REGIS'I'LRED CHAKI'I'Y NUMBER: 218371 REPORT OFTHETRUgTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL2025 'OR W F SOUTHALL TRUST
W F SOUTHALL TRUST CONTENTS or THE FINANCIAI, STA"fEMENTS for the Year Ended 5 April 21)25 Page lrttj'oduetion from the Chaii's Report of the Trustee5 Report of the Independent Auditors Statement of FitiaiiciAI Activities Balance Sheet Notes to the Finint121 StAtemtnts 10 to 21
W FSOUTHALL TRUST INTRODiicfioN FROM THF. C.HAIRS for the Year Ended S April 2025 Welcome to the Southall Trust's annual report for Ihe yeai. ending 5ih April 2025. Over the pt yeai., we w¢re delighted to award grants to 58 different charities. Wc'rc grateful to all the organisations who took the time to follow our application process so carefully, and we wish them every succe55 Wlth their work in the year ahead. This year we experienced a rapidly it]creasinE number of applications and enquirie5 to the Trust. whi¢h was somewhat unexpectcd because w¢ had clos¢d to oveTseas applications the previous year. However, our experience reflects a wider challenge.. many charities in the UK arc facing risiiig cosis al the saine tiine as deinand for their 5eFvi¢es has been grow'ing. In response. we have continued io commit to giving away more than we receive each year, which is made POS5ible thanks ¢0 the strong long-tem perfornancc of the Tnisi's investments. We would like 10 Say 50me Special thank-yous this year. Firsi, lo John David, who retired from (Rathbonel Greenbank Investmenls in 2024. John h&% guided the Tnist'5 lllVCStnicnt portfolio for over a dtcade, and hi5 advice and support have bccn great]y valued. We wish him well foT the fvture. In November 2024 we said farewell to our fellow truste¢, Richard Maw, after 18 years of service. Richard's background in horticultuir was a gre¥Lt Sli-engtli fnr our 'Environiiiental Aetioii & Sustainability, work, and he also kept a caTeful eye on several ftnancial matters for the Trust. We're gratefijl for his tnany contributlOT15 and wish hirn an excelleni and well-eaTned retlTEmtnt. In March 2025. trustee Joanna Engelkanip stepped down afteT an extTaordindry 31 years with the Trust. Happily, she's agreed to stay involved as a'Trust Associaie,, helping us with application reviews - so her wisdom and exptrience will not be lost to lls. Thi% year also marked an important milcstone.. the Southall TTUSt is now fonnally Itgistered as a Charitable Incotpornted Organisation InuTnber 12108721. Work is underway to ¢lose rhe W F Southall Trust and move all assets into the new CTO, and we expect to complete that in the coming year. Finally, our thanks go to Greenbank Investments, for the managemtnt of the Tru5Vs sets, to Wil Berdinner, for the day-to-day manageinent and ovEr5ight of tlie'fru5t, and to our fellow tTU5te¢5 lor their continued volllntary service. Mark Holiom, Andrew Souihall & Hannah Bngelkamp Co-chairs of the Southall Trust Page I
W F SOUTHALL TRUST IiF.PORT OF THE'fRUSTEES foi. th¢ Year Ended 5 April 2025 The trL]Stees present their report with the financial statements of the charity foT the year ended 5 April 2025. The trustees liave adopted the provisions of Accounting and Reporting by ChaTities.' Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting StandaTd applicable in the UK and Republic of Irelalld IFRS 1021 (effective l January 20191, OBJECTIVES AND AcfIviTIES Object5 and xctivities for public benefit The objects of the trust are to apply its flind5 for such exclusively charitablc purposes as the tru5tee5 may think fit in aceord4nce with the trust deed. The trustees contimi that they have referred to thc guidance containcd in the Charity Commission's general guidance on public benefit when reviewing the ti'usts aims and objective5 and in planning fi]ture activities and in Setting grant making policy for the year. GJ'aTrtmaking The trustees continue to tnake want5 SUPPOrting many charities within specified grant making criteria. The trustees endeavour to support smallei. charities where theii. help is mort meaningful and especially when a Irustee has detailed knowledge of the Gharity concerlled. Details of what we do and do no¢ support can be found on our website .50Uthalltrust.org. ACHIEVEMENTS AND PERFORMANCE Athi¢veTnents perfDJ'mance Durin£ the year to 5 April 2025. the charity recesved investment incoine totalling £285,702 (2024 £319,678) as detailed in note 2 to the accoullts. Aftcr allowing for the tosts of adtninistering tlie charity the trustees made charitable donations in accordance with the tertn5 of the constitution totalling £249,51012024- £361,213). FundrAtsing Activities The Trust genera its funds froin its investments and does not fundraise froin the get)eral piiblic. IvestMent perfoi'mallce The trugt's investrnent tH)rtfolio is managed by Rathbone Inve8tment Management Ltd. Funds are invested to plVIde a balanced retum of srowth and intoixe foi- the charity, but with thc varioiis difficulties In global financial market5 in recent years the invesbnElIt poitfolio has suffered significant volatility in market value. Despite the active mallagcment of the poitfolio, the value of inve%tments dEGie8sed in the year ended 5 April 2025. The portfolio is held a5 an expendable endowment fund in accordance with the trust deed. The cash held a5 part of the investment portfolio, including discirtionary time deposils, deci"edsed to £27,171 duc to the purchase and disposal of Capital inv¢stm¢nts whei'e deemed appropriate by the investment managers. STATF.MF.NT ON CLIMATE CHAINGE 'rhe Southall 'Frust remains committed 10 tackling the global clitllate emergeiicy. Ln the financial year ending 5th April 2025.. 