ST FArrH'S TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity Number 311964 CMB PARTNERSHIP LIMITED 7 Wey Court Mary Road Guildford, Surrey GU14QU
ST FAITH'S TRUST CONTENTS Page No Report of the Trustees Statement of Re8ponsibilities of the Trustees 10-11 Independent Auditors Report 12-14 ststement of Financial Activities 15 Balance Sheet 16 Notes to the Financial Ststements 17-23
ST FAITHIS TRUST REPORT OF THE TRUSTEES The Trustees have pleasure in presenting their Annual Rwrt and Financial Statements for the year ended 31 December 2024. The Financial Ststements have been prepared in accordance with the accounting policAes set out in note l of the Financi Statements and comply with the Charity's trust d¢e(t the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practic¢ applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and The Republic of Ir¢land (FRS 102) issued on 16 July 2014. The report takes account of the requirement for Trustees of port annually on public b¢nefit and the Trustees have had regard of the Charity Commission's guidance on public benefits. Legal and Administrative Information The Trust is governed by a Scheme dated 27 August 1996. This Scheme replaced the origAna] Trust Deed dated l November 1935. The Trust is a registered charity, and its registration number is 311964. The object of the Trust is to relieve children and young people in the county of Surrey in conditions of need, hardship or distress by such m¢ans as chaTitable in Jaw and in particular but without preiudice to the generality of th¢ foregoing.. l. To provid4 ¢ither alone or in conjunction with othery the facilities. premises or services to improv¢ their conditions of life, advance their education, promote or prot¢ct their health, or provide for their &2re or protection. 2. To co-operate with or make antS to other charities, voluntary bodies and local authorities in Surrey, who are working towards the same objectives. Th¢ Board of Trustees of the Scheme during 2024 were are as follows Mr K J Berry (Trustee and Chaimian until 25109124) Mr A P Allen (Trllstee; Chairnian from 25109124) DrBCHutt Mrs M Simkins Mrs R Helowicz (Secretary) Mrs J M Campbell Mrs C S Wilkinson (resigned 25109124) r+ths H E Wilson (appointed 27111/24) Mr P T¢relak (appointed 27/11124) One TrusteA Dr B C Hutt is expected to seek re-election in 2025 when his term of olYic¢ expiTrs. Th¢ body of the Trustees shall consist of not less than three and not more than seven competent persons. New Trustees are appointeA by the existing Trustees at a special meeting of the Trustees.
ST FAITH'S TRUST REPORT OF THE TRUSTEES (CONTINUED) The forwarding address of the Charity is 5 Brayford Square. Londo El OSG. The names and addresses of other relevant organisations are as follows: Bankers HSBC Bank 54 High St Epsom KT19 8DS Solieitors Downs LLP 156 High Street Dorking Surrey RH4 IBQ Auditors CMB Partnership Limited 7 Wey Court Mary Road Guildford, Surrey GUI 4QU Investment Managers Rathbone Investment Management Limited 30 Gresham Street ndon EC2V 7QN Prnperty Advisers Altus Group Oakland House Talbot Road Manchcster M160PQ Property Management Kitcombe Property Management Ltd Brightstone House Kitcombe Lane Alton Hampshire GU34 3ND The Trustees have carefully monitored thc fees charged by their advis¢rs to ensure that they Tepresent good value for money.
