REGISTERED CHARITY NUMI BER: 218371 REPORT OFTHE TRUSTEES AND AUDITED FINANCIAL STATEMEPttS FOR THE YEAR ENDED 5 APRIL 2024 FOR W F SOUTHALL TRUST
W F soirrHALL TRusr coNrENTS OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2024 Page Intr110 from the Chair Report of th¢ Trusttts Report of the JDdewdent Auditors Statement of Fingn¢i*l A¢tivities Balance Sheet 10 Notes to the Financial Ststements 11 to 23
W F SOUTHALL TRusr INTRODucfioN FROM THE CHAIR FOR THE YEAR ENDED S APRIL 2024 CfrL4IR'S INTRODUCTION Welcome to the Southall Trust's annual report atjd accounts for the financial year ¢nding 5th April 2024. This year saw some imp)rtant ¢hanBes at the Trust. Chief among these was the difficult de¢i5iOll to Stop accepting applications for overseas projects. The intention of this move w&8 to create much-needed space io discuss the futUTe of the Trust. We are 5e¢king to reach a consensus on the dityjclllt prwess of re¢on¢iling the good that has been intended by our family trust, with concerns aLul how the tr and privilege of philanihropylgrant giving is etnbcdded in and may corstinue to uphold- inequities stemming from Colonialism xnd Irnp¢rialisrn. We have not yet set atime limit for the ¢on¢lusion tsf these discussions. but three outcomes arose fiM them duTtrtg the yeaT'. l. We have flattened our hierarehy. We devolved power within our leadership by trialling an unusual three-way chairing model. A year on and we have been satisfied with this move. Ir has spread the weight of Te5ponsibility among the tn]stee group, it has in¢reas¢d a¢countabiliiy among the trnstees. and it has also improved ihe engagemertt of trustees wth the work of the Trust. 2. We reminded owselves of the Trust's history of giving to overse&s work. We spent lime r¢visiting our 1937 constitution and 86 yeaTS of truste¢ meeting minutes. 3. Some trustees have been reading and listening to various knoks articles and talks about colonialism, 'white 5aviourism' d Tacial inequality. In the year ahead we have planned to hear directly from a select wup of well-regarded charity leaders tsf over5ea5 charit1¢5 to learn more about their experiences of these subjeth5. The above is intended to make the Trust a better funder for the fv¢ur¢ and able to play a stronger role in making the world more restorative, just and equal place to live. In Autumn of 2023, we were saddened by the tMiatnt closure of W(K)dbrooke Quaker Centre's building in Birmingham. The relationship between woodbrL)ke and the Southall Trust has been va]ued for generations. and our trustee meetings were held there. However, w¢ have used this opportunity to explore other venues in England and Wales. which has a]so given u5 gat opportunity to V15lt some of the projects that the Trust has funded. We were delighted to award grants 10 73 different chaTitable organisations this year and we thank our grani r¢¢ipients for the ¢ime they rk to follow and respect our application process so well. We wish th¢tD all the very best with their work in the year ahead. Finally, we would like to express our ihanks to Lewlll Gre&ve& for their time ill supporting the Tru$1 this year, to RathiK)ne Greenbank for their [naement of the Trust's assets, and io our TTUSt sretary. Wil Berdinner, for his continued management and ov¢ryight of the Trust's operations. Last, but not least, thank you to ollr fellow trUSe$ foi their continued voluntary service to the Trust. Mark Holtom, Atjdrew Sollthall & Hannah Engelkamp Cfrchairs of the Southa]l Trnst Page I
W F SO[NALL TRiisr REPORT OF THE TRusfEES FOR THE YEAR ENDED S APRIL 2024 The thistte5 present their repon with the financia] statements of the charity for the year ended 5 Apnl 2024. The trustee5 have adopted the provisiOtkS of A¢¢ouniing and ReFOrting by Charitie5'. Stsiemertt of Recommended Practice appli¢able to charities preparit]g their a¢counts in accordance with th¢ FIDanLial RerM)rting Standard applicable in the UK and Republic of I7?d (FRS 1021 (effective l January 2019). OBJEcfivES AND ACTlVI'fiES Objects adItIeS for public b¢n¢fit 'rhe objects of the trust are to apply its fund5 for such ¢x¢lusively charitable pUT>stS as rhe trustees may think fit in accordance with the trust deed. The ffttees confinn that they have r¢ferred io the guidance coniaintd in the Charity Commission's gencral guidan¢e on public benefit when reviewing the tnjsts ain]s and objectives and in planning future a¢rivities and in setting grant Tnaking policy for the year. Grantmaking The truste£5 continue to make grants suptK>rting rnany ¢har]ties within specifjed grant rnaking ¢Tlterria. The tnjstees ¢ndeavollr lo support smaller charities where their help is more Tneallingful and especially when a trustee has detailed knowledge of the d]aTity concerned. Detai15 of what we do and do not support Can be found on our website www.souihalltrust.or8. ACHIEVEMETrtt AND PERFORLbL4NCE Athievements and rforManCe Durin¥ the year ¢0 5 April 2024, the charity Teceived invesknent income totalling £319,078 12023 £328,823) as detailed In note 2 to the accounts. After allowing for the costs of administering the charity the trustees mad¢ charitable donations in a¢cordan¢¢ with the temjs of the constitution ioialling £361,213 (2023- £315.5011. Fundraising artiYiti¢s The trust does not cany out any 5igmifi¢ant futtdraising actiwtie5. Investment performance The trust's investment portfolio is managed by Raihbone Investment Managetnent Lid. Funds are invested to PTovid¢ a balanced return of growth 9d income for the charity, but with the variotjs dityiculties in glob Fancial tnarkets in recent yeats ihe inv¢siment portfolio has suffeTed significant volatility in tnark¢t value. Due lo the active managerner)t of the rtfolio, the value of investtnents decreased in the year ended 5 Apnl 2024. The portfolio L5 held as an expendable endowment fwid in accordance with the tTUSt deed. The cash held as part of the inv¢stmertl porrfolio, including discTetionary time deFOSitS, lnCre¢d 10 £249,337 due to the purchase and diswsal of capital investments where deemed 8ppn)priate by the investsneni managers. STATEME ON CLIMATE CHANGE The Southall Trust rernains committed to tackling the global climate emergency. In the fin8llcta] year ending 5th April 2024.. 