'Environmeiital Action & Sustainability, remained one of the TrusV5 primary grant categories and 9 grants totslling £39,000 were awarded within thi5 category. The Trust's cntire portfolio of Sets investcd with an investinent management tonipany foGu5sed UTh)n green alld ethical investing. Thc Trust conliniied to operatc a paperless office wlierewer possible. All corresponden¢¢ with applicants was elcctronic and, on the few OGcasions where printing was reqllired of the Trust. recycled paper and a re-fEllable ink lank printer system w8s used. The Trust limittd its carbon footprint by meeting just twic¢ during the year in-person. All other meeting% were held remotely via the intemet and telephone. The TTUSt Seci'ctary was primarily home-based throllghout the year, his office powered entirely from renewable Sources Imainlv solar). FINANCIAL REVIEW Financial position As a reslllt tsf the activitles and investinent perfomiance meniioned above, the total fvnds dreaSed to £10,840,466 12024- £11,926,436) as at 5 Api'il 2025. Page 2
W F SOI5TIIALL TRUST REPOR'r or i'llL'I-RUS'I'kLS foi. the Ytar Endcd 5 Api'il 2025 FINANCIAL REVIEW Reseryes policy The trustees. policy 15 to Inaintain the ¢apitsl value of the endowment fund, and the level of intome il produces, at least IR lint with C.PIH infldtiDn. In the year ending 5 April 2025 Ihe eapital value of the cndowment fund decreased by P/0 and the level of income it produc¢d decreased by lQ.6th/0, which overall compared advcrsely with CPIH inflation of 3.4Q/o during the year. Cash reserves of approxitnately three rnonthE of the previou5 year's expenditUTe arE held to provide a 'cushinn' againsl unforesttn expen(IItUTC and again.qi %harp fluctuations in irtcL)me 2nd to e(Iver any redundamcy aiidlor 'wind up, costs, should this be necessary. At 5 April 2025 the 'lriist held £79,726 in instantly accessible cash, includin¥ cash held with inve5tment5 brokers. After administration expenditure, Il IS the trustees. pulicy lo disiribute by way of grants tlie whole of the trllst's surplug Income. FUTURE PLANS The trustecs plan to close thc W F Southall 'l'rust in the year ahead and transfer the ti'ust's assets to Ilie Southall TTU5t CIO. 'lThe intention of the trustees is for continuity. with th¢ CIO optra¢ing in il broadly similar way lo that of the W F Svuthall Trust. STRucfuRE, GOVERNANCE AND MANAGEMENT Struetui'e, gov¢i'nan¢e & mattagement The W F Southall Trust established as a charity by a declaratlon of trust dated 14 November 1937. It was i'egistered with the c.harity CotnTnission on I l December 1963. Recnjitment and xppointment of new tru5tee5 The power of appointTnent of new tmsiees rests with the existing board of trustees. Organisational structure All decisions relating to the organisation and operation of the charity are rnade by the trustees, taking professional advTce from advisers and third paities where it is deetned appropi'iate. Thi5 includes the appointment of Raihbone Inve%tment Managernent Ltd to manage the charity's investment p()rtfolio in accordance with perfomiance and ethical criteria set by the board. Indllttivrt trstnitkg ol new trllstees On appointment, iiew trustees sign a model trustee declaTation statement comTnitting them to giving theTr time and expertise. The new trustee goes through an induction process, which includes meetings with the Chair and the trustee5. Training is also provided lo the trustee &8 required. RF.FF.RF.NCF. AND ,IDMINISTRATtVE DETAILS Registered ChArity number 218371 Principgl address Scliool Ilouse Mylhthlm Bank lebden Bridgc TrrA7 6DL Trustees Mark Holiom Joanna Enge1kllp {resiuned 8.3.251 Richard Maiw Iresigned I6.11.241 Hannah En(*clkamp Phil.'p Coventry Andrew Southall Holly Wallis Page 3
W F soirrHALL TRUST REPORT OFTHE TRusfEbS lor the Ye*i' Ended 5 April 2025 REFERENCE AND ADMINISTRATtVE DLI'fAILS Auditors Andrews and PalnitT Ltd Statutory Auditors 32 The Square Gillingham Dorset SP8 4AR Co-chairs- Mark Holtom, Andrew Southall and Hant]ah EnDelkamp Sccrctary- Wil Berdtnner Other prtneipal idwisei's 8totkbrokcrs & investment advisei'5 RathlM)iie Greenbank Investments, 10 Queen Square, Bristol. BSI 4NT Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hsll, West Malling, KEn¢ ME19 4NT Solicitors Wrigleys Solicitor5. 3rd Floor. 3 Wellington Place, Leeds. LS14AP srATEMENT OTr TRUSTEES, RESPONSIBILITIES The trustccs are responsible for preparing the Annual Report and the finallcial statements in accordance with applicable law and United Kingdotn Accounting Standards (United Kingdom Generally Accepted Accounting PraGtice). Charity Itw requires the trustecs to prepare financial statements for each financial year. Under that law. the tNstees have elected to pirpare the financial statements in a¢ioidance witli United Kiiigdom Generally Accepted Accounting Pra¢ti¢e (United Kingdom A¢¢ounting Standards and applicable lawl. Undcr charity law the trustees Inust not appTove the financial statements unless they are satisfied that they give a true and fair vitw of the state of affatrs ot. the charity and of the in¢orning resources and applicalioii of resources, including the tncome and eKpenditiJre. of the charity for that period. In prcparing those financial 51ateTnent5. the trLJStees are required Select suitable accounting policies and then apply theni consistently., observe the methods and prinGiples iii the Charities SORP; make judgemcnts and estimates that are reasonable aiid prudent.. prepare the financial statetnents on the going concern basis unless it is inappropriate lo presume that the charity will continue in business. 'lkne trustees are responsible for keeping proper a¢uting records wliich dscI05t with rea%onable accuracy at any titne the finan¢ial p051tion of the charity and to enable them to ensure thai the financial stateintnts comply with the Charities Act 2011 and The Charity IAccounl% and Report5} Regulations 2008. 'Ihey aTe also respollsible for safeguarding the assets of Ihe ¢hai'ity and hence for taking rcasonable steps fDr the prevention and detection of fraud aiid other inrgularities. Approved by ordcr of the board of trustees on 8 Novernber 2025 and signed on its behalf by.. Mark Holtorn - Trustce Page 4
