# **The Icthius Charitable Trust**
**Registered Charity number 803299**
**Annual Report and Financial Statements**
**for the year ended 5 April 2024**
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## **THE ICTHIUS CHARITABLE TRUST**
## **Contents**
## **Year ended 5 April 2024**
||**Page**|
|---|---|
|Report of the Trustees|2-6|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Accounts|9-14|
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## **THE ICTHIUS CHARITABLE TRUST**
## **Report of the Trustees for the year to 5 April 2024**
**Date of settlement:**
6 December 1989
**Also known as:**
Mrs D M Blackburn Charitable Settlement
**Charity number:**
803299
**Settlor:**
Mrs Diana Mary Blackburn
On 18 April 1995, 17,000 Standard Chartered plc Ord 25p shares were added to the settlement.
On 26 April 2012, £150,000 cash was added to the settlement.
On 25 April 2017 £100,033.90 ANZ Bank Ordinary NPV shares, £49,988.44 Legal & General 2.5p Ordinary shares and £49,896 Diageo 28 101/108p Ordinary shares were added to the settlement.
On 8 May 2017 £128,000 cash was added to the settlement.
On 1 June 2018 £105,000 cash was added to the settlement.
On 18 September 2019, 1,500 Diageo PLC Ord 28 101/108p shares were added to the settlement.
On 25 June 2020, 4,000 Baillie Gifford Overseas Growth Funds (Class B American Fund Income Units) shares were added to the settlement.
On 13 January 2021, 7,830 Standard Chartered PLC US$0.50 shares were added to the settlement.
On 27 May 2022, £125,000 cash was added to the settlement.
On 14 November 2022, 1,160 Shell PLC Ord €0.07 shares were added to the settlement.
On 30 March 2023, 2,539 Derwent London PLC Ordinary 5p shares were added to the settlement.
On 30 March 2023, 1,665 Dageo PLC Ordinary 28 101/108p shares were added to the settlement.
On 30 March 2023, 30,840 Legal & General Group PLC Ordinary 2.5p shares were added to the settlement.
On 14 March 2024, 1,021 Experian PLC Ordinary US$0.10 shares were added to the settlement.
On 14 March 2024, 1,629.73 Janus Henderson investors European selected opportunities fund shares were added to the settlement.
On 14 March 2024, 4,643.715 Baillie Gifford Overseas Growth Funds Class B American fund income units shares were added to the settlement.
On 14 March 2024, 8,369.41 Janus Henderson Fund Managers Limited US Growth Fund shares were added to the settlement.
On 4 April 2024, 1,500 Shell PLC Ord €0.07 shares were added to the settlement.
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On 4 April 2024, 800 Rio Tinto PLC Ordinary 109 shares were added to the settlement.
On 4 April 2024, 3,000 BAE Systems PLC Ordinary 2.9p shares were added to the settlement.
On 4 April 2024, 980 Intercontinental Hotels Group Ord 20.8521303p shares were added to the settlement.
Mr Thomas Mark Blackburn
On 14 March 2024, 60,671 Lloyds Banking Group PLC Ord 109 shares were added to the settlement.
On 14 March 2024, 1,000 Diageo PLC Ord 20.85213039 shares were added to the settlement.
On 14 March 2024, 17,000 Legal & General Group PLC Ord 2.5p shares were added to the settlement.
**Governing Document:**
Trust Deed
**Objects:**
The Trustees have the power to apply all the income and all or part of the capital for any charitable purpose.
**Activities and Achievements:**
Income receipts in the year to 5 April 2024 totalled £44,904 which enabled £44,800 to be distributed during the year. Further distributions of £138,968 have been made from capital reserves
**Public Benefit Statement:**
The trustees confirm they have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives and activities and in planning future activities. It is the judgement of the trustees that activities in pursuit of the above objectives fully meet the public benefit test, which they have kept in mind in operational planning.
**Trustees:** Mrs D M Blackburn Mr T M Blackburn Mr M D R Shapley Mr A D Evans **Principal Address:** 1 King’s Arms Yard London, EC2R 7AF
**Trustees Selection Method:** Existing Trustees have power to appoint new trustees **Investment Advisors:** Alder Investment Management Limited 1 King’s Arms Yard London, EC2R 7AF **Accountants:** Alder Asset Management Limited 1 King’s Arms Yard London, EC2R 7AF
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## **THE ICTHIUS CHARITABLE TRUST**
## **Report of the Trustees for the year to 5 April 2024 (continued)**
**Independent Examiners:** Price Bailey LLP 24 Old Bond Street London W1S 4AP
**Reserves Policy:**
The Trustees distribute the majority of the income during the year. On occasions the Trustees will reduce the overall fund once the income has been exhausted for the year for further distributions. At the year-end 5[th] April 2024, the reserves had the following balances:
## Unrestricted Fund – £19,140
Endowment Fund - £1,601,445
**Going concern:**
The trustees have reviewed the current financial headroom as well as expected future cash flows and believe the charity can continue for at least 12 months from the date of signing of these financial statements. No further disclosures relating to the trusts ability to continue as a going concern need to be made in the financial statements.
