Charity number: 247498
## The JRSST Charitable Trust
Report and financial statements For the year ended 31 December 2025
**The JRSST Charitable Trust**
## **Contents**
## **For the year ended 31 December 2025**
Reference and administrative information ............................................................................ 1 Trustees’ annual report ........................................................................................................ 2 Independent auditor’s report ................................................................................................ 9 Statement of financial activities (incorporating an income and expenditure account) ......... 13 Balance sheet .................................................................................................................... 14 Notes to the financial statements ....................................................................................... 15
**The JRSST Charitable Trust**
## **Reference and administrative information**
## **For the year ended 31 December 2025**
|**Charity number**|247498|
|---|---|
|**Country of registration**|England & Wales|
|**Registered office**|The Garden House|
|**and operational address**|Water End|
||York|
||North Yorkshire|
||YO30 6WQ|
||Tel: 01904 625744|
||Email: info@jrsst-ct.org.uk|
|**Trustees**|Trustees who served during the year and up to the date of this report|
||were as follows:|
||Andrew C Neal, Chair|
||Roger Clarke (retired 2 October 2025)|
||Christopher Carman (retired 2 October 2025)|
||Jessica Garland (retired 24 November 2025)|
||Alison R Goldsworthy|
||Duncan Hames|
||Esmat Jeraj (appointed 2 October 2025, retired 24 November 2025)|
||Elizabeth Knight-Yamamoto (retired 2 October 2025)|
||Craig Westwood (appointed 2 October 2025, retired 24 November|
||2025)|
||Benjamin Whittaker (retired 24 November 2025)|
|**Chief Executive**|Fiona Weir|
|**Bankers**|Unity Trust Bank Plc|
||Nine Brindleyplace|
||Birmingham B1 2HB|
|**Investment Advisors**|Rathbone Greenbank|
||10 Queen Square|
||Bristol BS1 4NT|
|**Legal**|Stone King|
||Boundary House|
||91 Charterhouse St, Clerkenwell|
||London EC1M 6HR|
|**Auditor**|Sayer Vincent LLP|
||Chartered Accountants and Statutory Auditor|
||110 Golden Lane|
||London EC1Y 0TG|
1
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
The Trustees present their report and the audited financial statements for the year ended 31 December 2025.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Objectives and activities**
## **Purposes and aims**
The Trustees can confirm that they have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance in setting the objectives and planning the activities of the organisation.
Trustees believe that they can best further the Trust’s charitable purposes for the public benefit by continuing to undertake or support work which relates specifically to supporting the advancement of understanding of democracy, rights and social justice including participation in our democratic system as a means of tackling political inequality. The chronic under participation of certain populations compounds the wider social, racial, health and income inequalities they face.
Our focus is on supporting the general public to have a deeper understanding of how democracy and democratic systems work and advancing citizenship by working to ensure that all UK citizens, including those from the most marginalised social and demographic groups, are encouraged and able to influence collective decision making. This, in turn, helps promote civic responsibility and good citizenship, and builds support for the institutional reforms required to enable this.
The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity’s aims, objectives and activities remained focused on its stated purposes.
## **Achievements and performance**
The charity’s main activities and who it tries to help are described below. All its charitable activities focus on grant making and are undertaken to further The JRSST Charitable Trust charitable purposes for the public benefit.
2
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
## **Grant making**
In 2025, the Trust paid out a total of £102k in grants and approved £38k expenditure on new grants which are detailed in note 6 of the accounts.
The Trust assessed three main applications to Board meetings of which one was agreed, an approval rate of 33%.