REPORT OF THE IIYDEPENDENT AUDITORS TO THE TRUSTEf4.S OF W F SOUTIIALL TRUST Opinion We have audited the financial staternents of W F Svuthall Trusl (the 'charity'l for the year elldcd 5 April 2025 which COrnPTise the Statement of Financial Activities, the Balancc Shcct and notes to the financial statements, including a summary of significant accountiiig policics. 1.he financial reporting framewoTk that has been applied in tlicir prcparalion Is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ouDting PTactittl. In our opinion the financial Sfaiements.. give a true and fair view of the state of the charsty's affair5 as at 5 April 2025 artd of its incoming resources at]d application of Te50urces, for th¢ yedr then ended., havE been properly prepared in accordance with United Kingdorn Gtnerally.4cctptrd Accounting Practice,. and have becn prepared in accordance with the requirements of the Charities Act 2011. Basi$ for opinton Wc conducted our audit in accordan¢e with Tntemational Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities undet tho%e standards arc further described in the Auditols, responsibilities for the audil of the financial statcments section of our report. We are independen( of Ihe charily in accordance with the ethical requirctnents that are Televant to our audii of the financial stalcments in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilit1¢5 iii accordance with these wlliremenis. We bclicve that the audit evidence we have obtained 15 sufficient and apprvpriate to provide a blS for our opinioti. Conclusions relAting to goillg concern In aiiditing tlie financial statttnent5. we have concluded that the trustees, use of thc going conceni blS of accounting in the preparation of the financial statcments is appropriate. Based on the work we have performed, we have not identified any tnattrial uncertainlies relating to events or conditions tha¢ individually or collectively, niay cast significant douht ()n the charity's ability to continue as a gjoing concern foT a peTiod of at least twelve months from when the financial statements are authorised for i55ue. Our responsibiliti¢5 and the T¢5ponsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Othcr iDfi)rmAtiort The trustees are respollsible for the other information. The other infomiatii)n comprises the information included in the Annual Report, otheT than the finan¢ial statementq and our Report of the Independent AuditOTS theTeon. Our opinion on the financial statetnents 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 ¢on¢lusion thereon. In connection with our audit of ihe rtnan¢ial statements, our responsibility is to read the otheT infotrnation ad, in doing so, consider whether the other infortnation is matei'ially inLonsiStent with the financial statements or our knowledge obtained in the audit or otherwise app¢ars to be materially mtsstated. If wc identify such material incon515ten¢ies or apparent material Inisstatements, wc are required to detcnnine whether this giv¢s rise to a material misstatement in the financial statemcnts themselves. If. b¢d or the Work we have performed, wc conclude that there 15 a Tnaterial misstatrment of this other infonnatiort, we are required to report that fact. We have nothing to ieport in this rtgard. Matters which we are requii'ed to report by e%c¢ptiort We have nothing io Teport in respcct of thc folloiving matters whtre the Charities {Accounts and Repotlsl Regulations 2008 requires us to report to you if, in our opinion: the infoTmatioii ¥iven iii the Rcport of the Trustees is inconsistent in any Inaterial respea wilh the financial statements., or sufficient accounting Tecords have not been kept,. or the finane&al st&tements are not in aureement with the accounting records and returns., or we have not received all the infomation and explanations we require for our audit. Page 5
RFPORT OFTIIE INDEPLNDEIN'F AUDITORS TO THETRUSTEES OF w r sou'rHALL"I"RUSI Responstbilitits of tru5tee5 As explained more fully in the Statement of Trustee5' Responsibilities, the trLislees are responsible for the PlEparation of the financial 5tatett]ents wliich give a trLie and fair view, and for such intemal control as the trustees detennine 15 ecessary to enable the preparation of financial 5tatetn¢nts that are free from Inaterial Inisslatement, whether dut to fiaud or error. In preparing th¢ financial 5tatemcnts, the trustees are responsible for a55essing the charity's ability to continue as a going concern, disclosing, as appli¢able. matter5 related to going concem and using the going concem basis of accounting unless the trLlStces either intend to liquidate the charity or to ee3s¢ operatioiis. or have no realistic altemative but to do Our responsibilitics for the audit of the tinancial statements W¢ have been appointcd auditoi's under Section 144 of the Challties Act 2011 and rcport in accordance with the Act and IElevant IEgulatioDs tnade or having effect thcreunder. Our objectives are to obtain reasonable as5UTance about whether the finan¢ial 5tat¢rnent5 a5 8 wholc arc frcc from rnaterial misstatemellt, whether due to frJud or error, and to Issue a Report of the Independent Auditors that includES our opinion. Reasonable assuran¢e is a high level of assurancc, but is not a guarantee that an audit conducted in accoidance with ISAS IUKI will always detecl a material misstatement