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2024-12-31-accounts

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

Trustees’ Report

and Financial Statements

for the year ended 31 December 2024

Registered Charity Number 1186920

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Independent Auditor

Bankers and investment managers

Coutts & Co 440 Strand London WC2R 0QS

Page 1

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024. 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.

The trustees continue to make grants in support of charitable organisations in furtherance of the charity’s purposes for the public benefit.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

Incoming resources for the year totalled £759,871 (2023 period: £1,675,727) consisting of investment income of £693,455 (2023 period: £755,574) and transfers from the capital fund of £66,416 (2023 period: £920,153).

Charitable expenditure in the year comprised grants to charitable organisations totalling £1,335,775 (2023 period: £636,978), with a £5,000 grant written back, while support and governance costs amounted to £52,222 (2023 period: £90,321) with investment management fees of £189,578 (2023 period: £202,242) giving total expenditure of £1,572,575 (2023 period: £929,541).

During the year under review, payments in respect of grants awarded in the year and earlier year amounted to £575,737 (2023: £1,579,054). As show in notes 4, 8 and 9, future payments of £1,117,633 (2023: £362,595) 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 2024 free reserves were a deficit of £930,620 (2023 deficit: £307,494).

Page 2

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES’ REPORT

PLANS FOR FUTURE PERIODS

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

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 14 July 2025

Page 3

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s 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 2024 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

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT AUDITOR’S 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

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT AUDITOR’S 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 Date 14 July 2025

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

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds
2
Charitable activities
3
Total
Net gains/(losses) on investments
7
Net Income/(expenditure)
Transfers between funds
11
Net movement in funds
Reconciliation of funds
Total funds brought forward
11
Total funds carried forward
11		 Income
Fund
£
693,455
693,455
-
1,382,997
1,382,997
-
(689,542)
66,416
(623,126)
(307,494)
(930,620)		 Capital
Fund
£
-
-
189,578
-
189,578
5,348,818
5,159,240
(66,416)
5,092,824
37,668,855
42,761,679		 Year to
31 December
2024
Total
Funds
£
693,455
693,455
189,578
1,382,997
1,572,575
5,348,818
4,469,698
-
4,469,698
37,361,361
41,831,059		 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

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

Page 7

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
FIXED ASSETS
Investments
7
CURRENT ASSETS
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
8
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year - grant creditors
9
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Capital (expendable endowment)
10, 11
Income
10, 11
Total charity funds		 £
£
42,409,916
603,741
603,741
657,598
(53,857)
42,356,059
(525,000)
41,831,059
42,761,679
(930,620)
41,831,059
2024
31 December		 £
£
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		 £
£
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
37,486,361
(125,000)
37,361,361
37,668,855
(307,494)
37,361,361

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

Date 03 July 2025

Page 8

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(808,040)
Cash flow from investing activities
Purchase of investments
Proceeds from sales of investments
30,314,343
Investment income
693,455
Net cash flow from investing activities
917,848
Net increase/(decrease) in cash and cash equivalents
109,808
Cash and cash equivalents at 1 January
493,933
Cash and cash equivalents at 31 December
603,741
Cash and cash equivalents consist of:
Cash at bank and in hand
603,741
Cash and cash equivalents at 31 December
603,741
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the period
4,469,698
Adjusted for:
Investment income
(693,455)
(Gains)/losses on investments
(5,348,818)
Increase/(decrease) in creditors
764,535
(5,277,738)
(808,040)
2024
(30,089,950)
31 December
Year to
31 December
Year to
2024		 £
£
(1,834,323)
12,070,551
755,574
(662,852)
1,156,785
493,933
493,933
493,933
£
£
4,091,090
(755,574)
(4,265,057)
(904,782)
(5,925,413)
(1,834,323)
2023
(11,654,654)
1,171,471
31 December
Year to
31 December
Year to
2023		 £
£
(1,834,323)
12,070,551
755,574
(662,852)
1,156,785
493,933
493,933
493,933
£
£
4,091,090
(755,574)
(4,265,057)
(904,782)
(5,925,413)
(1,834,323)
2023
(11,654,654)
1,171,471
31 December
Year to
31 December
Year to
2023
(1,834,323)

Page 9

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

1. Income from investments

1. Income from investments
Income from investment assets
Interest on cash deposits		 Unrestricted
Funds
£
668,383
25,072
693,455		 Endowment
Funds
£
-
-
-		 Year to
31 December
2024
Total
Funds
£
668,383
25,072
693,455		 Unrestricted
Funds
£
728,111
27,463
755,574		 Endowment
Funds
£
-
-
-		 Year to
31 December
2023
Total
Funds
£
728,111
27,463
755,574