The distribution of JRSST-CT new grant commitments is summarised below:
|JRSST-CTgrant spend|Amount|% spend|
|---|---|---|
|Democracy policyresearch|£13,836|37%|
|Democratic and constitutional reform|0|0|
|Informed citizens and democracyeducation|£23,836|63%|
|Total|£37,672|31%|
Grants were made to:
## Jo Cox Foundation
£27,672 towards the work of the Jo Cox Civility Commission
## Shout Out UK
£10k for The UK Democracy Dialogue Project (UKDDP) – to increase cross-industry collaboration and elevate the importance of political and media literacy within the UK's policy landscape
Neither of the two grants awarded in 2025 by JRSST-CT were to organisations led by people from communities experiencing racial inequity nor or designed specifically to benefit to those communities.
## **Strategy**
In 2025, the Board agreed a new strategy, the main elements set out below:
## Spending down
The Board decided to draw down from its endowment at a rate that would lead to the Trust spending out fully within a ten-year period. The significantly higher level of grant spend will enable the Trust to have greater impact on focused democracy goals over the next decade.
3
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
## Democracy priorities
Trustees selected four priority issues, each of which would contribute to the broader aim of tackling political inequality. JRSST-CT’s new democracy priorities are:
1. Voter participation and election system reform
2. Diversity of representation in politics
3. Participation
4. Democratic education
## Hosting the UK Democracy Fund
The Board agreed to host the UK Democracy Fund, established by JRRT in 2019, bringing together Trusts and Foundations committed to building a healthy democracy in which everyone can participate and where political power is shared fairly.
The Fund works to engage the millions of citizens who do not register or vote and to build support for system reform that makes voting easier. It is focused around three broad goals:
- Enabling everyone to vote: Building support for reforms to ensure a simple, seamless and accessible voting system fit for the 21st century.
- Extending the right to vote: Advocating in support of expanding the franchise for 16and 17-year-olds and settled UK residents from overseas.
- Increasing participation of everyone in our elections: Making an effort to raise the turnout of low-propensity voters to improve fairness in our democracy.
Through funding for non-partisan voter registration activities, grantees achieved an estimated 750,000 new registrations, predominantly young people, renters and people from racialised and minoritised ethnicities, ahead of the 2024 General Election. In its next phase the Fund will work to support the successful introduction of Votes at 16 and Automatic Voter Registration. This work is a strong fit with other JRSST-CT priorities.
## **Financial review**
## **Going concern**
The Trustees have prepared these financial statements on a going concern basis. While the JRSST Charitable Trust ceased its operations on 24 November 2025, this was part of a planned restructuring to incorporate as a charitable company limited by guarantee, also named the JRSST Charitable Trust. All assets, liabilities, and ongoing operations were transferred to the new entity on 24 November 2025. As such, the charitable activities are considered a going concern
4
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
## **Financial summary**
The Trust’s income of £89k is derived from two sources: a portfolio of quoted investments and rental income from the Garden House property, which is jointly owned with the Joseph Rowntree Charitable Trust.
Total expenditure of £117k included grants, investment fees, property running and refurbishment costs, and a share of employment and other administrative costs.
The Charity had net gains of £202k in the year to December 2025 (2024: net loss of £150k).
The Charity’s investment portfolio continued to be affected by global market volatility in 2025, seeing gains on disposal and revaluation in the year of £230k (2024: loss of £28k) but a drop of £15k in dividend income (15%) compared to 2024.
The Charity’s total funds were zero at 31 December 2025, following the transfer of net assets of £5 million to the new incorporated entity on 24 November 2025.
## **Reserves policy**
The constitution of the JRSST Charitable Trust, a grant-giving registered charity, gives Trustees unfettered discretion in the use of funds, both income and capital, for its grantmaking purposes. It has been the recent general policy of the Trustees, taking one year with another, that the grant-making expenditure has been in line with the Trust’s income and capital growth. Any surplus or deficit in each year is transferred to the Trust’s reserves/unrestricted funds.
## **Risk management**
The Trustees have reviewed the major risks faced by the organisation as well as the controls, procedures and actions in place to manage those risks. These are documented in a risk register that is reviewed annually by the Board of Trustees.
