The Stuart Low Trust
Annual Report and Accounts
For the Year Ended 31 March 2023
www.slt.org.uk
Bringing People Together for Better Health and Wellbeing
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
|**Contents**|**Page**|
|---|---|
|Company information|1|
|Review of the Year|2 – 7|
|Trustees’ annual report|8 – 12|
|Independent Examiner’s report|13|
|Statement of financial activities|14|
|Balance sheet|15|
|Notes to the accounts|16 - 21|
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **Company Information**
## **Directors and trustees**
Eliat Aram (Chair) Anthony Wright (Treasurer) Philip Boyle John Devereaux Pat Mayhew OBE June-Anne Murray Rebecca Newman Katherine Stokes Eileen Thomas
**Company secretary** Pat Mayhew OBE
**Chief Executive** Mark Gillham
## **Independent Examiner**
Joseph Lowe FCCA 46 Hemingford Road N1 1DB
## **Bankers**
Co-operative Bank PO Box 250 Skelmersdale WN8 6WT CAF Bank 25 King Hill Avenue King Hill Kent ME19 4JQ
## **Registered office and charity address**
Office 1 The Jean Stokes Community Centre Carnoustie Drive London N1 0DX
**Company registration number** 05001948
**Charity registration number** 1102325
1
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **- Review of the Year 2022 23**
## **Introduction**
The Stuart Low Trust (SLT) has seen huge change and great success during 2022-23. The cost-of-living crisis has caused more distress for our participants and new challenges for SLT. We navigated successfully the complex transition from online to in person service delivery post-pandemic and launched several activities in new venues. We relocated our office to the Jean Stones Community Centre, newly refurbished by the Council. We have piloted new projects and improved our systems to support our delivery. Our long-standing Chair and CEO both left during the year, creating a new leadership team.
2023 is 20th anniversary of SLT being formally established and so will be a year to celebrate SLT's achievements and unique contribution to the local community.
Dr Eliat Aram started as the new SLT Chair in March 2023 and has been the Chief Executive of the Tavistock Institute for several years. Eliat is passionate about supporting a local charity aligned to her interest in mental health and wellbeing.
## **Summary**
SLT exists to provide specialist and targeted early intervention and preventative support to Islington adults experiencing mental health problems, who are socially isolated. SLT was set up by Islington residents in memory of Stuart Low, who was diagnosed with schizophrenia and took his own life aged 27, when he couldn't find the right help at the right time.
SLT aims to fill a service gap which continues, so that local people have quick access to community-based mental health specialist support groups. We achieve this by bringing them together, through delivery of up to 200 free, socially therapeutic activities per annum in three holistic programmes Arts, Nature and Wellbeing. SLT provides safe, nonjudgemental environments that combat social isolation and stigma, by building community resilience, mental wellbeing, coping skills and social inclusion.
As SLT serves Islington and surrounding boroughs, up to 25% of participants live outside Islington (eg Camden, Enfield, Hackney, Tower Hamlets, Newham, Waltham Forest and City of London).
## **Our Service Achievements**
During the past year 2022-23, The Stuart Low Trust delivered a total of 274 activity sessions across our three Programmes Arts, Nature and Wellbeing attended by 1490 participants (attendees).
We have retained 25% of our activities online in response to demand from participants who are housebound or cannot travel.
We ran:
- 83 Arts activity sessions attended by 495 participants
- 21 Nature programme activity sessions attended by 90 participants (reduced owing to online delivery for half of the year)
- 125 Wellbeing programme activity sessions attended by 905 participants
2
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
Our participants self-report through evaluation forms the following benefits of attending our activity programmes:
- 89% experienced feelings of positive wellbeing at the end of the session, compared to 32% at the start of the session.
- 84% felt a stronger sense of belonging through attendance at sessions.
- 72% experience 3 or more positive social interactions and 21% experience 2 positive social interactions.
We developed new strategic partnerships to enhance our activity programme with the British Museum, the London Archives and Restoration Trust to run workshops exploring our local history and the Armourers and Brasiers Livery Company, which contains many historical art works dating back to 1346. We ran a joint event with the Autism Choir and piloted an arts workshop programme for young adults with The National Youth Theatre. We are delighted to have launched a new peer-led Creative Writing Group in partnership with Islington Mind during 2023.