'Envimnmenial Action & Su5tainabilsty' remained one of the Trust's primary grdnt categories and 13 grants tolalling £52,692 were awarded within this category. The Trust's entire tK)rfolio of Sets was invested with an inve51m¢nt manag¢tn¢nt company focussed u grten and hicd investing. The Tnt continued to operate i pap¢Aess office wherever possible. All ¢orrtspondence with applicant5 w&q electronic and, on th¢ few occasions where printing was requiTed of the Trust, recycled paper and a re-fillabl¢ ink tank printer system was used. The Tnjst limited its cariK>ll footprini by meeting just Mce during the year in-person. All other mewings were held remotely- via the iniernet and t¢l¢phone. To add. the Tnjst Secretary was home-based Ihrollghout the year. - The home office of the Trust Secrethry operated using renewable energy entirely - mostly 501ar. FINANCIAL REVIEW Financial position As a reslllt of the activities and Vesttn¢OI performance mentioned aknve. the total funds decreased to £l1.926,436 12023 £11,952.2971 as ai 5 April 2024. Page 2
W F SOUTHALL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 INANCIAL REVIEW Reserves policy The Injstees, policy is to maintain the capital value of the endowment fund, and the level of Income it PToduct5: at least in line with CPIH inflation. In the yezr endtng 5 AprTI 2024 the capital value of the endowment fwid decwed by 0.40/0 and the level of income It produced incTeased by 2.8010, which overall compared adversely wjth C.PIH Inflation of 6.3 /0 during the Cash reseryes of approximately four months of the previous year's expenditure are held to Provide a 'cushion' against unfoSeen expenditure and against sharp fluctllations in income and to Cover any redundancy andlor Ivind up, costs, should this necessary. At 5 April 2024 the Trust held £129,853 in instanily accessible $h. including cash held with investments brokers. After administration expenditure, ir is the tTUStee5' policy to distribute by way of granis the whole of the tTuse5 su]uS incotne. FLrruRE PLANS The Iruslees aTe corttinuing to look into the various areas of interest as a grantmaking bdy. Wilh ¢onsid¢ratiotL to the primary objectives of the tNst, a broadening of the spertruTn of donation5 is FKin8 considered. STRucfuRE, GOVERNANCE AND MANAGEMENT Structurery governance & manggement The W F Southall Trust wa5 e5tabli5hed as a charity by a declaration of tNsi daied 14 November 1937. It w&s registered with the Charity Commission on I l December 1963. Recruitment ppoiMtment of new trustee5 The power of appointtnent of new trustees rests with the e$tIng ly)ard of trustees. OrganisAtional structure All dec1510n5 Telating to the organisation and operation of the charity are made by the tTU5t¢es, tsking profession advice from advisets and thiTd part1¢5 where it L5 dcemed appropriate. This includes the appointment of Rathbone Investment Management Ltd to manage the charity's investment portfolio fft a¢¢oTdance with p¢rfortn3nce and ethical criteria set by the Induetion training of new trustees On 8VPOilltment. new ttustees sign a model truse declardtion statement committing them to ving their time and expertise. The new trustee goes through an induction pre$s, which includes meetings with the Chair and the tn]stees. Training is 81s0 provided to the trnslee as reqllir¢d. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity numb¢r 218371 Principal address S¢h(x)l House Mjrtholm Bank Hebden Bridge HX70DL Page 3
W F SOLrfHALL TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRtL 2024 Trustees Mark Holto Joallna Engelkamp chard Maw Hannah Ettgelkamp Philip Coventry Andrew Southall Lucy Greaves (resigned 18.11.231 Holly Wa]lis Auditor5 Andrews and Prner Ltd Statutory AudilOIS 32 The Squ3Je Gillingham tknrs SP84AR Co-chairs- Mark Ho]tom, Andrew Southall and HanAh Engetkamp Secretsry- W21 Berdinner Other printipal advisers Stockbroker5 & investment #dvisers RathEone Greenbank Inv¢5tsn¢nts, 10 Queen Square, Bristol. BSI 4NT Bankers CAF Bank Ltd. 25 Kings Hill Avenue, Kings Hill. W£st Mailitlg, KenL ME19 4Nr Solieitors Messrs Rutter5. Solicitors. 2 BimpxL Shafiesbury, Dorset, SP7 8AY STATEMEryT OF TRUSTEES, RESPOFISIBILITIES The trust¢e5 are re5pon5ibl¢ fgl preparing the Annual Report and the flnancial stat¢Jn¢nts in a¢cordanee with applicable law and United Kingdom Accounting Standard5 (United Kingth)m Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, th¢ Charities Act 2011, Charity (Accounts and Reports} Regulations 2008 and the PTOViSiOllS of the Mist deed requires the trustecs to prepare financia] sta*men¢s for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resouT¢es and application of resources. in¢luding the income 8nd expenditure, of the charity foT thai peri(Kl. In preparing those financial statements. the truste¢5 ajt required to select SUltabl¢ accounting lICleS and thet) apply them consistently,. observe the methods and prittciples in the c.harity SORP., make judgements ¢5tiTnat¢5 that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presutne that the charity will continue in busines5. The trustees are resw>n5ible for keeping proper a¢couniing records which disclose with reasonable aUl8¢Y at any time the rinan¢ial position of the charity and to enable thetn to ensuie thai the financial statements comply with th¢ Charitie5 A¢t 2011, the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of th¢ trust deed. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps foT the prevention and detection of fraud and other irregularities. Page 4
