Registered number 313804
P J F Storrs Charitable Trust
Report and Financial Statements
5 April 2025
Smithfield Accountants LLP Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
P J F Storrs Charitable Trust Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Report of the trustees | 2 |
| Independent examiner's report | 4 |
| Statement of financial position | 5 |
| Statement of financial activities | 6 |
| Notes to the financial statements | 7 |
| Investment schedule | 12 |
P J F Storrs Charitable Trust Charity Information
Trustees
A R E Curtis H A Curtis C Bruce-Blake
Accountants
Smithfield Accountants LLP Suite 1, Unit 2 Stansted Courtyard, Parsonage Road Takeley Essex CM22 6PU
Bankers
Virgin Money 154-158 Kensington High Street London W8 7RL
Stockbrokers
Redmayne-Bentley LLP 8th Floor St Magnus House 3 Lower Thames Street London EC3R 6HD
Charity Offices
Smithfield Accountants LLP Suite 1, Unit 2 Stansted Courtyard, Parsonage Road Takeley Essex CM22 6PU
Registered number 313804
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P J F Storrs Charitable Trust Registered number: 313804 Report of the trustees
The Trustees present their report and accounts for the year ended 5th April 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the applicable law.
Trustees
The Trustees named on page 1 have served during the year. The powers to appoint Trustees are set out in the Trust Deed.
Structure, governance and management
The Trust is an unincorporated grant making charity, established by deed of Trust dated 29th July 1970, and is a charity registered in England and Wales with number 313804. The Trust is expected to exist in perpetuity.
At the half yearly meeting, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, Investment, Reserves and risk management policies and performance. Redmayne-Bentley LLP manage the Investment Portfolio.
Risk management
The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The key risk to the long term sustainability to the Trust fund is inflation and the assets should be invested to mitigate this risk over the long term. The Trustees understand that this is likely to mean that Investment is concentrated in real Assets and that the Capital value will fluctuate.
The Trustees are able to tolerate volatility of the Capital value of the Investments, as long as the Trust is able to meet short term grant making targets through either income or liquid Capital Assets.
Grant making policy
The Trust invites applications for grants from registered charities. The Trust aims to distribute grants of 80% to 90% of its income per annum, but this may vary from year to year depending on Grant making opportunities and Investment returns.
Financial review
The Trust is reliant on the income from its Investments, the income from which was £136,326.The Investment income, facilitated a lower level of charitable activity than in 2024, with £87,500 spent on charitable activity. All grants were paid to UK Registered Charities. The charity intends to maintain higher levels of charitable activity as has previously been the case.
Investment strategy
The Trust's assets can be invested widely according to the general power of Investment. Asset classes include Cash, Bonds, Equities, Property, Commodities and any other Assets that are considered suitable for the Trust.
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P J F Storrs Charitable Trust Registered number: 313804 Report of the trustees
The Investment objective for the Investment Portfolio is to balance income and Capital returns. The Assets should be managed to at least maintain the real Capital value of the Trust's Portfolio, while generating a sustainable level of Investment income to support the current charitable activities.
The base currency of the Investment Portfolio is sterling. Investments may be made in non-sterling assets, providing these do not, except in exceptional circumstances, exceed 30% of the total Investment Portfolio value. The Trust's cash balance should be deposited with institutions or invested in a diversified money market. Hedging is also permitted.
The Trustees wish to keep all of the Assets in the Investment Portfolio in a form that can normally be realised within two weeks.
The value of the portfolio has fallen slightly during the year, as have most investments due to the difficult market conditions. The trustees intend to maintain the real value of capital going forward. However with inflation remaining high, it may prove difficult for the value of invested capital to keep up with inflation in the coming years.
Reserves
The Trust aims to hold at least two years’ worth of outgoings by way of income reserves. This is estimated at £320,000. Due to the surplus, a transfer has been made from the income fund into the capital fund. The invested funds are substantial and are easily realisible, so there is no risk in the charity not being able to pay its commitments as they fall due.
Public benefit
Having due regard to the guidance published by the Charity Commission on Public Benefit, the Trustees are of the opinion that the charity continues to provide benefits to UK Registered Charities, residing in the United Kingdom by way of grants.
Statement of trustees’ responsibilities
The Trustees are required under the Charities Act 2011, the Charity (Accounts & Reports) Regulations 2008 and the provisions of the Trust Deed, to prepare financial statements for each financial year, which give a true and fair view of the Charity’s financial activities during the year, and of its financial position at the year end. In preparing the financial statements that give a true and fair view, the Trustees should follow best practice and:
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a) Select suitable accounting policies and then apply them consistently. b) Make judgements and estimates that are reasonable and prudent. c) State whether Statements of Recommend Practice have been followed subject to any departures disclosed and explained in the financial statements.
