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2024-06-30-accounts

SIR ROBERT SPEED CHARITABLE TRUST

TRUSTEE'S REPORT AND INDEPENDENTLY EXAMINED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2024

CHARITY COMMISSION FOR ENGLAND AND WALES NUMBER 281440

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 CONTENTS OF TRUST ACCOUNTS

Page
Trustee's Annual Report 1-4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Schedules of Investments 8-10
Notes to the Accounts 11-12

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEE'S ANNUAL REPORT

Reference and administration Information

Charity name:

Sir Robert Speed Charitable Trust

Charity registration number:

Charity Commission for England and Wales 281440

Trustee and Administrator:

Apex Corporate Trustees (UK) Limited 4th Floor, 140 Aldersgate London EC1A 4HY

Chairman to the Council:

T M Powell 34 Gorst Road London SW11 6JE

Investment Manager:

Canaccord Genuity 9th Floor 88 Wood Street London, EC2V 7QR

Bankers:

Lloyds Bank Plc PO Box 72 Bailey Drive Gillingham Business Park Kent, ME8 0LS

Page 1

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEE'S ANNUAL REPORT (CONTINUED)

The Trustee presents its report and financial statements for the year ended 30 June 2024.

Structure governance, objectives and management

Sir Robert Speed Charitable Trust was set up by deed dated 15 September 1980 by Sir Robert Speed CB QC.

The Trust up to November 2020 was divided into two parts, the first being the Original Fund which is held by the Trustee, upon trust to apply the same (at the direction of the Council) either as capital or income for the purpose of providing recreational facilities for the physical education and development of persons who are from time to time Resident Junior Members of the Universities of Oxford and Cambridge. No part of the whole of the Trust fund need be retained or shall be treated as a permanent endowment, so that the whole of the Trust fund, whether capital or income, may at the discretion of the Council, be expended on the objects of the Trust.

The second part is the Ladies Fund which was set up following receipt in February 2007 of a personal gift from Mr David Gilchrist of 50,000 shares in Kiln Group Plc. This fund and the income therefrom are kept separate from the other charity investments, so that the income can be used to assist with the running and coaching costs for the Oxford and Cambridge University Ladies Golf Clubs. During the year £3,500 (2023: £3,500) was paid out to the Ladies Golf Clubs from the Ladies Fund.

In November 2020, The Council decided to set up a new Fund " Divots/Stymies Fund " to help second team golf at the Universities. Money paid into the Fund can only be distributed to those teams. During the year £3,500 (2023: £3,500) was paid out to the Divots and Stymies from the Divots/Stymies Fund.

Risk Management

The Trustee has considered the major risks to which the Trust is exposed and has reviewed those risks and established systems and procedures to manage those risks. The Trustee considers the variability of investment returns on the expendable endowment to constitute the Charity's main risk. The Trustee and Council have contracted the services of Canaccord Genuity, the investment manager, to provide services and advice on investments. The Trustee and Council consider that the investment advice received from Canaccord Genuity will help grow the resources available for generating income and capital growth so as to achieve the Charity's objectives. The variability of the donations is also a risk and the Council monitors all donations.

Page 2

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEE'S ANNUAL REPORT (CONTINUED)

Investments

In accordance with the provisions of the Trust Deed, the control and management of the Trust's funds is vested in the Council, who, in consultation with the Trust's Investment Manager, decide the investment policies to be followed. The Trust's investment policy was changed in the 2021 accounting year. The Trust now invests in a maximum of 8 collective funds/investment trusts and no one fund should ordinarily exceed 30% of the overall value of the investment portfolio. Separate investment reports are made by the Investment Manager direct to the Council and accordingly no further comment is appropriate in this report, with the exception of comparing the value of the Funds with the values as at 30 June 2023.

The investments held as at 30 June 2024 had a value of £737,391. Adding to this figure the cash in hand and debtors and deducting the creditors gives a total net value for the fund of £843,543 which compares with a value at 30 June 2023 of £743,406. This represents a increase in value of £100,137 or 13%, which has arisen as a result of the rise in markets. The Council has reviewed the performance of the investments since year end and has concluded that the mid to long term investment strategy adopted is appropriate for the Trust.

