Company Registration No� �������� �England � Wales� 

Charity Registration No� ������� 

## **SERIO�S TR�ST LIMITED** 

## **�NA�DITED ANN�AL REPORT AND ACCO�NTS** 

**FOR THE �EAR ENDED �� MARCH ����** 

Registered Office� �� Kingsway Place, Sans Walk, Clerkenwell, London EC�R �LU 



## **SERIOUS TRUST LIMITED** 

**Contents of the Financial statements for the Year Ended 31 March 2021** 

|Legal and Administrative Information|�|
|---|---|
|Chair’s Statement|�|
|Independent Examiner’s Report|�|
|Statement of Financial Activities|�|
|Balance Sheet|�0|
|Notes to the Accounts|��|





## **SERIOUS TRUST LIMITED** 

## **Legal and Adminis�ra�i�e Informa�ion** 

## **Tr�s�ees � Direc�ors** 

A�� G�a�� � Chai� 

S�e�he� Smi�h 

Dia�a S�iegelbe�g 

A�i�a Sc��� 

J�h� William��� 

Ve�a K�ak�fi 

J�el Kiba�� 

## **Regis�ered Office** 

�� Ki�g��a� Place� Sa�� Walk� Cle�ke��ell� L��d��� EC�R �LU 

## **Bank** 

Ba�cla��� Ba�cla�� B��i�e��� ��� Fl���� �� S�h� S��a�e� L��d�� W�D �QR 

## **Independen� E�aminer** 

M���e Ki�g���� Smi�h LLP Cha��e�ed Acc����a��� De����hi�e H���e� �� G���ell R�ad L��d��� EC�M �AD 

**Chari�� Regis�ra�ion N�mber�** ������� **Compan� Regis�ra�ion N�mber�** �������� 



## Chai��� S�a�e�e�� 

���� turned out to be a challenging year for Serious Trust, with COVID �� constantly changing the cultural landscape, leaving arts organisations like ours in a vulnerable state. With the country entering a national lockdown in March ����, Serious felt the impact and the severity of the crisis almost immediately, as it not only affected our financial stability but our programmes and future planning as well. 

Despite the unprecedented circumstances, we�remained�committed to our objectives and continued�developing and supporting young emerging talent and diverse communities, ensuring social connection and access to culture at a time of isolation. 

The fundraising work of Serious Trust was fundamental through this crisis and the income raised last year was essential in keeping the organisation operational throughout lockdown. On behalf of all the trustees, I would like to thank Esmée Fairbairn Foundation who awarded us an extra ���,��� of emergency funding to help with staff salaries right at the beginning of lockdown. I would also like to express my deepest gratitude to Martin Muirhead for making Serious Trust his _Charit� of the �ear_ and raised over ���,��� through the Worshipful Company of Horners for the Trust’s community engagement work. 

In the coming year our main aim will be to continue diversifying our sources of income in order to build our sustainability in the long term. We will focus on growing unrestricted income from individuals, while also working towards securing grants from new Trusts and Foundations to support our talent development and community engagement ambitions. 

Lastly, a heartfelt thanks to our incredible individual donors, who responded generously to our digital fundraising campaign, and generated significant income for the company. At a time when it would have been understandable for them to focus their thoughts close to home, their generous donations helped keep alive our vital work with emerging artists, with audiences, and with young people in the most challenging of years. 

Ann Grant Chair of Trustees 



## Achie�e�e��� f�� �he �ea� 

Throughout the COVID-�� crisis in ����, Serious Trust has raised funds to support the achievements of Serious Ltd, which include the following projects. 

**Take Fi�e Edi�i�n XV** was scheduled to take place in March ���� but as the crisis unfolded, we took the difficult but necessary decision to postpone the residency to February ����. For this edition of Take Five, the eight selected participants represented the vibrancy and variety of the UK’s burgeoning jazz scene, offering a taste of what is to come from the genre in the coming years. They were **Ja�dee� Singh Deg�n** (sitar, voice), **Jell� Clea�e�** (guitar, voice, producer), **Jemma F�ee�e** (keyboards, piano, voice), **J�hn P��e** (double bass, bass guitar), **N�emi N��i** (voice, Paraguayan harp, flute, and more), **R��ie T����n** (trombone), **Sam Eagle�** (saxophone) and **Sa�a�h� K���a�** (drums, tabla, percussion). 

