Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## VANNECK CHARITABLE TRUST
## ANNUAL REPORT
FOR THE YEAR ENDED 30[TH] JUNE 2025
Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **THE VANNECK CHARITABLE TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 30[TH] JUNE 2025**
The Trustees present their annual report and financial statements of the charity for the year ended 30[th] June 2024. 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.
## **NAME**
The charity changed its name in October 2024 to Vanneck Charitable Trust. Previously Surrey Square Charitable Trust.
## **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 £104,579 (2024 £109,458) was received. Grants of £210,360 (2024 £22,700) were made to charitable organisations and individuals.
## **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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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **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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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **THE VANNECK CHARITABLE TRUST TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 30TH JUNE 2025**
## **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 Alexander Stevenson Date 9/11/2025
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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Independent Examiner’s Report to the Trustees of Vanneck 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[th] June 2025.
## **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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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: Financial Pathways Ltd, 11 Shiel Hall Medway, Rosewell, Midlothian EH24 9EW Date: 4[th] August 2025
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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Vanneck Charitable Trust**
**Consolidated statement of financial activities** (incorporating an income and expenditure account)
## **For the year ended 30th June 2025**
**----- Start of picture text -----**
2025 2024
Restricted Unrestricted Total Restricted Unrestricted Total
Note £ £ £ £ £ £
Income from:
Donations 31,401 31,401
Investment Income - 104,579 104,579 - 109,458 109,458
Other Income 1,817 1,817 1,256 1,256
Total income 2 - 137,797 137,797 - 110,714 110,714
Expenditure on:
Charitable Programmes 3 - 194,887 194,887 - 24,416 24,416
- -
Total expenditure 194,887 194,887 24,416 24,416
Net income / (expenditure) for
the year - - 57,090 - 57,090 - 86,298 86,298
Net gains/(losses) on investments 2 - 48,745 48,745 - 178,932 178,932
Net movement in funds - - 8,345 - 8,345 - 265,229 265,229
Reconciliation of funds:
- -
Total funds brought forward 1,440,714 1,440,714 1,175,485 1,175,485
Total funds carried forward 6 - 1,432,369 1,432,369 - 1,440,714 1,440,714
**----- End of picture text -----**
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.
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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Vanneck Charitable Trust**
## **Balance sheet**
## **As at 30th June 2025**
|Note
**Fixed assets:**
2
Investments|**2025**
**2024**
£
£
**1,426,703**
1,221,463|
|---|---|
|**Current assets:**
Cash at bank and in hand
Debtors|**1,426,703**
1,221,463
**-**
2,149
**22,266**
220,151|
|**Current liabilities:**
4
Creditors: amounts falling due within one year|22,266
222,301
**(16,600)**
(3,050)|
|**Net current assets**|**5,666**
219,251|
|**Total net assets**|**1,432,369**
1,440,714|
|5
5
Restricted
**Funds**
Unrestricted income funds
Unrestricted capital funds|**5,666**
219,251
**1,426,703**
1,221,463
**-**
-|
|**Total funds**|**1,432,369**
1,440,714|
The notes on pages 3 to 6 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: Alexander Stevenson Date: 9/11/2025
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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Vanneck Charitable Trust**
## **Notes to the financial statements**
**For the year ended 30th June 2025**
## **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**
Vanneck Charitable Trust (formerly 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.
## **j) 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.
## **k) 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 either the timing of the
## **l) 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. Note 3 includes details of all 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.
## **m) Taxation**
The income and gains of the fund are exempt from taxation as they are applied for charitable purposes only.
1
Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Vanneck Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 30th June 2025**
- 2 **Investments**
- a) **Quoted Investments**
|**Market value as at 1st July 2024**
Disposal proceeds
Acquisitions
Realised gains on investment assets
Unrealised losses/gains on investment assets
Market value at 30th June 2025|**AJ Bell**
**Adventurous**
335,531
**- 354,511**
6,748
12,232
-|**VT Vanneck**
**Defensive Fund**
885,679
**150,000**
36,513
1,072,192|**VT Vanneck**
**Equity Fund**
**354,511**
354,511|**Total**
1,221,210
354,511
-
504,511
6,748
48,745
1,426,703|
|---|---|---|---|---|
The Trust holds 72.5% (2022 73.6%) of its fixed asset investments in VT Vanneck Defensive Fund and 27.5% (2022 26.3%) om VT AJ Bell Aventurous Fund, both managed by Valu-Trac Administration Services.