## Arts Programme
We ran the following five Arts activities during the year:
**Sunday Philosophy Forum** – The Forum is led by a team of volunteer facilitators under the expert guidance of philosophy graduates.
**Art Workshops** - SLT runs fortnightly art activity workshops in partnership the Estorick Gallery of Italian Art.
**Art outings** - Visits included private tours around the Neo-gothic mansion Two Temple Place, the British Museum, the Armourers & Brasiers Livery Company and the Museum of London.
**Choir** - The Choir relaunched in person at the new venue of the St Luke’s Community Centre from the autumn 2022.
**Music Appreciation** - Music appreciation sessions took place on Zoom during the year.
## _Service innovations and partnership developments_
## **British Museum**
We developed a new partnership with the British Museum in early 2023 through their local community engagement programme. Our participants benefit from a private tailored tour of different galleries within the Museum by an expert curator and a free afternoon tea, which is an important ‘Tea and Talk’ social connecting opportunity requested by our participants.
## **Armourers and Brasiers Livery company**
Through this partnership, participants’ benefit from a private guided tour of the historic home of The Armourers & Brasiers' Company. Armourers’ Hall is a scheduled ancient monument and Grade II listed building, containing many historical art works on a site, which it has occupied since 1346.
## **National Youth Theatre**
‘Material World’ was a new partnership between SLT and the National Youth Theatre, funded by The London Community Foundation to deliver a creative arts course specifically for younger adults (18–35 years) with more severe mental health issues or learning disabilities.
3
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## Nature Programme
We ran the following two Nature activities during the year:
**Nature visits** - A programme of visits to the Camley Street Nature Reserve for activities through the seasons
- **Nature outings** Outings further afield including Kew Gardens, Sunnyside Gardens, Freightliners City Farm and Regents Park.
## _Service innovations and partnership developments_
## **London Wildlife Trust’s Camley Street Natural Park**
Our Nature visits to London Wildlife Trust’s Camley Street Natural Park in Kings Cross started in December 2021 and have continued from Spring 2022 twice a month on varying themes.
## Wellbeing Programme
We ran the following two Wellbeing activities during the year:
**Friday Evening Events** - This year to September 2022, Friday evening events were online including: presentations, performance, theatre, comedy, opera, positive psychology talks, quiz nights, karaoke and Friendly Friday catch ups. From October 2022, Friday evening events were relaunched in person at our new venue the Jean Stokes Community Centre, a newly refurbished building occupied by three other local charities.
**Wellbeing Workshops** - SLT’s Wellbeing Workshops empower participants by providing a toolkit of coping strategies and techniques to use at home including gentle activity, Chi Kung, mindfulness, dance, self-help tips, visualisation and relaxation.
## _Service innovations and partnership developments_
## **Autism Choir joint Friday evening event**
Our Choir and the Autism Choir held a joint Christmas carols event in December 2022 attended by 25 participants for which we received very positive feedback from participants, for example _"I really enjoyed the Christmas sing along with the choir and want to repeat the event"._
## **Healthy Generations**
Healthy Generations, a local charity specialising in the promotion of healthy lifestyles, runs a weekly online Gentle Exercise class through a partnership with SLT.
## **Participant Voice and Co-production**
Through our annual ‘Have Your Say’ consultation activities, we are pleased to have engaged with 137 local people experiencing mental health issues or isolation through a consultation event and surveys completed in early 2023. 71% currently attend our activities and 27% don’t, which are an important demographic for us to understand how we can be more relevant to their needs and interests.
Following the pandemic, we are increasing our Have Your Say to quarterly events, so that our participants have more influence and voice in the development and planning of our activities.
4
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
During 2023-24, the SLT Board has committed to recruit two Participant Trustees to strengthen service user voice within SLT's governance. The new Participant Trustee role will be advertised to all SLT participants and will be supported by the Chief Executive through an induction training and regular support meetings.
## **Volunteers**
Volunteers are the life blood of a small community-based charity such as SLT. We rely on the generosity of local people to give their time to support our cause. We extend our sincere and whole-hearted thanks to all our volunteers who have given dedicated service to SLT during the year. 20 volunteers contributed an estimated 800 hours of volunteering time in 2022-23.
