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2023-12-31-accounts

Q CHARITABLE TRUST

Trustees’ Report

and Financial Statements

for the year ended 31 December 2023

Registered Charity Number 1186920

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Page
Charity information 1
Trustees’ report 2
Independent auditor’s report 4
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Accounting policies 10
Notes to the financial statements 12

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY INFORMATION

Trustees

Jonathan Quin (Settlor) Alexia Quin Ludlow Trust Company Limited Principal office

1st Floor Tower Wharf Cheese Lane Bristol BS2 0JJ

Registered charity number 1186920 Independent Auditor Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers and investment managers

Coutts & Co 440 Strand London WC2R 0QS

Page 1

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

Q Charitable Trust is a registered charity constituted under a trust deed dated 17 September 2019, and registered as a charity 12 December 2019.

The trust is controlled by the trustees. The power to appoint and remove trustees rests with the settlor trustee during their lifetime and subject to this is exercisable by the trustees from time to time.

On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the constitution of the Foundation, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.

The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The charity’s objects are:

“To apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such charities or such exclusively charitable purposes according to the law of England and Wales in any part of the world as the trustees may in their absolute discretion think fit.”

In pursuance of its objects, the charity’s income, and, at the absolute discretion of the trustees, its capital, is applied in making grants to charitable organisations.

In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

Incoming resources for the year totalled £1,675,727 (2022 period: £1,388,813) consisting of investment income of £755,574 (202 period: £659,601) and transfers from the capital fund of £920,153 (2022 period: £729,212).

Charitable expenditure in the year comprised grants to charitable organisations totalling £636,978 (2022 period: £559,509) while support and governance costs amounted to £90,321 (2022 period: £79,083) with investment management fees of £202,242 (2022 period: £134,819) giving total expenditure of £929,541 (2022 period: £773,411).

During the year under review, payments in respect of grants awarded in the year and earlier year amounted to £1,579,054 (2022: £1,503,743). As show in notes 5, 9 and 10, future payments of £362,595 (2022: £1,304,671) are payable.

Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time. As at 31 December 2023 free reserves were a deficit of £307,494 (2022 deficit: £1,255,922).

PLANS FOR FUTURE PERIODS

The trustees intend to continue the charity’s grant-making activity.

Page 2

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPOINTMENT OF INDEPENDENT AUDITOR

For the period under review the charity exceeded the audit threshold and appointed Blue Spire Limited as auditors. Blue Spire Limited have expressed their willingness to remain as auditors of the charity.

Approved by the trustees and signed on their behalf.

Joanne Spiceley on behalf of Ludlow Trust Company Limited Trustee

Date[27 June 2024]

Page 3

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

INDEPENDENT AUDITORS’ REPORT

Independent Auditors’ Report to the Trustees of Q Charitable Trust

Opinion

We have audited the financial statements of Q Charitable Trust (the ‘charity’) for the period ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 the 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Page 4

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

INDEPENDENT AUDITORS’ REPORT

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 5

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

INDEPENDENT AUDITORS’ REPORT

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Blue Spire Limited, Statutory Auditor 27 June 2024 Date

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 6

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds
3
Charitable activities
4
Total
Net gains/(losses) on investments
8
Net Income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds
Total funds brought forward
12
Total funds carried forward
12		 Income
Fund
£
-
755,574
755,574
-
727,299
727,299
-
28,275
920,153
948,428
(1,255,922)
(307,494)		 Capital
Fund
£
-
-
-
202,242
-
202,242
4,265,057
4,062,815
(920,153)
3,142,662
34,526,193
37,668,855		 Year to
31 December
2023
Total
Funds
£
-
755,574
755,574
202,242
727,299
929,541
4,265,057
4,091,090
-
4,091,090
33,270,271
37,361,361		 Year to
31 December
2022
Total
Funds
£
-
659,601
659,601
134,819
638,592
773,411
(5,144,541)
(5,258,351)
-
(5,258,351)
38,528,622
33,270,271

