THE OLD BROAD STREET CHARITY TRUST (Registered Charity No. 231382) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RAWLINSON &HUNTER
THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Annual Report of the Trustees Report of th8 Independent Examin9r 10 Stalement of Financial Activities Balance Sheet 12 Notes to the Financial Stslements 13-16
Page 1 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees of Ihe Old Broad Street Charity Trust ('Ihe trust" or "the charity") submil their report and financial statements for the year ended 31 March 2024. These have been prepared in accordance with the accounting policies set out in Note l and comply with the charity's Trust Deed and applicable law. REFERENCE AND ADMINISTRATIVE DETAILS UK Charlty Registration No.: 231382 Rogist•r8d Office". Eighth Floor 6 New Street Square London EC4A 3AQ Contact Details: 020 7842 2000 and obsct@rawlinson-hunter.com Trustees: Christopher Julian Sheridan (Chairperson) Mrs Clare Gough Simon Paul Jennings Misha Edward Franck (appointed 2 April 20241 Eric Franck (retired 2 April 2024} Accountants: Rawlinson & Hunter LLP Eighth Floor 6 New Street Square London EC4A 3AQ Bankers: Coults & Co. 440 Strand London WC2R OQS Inveslment Managers and Custodians: Sarasin & Partners LLP Juxon House 100 si. Paul's Churchyard London EC4M 8BU Tax District & Reference: HMRC Charities - ref: XN 8924 Independent Examiner: Michael Foster FCCA, CTA. Rawlinson & Hunter LLP Eighth Floor 6 New Street Square London EC4A 3AQ
Page 2 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Old Broad Slreet Charity Trust is an unincorporated charitable trust bound by the proper law of England and Wales and was established by a Deed of Settlement dated 1 November 1963, which was then followed by a further Deed of Settlement dated 6 March 1964 to augment the principal settlement. The original settlors were Sydney Ernest Franklin, Louis Franck C.B.E. and Cyril Montagu Ernesl Franklin. David Keswick C.M.G. added further funds following the 1964 Deed. The trust is based and administered in the United Kingdom. The Irustees meet formally on a regular basis, usually in London, lo review the assets and finances of the trust and to consider its charitable activities. In accordance with the Deed, the number of Irustees shall not exceed six and be no less than Ihree. The power of appointing new or additional trustees vests in the serving truslees al that lime. The entire resources of the trust have been unrestricled throughout the year and the trustees have ¢omplal6 discretion for their use in pursuance of its objectives. The trustees. investment powers are unrestricted. The investment sub-CLsmmittee comprises the following Iruslees= Christopher Sheridan and Simon Jennings. Al a trustees meeting on 22 November 2023. Eric Franck decided to retire as a trustee with Misha Franck to replace him. A formal Deed of Appoinlment and Retirement was completed on 2 April 2024. Louis Franck Scholarship Fund In January 1983, the trustees established a fund entitled "the Louis Franck Scholarship Fund" to provide scholarships to applicants intending to study at INSEAD. In 1997 the funds were re-amalgamated, and since 2013 il has been the trustees, policy to focus th8 trust's resources towards granls in the form of scholarships to worthy individuals, as selected by Ihe Louis Franck Scholarships Selection Committee, to assist in defraying their fees for studying at INSEAD. The Committee currently consists of the following individuals: Rachna Chowla Clare Gough (Committee Chairl Toby Hodgson Brinda Kugapala Ranjit Mene Roy Merritt Sanjeev Panéya Sarah Piltsm Hetal Popat As one of the world's leading and largest graduate business schoo15, INSEAD brings together people. cultures and ideas from around the wortd to change lives and transform organizalions. The unique global perspective and multicultural diversity of INSEAD are reflected in all aspects of its research and teaching. Currently, the school has comprehenswe and fully connected campuses in Asia (Singapore) and Europe (Fonlainbleau, France).
