THE OLD BROAD STREET CHARITY TRUST (Registered Charity No. 231382) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RAWLINSON & HUNTER
THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Annual Report of the Trustees Report of the Independent Examiner 10 Statement of Financial Activities Balance Sheet 12 Notes to the Financial Statements 13-16
Page 1 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees of the Old Broad Street Charity Trust I'the trust. or "the Charity") submit their report and financial stalements for the year ended 31 March 2025. These accounts have been prepared in accordance with the accounting policies set out in Note 1 and Comply with the Charity's Trust Deed and applicable law. REFERENCE AND ADMINISTRATIVE DETAILS UK Charity Registratlon No.: 231382 Registerpd 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 {appoinled 2 Apnl 2024 and r8tir8d 15 July 20251 Eric Franck (retired 2 April 2024) Accountants: Rawlinson & HLJnter LLP Eighth Floor 6 New Street Square London EC4A 3AQ Bankers: Coutts & Co. 440 Strand London WC2R OQS Investmont Managers and Custodians: Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU Tax Dlstrlct & Reference: HMRC Charities - r8f.. 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 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Old Broad Street Charity Trust is an unincorporated charilable trust bound by the proper law of England and Wales and was established by a Deed of Seltlernenl dale4 1 November 1963. which was then followed by a further Deed of Settlement dated 6 March 1964 to augment the principal 58ttlement. The original selllors were Sydney Emest 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 Unil8d Kingdom. The Trustees meet formally on a regular basis, usually in London, to review Ihe assels and finances of the trust and to consider its charitable activities. In accordan with the Deed, the number ofTrustees shall not exceed six and be no less Ihan three. The power of appointing new or addiiional Trustees vesls in the serving Truslees at that ts'me. The enlire resources of the trust have been unrestricted throughout the year and the Trustees have complete discretion for Iheir use in pursuance of its objectives. The Trustees, investment powers are unrestricted. The investment su¢0Mmittee comprises the following Trustees-. Christopher Sheridan and Simon Jennings. At a Trustees meeting on 22 November 2023, EriG Franck decided to retirè as a trustee with Misha Franck lo replace him. A formal Deed of Appoir)tment and Retirement was completed on 2 April 2024. Following the year end, Misha Franck retired as a trustee on 15 July 2025. Louis Franck Scholarship Fund In January 1983, the Trustees established a fund entitled "th8 Louis Franck Scholarship Fund" lo provide scholarships to applicants intending to study at INSEAD. In 1997 the funds were re-amalgamated, and since 2013 il has been the Trustees, poliGy to focus the trusl's resources towards grants in the form of scholarships to worthy individuals, as selected by the Louis Franck Scholarships Seleclion Committee, to assist in defraying their fees for studying at INSEAD. The Committee CUrrenY consists of the following individuals- Rachna Chowla Clare Gough (Committee Chair) Toby Hodgson Brinda Kugapala Ranjit Mene Roy Merritt Sanjeev Pandya Sarah Pit18m Hetal Popat As one of Ihe world's leading and largest graduate business schools, INSEAD brings togelher people, cultures and ideas from around the world to change lives and transform organizatians. The unique global perspective and multicultural diversity of INSEAD are reflected in all aspects of its research and teaching. Currently. the school has two comprehensive and fully connected campuses in Asia (Singapore) and Europe (Fontainebleau, Fran).