ST FAITH'S TRUST REPORT OF THE TRUSTEES (CONTINUED) Investment Powers These are set out in the Scheme dated 27 August 1996. Propety of the Trust is divided between two funds which are designated The Free Fund" and the 'Restricted Fund" Reeruitmellt and Appolntment of Trustees The Chairnwi is elected at the fi]3t Board meeting of each year. At the start of the year the post of Chairn)an was hcld by Kevin Bery a retired IT D1Ctor. He had Served as a trustee since April 2013 and &s Chairnian since 2018. In March 2024 he told the Trustees of his plans to move to the north of Englalld and that it would be impractical for him to continue as Chairnian. The trustees have been ateful to him for his long servicc to the ITUSt and the many improvements in its opcration such as the web sit¢ which he brought ab'out. The tnths subsequently elected Andrew Allen. also a retired IT professionaL and who has been a tnistce since May 2021 to succeed him as Chairnian with effect from the 25th SepteM1r 2024. Dr Barry Hutt deals with Property, Insvrance and tnvestment matters. Mr Kevin B¢rry has also fulfill¢d the role of Treasurer and this continues with Andrew Allen. Mrs Rosi¢ Helowicz acts as Secretary to the Trust. Mrs Maggie Simkins oversees all matters relatAng to the Plantation. Mrs Jan¢ Campbell is a Trust Board member with specific sPonsIbl11ty for maintaining the Anatysis of Donations. Mrs Caroline Wilkinson who has served as a trustee since August 2002 resIled on the 25th September 2024 and the trust is grateful for her long service and will miss her experience. To bring the tntee board back up to seven mernbe two newtntee8, Mrs Helen Wilson and Mr Peter TerelaL were appointed on the 27th November 2024. Kevin BeAry has agreed to continue to SiSt the trnstee board as an expert adviser. The Trust Deed Tequires that Trnstces shall be apwinted for a period of five years, after which they must be Te-elected at the next meeting. Trustees InduetioD and Trainiog New Trustees are appointed by personal recommendatio followed by interview and approval by all current Tnjstces. The latter are always mindful of the need to identify suitsblc candidates should the need arftse for potential new Trustees. The principles contained within the Charity Commission publication 'Finding New Trustees, (July 2007) are adopted when appointing new Trustees. Newly appointed Trustees arc given a joining pack, which contains background literature on the Trus¢ previous and current donations. recent minutes and agcndas to study before attending their first meeting. They ar¢ also referred to the Charity Commission website for guidanc¢ about responsibiliti¢s and duties and are required to sign a GDPR undertaking.
FAITH'S TRUST REPORT OF THE TRUSTEES (C0]UED) Risk Management. l. The main risk to whiGh the Trust is exposed has been id¢ntified as Public Liability claims arising from prortieS owned by the Trust. Adequats insurance cover is arranged by the Trustse responsible for Prop¢ty matters and Teclaimed, where appropriats. from the ten8nts, 2. Perfomiance of inv¢stm¢nts is monitored through quarterly valuations and reports from our Investment Managers, Rathbones, and through an Annual review meeting with them. The portfolio represents a good spread of risks, mostly in blue-chip companies. 3. Potential beneficiaries ar¢ encouraged to make an application using the St Faith's Trust website, completing a short application forni. which is then discussd at the next scheduled Trust BoaTd meeting. The application may be approved without further investigatioffj especially if th¢ applicant is well known to the Trust. Howev¢r, the usual process following initial discussion is that two Trustees wijl visit the charity or applicant's premises to see them in action and assess whether our help is appropriate. They will then report back to the whole St Faith's Trust Board before a firni decision is mad¢. 4. Donations are sometimes made over a three-year cycle and annual progress reports requested from beneficiaries. Trustees may then make another visit if deemed necessary. a discussion of the 11 Board always takes place before aeCillg to release a further yeals donation.
ST FAITH'S TRUST REPORT OF TRUSTEES (CONTINUED) Related Parties The Trust owns three properties. A building in Sydney Road, Guildford which is Jeased (insurance and rcpairing) at a peppercom (insuranc¢) rent to the following organisations. Shooting Star Chase Hospice ca for children (Rcgistered Charity No 1042495) is the main tenant where they provide accommodation for nurses and key workffs working at their St Christophees Hospice for life-limitsd children. Part of the ground floor is sublet to The Jigsaw Trust (R£gistered Charity No 1075464) who provide education and care for hildren with autistic spectnlln disorders. The lease on this Property is up for renewal and discussions with both tenants are underway. Th¢ second propwty Is in Cleeve Road Leath¢thead (forn]erly th¢ St Faith's Famity Centre used by Surrey County Council who quit the building ia Mah 2023) and is leased to N Family Club who operate a children's nursery on the site. The lease is for 25 years, and after reduc¢d rent periods N Family Club will pay full rent from 2026 onwards. The third property pUbaSed in 2023 AS a forn)er a Doctor's surgery, at 42a Prices Lane, Reigate. It was acquir&J to b¢ used by PSDS a charity (Registered Charity No 1123079) the Trust has supported for many years and who were seeking a pernianent base in this area. PSDS took up occupation on I st December 2023. A 25-y&qr lease has been ae¢d at a reduced rent over the fjrst five years. In due course the 'ownership' of 42a Prices Lane will be knnsfeJTed to the offici Custodian of the Charity Commission. Relationships with all of the above tenants are maintained wtth ad hoc meetings as needed to discuss the occupancy and maintenance of the buildings as wcll as conducting reviews as nece55ary at quarterty meetings of the Trust Board. Objectives and activities l. The objectives of St Faith's Tnt have already been outlined in thc Legal and Administrative Inforniation section oftbis report. 2. Th¢ Trustees are particularly mindful of the need to fund a wide rnnge of projects and activities to help children of different age groups (under 18-year-olds) and different needs across the whole extent of SunEy. 3. The Trust Board are always anxious to help organisations who find fun(traising difficult because of their small siz¢, low-profile or less popular image, or lack of paid or professional fund raisers.
