**Charity no: 280455**
## **THE ST JAMES'S TRUST**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5TH APRIL 2024**
## **THE ST JAMES'S TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and administrative information|**1**|
|Trustees' report|**2-3**|
|Independent examiner's report to the trustees|**4**|
|Statement of financial activities|**5**|
|Balance sheet|**6**|
|Notes to the financial statements|**7-11**|
## **THE ST JAMES'S TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Charity number**|280455|
|---|---|
|**Date of trust**|10 June 1980|
|**Trustees**|Mrs Jane Wells|
||Mrs Cathy Ingram|
||Ms Francesca Unsworth|
|**Registered Office**|9 Bonhill Street|
||London|
||EC2A 4DJ|
|**Solicitors**|Heydons|
||23 Bentink Street|
||London|
||W1U 2EZ|
|**Auditors**|Begbies Chartered Accountants|
||9 Bonhill Street|
||London|
||EC2A 4DJ|
|**Investment managers**|Nedbank Private Wealth|
||Millenium Bridge House|
||2 Lambeth Hill|
||London|
||EC4V 4GG|
||UBS Financial Services|
||1285 Ave of Americas|
||15th, 16th, 17th, 18th & 20th Floors|
||New York|
||NY 10019|
**Page 1**
## **THE ST JAMES'S TRUST**
## **ANNUAL REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
The trustees present their annual report for the year ended 5th April 2024
## **Structure, governance and management**
The trust was created by a deed dated 10 June 1980 as a trust exclusively for charitable purposes, 'charitable' meaning charitable according to UK law. The trust was registered with the Charity Commission on 22 September 1980, charity registration no. 280455. Trustees are appointed in accordance with the deed.
The trustees believe that the major risk to which the charity is exposed is volatility in the performance of its listed investments. The trustees manage this risk by holding diversified portfolios, denominated in both sterling and US dollars, and managed by experienced brokers.
The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
## **Objectives and activities**
The trust makes grants to charitable organisations that respond to areas of concern of which the trustees have particular knowledge. In the UK the main concerns are in the areas of health, education and social justice. In the USA the main areas are in education, community arts projects and raising awareness of crimes against humanity.
The trustees personally make contact with beneficiary projects. They monitor and evaluate these projects not only by requiring sight of audited accounts and cash flows but also through their presence, and their discussions with project staff and clients. All available grants are made by the trustees through their personal involvement. They do not seek unsolicited applications for grants and, without paid staff, are unable to respond to such applications.
## **Achievements and performance**
25 donations were paid during the financial year, 22 in the USA and 3 in the UK. These grants are itemised in note 10.
## **Financial review and reserves policy**
The income of the trust for the year decreased from £51k to £48k. Income has historically varied year on year, largely depending on the make up of the investment portfolio.
The market value of the investments held by the trust decreased during the year decreased from £2,147k to £2,008k . This was a result of disposals exceeding new investments.
**Page 2**
## **THE ST JAMES'S TRUST**
## **ANNUAL REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
Unrealised gains arising as a result of investment revaluation were £161,840 (2023 losses £168,302) while realised gains on disposal were £127,555 (2023 losses £51,553); the gains realised in the year are consistent with general market expectations. The gains were offset to some extent by a foreign exchange loss of £32,450 (2023 gain £64,606) on translation of the trustees' US investments. The trustees are satisfied with the investment strategy and believe that the charity has sufficient reserves to continue to fund the current grant making policy for the forseeable future.
## **Statement of trustees' responsibilities**
Law applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the trust's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the trustees are required to:
-select suitable accounting policies and apply them consistently;
-make judgements and estimates that are reasonable and prudent;
-have due regard to any guidance published by the Charity Commission , in particular relatin to guidance on public benefit
-state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
## `22/04/2025`
This report was approved by the trustees on …................................ and signed on their behalf by
**Jane Wells**
**Trustee**
**Page 3**
## **THE ST JAMES'S TRUST**
## **ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **INDEPENDENT EXAMINER'S REPORT**
I report on the accounts of The St James's Trust for the year ended 5th April 2024, which are set out on pages 5 to 11.
## **Responsibilities and basis of report**
As the charity Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 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 examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- 2) the accounts do not accord with those records; or
- 3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered 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.