During the course of the year, we realised that travel restrictions imposed due to COVID �� would make our traditional residency model, of bringing industry professionals to speak to the artists in person, impractical. We decided to split the residency into two distinct sections. The first saw four days of online talks and discussions from industry professionals, followed by four days of in-person musical collaborations and performance coaching in person at Cats Abbey. The move to partial online delivery gave us the ability to invite a wider range of speakers than in previous years – opening the cohort up to a more extensive set of both national and international industry connections – while retaining the essential in-person elements of the residency that brings the musicians together on a personal and artistic level. 

During the year we also began the artist selection process for **Gian� S�e��** but had to postpone all other activities relating to the programme. With unprecedented restrictions, hardships and uncertainty around the wider ���� EFG London Jazz Festival, we thought it best to officially launch the programme in ����, allowing us to present the final outcome of the programme at a fully-fledged EFG London Jazz Festival ����. 

Considering that our Talent Development programmes had to be postponed to ����, we conceived other projects to continue with the musical and professional development of current participants and our alumni. With the pandemic causing venues to close their doors, we took immediate stock of the cultural needs of our newly-isolated audiences, and worked to turn around a new programme, **Se�i��� Li�e���eam Se��i�n�** . This series of fortnightly livestreams allowed us to create rare performance opportunities for our alumni to showcase their talent to a worldwide audience. The alumni who participated in this project included guitarist **R�b L�f�** , cellist **Abel Sela�c�e�** saxophonist **Camilla Ge��ge�** jazz duo **Milli�n S��a�e** and singersongwriter **J�lia Biel** . 

����’s EFG London Jazz Festival was also due to feature our first ever **�Take Fi�e P�e�en���** showcase. Sadly, due to the pandemic, it was not possible to do this.  However, utlising the 



digital format that we adopted for the wider Festival, we decided to commission �� artists from the current and the previous Take Five editions to create their own performance videos. We gave them the budget to produce a video and pay themselves a fee, allowing them to show off their own creativity, support local venues and video producers and share their music with a massive global audience. The digital version of Take Five Presents made for a much more varied and dynamic set of performances, and with a worldwide audience of over ��k  across the “Take Five Presents” series – a much larger audience than had they performed at the festival in person. 

Serious has always believed that everyone should be able to engage in creativity and culture, and this has never been more important than in a time of social isolation. While we were all trying hard to keep ourselves and others safe by maintaining our distance, during the ���� EFG London Jazz Festival, we were still able to bring people together through the digital world in a **ma�� �a��ici�a�i�n** project. We created an online ensemble led by Orphy Robinson, taking us from “lonely hearts” to a “virtual jazz” club band. �� musicians, of all ages and backgrounds, joined in from the comfort of their own homes, to perform and record a special new commission, and headline the EFG London Jazz Festival without ever leaving their living rooms. 

_�Thank �ou so ver� much for asking me to be part of it� I am ver� grateful� It was such a cool project to work on and the results were much more ama�ing that I e�pected�� �_ Participant, Virtual jazz club 

“ _Thank �ou for this brilliant idea for this �ear�s London Ja�� Festival� �_ Participant, Virtual jazz club 

The show premiered on �� November ���� on the EFG London Jazz Festival website and our official Facebook and YouTube pages. The video has been viewed over ���� times to date. _�reall� fantastic �such great London Ja�� Festival music on a Sunda� evening� Well done ever�one�_ – Audience member 

For the festival we also designed a fun and dynamic digital show **Ja�� f�� T�ddle��** , led by Juliet Kelly for children aged �-� years and all the family. The show introduced children to the wonderful world of jazz as they explored a range of sounds, techniques and styles through a well-known children’s story. The show premiered on �� November on EFG London Jazz Festival website, YouTube and Facebook and has over ���� views altogether. 