when it exists. Misstatements can arise frorn ftaud or and are considered Tnaterial if, individiially or in the aggregate, they tould reasonably be expectcd to influence the economic decisions of users taken on the basis of thc5e financial ststeinents. ITregularities, lllcliiding fiEud, are instances of non-iompliance with laws and regulations. We design pmc¢duiEs Tn liiie with our responsibElities, Outlined above to dctect material misslatetnenls In Tespect of irregularities, including fraud. The extent to which our procedures are ¢apablc of detecting irregularitics, including fraud is detailed below.. Wt focussed on laws and regulations whi¢h could give rise to a Inaterial misslatement in the finan¢ial statttnent5, including the Ch"ItIES Act 2011. In coinmon with all audits under ISA% IUI<), we are a150 required to identify m#nageJntnt override as a significant risk and to perform specific procedures to respond to that risk. Our procedures incliided reviewing the financial stateinent dEsclosuirs and testing suppt)rting documentation to assess compliance with laws and gUlatio11S liavinE a direct effect on the finoncial 5taternellt5. We also made enquii'ies of mdndgetnenl. read millutes of meetings and pcrfortncd analytical and substantive procedures to id¢iitify unusual or uncxpccted events Ihal may indicate risks of mater&al misstatement due to fyaud. We tebted the appropriatencss of journal entries and a9se5s¢d whether judgeinents niade aff indicativc of potentÈal bias. We also coinrnunicated relevant identified laws and regulations and potential fraud risks to all en¥agernent teaTn members, rcmained alert to any indications of fraud througliout the audit. Becausc of the inherent liinitations of an audit, tliere is a risk that we will not dete¢t all ill'egularities, including those leading to a tnateTial misstatcrneni in the financial staternents or non-compliance with regulation. This risk incTea5es the morc that compliance with a law or Tegulation is removed from the events and transactions reflected in the fjnancial statements. a5 we will be less likely to become aware of iDstanLe5 of non-coinpliancc. Tlie risk is also gi'eater regarding irrcgiilarities accurring due to fraud rather than error, as fraud involves intentional concealment. forgcry, collusion, omission OT misrepresentation. A fvrtheT description of oui. responsibilities for the audit of the financial statcments is located tsn the FinanGial Reporting Coullcil's website at www.frc.oi¥.uklauditorsrespollsibilities. This description fotThs part of our Report of the Independent Auditors. Page 6
REPORT OFI'HE INDLPF,NDENT AUDITORS TO THETRUS'fEES OF W F SOIJTHALL'I'RUSI- Use of our report This Teport is made solely to the charity's trustees. as a body, in aecordance with Part 4 olthe Charities IAccounts and Reports) Regulations 2008. Our audit work lias been undertaken so that we Inight state to the charity's tStetS those rnatte we ai"e required to %iate to ihern in ali auditors, repori and for no other purrose. 'Fo the fullest extent p¢mitied by law, we do not accept or assume Tesponsibility to anyone other than the charity and the charity's trustees a body, for our audit work, for is report. or for the opinions we have formed. Andrews and Palm Statutory Auditor% 32 The Sqkiarc GillinghaTn Dorset SP8 4AR Date.. . November 2025 Page 7
W FSOUTHALL TRUST STATEMENT OF FINANCIAL ACTIVITIES for the YeAr Ended 5 April 2025 5.4.25 Total funds 5.4.24 Totll funds lJnrestri¢ted funds Restricted fund Endowment INCOME AND EiNDOWMENTS FROM Investtnent income 285.702 285,702 319.678 EXPCIIYDITURE ON Raising funds 55.228 55,228 57.541 Charitable activities Direct tharilable grant5 249.510 249,510 361.213 47.871 47,871 47.624 Tot#1 297,381 55.228 352,609 466,378 Net gainlI08seSI o inve5trnent5 {1.019,0631 11,019,063) 120.839 NET INCOMEIIEXPEIYDITIIRE) 111,6791 17,1781 (1.074,2911 11,085,970) 7,178 125,8611 Tr#n$fer5 between fiLnd5 54 Net movement in funds {18.¥57) 11.067.113} 11,085,970) 125,8611 CONCILIATION OF FUNDS Total fullds brought forward 13,326 11.926,436 11,952,297 TOTAL FUNDS CARRIED FORWARD {5.5311 10.845.997 10,840,466 11,926.436 The notes fomi part of these financial statements Page 8
W F SOUTHALL TRUST BALAINCE SHEET 5 April 2025 5.4.25 Tothl funds 5.4.24 Total funds Unrestricted funds Re5tri¢ted fund Endowment fund Notes FIXED ASSETS Tangible $t Investinents 921 921 10,845,997 937 10.845,997 921 10,845.997 10.846.918 11.914,047 CURREINT ASSETS Debtors C&sh at bank 12 3.316 52.555 3,316 52,555 265 30,516 55,871 55,871 30,781 CREDITOR8 Amouiits falling due w2thin one year 13 {62,3231 162,323) 118.3921 NET C.IIRRENT ASSETSIILIABILITIESI {6.4521 16,4521 12,389 TO'I'AL ASSE'fs Lkss CURRE, NT LIABILITIES 15,531 } 10,845,997 10,840.466 11.926.436 NET ASSETS 15,5311 10,845,997 10.840.466 11.926.436 FL'NDS 14 UntestriLted funds Endowrnent funds 15.5311 10,845,997 13,326 TOTAL FIJiNDS 10.840.466 11,926.436 The financial st&tements wcrc approved by the Board of TTUStees and authorised for issue on 8 November 2025 and were signed un its behalf by.. Mark Holtom- Trustee Andrew Southall- Trustee The notes form part of thesc financial stateTnents Page 9
