THE SEQUOIA TRUST Registered Charity No: 1163457
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th June 2023
The Sequoia Trust Trustees Report for the year ended 30th June 2023
The trustees present their report along with the financial statements of The Sequoia Trust (the "Trust") for the period to 30 June 2023. The Trust is a CIO (Charitable Incorporated Organisation) and is registered with the Charity Commission for England and Wales with registered charity number 1163457.
Trustees Sir Paul Marshall Lady Sabina Marshall Deborah Afdhal Claire Musgrave Winston Marshall - Appointed 18 July 2023 Louise Walker- Appointed 20 April 2023
The trustees, as shown above, were appointed by the Trust Deed or by trustee resolution. All the trustees receive regular updates on the charity sector.
Principal Office George House 131 Sloane Street London, SW1X 9AT Bankers Natwest Bank Plc City of London Office 1 Princes Street London EC3P 3AR Auditors Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Solicitors Bates Wells 10 Queen Street Place London EC4A 1BE
Objects and Activities
The objects of the Trust are for such exclusively charitable purposes for the benefit of the public in any part of the World as the Trustees may in their absolute discretion think fit.
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
Achievements, Performance and Financial Review
During the period the Trust received £12,500,000 donations (2022: £58,093,000) from trustees including gift aid of £2,500,000 (2022: £nil). The Trust was gifted investments of £nil (2022: £58,093,000) from trustees. The Trust donated £19,645,000 (2022: £80,233,000) to various other charities around the world as detailed in note 3 to the accounts. All awards and donations have been made in keeping with the Trust guidelines and objectives of the CIO Constitution.
Grants Policy
The Trustees discuss each potential grant before a decision is taken to support a charitable organisation. The grants are given at arms length, for use in on-going charitable activities of an organisation, and are generally requested to remain confidential.
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The Sequoia Trust Trustees Report for the year ended 30th June 2023 (Continued)
Investment Policy
The Investment policy of the Trust is to achieve low volatility, absolute returns, whilst seeking to maintain the capital value. The investments donated do not pay a dividend and therefore the only source of income from these investments would be on disposal.
Reserves Policy
The Trustees ensure the Trust holds sufficient working capital for the ongoing grant commitments. Reserves have been built up to fund future grant activities. The current capital value of the investments currently stands at £456,764,000 and the current bank balance stands at £12,640,835. Unrestricted funds currently show a surplus of £414,935,000. The trustees review this policy on an annual basis.
Risk Management
The major risks to which the Trust is exposed, as identified by the trustees, have been reviewed and the trustees are satisfied that the processes are in place mitigate those risks.
▪There is a risk we will not attract sufficient philanthropic capital to continue to meet the Trust's commitments. Mitigation: The Trust continually assesses it's level of reserves before committing to grants payable to ensure the Trust always has sufficient reserves to continue operations.
▪There is a risk that the investments will not yield sufficient returns to fund the Trust's commitments. Mitigation: The Trustees review the investments made by the Trust from time to time and would take appropriate steps in the event there were insufficient returns on the Trust's investment portfolio.
Key management and remuneration policy
The Trustees are not remunerated and the Trust has no employees.
Appointment of Trustees
New trustees may be appointed by the existing trustees, to fill a vacancy or act as an additional trustee. The Trust shall select appropriate trustees and provide them with an induction to acquaint them with the governance and policies of the Trust as well as what is expected of them in their new role. Additional training and/or information will be provided to the trustees on an ongoing basis.
Future Plans
The trustees plan to pursue a policy of continuity over the coming twelve months, with no major operational changes forecast for the coming year.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
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The Sequoia Trust Trustees Report for the year ended 30th June 2023 (Continued)
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Audit Information
So far as each of the trustees at the time the trustee's report is approved is aware:
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there is no relevant information of which the auditors are unaware; and
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they have taken all relevant steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
Moore Kingston Smith LLP continued to be the auditors during the period.