_�M� grandson was reall� engaged � he listened� joined in� danced around and he absolutel� loved the characters�_ – Audience member 



## S���c���e� G��e��a�ce � Ma�age�e�� 

## **G��e�ning D�c�men�** 

Serious Trust Limited (Serious Trust) is a charitable company limited by guarantee, incorporated on �� December ����. 

The company was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed under its Articles of Association last amended on �� March ����. In the event of the company being wound up, each of the members is required to contribute an amount not exceeding ��. 

## **Rec��i�men� and A���in�men� �f Di�ec���� � T����ee�** 

The Directors of the Company are also Charity Trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, the Trustees are elected to serve for a period of up to four years after which they may be re-elected at the next Annual Retirement Meeting. 

Further Trustees may be appointed as required to ensure a balance of experience and expertise to be used for the benefit and furtherance of the Charity and its objectives. All new Trustees receive a full induction to Serious Trust and their responsibilities as a Charity Trustee. Ongoing training needs are identified and addressed as appropriate through access to sector specific seminars. 

## **S�aff** 

During the period � April ���� to �� March ����, no staff were employed directly by Serious Trust. Employees of Serious Limited carried out fundraising and administration duties for Serious Trust and costs were recharged to the Trust. 

## **Ri�k Managemen�** 

Trustees have assessed the major risks to which the charitable company is exposed and are satisfied that systems are in place to mitigate exposure to major risks. Internal risks are managed by having procedures for the authorisation of all transactions and a system of financial and budgetary control, all of which are reviewed annually by the Trustees. 

## **Financial Re�ie�** 

Incoming resources for the year totalled ����,��� of which ���,��� was for restricted purposes. 

## **Re�e��e� P�lic�** 

Trustees agreed a reserves policy of �� of annual turnover, with a minimum buffer of ��,���. This will provide sufficient funds to cover on-going governance and to meet grant payments that have already been committed. 

At �� March ���� the level of reserves stood at ��,���. 



## **Rela�ed Pa��ie�** 

There were related party transactions in the year with Serious Events Limited and Serious Ltd, as outlined above. Serious Ltd grants Serious Trust a gift in kind in relation to office space, IT infrastructure, equipment, phone lines and utilities. 

## **P�blic Benefi� S�a�emen�** 

The Trustees of Serious Trust have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing aims and objectives and in planning future activities. The policies comply with the duty in Section � of the Charities Act ���� to have due regard to the Charity Commission's general guidance on public benefit: Charities and Public Benefit, including the guidance “public benefit: running a charity (PB�).” Serious Trust's charitable purpose is to increase access to music performances and participation and to develop the practice of musicians, which the trustees believe clearly fulfils a positive and wide-reaching public benefit. 

These financial statements have been prepared in accordance with the special provisions of Part �� of the Companies Act ���� relating to small entities. 

Approved by the Trustees on ……………………………. and signed on their behalf by: !"#!$#$%$! 

Ann Grant Chair of Trustees 



## S�a�e�e�� �f T����ee�� Re�����ibi�i�ie� 

The Trustees are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice. 

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing these financial statements, the Trustees are required to: 

- Select suitable accounting policies and apply them consistently; 

- Observe the methods and principles in the Charities SORP; 

- Make judgements and estimates that are reasonable and prudent; 

- Prepare the financial statements on a going concern basis unless it is inappropriate 

- to presume that the company will continue business. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and which enables them to ensure that the financial statements comply with the Companies act ����. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 



**SERIOUS TRUST LTD** 

## **Independent Examiner’s Report to the Trustees of Serious Trust (‘the Company’�** 

I �epo�� �o �he cha�i�� �����ee� on m� e�amina�ion of �he acco�n�� of �he Compan� fo� �he �ea� ended �� Ma�ch ����� 

