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 FIna￿la1 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$l¢• ￿M￿neration wa8 P8ld In the year.
Th8 Trustees con8id8r that Ihe princip81 risk I8￿ng the Trust continues lo be th8 v8riabS11ty of inveslmenl retums
from the Trust's Inveslments. The Trust8e8 hava axamined the rnalor Strategic, busintr¥s and operational rl8k8
which the TNSI faces and confirm that approprlate measures hovg be•n taken to protect it from them a8 far 08
po$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$cretion of the Tru8lee8.
The Tru8t Deed provides that the income and lal Ihg Tru818es' dlscrollon} the whole or part of th• Trust fund
opplled for chorlt8ble purpo8•8.
The Trustees havlng regard lo the publlc benefit guldan¢8 publlsh•d by the Charity Cctmmlssion In at￿rdanC
wlth section 17 of the Ch8rllieB Act 2011 consider that the purpo$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$¢retlonary basis. The Trustèes have continued with thelr
policy of supporting th¥ Rona Trust. During the ye8r tha Trustees made grants of £S¥),000 lo thé Rona Trust
(2023- £62,5C(11. Furlhar grants were made of £100 to Ann Bowers {2023- £nlll.
Res•rvM pollcy
Al 5 April 2024 Ih¢re was £1,064,884 of undistributed incorne 12023 - £994,269). The Trustees ¢onsid8r the
aggregate level of capital and Undistri￿t￿ income suffiaent to meet IheSr objectives, which include a proposed
significant donation to the Rona Tnjst lo enable them to purchas8 a nèw sall training boat. The Truste?5 hava
the power to invest as they think fft any fvnd$ 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 sèttl￿0nt
14 January 1982
Charfty reglltratlon number
2￿541
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 responsI￿e 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 att￿tic0 In
Gonnectlon the examination gfving m8 cau88 to belI￿e 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 a￿ounts 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$lilute8 a public benefft entity as defined by FRS 102. The ffingnclal slalements have beèn
prepared under th¢ histor￿1 cost convention modi)led to include the revaluation ol investments. Th• financial
stat8ments 8re presented In 8terfing which is the finandal curTency of the Trust 8nd iounded lo the neare81 £.
Th8 Tw$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$' dlscration In further8nce of Ihe obiectiV83 of the
Charty. Expend8bl8 Endowment Funds ar? C￿ts1 fiJnd8 that May b8 freely ¢onv8rted into spendable income
as the Twslees See flt,
Icl lftcom•
Inveslment galns and b88a8 Indud8s any reali8ed or ￿realIsed 9gin8 OT 105seL4 C￿ Ihe 8aKry of Inve8lmenl$ 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 On￿lled 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￿ EX￿n(￿bI•
Income End¢wment
Fund
Fund
Total
2024
Totsl
2023
UK equitie5
Overseas
Fixed interest
OOp￿t 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 1n6tllut￿n1 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 (con￿nU•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$posalB at carylrva value
Unmalis*d gain8
on Investments
Movernenl in cash balAnce
8,354,191
8,354,191
1,810,604
1,810,604
11,534,183) 11,534,183>
7,053.056 7,053,056
954, 180
954. 180
(550,9821 1550,9821
442.(h)7
190,324)
6,982,295
442,007
I￿,324)
8.982.295
(1,048,496) {1,048,496J
(53,567)
(53,567)
6.354, 191 6,354, 191
Al 5 Aprfl 2024
Hl•torlcal co•t
3,445,056
3,445,056
3,168,635 3, 168,635
2024
2023
Inve•tm•nt• at m•rk•t value con•l•ts of
UK listed inve$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.C￿3,757
(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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