REGISTERED COMPANY NUMBER.. 06231613 (England Jnd Wal•$l REGISTERED CHARITY NUMBER.. 1143342 REGISTERED SCOTTISH CHARITY NUMBER: SC043441 Rèport of the Trustees and Flnancial Stat•m•nts for tho Year Ended 29 February 2024 SPUC EDUCATION AND RESEARCH TRUST Knox Cropper LLP Chartered Accounlanls and Statutory AuditoTS Office Surte I Haslemere House Lower Strèèt Haslemere Surrey GU27 2PE SPUC EDUCATION AND RESEARCH TRUST Contents of thè Flnancial Statem•nts for the Year End•d 29 February 2024 Page R•port of thg Trust••s Report of the Ind•p•ndent Auditors statemont of Financial Activiti•s 12 Balan¢• Sho•t Cash Flow Statement 14 Notes to the Cash Flow Statement 15 Notès ta the Financial Stat•mènts 16 10 28 SPUC EDUCATION AND RESEARCH TRUST (REGISTERED NUMBER: 062316131 Report of thè Trustees for th• Year Ended 29 February 2024 The trustee5 whty a￿ also directors of the charity for the purposes of the Companies Act 2006, Pfe5enl their report th the financial statements of the ¢harity for the year ended 29 February 2024. The Iru51ees have adopted the provisions of Accounting and Rèporting by Char(fies'. Statement ol Recommended Pra¢tice applicable to charrties prèparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. 0￿ECTIVEs AND ACTIVITIES Objectives and aims The obje¢ts ot the Trust are.. - to relieve poverty generally - to benefit and protect unbom ¢hildren with congeni(al abnomialities and dISab￿d childrèn lo advanct medical knowledge and education in matters pertaining lo unbom children, congenital abnormalities, disabilitiés generally, pregnancy and the termination of pregnancy. One parti¢ular area ol pregnancy and temination of pregnancy that the Trust seeks to address is help to those 51ru991in9 after abortion. Where Trust ftjnds pemit, the Trust makes grants to other organisations whose ethos is comparable with the Trust's own pro-life principles and who are able and willing to take action to present thi$ message to others. Public benofit The Trustees have referred to the Charty Commission's published guidance tsn thè public benefit requirement under the Charitie5 Ad 2011 when reviewing the Trust's aims and objectives and in planning fLlture activities. In particular, the Trustèès consider how planned actwities will contribute lo the aims and objectives sel. Page 1 SPUC EDUCATION AND RESEARCH TRUST (REGISTERED NUMBER: 062316131 Report of th• Tru$tg9s for tho Year Endèd 29 Fgbruary 2024 ACHIEVEMENT AND PERFORMANCE Significant a¢tivities in pursuit of these aims and plans for futuro p•riods a. Abortion Recov¢ry Care and H•lpline IARCHI Abortion Recovery Care and Helpline IARCHI is the flag$hip initialwe of the Tiusl and continues to provide emotional and psychological support to those struggling after an abortion. Anyone struggling and needing support after an abortion can contact ARCH via the Helpline10345 603 85011. by email linfo@arthlrust.org.uk} or by using the contact form on the website Iwww.archtru51.org.ukl. All contacts are dealt with in arxordance with ARCH'S Confidentiality and Data Polici8s. The work ofARCH supporting those affected by aborbon has continued throughout the year, as in prèvious years. Over411, 2023124 saw a similar amount of ¢onlacts to ARCH compared to figures for the previous year. Total conlactg lo ARCH showed a Small 4% increase, daytime calls tts the ARCH offi¢e decreased slightty by 2% Befriender calls in the evening increased by 20°A and email contsct to ARCH decreas•d by 11%. In addilign, it was noted that web traffic to the ARCH wèb$ile remained similar lo the year before. To modemise the brand and make contact more usèr ffi"endly for service user5, a naw website was launched in December 2023 which included the devolopmenl of a new logo. New literature is planned to follow which will indude thè new branding. A training course for new volunteer Befrienders look place in November 2023 and another is bèing arranged for April 2024. Two Refresher Training Days werè organised for existing Befrienders, one in person at)d one online. Refresher days will be continued in the ijpcoming year. The Trusteès intsnd that all these operations will eonlinue in fijture year$. b. Gr•nts 11 is the Trust'8 policy that grant-making will be considered when tt is expected that thare will be sufficiènt funds to pay them aftèr the costs of ARCH have been met and - allowing for timing differences between receipt of surplus funds and their expenditure- wlhout drawing significantly upon reserves over time. Applications arè received from organisation$ and individuals who are aware of thè Trust and sis WOTk. All grant applications are considered individually by the full board ol trustee$ tsn a case-by-casè basis, considering their merits and the extent to which they further the aims of thè Trust. The grantèès are required to provide feedback and reports showng how the funds havè been used and the rèsults achieved. In view of the increasing number of requests for support. the Trust plans to establish application processes for use in ftjture periods. In the year tts 29th February 2024, the Trust was able lo make ihe following grants to other organisalions to pursue activities which aliyn with the Trust's own gbjectives. The Trust made a grant of £180,377 paid in quartedy inslalments for thè educational and research work of SPUC Pr￿LIfe Ltd. The Trustees then approved an additional grant of £202,682 to SPUC Pro-Lrfe Ltd. £52,682 would be paid immediatety away and the next 3 instalments would come in thè next financial year. The Trust made a grant of £70,000 to BIOS