ST. KILDA TRUST Charity No.. 1041904 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ST. KILDA TRUST CONTENT8 PAGE Legal and Admlnlstrauve Informallon Report of the Trustees Independent Examlners, Roport Statement of Flnancl&l Aciiviligs Balance Sheet Notes lormlng part of the Flnanclal Slalements 7-10 ST. KILDA TRUST Legal and Administrative Information Trusteès lain MacLeod Esq Richard Pollon Esq Christopher White Esq Prlnclpal Offlce DÈnbles WlnÈ Estate Bradley Lane Dorklng Surrey, RH5 6AA Independant Examlners Moore Klngston Smith LLP Belchworlh House 57-65 ststion Road Redhlll Surrey, RH1 1DL Bankers Bank of Scotland Lloyd$ BankSng Group 75 G80rge Stre81 Edlnburgh, EH2 3EW Sollcltors Irwln MSlchell LLP Belmont Hous8 Slallon Way Crawley Wesl Suss8x, RH10 1JA MS118 and Reeve 24 King Willlam Street London EC4R 9AT Surveyors J.L. McGuffog, FRICS. ACIATb IRRV Turret House 5 R￿Ver Walk Horsham West Sussex RH12 1DU Investment Managers Close Brothers Asso1 Management 10 Crown Pl8C8 London EC2A 4FT Page One ST. KILDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The 1ru8t8es presènt thelr report along with Ihe financial slalements of the charity for the year ended 31 March 2024. Th8 Trustees hav8 adop16d the provlslons of tho Statement of Recommended Praclice applicable to charities preparing Ih8ir accounts in 8ccordance with the Flnanclal Reportlng Standard applicable in the UK and R8publTrc of Ireland. Constltutlon and oblocts Thg Sl. Kilda Trusl was consiltuled ynd8r a DeGlaralion ol Trust daled 1s1 November 1994 as amended by a Supplemental Deed dated 14th November 1994 and a Deed of Varialion dated 1 September 2015. The Trust Is a reglster8d charlly In England and Wales, charlty no.. 1041904. The objects of Ihe charity are lo rel￿ve $lckness and preserve heallh In the Epsom Healthcare Trust Area In any way which the Irus1808 shall deem approprlate IndudSng bul not limlled to: a. The provlslon of accommodallon and amenity tryJilding$ for use of staff and sludents of Ep$om Ge￿ra1 Hospllal,. and b, Th8 purchase, construcllon, extenslon andlor refurblshmont of bulldlng$ for the provlslon of hospllal arvj m8dlGal facllllle5. Th8 charSty works G103ely wllh Epsom and Sl. Hell8r NHS Trust and oth8r local and national charllles. Publlc Bèn$flt We have relerr6d lo the guSdance In the Charlly Commlsslon'8 general guldance on Publlc Ben6fil when rovbwing our 81ms and objectives and In plannlng our future aclivilies. In partlcutar, th8 Tru8t88s consldar how planned acllvllles will conlrlbule to tho alms and oblecllves they have set. Organl8atlon laln MacL8od, Rlchard Potlon, and Chrlstopher While (Chair), were the trusl?e8 of the charity as at 31 March 2024. Futur8 trusteès are 8ppoin18d by a re8olullon of the truste68 passed 81 a Speclal meetlng. A¢hl¢vemenfs and performanc• The prevlously exchanged condlllonal contract for the sale and leasoback of the propety remalns, ￿th the lease lo b8 completed pursuant lo tho contract once development works have been compl8ted by the developer who acqulres the properly, The Sale of the property will result in Increased reserves for the charity. Overall, with Ils hoallhy18v8ls of re58N88. lh8 charily Is well-placed lo wlthsland any dedlne In Income and to Gontlnue Ils charitable actlvlllgs for the foreseeable fulure. Flnanclal Ravlow and Reserves Pollcy The charlty's Incom8 Increased Ihls year lo £130.28812023.' £121.251). Afler oporallng expenditure and unrealis8d Inv6slmenl galns, the charltls nel expondilure for th8 yfjar wa5 £253 (2023.. net income of £5,905). At year end, rese￿8$ were £5,019,41212023.' £5,004,593). Reserves compri¥e £5,017,901 unreslricled funds and £1,511 deslgnaled lunds. A signilicanl part ol the unreslrlcled réserves is represented by Ihe freehold propety of £3,558,156 {2023'. £3,652,341). Thg Truslegs continued WO￿ during Ihe year progres3lng the reAevelopmenl project wtlh the developer and tenant for Ihe future benefit of the Trust and Ihe lenanl. Tho Truslee8 actively conslder ways In which the Trust's regerves may be used. In accordance wilh the Trust'5 obj8cls. the Trustees wlll.'