2023-06-30-accounts - The Vanneck Charitable Trust

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SURREY SQUARE CHARITABLE TRUST

ANNUAL REPORT

FOR THE YEAR ENDED 30[TH] JUNE 2023

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THE SURREY SQUARE CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 30[TH] JUNE 2023

The Trustees present their annual report and financial statements of the charity for the year ended 30[th] June 2023. The financial statements have been prepared in accordance with the charity’s Trust Deed, the Charities Act 2011 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 (FRS102).

OBJECTIVES AND ACTIVITIES

The Trust has been established to make grants for charitable purposes. Grants are only made to charities known to the settlor and unsolicited applications are therefore not considered.

PUBLIC BENEFIT

In planning the Trust’s grant making the Trustees have given consideration to the Charity Commission guidance on public benefit.

ACHIEVEMENTS AND PERFORMANCE

Investments were managed by the Investment Managers with performance being monitored by the Trustees. Since then, the Trustees have elected to actively manage investments at their own discretion. The Trust has therefore been able to continue with its grant-making programme.

FINANCIAL REVIEW

Investment income totalling £104,940 (2021 £106,025) was received. Grants of £89,013 (2021 £127,375) were made to charitable organisations.

RESERVES POLICY

The trust deed permits the spending of capital. The Trustees have, however, agreed to retain the capital for the time being and to invest it to produce income to make grants. The Trustees are managing the reserves to balance the needs of current and future beneficiaries. It is not anticipated that the needs of beneficiaries will diminish over time.

INVESTMENT POLICY AND POWERS

The trustees have the same full and unrestricted powers of investment in all respects as if it were the beneficial owner. The investment strategy is set by Trustees and takes account of recent demands for funds and an assessment of expected future needs (see Reserves Policy). The investment policy and strategy are reviewed with the investment managers at regular intervals. The investment objective is to maintain, overall, the real value of capital and income.

PLANS FOR THE FUTURE

The objectives remain unchanged for the future; the intention is for continued investment management on a consistent basis and distribution of income to charitable organisations.

RISK MANAGEMENT

The main risks to which the charity is exposed as identified by the Trustees have been considered and systems have been established to mitigate those risks.

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REFERENCE AND ADMINSTRATIVE DETAILS OF THE CHARITY

The Trust was established by a Trust Deed dated 6[th] September 1994 and is a registered charity number 1041062

Principle Ofce:	Litle Tufon House, 3 Dean Trench	Street, London SW1P 8HB
Trustees:	Alexander Stevenson	appointed 6thOctober 2020
	Charles Dennistoun Stevenson	appointed 6thOctober 2020
	Charlote Stevenson	appointed 6thOctober 2020
	Henry Dennistoun Stevenson	appointed 6thOctober 2020

Independent Examiner: Keeley Hazelhurst, 11 Shiel Hall Medway, Rosewell, Midlothian, EH24 9EW

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THE SURREY SQUARE CHARITABLE TRUST TRUSTEES’ REPORT

FOR THE YEAR ENDED 30TH JUNE 2023

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity’s trustees are responsible for preparing a Trustees’ annual report and financial statements 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 charity’s trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP; • make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board of Trustees and signed on its behalf by

Trustee Date 8/4/2023

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Independent Examiner’s Report to the Trustees of Surrey Square Charitable Trust

I report to the charity trustees of the Trust on my examination of the accounts of the Trust for the year ended 30 April 2018.

Responsibilities and basis of report

As the trustees of the Trust, 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 Trust’s accounts carried out under section 145 of the Act.

In carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

I have completed my examination. I confirm that no matters have come to my attention that giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Name: Keeley Hazelhurst, JP, ACMA

Chartered Institute of Management Accountants

Address: 11 Shiel Hall Medway, Rosewell, Midlothian EH24 9EW Date: 28[th] July 2023

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Surrey Square Charitable Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 30th June 2023

Restricted £ -	Unrestricted £ 104,940	2022 Total £ 104,940 104,940 90,774	2021 Restricted Unrestricted Total £ £ £ - 106,025 106,025
-	104,940		- 106,025 106,025
-	90,774		- 130,387 130,387
-	90,774	90,774	- 130,387 130,387
- -	14,166 47,120	14,166 47,120	- (24,362) (24,362) - - -
-	61,287	61,287	- (24,362) (24,362)
-	1,114,198	1,114,198	- 1,138,560 1,138,560
-	1,175,485	1,175,485	- 1,114,198 1,114,198

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 6 to the financial statements.

The notes on pages 7 to 11 form part of these accounts.

These unaudited financial statements have been subjected to an independent examination. See report on page 5.

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Surrey Square Charitable Trust

Balance sheet

As at 30th June 2023

Note Fixed assets: 2 Cash at bank and in hand Current liabilities: 4 5 5 Investments Debtors Creditors: amounts falling due within one year Net current assets Total net assets Funds Unrestricted income funds Unrestricted capital funds Restricted Total funds	2022 2021 £ £ 1,109,297 1,062,177
	- - 68,667 52,321
	68,667 52,321 (2,480) (300)
	66,187 52,021
	1,175,485 1,114,198
	66,187 52,021 1,109,297 1,062,177 - -
	1,175,485 1,114,198

The notes on pages 24 to 35 form part of these accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the trustees and signed on their behalf by

Trustee: Date: 8/4/2023

These unaudited financial statements have been subjected to an independent examination. See report on page 5.

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Surrey Square Charitable Trust

Notes to the financial statements

For the year ended 30th June 2023

1 Accounting policies

a) Basis of preparation

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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Statutory information

Surrey Square Charitable Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is Little Tufton House, 3 Dean Trench Street, London, SW1P 3HB

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

In the application of the Charity's accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The trustees have a reasonable expectation that the charity has adequate resources to continue in operaitonal existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting n preparing the accounts

e) Fund accounting

Unrestricted funds are considered free reserves and are expedanble at the discretion of the Trustees in furtherance of the general objectives of the Trust.

f) Income

Income is recognised when the charity has entitlement to the funds.

g) Investments

In accordance with Statement of Recommended Practice: Accounting and Reporting by Charities, investments held as fixed assets are stated at market value. Realised and unrealised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market price on the valuation date.

h) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

i) Expenditure recognition

Raising funds are the costs associated with management of investments. Charitable activities include grant funding, along with associated support and governance costs to charitable organisations. These are dealt wth in the Statement of Financial Activities when payment has been agreed. Governance costs relate to compliance with constitutional and statutory requirements, and specifically include all costs incurred by the Trust in producing the Annual Report. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to expenditure.

i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with origianl maturities of three months of less and bank overdrafts.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about

k) Allocation of support costs

As the charity carries out one main activity, the provision of grants, all support and governance costs have been allocated to this activity. Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Taxation

The income and gains of the fund are exempt from taxation as they are applied for charitable purposes only.

These unaudited financial statements have been subjected to an independent examination. See report on page 5.

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Surrey Square Charitable Trust

Notes to the financial statements

For the year ended 30th June 2023

2 Investments

Quoted Investments Market value as at 1st July 2022 Disposal proceeds Acquisitions Realised gains on investment assets Unrealised losses/gains on investment assets Market value at 30th June 2023	AJ Bell Adventurous 272,021 19,787	VT Vanneck Defensive Fund Total 790,147 1,062,168 27,334 47,120 817,481 1,109,288
	291,808

a) Quoted Investments

The Trust holds 73.6% (2021 74.39%) of its fixed asset investments in VT Vanneck Defensive Fund and 26.3% (2021 25.61%) om VT AJ Bell Aventurous Fund, both managed by Valu-Trac Administration Services.

