THE SEQUOIA TRUST Registered Charity No: 1163457 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th June 2024
The Sequoia Trust Trustees Report for the year ended 30th June 2024 The trustees present their report along with the financial statements of The Sequ¢ia Trust {the'Trusl') for the period lo 30 June 2024. The Trust is a CIO Icharitable Incorporated OTganisatv)nl and 1$ registered with the Charity Commission for England and Wales with wisterwj Charty numbet 1163457. Trustees Sir Paul Marshall Lady Sabina Marshall Deborah Afdhal Claire Musgrave Winston Marshall - Appointed 18 Juty 2023 Louise Walker The trustees, as shown above, were appointed by the Trust Deed or by Iwstee resolution. All the trustees receive regular update5 on the Charity sector. Prlnclpal Office George House 131 Sloane Street London, SW1X 9AT Bankers Naest Bank Pk crty of London Off 1 Princes Street London EC3P 3AR Auditovs Moore Kingston Smi(h LLP 9 Appold Street London EC2A 2AP Soliclto Bates Wells 10 Queen Street P*e London EC4A 1BE Objects and Activities The objects of the Trust are for such exclusNely charrtable peS for the benefit of the public in any part of the World as the Trustees may in their absdLrte discrelion think fit. The TTUStees cCrimi that they have C(Mpl with the duty in tIOn 17 of the Charilies Act 201110 have due Tegard to the Charity Commission's general guidance on Publ benefiL Achlevaments. Perforniance and Flnancial Revlew During the period the Trust received no donations12023: £12.500,000} from trustees with no gift aKI (2023.. £2,500,000}. The Twsl donated £22,446,00012023." £19,645.000} lo various other charib'es around the Wortd as detailed in note 3 to the accounts. Al awards and donalwjns have been made in keeping wlh the Trust guidelines and objecttves of the CIO Constrtution. Grants Pollcy The Trustees discuss each potential grant before a dsSIon is taken to support a charitable organisation. The grants are given * arms length, for use in on-going Charitab actNihes of on organisation. and are general requested to remain confidential. Pa9e: 1
The Sequoia Trust Trustees Report for the year ended 30th June 2024 (Continued) Investment Policy The Investment policy of the Trust is lo a¢hve volaliltty, absolLrte returns. whilst seeking to maintain the capital value. The investments donated do not pay a dmdend and therefore the only sOue of income from these investments is on disposal. Reserves Policy The Trustees ensure the Trust hokls sufficient working capilal for the ongoing grant commilmenls. Reserves have been buitt up to fund future grant and award activtttes. The currenl capital value of the investments currently stands at £486,009.000 and the Current bank balance stands at £30,842.000. unrestrict funds currently show a surplus of £467,539.000. The twslees revw this policy on an annual basis. Rlsk Management The major risks lo which the Trust is exposed, as identffied by the tnJstees. have been red and the trustees are satisfied th* the processes are in place mrtj.gale those risks. There is a fisk we wll not attr&t sufficient philanthropic capital to continue lo meet the Trust's commitments. Mitigation.. Tho Trust continual assesses Ve1 of reserves before committing lo grants payable lo ensure the Trust aK¥ays has sUfficnI reserves to continue operations. There is a risk that the investments wll not wekl sufficient returns to fund the Trust's commitments. Mitigation.. The Trustees review the investments made by the Trust from lime 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 remuneratej arld the Twst has no employees. Appointment of Tru$tses New trustees may be appointed by the existiro Intstees. to fill a vacancy or a$ an additional trustee. The Trust shall select appropriate trustees and provide them with an induction Io acquaint them wlh the goveman¢e and polie$ of the Trust as well as what is expected of them in their new role. Additional training andlor information will be provided to the tnjstees on an ongoing basis. Future Plans The Iruslees plan to pursue a policy of continuity overlhe coming tsvefve months, with no major operatnal ehanges forecast for the coming year. Stat9ment of Tru$te9s' Responslbllltles The Iruslees are responsible for preparing the Annual Rewrt and the financial statements in ¥cordance with applicable law and regulations. Charity law requires the twslees to prepare financi stslements for each financral year in accordance wth Unf(ed Kingdom General Accepted Accounting Practice {Unrted Kingdom Accounting Standards and applicable law). The financial statements are required by law to gtve a true and fair view of the state of affairs of the Trust and of the income and expendf(ure of the Trust for that period. In preparing these financial stalemenls, the trustees are required to= seled suitable accounting wlKies and Ihen appty them consistent. observe the methods and piinciples in the Charf(ies SORP., make judgments and eslimales that are reasonable arHJ prudent- stale whether applicable UK Accounting Standards have been follo%, subj1 lo any mater1 departures disclosed and explained in the financial stslements., prepare the financial statement5 on the going concern basis unS it is inappropriate lo presume that the Trust will continue in business. Page 2
