The Stevenson Family's Charitable Trust Charity Registration No: 327148 Trustees' report and unaudited fi nancial statements For the year ended 5 April 2024
The Stevenson Family's Charitable Trust
Legal and administrative information
| Trustees | Sir Hugh Alexander Stevenson |
|---|---|
| Lady Catherine May Stevenson | |
| Joseph William Stevenson | |
| Charity registered number | 327148 |
| Principal ofce | Old Waterfeld |
| Winkfeld Road | |
| Ascot | |
| Berkshire | |
| SL5 7LJ | |
| Accountants | Evelyn Partners LLP |
| Accountants | |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Independent examiner | Julie Mutton FCA |
| CLA Evelyn Partners Limited | |
| Chartered Accountants | |
| 4thfoor, Cumberland House | |
| 15-17 Cumberland Place | |
| Southampton | |
| Hampshire | |
| SO15 2BG |
The Stevenson Family's Charitable Trust
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement offnancial activities | 5 |
| Balance sheet | 6 |
| Notes to thefnancial statements | 7 - 14 |
The Stevenson Family's Charitable Trust
Trustees' report for the year ended 5 April 2024
The Trustees present their annual report together with the fi nancial statements for the year ended 5 April 2024.
The Trustees con fi rm that the annual report and fi nancial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their fi nancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) e ff ective from 1 January 2019.
Objectives and Activities
Policies and objectives
The Trust was founded by Hugh and Catherine Stevenson by way of Trust Deed on 3 April 1986 as a general charitable trust. The object of the Trust is to provide fi nancial support to other charities at the absolute discretion of the Trustees. The Trust deed provides for a minimum of two Trustees. Were there a requirement for new Trustees, these would be identi fi ed and appointed by the remaining Trustees. Appropriate ongoing Trustee training is undertaken when considered appropriate. One of the Trustees has signi fi cant experience of the fi nancial markets. The current policy of the Trustees is in the main to support charitable causes in the fi elds of culture and the arts, conservation and heritage, and education, but they can exercise their discretion to make donations for other charitable purposes. A full list of donations made in the year to 5 April 2024 is given in note 5.
Public Bene t
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public bene fi t when reviewing their aims and objectives and in planning their future activities.
The Trustees
The Trustees who served the charity during the year were as follows:
-
Sir Hugh Alexander Stevenson
-
Lady Catherine May Stevenson
-
Joseph William Stevenson
Financial Review (including reserves and investment policy)
The Trust derives its income from investments and from donations which are used to fund grants to other registered charitable organisations.
Total income for the year amounted to £521,099 (2023: £476,232). Total expenditure on charitable activities was £420,050 (2023: £1,352,870) of which £414,380 (2023: £1,339,280) related to charitable donations made in furtherance of the Trust's objectives. Net income for the year, before investment gains and losses, amounted to £84,648 (2023: net expenditure of £894,528).
It is the policy of the Trustees at all times to maintain su ffi cient reserves within the trust to meet all future commitments in full, whilst maintaining a level of invested funds capable of generating a signi fi cant return for onward donation. The Trustees monitor the level of reserves on an annual basis.
All funds held are unrestricted. Total unrestricted reserves at the end of the year amounted to £1,793,873 (2023: £1,512,856).
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The Stevenson Family's Charitable Trust
Trustees' report for the year ended 5 April 2024
Investments
During the year Cazenove Capital Management acted as independent advisors and investment managers.
At the year end the investment portfolio totalled £2,249,273 (2023: £2,098,929) after unrealised gains of £166,698 (2023: unrealised losses of £89,803).
Achievements and performance
During the year the Trust has been able to support a broad range of organisations in accordance with its recent policy.
The Trustees have reviewed the position for the coming year and have determined that the Trust is in a strong fi nancial position and there are no material uncertainties that may cast signi fi cant doubt on the Trust's ability to continue as a going concern.
Risk Management
The Trustees have identi fi ed that the only major risk to which the Trust is exposed is that of incurring signi fi cant losses in the investment portfolio. Performance targets are set by the Trustees in relation to the investment portfolio, and the investment performance is kept under regular review by the Trustees.
