Sears Group Trust Reglstered Charity No: 1022586 Report and Financial Statements 31 March 2024
Sears Group Trust Contents Trustees andAdvisers........................................................................................................................... Trustees, Report.................................................................................................................................... Statement of Trustees, Responsibilities Report ofthe IndependentAuditors..................................................................................................... Statement of Financial Aclivities.......................... .12 Statementof Financial Position..............................................................,,...........................................13 Statemenl of Cash Flows 14 Notes to the Financial Slatemenls..............................,.............................................. .15
Sears Group Trust Trustees and Advisers Trustee¢ The Trustees are Directors of a Corporate Trustee, Sears Group Trustees Limited, a private limited company incorporated under the Companies Act 1985.. Company Regislralion number 2732758. The Directors of Sears Group Trustees Limited I'the Trustee5'} for the year 1 April 2023 to 31 March 2024 were.. Margaret Hannell Christopher Huscroft Brian Sellars (resigned 27 February 2024} Stephen Sellars Contact for all enqulrles Mr Gary Branston Secretary to the Trustees clo The Trusl Partnership Limited 6 Trull Fam Buildings Tetbury Gloucestershire GL8 8SQ Email., .branston sears Telephone.. 07702 520752 rou Iru .co.uk The Secretary is responsible for the day-to-day administration of Sears Group Trust I'the Trust") and is supported by the Administrator.
Sears Group Trust Trustees and Advisers (continued) Advisers Independent Auditors: Dunkley's Statutory Auditors Chartered Accountants Woodland Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY Investment Manager: BlackRock Investmenl Management (UK) Limited (to 7 June 2024) 12 Throgmorton Avenue London EC2N 2DL Newton Investment Management Limited (from 30 May 2024} The Bank of New York Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Bankers: Lloyds Bank 151 floor 1 Piccad illy London W1J OAA Sollcltors: Dechert LLP 160 Queen Victoria Street London EC4V 4QQ Admlnlstrator: The Trust Partnership Limited 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ Charity Insurance: AXA Insurance UK PIC Old Broad Street London EC2N 1HZ Charity name and registered charity number Sears Group Trust is a registered charity, number 1022586. Reaistered addres The Trust Partnership Limited 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ Website .searsgrouptrust.org.uk
Sears Group Trust Trustees, Report for the Year Ended 31 March 2024 Introduction The Trustees present their report and the audited financial statements of Sears Group Trust {'the Trust") for the year ended 31 March 2024. Structure, Governance and Management Trust constitution and governing documents The Trust is governed by a Declaration of Trust dated 19 May 1993 as amended by a Deed of Amendment dated 18 February 1997, a Supplemental Deed dated 26 February 1997 and a Deed of Amendment dated 27 March 2000. Trustees. appointment The existing Trustees may, at any time, appoint a new Director to fill a vacancy or as an addition to the Board of Directors. The number of Directors is not subjecl to any maximum but shall nol be less than three. Trustee changes durlng the year The Board wishes to record its gratitude for the significant contribution of Brian Sellars, who retired as a Director on 27 February 2024, following six years, service to the Trust. Rlsk management control The major risks to the Trust are continually reviewed by Ihe Trustees and systems have been put In place lo mitigate those risks. A Risk Register was established several years ago and is regularly monitored and updated by the Trustees. The Trustees consider the fluclualion of the Trust's Inveslmenl returns to be its biggest risk. The Trustees, investment objective Is to generate an income sufficient lo cover the grants made by the Trust, with any balance being used to finance the Trust's necessary expenses. A Safeguarding and Well-being Policy is in place and is regularly reviewed lo ensure the Trust's beneficiaries and its emp5oyees are not exposed to undue risk and can take responsible steps to protect themselves from harm. The Trust has Charity Protection Insurance cover of £1,000,00012023.' £1,000,000) via an policy with AXA Insurance UK Ltd. TrLSStee Training The Trustee5 review their capabilities and consider the skills required for effective trusteeship on an ongoing basis, with Iraining being given lo close any identified knowledge andlor skill gaps. Suitable training is arranged for new and existing Trustees, as and when required.
