The Stevenson Family's Charitable Trust Charity Registration No: 327148 Trustees' report and unaudited fi nancial statements
For the year ended 5 April 2025
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
| Charity registered number | 327148 |
| Principal offce | Old Waterfeld |
| Winkfeld Road | |
| Ascot | |
| Berkshire | |
| SL5 7LJ | |
| Accountants | S&W Partners LLP |
| Accountants | |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Independent examiner | Julie Mutton FCA |
| S&W Audit | |
| 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 2025
The Trustees present their annual report together with the fi nancial statements for the year ended 5 April 2025.
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) effective 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 2025 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 £397,003 (2024: £521,099). Total expenditure on charitable activities was £191,605 (2024: £420,050) of which £185,650 (2024: £414,380) related to charitable donations made in furtherance of the Trust's objectives. Net income for the year, before investment gains and losses, amounted to £187,701 (2024: £84,648).
It is the policy of the Trustees at all times to maintain suf fi 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 £1,914,257 (2024: £1,793,873).
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The Stevenson Family's Charitable Trust
Trustees' report for the year ended 5 April 2025
Investments
During the year Cazenove Capital Management acted as independent advisors and investment managers.
At the year end the investment portfolio totalled £1,884,608 (2024: £2,249,273) after unrealised losses of £88,218 (2024: gains of £166,698).
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 the 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 2025
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 affairs of the charity and of the income and expenditure of the charity for that year.
In preparing the nancial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
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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 suf fi 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: 21 November 2025
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The Stevenson Family's Charitable Trust
Independent examiner's report for the year ended 5 April 2025
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 2025 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
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I con fi rm that I am quali fi ed to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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
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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
S&W Audit Chartered Accountants 4th fl oor, Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG
Date: 24 November 2025
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The Stevenson Family's Charitable Trust
Statement of nancial activities for the year ended 5 April 2025
| Notes Income Donations and legacies Investments 2 Total income Expenditure Cost of raising funds 3 Charitable activities 4 Total expenditure Net income before investment gains Net (losses)/gains on investments Net movement in funds Reconciliation of funds Total funds brought forward at 6 April 2024 Total funds carried forward at 5 April 2025 The notes on pages 7 to 14 form part of thesefnancial statements. |
2025 £ 352,906 44,097 397,003 (17,697) (191,605) (209,302) 187,701 (67,317) 120,384 1,793,873 1,914,257 |
2024 £ 475,475 45,624 521,099 (16,401) (420,050) (436,451) 84,648 196,369 281,017 1,512,856 1,793,873 |
|---|---|---|
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The Stevenson Family's Charitable Trust
Balance sheet as at 5 April 2025
| 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 assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 9 Net assets Charity funds Unrestricted funds Total funds |
£ 3,262 398,625 3,717 405,604 (375,955) |
2025 £ £ 1,884,608 3,423 242,808 6,039 252,270 (347,670) 29,649 1,914,257 - 1,914,257 1,914,257 1,914,257 |
2024 £ 2,249,273 (95,400) 2,153,873 (360,000) 1,793,873 1,793,873 1,793,873 |
|---|---|---|---|
The nancial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir Hugh Stevenson
................................................
Sir Hugh Stevenson Trustee
21 November 2025
................................................
Date
The notes on pages 7 to 14 form part of these nancial statements.
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The Stevenson Family's Charitable Trust
Notes to the nancial statements for the year ended 5 April 2025
1 Accounting policies
1.1 Basis of preparation of 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 t entity as de 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 suf fi 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 offer is made except in those cases where the offer 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 offered 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 nancial statements for the year ended 5 April 2025
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 |
2025 £ 38,838 5,259 44,097 |
2024 £ 41,517 4,107 |
| 45,624 |
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The Stevenson Family's Charitable Trust
Notes to the nancial statements for the year ended 5 April 2025
| 3 Raising funds Investment management fees 4 Expenditure on charitable activities Charitable donations (note 5) Governance (note 6) |
2025 £ 17,697 17,697 2025 £ 185,650 5,955 191,605 |
2024 £ 16,401 |
|---|---|---|
| 16,401 | ||
| 2024 £ 414,380 5,670 |
||
| 420,050 |
The Charity had no employees in the year (2024: none).
