THE SQUIRES FOUNDATION TRUSTEES, REPORT AND ACCOUNTS 16 MARCH 2024 Charity Number: 328149 STEPHENSON COATES AUDIT LIMITED Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD
THE SQUXRES FOUNDATION ACCOUNTS YEAR ENDED 16 MARCH 2024 CONTENTS PAGE Members of the Board and professional advisers Trustees, Annual Report Independent examiner's report to the trustees statement of financial activities Balance sheet Notes to the accounts
THE SQUIRES FOUNDATION MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Registered charity name The Squires Foundation Charity number 328149 Principal office The Community Foundation Philanthropy House Woodbine Road Gosforth Newcastle upon Tyne NE3 IDD Trustees John Squires Lynn Squires Malcolm Squires Mark Squires Stephen Squires Independent examiner John Oswald BA FCA Stephenson Coates Audit Limited Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD Bankers National Westminster Bank plc 16 Northumberland street Newcastle upon Tyne NEI 7EL
THE SQUIRES FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 16 MARCH 2024 The trustees present their report and the unaudited accounts of the charity for the year ended 16 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the board and professional advisers on page l of the accounts. THE TRUSTEES The trustees who served the charity during the period were as follows.. John Squires Lynn Squires Malcolm Squires Mark Squires stephen Squires STRUCTURE. GOVERNANCE AND MANAGEMENT The Trust was established by Trust Deed dated 17 March 1989 by John Squires and stephen Raymond Squires. It was originally called The Benfield Motors Charitable Trust and changed its name in 2015. The Squires Foundation is registered with the Charity Commission, No. 328149. Charitable expenditure is made at the discretion of the Trustees. OBJECTIVES AND ACTIVITIES The Trust is established for the purpose of making a wide range of donations to many organisations, the majority of which are based in the North East of England. Grants are approved by the Trustees in line with the objectives of the Trust, which are. Social Welfare, particularly the relief of need, hardship and distress, Community Development; work which supports children, young people and the elderly, local hospitals and hospices; Christian activities and the arts. Such grants have previously been funded by donations from Addison Motors Limited. There have been no changes to the Trust's objectives or the policies used to achieve them. The Trustees confirm that regard has been given to current guidelines on public benefit in the Charities Act 2011. OUR PLANS FOR THE FUTURE The Trustees plan to continue their grant making activities at a level that is supported by funding received from St Ebba Capital Limited. ACHIEVEMENTS AND PERFORMANCE In the current year the Trust received £190,204 (2023: £119,160) as donations from St Ebba Capital Limited. All of the Trustees are also shareholders of that company. John Squires, Malcolm Squires, Stephen Squires and Mark Squires are also directors of St Ebba Capital Limited. In accordance with the Trust's objectives and grant making policyi grants totalling £225,100 (2023: £133,188) were awarded and paid during the year to a range of organisations. A full list of grants made 15 set out in Note 7 to the accounts.
THE SQUIRES FOUNDATION TRUSTEES. ANNUAL REPORT (contlnued) YEAR ENDED 16 MARCH 2024 GRANT MAKING POLICY All applications received by the Trust are summarised and scored by the grant making committee members. The top 15-20 scorlng applications are brought forward to one of two grant making meetings held each year. FINANCIAL REVIEW The attached accounts show the current state of the flnances which the Trustees consider to be adequate. Funds have been applied to l¢xal and national charitable organisations. The Trustees require reserves to be sufficient to allow The Squire5 Foundation the flexibility to continue and develop in accordance with the charlty's objectives. The Trustees review the policy on reser¥es on an annual basis. At the 16 March 2024 the reserves balance totalled £62,745 (2023: £98,340). Included within this Is restricted funds of £62,471 (2023: £98,272). RISK STATEMENT The Trustees do not consider the charity is exposed to any significant risks not currently covered by controls in place. STATEMENT OF TRUSTEES. RESPONSIBILrrIES The Tru5tee5 are responsible for preparing the Trustees. Annual Report and their accounts in accordance wlth the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts the Trustees are required to: Select suitable accounting policies and then apply them consistently; Observe the methods and prinoples in the Charities SORP; Make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the accounts; and Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responslble for keeplng adequate accounting records which disclose wlth reasonable accuracy at any time the financial positron of the charity and enable them to ensure that the finanaal statements comply with the Charities Act 2011. 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. INDEPENDENT EXAMINER stephenson Coates Audit Limited has been re-appointed as independent examlner for the ensuing year. Signed by order of the trustees ohn Squires Trustee 8 January 2025
THE SQUIRES FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SQUIRES FOUNDATION YEAR ENDED 16 MARCH 2024 I report to the trustees on my examination of the accounts of The Squires Foundation for the year ended 16 March 2024, which are set out on pages 5 to 11. 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,). You consider that the audit requirements of section 144 of the 2011 Act do not apply and that an independent examination is requid. Having satisfied myself that the accounts are not required to be audited, I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 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 2011 Act. Independent examiner's statement I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales. 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: accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records. or 3. the accounts do not cornply 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. John Oswald BA FCA Stephenson Coates Audit Limited West 2, Asama Court Chartered Accountants Newcastle Busines5 Park Newcastle upon Tyne NE4 7YD 8 January 2025
THE SQUIRES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 16 MARCH 2024 Note Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 INCOME AND ENDOWMENTS Donations and legacies Investment income 190,399 190,399 1,340 231,295 405 TOTAL INCOME 191,739 191,739 231,700 EXPENDITURE Expenditure on charitable activities 191 533 227 334 134 084 TOTAL EXPENDITURE NET INCOMING RESOURCES & NET MOVEMENT IN FUNDS FOR THE YEAR 191 533 227 334 134 084 206 (35,801) (35,595) 97,616 RECONCILIATION OF FUNDS Total funds brought forward 68 724 TOTAL FUNDS CARRIED FORWARD 11,12 274 62,471 62,745 98,340 The Statement of financial activities includes all gains and losses in the year. All of the above amounts relate to continuing activities. The notes on pages 7 to 11 form part of these accounts.
