THE SEARLE CHARITABLE TRUST REPORT AND STATUTORY ACCOUNTS YEAR ENDED 6 APRIL 2024 Reglstered Charlty Number 288541
THE SEARLE CHARITABLE TRUST l N D EX Yo•f gnded 6 Aprll 2024 Pag• Report ofthe Trustses IrKlependant Examinerfs report statement of Fln8rtial Aciivilles Balance Sheet Note8 to the FInala1 Statement8 Awndbx., Inv08tment portfollo {not flled 7thth Charty Commbslon) 12
THE SEARLE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended 5 Aprfl 2024 The Trustees present thesr annual rerxlrt and accounts of the Charity fof the year onded S April 2024. The financial 8tatsm8nts have been prepared in accordance with the 0¢unting policies Sèt out in note 1 of thg financial stalemenls. Th& stalernents comply vilh the Charity's Trust Dè8d, the Charities Act 2011 and the Accounting and Reporting by Charities.. St8tèmènl of Recommended Pr8¢tice applicable to charities preparing their accounts in 8c¢ordan¢e with the Financial Reporting Standard applirablo in the UK and Republic of Ireland ISORP FRS 1021 leffe¢llve 1 January 20191. Structuro, go¥•man and m*n•g•ment Th• Trust wa8 cori8lituted on 14 January 1982, 8nd Is govemed by the Trust Daed. The Trustees who seN•<I during the year are shown in the 'Refer¢nce 8nd adminlstrative delalls, sactlon below. New Trustees may be appointed by the exlstlng Trustees by virtue of 8 power contained wilhln the Trust Deed. Ml Tru¥tees give of Ihdr tlm8 freely and Tw$l¢• Mneration wa8 P8ld In the year. Th8 Trustees con8id8r that Ihe princip81 risk I8ng the Trust continues lo be th8 v8riabS11ty of inveslmenl retums from the Trust's Inveslments. The Trust8e8 hava axamined the rnalor Strategic, busintr¥s and operational rl8k8 which the TNSI faces and confirm that approprlate measures hovg be•n taken to protect it from them a8 far 08 po$sible. Obloctlve8 and a¢tlvllle8 for th• publ1¢ b•n•fit Thè object of Ihe Charity, unijer th& torms of the Tru61 D•ed, Is to make donètions lo any charltable boty. assodatlon or organlsation al tho dl$cretion of the Tru8lee8. The Tru8t Deed provides that the income and lal Ihg Tru818es' dlscrollon} the whole or part of th• Trust fund opplled for chorlt8ble purpo8•8. The Trustees havlng regard lo the publlc benefit guldan¢8 publlsh•d by the Charity Cctmmlssion In atrdanC wlth section 17 of the Ch8rllieB Act 2011 consider that the purpo$e and activllies of Ihe Charity 8at18fy th• requiramtrnl$ ol Ihe public benpfrt le818et oul in 9octlon 4 01 the 8am• acl. Orynl••tlon The CharKy 16 govemed by Ils TnJ8t88s who may exer¢i8• all the powers contained wthln the Tru81 D••d. In accordance with Trust Oe8d, the Tru$l&e$ hav8 power lo invest in #uth stocks, Shares, Investmenls and property in any part of the world 88 they $e? flt. The Tru8teos oppoint8d Aberde8n Stondard C8pilal a$ invastrnent manager8 on a discretionary basls lo Inv8St for a balènced ratum of incorne and capitol growth In the long term. Fin•n¢lal rwl•w In total, funds Incr•ased by £707.128 in Ihg y&ar to £8,135,23512023- decfeased by eOO8,214 to £7,428,107). The Truste8s make don8tions and grants on a dl$¢retlonary basis. The Trustèes have continued with thelr policy of supporting th¥ Rona Trust. During the ye8r tha Trustees made grants of £S¥),000 lo thé Rona Trust (2023- £62,5C(11. Furlhar grants were made of £100 to Ann Bowers {2023- £nlll. Res•rvM pollcy Al 5 April 2024 Ih¢re was £1,064,884 of undistributed incorne 12023 - £994,269). The Trustees ¢onsid8r the aggregate level of capital and Undistrit income suffiaent to meet IheSr objectives, which include a proposed significant donation to the Rona Tnjst lo enable them to purchas8 a nèw sall training boat. The Truste?5 hava the power to invest as they think fft any fvnd$ Th)t immediately requirod. Investhont p¢li¢y The Trustees, principal resources arise from inv8strnont Income. In this ragard the Tru$l¥¢$ have noted th• statutory duty of cara required by the Trustee A¢t 2000 in relation lo Iheii holding suitabl• investments and the need for diversification of investments 50 far as is appropriate lo the circumstances of the Twst. Given th8 Trustees, distribution policy their view is that the tentIOn of the excess assets of the TTUSt in cash pending thelr distribution reflécts suitable investment of the Trust's funds.