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Investments
8
CURRENT ASSETS
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
9
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year - grant creditors
10
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Capital (expendable endowment)
11, 12
Income
11, 12
Total charity funds		 £
£
37,285,491
493,933
493,933
293,063
200,870
37,486,361
(125,000)
37,361,361
37,668,855
(307,494)
37,361,361
2023
31 December		 £
£
33,436,331
1,156,785
1,156,785
1,247,845
(91,060)
33,345,271
(75,000)
33,270,271
34,526,193
(1,255,922)
33,270,271
2022
31 December		 £
£
33,436,331
1,156,785
1,156,785
1,247,845
(91,060)
33,345,271
(75,000)
33,270,271
34,526,193
(1,255,922)
33,270,271
2022
31 December
33,345,271
(75,000)
33,270,271
34,526,193
(1,255,922)
33,270,271

The accompanying notes form part of the financial statements

Approved by the trustees and signed on their behalf

Joanne Spiceley on behalf of Ludlow Trust Company Limited Trustee

27 June 2024 Date

Page 8

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(1,834,323)
Cash flow from investing activities
Purchase of investments
Proceeds from sales of investments
12,070,551
Investment income
755,574
Net cash flow from investing activities
1,171,471
Net increase/(decrease) in cash and cash equivalents
(662,852)
Cash and cash equivalents at 1 January
1,156,785
Cash and cash equivalents at 31 December
493,933
Cash and cash equivalents consist of:
Cash at bank and in hand
493,933
Cash and cash equivalents at 31 December
493,933
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the period
4,091,090
Adjusted for:
Investment income
(755,574)
(Gains)/losses on investments
(4,265,057)
Increase/(decrease) in creditors
(904,782)
(5,925,413)
(1,834,323)
2023
(11,654,654)
31 December
Year to
31 December
Year to
2023		 £
£
(1,769,768)
24,188,443
659,601
108,502
1,048,283
1,156,785
1,156,785
1,156,785
£
£
(5,258,351)
(659,601)
5,144,541
(996,357)
3,488,583
(1,769,768)
2022
(22,969,774)
1,878,270
31 December
Year to
31 December
Year to
2022		 £
£
(1,769,768)
24,188,443
659,601
108,502
1,048,283
1,156,785
1,156,785
1,156,785
£
£
(5,258,351)
(659,601)
5,144,541
(996,357)
3,488,583
(1,769,768)
2022
(22,969,774)
1,878,270
31 December
Year to
31 December
Year to
2022
(1,769,768)

Page 9

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

Q Charitable Trust is a registered unincorporated charity, established under a trust deed, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:

● Raising funds; these include investment management fees charged by the charity's investment managers

● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.

Page 10

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

ACCOUNTING POLICIES

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital (endowment) funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 11

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations to trust
Gift aid		 Unrestricted
Funds
£
-
-
-		 Endowment
Funds
£
-
-
-		 Year to
31 December
2023
Total
Funds
£
-
-
-		 Unrestricted
Funds
£
-
-
-		 Endowment
Funds
£
-
-
-		 Year to
31 December
2022
Total
Funds
£
-
-
-

2. Income from investments

2. Income from investments
Income from investment assets
Interest on cash deposits		 Unrestricted
Funds
£
728,111
27,463
755,574		 Endowment
Funds
£
-
-
-		 Year to
31 December
2023
Total
Funds
£
728,111
27,463
755,574		 Unrestricted
Funds
£
654,939
4,662
659,601		 Endowment
Funds
£
-
-
-		 Year to
31 December
2022
Total
Funds
£
654,939
4,662
659,601

3. Raising funds

3. Raising funds
Investment management fees Unrestricted
Funds
£
-
-		 Endowment
Funds
£
202,242
202,242		 Year to
31 December
2023
Total
Funds
£
202,242
202,242		 Unrestricted
Funds
£
-
-		 Endowment
Funds
£
134,819
134,819		 Year to
31 December
2022
Total
Funds
£
134,819
134,819