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d) Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on 20 October 2025 and signed on its behalf.
A R E Curtis Chairman
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P J F Storrs Charitable Trust
Independent examiner's report to the members of P J F Storrs Charitable Trust
I report on the accounts of P.J.F. Storrs Charitable Trust for the year ended 5th April 2025, which are set out on pages 5 to 14.
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 Trustee's accounts carried out under s. 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under s. 145(5)(b) of the 2011 Act.
Independent examiners' 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:
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1) accounting records were not kept in respect of the Trust as required by s. 130 of the Act;
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2) the accounts do not accord with those records; or 3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S Poli MEng ACA
Smithfield Accountants LLP
Chartered Accountants and Statutory Auditors Suite 1, Unit 2 Stansted Courtyard, Parsonage Road Takeley Essex CM22 6PU
20 October 2025
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P J F Storrs Charitable Trust Statement of financial position as at 5 April 2025
| Notes | Notes | 2025 | 2024 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Fixed assets | |||||
| Investments at market value | 14 | 2,576,863 | 2,726,761 | ||
| Current assets | |||||
| Debtors | 3 | - | - | ||
| Cash at bank and in hand | 208,874 | 94,677 | |||
| Creditors: amounts falling due | 208,874 | 94,677 | |||
| within one year | 4 | (1,575) | (3,075) | ||
| Net current assets | 207,299 | 91,602 | |||
| Net assets | 2,784,162 | 2,818,363 | |||
| Capital and reserves | |||||
| Capital account | 5 | 2,464,162 | 2,498,363 | ||
| Income account | 6 | 320,000 | 320,000 | ||
| Total equity | 2,784,162 | 2,818,363 |
Qed
A R E Curtis
Chairman
Approved by the board on 20 October 2025
5
P J F Storrs Charitable Trust Statement of financial activities for the year ended 5 April 2025
| Notes £ Incoming resources Investment Income 7 137,088 Resources expended Charitable activities 8 and 9 87,921 Cost of generating funds 11 20,942 Governance costs 12 6,401 115,264 Net income/(expenditure) for the financial year 21,824 Gain/(loss) on sale of investments 14 - - 21,824 Transfers between funds (21,824) - Total funds brought forward 320,000 Total funds carried forward 320,000 Unrestricted Income Fund Loss on revaluation of investments |
£ - - - - - - 55,841 (111,866) (56,025) 21,824 (34,201) 2,498,363 2,464,162 Unrestricted Capital Fund |
2025 £ 137,088 87,921 20,942 6,401 115,264 21,824 55,841 (111,866) (34,201) - (34,201) 2,818,363 2,784,162 Unrestricted Total Fund |
2024 £ 142,684 164,514 20,543 6,179 191,236 (48,552) (8,877) (31,453) (88,882) - (88,882) 2,907,245 2,818,363 Unrestricted Total Fund |
|---|---|---|---|
There were no recognised gains or losses for 2024 or 2025 other than those included in the statement of financial activities.
None of the Charity's activities were acquired or discontinued in the above two financial years.
The notes on pages 7 to 11 form part of these accounts.
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P J F Storrs Charitable Trust Notes to the Accounts for the year ended 5 April 2025
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
P J F Storrs Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Investment income
Investment income is credited to the Statement of Financial Activities when the Charity has entitlement to the resources and to the extent that the resources will be received.
Charitable activities
Grants payable are accounted for on the accruals basis when approved by the Trustees. Liabilities are recognised as resources are expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. The grants are charged in the year when formally awarded by the Charity and communicated to the recipient irrespective of the period covered by the grant as they are regarded by the Trustees as financial obligations. Annual grants are at the discretion of the Trustees and therefore are provided as they accrue.
Investments
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Value added tax
Value Added Tax is not recoverable by the charity, and as such is included in the relevant costs in the statement of financial activities.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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P J F Storrs Charitable Trust Notes to the Accounts for the year ended 5 April 2025
2 Governance costs
There were no remunerated staff in the year or the preceding year.
Trustees are not paid any remuneration, but all reasonable expenses for attending meetings are reimbursed.