During the period post-pandemic, we experienced some challenges to recruit volunteers, which appears to be the same for many local charities from conversations with local charity CEOs. The impact of the pandemic and the cost-of-living crisis is believed to be impacting on both volunteer application levels and how long volunteers stay in their role. In response, we have doubled our efforts to market our volunteering opportunities by testing new digital platforms and building new community partnerships. These have achieved some positive successes and our number of volunteers is steadily increasing.
## **Organisational Development**
SLT relocated offices and our official registered address in October 2022 to an improved location in a newly refurbished Council Jean Stokes Community Centre. We are based there with three other local charities, offering more opportunities for collaborations in the local community.
We completed several organisational developments, so that SLT is more fit for purpose and robust in a more challenging climate:
- **Safeguarding** – We developed new internal Safeguarding training workshops, which has been run with all volunteers, sessional staff team and trustees to ensure that Safeguarding practice across the whole organisation is up-to-date with current best practice.
- **Finance** – We redesigned our budgeting and accounting systems for improved accuracy, efficiency and reporting. We introduced a new budget framework, new bookkeeping tools and transited to Xero accounting software.
- **Fundraising** – We introduced a new fundraising strategy aligned to the new postpandemic and cost-of-living challenging economic environment.
- **Planning** – We created a new annual plan framework 2023-24 covering for example: Partnerships, Equality & Diversity, Workforce development, Fundraising with specific timetabled actions, following consultation with the staff team and our participants.
- **Monitoring & Evaluation** – We implemented a new Lamplight cloud-based database system for improved participant and volunteer record-keeping. This was integrated with our newly improved monitoring and evaluation framework to be better able to capture and report our activity outputs, outcomes and impact.
5
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## Communications and Stakeholder Engagement
To reach a diverse audience of residents, we circulate our monthly programme via the Voluntary Action Islington network of 200 local charities and Connect (a second local charity partner network), along with London Arts & Health Forum and Community Catalysts (specialised disability organisations).
We have established referral partnerships with Social Prescribing providers Camden & Islington NHS Trust, Age UK Islington, Help on Your Doorstep and Mount Anvil (who manage the large Barnsbury estates in Islington).
We have designed and printed a new flyer and leaflet, which we have been disseminating widely through our service partnerships. We plan to distribute these resources to GP practices, community centres, libraries as well as relevant cafes and supermarkets.
## **Our Personnel**
in July 2023, Mark Gillham, started as the new Chief Executive following the retirement of the previous Chief Executive, Hannah Kalmanowitz. Mark brings to SLT 30 years’ experience working in the mental health charity sector and 12 years as Chief Executive of a local Mind in London. With heartfelt thanks to our dedicated staff team:
Our part-time core staff team:
- Rosie Gaston, Operations and Communications Manager
- Jane Edwards and Gina Rembiszewski (job share) Volunteer Coordinator
- Adam Wilson, Development Manager
- Jay Serrao, Finance Manager
Our team of sessional workers:
- Katy Connell - Senior Host
- Jane Edwards and Li Williams - Friday Hosts
- Cady Stone, Harriette Burt, Elisha Glace and Carolina Kon - Friday Event Support Assitants and Support Hosts at other activities
Our team of session leaders are:
- Jocelyn Armitage and Chris Raeburn - Nature Outing Leaders
- Belinda Ackermann, Maurizio Lodato, Mark Anthony-Esau, Katy Connell - Saturday Workshops
- Cecilia Forssberg - Choir Leader
## **Acknowledgements**
## Fundraising and corporate support
We are extremely grateful to our major core funders for their vital support during the year: Islington Council, Cloudesley and Cripplegate Foundation. We were delighted to be awarded grants by National Lottery Awards for All grant and Islington Giving Golden Grantmakers. All our grant funders are listed on page 17.
We are very thankful for the generosity of our main corporate supporters: Kudos (TV production company) British Medical Journal (BMJ), Macquarie Bank, Waitrose, Expedia, Slaughter and May Solicitors and the Rotary Club of Highbury and Islington.
A huge THANK YOU to all the individuals who so kindly donated or fundraised for us during the year, without whose support we could not run our activities. Special thanks to Virginia Low, the founder of The Stuart Low Trust, for her support to our fundraising.
