REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTENTS PAGE Trustees, Annual Report Independent Examinerfs Report Statement of Flnancial Attivities Balance Sheet Notes forming part of the Financlal Statements 8-12 SWALLOWDALE CHILDREN'S TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees present their report along with financial statements of the Charity for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity's Trust Deed and applicable law. REFERENCE AND ADMINISTRATION DETAILS NAMES OF THE CHARITY TRUSTEES WHO MANAGE THE CHARITY Trustee Name N. Law S. Brownwood Dr. H. Miller E, Wilcockson Bowers A, Coyle C. L. Morrell Office Chairman Treasurer Trustee Vice-chair Trustee Trustee TRUSTEES FOR THE CHARITY The property owned by the Trust is registered at the Land Registry. Or. H. Miller, N. Law, S. Brownwood, E. Wilcockson Bower5, A.Coyle and C.L Morrell have served as appointed Trustees for the Charity during the year. PRINCIPAL ADDRESS 10 Bennett Avenue Blackpool, FYI 4DP NAMES AND ADDRESSES OF ADVISERS Type of Advlser NamÈ Address 50licitor Vincents Guild Chambers 4 Winckley Square Preston PRI 3JJ Independent Examiner Peter 5warbrick B Sc {Honsl, FCA Chartered Accountant Crossley & Davis Chartered Accountants Ground Floor, Seneca House Links Point, Amy Johnson Way Blackpool, FY4 2FF SWALLOWDALE CHILDREN'S TRUST TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE GOVERNANCE AND MANAGEMENT NAMES AND ADDRESSES OF ADVISERS lcontinued Stockbrokers Rathbones 8 Finsbury Circus London EC2M 7AZ Bankers National Westminster Bank P.0. Box I 20 Corporation Street Blackpool, FYI IEL DESCRIPTION OF THE CHARITY'S TRUSTS The Swallowdale Children's Trust is constituted under a Trust Deed dated 23rd February 1978 and is a registered charity number 526205. Trustees are appointed by the Board of Trustee5 and serve indefinitely. OBJECTIVES AND ACTIVITIES The objects of the Charity are to consider applications of 'Chlldren and Young People in Need,. The upper age limit for recipients is 25 and the operating area Is the Boroughs of Blackpool, Wyre and Fylde. The Trustees meet bi-monthly to discuss and approve application5 for grants. The criteria is that the receipt of money from Swallowdale will benefit the child or young person in a way that Is riot available from family or community Sources. The Trustees also assist other charities working with young people where their work is related to the Trusts operating area. The Trustees are actively working with Social Workers, Health Visitors and schools in seeking worthwhile recipients of grants. They particularly wish to assist disadvantaged young people with their educational and social development. The Trustees have paid due regard to the Charity Commi55ion'5 guidance on public benefit in deciding what activities the Charity should undertake. TRUSTEE SELECTION Trustees are appointed by the Board from people who have shown an interest in the objects of the Trust. SWALLOWDALE CHILDREN'S TRUST TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 RESERVES The alm of the trust is that investment income should cover current grants. Cash balances are being run down as Grant Expenditure has increased in recent years. A portion of investment is held in readily saleable shares so that any temporary cash shortages can be funded. Grants Made Durin8 the year total grants of £74,298 were made to individuals to relieve hardship, from £36,687 in the prior year as a consequence of the cost-of-living crisis. These included Grants to local Youth and Toddler Groups. FINANCIAL REVIEW The increase in Grants awarded put considerable pressure on the Charit¢s liquid resources. Overall Investment income remained strong and increased on prior year to £38,150. Investment assets held also increased in value on prior year to £926,836. The Charity was established Lbnder the Will of Miss Sarah Massey who died in 1898. The Capital Fund now amounts to £974,696 and this generates income which is used in accordance with the objects of the Charity. There are no restrictions on the Charity's power to invest. The investment policy is to provide for a continuing income in real terms. SWALLOWDALE CHILDREN'S TRUST TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 RESPONSIBILITIES OFTHE TRUSTEES The Trustees are required by the Charities Act 2011 and the Statements of Recommended Practice for Charities to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with applicable accountlng standards and applicable law. The financial statements are required by law to give a true and fair view of the state of affair5 of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:_ select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards and statement5 of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will not continue In operation. The Trustees are responsible for keeping accountancy records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. In so far as the trustees are aware:. there is no relevant informatlon of which the Charlty's independent examiner is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information. Approved by the Trustees and signed on their behalf by: Nigel Law - Trustee Date , 31st January 2025 SWALLOWDALE CHILDREN'S TRUST INDEPENDETr￿ EXAMINER'S REPORT TO THE TRUSTEES OF SWALLOWDALE CHILDREN'S TRUST I report to the trustees on my examination of the accounts of Swallowdale Children's Trust (the Trust) for the year ended 315t March 2024, which are set out on pages 6 to 12. Responsibilities and basls of report A5 the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance Wtth the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trustee's accounts carried out under Section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 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: 111 accountin8 records were not kept in respect of the Trust as required by section 130 of the Act; or 121 the accounts do not accord with those records,. or 13) the accounts do not comply with the applicable requirements toncerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation 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. Peter Swarbrlck B sc IHonsl FCA Crossley & Davis Ground Floor, Seneca House Links Point, Amy John50n Way Blackpool Lancashire FY4 2FF 5t Date . 