Sears Group Trust Trustees, Report for the Year Ended 31 March 2024 (continued) Structure, Governance and Management (continued) Data Protection The Board continuously reviews its policies and procedures to ensure compliance with relevanl Regulations. The Trust's Privacy Policy is available from the Secretary or can be found on the Trust's website. Activities Public benefit statement Eligible beneficiaries of the Trust comprise employees and former employees of any company that islwas associated with Sears Limited, as well as their families and dependents. The Trustees, objective is the relief of financial need amongst its beneficiaries, whether caused by reason of age or sickness or howsoever. The Trustees confirm that they refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning its future activities and granl-making policies. Grant-making poli¢y The Trust employs two (2023.. two) full-time Welfare Visitors. An important part ofthe Welfare Visrtors, duties is lo present applications lo the Trustees for grant awards- either to increase an individual's total income but alsolotherwise lo make purchases to meet specific needs. The Welfare Visitors also assist with the review of continued grant payments to individuals and any new grant applications that are brought to the Trust's attention. Grants are usually reviewed three-year',ly, or sooner in the event of a material change to a recipient's circumstances. The Trustees decide, on a majority basis, whether or not to approve each grant recommendation that is put forward. The day-to-day administration is managed by the Secretary, supported by the Administrator,
Sears Group Trust Trustees, Report for the Year Ended 31 March 2024 (continued) Achievements and Performance Review of the year ended 31 March 2023 At 31 March 2024, there were 99 (2023.. 931 annual grants in payment., 15 (2023.. 6} new annual grants were awarded during the year and 1912023-. 69) existing grants were reviewed. 38 {2023'. 291 one-off grants paid included awards for beds and bedding., boilers, electrical and gas appliances., home furnishings and decoralions,. kitchen, bathroom and property adaptions., mobility aids,. personal items and help with food and other essential expenses. Equipment purchased by the Trust is gifted or loaned to individuals, as appropriale, to improve their quality of life. Where necessary, equipment is serviced and insured at the Trust's expense. 11 12023.. 20} existing grants were cancelled during the year following review or on the death of the individual. The Trust made donations of £20,000 {2023'. £25,000) lo Charity Link and £5,00012023.. £5,000) to the Retail Trust, in recognition of the exceptional services these charities perform and to support them in their work. During the year, the Trust's Welfare Visitors made 1,900 12022.. 1,950 home calls). Contact was made with Sears pensioners and former employees via telephone calls, emails, lellers and texts. In addition and where appropriate, the Welfare Visitors assisted individuals with making claims for a range of State and other benefits, Trustees, plans for future periods The Trustees will continue to review the level and types of grant that the Trust can award and will monitor ongoing grant payments to individuals. The Trustees will also continue to consider as many new grant applications and recommendations as possible.