## **Responsibilities and basis of report** 

A� �he cha�i���� �����ee� of �he Compan� �and al�o i�� di�ec�o�� fo� �he p��po�e� of compan� la�� �o� a�e �e�pon�ible fo� �he p�epa�a�ion of �he acco�n�� in acco�dance �i�h �he �e��i�emen�� of �he Companie� Ac� ���� ���he ���� Ac���� 

Ha�ing �a�i�fied m��elf �ha� �he acco�n�� of �he Compan� a�e no� �e��i�ed �o be a�di�ed �nde� Pa�� �� of �he ���� Ac� and a�e eligible fo� independen� e�amina�ion� I �epo�� in �e�pec� of m� e�amina�ion of �o�� cha�i���� acco�n�� a� ca��ied o�� �nde� �ec�ion ��� of �he Cha�i�ie� Ac� ���� ���he ���� Ac���� In ca���ing o�� m� e�amina�ion I ha�e follo�ed �he Di�ec�ion� gi�en b� �he Cha�i�� Commi��ion �nde� �ec�ion ������ �b� of �he ���� Ac�� 

## **Independent Examiner�s Statement** 

I ha�e comple�ed m� e�amina�ion� I confi�m �ha� no ma��e�� ha�e come �o m� a��en�ion in connec�ion �i�h �he e�amina�ion gi�ing me ca��e �o belie�e� 

- �� acco�n�ing �eco�d� �e�e no� kep� in �e�pec� of �he Compan� a� �e��i�ed b� �ec�ion ��� of �he ���� Ac�� o� 

- �� �he acco�n�� do no� acco�d �i�h �ho�e �eco�d�� o� 

- �� �he acco�n�� do no� compl� �i�h �he acco�n�ing �e��i�emen�� of �ec�ion ��� of �he ���� Ac� o�he� �han an� �e��i�emen� �ha� �he acco�n�� gi�e a ����e and fai� �ie�� �hich i� no� a ma��e� con�ide�ed a� pa�� of an independen� e�amina�ion� o� 

- �� �he acco�n�� ha�e no� been p�epa�ed in acco�dance �i�h �he me�hod� and p�inciple� of �he S�a�emen� of Recommended P�ac�ice fo� acco�n�ing and �epo��ing b� cha�i�ie� applicable �o cha�i�ie� p�epa�ing �hei� acco�n�� in acco�dance �i�h �he financial �epo��ing ��anda�d applicable in �he UK and Rep�blic of I�eland �FRS����� 

I ha�e no conce�n� and ha�e come ac�o�� no o�he� ma��e�� in connec�ion �i�h �he e�amina�ion �o �hich a��en�ion �ho�ld be d�a�n in �hi� �epo�� in o�de� �o enable a p�ope� �nde���anding of �he acco�n�� �o be �eached� 


Ka�en Wa�dell Fo� and on behalf of King��on Smi�h LLP Cha��e�ed Acco�n�an�� De�on�hi�e Ho��e �� Go��ell Road London EC�M �AD 

Da�e� 17 December 2021 



## **SERIOUS TRUST LIMITED** 

## **S�a������ �� F��a�c�a� Ac�������� ��� ��� Y�a� E���� 31 Ma�c� 2021** 

|**U�������c���**<br>**�����**<br>**N���**<br>�<br>**I�c��� ����**<br>D��a�i���, legacie� a�d gif��<br>**2**<br>37,845<br>G�a���<br>**2**<br>1,500<br>O�he� i�c��e<br>215<br>**T��a�**<br>39,561<br>**E���������� ��**<br>Cha�i�able ac�i�i�ie�<br>**3**<br>83,253<br>**T��a�**<br>83,253<br>**N�� (�����������)/��c���**<br>(43,693)<br>**N�� �������� �� �����**<br>(43,693)<br>**F���� b������ ����a�� a� 1 A���� 2020**<br>51,041<br>**F���� ca����� ����a�� a� 31 Ma�c� 2021**<br>7,348|**R�����c���**<br>**�����**<br>�<br>-<br>85,527<br>-<br>85,527<br>85,527<br>85,527<br>-<br>-<br>500<br>500|**T��a�**<br>**2021**<br>**�**<br>**37,845**<br>**87,027**<br>**215**<br>**125,088**<br>**168,780**<br>**168,780**<br>**(43,693)**<br>**(43,693)**<br>**51,541**<br>**7,848**|**T��a�**<br>**2020**<br>�<br>**47,351**<br>**145,309**<br>**32,048**<br>**224,708**<br>**182,310**<br>**182,310**<br>**42,398**<br>**42,398**<br>**9,143**<br>**51,541**|
|---|---|---|---|