4. Expenditure on charitable activities

Grants to institutions (see note 5)
Support and governance costs
Administrative management fees
Independent auditor's fee		 Unrestricted
Funds
£
636,978
88,221
2,100
727,299		 Endowment
Funds
£
-
-
-
-		 Year to
31 December
2023
Total
Funds
£
636,978
88,221
2,100
727,299		 Unrestricted
Funds
£
559,509
76,983
2,100
638,592		 Endowment
Funds
£
-
-
-
-		 Year to
31 December
2022
Total
Funds
£
559,509
76,983
2,100
638,592

Page 12

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions (One and England and Wales unless noted)
2023
Receipient
Expected
Brought
year of
Forward
payment
£
Action for Kids Charitable Trust
2023
-
Action for Happiness
2023
-
Alexandra Rose Charity
2023
-
Alma Mater Education
2023
-
Alzheimer's Research
2023
1,000,000
Amigos Worldwide
2023
-
Art4Space
2023
-
Baytree Centre
2022
1,000
Baytree Centre
2023
-
BigKid Foundation
2023
-
Citywise Mentoring
2022
5,000
Dervaig Primary School
2023
-
Disasters Emergencies Committee
2023
-
Doorstep Library Network
2023
-
Fife Carers Centre
2023
-
Happy Days Children's Charity
2023
-
Highlands and Islands Environment
Foundation
2023
-
Home-Start Lorn
2023
-
Inspire a teen
2023
-
LMK (Let Me Know)
2023
-
Magic Breakfast
2023
-
Make Them Smile
2023
-
Marine Conservation Society
2023
-
Mull and Iona Community Trust;
Dervaig Defibrillators
2023
-
Mull and Iona Community Trust;
Dervaig Defibrillators
2023
-
North West Mull Community
Woodland Company Ltd
2023
-
Norwood & Brixton Foodbank Limited
2023
-
Oasis Children's Venture
2023
-
Over the Wall
2023
-
Prince & Princess of Wales Hospice,
(The)
2023
-
Raw Material Music and Media
Education Ltd
2022
20,000
Raw Material Music and Media
Education Limited
2023
-
Raw Material Music and Media
Education Limited
2024
-
Raw Material Music and Media
Education Limited
2025
-
Rosetrees Trust
2022
29,671
Rosetrees Trust
2023
-
Rosetrees Trust
2023
-
Rosetrees Trust
2023
-
Rosetrees Trust
2023
-
Royal Academy of Music
2023
37,000
Carried down
1,092,671		 Awarded in
Year
£
2,000
5,000
1,000
3,000
-
10,000
5,300
-
2,000
5,000
-
2,000
25,000
10,000
2,000
2,000
5,000
5,000
2,000
2,000
5,000
2,000
1,000
50
700
10,000
5,000
2,000
100,000
2,000
-
25,000
25,000
25,000
-
25,000
44,033
45,000
29,595
-
434,678		 Paid in year
£
(2,000)
(5,000)
-
(3,000)
(1,000,000)
(10,000)
(5,300)
(1,000)
-
(5,000)
(5,000)
-
(25,000)
(10,000)
(2,000)
(2,000)
-
-
(2,000)
-
(5,000)
(2,000)
(1,000)
(50)
(700)
(10,000)
-
(2,000)
(100,000)
(2,000)
(20,000)
-
-
-
(29,671)
(25,000)
(44,033)
(45,000)
-
(37,000)
(1,400,754)		 Written back
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2023
Carried
Forward
£
-
-
1,000
-
-
-
-
-
2,000
-
-
2,000
-
-
-
-
5,000
5,000
-
2,000
-
-
-
-
-
-
5,000
-
-
-
-
25,000
25,000
25,000
-
-
-
-
29,595
-
126,595