The Sequoia Trust Trustees Report for the year ended 30th June 2024 (Continued) The trustees are respcsnsible for keeping proper accounts.ng record$ that disclose wf(h reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial 51alements comply with the Charf(ies Act 2011. They are also responsible ft)r safeguarding the asse15 of the Trust and hence for taking reasonable steps for the prevent and detection of fraud and othei irregularrbes. Audit Infomiation So far as each of the Injstees at the time the trustee's report E approv&J is aware: there is no relewanl infomalion of which the auditors are Unre., and they have taken all relevant steps they ought to have tsken to make themsefves aware ol any relevant audit inforniat*)n and lo establish that the auditors are aware of that infomiation. Audttors Moore Kingston Smrth LLP continued to be the auditors durirtsJ the period. On behaw of the Truslees'.- Trusteg Date.. 28 April 2025 Page.. 3
Independent Auditors Report to the Trustees of The Sequoia Trust Oplnlon We have audi£ed the financkil statements of The Sequoia Trust for the year ended 30 June 2024 which ccmprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial staternenls. including a summary of signrficant accounting policies. The financial reporb.ng framework that has been applied in their preparation is applicable law and United Kingdom AcCnting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland, (United Kingdom Generalty Accepted Accountin9 Practs'cel. In our opinion the financial statements.. gNe a true and fair of the state of the chan3 affairs as at 30 June 2024. and of its incoming resources and application of Tesources. for the year then ended., have been property prepared in accordance vriih United Kingdom Generalty A¢¢epted Accounting Practice., and have been prepared in accordance wth the rquirements of the Charities Act 2011. &isis for opinion We conducted our audit in accordance with Inlemalionat Standards on Auditing (UK) IISASIUKII and applicable law. Our responsibil*b'es under those standards are fLÈrther described in the Auditor's Responsibilities for the audit of financial statements tK)n of our report. We are independent of the charity in accordance with the ethi(31 qUIrementS that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard. and we have fij111ed our other ethical responsibilities i accordance wlh these requirements. We beIve that the aijdit emdence we have obtained sufficient and appropriate lo provide a basis for our 1n)n. Conclusions relating to going ¢onc&m In auditing the financial stslements, we have concluded that the trustees, use of the going ¢on¢em basis of accounting in the preparation of the financial statements is appropriate. Based on the wk we have perfomed. we have not identffied any matwHI uncertaintie5 relating to events or condrtions that, indiwdually or cOlte. may cast Stgntficant doubl on the charitys abilty lo continue as a going concern for a period of at least twelve month$ from when the financial statements are aulhorised for issue. Our responsibilitS and the reSponslI1t19$ of the trustees wilh respect to going concem are described in the relevant sections of this report. other infom)ation The other information comprises the infomiatK)n included in the annual report, othgr than the financial statements and our audrtorf5 report thereon. The trustees a resp(msible for the other infomialion. Our opinion on the financial stslemenls does not cover the other infom)alion and. except lo the extent otherwse expl1rAt staled in our report. we do not express any fom) of assuran conclusion thereon. In connection with our audi( of the financial statements, our ponsibIl 15 to read the other infomiation and, in doing so, consider whether the other infomalion Is materialty inconsistent with the financk41 slalemenls or our knovAedge obtained in the audit or otherwse appears lo be materially misstated. If we +dentrfy such material inconsislencie5 or apparent materid misstatements. are required to detemiine whether there is maleriol misstatement in the financial ststements or a material misstatement of the other information. If, based on the work we have perfomed. we conclude that there is a material misstatement of this other infomiation, we are required lo ret that fact. We have nothing to report in this regard. Page.. 4