2. Raising funds

2. Raising funds
Investment management fees Unrestricted
Funds
£
-
-		 Endowment
Funds
£
189,578
189,578		 Year to
31 December
2024
Total
Funds
£
189,578
189,578		 Unrestricted
Funds
£
-
-		 Endowment
Funds
£
202,242
202,242		 Year to
31 December
2023
Total
Funds
£
202,242
202,242

3. Expenditure on charitable activities

Grants to institutions (see note 4)
Grants written back (see note 4)
Support and governance costs
Marketing costs
Administrative management fees
Independent auditor's fee		 Unrestricted
Funds
£
1,335,775
(5,000)
564
49,558
2,100
1,382,997		 Endowment
Funds
£
-
-
-
-
-
-		 Year to
31 December
2024
Total
Funds
£
1,335,775
(5,000)
564
49,558
2,100
1,382,997		 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

Page 12

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions (One and England and Wales unless noted)
2024
Recipient
Expected
Brought
year of
Forward
payment
£
Absolute Return for Kids (ARK)
2024
-
Alexandra Rose Charity
2023
1,000
Alma Mater Education
2024
-
Amigos Worldwide
2024
-
Art4Space C.I.C.
2024
-
Awards for Young Musicians
2024
-
Babyzone
2024
-
Bristol Association for Neighbourhood
Daycare limited
2024
-
Brixton Chamber Orchestra
2024
-
Campaign Against Living Miserably
2024
-
Corpus Christi Catholic Primary
School
2024
-
Crosslight Advice
2024
-
Dervaig Primary School
2023
2,000
EngageD Now CIO
2024
-
Every Youth
2024
-
First Story Limited
2024
-
Hebridean Whale and Dolphin Trust
Ltd
2024
-
Highlands and Islands Environment
Foundation
2023
5,000
Home-Start Lorn
2023
5,000
IntoUni
2024
-
Lambeth Elfrida Rathbone Society
2024
-
Little Village
2024
-
LMK (Let Me Know)
2023
2,000
Loughborough Community Centre
2024
-
Mental Fight Club
2024
-
Mull and Iona Community Trust
2024
-
Mull and Iona Community Trust;
Dervaig Defibrillators
2024
-
Norwood & Brixton Foodbank Limited
2023
5,000
Over the Wall
2024
-
Raw Material Music and Media
Education Limited
2023
25,000
Raw Material Music and Media
Education Limited
2024
25,000
Raw Material Music and Media
Education Limited
2025
25,000
Read For Good
2024
-
Rosetrees (medical research)
2023
29,595
Rosetrees (medical research)
2024
-
Rosetrees (medical research)
2024
-
Rosetrees (medical research)
2025
-
Rosetrees (medical research)
2026
-
Rosetrees (medical research)
2027
-
Rosetrees (medical research)
2028
-
Carried down
124,595		 Awarded in
Year
£
10,000
-
10,000
10,000
7,500
10,000
10,000
1,000
25,000
10,000
4,000
2,000
-
2,500
5,000
2,000
6,900
-
-
5,000
10,000
2,000
-
10,000
2,000
6,346
50
-
136,734
-
-
-
2,000
-
37,787
150,000
150,000
150,000
150,000
150,000
1,077,817		 Paid in year
£
(10,000)
(1,000)
(10,000)
-
(7,500)
-
(10,000)
(1,000)
(25,000)
(10,000)
(4,000)
(2,000)
(2,000)
-
-
(2,000)
(6,900)
-
(5,000)
(5,000)
(10,000)
(2,000)
(2,000)
-
-
-
(50)
(5,000)
(136,734)
(25,000)
-
-
(2,000)
(29,595)
-
-
-
-
-
-
(313,779)		 Written back
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,000)		 2024
Carried
Forward
£
-
-
-
10,000
-
10,000
-
-
-
-
-
-
-
2,500
5,000
-
-
-
-
-
-
-
-
10,000
2,000
6,346
-
-
-
-
25,000
25,000
-
-
37,787
150,000
150,000
150,000
150,000
150,000
883,633