Page 3 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Statement of Trustees, Responslbllltles The trustees are responsible for preparing the Iruslees, report and the finanGial statemènts in accordan with applicable law and United Kingdom Accounting Standards (UK GAAP). The law applicable to charities in England and Wales requires the trustees lo prepare financial stalemenls for each fi'nancial year which give a true and fair view of the slal8 of the affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial statements, the trustees are required to: select suilable accounting policies arld apply them consistently; observe the methods and principles in the Charity SORP., make judgemenls and estimates Ihat are reasonable and prudent., state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclosè wilh reasonable accuracy at any time the financial position of the Charity and enable them to ensure thal the financial slalements comply with the Charities Act 2011, where relevant the Charities Act 2022, the Charity (Accounls and Reports) Regulalions 2015 and trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with trust law, we the Iruslees certify that: so far as we are aware, there is no relevant infomation of which the accountants are unaware- and as trustees. w8 have taken all the steps Ihatwe ought to have taken in orderto make ourselves aware of any relevant information and to establish that the charity's audilor is aware of that information. Induction and training The trustees receive no formal training but each has been selected on the basis of skill and experience. All trust88s are kept infomied at meetings of their duties and obligatior)s. The trustees are aware of their obligation lo ensure n8W truste8s are properly versed in their role. Induction of new trustees will be undertaken on a bespoke basis which will be tailored to the specific requirements of the situation. Internal Controls The truslees have overall responsibility for ensuring that Ihe charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements follow best practice. They are also responsible for the charity safeguarding ils assets and hence for takin9 reasonable steps for the prevention and detection of fraud and other irregularities. The system of inlemal controls is designed to provide reasonable, but nol absolute, assurance against material misstatemenl or loss.
Page 4 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk Management & Corporate Governanco A risk assessment has been undertaken which comprises: An annual review of the risks the charity may face. The establishment of systems and procedures to miligate those risks- and The implementation of procedures designed to minimise any polenb'al impact on the TTUSt should those risks materialise. This continuing process will identify risk areas to which the Trust is vuln9rable and highlight any necessary safeguards that will need to be pul in place. The Trustees have passed a fil and proper declarations in line with HMRC guidance. In addition, the Trustees have takén due consideration of Good Govemance a Code for Ihe Voluntary and Community Sector, ensuring Ih81 the seven main principles of the Code are adhered to. These are.. Organisational purpose. Leadership., Integrity., Decision-making, risk and control Board effectiveness., Equality, diversity and inclusion. and Openness and aCssIbl11ty. The Trustees recognise that good govemance plays an essenlial part in s8curing the fulure of the Foundation and confirm that the said principles of the Code are followed by them in leading, directing and managing the Trust. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Grant Making Policy Subject to certain restrictions imposed by the original settlors, the trustees are to apply the capital and income for general Charitable purposes in whatever manner Ihe trustees, in their absolule and unrestricted discretion, think fit. General appeals for funding may be sent in to the registered office by post or by email. They are collated and distributed to the trustees for consideration on an annual basis. It was the wish of Mr Louis Franck, one of the original settlors. that one purpose of the trust should be to fund scholarships to enable appropriate applicants, preferably Brili5h cilizens serving in a bank or financial institution, to spend time in a seat of learning (principally INSEAD). The purpose of the award would be to widen that person's knowledge and experience and thus attain the highest level of executive management. It is the trustees, present policy to concentrale resources to that end.