On behalf of the Trustees:-
The Sequoia Trust
.................................................. Trustee
Date: 29 April 2024
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Independent Auditors Report to the Trustees of The Sequoia Trust
Opinion
We have audited the financial statements of The Sequoia Trust for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 June 2023, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent Auditors Report to the Trustees of The Sequoia Trust
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we required for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on pages 2 and 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Independent Auditors Report to the Trustees of The Sequoia Trust Auditorfs responsibilitigs for the audit of the Ilnanclal statements (continued) We communrate wth those charged wth govemance regarding. among olher matters. the planned scope and liming of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extsnt th• audlt was consldwed capable of detecting irrggularltlos. Including fraud Irregularities. inclijding fraud, are instsnces of non-compliance wth laws and regulations. We design prOdureS in line with our restx)nsibilities. oudined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to 4thich our prOceduS Capable of detecting irregularities, including troud is detsiled below. The objectives of Dur audit in respect of fraud, are.. to identsfy and assess the risks of material misstalemenl of the financial statefflents due to fraud,- to obtain suffi(#enl appropriate audit eviden regarding the assessed risks of material misststement due to fraud, through desTrgning and implementing appropriate responses to those assessed risks.. and to respond appropfjatdy lo instances of fraud or suspected fraud identsfied during the audit. However. the primary responbIlIty for the prevention and detection of fraud rests wth both management and those charged governance of the charity. Our approach was as follows.. We obtained an understanding of the gaI and regulatw requirements applicable to the charity and considered that the most signfficanl are the Charities Act 2011. the Charity SORP. arKI UK financial reporting standards as issued by the Financial Reporting CLNJncil. We obtained an understanding of how the charity complie5 with these requirements by discussions with management and those charged govemance. We assessed the risk of material misstatemenl of the ffinarKial Statements. induding the risk of material misstalemenl due to fraud and how it might occur, by holding discussions with management and those charged wth govemance. . We inquired of management and those charged govemance as to any knovm instsnces of non- compliance or suspwled non-compli8nce wth I and regulations. Based on this understanding, designed speafic appropriate audit proL*dUS to identify instances of non-compliance with laws and regulalions. This included making enquiries of management and those charged with govemance and obtainiThJ addition81 ¢omLK)rdtive eviden as required. There 8re inherent lim(tations in the audit KYocedures described above. We are less likety lo brne aware ol instances ol non-complian¢e vthh laws 8nd regulab.ons that are not ckjsely related lo events and trans8¢tions reflected in the financial statements. Aso. the risk of not detecting a material misstatemenl due to fraud is higher than the risk of not detecting one resultiro from error, as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations, or through collusn. Use of our report This report is made solely to the Charit$ trustees. as a body. in ordance wth Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken 50 that we mTghl stale to the charws Iruslees those matters we 8re required to stale lo them in an auditorfs report an¢J for no other purpose. To the fullest exlenl pemiitted by law, do not accept or assume responsibility to any party other than the charity and charills trustegs as a Jy. for our avdit w)rk. for this reporL or for the opinion we have formed. 30 April 2024 Date..................... Moore lfjngston Smith LLP Chartered Accountants and Statutory Auditors 9 Appold Street London Moore lfjngslon Smith LLP is elwJible to act as auditor in tems of Section 1212 of the Companies Act 201>3. Page.. 6
The Sequoia Trust Statement of Financial Activities For the year ended 30th June 2023
| Note Income from: Donations: Donations received 2 Investment income Total income Expenditure on: Charitable Activities: Grants and Donations payable in furtherance of objects 3 Cost of raising funds: Cost of investing activities Total expenditure Net gain on investments 8 Gains/ (Losses) on foreign exchange Net movement in funds Total funds brought forward 30 June 2023 Total funds carried forward at 30 June 2022 |
£'000 12,500 1,282 13,782 (19,684) (59) (19,743) 8,730 (5,293) (2,524) 417,459 414,935 Year ended 30 June 2023 |
£'000 58,093 675 Year ended 30 June 2022 |
|---|---|---|
| 58,768 | ||
| (80,241) - |
||
| (80,241) | ||
| 53,081 13,180 |
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| 44,788 372,671 |
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| 417,459 |
All gains and losses arising in the year are included in the Statement of Financial Activities and arise from continuing operations.
All income and expenditure was unrestricted in the period.
The notes on pages 10 to 14 form part of the financial statements.
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The Sequoia Trust Balance Sheet at 30th June 2023
| Note Non Current assets Investments 8 Concessionary loan Current Assets Debtors 9 Cash at bank Creditors: Amounts falling due within one year Creditors 10 Net Current (Liabilities) / Assets Total Assets less current liabilities Creditors: Amounts falling due after more than one year Grants payable Total Net Assets Funds Unrestricted Funds |
2023 £'000 456,764 1,200 457,964 2,601 12,640 15,241 (26,699) (11,458) 446,506 (31,571) 414,935 414,935 |
2022 £'000 415,476 - |
|---|---|---|
| 415,476 | ||
| 2,504 60,853 |
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| 63,357 | ||
| (19,894) | ||
| 43,463 | ||
| 458,939 (41,480) 417,459 |
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| 417,459 |
The notes on pages 10 to 14 form part of the financial statements.