## **Investment objectives, strategy and management**
During 2025, the Trust’s long-term objective was the pursuit of the maximum total return taking income and capital growth together, with due consideration of the prevailing tax rules and ethical concerns, without incurring undue risk, from a diversified portfolio of UK and overseas investments to enable the Trust to maintain or increase the level of the Trust’s activities in real terms over time.
5
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
The Trust invests for long-term growth. In normal market conditions, investments should provide sufficient funds to meet the Trust’s grant making and administrative expenditure from income and capital growth using a distribution rate of 4% of capital values.
The Trust’s Ethical Investment Policy emphasises sustainability, and aims to maximise financial returns while trying to effect positive outcomes for people and the planet. The policy will therefore focus on investing in companies that manage ESG factors in a sustainable long-term way, e.g. companies with strong governance processes, environmental projects and/or a focus on rights and equality. In response to findings on the origins of the Rowntree Trusts’ endowments, the policy aims to actively address racial justice, and take account of Modern Slavery.
Where possible and in line with the negative screening policy, the Trust seeks to support investment in emerging market countries with decreasing political risk and active movement towards full democracy. Rankings of political freedom and democratic process are be monitored by the Trust’s investment managers, who report on any significant ranking changes.
The existing investment policy remained in place up to the transfer of assets to the new incorporated entity in November 2025. The policy will be reviewed by the new Trust in 2026.
In 2025, the Trust undertook a review of our investment managers with the support of Redington as investment advisers. Following the conclusion of the process, Cazenove Capital were selected as the Trust’s new investment managers but transition of the portfolio did not take place until after the transfer of assets to the new incorporated entity on 24 November 2025.
## **Structure, governance and management**
## **Constitution**
The JRSST Charitable Trust is a grant-giving registered charity, number 247498, based at the Garden House, Water End, York. It is governed by the Trust Deed dated 1 December 1955. The Trust Deed gives the Trustees uncontrolled discretion in the use of the fund for any charitable purpose or objects and also to invest the Charity’s capital in any kind of investment.
## **Governance**
The Board of Trustees is responsible for the overall strategy and direction of the Trust. Trustees give their time on a voluntary, unpaid basis.
6
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
The Board of Trustees operate with regard to a Memorandum of Understanding with JRRT setting out the benefits for the Charitable Trust of alignment as well as the risks, and details of the cross-sharing and charging arrangements between the two entities and the steps taken to maintain the Charitable Trust’s independence. The MOU was developed in line with Charity Commission guidance on “ _Charities with a connection to a non-charity_ ”.
Day-to-day management of the Trust is the responsibility of the Chief Executive, who reports to the Board of Trustees, supported by a small staff team.
JRSST-CT is committed to transparency and improving the diversity of our Board.
## **Compliance issues**
The Trust continues to follow legal advice on implementation of the Charity Commission guidance on “ _Charities with a connection to a non-charity”_ .
As a charitable trust, JRSST-CT funds activity that supports charitable purposes, that is intended to benefit the public at large and will be non-party political. The Trust does not exist for a political purpose and will remain independent of party political bias.
## **Statement of responsibilities of the trustees**
The trustees (who are also directors of JRSST-CT for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial @statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and
7
**The JRSST Charitable Trust**
**Trustees’ annual report**
## **For the year ended 31 December 2025**
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- There is no relevant audit information of which the charitable company’s auditor is unaware
- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2025 was 3 (2024:8). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
## **Auditor**
Sayer Vincent LLP was re-appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.