_ 1. Conllnue lo build up reseNes to enable the Trust to lake opportunities to conlrlbute to lh8 long lerm suslainabilily of tha provislon of heallh servlces wllhln the Epsom Healthca￿ Area. 2. Pay out such sums from the reseryes a5 are appropriato (or specific proiecls, Paga Two ST. KILDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees, rèsponslbllltles In relatlon to the tlnanGlal 5t8tements The Trustees are responsible for preparing the Truste8s' Report and Ihe flnanclal statements in accordance wllh applicable law and United Kingdom Accounting Standards (Unlted Klngdom Generally Accepl8d Accountlng Practice) Includlng FRS 102 'The Flnanrlal Reportlng Standard applicable In Ihe UK and RepLEbllc of IrelarKI '. Tho law applicable to charSlles In England and Walos requires Ihe twstees to prepare financial 8lalements for 88ch flnancial year whSch glve a tnje and lair vi8w of Ihe slale of the affairs of Ihe charlly and of the Incomlng resources and appllGalltsn of resources of the charity for that perlod. In preparlng these financial slatemenls, Ihe Iruslees are requlred lo,. select sullablo accountlng pollcles and Ihen apply them conslstenlly, comply with appllcable accounting standards. Includlng FRS 102.sublecl lo any material departures disclo$od and explalned In the financial slalemenls: * state whether a Slalemenl of Recommended Pr8clic8 {SORP) appl188 and has been followed, sublecl to any malerSal departures which are 8xplained In the Inancial slalement8 make ludgaments and eslimal6s Ihal are reason8ble and ptudenl., prepare the flnancial stalemenls on the golng concern basls unles8 It Is Inapproprlate to presume that tho ¢harlly wlll conllnua In buslness. Th8 trustees are responsible for keeping proper accounlin9 records that disclose wilh reasonable accuracy al any lime the flnanclal posltion of the charlly and enable them lo ensure that Ihe financial statements comply wllh the Charllles Act 2011 and the Charlty (Accounts and Reports) Regulations 2008 and the provlsions of Ihe Trust deed. They ara also Tesponslble for safeguardlng the ass8ls of the charity and hence for laklng r8880nable steps for the prevention and d616ctlon of fraud and other Irregularltles. Th6 truste8s are responsSble foi th8 malnl6nan¢e and Integrfty of the corporate and financlal Infomiallon Included on the charltrfs webslle. L8gislallon In the United Kingdom govemlng the preparation arKI dls8emlnatlon of financlal 8talemonls may 0Sffer from legisl8lion In olher lurlsdlcllons. Indepgndent oxamlner¥ Moore Klngslon Smith LLP have Sndlcaled their wtlllngness lo continuo In office and11 Is proposed that they be ro-appoSnled Independent examlners for the ensulng year. Approvod by the Iruslees on 12 .1 .2 2 F Chrl$topher Whlt•, Chalrman and signed on Ihelr behalf by.. Page Three Independent Examiner's Report to the Trustees of ST. KILDA TRUST I reporl lo the charlty trustees on my examination of the accounts of th& Charity for the year end8d 31 March 2024. Responsibilitles of Trustees and Examiner Tho GhaTIIy's Irusle9s are r8sponsible for th8 preparation of th8 accounts in accordance wllh the requir8m8nls of th6 Charities Act 2011 I'lhe 2011 A¢l'l. I report In re3pect of my examinatlon of the charivs accounts carried out under the Acl utmler secllon 145. In carrylng out my @xamlnalion I have follow8d the Directions given by the Charity Commlsslon under 5e¢llon 14515) (b) of the Acl, Independent Examlnees Statement I have Gompleled my examinatlon. l Gonfirm that no mallers have come to my allenllon In connecllon wllh the oxaminallon glvSng me cause lo bellevè.. accounllng racords were not kepl In ¥e3pecl of the Trust as r8quired by secllon 130 of the A¢l,' or 2) 3) the accounts do not accord wllh those records., or the accounts do not comply wilh the applicabl& requlremenls concernlng the form and cont8nl of accounts set out In the Charltl6s IAc¢ounls and Reports) Regulallons 2008 other than any r6qulremenl that Ihe accounts glve a liu8 and fair view which Is not a maller consldered as parl of an Independent examln8110n. I havè no concerns and have come across no other matters In connection wllh the examlnatSon lo whlch allenlion should be drawn In this report in order lo enable a proper und8rslandlng of the accounts to be r88ch8d. 12 December 