Independent Auditors Report to the Trustees of The Sequoia Trust Mattors on which wg are requlred to report by exception We have nothing to report in resped of the folkA¥ing matter5 where the Charities Act 2011 requires us to report to you if. in our opinion.. the infomialion given in the Trustees. Annual Report is inconsistent in any material respect wlh the financial statements. or the charty has not kept adequate accounting records., or the financial slalements are not in agreement wtth the a¢¢ountsng records and returns,- OT we have not received all the infonnotion and explanat5 we required for our audrt. R9sponsibilities of trust As explainwj more fulty in the tNslees' re5ponsbilthes 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 tiue and fair view, and for such intemal conlr(A as the Iruslees delerniine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the trust 8re responsible for assessing the charty's abilty to continue as a going concem, disclosing, as applub, matters related lo going concern and using the going concem basis of accounting unless the trustees either inteNI to liquidate the charty or to cease operalK)ns. or have no realistlc 8liemalive bLrt to do so. Auditorfs responslbillties for the audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wlh regulatk)ns made under section 154 of that ACL Our objecb"ve5 are to oblan reasonable assurance about wthether the financral statements as a whc4e are free from material misstatement, whether due to fud or emr. and to issue 8n auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance. but is not a guarant that an audit conducted in accordance wrth ISAS (UK) will ayS detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are con5Klered material rf, individually or in aggregate, they could reasonably be expeded to infiuence the n0m dSnS of users taken on the basis of these financial statements. As part of an audit in &¢ordance wth ISAS IUIQ we exerci8e profess)nal judgement and maintain professn01 scepliusm throughout the audit. We also.. Identfy and assess the risks of material misststement of the financial statements, ether dv8 10 fraud or error. design and perform audit procedures responswe to those risks, and obtain audit evidence that is Sufflent and appropriate lo provMYe a basi5 for our opinion. The risk of not detecb'ng a material mis5ts1ement resutting from fraud is higher than for onè resulting from error, as fraud may involve collusK)n, forgery, intentKinal cmissions. misrepresentations. or the oVerre of internal control. Obtain an understanding of internal eontrd relevant lo the audit in order lo design audit pr(xedure5 that are appropriate in the circumstances. but not for the purposes of expressing an t¥)inion on the effectiveness of the charit$ intemal control. Evaluate the appropriateness of accounling px>lries used and the reasonableness of accounting estimates and Telaled disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audTt evidence obtained, whether a maleiial uncertainty e$1S related to events or condib.ons that may cast slgnrfnf doubt on the chartys abil(ty to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our audrtorfs report lo the related disclosures in the financial statements or. if such disclosures are inadequate. lo modify our opinion. Our conclusions are based on the audrt evidence obtained up to the date of our auditor's report. However, future events or condityons may cause the charity lo cease lo conlinL¢e as qoina concem. Evaluate the overall presenlat]on. structu and content of the financial ststgments, including the disclosures, and lthether the financial statemen15 represent the Undeng transactions and events in a manner that achieves fair presentation. Page.. 5
