ST. KILDA TRUST Charity No.. 1041904 REPORT AND FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31ST MARCH 2025
ST. KILDA TRUST CONTENTS PAGE Legal and Administrative Information Report of the Trustees Independent Examiners, Report Statement of Financial Activth'es Balan Sheet Notes fomiing part of the Financial Statements 7-10
ST. KILDA TRUST Legal and Administrative Infomiation Trustees lain MacLeod Esq Richard Pclton Esq Chiistopher White Esq Principal Office Denbies Wirje Estate Bradley Lane Dorking Surrey, RH5 6AA Independent Examiners Moore Kingston Smith LLP 8etchworth House 57-65 Station Road Redhill Surrey, RH11DL Bankers Bank of Scotland Lloyds Banking Group 75 George Street Edinburgh. EH2 3EW Solicitors Irwin Mitchell LLP Manor Royal Crawley West Sussex. RH10 9LU Survèyors Stiles Harold Williams Partnership LLP Lees House 21-33 Dyke Road Brighton East Sussex BN13FE Inveslment Managers TrifjilyBridge 3rd Floor, 1 Old Market Avenue Chichester West Sussex, P019 1SP Page One
ST. KILDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Iwstees present their report along with ts ffinancial statements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of the Ststemerrt of Recommended Practice applicable to charities preparing their accounts in accordants wlh the Financial Rewrting Standard applicable in the UK and Republic of Ireland. Constitution and objects Th8 St. Kilda Trust was conslitLrted under a Declaration of Trust dated 1st November 1994 as amended by Supplemental Deed dated 14th November 1994 aFMJ a Deed of Vanation dated 1 September 2015. The Trust is a registered charity in England and Wales. charity no: 1tH1904. The objects of the charity are lo relieve ssckness and weservè heafth in the Epsom Healthcare Trust Area in any way which the trustees shall deern appropriate induding bul not limited to: a. The provision of accommodation and amenity buildings for use of staff and students of Epsom General Hospital. and b. The purchase, construction. extension andlor iefurbishment of buildings for the provision of hospital and medical facilities. The charity works dosely with Epsom and St. Heller NHS Trust and other local and national charities. Public Benefit We have referred to the guidan in the Charity Cornmission's general guidan on Public Benefft when reviewing our aims and objectives and in planning our future adivities. In partiClar. the Trustees consider how planned activities will contribute to the aims and objectives they have sel. Organisation lain MacLeod. Richard Potton. and ChTislopher White (Chair). were the trustees of the charty as at 31 March 2025. Future trustees are appointed by a resolulion of the trustees passed at a special meeting. Achievements and perforniance The previously exchanged conditional ntract for the sale and leaseback of the property Mains. with the lease to be completed pursuant to the contrad once development works have been completed by the developer who acquires the property. Th8 sale of the property viill result in inueased reserves for Ihe Chlty. Overall, with its healthy levels of reserves, the charity is well-placed to withsland any dedine in income and to continue its charitable aclivities for the foreseeable fijture. Financial Revlew and ResaNes Policy The charity's income increased this year to £141.959 (2024= £130,268). After operating expenditure and unrealised inveslmenl gains, the charitys net expenditure for the year was £2,687 (2024.. net expenditure of £253). At year end, reserves were £5,013,95312024.' £5.019.412). Reserves comprise £5.008,(K7 unrestricted funds and £5,886 designated funds. A significant part of the unrestricted reseNes is represented by Ihe freehold propety of £3.463.971 {2024'. £3,588.156). The Trustees continued work during the year progressing the redevelopment project wTrth the devdoper and tenant for the futur8 benefit of the Trust and the tenant. The Tnjstees aclively consider way5 in which the Trust's r8setves may be used. In accordan with the Trust's objects, the Trustees will:. 1. Continue to build up res8Nes to enable the Trust to take opportunities to contribule lo the long tem sustainability of the provision of health services within the Eps(xn Healthcare Area: 2. Pay out such sums from the reserves as are appropriate for specific projects. Page Two
ST. KILDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees, responsibilities In relation to the financial statements The Trustées are responsible for preparing the Trustees. Report and the financial statement5 in acxordance wtlh applicable law and United Kingdom Accountmig Standards {Uniled Kingdom Generally Accepted Accounting Practice) including FRS 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland '. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year vthich give a true and fair view of the state of the affairs of the chaiity and of Ihe incoming resources and application of resources of the charity for that period. In preparing these financial slatements, Ihe ttustees are required to.. select suitable accounting policies and then apF4y them consistently,. comply wth applicable accounting standards. induding FRS 102.subject to any material departures disclosed and explained in the financ4al statements., state whether a Statement of Recommended Practice (SORP) appSies and has been followed, subjed to any material departures which are Èxplained in the financial statements make judgements and estimates that are reasonable and pnjdent" prepare the financial statements on the going COnM basis unless it is inappropriate to presume that the charity will continue in busine5S. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure Ihat the ffinancial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the chatity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities_ The trustees are responsible for Ihe maintenance and integFity of the corporate and ffinanoal information included on the charity's website Legislation in the United Kingdom goveming the preparation and disseminalion of financial statements may differ from legislation in other jurisdictions. Independent examiners Moore Kingslon Smith LLP have indicated their wAlingnes5 to conts'nue in office and it is proposed that they be r&appointed independent examiners for the ensuing year. Approved by the trustees on lo /,.fvs and signed on their behaff by.. Christopher White, Chairnian Page Three
Independent Examiner's Report to the Trustees of ST. KILDA TRUST I report to the charity Irustees on my examination of Ihe accounts of the Charity for the year ended 31 March 2025. Responsibllities of Trustses and Examlner The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charilies Act 2011 (The 2011 Art) I report in respect of my examination of the charity's accounts carried out under the Act under section 145. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5) (b) of the Ad. Ind8pendent Exarninerfs Staternent I have completed my examination. I confirm that no matters have come to my attention in conneclion with the examination giving me cause to believe- 1} 2) 3) accounting records were not kept in SpeCt of the Trust as required by section 130 of the Act" or the accounts do not xcord wtth those cords. or the accounts do not comply with the applicable requirements conceming the fom and content of accounts sel out in the Charitses (Accwnts and Reports) Regulats'ons 2008 other than any requirement Ihat the accounts give a true and fair view which is not a matter (xjnsidered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 1011112025 lan Matthews FCA Moore Kingston Smith LLP Chartered Accountants Date". Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL Page Four
ST. KILDA TRUST Statement of Financial Activities For the Year Ended 31st March 2025 Notes 2025 2024 INCOME Investment income Incorne from managed fund Bank interest 26.538 15,421 41,959 24,126 6,142 30,268 Charitable activities Rentsl income 100.000 100.000 100,000 100,000 Total Operating Income 141.959 130,268 EXPENDITURE Charitable actlvltles 144.646 130,521 Total Operating Expenditure 144.646 130,521 Net lexpenditurellincome before gainsluosses) on invesknents (2.68n (253) UnrealisÈd fair valua gainsl(losses) on irwestments (2.772) 15,072 Net lexpenditure}fincome (5,459) 14,819 Total funds brought forward at 1 st April 2024 5,019.412 5.004,593 Total funds carried forward at 31 st March 2025 5.013.953 5,019,412 The abovè funds are unrestricted funds. Page Five
ST. KILDA TRUST Balance Sheet as at 31st March 2025 2025 2024 Fixed Assets Tangible Fixed Assets Investments 3,463.971 927.115 4.391.086 3,558.156 910.177 4,468.333 Current Assets Debtors Investments Cash at Bank 211 259.954 396,023 656,188 250.219 335,206 585,633 Llabilities Creditors.. Amounts falling due within one year 33.320 34,554) Net Current Assets 622.868 551.079 Total Net Assets 5.013.953 5.019,412 Total Funds Unrèstricted general funds Unrestricted Designated 5,008.067 5.886 5.013.953 5.017,901 1.511 5.01g.412 Authorised and approved by the Board of Trustees on l oli¥ and signed on its behalf by Christopher White hristopher Whlte. Chaimian Page Six
ST. KILDA TRUST Notes fomiing part of the Financial Statements For the Year Ended 31st March 2025 Accounting Pollcies (a) Accounting convention The finanaal statements have been prepared in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) The charity is a public beneffii entity for the putposes of FRS 102 and a registered charity and therefore has also prepared its finanraal staternenls in accordance wth the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finanual Reporting Standard applicable In the UK and Republic of Ireland fflie FRS 102 Charities SORP) and Charities Act 2011. The financial statements are prepared in slerfing. which is the functional currency of the charity Monetsry amounts in the fjnancial statements are rounded to the nearest pound. (b) Tangible fixed assets and depreciation Freehold land and buildings are stated at their deemed cL)st being the valuation at the dats of transition to FRS 102. The charity previously adopted a poliw of depreciating freehold buildings and they were stated at cost less depreciation. The charity has adopted the transilion exemption under FRS 102 and has elected to revalue freehold land and buildifigs at 1 April 2014 and use this valuation as deemed cost. Depreciation on fixed assets is provided at rates estimated to vKite off costs, less estimated residual value of each asset over its expected usefijl life, as follows.. Freehold Land Freehold Buildings Straight line over 35 years (c) Fixèd asset investments Investments are initially recognised at their transaction value and subsequently remeasured