W FsoirrHALL TRusr REPORT OF THE TRIJSTEES FOR THE YEAR EIYDED 5 APRIL 2024 Approved by order of the board of tNs¢ees on 16 November 2024 and sig)ed on its behf by.. Mark Ho]tom- Trustee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF W FSOUTHALL TRUST Opinion We have audited the financial statements of W F South1 Trust {th¢ 'charity'l for the year ended 5 April 2Q24 which comprise the Statetnent of Financial Activities, the Balallce Sheet and notes to the fllJan¢ial siaiements, ittcluding a summary of significant a¢¢ounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingthim ACuting Standards (Unld King(bm G¢ll]y Accepted Accoutlting Practicel. In our opinion the fmancial 5tat¢rn¢nts.' give a true and fair view of the stale of the charity's affair5 at 5 April 2024 and of its incoming resources and application of resources, for the year then ended", have be propcriy prepared in accordance with United Kingdom Generally Accepted Accouniing Practice.. and have been prepared in accordance with the Tequirements of the Charities Act 2011. Bgsis for opinion We conducted our audit in ¢CQTdance with Intemationai Standards oll Auditing (UK) IISAS IUKII artd applitable law. Our resw>nsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our tewrt. We are independent of the charity in accordance with th¢ ethica] 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 r¢sw)n5ibiliti¢5 In accordance with these r4uir¢nJents. We li¢ve that the audit eviden¢e we have obtsined is sufficient and appropriate to provid¢ a basis for OUT opinion. Con¢lu$ions relating to going concern In auditing the financial 5taternents, we have ¢on¢luded that the trlteeS, se of the going ¢on¢em basis of accounting in the preparation of the fuClaI statements is apppriate. Bas¢d on the work we have perfonned. we have not identified any Materi uncertainties relating to events or condition5 that. individually or collectively, may cast signifi&8nt doubt on the Charity's ability to conlirtue a goin8 concem for a period of ai least twelve months from when the financial ststements are authorised for issue. Our spOnsibIlitieS and the resTK>n5ibiSities of the trustees with respect to going concern are described lli the relevaot sections of this report. Other iNformtio The tnjstees are respollsible for the other snfomiation. The other information comprise5 the information included in th¢ Annua] Rcport, otheT than the financial statements and our Report of the Indep¢nd¢nt Auditors thereon. Our opinion on the financial statements does not cover the other infoTtnation and. ex¢ept to the extent otherwise explicitly slated in our rew>rt, we do not expr¢55 any foTm of assurance conclusion thereon. In cOTe¢tiOn wrth our audit of the financial statements. our respoll5ibility is to read the other llifomaiion and. in doin8 SO.
n5ider whether the other information is matsridly inconsistcnt with the financial ststemenis or our knOledge obtained in the audit or othcrwise appeaT5 to be mat¢rially misstated. If we identify such tnateriai in¢onsisten¢ies or apparent material misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial 51atEmertts themselves. If, based on the work we have rerfomed, we conclude that there is a Tnateri misstatement of this other infomialion, we are required to report that fact. W¢ have th]rtg lo rewrt in this regard. Matters on Ththich w¢ required to report by exception We have nothing to rert in re5pe¢t of the following matters MtheTe the Charitie5 (Accounts and Repons) Regulations 2M8 r¢quiTe5 US to rep)rt to you if. in our opinion.. the inforniation given in the Report of the TNstees is inc¢)nsistent in any materiaj respect with the fing¢1a[ statements; or sufficieni accollnting records havc not been kepL 01 the FancIal statement5 ¢ no¢ in agr¢ement wilh the accounting records and retums. or we have not received all the inforniation and explanations we requitr for our audit. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF W F SOUTHALL TRusr Responsibilities of tnistee5 As explained mort (lllly in the Statement of Tnjstees, Responsibilitie5, the trust¢e5 are re5pon5ible for the preparation of the financial statements which give a twe and fair view. and for such internal wnlrol the trusl¢e5 det¢rtnin¢ ts necessary to enable the pP8[all0 of financial Statements that are free from material Tnisstatement, whether due to frdud or error. In prq)aring the financial stateTnents, the trustees aTe res51b[c for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related 10 going Concem And using the going concern basis of accounting unless the trustees either intend to liquidat¢ the charity orto cease operations. or have no realistic altemative but to do so. Our re5poDsibilities for the audit of the fiDaneial stgtetnents We have i*en appointed as auditors under Section 144 of the Charities Act 2011 and report in accgrdance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtairt reasonable assurance about whether the financial 5tateTnents a whole are free from material misstatement. whether due to fraud or error, and to issue a Report