THE SIR GEORGE MARTIN TRUST FINANCIAL STATEMENTS for the year ended 5 APRIL 2025 CONTENrs Page Trustee's annup41 report Independent Auditor's report 7-10 Statemenl of financial activities Balance sheet 12 Notes to the financial ststemenls 13-22 Appendices.. List of Donations 23-25 Registered Charitv Number 223554
THE SIR GEORGE MARTIN TRUST TRUSTEE'S ANNUAL REPORT for the year ended S APRIL 2025 The Directors of the Trustee company present their report and the audiied financial statemcnls of the charity for the year ended 5 April 2025. The Trusi has adopted the provisions of ihe Statement of Recommended Practice (SORPI "Accountfftng and Reporting of Charities" (FRS 102) in preparing ihe annual report and financial statetnetkis of the charity. The financial statements have been prepared in ac¢ordance with the accounting policies scl Out in the notes to the accounts and comply with the charity's governing documenL ihe Charities Act 2011 and Accounting and Reporting by Charities -. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Status The Sir George Martin Trust is a regisiered charity under number 223554. The governing do¢ument is a Trust Deed dated 10 December 1956. RegÈstered offiee Harlig House Skipton Road Ilkley LS29 9RP Trustee The sole Trustee of the charity is Sir George Martin Trust Company Limited. Thi5 offi¢e is the only activity of the company. The Directors of the Trustee company are.. M L Whyte S Blenkinsop M J Martin A D Wriglesworth A M Rhodes MBE H Siddique L Jagger JSCKirk Chair Vice chair Operdtions Committee Chair (resigned 10 May 2025} Finance and Inveslment Committee Chair The rcgislered office is as above. The company rcgisiered number is 540045. Trust manager The Directors of the Trustee company have delegated the day to day managernent of the Trust to C L Marshall. Auditor Solicitors Wheawill & Sudworth Limited C,hartered Accountants 35 We8igate Huddersfield HDI IPA Wrigleys Solicilors LLP 3 Wellinglon Pl3¢e Leeds LSI 4AW
THE SIR GEORGE MARTIN TRUST TRUSTEE'S ANNUAL REPORT {contiDued) for tbe year ended 5 APRIL 2025 Bankers Investment *dTrTr5ers HSBC pl¢ PO Box 45 47 Market Street Bradford BDI ILW CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Establishment and History The Trust was founded by the late Sir George Williatn Martin (the Settlor), a wealthy Leeds businessman with many interests in the charitable scctor, by means of a Trusi I)eed dated 10 tkcember 1956 under which the Seltloi declared that Sir George Martin Tnt Company Limited (the Trustee) should hold the Trust funds on trust for such charitable institutions or such charitable objects as the Tnlee should select. At the time of founding Ihe Trust, Sir George Martin was ChairnTrn of the Leeds Infirmary, Ihe YMCA, national insurance company and an approved school as well as having a wide interesl in other activities su¢h as faming and the countryside. He established the Trusl by the trdnsfcr of £30,0(K) of shares which for many years provided an income for mainly local charities in Yorkshire, where he took a keen interest. These included the YMCA. the Yorkshire Symphony Orchestra. thc Methodist Home5 forthe Aged and the Harrogate Festival. Upon his death the residue of Sir George Martin'5 estate was left to the Trust. Governanee The Trust is gov¢rned in accordance with ihe provisions of the Trust De¢d by the Directo of the Twstee company whose names are listed on page l and who meet either three or four limes a year. The Sir George Martin TNst Company Limited's articles of association statc thal there can be a rnaximum of 10 directors of thc company. Trustee company d1CtOrS are currently recrniied based on an initial recommendation from one of the Twstee company directors or the Trusi Manager, followed by an inierview with the Chair, the Vice-chair, thc Trusi Manager and ai least one other director. Each new dircclor is then invited to attend a board meeting where they have the opportunity to see if they remain interested in a trustee role. The Sir George Martin Trust provides its Trnstee Guide to each potential new diffctor candidate at the outset so that thcy are fully aware of the background to the Trust, its mission, eligibility, iem)s, responsibilities and the expected time commitment. The TN51 Manager meets with ea¢h new director before their first board meeting to answer any queries they may have about the operations and thinking behind decisions made. Once the director is on the board they are encouraged to take part in Yorkshire Funders, events and training to develop their knowledge of the funding and VCSE sectors. The Chair. Vice Chair and Ttust Manager are available at all times to talk to direclots. Administration of the Trust The day lo day management and administration of the Tmst has been delegated to Carla Marshall in her role as Trust Manager. A role she has undertaken very efficicntly and with great enthusiasm since 2013. Carla h8s also carried out a significant amount of accountancy work in supporting the organisation improve the financial Control environment and effe¢tively report to the Finance and Investsn¢nt Committee. The salary of the key management personnel 15 reviewed annually by the Directors of thc Trustee company.