**Grant Making Policy:**
Trustees joint decision.
**Investments Selection Policy: Risk management:**
A balanced return from income and capital growth.
The Trustees have examined the principal areas of the charity’s operations and considered the major risks faced in each of those areas. In the opinion of the Trustees the charity has established the resources and review systems which, under normal circumstances, should allow these risks to be mitigated to an acceptable level in its day to day operations.
**Key risks:**
The principal risks faced by the charity are financial risks concerning the loss of income due to a fall in markets wiping out the value of investments. The Trustees are content that these risks are managed as the charity has invested in a varied and diversified portfolio.
**Plans for the future:**
The Trustees plans for the future are to continue to apply all of the investment income and what donation income is needed for any charitable purpose. Investment portfolio performance is a key factor in the extent of grants that the charity will distribute to beneficiaries in future years.
**Trustees; Responsibility for the Accounts:**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
THE ICTHIUS CHARITABLE TRUST
Report of the Trustees for the year to 5 April 2024 (continued)
The law applicable to charities in England & Wales requires the tru5tee5 to prepare financial statements for each
financial year which gave a true and fair view of the state of affair5 of the charity and of the incoming resources 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;
Observe the methods and principles In the Charities SORP FRS102120191:
Make judgements and estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements-
Prepare the f inancial statements on the goln8 concern basls unless It is inappropriate to presume that the
charity will continue in operation.
The Trustees are responslble for keeping accounting records that disclose with reasonable accuracy at any time the
financial p051tion of the charity and enable them to ensure that the financial statement5 comply with the Charities Act
2011, the Charity (Accounts Reports) regulations 2008 and trust deed. They are also responsible for safeguarding the
assets of the charity and hence for taking responsible steps for the prevention and detection of fraud and other
Irregularities.
Thls report was approved by the Trustees and 1$ signed on behalf of them by:
Mr M O R Shapley
Date.. Lk-Z-20 2
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## **THE ICTHIUS CHARITABLE TRUST**
## **Independent Examiner’s Report**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 7 to 14.
## **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’).
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 145(5)(b) 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:
1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. The accounts do not accord with those records; or
3. 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.
MA boaD
Michael Cooper-Davis FCCA ACA For and on behalf of:
## **Price Bailey LLP**
Chartered Accountants 24 Old Bond Street London W1S 4AP
Date: 4 February 2025
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## **THE ICTHIUS CHARITABLE TRUST**
## **Statement of Financial Activities**
## **Year ended 5 April 2024**
|||**Unrestricted**|**Endowment**|**2024**|**2023**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Total**|**Total**|
|||**£**|**£**|**£**|**£**|
||Note|||||
|**Income:**||||||
|Investments|2|45,630|-|45,630|34,516|
|Donations and legacies|3|500,550|-|500,550|335,439|
|||**________**|**_________**|**_________**|**_______**|
|**Total income**||**546,180**|**-**|**546,180**|**369,955**|
|||**________**|**_________**|**_________**|**_______**|
|**Expenditure:**||||||
|Charitable activities|4|192,319|-|192,319|164,064|
|||**________**|**_________**|**_________**|**_______**|
|**Total expenditure**||**192,319**|**-**|**192,319**|**164,064**|
|||**________**|**_________**|**_________**|**_______**|
|**Net income**||**353,861**|**-**|**353,861**|**205,891**|
|Net gains/ (losses) on||||||
|Investments|6|-|36,452|36,452|(87,505)|
|Transfers||(375,965)|375,965|-|-|
|||**________**|**_________**|**_________**|**_______**|
|**Net movement in funds**||**(22,104)**|**412,417**|**390,313**|**118,386**|
|**Reconciliation of funds:**|9|||||
|Total funds brought forward||41,244|1,189,028|1,230,272|1,111,886|
|||**________**|**_________**|**_________**|**_______**|
|**Total funds carried forward**||**19,140**|**1,601,445**|**1,620,585**|**1,230,272**|
|||**________**|**_________**|**_________**|**_______**|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 8 to 14 form part of these accounts
THE ICTHIUS CHARITABLE TRUST
Balance Sh88t
At 5 April 2024
2024
2023
Note
Flxed Assets
Investments
1,601,445
1,189,028
Currnnt As$4ts
Debtor5
Cash at bank
31.250
10,702
24,911
Current Ll•bllltl
Creditors
15,7711
17081
Net Currnnt Assets
19.140
41344
Net Assets
1.620,585
1,230,272
Funds of the Charlty
Unrestrltted funds
Endowment funds
19.140
1.601,445
41,244
1,189,028
1.620,585
I,Z30,272
The financlal statements were approved and Signed by the Trustees on 4l-l-L(' Lfand signed on their behalf by..