Page 3 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Statemenl of Trustees. Responsibilities The Truslees are responsible for preparing the Truslees, report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Slandards (UK GAAP}. The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of th8 affairs of the Charity and of the incoming resources and application of resources of the Charity for thal period. In preparing those financial statements, the Trustees are required to.. select suitable accounting policies and apply them consistently,. obseNe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent- stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststemenls., prepare the financial stateménts 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 disclose with reasonable accuracy at any time the financial position of the Charity and 8nable them to ensure that Ihe financial statements comply with the Charities Act 2011, where relevanl the Charities Acl 2022. the Charity (Accounts and Reports} Regulations 2015 and trust deed. They are also responsibFe for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and deteclion ol fraud and other irregularities. In accordancE with trust law. we th6 Truslees certify that= so far as we are aware, there is no relevant information of which the accountsnls are unaware., and as Trustees, we have taken all the steps that we oughl to have laken in order to make ourselves aware of any relevant infomalion and to establish that the Chsrity's auditor is aware of that information. Inductlon and training The Trustees receive no formal training bul each has been selected on the basis of skill and experience. All Trustees are kept informed at meetings of their duties and obligations. Th8 Trustees are aware of their obligation to ensure new Trust88s are properly versed in their role. Induction of new Trustees will be undertaken on a bgspoke basis which will be tailored to Ihe specific requirements of the situation. Internal Controls The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statemenls follow best practice. They are also responsible for the Charity safeguarding ils assets and hence for laking reasonable steps for Ihe prevention and detection of fraud and other irregularities. The system of internal controls is designed to provide reasonable, but not absolute, assuran against material misstatement or loss.
Page 4 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT {continued) Rlsk Managemènt & Corporate Governance A risk assessment has been undertaken which comprises: An annual review of the risks the Charity may face: The establishment of systems and procedures lo miligate those risks,. and The implementation of procedures designed to minimise any potential impact on the Trust should those risks malerialise. This continuing process will identify risk areas to which the Trust is vulnerable and highlight any ne$Sary safeguards that will need to be put in placé. The Trustees have passed a fil and proper declarations in line with HMRC guidance. In addition, the Trustees have taken due consideration of Good Govemance a Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are: Organisational purpose., Leadership., Int&grity', Decision-making, risk and control Board effectiveness., Equality, diversity and inclusion,. and Openness and a¢sSibl111y. The Truslees recognise that good governance plays an essenti81 part in securing the future of the Foundation and confim that the said principles of the Code are followed by them in leading, directing and managing the Trust. No trustee reiVed any remuneration or expenses during the year ended 31 March 2025 (2024- £nil}. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Grant Maklng Policy Subject lo certain restrictions imposed by the original settlors, the Trustees are to apply the capital and income for general charitable purposes in whalever manner the Trustees, in their absolute and unrestricted discretion, think fit. General appeals for funding may be sent in to the registered office by post or by email. They are collaled and dislributed to the Trustees for consideration on an annual basis. It was the wish of Mr Louis Franck, one of the original setuors, that Dne purpose of the trusl should be lo fund scholarships to enable appropriate applicanls, preferably British cit12ens sÈNing in a bank or financial instilution, lo spend lime in a seal of learning {principally INSEAD}. The purpos8 of Ihe award would be lo widen that person's knowledge and experience and thus attain the highest level of executive managemenl. It is the Trustees, present policy to concentratè resources to that end.
Page 5 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (contlnuèd) The Galibre and financial requirements of each candidate are carefully considered by the scholarship committee. Candidates take a significant risk in attending the INSEAD programma, being required to take a year off frorn their normal career. The MBA course effeclively lasts 10 months (split into 5 terms), with the January course taking a calendar year, running until December with a 0-MOnth break in July and August. The Seplember course runs for the academic year until the following June. with r)0 significant break. Scholars are able to choose where they spend them. either FDnlainebleau or Singapore camplfrses. Fontainebleau is situated in a rural and historic setting with more of a social aspect, whereas Singapore is more modern and compact being city based. Studènts enjoy the opportunity of experiencing both venues during their course. Candidates may also apply for scholarships from other organisations, but this is duly taken into accounl by Ihe committee. The total cost for each sludenl taking ihe course is around é98,500. The Trustees do not make awards to cover living costs (estimated at an additional É30,000}. Financial circumstances are taken into accountwhen making awards, but financial need is neither a necessary nor a determining factor in receivlng an award. Ordinarily, if a number of outstanding candidates are selected, the scholarship award budget can be allocated between them. The current Trustees. policy is to award scholarships of up to £100,OQO 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 Trustèes. 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 inlerviews a year from a number of pre-selected Candidates {usually up to eight). The interviews generally take the fomi of a series of onversations. One of the conditions attached to receiving a scholarship award is that each candidate musl submit an essay at Ihe end of their course. The content of the essay should include at least 1,000 words, with a preferred focus to Centre around their personal experience at INSEAD with greater diversity. The grants and donalions made during the year are listed under Note 4 of the financial statements. Statement of Public Benefit The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the 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, thal arise from those activities.