ST FAITH'S TRUST REPORT OF THE TRUSTEES (CONTINUED) Overview of the Year As usual the Trust met on four occasions during the year. We also met on a fifth occasion to review and confirn) our strategy for the next few years. The Trust continues to support a growing number of charitie& many with multi-year donation pl&qges, and has also seen several new organisations approach for help. The Trust made 25 separate donations in 2024 excluding 'donations-in-kind' which mentioned later in this report. This was the same numbcr of donations as in 2023. and in total the Trust agreed money donations of £297,189 an incrwe of ahnost I P/0 year on year. Particularly pleasing is that of th¢ 25 donations madc, 12 werc to new organisations not previousty supported. which indicates the Tnjst is becoming more well known and incr¢asing its reach within Sutrcy. From this year the Trust will report on all 'Donations-in-kind' and provide an estimate of the value of these to the rccipients. At present there are three such donations which for which there is a value. These are the insurance costs for the Sydney Road property where the Trust has not sought reimbursement from the tenants. In additio the Trust now calculates and report the amount of rent subsidy that the tenants of Sydney Road and 42a Prices IAne ar¢ TcIVing, and any other costs that the tenants are responsible foT, but which Trust has agre to meet The administrative costs of operating the Tn]st remain low. Disappointingly, HSBC charge us for operating our bank account and we incurred charges of £82.40 for the year. Otherthan this the costs of operating the Trust remain broadly l¢v¢l year on year. The Trust's income was again this year deliberately restrACted by not taking Tegular dividends from our Rathbones managed Investment portfolio. The Trust fortunatety started to r¢¢eiv¢ rentsl income this yvar from the St Faith's Family Centre in Leathethead. Two separate cash drawdowns of £lOO,000 from its Investment portfolio to bTidge this anticipated gap in income. The Trust ended 2024 with £140,268.93 in its HSBC accounL with outstanding cheques still to be cashed totaling £59,000 and £92,784.93 in its Skipton aLYounL meaning that total funds available were £174.053.86. The trust has a liability to pay £50,000 to the N Family Centre for dilapidations as part ofthe lease agreement with them. however this will be paid when the WO on the building is completed and the timesca]e for this is not yet clear. Property Matters It has continued to be a busy y&qr where propety matters are concerned, and the Trust is very fortunate to continue to havc had this area overseen by Dr Bany Hutt who bas skillfulty worked with our advisers. We a now seeing the bencfit on the new tenant and Icase for th¢ Fajnily Centre with a rcgular income stream to the trust. A fvll valuation of our prortY portfolio, including the Plantatio was commissioned and reported in 2024. This enables us to assign market rate rental valuations to our properti¢4 and subsequentty calculatc 'Donations-ill-Kind' as mentioned earlier in this rq)ort. Led by Mrs Maggie Simkins the Trust has continued to carefully manage the Plantation at Box Hill that is owned by St Faith's Trust. The annual prngrammc of safety inspections and routine maintenance has continued, and it is very pleasing to see the overall annual maintenance cost held at a similar level as 2023. The Trustees have carefulty monitor¢d the fees charged by their advisers to ensure that they reprasent good value for money.
