TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their report and accounts for the year ended 5 April 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting
by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out on pages
7 to 12 and comply with the Charities Act (Northern Ireland) 2013, applicable law and 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) (effective 1 January 2019).
Structure, governance and management
The John Atcheson Foundation (“the Trust”) is an unincorporated trust, constituted under a Will Trust dated 30 November 1993 and is a registered charity, number 103846. The original Trustees were appointed by the Will of John Atcheson for an indefinite period.
The day to day management of the Trust is overseen by the Trustees and there is no senior management or staff employed.
At the quarterly Trustees’ meetings, the Trustees agree the broad strategy of the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The Trustees who served during the year were as follows: Mrs Aileen Martin (Chair) Mr Chris McCleane (Secretary) Mr John Knaggs Mrs Rosemary O’Callaghan Mr Mark Regan
Risk management
The Trustees actively review any major risks which the Trust faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial
systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Trust and confirm that they have established systems to mitigate the most significant risks.
Principal objectives and activities
The objects of the Trust are to provide donations and other benefits to a number of charitable institutions,
in particular those that benefit blind, disabled and/or elderly persons in the United Kingdom. The activities during the year furthered the charity’s purposes for the public benefit. The Trustees have
had regard to the Charity Commission for Northern Ireland guidance on public benefit. During the year, the Trustees continued to make distributions to a number of organisations in the UK. The
overall distribution total for the year was £112,000 (2022: £110,000). The distributions are analysed individually on page 9.
Financial review
The results are set out on pages 5 to 12. In the year under review, income received from various investments totalled £119,745 (2022: £115,982). Total distributions for the year were £112,000 (2022: £110,000). The value of the Trust’s net assets as at 5 April 2023 was £3,847,186 (2022: £4,035,711). Investment powers and policy
Apart from retaining a prudent amount in reserves each year most of the Trust’s funds are spent in the
short term. Having considered the options available, the Trustees have invested a significant portion of
the available funds in a portfolio of investments with the remaining funds investment in bank deposits. JOHN ATCHESON FOUNDATION 3
TRUSTEE’S ANNUAL REPORT (CONTINUED)
TRUSTEE'S ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Reserves level The Trustees aim to mainlain suffiuenl tree reser4es to enabk the Trusl to maintain rts diStributnS at its current level armj, rf p0ble, to increase rt. Trustees. responsibilities The Trustees, are resrK)nsible for prepanrvJ the Trustees. Report and the financial statements. In preparing these financial statements, the Trustees are required to". select surtable accounts"TVJ pIc5 and then appty them consistenty" obseNe the methods and Principles in the CharrtS SORP" make judgements and accounb.ng esb"mates that are reasonable and prudent" and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the chanty 11 continue in Operat. The Trustees are responsible for keepirwJ accounts"rNJ records which disclose vnth reasonable accuracy the financial posrtn of the charty and enable them to ascertain to ensure that the financial stalements comply wrth the Charities Act (Northem Ireland) 2013 They are also resp(sible for safeguarding the assels of the charity and hen tor ta"ng reasonable sleps tor the pVents0n and delectson of fraud and other irregularit"es. Approved by the Trustees and wned on their behalf by: /Vs4- A,kn A4A. Sned....................................... SwJned:... Mark S regan Pnnt name'....-...-.--...............-..-..-.. Aileen Marbn Print name.. Trustee Trustee Date: 17 Jan 2024 Date". 18 Jan 2024