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← The Stuart Low Trust

2024-03-31-accounts

A community for better mental wellbeing

The Stuart Low Trust

Annual Report and Accounts For the Year Ended 31 March 2024

www.slt.org.uk

The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Contents Page
Company information 3
Review of the Year 4–11
Trustees’ annual report 12–16
Independent Examiner’s report 17
Statement of financial activities 18
Balance sheet 19
Notes to the accounts 20-26

The Stuart Low Trust Annual Report and Accounts 2023/24

Company: 05001948

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Company Information

Directors and trustees

Eliat Aram (Chair) Anthony Wright (Treasurer) Pat Mayhew OBE June-Anne Murray Rebecca Newman Katherine Stokes Olga Sviatochevski Christos Roumeliotis Martin Haines Jacqueline Noone Brian Watson

Company secretary Pat Mayhew OBE

Chief Executive Mark Gillham

Independent Examiner

Chaweevan Williams FCCA Verdant Accountants Limited 20-22 Wenlock Road London N1 7GU

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

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

- Review of the Year 2023 24

Introduction

The Stuart Low Trust (SLT) has taken positive strides forward in the past year to increase our financial position in a challenging funding environment and build our capacity to be more resilient. We have achieved a 50% increase in participants during October 2023-March 2024, compared to the same period in the previous year, when our service transitioned back to inperson delivery following the pandemic.

During 2023-24, we celebrated the 20th anniversary of SLT being formally established, recognising SLT's achievements and unique contribution to the local community. To mark this major milestone, our staff wrote and recorded with our Choir a new Christmas single called ‘Guiding Star’.

In May 2024, our Board launched a new Strategic Plan 2024-28, which sets out new ambitions to reach people most at risk through social isolation and offer new support to overcome social inequalities. We are excited to progress these new developments in the year ahead to be better able to support our current community needs.

We are delighted to welcome new Trustees to our Board, bringing valuable expertise and experience to our charity’s governance: Martin Haines, Olga Sviatochevski, Christos Roumeliotis, Jacqueline Noone and Brian Watson.

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 delivering around 200 free, socially therapeutic activities per annum in three holistic programmes: Arts, Nature and Wellbeing. SLT provides safe, non-judgemental 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).

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Our Service Achievements

Our service activity achievements

During the past year, The Stuart Low Trust delivered a total of 198 activity sessions across our three Programmes Arts, Nature and Wellbeing attended by 1690 participants experiencing mental health issues. We ran:

Designed into every session is time for participants to connect and talk (eg while having a tea break), where they share their own tips for coping when they are feeling low, experiencing anxiety and looking after their wellbeing.

Arts Programme

We ran the following six Arts activities during the year:

Sunday Philosophy Forum - Led by a team of volunteer facilitators under the expert guidance of philosophy graduates at the Old Diorama Arts Centre.

Art Workshops - Fortnightly art activity workshops in partnership with and on the site of Estorick Gallery of Italian Art.

Art outings - Visits included private tours around Charterhouse, the Neo-gothic mansion Two Temple Place, the British Museum and the Wellcome Collection.

Choir - Activity: The Choir is run on Thursday evenings at the St Luke’s Community Centre. The Choir recorded the new SLT Christmas single ‘Guiding Star’ at the Universal Recording Studios in December 2023.

NEW Poetry/Creative Writing – 6-8 week courses led by a professional writer with lived experience of mental health issues in partnership with Islington Mind.

NEW Monday Meet-ups Social Group – Fortnightly social group meetings in a cafe and outings, launched in January 2024. Outings have been run for example to Alexandra Palace and St Martins in the Field Church.

Nature Programme

We ran the following two Nature activities during the year:

Nature visits - Visits attended to wide range of nature sites such as Camley Street Nature Reserve, Sunnyside Gardens, Freightliners City Farm, Gillespie Park and Ecology Centre.

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Wellbeing Programme

We ran the following two Wellbeing activities and events during the year:

Friday Evening Events - Fortnightly Friday evening events at the Jean Stokes Community Centre, including music performances (eg Metropolitan Brass Band) drama and poetry performances, comedy nights, ‘Social Nights’ and health presentations.

Wellbeing Workshops - Wellbeing Workshops are run at the Mildmay Centre and provide a toolkit of coping strategies and techniques to use at home including gentle exercise activity, chi kung, mindfulness and dance.