of the IndepEnd¢nt Auditor5 that IDGludes our opinion. Reasonable assurnn¢e is a high level of assurance, but is not a guarante£ that an audit conducted in accordance with ISAS (UK) will always detect a material missiatement when it exists. MIsstaMents can aTiSe from fraud or error ar¢ considered Materi if, individually or in the aggregate, they could redsonably be exwed to in1luen the economi¢ dls1On$ of users ken on ihe basis of these financial siatements. IJYe8ularities, incllllting fralld, are instances of non-compliance with laws and regulaiions. We desigm ptDceduFe5 in line with our Te5ponsibilities, outlined aknve to detect material niisstatements in respect of ijregu12riiies, inclllding fraud. The extent to which our procedures are capable of detecting irregularities, includirtg fraud is detailed beltsw.. We focussed otj laws and rtgulatioos which ¢tsuld give ris¢ to a rnaterial misstatement in the financial statements, including the Charities Act 2011. In common with all audits under ISAS IUKI, we are also required to Identify management override as a signifi¢ant risk and io wfomi specific pro¢edures to reswnd to that risk. Our procedures included reviewin8 the financia] statement disclosures gnd testing supwrting do¢umenthtion to assess ¢omplian¢e with laws and regulations having a direct effect on the financial staiemens. We also made enquiTies of managetnent. read tninute5 of meetings and perfomied alla[lea[ and sllbstantive procedures io identify unusual or un¢xpe¢ted events that may indicate ri5k5 of material misstatement due to fraud. I,¢ teSd the appmpriatene55 of journaj entries and seSSed whaher judgements made are indicative of potential bias. We also communicated relevant id¢ntifi¢d laws and regulations )d potential fraud risks to all engagetnent teatn tnembers, ad remained alert to any indications of fraud throughout the audit. Because of th¢ inherent limitations of an audit, there is a risk that we will not detect irregularities, including thos¢ leading to a material mi55tatement in the financial stateTnents or non-cotnpliance with regulation. This risk increases the Jnore that compliance wtkh a law or regulation is removed from the events and trdnsactions reflected in the firtancial statetnents. a5 We will b¢ less likely to cOMe aw of insiances of non-compliart¢e. The risk 15 also greater regarding irregularities occu]ng due to fraud rather than error, as fraud involves intentional ¢on¢¢almeni, forgery, collusion, (Kni5sion or TnisrepTesentation. A further deseripiion of our reswnsibilities f¢x the audir of the fmancial staiements is located on the Firwicial Reporting Council's website at www.frc.otg.uwaudit0rsre5nSibl1itlt5. Thi5 description forn]s part of our Report of the Independent AUdir$. Page 7
REPORT OF THE INDEPEYDENT AUDITORS TO THE TRUSTEES OF w w soirrHALL TRusr Use of our report This report is ]nade solely to the Charity's trus*es, as a body, in a¢cordanc¢ with Part 4 of the Charities (Accounts and Reports) Regulations 2008 Our alldii work has been undertaken so that we might stale lo the charity's trustees those matters we are required to stale to them in an audilor5' report and for no other PUTW)s¢. To the fullest extent p¢ttnitted by law, we do not a¢rept or as5Utne resportsibility 10 anyone other than the charity and the charity's trustees as a by, for our audit work, for this report. or forthe opinions have fortn¢d. Andrews and Pal Statutory Auditors 32 Th¢ Square Gillingham Dorset rLtd SP8 4AR Date.. . November 2024 Page 8
W F SOUTHALL TRUSF srATEMENf OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED S APRtL2024 5.4.24 Total funds 5.4.23 Total funds Unrestricted fvnd5 Reskn¢led fund Endowtntnt fund Notes INCOME AND ENDOWMEls FROM Investment income 319,678 319,678 328,823 EXPENDITURE ON Raisin8 funds 57.541 57,541 57.851 Charitsble activities Direct chyritable grats 361,213 361.213 315,501 Other 47,624 47.624 45,720 TotAI 408,837 57.541 466J78 419,072 Net gn5/(losses) on investments 120,839 120.839 (1.745,9{ I NET INCOMEI(EXPENDITURE) Transfe between fund$ {89.159) 113,807 63,298 {113.807} {25,8611 11,836,155) 14 Net DJovemen¢ in funds 24,648 150,5091 {25,8611 11.836,155) RECONCILIATION OF FUNDS Total funds brought fotivard {11,3221 11.963.619 11,952297 13,788.452 TOTAL FUNDS CARRIED FORW.4RD 13,326 11,926,436 11,952,297 The notes fomi part of these financial statements Page 9
W F soLrrHALL TRUST BALANCE SHEET S APRIL 2024 5.4.24 Total funds 5.4.23 Total funds Unrestricted fijnds R¢strirtd fund Endowment fund Notes IXED ASSETS Tangible assets Investtnents 10 937 937 1,913,110 11,963,619 937 11,913,110 11.914.047 11,963,619 CURRENT ASSETS Ikbiors C&sh at bank 12 265 30,516 265 30.516 5,5 16 21.268 30,781 30.781 26.784 CREDITORS Amounts falling due within one year 13 {18.392) {18,392) (38.1061 NET CURRENT ASSETS 12,389 12,389 111.3221 TOT AL ASSETS LESS CURRKiYT LIABILITIES 13,326 11.926,436 11,952,297 NET ASSETS 13.326 11,913.110 11,926.436 11,952,297 14 Unrestricted fijnds EndoMm¢nt fwids 13,326 111,3221 1,963,619 T(yfAL FUiYDS 11,926,436 11.952,297 The financial statements were approved by the Board of Trustees and auilK)rised for issu¢ on 16 November 2024 and were signed on ils behalf by.. Matk Holtom- T]uste¢ Richard Maw- Tnjstee The note5 forn] part of the5¢ financial 5tdtements Page 10