Centre lor research and publication of matters relating lo the aims and objectives ol the Trust. The Trustees agreed further financial support of £60.000 to be paid in 2024 and they will then re-evaluate whether support can be given for their asks in 2025. The Trust made a fvrther grant 01 £28,000 lo the charity SPUC Pro Lifè S¢olland Ltd for ils educational and other ¢harilable work. Page 2 SPUC EDUCATION AND RESEARCH TRUST IREGISTEREO NUMBER: 06231613) Report of the TfUSt••s for the Yèar End•d 29 February 2024 Other grants made included:_ -A grant of £5,000 to Rachels Wney8rd UK lo assist with their post abortion support seNices. .A giant of £5,000 to Stanton HeaKhcare (Easl of Sctstlandl to assist with their Care Fund to help those struggling wi(h Costs of practical items for newboms. -A grant of £2.2001o Rightto Lifo Friends in Malawi lor assistance in providin9 education and training programme3 upon pro-life issues. A grant of £4,679 was approved to a group in Burkina Faso lo assist in providing education programmes relating to pregnancy. abortion and other pro-lile i55ues, continuing work funded by similar gran15 made in rÈcènt yèars. Satisfactory reports on progre$$ were received during the year from all grant recipients. ¢. Salès and donation5 of foetsl mod•l$ The Trust's world-renowned set of foetal models "How You Began" with accompanying literature continue lo be sold and donated lo educational groups, caring organisalions, and to other bodies in Britain and in many olhor parts oftha worfd. During the year eleven foetal model sets were sold. d. Publications. book sales and donations The Trust continues lo sell and distribute copies of various books in pursuit tsf the Tnjsf s aims. No new publicalityns wère issued this year. The Tru¥l rel8in$ the ability to issue publicatioris in the fvrture if the need 8ri$e$, in promotion of the Trusfs aims. Investment performanc The Trust's investment portfolios managed by Investec and Quitter Cheviol achieved Combined capital and income net returns for the year ol12.410/o and 12.20A respectively compared to the Charities Composrte Benchmark which retumed 9.4%. FINANCIAL REVIEW Financial posltlon The def*it for the year was £457,29512023.. £98,535 defiatl and the underlying deficit before gains and losses on investments was £520,98912023". £19,048). There was an increase in lÈgacy income of £46,459 offset by a drop in donations and associated Gift Aid of £28,961. Investment income increased by £11,134. The deficit for the year was driven by an increase in the value of grants awarded of £513,057 compared to Ihg prior yèar, whilst ARCH costs increased by £16.619. The Tru$l manages the associated fjnanci81 risk of variable legacy income by maintaining a relallvely low level of core operational costs - whi¢h remainèd stable in the year - with expend¥ture that ftscused on grant-making and special projects that do not involve multi-year commbtmenls, lalthtsu9h awards may be repeated where fund5 allowl. Page 3 SPUC EDUCATION AND RESEARCH TRUST {REGISTERED NUMBER: 062316131 Rèport of the Trustèès for thè Ytrar Ended 29 Fèbruary 2024 FINANCIAL REVIEW Investment polley •nd objectlvès Tha Trust has a long-establiyhed investment policy that funds held in excess of short and medium-temi cash flow needs are available for long-ltrrm investment. The investment objecaive is lo generate a return in excess of inflalign over the long term, while also genèrating Income to supp¢rt the Trusvs core aclivilies. To this end the Trust has invested in commercial propety through Stannary Property Limited and the direct purchase of an office property in Preston. However. sto¢k market investments comprise the majority of the Trust's assets. The Trust's stock market investments are managed on ils behalf by Investec Wealth & Management Limited and by Quih&r Cheviot Limited. The achievements of the fund managers arÈ kept under dose s¢ruliny by the Trustee8 and at least one of the management companies is invited lo an annual review meeting with the Trustees. The Trustees instruct both management companies that they must invest only in companies whose ath'vities are compatiblè wth the ethical standards of the TnJst. The Tru51ees are aware that the value of stock market holdings, of property and other investment itèms will fluctuate in a¢¢ordance with gÈneral economic cireumslance5. The Trustees regularly monitor the finan¢lal $rtuation and respond a￿ordinglY. Reserv•s pollcy Total funds at 29 Febnjary 2024 amounted to £2,486,471, all of which are unrestricted. Excluding tsngible fixed assets of £364. reserves amount lo £2,486,107. The Trust holds reserves lo ensure that it has sufficient resource5 lo continue as a gging concern. The lolal amount of reserve5 15 predominantly represented by stock investments and cash which are held with investment companies, Qui￿er Cheviot and Invèste¢. These have been given equal investments and have had similar levels of pèrformance which is monitored by the Trustees. The Trustees continue to give careful thought to the Trusvs futLtre resource requirements and policy. Thè funding of ARCH 15 the Trust's priority area of work and while the level of donations and legacies has been high in re¢ent years this cannot be relied upon. The long-lerni aim of the rèserves policy is therefore lo achievè a level of reserves I which investment income is sufficient to fund the work of ARCH. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documènt The TnJst is Controlled by its governing documents, its Memorandum and Articles of Association. and constitutè$ limiied company. limited by guarantee, 85 defined by the Companies Act 2006. Appointm•nt of ngw trust•8s The Trustees must number be￿e*n three and eight trustèès, all of whom are appointed without limit of lime by SPVC Pro-lrfe Limited. During this year theTe were seven Trustees who are reimbursed only for travel ar)d expenditurè which may arise from pursurf( of their duties. The Trustees appointed a new Trustee in May 2023 and one Trustee r•signèd in August 2023. The Trustees will b& looking lo replaee this Trustee. Trustees musl act in accordance ￿th the requirements of the obligations imposed by the Charity Commission. The Trustees have had regard to the Charity Commission's guidance on public benefit. An item on the agenda of all meeting5 15 included to examine any possible conflict of interest which may arise. Organisatlonal arrang*ments The Trustees usually meel quart&dy, assisted by the Trust Secretsry, to whom responsibilty for the day.tO&day management of the Trusf5 aclivities - especially ARCH - has bèen delegated. Minutes are kept and action points ar¥1099ed and controlled. The Trustees vote on motions. Page 4 SPUC EDUCATION AND RESEARCH TRUST (REGISTERED NUMBER: 062316131 Report of the Trusl••s for the Year Endèd 29 February 2024 STRUCTURE, GOVERNANCE AND IAANAGEMENT Induction and training of new trustees Prior to appointment prospective Trustees are invitèd to visit the Trust's office6 and spend lime with one or more serving Trustees lo ensure they understand the Trust's activities and ethos from the outsel. They are also provided with key documents including the Memorandum and Articles of Association and Charity Commission 9uide CC3 "The Essèntial Trustee" Arranggm¢nts for setting pay and rèmuneration of key managèm•nt personnel The Trust Secretary's remuneration is considered a5 part tsf the general annual pay award for Trust staff, which is decided by reference to awards made elsewhgrè in the charitable and nol-for-profit sector,. affoTdability", and the overall performance of the team. Relatèd parties As noted. the appointment of Tru51ee$ is vested in the board of SPUC Pro-Life Limrted. The Trusts policy is to work as dosely with SPUC Pro-Lrfe Limited as charity law permits, whilst maintaining a proper operational and financial separation a$ appropriate. Risk managem•nt Thè trustees have a duty to identify and review the risks to which the charity is èxposed and lo ensure appfopriale controls are in place to provide reasonable assurance against fraud and error. Tru$ts• Code of Condu¢t An updated Code of Conduct was estsblished, approved and signed by all Trustees in 2023. Charity Mèrger The merger of SPUC Educational Research Trust, number 326238 wth SPUC Educats'on and Resear¢h Trust was officially accepted in June 2023 and the merger now appears on the Register of Merged Charities. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06231613 (England and Wales) SC043441 {Scollandl Regi$torèd Charity number 1143342 R¢gl$t•r•d offico Unit C 3 Whitacre Mews stannary Street London SE114AB Trustoes J A Deighan J P Alherton (resigned 01.09.20231 P M Forsdike R M Haig (resigned 08.04.20241 C M Hudson A C Mullett J J Smealon lappointed 17.05.20241 L A Campbèll lappoinled 12.05.20231 Page 5 SPUC EDUCATION AND RESEARCH TRLIST (REGISTERED NUP•lBER: 062316131 Report of the Trust•es for the Year Ended 29 February 2024 REFERENCE AND ADMINISTRATIVE DETAILS Company Soer•tary L M Grant Auditors Knox Cropper LLP Ch8rtered Accountants and Statutory AudiloT3 Office Suite 1 Haslemere House Lowèr Street Haslemarè Surrey GU27 2PE Bankers HSBC Bank Pic 333 Valtxhall B¥idge Road Victoria London SW1V 1EJ Inv•$fment managers Quilter Chevigl Limited Senator House 85 Queen Victoria Street London EC4V 4AB Investec Wealth & Investment Limlled 30 Gresham Strèèt London EC2V 7QN STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of SPUC Education And Research Trust for the purpose$ of company law} are responsible for preparing the Report of the Trustee5 and thè financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accèpted Accounting Practice). Company law requires the Iruslees lo prepare financial statements for each financial year which gwe a true and fair view of the stsle of affair$ ol the charitable company and tsf the incoming resoijrces and application of re$gurces, includin9 the income and expenditure, of the charitable company for that period. In preparing those financial stslemenls, the tru$tee$ are required to seled suitable accounting policies and then apply them con8islently', obseNe the methods and principles in the Charity SORP., make judgemenly and estimates that are reasonable and prudent", prepare the financial statèments on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 6 SPUC EDUCATION AND RESEARCH TRUST IREGISTERED NUMBER: 062316131 R•port of tho Trustee$ for thg Year Ended 29 Fèbruary 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES - continued The tru51ees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the finanrial position ofthe charitable company and to enable them to ensure that thè financial statements comply with the Companies Aci 2006. They are also responsible for safeguarding the assets of the charitable company and hènce for taking reasonable steps for the prevention and dele¢tion of fraud and other Irr¢gularrti&$. In so far as the trustees are aware.. there is no relevant audrt infomation ofwhich the charitsble ￿MpanY'S auditors are unaware., and the trustees have takèn all steps that they ought to have taken lo make