THE SIR GEORGE MARTIN TRUST TRUSTLE'S ANI%UAL REPORT {continued) for the year ended 5 APRIL 2025 Public benefit statement The Directors of the Tnjstee company have consideted the generdl guidance on public benefit issued by the Charity Conunission in carrying out its objectives and activities and in delivering public benefil to the many institutions provided with financial and general help and are satisfi¢d that the objectives fall under the provisions of the Charities Act 201 Grant5 in the year ended S April 2025 Unrestricted grants to organisations made in the year amounted to £263,881, a 220/& decrease compared to the previous year. There were no rcsiricted grants made in the year (2024: £nil). The number of unrestricted grants during 2024125 was 86, 36 less than in 2023124 and the avcrnge unrestricted grant amount increased from £2.651 in 2023124 10 £3,068 in 2024125. With the cosl-of-living crisis and local authority shortfalls. the Trustees felt it was crucial to continue to give as much as possible. The full lisl of grdnts made is shown at the back of this Report and an analysis of our giving along with our impact during 2024125 is outlined in our Impact Report. It should be noted that distributions over the previous few years have been highcr Ihan nomial to reflect the re¢eipt of funds from The Dcnion Tnjst. The Tnjstees continue io balance the necds of today while ensuring the longevily of the Trust ill line with the Founder's wishes. ActiiTrties- Cb*ir's Report It is my pleasure to present the Chair's Report for the year ending April 2025. As we reflcct on the past year, the Trust has taken important steps to strengthen its foundations and ensure li remains a relevant and resilient force for good in Yorkshire's charitable landscape. The Board has worked diligently to refresh our systcm& policies. and processes- a necessary evolution, to ensure the Trust is well-equipped for the future. When Sir George established the Trust nearly 70 years ago. the world was a very difyerent place. Regulation, governance. and technology have all transfom)ed dramatically since then. For any organisalion to survive and thrive. it rnU5t embnce change. We believe thes¢ updates will help us maintain our relevance and continue to serve communities effectively. As part of this woA(, we have introduced a fornial risk register and operdtions manual, providing greater Clarity and accountabiliiy in how the Tnjst is managed day-t(Hlay alld how risks are identified and mitigated. A n]ajor milestone this year was the Operations Committee's recommendation to the main Board for a new Grant Managetnenl System. This will streamline the application process for charitie5 and provide Trustees with more iobust tools for reviewing and approving granis. We expect this to save valuable time for our Trust Manager and offer clearer analysis into how our fimd5 are being useiL In addition, the move to cloud-based document storage via SharePoint has significantly improved our daLI protection and reduced reliance on paper and postage a practical slep fonvard ill both efficiency and sustainabilily. The Finan¢¢ and Investment Committee set a strict budget for the year, TEinfor¢ing our commitment to responsible stewardship of the Trust's resources. This discipline is essential io safeguarding the long-lenn future of the Trust and ensuring we can conlinue to support ihose who need us mosi.
THE SIR GEORGE MARTIN TRUST TRUSTEE'S ANNUAL REPORT (continued) for the year ended 5 APRIL 2025 Ac¢ivities- Chair's Report (continued) Beyond internal improvcments, the Board has also discussed how thc Sir George Martin Tnjst might serve as a beacon of good practice for oiher small grant-giving charities. As the number of such trusts continues lo decline, we believe SGMT is well-positioned - through its robusi sysiems and thoughtful governan¢e- to ofter a model for others who may lack the capacily or appetite to continue indepcndently. On this note, Ihe Board has begun discussions around the poteniial trdnsilion of the Trust to a Charitablc Incorporated Organisation (CIO) structure. This Ttbove refreshes our governing thKuments, aligning with our broader efforts lo future-proof the Trust and ensure ils ¢ontinued effectiveness. We remain deeply committed to honouring Sir George's legacy and ensuring the Trust makes a meaningful difference for many years to come. I would like io thank my fellow Trnstees, our Trust Manager. and all the organisaiions we support for their dedicatio insight. and tireless work in our communiiies. Aetivitie5- Trust Manager's Report Throughout 2024125, many small charities continued to face severe challcnges, including rising costs, increase demand for their services and growing competition lor fijnding. but the s¢¢tor remained resilient and ever positive. The Trnst Manager found that ihe level of cnquiries reduced significantly by 300/. from 261 in 2023124 to 182 in 2024125 and the main reason for this reduction in enquiries was that in March 2024 the trustees decided to tighten up their grdnt criteria in order to manage demand and f(Kus all its giving on stnaller, local charities and churches working in West Yorkshire. The Trnst Manager ensured the changes wete communicated clearly on the Tnjst's wcbsite, which were= All applicants must have their head office or main administration addTesS located in West Yorkshire. all applicants tnust have income under £lm (for the previous financial year) and all grants would go towards support and activities which benefit economically and socially disadvantaged people living in West Yorkshire. Through her visits to charities and talking to charity work¢rs on the frontline. the Trust Manager also believes there was a reduction in enquiries due to small charities having reduced capacity- Frontline jobs and activities for staff and volunteers took predent over applying to and foundations. The Sir George Martin Trust continued its'open and Trusting, approach (as recommended by IVAR- Institute of Voluntary Action Research), giving out as many flexible core c05t gtants as possiblc and rnanaged to increase the average grant size to £3,IK)O. By tightening up lis grant making criteria for 2024125 and beyorkd. the Trust managed to maintain its enquiry and application Success rate close to 50 /0 (which is Considered good practice) so that during these challenging times for the charily sector. graTtt seekers had a good experience when applying and working with thc Sir George Martin Trust. At each of the Trusi's ihree board meetings, 28- 29 grants were approved. The trustees also decided Ihal it wa5 impotlant thal the TnLSt aitns to Tncrease ils level of multi-year grants in order to help organisations, sustainability and longer-tern) financial planning. At ea¢h of the three board meetings the Trust Manager put forward one multi-year recommendation for a very small charity which had either been running for a number of years and was in need of additional support or a new charity which needed a financial boost and additional time and advice from our Trusi Manager. The Trusi continued its Iw(Fstage application process. whereby, grant seekers email or call the Trust Manager initially 10 tell her aboui their worK thetr need and the organisation's cutrcnt finances. Only if the Trusl Manager believes they meet the Trust's criteria and stand a strong chance of receiving a gtant, does she then