Page 6 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE Investments A summary of Ihe investment movements are set out in Note 7 of Ihe financial statements. The investments are collectively recorded in the Balance Sheet at Iheir market values. Any realised profits or losses on transaclions carried out dLJring the year, logelher wilh any unrealised increase or decrease in individual values or costs established by the investment managers as at 31 March 2025, are recorded in the Statement of Financial Activities. Sarasin invested the trust's funds in a single managed endowment fund {Sarasin Endowments Fund Class A Acc GBP) lo seek to achieve levels of income in excess of that available from the FTSE AII Share Index and to seek long term capital and income growth with a benchmark asset allocation of 70Q/o equilies, 15¥0 total bonds and cash, 50/0 property and 10°h alternatives. The following Investmént rèport for the Sarasin Endowmenl Fund Class A Acc GBP for the year ended 31 March 2025 has been based on information provided by Sarasin & Partners: Asset Allocation of Fund (including Incon cash) Allocation 9.8°/ Benchmark 150/0 Value £ 158,543 1,115,094 61,480 160,611 127.127 1,623,455 Fixed Income Equities Propert Alternative Investments uid Assels Totsl includin 9.90/0 cash 100.orAI Market Review at 31 March 2025 (fmm Sarasin Partners) For the Iwelve months to 31st March 2025 the portfolio delivered a return of 3.80/0 against the ARC steady Growth Charity Index return of 2. 7%. The Charity is also aheadof ourpeers over three yè8r4 delivering l 1. 6/D against 7.80/0 as seen below.-_ Portfolio 3.8°/. 11.6% ARC Stead Growth Charit 2.70 ar to 31 March 2025 3 years to 31 March 2025 Perfonnance comment Over the period we have seen positive returns from all asset classes, other than fixed incom8, Wlth allernalive inveslments being the stand out performer, led by the position in gold, as we saw the spot price increase by over 35/0 during Ihe period. Equities Equilies have produced a modestreturn of 3.8/0 over the year with the final quarter marking a d8cline as policy announcements from the Trump administr8tion-particularly around tariffs and cost- cutting-introduced new uncertainty around the global economic oullook. These shifts raised oncerns over the sustainability of US dominance and the potential impacl on global trade and corporate margins and led us to reduce equity werghtings over the start of 2025, ending the period underweight relative to the benchmark.