ST FAITH>S TRUST REPORT OF THE TRUSTEES (CONTINIJED) Overall Finaneial Position The TTUSt started 2024 with around £314,000 in readily available ndS split across HSBC and Skipton, and as notsd ller in this report we ejxl the year with approximately £174,000. The financiaI statemcnts show a net decrease in funds of £140.000 or the year ending 31 Dccember 2024 {2023: Net incrcase in fimds of £337.576 aftcr depreciation). During the year donations and pledges to a vu¢ of £218,730 out of a dividend and other income of £224,157 wer¢ made. Donatfions made during 2024 l. A8heombe Sebool, Dorking. A donation of £4.000 to fimd the after-school Parenting Puzzle. 2. Delight 'In Stories,. A donation of £12,500 to support thc delivery of the 'In Stories, pmgramme. 3. Farnbe School. A donatiOD of £5,000 to support four children for play therapy s&ssions. 4. St John's School, Woking. A donation of £7,200 to fimd an outdoor nursery room for 2-3-year- olds. 5. Walton Leigh School. A donation of £11,155 to fund a playground canopy. 6. Brooklands School, Reigats. A donation of£5,000 to fund an installation ov¢r an outdoor learnimg 7. Helen Arkell Trust. A donation of £12,CK)O to enable more assessments in th¢ diagnosis and assessment of Dyslexia. 8. MERU. A donation of £10,000 to fund two Bugzi mobility chairs. 9. Sight for Surrey. A donation of £3,000 to fund a series of CounlI]ng sessions to support blind and partially sighted children. l O. My Tine for Young Carers (MT4YC). A donation of £10,000 to fund respite activities foryoung carers. I l. Homfrstart Surrey. A donation of £25.0 (Year 3 of 3) to support young families in need across the eight Surrey Home-start Groups. 12. CHIP4 North Guildford. A donation of £3,000 to fund summer holiday activities in Guildford.
ST FAITHYS TRUST REPORT OF THE TRUSTEES (CONTINUED) 13. 1 Choose Freedom. (Formerly Reigate and Banstead Women's Aidl A donation of £1.500 to fund a Christmas paty for thildTen being supported at the charity's refuges. This is the 10th consecutive year this donation has been made. 14. Stripey Stort Redhilj. A donation of £15,000 (Year 3 of 3) for the collection and distrilution of lothes. toys and equipment for deprived families. 15. Momentum, Epsom and East Surrey H0$pits A donation of £25,(&)O to fund a family support worf(er. 16. Jfgsaw South East. A donation of £5,500 to fimd a grAef support worker. 17. LiDkAble. A donation of £10,000 (year 3 of 3) to provid¢ I: I support for children with learning difficulties. 18. Be Me Project. A donation of £1 0,000 fyear 2 of 3) to fLmd counsclling scssions and courses. 19. Welegre. A donation of £7.000 (year 3 of 3) to fund a play worker. 20. Welear& A donation of £7,000 (Year l of 3) to fund the cor¢ costs for play worker sessions in 202512026r2027. 21. Sal's Shoes. A donation of £10,000 (Year 2 of 3) to fund school shoes in conjunction with Stripey Sto. 22. Challenger's Farnham. A donation of £13,500 (Year 2 of 3) to fund the Summer programme of activities. 23. GASP, Gomshall Alburyi Shere Peaslak& A donation of £11,459 (Year 3 of 3) to fund their mechanical engineering training and their 'fan Do, progrdmme. 24. Epsom and Ewell PHAB. A donation of £14,375 to fund the Hindleap Warren Easter Adventur¢ Activities. 25. 8th Ashford Scouts. A donation of £59,000 to fund the construction of foundations for the new Scout Hall.