Service Innovations and partnerships

Nature visit in partnership with Charterhouse

We piloted a new Nature visit to Charterhouse in August 2023, which combined walks through their gardens, mindfulness wellbeing activity and poetry reading – integrating all three SLT programmes positively. Charterhouse is an historic site in Islington dating back to 14th Century.

New Creative Writing/Poetry course in partnership with Islington Mind

We piloted a highly successful new partnership 6-week course with Islington Mind in the summer 2023, facilitated by a Writer and Poet with lived experience of mental health issues. This was supported by Islington Mind staff and held at their Despard Road Community Centre. We received very positive evaluation feedback from the participants and have started second longer 8-week course from January 2024.

In response to participant feedback requesting more opportunities to connect socially and extensive consultation during 2023, we launched the new peer-led social outings group called ‘Monday Meet-ups’ in January 2024 . Two experienced mental health workers act as mentors with a group of up to 12 participants per session to empower them to lead activity sessions, once per month in an Islington café and once per month on an outing to a place of special interest in London.

Participant outcomes achieved

During 2023-24, we have introduced our new outcomes monitoring and evaluation framework through consultation with SLT participants and researching best practice nationally. Participants have self-reported the follow outcomes through over 300 surveys completed at 16 different types of groups activities across our programmes:

“SLT is a wonderful lifeline” and “SLT is a great organisation for developing community.”

Recent participant feedback

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Reducing social isolation

Greater sense of wellbeing

Feeling more confident and motivated

Participant demographics

Participant Voice and Co-production

We are delighted to welcome two new Participant Board members, Jacqueline Noone and Brian Watson, to strength participant engagement and voice within our decision-making and governance. These Participant Board member roles were advertised to all SLT participants during 2023-24 and are being supported by the Chief Executive through induction training and regular support meetings.

We hold four ‘Have Your Say Events’ engagement Friday events and at least one survey promoted to all our participants each year to co-produce changes and developments to our activity programmes and many other aspects of our work. For example, during the year 202324 we consulted with 184 participants about how SLT can increase our participants regular exercise and use of digital resources. We learnt from our participants’ feedback that:

We are responding to these expressed interests through our new Strategic Plan 2024-28.

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

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. More than 20 volunteers contributed an estimated 1,000 hours of volunteering time in 2024-25.

We have established a new volunteer training programme, including an induction into SLT, Safeguarding Adults and mental health awareness, so that our volunteers are better equipped for their roles. We have been delighted to have three excellent volunteers assisting at our Friday events through a local refugee and asylum seekers placement programme. Our new Programmes Manager, Anna Hor, is passionate about reducing society’s food waste and has created a new food surplus volunteer role, for which two volunteers collect food donations for our Friday Evening Events from our local Co-op store and Phillipe Conticini Patisserie.

Organisational Development

We completed several organisational developments, so that SLT is more fit for purpose and robust in a more challenging climate:

New Strategic Plan launched

Our new Strategic Plan 2024-28 has been developed through a process of six months’ intensive engagement with our participants and staff with three strategic planning Board sessions. The Strategic Plan was approved by our Board in May 2024 and aims to increase SLT’s model of inclusion in new ways:

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Through the process of developing the new Strategic Plan, the Board refreshed our vision and mission statements to communicate our purpose more clearly to our stakeholders, as follows:

Our vision

To create an inclusive local community, where no one feels alone.

Our mission

We bring people together through a supportive community based in Islington to reduce isolation and enhance mental wellbeing.

Communications and Stakeholder Engagement

During the past year, SLT has focussed on promoting our programmes through increased presentations to public services: Islington Council social care teams, Council Coaching Service, NHS mental health service, Occupational Therapy Service, GP Practice Managers Forum and iBUG mental health patients group. Through these connections, our Choir and Creative Writing Group performed at the Cally (Caledonian) Road Festival, which is attended by thousands of local residents.

To reach a diverse audience of residents, we circulate our monthly programme via the Voluntary Action Islington network of 200 local charities, Connect (a second local charity partner network) and London Arts & Health Forum and Community Catalysts (specialised disability organisations).

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

We bid a sad farewell to Jocelyn Armitage, our Nature Visits Group Leader, who left in August 2023 and Rosie Gaston, our Operations & Communications Manager, who left us in January 2024. Jocelyn was an inspiring Nature Leader and exuded enthusiasm to develop our programme engaging participants in a wide diversity of green spaces. We are delighted to welcome our new and highly qualified Nature Visits Group Leader, Michael Holland, who started in the role in March 2024.