THE SIR GEORGE MARTIN TRUST TRUSTEE'S ANNUAL REPORT (continued) ror the year ended 5 APRIL 2025 Aetivities- Trust LVlan*ger's Report (continued) ask them to apply. The Trust Manager carried out 63 physical visit5 lo applicants and 23 online meetings during 2024125 so that the Trust had a better undcrstsnding of each applicant and wasn'l just relying on their wrill¢n application. When appropriate the Tst Manager a150 shared insights on other funding opportunities. She continued to network ¢xlensively and attend local funding events to ensure impactful funding across the five West Yorkshire districts. For a fourth year, the Trust partnered with Leeds City College to give out six £600 cash awards for Adult Learners, all of whom had secured a degree place in their journey to a career in the healthcare sector. The Tnjst continued lis learning and organisational development by attending numerous Yorkshire Funders, events and training sessions. During the 2024125 riod the TTUSt Manager spent time assessing new grnnt management systems to modernise and streamline the Tnt'S grant appli¢ation process. Investn)ent poliey and performance The Ttvstees continued to keep all the Trust's funds with CCLA in their COIF Charity Fund. It adheres to an ethically responsible policy. CCLA provided steady returns throughout 2024125 and delivered sufficient income in line with our Budget. The Trnstees continue to monitor and discuss CCLA'5 perf0mnCe closely. Objectives and future policy of Ibe Trust The objectives are lo distribute the income from the Trust fund amongst charitie5 at the absolute diretIOn of the Directors of ihe Trnstee company. The DiTeclors of the Trustee company therefore have a wide brief but concentrates its giving in Wesi and North Yorkshire, particularly the old West Riding cities of Leeds and Bradford. The inteniion of the Direclors of the Trustee company is to continue the activities of the Trust a5 an independent charitable Trust. Financial review Thc deficit for thc year of £651,610 (2024: surplus £590.820) reflects a planned net deficit of £18.410 {2024- LIOI,210), arising from expenditure in exces5 of income and a loss on unrealised investments of £633,200 (2024.. gain £692,030) The Tru5l'S lotal funds ai 5 April 2025 tothlled £10,194,438 (2024: £10,846,048). Risk man¥gement policy The Directors of the Trustee company have examincd the major strdtegic, business and operntional risks which the Trust faces and hav¢ adopted a fomlal risk management policy. Reserve5 policy The Directors of the Trustee company aim to mainlain reseryes at an adequate level to provide sulYi¢ient working capital lo fimd the charity's activities. Fundraising The c.harity does not carry out any significani fundraising activities.
'rHE SIR GEORGE MARTIP4 TRUST 'I'RUSTEE'S ANNUAL REPORT (continued) for the year ended 5 APRIL 2025 Trustee's re5ponsibilitie5 The Directors OF the Trustee company are responsible for preparing the Trnstee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- The law applicable to Charities in England and Wales requires the DirtorS of the Trustee company to prepare financial statements for each financial year which give a and fair view of the state of affairs of the charity and of the in¢oming resources and application of resources of the charity for that period. In preparing these rinancial statement& the Directors of the Trustee company are required to.. sele¢i suitable accounting policies and apply them consisienily- observe the method and principles in the Charities SORP 2019 (FRS 102)- make judgments and estimates that are reasonable and prudent. stale whether applicable accounting standards have been followe(L subject to any material departures disclosed and explained in the financial statements- prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee. being the Directors ofthe TrUSe company. are rcsponsible forkeeping proper accounting records that disclose with Teasonable accurdcy ai any time the financial position of the challty and enable them to ensure that th¢ financial statements comply wsth the Charities Act 2011, the Charities (Ac¢ounts and Reports) Regulations 2008 and the provisions of the Tnjst Deed. The Directors of the Trustee company are also responsible for safeguarding the assets olthe charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. The Trustee. being the Directors of the Tnte¢ company, are responsible for the maintenance and integrity of the charity and financial information included on the charily's website. Legislation in the United Kingdom governing the preparation and dissemination of fuwicial statements may differ from legislation in other jurisdictions. Appointmellt ofAuditor A resolution to re-appoint Wheawill & Sudworth Limited as auditor will be proposed at the Annual General Meeting. On behalf of Sir Georg¢ Martin Trust Company Limited ML WhC 5 December 2025
INDEPENDEIYT AUDITOR'S REPORT TO THE TRUSTEE OF I'HE SIR GEORGE MARTif4 TRUST Opinion We have audited the financial siaiements of The Sir George Martin Trusi for the year ended 5 April 2025 which comprise the Statement of Ftnancial Activities, the Balance Sheei and the related notes, including a summary of significant accounting policies. The financial reporting fratnework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards. including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true fair view of the state ofthe charity's affairs as at 5 April 2025, and of its incoming resources and application of resource5, for the year then ended. have been properly prepared in accordance with Uniied Kingdom Generally Accepted Accounting Practi¢e' and have been prepared in accordance with the requirem¢nts of the Charilies Act 2011. Basis for opinion We conducted our audit in accordance with Inlcmational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of ihe financial statemenis section of our report. We are independen¢ of the charity in accordan¢e with the ethical requirements thai are relevant to our audit of the financial staiemenls in the UK including thc FRC'S Ethical Siandard. and wc have fvlfilled our othei ethtcal responsibilities in accordance with these requirements. We believe that the audil evidence we have obtsined is sutTicicnt and appropriate to provide a basis for our opinion. Conclusi00$ relating to going Concern In auditing the financial statements, we have concluded that the trusiees, use of the going concen) basis of a¢counting in the preparation of the financial statements is appropriate. Based on the work we have perforn)e(t we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may ca51 significant doubi on the charity's ability to continue as a going concern for a period of &t least twelve months from when the financial statements arc auihorised for issue.