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## Corporate support case studies
SLT was selected to participate in the Big Alliance’s CoRe Programme 2023, through which SLT has benefitted from the professional expertise of four professionals from Expedia and Slaughter & May Solicitors, giving 50 hours of their time to support us to improve our digital media impact. They will co-produce with the SLT Chief Executive and Operations & Communications Manager a new digital market strategy, new template resources and a toolkit to increase our digital media capability.
During February 2023, we worked with Kudos on a pro bono basis to produce four videos to be disseminated via social media. Each of the videos are introduced by one of our participants, who talks about how they have benefitted from engagement with our programmes (arts, nature, wellbeing or community activities) and a members of staff explains what the programme offers.
## Board of Trustees
The Trustees would like to extend their sincere thanks to Hannah Kalmanowitz for her exceptional contribution to SLT as Chief Executive during the past eight years until July 2022 and to Kate Giblin as Chair who left in January 2023. They both worked tirelessly to expand support to our beneficiaries and have led the organisation successfully through one of our greatest challenges - the pandemic. They leave SLT with a very positive reputation with all our stakeholders. We are very grateful to Hannah and Kate for their years of dedicated service to SLT and wish them well for the future.
The SLT Board would like to extend their heartfelt thanks to Kat Millward, who stepped down as a trustee in June 2022. Kat served for 10 years and was Board Safeguarding Lead, in addition to some amazing fundraising, including shaving her head. Thank you, Kat.
Eliat Aram Chair 29 November 2023
Mark Gillham Chief Executive
7
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **Board of Trustees’ Annual Report**
The Board of Trustees, who are the directors for the purposes of company law, present their report and accounts for the year ended 31 March 2023.
## **Principal objectives and activities**
The objectives and principal activities of the Charity are “the promotion, protection and preservation of public health, and for the relief of those suffering from mental, emotional or psychological illness or distress in particular within, but not limited to, the London Borough of Islington (‘area of benefit’).”
The Charity achieves these objectives through the provision of its activities and services during the past year 2022-23. There were no significant changes in objectives and aims during the year. For further details, please see the ‘Review of the Year’ set out on pages 2-7.
## **Structure, governance and management**
The Stuart Low Trust is a company limited by guarantee No. 5001948 incorporated on 22 December 2003, which was registered as a Charity by the Charity Commission on 25 February 2004 with number 1102325. The Stuart Low Trust was founded in 1999 and ran previously as an unincorporated association.
The Charity was established under a Memorandum of Association which specified the objects and powers of the charitable company and is governed under its Articles of Association. The current Articles of Association were adopted on 30 March 2009.
Members of the Charity guarantee to contribute an amount not exceeding £10 to the assets of the Charity in the event of winding up.
New trustees (who automatically become members) are appointed by resolution of the trustees and hold office for a term of three years. Retiring trustees who remain qualified may be reappointed. The maximum number of trustees is twelve.
The board are currently seeking to add to their number through open advertising and networking. New trustees are required to undergo a selection process through an appointments panel with delegated authority by the Board. New board members are provided with a suitable induction programme to familiarise them with the Charity and their duties and responsibilities as trustees.
The trustees meet regularly (currently bi-monthly) to manage the Charity's affairs, review its plans and decide on its overall strategy. The trustees have delegated the day-to-day management of the Charity to the Chief Executive, who together with support staff, oversees administration and supervises the services offered by the Charity.
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **The SLT Board**
The Board, who are the only members, who served during the year and who had no interests in the funds of the Charity at the beginning and end of the year were as follows:
Eliat Aram - Chair Kate Giblin – Chair (resigned 25/1/23) Anthony Wright – Treasurer Philip Boyle Pat Mayhew OBE Kat Millward (resigned 8/6/2022) June-Anne Murray Rebecca Newman Katherine Stokes Eileen Thomas John Devereaux (resigned 11/10/22)
## **Financial review**
Our income and expenditure for the year 2022-23 are summarised on the Statement of Financial Activities.
Our total income for the past year was £158,487, which represents a 17% increase on the previous year of £135,636 despite the very challenging funding environment post-Covid and during the emerging cost of living crisis. We are extremely grateful for the financial support from our funders and donors to sustain our services during the year.