ST FAITH'S TRUST REPORT OF THE TRUSTEES (CONTINUED) Donatlons 'in kind, made in 2024 A total of £135,000 was donated 'in kind, duTing 2024. These are rent equiva]ent donations assessed from the propety valuation report from 2024. Summary of Donations made in 2024 The donations made in 2024 covered a 1] cross section of child age wups from all over Surrey, from the Hampshire to Greater London borders. The children and young people in Surrey who benefited were disabled. either physically or mentally, or were abl¢-bodied but disadvantaged, and in some instances a combination of all thes¢. In some instODces. a donation may be supporting an activity, for example a Christmas paty or outAng, which will benefit the family of the child as well as the child directly. The Trustees are limited by The Scheme to benefiting children and young people in Surrey. Despite the assumptions that are sometimes made about the county, they have over the years, identified num¢rous areas of ne¢d and deprivation, wh¢re they think and hope the Trust has made a difference. In total 25 individual donations were mad4 a mixture of one-off and multi-year paymenty which repr¢s¢nted another busy y¢ar for the Trust. The trend of the Trust being approached by charities and groups seeking funding for programmes and activities that in the past would have been funde4 wholly or in pa¢ by Surrey County Council has continued, and if anything seems to hav¢ increased. The number of multi- year donations agreed continues at a similar level to 2023 with l O sucb donations paid in 2024 and 3 so far being carried forward to 2025. Tw¢lve donations were made to schoolslchariti¢s that were new to the Trust. the remaining 13 donations were made to sGhools/¢harities that were already known. often very well known. to the Trust. During 2024 eight applications were considered but declined mainly due to theirpoor fit with the Trust's charter. The Trust is becoming better known within Surr¢y, helped by its website, and also by word-of- mouth, networking amongst donation recipients, and the good work of Trustees investigating potential recipients. Investment and Reserves Policy The Charity is a long-t¢nn investor and the TTUStees, on professional advice, continue to hold a mixed portfolio designed to pVIde a level of long-terni stable income and the possibility of investment gains. The investment portfojio is medium for investment risk. As a result of the large cash balances buih up over many years, the Trustees decided in 2019 that the dividends from the Investment Portfolio should be reinvested. This policy is reviewed each year and is likely to continue with cash requested from the investment portfolio when it is r¢quired to cover donations. The Trustees will always retain sufficient cash to cover direLt costs plus a small contingency. The income/expenditure account is monitored and reviewed on a quarterly basis by The Trust Board.
ST FAITH'S TRUST REPORT OF THE TRUSTEES (CONTINUED) Funds held on Behalf of Others The Trusvs properties are held by the Official Custodian of the Charity Commissioners. The Trust's Investments are held by Rathbone Management Limited. Public Benefit Statement The Trustees are satisfied that they have complied with the duty in section 4 of the Charities Act 2006 and have taken into account the public benefit guidance published by the Cliarity Commission. Statement of R&spoDsibilities of the Trustees The Trustees are responsible for preparing the Annual Report and the financia] statements in accordance with applicable law and Regulations. Thc law applicable to charities in England &Wales requires tbc Trustees to prepare financial statements for each financial year in accordancc with United Kingdom Generally ACpted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the fjnancial statements unless they are satisfied that they giv¢ a true and fair view ofthe state of affairs of the charity and of the incoming resOurS and application of resourcas iticluding th¢ incom¢ and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are wuired to: a. Select suitabje accounting policies and apply them consistently; b. Observe the methods and principles in the Charities SORP. c. Mak¢ judgements and accounting estimatss that are re&wnable and Pruden d. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fllwicial statements" e. Prepwr the fjnancial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to OFwate. The Trustees are resw)nsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time th¢ fmancial position of th¢ Charty and ¢nable them ot ensure. that the financial statcments comply with Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust d¢ed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the pventiOn and detection of fraud and other irregularities. In so far as the Trustses aTe aware: . the is no relevant audit infonnation of which the charity's auditor is unawar¢; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit IOrniation and to establish that the auditor is aware of that infonnation.
ST FAITH'S TRUST REPORT OF THE TRUSTEES (CONTINUED) The Trustees, are responsible for the maintenance and integrity of the charity and financial inforn]ation included on thc Charity's website. Legislation in the Unitsd Kingdom govcrning the preparntion and dissemination of fjnancial statements may differ from legislation in other jurisdictions. Approved by the Trustees Signed.. A P Allen Dated: 31.l.If Signed . Dr B C Hutt 1.7.25 Signed: Beny (in adviser role) Date(L. 31.7.ZS 11
ST FAITH'S TRUST INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF ST FAITH'S TRUST Oplnlon We have audited the financial statements of St Faith's Trust ("The Charity.) for the year ended 31 December 2024 whlch comprisè the Statement of Financial Activities, Balance Sheet and notes to the financial statements. Including a summary of signlficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 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 Charrtys affairs as at 31 December 2024 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. and have been prepareLI In accordance wilh the requirements of thè Charities Act 2011. Basls for Opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further describ8d in the Auditorfs responslbililies for the audit of the financial st8t8ments section of our report. W8 are independent of the charity In accord8nce with the ethical requirements that are relevant to our audit of the financial st8tements in the UK Including th8 FRC'S Ethical Standard, and we have fulfilled our other 8thical responsibllltles in accordance wlth these requirements. We belfeve that the audit evidence we have obtsined is sufficient and appropriale to provide a basis for our opinlon. Concluslons Relating to Going Con¢ern We have nothlng to report in respect of th& following matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of accountlng in the preparation of the ftnanci81 statements is not appropriate.. or the trustees, have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Chariws ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other inforniatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees a responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other informalion and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the other information is materially inconsistenl 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 lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that thar8 is a material misstalement of this other information, we 8r8 required to report that fact.