At the year end, the Trust held 873 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.
|**Other investments**
**Carrying value 873 shares at £9 per share**
Disposal proceeds
Acquisitions
Realised gains on investment assets
Unrealised losses/gains on investment assets
Carrying value 873 shares at £9 per share
**Investment Income**
**Dividends**
AJ Bell Adventurous
VT Vanneck Defensive Fund
VT Vanneck Equity Fund
Rare Recruitment Limited
**Total Dividend Income**
Bank Interest
**Total Investment Income**|**Rare**
**Recruitment**
**Limited**
7,857
**-**
-
**-**
-
7,857
**2025**
6,748
24,430
73,402
104,579
1817
106,396|**2024**
8,906
11,532
89,021
109,459
1177
110,636|
|---|---|---|
- b) **Investment Income**
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Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Vanneck Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 30th June 2025**
|**3**
**Activities undertaken directly**
**Grant Funding**
**Support costs (as detailed below)**
**Grants payable**
**Apex 2100 Foundation**
**Art & Christianity**
**Britten Pears Arts**
**Coddenham Centre**
**Crowfield Church**
**Day One Trauma**
**Joseph Abrahams**
**LMM**
**Music as Therapy**
**One Million Mentors**
**Oxford University Migration**
**Rosetrees Charity**
**Sayiesha Palmer**
**Swallow**
**St Edmundsbury Cathedral**
**The Day Foundation**
**The Trussell Trust**
**The Tate**
**UCL Neurology Dept**
**Other grants under £1000**
**Total**
**Support Costs**
Independent Examination
Administration costs
Bank charges
**Analysis of charitable activities (current year)**|**Restricted**
**£**
**-**
**-**
**-**
**Restricted**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Restricted**
**£**
**-**
**-**
**-**
**-**|**Unrestricted**
**£**
**190,360**
**4,526**
**194,886**
**Unrestricted**
**£**
**5,000**
**75,000**
**1,000**
**2,000**
**2,000**
**5,000**
**10,000**
**5,000**
**6,000**
**1,000**
**2,500**
**5,000**
**25,000**
**15,000**
**30,860**
**190,360**
**Unrestricted**
**£**
**1,350**
**2,628**
**549**
**4,526**|**2025**
**£**
**190,360**
**4,526**
**194,886**
**2024**
**£**
**5,000**
**-**
**75,000**
**-**
**1,000**
**2,000**
**2,000**
**5,000**
**10,000**
**-**
**5,000**
**6,000**
**1,000**
**-**
**2,500**
**5,000**
**-**
**25,000**
**15,000**
**30,860**
**190,360**
**2024**
**£**
**1,350**
**2,628**
**549**
**4,526**|2024
£
22,700
1,613
24,313
2024
£
1,000
1,000
5,000
1,000
-
1,000
13,700
22,700
**2024**
£
1,065
-
549
1,613|
|---|---|---|---|---|
1
Docusign Envelope ID: 4296DC4E-26D0-47A8-AA30-45ADEA373F04
## **Vanneck Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 30th June 2025**
## **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 2024
-
Income and Unrealised gains
-
Expenses
-
Closing Balance 30th June 2023
-
Current liabilities
Investments
Current assets|**Unrestricted**
**Income Funds**
**152,485**
**137,797**
**(194,887)**
**95,395**|**2025**
**£**
**1,350**
**15,250**
**16,600**
**2025**
**£**
**1,426,703**
**22,266**
**(16,600)**
**1,432,369**
**Unrestricted**
**Capital Funds**
**1,288,229**
**48,745**
**-**
**1,336,974**|2024
£
1,350
1,700
3,050
2024
£
1,221,463
222,301
(3,050)
**1,440,714**
**Total**
**1,440,714**
**186,542**
**(194,887)**
**1,432,369**|
|---|---|---|---|
## **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 £1350. Blume Ltd's fee was donated to Vanneck Charitable Trust.
## **9 Trustees' remuneration**
None of the trustees received any remuneration of travel expenses in respect of their services during the year (2023: NIL).
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