Independent Auditors Report to the Trustees of The Sequoia Trust Auditorfs responsibilities for thg audit of the financial statgmgnts Icontlnued} We communule wrth those charged wth governan regarding, among other matters, the planned scope and timing of the audit and signffieant audrt findings, induding any Sncan1 defiuencies in internal control that we identfy during our audit. Explanation as to what extent the audit was considered ¢apable of detecting irrngularttie5, includlng fraud Irregularrties, includin9 fraud. are Instan of non-complk8nce with laws and regulations. We design procedures in line with our responsibile$, outlined above, tr) delect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregulants, including fraud is detai below. The objectives of our audrt in respect of fraud, are.. to identrfy and assess the risks of material misslalemenl of the financial statements due to fraud,. lo obtsin sufficient appropriate audrt emden regarding the assessed risks of malerk41 misststement due lo fraud. through designing and implementing appropriate responses lo those assessed risks,. and to respond approprialety to instances of Iraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud $1$ with both management and Ih05e charged wrth governance of the charity. Our approach was as folloYr3". We obtained an understanding of the legal and regulatory wuir&nenls applubk to the charty and considered that the most signrficant are the Chari(ies Act 2011. the Chanty SORP. and UK financial reporting standards as issu&l by the Financial Rewrting Council. We obtained an understanding of how the chanty ccfflplies %Mth these requirements by discussions with management and those charged with govemance. We assessed the risk of material mi5Statement of the financial statements, including the risk of material misstatement due to ffaud and how it might ctcur, by holding discussions with management and those charged wth governance. . We inquired of management and those charged wrth govemance a5 to any known instances of non- compliance or suspected non-compliance with lav5 and regulations. Based on this understanding. we designed specffic appropriate audit procedures to identfy instsnces of nonacompliance wf(h laws and gUlatiOns. This included making enquiries of management and those charged wrth governance and obtaining addrtional corrtirative evidence as required. The are inherenl limitations in the audit procedures described above. We are less likely to become aware of instsn¢es of non-cornplkince wrth laws and regulations that are not closety related lo events and transactions reflected in the financial stslements. Aso. the risk of not delects.ng a materBI misstslement due lo fraud is higher than the risk of not detecting one reSu'ng from error, as fraud may involve delthrale conce81menl by, for example. forgery or intentvjnal misrepresentations. or through Use of our report This report is made solety lo the charitys trustees. as a tody, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might slate to the chartys tnjslees those matters we are reqUId to slate to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo any party other than the ¢ha¥rty and charitls trustees as a body, for our audit work. for this report or for the opinion we have formed. 29 April 2025 Date..................... Moore Kingston Smith LLP Chartered Accountsnts atKI Stslutory Auditors 9 Appokj Street London EC24 2AP Moore Kingston Smrth LLP is eligible to act as auditor in temis of Se¢ln 1212 of the Companies Act 2006. Pago". 6
The Sequoia Trust Statement of Financial Activities For the year ended 30th June 2024 Year ended 30 June 2024 £'ooo Year ended 30 June 2023 £'ooo Income from: Donations." Donab'ons received 12,500 Investment incMie 2,373 1,282 13,782 Total Income 2,373 Expenditure on.. Charitable Actwilies.- Grants and Donations payable in furtherance of objects Cost of raisirw funds.. Cost of investing activities {22,6621 119.6841 {301 Totsl expendlture 122,692) 119,7431 Net gain on investments Gains1 ILossesl on foreign exchange 72,689 234 3,230 207 Nst movement In funds 52,604 (2.5241 Total funds brought forward 414,935 417,459 Total funds carried fOard 467.539 414,935 All gains and losses arising in the year are included in the Statement of Financial Activibes and arise from continuing Operati($. All income and eXditre was unrestricted in the per1J. The notes on pages 10 to 14 form part of the financi stalemenls. Page.. 7
The Sequoia Trust Balance Sheet at 30th June 2024 2024 £'ooo 2023 £'ooo Note Non Current assets Investments Concessionary ban 486,009 2.400 488,409 456,764 1,200 457,964 Current Assets Debtors Cash al bank 2,601 12,640 15,241 30,842 30.842 Creditors: Amounts falling due within one year Credrtors 10 {38,1661 126,6991 Net Current ILi#bilitiesl l Assets {7,3241 111,4581 Total Assets less current Ilabllitles 481.085 446,506 Cr9ditorJ'. Amounts falling due after more than one year Grants payable (13.546} 131,5711 Total Nèt Assets 467.539 414,935 Funds Unrestricted Funds 467.539 414,935 The notes on pages 10 to 14 fomi part of the financial statements. 28 April 2025 The accounts were approved by the TNstees and authorised for issue on: .......................... and signed on 115 behaw by.. Trustee Page.. 8