The ��a�e�e�� �f fi�a�cial ac�i�i�ie� i�cl�de� all gai�� a�d l���e� �ec�g�i�ed i� �he �ea�. All i�c��e a�d e��e�di���e de�i�e f��� c���i��ed ac�i�i�ie�. 



## **SERIOUS TRUST LIMITED** 

## **C������ R����������� N�. 07883912 (E������ & �����)** 

## **B������ S���� �� 31 M���� 2021** 

|**N���**<br>**C������ A�����**<br>Deb����<br>**7**<br>Ca�� a� ba�� a�d �� �a�d<br>**C��������: ������� ������� ��� ������**<br>**��� ����**<br>**8**<br>**N�� ������� ������**<br>**T���� ������ ���� ������� �����������**<br>**I����� �����**<br>U��e����c�ed f��d�<br>**9**<br>Re����c�ed f��d�<br>**9**|**�**<br>**�**<br>**1,011**<br>**64,838**<br>**65,848**<br>**(58,000)**<br>**7,848**<br>**7,848**<br>**7,348**<br>**500**<br>**7,848**<br>**2021**|�<br>�<br>55,913<br>9,736<br>65,649<br>(14,108)<br>51,541<br>51,541<br>51,041<br>500<br>51,541<br>2020|
|---|---|---|



F�� ��e �ea� e�ded 31 Ma�c� 2021 ��e c�a���ab�e c���a�� �a� e�����ed �� e�e������ f��� a�d�� ��de� �ec���� 477 �f ��e C���a��e� Ac� 2006 �e�a���g �� ��a�� c���a��e�. 

T�e �e�be�� �a�e ��� �e����ed ��e c�a���ab�e c���a�� �� �b�a�� a� a�d�� �f ��� acc����� f�� ��e �ea� �� ��e����� �� acc��da�ce ���� �ec���� 476 �f ��e C���a��e� Ac� 2006. 

T�e d��ec���� ac�����edge ��e�� �e������b����� f�� c�������g ���� ��e �e����e�e��� �f ��e Ac� ���� **������� �� ���������� ������� ��� ��� ��� ����������� �� ��������.** 

T�e acc����� �a�e bee� ��e�a�ed �� acc��da�ce ���� ���������� a����cab�e �� c���a��e� ��b�ec� �� ��e ��a� c���a��e� �eg��e. 

!"#!$#$%$! 

A�����ed b� ��e B�a�d �f T����ee� �� ������������.. a�d ��g�ed �� ��� be�a�f b�: 

**A�� G���� C���� �� T�������** 



**SERIOUS TRUST LTD** 

## **N��e� �� �he Acc��n��** 

## **F�� Yea� Ended �� Ma�ch ����** 

## **��� Ba�i� �f ��e�a�a�i�n** 

These financial statements have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in UK and Republic of Ireland’ (FRS 102) and the requirements of the Companies Act 2006. 

The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity’s financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing documents, the Charities Act 2011 and 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 published on 16 July 2014. 

The financial statements have been prepared in sterling which is the functional currency of the charitable company. Amounts are rounded to the nearest pound. 

These financial statements are prepared on the going concern basis, under the historical cost convention. 

The COVID1� pandemic has developed rapidly throughout 2020-21. Measures that Serious Trust has taken to warrant going concern are as follows; 

- All grants are paid at the discretion of the Trustees and are paid subject to income received in the year. 