Page 5 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued) The calibre and financial requirements of each candidate are carefully considered by the scholarship cornmittee. Candidates take a large risk to attend the INSEAD programme, being required to take a year off from their normal career. The MBA course effedively lasts 10 months (split into 5 terms), with the January wurse tsking a calendar year, running until December with a two-month break in July and August. The September course runs for the academic year until the following June, with no significant break. Scholars are able to choose where they spend them., eithèr Fontainebleau or Singapore campuses. For)tainebleau is situated in a rural and historic setting with more of a social aspect, whereas Singapore is more modem and comp8Ct being city based. Students enjoy the opportunily of experiencing both venues during their course. Candidates may also apply for scholarships from other organisalions, but this is duly taken into account by the commillee. The lotal cost for each student taking the course is around É98,500. The trustees do not make awards to cover living costs (eslimaled at an additional É30.000). Financial circumstances are taken into accounl when making awards. but financial need is neither a neSSary nor a determining factor in receiving an award. Ordinarily, if a number of outstanding candidates are selected. the scholarship award budget can be allocated bebNeen them. The current trustees, policy is to award scholarships of up to £100,000 with no maximum ceiling for any individual. However, if deserving candidates are found. the budget may be extended in excess of £100,000 by approval of the trustees. Any unused scholarship budget in one year may be carried forward for use in the following year. The Scholarship Selection Committee convenes to carry out interviews twice a year from a number of pre-selected candidates (usually up to eight). The interviews generally lake ttle form of a series of nversations. One of the conditions attached to receiving a scholarship award is that each Candidate musl submit an essay al the end of their course. The content of the essay should include at least 1,000 words, with a preferred focus lo centre around their personal experience al INSEAD with greater diversity. The grants and donations made during the year are listed under Note 4 of the financial statements. Statement of Publlc Beneflt The trustees aré aware of the Charily Commission guidan on Public Benefit and confirm that they have complied with the duly in Section 4 of the Charities Act 2011 to have due regard lo il. They consider Ihe information which follows in this annual report, about the trust's aims, activities and achievements in the areas of interest that the trust supports, demonstrates the benefit to ils beneficiaries, and through them to the public, that arise from those aGtivities.
Pag8 6 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Investments A summary of the Investment movements are sel out in Note 7 of the financial statements. The investmenls are collectively recorded in the Balance Sheet at their market values. Any r8alised profits or losses on transactions carried out during the year, together with any unrealised increase or decrease in individual values or costs established by the investment managers as at 31 March 2024, are recorded in the Statement of Finan¢i81 Activities. Sarasin invested the trust's funds in a single managed endowment fund {Sarasin Endowments Fund Class A Acc GBP) to seek to achi8V818vels of income in excess of that available from the FTSE AII Share Index and to seek long temi capital and income gr0h with an asset allocation of 70/0 equities, 15 % lolal bonds and cash, 5°/0 property and 10Q/o allernalives. The following investment report for the Sarasin Endowment Fund Class A Acc GBP for the year ended 31 March 2024 has been based on infomiation provided by Sarasin & Partners= Asset Allocation ofFund (including income ¢ash) Fixéd Income uities Pro Alternative Investmenls uid Assets Total including cash 12.4/0 211,477 1,250,531 60,804 117,177 67,456 1,707,445 3.6% 6.8% 4.0% 100.oyo Market Review at 31 March 2024 (from Sarasin Partners) In 2023 nearfy all the asset Gl8sses ended Ihe year on a high, with the portftilio delivering a return of 11. 7 /0 against the ARC Sleady Growth Charity Index peer group retum of 9. 7/0 for the year ended 31 March 2024. The charity also oulperformed this peer group return ov8r the récent three years, delivering 72. B/ (4. 1 /0 annualised) versus I f.60/0 (3_80/0 annualised). Over the period the portfolio h8s been marginally ahead in the Fixed Interest and Propety ass&t classes, whilst marginally falling behind the equity benchmark. Alternatives are benchmarked against SONIA plus 2% and underperformed against this metric, with each of the underlying component producing n8g8tlV8 returns. This was offset by the stmng performance of Gold. Fixed income was a positive contributor to performance. The portfolio ended the year marginally underweighted (12.4% against the benchmark of 15%) but maintained dUratn in line wilh the benGhmark. Sarasin reduGed the portfolio's exposure lo gills in favour of corporate bonds. As part of this exercise, performance was positively impacfed by the use of Additional Tier l Bonds. VaruS purchasès anddisposals during the year ended 31 March 2024 result6d in a Èotal fixed income return of 12.4/0. It has been a period in which equity perfomiance has been dominated by th8 Mega-cap stocks which have significantly outperformed the resl of the equity index. In particular Iha perfonnances of the Alagnificent Seven holdings - seven leading technology companies Included within the top ten holdings in the S&P 100. Their p8rfom7ance outstripped the other 493 con7panies with the S&P 500 index. The portfolio does not own Tesla but maintained exposure within Ihe IT sector, 81beit Mth a bmader selection of holdings.