Sears Group Trust Trustees, Report for the Year Ended 31 March 2024 (continued) Financial Review Reserves policy ReseeS are held by the Truslees to enable sufficient income to be generated to cover the Trust's annual expenditure. Reserves are equal to the accumulated funds carried forward each year, i.e., at 31 March 2024 £12,041,94612023: £11,827,518). Reserves of £7m to £8m are generally considered sufficient to generate enough income to meet the Trust's grants and associated expenses. The Trust's investment and reserves policies are reg ul arly m onitored and reviewed. Investment policy and performance The Trust is not a fund-raising charity, so it relies on investment income, which was £379,996 for the year ended 31 March 202412023.. £346,121) and its capital to fund ils total expenditure. The Trustees have the power to debil their proper expenses either to capital or to income, or between the two, in such proportions as the Trustees think fit. Total expenditure for the year ended 31 March 2024 amounted to £367,09612023-. £ 415,723>. This included grant expenditure of £219,49312023.. £178,510}. The Trust's investments are managed by BlackRock, through a direct inveslment in the BlackRock Charities Gr0h & Income Fund (the 'Fund"1. 81ackRock have provided the following inveslment policy and performance report. The Fund has full discretion to invest globally, directly or indirectly, in equities., equity-related securities., fixed income securities le.g. bonds and other investments whose value is related lo fixed-income securities},' money market instrument5', deposits., cash and near-cash,. property,. commodities and other permitted alternative assets and funds, including exchange traded funds. The Fund return for the year to 31 March 2024 was 5.80/0 nel of fees. versus benchmark performance of 10.00/0. Outside of a handful of names within the technology and luxury goods sectors which performed strongly overthe period, financial markets were driven by the evolving path of inflation and economic growth. At the start of the period higher-than-expected inflation data combined with instability within the banking sector impacted investor senliment. As central banks followed through on raising interest rates, the realisation that interest rates may need to remain higher for longer led to equity and fixed income markets falling in value. However, they rallied strongly into year-end as resilient economic data paired with softer inflation prints led the increased prospect of a soft landing, inflation returning to target without a recession, and interest rate cuts. As the growth outlook, particularly for the US remains robust. the market consensus and indeed our own view is that inflation will come back lo Central Banks target levels and the US and Europe will avoid a recession. It should be recognized that there are many potential risks to this oullook, including the lagged consequences of higher interest rates and very significant geopolitical tension. We prefer higher quality assets as companies with stable revenue generation and healthier balance sheets are better placed to withstand the current tighter credit Conditions. Vve continue to focus on portfolio resilience and downside prolection and believe that active asset allocation and dynamic monitoring of positioning remain important parts of our toolkit for navigating periods of uncertainty. Following a detailed and ongoing review of BlackRock's performance and a competitive tendering process. the Truslees decided to appoint Newton Investment Management Limited in place of BlackRock and their appointment took effect from 30 May 2024. All assets fomierly managed by Bla¢kRock were sold and an equivalent amount was transferred to BlackRock during June 2024.
Sears Group Trust Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are requir8d to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charilies SORP,, make judgments and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriale to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the Charily and enable them to ensure that the financial statements c¢Jnply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Approved by the Dlrectors - Sears Group Truste8s Limlted on 7 November 2024 and signed on their behalf by.. Margaret Hannell- Group Trustees Llmlted Stephen Sellars- Sears Group Trustees Limlted
Sears Group Trust Report of the Independent Auditors To the Trustees of Sears Group Trust Opinion We have audited Ihe financial statements of Sears Group Trust Ithe'charity.) forthe year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of ils incoming resources and application of resources for year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the Irustees, use of the going concern basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the fesponsibilities of the Irustees with respect to going concern are described in the relevant sections of this report. other Informatlon The Trustees are responsible for the other information. The olher information comprises Ihe informalion included in the Annual Report other than the financial stalements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciily stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi5Statement of this other information, we are required to report that fact. We have nothing to report in this regard.
Sears Group Trust ?eDOrt ot the Indeneiident Auditors To the Trustees of Sears Group Trust (continued) Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or Sufficient accounting records have not been kept- or the financial statemenls are not in agreement with the accounting records and relurns., or we have not obtained all the information and explanations we require for our audit. Responsibilities of the trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees delemine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In Preparing th8 financial statements, the trustees are fesponsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Our responslblllties for the audit of the ftnanelal statements We have been appoinled as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effecl thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due lo fraud or error and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. The nature of the charitable sector, control environment and performance including the design of the organisation's remuneration policies; - Any matters we identified, having obtained and reviewed the organisation's documentation of their policies and procedures relating to.. o Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., o Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,, o The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. 10
Sears Group Trust .eDOIt of the IndcDcndent Auditors To the Trustees of Sears Group Trust (continued) As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, going concern, income recognition, and the appropriateness of expenditure. We also obtained an understanding of the legal and regulatory framework that the organisation operates in, focusing on provisions of those laws and regulations that had a direcl effect on the determination of material amounts and disclosures in the financial statements. Audil response to risks identified Our procedures to respond to risks identified included the following.. Enquiring of management, conceming actual and potential litigalion and claims.. Substantive testing to vouch source records to the financial statements., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., Enquiring of management the internal controls in, evaluating each control for weakness and vouching to evidence of the control taking place., In addressing the risk of fraud through management override of controls, testing th8 appropriateness of journal entries and olher adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indicalions offraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditor5responsibililies. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mighl state to the charity's trustees those matters we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Dunkley's Statutory Auditors Chartered Accountants Eligible to act as an auditor in lerms of Section 1212 of the Companies Act 2006 Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY Date..