Page 13

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions (One and England and Wales unless noted)
2023
Receipient
Expected
Brought
year of
Forward
payment
£
Brought down
1,092,671
Royal National Springboard
2022
25,000
Royal National Springboard
2023
25,000
Royal National Springboard
2024
25,000
Royal National Springboard
2025
25,000
Royal National Springboard
2026
25,000
Royal Scottish National Orchestra
2022
5,000
School-Home Support Service (UK)
2023
-
Sixty One; MentorMe
2023
1,000
Solar Aid
2023
-
Sound Waves SCIO: Mull Music
Makers
2023
-
Starlight Children's Foundation
2023
-
The CALM Zone
2022
10,000
The Harris Federation of South
London Schools
2023
-
The Olive Branch (Faith in Action)
2023
-
The National Brain Appeal
2022
28,000
The National Brain Appeal
2022
33,000
The Prince's Trust
2023
-
The Prince's Trust
2024
-
The Prince's Trust
2025
-
The Prince's Trust
2026
-
The Royal National Lifeboat
Institution (RNLI)
2022
10,000
The Royal National Lifeboat
Institution (RNLI)
2023
-
The Spires Centre
2023
-
The United Kingdom Committee for
Unicef; Gaza/Israel Appeal
2023
-
The Venture Trust
2023
-
Toucan Employment
2023
-
UK Music Masters Ltd
2023
-
Volunteering Matter
2023
-
Foundation; Bristol Children's
Hospital
2023
-
Young Womens Trust
2023
-
1,304,671
<1 year (see note 9)
1,229,671
>1 year (see note 10)
75,000
1,304,671		 continued
Awarded in
Year
£
434,678
-
-
-
-
-
-
20,000
-
2,000
16,300
5,000
-
2,000
5,000
-
-
25,000
25,000
25,000
25,000
-
10,000
2,000
5,000
5,000
5,000
10,000
5,000
5,000
5,000
636,978		 Paid in year
Written back
£
£
(1,400,754)
-
(25,000)
-
-
-
-
-
-
-
-
-
(5,000)
-
(20,000)
-
(1,000)
-
-
-
(16,300)
-
(5,000)
-
(10,000)
-
-
-
-
-
(28,000)
-
(33,000)
-
-
-
-
-
-
-
-
-
(10,000)
-
-
-
-
-
-
-
(5,000)
-
-
-
(10,000)
-
(5,000)
-
(5,000)
-
-
-
1,579,054
-
-
<1 year (see note 9)
>1 year (see note 10)		 2023
Carried
Forward
£
126,595
-
25,000
25,000
25,000
25,000
-
-
-
2,000
-
-
-
2,000
5,000
-
-
25,000
25,000
25,000
25,000
-
10,000
2,000
5,000
-
5,000
-
-
-
5,000
362,595
237,595
125,000
362,595