ST FAITH'S TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST FAITH'S TRUST (CONTINUED) Other Informatlon {¢ontlnued) We have nothlng to report in this regard. Matters on whlch we arn r•qulred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion: the information given in the trustees, report is inconsistent in any material respect with the financial statements". or 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. Responslbilities of trustees As explained more fully in the trustees. responsibilities Statement set out on page 9 the tNstees are responsible for the preparation of the financial statements and for being satisfied that they give a twe and fair view, and for such internal control as the trustees detemine is necessary to enab18 the preparation of financial statements that are fr88 from material mlsstatement, ether due to fraud or error. In preparing Ihe financlal 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 concem basis of accounting unless the trustees elther intend to liquldate the charity or to cease operations. or have no reallstlc alternative but to do so. Auditor's Responslbllltles for the Audit of the Flnanclal Stalements We have been appointed as auditor under Section 145 of the Charities Act 2011 and report in accordance with th6 Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whoL8 are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 rf. individually or in the aggregate. they could reasonably be expected to intluence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulalions. 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 is detailed below. Discussions wRh and enquiries of management and those charged with govemance were hekl with a view to identifying those laws and regulations thal could be expected to have a material impact on the financial slatements. During the engagement team briefing, the outcomes of these discussions and enquiries were shar8d with the team, as well as consideration as to where and how fraud may occur in the ents'ty. l3
ST FAITH'S TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST FAITH'S TRUST (CONTINUED) Auditorfs Responsibllltles for the Audft of the Flnancial Statements (¢onllnued) The following laws and regulations considered to havè a direct effect on the flnancial ststements include UK financial reporting standards and Charity Law. Those laws and regulations for which non-complian may be fundamental to the operating aspects of the charity and therefore may have a rnaterial effect on the fi'nancial statements include compliance with the charitable objectives, public benefit. fundraising regulations, safeguarding and heaRh and safety legislalion. These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance through0 the audit. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and nonkncompliance with laws and regulations) comprised of: enquiries of management and the Trustees as to whether the entity complies with such laws and regulations. enquiries with the same conceming any actual or potential litigation or claims: inspection of relevant legal correspondence," revlew of trustee meeting minutes; and the perft)rmance of anaIlea1 review to identify unexpected movements In account balances whlch may be Indicative of fraud. No Instances of material non-compllance wer8 identified. However, the likellhood of detecting irregularities, includlng fraud, Is limited by the inherent difficulty in detecting irregularitie8, tha effectiveness of the enlity's controls, and th8 nature. timlng and extent of the audit procedures performed. Irregularities that result from fraud mlght be inherently more difficult to detact than irregulariles that resutt from error. As explained above, there Is an unavoidable risk that material misstatemenls may not be detected, even though the audit has been planned and pèrformed In accordance with ISAS (UK). A further descrlptlon of our responsibilities for the audit of the financial statements is located on the Financial Reportlng Councll's website at; .frC.Or .uklauditorsres part of our Report of the Auditors. onsibilities.This description fomis Use of Our Report This report is made solely to the charity's trustees, as a body in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditors, report and for no other puOSe. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charty's trustees as a body. for our audit work. for this report, or for the opinions we have formed. CMB Partner8hip Limited 7 Wey Court, Mary Road Guildford, Surrey GU14QU ststutory Auditors Date 41 202f