themsèlves aware ol any relevant audit information and to establish that tho auditors are aware of that information. AUDITORS The auditors. Knox Cropper LLP, will be proposed for re-appointment ?1 the forthcoming Annual Genèral Meeting. This report has been prÈpared in accordance with the special provisions of Part 15 of thè Companies Act 2006 relating to small ¢ompanies. Approved by order of the board of trustees on and signed on its behalf by.. J A DevJhan- Trustee Pa9e 7 R•port ol the Ind•p•ndent Audito¥s to the Membors of SPUC EducatSon And ReSea￿ts Trust OpinSon We have audited the financAal statements of SPUC EdUcat￿n And Resear¢h Trust Ithè'charilable company'l for the year ended 29 February 2024 which ¢omprise the Statement of Financial Activities, the 8alance Sheet, the Cash Flow Statement and notes to the financial statèments, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Actounling Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statemènts.. - give a true and fair view of the state of the charitable company's affairs as at 29 February 2024 and tsf its incoming resources and application of resource5 for the year then ended., have been proper￿ prepared in accordance with Unitéd Kingdoln Generalty Accepted A¢¢ountrng Practiee.. 8nd have been prepared in accordance with thè requirements of the Companies A¢t 2006.. the Charities and Trustee Investment Iscollandl Act 2005 and regulats'on 8 of the Charities Accounts Iscotjandl Regulations 2006. Bosi$ tor opinion We conductèd our audit in accordance wrth International Standards on Auditing IUKI IISAS IUK)) and applicable law. Our responsibilities under those Standards are further described in the Auditors, rtrspon5ibililies for the audit of thè financial statemènts Section of our repgrt. We are independent of the ¢har((able company in accordance wrth the ethical requirements that are relevant to our audit of the financial statèments in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requirements. We bèliève that the audit avidence we have obtained is sufficient and appropriatè lo provide a basis for our opinion. Conclusions relatlng to going concem In auditing the financial statement5, we havg ¢on¢luded that the trustees, use of the going eoncèrn basis of accounting in the preparation of the financial slalements is appropriatè. 6ased on the work we have pèrformed. we have not identified any material uncertainties relating to èvents or ondilions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going eoncern for a period of al least ￿e1ve months from when the financial slalements aitt authorised lor issue. Our re$pon5ibilrties and the re5ponsibilibès of the trustees wlth respect to goin9 concein ale described in thè relevant sections of this report. Oth•r Infornation The trustees are responsible for the other information. The other it)formalion comprises the infomiation included in the Annual Report, other than the financial slalements and our Report ol the Independent Auditors Ihereon. Our opinion on the financial slalements does not ¢over the other Information and, except to the exienl otherwis8 explicitly statèd in our report, we do not express any form of assuran¢e ￿nclUSIon thereon. In connèth'on with our audrt of the financial statements, our responsibility is to rèad the other infom)ation and, in doing so, consider whether thè other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otheTwise appears lo be materially misslaled. If we identify such material inconsisten¢ies or apparent material misstatements, we are required lo determina whether this gives rise to a material misststement in the financial 31alements themselves. If, based on the work we have perfomièd, we condude that there is a rnaterial misstatemènt of this other ink*rmalion, we are required to report that fact. We have nothing to report in this rÈ9ard. Oplnlons on other mattors pre$¢ribgd by th• Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit." the infomiation given in the Report of the Trustees lor the financial year for which thè finan¢ial statements ale prepared is consistent with the financial statements.. and the Report of the Trustees has been prepared in accordance with applicable legal rèquirements. Page 8 Report of thè Independent Auditors to thè Mombers of SPUC Education And Res•arch Trust Mattors on whlch we aro r•qulrnd to roport by gxe•ptlon In the light of the knowledge and understanding of the charitable company and r(s environment tsbtained in the course of thè audit. we have not identrfied material misslalemenl$ in the Report of the Trustees. In the light of the knowlèdge and understanding of the company and its ènvironment obtained in the course of the audit, we havè not identified material mi$$latemenls in the directors. report induded within the truslegs, report. We have nothing lo report in rèspect of the followin9 matters in relation lo which the Companies Act 2006 and the charit￿s Accounts IS¢odand) Regulations 2006 requires u5 to report lo you rf, in our opinion.. adequate and proper accounting records have not been kept. or retums adequate for our audit have not been received from branches ntyl visited by us., or - the financial stslements are not in agreemènt with the accounting records and returns., or certain disclosures of trustees, remunèration specified by law are not made., or we have not received all the Information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regimè and lake advantage of the small ctsmpaniès, exemptions in preparin9 the trustees, report and from the requirement lo prepare