Financial Review

2024 2023
Donations subject to Gift Aid £ 36,064
£ 36,129
Other Donations £ 34,915
£ 12,408

During the period 13 (2023: 34) new Gift Aid forms were received totaling £1,040 (2023: £2,645) including one off payments.

£57,187 (2023: £53,030) of the Trust income was distributed to the Oxford and Cambridge University Golf Clubs to cover expenses incurred during the year and a contribution to the golf coaching costs of Resident Junior Members.

Reserves Policy

The appropriate level of financial reserves is considered each year by the Council. Reserves comprise unrestricted general and endowment funds, and restricted general and endowment funds which are only available for the Universities’ Ladies teams and the Universities’ second teams. Whilst the Trust Deeds state that no part of the Trust property shall be treated as a permanent endowment so that the whole of the Trust fund, whether capital or income, may be expended on the objects of the Trust, the Council adopts a long-term plan in generating sufficient funds to support future generations of University golfers. The Council wishes to generate sufficient endowment funds (defined as significant one-off donations intended by the donor for permanent investment and not current spend) to support the Charity's objectives.

Page 3

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEE'S ANNUAL REPORT (CONTINUED)

Reserves Policy (continued)

The Council expects the Trust to hold, under normal circumstances, not more than £50,000 of unrestricted general funds at year end, to allow for significant fluctuations in income and expenditure and the potential need for a major grant to one or other University for a one-off purpose. At the year end, unrestricted general funds were £32,619.

Taxation

A provision for income tax recoverable has been made as shown. A claim for refund of this tax in respect of Gift Aid has been submitted to HMRC.

Generally

The Trustee has power to charge fees under the terms of the Trust deed in accordance with its published fee scale. The fee charged is shown on page 12.

Apex Corporate Trustees (UK) Limited

Authorised Signatory

Date 2024

Page 4

Independent examiner’s report to the trustees of the Sir Robert Speed Charitable Trust

I report to the charity trustees on my examination of the accounts of the Sir Robert Speed Charitable Trust for the year ended 30 June 2024 which are set out on pages 1 to 12.

Responsibilities and basis of report

As the charity trustees of the Trust 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.

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.

Signed:

Name: Alexander Gems

Relevant professional qualification or body: ICAEW Chartered Accountant

Address: 12 Spencer Road, Raynes Park, London, SW20 0QP

Date: 16 April 2025

Page 5

SIR ROBERT SPEED CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Notes
General
Endowment
£
Income
Donations from individuals
6
45,716
26,645
Bank & Canaccord Interest
828
-
HMRC Interest
33
-
Investments
9,467
-
Total Income
56,044
26,645
Expenditure
Charitable activities
OUGC basic grant
12,400
-
OUGC Divots
3,000
-
CUGC basic grant
12,400
-
CUGC Stymies
3,000
-
Coaching costs (Men)
2
9,837
-
OULGC basic grant
2,000
-
CULGC basic grant
2,000
-
Coaching costs (Ladies)
2
1,350
-
Putter subsidies
1,600
-
Men's Varsity dinner match
600
-
Other Grants to the Uni
2,000
-
Total expenditure on charitable
activities
50,187
-
Investment management fees
-
4,782
Administration
5
7,476
-
Total Expenditure
57,663
4,782
Net (expenditure)/income for the year
(1,619)
21,863
Net gains/(losses) on investments
-
62,856
Net movement in funds
(1,619)
84,719
Fund balances at 30 June 2023
34,238
554,393
Fund balances at 30 June 2024
4
32,619
639,112
2024
Unrestricted Original Fund
General
Endowment
£
1,356
2,000
3
-
-
-
1,397
-
2,756
2,000
-
-
-
-
-
-
-
-
-
-
1,750
-
1,750
-
-
-
-
-
-
-
-
-
3,500
-
-
714
924
-
4,424
714
(1,668)
1,286
-
9,352
(1,668)
10,638
6,398
76,928
4,730
87,567
2024
Restricted Ladies Fund
General
Endowment
£
1,356
2,000
3
-
-
-
1,397
-
2,756
2,000
-
-
-
-
-
-
-
-
-
-
1,750
-
1,750
-
-
-
-
-
-
-
-
-
3,500
-
-
714
924
-
4,424
714
(1,668)
1,286
-
9,352
(1,668)
10,638
6,398
76,928
4,730
87,567
2024
Restricted Ladies Fund
General
Endowment
£
3,649
714
-
-
-
-
1,012
-
4,661
714
-
-
1,750
-
-
-
1,750
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,500
-
-
527
-
-
3,500
527
1,161
187
-
6,718
1,161
6,906
4,835
66,614
5,996
73,520
2024
Restricted Divots/Stymies Fund
2024
Total
£
80,080
831
33
11,876
92,820
12,400
4,750
12,400
4,750
9,837
3,750
3,750
1,350
1,600
600
2,000
57,187
6,022
8,400
71,609
21,211
78,926
100,137
743,406
843,543
2023
Total
£
57,832
-
-
10,397
2,000 68,229
-
-
-
-
-
-
-
-
-
-
-
-
714
-
12,000
4,750
12,000
4,750
9,000
3,750
3,750
1,230
1,800
-
-
53,030
5,620
8,400
714 67,050
1,286
9,352
1,178
67,144
10,638
76,928
68,323
675,084
87,567 743,406

