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**`05/11/2025`**| |---| **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** ## **1.1 Basis of preparation** 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 principal accounting policies are set out below. ## **1.2 Incoming resources** 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. ## **1.3 Resources expended** 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. 11 **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** ## **1.4 Accumulated funds** 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. ## **1.5 Financial instruments** 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. ## **1.6 Critical accounting estimates and areas of judgement** 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. 12 **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** ## **2 Analysis of Income** |**Donations, legacies and gifts**
Donations - Gift Aid
Donations - Non Gift Aid
Gifts in kind
Gift Aid reclaimed
**Total 2025**
**Total 2024**
**Grants**
Aspect Charitable Trust
Backstage Trust
Mactaggart Third Fund
Garrick Charitable Trust
Ronnie Scotts Foundation
PRSF
Universal Music Trust
Postcode Society Trust
**Total 2025**
**Total 2024**|**Unrestricted**
**funds**
£
3,542
4,764
11,789
2,639
22,734
12,790
-
-
-
-
-
-
7,500
7,500
1,500|**Restricted**
**funds**
£
7,015
4,625
11,640
-
1,500
10,000
2,000
2,000
5,000
18,000
10,000
-
48,500
2,000|**Total**
**2025**
**£**
**10,557**
**9,389**
**11,789**
**2,639**
**34,374**
**12,790**
**1,500**
**10,000**
**2,000**
**2,000**
**5,000**
**18,000**
**10,000**
**7,500**
**56,000**
**3,500**|**Total**
**2024**
**£**
**6,913**
**2,024**
**2,125**
**1,728**| |---|---|---|---|---| |||||**12,790**| |||||**1,500**
**-**
**-**
**2,000**
**-**
**-**
**-**
**-**| |||||**3,500**| |||||| 13 ## **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** ## **3 Analysis of Expenditure** |**Charitable Activities**
Grants awarded to
institutions
Wages, salaries, pensions and NI
Bank charges and interest
Gifts in kind
Independent examination
Support costs
**Total 2025**
**Total 2024**|**Unrestricted**
**funds**
£
7,500
5,760
692
11,789
4,445
-
30,186
7,257|**Restricted**
**funds**
£
55,900
4,240
-
-
-
-
60,140
57,998|**Total**
**2025**
**£**
**63,400**
**10,000**
**692**
**11,789**
**4,445**
-
**90,326**
**65,255**|**Total**
**2024**
**£**
**35,498**
**22,500**
**448**
**2,125**
**4,264**
**420**| |---|---|---|---|---| |||||**65,254**| |||||| The grants awarded to institutions support our key areas of activities as outlined in our trustees report, including core costs and specific projects. A gift in kind to the value of £11,789 was given to Serious Trust by Serious Ltd (2024: £2,125), being the value of general overhead expenses for charitable activities. ## **4 Key Management Personnel** The key management of the Charity are considered to be the Trustees. No Trustees have received any remuneration nor were they reimbursed any expenses, (2024: none). 14 ## **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** ## **5 Taxation** 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 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period. ## **6 Debtors** |Other Debtors
Giftaid Debtor|**2025**
£
20,766
2,639
23,405|**2024**
£
-
1,008| |---|---|---| |||1,008| |**7**
**Creditors**
**Note**
Other Creditors
Accruals
Deferred Income
8|**2025**
£
58,900
4,200
68,400
131,500|**2024**
£
-
3,955
-| |---|---|---| |||3,955| ## **8 Deferred Income** |As at 1 April 2024
Deferred in the current year
As at 31 March 2025|£
-
68,400| |---|---| ||68,400| The year end deferred income balance relates to grants received during the year for projects and events due to take place in the year ended 31 March 2026. 15 ## **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** - **9** The income funds of the charity include restricted and unrestricted funds comprising the following unexpended balances of donations and grants held on trust. |**Restricted Funds**
**Fund Name**
PRSF
Garrick
MacTaggart
Aspect
Ronnie Scotts
Backstage Trust
Universal Music
CVC Philanthropy
Marc Rachman
Big Give Trust
**Restricted Funds**
**Unrestricted Funds**
**Total Funds**|**Opening**
**Balance**
£
-
-
-
-
-
-
-
-
-
-
-
8,403
8,403|**Incoming**
**Resources**
£
18,000
2,000
2,000
1,500
5,000
10,000
10,000
5,112
2,556
3,972
60,140
30,240
90,380|**Outgoing**
**Resources**
£
(18,000)
(2,000)
(2,000)
(1,500)
(5,000)
(10,000)
(10,000)
(5,112)
(2,556)
(3,972)
(60,140)
(30,186)
(90,326)|**Transfers**
£
-
-
-
-
-
-
-
-
-
-
-
-
-|**Balance**
**31/03/2025**
£
-
-
-
-
-
-
-
-
-
-| |---|---|---|---|---|---| ||||||-
8,457| ||||||8,457| The PRSF funds relate to the Take Five programme. The Garrick Charitable Trust funds relate to a grant for the Take Five Programme. The funds from Mactaggart Third Fund relate to grants for the Take Five Programme. The Aspect funds relate to Take Five programme. The Ronnie Scotts funds relate to Totts Tunes and Jazz Kids events. The Backstage Trust funds relate to the Equaliser and Take Five programmes. The Universal Music funds relate to the Take Five programme The CVC Philanthropy funds relate to the Take Five programme The funds from Marc Rachman relate to the Take Five programme The Big Give Trust funds contributed to the Take Five programme 16 **SERIOUS TRUST LTD** ## **Notes to the Accounts** ## **For Year Ended 31 March 2025** ## **10 Related Party Transactions** In the year to 31 March 2025 a total of £73,400 (2024: £57,998) was paid to Serious Events Limited in relation to grant expenditure and recharged staff costs. The entities are related by virtue of common management and operations. Included within Other Creditors is a balance of £58,900 (2024: £nil) due to Serious Events Limited. 17