- The major fixed cost is that of salaries. These are covered by Serious Ltd and the annual Esmee Fairbairn grant received to cover salary costs is recharged to Serious Ltd. 

- Running costs are covered by Serious Ltd and the charity would be supported by Serious Ltd should they have insufficient funds to meet any obligations. 

The principal accounting policies are set out below. 

## **��� Inc�ming �e����ce�** 

Grants and donations are recognised in the Statement of Financial Activities (SoFA) when there is entitlement to the income, receipt is probable, and the amount can be measured reliably. 

Tax reclaims on donations and gifts are included in the SoFA at the same time as the gift to which they relate. 



**SERIOUS TRUST LTD** 

## **N��e� �� �he Acc��n��** 

## **F�� Yea� Ended �� Ma�ch ����** 

## **��� Re����ce� e��ended** 

Expenditure is recognised on an accruals basis when a liability occurs. Expenditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates. 

Charitable expenditure includes costs incurred by the charity in the delivery of its activities. It comprises both costs that can be directly allocated to activities and indirect costs necessary to support those activities. Costs are allocated according to budgets agreed with funders. 

Governance costs which are included within support costs, includes costs associated with the constitutional and statutory requirements of the charity as well as the examination of the statutory accounts and costs linked to the strategic management of the charity. 

## **��� Acc�m�la�ed f�nd�** 

Restricted funds are to be used for the specific purpose laid down by the donor. Expenditure which meets these conditions is charged to the fund with a fair allocation of infrastructure support costs. 

Unrestricted funds are incoming resources for the charity without specific purposes and are available as general funds. 

## **��� Financial in����men��** 

The charity only has basic financial instruments as defined by section 11 of FRS 102. 

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price and subsequently measured at amortised cost less any impairment. 

Cash and cash equivalents include cash in hand, deposits held at call with banks and short term liquid investments with original maturity of three months or less. 

## **��� C�i�ical acc��n�ing e��ima�e� and a�ea� �f j�dgemen�** 

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates and assumptions made carry a significant risk of material adjustment in the next financial year. 



**SERIOUS TRUST LTD** 

## **N��e� �� �he Acc��n��** 

## **F�� Yea� Ended �� Ma�ch ����** 

## **� Anal��i� �f Inc�me** 

|**D��a�����, �e�ac�e� a�d ��f��**<br>D�������� - G��� A��<br>D�������� - N�� G��� A��<br>G���� �� ����<br>G��� A�� ���������<br>**T��a� 2021**<br>**T��a� 2020**<br>**G�a���**<br>A����� C��������� T����<br>E���� F�������� F���������<br>S���������/ S������� T����<br>H������ F����� T����<br>N������� F��������� ��� ����� M����<br>S������ T����� J������ F���������<br>���������� C������ ��<br>H������<br>L����� C�������� F���������<br>��� M����� T����<br>**T��a� 2021**<br>**T��a� 2020**|**U��e����c�ed**<br>**f��d�**<br>�<br>9,706<br>9,396<br>16,316<br>2,427<br>37,845<br>42,351<br>1,500<br>-<br>-<br>-<br>-<br>-<br>-<br>1,500<br>66,500|**Re����c�ed**<br>**f��d�**<br>�<br>-<br>-<br>-<br>-<br>5,000<br>-<br>55,000<br>-<br>30,527<br>-<br>-<br>85,527<br>78,809|**T��a�**<br>**2021**<br>**�**<br>**9,706**<br>**9,396**<br>**16,316**<br>**2,427**<br>**37,846**<br>**47,351**<br>**1,500**<br>**55,000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**30,527**<br>**-**<br>**-**<br>**87,027**<br>**145,309**|**T��a�**<br>**2020**<br>**�**<br>**8,990**<br>**12,790**<br>**23,324**<br>**2,247**|
|---|---|---|---|---|
|||||**47,351**|
|||||**1,500**<br>**110,000**<br>**1,500**<br>**500**<br>**3,000**<br>**8,809**<br>**5,000**<br>**10,000**<br>**5,000**|
|||||**145,309**|
||||||