W F SOUTHALL TRusr NOTES TO THE FIliANCIAL STATEMEIYTS for the Year Endcd 5 April 2025 ACCOUNTING POLICIES Bxsis of preparing the finanet81 sttements The financTal stateTnent5 of the charity, which is a public benefit entity under FRS 102, havt been prepad in accordance with the Charities SORP IFRS 1021 'Accountlllg and Reporting by Charities.. StateTnent of RecDmmended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191,. FinanrTal Reporting Standard 102 '1'he Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011, The fillancial stateineiits have been prepared under the historical cost convention. with thc exception of investments whtch are included at tn3rket value. Income All income is recobmised in the Statement of Financial Activities once the charity has entitlement to the funds, it IS PTobabl¢ that the income will be received and the amount can be measured reliably. Donations are recognised when the Trust has been notified in writing of IK)th the amount alld settlement date. Interest on funds held on deposit is included when receivable and the amount call be measured reliably by the Trust. This is nomially on DOtTficalion of the interest paid or payable by the bank. Divid¢nd5 ar¢ recognised once the dividend lias been declared and notificaiion received of the dividend duc. This is nomially upon notification by our stockbrokers and investment advisers. Expenditure Liabilities are recognised as expenditure 500n there is a legal or constructive obligation COMIttIng the charity to that ¢xpenditUTe. it is probable that a transfer of econutnic benefits will be required in settlement and the transfer is deeined likely to happen. Expendituie 15 accounted for on an acci'uals basis and has been cl&sified under heading5 that aggregate all cost related to the category. Irreeoverable VAT is Charged a¥ainstthe expenditure heading for which it was in¢urTCd. Grants payable are payments made to third parties in the fvrtherance of the chaiitable obje¢tive5 Of the trust. In the case of an unconditional grant offer, this is accrued once the trustees have approved the grant and the recipient has been notified. Gi3nt5 that are subject to the recipicnt tulfilling perfomante conditlOll5 are only accrued when thc rccipient has been noiified of the grant and any remaining unfulfilled condition attaching to that grant Is outside of the control of the Trust. The trustees wtll not bind themselves contractually or othetlSe to make thture grants. Raisin¥ funds The costs of generating funds consist of investment management and certaill legal and professional fees. Governance costs Governance costs include costs of the preparation and audst of statutory accounÈs, the costs of trustee rneetings and cost of any l¢gal and professional advicc to trLlStees on goveniance OT conslitutional Inatters and adTnini5tTation of the ÈNSL Govcrnance costs are allocated as Otlier cost5 Wltliin the general unrestricted fund. TaTLgible flxed assets Depreeiativn is pmvided at the following annual rates in order to write off ea¢h asset over its estimated uscfijl Computer equipment 25D/o on cost Taxatio The charTty is exernpt frorn tax on it5 chaTltable activities. FuThd tcountiNg Unrestricted fiinds can be used in cOrdanCE with the charitable objectives at the discretion of th¢ trustte5. Page 10 continued...
W F SOUTHAI.L TRUST NOTES TO THE FINANCIAL STATEMF,NTS- continued for the Year Ended S April 202$ AccouNfiNG POLIC.IES- coiitilllled und accounting The unreslricted funds are a5 follows.. Incolne fund This fund rtpre5ents intome generad from the investments held within the expelldable endowmet)t fund and bank interest received on undistributcd income fuRd dewsits. net of charitable expet]se5 and governance costs. Expendablc Endowinent Fund This fund represeiits the market value of inve5ttnents net of inve%tment management costs. The triistees have absolute discretioll to use both capital and incorne for thc same charitable purposes in accordance ivith tht trust deed. Restricted funds can only be used for partlCLilar restricted PUTposes within the obje¢ts of the charity. Restrictions arisc whcn specified by the donoT or when funds are fdised for particular restricted purposes. Pen$ton Losts 9nd other post-retirement benefit5 The charity niakes contributions into a peDSiOll scheme. Contributions payable into the pension scheme are charged to the St¥ktement of Fillzncial Activities in the period to which thcy relate. Fixed asset itLve5tment5 and fitL#nLial instruments Investments are a lomi of basie financial instrnment and are initially cOgnised at their transactioii value and subsequently measured at their market value 35 at the balan¢e sheet date using the closing quoted market price. The staternent ol finan¢ial activities includes the net gains and Ios5¢s arising on ffvaluaiion and disposals throughout the year. The charity does not acquire put optlolls. derivative5 or otheT cornplex financial instruments. Reali5ed and unreali.%ed gains and losse8 on investments All gains and losses are taken to thc statement of financial a¢tiviti¢s as they arise. Realised gains and 1055e5 0 investtneiits are calculated as the difference between sales PToceeds and theiT opening ¢arrying value or their purchase value if acquired during the financial year. L'nreali5ed gains and l()%%es are calculated as the difference betweell the fair value at the yeai. end and their carrying value. Realised ad UnTealised investmeni gains and 105se5 are combined tn the statement of l--inaiicial Activitie5. Debtors Trade and other debtors are recognised at the settlernent amount receivable. Prepayments 8re valued at the historic cost of the ainouiit prepaid. Cash at bank Cash at bank is defined by the Gharity as funds available to be used iinmediately. .Yeditors Creditors and PTovisions are recognised where the charity has a present obligation iesulting from a past event that will probably result in the transfer of funds to a thii"d party and the amount dlle to setde the obligation can be measured reliably. Creditors and Provisions are recognised at their settlement amoiint. INVF.STMF.NT IYI COME 5.4.25 5.4.24 UK stock exchangc- Dividends UK Stock exchange- Fixed interest Bank interest 195,398 80,520 9.784 231,852 79,342 8,484 285.702 319,678 Pagell coniinued...