The accounts were approved by the Trustees and authorised for issue on: ……………………..29 April 2024 and signed on its behalf by:
The Sequoia Trust
......................................................................... Trustee
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The Sequoia Trust Statement of Cash Flows Statement and Notes
| Note 2023 £'000 Net cash provided/(used in) by operating activities (i) (11,437) Investment income 1,282 Cost of purchasing fixed asset investments (89,227) Proceeds from sale of fixed asset investments 51,169 (38,058) Change in cash and cash equivalents in the reporting period (48,213) 60,853 12,640 Note (i) Reconciliation of net income to net cash flow from operating activities 2023 £'000 Net (loss)/ income as per the statement of (2,524) financial activities Investment income (1,282) Investment gains (8,730) Foreign exchange (gains)/losses (non cash movement) 5,500 Gifted investments (non cash movement) - (Increase)/decrease in debtors (1,297) Increase/(decrease) in creditors (3,104) Net cash used in by operating activities (11,437) Analysis of cash and cash equivalents 2023 £'000 Cash in hand 12,640 Total cash and cash equivalents 12,640 Analysis of changes in net debt At Cash 01/07/2022 Flows Cash 60,853 (48,213) Cash generated from operating activities: Cash flows from investing activites: Cash flows from financing activities: Cash and cash equivalents at 30 June 2022 Cash and cash equivalents at 30 June 2023 |
2022 £'000 (13,931) 675 (70,216) 125,368 |
|---|---|
| 55,152 | |
| 41,896 18,957 |
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| 60,853 | |
| 2022 £'000 44,788 (675) (53,081) (11,863) (58,093) 9,171 55,821 |
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Net (loss)/ income as per the statement of financial activities Investment income Investment gains Foreign exchange (gains)/losses (non cash movement) Gifted investments (non cash movement) (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash used in by operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents Analysis of changes in net debt At 01/07/2022 Cash 60,853 |
|
| (13,932) | |
| 2022 £'000 60,853 |
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| 60,853 | |
| At 30/06/2023 12,640 |
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2023
1 Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1. The Trust is a public benefit entity for the purposes of FRS 102 and therefore the Trust also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest pound.
The principle accounting policies adopted in the preparation of the financial statements are set out below.
Going Concern Basis
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Trust to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the Trust’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing its financial statements and there are no material uncertainities at the date of signing.
Income
Income is credited to the Statement of Financial Activities on an accruals basis when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.
Expenditure
Expenditure is charged on an accruals basis. Grants payable are included in the Statement of Financial Activities when approved by trustees and offered to the grantee.
Foreign currencies
Transactions denominated in foreign currencies are translated into Sterling at the exchange rate ruling at the date of the transactions. Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the end of the financial period. All exchange differences are dealt with in the Statement of Financial Activities.
Investments
Investments are included in the accounts at market value. Realised and unrealised gains and losses on investments are included within the funds.
Cash and Cash Equivalents
Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.
Grants payable
Contractual arrangements are recognised as goods and services are supplied. Other grant payments are recognised when a constructive obligation arises. Grant creditors have not been discounted over the period of payment due to the discounted amount not being material to the accounts.
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2023
1 Accounting policies (continued)
Concessionary loan
Concessionary loans are loans are initially measured at the amount paid and are adjusted annually for any accrued interest receivable less impairment loss.
Financial Instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102.
Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no critical accounting estimates and judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
| 2 Donations received Individual donations Donated investments Gift aid |
2023 £'000 10,000 - 2,500 12,500 |
2022 £'000 - 58,093 - |
|---|---|---|
| 58,093 |
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2023
| 3 Grants and donations payable in furtherance of objects Grant Commitments ARC Research Church Revitalisation Trust London School of Economics The End Fund Ralston College ARK Other grants Donations Church Revitalisation Trust Holy Trinity Brompton Policy Exchange Other unrestricted donations Governance costs (see note 7) |
2023 £'000 1,000 - - 7,925 - 8,270 775 17,970 - 1,000 500 175 1,675 39 19,684 |
2022 £'000 - 5,000 50,000 - 18,424 - 336 |
|---|---|---|
| 73,760 | ||
| 5,054 1,000 - 419 |
||
| 6,473 | ||
| 9 | ||
| 80,242 |
4 Transactions with Trustees
No trustee received any remuneration for services as a trustee (2022: £nil), nor any reimbursement of expenditure (2022: £nil).
