THE SEQUOIA TRUST Registered Charity No: 1163457
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th June 2025
The Sequoia Trust Trustees Report for the year ended 30th June 2025
The trustees present their report along with the financial statements of The Sequoia Trust (the "Trust") for the period to 30 June 2025. 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 (resigned 30/06/2025) Winston Marshall Louise Walker Sir William Shawcross (appointed 26/09/2025)
The trustees, as shown above, were appointed by the Trust's first Constitution or in accordance with the requirements of the Constitution. All the trustees receive regular updates on the charity sector.
Principal Office George House 131 Sloane Street London, SW1X 9AT Bankers UBS AG London Branch 5 Broadgate London EC2M 2QS 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 specifically restricted to such objects or purposes which are recognised as exclusively charitable under the law of England and Wales.
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 £500,000 (2024: £0) from trustees with no gift aid (2024: £0). The Trust donated £17,141,000 (2024: £22,446,000) to various charitable purposes 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 2025 (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 is 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 and award activities. The current capital value of the investments currently stands at £477,611,000 and the current bank balance stands at £31,978,000. Unrestricted funds currently show a surplus of £487,834,000. The trustees review this policy on an annual basis.
Risk Management
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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.
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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.
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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 Trust's member or by the existing trustees. 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 2025 (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: 23 April 2026
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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 2025 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 2024, 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 financial statements.
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 responsibilities for the audlt of the financial Statements Icontlnuedl We communicate wth those charged wlh governance regarding, among other mallers, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal Control that w• idgntify during our 4dIt. Explanation as to what oxtent the audit was consldered capable of detecting Irrggularltles. Includlng fraud Irregularities, including fraud, are instances of non-compliance wlh laws and regulations. WÈ design procedures in line with our responsibilities, outlined above, to rjetect material misstslemenls in respeal of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities. including fraud is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due lo fraud., lo obtain sufficient appropriate audit ewden¢g regarding the assessed risks of material mi531alemenl due lo fraud, through designing and implementing appropriate responses lo those assessed risks., and to respond appropriately to instances of fraud or suspected fraud identrfied during the audit. However, the pnmary responsibility lor the prevention and detection of fraud rests wrth both management and those charged wlh govemanee of the charty. Our approach was as follows.. Wè obtained an understanding of the legal and regulatory requiramèntg applicable lo the charity and nsidered that the most significant are the Charities Act 2011, the Charty SORP, and UK financial reporting standards as issued by the Financial Reporting Couneil. We obtained an understanding of how the charity complies with these requirements by discussions wilh management and those charged with governance. We assessed the risk of material misstslemenl of the financial slalemenls, including the risk of material misstatement due to fraud and how it might OCCLtr. by holding discussions wf(h management and those charged with govemance. Wè inquired Df managèment and those charged wth govornanc8 as to any known inslancos of non- compliance or suspected non-compliance with laws and rulatIons. Based on this understsnding. we designed specific appropriate audit procedures lo identrfy instances of non<ompliance with laws and regulations. This included making enquiries of management and those eharscd bmth govemanGe and oljtaining additional Gorroborative wd¢nGe as required. There are inherent limi(ations in the audit procedures deseribed above. We areloss likety lo become aware of instances of non-compliance with laws and regulations that are not closely related lo events and transactions refiected in the financial statements. Also. the risk of not detecting a material misstatemént due lo fraud is higher than the risk of not deleth'ng one resuIng from error. as fraud may involve deliberate concealment by, for example, forgery or intgnlional misrepresenlalions, or through collusion. Use of our r9POrt This report is made solely lo the charills trustees, as a body, in accordance wlh Chapter 3 of Part 8 of the Charities Act 2011. Ouf audit work has been undertaken so that we might state to the charitys trustees those matters we are required lo slate lo them in an audilorfs report and for no other purpose. To the fullest extent perrnrtted by law, we do not accept or assume responsibilty to any party other than the charity and chanlls iTUStees as a body, for our audit worf(, for this report, or for the opinion we have fom&l. Dale .24 April 2026 Luke Hoft, Senior Ststutory*udrtor for and on behalf of Moore Kingston Smith LLP Chartered Accountants and Slatulory Audf(ors 9 Appold Street London EC2A 2AP Moorg Kingston Smith LLP is eligible to act as auditor in temis of Section 1212 of the Comp8nies Act 2006. Page.. 6
The Sequoia Trust Statement of Financial Activities For the year ended 30th June 2025
| 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 Total funds carried forward |
£'000 - 2,407 2,407 (16,930) - (16,930) 36,579 (1,261) 20,795 467,539 488,334 Unrestricted Funds |
£'000 500 - 500 (500) - (500) - - - - - Restricted Funds |
£'000 500 2,407 2,907 (17,430) - (17,430) 36,579 (1,261) 20,795 467,539 488,334 Year ended 30 June 2025 |
£'000 - 2,373 2,373 (22,662) (30) (22,692) 72,689 234 52,604 414,935 467,539 Year ended 30 June 2024 |
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All gains and losses arising in the year are included in the Statement of Financial Activities and arise from continuing operations.