W b SOUTHALL TRUST NOTES TO THE FINANCIAL STATF,MEI NTS- cotltillued for the Yexi. Ended 5 April 2025 RAISING FUNDS Investinent mgnagctnerlt Costs 5.4.25 5.4.24 Portfolio tnanagement Investment advite 55,853 16251 56,041 1,500 55,228 57.541 GRAN'fs PAYABLE 5.4.25 5.4.24 Direct charitable grants 249.510 361,213 Direct charitable grants were made to 58 12024 731 different charitable and voluntary institutions. The grant5 were made under the followit]g categories to the bodies naTned below'.- 5.4.25 5.4.24 Quakei. Il'oj'k & IVitne55 British Friends of QCLA Coventy Quaker Meeting (Central England Quakers) Quakers in Britait] Rookhow Frederick Stiret Preparative Meeling, Reli¥ious Society of Friends in Ireland Friends Woi'ld Committee for Consultation Glenthome Quaker Centre Lisburn Aqonthly Meeting Forward Africa Education 5.000 5,000 5,000 50,000 i 0.000 5,000 5,000 5,000 5.000 3,000 10.000 88,000 5.4.25 5.4.24 Pe#i¢ xnd ReconciliatÉon Sussex Greeii Living Student Chri5tiall Movernent TREAT (Ti'ust for Researth and Education on the Arms Trade) Demilit3ri5e Education Mint House Oxford Pea¢e Museurn Welsh Cenlre for International Affairs c.entral England Quakers (Peace Hub) Quaker Congo part¢[Ship Peaccillakers IWMQPEPI Safel Support for Young People Affected by Crime 411) OtheT graiits up lo £3,000 each 5,000 3.000 3,00(J 3,000 5,000 5,000 5,000 5,000 4,456 4,000 3.000 3,000 1,662 7.870 18,870 39,118 5.4.25 5.4.24 Environmtntal Action and SustginRbility Centre for Altemativc Technolthgy Eco Birminghatn Green Whale Foundation 5.000 5,000 5,000 5.000 Page 12 continued...
W F SOUTHALL TRUS'r NOTF.S TO THE FINAYC.IAL STATEMEN-I'S- contiijued for the Yekr Ended 5 April 2025 GRANTS PAYABLE_ tontinued Hope for tlie Fulure Joseph Rowntree Charit8ble Trust (Seeds for Changel National '] rust UK Youth Climate Coalilion Tuppenny Bam Lducation ECCR (Just Money MovemeDtI Fc()logical Coniinuity Trust lands of Hope Mtanwood Valley ljrball Fami Cumbria Action Sustainability l-'riends of Monze Third Hope Brogdale coleCtionS Buinba Foundation Intercliinate I'ru5t l (11 Other grants up to £3,000 each 5,000 5,000 5,000 4,000 3,000 3,000 5.000 5,000 5,000 5,000 4,692 4,500 4,500 3,000 3,000 3,000 2.000 2.000 39,000 52.692 5.4,25 5.4.24 Social Actton Quaker Social Actio 240 Projecl ASSlS'f Sheffield Bloody Good Period Cultivate Equality Trust Hope at Home Medact Saathi House Sixty-one South East Integration Network St Werburghs City Fami Students and Refugees Together (STARTI Team Kenya Upbeat Cotnmunities West Yorks CCP CJrant Who Is Your Neighbour Punjabi Thtatre Academy Prtson Phoenix Trust S'I'AR (Student Action for Refugees) MustaFd Tree Foundation IRtadingl Bedford Creative Arts Ltd BoTdtTlands Prison Fellowship AltematlV¢5 to Violence Project Communiry Chzplaincy Association EFA London HealthPr()m Hoisham Nlatters Ice and File Theatre Company Intcrfaith Glasgow No Way Tiust Not Bcyond Redeinption Pathways to 14ealth Routes to Roots (Poolel 25.000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 5.000 5,000 5,000 5.000 5,000 4,900 4,649 4,500 4,397 4,390 4,239 3,600 3,000 3,000 3,000 3,000 3,000 5,000 5,000 5,000 3,000 3,000 3,000 3,000 3,000 3.000 3,000 3.000 3.000 Page 13 continued...