Sears Group Trust Statement of Financial Activities or the year ended 31 March 2024 Note 2024 2023 All Unrestri¢ted and Totsl Funds All Unrestricted and Total Funds Income and Endowments Income from investments 383,146 348,121 Total Incorne 383,146 346,121 ExpendItU on Charitable activltleg Grant making aciivilies 1467,0961 {415,7231 Totsl Expendlture 1467,096} 1415,7231 Net lexpenditurèl and net movement on funds before {Ios611gaSn on Investments 183,950} 169,6021 Other recognlsed galns and losses Net gainlllossl on investments 298,378 11,183,974) Nel movement in funds 13 214,428 (1.253,5761 Reconclllatlon of Funds Fund balances brought forward al ? April 11.827,518 13.081,094 Fund balances ¢arrled fop•vard at 31 March 13 12,041,946 11,827,518 All amounts relate to continuing operations. All figures are unrestricted The notes on pages 15 to 21 form part of these financial statements. 12
Sears Group Trust Statement of Financial Position As at 31 March 2024 Note 2024 2023 All un5trfCted and Totsl Funds All Unrestricted and Total Funds Flxgd A8sets Tangible fixed assets 10 256 11,921.955 11,922.211 956 11,727,013 11,727,969 Current Assets Debtors Cash al bank and in hand 12 114,801 24,587 90.307 2S,003 12 Totsl Current A88•t8 139,388 115,310 Currènt Llabilltles Credrtors.. amounts falling due within one year 12 119,6631 115,761) N&t Current A88ets 119,735 99.549 Net Assets 12,041,946 11,827,518 The funds ofthe Charlty Unrestricted income fundsrrotsl Charity funds 13 12,041,948 11,827,518 All figures are unrestricted. The notes on pages 15 to 21 form part of these financial statements. Approved by the Directors- Sears Group Trustees Limited on 7 November 2024 and signed on their behalf by: Margaret Hannell- Sea oup Trustees Limited Stephen Sellar3- Sears Group Trustees Limited 13
Sears Group Trust Statement of Cash Flows For the year ended 31 March 2024 Note Total Total Funds Funds 2024 2023 Net cash used In operating actlvltles 14 1483,8481 1415,5451 Cashflow$ from investing actlvltles Interest and dividends Purchase of property, plant and equipmenl Proceeds from Sale of investments Purchase of investments Net ¢ash provided by Invèstlng actSvltle8 379,996 346.121 10 460,000 1356,6641 483,432 415,000 1343.8741 417,247 11 Change In ¢ash and cash equlvalonts Sn th6 year 1416} 1,702 Cash and cash equivalents brought lorward Cash and ca8h equivalents carrled fop•vard 26,003 24,687 23,301 25,003 The notes on pages 15 to 21 form part of these financial statements. 14
Sears Group Trusl Notes to the Financial Statements General Information Objectives of the Trust The eligible beneficiaries of the Trust comprise employees and former employees of any company that is, or has been, associated with Sears Limited, as well as their families and dependents. The Trustees, objective is the relief of financial need amongst its beneficiaries.. In pursuing this objective, the Trustees have the power to.. li) provide financial assistance, goods and setvices., lil) provide residential accommodation on whatever terms the Truslees think are fair and reasonable., (iii) provide assistance with the provision of special aids and equipment to enable beneficiaries to remain in their own homes, rather than moving into residential accommodation., (iv} fund assistance in meeting nursing and hospital fees., Iv} alleviate the loneliness and isolation of beneficiaries by funding altendance at day centres as well as recreational and social activities., (vi) assist with expenditure as a result of which the lifestyle or comfort of beneficiaries can be eased and improved when such beneficiaries cannot reasonably be expected to incur the necessary expenditure out of their own resources- and (vii) assist beneficiaries in learning of methods to protect themselves and their possessions and generally raise awareness of ways in which their health and homes can be looked after and kept secure. Statement of Compliance The financial statements have been prepared under the historical items recognised at cost or transaction value. unless otherwise