## The Southside Trust 

Annual Report and Accounts 

for the year ended 

31 March 2024 

Charity Registration Number: 1018310 



Page 2 

## The Southside Trust 

Annual Report and Accounts for the year ended 31 March 2024 

## Legal and administrative details 

Trustees: Gill Williams Sue Mandry Karl Dewey Frances McElvenny (from 14 October 2023) Dave Hutcheson (until 23 April 2023) 

The Southside Trust is registered with the Charity Commission under reference 1018310. 

## Review of the year 

Property income dropped slightly from last year but did cover the propoerty expenditure, leaving a small surplus of £588 on the designated fund for the year and hence £10,838 is held over against future property costs (2023 £10,250). 

In addition to income of £18,7110 (2023 £17,601) and realised losses on disposals of £28,227 (2023 losses of £35,486), the movement on the unrealised profits in the portfolio in the year was a surplus of £57,291 (2023 deficit of £5,903). The market value of the listed investments was £724, 692 (2023 £636,014) at the year end. 

As well as grants covering the capitation fees to the National Scout Association of the groups within the former Southside District, The Southside Trust also made grants in the year to those groups for rent incurred and members going on the International Jamboree 

The accounts have been drawn up on a basis that is consistent with previous years. 

Approved by the Trustees on 6 August 2024 and signed on their behalf by 


**----- Start of picture text -----**<br>
\ Whine\<br>Sue Mandry<br>Trustee<br>**----- End of picture text -----**<br>




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## Independent Examiner's Report to The Southside Trust 

This report is on the accounts of The Southside Trust for the year ended 31 March 2024. 

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2014 (the Charities Act) and that an independent examination is needed. 

It is my responsibility to: 

examine the accounts under section 145 of the Charities Act; 

to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

to state whether particular matters have come to my attention. 

## Basis of independent examiner's report 

My examination was carried out in accordance with the general Directions given by the Charity Regulators. The examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair" view and the report is limited to those matters set out in the statement below. 

## Independent examiner's statement 

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements 

* to keep accounting records in accordance with section 130 of the Charities Act; and 

* to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met. 

Keith Mitchell ACA \ < f 27 Rossiter Road, London SW12 9RY SINS 6 August 2024 



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## The Southside Trust 

## Annual Report and Accounts for the year ended 31 March 2024 

## Statement of financial activities 

|Income|||||||
|---|---|---|---|---|---|---|
||General|Designated||General|Designated||
||fund|fund|Total|fund|fund|Total|
||2023|2023|2023|2023|2023|2023|
||£|£|£|£|£|£|
|Income from voluntarysources|||||||
|Property rents|0|16,630|16,630|0|16,830|16,830|
|Total income from voluntary sources|¢)|16,630|16,630|0|16,830|16,830|
|income from investments|||||||
|Investment income|18,710|0|18,710|17,852|0|17,852|
|(Loss)/profit on sale of investments|(28,227)|0|(28,227)|(35,486)|0|(35,486)|
|Movement on unrealised profits /(losses)|57,291|0|57,291|(5,903)|0|(5,903)|
||47,774|0|47,774|(23,537)|0|(23,537)|
|Total income|47,774|16,630|64,404|(23,537)|16,830|(6,707)|
|Expenditure|||||||
|Premises|||||||
|Rent and rates|0|290|290|0|550|550|
|Light, heat and water|0|3,076|3,076|0|1,925|1,925|
|Wi-fi costs|0|288|288|0|120|120|
|Insurance|0|1,134|1,134|0|699|699|
|Management Fee|0|450|450|0|350|350|
|Waste disposal|0|0|0|0|0|0|
|Repairs and renewals|0|10,804|10,804|0|13,448|13,448|
|Professional fees|0|0|0|(2,882)|0|(2,882)|
||0|16,042|16,042|(2,882)|17,092|14,210|
|Support ofScout groups|||||||
|Capitation fees|17,592|0|17,592|17,910|0|17,910|
|Jamboree and County trips|1,000|0|4,000|5,700|0|5,700|
|Grants to groups|2,044|0|2,044|4,285|0|4,285|
||20,636|0|20,636|27,895|0|27,895|
|Administration|||||||
|Investmentmanagement fees|6,877|0|6,877|4,774|0|4,774|
|Administration|15|0|15|220|0|220|
||6,892|0|6,892|4,994|0|4,994|
|Total expenditure|27,528|16,042|43,570|30,007|17,092|47,099|
|Surplus /(Deficit)|20,246|588|20,834|(53,544)|(262)|(53,806)|
|Funds Broughtforward|723,758|10,250|734,008|748,207|10512|758,719|
|Recovery from The Southside Scout|||||||
|Trust Limited|0|0|0|29,095|0|29,095|
|Transfer between funds|0|0|0|0|0|-|
|FundsCarriedforward|744,004|10,838|754,842|723,758|10,250|734,008|





The Southside Trust 

Page 5 

Annual Report and Accounts for the year ended 31 March 2024 

|Balance Sheet|||||
|---|---|---|---|---|
||||2024|2023|
||Note||£|£|
|Fixed assets|||||
|Investments||1|736,912|648 233|
|Current assets|||||
|Investment Manager Capital account|||8,556|56,548|
|investment Manager Income account|||1,552|1,525|
|Cash at bank and in hand|||16,600|36,082|
||||26,708|94,155|
|Creditors due within one year|||0|0|
|Net current assets|||26,708|94,155|
|NETASSETS|||763,620|742,388|
|Reserves|||||
|Permanent Endowment Funds||2|8,778|8,380|
|Designated funds||3|10,838|10,250|
|General Funds|||744,004|723,758|
||||763,620|742,388|
|SueMandry<br>Trustee|||NY\<br>Vat<br>: mca||
|6August2024|||||





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## The Southside Trust 

## Annual report and Accounts for the year ended 31 March 2024 

## Notes to the accounts 

|1. Investments||2024||2023|
|---|---|---|---|---|
|||£||£|
|Fixed Interest Account|||||
|Balance 1 April 2023<br>Movements||12,220<br>0|~|11,587<br>633|
|Balance 31 March 2024||12,220||12,220|
|Portfolio managed by Rathbone Investment|Management Limited||||
|Market value on 1 April 2023<br>Purchases<br>Sales - proceeds<br>Realised (loss) / profiton sales<br>Movement in unrealised (losses)||636,013<br>371,286<br>(311,671)<br>(28,227)<br>57,291||687,037<br>353,352<br>(362,987)<br>(35,486)<br>(5,903)|
|Market value at 31 March 2024||724,692||636,013|
|Historic cost ofthese investments||680,389||649,002|
|Total investments held||736,912||648,233|
||1 April|||31 March|
||2023|Movements||2024|
|2. Permanent Endowment Funds|£|£||£|
|Kath Skillen Bequest<br>AlexWalker Bequest|4,377<br>4,003|208<br>190||4,585<br>4,193|
||8,380|398||8,778|



The Kath Skillen Bequest was made by a former ADC Cub Scouts and has no specific purpose. 

The Alex Walker Bequest is used to enable members of the District to attend camps that they would not otherwise be able to afford. Grants are made at the discretion of the District Executive. A portion of the total interest has been allocated to these funds now statements are available. 

## 3. Designated Funds 

The Designated Fund accounts for the income and expenditure on the leasehold building on Balham High Road and a small plot of land adjacent to Downe National Scout Centre known as Strakes Shaw. Following the sale of the freehold, a lease of 999 years was granted to The Southside Trust to use the ground floor of the new building as the Southside District Centre. The lease expires in 3008 and the current rent is £1 pa.