Page 6

SIR ROBERT SPEED CHARITABLE TRUST BALANCE SHEET AS AT 30 JUNE 2024

FIXED ASSETS
Quoted Investments
- See Schedules
CURRENT ASSETS
Income Tax recoverable Gift Aid
Bank Current Account
Broker Account
TOTAL CURRENT ASSETS
CURRENT LIABILITIES
Creditors
- Trustee Fees
- CULGC coaching fee
- OULGC coaching fee
- OUGC Basic Grant
- HMRC overpaid Gift Aid
TOTAL CURRENT LIABILITIES
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
FUNDS
Notes General
Endowment
£
-
588,857
-
588,857
8,295
1,350
31,314
47,745
486
1,161
40,095
50,256
(7,476)
-
-
-
-
-
-
-
-
-
(7,476)
-
32,619
50,256
32,619
639,112
32,619
639,112
2024
Unrestricted Original Fund
General
Endowment
£
-
85,539
-
85,539
267
-
5,318
1,827
69
201
5,654
2,028
(924)
-
-
-
-
-
-
-
-
-
(924)
-
4,730
2,028
4,730
87,567
4,730
87,567
2024
Restricted Ladies Fund
General
Endowment
£
-
85,539
-
85,539
267
-
5,318
1,827
69
201
5,654
2,028
(924)
-
-
-
-
-
-
-
-
-
(924)
-
4,730
2,028
4,730
87,567
4,730
87,567
2024
Restricted Ladies Fund
General
Endowment
£
-
85,539
-
85,539
267
-
5,318
1,827
69
201
5,654
2,028
(924)
-
-
-
-
-
-
-
-
-
(924)
-
4,730
2,028
4,730
87,567
4,730
87,567
2024
Restricted Ladies Fund
General
Endowment
£
-
62,996
-
62,996
829
57
5,116
10,268
51
199
5,996
10,524
-
-
-
-
-
-
-
-
-
-
-
-
5,996
10,524
5,996
73,520
5,996
73,520
2024
Restricted Divots/Stymies Fund
2024
Total
£
737,391
737,391
10,798
101,587
2,167
114,552
(8,400)
-
-
-
-
(8,400)
106,152
843,543
843,543
2023
Total
£
663,623
3
4
85,539
-
1,827
201
663,623
10,464
76,045
2,425
2,028 88,933
-
-
-
-
-
(8,400)
-
(750)
-
-
- (9,150)
2,028 79,783
87,567 743,406
87,567 743,406

