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
Rese￿eS 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 Gr0￿h & 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 un￿5trfCted
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
Ine￿aSe 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