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 2025
| Note Non Current assets Investments 8 Concessionary loan 9 Current Assets Debtors 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 Restricted funds Unrestricted Funds |
2025 £'000 477,612 2,400 480,012 - 31,978 31,978 (17,744) 14,234 494,246 (5,912) 488,334 - 488,334 |
2024 £'000 486,009 2,400 488,409 - 30,842 30,842 (38,166) (7,324) 481,085 (13,546) 467,539 - 467,539 |
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The notes on pages 10 to 14 form part of the financial statements.
23 April 2026 The accounts were approved by the Trustees and authorised for issue on: …………………….. 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 2025 £'000 Net cash provided/(used in) by operating activities (i) (46,747) Investment income 2,407 Cost of purchasing fixed asset investments (5,898) Proceeds from sale of fixed asset investments 51,373 45,475 Change in cash and cash equivalents in the reporting period 1,136 30,842 31,978 Note (i) Reconciliation of net income to net cash flow from operating activities 2025 £'000 Net (loss)/ income as per the statement of 20,795 financial activities Investment income (2,407) Investment gains (36,579) Gifted investment shares received (500) (Increase)/decrease in concessionary loan - (Increase)/decrease in debtors - Increase/(decrease) in creditors (28,056) Net cash used in operating activities (46,747) Analysis of cash and cash equivalents 2025 £'000 Cash in hand 31,978 Total cash and cash equivalents 31,978 Analysis of changes in net debt At Cash 01/07/2024 Flows Cash 30,842 1,136 Cash generated from operating activities: Cash flows from investing activites: Cash flows from financing activities: Cash and cash equivalents at 30 June 2024 Cash and cash equivalents at 30 June 2025 |
Note 2025 £'000 Net cash provided/(used in) by operating activities (i) (46,747) Investment income 2,407 Cost of purchasing fixed asset investments (5,898) Proceeds from sale of fixed asset investments 51,373 45,475 Change in cash and cash equivalents in the reporting period 1,136 30,842 31,978 Note (i) Reconciliation of net income to net cash flow from operating activities 2025 £'000 Net (loss)/ income as per the statement of 20,795 financial activities Investment income (2,407) Investment gains (36,579) Gifted investment shares received (500) (Increase)/decrease in concessionary loan - (Increase)/decrease in debtors - Increase/(decrease) in creditors (28,056) Net cash used in operating activities (46,747) Analysis of cash and cash equivalents 2025 £'000 Cash in hand 31,978 Total cash and cash equivalents 31,978 Analysis of changes in net debt At Cash 01/07/2024 Flows Cash 30,842 1,136 Cash generated from operating activities: Cash flows from investing activites: Cash flows from financing activities: Cash and cash equivalents at 30 June 2024 Cash and cash equivalents at 30 June 2025 |
2024 £'000 (27,615) 2,373 (58,218) 101,662 43,444 18,202 12,640 30,842 2024 £'000 52,604 (2,373) (72,689) - (1,200) 2,601 (6,558) (27,615) 2024 £'000 30,842 30,842 At 30/06/2025 31,978 |
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Net (loss)/ income as per the statement of financial activities Investment income Investment gains Gifted investment shares received (Increase)/decrease in concessionary loan (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash used in operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents Analysis of changes in net debt Cash |
At 01/07/2024 30,842 |
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2025
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 2025
