SURREY SQUARE CHARITABLE TRUST ANNUAL REPORT FOR THE YEAR ENDED 30TH JUNE 2024
THE SURREY SQUARE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30" JUNE 2024 th The Trustees present their annual report and financlal statements of the charity for the year ended 30 June 2024. The financial statements have been prepared in accordance with the charitys Trust Deed. the Charities Act 2011 and Account6n8 and Reporting by Charities, Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with the Financial Reportln8 Stsndard applicable in the UK and Republic of Ireland (FRS102). OBJEcfivES AND ACTIVITIES The Trust has been established to make grants for charitsble 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 maklng the Trustees have given consideratlon to the Charity Commission 8uldance on public benefit. ACHIEVEMENTS ANO PERFORMANCE Investments were managed by the Investment Managers wSth performance belng monltored by the Trustees. Since then. the Trustees have elected to actively manage Investments at their own discretion. The Trust has therefore been able to cont5nue wlth Sts Ernnt-maklng programme. FINANCIAL REVIEW Investment Income totalling £109,458 (2023 £104,940) was recelved. Grants of £22,700 (2023 £89,013) were made to charitable organisations. RESERVES POLICY The trust deed permits the spending of capltal. The Trustees have, however, agreed to retaln the capital for the tfme being and to invest it to produce income to make 8rants. The Trustees are managing the reserves to balance the needs of current and future beneficlarles. It Is not antlclpated that the needs Of beneflclarles wlll dlmlnlsh over tlme. INVESTMENT POLICY AND POWER5 The trustees have the same full and unrestrlcted powers of investment in all respects as if it were the beneflclal 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 Pollcy). The investment policy and strategy are rv4levd with the investment managers at re8ular intervals. The investment objectlve is to maintain, overall, the real value of capital and income. PLANS FOR THE FUTURE The objectlves remain unchanged for the future; the intention is for contlnued Investment manaEement on a conslstent basis and distrlbutfon of income to charitable organisatlons. RISK MANAGEMEKr The main risks to which the charity Is exposed as identified by the Trustees have been considered and systems have been established to mitSgate those rlsks.
REFERENCE AND ADMINsfRATIVE DETAILS OF THE CHARITY th The Trust Was e5tabli5hed by a Trust Deed dated 6 September 1994 and is a reBlStered charity number 1041062 Principle Office: Little Tufton House, 3 Dean Trench Street, London SWIP 8HB Trustees: Alexander Stevenson appointed 6 October 2020 Charles Dennlstoun Stevenson th appointed 6 October 2020 Charlotte Stevenson th appointed 6 October 2020 Henry Dennistoun Stevenson appointed 6 October 2020 Independent Examiner: Keeley Hazelhurst, 11 Shiel Hall Medway, Rosewell, Midlothian, EH24 9EW
THE SURREY SQUARE CHARITABLE TRUSTTRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity's trustees a responslble for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accountin8 Standards {United Kingdom Generally Accepted Accounting Practicel. The law applicable to charitles in England and Wales requires the charlty's trustees to prepare financial statements for each year which glve 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 a required to.. • select suitable accountlng policies and then apply them conslstenily. • observe the methods and principles in the appllcable Charities SORP; • make judgements and estimates that are reasonable and prudent: state whether applicable accountlng standards have been followed, subject to any material departures that must be disclosed and explained in the financlal statements; prepare the flnanclal statements on the going concern basls unless it is inappropriate to presume that the charity will continue in business, The trustees are responsible for keepln8 proper accounting records that dlsclose wlth reasonable accuracy at anv time the financial position of the charity and to enable them to ensure that the linanclal statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responslble for safeguarding the assets of the charity and takin8 reasonable steps for the preventk)n and detection of fraud and other irfe8ularltles. Approved by the Board of Trustees and signed on Its behalf bv Trustee Date