Our fundraising costs reduced as a proportion of income raised to 25% owing to increased efficiencies in our fundraising approach.
Our total costs increased £204,763 owing the transition from online to in-person delivery of our services, additional costs caused by high inflation and the recruitment of a new Chief Executive. As a result, we incurred an annual deficit, which was covered by our reserve funds.
Our total funds held at 31 March 2023 were £81,997. We continue to hold our target minimum level of unrestricted free reserves for cashflow management.
## **Reserves Policy**
Following a review last year, the Trust has a formal reserves policy whereby the unrestricted funds, not invested in tangible fixed assets (the ‘free reserves’), should be at least three months of the current year’s annual expenditure budget including the estimated staff redundancy costs.
Trustees consider that this policy would allow the Trust time, in the event of a significant drop in funding, to continue its current activities while seeking to replace the funding or consider a change in activities, and if necessary, to wind up the Charity in an orderly and professional manner.
At 31 March 2023 the free reserves were £50,455 (2022: £64,717), in excess of the £45,750 calculated at the minimum level by the reserves policy. The Board are actively working to secure further resources to sustain the current level of activities.
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **Investment Policy**
Under the Memorandum and Articles of Association the Charity has unrestricted investment powers. Since the funds and reserves may be needed at short notice, the Boards’ policy is to invest them in bank deposits and money market funds.
## **Public benefit**
The Board have considered the Charity Commission’s guidance on public benefit including the guidance on fee charging. The Stuart Low Trust relies on grants and donations for all our activities. Any fees for services are set at a level that does not prevent those on low incomes using our services. Most of our activities are offered free of charge. The Board have complied with the duty in section 4 of the Charities act 2006 to have due regard to public benefit guidance published by the Commission.
## **Risk management**
The Board examine risk and apply the risk management model recommended by the Charity Commission through a half-yearly review. The Board have considered the principal risks and uncertainties facing the charity together with their strategies for managing these risks and have drawn up a Risk Statement.
The Stuart Low Trust has a cautious and measured approach to risk and a robust approach to risk management. The risk approach is determined by those of being a small voluntary sector organisation operating in health and social care.
In assessing both operational and business risks the SLT Board adopts an approach that considers the likely impact and probability of actual events. Risk is mitigated and managed, while maintaining an ability to take positive risks in the interests of service user recovery.
The key risk management goals are to:
- Take a proactive approach in anticipating and influencing events
- Facilitate better informed decision-making
- Improve contingency planning
- Ensure continued focus on short-term operational and long-term strategic sustainability
The principal risks identified and their mitigations are as follows:
1) Business continuity of core operations and services as result of being a small voluntary sector organisation.
**Mitigations include** : Business continuity plan and insurance, regular staff supervision, staff cover arrangements, annual delivery plans, notice periods on staff contracts.
2) Raising insufficient funds to pay for charitable activities.
**Mitigations include** : Strategy to achieve multi-year grants, robust cashflow management and reserves policy, employing a professional Fundraiser, annual budgeting and forecasting, finance and fundraising report by Chief Executive to every bi-monthly Board meeting.
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## 3) Safeguarding or other serious incidents involving participants, volunteers or staff.
**Mitigations include** : Safeguarding Adults Policy which includes the requirement for staff and volunteers to undergo a DBS check, rigorous recruitment and selection processes, mandatory training in Safeguarding and supporting people in mental health crisis.
- 4) Insufficient Board expertise to govern effectively.
**Mitigations include:** Board skills audit leading to recruitment of Trustees with additional fundraising, finance and Equality Diversity and Inclusion expertise, Trustee induction, annual Board awayday review.
## **Cooperation with other charitable organisations**
The Charity receives funding and grants from other charitable organisations for the furtherance of its objects. The Charity also collaborates with other charitable organisations when it is considered desirable and in accordance with its objectives.
The Charity is grateful for the grant support from funders disclosed in Note 3 of the accounts.
## **Trustees' responsibilities**
The charity trustees (who are also the directors of the Stuart Low Trust for the purposes of company law) 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).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **Going Concern**
The Trustees consider it appropriate to prepare the accounts on a ‘going-concern’ basis, because reserves are above the minimum calculated level of £45,750 and, combined with our improved fundraising strategy, are sufficient to cover any variations in cashflow or shortfall in income for the financial year 2023-24.