INDEPENDENT AUDITOR'S REPORT TO THE TRusfEE OF THE SIR GEORGE MARTIN TRUST (continued) Other informatio The Trustee is responsible for the other tnfomiation. The other infornialion comprises the inforniation in¢luded in the Tru51ee's annual rekN)rt, other than the financial slatemenls and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforniation and except lo the extent othenvise explicitly stated in our report, we do not express any forni of assurance conclusion ih¢reon. In connection with our audit of the financial statementy our responsibility is to read the other inforniation and, in doing so, consider whether the other inf0mtion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be maierially misstated. If we identify such material inconsistencies or apparent material misstalements, we are required to determine whether there is a material misstatement in the financial statements or a tnaterial misstatemet]t of the other inforniation. If, based on the work we have perforn]ed, we con¢lude that there i5 a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard Matters on which we are required to report by exception We have nothing to report in respect of Ihe following matters in relation lo which the Charities (Accounts and Rcports) Regulations 21K18 require us to report to you if, in our opinion: the infomialion given in the financial staiements is inconsistent in any material respect with the Trustee's report. or the charity has not kept adequate accounting records. or the financi31 statements are not in agreemeDI with the accounting records and rebjrns. or we have not received all the inforniation and explanatiODS we require for our audit. Responsibilitie5 of the Trustee As explained more llY in the Trustee's responsibiliiies statement sel out on page 6, the Trustee is responsible foi the preparation of financial statements which givc a ime and fair view. and for such internal control as th¢ Trustee detem)ines is necessary to enable the preparntion of financtal statement5 Ihat are free from material misstatement, whether duc lo fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charity's ability to continu¢ as a going ¢oncern, disclosing, as applacable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Auditor'5 resportsibilities Cor the audit of the fillancial statement5 We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of thai ACL
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THF. SIR GEORGE MARTIN TRUST (continued) Our objectives are to obtain rvasonable assurdnce aboui whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includcs our opinion. Reasonable assurance is a high level of assurance, but is not a guarantce ihal an audit conducted in accordance with ISAS (UK) will always detecl a mateTial misstatement when it cxis¢s. Misstatements can arise from fraud or error and are consideted material if, individually or in ihe aggregatc. they could reasonably bc expected to influence the economic decisions of u5er5 taken on the basis of these finan¢ial statements. Irregularities, in¢luding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material missiatements in respect of irregularities, including fraud. The extent to which our procedures are capable OF detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory frdmework applicable to the charity and the environment in which it operate5 and considered the risk of acts by ihe charity thai were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial staiements. including bui not limited to, the Charities Act 2011. Ourtests included agreeing the financial statemeni disclosures lo underlying supporting d(Kumentation, review of Trustee meeting minutes and enquiries ofmanagemenl. We also addressed the risk of management override of intemal controls. including testing joutnals and evaluating whether there was evidence of bias by the trustees that representcd a risk of material misststement due to fraud Because of the inherent limitations of an audiL there is a risk that we will not delect all irregularities, including those leading to material missiatement in the financial statements or non-compliance with regulation. This risk increases ihe more that compliance with the law or regulation is removcd from the events and Iransa¢tions retlectcd in the financial statements. as we will be less likely to becomc aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to frdud rather than error, as fraud involves intentional concealment. forgery, collusion, otnission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professioDal scepticism throughout the audit. We also= Identify and assess the risks of material misstatemenl of the financial 5tatemcnts, whether due to fraud or error. dcsign and perforni audii procedures responsive io those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecling a material misstateTneni resulting frorn fraud is higher than for one resulting from error, as fraud may involve Collusion, forgery. inlentional otni5sions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order EO design audit procedures that are appropriate in the circumstan¢es, but not for the purpose olexpressing an opinion on the ¢ffcctiveness of the charity's internal coniml. Evaluate the appropriateness of accounttng policies uscd and the Teasonableness of accounting estimates and related disclosures made by thc Tnlee. c.onclude on the approprialetkess of ihe Trustee's use of ihe going concern basis of a¢counting and, based on the audit evidence obtained, whether a material uncertainty exisls related to events or Conditions that may cast signifi¢ant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw alleniion in our auditor's report to the related dtsclosures in the fTnancial statements or, if such disclosures are inadequate. to modify our opinion. Our con¢lusions are based on ihe audit eviden¢e obtained up 10 the date of our audiloi's report. However, fulure events or conditions may cause the charity lo cease to continue as a going concern. Evaluate the overall presentation, strncture and content of the financial statements, including the disclosures, and whether the financial stalements Tepresenl the underlying trnnsaclions and events in a manner that achieves fair presentaiion.