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 30th June 2024. Responslbllltles and basls 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 respert 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 appllcable Directions given by the Charity Commlsslon under sectlon 145(5)(b) of the 2011 Att. I have completed my examination. I confirm that no matters have come to my attention that givlng me cause to believe that in any materlal respect; I, accountlng records were not kept In SPect of the Trust as required by sectlon 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply wlth the appllcable requlrements concernlng the form and content of accounts set out In the Charltles (Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a 'true and falr vlew whlch Is not a matter consldered as part of an Independent examinatlon. I conflrm that there are no other matters to whlch your attentlon should be drawn to enable proper understandlng of the accounts to be reached. Name: Keeley Hazelhurst, JP, ACMA Chartered Institute of Management Accountants Address: Financial Pathways Ltd, 11 Shiel Hall Medway, Rosewell, Mldlothlan EH24 9EW Date: 23th August 2024
srIe¥ Square Charltable Trust Consolldated statement of finandal artl¥ltl•s lincorporating an income and expenditure account) For the year ended 30th June 2024 2023 Total Restricted Unrestricted Total Restrlcted Unrestricted Note Inme from". Investment Income Other Incoff 109,458 1,256 101458 L256 104,940 104,940 Tot41 Incoffle 110,714 IlQ714 104,940 104,940 Expendlture on: Charltsble Pro8r•mr 24,416 24416 90,774 90,774 Total expendlture 24,416 24A ,774 ,774 Net In¢ome l (expendltuie) for the ye 86,298 86.298 14,166 14,166 Net 8alnsll1055e51 on Investments 178,932 178,932 47,120 Net movement In fund5 265,229 61,287 14,166 Recondllatlon of lunds: Totsl lunds brought forward L 175,485 L175,485 L114,198 1,114,198 Tot fvnds wrled lorward 1,440,714 L4ffj,n4 1,175.485 1, 128,364 All of the a bove res ults Jre derl¥ed from continui n8 actItIes. There were no other recoinlsed 8aln$ or losses other than Ihose stated abo¥, Mowèments In lunds are dlsclosed l Tr Note 6 to the fin•ncl•l statements. rhese [MOted finaKial &ffnts he bn SLbi&ted to lndeper#Jt exaniTh3ticm. See repcrt on page &
Surrey Square Charitable Trust Balance sheet Asat 30th June 2024 Note Flx•d assot& Investments 1,221.463 1.109,297 ¥221,463 1,109,297 Curr•nt assets: Debtors Cash at bank and In hènd 68,667 222,301 68,667 Current Ilablllths: Credltors: a mounts fallln8 due wlthln one yea r (3 IfJO) (2,480) Net currenl e15 219.251 66,187 Total net asset$ 1,440,714 1,175.485 Fund• Unrestri cted Income funds Unrestri cted eapital funds Restricted 219.251 66,187 L22L463 1,109,297 Total lunds L440.714 1,175,485 The notes on page5 3 to 6 form part of these accounts. These financlal statements have been prepared i n accordance wlth the provlslons a ppl i ca bl e to companies subjectto thesmall companles, fwme. Approved by thetrustees and signed on thar behalff bv Trustee: Date: rhese unaudlted financial statements have been subjected to an independent examination. See report on page 5