Pag6 7 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE {contlnued) After a period where market relurns had be8n domin8ted by Ihe Magnificent 7 it was pleasing to see a broadening of returns and positive conlributions across sectors. The financial sector led performance with notably strong returns from Blackrock, ING and CME. Flxed Income Fixed income was a detraclor fo perform8nce. We ended the year Undeeight rhe asset class (al 9. 7/0 against the benchmark 15%) but maintained duration in line with the benchmark. We start8d Ihé period with a preference for corporate bonds but reduced exposure during the course of the year increasing the weighting to gilfs as spreads narrowed, ending the year with a slight preference to gilts relative to corporate bonds. Alternatives Allernative investments were the stand out performers with the majority of the holdings posting strong absolute returns relative to the benchmark of SONIA +2tr/. following a period of subparretums from the assel class. We s8W Posltive contributions from a number of sectors such as infrastructure, privat8 8qUlty and absolule return strategies with Gold and 8ioPham?a Gredil being the strongest perfompers. Investment perfom7ance Quarter to 31 March 2025 Calendar year 2024 Calendar year 2023 Portfolio -2.2¥0 Benchmark 8_7•/0 11.7/0 3 Years Annualised 3.70/0 5.SQ/o 5.7% 2.6¢/0 5 Years Annualisod 7.9'/0 4.60/0 10.1010 7.3% Performance to 31 March 2025 Portfolio Inflation (UK CPI One Month Lagged) Portfolio Benchmark Peer GrDUP 1 Year 3.80/0 2.8 /D 4.9/0 3.00/. Volatlll Portfolio Portfolio Benchmark 9.10A 7.70/0 9.00 9.2 /0 8.90/0 Portfolio benchmath lfrom 1-Jun-231.' ICE BofA Sterfing Corporste & Collaleralized Index17.50hl, ICE BofA UK Gilts Stocks17.5°/.I. MSCI AC Wodd (Loc81 Currencyl (GBPI110¢/ol, MSCI All Balanced Property Funds- One Quarter Lagged 15°/.}, MSCI All Countries Worfd Daily (Nel Totsl Retuml160V.1, 20/0 per annum abov& SONIA lalt8m31ive assetsl110°AI The peergroup perfomance data used is the ARC Steady Growth Charity Index (further details within the Glossary) which could include an ARC estima18 for th8 most recent period. PerfOrrnan is calculated'net'of Sarasin's investment managem8ntfees, using Bid pricos. This lakes into account receipts to and withdrawals from the portfolio durir)g the period, and th8ir d8le8. Prices a sourced from Bloimberg. The report looks-through, Ici the und&rfying iVestmentS wthin the Sarasin funds irh order to show the portfolio's over811 alloc8ti0n. All volatilty figures mèasurè the standard deviation of th& monthly returns over the peri(KJ and are annualised for periods over 1 year. This is not the onty method of calculating volatility and other methods may produce different r95uIts.
Page 8 THE OLD BROAD STREET CHARITY TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE {contlnu8d) Foe Structure The trusl is wholly invested in a Sarasin fund and the fees charged wilhin this fund are debited within by the Fund Administralor leffeclively reducing the market value of the trust's interest in Ihe Fund). As a result, the net Investment Management fee payable directly by the Charity, following this deduction within the Fund, is nil. CHARITABLE ACTIVITIES Charitable Grants Made The total charitable grants for the year were £110,000 12024 - £95.500) with Louis Franck scholarship recipients awarded £100,000 (2024 - £92,500) ar)d a general charitable donation of £10,000 {2024- £3.0001. The Louis Franck Scholarships were awarded to successful applicants taking an MBA coursé at INSEAD {see note 4). The scholarship budget for 2024125 was £100,000. The Louis Franck Scholarship Committee considers the 2024125 scholarship interviews were successful wilh an excellent range of high quality candidates, and hence some larger awards were offered. The Scholarship interviews were conducted in May and October 2024. with a total of 11 individuals invited for interview, and 6 (2024- 6) successful candidates who received a scholarship. A general charitsble donation of £10,000 was made to CanrwiSe- a Charity that provides support serviGes for people diagnosed with cancer, Iheir families. thildren aged 4-17 and carers in West Sussex and Hampshire. FINANCIAL REVIEW Income Investment income for the year of £47,379 (2024- £48,642) is broadly in Ilne with the previous year. Interest from cash deposits yielded £84412024 - £566} in the year as included within the abov8 investment income. The Trustees do not maintain a high level ofcash as any surplus funds are used towards their charitable a¢livities. In accordance with the Charities Act 2011, the Truslees are requlred to carry out an independent examination of the Charity accounts as the gross income exceeded £25.000. Charftable Activities Expenditure on charilable activilies for the year totalled £126,655 {2024 - £118,973) included total charitable grants made of £110.00012024 - £95,500}, together with support costs lolalling £16,655 12024 - £23,473). Support costs are detailed in Note 5 totalling £16.655 (2024-£23,473}, and comprise ofaceountsncy fees. independent examination fees and scholarship commiltee expenses.