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 Donated investments |
2025 £'000 500 500 |
2024 £'000 - - |
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2025
3 Grants and donations payable in furtherance of objects
| Grants and donations payable in furtherance of objects Grant Commitments Faith-based institutions Educational grants Other grants Donations Faith-based institutions Youth well-being Educational donations Other unrestricted donations Governance costs (see note 7) |
2025 £'000 9,070 3,230 1,862 14,162 1,143 1,000 600 235 2,978 290 17,430 |
2024 £'000 - 19,182 1,714 20,896 1,000 500 50 1,550 216 22,662 - |
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4 Transactions with Trustees
No trustee received any remuneration for services as a trustee (2024: £nil), nor any reimbursement of expenditure (2024: £nil).
Total aggregated donations received from Trustees during the accounting period amounted to £500,000 (2024: £nil).
See note 11 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.
| 7 Governance costs Audit fees Legal and professional fees Bank and custody charges Accountancy Consultancy Fees |
2025 £'000 14 38 22 1 215 290 |
2024 £'000 13 4 20 3 176 216 |
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2025
| 8 Investments Opening balance as at 1 July 2024 Additions in the period Redemption proceeds in the period Gain/loss on investments Market Value at 30 June 2025 Historical Cost Significant Investment holdings based on market value at 30 June 2025 Investments MW Eureka Plus Fund MW Eureka Fund Prevatt Global Investments VY Nous LP 9 Non Current Debtors Concessionary Loans 10 Creditors: Amounts falling due within one year Grants payable Accruals & other creditors |
2025 £'000 486,009 6,397 (51,373) 36,579 477,612 318,228 were: Original cost at 30 June 2025 £'000 163,634 84,816 24,088 20,139 292,677 2025 £'000 2,400 2,400 2025 £'000 17,727 17 17,744 |
2024 £'000 456,764 58,218 (101,662) 72,689 486,009 288,079 Market value at 30 June 2025 £'000 201,721 141,768 25,303 52,025 420,817 2024 £'000 2,400 2,400 2024 £'000 38,104 62 38,166 |
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11 Related Parties
The trust received donations of £500,000 (2024: £nil) from Lady Sabina Marshall.
During the period the Trust made a grant of £207,000 (2024: £19,182,000) to ARK, a charity of which Sir Paul Marshall is a trustee. At the period end there were unpaid grant commitments to ARK of £4,575,000 (2024: £23,305,000). Claire Musgrave was the Chair of the Finance and Risk Committee of ARK during the prior period. Claire Musgrave resigned from this committee on 14 November 2023.
During the period the Trust made awards of £3,350,000 (2024: £nil) to The Church Revitalisation Trust, a charity of which Sir Paul Marshall is a Trustee. The Trust also made awards of £1,150,000 (2024: £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 £2,250,000 (2024: £525,000).
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The Sequoia Trust Notes to the Accounts For the year ended 30th June 2025
11 Related Parties (continued)
During the period the Trust made a grant of £2,000,000 (2024: £nil) to the Alliance for Responsible Citizenship (ARC). Sir Paul Marshall is a Director of ARC.
The Trust made grants during the period of £Nil (2024: £400,000) 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 (2024: £400,000). Sir Paul Marshall resigned as a trustee of the Education Policy Institute on 31 December 2023.
12 Financial and Capital commitments
At the end of the period, there were uncalled investment commitments of £12,386,000 (2024: £19,831,000).
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