Page 7

SIR ROBERT SPEED CHARITABLE SETTLEMENT SIR ROBERT SPEED CHARITABLE SETTLEMENT
Schedule of investments and transactions
Year ended 30th June 2024
Holding Market Value Additions Disposals Profit Holding Book Value Market Value Net Income
01/07/2023 01/07/2023 Quantity Cost Quantity Proceeds (Loss) 30/06/2024 30/06/2024 30/06/2024
£ £ £ £ £ £ £
Original Fund:
Alliance Trust
Ordinary 2.5p Shares
Purchase 4,700 48,443
Purchase 2,510 24,959 7,210 73,402 87,241 1,392
BlackRock Throgmorton Trust PLC
Ordinary 5p Shares 7,490 43,068 7,490 65,539 44,940 1,105
Edinburgh Worldwide Investment Trust
Shs Gbp 16,500 23,232
Purchase 13,025 15,941 29,525 75,012 43,402
Impax Environmental Markets Plc
Ordinary GBP0.1 13,700 56,102
Sale 13,700 49,684 (16,114) 233
JPMorgan Global Growth & Income PLC
Shs Gbp 30,900 143,840
Sale 4,500 20,740 1,425 26,400 113,310 152,592 5,172
Martin Currie Global Portfolio Trust
Ordinary 5p Shares 34,275 119,620
Sale 6,950 20,612 (6,230) 27,325 105,537 102,469 1,273
Monks Investment Trust
Ordinary 5p shares 9,300 92,070
Sale 265 2,699 (1,037) 9,035 127,363 106,613 293
Smithson Investment Trust Plc
Accum Ordinary Shs Gbp 3,750 52,463 3,750 65,566 51,600
TOTAL: Original Fund 530,393 89,343 93,735 -21,955 625,728 588,857 9,467

Page 8

SIR ROBERT SPEED CHARITABLE SETTLEMENT SIR ROBERT SPEED CHARITABLE SETTLEMENT
Schedule of investments and transactions
Year ended 30th June 2024
Holding Market Value Additions Disposals Profit Holding Book Value Market Value Net Income
01/07/2023 01/07/2023 Quantity Cost Quantity Proceeds (Loss) 30/06/2024 30/06/2024 30/06/2024
£ £ £ £ £ £ £
Ladies Fund:
Alliance Trust
Ordinary 2.5p Shares
Purchase 730 7,524
Purchase 315 3,132 1,045 10,656 12,645 202
BlackRock Throgmorton Trust PLC
Ordinary 5p Shares 1,095 6,296 1,095 9,581 6,570 162
Edinburgh Worldwide Investment Trust
Shs Gbp 2,395 3,372
Purchase 1,875 2,295 4,270.00 10,869 6,277
Impax Environmental Markets Plc
Ordinary GBP0.1 2,000 8,190
Sale 2,000 7,253 2,038 34
JPMorgan Global Growth & Income PLC
Shs Gbp 4,580 21,320
Sale 600 2,765 665 3,980 13,930 23,004 773
Martin Currie Global Portfolio Trust
Ordinary 5p Shares 4,925 17,188
Sale 925 2,744 (830) 4,000 15,455 15,000 185
Monks Investment Trust
Ordinary 5p shares 1,360 13,464
Sale 40 407 (157) 1,320 18,608 15,576 43
Smithson Investment Trust Plc
Accum Ordinary Shs Gbp 470 6,575 470 8,217 6,467
TOTAL: Ladies Fund 76,406 12,951 13,170 1,717 87,317 85,539 1,397

Page 9

SIR ROBERT SPEED CHARITABLE SETTLEMENT SIR ROBERT SPEED CHARITABLE SETTLEMENT
Schedule of investments and transactions
Year ended 30th June 2024
Holding Market Value Additions Disposals Profit Holding Book Value Market Value Net Income
01/07/2023 01/07/2023 Quantity Cost Quantity Proceeds (Loss) 30/06/2024 30/06/2024 30/06/2024
£ £ £ £ £ £ £
Divots/Stymies Fund:
Alliance Trust
Ordinary 2.5p Shares
Purchase 500 5,153
Purchase 275 2,734 775 7,888 9,378 150
BlackRock Throgmorton Trust PLC
Ordinary 5p Shares 800 4,600 800 7,159 4,800 118
Edinburgh Worldwide Investment Trust
Shs Gbp 1,770 2,492
Purchase 1,475 1,805 3,245 7,891 4,770
Impax Environmental Markets Plc
Ordinary GBP0.1 1,470 6,020
Sale 1,470 5,331 -1,874 25
JPMorgan Global Growth & Income PLC
Shs Gbp 3,310 15,408
Sale 500 2,305 138 2,810 12,176 16,242 552
Martin Currie Global Portfolio Trust
Ordinary 5p Shares 3,670 12,808
Sale 775 2,299 -726 2,895 11,299 10,856 136
Monks Investment Trust
Ordinary 5p shares 1,000 9,900
Sale 30 306 -114 970 13,576 11,446 32
Smithson Investment Trust Plc
Accum Ordinary Shs Gbp 400 5,596 400 7,142 5,504
TOTAL: Divots/Stymies Fund 56,824 9,693 10,240 -2,577 67,132 62,996 1,012
TOTAL: 663,623 111,987 117,144 -22,815 780,176 737,391 11,876