2024 lan Matthews FCA Moore Klngston Smlth LLP Charler8d Accountants Dale.. Belchworlh Hous8 57-65 Slatlon Road R8dhlll Surrgy RH11DL Page Four ST. KILDA TRUST Statement of Financial Activities For the Year Ended 31st March 2024 Notes 2024 2023 INCOME Investment Incom8 Income from managed fund Bank Interest 24,126 19.277 1,974 21.251 30,268 Charltabl& *ctlvltles Rental Income 100,000 100,000 ioo,000 Total Operatlng In¢omo 130,268 121,251 EXPENDITURE Charltablo actlvltles 130,521 115,346 Total Operatlng Expendlture 130,521 115,346 Net (expendlture)1Sn¢ome bèfore galn8lllos$as} on Investments 1253) 5.905 Unreallsed falr valu8 gainsllloss8s) on Inve3tmenl8 15,072 165,497) N•t l•xpondltur•lllncom• 14.819 59.592 Total funds brought forward al 1 sl Aprl 2023 5.004 593 5064 185 Total funds carrled forward al 31st March 2024 5 019412 5,004,593 The abov6 funds are unreslrlGted funds. Page FIVB ST. KILDA TRUST Balance Sheet as at 31st March 2024 2024 2023 Note Flxed Assets Tanglbl6 Flxed Assets Investmen15 3,558,156 910,177 4.468.333 3,652,341 878,361 4,530,702 Current Assels Debtors Inveslm8nls Cash al Bank 208 250,219 335,206 585,633 179 504,312 504.491 Llabllltles Credllors.. Amounts falllng due within one year 34,554) 30,600 N8t Currènt Assots 551.079 473,891 Total Net Assèts 5,019,412 5,004,593 Total Funds Unreslrlcled gen6ral funds Unreslrlcl&d Deslgnated 5,017,901 1,511 9,412 5,002,768 1,825 5,004,593 Aulhorlsed and approved by the Board of Trus18es on and slgned on It8 behalf by Chflslopher Whlle Chrlstopher Whlte, Chalrrnan Page Six ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2024 Accountlng Pollcles {a) Accountlng conventlon The flnanclal statements have been prepared in accordanc& with the Financial Reportlng Standard appllcable In the UK and RepubllG of Ireland (FRS 1021. The charity is a publiG benefit enlily for the purposes of FRS 102 and a reglstered charity and th8refore has also prepared its flnancial slaloments in accordance with the Statement of Recommended Practlce applicable lo oharltles preparSng Ihelr accounts in accordance wilh the Financial R8POrting Standard applicable in tho UK and Republlc of Ireland {The FRS 102 Charltles SORPI and Charllles Act 2011. The financial statements are prepared In slerfing, ￿lch is the functional currency of the charlly. Monetary amounts in the financial statements are rounded lo th8 nearest pound. (b) Tanglble flxed assèts and deprèclallon Freehold land and buildlngs are slated al Ihelr deemed cosl belng the valuatlon at the date of Iransltlon lo FRS 102. Thg charity previously adopt8d a policy of depreciating freehold buildings and they were 8IBled at cost less dèpr6clatlon. The char61y has adopted the transition exempllon under FRS 102 and has elected lo revalue freehold land and buildlngs at 1 Apfll 2014 and us8 th18 Valuallon as deemed Cost, D6preciallon on Ilxed assets Is p￿VIded at rat8s estimated lo write off costs,1oss estlmaled r6sldual value of each asset over Its expected us6lul1118, as follows: Freehold Land Freehold BuSldSngs Slralght Ilna over 35 years FIx8d assèt Invostments Inveslmenls are inillally recognlsed al thelr tran$a¢llon valu8 and sub8equenlly remeasured al Ihelr falr value al the balance sheet date. Th& Slalemenl of Flnanclal Acllvltl89 inGlude5 lh8 nel fair value galns on revaluallon al Ihe year end. {d) Incomlng resources I Incomlng r8sources are Induded In the slalement of flnanclal activitles when lh8 chadly Is enlSlled to the Sncome. (8) Resourc•$ •xpènd•d Expendlture Is Included on an accruals b881s. Resour¢85 expended includ88 all expendllure on acllvltles in furtherance of the chaTIty's objects, expendlture on costs Incurred in support of th8 chari18ble acllvltl88 undgrtaken by the charlty and expenditure relating to meeling lh& slalulory requlrements of th8 charlty. crftlcal A¢¢ountlng Estlmates and Areas of Judgomont In preparing the financial slalements il is necessary lo make ceriain ludgomenls, 8slimales and assumpllons that affect the amounls recognised in th& financial slalements. The followlng ludgèm8nls and eslimales are considered by Ihe trustees lo have the most slgnificant effect on amovnls reGogni3ed in the flnanclal slalements. to the