Plans for Future
The Trustees intend to continue providing grants in a similar manner to that followed in recent years, with the emphasis on culture and arts but retaining complete fl exibility as to the timing and scale of donations made. The Trustees have considered the activity of the Trust and have concluded that the Trust will be able to continue to operate as planned for the foreseeable future.
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The Stevenson Family's Charitable Trust
Trustees' report for the year ended 5 April 2024
Trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the fi nancial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare fi nancial statements for each fi nancial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting standards and applicable regulations). Under that law the trustees must not approve the fi nancial statements unless they are satis fi ed that they give a true and fair view of the state of a ff airs of the charity and of the income and expenditure of the charity for that year.
In preparing the fi nancial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fi nancial statements; and
-
prepare the fi nancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which are su ffi cient to show and explain the trustees' transactions and disclose with reasonable accuracy at any time the fi nancial position of the charity and which enable them to ensure that the fi nancial statements comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the board of trustees:
Sir Hugh Stevenson
.................................................
Sir Hugh Stevenson Trustee
Date: 1 December 2024
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The Stevenson Family's Charitable Trust
Independent examiner's report for the year ended 5 April 2024
I report to the trustees on my examination of the fi nancial statements of The Stevenson Family's Charitable Trust for the year ended 5 April 2024 which comprise the Statement of fi nancial activities, the Balance sheet and the notes to the fi nancial statements, including a summary of signi fi cant accounting policies.
Respective responsibilities of trustees and examiner and basis of report
As the charity's trustees, you are responsible for the preparation of the fi nancial statements in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the charity's fi nancial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I con fi rm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the nancial statements do not accord with those records; or
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the fi nancial statements do not comply with the applicable requirements concerning the form and content of fi nancial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the fi nancial statements 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 fi nancial statements to be reached.
Julie Mutton
..................................................
Julie Mutton
Fellow of the Institute of Chartered Accountants in England & Wales
CLA Evelyn Partners Limited Chartered Accountants 4th fl oor, Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG
Date: 16 December 2024
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The Stevenson Family's Charitable Trust
Statement of fi nancial activities for the year ended 5 April 2024
| Notes Income Donations and legacies Investments 2 Total income Expenditure Cost of raising funds 3 Charitable activities 4 Total expenditure Net income/(expenditure) before investment gains Net gains/(losses) on investments Net movement in funds Reconciliation of funds Total funds brought forward at 6 April 2023 Total funds carried forward at 5 April 2024 The notes on pages 7 to 14 form part of thesefnancial statements. |
2024 2023 £ £ 475,475 445,411 45,624 30,821 521,099 476,232 (16,401) (17,890) (420,050) (1,352,870) (436,451) (1,370,760) 84,648 (894,528) 196,369 (142,097) 281,017 (1,036,625) 1,512,856 2,549,481 1,793,873 1,512,856 |
2023 £ 445,411 30,821 |
|---|---|---|
| 476,232 | ||
| (17,890) (1,352,870) |
||
| (1,370,760) | ||
| (894,528) (142,097) |
||
| 1,512,856 | ||
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The Stevenson Family's Charitable Trust
Balance sheet as at 5 April 2024
| Notes Fixed assets Investments 7 Current assets Accrued income Cash held by investment managers Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current (liabilities)/assets Total assets less current liabilities Creditors: amounts falling due after more than one year 9 Net assets Charity funds Unrestricted funds Total funds |
£ 3,423 242,808 6,039 252,270 (347,670) |
2024 £ £ 2,249,273 2,081 444,847 14,589 461,517 (447,590) (95,400) 2,153,873 (360,000) 1,793,873 1,793,873 1,793,873 |
2023 £ 2,098,929 13,927 2,112,856 (600,000) 1,512,856 1,512,856 1,512,856 |
|---|---|---|---|
The fi nancial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir Hugh Stevenson
................................................
Sir Hugh Stevenson Trustee
1 December 2024
................................................
Date
The notes on pages 7 to 14 form part of these fi nancial statements.
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
1 Accounting policies
1.1 Basis of preparation of fi nancial statements
The fi nancial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these fi nancial statements. The Trustees con fi rm that the annual report and fi nancial statements of the charity comply with current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their fi nancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Stevenson Family's Charitable Trust is constituted as a trust and registered in England and Wales as a charity, number 327148.