W F SOU"IHALL TRUST NOTES'I'O THE FIIYANCIALSTATEMENTS- continued for the Year Ended 5 April 2025 GRANTS PAYABLE-toTrtirLued Unlock British ShaloTll Salaam Trust Bristol Bike Project Aldates Cornmuiiity Transformation Initiatives Back on Track Manchester Birrningham Coinmunity Hosting Network Changing Tunes Devon & Comwall Refugec Support DZI Foundation EdutAid Slea Leone Frolltier Youth Trust Made in Ilackney Quaktr Bolivia Link Recycle Relational Hub Trio Uganda Together Ncjw Peasholme Ceiitre York Karen Hilltrtbes Trust Lorna Young Foundation Pathways for All People Just Srnall ChanL)e South West C.ommiinity Chaplaincy Inter Care Ltd Eduspots Hope Tnt¢mational Development Agency LAMB Health Care Foundation I.IFE Foundation Mango Ti'ce Orphan Support Prisoners Penfriends Scholaiship 4 Street Kids 3 {3) OtheT grants up to £3,000 each 3,000 3,000 15,000 io,ooa 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 5.000 5,000 5.000 4.900 4.500 4,000 4,000 4,000 3,500 3,500 3,195 3,000 3,000 3,000 3,000 3,000 3,000 3,000 5,808 6,965 178.640 178.403 5.4.25 5.4.24 South?11 Award Bath Spa University 3,000 3.000 3,000 3,000 Page 14 continued...
w Tr sou'rHALL TRUST NOTES TO THE FII%ANCIAL STATEMENTS- continued for the Yehr EThded S Api'il 2025 SUPPOR'f COSTS Govemance Costs Other resources expended 47,871 Support Costs. in¢luded in the above, are as follows.. 5.4.25 OthcT 5.4.24 resources expended Total activitits Trustees, remuneration etc Wagcs Pensions Auditors, remutjeration Auditors, remuDeYation for non audit work Tnsurnnce Meeting expenses Other administration cosis Legal and professional fee5 Foreigm exchange loss Depreciation of tangible fixed a55et5 958 32,793 1,620 1,583 4,764 2,906 203 2.953 977 150 947 411 2,331 203 3,838 1,240 312 47,871 47,624 AUDITORS, REMUNERATION 5.4.25 5.4.24 Fees payable to the chaty,5 auditors for the aiidit of the charity's financia] 51ateTnents Auditors, remuneTation for non audit work 4,764 2.906 4,329 2,331 TRUSI"EES' REMUNERATION AND BENEFITS Thcrc were no trustees, Ternuneration or other benefits for the year ended 5 April 2025 noT for the year ended 5 April 2024. Trustee5 expenses 5.4.25 5.4.24 TTUStees' expense5 958 The trustees all give freely of theii. tirne and expert15e without any form of remuner&iion or other benefit cash or kind l?024.. £nill. Expenses paid dirE¢tly to the IsleeS in the ycar totalled £1,318 12024.. £9581, which were made up of 6 ttustees reimbursed meeting and meeting related travel ¢xpen5es12024.. 5 trustees). Page 15 contiiiued...
W F SOIJTHAI,I, TRusr NOTES TO THF. FINANCIAL s'fATEM&NI"S - conttnued ror the Year Endcd 5 April 2025 STAFF COSTS 5.4.25 5.4.24 Wages and salaries Other p¢n5ion c05tS 31.659 1,583 32,793 1.620 33,242 34,413 '1lie average monthly number of eTnployees during the year was as follows.. 5.4.25 5.4.24 AdmiD15tration No employees received ¢rnoluinents in excess of £60,000. COMPARATTVES FOR THE STATEMENT OF FINANCIAL AcrIvi"riES Unrestricted Restricted funds fund Endowmcnt fund Total funds INCOME AND ENDOWMENTS FROM InvestFnent incotne 319,678 319,678 EXPENDITURE ON Rai&in&T fund5 57,541 57,541 Ch¥ritable activities Direct chai'itable grants 361,213 36,213 Other 47,624 47,624 Tot%1 408,837 57,541 466,378 Net gain5 on investments 120.839 120,839 NET INCOMbl{EXPENDITURE) Transfers betweeD funds 189,1591 113,807 63,298 1113,8071 {25,8611 Ntt moveTnent in funds 24,648 150,5091 125,8611 RF.CONCILIA'fIoN OF FUNDS Total funds brought forward 111,3221 11.963,619 11,952,297 TOTAL FUNDS CARRIED FORWARD 13.326 11.926.436 Page 16 ¢ontinu¢d...
W FSOUTHALL TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued for the YeRr Lllded 5 April 2025 io. TANGIBI.E FIXED ASSFTS Computer equipinent COST At 6 April 2024 Additions 1,249 At 5 April 2025 1,644 DEPRECIATION At 6 April 2024 Charge for year 312 At 5 April 2025 723 NET IIOOK VALUE At 5 April 2025 921 At 5 ApFiI 2024 937 FIXED ASSET INVESTMEN'rs Listed investments MARKF.TVALUE At 6 April 2024 Additions Dispogals Revaluation5 includinu cash movtment 1,594,940 11,578.279 } 11,083,774 } At 5 April 2025 10,845,997 NET BOOK VALUE At 5 April 2025 10,845,997 At 5 April 2024 The investments are located a5 follow5., 5.4.25 5.4.24 Within L Outside ihe UK 7,395,501 3.450,496 8,808,825 3,104,285 10,845,997 The following investtncnt had a inarktt value gTeat¢r than 5/¢ of the iotal portfolio of listed Investments at 5 April 2025. 5.4.25 .1 reasury 7180/0 Green Gilt 642,390 No investtnent in an indTvidual enttty held at 5 Api'il 2024 has a market value greater than 5 /0 of the total portfolio of listed investments. Page 17 continued...