Page 14

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions (One and England and Wales unless noted)
2022
Receipient
Expected
Brought
year of
Forward
payment
£
Action Aid
2021
1,000
Alma Mater Education
2022
-
Alzheimer's Research
2022
1,000,000
Alzheimer's Research
2023
1,000,000
Amigos Worldwide
2021
10,000
ARK Music Programme
2022
-
Art4Space
2022
-
Awards for Young Musicians
2022
-
Baytree Centre
2022
-
Brixton Chamber Orchestra
2022
-
Cafe Van Gogh
2022
-
Chance UK
2022
-
Citywise Mentoring
2022
-
Comar
2002
-
Disasters Emergencies Committee
2022
-
Doorstep Library Network
2022
-
Future Fertility Fund
2021
5,000
Happy Days Children's Charity
2022
-
Hebridean Whale and Dolphin Trust
2022
-
Hillhouse SCIO
2022
-
Housing the Homeless Central Fund
2021
1,000
Magic Breakfast
2022
-
Marine Conservation Society
2022
-
Mull and Iona Community Trust
2022
46,667
Sixty One; MentorMe
2022
-
North West Mull Community
Woodland Company Ltd
2022
-
Raw Material Music and Media
Education Limited
2022
-
Roald Dahl Childrens Charity
2022
-
Rosetrees Trust
2021
29,380
Rosetrees Trust
2022
-
Rosetrees Trust
2022
-
Royal Academy of Music
2022
36,000
Royal Academy of Music
2023
37,000
Royal National Springboard
2021
50,000
Royal National Springboard
2022
-
Royal National Springboard
2023
-
Royal National Springboard
2024
-
Royal National Springboard
2025
-
Royal National Springboard
2026
-
Royal Scottish National Orchestra
2022
-
RSPB Scotland
2022
-
School for Life Romania
2022
-
School Ground Sounds
2022
-
Sound Waves SCIO: Mull Music
Makers
2022
-
Sir Roger Manwood's Grammer
School
2022
-
Sixty One; MentorMe
2021
1,000
Solar Aid
2022
-
The CALM Zone
2022
-
Carried down
2,217,047		 continued
Awarded in
Year
£
-
15,000
-
-
-
10,000
5,000
10,000
1,000
28,000
15,000
5,000
5,000
1,000
45,000
10,000
-
2,000
4,788
1,000
10,000
1,000
1,000
50
20,000
10,000
25,000
29,671
-
-
-
25,000
25,000
25,000
25,000
25,000
5,000
12,500
5,000
2,000
20,000
24,500
-
10,000
10,000
468,509		 Paid in year
£
(1,000)
(15,000)
(1,000,000)
-
(10,000)
(10,000)
(5,000)
(10,000)
-
(28,000)
(15,000)
(5,000)
-
(1,000)
(45,000)
(10,000)
(5,000)
(2,000)
(4,788)
(1,000)
(1,000)
(10,000)
(1,000)
(46,667)
-
(50)
-
(10,000)
(29,380)
(25,000)
-
(36,000)
-
(50,000)
-
-
-
-
-
-
(12,500)
(5,000)
(2,000)
(20,000)
(24,500)
(1,000)
(10,000)
-
(1,451,885)		 Written back
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Carried
Forward
£
-
-
-
1,000,000
-
-
-
-
1,000
-
-
-
5,000
-
-
-
-
-
-
-
-
-
-
-
1,000
-
20,000
-
-
-
29,671
-
37,000
-
25,000
25,000
25,000
25,000
25,000
5,000
-
-
-
-
-
-
-
10,000
1,233,671

Page 15

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions (One and England and Wales unless noted) continued

Receipient
Expected
year of
payment
Brought down
The Governors of Hutchesons'
Educational Trust
2021
The National Brain Appeal
2022
The National Brain Appeal
2022
The Nucleo Project
2022
The Reader
2021
The Royal National Lifeboat
Institution (RNLI)
2022
Volunteering Matter
2022
Young Womens Trust
2022
<1 year
>1 year		 2022
Brought
Forward
£
2,217,047
26,858
-
-
-
5,000
-
-
-
2,248,905
1,211,905
1,037,000
2,248,905		 Awarded in
Year
£
468,509
-
28,000
33,000
10,000
-
10,000
5,000
5,000
559,509		 Paid in year
Written back
£
£
(1,451,885)
-
(26,858)
-
-
-
-
-
(10,000)
-
(5,000)
-
-
-
(5,000)
-
(5,000)
-
(1,503,743)
-
<1 year (see note 9)
>1 year (see note 10)		 2022
Carried
Forward
£
1,233,671
-
28,000
33,000
-
-
10,000
-
-
1,304,671
1,229,671
75,000
1,304,671

6. Independent auditor's fees

Auditor's fee - audit Unrestricted
Funds
£
2,100
2,100		 Endowment
Funds
£
-
-		 Year to
31 December
2023
Total
Funds
£
2,100
2,100		 Unrestricted
Funds
£
2,100
2,100		 Endowment
Funds
£
-
-		 Year to
31 December
2022
Total
Funds
£
2,100
2,100

7. Related party transactions

Ludlow Trust Company Limited charged fees for administrative services amounting to £88,221 (2022: £89,773) were paid during the year, as shown in note 4. These fees are authorised under section 6 of the trust deed.

The Trust has no employees, all administration being carried out by the trustees.