## **Andrew Brooker FCA**
Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ
```
22/04/2025
```
**Page 4**
## **THE ST JAMES'S TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
|**Income from:**
Investments
Interest
**Total income**
**Expenditure on:**
Raising funds
Investment management fees
Charitable activites
Grants payable
Other expenditure
Professional fees
Other costs
**Total expenditure**
**Currency exchange gains / (losses)**
**Exchange gain/(loss) on translation of investments**
**Gain / (loss) on investment transactions**
**Net income / (expenditure)**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**fund**
**2024**
**£**
48,490
471
48,961
10,343
334,159
9,000
1,923
355,425
(3,912)
33,165
289,393
12,182
2,241,955
**2,254,137**|**_Unrestricted_**
**_fund_**
**_2023_**
**£**
50,864
233|
|---|---|---|
|||51,097|
|||22,981
352,663
9,000
2,581|
|||387,225|
|||20,741
64,606
(219,855)|
|||(470,636)
2,712,591|
|||**2,241,955**|
**Page 5**
## **THE ST JAMES'S TRUST**
## **BALANCE SHEET**
## **AS AT 5TH APRIL 2024**
**----- Start of picture text -----**
2024 2023
£ £ £ £
Fixed assets
Investments 2,007,837 2,147,194
Current assets
Cash at bank 268,471 123,031
268,471 123,031
Creditors: falling due within one year (22,171) (28,271)
Net current assets 246,300 94,760
Net assets 2,254,137 2,241,955
Funds
Unrestricted funds 2,254,137 2,241,955
22/04/2025
The financial statements were approved by the trustees on ……...................................
**----- End of picture text -----**
**Jane Wells Trustee**
**Page 6**
## **THE ST JAMES'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
## **1 Accounting policies**
## **1.1 Accounting convention**
The financial statements are prepared under the historic cost convention, except that investments held as fixed assets are carried at market value. In preparing these accounts the charity has followed best practice as set out in the 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) issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis as the trustees believe the charity's substantial reserves means that no material uncertainties exist regarding the charity's ability to continue as a going concern.
The financial statements are prepared in sterling and rounded to the nearest £
The charity constitutes a public benefit entity as defined by FRS 102
## **Cash flow**
The fund qualifies as a small charity under the terms of the Charities Act 2011. As a consequence it is exempt from the requirement to publish a cash flow statement.
## **1.2 Income**
Income from listed investments is accounted for by reference to the date on which distributions are receivable. Interest is accounted for on an accruals basis.
## **1.3 Expenditure**
Expenditure is accounted for on an accruals basis. Grants are accounted for when an undertaking to pay the grant has been entered into during the financial year. General policy is that grants are paid as soon as possible after they are unconditionally committed to, and there are no accruals for grant commitments at the year end.
## **1.4 Investments**
Investments are included in the accounts at market value at the end of the financial year. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise.
**Page 7**
## **THE ST JAMES'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
## **1.5 Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the average exchange rate for the year. All differences are taken to the SOFA.
## **1.6**
## **Financial instruments**
Aside from the accounting policy in respect of listed investments (see 1.4 above), the only financial instruments typically held by the charity are cash at bank or other basic financial instruments such as debtors and creditors receivable or payable in less than one year, which are carried at transaction price subject to provision for impairment
## **2 Taxation**
The charity is a registered charity under the Charities Act 2011 and is not subject to taxation
## **3 Grants payable**
|**Grants payable**|||||||
|---|---|---|---|---|---|---|
|||**2024**|||**2023**||
||**No**||**£**|**_No_**||**£**|
|UK||3|50,000||_17_|_217,000_|
|USA||22|284,159||_9_|_135,663_|
||||334,159|||_352,663_|
Details of grants paid during the year are listed in note 10
## **4 Other charitable expenditure**
|**Other charitable expenditure**|||
|---|---|---|
|Accountancy fees
Audit fees|**2024**
**£**
4,500
4,500
9,000|**2023**
**£**
4,500
4,500|
|||9,000|
**Page 8**
## **THE ST JAMES'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
|**5**
**Gains / (losses) on investments**
Disposal proceeds
Original purchase cost
Unrealised gains to date
Realised gains/(losses) for year
Net gains/(losses) on revaluation at 5th April 2024
Gains / (losses) on investments
Unrealised currency exchange gains / (losses)
**6**
**Investments**
Market value at 6th April 2023
Additions at cost
Disposals at carrying value
Unrealised currency exchange gains/losses
Net gains/(losses) on revaluation at 5th April 2024
Market value at 5th April 2024
Historic cost at 5th April 2024
UK investments
US investments|**2024**
**£**
1,142,713
(980,847)
(34,311)
127,555
161,840
289,395
(32,450)
256,945
**2024**
**£**
2,147,194
680,797
(1,015,158)
(32,450)
161,840
1,942,223
1,540,588
885,289
1,056,934
1,942,223|**_2023_**
**_£_**
1,612,375
(1,417,126)
(246,802)|
|---|---|---|
|||(51,553)
(168,302)|
|||(219,855)
64,606|
|||(155,249)|
|||**2023**
**£**
2,416,710
1,498,108
(1,663,928)
64,606
(168,302)|
|||2,147,194|
|||1,870,275|
|||880,235
1,266,959|
|||2,147,194|
All of the above investments are held on a recognised stock exchange.