Page 7 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE (continued) The relative attraction of holding cash rather than high yielding altemative instruments continued throughoul the whole year, with infrasfructure and renewable investment holdings falling further as the outlook for timing interesl rate Guts was extended. The volatility of the potential recovery was shown when some 8Gonomic good news came through and prices bounced, only to fall again in when the outlook clouded over, wilh only Gold producing a positive retum. In summary, Sarasin have been happyto remain 0Vee1ght risk assets a¢ross mulli assetportfolios, favouring equities and also investment grade corporate bonds over gilts. However, if credit spreads then they look lo neutralise this deciSn. Investment performance 12 months lo 31 March 2024 12 months lo 31 March 2023 Calendar year 2023 Portfolio Bonchmark -3.3C/o -2.40 Portftrlio benchmark (from 1-Jul-21}: ICE BofAML Sterfing Corporate17.5Q/ol, ICE BofAML UK Gi118 All Stocks17.5°kl, MSCI AC Worfd ex UK (Local Currencyl IGBPI110V.I, MSCI AC World ex UK (Nel Totsl Retum)140Y.I. MSCI All Balanced Prop6ty Funds - One Quarter Lagged 15°AI, MSCI UK IMI (Nèt R&tuml GBP120°/01, 2% per annum above SONIA laltefflative assetsl110Y+l. Perfomixnc8 is calculated 'nel' of Sarasin s investment managèmènt f86s, using Bid prices. This takes into aGcounl r8ceipls lo and withdrawals from the portfolio during the periocfj. and their da188. Prices are sourced from Bloomberg. The report'looks-lhrough. lo the underlying inv85tm8nls within Ihg Sarasin funds in order to show the wrtfolio's overd allocation. Performance by Asset Class of the Sarasin Endowment Fund Q12024 Fund Index Calendar 2023 Fund Index Calendar 2022 Fund Index Asset Types Fixed Interest Government Bonds Non-Governmen¢ Bonds -19.7 -23.7 -17.2 -21.7 -23.8 -19.5 Equltles 13.1 14.5 Propertv -14.3 13.3 Alternative Assets Commodities Hedtje Funds Infrastructure Private Eouitv Other Alternatives 11.7 16.1 -14.2 -15.6 31.7 Foe Structure The trust is wholly invested in a Sarasin fund and the fees charged within this fund are debited wilhin by the Fund Administrator (effectively reducing the market value of the trust's inleresl in the Fund). As a result, Ihe net Investment Management fee payable directly by the charily, following this deduGtion within the Fund, is nil.
Page 8 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES Charitable Grants Made The lolal charitable grants for the year were £95,500 (2023 - £91,500) with Louis Franck scholarship recipients awarded £92,50012023 - £61.5001 and a general charitable donation of £3,000 (2023 - £30,000). The Louis Franck Scholarships were awarded to successful applicanls taking an MBA course at INSEAD {see note 4). The scholarship budgelfor2023124 was £108,500 (including a £7,500 unused balance from the previous year)- The Louis Franck Scholarship Committee considers Ihe 2023124 scholarship interviews were successful with an excellent range of high quality candidates, and hen some larger awards were offered. The Scholarship inteNiews were conducted in April and September 2023, with a total of 20 applicanls of which 12 reached the interview stage, and 6 (2023 - 7) individuals who received a scholarship. A general charitable donation of £3,000 was made during the year to Pilzhanger Manor & Gallery Trust. This charity was èstablished in 2012 to work alongside Ealing Council, to conserve, repair and enhance Pitzhanger Manor & Gallery as a major cultural landmark for West London and beyond. FINANCIAL REVIEW Income Investment income for the year of £48,642 (2023 - £48,840) is broadly in1Sne wlth the previous year. Interest from cash deposits yielded £566 {2023 £804) in the year as included within the above investment income. The trustees do not maintain a high level of cash as any surplus funds are used towards their charitable activities. In accordan with the Charities Acl 2011, trustees are required lo carry out an independent examination of the charity accounts as the gross income exceeded £25,000. Charitable Activities Expenditure on charitable activities for the year was £118,973 compared to £106,359 in 2023 and included total Gharitable grants made of £95,500 (2023 - £91.500). together with support costs lotalling £23,47312023 £14,859). Support costs are detailed in Note S lolalling £23,473 {2023 - £14,859). During the year Ihe trustees, held a reunion evenl for past Louis Franck Scholars at Pitzhanger Gallery, Ealing. The costs of £6,062 for this event relate lo the catering and staff costs incurred. Cosl of Raising Funds Charges of £28612023 - £901 were incurred and included bank charges and a Legal Entity Identifier ILEII renewal fee for five years. Reserves Policy The trustees have adopted a policy of gradually depleting the value of the trusl fund to around the £1 m level. This will continue to be reviewed on an annual basis with no specific deadline to achieve.