at their fair value at the balance sheet dale. The Statement of Finanoal Activtties includes the net fair value gains on revaluation at the year end. Id) Incoming resources All incoming resources a included in the statement of financial activities when Ihe charity is entitled to the income. (e) Resources expended Expenditure is included on an accnjals basis. Resources expended indudes all 8xpendtlure on activities in fiJrtheran¢e of the charity's objects, expenditure on costs incurred in support of the charitable activities undertaken by the charity and expenditure relating to meeting the statutory requirements of the charity. ifj Critical Accounting Estimates and Areas of Judgement In preparing the financial statements tt is necessary to make cErtain judgements, estimates and assumptions that affect the amounts recognised in the financial stalernents The following judgernents and estimates are considered by the trustees to have the most significant effect on amounls recognised in the financial statements. to the income. Freehold Property As explained in note {b). the freehold property was revalued al 1 April 2014 to £4,500,000. No separate value can be attributed to the land element of this value. The trustees have estimated that land accounts for 27 % of the £4.500.000 and no depreciaton has been charged on this elernent. Depreciation policy As at 1 April 2014. the trustees estimated the remaining useful economic life of the freehold property to be 35 years. Page Seven
ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2025 Accounting Policies (continued Ig) Financial instruments Financial instruments receivable or payable within one year of the reporting date are carried at their transaction price. Cash and cash equivalents are basic financial assets and indude cash in hand, deposits held at call with banks. other short-temi liwid investments vriih original maturities of three months or less. {h) Cash Flow Ststement The charity has taken the exemption &iailable in paragraph 7.1B of FRS102 and has not prepared a cash flow statement. Charitable actlvltles 2025 2024 Cost of provision of accommodation: Depreciation Red78rged insurance Note 3 94.185 94.185 Other expenditure: Independent Examination fees Legal and professional fees Trustee indemnty insurance Bank charges Investment management fees Grants 4.500 7,660 3.780 9.965 590 217 7.470 14.314 170 6,862 30,625 144,646 130,521 Analysis of Grants". The Molor Neurone Disease Association Amber Bee Emerge Advocacy Suffey & Borders NHS Foundation Trust 625 2,000 14,000 14,000 30,625 314 14,000 14,314 No trustees received any remuneration for their services as trustees during the year or were reimbursed for expenditure. The charity has no employees and the trustees are the key management personnel. Tangible Flxed Assets 2025 Freehold Property Deemed cost at 1st April 2024 and at 31 sl March 2025 4,500,000 Depreciation At 1st April 2024 Charge for the year 941.844 94.185 At 31 st March 2024 1.036.029 Net Book Value At 31 st March 2025 3,463.971 At 31st Marth 2024 3,558.156 In August 2019. an independent valuation of the property was obtained and this valued the property at £5_085m on an existing use basis. Page Eight
ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2025 4. Inve8tment8 2025 2024 Fair value at 1 April 2024 910,177 878.361 Inveslment income added to managed funds 26,538 24.126 Management fees deducted from managed fijnds (6,828) (7.382) Unall5ed fair value gainslllosses) cffl inveslments (2,772) 15.072 Fair value at 31 Marth 2025 927.115 910,177 Cash held within porttolios Listed investments 21,922 905.193 23.924 886,253 927.115 910,177 The histori¢ cost of the investrnent portk)lio is £852.476 (2024: £852.476). 5. Debtors 2025 2024 Prepayments and accJued inccKne 211 208 211 208 6. Current asset invesbnonts 2025 2024 Qlher investments 259,954 250.219 259,954 250,219 Other investments represent amounts invested in short term deposits Ihat have an original maturrty date of more than 90 days. The interest rate is 3.460/0. 7. Creditovts: Amounts falling due wlthin one year 2025 2024 Trade creditors Accrued expenses Deferred Income 10.243 23.077 11.477 23.077 33,320 34,554 Page Nine
ST. KILDA TRUST Notes fomiing part of the Financial Statements For the Year Ended 31st March 2025 8. Funds Fair Value Gainsl Losses Incomin oin Resources Resources 31 hlarch 2025 2024 Transfers Unrestrided Funds Designated Funds 5,017,901 1,511 5.019.412 141,959 (144.021) (625) (144,646) (2.772) (5.000) 5,000 5,008,067 5,886 5,013,953 141.959 {2,772 Unrestricted funds comprise those funds which the trustees are free to use in accordan with the charitable objeds. Designated funds comprise those funds set aside by the trustees for use by the East Surrey branth of the Motor Neurone Disease charity which are to be used on a case by case basis to fund quality of lrfe requests. 9. Related party transactions In 2024 the charity entered into a service agre8ment wilh Denbies Wine Estste Ltd of whom hvo truslees are diredors, to provide accounting and administrats.ve functions for the charity which they are charging at cost. The service agreement and all invoices are approved by an independent Trustee. Three extemal quotes were received but this was the lowest cost of them all, the Ixjsts totslled £7,660 fcK the year ended 31 Marth 2025. Page Ten