Page 13

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions (One and England and Wales unless noted)
2024
Recipient
Expected
Brought
year of
Forward
payment
£
Brought down
124,595
Royal Academy of Music
2024
-
Royal Academy of Music
2025
-
Royal Academy of Music
2026
-
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
Society Ltd
2024
-
School Ground Sounds
2024
-
School-Home Support Service (UK)
2024
-
Share Community Limited
2024
-
Sixty-One
2024
-
Slade Gardens Community Play
Association CIO
2024
-
Solar Aid
2023
2,000
Solar Aid
2024
-
Sound Waves SCIO: Mull Music
Makers
2024
-
Starlight Children's Foundation
2024
-
St Martin-In-The-Fields Trust
2024
-
Team Up for Social Mobility Limited
2024
-
The Baytree Centre
2023
2,000
The Baytree Centre
2024
-
The Hardman Trust
2024
-
The Harris Federation of South
London Schools
2023
2,000
The London Musical Theatre
Orchestra
2024
-
The National Hospital for Neurology
and Neurosurgery Development
Foundation
2024
-
The Olive Branch (Faith in Action)
2023
5,000
The King's Trust
2023
25,000
The King's Trust
2024
25,000
The King's Trust
2025
25,000
The King's Trust
2026
25,000
The Royal National Lifeboat
Institution (RNLI)
2023
10,000
The Royal National Lifeboat
Institution (RNLI)
2024
-
The Social Bite Fund
2024
-
The Spires Centre
2023
2,000
The United Kingdom Committee for
Unicef; Gaza/Israel Appeal
2023
5,000
Tobermory Fishermans Pier
Association
2024
-
Toucan Employment
2023
5,000
UK Music Masters Ltd.
2024
-
Carried down
357,595		 continued
Awarded in
Year
£
1,077,817
25,000
25,000
25,000
-
5,000
2,000
20,000
10,000
2,000
500
-
5,000
15,958
5,000
5,000
5,000
-
2,000
2,500
-
1,000
25,000
-
-
-
-
-
-
10,000
5,000
-
-
2,000
-
10,000
1,285,775		 Paid in year
£
(313,779)
(25,000)
-
-
(25,000)
(5,000)
(2,000)
(20,000)
(10,000)
(2,000)
(500)
(2,000)
-
(15,958)
(5,000)
(5,000)
(5,000)
(2,000)
-
(2,500)
(2,000)
(1,000)
(25,000)
(5,000)
(25,000)
-
-
-
(10,000)
-
-
(2,000)
(5,000)
-
(5,000)
-
(520,737)		 Written back
£
(5,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,000)		 2024
Carried
Forward
£
883,633
-
25,000
25,000
-
25,000
25,000
25,000
-
-
-
-
-
-
-
5,000
-
-
-
-
-
2,000
-
-
-
-
-
-
25,000
25,000
25,000
-
10,000
5,000
-
-
2,000
-
10,000
1,117,633

Page 14

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions (One and England and Wales unless noted)
2024
Recipient
Expected
Brought
year of
Forward
payment
£
Brought down
357,595
University of Oxford
2024
-
Young Women's Trust
2023
5,000
362,595
<1 year (see note 8)
237,595
>1 year (see note 9)
125,000
362,595
2023
Recipient
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
-
Carried down
1,026,000		 continued
Awarded in
Year
£
1,285,775
50,000
-
1,335,775
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
241,050		 Paid in year
Written back
£
£
(520,737)
(5,000)
(50,000)
-
(5,000)
-
(575,737)
(5,000)
<1 year (see note 8)
>1 year (see note 9)
Paid in year
Written back
£
£
(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)
-
-
-
(1,220,050)
-		 2024
Carried
Forward
£
1,117,633
-
-
1,117,633
592,633
525,000
1,117,633
2023
Carried
Forward
£
-
-
1,000
-
-
-
-
-
2,000
-
-
2,000
-
-
-
-
5,000
5,000
-
2,000
-
-
-
-
-
-
5,000
-
-
-
-
25,000
47,000

Page 15

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions (One and England and Wales unless noted)
2023
Recipient
Expected
Brought
year of
Forward
payment
£
Brought down
1,026,000
Raw Material Music and Media
Education Limited
2024
-
Raw Material Music and Media
Education Limited
2025
-
Rosetrees (medical research)
2022
29,671
Rosetrees (medical research)
2023
-
Rosetrees (medical research)
2023
-
Rosetrees (medical research)
2023
-
Rosetrees (medical research)
2023
-
Royal Academy of Music
2023
37,000
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 King's Trust
2023
-
The King's Trust
2024
-
The King's Trust
2025
-
The King'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 Women's Trust
2023
-
1,304,671
<1 year
1,229,671
>1 year
75,000
1,304,671		 continued
Awarded in
Year
£
241,050
25,000
25,000
-
25,000
44,033
45,000
29,595
-
-
-
-
-
-
-
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
£
£
(1,220,050)
-
-
-
-
-
(29,671)
-
(25,000)
-
(44,033)
-
(45,000)
-
-
-
(37,000)
-
(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 8)
>1 year (see note 9)		 2023
Carried
Forward
£
47,000
25,000
25,000
-
-
-
-
29,595
-
-
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 16