Surre¥S(wrn Charlfable Trwt Notesto ihelln•nd•l $w•m•nts l •¢ounllnspolld•$ •) &sli of pr•par•tlon The financlal statements he been prepared In accordance wbth Accountln8and Reportln8 bycharities.. Statement ol Rèttsrnmended Prxtlce applicable tochafities prepèring theiraccDuntS in accordance wlththe Flnanclal Reportin8 Siandard applluble In the and Republlc ol IrelaThd IFRS 1021. ICharltle$ SORP FRS 1021, the FSnancial Reportln8 Stsndard zppllcable In the UK and Republicof Ireland IFAS 1021 and the Companies Art 2C A5se¢s and liabilities are Inill•lly reco8nised at hIStoCal cost ortran5artlon ¥)lue unlèss otherwlse stated In th2 Televan¢ unlInSp0l1 or ntste. b) Sttutory lfilommtlthi Surrey Square Charitable Trust Is a th¥ltable wmpany limited 8uarantee and is Inttrporated in the Ufilted Kln8dom. The re8lsiered olfl¢e address Is Llitle Tufton House. 3 Oean Trench StreeL London, SWIP 3HB ¢) Publ1¢ beneflt enilty The charitsble company meets the definltloA of a publlc beneflt entlty under FRS 102, dl GoInin¢er In the application of the Charftrfs iccoyntlnK PDllcles, which afe descrfbed In note I, the Twstees are requlred to make ludgements, estlmates and assumptlons aboui the urryln8 amunts of assets and Ilabllltles Ih)t afe not feadily apporent from othersourcès. The estlmes and associated 45surnpllons we based on hlstorl¢al experlence •nd oiherfactoTsth•t are COndered to be relevant. Aciual iesults m•y dllferfrom th•s• •stlm4tts. The ifU$tees have a reasonable expectation that the tharlly h4sadequatt resources to contlnue In opeTaiional existence forthe foreseeable future. Thusthe tTllslees continue ¢0 adow ihe 8oln8c0nrn ba51$ of aceouniin8n PfepJrln8the accounts •) Fund •¢muntl Unreslrfrtedfvnds are consldered Ie $¢The5 and Ire txpedanble at the dlKrellon olthe TNstees In lurthemce ofthe 8•n•rnl obl•ctlv5 of the Trust. fj Inrtyn• Intome Is r•ColSed wh•n th• chaflty h•5 •ritiilement tothe funds. Investmwhts In a¢¢+ydan¢e wlth Statement ol Recommended Prnctlce.. A(Kountlng and R•portlniby Charltles, Investments held as flxed •55ets ale stated al rn•rket vjlue. Reillsed and unreèllsed 8ains and105se$41e deali wlth is movemenis on the C•pltal Fund. Invesimenis a v•lued at th• mbd. market prite on the valuatlon d•t•. h) Intèr•s¢ re¢•lvable Interest on funds held on deposlt Is Included when recelvable and the amount cin b• rn4Jured relknbly by the thariiy,. Ihls 1$ normally upon notlllcailon of the Interest p•ld orptyable by the bank. 11 Exp•ndltw• rntqnltlor• Ralsln8fund5 are the costs assodaiedwlth m•nag•ment of Inv•5tm•nts. Charltable adivltles Include y•nt fyndln& alon8wlttt a$so¢l•ted sllPPOrt and loverrn•n ¢ost$ io th•rll•ble orynlstons. These •re de)It In the Statement of FlnaDcl4 Artlvltleswhen payrnent has been a8reed, Governance cost5 relate to cornpllance wlth const1tlOnaI and 5talutory requlfements, and spedflully Snclude 811 ¢osis Incurred bythe Trust In produ¢ln8 the Annual Report. Llèbllltles are reco8nlsed •s soofft as therels a le6al or con51rucllve obllytlon commlttlngthe charttyio expendlture. 11 C•sh •ndtah gulvalenis Cash and tash Equlvalents indud• ush ITr hind. dep051ts held at oll wlth bank$, oth¢rslHJrt.term liquld l*Yesimeni$wlth iylglanl maturiiles of three months of less and bank overdiafts. kl Grnnts p•yablt Gfanls payable are made to thlrd partit5 In furthewance olthe tharltV'5 objects. Slngle 8fdnts are accounted for when elther the reclplent ha$ • reasonable expe¢tailon that they wlll recelve a drant •nd the tw$tees have a8reed to pay the 6rJnt wlthoul condltlon, orthe reclplent ha5 a reJsonable expectatlon that they wlll rttÈlve a gfani and that anycondlllon attxhln8 tothe 8Trnt Is outslde of the contfol of the rhwity. Provisions lorRfdnts are made when the Intentlon to make • mnt been communlcated to the reclplent but there Is uncertalnty•bout elthèf the 11 Allocatlon of $upportcosts As thè charity caffles out one maln aLtlvltVi the provision of Ar¥itg, •ll support and Rovemance (05ts have bcen allocated to this •ctlvlty. Note 3 Govern(C c0515 are the costs associated wlth the 8overnance orfan8ements of the tharlty. These wstsare assoclaied wlthconstltutlonal and Statutory requlrements and in¢lude any cosis assoclated wSth the 5trote8ic management of the charit¢s actlvltles. ml T•x•don The income ènd 1n$ of the fund are exempt from taxatiofi as thev are 4pplled for charitable purposes oThlv. These unaudited financlal statements have been subjected to an independent examination. See report on page 5.