W FSOUTHALL TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRtL2024 ACCOUNTING POLICIES Basi5 of preparing the flnancial ststements The financial sraiements of the charity. whi¢h Is a public benefit ¢rttity under FRS 102, have been prepared in accordance with the Chariiies SORP IFRS 1021 'Accouniing and Rewrting by Charities.. Staiement of Recommend¢d Pra¢tice applicable to ¢hariii<% preparing their acwunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effeciive l January 20191,, Financial Reponing Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and thc Charitie5 Act 2011. The finan¢ial stsiemenis have been pr¢pared under the historical iy>si ¢onvention, with ihe excepiion of investments which a]t included at market value. Income All income is recogni5ed in the Statement of Finamcial Activitie5 once the charity has entitlement to the funds, it is probable that the income will be rtteived and the amount can be me&sured reliably. Donations reCOlsed when the Tnst has been n(xified in writing of bo¢h the amount and settlement date. Inte$t on fvnds held on deposit is included when re¢¢ivable and th¢ amouni can be measured reliably by ihe Trust. This is normally on notification of the inieresi paid or payable by the bank. Divid¢nds ar¢ ffcognised once the dividend has been declared and ntstifi¢ation rtteived of the dividend due. This 15 norn]aily utx)n tM)tification by our stockbrokers alld investtllent advisers. Expenditure Liabiliti ar¢ re£osnised &8 expenditure as soon a5 ther¢ is a 1¢8a] or constLUCtive obligation committin8 the charity that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the transfer 15 deemed likely to happen. Expenditure is accounted for on an accruals b&sis and h&s been classified under headings that aggregate all cost related to the category. Irrecoverable VAT is charged against ihe expendiiure headllig for which li was incurred. Grant5 payable are payments made to third p¥rtie5 in the furtherance of the charitable objectives of the trust. Ill the case of an llncondiiional grant offer, this is accrned once the trnstees have approved th¢ grani and the re¢ipient has en notified. Grant5 that are subjcct to the recipient fulfilling perf0Th)g¢t condition5 are only accrued when the reeipient has been notified of the grdni and any remaining unfulfilled condition attaehing to that gront is outside of the control of the TNst. The tn]stees will not bind themselves contractually orotherwise to make tUre grants. Raising fun The costs of generating funds conslst of investment management and C£) legal and professiotl fee5. Governance eosts Govcrnance costs include costs of the preparation and audit Of statutory account5, the costs of tNstee ineetings and cost of any legal and professional advice lo trustees on govemance or constitutiond matters and adminiStrlon of the trust. Governance costs are a]located &s Other costs within the generdl unrestricted fund. Tangible fixed gssets Depreciation is prowded at the following annual rates in ord¢T to write off each asset over its estimated useful life. Computer equipment 25¢10 On Cost TAx8tion The charity is exempt from on its charitsble aaivities. Page 11 COtLtinued...
W FSOUTHALL TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED S APIUL 2024 ACCO[TING POLICIES- continued Fund Accounting UnrestTlfted fvnds ¢aD be used In acwrKlanc¢ with the chaTitsble objective5 at the discretion of th¢ trustees. The unrestricted funds are as follow$'. Income Fund This fund repsentS incorne geneTated from the inv¢5tments held Mithin the expendable endowtnent fund and bank interest received on undistributed income fund deposits, nei of charitsble expenses and governance costs. Expendable Endowm¢ni Fund - This futxl represents the market value of investtnents ne¢ of investsneni management costs. The tru5te¢s have ab501ute discretion to use both capita] and income for the S¢ charitable purpose5 in accordance with the trusi deed. Restricted funds can only b¢ used for particular re5trirted purpose5 within the objects of the charity. R¢strictIOll5 arLSe when specified by the donoror when filnds are raised for particular restricted PUTW)ses. Pension costs and other po$t-retir¢rnent b¢n¢fits The charity rnakes ¢onknbutions into a pension s¢heTne. Contribution5 payable t0 the pension 5ch¢me are chged to the Statement of Financial Activities in the perilxl to whi¢h they relat¢. Fixed gs$¢t investments and finan¢ial instruments Investments are a forni of basic financial tnstrument and are initially recognised at their transaction vlle and subsequently measured at their market value as al the balanee sheet date using th¢ GlosiDg quot¢d mark¢t prite. The slat¢rn¢nt of financial activities include5 the net gain5 and losses arising on revaluation and disposals throughout the year. The charity (k)es not acqui put opiions, derivaiives or other Complex financial instruments. Rtalised and ur1]Sed gains losses on investments All gaiths and 105ses are taken to the statemellt of fjnancial activitie5 &8 they aTise. Rea125ed gains and 105se5 Oti investments are calculated as the difference between sales proceeds at)d their openitjg carrying value or their purchase valu¢ if *quir¢d during th¢ financial year. Unrralisd gains and 1055¢s arc calculated a5 the differ¢nr¢ between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are cornbined in the Statement of Financial Activities. Debtors Trade and other debtors are rttogntsed at the settlement amouni re¢eivable. Prepaymenis are valued at the histori¢ ctsst of th¢ amount prepaid. Cash #t bank C&th at bank is defjned by the charity as ftjndg available to be used immediately. Credittsr5 Creditors and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in the transfer of fvnds to a third pary and the amount due to settle the obligation Can be me&sured reliably. Creditors and provisions are recognised at their settlement amount. Page 12 ¢ontinued...