THE SQUIRES FOUNDATION BALANCE SHEET YEAR ENDED 16 MARCH 2024 2024 2023 Note CURRENT ASSETS Debtors Cash at bank 30,500 65,437 112,310 95,937 112,310 CREDrroRS: Amounts falllng due within one year io (33,192) {13,970) NEf CURRENT ASSETS 62,745 98,340 TOTAL ASSETS LESS CURRENT LIABILrfiES 62,745 98,340 FUNDS OF THE CHARITY Unrestricted funds Restricted funds li li 274 62,471 68 98,272 TOTAL CHARITY FUNDS 11, 12 62,745 98,340 These accounts were approved by the members of the cornmittee and authorised for issue on 8 January 2025 and are signed on their behalf by.. lohn Squlres Trustee The notes on pages 7 to 11 form part of these accounts.
THE SQUIRES FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 16 MARCH 2024 ACCOUNTING POLICIES General information The Foundation is a registered charity in England and Wales with charity number: 328149. The address of the principal office is The Community Foundation, Philanthropy House, Woodbine Road, Gosforth, Newcastle upon Tyne, NE3 IDD. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The Squires Foundation meets the definition of a public benefit entity under FRS 102. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other fattors, including expectations of future events that are believed to be reasonable under the circumstances. There are no key sources of judgement or estimation to report. Fund Accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are subject to restrirtions on their expenditure imposed by the funder, donor or through the terms of an appeal. Income All income is recognised once the Foundation has entitlement to the income, it is certain that the income will be received and the monetary value of the income can be measu red with sufficient reliability. Income from investments is included in the year in which it is receivable.
THE SQUIRES FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 16 MARCH 2024 I. ACCOUNTING POLICIES (continued) Expenditure Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are made to third parties in the furtherance of the charitable objectives of the Foundation. These are included under charitable activities in the statement of financial activities. Provisions for grants are made when the trustees have agreed to pay the grant without condition or the recipient has a reasonable expectation they will receive the grant. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. DONATIONS AND LEGACIES Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Donations Donations 190,399 190,399 231,295
THE SQUIRES FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 16 MARCH 2024 INVESTMENT INCOME Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Bank interest receivable 1,340 1,340 405 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Grants payable (Note 7) Other costs 189,299 2,234 35,801 225,100 5,119 133,188 896 191,533 35,801 227,334 134,084 COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly Grant funding activities Total Funds 2024 Total Funds 2023 Grants payable (Note 7) other costs 225,100 225,100 2,234 133,188 896 2,234 2,234 225,100 227,334 134,084 NET INCOMING RESOURCES FOR THE YEAR Net incoming resources is stated after charging independent examiners fees of £650 (2023: £687).
THE SQUIRES FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 16 MARCH 2024 GRANTS PAYABLE 2024 2023 Unrestricted: Grants to institutions The Lighthouse Project Community Foundation DEC Ukrainian Appeal Traidcraft Exchange Newcastle West End Food Bank Cry In The Dark The Bay Food Bank West Northumberland Foodbank Walker and District Food Bank The People's Kitchen Countryside Trust Transform Trade Charlotte Straker TST Tyne St Oswald's Hospice Feeding Families Grants to individuals Ian Forster- Ukrainian donation 50,000 36,710 10,000 7,500 4,000 4,500 2,000 2,000 2,000 67,392 10,000 5,500 5,000 5,000 5,000 5,000 1,000 47,998 10,000 5,000 19,909 2,500 189,299 119,460 Restricted: Grants to institutions Church and Community Partnership (Tynedale) 35,801 13,728 Total 225,100 133,188 KEY MANAGEMENT PERSONNEL AND TRUSTEE REMUNERATION AND EXPENSES The charity employed no individuals during the year (2023: None). The key management personnel of the charity comprises solely of the trustees. There was no trustee remuneration or expenses in the year (2023.. None). DEBTORS 2024 2023 Prepayments and accrued income 30,500 io-
THE SQUIRES FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 16 MARCH 2024 10. CREDITORS: Amounts falling due within one year 2024 2023 Other creditors 33,192 13,970 11. ANALYSIS OF CHARITABLE FUNDS Balance at 17 March 2023 Balance at 16 March 2024 Income Expenditure Unrestricted Funds Restricted Funds 68 98,272 191,739 (191,533) (35,801) 274 62,471 Total charity Funds 98,340 191,739 (227,334) 62,745 Restricted funds relate fully to supporting salary costs and expenses for the Church & Community Partnership (Tynedale). 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Total Current assets Creditors less than l year 33,466 (33,192) 62,471 95,937 (33,192) Total Funds 274 62,471 62,745 13. RELATED PARTY TRANSACTIONS St Ebba Capital Limited donated £190,204 (2023.. £119,160) to the Squires Foundation in the year. The trustees of the charity are also directors of St Ebba Capital Limited. John Squires is a trustee of Church and Community Partnership (Tynedale). During the year donations were made to Church and Community Partnership {Tynedale) of £35,801 (2023.. £13,728). li-