The independent examiner was paid £1,600 (2024 - £1,500) in respect of the independent examination. The independent examiner was paid £4,700 (2024 - £4,575) in respect of other services.
| 3 Debtors Dividends in the course of collection 4 Creditors: amounts falling due within one year Sundry creditors 5 Capital account At 6 April 2024 Loss on revaluation of investments Gain/(loss) on disposal of investments Transfers between funds At 5 April 2025 6 Income account At 6 April 2024 Net income/(expenditure) for the financial year Transfers between funds At 5 April 2025 |
2025 £ - - 2025 £ 1,575 1,575 2025 £ 2,498,363 (111,866) 55,841 21,824 2,464,162 2025 £ 320,000 21,824 (21,824) 320,000 |
2024 £ - - 2024 £ 3,075 3,075 2024 £ 2,587,245 (31,453) (8,877) (48,552) 2,498,363 2024 £ 320,000 (48,552) 48,552 320,000 |
|---|---|---|
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P J F Storrs Charitable Trust Notes to the Accounts for the year ended 5 April 2025
| 7 Investment income Dividends from equity investments Bank interest 8 Expenditure on charitable activites 2025 Grants to organisations |
87,500 Grant Giving Activities |
2025 £ 136,326 762 137,088 421 Support Costs (Note 10) |
2024 £ 142,639 45 142,684 2025 £ 87,921 |
|---|---|---|---|
During the year 35 grants were made to seperate institutions, none of which were considered material in themselves. These were all various UK Registered Charities.
| 9 Expenditure on charitable activites 2024 Grants to organisations |
163,660 Grant Giving Activities |
854 Support Costs (Note 10) |
2024 £ 164,514 |
|---|---|---|---|
During the year 53 grants were made to seperate institutions, none of which were considered material in themselves. These were all various UK Registered Charities.
| 10 Analysis of support costs Trustees' expenses - 3 trustees (2024 - 3 trustees) 11 Cost of generating funds Investment management costs 12 Goverance costs Accountancy and independent examination fees Bank charges |
2025 £ 421 2025 £ 20,942 2025 £ 6,300 101 6,401 |
2024 £ 854 2024 £ 20,543 2024 £ 6,075 104 6,179 |
|---|---|---|
The amount of accountancy and independent examination fees relating to the independent examination of the accounts was £1,600 (2024 - £1,500). The amount relating to accountancy is £4,700 (2024 - £4,575) and is payable to the charity's independent examiners.
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P J F Storrs Charitable Trust Notes to the Accounts for the year ended 5 April 2025
| 13 Investments The historical cost of the Trust's investments is as follows: UK Quoted Equities |
2025 £ 2,505,285 |
2024 £ 2,543,517 |
|---|---|---|
The Charity's investments are managed by the Trust's stockbrokers and consist primarily of direct investments in listed securities. The Charity has 6 shareholdings that each represents more than 5% of the investment portfolio with a total value of £938,468 at the Balance Sheet date. The Trustees will continue to rely on the advice of the Trust's stockbrokers in respect of these holdings.
14 Investment movements
| Investment movements Balance brought forward Additions Disposals Profit/(loss) on the disposal of investments Loss on revaluation of investments Balance carried forward |
2025 £ 2,726,761 265,083 2,991,844 (358,956) 2,632,888 55,841 2,688,729 (111,866) 2,576,863 |
2024 £ 2,773,600 207,273 2,980,873 (213,782) 2,767,091 (8,877) 2,758,214 (31,453) 2,726,761 |
|---|---|---|
15 Analysis of net assets between funds
| Investments Current assets Current liabilities |
112,701 208,874 (1,575) 320,000 Unrestricted Income Fund |
2,464,162 - - 2,464,162 Unrestricted Capital Fund |
2025 £ 2,576,863 208,874 (1,575) 2,784,162 |
2024 £ 2,726,761 94,677 (3,075) 2,818,363 |
|---|---|---|---|---|
16 Presentation currency
The accounts are presented in British Pounds Sterling.
10
P J F Storrs Charitable Trust Notes to the Accounts for the year ended 5 April 2025
17 Legal form and registration
The charity is an unincorporated charity registered in England & Wales.
Its registered office is:
Suite 1, Unit 2 Stansted Courtyard, Parsonage Road Takeley Essex CM22 6PU
18 Related party transactions
There were no related party transactions during the period that require disclosure.