Other than the fees noted above, no remuneration was paid to nor expenses paid to or on behalf of any trustee during the period under review.

8. Fixed asset investments - Listed

Balance brought forward
Additions
Disposals at proceeds
Change in market value		 31 December
2023
£
33,436,331
11,654,654
4,265,057
37,285,491
(12,070,551)		 31 December
2022
£
39,799,541
22,969,774
(5,144,541)
(24,188,443)
33,436,331

Page 16

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

9. Creditors: amounts falling due within one year

Accruals - Professional fees
Accruals - Administrative Management fees
Accruals - Investment Management fees
Grant creditors (see note 5)		 31 December
2023
£
2,100
11,017
42,351
237,595
293,063		 31 December
2022
£
2,100
8,813
7,261
1,229,671
1,247,845

10. Creditors: amounts falling due after one year

Grant creditors (see note 5) 31 December
2023
£
125,000
125,000		 31 December
2022
£
75,000
75,000

11. Analysis of net assets between funds

Fixed assets investments
Net current assets
Long term liabilities
12. Net movement in funds
Endowment funds
Unrestricted funds		 Unrestricted
Funds
£
-
(182,494)
(125,000)
(307,494)
Total funds
brought
forward
£
34,526,193
(1,255,922)
33,270,271		 Endowment
Funds
£
37,285,491
383,364
-
37,668,855
Total
incoming
resources
£
-
755,574
755,574		 31 December
2023
Total
Unrestricted
Funds
Funds
£
£
37,285,491
-
200,870
(1,180,922)
(125,000)
(75,000)
37,361,361
(1,255,922)
Total
Transfers
resources
between
expended
funds
£
£
(202,242)
(920,153)
(727,299)
920,153
(929,541)
-
Year ended 31 December 2023		 Endowment
Funds
£
33,436,331
1,089,862
-
34,526,193
Gains/(losses)
on investment
assets
£
4,265,057
-
4,265,057		 31 December
2022
Total
Funds
£
33,436,331
(91,060)
(75,000)
33,270,271
Total funds
carried
forward
£
37,668,855
(307,494)
37,361,361

The transfer from endowment to unrestricted funds was implemented to provide resources for grant awards in furtherance of the charity's objectives.

Endowment funds
Unrestricted funds		 Total funds
brought
forward
£
40,534,765
(2,006,143)
38,528,622		 Total
incoming
resources
£
-
659,601
659,601		 Total
Transfers
resources
between
expended
funds
£
£
(134,819)
(729,212)
(638,592)
729,212
(773,411)
-
Year ended 31 December 2022		 Gains/(losses)
on investment
assets
£
(5,144,541)
-
(5,144,541)		 Total funds
carried
forward
£
34,526,193
(1,255,922)
33,270,271

Page 17

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Q CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

13. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

13. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments		 31 December
2023
Total
Funds
£
37,285,491
37,285,491		 31 December
2022
Total
Funds
£
33,436,331
33,436,331

The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:

Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
Investment management fees
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments		 Year to
31 December
2023
Total
Funds
£
728,111
(202,242)
525,869
4,265,057
4,265,057		 Year to
31 December
2022
Total
Funds
£
654,939
(134,819)
520,120
(5,144,541)
(5,144,541)

Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.

Page 18

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

14. Comparative statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds
3
Charitable activities
4
Total
Net gains/(losses) on investments
8
Net Income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds
Total funds brought forward
12
Total funds carried forward
12		 Income
Fund
£
-
659,601
659,601
-
638,592
638,592
-
21,009
729,212
750,221
(2,006,143)
(1,255,922)		 Capital
Fund
£
-
-
-
134,819
-
134,819
(5,144,541)
(5,279,360)
(729,212)
(6,008,572)
40,534,765
34,526,193		 Year to
31 December
2022
Total
Funds
£
-
659,601
659,601
134,819
638,592
773,411
(5,144,541)
(5,258,351)
-
(5,258,351)
38,528,622
33,270,271

Page 19