a strategic report. Respon5ibiliti¢$ of trustees As explained more fully in the Stslement of Trustees. Responsibili(ies, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the finan¢ial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary lo enablè the preparation of financial statements that are free from material misstatement, whather due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charitable company's abilty to ¢ontinue as a going coneem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable comp8ny or to cease operations, or have no realistic attemative but to do so. Page 9 R¢port of the Ind•p•ndent Auditoys to the Members of SPUC Education And R8s•ar¢h Trust Our rg$ponsibilities for th• audit of the finanelal ¥tatements Our objectivés are to obtain rea$onable assurance about whether the finan¢ial statements as a whole are free from material misstatèment, whether due lo fraud or error. and lo issue a Report of the Independent Auditors that includès our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when rt exists. Misstatements n arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo infiLtence the è¢onomic decisions ol user5 taken on thè basis of thes8 finan￿¥1 statement$. The extent to whi¢h tsur procedure$ are capable of detecting irregularities, induding fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable lo the charitable ¢ompany and determined that the most $1gnrficant are the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Genèrally Accepted Accounting Practieel, the Companies Act 2006 and the Charitiès Act 2011. The charitable ¢ompany is required to comply with charty law and, based on our knowledge of 11$ activities, we identified that the legal requirement to accurately account for restricted funds was of key signthcance. We understood how the charitable company is complying wf(h those frameworks via communication with thosè ¢harged with governxn¢e, together with the review of the charity's documented policies and procedures. We assessed the susceptibility of the charitable company's financial statements lo material misstslemenl. including how fraud might occur by considering the key risks impacting the financial statemÈnls, These included risks associated with Rèvenue Recognition and Managem8nl Override of Controls, which were discussed and agreed by the audit team. Our approach included agreeing the charitable company's recognition of income lo the temis tyf the underfying grant agreements, legaw documentation and 3s50ciated correspondence, the review of journal entriès processed in the accounting records and the investigation of 51gnificant and unusual transactions identified from our review of the aceovnling records. Based on this understanding we designed our audTt procedure$ lo identify non-¢ompliance with such laws and regulations. Our proceduies invglved review of the reptrrting to the directors with respect to the application of thè documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirem&nl$ of the charitable Company. There are inherent limitations in the audit procedures described above and, the fvrther removed nonvcompliance with laws and regulations is from the evènts and transactions reflerted in the finan¢i81 statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than thè risk of not detecting one resulting from error. as fraud may involve deliberate con¢ealment by. for example, forgery or intentional misrepresent31ions, or th¥ough collusion. A further descriptitsn of our responsibilf(ies for the audit ol the financial statements is located on the Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibilrties. This description forrns part of our Report of the Independent Auditors. Pa9e 10 R•port of the Independent Auditorn to th& Mombèrs of SPUC Education And R•s•arch Trust Use of our report This report is madè solely to the charitable company's members. as a body. in accordance WTth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers w& are required to state to them in an audil¢rs' report and for no other purpose. To the fulle$l exlènl permitted by law, we do not accept or assumè responsibility to anyone olherthan the charitable ompany and the charitable company's members as a body, for our audit work, for this report, OT for the opinions we have fomied. Matthew Elkins FCA (Senior Statutory Auditorl foi and on behalf of Knox Cropper LLP Chartered Accountants and Ststutory Auditors Office Sutte 1 Haslèmere House Lower Street Haslemere Surrey GU27 2PE Dale.. Page 11 SPUC EDUCATION AND RESEARCH TRUST Ststsment of Financlal A¢t&vities IlneorpoTating an Incom• and Expenditur• Account) for the Year Endèd 29 February 2024 2024 Total funds 2023 Total funds Unrestricted fvnd Restricted fund$ Notes INCOME AND ENDOVIMENTS FROM Donations and legaeiès 169,742 169,742 152,244 Charitable actlvltl•s ARCH Educat￿)nal materials 25 1,683 1,682 1.682 Investment incomè 90,529 79,395 Total 2619S3 261.9S3 EXPENDtTURE ON Raising funds 26,564 26,564 23,439 Charitable activities Grant-making ARCH Edu¢ational materials 557,938 198.045 395 557,938 198,045 395 44.881 181.426 2.649 Total 782 942 252 39S Net gain￿1108¥e8I on investments 79.487 NET INCOMEIIEXPENDITUREI 1457,2951 1457,2951 198,5351 RECONCILIATION OF FUNDS Total funds brought forward 2.943.766 2,943.766 3,042,301 TOTAL FUNDS CARRIED FORWARD 2 486 471 2 486 471 2,943,766 The notes form part of these financial slalements Pa9e 12 SPUC EDUCATION AND RESEARCH TRUST {REGISTERED NUMBER: 062316131 Balanc• Sh••t 29 February 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investm•nts