THE SEARLE CHARITABLE TRUST REPOR T OF THE TRUSTEES Ygar ènded 5 Aprll 2024 Reference and admlnl•tratlve detal Settlor Andrew Donald Searte Oats of sèttl0nt 14 January 1982 Charfty reglltratlon number 2541 Trustse• Andrew Donald Searle Victorfa Caroline SeaNe R•gl8tsrod addro88 rjo Dlxon Wllson 22 Chancery Lan8 London WC2A 1 LS Indop•ndent exomlner S M Rose ACA CTA Dlxon Nlson 22 Chancery Lane London WC2A 1LS Investment Advl•or¥ Close Brother8 A$8et Managgmenl 10 Crown Plac London EC2A 4FT 8•nk•r Coirtts & Co Campbell'8 Office 440 Strond London WC2R OQS Approved by tha Tru8tee8 on 2025 And 81gn¢d on thelr behaK by.. A D SEARL Chairman
THE SEARLE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPOR T Year ended 6 Aprll 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SEARLE CHARITABLE TRUST I rep lo Ihg Trustw i)n my exanination of the accounts ofthe Trust for the year ended 5 Aprll 2024. Rosponslbllltlos and basls of report As the thorty Trustees of the Tnjst you are responsIe fcY the pr8paratlon of Ihg accounts In accordance W'bth the requirements of the Charities Act 2011 Ilhe Acl'l. You are satisfied that an audit is not requlred fcf this year undgr chatlty law and that an independent examination 1$ needed. I report in respect of my examinallon of the Trusys accoun18 carried out under section 145 of tho 2011 Act and in carrying out my examlnalion I have followed all the appli¢able Directions glven by the Charity Commission under sect 14515llbl of the Act. Dlxon Wlson, a rim of Chartered Accounlanls of wh1(* l am a partngr has provlded bookkeeping serviGes to the Trust and I have applled the FRC's Revised Ethical standard In carrying Out my examination. An IrKieperKlent examination does not invdve galherlng all the evSden¢e th81 would be required In an audlt and consequenly doès not cover all the matters th81 an audrtor ¢onsld8rs in glving thelr oplnlon on the accounts. Th8 planning and conduct of an audit goes beyond the Ilmiled as8urancg that an Inde[dent examination can provide. Consequently. l express no oplnion as lo whether t 8ccounts pre88nl a 'lrue and f•1¢ viéw and my reF4Xt is limited to tho88 8pecffic matters get out in the In(18pendent Examlner's statement. Indopendont Ex•mln•e• •tat•ment 1 am quallfled to undertake the ¢xamlnallon ty b•ng a qualffied member of the Inststute ol Chartered Accounlanls In Engl8rvJ and Wales. I hovtr completed my examination. I confirm that no mat¢rial matters have come to my atttic0 In Gonnectlon the examination gfving m8 cau88 to belIe that in any material reBpecl'. 1, Accounting records were not kept in r•$pecl of Ihe Trust as requlred by 8ection 130 of the Act, or 2, The a¢¢ounts do not accord wrth those records,. or 3. The 8ccounl8 do not comply with the appllcable requirements concerning the form and conl8nt of aecounls sel out in the Charllles (Accounts and Reports) Regulations 2008 other than any requirement that the aounts giv8 a 'lrue and fair vlew, whlch is not a matter con81dered as part of an independonl examin8lion. 4. The accounts have not