Mr M D RSh•pley
The notes on page5 8 to 14 form part of these accounts
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## **THE ICTHIUS CHARITABLE TRUST**
## **Notes to the Accounts**
## **Year ended 5 April 2024**
## **1. Accounting Policies**
- **a. General information and basis of accounting**
The Icthius Charitable Trust is a charity for public benefit registered under the Charity Commission in England and Wales. The address of the principal address is 1 King’s Arms Yard, London, EC2R 7AF.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the SORP 2019 and UK Generally Accepted Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements have been rounded to the nearest pound.
## **b. Going concern**
The Trustees have at the time of approving the financial statements, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. COVID-19 will have minimal effects on the charity due to there being no staff costs and the charity only spends what they earn through investments and from trustee donations. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. No material uncertainties exist.
## **c. Income**
Income from investments is recorded by reference to the date on which the charity is entitled to receipt. Bank interest is recorded on an accruals basis. Income earned on endowment funds is unrestricted income.
Donations are recognised when receivable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the fund, the income is deferred and not recognised until either those conditions are fully met, or the fulfillment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
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## **THE ICTHIUS CHARITABLE TRUST**
## **Notes to the Accounts**
## **Year ended 5 April 2024**
## **1. Accounting Policies (continued)**
## **d. Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities includes grants made, governance costs and an apportionment of support costs.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditions are outside the control of the charity.
## **e. Investments**
Investments are a form of basic financial instrument and are initially recognised at their cost and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities.
## **f. Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the governors in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment income, gains and losses are allocated to the appropriate fund.
## **g. Debtors**
Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.
## **h. Cash and cash equivalents**
- Cash at bank includes cash held in current and deposit accounts.
## **i. Creditors and provisions**
Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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## **THE ICTHIUS CHARITABLE TRUST**
## **Notes to the Accounts**
## **Year ended 5 April 2024**
**1. Accounting Policies (continued)**
## **j. Financial Instruments**
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 cost and subsequently measured at their settlement value. Fixed assets are recorded at market value and all other assets and liabilities are recorded at cost which is their fair value.
## **k. Key sources of judgement and estimation uncertainty**
No significant judgements, accounting policies or assumptions have been made by management in applying the charity’s accounting policies.
|**2. Income from Investments**|**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Dividend income|44,828|34,516|
|Bank interest|802|0|
||______|______|
||45,630|34,516|
||______|______|
|All relate to unrestricted funds in both years|||
|**3. Donations and Legacies**
|**2024**|**2023**|
||**£**|**£**|
|Monetary donations (including Gift Aid)|500,550|335,439|
||______|_______|
|All relate to unrestricted funds in both years|||
|**4. Charitable Activities**
|**2024**|**2023**|
||**£**|**£**|
|Grants to institutions (note 5)|183,768|161,000|
|Support costs - governance costs|8,551|3,064|
||______|_______|
||**192,319**|**164,064**|
||______|______|
All relate to unrestricted funds in both years
During the year, no Trustees received nor waived any remuneration, benefits or expenses (2023 - £nil). There were no employees employed by the charity in the year (2023 - £nil).
The charity considers that there are no key management personnel other than the Trustees themselves.
Within the support costs figure includes Price Bailey independent examiner fees of £2,750 (2023 - £2,112).
