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 p￿t 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.
I￿vestMent perfoi'mallce
The trugt's investrnent tH)rtfolio is managed by Rathbone Inve8tment Management Ltd. Funds are invested to pl￿VIde 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 d￿reaSed 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 Enge1k￿llp {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¢￿u￿ting records wliich d￿scI05t 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 b￿lS for our opinioti.
Conclusions relAting to goillg concern
In aiiditing tlie financial statttnent5. we have concluded that the trustees, use of thc going conceni b￿lS 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 a￿d, 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 t￿StetS 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 gain￿lI08seSI 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 st*tements
The financTal stateTnent5 of the charity, which is a public benefit entity under FRS 102, havt been prepa￿d 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 COMI￿￿ttIng 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 othet￿lSe 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 genera￿d 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 a￿d 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 co￿leCtionS
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 Sle￿a 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 cha￿ty,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 I￿sleeS 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.
DE￿oR5. 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
EndoW￿￿￿t 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