Page 9 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW lcontinued) During the year, the trustees fully expended the Income Fund in achieving their charitable objectives and required a transfer from the Capital Fund of £70,617. Investment gains of £134,459 meant Ihal the Capital Fund increased in total by £63,842 (2023 £173,556 decrease) for the year. The total level of charity reseNes (unrestricted) at 31 March 2024 was £1.720,719 (2023- £1.656,8771. The trustees are satisfied that they have sufficient reserves to meel their ongoing charitable objeclives. The trustees consider that they are aware of no implications that would affect the charity on a going conrn basis for the coming year. PLANS FOR FUTURE PERIODS As Mentioned in the Reserves Policy in Part 6, the trustees continue to support their policy of gradually depleting the value of the trust fund to around the £1 m mark, and they will continue to review this on 8 year to year basis. During the year ended 31 March 2024, the Capital Fund in¢reased in lot81 by £63,842 after taking into account investment gains of £134,459. Total charity funds totalled £1,720,719 as at 31 March 2024. The trustees will conlinue to concentrate expending their resources on Louis Franck Scholarship grants. They will, however, consider supporting other specific charitable causes that arise in the future if appropriate. Approved on behalf of the trustees Date.. Chairman
Page 10 THE OLD BROAD STREET CHARITY TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES I report to the charity trustees on my examination of the accounts of the Old Broad Street Charity for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheet and the related notes. Responsibilities and basis of rèport As the charity's trustées you are responsible for the preparation of the accoLJnts in accordance with the requirements of the Charities Act 2011 ('the Act,) and where relevant the Charilies Act 20221.the Act'l, I report in respect of my examination of the charity's accounts carried out under seclion 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent Examinerfs statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause to belleve that in any malerial respect.. accounting records were not kept in respect of th& charity as required by section 130 of the Acl,. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the fom) and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihat the accounls give a Irue and fair view. which is not a matter considered as part ofan independent examination. I have no concerns and have come across no other matters in connection wilh the examination to which altention should be drawn in this report in order to enable a proper understanding of Ihe accounts lo be reached. 1,12 Michael Foster FCCA, CTA Chartered Certified Accounlant & Independent Ex8miner Rawlinson & Hunter LLP Eighth Floor 6 New Street Square London EC4A 3AQ Date RAWLINSON &HUNTER
Page11 THE OLD BROAD STREET CHARITY TRUST STATEM ENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 UNRESTRICTED FUNDS Income Capital Fund Fund Total 2024 Total 2023 Pago In¢om8 from: Investment income (note 2) 14 48,642 48.642 48,840 Total income 48.642 48,642 48,840 Expendlture on: Charitable activlties (note 3) Raising funds (note 6) 14 118.973 286 118,973 286 106,359 90 Total expenditure 119,259 119,259 106,449 Net (expenditure} before net gains on investment assets 170,617) (70.617) (57,6091 Net gainl(loss) on inveslment assets (note 7) 134,459 134.459 (115,947) Net transfer between funds 70,617 (70,617) Net movement in funds 63,842 63,842 1173,556) Reconciliation of funds: Total funds brought forward at 1 April 2023 1,656,877 1,656,877 1,830,433 Total funds carried fonvard at 31 March 2024 £ 1,720,719 £ 1,720.719 £ 1,656,877 There are no recognised gains or losses in the years to 31 March 2023 and 2024 other than those included in the statement of financial activities. All incoming reSoUrS and resources expended derive from continuing activities.