The Trustees’ annual report has been approved by the Trustees on 27 March 2026 and signed on their behalf by
Alison R Goldsworthy Chair
8
**Independent auditor’s report**
## **To the members of**
## **The JRSST Charitable Trust**
## **Opinion**
We have audited the financial statements of The JRSST Charitable Trust (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended
- ● Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Charities Act 2011
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Emphasis of matter – going concern**
Without modifying our opinion, we draw attention to the disclosures in the trustees’ annual report and note 1d and note 17 of the financial statements that the trustees agreed to transfer all activities, assets and liabilities of the Charitable Trust to a newly formed charitable company incorporated organisation on 15 October 2025. All activities are expected to continue within the newly formed entity. As such the current Charitable Trust will no longer continue to exist. Therefore, these financial statements have been prepared on a basis other than as a going concern.
9
**Independent auditor’s report**
## **To the members of**
## **The JRSST Charitable Trust**
## **Other Information**
The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- The information given in the Trustees’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not received all the information and explanations we require for our audit
## **Responsibilities of Trustees**
As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ annual report, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
10
**Independent auditor’s report**
## **To the members of**
## **The JRSST Charitable Trust**
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management and Trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
11
**Independent auditor’s report**
## **To the members of**
## **The JRSST Charitable Trust**
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities _._ This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity's Trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
30 July 2026 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
12
## The JRSST Charitable Trust
Statement of financial activities (incorporating an income and expenditure account)
## For the year ended 31 December 2025
|Income from:
Other trading activities
Investments
Other income
Total income
Note
2
3
4
Total expenditure
Net (expenditure) before net (losses) on investments
Net gains / (losses) on investments
Transfer of net assets to The JRSST Charitable Trust
17
Net movement in funds
Total funds carried forward
Expenditure on:
Raising funds
5a
Charitable activities
5a
Reconciliation of funds:
Total funds brought forward|Unrestricted
£
-
85,514
3,900|
89,414
100,388
(10,974)
229,637
(5,079,839)
(4,861,176)
4,861,176
-
26,807
73,581
2025
Total
£
-
85,514
3,900|Unrestricted
£
35,974
100,587
26,361|2024
Total
£
35,974
100,587
26,361|
|---|---|---|---|---|
||89,414||162,922|162,922|
||26,807
73,581||52,014
233,510|
52,014
233,510|
||100,388||285,524|
285,524|
||(10,974)
229,637
(5,079,839)||(122,602)
(27,533)
-|
(122,602)
(27,533)
-|
||(4,861,176)||(150,135)|
(150,135)|
||4,861,176||5,011,311|
5,011,311|
||-||4,861,176|
4,861,176|
All activities have been transferred to The JRSST Chariable Trust (see note 17). There are no continuing activities in this entity. There were no other recognised gains or losses other than those stated above.
13
The JRSST Charitable Trust
## Balance sheet
## As at 31 December 2025
|Fixed assets:
Tangible assets
Investments
Note
12
13
Net current assets / (liabilities)
Total assets less current liabilities
Total net assets
Total charity funds
Current assets:
Debtors
14
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
15
Creditors: amounts falling due after one year
16
The funds of the charity:
Unrestricted funds|£
-||£
-
21,262
(122,272)
-
-
-
-
-
-
285
20,977
2025
£
-
-|308,923
4,658,176
2024
£|
|---|---|---|---|---|
|||||4,967,099
(101,010)|
||-
-||||
||||||
|||||4,866,089
(4,913)|
|||||4,861,176|
|||||4,861,176|
|||||4,861,176|
Approved by the trustees on 27 March 2026 and signed on their behalf by
Alison R Goldsworthy Trustee
14
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
## 1 Accounting policies
## a) Statutory information
The JRSST Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales.
The registered office address is The Garden House, Water End, York, North Yorkshire, YO30 6WQ.
## b) Basis of preparation
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 Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a basis other than a going concern basis. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
## c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## d) Going concern
The Trustees have prepared these financial statements on a basis other than a going concern. Due to the JRSST Charitable Trust ceased its operations on 24 November 2025, this was part of a planned restructuring to incorporate as a charitable company limited by guarantee, also named the JRSST Charitable Trust. All assets, liabilities, and ongoing operations were transferred to the new entity on 24 November 2025. As such, the charitable activities are considered a going concern.