10 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THF. SIR GEORGE MARTIN TRUST {¢ontinued) We communi¢ate with those charged with governance Tegarding, among other matters, the planned scope and timing of the audit and significant audii findings, including any significani deficicncics in internal control that we identify during our audit. Use of Gur Report This report is made solely to the Truslee in accoidanc¢ with Part 4 of the Charities (Accounts and Report5) Regulations 2008. Our audit work hos been undertaken so that we might state to the Trustee those matters we are required to state to the Ttusiee in an auditor's report and for no other puoSe. To the fullest extent permitted by law, we do rkot Mccept or a&sume responsibility to anyone other than the Charity and the Trustec, for our audit work. for this report, or for the opinions we have fornied. WHEAWILL & SUDWORTH LIMITED Chartered Accountants & stal0ry Auditor 35 Westgate Huddersfield HDI IPA 5 December 2025 Wheawill & Sudworih Limitedif eligible to aci as an auditor in ierms ofsection 1212 ofthe compani Aci 2(106.
THE SIR GEORGE MARTIN TRUST STATEMENT OF FINANCIAL AcfiviTIES for the year ended 5 APRIL 2025 2025 Unrestricted Fulld5 2024 Unrestrifted UDds Note Income and endowments from: Donalions and legacies Inveslments 471 310.425 130 302,151 Total income and endowments 310,896 302,281 Expenditure on: Charitable activities 329,306 403,491 Total expenditure {329.306) (403,491) Net (losses} I gains on investments 14 (633,2tJ)) 692,030 Net (expenditure) l iucome and net movement in fund5 (651.610) 590,820 Reconciliation of funds: Total funds brought fonvard 17 10.846.048 10.255,228 Total funds carried forTrv*rd 17 10.194.438 10,846,048 All income and expenditure derive from continuing activities. The notes on pages 13 10 22 fom) part of these financial statements.
THE SIR GEORGE MARTIN TRUST BALANCE SHEET 5 APRIL 2025 2025 2024 Note Fixed a55ets Tangible assets Investments 13 419 14 10,049,145 10,682,345 10,049,564 10,682,350 Current assets Debtois Cash al bank and in hand 15 78.067 72.940 91,879 151.007 167,832 Creditor5: *mounts falling due within one year 16 (6,133) (4,134) Net currellt assets 144,874 163,698 Net assets 10,194,438 10,846,048 Charity Funds Unrestricted funds.. Capital Income 17 10.028,498 17 165,940 10,661.698 184,350 Total charity funds 17 10.194,438 10,846,048 The financial statements were approved and auihorised for issue by the Board on 5 December 2025. Signed on behalf of the Trusiee company M L WHYtE ) Directors S BLENKINSOP The notes on pages 13 to 22 form part of these financial Statements.
13 THE SIR GEORGE MARTIN TRUST NOTES TO THE FINANCIAL STATEMEiwrs 5 APRIL 202S Summary of significant accounting polleies (a) General iDfornTration and basis of preparation The Sir George Martin Trust 15 a rcgisiered charity in the United Kingdom under number 223554. The governing document is a Trust tked dated 10 Decerttber 1956. The nature of the charity's operations and principal a¢livity is to distributc the income from the TTUSt amongsl charities at the absolute discretion of the Directors of the Tnlee Company, this is detailed fijrther in the Trustee's report. The address of the registered oifice is given on page l of these financial Stslements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accouniing and Reporting by Charittes= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland {FRS 102) issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 1021, Ihe Charities Act 201 I, and UK Generally Accepted Accounting Practice. The charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. The finan¢ial statements have been prepared to give a 'trne and fair, view and have departed from the Charitics (Accounts and Reports) Regulations 21)08 only to the extent required to provide a 'true and fair vicw,. This departure has involved following thc Accouniing and RertIng by Charities: Sialemenl of Recommended Prdctice applicable to charities prcparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather ihan the Accounting and Reporting by Charities: Statement of Recommended Pracii¢e effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified io include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charily and rounded to the nearesl £. The significant accounting policies applied in the prqmration of these financial statements are sel out below. These policies have been consislently applied to all yeats presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the Dtrectors of the Trustee company in furtherance of the general objectives of the charity and which have not been designated for other purposes. (c) Income recognition All incoming resources are included in the Statement of Financial Activities (SoFA} when Ihe charity is legally eniiiled to the income after any performance conditions have been me[ the amount ¢an be measured reliably and it is probable that the income will bc te¢eived. Donations are recognised when the charity has been notified of the amounts and the settlement datc in writing. If thcre are conditions attached lo the donation and this requires a level of perforn]ance before entitlement can be obtained, the income is deferred until those conditions are fully met or the fuifilment is probable and within Ihe ¢ontrol of the charbiy.