W F SOUTHALL TRusr NOTES TO THE FINANCIAL STATEMEwfs- ¢ontinu¢d FOR THE YEAR ENDED 5 APRIL 2024 INITsfMENT INCOME 5.4.24 5.4.23 UK stock ¢xGhange- Dividends UK stock exchange- Fixed interest Bank interest 231,852 79.342 8.484 257,328 69,280 2,215 319,678 328.823 RAISING FUNDS Investment mAnagement tosts 5.4.24 5.4.23 Portfolits management Investment advie¢ 56,041 1,500 56,351 1,500 57,541 57,851 GIL4Kfs PAYABLE 5.4.24 5.4.23 Dtrect charitable grants 361,213 315,501 Direct ¢hariiable grants were made to 73 (2023 - 871 different charitable and voluntary institutions. The grants were made under the followxn8 categories to the bodies named below:. 5.4.24 5.4.23 Quaker Work & Withes5 Quak¢rs in Britain Rookhow British Friends of QCEA Frederick Street Preparalive Meetin& Religious Society of Friends in Ilattd Friends World CoTnmittee for Consultation Glenthorne Quaker Centre Li5burn Monthly Mecting Forward Africa Educaiion AiTton Friend5 Meeting Quaker Tapesty Crdwshawknoih Quakers Sussex East Quakets 50,000 10,000 50,000 5.000 3,000 5,000 5.000 3.000 3,000 88,000 74,000 5.4.24 5.4.23 Peace and Reconciliation Demilitari5e Education Mint House Oxford Pea¢e Museum Welsh Centre for Intemationa] Affairs 5.000 5,000 5,000 5.000 5,OIK> Page 13 continued...
W F SOUtHALL TRusr r40TES TO THE FINANCi4L STATEMENTS- eontinued FOR THE YEAR ENDED.$ APRIL 2024 GRATrrrs PAYABLE- tontinued Central Eng12nd Quakers (Peace Hub) Quaker Con80 PgAner5hip P¢ac¢Jnaket5 IWMQPEPI Safel Support for Young People Affected by Crllne TREAT ITrust for Research and Education on the Arnis Trade) Blackley Centre Headliners IUKI Latjsbury House TNst I 111 Other grants up to £3,000 each 4,456 4,000 3.000 3.000 3,000 1,662 2,250 39,118 26,250 5.4.24 5.4.23 Environmentsl Aetion •nd Sustsin&bility ECCR (Just fvIoney Movement) Eco Bimiingham Ecological Continuity Trust Hands of Hope Meanwood Valley Urban Fam Cumbria Action Sustainability Friends of Monze Third Hope BTogdale Colleciions Bumba Foundation Inietclimate Ttust Tuppenny Barn Education Climate Ed Grant Movements Trust (Climate Emergency UK) Caplor Horizons Carymoor Environmental Tn]st ClearRivers Trust Ghana (hjtlook Lotlls Flower Trust Mango Tree Orphan Support SEED Sumatran Orangutan Society TTipod Ltd UK Harvest Ltd Zimbabwe Edllcational Ttyst 1 (41 Other grants up to £3,IX)O each 5,000 5.000 5,000 5.000 5.000 4,692 4.500 4.500 3.000 3,000 3.000 3,000 3.000 3,000 3.000 3,000 3.000 3,000 3.000 3,000 3.000 3,000 7,500 2,0 52,692 59,51>0 5.4.24 5.4.23 Sotlgl Action British Shalotn Sajaam Tnt Bristol Bike Project Aldates CoTnmunity Tiansforn)ation Initiatives 15.000 10.000 5.000 Page 14 continued...
W F SOUTHALL TRusr NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 5 APRIL 2024 GtL4NTS PA YABLE- tontinued BKk on Track Manchester Birmingham Community Hosting Networt( Changing Tunes Dcvon & Cornwall Refugee Support DZI Foundaiion EducAid Sierra Leone Frontier Youth Ttust Hope ai Home Made in Hackney Quaker Bolivia Link Recycle Relationa] Hub T&qm Kenya Trio Uganda West yOS CCP Grant Together Now Peasholme Cen1 York Karen Fblliribes Trust Loma Young Foundation Pathways for All People Just Srnall c.hange South West Community Chaplaincy Inter c.are Ltd Eduspots EFA London Hea]thPro Hope International Development Agency LAMB Health Care Foundqrion LIFE Foundatio Mango Tree Orphan Support Pathways to Health Prisoners Penfriend5 Routes to R(M)ts (Poolel Scholatship 4 Street Kid5 Unlock Bloody Good Period No Way TNSI Norwich-Dezda Parthership Rainbow Migrati¢yJ Second Sighi Shareware Clothing S¢h¢tne St Augusline Centre Hl[L SAL VE Intemational Alternatives to Violence AMURT L Ban)ns c.ourt Pttsje¢t Child in Need Children Change Colombia ctFA Trust Clowns Without Bord¢r5 Entrdide (Mutual Aid) Faithwotk5 Wessex S,0(K) 5,000 5.000 5.000 5,000 5,0(M) 5.000 5,0 5,OtJi 5,0(K) 5,0(Kl 5,OlX) 5,0 5,000 5,000 4,900 4,5 4,0(K) 4,000 4,000 3,500 3.500 3.195 3,000 3,000 3,000 3,000 3,OLM> 3,OtJ) 3,0(X> 3,0(K> 5.000 4.300 5,IM>O 5.000 5,000 5,000 5,000 5,000 4,917 3,945 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3.000 3.000 Page 15 ¢otttinued...