## **Statement of disclosure to our Independent Examiner**
In so far as the trustees are aware at the time of approving our trustees’ annual report:
- there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group’s auditor is unaware, and;
- the trustees, having made enquiries of fellow directors have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant information and to establish that the Independent Examiner is aware of that information.
This report was approved by the trustees on 29 November 2023.
Eliat Aram Trustee (Chair) 29 November 2023
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **Independent examiner’s report to the trustees of The Stuart Low Trust**
I report on the accounts of the company for the year ended 31 March 2022, which are set out on pages 19 to 25.
## **Respective responsibilities and basis of report**
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
I am a member of Association of Chartered Certified Accountants (ACCA). I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- 1) Accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
- 2) The accounts do not accord with those accounting records; or
- 3) The accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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;
- 4) The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns 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.
**Joseph Lowe FCCA**
**46 Hemingford Road London, N1 1DB Date: 29 November 2023**
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023
|**Notes**
**Income from:**
**Donations &**
**legacies**
Corporate donors
Individual donors
Trusts
Grants
**3**
**Charitable**
**activities**
Charges for
activities
Grants
**3**
Other Income
**Other trading activities**
Commission
**Investment income**
Bank interest
**Total income**
**Expenditure on:**
**Raising funds**
**Charitable**
**activities**
**Total expenditure**
**5**
Net income /
expenditure before
transfers
Transfers between
funds
**10**
**Net movement in**
**funds**
**10**
**Reconciliation of funds**
**Total funds at 1**
**April 2022**
**Total funds at 31**
**March 2023**
**10**|**Notes**|**Unrestricted Restricted**
**Total**
**funds**
Unrestricted Restricted Total funds
**Funds**
**Funds**
**2023**
Funds
Funds
2022
**£**
**£**
**£**
£
£
£|
|---|---|---|
|||10,867
-
**10,867**
11,302
-
11,302
5,735
-
**5,735**
4,350
-
4,350
-
-
**-**
12,788
-
12,788
87,550
-
**87,550**
85,076
-
85,076|
|||**104,152**
**-**
**104,152**
113,516
-
113,516
-
-
-
-
53,895
**53,895**
-
22,085
22,085
-
-
**-**
-
-
-|
|||**-**
**53,895**
**53,895**
-
22,085
22,085
54
-
54
26
-
26
386
-
386
8
-
8|
|||**104,592**
**53,895**
**158,487**
113,551
22,085
135,636|
|||40,470
-
**40,470**
47,375
-
47,375
121,974
42,318
**164,294**
90,788
18,267
109,055|
|||**162,443**
**42,318**
**204,763**
138,163
18,267
156,430|
|||(57,851)
11,577
(46,276)
(24,612)
3,818
(20,795)
(303)
303
-
-
-
-|
|||**(58,154)**
**11,880**
**(46,276)**
(24,612)
3,818
(20,795)
**108,609**
**19,663**
**128,270**
133,219
15,845
149,065|
|||**50,455**
**31,543**
**81,997**
108,607
19,663
128,270|
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The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## **Balance Sheet As at 31 March 2023**
|**Current assets**
Debtors
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
**Net current assets**
**Total assets less current**
**liabilities**
**Unrestricted funds**
Designated Funds
General funds
**Restricted funds**
**Total funds**|**Notes**
**7**
**8**
**12**
**9,10**
**9,10,11 **
**9, 10**|**2023**
**£ **
1,851
85,057
86,908
(4911)
81,997
10,000
40,455
|**2023 **
**£ **
**81,997**
50,455
31,542
**81,997**|2022
£
1,154
127,548
128,702
(431)
43,891
64,717
|2022
£|
|---|---|---|---|---|---|
||||||
128,271|
||||||128,271|
||||||
108,608
19,663|
||||||128,271|
## **Approval**
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies’ subject to the small companies’ regime and in accordance with the Financial Reporting Standard 102.
The notes on pages 16 to 21 form part of these accounts.
These financial statements were approved by the Trustees on the 29 November 2023 and are signed on their behalf by:
Eliat Aram, Chair 29 November 2023
15
The Stuart Low Trust Annual Report and Accounts 2021/22 Company: 05001948
## **Notes to the accounts**
## 1) Accounting policies
## **(I) Basis of accounting**
The charity constitutes a public benefit entity as defined by FRS 102. 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) issued in September 2015, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2018. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.