Page 9 THE OLD BROAD STREET CHARiff TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Icontinuèd) Cost of Raising Funds Charges of £2012024- £286) were incurred in the year relating to bank charges. Reserves Pollcy The Trustees have adopted a policy of gradualty depleting the value of the trusl fund to around the £1 m level, which is £661,124 lower than cuThent levels. This will conlinue to be r8viewed on an annual basis with no specific deadline to achieve. During the year, the Trustees fully expended the Income Fund in achieving their charitable objectives and required a Iransfer from the Capital Fund of £79,296 (2024 - £70,617). Investrnent gains of £19,701 meant that Ihe Capital Fund decreased by £59,595 {2024- £63,842 increase} for the year. The tolal level of Charity reserves {unrestricled) at 31 March 2025 was £1,661,124 (2024 £1,720,719). The Trustees are satisfied that they have sufficient resèrves to meet their ongoing charitable obj8cIiv8S. The Trustees consiéer that they are aware of no implications Ihal would affect the Charity on a going concem 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 Ihe value of the trust fund to around the £1 m mark, and they will continue to review Ihis on a year to year basis. During the year ended 31 March 2025, the Capital Fund decreased in total by £59,595 afler taking into account investment gains of £19,701. Total Charity funds tolalled £1,661,124 as at 31 March 2025. The Trustees will conlinue to concentrale expending their resources on Louis Franck Scholarship grants with an annual budget of £100,000. They will. however, consider supporting other general charitable causes that arise in the future if appropriate. Approved on behalf of the Trustees Chairman
Page 10 THE OLD BROAD STREET CHARITY TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES I report lo the Charity Trustees on my examination of the accounts of the Old Broad Street Charity for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet and the related notes. Responsibiliti88 and basis of report As the Charity's Trustees you are responsible for the preparation of the accounts in aGcordanc8 With the r8quirem8nts of the Charities Act 2011 {'the Act,) and where relevant the Charities Act 20221'th& A¢t'l, I report in respect of my examination of the Charity's accounts Carried out under seclion 145 of the Act and in carying oul my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145(5Mb) of the Act. Indèpendent Examinerfs statement I have completed my examination. I confirm that no material matters hsve come to my attentron in connection wilh the examinalion giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act. 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 2015 otherlhan any requirement that the ac¢ounls give a 'true and fair view, which is not a matter Gonsiéered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michaol Foster FCCA, CTA Chartered Certified Accountant & Independent Examiner Rawlinson & Hunter LLP Eighth Floor 6 New Street Squar8 London EC4A 3AQ Date £ylI,1kn2f RAWLINSON & HUNTER
Page11 THE OLD BROAD STREET CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 UNRESTRICTED FUNDS Income Capital Fund Fund Total 2025 Tolal 2024 Page Income from: Investmenl income (note 2) 14 47,379 47,379 48,642 Total income 47.379 47,379 48,642 Expenditure on: Charilable activities (note 3) Raising funds (note 61 14 15 126,655 20 126,655 20 118,973 286 Total exp8ndlture 126,675 126,675 119,259 Net (expenditure) before net gains on investment assets 179,296) {79,296) (70,617) Net gain on investment assets (note 7) 15 19,701 19,701 134,459 Net transfer beeen funds 79.296 {79,296) Nèt movemgnt in funds (59,595} (59,5951 63,842 Roconciliation of funds: Total funds brought ford al 1 April 2024 1,720,719 1,720,719 1,656,877 Total funds carried forward at 31 March 2025 £ 1,661,124 £ 1,661,124 £ 1,720,719 There are no recognised gains or losses in the years to 31 March 2024 and 2025 other than those included in the statement of financial activities. All incoming resources and resources expended derive from continuing activities.