The Sequoia Trust Statement of Cash Flows Statement and Notes 2024 Note 2023 £'ooo Cash generated from operating a¢tivities: Nel eash providedl{usj inl by operatsng 8ctivth.es 127,61S) {11,43n Ca$h flows from investing actlvltes: Investment income 2.373 1,282 Cash floyts from financing activtties: C05t of purchasing flxed asset investrnenls PreedS from sale of fixed asset inve5trnents 158,2181 101,662 {89,227} 51.169 43,444 138,0581 Change in cash and cash equNatents in the reporting periJ 18,202 {48,213} Ca$h and cash oquivalents at 30 June 2023 12,640 60,853 Cash and cash •quivalents at 30 June 2024 30,842 12.640 Note {il conciliatlon f net incom• to net cash Ilow from o rntin activltles 2024 2023 £'ooo Net Ilossll income as per the statemenl of financial aclivf(ies Investment income Invgstmenl gains Ilncreaselldecrease in concessionary loan Ilncrease}Idecrea5e in debtors Increaselldecreasel in credrtols 52,604 {2,524} 12,373) (72,6891 {1.21)01 2,601 {6,558} 11,282) 13,230) 11,2001 1971 (3,1041 Net cash used in by cperating actmties Anal $is of cash and cash ulvalon 2024 2023 rooo Cash in hand Total cash and cash equivalents 30.842 30,842 12,640 12,640 Anal is of chan es In net dèbt Cash FII>w5 At 30106Q024 0110712023 Cash 12.640 18,202 30,842 Page-. 9
The Sequoia Trust Notes to the Accounts For the year ended 30th June 2024 1 Accountlng policies Basis of accountlng The financial ststemenls have been prepared in CordanCe with the Financial Reporttng Standard applicable in the UK and Republ of Ireland IFRS 1021, including Update Bulletin 1. The Trust is a publ benefrt entty for the purposes of FRS 102 and therefore Ihe Tmst also prepared ils financial slalements in accordancg wrth the Slalemenl of Recc¥nmended Practsce applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applb in the UK and Republ of Ireland IThe FRS 102 Charities SORP) and the Charities Act 2011. The financial statements are prepare(l in sterting. which is the functb)nal cuffency of the Trust. Monetary amounts in these financ1 statements are rounded to the nearest pound. The principle accounting polS adopted in the preparab.on of the financsal stalements are set out below. Going Concern Basrs The twstees have assessed whether the use of the going concern basis is appropriate and have cons4dered possible events or conditions that might cast signfficant doubt on the abilty of the Trust lo continue as a going concern. The trustees have made this assessment for a peric¢J of al least one year from the dale of approval of the financial slalements. In particular the trustees have consKlered the Trust's forecasts and projections and have taken accourst of Pressu on dOnatn and investment income. After making enquiries the twstees have concluded that there is a reasonable expeclation that the Trust has adequate resources to continue in operational existence Ify the foreseeab future. The Trust therefore continues to adopt the going concern basis in preparing ils financial statements and there are no material uncertainf(ies at the date of signing. Inwme Income is credrted lo the Statement of Financial Acbvibes on arb crU21S basis when there is entitlement lo the funds. the receipt is probabte and the amount be measured reliabty. Exp•nditurg Expendrture is charged on an accruals basis. Grants payable are Ided in the Ststemenl of Financial Activities when approved by Iruslees and offered to the grantee. Foreign currencies Transactions denomined in foreign currencies are transLated into Stet1ing at the exchange rale ruling at the date of the transactions. Assets and li)ilities in foreign Currenc are translated into Steding at the rates of exchange ruling 81 the end of the financial period. AJI exchange difference5 are dealt wrth in the Statement of Financial Activf(ies. Investments Investments are included in the acwunts at market vdue. Realised and unrealised gains and losses on investments are included within the funds. Cash and Cash Equivalents Cash and cash equivalents indude cash at banks and in hand and short term deposits WTth a maturity date of three months or less. Grants payabla Conlraclual arrangements are rnISed as go(>ts and See8 are suppl1. Other grant payments are Tecognised when a constructive obligation arises. Grant credf(ors have not been discounted over the perits of payment due to the discounted amount not being material to the coUnts. Page.. 10