## **(II) Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **(III) Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Expenditure includes attributable VAT which cannot be recovered.
Governance costs comprise accountancy, strategy development, legal fees, trustee indemnity insurance and trustee recruitment.
Expenditure is allocated to the particular activity where the cost relates directly to that activity. Management and administration costs have been allocated to each activity (see Note 5). Staff costs comprise employees paid via the payroll and any termination payments relating to these employees.
## **(IV) Management and administration costs**
These costs comprise expenditure not directly attributable to the charitable or fund raising activities of the Charity, but relate to the furtherance of the Charity's objectives.
## **(V) Depreciation**
Depreciation on tangible fixed assets is provided over 4 years on a straight line basis in order to write off the assets over their estimated useful lives. Items of equipment are capitalised only where the purchase price exceeds £500.
## **(VI) Fund accounting**
Unrestricted funds are incoming resources receivable or generated for furtherance of the objects of the Charity without a specified purpose and are available as general funds or designated funds. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds are used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.
## **(VII) Taxation**
The Charity is exempt from corporation tax on its charitable activities as it is a registered charity.
16
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## 2) Liability of members
The Charity has no share capital but under the terms of its Memorandum of Association each member of the Charity guarantees to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2023 was 7 (2022: 7).
No trustee claimed expenses (2023: £Nil) or received any remuneration (2023: £Nil).
## 3) Grants
|**Core costs**
The Vandervell Foundation
Masonic Foundation
Cloudesley
COVID Job Retention Scheme
Cripplegate Foundation
Edward Gostling Foundation
Garfield Weston Foundation
Islington Council
Gauntlet Trust (Armourers & Brasiers)
Worshipful of Tylers and Bricklayers
Rotary Club of Islington, Highgate
Barchester
The Cheruby Trust
**Restricted Funds**
The Hospital Saturday Fund
London Catalyst
National Lottery Awards for All
Morris Charitable Trust
Morrisons Foundation
Peter Stebbings Memorial Charity
Royal Institute of Philosophy
Cripplegate Foundation
The Woodroffe Benton Foundation
Drapers
LCF Queens Jubilee Fund
Charles French
Islington Council - Time To Change|**2023 **
**Unrestricted **
**Funds **
**£ **
2,000
1,000
32,500
-
-
10,000
15,000
20,050
4,000
500
1,000
-
1,500
87,550
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2023 **
**Restricted **
**Funds **
**£ **
-
-
-
-
-
-
-
-
-
-
-
-
-
2,000.00
2,000.00
10,000.00
3,900.00
4,670.00
4,955.00
1,500.00
11,750.00
5,000.00
-
8,120.00
-
-
53,895.00|**2023 **
**Total **
**Funds **
**£ **
2,000
1,000
32,500
-
-
10,000
15,000
20,050
4,000
500
1,000
-
1,500
87,550
2,000.00
2,000.00
10,000.00
3,900.00
4,670.00
4,955.00
1,500.00
11,750.00
5,000.00
-
8,120.00
-
-
53,895.00|
2022
Total
Funds
£|
|---|---|---|---|---|
|||||-
-
33,000
1,126
20,950
12,000
-
20,000
-
-
1,000
-|
|||||88,076|
|||||-
-
-
-
-
-
-
-
5,000
10,000
-
4,000
85.12|
|||||19,085|
17
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
|4)
Net Income for the year
This is stated after charging:
Insurance (Restated)
Operating Leases- office rental
5)
Cost Allocation
**Management and Administration**
**Support Costs:**
Staff costs
Premises & office expenses
**Governance**
**Total**
**Cost Allocation**
**Direct costs**
**£**
**Charitable activities**
Wellbeing
38,886
Nature
11,110
Arts
5,555
Volunteer Programme
541
56,092
**General fundraising**
275
**Total**
56,367||**2023 **
**£ **
136,128
15,923
**Allocated costs**
**£**||
|---|---|---|---|
|||||
|||||
||||
|
|||59,609
25,217
21,049
7,321||
|||113,196
40,200||
|||153,396||
Premises, office and governance expenses are allocated among the staff members in proportion to the days worked during the year. The overall costs are then allocated to the Charity's activities based on estimates of time devoted to activities by each staff member.