Paye 12 THE OLD BROAD STREEf CHARITYTRUST BALANCE SHEET AT 31 MARCH 2026 2026 2024 Flx•d As•ots In¥8strnonts and uTrJer management {nots 71 15 1.023.455 1.708.827 Currnnt AgMts Ca8h at t•nk (note 8) 16 47,629 Curr•nt Llbllltl Creditors- am¢yJntsf4lllng thln one y•ar (note 91 16 19.9801 110,47ei N•t Curr•rtAs•t• 37,869 11,892 Tgtsl N•tA¥8èts £ 1.861.124 £ 1,720.719 R•pr•$•ntod ty: Total Unrestrl¢tsd Funds ol th• Ch•rlty CalIa1 Fund 11 1,ee1,124 1,720,719 Incom• FuThJ 11 T+XAI Chwlty Funds É 1,881,124 £ 1.720,719 on btha ofthe Tntstees: DAt•.... 1.9..:..11...1£ :.. Th8 r• and stheduie8 on PallOS 13 10 18 fm pwt oftheuo statsmgnts
Page 13 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparation of financial statements These financial slalements have been prepared on a going concem basis under the historical cost convention, modified to include Ihe revaluation of investments. The Charity constitutes a public benefit enlily as defined by FRS 102. The financial statements have been prepared in accordance with 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 RepublSc of Irèland (FRS 102) ("Charities SORP FRS 102") issued in October 2019, the Financial Reporling 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 entty as defined by Charities SORP FRS 102. The principal accounting policies adopted are as follows.. The Charity qualifies as a small entity according to the provisions set out in FRS 102 as published on 2 October 2019 and on that basis does not include statement of cash flow. Fixed asset investments Investments are included al closing mid-market value (excluding any accrued interest) al the Balance Sheet dale. Realised gains and 105ses on investments are recognised as they arise and any unrealised gain or loss on revalualion is taken to the Statement of Financial Activities. The determination of any gains and losses is calculated by referen to the value of such assets at the beginning of the accounting period. Income recognltlon Investment income is derived from dividends and interest receivable from investments and is accounted for in the period in which the Charity is enlitled to r8CélPt. Income from interest bearing deposit accounts is recorded as and when received only. All income is inclLJded in the SOFA when the Charity is entrtled to the income and the amount can be quantified with reasonable accuracy. Expènditure recognition All expenditure recognised once there is a legal or conslructive obligation to make a payment to a third party. Cosls of raising funds comprise the investment management costs. Charitable activities consist of grants, scholarships and donations made during the year together with the recognition of certain commitments made by the Trustees, together with the grant support osls. The Trustees regard all grants to be malerial for the purposes of these financial statemenls. Costs of raising funds consist of those costs directly attributable lo managing the investment portfolio and raising investment income. Status of funds The entire resources of the Irusl are unrestricted and the Trustees have complete discretion for their use in pursuance of the trust's objectlV8s, including the provision of scholarships for any person of proven ability from a wide variety of careers, who normally have a UK connection in the financial sector. Taxation The Trust is not subject to any iaxes on its charitable activities.