stated in these financial statements. The financial statement5 have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities prepared in accordance with the Financial Reporting Slandaré applicable in Ihe UK and (FRS 1021 and comply with the Charities (Accounts and Reports) Regulations 2019 and the Charities Act 2022. The Trust constitutes a public benefit entity as defined by FRS 102 Fund income The Accumulated Fund is an unrestricted fund, representing the cumulative net incoming resources of the Trust since its inception. This is applied in the payment of grants al the absolute discretion of the Trustees of the Sears Group Trust. 15
Sears Group Trust Notes to the Financial Statements {continued:; Accounting Poii¢ie5 The following accounting policies have applied consislently in dealing with items which are considered material in relation lo the Trust's financial statements. al Preparation of financial statements as a going concern basis Reserves increased from £11,827,518 in 2023 to £12,041,946 at 31 March 2024. The Trustees will continue lo monitor the position, noting that the Charity continues to have a significanl reserves balance to meet its committed and fixed costs for the foreseeable future. The Trustees consider reserves of £7m to £8m adequate lo generate sufficient income to cover grants and associated expenses. The Trustees therefore consider the "going concern. basis of accounting to be entirely appropriate in the preparation of these financial statements. b) Investments Pooled investment vehicles are stated at fair values as notified by the investment managers at the year end. This is based on the value of the underlying investments and all valuations are net of accrued management fees and performance fees or allocations payable to the portfolio managers as required by the Investee Funds, respective operating agreements. Resources expended The payment of grants and other expenses are accounted for on an accruals basis. Charitable activities dl The cost5 of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the Trust. These costs comprise direct costs and support costs as shown in notes 6 and 7. Governance costs Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Gains and losses realised on sales of investments and unrealised changes in market value are not separated in the Statement of Financial Activities. 16
Sears Group Trust Notes to the Financial Statements (continued) Accounting Policies g) Pensions Until 29 November 2023, the Trust's employees were eligible for membership ofthe Sears Retail Pension Scheme ('the Scheme"), a defined benefit scheme, which covered a number offormer Sears Group businesses. Towards the end of 2023, the Trustees of the Scheme gave notice that they had agreed terms with Clara Pension Trust to transfer all members. accrued benefrts via a bulk transfer to the Clara Pension Trust - Sears Retail Section and. from December 2023. No liabilities were to be retained in the Scheme and, as a consequence, the pensionable service of the Trust's employee5 would have to cease. Accordingly, new pension and life assurance arrangements were established for the Trust's employees from 1 December 2023. Ongoing pension provision was set up with Smart Pensions on a defined contribution basis, while a separate life assurance policy provides death in service lump sum benefits which are four times each oflhe two member's annual salaries. Future, aggregate pension contribution and life assurance costs are comparable lo those which had applied up to December 2023. h) Short-term deposits Short-lerm deposits comprise monies held by the Trust's bankers and investment managers. Interest on short-term deposits which is due but not received is accounted for as accrued income. Income from investments Investment income is accounted for when declared by the investment manager. Depreciation i) Depreciation is calculated so as to write off the cost of an asset. less ils estimated residual value, over the useful economic life of the ass8t. Computer equipment is depreciated al 33.330/0 a year on a slraight-line basis. Income from investments 2024 2023 Pooled investment vehicles Donations 379,996 3.1 $0 346,121 Total investment income 383,146 346,121 17