Rosie made a huge positive impact at SLT, sustaining our programmes through the extraordinarily difficult times of the pandemic and managing the very challenging transition to re-launch every in-person activity and venue, following the end of the pandemic restrictions. Despite these additional obstacles, Rosie introduced many improvements to SLT’s service delivery for which we remain extremely grateful.

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

- With heartfelt thanks to our hard working staff team

Our part-time core staff team are:

Our team of sessional workers are:

Our team of session leaders are:

Acknowledgements

Fundraising and corporate support

We are extremely grateful to our major core funders for their vital support during the year and are delighted to have increased the number of multi-year grants, which is so important for our long-term sustainability as a small charity: Islington Council, Cloudesley and Cripplegate Foundation, Gauntlet Trust and Garfield Weston. We would like to express our gratitude particularly to the City Bridge Foundation for their exceptional support of a substantial five-year service grant for our Arts Programme, which is having a transformative impact on our delivery and reach. We were also delighted to be awarded a new two-year National Lottery Awards for All grant. All our grant funders are listed on page 21.

We are very thankful for the generosity of our main corporate supporters for both financial and pro bono help: Kudos (TV production company), Co-op Supermarket, Aviva, British Medical Journal (BMJ), Macquarie Bank, Waitrose, Expedia, Slaughter and May Solicitors, Stobbs 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 2023/24 Company: 05001948

Corporate support case studies

Banjay Entertainment Group

We are incredibly grateful to Amelia Hartley and Martin Haines within the Banijay group of companies for their exceptional support to make our dream of producing an original song to celebrate SLT’s 20[th] anniversary a reality. During 2023-24, SLT worked on a Christmas single called ‘Guiding Star’, written by two staff who happen to have singer-songwriter careers. The song aims to raise awareness of SLT and mental health through lyrics which express how we can find a way through our dark times to a more hopeful place. Ably led by our Choir teacher Cecilia Forssberg, our Choir recorded the backing vocals for the single at Universal Recording Studios (Kings Cross) with access facilitated by Banijay. We plan to increase reach and impact 2024 through production of a music video featuring the Choir to be filmed at the Estorick Gallery of Italian Art, where we run our art workshop activities.

Board of Trustees

The SLT Board would like to extend their sincere appreciation and gratitude to Eileen Thomas, Philip Boyle and Patricia Mayhew, who stepped down as trustees in 2024. All three have been dedicated and long-standing trustees of SLT’s for many years with special connection to the charity through the Stuart Low’s family. They have made much valued contributions to the development of SLT. We wish them well for the future.

Eliat Aram Chair 27 November 2024

Mark Gillham Chief Executive

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The Stuart Low Trust Annual Report and Accounts 2023/24 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 2024.

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. 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 3-11.

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.

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.

The SLT Board

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

The Board, who are the only members, who served during the year and who had no interests in the funds of the Charity during the year were as follows:

Eliat Aram - Chair Anthony Wright – Treasurer Pat Mayhew OBE – Company Secretary June-Anne Murray Rebecca Newman Katherine Stokes Olga Sviatochevski Christos Roumeliotis Martin Haines Jacqueline Noone Brian Watson Philip Boyle (resigned 2024) Eileen Thomas (resigned 2024)

Financial review

Our income and expenditure for the year 2023-24 are summarised on the Statement of Financial Activities.

Our total income for the past year was £241,715, which represents a 52% increase on the previous year of £158,487 despite the very challenging funding environment post-Covid and during the cost-of-living crisis. As a result, we reversed the deficit of the previous year to create a surplus, which has improved our financial stability. We are extremely grateful for the financial support from our funders and donors to sustain our services during the year.

Our fundraising costs as a proportion of income reduced further to 18%, owing to additional efficiencies in our fundraising approach. Our total costs reduced to £184,490 through cost savings during the year, to ensure that we did not experience a second year of financial deficit. At the same time, we invested in a new Operations and Communications Officer post to expand our service marketing reach.

Our total funds held at 31 March 2024 were £139,224, of which £82,915 are restricted funds held to deliver our programmes in the next financial year 2024-25. 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.

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

At 31 March 2024 the free reserves were £56,309 (2023: £50,455), in excess of the £50,000 calculated as the minimum level required by the reserves policy. The Board are actively working to secure further resources to ensure of future financial sustainability.