The Sequoia Trust Notes to the Accounts For the year ended 30th June 2024 Accounting policies lcontinuedl Concessionary loan Conce5sionary loan5 are loans are inttialty nwsured at the amunt paid and are adjusted annually for any accrued interest receivable less impaim)ent loss. Financial Instruments The trust has elected to apply the provisions of Section 11 '8asic Financial Instruments, and SeCtn 12'0ther Financial Instwments Issues, of FRS 102 to all of rts financial instruments. Financial instruments are recognised in the company'5 balance sheet %then the company becomes paty to the contractual provisions of the instrument. Financi assets and liabilib.es are offset. the nel amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention io setue on a net ba51s or to realise the asset and 5etUe the liabilrty simultsneously. Ilh the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under ÈRS 102. Criti¢al accounting ostimates and areas of judggment In the view of the Iruslees in app"n9 the accounting policies adopted, no cribcal accounting estimates and judgements were required that have a signrhcant effect on the amounts recognised in the financial statements nor do any estimate5 or assumpts'ons made carry a signfficant risk of material adjustment in the next financial year. Donations r•c•lved 2024 £'ooo 2023 £'ooo 10,000 Indmdual donations Don8led investments Gift aid 2,500 12,500 Page.. 11
The Sequoia Trust Notes to the Accounts For the year ended 30th June 2024 Grnnts and donatFons payablo in furthgrance of objects 2024 £'ooo 2023 £'ooo Grant Commitm•nts ARC Research The End Fund ARK other grants 7.925 8,270 775 17,970 19,182 1,714 20.896 DonatSons Holy Trinity Brompton Other unrestrided donations 1,000 550 1.000 675 1,550 1.s75 Govemanc& costs Isae note n 216 39 22.662 19.684 4 Tr4nsactlon$ wlth Tru$tee¥ No ffijstee rred any remuneralion for seFwces as a Injstee (2023.. £nill, Mr any reimbursement of expenditure12023". £nill. Total aggregated donations [Ved from Trustees during the a(xounting period amounted to £nil12023'. £12,500.0001. This amount disdosed 1$ gross of Gfftd on donations of £nil12023.' £2,500,000). See note 9 for related party transactions in the period under review. 5 Employees The Tnjst has no èmployees. 6 Fund Ae¢ounting The unrestricted fund COnstS of thos6 funds vthi(* the Trust may use in furtherarth of its charitable obpcb.ves at the discretion of the trustees. Page.. 12
The Sequoia Trust Notes to the Accounts For the year ended 30th June 2024
| 7 Governance costs Audit fees Legal and professional fees Bank and custody charges Accountancy Consultancy Fees 8 Investments Opening balance as at 1 July 2023 Additions in the period Redemption proceeds in the period Gain/loss on investments Market Value at 30 June 2024 Historical Cost Significant Investment holdings based on market value at 30 June 2024 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 9 Debtors Accrued income 10 Non Current Debtors Concessionary Loans |
2024 £'000 13 4 20 3 176 216 2024 £'000 456,764 58,218 (101,662) 72,689 486,009 288,079 were: Original cost at 30 June 2024 £'000 69,931 16,035 48,044 86,752 220,762 2024 £'000 - - 2024 £'000 2,400 2,400 |
2023 £'000 16 22 1 - - 39 2023 £'000 415,476 89,227 |
|---|---|---|
| (51,169) | ||
| 3,230 456,764 330,983 Market value at 30 June 2024 £'000 99,937 26,692 192,413 60,089 379,131 2023 £'000 2,601 2,601 2023 £'000 1,200 1,200 |
Page: 13
The Sequoia Trust Notes to the Accounts For the year ended 30th June 2024
| 11 Creditors: Amounts falling due within one year Grants payable Accruals & other creditors |
2024 £'000 38,104 62 38,166 |
2023 £'000 26,681 18 26,699 |
|---|---|---|
12 Related Parties
The trust received donations of £nil (2023: £12,500,000) from Sir Paul Marshall.
During the period the Trust made donations of £19,182,000 (2023: £8,270,000) to ARK, a charity of which Sir Paul Marshall is a trustee. At the period end there were unpaid grant commitments to ARK of £23,305,000 (2023: £7,967,000). 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 (2023: £nil) to The Church Revitalisation Trust, a charity of which Sir Paul Marshall is a Trustee. The Trust also made donations of £1,000,000 (2023: £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 £525,000 (2023: £3,892,000).
During the period the Trust made a grant of £nil (2023: £1,000,000) 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 £400,000 (2023: £nil) 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 £400,000 (2023: £200,000). Sir Paul Marshall resigned as a trustee of the Education Policy Institute on 31 December 2023.
13 Financial and Capital commitments
At the end of the period, there were uncalled investment commitments of £19,831,000 (2023: £3,125,000).
Page: 14