31 January 2025 SWALLOWDALE CHILDREN'S TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 Note5 Restrirted Total Funds 2024 Restricted Total Funds Z023 INCOME AND EXPENDITURE Income and Endowments Investment income Other incoming resources 26,150 23,096 Total Incoming Resources Expenditure Investment management ¢05t Charitable activities Governance costs 1,788 74,298 1,870 36,687 Total Expendlture Net {outgoings} before other recognlsed gains and losses 147,0721 {15,2841 OTHER RECOGNISED GAIN5 AND LOSSES GaSns on investment Net realised gains Net unrealised Ilossesl/ gains 62,771 3,012 NET MOVEMENT IN FUNDS 15,699 193,6761 Reconciliation of Funds Fund balances brought forward 1st April 2023 959 912 1053 588 Fund balances carried forward at 31st March 2024 The notes on pages 9 to 12 form part of these accounts SWALLOWDALE CHILDREN'S TRUST BALANCE SHEET AS AT 31ST MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 41,835 924 676 44,249 896 325 966 511 940 574 CURRENT ASSETS Debtors Cash at bank 3,284 6,390 io TOTAL CURRENT ASSETS LIABILITIES Creditors: Amounts falling due within one year Net Current Assets 113,883) 112,8681 TOTAL ASSETS LESS CURRENT LIABILITIES 975 611 959 912 The funds of the charity: Restricted Income funds 975 611 959 912 Total Charity Funds Approved by the Board of Trustees on the 31. January 2025 and si8ned on its behalf by Stephen Brownwood - Trustee Nigel Law- Trustee The notes on pages 8 to 12 form part of these account5 SWALLOWDALE CHILDREN'S TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 BASIS OF PREPARATION Basis of Accountlng The financial statements have been prepared under the historical cost convention lexcept for the valuation of investment assets, which are shown at market value) in accordance with The Charities Act 2011, and Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 Charities SORP IFR51021 ACCOUNTING POLICIES Incoming Resources Investment income is accounted for in the period in which the Charity is entitled to receipt. Investment gains and10sses include any gain or1055 on the sale of investments and any gain or loss resulting from revaluing Investments to market value at the end of the year. Expenditure and Liabllltles Expenditure is included on an accruals basis. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and ralsing investment income. Grants payable are charged in the year when the offer is conveyed to the recipient. Governance costs comprises costs for the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. SWALLOWDALE CHILDREN'S TRUST NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 Tangible fixed assets for use by the charity are capitalised if they can be used for more than one vear and cost at least £500. They are valued at cost or a reasonable value on receipt. Depreciation Depreciation is calculated so as to write off the cost of an asset, le55 Its estimated residual value, over the useful economic life of that asset as follows: Furniture and equipment Land and buildings 15°A reducing balance basis 2% straight line basis Fixed Asset Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees, best estimate of market value, INVESTMENT INCOME 2024 2023 Dividend - U.K. Equities, Overseas Securities and interest Bank interest 25,881 269 23,017 79 ANALYSIS OF EXPENDITURE INVESTMENT MANAGEMENT COSTS Investment management fees Charitable Activities Grant making GOVERNANCE COSTS Advertising costs Depreciation (note 61 Insurance Secretarws Remuneration Independent Examinerfs charges (note 5.11 Printing, postage and stationery Sundries 2,414 532 3,000 3,120 2,417 787 5,400 3,060 69 159 SWALLOWDALE CHILDREN'S TRUST NOTES TO THE ACCOUNT5 CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 DETAILS OF CERTAIN ITEMS OF EXPENDITURE Fees for examination of the accounts 2024 2023 Independent examinerfs fees for reporting on the accounts 450 450 Other fees paid to the independent examiner TANGIBLE ASSETS Land and Buildings Furniture and Equipment Total Cost: Balance at 1st April 2023 and 31st March 2024 120 953 134 113 Depreciation: Brought forward at 1st April 2023 Charge for the year 76,800 13,064 14 87,447 Carried forward at 31st March 2024 Net book value as at 315t March 2024 Net book value as at 31st March 2023 Depreciation rate 2%SL 15°A RB -io- SWALLOWDALE CHILDREN'S TRUST NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 INVESTMENT ASSETS 2024 2023 Foxed Asset Investments Market value 1st April 2023 Additions Disposals Net realised gains Net unrealised losses 896.325 1,002,863 134,4201 62,771 128,146) 3,012 Market value 31st March 2024 24 Cost as at 31st March 2023 792 223 831087 Analysis of Investments Market Value at year end Investments listed on a recognised stock exchange or held in common investment funds, open ended investment companies, unit trusts or other collective investment schemes. 926,836 896,325 Cash held as part of the investment portfolio Total 24 Material Investment Holdings No investments were above the materiality rate of 5% of the value of the portfolio other than investments in Unit Trusts. DEBTORS 2024 2023 Rent Insurance 3,000 284 6,000 390 -li- SWALLOWDALE CHILDREN'S TRUST NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Secretary's remuneration 3,000 4,603 Accrued: Independent Examiner's charBe National Westminster Bank Rathbone Investment Management 3,000 6,280 2,880 5,385 9,280 8,265 10. CASH AT BANK National Westminster Bank- Business Reserve Account Rathbone Investment Management- Dealing Account 21,859 21,522 11. TRUSTEE EXPENSES AND REMUNERATION No expenses and remuneration were paid to the trustees. 12. RELATED PARTY TRANSACTIONS There were no transactions with related parties during the year. -12-