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:

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

The principal risks identified and their mitigations are as follows:

Mitigations include: Business continuity plan and insurance, regular staff supervision, staff cover arrangements, annual delivery plans, notice periods on staff contracts and ICT support provider.

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.

Mitigations include: Safeguarding Adults Policy which includes the requirement for staff and volunteers to undergo a DBS check, rigorous recruitment and selection processes and 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 and an 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:

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

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.

Going Concern

The Trustees consider it appropriate to prepare the accounts on a ‘going-concern’ basis, because unrestricted reserves are above the minimum calculated level of £50,000 and, combined with our improved fundraising strategy, are sufficient to cover any variations in cashflow or shortfall in income for the financial year 2024-25.

Statement of disclosure to our Independent Examiner

In so far as the trustees are aware at the time of approving our trustees’ annual report:

This report was approved by the trustees on 27 November 2024.

Eliat Aram Chair 27 November 2024

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The Stuart Low Trust Annual Report and Accounts 2023/24 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 2024, which are set out on pages 18 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:

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.

Chaweevan Williams FCCA Verdant Accountants Limited 20-22 Wenlock Road London N1 7GU 29 November 2024

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024

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 2023
Total funds at 31
March 2024
10		 Notes Unrestricted Restricted
Total
funds
Unrestricted
Restricted
Total funds
Funds
Funds
2024
Funds
Funds
2023
£
£
£
£
£
£
7,851
-
7,851
10,867
-
10,867
21,069
-
21,069
5,735
-
5,735
-
-
-
-
-
-
81,075
-
81,075
87,550
-
87,550
109,995
-
109,995
104,152
-
104,152
-
-
-
-
130,705
130,705
-
53,895
53,895
-
-
-
-
-
-
-
130,705
130,705
-
53,895
53,895
-
-
-
54
-
54
1,015
-
1,015
386
-
386
111,010
130,705
241,715
104,592
53,895
158,487
44,042
-
44,042
40,470
-
40,470
70,534
69,912
140,448
121,974
42,318
164,294
114,576
69,912
184,490
162,443
42,318
204,763
(3,566)
60,793
57,225
(57,851)
11,577
(46,276)
9,420
(9,420)
-
(303)
303
-
5,854
51,373
57,224
(58,154)
11,880
(46,276)
50,455
31,543
81,998
108,609
19,663
128,270
56,309
82,915
139,224
50,455
31,543
81,998

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The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

Balance Sheet
As at 31 March 2024
Notes 2024 **2024 ** 2023
2023
**£ **
**£ **		 £
£
Current assets
Debtors 7 934 934 1,851 1,851
Cash at bank and in hand 145,776 776 85,057 057
146,710 146,710 86,908 86,908
Creditors: amounts falling
due within one year 8 (7,486) (4911)
Net current assets 139,224 81,998
Total assets less current
liabilities 139,224 81,998
Unrestricted funds
Designated Funds 12 - - 10,000
General funds 9,10 56,309 309 40,455
56,309 56,309 50,455
Restricted funds **9,10,11 ** 82,915 82,915 31,542
Total funds 9, 10 139,224 81,997

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 23 to 27 form part of these accounts.

These financial statements were approved by the Trustees on the 27 November 2024 and are signed on their behalf by:

Eliat Aram, Chair 27 November 2024

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The Stuart Low Trust Annual Report and Accounts 2023/24 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.

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The Stuart Low Trust Annual Report and Accounts 2023/24 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 2024 was 10 (2023: 7). No trustee claimed expenses (2024: £Nil) or received any remuneration (2024: £Nil).

3) Grants

Core costs
The Vandervell Foundation
Masonic Foundation
Cloudesley
Edward Gostling Foundation
Garfield Weston Foundation
Islington Council
Gauntlet Trust (Armourers &
Brasiers)
Worshipful of Tylers and
Bricklayers
Rotary Club of Islington, Highgate
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
Vintners Foundation
Big Give
Innholders Charitable Foundation
Postcode Society Lottery
City Bridge Foundation
LCF Queens Jubilee Fund
Charles S French Charitable Trust
Virginia Low Friday Event Funds
Trusthouse Charitable Foundation		 2024
Unrestricted
Funds
£
2,000
-
35,000
-
15,000
20,075
-
4,000
5,000
-
81,075
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024
Restricted
Funds