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P J F Storrs Charitable Trust Schedule Of Investments for the year ended 5 April 2025
| Barratt Redrow PLC Blackrock Throgmorton Trust PLC 5p Ord Care Reit PLC Ord 10p (Formerly Impact Healthcare Reit PLC) Digital 9 Infrastructure PLC Ord NPV Dowlais Group PLC Ord 1p Ecofin GBL Utilities & Infra TR PLC Ord 1p Foresight Solar Fund Ltd Ord NPV GCP Infrastructure Investments Ltd Ord 1p GSK PLC 31.25p Ord Gore Street Energy Storage Fund PLC Ord 1p HSBC Holdings PLC US$ 0.50 International Public Partnership Ltd .001p Ord Legal & General Group PLC 2.5p Ord LondonMetric Property PLC 10p Ord Melrose Industries PLC .022857142p Ord |
HOLDING 8,000 4,000 80,000 48,000 25,000 70,000 70,000 58,000 8,000 50000 16,000 108,333 65,000 33,000 12,000 |
COST AT 6.4.2024 39,173 30,273 82,193 52,631 24,272 121,496 70,080 62,011 101,097 58,250 105,125 174,534 85,020 88,780 24,727 |
ADDITIONS | DISPOSALS | GAINS/(LOSSES) | COST AT 5.4.2025 39,173 30,273 82,193 52,631 24,272 121,496 70,080 62,011 101,097 58,250 105,125 174,534 85,020 88,780 24,727 |
MARKET VALUE NET 32,536 1,296.00 19,560 150.00 86,560 5,560.00 4,320 - 13,300 1,050.00 130,550 5,792.50 53,270 5,526.50 40,252 4,060.00 113,400 4,880.00 23,875 2,750.00 121,600 10,333.12 118,733 8,937.47 144,625 13,409.50 59,235 2,871.00 51,000 660.00 |
|---|---|---|---|---|---|---|---|
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| JP Morgan European Growth Income 5p Ord Murray International Trust PLC 5p Ord National Grid PLC .12431289p Ord Sale of Rights nil paid 29.05.2024 Rights Issue 13.06.2024 Held 05.04.2025 Polar Capital Global Fin Trust PLC 5p Ord Sold 01.04.2025 Polar Capital Technology Trust PLC .25p Ord (Formerly 840 25p Ord) Reckitt Benckiser PLC 10p Ord Royal Dutch Shell PLC Euro 0.07 Sold 13.05.2024 Held 05.04.2025 Scottish & Southern Energy PLC 50p Ord Schroder Oriental Income Fund LTD 1p Ord Sequoia Economic Infrast Inc FD Ltd Ord NPV Smith (DS) PLC 10p Ord Sold 02.07.2024 Sold 03.09.2024 Social Housing Reit PLC 1p Ord (Formerly Triple Point Social HSG Reit PLC) The Renewables Infastructure Group Ltd Ord NPV United Kingdom Government Bonds 0.25% bonds 31.01.2025 Matured 31.01.2025 |
80,000 62,629 62,629 82,400 3,840.00 50,000 106,106 106,106 123,250 5,900.00 14,000 118,348 131,940 170,610 8,090.40 -2,533 2,500 16,125 16,500 22,000 39,243 0 0 1,034.00 (22,000) -43,164 3,921 8,400 19,970 19,970 22,134 1,850 83,798 83,798 94,017 3,631.55 7,000 80,682 70,885 152,612 6,636.48 (850) -24,825 15,028 6,150 8,000 68,824 68,824 128,080 4,896.00 42,500 92,511 92,511 107,525 5,100.00 50,000 55,220 55,220 37,100 3,437.52 20,000 68,107 0 0 (5,000) -20,776 3,749 (15,000) -70,559 19,479 88,000 90,619 90,619 52,712 3,603.60 105,000 141,393 141,393 78,960 7,843.52 100,000 94,682 0 0 250.00 -100,000 5,318 |
|---|---|
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| United Kingdom Government Bonds 0.375% Bonds 22.10.2026 £1,000 Purchased 02.10.2024 United Kingdom Government Bonds 0.375% Senior Bonds 22.10.2030 £1,000 Purchased 19.03.2025 . United Kingdom Government Bonds 1.25% Index Linked Senior Bonds £100 Sold 30.12.2024 United Kingdom Government Bonds .125% Senior Bonds 30.01.2026 £1,000 United Kingdom Government 4.125% Loan Stock 22.07.2030 Sold 19.03.2025 United Kingdom Government Bonds 4.375% Bonds 07.03.2028 £1,000 Purchased 13.01.2025 Purchased 11.02.2025 Held 05.04.2025 Unilever PLC 3.1111p Ord Sold 04.04.2025 Held 05.04.2025 Vodafone Group PLC USD 0.2095238 TOTAL FUNDS |
50,000 47,039 47,039 47,617 93.75 60,000 49,185 49,185 49,647 15,000 28,528 0 0 372.62 (15,000) -30,676 2,148 30,000 27,683 27,683 29,230 37.50 14,000 55,139 0 0 1,632.25 (14,000) -47,485 -7,654 30,000 30,255 152,734 152,311 2,048.52 120,000 122,479 150,000 4,400 55,951 50,865 187,760 6,515.52 (400) -18,938 13,852 4,000 72,000 134,222 134,222 48,082 4,086.68 £2,543,317 £265,083 £(358,956) £55,841 £2,505,285 £2,576,863 136,326.00 |
|---|---|
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