The Stevenson Family's Charitable Trust constitutes a public bene fi t entity as de fi ned by FRS 102.
The functional currency is sterling and the fi nancial statements are rounded to the nearest whole pound.
1.2 Going concern
The Trustees are satis fi ed that the Trust has su ffi cient funds to be able to continue as a going concern for a period of at least twelve months from the date of approval of these fi nancial statements.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic bene fi t to a third party, it is probable that a transfer of economic bene fi t will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classi fi ed by activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on raising funds are costs incurred in managing the charity's investment portfolio. Grants payable are charged in the year when the o ff er is made except in those cases where the o ff er is conditional, such grants being recognised as expenditure when the conditions attaching are ful fi lled (or when it is probable that conditions will be ful fi lled and satisfaction of the conditions is outside the control of the Trustees). Grants o ff ered subject to conditions which have not been met at the year end and that have not been recognised as expenditure are noted as a commitment, but not accrued as expenditure.
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
1 Accounting policies
(Continued)
1.5 Investments
Fixed asset investments are a form of fi nancial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/ (losses) on investments' in the Statement of Financial Activities.
1.6 Financial instruments
Financial assets and fi nancial liabilities are recognised in the balance sheet when the charity becomes a party to the contractual provisions of the instrument.
Cash and cash equivalents are classi fi ed as basic fi nancial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the group's cash management.
Trade and other debtors and creditors are classi fi ed as basic fi nancial instruments and measured at transaction price. A provision is established when there is objective evidence that the charity will not be able to collect all amounts due.
2 Investment Income
| Investment Income | ||
|---|---|---|
| Investment income Interest receivable |
2024 £ 41,517 4,107 45,624 |
2023 £ 27,607 3,214 |
| 30,821 |
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
| 3 Raising funds Investment management fees 4 Expenditure on charitable activites Charitable donations (note 5) Governance (note 6) |
2024 £ 16,401 16,401 2024 £ 414,380 5,670 420,050 |
2023 £ 17,890 |
|---|---|---|
| 17,890 | ||
| 2023 £ 1,339,280 13,590 |
||
| 1,352,870 |
The Charity had no employees in the year (2023: none).
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
5 Charitable donations
The Trustees committed the following charitable donations during the year. Of the commitments made during the year and prior years, £702,000 (2023: £1,034,000) remained outstanding at the year end.
| Education and training Coram Shakespeare Schools Foundation Reed's School Foundation Appeal Ufton Court Educational Trust University College, Oxford Total Education and training Health and medicine Barry and Martin's Trust Frimley Health NHS Foundation Trust Response Thames Hospice The Sick Children's Trust Thrive Total Health and medicine Culture and arts Art UK Garsington Opera Glyndebourne Grange Park Opera National Portrait Gallery Newbury Spring Festival Pimlico Opera The British Museum Trust Limited The Courtauld Institute of Art Fund The Cromwell Museum Trust The Foundling Museum The Holburne Museum The National Gallery The National Garden Scheme The Sir John Soane's Museum Watts Gallery Trust Windsor Festival Society Limited Total Culture and arts |
2024 £ - 1,000 2,500 62,000 65,500 1,000 - - 100,000 15,000 - 116,000 - - 40,000 10,000 - 6,000 - 60,000 1,000 2,000 50,000 1,000 - - - - 5,000 175,000 |
2023 £ 7,500 1,000 - - |
|---|---|---|
| 8,500 | ||
| 1,000 10,000 1,000 - 8,000 1,000 |
||
| 21,000 | ||