Sears Group Trusl Notes to the Financial Statements Icontinued) Analysis of charitable activities 2024 2023 Grant funded activrty Support costs (note 71 Governance {note 81 219,493 240,709 6,895 178,510 231,882 5.331 467,096 416,723 Support costs 2024 2023 Staff costs 149,598 67,943 150,786 50,858 Adminislralion expenses Car and travel expenses 30,008 25,509 other costs 3,160 4,729 Totsl support Costs 240,709 213,288 Governance costs 2024 2023 Auditors, remuneration 3,900 2,965 2.520 2,811 Trustees. Indemnity Insuran Total governance Costs 6,895 5,331 AnaSysls of staff cost5 2024 2023 Salaries National insurance contributions 110,560 9,188 29,862 112,834 9,589 28,363 Pension cos15 Total staff costs 149,698 150,786 Two (2023.. two) full-time Welfare Visitors were employed for the whole of the accounting year. All employee time was involved in providing support services to the Trust's charitable activities. Trustees, remuneralion and expenses are disclosed in note 16. 18
Sears Group Trust Notes to the Financial Statements (continued) Tangible fixed assets 10. Computer equipment 2024 2023 Cost Al 1 April 2023 Additions in year Disposals In year 3,097 3,097 At 31 March 2024 3,097 3,097 Depreciation Al 1 April 2023 Charge for the year Disposals in year 2.141 700 1,441 700 Ai 31 March 2024 2,841 2,141 Net book value 256 956 At 31 March 2024 11. Investments 2024 2023 Movement In Investments Market value brought forward Add.. additions lo investment al cost Disposals at carying value Add nel gainsldeduct nel losses on revaluation 11,727,013 386,564 1460,000 298,378 12,982.113 343,874 1415,0001 11.183.974) Market value a8 at 31 March 11,921,9SS 11,727,013 An analysis of market value at year-end is detailed below 2024 2023 Pooled investment vehicles Unil Trusts 11,921,955 11.727,013 The following table sets out the investrnents of the Trust 2024 2024 Value 2023 2023 Value Security 81ackrock Charities Growth & Income Fund 100.00 11.921,955 100.00 11.727.013 19
Sears Group Trusi Notes to the Financial Statements (coniinued: 12. Analvsis ot net currenr asseT 2024 2023 Debtors: amounts falling due wlthln one year Prepayments and accrued income Cash held 114,801 90,307 Cash at bank and in hand 24,587 25,003 Total Current assets 139,388 115,310 Creditors: amounts falling due wlthln one year Administration charges due Professional fees 15,753 3,900 13,241 2,520 Totsl current Ilabllltles 19,653 15.761 13. Unrestricted income funds Balance Incomlng resources Charltable expendlture costs R8allsed Balance 1 Aprll 2023 and unreallsed galn 31 March 2024 Unreslricled Income Fund 14. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds 214,428 11,253,576) 700 Add depreciation charges Deduct interest income shown in investing activities Deduct nel Igainlladd net loss on investments IneaSe in debtors 700 1379,9961 1298,378} 124,494} 3,892 {346,121} 1,183,974 11,0561 534 Increase in creditors Net cash used in operatlng actlvities {483,8481 1415,545) 20
Sears Group Trust Notes to the Financial Statements (continued) 15. Contingent liabilities or commitments The Trust has no contingent liabilities as at 31 March 202412023.- nil). Related party transactions and Trustees, remuneration 16. Trustees received no emoluments (2023.. nil). None of the Trustees received expenses {2023.' nill. The Trust pai(1 £24,261 12023.. £20,332) to MMH Services. an administration services company operated by Margaret Hannell. The amount owed lo MMH Services at the year-end amounted to £5,739 (2023.. £nill. During the year Gary Branston. a member of key management personnel, received remuneralion of £77,907 {2023'. £79,636). This reflects his role as Secretary to Sears Group Trust and Sears Group Trustees Limited as well as his role as one ofthe two Welfare Visitor employed by Sears Group Trust. At the year end, a balance of £nil was due to Gary Branston12023.' £nill. 21