Investments Investment propèrty 15 364 729 16 17 2,210,933 250 000 2,169,203 250,000 2.461.297 2,419,932 CURRENT ASSETS stocks Debtors Cash at bank and in hand 3,214 46,772 264,477 3,609 59.228 485,887 314,463 548,724 CREDITORS Amounts falling due within one yèar 20 1289,2891 (24,8901 NET CURRENT ASSETS 523,834 TOTAL ASSETS LESS CURRENT LIABILITIES 2,486,471 2,943,766 NET ASSETS 2.486,471 2,943,766 FUNDS Unrestricted funds 23 2 486,471 2,943.766 TOTAL FUNDS 2 486 471 2 943,766 These financial statements have been prepared in accordan¢& with the provisions applicabl8 to charitable companies subject lo the sm811 ¢ompanie5 Tegime. The financial statements were approved by the Board of Trustees and aulhorised for issue on and wère signed on its behaff by.. ghan- Trustee The note6 form part ol these financial statements Page 13 SPUC EDUCATION AND RESEARCH TRUST Cash Flow Statem•nt for the Year Ended 29 F•bru•ry 2024 2024 2023 Notes C•sh Ilows from opèratlng activities Cash genefaled from operations 332 4181 178,8721 Net cash used in operating activib&$ 332418 178 872 Cash flows from investSng aetlvities Purchase of fixèd asset investments Sale of fixed asset investmènts Interest received Dividends receThièd Rènt received Movement In investment manager cash 1568,6981 571,48S 13.35S 55.543 20,000 19,323 1141.631} 205,752 6,272 52,566 20,000 13.626 Nel cash provided by investing activitiè$ 111008 129.333 Chonge in cash and ca¥h equival•nts In th* reporting period Cash and Cash equlvalents at th¢ beginning of th• rèporting pgr5od {221,4101 {49,5391 485 887 535 426 Cash and ¢ash equival•nts at the end of the r•portlng period 264477 485,887 The notes fom part ofthese finaneial statements Pagè 14 SPUC EDUCATION AND RES&4RCH TRUST Noto$ to the Cash Flow Ststsmont for th• Year Ended 29 Fèbruary 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expèndltur• for the reporting p•riod las per the Statement of Financial Activities) Adlustments for: Depreciation charges (Gainlllosses on investments Interest recewed Dividend3 received Rental in¢ome Non-cash dividends Decrease in slo¢k$ Decreasellincreasel in debtOTS Increaselldecreasel in credrtors 1457.2951 198,5351 365 163.6941 114,9B61 155,S431 120,0001 11461 39S 14,087 264,399 2,014 79,487 16,2721 152,5661 120.0001 15571 457 117,2381 65,662 Net cash usgd in opèrations 332 4181 178 872} ANALYSIS OF CHANGES IN NET FUNDS At 1.3.23 Cash flow At 29.2.24 Net cash Cash at bank and in hand 221410 485,887 221410 264.477 Total 485 887 221410 264 477 The notes form part ol these financial slalements Page 15 SPUC EDUCATION AND RESEARCH TRUST Not•$ to th¢ Financlal Ststtrments for th• Y•ar Ended 29 F•bruary 2024 STATUTORY INFORMA TION SPUC Education and Research Trust IS a Private company, limited by guarantee, regISte￿d in England and Wales. In addition, il is registered as a ¢harty wrth the Charity Commission tor England and Wales and the Office for the Scottish Charity Regulator. The company's registered numbers and registèred office address can be found on page 5 of the Report of the Trustees. The presènlalion curiency of the financial statements is the Pound Slerfing (£1. ACCOUNTING POLICIES Basis of pr•paring the finanelal statements The financial statements of the charitable company, which is a public benefrt entity undèr FRS 102. have been prepared in accordancè wlh the Charitle5 SORP IFRS 1021 '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 IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepa￿d under thè historical cost convanli¢n, with the exception of invè3lments which are included at market value. a$ modified by the revaluation of certain assets. The trustees considerthal there are no malerkgl uncertainties about thè Trust's ability to continue as a going concam. In¢om• All income ss recognised in the Statement of Financial Activitiès once the charity has ents'uement lo the funds, it is probable that the income will be receivèd and the amount can be measured reliably. Donations and lega￿eS are ¢rediled to the Statèment of FinaA¢ial Activities in on an accruals basl8. Taxation recoverable on grft-aided donations is credrted al the same time as the relevant donation. Investment income comprises dividends and interest as well as rents receivabl8 from the investment prtsperty. Dividends are credited when the right to re¢eive payment is èstablished. Int•rÈsl and rental income is credited on an aecrua15 basis. Expènditure Liabilities are recognised as expenditure as soon as there is a leg31 or constructive obligation commttling the charity to that expenditure, it is probable that a transfer of e¢onomic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all cost related to thè category. V￿ere costs cannot be directly attributed to particular headings they have been allocated to activit￿$ on a basis ¢onsislent wf(h the use of resources. Grants offered subjèct lo conditions whi¢h have not been met at the year end date are noted as a commitment bul not accrued a$ expendiiura. Tangiblg fixed assots Depreaation 15 provided at thè following annual rates in order lo wrTte off each a55el over its èslirnaled useful lrfe. Fixture5 and fittings 25% on cost and 20% on ¢ost Page 16 continuèd... SPUC EDUCATION AND RESEARCH TRUST Nottr8 to thè Flnan¢lal Statements - continued for th• Yaar End•d 29 February 2024 ACCOUNTING POLICIES - continued Investment pn>p•ity Investment property is shown at most recent valuation. Any aggregate surplu$ OT defi¢rt arising from changes in fair value is recognised in th$ Statement of Financial