been prepargd in accordance with the methods and princi¢3 of the Statement of Rec¢)mmended Praclico lor accounts'ng and reporting by charities applicable to h8Tilies preparlng their accoun15 in accordance with Ihg Flnancial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102). I have no concgrns and have come acr089 no matters in connection wrth the examination lo whlch 8ttention should be drawn in thls report In order lo enable a proper understanding of the a¢¢ounls to be reach su TA 22 Chancery Lan& London WC2A 1 LS 2025
THE SEARLE CHARITABLE TRUST STA TEMENT OF FINANCIAL ACTIVITIES Year •nded S Aprll 2024 unre•trfCt Exp•ndable Income Endov4rynont Fund Fund Not• 2024 2023 Income and endowments from: Inv8stmgnts.' Investment income 165,399 185,398 165,399 170, 708 170, 708 Totsl Incomo and ondobwn•nts 165,399 Expèndltur• on: Raising funds.. Investment manag8m¢nl fee8 Chanlable aclivilles.. Gr8nls made Governance costs 35,887 35,887 37.594 90,100 4,684 90,100 4,884 63,5C 4,319 Totsl •xp•ndlturn 94,784 35.887 130,671 105,413 Nel gainl1108888I on Inve81ments 14ot Incom• 672,400 872,400 I673,9) 707,128 (608,214) 70.615 836,513 Net movgmont In fund• 70,615 636,513 707,128 f608,214J R•conclllatlon of funds: Total funds brought forward Total fund• carrl•d foM•rd Ipage 81 994,269 6,433,838 7,428,107 8.036,321 1,064,884 7,070,351 8,135,235 7,428, 107 The notes on paggs 7 to 11 ft>m part of Ihe8e Ilnanclal 8tatements. All amounts relate to contSnuing operations. The charity ha8 no r8¢¢gni5ed galn8 8nd1056es other than a8 81ated abovo.
THE SEARLE CHARITABLE TRUST ALANCE SHEET At S Aprll 2024 2024 2023 Flxed assets Investments at market value 8,982,295 6,354, 191 Curr•nt assots Cash al bank Debtors 1,168,104 1,323 1.092,391 531 Current Ilablllti Croditors.. amount$ falling due wilhln one year Not currnnt a889ts 116,4871 1,152,940 8,135,235 (19,006) 1,073,916 Totsl net aslets 7,428, 107 The funds of tho ¢h•rlty Unrestricted Income Fund Ipage 51 Exp¢ndable Endowment Fund Ipaga 51 Totsl Charlty funds I,(4,884 7,070,351 8,135,235 994,269 6,433,838 7,428,107 The financial 8tatemenl8 on p8g88 5 to 11 were approved ty the Trusloes on 2025. SEARL Trustee V C SEARLE Trustee
THE SEARLE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year endèd 5 Aprll 2024 Accountlng Pollcl• (•) Ba81* of pr•paratlon Th& finandal 818tements have been prepa In a¢¢ordance with the Statomént of Reccfflrnended Practice.. A(Lounting and Reporting by Charitie8 preparfng their accounts in a¢xord8nce with the Financial Reporting Standard applicable In UK and Republlc of Ireland IFRS 1021 (effective 1 January 2019), the Finawal Reporting Standard applicable In the UK and Republic of Ir8land IFRS 1021 and the Charities Act 2011. The Tw8t con$lilute8 a public benefft entity as defined by FRS 102. The ffingnclal slalements have beèn prepared under th¢ histor1 cost convention modi)led to include the revaluation ol investments. Th• financial stat8ments 8re presented In 8terfing which is the finandal curTency of the Trust 8nd iounded lo the neare81 £. Th8 Tw$l•es coniider that there are no material uncertainllgB about the Tru$t's abS11ty lo continu& a8 a golng concern, Ibl Fund accounting poIIcy The ChBrfty cornprises gn Unr88trieted Income Fund and an Expandgblg Endowment Fund. Unrestricted fund$ are general funds that are gvallable for usè at th8 Trv8lee$' dlscration In further8nce of Ihe obiectiV83 of the Charty. Expend8bl8 Endowment Funds ar? Cts1 fiJnd8 that May b8 freely ¢onv8rted into spendable income as the Twslees See flt, Icl lftcom• Inveslment galns and b88a8 Indud8s any reali8ed or realIsed 9gin8 OT 105seL4 C Ihe 8aKry of Inve8lmenl$ an any gain or108s r¥sullSng from rev81ulng Inve8tment8 to MA•t vglue at Ihe erwj ol the y68r. Dividends and Bimilar incom• aTa r8cognl$ed on th• date the Tru8t becom•8 Onlled to the income. Intere8t18 recognised on an accrua15 basis. Idl Expgndltur• and118blllU• Donats'ons are r8¢ognisod when the ChBJlty committed lo m8klng the donatlons. All other expendllur¢ 18 ba8ed on an accruals basia. The Charity has creditors which are measured at settlement amounts. lel A8•0t• Fixed asset inveslments in quoted 8h8res, traded bond and slmllar inveglmènts are Inlts'ally recognised at Ironsaction price and 8ubsequ&ntly m&8surèd al f81r value. All r8a1188d and unreallsed gains are taken to the slplemenl of financAal activith¢s. In Taxatlon The Ch8rty is exernpt from tax on income and gains falllng wllhin Sectlon 50S of the Taxe8 Act 1988 or Bethon 252 of the T¥xation of Chargeable Gains A(t 1992 to th¢ gxtenl that these are applied to its Charitable Obi6ctives. Igl Tru•ts•8' remunerallon and exper0•• Th8 Trustges all give fredy their time and expertise witts)ut any fom of remuneration or other benefft in ca3h kind.
THE SEARLE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y8ar endod 5 Aprll 2024 Iowg•tment In¢omo Unre$tri¢t¢d Exp•nd¥ble Ineome Endowmont Fund Fund unrestr1¢t EXn(bI• Income End¢wment Fund Fund Total 2024 Totsl 2023 UK equitie5 Overseas Fixed interest OOpt intere81 74.773 76,324 7.490 8,812 74,773 76.324 7,490 8,812 86,034 83,623 137 914 86,034 83,623 137 914 165,399 165,399 170, 708 170,708 R4l•lng fund• Unro¥tri¢t•d Expendable Incom• Endowmtnt Fund Fund Unmtr5¢tsd Expendabl• In¢ome Endowm•nt Fund Fund Total 2024 Tot•1 2023 Inv08tmont management fe•8 35,887 35,887 37,594 37,594 Charftsbl• actlvltl•s Th8 Charity undertakes ils charitable activities through grant rnaking awards grants to 1n6tllutn1 in furtherance of rts ch8ri18ble objectives. Ch8ritgble actlviligs relate lo Ihg Unreslrict8d Income Fund only. Gr•nt-fund•d G¢wrn•nc• •ctlvlty co•t• Tat•l 2024 Funded from Unrostricted Incom• Fund.. Grant m8kSng 90,100 4,684 94,784 Total 90.100 4,684 94,764 G¢Mrn•nco ¢t* 2024 2023 Bank charges Accountancy feos 357 3,962 4.200 4,684 4.319 Accountsn¢y fees payabl• to fv Ind•p•ndent Examln¢rf8 flnn •• follo. 2024 2023 - Examination . Accountsn 3.2CK) 2,962 4.200 3,962 {continuad)