**SERIOUS TRUST LTD** 

## **N��e� �� �he Acc��n��** 

## **F�� Yea� Ended �� Ma�ch ����** 

## **� Anal��i� �f E��endi���e** 

|**C�a���ab�e Ac������e�**<br>G����� ������� �� ������������<br>�����, ��������, �������� ��� NI<br>B��� ������� ��� ��������<br>G���� �� ����<br>S������ �����<br>**T��a� 2021**<br>**T��a� 2020**|**U��e����c�ed**<br>**f��d�**<br>�<br>17,500<br>45,890<br>545<br>16,316<br>3,002<br>83,253<br>94,001|**Re����c�ed**<br>**f��d�**<br>�<br>30,527<br>55,000<br>-<br>-<br>-<br>85,527<br>88,309|**T��a�**<br>**2021**<br>**�**<br>**48,027**<br>**100,890**<br>**545**<br>**16,316**<br>**3,002**<br>**168,780**<br>**182,310**|**T��a�**<br>**2020**<br>**�**<br>**98,450**<br>**55,000**<br>**392**<br>**23,324**<br>**5,143**|
|---|---|---|---|---|
|||||**182,310**|
||||||



The grants awarded to institutions support our key areas of activities as outlined in our trustees report, including core costs and specific projects. 

A benefit in kind to the value of £16,316 was given to Serious Trust by Serious Ltd (2020: £23,324), being the value of general overhead expenses for charitable activities. 

## **� Ke� Managemen� Pe���nnel** 

The key management of the Charity are considered to be the Trustees. No Trustees have received any remuneration nor were they reimbursed any expenses, (201�: none). 

## **� Ta�a�i�n** 

The company is a charity within the meaning of Schedule 6 Para 1 Finance Act 2010. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part II of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1��2, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period. 



**SERIOUS TRUST LTD** 

## **N��e� �� �he Acc��n��** 

## **F�� Yea� Ended �� Ma�ch ����** 

## **� Deb����** 

|O���� D������<br>G������ D�����<br><br>**C�edi����**<br>O���� C��������<br>A�������|**2021**<br>�<br>-<br>1,011<br>1,011<br>**2021**<br>�<br>55,000<br>3,000<br>58,000|**2020**<br>�<br>55,000<br>913<br>55,913<br>**2020**<br>�<br>11,168<br>2,940<br>14,108|
|---|---|---|



- **C�edi����** 

- The income funds of the charity include restricted and unrestricted funds comprising the following unexpended balances of donations and grants held on trust. 

|**Re����c�ed F��d�**<br>**F��d Na�e**<br>E���� F��������<br>F���������<br>T�� H������ F�����<br>T����<br>T�� ����������<br>C������ �� H������<br>**Re����c�ed F��d�**<br>**U��e����c�ed F��d�**<br>**T��a� F��d�**|**O�e����**<br>**Ba�a�ce**<br>�<br>-<br>500<br>-<br>500<br>51,041<br>51,541|**I�c�����**<br>**Re����ce�**<br>�<br>55,000<br>-<br>30,527<br>85,527<br>39,561<br>125,088|**O�������**<br>**Re����ce�**<br>�<br>(55,000)<br>-<br>(30,527)<br>(85,527)<br>(83,253)<br>(168,780)|**T�a��fe��**<br>�<br>-<br>-<br>-<br>-<br>-<br>-|**Ba�a�ce**<br>**31/03/2021**<br>�<br>-<br>500<br>-|
|---|---|---|---|---|---|
||||||500<br>7,348<br>7,848|





**SERIOUS TRUST LTD** 

## **N��e� �� �he Acc��n��** 

## **F�� Yea� Ended �� Ma�ch ����** 

## **� Rela�ed Pa��� T�an�ac�i�n�** 

During the year, the Trustees of Serious Trust made donations totalling £5,820 (2020: £7,700). This amount was unrestricted. 

In the year to 31 March 2021 £55,000 (2020: £55,000) was paid to Serious Events Ltd in relation to recharged staff costs. 