W F SOUTHALL TRUST IYOTES TO THE FIIYANCIAL STATEMENTS. tontinued for the Year Ended 5 Api'il 2025 FIXED ASSET INVEsfMENTS- continued All investments are carried at their market value. Investment in equitie5 and fixed interest securities are all traded in quoted public markets. pi'imarily the London Stock Exchange. Allalysis of it)ve5tments at fAir vAlue 5.4.25 5.4.24 Equities Fixed intei'est securities Cash held within the investment portfolio 9,179,909 ,638.917 27,171 9,803,481 1.860,292 249,337 10,845,997 The Tnait] risk to thc Trust from financial tnstrumenls lies in the toinbination of uncertain inve5tmellt tnaTkets and volatiliiy in yield. The Trust is reliant on dividend yield in part to finance its Erant makittg activities. The Trust manages these investment risks by retaining experls advisors and operating an invt5trnent poliGy that, in additio to TDeeting ethiGal Griteria, provide5 for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. 12. DEoR5. A TOU1V[S FAI,I,ING DUE IVITIIIN ONC YEAR 5.4.25 5.4.24 Prepayments and acGrued income 3,316 265 13. CREDITORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR 5.4.25 5.4.24 So¢Tal security at]d other taxes Pensions payable Accrued expenscs 1,300 198 60,825 1,325 192 16,875 62,323 18,392 14. MOVEMENT IN FUNDS Net movemcllt in funds Transfers belwcen fund5 At 5.4.25 At 6.4.24 Unrestricted funds Incotne fund 13,326 111,6791 17,1781 15,531) F.ndowment funds Endowment fund 11.913,110 11,074.2911 7,178 10,845.997 TOTAL FUNDS 11,926,436 11,085,970) 10,840.466 Page 18 continued..
W F SOUTHALL TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued for the Year Ended 5 April 2025 14. MOVEMF.NT IYI f4 UNDS- continued Net movement in fund5. included in the above are as follows.. Incoming res()urces Resourc¢s expended Gains and losses M()venient in funds Unrestricted fund5 InLI)mE fund 285,702 1297,381) (11.6791 Endowment fund5 Fndowmenl fund 155,2281 11,019,063) {1.074.291 } TOT AI. FIINDS 285,702 1352,6091 11,019,063) 11,085,970) Comparative5 for movement in funds Net movement Ill funds Transfers beiween funds At 5.4.24 At 6.4.23 Unrestritttd fEsnds Income fund 111,3221 189.1591 113,807 13.326 Endowment funds EndoMTnent fund 11,963,619 6.3,298 1113,8071 TOTAL FUNDS 11,952,297 125,861) 11,926,436 ConipaTativ¢ net tnovement in funds, in¢luded in the above are as follows.. lrt¢oming rcsources Reqources expended Gains and losses Movement in funds Unrestricted funds Income fund 319,678 1408.837) 189.1591 EndoWt funds Endowment fund (57,5411 120,839 63.298 TOTAL FUNDS 319,678 1466,3781 120,839 125.8611 Page 19 continued...
W F SOUTHALL TRUST NOTESTO THE FIINANCIAL STATEMF.wrs- continued for the YeAr Elided 5 April 2025 14. MOVEMENT IN fiUNDS- Colltinued A ¢utTent year 12 Tnonths and prior year 12 months combined position is as follows.. Net movement in funds Transfers between nd5 At 5.4.25 At 6.4.23 Unrestricted funds Tneome fund (11,3221 1100,8381 106,629 {5,5311 ndowme]]t funds Endowment fund 11,963.619 {1,010,9931 1106,6291 10,845,997 TOTAL FUIYDS 1,952,297 10,840,466 A current year 12 months and PTior year 12 months COTnbilled net movement in funds, included itt the aiK)ve are follows.. Incoming resources Resouires expended Gains and losses Movement in fund Unrestritted fund5 Incoine fiind 605,380 17062181 {100,838) EDdowment lunds Endowment fund 1112,7691 1898,2241 11,010,993) TOTAL FUNDS 605,380 1818,9871 1898,2241 In¢oTne Fund This fvnd represents income generated from the investrn¢nt5 held witliTll the expendable endowment fund and b3nlc interest rectived on undistributed income fund dcposits, net of charitable expenses and governance costs. RestriGled Fund -'I'his fund can only be used foi. particular restricted purposes within the obj¢Gts of the charity. Restrictions arise when speLifi¢d by the donoi. OT when fvnds are raised for particular restricted purposes. Expendable Endowment Fund This fund Tepre5ents the market valuc of investrnents net of inveslment Inanageinenl costs. The trustees have absolute discreiion to use both Capital and incoine for tlie same charitable purposes in accordance with the trust deed. Page 20 continued...
W F SOUTHALL TRUST NOTES TOTIIE FINANCIAL.STATCMbNTS- continued for the Yexj. Ended 5 April 2025 15. RF,I,ATF.D I'ARTY DISCLOSURES TheTe W¢Te no related paty transactions for the year ended 5 April 2025 other thali Tcimburscd trustees, expenses shown in note 7. Page21