ST FAITH'S TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Genoral Fund8 R•stricted Endowment Funds TOTAL FUNDS TOTAL FUNDS Note 2024 2024 2024 2023 INCOME AND ENDOWMÈNTS Investment Income and Interest Contribution for dilapidations 224,157 224,157 180,466 69,366 224,157 224,157 249,832 EXPENDITURE Charftable exp•nditure'. Central Propety Costs GrantslPledges Management and Administratlon of the Trust 71,963 71,963 13,499 218,730 218,730 209.880 52,142 54,528 106,670 119,615 Total exp•ndlture: 342,835 54.528 397,363 342,994 NET (EXPENDITURE) BEFORE GAINSILOSSES ON INVESTMENTS (118,678) (93,162) <54,528) (173,206) Net Gainsl(losses) on Investment assels NET MOVEMENT IN FUNDS 477,778 477,778 430.738 359,100 (54,528) 304,572 337.576 RECONCILIATION OF FUNDS FUNDS BROUGHT FORWARD 6.589,771 1,206,500 7,796,271 7,458,695 FUNDS CARRIED FORWARD 6,948.871 1,151,972 8,100.843 7,796.271 The notes on pages 17 to 23 form part of these financial statements 15
ST FAITH'S TRUST BALANCE SHEET AT 31 DECEMBER 2024 General Not• Fund Total 2024 Fund 2023 FIXED ASSETS Tangible Assèts Investments". 2,053.383 2,053.383 2.107,911 5.412,840 7,520.751 5.900.145 5,900,145 TOTAL FIXED ASSETS CURRENT ASSETS Debtors 5,900.145 2,053,383 7.953,528 618 271.697 618 271,697 Cash at bank and in hand 3,651 475,848 479,499 272.315 LIABILITIES 272,315 CREDITORS FALLING DUE THIN ONE YEAR MET CURRENT AS8ETS 10 (87,000) (87,000) (165,979) 185,315 185,315 313,520 TOTALASSETS LESS CURRENT LIABILMES CREDrroRS.. AMOUNTS FALLING DUE AFTER RIORE THAN ONE YEAR NET ASSETS 6,085,460 2,053.383 8,138,843 7,834.271 10 (38.(K)O) {38,000) {38.000) 6.047.460 2.053.383 8,100.843 7,796,271 THE FUNDS OF THE CHARITY Geral Fund 6,047.460 6.047,460 2,053.383 5,688,360 2.107.911 Endowment Fund 2.053.383 TOTAL CHARITY FUNDS 6,047.460 2.053.383 8,100,843 7,796,271 Approved by the trustts8: Signed: Dated: 31sk Idly 242r Dated J&f 71 Z025 Signed: Th8 notes on pages 17 to 23 form W of these alxounts 16
ST FAITH'S TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Basis of preparation and assessment of going concern The accounts (financial slatements) have been prepared underthe historical cost convention with items recognised at cost or transaction value unless olherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice; Accounting and Reporting for Charities preparir their accounts in accordaneE with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Trust constitutes a public benefit entty as defined by FRS 102. The Trustees consider that there are no material unc8rtainties about the Trust's ability to continue as a going concem. Tangible Fixed Assets The freehold properties are included at their revalued amounts In 2004. Other tangible fixed assets are held at cost less depreciation. Investment Income and Interest All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Investment income represents interest reiVed on cash held on deposits and dividends receivable, induding recoverable income tax on listed invesknents. Interest on funds held on deposit is induded upon notificalion of the interest paid or payable by the Bank Dividends are recognised once the divldend has been dedared and notification has been received of the dividend date. Grants Payable Grants payable are payment made to third parties in the furtherance of the charitable objects of Ihe Trust. In the case of an uncondltional grant offer thi8 is accrued once the recipient has been notified of the grant award. Grants awards that are subject to the recipient fvlfilling perfonnance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to the grant are outside of the control of the Trust. Provisions for grants are made when Ihe intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant and the amount of grant payable. 11
ST FAITH'S TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (Contlnued) Funds The freehold properties held by the Trust are included as a Reslricted Endowment Fund. All other funds are held as general funds. Unrestricted income funds cornprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Expenditure Recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that settlement will be required, and the amount of the obluation can be measured reliably. All expenditure is accounted for on an accrual's basis. All expenses are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Depreclatlon Depreciation was provided on tangible fixed assets as follow8: . Freehold Propety Forestry Over frfty years Written off in year of acquisition. Investments Fixed asset inveslments are inrtially recognised at their mid-market value as at the balance sheet data using the quoted market pri. Net investment gains for the year, both realised and unrealised, are disdo88d in the Statement of Financial ActNities. Realised Gains and Losses All gains and losses are taken to the Statement of Financial Activities a5 they arise. Realised gains and losses on investrnents are calculated as the difference between sales proceeds once their opening carying value or their purchase value rf acquired after the first day of the financial year. Unrealised gains and losses are calculated as the difference bebNeen Ihe fair value at the year end and their carying value. Realised and unrealised gains and losses are combined in their Statement of Financial Activities. Rent Receivable Rents received are included on an accrual's basis. Tax Status The Trust, being a registered charity, is exempt from paying Income and Corporation Tax.