incorne. Fr8ohold Property As explained in note (bl. Ihe freehold prop8rty was revalued at 1 Aprll 2014 10 £4,500.000. No 58parale value can be allribuled to the land element of this value. The 1ru818gs have g$limated that land accounts for 27 A of tho £4.500.000 and no deprgGlalk)n has been charged on thls element. Depreclation pollcy As at l April 2014, the Iiusleès estimaled thè remaining u80ful economic Ilfe of th8 fre&hold propérty lo be 35 years. Page Seven ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2024 Accountlng Pollcles {contlnued) Ig) Flnanclal Instrumtrnts Financial instruments receivable or payable within on8 year of the reporting date are carried al Ihelr Irav)safjllon price, Cash and cash equivalents are basic financtal asse18 and Include Cash In hand. deposits held at call ￿￿th bankg, Othèr short-term liquid Invesfments with origlnal maturit￿5 of three monlh$ or legs. (h) Cash Flow Statement The charlly has laken Ihe exempllon avallable In paragraph 7.1 B of FRS102 and has not prepared a cash flow slalemenl. Charltablè actlvltlès 2024 2023 Cost of provislon of accommodalk)n: Depreclatlon R8ch8rg8d Insurance Notg 3 94,185 94.185 Other expendllure.. Audlt fees Indopendent Examlnalion faes Legal and profe8sional fees Tru$le& Ind8mnlty insurance Bank charges Investment manag8ment fees Grants 3,780 9,965 590 217 7,470 4,8(10 2,009 494 221 6.287 130,521 115346 Analys18 of Grants: Suir8y County Council - Green Social Pres¢rlbSng Project Th8 Molor Neurone Dlsease Assoclallon Surrey & Borders NHS Foundallon Trust 5,000 2,350 314 7,350 No ITuslees recelved any remuneration lor their services as Iruslees durlng Ihe year or were reimbur8ed for exp¥ndllure. The charlty has no employees and ihe truslees are the key management personnel, Tanglble Flxed Assets 2024 Freehold Propety Deemed cost at 1st Aprll 2023 and at 3181 March 2024 4,500,000 DèprgGlatlon Al 1 $1 April 2023 Charge for the year 847,659 94,185 At 3181 March 2024 941,844 Not Book Value At 31sl March 2024 3 558.156 Al 31st March 2023 3,652 341 In August 2019, an Indepèndent valualion of the propety was obtalned and this valued the property al £5.085m on an oxlsling use basis. Page Eight ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2024 4. Investmenls 2024 2023 Falr value at 1 April 2023 878,361 930,766 Inveslmenl Incomo added to managed funds 24,126 19,277 Management fees deducted from managed funds {7,382} (6.185) Unrealised falr value galnsl{10888s) on Investments 65,497 Falr valu& al 31 March 2024 910 177 878 361 Cosh held wilhin portfollos Lisled Inveslments 23,924 886 253 30,633 910 177 The hlslorlc cost of the Investment portfoliols £852,476 {2023: £892.066). 5. Debtors 2024 2023 Pr8paym8nls and accrued Income 208 179 208 179 6. Current asset Inveslm4nt• 024 2023 Other Snveslmenls 250.219 250.219 Other Investmenls repr&senl amounls Invested In short larm deposlls fhal have an original maturlty dale of more than 90 days. The interest rale is 4%. 7. Credltor8: Amounts falllng due wlthln one year 2024 2023 Trade creditors Accrued expenses Deforred Income 1,109 6,414 11,477 Pag8 Nine ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2024 8. Funds Falr Value Galnsl Losses Incomln Resources Out oln Rèsourcès 31 March 2024 2023 Transfers Unreslrlcled Funds Deslgnated Funds 5,002,768 1,825 593 130,268 130.268 {130,207) 314 130.521 15,072 5,017,901 1,511 12 Unr8Strlcl8d funds comprise those funds which the Iruslee+s are free io use In accordance wlth the charilable objects. Deslgnaled funds comprlse those funds set aside by the ITusle8s for us8 by Ihe East Surrey branch of the Motor Neuron8 Disease charity whlch ar6 lo be used on a cas8 by cage basls lo fund quallty of Ilfe requesls. 9. Related party transacllons Durlng the year the charity entered Into a seDAce agreement with Denbles Wine Estate Ltd of whom two tru8lees are dlrectors, lo provlde accounllng and 8dmlnlslratlv8 functlons for the charlly whlch they are charglng al cost. The servica agreement and all involces are approved by an independgnt Trustee. Three external quote5 W8re re¢elved bul Ihls was the lowesl cost of them all, Ihe costs lolalled £7.620 for the year ended 31 March 2024, Page Ten