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

5. Independent auditor's fees

Auditor's fee - audit Unrestricted
Funds
£
2,100
2,100		 Endowment
Funds
£
-
-		 Year to
31 December
2024
Total
Funds
£
2,100
2,100		 Unrestricted
Funds
£
2,100
2,100		 Endowment
Funds
£
-
-		 Year to
31 December
2023
Total
Funds
£
2,100
2,100

6. Related party transactions

Ludlow Trust Company Limited charged fees for administrative services amounting to £49,558 (2023: £88,221) were paid during the year, as shown in note 3. 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.

7. Fixed asset investments - Listed

Balance brought forward
Additions
Disposals at proceeds
Change in market value		 31 December
2024
£
37,285,491
30,089,950
5,348,818
42,409,916
(30,314,343)		 31 December
2023
£
33,436,331
11,654,654
4,265,057
(12,070,551)
37,285,491

8. Creditors: amounts falling due within one year

Accruals - Professional fees
Accruals - Administrative Management fees
Accruals - Investment Management fees
Grant creditors (see note 4)		 31 December
2024
£
2,100
12,984
49,881
592,633
657,598		 31 December
2023
£
2,100
11,017
42,351
237,595
293,063

9. Creditors: amounts falling due after one year

Grant creditors (see note 4) 31 December
2024
£
525,000
525,000		 31 December
2023
£
125,000
125,000

Page 17

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

10. Analysis of net assets between funds

Fixed assets investments
Net current assets
Long term liabilities		 Unrestricted
Funds
£
-
(405,620)
(525,000)
(930,620)		 Endowment
Funds
£
42,409,916
351,763
-
42,761,679		 31 December
2024
Total
Funds
£
42,409,916
(53,857)
(525,000)
41,831,059		 Unrestricted
Funds
£
-
(182,494)
(125,000)
(307,494)		 Endowment
Funds
£
37,285,491
383,364
-
37,668,855		 31 December
2023
Total
Funds
£
37,285,491
200,870
(125,000)
37,361,361

11. Net movement in funds

11. Net movement in funds
Endowment funds
Unrestricted funds		 Year ended 31 December 2024
Total funds
brought
forward
£
37,668,855
(307,494)
37,361,361		 Total
incoming
resources
£
-
693,455
693,455		 Total
resources
expended
£
(189,578)
(1,382,997)
(1,572,575)		 Transfers
between
funds
£
(66,416)
66,416
-		 Gains/(losses)
on investment
assets
£
5,348,818
-
5,348,818		 Total funds
carried
forward
£
42,761,679
(930,620)
41,831,059

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		 Year ended 31 December 2023 Year ended 31 December 2023
Total funds
brought
forward
£
34,526,193
(1,255,922)
33,270,271		 Total
incoming
resources
£
-
755,574
755,574		 Total
resources
expended
£
(202,242)
(727,299)
(929,541)		 Transfers
between
funds
£
(920,153)
920,153
-		 Gains/(losses)
on investment
assets
£
4,265,057
-
4,265,057		 Total funds
carried
forward
£
37,668,855
(307,494)
37,361,361

Page 18

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

12. Financial instruments

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

12. 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
2024
Total
Funds
£
42,409,916
42,409,916		 31 December
2023
Total
Funds
£
37,285,491
37,285,491

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
2024
Total
Funds
£
668,383
(189,578)
478,805
5,348,818
5,348,818		 Year to
31 December
2023
Total
Funds
£
728,111
(202,242)
525,869
4,265,057
4,265,057

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 19

Docusign Envelope ID: B439C5EF-F8E5-4792-8F75-9629184B12E7

Q CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

13. Comparative statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds
2
Charitable activities
3
Total
Net gains/(losses) on investments
7
Net Income/(expenditure)
Transfers between funds
11
Net movement in funds
Reconciliation of funds
Total funds brought forward
11
Total funds carried forward
11		 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

Page 20