At the year end, the Trust held 900 Ordinary Shares in a private limited company, Rare Recruitment Limited, valued and held at the original cost of £9 (2021 £9). The cost of obtaining a valuation outweights the benefit for the purpose of these accounts.

b) Investment Income

Investment Income
Dividends Bank interest	AJ Bell Adventurous VT Vanneck Defensive Fund Rare Recruitment Limited Total - 15,550 89,065 104,615 325
	- 15,550 89,065 104,940

These unaudited financial statements have been subjected to an independent examination. See report on page 5

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Surrey Square Charitable Trust

Notes to the financial statements

For the year ended 30th June 2023
3 Activities undertaken directly Grant Funding Support costs (as detailed below) Grants payable AJ Stevens (Streetwise) Alive and Kicking Amscordi Ltd Art & Christian BIVISD Breast Cancer Now British Muslims for Secular Cambridge Children's Hospital Camfed International Coddenham Centre Dignity and Choice in Dying Friends of Aschiana UK Friends of Galleywood Giving Impetus to Vol Effort Glynebourne Productions Ltd Hostnation LPO Meath Epilepsy Charity Multi Storey Music Music as Therapy Musical Boroughs Trst Nevill Holt Opera Reeds School Charity Spencer Steadman Trust St Andrew's Club The Art of Music Foundation The Day Foundation The Tate Gallery Trekstock University of Suffolk Foundation Uprising Leadership World Heart Beat Writers and Scholars Educational Trust Other grants Total Support Costs Independent Examination Administration LCVS Bank charges Analysis of charitable activities (current year)	Restricted £ - -	Unrestricted £ 89,013 1,760	2022 2021 £ £ 89,013 127,375 1,760 3,878 90,774 131,253 2022 2021 £ £ 1,000 5,000 5,000 1,000 3,000 3,000 5,000 3,000 2,000 5,000 1,000 20,000 994 1,000 1,000 1,000 1,000 3,000 3,000 1,300 2,000 2,500 5,000 14,000 2,500 5,000 - 1,000 - 5,000 - 1,000 - 7,500 5,000 20,000 4,000 25,000 5,000 5,000 10,000 5,000 13,519 12,075 89,013 127,375 2022 2021 £ £ 1,335 300 - 3,218 426 360 1,760 3,878
	-	90,774
	Restricted £ - - - -	Unrestricted £ 5,000 1,000 3,000 5,000 5,000 1,000 994 1,000 3,000 2,500 14,000 5,000 - - - - 5,000 4,000 5,000 10,000 5,000 13,519
	-	89,013
	Restricted £ - - -	Unrestricted £ 1,335 - 426
	-	1,760

These unaudited financial statements have been subjected to an independent examination. See report on page 5.

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Surrey Square Charitable Trust

Notes to the financial statements

For the year ended 30th June 2023

4 Creditors: amounts falling due within one year

Accruals Other creditors 5 Analysis of net assets between funds - current year 6 Movement in Funds Restricted Opening balance 1st July 2022 - Income & unrealised gains - Expenses - Closing Balance 30th June 2023 - Current liabilities Investments Current assets	Unrestricted Income Funds 52,021 104,940 (90,774)	2023 £ 1,369 1,110	2022 £ 300
		2,480	300
		2023 £ 1,109,297 68,667 (2,480)	2022 £ 1,062,177 52,321 (300)
		1,175,485	1,114,198
		Unrestricted Capital Funds 1,062,177 -	Total 1,114,198 104,940 (90,774)
-	66,187	1,062,177	1,128,364

7 Unrestricted Funds

Unrestricted Income Fund: Investment income and donations receied for distribution as grants to charitable voluntary organisations Unrestricted Capital Fund: Funds held to provide income for the ongoing activities of the Trust

8 Related party transactions

Payment for the introduction of the independent examiner was made through Blume Ltd, a company of which Alexander Stevenson is a director. The value of the transaction is £1369. Blume Ltd's fee was refunded to Surrey Square Charitable Trust.

9 Trustees' remuneration

None of the trustees received any remuneration of travel expenses in respect of their services during the year (2021: NIL).

These unaudited financial statements have been subjected to an independent examination. See report on page 5.