14 THE SIR GEORGE MARTIN TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) S APRIL 2025 Summary Of signifjcant aceountillg policies {conlinued) (c) Income recogllition (¢ontinued) Legacy income is recognised when the charity is entitled to the income. Under the Charities SORP (FRS102) it is th¢ earlier of the charity bcing notified of an impending distribution or the legacy being received or if before receipi there is sutTicieni eviden¢e that it is probable that the legacy will be received and the valuc of the incoming resources can be measured with sufficient reliability. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management ¢osls in¢urred within a schcme with reasonable accuracy the investment incorne is rerted nel of these costs. It is included whcn ihe amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is re¢ognised as the charity's right to receive payment is establishe (d) Expenditure recognitio All expenditure is a¢¢ounted for on an accruals basis and has been classificd under headings that aggregate all costs related to the catcgory. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable thal Ihe settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings- Expenditure on charitable activities includes costs of providing services and the payment of grants to the charities beneficiaries - and Other expenditure represents those ilems not falling into the categories above. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as si)on as the re¢ipient is notified of ihc grant, as this gives rise to a reasonable expectation that the recipient will receive the grdnts. Where grnnls are conditional relating to perforn)an¢e then the grant is only acctued when any unfulfilled condilions are outside of the control of the charity. (e) Support costs allocation Support costs are those that assist the work of the ¢harity but do not directly represeni chariiable activities and includc otTice costs, governance costs, and administrative payroll costs. They are incurred dire¢ily in support of expenditure on the objects of the charity. Where support costs carmot be directly attributed to particular headings ihey have been allocated io cost of rnising funds and expenditure on charitable activities on a basis consistent with use of the resourccs. (Q Tangible fixed assets Tangible fixed assets are stated ai Cost less accumulated depreciation and accumulated impaim]ent losses. Depreciation is provided on all tangible fixed assels at rates calculated io write off the cosi, less eslimaied residual valuc. of each asset on a systematic basis over its expected useful life as follows.. Office equipment 2 years straight line
15 THE SIR GEORGE MARTIN TRUST NO'fKs TO THE FINANCIAL STATEMENTS (continucd} 5 APIUL 2025 Summ*ry of significant aeeounting policies (continued) (g) Investments Investments are recognised initially at fair value whtch is norn]ally the trdnsaction price. Subsequently, they are measured at fair value with change5 recognised in 'nel gains / (losses) on investments, in the SOFA if ihe shares are publicly traded or their fair value can othenvise be measured reliably. Other invesiments are measured at cost less impainnent. Current assel investments are short tern) highly liquid investments and are held at fakr value. These include cash on deposit and cash equivalents with a tnaturity of less than one year. (h) Debtors and creditors receivable I payable within oDe year Debiors and creditors with no stated interest rate and receivable or payable within one year are recorded al transaction price. Any lo&ses arising from irnpairment are recognised in expenditure. (i) Imp8irment Assets not medsured at fair value are reviewed for any indication that the asset may be impaired at each bilance sheet date. If such Indication exists. the recovcrable amount of the asset, or the asset's cash generating unit, is estimated and compared to the catrying amount. Where the carrying amount exceeds ils recoverable amount, an impairnieni loss is recogtEised in profit or10ss unless the a55el is carried at a revalued amount where the impairnient loss is a revaluaiion decrease. (i) Pn)visions Provisions are recognised when the charity has an obligation ai the balance sheei date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlernent and the amount can be reliably estimated. (k) Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected io be paid in exchange for that servi¢e. (l} Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Pardgrnph I Schedule 6 Finance Act 2010 and therefore il meets the definition of a charilable Company for UK corpordtion tax purposes. (m) Going concerD The financial statements have been prepared on a going concern basis as the Directors of the Trustee Company believe that no material unccrtainties exisi. The Directors of the Trustec company have considered the level of funds held and th¢ cAF(ted level of income and cxpenditurc for 12 tnonths from auihorising these financial statements. The budgeied income and expenditure is sufficient with the level of reserves for the charily to be able to continue as a going concern.