| 10,000 25,000 20,000 - 27,000 5,000 1,000 - - - - 10,000 1,000,000 25,000 50,000 5,000 5,000 |
||
| 1,183,000 |
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
| 5 Charitable donations Conservation and Heritage Royal Horticultural Society The English Heritage Trust The Trimontium Trust West Horsley Place Trust York Minster Fund Total Conservation and heritage General charitable purposes Aldermaston and Wasing PCC Berkshire Community Foundation Berkshire Vision Child Autism UK Clean Rivers Trust Daisy's Dream Dingley's Promise Jubilee Sailing Trust Launchpad Reading Me2 Club Royal British Legion Salvation Army St Michael and All Angels, Sunninghill Support Through Court Swings and Smiles Syria Earthquake Appeal The Amber Foundation The Diocese in Europe The National Trust for Scotland Wallingford Accessible Boat Club War Memorials Trust Total General charitable purposes Total Charitable donations |
(Continued) 4,280 4,280 2,000 - - 1,000 - 2,500 - 10,000 6,280 17,780 100 - 15,000 45,000 1,000 500 2,500 5,000 1,000 - 3,000 3,000 5,000 10,000 - 5,000 2,500 5,000 1,000 500 1,000 1,000 1,000 1,000 10,000 20,000 1,000 5,000 - 1,000 - 5,000 500 - - 1,000 5,000 - 1,000 - 1,000 1,000 51,600 109,000 414,380 1,339,280 |
(Continued) 4,280 4,280 2,000 - - 1,000 - 2,500 - 10,000 6,280 17,780 100 - 15,000 45,000 1,000 500 2,500 5,000 1,000 - 3,000 3,000 5,000 10,000 - 5,000 2,500 5,000 1,000 500 1,000 1,000 1,000 1,000 10,000 20,000 1,000 5,000 - 1,000 - 5,000 500 - - 1,000 5,000 - 1,000 - 1,000 1,000 51,600 109,000 414,380 1,339,280 |
|---|---|---|
| 17,780 | ||
| - 45,000 500 5,000 - 3,000 10,000 5,000 5,000 500 1,000 1,000 20,000 5,000 1,000 5,000 - 1,000 - - 1,000 |
||
| 109,000 | ||
| 1,339,280 |
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
| 5 Charitable donations Reconciliation of grants payable Commitments charged to the statement offnancial activities in the year Grants paid during the year Commitments at 6 April 2023 Commitments at 5 April 2024 are payable as follows: Within 1 year In more than 1 year 6 Governance costs Accountancy fees Audit fees Independent examiner's fees |
(Continued) 2024 2023 £ £ 414,380 1,339,280 (746,380) (340,280) 1,034,000 35,000 702,000 1,034,000 342,000 434,000 360,000 600,000 702,000 1,034,000 2024 2023 £ £ 3,780 420 - 13,170 1,890 - 5,670 13,590 |
|---|---|
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
| 7 Investments Market value At 6 April 2023 Acquisitions at cost Disposals Unrealised gain/(loss) At 5 April 2024 Investments at 5 April 2024 comprise; Holding Equities - UK Equities - Europe (excluding UK) Equities - North America Equities - Asia Equities - Emerging market and global Bonds - UK Bonds - North America Bonds - Emerging markets and global Hedge Funds Other Market value as at 5 April 2024 8 Creditors: amounts falling due within one year Accruals Grants payable |
2024 £ 2,098,929 735,099 (751,453) 166,698 2,249,273 2024 £ 56,505 57,567 765,863 209,982 481,107 201,683 - 161,997 77,287 237,282 2,249,273 2024 £ 5,670 342,000 347,670 |
2023 £ 2,527,535 1,047,142 (1,385,945) (89,803) 2,098,929 2023 £ 69,603 - 464,143 139,654 527,186 - 14,479 69,461 62,448 751,955 2,098,929 2023 £ 13,590 434,000 447,590 |
|---|---|---|
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The Stevenson Family's Charitable Trust
Notes to the fi nancial statements for the year ended 5 April 2024
9 Creditors: amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Grants payable | 360,000 | 600,000 |
10 Related party transactions
During the year the Trust awarded £15,000 (2023: £45,000) to the Berkshire Community Foundation of which Lady Catherine Stevenson and Sir Hugh Stevenson are vice presidents. During the year the Trust also awarded £62,000 (2023: £nil) to University College, Oxford of which Sir Hugh Stevenson is an honorary fellow.
In addition, during the year the Trustees donated shares of £475,055 (2023: £344,996) and cash of £420 (2023: £80,000) to the Trust.
During the year, no Trustees were paid any remuneration or expenses (2023: none).
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