THE SEARLE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Ye•r ended S Aprll 2024 Charltabl• g¢tlvllleJ (connU•0) 2024 2023 R•¢ipi•nt• of Instltutional grants: Rona Trust- London Sailin9 Project Great Ormond Street Ho8pItsI Ann B¢)wers 62,500 100 90,100 63,500 The TnJBl888 did not rec•Ne r8munoration or relmbursed expenses In the year12023- £nlll. Flx•d a••ot InvMtrn•nts Unr••trl¢tsd Exp•ndablo Inc¢)m• Endowm•nt Fund Fund Unmtrlcted Expèndable Incom• End¢wm•nt Fund Fund Totsl 2024 T¢)tal 2023 Market valu• At 6 Aprtl 2023 AddS1ions 81 c081 Di$posalB at carylrva value Unmalisd gain8 on Investments Movernenl in cash balAnce 8,354,191 8,354,191 1,810,604 1,810,604 11,534,183) 11,534,183> 7,053.056 7,053,056 954, 180 954. 180 (550,9821 1550,9821 442.(h)7 190,324) 6,982,295 442,007 I,324) 8.982.295 (1,048,496) {1,048,496J (53,567) (53,567) 6.354, 191 6,354, 191 Al 5 Aprfl 2024 Hl•torlcal co•t 3,445,056 3,445,056 3,168,635 3, 168,635 2024 2023 Inve•tm•nt• at m•rk•t value con•l•ts of UK listed inve$lmenls Co8h hgld for Invesimenl 6.866,707 6,148,279 115,588 205,912 8.982,295 6,354, 191 Roconclllatlon of r••ll•d and unmllmd g•ln8lllo••eJJ) on Inv••tment• Unrealiged gains Re81i8ed gai 442,fy)7 fl,048,496? 230,393 374,987 672,400 (673,509J The fdlowing inveBtmgnl dIfi9 18 in the opinicffl ofthe Tru8lees rnaterial- Market value Portrolio Findlay P8rk Funds PLC Close Su31ainable Fixed Incom 382,246 337,260 5.57
THE SEARLE CtriARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y•ar onded 6 Aprfl 2024 Cash at bank 2024 2023 Coutts & Co currertl account Aberdeen Standard hncorne account Close 8roth8rs- income account Fixed deposit- Money Market 254.700 1,090,010 2,381 113,404 600,000 1.168,104 1,092,391 Credltor•: •mounts lalllng duo wlthln ono yuf 2024 2023 Inv8Blm•nl managerfs feas AcLountancy and independent ex8mSngllon fees 10,487 6,000 9,524 9,482 16.4B7 19.OQ8 R•latsd party dl•clo•urn• A D Searf¢ is also a Tru8t8e of the Rona Trust- London Sailing Project. Uncmdilionol grat)ts totalllng £90,000 12023- £62,) were made to th• Rona Trust- London Saillng Project during the year. Unr••trlctsd Fund• N•t fvnds carrfod forward Fund• brought f¢nvard In¢offllng M•ourc•• Outqolng our¢•• Gal Unre81ri(aed Income Fund Exp&nd8bl# Endowmènt Fund 994.289 6,433,838 185,399 {94,7841 {35,88n 1,084.B84 7,070,351 072,4 7.428,107 165,399 1130,6711 872,400 8.135,235 10
THE SEARLE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year endod S April 2024 10. An•ly•i8 ol totsl n•t •••ets bots•n fund• Unre•trlct•d Expendabl• Inc<• End¢wm•nt Fund Fund Unre•trScted Expondablfr In¢ome Endowm•nt Fund Fund Totsl 2024 Tet•l 2023 Inve8tm8nl$ Current ass•t8 Current Ilabilities 6.982,295 99.543 110,4871 6.982,295 1,169,427 118,48n 6,354, f 91 89, 171 (9,524) 6,354, 191 1,092,922 (79,006) 7,428, 107 1.070,884 {8.l>JOI 1.084,884 I.C3,757 (9,482J 7,070,251 8,135.235 994,269 6,433,838 11. Flnancl•l in•trum•nt• 2024 2023 FlnanrAal •s8el8 measur8d al fair valu8 through income and oxpenditure 6.982,295 6,354, 191 Flnanclal asset8 rnea$ur•d al fair valu& through inojma and •xpenditure mPrfSe flxad gssel Snve8tment8. 11
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