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Notes to the nancial statements for the year ended 5 April 2025
The Stevenson Family's Charitable Trust
5 Charitable donations
The Trustees committed the following charitable donations during the year. Of the commitments made during the year and prior years, £371,000 (2024: £702,000) 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 Thames Hospice The Sick Children's Trust 4 Cancer Group Total Health and medicine Culture and arts Art UK Cathedral Music Trust Garsington Opera Limited Glyndebourne Grange Park Opera Newbury Spring Festival Pimlico Opera Stanley Spencer Memorial Trust The Art Fund The British Museum Trust Limited The Courtauld Institute of Art Fund The Cromwell Museum Trust The Foundling Museum The Holburne Museum Windsor Festival Society Limited Total Culture and arts |
2025 £ 20,000 500 - - 20,500 1,000 15,000 - - 2,500 18,500 5,000 10,000 5,750 - 2,200 - 2,200 1,000 1,000 - - 3,000 - (1,000) 5,000 34,150 |
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 |
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The Stevenson Family's Charitable Trust
Notes to the nancial statements for the year ended 5 April 2025
5 Charitable donations
| Charitable donations Conservation and Heritage Milton's Cottage Trust Royal Horticultural Society The English Heritage Trust Total Conservation and heritage General charitable purposes Aldermaston and Wasing PCC Berkshire Community Foundation Berkshire Vision Child Autism UK Clean Rivers Trust Cranborne Parochial Fund Daisy's Dream Dingley's Promise Launchpad Reading Me2 Club Royal British Legion Salvation Army St Michael and All Angels, Sunninghill South East Berkshire Gang Show Support Through Court Swings and Smiles The Amber Foundation The Engine Shed The National Trust for Scotland Thrive Wallingford Accessible Boat Club War Memorials Trust York Minster Fund Total General charitable purposes Total Charitable donations |
(Continued) 25,000 - - 4,280 2,000 2,000 27,000 6,280 - 100 30,000 15,000 1,500 1,000 3,000 2,500 1,500 1,000 1,000 - 5,000 3,000 5,000 5,000 2,500 2,500 1,000 1,000 1,000 1,000 1,000 1,000 25,000 10,000 500 - 1,500 1,000 1,000 - - 500 1,000 - - 5,000 1,500 - - 1,000 1,500 1,000 1,000 - 85,500 51,600 185,650 414,380 |
(Continued) 25,000 - - 4,280 2,000 2,000 27,000 6,280 - 100 30,000 15,000 1,500 1,000 3,000 2,500 1,500 1,000 1,000 - 5,000 3,000 5,000 5,000 2,500 2,500 1,000 1,000 1,000 1,000 1,000 1,000 25,000 10,000 500 - 1,500 1,000 1,000 - - 500 1,000 - - 5,000 1,500 - - 1,000 1,500 1,000 1,000 - 85,500 51,600 185,650 414,380 |
|---|---|---|
| 6,280 | ||
| 100 15,000 1,000 2,500 1,000 - 3,000 5,000 2,500 1,000 1,000 1,000 10,000 - 1,000 - 500 - 5,000 - 1,000 1,000 - |
||
| 51,600 | ||
| 414,380 |
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The Stevenson Family's Charitable Trust
Notes to the nancial statements for the year ended 5 April 2025
| 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 2024 Commitments at 5 April 2025 are payable as follows: Within 1 year In more than 1 year 6 Governance costs Accountancy fees Independent examiner's fees |
(Continued) 2025 2024 £ £ 185,650 414,380 (517,650) (746,380) 702,000 1,034,000 370,000 702,000 370,000 342,000 - 360,000 370,000 702,000 2025 2024 £ £ 3,970 3,780 1,985 1,890 5,955 5,670 |
|---|---|
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The Stevenson Family's Charitable Trust
Notes to the nancial statements for the year ended 5 April 2025
| 7 Investments Market value At 6 April 2024 Acquisitions at cost Disposals Unrealised gain At 5 April 2025 Investments at 5 April 2025 comprise: Holding Equities - UK Equities - Europe (excluding UK) Equities - North America Equities - Asia Equities - Emerging market and global Bonds - UK Bonds - Emerging markets and global Hedge Funds Other Market value as at 5 April 2025 8 Creditors: amounts falling due within one year Accruals Grants payable |
2025 £ 2,249,273 1,586,037 (1,862,485) (88,217) 1,884,608 2025 £ 32,543 73,309 698,501 199,241 326,702 169,544 132,185 75,544 177,039 1,884,608 2025 £ 5,955 370,000 375,955 |
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 |
|---|---|---|
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The Stevenson Family's Charitable Trust
Notes to the nancial statements for the year ended 5 April 2025
9 Creditors: amounts falling due after more than one year
| Creditors: amounts falling due after more than | one year | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Grants payable | - | 360,000 |
10 Related party transactions
During the year the Trust awarded £30,000 (2024: £15,000) to the Berkshire Community Foundation of which Lady Catherine Stevenson and Sir Hugh Stevenson are vice presidents. During the year the Trust awarded £nil (2024: £62,000) to University College, Oxford of which Sir Hugh Stevenson is an honorary fellow.
In addition, during the year the Trustees donated shares of £352,906 (2024: £475,055) and cash of £nil (2024: £420) to the Trust.
During the year, no Trustees were paid any remuneration or expenses (2024: none).
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