15
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
- 1 Accounting policies (continued)
## e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## f) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## g) Taxation
As a charity, The JRSST Charitable Trust is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity for the year ended 31 December 2025.
16
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
- 1 Accounting policies (continued)
- h) Tangible fixed assets
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases:
80 years Long-term leasehold Fixtures and fittings 10 years
Long-term leasehold
## i) Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of financial activities.
## j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- l) Creditors and provisions
Creditors are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## m) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
17
The JRSST Charitable Trust
## Notes to the financial statements
## For the year ended 31 December 2025
- 1 Accounting policies (continued)
- n) Fund accounting
- General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
- o) Critical accounting estimates and areas of judgement Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions to disclose, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
- 2 Income from other trading activities
|Income from other trading activities|||||
|---|---|---|---|---|
|The Garden House
Income from investments
Income from other income
The Garden House - property expenses
recharge
Income from listed investments
Interest receivable|Unrestricted
£
-|2025
Total
£
-|
Unrestricted
£
35,974|2024
Total
£
2024
Total
£
100,587
2024
Total
£
26,361
82,917
17,670
35,974
35,974|
||-|-|35,974||
||Unrestricted
£
73,893
11,621|2025
Total
£
73,893
11,621|
Unrestricted
£
82,917
17,670||
||85,514|85,514|100,587||
||Unrestricted
£
3,900|2025
Total
£
3,900|
Unrestricted
£
26,361||
||3,900|3,900|26,361|
26,361|
- 3 Income from investments
## 4 Income from other income
18
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
5a Analysis of expenditure (current year)
|Governance costs
Support costs
Total expenditure 2025
Total expenditure 2024
Grants payable (see note 6a)
Office costs
Recruitment costs
Audit fees (see note 7)
Professional fees
Subscriptions
Travel
The Garden House establishment charges
Amortisation of lease
Depreciation of fixtures, fittings and equipment
Portfolio management costs
Other costs|26,807
-
-
26,807
52,014
Raising
funds
£
-
-
-
-
-
-
-
5,325
6,143
1,306
14,033
-|Charitable
activities|Governance
costs
£
34,004
(34,004)
-
-
-
-
-
26,702
-
6,000
-
1,302
-
-
-
-
-|-
-
-
-
-
1,479
406
-
-
-
-
20
1,905
-
(1,905)
-
-
Support
costs
£|100,388
-
-
100,388
2025 Total
£
37,672
-
26,702
-
6,000
1,479
1,708
5,325
6,143
1,306
14,033
20|81,578
40,000
-
10,800
-
1,395
258
21,516
5,760
1,306
20,204
2,707
2024 Total
£
1|
|---|---|---|---|---|---|---|
|||37,672
34,004
1,905
73,581
233,510
Grants
payable
£
37,672
-
-
-
-
-
-
-
-
-
-
-|||||
|||||||285,524
-
-|
|||||||285,524|
19
The JRSST Charitable Trust
## Notes to the financial statements
## For the year ended 31 December 2025
## 5b Analysis of expenditure (prior year)
Charitable activities
|Governance costs
Support costs
Total expenditure 2024
Grants payable (see note 6b)
Office costs
Audit fees
Subscriptions
Travel
The Garden House establishment charges
Amortisation of lease
Depreciation of fixtures, fittings and equipment
Portfolio management costs
Other costs|48,786
-
Raising
funds
£
-
-
-
-
-
21,516
5,760
1,306
20,204
-
3,228
52,014|181,578
10,800
Grants
payable
£
181,578
-
-
-
-
-
-
-
-
-
41,132
233,510|Governance
costs
£
10,800
(10,800)
-
-
10,800
-
-
-
-
-
-
-
-
-|181,578
0,000
0,800
1,395
258
21,516
5,760
1,306
20,204
2,707
44,360
285,524
44,360