Page 12 THE OLD BROAD STREET CHARITY TRUST BALANCE SHEET AT 31 MARCH 2024 Page 2024 2023 Fixed Assets Investments and cash under management {note 7} 15 1,708,827 1,636.291 Current Assets Cash at bank (nole 8) 16 22,368 27,786 Current Llabllltles Creditors - amounts falling due within one year (note 9) 16 (10,476) (7,200) Net Current Assets 11,892 20,586 Total Net Assets £ 1,720,719 £ 1,656,877 Represented by: Total Unrestricted Funds of the Charity Capital Fund 1,720,719 1,656,877 Income Fund Total Charity Funds £ 1.720,719 £ 1,656.877 Approved on behalf of the trustees.. Dale.. I l..0. i ..Is. . Chaimian The notes and schedules on pages 13 10 16 form part of these finan¢ial 51alemenls
Page13 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparation of financial statements These financial statements have been prepared on a going concem basis under the historical cost convention, modified lo include the revaluation of investments. The Charity constitutes a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities= Slatement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102) {"Charities SORP FRS 102") issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011, and where relevant the Charities Act 2022. The Trust constitutes a public benefit entity as defined by Charities SORP FRS 102. The principal accounting policies adopted are as follows.. The Charity has applied the provisions set out in FRS 102 as published on 2 October 2019 and on that basis does not include slalement of cash flow. Flxed asset Investments Investments are included at closing rnid-market valug {exGluding any acctued interest) at the Balance Sheet dale. Realised gains and losses on investments are recognised as they arise and any unrealised gain or Ioss on revalualion is taker) to the Statement of Financial Activities. The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period. Income recognition Investment income is derived from dividends and interest receivable from investmenls and is accounted for in the period in whi¢h the charity is entitled lo receipt. Income from interesl bearing deposit accounts is recorded as and when received only. All income is included in the SOFA when the charity is entitled lo the income and the amount can be quantified with reasonable accuracy. Expendituro rocognition All expenditure recognised once there is a legal or constructive obligation lo make a payment lo a third party. Costs of raising funds comprise the inveslmenl management costs. Charitable activities consist of grants, scholarships and donations made during the year together with the recognition of certain commitments made by the Irustees, logelher wilh the grant support costs. The truslees regard all grants lo be material for the purposes of these financial stalements, Costs of raising funds COnSlSt of those costs directly attributable to mana9ing the investment portfolio and raising investment income. Status of funds The entire reSoUrS of the trust are unrestricted and the trustees have complete discretion for their usè in pursuance of the trust's objectives, including the provision of scholarships for any person of proven ability from a wide variety of careers, who nonnally have a UK connection in the financial sector. Taxation The Trust is not subject to any taxes on ils charitable aclivilies.