W F SOUTHALL TRUST NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED S APRtL 2024 GEL4NTS PAYABLE . ¢ontinued Five Talents UK Growing Well Limited HALOW {Birtninghaml Hardman Trust Ice and FiTe Theatre CompaThy Maurt RefiJg¢ National Association for Children of Alcoholics (NACOAI Nottinghamshire Refugee Forum Prison Phoenix Tn[ Salt of th¢ Earth Sanctuary Kitklees STAA Sudden Produthiorts Slltvivors Fund (SURFI SurvivoT5 of Human Tratricking Treasures FouThlation rurng Point Trusi Young Roots 311410th(x grants up to £3.000 each 3,000 3.000 3,000 3.000 3.000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,0(K> 3,000 3,OIK> 3,000 24,589 5,808 178,403 153,751 5.4.24 5.4.23 Southall Award Bath Spa University 2.000 2,000 SUPPORT COSTS Goverce costs her Irsow$ expended 47.624 Page 16 Continued...
W F SOUTHALL TRusr NOTES TO THE FINANCIAL STATEMENfs- totttinued FOR THE YEAR ENDED S APRIL2024 SUPPORT COSTS- continued SupFK)n costs included in rhe above. are as follows.. 5.4.24 Other rtx)urces expended 5.4.23 Total activities TTU5tee5' remuneration etc Wages Pensions Auditor5, remunerdtion Auditors, remun¢rdtion fornon audit work Insurance Meeting expenses Other administration costs Legal and profe5510n fees Depreciation of tsngible fixed assets 958 32,793 1,620 4,329 2,331 203 3,838 1,240 777 24,989 1,250 4,401 2,305 385 2.713 .550 7,350 312 47,624 45,720 AUDrtORS' REMUNEJL4TJON 5.4.24 5.4.23 Fees payable to the charity's auditors for the audit of rhe Charity's fmartcial statements Auditors. remuneration for non audit work 4,329 2.331 4.401 2,305 TRusfEES' REMUNERATION AND BENEFITS There were no trustees. reTnuneration or other benefjts for the year ended 5 April 2024 nor for the year endcd 5 April 2023. Trustees, expenses 5.4.24 5.4.23 Tnjstees, expenses 958 777 The trustees 81182ve freely of their lime and exputise without any form of retnuneration or other benefit in cash or kind (2023." £nill. Expense5 paid directly to the trustees in the year iotalled £95812023.. £777X which were made up of 5 trustees reimbursd meeting and rneeting related travel expenses. Page 17 continued...
W F SOUTHALL TRUST NOTES TO THE FINANCIAL STATEMENTS- coNtiNued FOR THE YEAR EryDED5 APRIL 2024 STAFF COSTS 5.4.24 5.4.23 Wages and salaries Other pension costs 32,793 1,620 24,989 1,250 34,413 26,239 The average monthly number of employees during the year was as follows.. 5.4.24 5.4.23 Administration No employees received emolutnents in excess of £60,000. coATIVEs FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrrstri¢ted Restricted funds fund Endowment fund Total funds INCOME AND ENDOWMENTS FROM Invfstment income 328.823 328,823 EXPENDITURE ON Raising funds 57.851 57,851 Charitable actiTritieS Direct charitable grants 315,501 315,501 Other 45.720 45,720 Totsl 361221 57,851 419,072 Net gainFJ(loss¢sl on investments 11,745.906) {1.745,9061 NET INCOMEI{EXPEYDITURE) Transfers between funds 132,3981 32,582 (1.803,757 } 132,582) 11,836,155) Net movemtht in fullds 11,836,339) 11,836,1551 RECONC.ILIATION OF FUNDS Total funds brought forward 111,506) 13,799.958 13.788,452 TOTAL FUNDS CARRIED FORWARD (11,322) 11,963,619 11,952,297 Page 18 continued...
W F SOLrfHALL TRusr NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 5 APRIL 2024 io. TANGIBLE FIXED ASSETS Computer equipmeni co Additions 1,249 DEPRECIATION Charge foryear 312 NET BOOK VALUE At 5 April 2024 937 At 5 April 2023 ii. FIXED ASSET INVEStMENrs Listed investtnents MARKET VALUE Ai 6 April 2023 Additior15 Disposals Revaluations including cash Thovement 11.96i,619 2,060.601 12,443,535) 332,425 At S April 2024 NET BOOK VALUE Ai 5 April 2024 Ai 5 April 2023 11,963,619 The investsnenis are l(Kated as follows,. 5.4.24 5.4.23 Within L Out5id¢ the UK 8,808,825 3,104,285 9,543.253 2,420.366 11,963.619 No invesiment in 2n individual entity held at 5 April 2024 nor 5 April 2023 had a mket value eater than 50/0 of the total portfolio of listed investments. All investtnents are caTtied at their tnarket value. Investment in equities and fixed interest securities are all Irdded in quoted public markets, primarily the tA)ndon Sro¢k Exchange. Analysis of invtttrnents at fair value 5.4.24 5.4.23 Eqllities 9.803.481 10,517,380 Page 19 continued...