Total aggregated donations received from Trustees during the accounting period amounted to £12,500,000 (2022: £58,093,000). This amount disclosed is gross of Gift Aid received on donations of £2,500,000 (2022: £nil). Trustees gifted £nil (2022: £58,093,000) of investments during the year as shown in note 8 to the accounts.
See note 9 for related party transactions in the period under review.
5 Employees
The Trust has no employees.
6 Fund Accounting
The unrestricted fund consists of those funds which the Trust may use in furtherance of its charitable objectives at the discretion of the trustees.
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2023
| 7 Governance costs Audit fees Legal and professional fees Bank and custody charges 8 Investments Opening balance as at 1 July 2022 Additions in the period Gifted investments at £Nil consideration Redemption proceeds in the period Realised gains/(losses) on redemption of investments Unrealised gains on investment Foreign exchange gains/(losses) Market Value at 30 June 2023 Historical Cost Significant Investment holdings based on market value at 30 June 2023 Investments MW Eureka Fund Class C1 USD MWFF SPC Alpha Plus Fund MW Eureka Plus Fund Class C1 GBP MW Eureka Fund Class C1 GBP Treasury gilts Kingsway Frontier Consumer Opportunities Growth Fund USD 9 Debtors Accrued income 10 Non Current Debtors Concessionary Loans |
2023 £'000 16 22 1 39 2023 £'000 415,476 89,227 - (51,169) 1,433 7,297 (5,500) 456,764 330,983 were: Original cost at 30 June 2023 £'000 69,931 51,000 76,949 86,752 14,959 20,656 320,247 2023 £'000 2,601 2,601 2023 £'000 1,200 1,200 |
2022 £'000 7 - 2 |
|---|---|---|
| 9 | ||
| 2022 £'000 347,592 70,216 58,093 |
||
| (125,368) | ||
| 5,228 47,853 11,863 |
||
| 415,476 | ||
| 241,389 | ||
| Market value at 30 June 2023 £'000 86,156 49,579 155,137 111,355 14,648 27,608 |
||
| 444,483 | ||
| 2022 £'000 2,504 |
||
| 2,504 | ||
| 2022 £'000 - |
||
| - |
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2023
| 11 Creditors: Amounts falling due within one year Grants payable Accruals & other creditors |
2023 £'000 26,681 18 26,699 |
2022 £'000 19,889 6 |
|---|---|---|
| 19,895 |
12 Related Parties
The trust received donations of £12,500,000 (2022: £nil) from Sir Paul Marshall. Donations consiting of gifts of shares with a market value of £nil (2022: £58,093,000) were made during the period.
During the period the Trust made donations of £8,270,000 (2022: £2,750,000) to ARK, a charity of which Sir Paul Marshall is a trustee. At the period end there were unpaid grant commitments to ARK of £7,967,000 (2022: £30,000). Claire Musgrave was the Chair of the Finance and Risk Committee of ARK during the period. Claire Musgrave resigned from this committee on 14 November 2023.
During the period the Trust made grants and donations of £nil (2022: £10,054,000) to The Church Revitalisation Trust, a charity of which Sir Paul Marshall is a Trustee. The Trust also made donations of £1,000,000 (2022: £1,000,000) to Holy Trinity Brompton a charity which is related to the Church Revitalisation Trust. At the end of the period there were unpaid grant commitments to The Church Revitalisation Trust of £3,892,000 (2022: £8,418,000).
During the period the Trust made a grant of £1,000,000 (2022: £nil) to ARC Research, a company limited by guarantee and part of The Alliance for Responsible Citizenship (ARC), an organisation of which Sir Paul Marshall is a Director.
The Trust made donations during the period of £nil (2022: £336,000) to the Education Policy Institute, a Charity which Sir Paul Marshall was a Trustee. At the end of the period there were unpaid grant commitments to the Education Policy Institute of £200,000 (2022: £336,000). Sir Paul Marshall resigned as a trustee of the Education Policy Institute on 31 December 2023.
13 Financial and Capital commitments
At the 30 June 2023, there was an uncalled investment commitment to the SDG Outcome fund of £3,125,000 (2022: £4,117,000).
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