-
Support
costs
£
2024 Total
£
-
40,000
4
-
1
1,395
258
-
-
-
-
2,707
(44,360)
-
-
285,524|
|---|---|---|---|---|
20
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
- 6a Grant making (current year)
|Grant making (current year)|||||||
|---|---|---|---|---|---|---|
|||Payment|||||
|||conditions|||||
|||now met and|||||
||Brought|committed to|Paid during|Cancelled/|Commitments|Carried|
||forward|in 2025|2025|adjusted|transferred|forward|
||£|£|£|£||£|
|Campaign for Freedom of Information (Scotland)|24,565|-|(19,652)|-|(4,913)|-|
|Fawcett Society|9,124|-|(9,124)|-|-|-|
|Jo Cox Foundation|-|27,672|(27,672)|-|-|-|
|JUSTICE|3,762|-|(3,762)|-|-|-|
|Rowntree Society|5,277|-|(5,277)|-|-|-|
|Shout Out UK|-|10,000|(10,000)|-|-|-|
|Spotlight on Corruption|26,172|-|(26,172)|-|-|-|
|Total grants 2025|68,900|37,672|(101,659)|-|(4,913)|-|
## 6b Grant making (prior year)
|Grant making (prior year)|||||||
|---|---|---|---|---|---|---|
|Campaign for Freedom of Information (Scotland)
Disability Policy Centre
Fawcett Society
Glitch
Involve
Jo Cox Foundation
JUSTICE
mysociety
Public Interest News Foundation
Rowntree Society
Spotlight on Corruption
Department of Politics and International
Relations, University of York
Total grants 2024|Brought
forward
£
-
23,250
-
(174,542)
9,844
-
18,809
-
21,720
10,554
8,750
-|Payment
conditions
now met and
committed to
in 2024
£
29,480
-
36,495
-
-
28,358
-
31,114
-
-
34,896
21,235|
Paid during
2024
£
(174,542)
(4,915)
(23,250)
(27,371)
(17,500)
(9,844)
(28,358)
(15,047)
(31,114)
(21,720)
(5,277)
(17,474)
(21,235)|
Cancelled/
adjusted
£
-
-
-
-
-
-
-
-
-
-
-
-|Commitments
transferred
£
-
-
-
-
-
-
-
-
-
-
-
-|Carried
forward
£
24,565
-
9,124
(192,042)
-
-
3,762
-
-
5,277
26,172
-|
||(81,615)|181,578|(223,105)|-|-|(123,142)|
- 7 Net income for the year
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||2025|2024|
||£|£|
|Depreciation|7,449|7,066|
|Auditor's remuneration (excluding VAT):|||
|Audit|12,000|7,600|
|Other services|2,000|1,400|
Auditors costs within the year are beeing borne by the new entity JRSST Charitable Trust (company number: 16786561) see note 17.
21
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
## 8 Staff costs
The charity does not directly employ any staff. It shares administrative staff with The Joseph Rowntree Reform Trust Limited and makes an annual payment to The Joseph Rowntree Reform Trust Limited for administrative costs (which includes employment costs) amounting to £nil (2024: £40,000), all costs wore borne by the new entity JRSST Charitable Trust (company number: 16786561).
## 9 Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024: £nil).
During the year ended 31 December 2025, expenses totalling £1,302 were reimbursed or paid directly to 4 Trustees (2024: £258 to 2 Trustees) for travel costs incurred.
## 10 Related party transactions
During the year to 31 December 2025 the Charitable Trust entered into transactions with related parties as follows:
Four of the Trustees of the JRSST Charitable Trust are also directors of The Joseph Rowntree Reform Trust Limited and its subsidiary company, JRRT (Properties) Limited. The transactions with these companies during the year were as follows:
Joseph Rowntree Reform Trust Limited (Reform Trust) - rent of £5,325 (2024: £15,431) was charged by the JRSST Charitable Trust for the use of The Garden House. A recharge of Garden House expenses was made by the JRSST Charitable Trust of £nil (2024: £22,460). A recharge of training expenses was made by the JRSST Charitable Trust of £nil (2024: £60). An amount of £nil (2024: £40,000) was charged by the Reform Trust for office and administration costs for the year and the balance outstanding from the Reform Trust of £nil (2024: £6,823) is shown as a debtor at the balance sheet date.