The following investments represent more than 5% of the portfolio at market value:
||**2024**|**2023**|
|---|---|---|
|The Growth Fund of America|78,770|_-_|
|Vanguard Mega Cap Growth||123,016|
|Invesco QQQ Trust||128,696|
|Ishare Trust Core S&P Small-Cap ETF|160,335|146,037|
|Ishare Trust Core S&P500|163,753|164,857|
**Page 9**
## **THE ST JAMES'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
|**6**
**Investments (continued)**
**2024**
Capital Group FXD Income
85,070
Ishares Core S&P Midcap
149,150
Technology Select Sector SDPR
98,006
Wisdomtree US Dividend Growth
122,723
**857,807**
The composition of the trust's investments at 5th April 2024 is as follows:
**2024**
**£**
Bonds / fixed interest
392,561
Equities
1,377,289
Alternatives / cash products
172,374
**1,942,224**
**7**
**Reconciliation in movements in unrealised gains**
**2024**
**£**
Unrealised gains/(losses) at 6th April 2023
276,919
Unrealised gains/(losses) in respect of disposals
(34,311)
Unrealised gains/(losses) on foreign exchange
(2,813)
Net gains on revaluation at 5th April 2024
161,840
**Unrealised gains/(losses) at 5th April 2024**
401,635
**8**
**Creditors: amount falling due within one year**
**2024**
**£**
Accrued professional fees
36,000
36,000
**9**
**Grant commitments**|**2023**|
|---|---|
||**562,606**|
||**2023**
**£**
664,463
1,359,920
120,812|
||**2,145,195**|
||**_2023_**
**_£_**
672,353
(246,802)
19,670
(168,302)|
||276,919|
||**_2023_**
**_£_**
27,000|
||_27,000_|
|||
All grants which the charity has unconditionally committed to were paid during the year. As a result no provision is carried in the accounts as at 5th April 2024 (2023 £nil).
**Page 10**
## **THE ST JAMES'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
## **10 Grants payable**
Grants made to institutions were as follows:
|**Recipient**
**Purpose of grant**
Three Generations
Raising awareness of crimes against humanity
The Tibet Fund
Preserve cultural identity of Tibetan people
TASC Group at JP Morgan Chase Bank (NA)
Arlington Gardens
Pioneer Projects
Paul John Carolan
Martha Graham Dance Company
Four Way Books
Non-profit literary organisation
Trevor Project
The Jewish Museum
Caris Islington
Bereavement counselling
Living Archives
DNKL
Film Society of Lincoln Centre
Park Theatre
London theatre
BAATN
Black, African and Asian Therapy Network
The King's Head Theatre
London theatre
Elizabeth House
Marie Curie Hospice Hampshire
St Joseph's Hospice Hackney
British Youth Music Theatre
Stichting Stolpertei
Ukranian Association for
Emotionally Focused Therapy|**2024**
**2023**
**£**
**£**
207,532
114,481
11,973
10,519
11,574
-
2,461
1,000
4,390
-
7,982
-
8,780
8,202
1,197
-
3,193
20,000
15,964
-
3,592
3,991
-
11,000
35,000
5,000
55,000
40,000
20,000
10,000
3,991
20,000|
|---|---|
||284,159
352,663|
## **11 Related party transactions**
During the year donations totalling £207,532 (2023: £114,481) were made to 3 Generations. Jane Wells is the founder and Executive Director of this organisation
**Page 11**