Page 14 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) Going Concern The financial slatements have been prepared on a going concern basis as thè Trustees believe that no material uncertainties exist. The current uncertainty in the global economy, including cost inflating faclors, 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 Iwelve months from the date of signing of these financial statements. The Trustees are satisfied the forecast income and reseNes are sufficienl lo cover all of the budgeted expenditure to be able to Continue as a going concern. The Truslees therefore consider the adoption of the going concem basis in preparing these financial slalements continues to be appropriate. Total 2025 Total 2024 Page INCOME FROM INVESTMENTS Income from UK quoted unit trusts 46,535 48.076 Tolal income from quoted investments Coutts & Co deposit interest Sarasin Parlners deposit interest 46,535 48,076 760 428 138 Total investmont income 47,379 £ 48,642 CHARITABLE ACTIVITIES Scholarship grants made {note 4} Support costs {note 5} General charitable grant expenditure Cancerwise Pitzhanger Manor & Gallery Trust 100.000 16,655 g2,500 23,473 10.000 3,000 Total charilable actlvltles £ 126,855 £ 118,973 SCHOLARSHIP AND GENERAL GRANTS MADE 2025 2024 Loui8 Franck Scholarships Date of Award Kartikeya Upadhyay Christopher Kingdon Michael White Martin Rose William Part Oscar Hollond Oliver Roundtree Frederick Ide Hector Bagley Joe Iles Joseph Agnew Oliver Wilson June 2024 June 2024 October 2024 October 2024 October 2024 October 2024 May 2023 May 2023 October 2023 October 2023 October 2023 October 2023 35,000 20,000 15,000 10,000 15,000 5.000 25,000 7,500 25.000 15.000 12.000 8,000 Total grant expenditure £ 100.000 £ 92,500
Page15 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Total 2025 Total 2024 Page SUPPORT COSTS Accountancy and administration f8es Independent examinalion fees Scholarship committee expenses ICO data protection fee Scholarship reunion event costs Legal fees 14,286 1.500 834 35 14,400 1,560 35 6,062 1,416 Total support costs 16,655 £ 23,473 COST OF RAISING FUNDS Bank charges Legal entity identifier {LEII renewal fee - 5 year renèwal to May 2029 20 10 276 Total cost of raising funds 20 £ 286 Note - Sarasin & Parlners expense their investment management fees directly through the investment fund. For the calendar year ended 31 D6cembèr 2024, these amounted lo £13.863 (2023.. £13,193)- FIXED ASSET INVESTMENTS Pagè 2025 2024 Investments at market value comprise: Quoted investments within th8 United Kingdom 1,623,414 1,708.733 Cash held by Sarasin & Partners 41 94 Total Investment assets 12 £ 1,623.455 £ 1,708,827 Quoted Investmonts Market value al 1 April 2024 Net investment activily Net gainsllloss) on investments 1.708,733 1104.979) 19.701 1.636.261 161,987} 134.459 16 Market valuo at 31 March 2025 £ 1,623.455 £ 1,708,733 Historical cost at 31 March 2025 £ 1,395,954 £ 1,483,573 Net gains on investment as58ts Nel realised gainsl{loss) on sales Nel unrealised gainsl{loss} on revaluation 4,103 15,598 468 133,991 Total net gainsl{loss) on investment assets 11 19,701 £ 134,459
Page 16 THE OLD BROAD STREET CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Total 2025 Total 2024 Page CASH AT BANK Coutts & Co. {R8wlinson & Hunter LLP client account) 12 47,629 £ 22,368 CREDITORS- amounts falling due within one year Accountsncy fees Independent examination fees Scholarship mmittee expenses Legal fee 6,186 2.940 834 6,300 2.760 1.416 12 9,960 £ 10,476 10. FUND RECONCILIATION Brought forward Additionsl Income Transfer of funds Gainsl (losses) Carried forward 2025 Unrestricted Capital Fund Income Fund Expenditure 1,720,719 (79,296) 79,296 19,701 1.661,124 47.379 {126,675) Total Funds £ 1,720,719 £ 47,379 £ {126,6751 19,701 £ 1,661,124 2024 Unrestricted Capital Fund Income Fund 1,656,877 170,617) 70,617 134.459 1,720,719 48,642 {119,259) Total Funds £ 1,656,877 £ 48,642 £ {119,259) £ 134,459 £ 1,720,719 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Income Fund Capital Fund Total 2025 Total 2024 Investmenls Cash al bank Creditors 1,623,455 47,629 {9,960) 1,623,455 47,629 (9,960} 1,708,827 22.368 (10,476} Total Funds £ 1,661,124 £ 1,661,124 £ 1,720,719 12. RELATED PARTY TRANSACTIONS There were no related party transactions dunng the year ended 31 March 202512024- £3,000).