Page 14 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continuodl Going Concern The financial statements have been prepared on a going concern basis as the Trustees beli6v8 that no material uncertainties exist. The current uncertainty in the global economy, including cost inflating fadors. have increased financial pressure on charities. The Trustees have however considered the contingency plans in place, the level of funds held and the expected level of income and expenditure for e1ve monlhs from the date of signing of these financial statements. The Truslees are salisfied the forecast income and reserves are sufficient to cover all of the budgeted expenditure to be able to continue as a going concern. The Trustees therefore consider the adoption of the going concem basis in preparing these financial statémenls wnlinues to be appropriate. Total 2024 Total 2023 Page INCOME FROM INVESTMENTS Income from UK quoted unit trusts 48,076 46,036 Total income from quoted inveslmenls Coutts & Co deposit interest Sarasin Partners deposit interest 48.076 48,036 428 138 67 737 Total investment income £ 48,642 £ 48,840 CHARITABLE ACTIVITIES Scholarship grants made {note 4) Support costs (note 5) General charitable grant expenditure 92,500 23,473 3,000 61,500 14,859 30,000 Total charitable activities £ 118,973 £ 106,359 SCHOLARSHIP AND GENERAL GRANTS MADE 2024 2023 Louls Franck Scholarshlps Oliver Roundtree Frederick Ide Hector Bagley Joe Iles Joseph Agnew Oliver Wilson Alex Geady Sophie Davidson Jonathan Lister Philip Moore James Stokke Maximillian Dialdas Jamie Coales Datè of Award May 2023 May 2023 October 2023 October 2023 October 2023 October 2023 May 2022 May 2022 May 2022 October 2022 October 2022 October 2022 October 2022 25,000 7,500 25,000 15,000 12,000 8,000 17,500 5,000 4,000 15,000 10,000 5.000 5,000 Total grant expenditure £ 92,500 £ 61,500
Page15 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Total 2024 Total 2023 Pag• SUPPORT COSTS Accountancy and administration fees Independent examinalion fees Scholarship reunion event costs Legal fees ICO data proteclion fee 14,400 1,560 6,062 1,416 35 12,900 1.380 544 35 Totsl support ¢osl$ £ 23,473 £ 14,859 COST OF RAISING FUNDS Legal entity idèntifier (LEI) renewal fee- 5 year renewal to May 2029 Bank charges 276 10 60 30 Totsl cost of raising funds 286 90 Note- Sarasin & Partners expense their investment managementfees directly Ihrough the investment fund. For the year ended 31 March 2024, these amounted to £12,453 {2023'. 12.510). FIXED ASSET INVESTMENTS Page 2024 2023 Investments at markot value comprise: Quoted investments within Ihe United Kingdom 1,708,733 1,636,261 Cash held by Sarasin & Partners 94 30 Total Investment assets 12 £1,708.827 £1,636,291 Quotod investments Market value at 1 April 2023 Net investment activity Net gainsl{loss) on investments 1,636,261 (61,987) 134,459 1,814,708 162.5001 {115.947} 16 Market value at 31 March 2024 £1,708,733 £1,636,261 Historical cost at 31 March 2024 £1,483,573 £1,541,530 Net gains on investment assets Net realised gainsl{loss) on sales Net unrealised gains/(loss) on revaluation 468 133,991 13,562) (112.385) Total net gainsl{loss) on investment assets 11 £ 134,459 £(115.947)
Page 16 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Total 2024 Total 2023 Page CASH AT BANK Coutts & Co. (Rawlinson & Hunter LLP client a¢counti £ 22.368 £ 27.786 CREDITORS- amounts falling due within one year Acwuntancy fees Independent examination fees Legal f6e 6,300 2,760 1.416 4,800 2,400 12 £ 10,476 £ 7,200 10. FUND RECONCILIATION Brought Additionsl forward Income Transfer Expenditure of funds Gainsl (losses) Carried fonvard 2024 Unrestrlcted Capital Fund Income Fund 1,656,877 (70,617) 70,617 134,459 1,720,71g 48,642 (119,2591 Total Funds £1,656,877 £ 48,642 £(119,259} £ 134.459 £1,720,719 2023 Unrestrlcted Capital Fund Income Fund 1,830,433 (57,6091 (48.840) 1115,947) 1,656,877 48,840 Total Funds £1.830.433 £ 48,840 £(106,449) £1115,947} £1,656,877 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Income Fund Capital Fund Total 2024 Total 2023 Investments Cash al bank Creditors 1.708,827 22,368 (10,476> 1.708,827 22.368 (10,4781 1,636,291 27,530 (7,200) Total Funds £1,720,719 £1,720,719 £ 1,656,877 12. RELATED PARTY TRANSACTIONS During the year made an unreslricled grant of £3,000 to Pitzhanger Manor & Gallery (2023 £nil). Clare Gough Ilruslee) is also a Director at Pitzhanger Manor & Gallery. There was no balance outstanding at 31 March 2024.