THE SIR GEORGE MARTIN TRUST NOTES TO THF. FINANCIAL STATEMENTS {continued) 5 APIUL 2025 Summary of significant accounting policie5 (Continued) (n) JdgeMentS and key sources of estimation un¢ert*inty The preparation of the financial statements requires judgements, estimates and assumptions to be made which may affect the amounts reported. These estimates and judgements are continually reviewed and are based upon expcrien¢e and other factors. including expectations of histori¢ events that are believcd to be reasonable under the ¢ir¢umslanc¢s. Income from donations and legacies 2025 2024 Donations Legacie5 471 130 471 130 Donation and lega¢y income is unrestricted Income from investments 2025 2024 Dividends receivable CCLA rebates Interest on short Èerni deposits 298,422 10,861 1,142 291.963 10.188 310,425 302,281 Income from investmenls is attributable to unrestricted funds. AalYsIS of expenditure oll charitable activities ACtitieS undertaken directly Support cost5 Total 2025 2025 2025 Grant making 267,481 61,825 329,306 ACtitieS undertaken directl). 2024 Support Costs 2024 Total 2024 Grant making 342,267 61.224 403,491
17 THE SIR GEORGE MARTILY TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) 5 APRIL 2025 Allo¢atioll ofsupport eosts Total Cbaritable ACtItIeS 2024 Chxrit#ble activities Total 2025 Support COSt Basis of alloc*tio Staff costs Charitable costs Audit and a¢¢ounlancy costs Charitable costs Stationery, ielephone and postage Charitable costs Websiie and IT costs Charitable costs Travel and subsistence Charitable costs Office cos Charitable costs Legal fees Charitable costs Sundry expenses Charitable costs Insurance Chariiable costs Bank charges Charitable costs Training costs Charitable costs 46,382 7,944 2,041 2,144 .753 312 46.382 7.944 2.041 2.144 1.753 312 43,029 8,105 1,593 ,291 2,047 312 2,754 615 1,236 62 180 1.047 162 40 1,047 162 40 Toial 61.825 61,825 61.224 Governance costs included within support costs 2025 2024 Staff costs Audit and accountancy costs Stationery, telephone and postage Website and IT costs Travel and subslstence Office costs Legal fees Sundry expenses Insurance Bank charges Training cosis 23,191 4,920 1,021 1,072 876 156 21,515 4.992 797 645 1,024 156 1.377 307 618 31 90 523 81 20 31,860 31,552 These costs are included within expenditure on charitable activities as required by SORP (FRS 102). Analysis of grants and services to beneficiarie5 Grants to institutions Grants to individua15 Total Grants to beneficiaries 263,881 3,600 267,481
THE SIR GEORGE MARTIN TRUST NOTES TO THE FINANCIAL sTATEmErs (continued) S APRIL 2025 Grant5 to institutions Further details of grdnts made to institutions during the year can be found in the Impact Report produced by the Iruslees and ihe Analysis of Donations included in ihe appendices to these financial statements. All grants are made to registered charities for grant funded a¢tivtties. Major unrestricted grants made in thc year were as follows.. Archway Proje¢t The Branch (Rivertree Trnst) Breaking Barriers Tennis Asso¢iation Forget Me Not Childrens Hospice Kid7. Aware Mindful Movers Red Lettttr Project Well Won]an Centre WYCAS Yorkshire Funders Forum 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,(K)O 5.000 50,000 213,881 Other grants (76 in total all under £5.(M)O) 263,881 In addition 6 awards of £61X) each were made lo stydents at Leeds City College as part of the Sir George Martin Trust Award for Adult Lcarners. Net (expenditure) l income for the year Nei (expenditure) l income is stated after (charging) I crediting= 2025 2024 Depreciation of tangible assets (Loss) I gain on fair Value movement of investments (633,21)0) 692,030 10 Auditor's remuneratio The audilor's remuneration amounis io an audit fee of £4.920 (2024.. £4,992) and a further L3.024 (2024.. £3,113) for accounts preparation and other services.
19 THE SIR GEORGE MARTIN TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) S APIUL 2025 11 Trustees, and key management personnel remuneration aDd expenses The Directors of the Trustee company neither received nor waived any remuneration during the year (2024.. £Nil). The reimbursement of Directo of the Trustee company's expcnscs was as follow5.' 2025 Number 2024 Nvmber 2025 2024 Travel 150 155 During the year the trust paid £888 (2024= £336) to Golden Frog PR Limited, a company controlled by one of the directors of the Trusiee company for the provision of website serviccs and £nil (2024= £2,754) to Wrigleys Solicitors LLP, a Limited Liability Partnership of which one of the directors of the Trustee Company is a member. for the provision of legal services 12 Staff costs and employee benefits The average monthly number of employees and full time equivalent (FTE) during the year was as follows: 2025 L¥umber 2025 FfE 2024 Number 2024 FTE Charitable activities Governance Thc total sthff Costs and employee benefits were as follows: 2025 2024 Wages and salaries Social se¢urity 46.311 71 42,965 64 46,382 43,029 No employees received benefits (excluding ctnployer pension costs) of more than £60.(K)O.
20 THE SIR GEORGE MARTIN TRUST NOTES I'o 'fHE FINANCIAL STATEMENI TS (coniinued) 5 APRIL 2024 13 Tangible red assets Office Equipment Total Cosi: At 6 April 2024 Additions Disposals 2.062 414 2.062 414 (378) At 5 April 2025 2.098 2,098 Depreciation.. At 6 April 2024 Charge for the year Eliminated on disposal 2,057 2,057 (378) {378) At 5 April 2025 1.679 1,679 Nel book value". 5 April 2025 5 April 2024 419 419 14 Fixed asset investments Listed InvestentS Fair value.. At 6 April 2024 Additions Disposals Rev8lyation- net gains l {losses), wwealised 10,682,345 {633,2(K)} At 5 April 2025 10,049,145 Carrying amount.. At 5 April 2025 10,049,145 Ai 5 April 2024 10,682,345 Investments at fair value compromise.. 2025 2024 Managed Flln&s 10,049,145 10,682,345 10,049,145 10,682,345 The fair value of listed investments 15 detetmined by reference lo the quoied price for identical assets in an activc markei al the balance sheei date. The lair value of ihese investments at the date ofapproval of the financial staiements is £10,438.802.