## 11 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 12 Tangible fixed assets
|Tangible fixed assets||||
|---|---|---|---|
|Cost
At the start of the year
Transfer to The JRSST Charitable Trust (see note 17)
At the end of the year
Depreciation
At the start of the year
Charge for the year
Transfer to The JRSST Charitable Trust (see note 17)
At the end of the year
Net book value
At the end of the year
At the start of the year|Long-term
leasehold
property
£
491,435
(491,435)|Fixtures and
fittings
£
19,614
(19,614)|
Total
£
511,049
(511,049)|
||-|-|-|
||190,130
6,143
(196,273)|11,996
1,306
(13,302)
|202,126
7,449
(209,575)
|
||-|
-|
-|
||-|
-|
-|
||301,305|
7,618|-|
Part of the Long- Term Leasehold property is a mixed use asset as part (approx. 50%) is used for rental purposes and generates income for the charity. It is not categorised as an investment asset as the investment asset element has no open market value.
22
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
- 13 Fixed asset investments
|Fixed asset investments||||
|---|---|---|---|
|Cost or valuation
At the start of the year
Additions
Disposals
Revaluations
Transfer to The JRSST Charitable Trust (see note 17)
At the end of the year
Net book value
At 31 December 2025
At 31 December 2024|Listed
investments
£
4,597,832
674,816
(685,463)
190,508
(4,777,693)|Cash held in
investment
portfolio
£
60,344
36,513
(90,000)
-
(6,857)|
Total
£
4,658,176
711,329
(775,463)
190,508
(4,784,550)|
||-|-|
-|
||-|-|
-|
||4,597,832|
60,344|
4,658,176|
The historical cost of the listed investments held at 31 December 2025 was £nil (2024: £4,212,764).
- 14 Debtors
|Debtors|||
|---|---|---|
|Creditors: amounts falling due within one year
Grants payable
Accruals
Other creditors
Transfer to The JRSST Charitable Trust (see note 17)
Creditors: amounts falling due after one year
Grants payable
Other debtors|2025
£
-|2024
£
285|
||-|285|
||2025
£
4,913
-
12,057
(16,970)|2024
£
63,987
15,850
42,435|
||-
2025
£
-
-|122,272|
|||2024
£
4,913|
|||4,913|
- 15 Creditors: amounts falling due within one year
- 16 Creditors: amounts falling due after one year
23
The JRSST Charitable Trust
Notes to the financial statements
## For the year ended 31 December 2025
- 17 Transfer of net assets to The JRSST Charitable Trust
The JRSST Charitable Trust (company number: 16786561) was incorporated on 15 October 2025. All the assets and operational responsibility were transferred over on 24 November 2025, upon the execution of the transfer agreement.
|Balance sheet
Fixed Assets:
Tangible assets (see note 12)
Investments (see note 13)
Current assets:
Debtors
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year (see note 15)
Transfer of net assets to The JRSST Charitable Trust|As at 24
November
2025
£
301,473
4,784,550|
|---|---|
||5,086,023
(16,970)
-
10,786|
||5,079,839|
There has been income and costs incurred in the year. However, due to the timing of the transfer agreed these will be shown within the new entity as follows:
|
tity as follows:||
|---|---|
||2025|
||Total|
||£|
|Rental and recharged expenses income|68,329|
|Staff and recharged office costs|56,378|
|Audit and Accounts preparation fees|16,800|
|Legal costs|46,517|
|Investment manager fees|3,073|
24