Page 10

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE ACCOUNTS

1. Accounting policies

1.1 Basis of accounting

The accounts have been prepared on the historical cost basis as modified by the revaluation of investments.

1.2 Nature and purpose of funds

Endowment funds are unrestricted and restricted funds that are held for the benefit of the charity as capital funds. Unrestricted funds are available for use at the discretion of the Trustee in furtherance of the objectives of the Charity and which have not been designated for other purposes. Unrestricted funds comprise general funds and endowment funds. Restricted funds are those which are to be used in accordance with the specific restrictions of the donors and comprise the Ladies Fund and the Divots/Stymies Fund. Restricted funds comprise general and endowment funds.

1.3 Investments

Investments are stated at fair market value with gains and losses being recognised within Net income/expenditure.

2. Golf Coaching Costs
Oxford University Golf Club (OUGC)
Cambridge University Golf Club (CUGC)
Oxford University Ladies Golf Club (OULGC)
Cambridge University Ladies Golf Club (CULGC)
3. Fixed asset Investments
Quoted Investments
Market Value at 1 July 2023
Additions at cost
Disposals at carrying value
Net Investment gains
Market Value at 30 June 2024
Historical Cost as at 30 June 2024
£
4,800
5,037
750
600
£
9,837
1,350
11,187
£
663,623
111,987
(117,144)
78,926
737,391
780,176

Page 11

SIR ROBERT SPEED CHARITABLE TRUST FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE ACCOUNTS (continued)

4. Movement in funds

Unrestricted funds
Endowment funds
General funds
Restricted Ladies funds
Endowment funds
General funds
Restricted Divots/Stymies funds
Endowment funds
General funds
Total funds
Opening
Balance
1 July 2023
£
554,393
34,238
588,631
76,928
6,398
83,326
66,614
4,835
71,449
743,406
Income
£
26,645
56,044
82,689
2,000
2,756
4,756
714
4,661
5,375
92,820
Expenditure
£
(4,782)
(57,663)
(62,445)
(714)
(4,424)
(5,138)
(527)
(3,500)
(4,027)
(71,609)
Investment
Gains
£
62,856
-
62,856
9,352
-
9,352
6,718
-
6,718
78,926
Transfers
£
-
-
-
-
-
-
-
-
-
-
Closing
Balance
30 June 2024
£
639,112
32,619
671,731
87,567
4,730
92,296
73,520
5,996
79,516
843,543

5. Trustee remuneration and related party transactions

£8,400 (2023: £8,400) was charged by Apex Corporate Trustees (UK) Limited for their services for the year ended 30 June 2024.

6. Donations

Donations subject to Gift Aid
HMRC Income Tax recoverable on Gift Aid
Other donations
General
Endowment
£
£
30,298
2,700
7,622
675
7,796
23,270
45,716
26,645
Unrestricted Original Fund
General
Endowment
£
£
865
-
216
-
275
2,000
1,356
2,000
Restricted Ladies Fund
General
Endowment
£
£
2,201
-
588
-
860
714
3,649
714
Restricted Divots/Stymies Fund
General
Endowment
£
£
2,201
-
588
-
860
714
3,649
714
Restricted Divots/Stymies Fund
Total
£
36,064
9,101
34,915
714 80,080

Page 12