25 THE SIR GEORGE MARTIN TRUST NOTES TO THE FIYANCIAL STATEMENTS (continued) 5 APIUL 2025 15 Debtor5 2025 2024 Prepayments and accnbed income 78,067 75,953 16 Creditors: amounts falling due within one year 2025 2024 Creditors.. Social s¢curiiy and other taxes 71 64 71 6,062 Accruals 4,070 6,133 4,134 17 Fund reeonciliatio Unrestricted funds Balance at 6 April 2024 BalaDce at 5 April 2025 Income Expenditure Transfers Losses Capital fvnd Income fund 10,661,698 184,350 1633,2(K)) 10,028,498 165,940 310,896 (329.306) 10,846,048 310.896 (329,306) (633,21KI) 10.194,438 Balance at 6 April 2023 Balance at S April 2024 Income Expenditure Transfers Gains Capital fuTrd Income fund 9.969,668 285,560 692,030 10,661,698 184,350 302.281 (403,491) 10,255.228 302,281 (403.491) 692,030 10,846,048 THE SIR GEORGE MARTIN TRUST
22 NOTES TO THE FINANCIAL STATEMENTS (continued) 5 APRIL 2025 18 Analysis of net *ssets between fllnds Unrestricted fund5 Unrestricted (unds 2024 Total 2025 Total 2024 2025 Fixed assets - tangible Fixed assets- investments Cash at bank and in hand Other cutrent asseis 419 10.049.145 72.940 71.934 419 10,049,145 72,940 71.934 10,682.345 91,879 71,819 10.682,345 91,879 71,819 Total 10.194.438 10.194.438 10.846,048 10,846,048 Fund descriptions Unrestricted funds The generdl funds of the charity are available to be distributed at the discretion of the Directors of the Trustee company in furthernnce of the objects of the charity
23 THE SIR GEORGE MARTIN TRusr NOTES TO THE FINAI¥CIAL STATEMEwfs (continued) 5 APIUL 2025 List of donations Ackworth Community Library Actor's Workshop Aphasia Support Arch-way Proje¢t Arts Charity of Dean Clough (ACDC) Baby Basics @ Si Paul's Church Basecamp Adventure Tn1 Batley Community Centre BCCS Assist Bolion Woods Centre Bradford Bulls Foundation Bradford City of Sanctuary Bradford PHAB Bradford Youth Development Partnership £2,(KM) £4,000 £3,500 £5,0(Kl £2,980 . £4.0(M) £2.5(Kl £2,500 £3,000 £4.500 £2.(M)O £3.(KM) (BYDP) Breaking Barriers Tennis Association Caring Together in Woodhouse & Little London Castlcford Herita8e Trust CATCH Leeds CherishEd Conversation Club Leeds Cross Project Denby Grange Recreation Ground Dewsbury & District League of Friendthip Equipped4Learning Food for Families Forget Me Not Childrens Hospice Friends of Bceston Primary Friends of Honley Library Halifax Minster Happy Valley Pride Holbeck Togeiher Horsfall Conununity Tnjst Joanna Project John Jamieson- East SILC Keighley Creative Kidz Aware Kingdom Wrestling Learning Partnerships Leeds Baby Bank £5.(KK) £3.(M)O £4,(MX) £3,650 £3,000 £2,0(Xi £3,0(M) £1.8(M) £3.5(M) £i.O(M) £2,SIMI £5,0(M) £1.0) £3.(KM) £1.5(X) £3,000 £3,796 £2.500 £3.(M)O £3,IN)O £2,691 £5,000 £2,000 £3,500 £3,IXK) Carried fotward £117.417
24 THE SIR GEORGE MARTIN TRusr NOTES TO THE FINANCIAL STATEMENTS (continued) 5 APRIL 2025 List of don*tions (continued) Brought forward £117,417 Leeds Destitute Asylum-seekers Support Leeds LGBTQ+ Community Support Leeds Weekend Care ASSlation (LWCA) Longboat Wakefield Love Leeds Parks Margaret Carey Foundation Mindful Movers Morley Knights RFC NEAT (North of England Activities & Training) Nell Bank Charitable Trust Outlook Visually Impaired Parish of Girlington, Heaton & Manniftgham Play Bradford Portobello Community Cenlre Pudsey Community Project Rainbow Baby Bank Red Letter Project Relate Bradford & Leeds Rosalie Ryrie Foundation Roshin Ghar Rotary Sowerby Bridge Seaglass Collective Second Chance Headway shift.ms Shine West Bowling SNAPS (Special Needs & Parent Support) Si Augustine's Centre St. Augustine's, Harehills Si. Bartholomew's Church. Arn)ley Step2 Sunshine & Smiles Support to Recovery The Branch (Rivertree Trust) The Hive Silsden The Old Library Thornton & Allerton Communily Association We are tVE £2,500 £I.(KK) £3.000 £l,(M)O £2,763 £3,500 £5,(KM) £1.500 £1,500 £3,0 £3.0(M) £3,0(M) £3,500 £3,000 £3,000 £3.000 £5,(M)O £3,IN)O £3,(KK) £4,100 £2,(K)O £2,51M) £3,0(M) £3,0(J) £3.0(M) £3,2(M) £4,818 £3.0 £1.500 £3,000 £3.000 £4,000 £5,000 £2.500 £2.(M)O £2,400 £3,000 £4,000 Wel¢ome Centre Carried fonvard £230,698
25 THE SIR GEORGE MARTIN TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) 5 APIUL 2025 List of donatiolls {continued) Brought forward £230.698 Well Woman Centre Women's Health Matters Word Up Nonh WYCAS £5,0 £4,043 £3,000 £5,000 £3.(M)O £1,500 £2.640 Yetton Together Yorkshire & Humber Maternity Stream of Sanctuary Yorkshire Funders Fonu)) Youth Association £5.0 £4.0 Total unrestricted donations £263.881 Individual Awards Leeds City College £3.6(M) Total donations £267,481