Surrey Square Charltable Trust Notes to the flnanclal sL*emènts Investments al Quoted 1ThStments VTVanned( Defenslve Fund Bell Adventurous Total Market value as at Istjuly 2023 291.8Ckq 817.481 I.ICB.288 Dlsposal proceeds Acquisition$ Realised gains on investment assets Unreallsed losses18alns on investment assets 43,724 68,199 111,923 Market value at 30th June 2024 335,531 885.680 1.221.211 The Trust holds 72.5%12022 73.6%) of Its flxed asset Investments In VTVanneck DefensSve Fund and 27.5%12022 2&3%1 om VT AJ 8ell Aventurous Fund, both mana8ed by Valu-TracAdmlnlstratlon 5ervlces. At the year end, the Trust held 873 OrdinJry Share5 in a privJte limited company, Rare Recruitment Limited, valued and held at the original c05t of £912021 £91. The cost of obtJlnlng a valuatlon outwel8ht5 the benef it for the purpose of these accounts. Other Investments Recrultment Umlted Carryln8 valu• shar•s at £9 p•r shar• 8, l¢J) Disposal proceeds 27 shares Acqui51tions Reallsed galns on Investment assets Unreallsed losses18alns on Investment assets 66,766 67,i¥J9 Carryingvalue 873 shares at £9 per share 7,857 bl Investment Income VTVanneck Defenslve Fund AJ Bell Adventurous Recrultrnent Umited Total 2024 Dividends Bank interest IL532 89,021 11,5 109.458 rhese unaudlted financial statement5 have been subjected to an independent examination. See report on page 5
Surrey Square Charltable Trust Notes to the Ilhantlal statements Analysls of charftabl• actlvltles (current y•art Restrlrted Unrestrltted 2023 Actlvltles undertaken dlrncdy Grant Fundln8 7L 89,013 Support costs (as detalled b¢low) 1716 &716 24.416 24.416 90,773 GrJnt5 payable Restrlcted Unrestrfrted 2023 Altr and Kliklni Amscordl Ltd Art & Chrlstl•Trllv Or••st Can(4r Now C•mfed kntefn•tlon•l 5,1)00 1,000 3.000 5,000 5,000 1.000 994 Imoo 1,000 Coddenh•M Centre I00 1.000 Frl•nd$ of Asthl•n• UK Frlends of G•lleywood 1,000 3.000 2.500 14,000 5,000 Multl Stor•y %1¢ mu4e418orowi Trst N¢vlll Hott Op•i On• MIUlon Mentor$ 5wllow Th• D•y F•undl Th• Trumell Trust Trekslo(* S00 1.000 5,000 1,000 5,000 1.000 I00 4,000 5.000 10,000 5,000 13.519 Uprlslnl Leadershlp Wrllor$ Sthol•r$ Edtsc•tlonalTIrt Other arw¢s Total 13,700 22,700 13,700 Z2,700 89,013 R•strlct•d Unre5trfrt•d 23 Support Coms Independent Exirnlnatlon Imi nlstratlon LCVS Bank charles iJso 1,350 1.335 366 366 426 1.716 1,716 1,761 io These unaudlted financlal statements have been subjected to an Independent examlnatlon. See report on page 5.
Surrev Square Charftable Trust Notes to the Ilnanclal statements Credttors: amounts falllng due wlthln one year 24 2023 Accrua15 Othercreditors I,iio 2.479 Analysls of net assets between lunds- currentye•r 2023 Investments Current a$5ets Current liabilities 1,221,463 222,301 Iiosoi 1,109,297 68,667 12.4801 l4th).714 L175 485 Movement In Funds Restrfrted Unrestrfrted Unre5trfrt•d ID¢om• Funds Capllal Funds I,WJ,297 178,932 Totil Openlng balance 1st July 2023 Incomè & unreallsed Aalns Éxpenses Closini Balance 30th June 2023 &151485 110,714 124,416 Unr•strl£t•d Fundl Unrestrirted Income Fund.. Investment incorne and donations receied for distribution as Rrants to charltable voluntary orRanisations Unrestricied Capital Fund., Funds held to provld• income for the onqolnR acllvllies of ihe Trust Reloted p•rty trans•rtlon$ Payment forthe Introductlon of the Independent examlner was made thn)u8h Blume Ltd. 8 company of whlch Alexander Stevenson is a di rector. The value of the Iran5actlon15 £1350. Blume Ltd's fee was refunded to Surrey Square Charltable Trust. Trustees, femunernllon None of the trustees received èny MneratIon of travel expenses in respect of thelr seNices duTing the year12023: NIL). li Thocg i inai•Ai+Ad fin3nri>l ¢frafr•m•ntrE haiiA h••n ei IhiArtpd trn inf1•rnntr *vsbminafvnn Q•• nn nanp