18
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## 6) Staff Costs
|Wages and salaries
Social security costs
Pension
Other Staff Costs
Total staff costs|**2023**
**£ **
134,931
11,527
2,522
380
**149,360**|2022
£|
|---|---|---|
|||102,308
7,536
1,873
1,890|
|||113,607|
During the year there was no (2022: £Nil) termination payment.
**Average number employees during the year on a headcount and full time equivalent (FTE) basis:**
|**asis:**|||||
|---|---|---|---|---|
|Management and Administration
Sessional workers
Total employees|**2023**|**FTE **
2.7
1.2
**3.8**|2022||
||**Headcount **
5
7
**12**||Headcount
3
7
10|FTE|
|||||2.1
1.1|
|||||3.2|
No member of staff received more that £60,000 (2022: Nil).
## 7) Debtors
|Gift aid receivable
Other debtors|**2023**
**£ **
695
1,154
**1,849**|2022
£|
|---|---|---|
|||523
630|
|||1,153|
## 8) Creditors: amount falling due within one year
|Taxes and social security costs
Trade Creditors
Other creditors|**2023**
**£**
2.645
1,648
618
**4,911**|2022
£|
|---|---|---|
|||-
24
407|
|||431|
## 9) Analysis of net assets between funds
|Current assets
Current liabilities|**Designated **
**Funds **
**£ **
10,000
-
**10,000 **|**General **
**Funds **
**£ **
45,365
(4,912)
**40,453 **|**Restricted **
**Funds**
**£ **
31,543
-
**31,543 **|**Total**
**Funds**
**£**|
|---|---|---|---|---|
|||||**86,906**
**(4,912)**|
|||||**81,994**|
19
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## 10) Movements in funds
|**Movements in funds**
**Restricted funds**
Royal Institute of Philosophy
Charles S French Charitable Trust
The Woodroffe Benton Foundation
Magic Little Grants
National Lottery Awards for All
Arts Project (Kudos TV Productions)
Drapers
Cloudesley - Lamplight Participant
London Catalyst
The Hospital Saturday Fund
Morrisons Foundation
Morris Charitable Trust
Cripplegate Foundation
Peter Stebbings Memorial Charity
**Total restricted funds**
**Unrestricted funds**
General fund
Designated Funds
**Total unrestricted funds**
**Total funds**|**As at **
**1 April **
**2022 **
**£ **
414
3,219
3,270
-
3,223
6,537
3,000
-
-
-
-
-
-
-
19,663
64,718
43,891
~~-~~
108,609
**128,272**|
**Transfers **
**£ **|**Income **
**£ **
1,500
-
5,000
10,000
-
-
-
2,000
2,000
4,670
3,900
11,750
4,955
8,120
53,895
109,592
-
109,592
**163,487**|
**Expenditure **
**£ **
(1,164)
(3,219)
(4,103)
(5,000)
(3,223)
(6,541)
(3,000)
(1,333)
(1,333)
(1,557)
(650)
(1,950)
(826)
(8,418)
(42,318)
(157,156)
(10,287)
(167,443)
**(209,761)**|**As at**
**31 March**
**2023**
**£**|
|---|---|---|---|---|---|
|||4
298
303
23,301
(23,604)
(303)
**-**|||750
-
4,167
5,000
-
-
-
667
667
3,113
3,250
9,800
4,129
-|
||||||31,542|
||||||40,455
10,000
~~-~~|
||||||50,455|
|||||||
||||||**81,997**|
## 11) Purposes of restricted funds
Restricted funds comprise income received to support specific activities of the Charity as denoted by the name of the fund.
## 12) Purposes of designated funds
The trustees have established designated funds as a contingency to cover the additional costs incurred for any staff redundancies and to replace out-of-date IT equipment.
20
The Stuart Low Trust Annual Report and Accounts 2022/23 Company: 05001948
## 13) Other financial commitments
At the year-end the company had annual commitments under non-cancellable operating leases as set out below:
|s set out below:|||
|---|---|---|
|Operating leases which expire:
within one year|**2023**
**£ **
2,517|2022
£|
|||2,911|
21