Activitias. Investrnents Fixed asset investments in quoted shares, traded bond$ and similar investment$ are initialty measured at cost and sub5eqvenlly at fair valua at the balance sheet date. Inv•stmènt in associates Investments in associate5 are measured at ¢osl less impaiment. Stocks Stocks are valued al the lower of co$t and net realisable value, after makin9 due allowance for obsolete and slow moving Ilem$. Taxation The tharity is èxempt from corporation tax on ils charitable activities. Fund accounting Unre$lri¢led funds can bè usèd in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used lor part￿ular restricted purposes within the objects ol thè charity. Restrictions arise whén spècffiad by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature an(J purpose of $a¢h fttnd is included in the notes to the financial statements. P•nslon costs and other post-retirement b*nofits The charitable company operates a defined contribution pension scheme. Contributions payable to the ¢haritable ¢ompany's pension scheme are charged lo the Slalemenl gf Finanaal Activities in the period lo which they relate. Financial Instrumènts The Company has elected lo apply the prowsions of Section 11 'Basic Financial Instruments, and Section 12'01her Financial Instruments Issues, of FRS 102 to all ol its financial instruments. Finanaal Instruments are recognised in the ¢ompany'$ $talement of financial position when the company becomes party lo the contractual provisions of the instrument. Finanaal assets and liabilities are offset. with tt)e n&1 amounts prèsènted in the financial statements, wh&n there is a legally enfor¢èablè right to set off the recognised amounts and there is intention to settle on a net basis or to realisè the asset and settle the liability simullaneovsly. Basic financial assets Basic financial assets, which inclltde debtors, are initially measured at transadion price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure al the present value of the fultjre receipts discounted at a market Tale of interest. Finan¢i¥l assets clas5ffied as r*¢eivable within one year are not amort15ed. Page 17 continued... SPUC EDUCATION AND RESEARCH TRUST Notes to the Flnancial Statsments - continuod for the Year Ended 29 F•bruary 2024 ACCOUNTING POLICIES - continugd Flnanclal Instrum•nts ClassTficab-on of financial liabilitias Finanaal liabilities and equity instruments are classified according to the subslanca of the contractual arrangements entered into. An equity instrument 1$ any contract that èvidences a residual intèrèst tn the assèts of the company after dèdu¢lin9 all of ils liabilities. Basic financial liabilities Basic financial liabilities, including ¢redilor3, bank loans. loan$ frorn fellow group companie3 and Preference share5 that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the dèbt instrument is measure al the present value of thè future payment5 discounted at a market rale of interest. Finanaal liabilities classnled as payable within one year are not amortssed Debt instruments are subsequently carried al amortised Cost. Usin9 the effective intèrè$l rale method. Tradè erèdilors are obligations to pay for goods or services Ihat have been acquired in the ordinary course of business from suppliérs. Amounts payable are classified as current liabilities rf payment is due within onè year. If not, they are prèsented a5 non-current liabilities. Trade creditors are r*¢ognised initially at transa¢tion price and subsequentty measured at amortised cost using the effective rate method. DONATIONS ANO LEGACIES 2024 2023 Donations Gift aid Legacies 72,931 8,846 97,561 13.177 41,506 169 742 152244 INVESTMENT INCOME 2024 2023 Rents received Portfolio dividends & interest Deposit account Interest Interest from Stannary Property 20,000 55,543 6,944 20,000 53,123 2.261 4.011 79,395 Page 18 ¢onlinued... SPUC EDUCATION AND RESEARCH TRUST Notès to th• Financial Ststements - continued for thè Year Ended 29 F•bruary 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activ ARCH Educational materials Sales proceeds Sales proceèds 25 1,683 1,682 1,708 RAISING FUNDS Raising donations and legacies 2024 2023 Fundraising costs 410 Investment manag•mÈnt costs 2024 2023 Portfolio management Professional lees 19,648 20,329 23,029 Aggregate amounts 23,439 CHARITABLE ACTIVITIES COSTS Grant funding of activrties (see note 91 Direct Costs Isee note 81 Suppgrt ¢tssts Isee note 10} Totsls Grant-making ARCH Educational materials S57.938 S57,938 198.045 395 142,154 395 55.891 142,S49 557 938 SS,891 756 378 Page 19 continued... SPUC EDUCATION AND RESEARCH TRUST Notes to the Financial Statwn•nts - ¢ontlnu8d for th¥ Year Ended 29 February 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Stsff costs Rent and common charges Telephone Postage and Stationery Sundriès Travel Counsellor and $vperwsor fees Educational materials costs IT costs Training D&preaation 61.624 14,106 3,42B 1.010 649 2,234 46,282 395 1,SOI 10.955 365 67.924 10.623 2,458 1,440 260 1.939 32.957 2.649 1,890 3,109 365 125,632 GRANTS PAYABLE Total grants awarded during the year were a$ fgllows.. 2024 2023 SPUC Pro-Life Scotland Ltd SPUC Pro-Lrfe Limitèd BIOS Centrè Pregnancy Crisis Helpline Right To Life Malawi Stanton Healthcare (Easl of Scotjandl Rachel's Vineyard UK Grants lo individuals 28.000 383,OS9 130,000 28,000 10,000 2,200 2,200 5,000 5.000 4.679 4.681 557.938 44.881 Included in grants awarded is £202,682 to SPUC Pro-Lrfe and £60,000 lo BIOS Cènlre payable in the 2024125 financial year. Page 20 continued... SPUG EDUCATION AND RESEARCH TRUST Notes to thg FlnanclaS Statements - continuèd for the Year Ended 29 February 2024 10. SUPPORT COSTS Governance osts Management Totals ARCH 14,726 55.891 Support costs, induded in the above, are as follow$'. 