**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. Page: 1 ## **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** - 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 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. Page 2 ## **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: - there is no relevant information of which the auditors are unaware; and - 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 Page: 3 ## **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: - 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; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - 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. Page: 4 ## **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: - the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or - the charity has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - 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: - 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. - 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. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - 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. - 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. Page: 5 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 4￿dIt. 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 r￿ulatIons. Based on this understsnding. we designed specific appropriate audit procedures lo identrfy instances of non**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**| |---|---|---|---|---| 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. Page: 7 ## **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| |---|---|---| 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 Page: 8 ## **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| |---|---|---| |
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|| Page: 9 ## **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. Page: 10 ## **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**
-
-| |---|---|---| Page: 11 ## **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
-| |---|---|---| ## **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| |---|---|---| Page: 12 ## **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| |---|---|---| ## **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). Page: 13 ## **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). Page: 14