ST FAITH'S TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Investment Income Dividends Rent receivable Interest receivable 106,301 110,302 7,554 143,343 28,389 8,734 £224,157 £180,466 All dividends relate to investments held on recognised stock exchanges. 2024 2023 Central Property Costs Buildings Insurance Maintenance and repairs RateslElectricity 458 62,700 8,805 3,615 8,665 1,219 71,963 £13,499 Iq
ST FAITH'S TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 GrantslPledges Dorking Schools Momentum I Choose Freedom MERU MT4YC 8th Ashford Famcombe School st Johns School Epsom & Ewell PHAB Sebastians Action Trust Delight Brooklands School Sight for Surrey Jigsaw Trust Helen Arkell Trust Be Me Projecl Welcare Shottermill School Homestsrt Surrey Lighthouse Woking Pond Meadow School Jigsaw (SE) Cherry Trees Sal's Shoes Challengers East Surrey YMCA 4,000 75.000 4,500 10.000 10,000 9,000 5,000 7,200 14.375 10,000 9,330 1,500 12,600 10,000 3,000 10,000 12,000 30,000 12,500 5,000 3.000 12,000 7,000 10,000 25,000 2,500 11,700 5,000 7,500 30,000 40,500 (250) 5,500 £218,730 £209,880 2024 2023 Management and Administration Expenses Audit Fees Investment Management Fees Depreciation - Restricted Professional Fees Administrative Expenses Bank Charges 3,000 34,511 54,528 13,352 1,197 82 3,000 38,373 36,500 41,168 497 77 £106,670 £119.615
ST FAITH'S TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 5. Management and Admlnlstration Expenses (Contlnued) The Trustees all give freely of their time and expertise without any fonn of remuneration or other benefits in cash or kind (2023: £ Nil). Expenses were paid to the trustees during the year of £1,111 (2023: £477). Tangible Fixed Assets The Freehold properties excluding 42a Price Lane, Reigate were revalued by Lambert SmitF Hampton at a valuation date of 31 December 2004.The properties have been revalued to thes( amounts at the beginning. of the year. Freehold Interest in Land and Buildlngs TOTAL Cost or Valuation On 1 January 2024 Additions Disposals At 31 December 2024 2,801,411 2,801,411 2,801,411 Depreciation 2,801,411 Brought forward 1 January 2024 693,500 693,500 Charge for year 54,528 54,528 Carried forward 31 December 2024 748,028 748,028 Nel Book Value As of 31 Decembar 2024 2,053,383 2.053,383 As of 31 December 2023 2,107,911 2,107,911 The freehold propertie8 comprise Cleeve Road, Leatherhead; 9 Sydney Road. Guildford, 42a Prices Lane, Reigate and Woodland at St Faiths House. These properties are held in the r8stricted endowment fund.
ST FAITH'S TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments 2024 2023 Market value of Investments on 1 January 2024 Add investments purchased Less Investments sold 5,412,840 742,425 (732,898) 172,739 5,988,691 438.915 (1,445.504) 326,135 104,603 Add Realised Profits on Sales Add Unrealised Profit on Revaluation on 31 December 2024 305,039 Market Value of Investments on 31 December 2024 5,900,145 £5,412,840 Investments represent listed securities on recognised stock exchanges and are induded as fixed assets at their market value. 2024 2023 Debtors Insurance Receivable Interest Receivable Other Debtor 2,389 636 626 618 618 9. Cash at Bank and In Hand Rathbone Investment Management Capital Account Income Accounl 97,643 228,491 2,886 others HSBC Current Account Skipton Building Society 97,643 231,377 81,269 92,785 154,753 89,718 £271,697 £475,848
ST FAITH'S TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Credltors 2024 2023 Rent recelved in advance Brokers fees Audit Admin Donations Pledged due within 1 year Donations Pledged due after 1 year 9,000 3,000 9,500 3,000 20 153,459 38,000 75,000 38,000 £125,000 £203,979 23