W F SOUTHALL TRUST NOTES TO THE FINANCL4L STATEMENTS- continued FOR THE YEAR ENDED S APRIL 2024 FIXED ASSET INVESTMENTS- continued Fixed interest securities C&8h held withill the investment portfolio 1.860.292 249,337 1,310,594 135,645 11,913,110 11,963,619 The main risk to the Trust from fjnanciai instruments lie5 ill the combination of uncertain investment markets and volatility in yield. The Trust is reliant on dividend yield in part to fjnallce its granl tnaking activities. The Trust manages these itivesttnent risks by retaining expcrts advisors and operating an investment policy that, in addition to meeting ethic criteri4 provides for a hi8h degree of diversification of holdings within investment a55d cla55e5 that are quoted on recognised stock exchanges. 12. DEBTORS: Amouiyfs FALLING DUE WITHIN ONE YEAR 5.4.24 5.4.23 Prepayments and accn]ed income 265 5.516 13. CREDITORS: AMOUNfs FALLING DUE WITHIN ONE YEAR 5.4.24 5.4.23 Social security and other taxes Pensions payable Accrued expense5 lJ25 192 16,875 1.270 180 36,656 18,392 38,106 14. MOVEMENT IN FUNDS Net movernenl in funds Tran5fer5 between funds At At 6.4.23 Ullrestrieted fun(Ls IncoTne fund {11.3221 189,1591 113,807 13,326 Endowment funds Endowment fund 11,963,619 63,298 1113,807} TOTAL FUNDS 11,952,297 125,8611 11,926,436 Page 20 continued...
W F SOUTHALL TRUST NOTKS TO THE FINANCIAL STATEMEwfs- continued FOR THE YEAR ENDED 5 APRIL 2024 14 MOVEMEf4rr IN FUNDS- continued Ner movement in funds, included in the aFM)ve are as follows= Incoming resollrc¢s Resources expended Gains and losses Movement in funds Unrestricted fund Income fund 319,678 {408,837) (89.1591 Endowment funds Endowment fund (57,541 } 120.839 63.298 TOTAL FUPIDS 319.678 1466,378 } 120.839 125.861 } CompAl*tives for movement in funds Net movement in fund5 Transfers between funds At 5.4.23 At 6.4.22 Unrestricted fun(ts Income fund 111,506} {32,398) 32,582 (11,3221 Endowment fund5 Endowment fund 13,799,958 11,803.757) (32.5821 11,963,619 TOTAL FUNDS 13.788,452 11,836,155) 11,952,297 Comparative net movement in funds, intlud¢d in the above are &8 follow5.. Incoming resources Resources expended Gaitjs and 1055eS MoveTtLellt in funds Unrostricted funds Income fund 328.823 1361,2211 132,3981 Endowment funds Endowment fwid {57,8511 11,745,906) {1.803.757) TOTAL FUNDS 328,823 {419,072) 11,745,9061 {1,836,1551 Page21 o)niinued...
W F SOlHALL TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED S APRIL 2024 14. MOVEMENT IN FUNDS- contillued A current year 12 month5 and prior year 12 months combined p05ltion is as follows.. Net movem¢nt in fvnds TransfeTS between funds At 5.4.24 At 6.422 Unre5trieted funds Income futid 111.506) 1121,5571 146,389 13,326 Endowment funiLs Endowment fund 13,799.958 11,740,459} {146,3891 TOTAL FUNDS 13,788,452 11.862,016 11.926.436 A current year 12 months and Prior year 12 months combined net movement in funds, included in the above a as follows. Incoming re50urtts Resource5 expended Gains and losse5 Movement in funds Unrestricted funds Income fund 648,501 (770.0581 {121.5571 Endowment thn(ts EE)dowtnent fund (115,3921 (1.625,067 } {1.740,4591 TOTAL FUNDS 648,501 {885,450) (1,625,067) (1,862,016} Income Fund - This fund represents ineome generated fTom the investtrtenis held within the expendable endowmeni fund and bank interest received on undistribuied income fund dep05lt5. net of charitable expenses and govemance costs. Restricted Fund This fund can only be used for particular ttstN¢ted ptwses within the objects of the GhaTity. Restrictiolls arise when specified by the donor or when funds are raised foT particular restricted purposes. Expendable En&)wment Fund- Thi5 fund repT¢S¢nts the market value of Ènvestment5 net of invesbnent management Costs. The trustees have absolute discretion to use ix)th ¢apital and income for the 59Jne charitable purroses in accordance with the trust deed. Page 22 ¢onlinued...
W F soufHALL TRUST NOTES TO THE FINANCIAL STATEMEp¥fs- continued FOR THE YEAR ENDED 5 APRtL 2024 RELATED PARTY DISCLOSURES There were no related party trans*tions for the year cnded 5 April 2024 other than reimbursed trust5, expenses shown in note 7. Pag¢ 23