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## **THE ICTHIUS CHARITABLE TRUST**
## **Notes to the Accounts**
## **Year ended 5 April 2024**
|**5. Grants to Institutions**|**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Camphill Village Trust|2,000|2,000|
|The Woodland Trust|3,000|3,000|
|National Trust|10,000|110,000|
|RNLI|3,000|3,000|
|Sight Savers International|3,000|3,000|
|R.S.P.B|43,000|3,000|
|Hope and Homes for Children|3,000|3,000|
|The Castle Howard Arboretum Trust|93,000|20,000|
|The Yorkshire Wildlife Trust|800|800|
|Easingwold Town Band|1,000|1,000|
|Center for Action and Contemplation|200|200|
|The TimStead Trust|6,800|3,000|
|SSMV|14,968|6,000|
|Yorkshire Arboretum|-|3,000|
||______|_______|
||**183,768**|**161,000**|
||______|______|
|**6. Fixed Asset Investments**|**2024**|**2023**|
||**£**|**£**|
|At market value as at 5 April|**1,601,445**|**1,189,028**|
||_________|________|
|Analysis of investments:|**2024**|**2023**|
||**£**|**£**|
|Brought forward|1,189,028|1,017,185|
|Additions at cost|595,550|381,054|
|Sales proceeds|(219,585)|(121,706)|
|Unrealised gain/(loss) on investments|36,452|(87,505)|
||________|________|
|**Carried forward**|**1,601,445**|**1,189,028**|
||**2024**|**2023**|
||**£**|**£**|
|Historical cost|1,505,157|1,111,891|
||________|_______|
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## **THE ICTHIUS CHARITABLE TRUST**
## **Notes to the Accounts**
## **Year ended 5 April 2024**
|**7. Debtors**|||**2024**|**2023**|
|---|---|---|---|---|
||||**£**|**£**|
|Accrued income (Gift Aid)|||-|31,250|
||||_______|_______|
|**8. Creditors**|||**2024**|**2023**|
||||**£**|**£**|
|Trade creditors|||2,112|-|
|Accruals|||3,659|708|
||||________|_______|
||||5,771|708|
||||________|_______|
|**9. Fund Reconciliation**|||||
|||||**Balance at**|
|**Current Year Balance at**||||**5 April**|
|**6 April 2023 Income Expenditure**||**Gains**|**Transfers**|**2024**|
||**£ £**
**£**|**£**|**£**|**£**|
|Endowment Fund|1,189,028 - -|36,452|375,965|1,601,445|
|Unrestricted Fund|41,244 546,180 (192,319)|-|(375,965)|19,140|
||_______ _______ _______|
_______|________|_______|
||**1,230,272 546,180 (192,319)**|**36,452**|**-**|**1,620,585**|
||_______ _______ _______|
_______|________|_______|
|||||**Balance at**|
|**Prior Year Balance at**||||**5 April**|
|**6 April 2022 Income Expenditure**||**Gains**|**Transfers**|**2023**|
||**£ £**
**£**|**£**|**£**|**£**|
|Endowment Fund|1,017,185 - -|(87,505)|259,348|1,189,028|
|Unrestricted Fund|94,701 369,955 (164,064)|-|(259,348)|41,244|
||_______ _______ _______|
_______|________|_______|
||**1,111,886 369,955 (164,064)**|**(87,505)**|**-**|**1,230,272**|
||_______ _______ _______|_______|________|_______|
The transfer between funds was undertaken in both financial years to show the endowment fund carry forward as the market value of Investments. Therefore the transfer figure comprises the acquisition cost, disposal proceeds and realised gains/losses.
- 14 -
## **THE ICTHIUS CHARITABLE TRUST**
## **Notes to the Accounts**
## **Year ended 5 April 2024**
## **10. Analysis of Net Assets between Funds**
||**Unrestricted**|**Endowment**||
|---|---|---|---|
||**Funds**|**Funds**|**Total**|
|**2024**|**£**|**£**|**£**|
|Investments|-|1,601,445|1,601,445|
|Debtors|-|-|-|
|Bank|24,911|-|24,911|
|Creditors|(5,771)|-|(5,771)|
||_______|________|________|
|**Total Net Assets**|**19,140**|**1,601,445**|**1,620,585**|
||**_______**|________|________|
||**Unrestricted**|**Endowment**||
||**Funds**|**Funds**|**Total**|
|**2023**|**£**|**£**|**£**|
|Investments|-|1,189,028|1,189,028|
|Debtors|31,250|-|31,250|
|Bank|10,702|-|10,702|
|Creditors|(708)|-|(708)|
||_______|________|________|
|**Total Net Assets**|**41,244**|**1,189,028**|**1,230,272**|
||**_______**|________|________|
## **11. Related Parties**
Mrs D M Blackburn is a Trustee at The Icthius Charitable Trust. In 2024 she made total contributions to the charity in the year of £399,765 (2023 - £311,567).
Mr T M Blackburn is a Trustee at The Icthius Charitable Trust. In 2024 he made total contributions to the charity in the year of £100,785 (2023 - £Nil).
There were no other related party transactions in the year.