**CHARITY REGISTRATION NUMBER: 802239**
## **Strathspey Charitable Trust Unaudited Financial Statements**
## **5 April 2024**
## **LINDLEY & CO**
Chartered Certified Accountants Suite 4 Europa House Europa Way Britannia Enterprise Park Lichfield Staffordshire WS14 9TZ
## **Strathspey Charitable Trust**
## **Financial Statements**
## **Year ended 5 April 2024**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8**|
## **Strathspey Charitable Trust**
## **Trustees' Annual Report**
## **Year ended 5 April 2024**
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2024.
## **Reference and administrative details**
**Registered charity name** Strathspey Charitable Trust **Charity registration number** 802239 **Principal office** 19 Foden Close Shenstone Lichfield Staffordshire WS14 0LE
## **The trustees**
J G Baker P M Rose R D Hamilton **Independent examiner** Sandra Kay Lindley FCA Suite 4 Europa House Europa Way Britannia Enterprise Park Lichfield Staffordshire WS14 9TZ
## **Structure, governance and management**
## **Organisational structure**
The Strathspey Charitable Trust is a trust governed by its trust deed dated 1st May 1989. It is registered as a charity (number 802239) with the Charity Commission. The Trust has a board of three trustees who administer the charity. The board meets regularly to discuss investment performance and grant making decisions. Grants are approved by two trustees. New trustees must be appointed by resolution of a meeting of the existing trustees, and are made fully aware of their legal obligations under charity law and the trust deed.
## **Investment powers, policy and performance**
Except for balances held to fund imminent donations, funds are held in UK All Share Index Tracker Funds to minimise risk. Powers to amend this policy rest with the Board of Trustees.
## **Governance and internal control**
The trustees have not identified any risks in the policies made in the running of the charity. The trustees have a risk management policy which identifies the major risks to which the charity is exposed and the steps required to mitigate these risks.
**- 1 -**
## **Strathspey Charitable Trust**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 5 April 2024**
## **Structure, governance and management** _**(continued)**_
## **Grant making policy**
Trustees actively seek institutional beneficiaries that meet with the Trust's objectives. Trustees divide the annual budget amongst the beneficiaries. Given the above mentioned sources of funds, the trustees feel that the budget for this year's grants and indeed the level of grants awarded, meet the criterion of continuing the Trust's objectives over the long term. Additionally, occasional projects directed by a major institutional charity are wholly funded by the Trust. These may exceed the total income of the Trust, and therefore the budget for grants awarded in some years exceeds Trust income, whereas in other years is significantly lower.
## **Objectives and activities**
## **Charitable objectives**
The principal objects of the Trust are the relief of poverty and hunger, by preference in lands oveseas. The trustees wish to achieve these objectives over a long period of time. The Trust does not engage in fund raising, and relies on the funds already accumulated to support its activities. The trustees have due regard to Charity Commission guidance on public benefit in deciding which activities the charity should undertake.
**- 2 -**
## **Strathspey Charitable Trust**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 5 April 2024**
## **Achievements and performance**
## **Review of activities and achievements**
This year there were 25 grants.
We continue to work principally with UK Charities formed to support projects in the third world. However, where we have received good reports on a Charity's Activities with other projects, we make some grants directly to foreign Charities.
Grants made to institutions in the period were as follows:
|**Institution**|**£**|
|---|---|
|Women Development Welfare Society|2696|
|Evergreen Africa|2000|
|PACHE Trust|1926|
|Soc for Women Educational & Economic Trust|1252|
|Champion Chanzige|1100|
|Holy Cross Social Service Society|1013|
|Action Aid Gaza|1000|
|Action Aid Morocco|1000|
|Azuko 1|1000|
|Creating New Beginnings|1000|
|Cress|1000|
|Dream Big Ghana|1000|
|Empowering Kids in Kenya|1000|
|Ghana School Aid|1000|
|Hummingbird|1000|
|Kawangware Humanity|1000|
|Kids Club Kampala|1000|
|Raising Futures Kenya|1000|
|Recycle|1000|
|Tehila Trust|1000|
|The Joshua generation|1000|
|Tusome Africa|1000|
|Various under £1000|2181|
|**Total**|**28168**|
## **Financial review**
## **Reserves**
As no commitments were made to organisations for future grants, the Trust does not need to retain funds to meet commitments. Nevertheless, the absence of any sources of income means that funds are retained to fund future donations.