2024 2023 Total a¢tivilie$ ARCH Rent, rates and water Postage and slalionery Administration Bank Charges Auditors. remuneration Tru51ees' travel expenses Accountancy and legal fees 30.937 440 9.476 312 11.399 254 3.073 32,200 356 9,302 385 9,286 1,467 5,447 55.891 11. NET INCOMEIIEXPENDITUREI Nèt incomellexpendilurel is stated after chargingl{credrtingl'. 2024 2023 Auditors. remuneration Deprèuation - owned assets 11,399 365 9,286 2,014 12. TRUSTEES. REMUNERATION AND BENEFITS There werè no trustees, remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023. Trustses. •xpense$ Three Iruslees received reimbursement of travel expenses amounting lo £161 12023.. thro& trusteos receivèd reimbursement of Ir8véI expenses totalling £9021. Page 21 ¢ontinued... SPUC EDUCATION AND RESEARCH TRUST Notes to tho Flnan¢lal Statements - ¢ontlnued for the Year End•d 29 February 2024 13. STAFF COSTS 2024 2023 Wages and salari¢$ Social security costs Other pension costs 67,211 804 3.609 62,263 1,710 3.951 67.924 The average monthly number of employees during the year was as follows". 2024 2023 ARCH No employees recewed emoluments in excess of £60,000. Key management personnel is defined as the Iru$l&es and the ARCH diiector. Remuneration payable lo key mana9èmenl personnel amounted to £35,514 {2023 £35,111). 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund$ Ttstsl nds INCOME AND ENDOWMENTS FROM Donations and le9aciè$ 152,244 152.244 Charitablè a¢tivlti ARCH Eduealional materials 25 1,683 25 1,683 Inveslmenl incomg 79,395 Total 233,347 233,347 EXPENDITURE ON Raising funds 23,439 23.439 Charltabl? activities Grant-making ARCH Educational materials 44.881 181.426 44,881 181,426 2.649 Total 252,395 252,395 Nel gainsl{lossesl on investments 79.4871 79,487 NET INCOMEIIEXPENDITUREI 198,5351 198,S351 Page 22 continued... SPUC EDUCATION AND RESEARCH TRUST Not•$ to the Financial Statements - Con￿nU•d forth• Year Ended 29 February 2024 14. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES-¢ontinu•d Unrestricted Restricted nd funds Totsl funds RECONCILIATION OF FUNDS Total funds br¢ughl fO￿ard 3,042,301 3,042,301 TOTAL FUNDS CARRIED FORWARD 2,943 766 2,943.766 1S. TANGIBLE FIXED ASSETS Fixtures and fittings Computer equipment Totals COST At 1 March 2023 and 29 February 2024 20.172 DEPRECIATION Al 1 March 2023 Charge for year 18.714 729 36S 19,443 365 Al 29 February 2024 1,094 NET BOOK VALUE At 29 February 2024 364 364 At 28 February 2023 729 729 16. FIXED ASSET INVESTMENTS 2024 2023 Shares Loans 2.030,933 180 000 1.989,203 180,000 2 210,933 2,169.203 Page 23 Continued... SPUC EDUCATION AND RESEARCH TRUST Notès to tho Financial Statements - Continued for thg Y•ar Ended 29 Fgbruary 2024 16. FIXED ASSET INVESTMENTS - ¢ontlnued Additional information as lollows.. Listed investment$ Unlisted investments Tots1$ MARKET VALUE At 1 March 2023 Additions Disposals Unrealised gains]Iloss&$l Movement in cash 1,989,183 568,844 IS81,5781 73,787 19.3231 20 1,989,203 568,844 1581,5781 73.787 19.323} Al 29 February 2024 2 030 913 20 2 030 933 NET BOOK VALUE At 29 February 2024 2.030 913 20 2 030 933 At 28 Fèbruary 2023 1,989 183 20 1989,203 Othèr loans At 1 March 2023 and 29 Fèbruary 2024 180000 Ther8 were no investment assets outside the UK. Wrthin li$led investments is financial assets measured al fair value through ineoffle and expenditulè amounting to £1,954,627 12023.. £1,893,575) and cash held by the investment managers amounting 10 £76.28612023. £95,608). During the year, listed investments with a ¢arrying value of £581,578 were sold for net proceeds of £571.485 realising losses of £10.093. Unlisted investments comprises a 20°k equrty holding in Stannary Property Limited, a privaté ¢ompany limited by shares incorporated in England and Wales. This investment is accounted for as an investment in an associate. If the Trust prepared consolidated accounts. the Trusfs share of the assoryale'5 profil would have amounted to £TBC. Other loans comprisè$ £180,000 loaned to Slannary Property Limited. The loan comprises £40,000 which is interest free and £140.000 on which interest 1$ charged al a rate of 1% over the Charities Offi¢ial Investment Fund Deposrt rate. Page 24 continued... SPUC EDUCATION AND RESEARCH TRUST Notss to thè Fln•n¢lal Stat•ments - continuèd for the Year Endèd 29 February 2024 17. INVESTMENT PROPERTY FAIR VALUE Al 1 March 2023 and 29 February 2024 250 000 NET BOOK VALUE Al 29 February 2024 250 000 Al 28 February 2023 250,000 The investment property w3$ valued al £250,000 in January 2023 by a RICS registered valuer fo¥ Sanderson Wealherall on an open market basis wrth the special assumption of vacant possession given the property i$1oased to a connected entty. 18. STOCKS 2024 2023 Stock 3.609 19. DEBTORS: AMOUNTS FALLING DVE WITHIN ONE YEAR 2024 2023 Trade debtors Interest duè from Stannary Property Gift Aid recoverablè Prepayments and accrued income 100 170 569 3,127 507 6,445 52,106 59,228 Page 25 continued... SPUC EDUCATION AND RESEARCH TRUST Notès to thè Flnanclal Statoments - continu•d for thè Yèar Endgd 29 February 2024 20. CREDITORS: AMOUNTS FALLING OUE WITHIN ONE YEAR 2024 2023 Trade ¢redilors Social security and other taxes VAT Accrued expenses Grants payable 7,971 330 1,355 16,951 262,682 6,206 1,560 1,349 15,775 289 289 24,890 21. LEASING AGREEMENTS Minimum lease payments under non