£
-
-
-
-
-
-
-
-
-
-
-
-
19,965
-
-
-
1,500
11,750
-
4,000
5,053
2,000
24,797
46,600
-
4,000
1,040
10,000
130,705		 2024
Total
Funds
£
2,000
-
35,000
-
15,000
20,075
-
4,000
5,000
-
81,075
-
-
-
-
-
-
1,500
11,750
-
4,000
5,053
2,000
24,797
46,600
-
4,000
1,040
10,000
130,705
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
2,000
10,000
3,900
4,670
4,955
1,500
11,750
5,000
-
-
-
-
-
8,120
-
-
-
53,895

21

The Stuart Low Trust Annual Report and Accounts 2023/24 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
29,575
Nature
8,450
Arts
4,225
Volunteer Programme
331
42,581
General fundraising
473
Total
43,054		 2024
£
126,864
12,405
Allocated costs
£






52,403
22,645
20,032
2,781
97,862
43,574
141,437

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.

22

The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

6) Staff Costs

Wages and salaries
Social security costs
Pension
Other Staff Costs
Total staff costs
During the year there was no (2023: £Nil) termination payment.		 2024
£
125,785
4,569
3,207
2,471
136,032		 2023
£
134,931
11,527
2,522
380
149,360

Average number employees during the year on a headcount and full time equivalent (FTE) basis:

basis:
2024
Headcount
Management and Administration
6
Sessional workers
7
Total employees
13
No member of staff received more that £60,000 (2024: Nil).		 2024 FTE
3.0
1.2
4.2		 2023
Headcount
5
7
12		 FTE
2.7
1.2
3.8

7) Debtors

Gift aid receivable
Other debtors
Creditors: amount falling due within one year
Taxes and social security costs
Trade Creditors
Other creditors		 2024
£
934
-
934
2024
£
2,378
3,024
2,084
7,486		 2023
£
695
1,154
1,849
2023
£
2.645
1,648
618
4,911

8) Creditors: amount falling due within one year

9) Analysis of net assets between funds

Current assets
Current liabilities		 Designated
Funds
£
-
-
**- **		 General
Funds
£
63,796
(7,486)
56,310		 Restricted
Funds
£
82,915
-
82,915		 Total
Funds
£
146,710
(7,486)
139,224

23

The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

10) Movements in funds

Movements in funds
Restricted funds
Royal Institute of Philosophy
Charles S French Charitable Trust
The Woodroffe Benton Foundation
National Lottery Awards for All
London Catalyst
The Hospital Saturday Fund
Morrisons Foundation
Morris Charitable Trust
Cripplegate Foundation
Peter Stebbings Memorial Charity
Big Give
Innholders Charitable Foundation
Virginia Low Friday Event Funds
Vintners Foundation
City Bridge Foundation
Postcode Society Trust
Trusthouse Charitable Foundation
Total restricted funds
Unrestricted funds
General fund
Designated Funds
Total unrestricted funds
Total funds		 As at
1 April
2023
£
750
-
4,167
5,000
667
667
3,113
3,250
9,800
4,129
-
-
-
-
-
-
-
31,542
40,455
10,000
~~-~~
50,455
81,998


Transfer
s

**£ **
Incom
e
£
1,500
4,000
-
19,965
-
-
-
-
11,750
-
5,053
2,000
1,040
4,000
46,600
24,797
10,000
130,705


111,010
-
111,010
241,71
5
Expenditur
e
£
(1,500)
-
(4,167)
(6,570)
(667)
(667)
(3,113)
(3,250)
(9,900)
(4,129)
(4,211)
(1,667)
-
(1,950)
(17,340)
(10,782)
-
(69,912)
(114,576)
-
(114,576)
(184,488)		 As at
31
March

2024

£
-
-
-
(58)
-
-
-
-
(1,800)
-
-
-
-
-
(5,945)
(1,617)
-
(9,420)


19,420
(10,000)
9,420
-		 750
4,000
-
18,337
-
-
-
-
9,850
-
842
333
1,040
2,050
23,315
12,398
10,000
82,915
40,455
10,000
~~-~~
50,455
139,224

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

24

The Stuart Low Trust Annual Report and Accounts 2023/24 Company: 05001948

The trustees ended the designation of funds at 31 March 2024, which had originally been set aside following the period of pandemic.

13) Other financial commitments

At the year-end the company had annual commitments under non-cancellable operating leases as set out below:

as set out below:
Operating leases which expire:
within one year		 2024
£
2,517		 2023
£
2,517

25