**- 3 -**
## **Strathspey Charitable Trust**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 5 April 2024**
## **Financial review** _**(continued)**_
## **Investment powers and policy**
Under the Trust deed, the charity has the power to invest in any way the trustees wish. The investment objectives are:
a) to generate income and capital growth so that the charity can meet future as well as current needs without interruption,
b) to reduce risk,
c) to maximise income on short term cash surpluses at negligible risk.
## **Plans for future periods**
Our investments are in a fund that mirrors the UK All Share index. There was an increase in the value of the stock market in the financial year, following a small decrease in the previous year. As the trust has no commitments, this has improved its financial stability. We will continue with donation activity whilst continuing to monitor the value of our investments.
The trustees' annual report was approved on 5 August 2024 and signed on behalf of the board of trustees by:
P M Rose Trustee
**- 4 -**
## **Strathspey Charitable Trust**
## **Independent Examiner's Report to the Trustees of Strathspey Charitable Trust**
## **Year ended 5 April 2024**
I report to the trustees on my examination of the financial statements of Strathspey Charitable Trust ('the charity') for the year ended 5 April 2024.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 Act.
## **Independent examiner's 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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.
Sandra Kay Lindley FCA Independent Examiner
Suite 4 Europa House Europa Way Britannia Enterprise Park Lichfield Staffordshire WS14 9TZ
**- 5 -**
## **Strathspey Charitable Trust**
## **Statement of Financial Activities**
## **Year ended 5 April 2024**
|||**2024**|**2024**|2023|
|---|---|---|---|---|
|||Endowment|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Investment income|**4**|33,020|**33,020**|33,609|
|||``|``|``|
|**Total income**||33,020|**33,020**|33,609|
|||``|``|``|
|**Expenditure**|||||
|Expenditure on charitable activities|**5,6**|27,668|**27,668**|26,579|
|||``|``|``|
|**Total expenditure**||27,668|**27,668**|26,579|
|||``|``|``|
|||``|``|``|
|**Net income**||5,352|**5,352**|7,030|
|||``|``|``|
|**Other recognised gains and losses**|||||
|Other gains/(losses)||40,200|**40,200**|(11,987)|
|||``|``|``|
|**Net movement in funds**||45,552|**45,552**|(4,957)|
|**Reconciliation of funds**|||||
|Total funds brought forward||929,265|**929,265**|934,222|
|||``|``|``|
|**Total funds carried forward**||974,817|**974,817**|929,265|
|||``|``|``|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 8 to 12 form part of these financial statements.**
**- 6 -**
## **Strathspey Charitable Trust**
## **Statement of Financial Position**
**5 April 2024**
|**5 April**|**2024**||||
|---|---|---|---|---|
|||**2024**||2023|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Investments|**10**||**950,499**|910,299|
|**Current assets**|||||
|Debtors|**11**|**9,549**||9,164|
|Cash at bank and in hand||**16,149**||11,692|
|||``||``|
|||**25,698**||20,856|
|**Creditors: amounts falling due within one year**|**12**|**1,380**||1,890|
|||``||``|
|**Net current assets**|||**24,318**|18,966|
||||``|``|
|**Total assets less current liabilities**|||**974,817**|929,265|
||||``|``|
|**Funds of the charity**|||||
|Endowment funds|||**974,817**|929,265|
||||``|``|
|**Total charity funds**|**13**||**974,817**
``|929,265
``|
These financial statements were approved by the board of trustees and authorised for issue on 5 August 2024, and are signed on behalf of the board by:
J G Baker Trustee
**The notes on pages 8 to 12 form part of these financial statements.**
**- 7 -**
## **Strathspey Charitable Trust**
## **Notes to the Financial Statements**
## **Year ended 5 April 2024**
## **1. General information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 19 Foden Close, Shenstone, Lichfield, Staffordshire, WS14 0LE, England.
## **2. 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.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Disclosure exemptions**
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
## **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 factors, including expectations of future events that are believed to be reasonable under the circumstances.
## Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
The Trustees continue to invest in UK listed investments based on their favourable performance to date. They continue to regularly monitor this performance, with the assistance of investment managers, to ensure action can be taken if adverse performance is indicated.
**- 8 -**
**Strathspey Charitable Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 5 April 2024**
## **3. Accounting policies** _**(continued)**_
## **Judgements and key sources of estimation uncertainty** _**(continued)**_
Key sources of estimation uncertainty
There were no areas of estimation uncertainty.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
## **Incoming resources**
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
## **Investments**
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
**- 9 -**
**Strathspey Charitable Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 5 April 2024**
## **3. Accounting policies** _**(continued)**_
## **Impairment of fixed assets** _**(continued)**_
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted
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.
## **4. Investment income**
||Endowment|**Total Funds**|Endowment|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Income from listed investments|33,005|**33,005**|33,601|33,601|
|Bank interest receivable|15|**15**|8|8|
||``|``|``|``|
||33,020|**33,020**|33,609|33,609|
||``|``|``|``|
## **5. Expenditure on charitable activities by fund type**
||Endowment|**Total Funds**|Endowment|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Grants payable|28,168|**28,168**|25,512|25,512|
|Support costs|(500)|**(500)**|1,067|1,067|
||``|``|``|``|
||27,668|**27,668**|26,579|26,579|
||``|``|``|``|
## **6. Expenditure on charitable activities by activity type**
All grants were paid to institutions and in furtherence of the Charity objectives.
**- 10 -**
## **Strathspey Charitable Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 5 April 2024**
## **7. Independent examination fees**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|**650**|650|
||``|``|
## **8. Staff costs**
The average head count of employees during the year was Nil (2023: Nil). The average number of full-time equivalent employees during the year is analysed as follows:
||**2024**|2023|
|---|---|---|
||**No.**|No.|
|Number of trustees|**3**|3|
||``|``|
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
## **9. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
## **10. Investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2023|**910,299**|
|Additions|**–**|
|Fair value movements|**40,200**|
||``|
|**At 5 April 2024**|**950,499**|
||``|
|**Impairment**||
|**At 6 April 2023 and 5 April 2024**||
|**Carrying amount**||
|**At 5 April 2024**|**950,499**|
||``|
|At 5 April 2023|910,299|
||``|
|All investments shown above are held at valuation.||
## **Financial assets held at fair value**
Fixed asset investments were valued at open market value at 5th April 2024.
## **11. Debtors**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Other debtors|**9,549**|9,164|
||``|``|
**- 11 -**
## **Strathspey Charitable Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 5 April 2024**
## **12. Creditors: amounts falling due within one year**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Other creditors|**1,380**
``|1,890
``|
## **13. Analysis of charitable funds**
## **Endowment funds**
|**Endowment funds**|||||||
|---|---|---|---|---|---|---|
|||At|||Gains and|**At**|
||6|April 2023|Income|Expenditure|losses|**5 April 2024**|
|||£|£|£|£|**£**|
|Jack Baker Memorial|||||||
|Fund||929,265|33,020|(27,668)|40,200|**974,817**|
|||``|``|``|``|``|
|||At|||Gains and|At|
||6|April 2022|Income|Expenditure|losses|5 April 2023|
|||£|£|£|£|£|
|Jack Baker Memorial|||||||
|Fund||934,222
``|33,609
``|(26,579)
``|(11,987)
``|929,265
``|
The endowment fund was set up with the purpose of providing grants to relieve poverty and hunger worldwide.
## **14. Analysis of net assets between funds**
||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2024**|
||£|**£**|
|Investments|950,499|**950,499**|
|Current assets|25,698|**25,698**|
|Creditors less than 1 year|(1,380)|**(1,380)**|
||``|``|
|**Net assets**|974,817|**974,817**|
||``|``|
||Unrestricted|Total Funds|
||Funds|2023|
||£|£|
|Investments|910,299|910,299|
|Current assets|20,856|20,856|
|Creditors less than 1 year|(1,890)|(1,890)|
||``|``|
|**Net assets**|929,265|929,265|
||``|``|
## **15. Related parties**
There were no transactions with related parties during the year.
**- 12 -**