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 aC￿ssIbl11ty.
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 ne￿SSary
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 gr0￿h 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 dUrat￿n 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. Var￿uS
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 0Ve￿e1ght 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 deciS￿n.
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
con￿rn 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 reSoUr￿S 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 reSoUr￿S 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.