TURCAN CONNELL THE SEARLE MEMORIAL 2005 CHARITABLE TRUST Scottish Charity Number.. SC036637 REPORT AND FINANCIAL STATEMENTS YEAR TO 31 ST MARCH 2025 S.6430.001-AGMF-2910512025
Page 2 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR PERIOD TO 31ST MARCH 2025 The Trustees present their annual report and fin8ncial statements for the charity for the year ended 31 st March 2025. The financial stalements have been prepared in accordance with ttte accounting policies sel out in Note 1 to the ffinancial ststemenls and comply Yh the Charity's Trust Deed, the Charities and Trustee Investment (Scotlandl Acl 2005, the Charitiès Accounts (Scotlandl Regulations 2006 (as amended) and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial slatements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 20191. Ob-ectives and actlvfties Ob'ectives of Trust The Trustees are directed in tefms of the Trust Deed to pay or apply the Income or Capital of the Trust Fund for thè benefit or furttrerance of such purposes, objects or insb'lub'ons, charitable in18w, as the Trustées in their absolute discretion shall detemine. In exercising their discretion the Trustees shall give primary consideration lo the wishes of those persons who gift or lend fjjnds to the Trust but this proviso shall impose no binding obligation on the Trustees. CurrenUy the primary aims of Ihe charty are to support the Scottish Council of the Scout Associats'on both direcUy and indiredy through The Donald Seade Outdoor Activities Charitable Company. It is hoped that this support will assist in the growth of the Scout movement. Grant-makin The Trust does not engage In direct charitable activities but makes grants in furtherance of the aims and objectives of the Trust, subject lo available funding. As the Trusts oty'ectives are broad the Trustees have opted for a policy of making donations to charitable organisations who the Trustees believe can make significant fronl line impact as a result of that support. Re ort on the activities of the Trust During the period, the Trust paid grants amounting to £367,355.94 (2024 £135,526.63) as detailed in note 4 of the financial statements. Of that figure £20,000 00 (2024 £20.000 001 relates to prior commitments and £224,564 62 relates to new commitments. Achievements and Performance: Investment olic rformance and In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares. investments and propety in the United Kingdom or abroad as they in Iheir sole discretion think fit During the year the Trustees engaged Close Bros Asset management as investrment managers as a replacement to ABRDN Capital plc. The Trustees investment policy is geared towards a balanced return be0n capital and incom8. There are no constraints as to the investments comprising the portfolio at any b'me. In the year to 31st March 2025 the fair value of the inveslrnents ha5 depreciabj by 5.34%. Capital depreciation is after net disposals of approximately £235,000.00 and also reflects lower market prices at the account date as evidenced by unrealised losses of approximately £55,000.00 at the close of the account Dividend inoome decreased by 2.76Wo due to changes in the portfolio in the current and previous years.
Page 3 THE SEARLE MEMORIAL 2005 GHARITABLE TRUST GENERAL INFORMATION AND REPORT OF TR TE FOR PERIOD TO RCH2 Flnancial review: Financial re ort The investments of the Trust have a fair value of £5.351,278.35 12024 £5,653,419.00} and there are net current assets of £254,918.57 12024 £77.565.731. There arè long term liabilities of £200,054.82 12024 Nil) at the year end. The Trust reiVed investment income of £136,620.36 during the year 12024 £139.687.59) Reserves olic It is the policy of the Trustees to distribute the income of the Trust in the form of grants or donations. It is anticipated that. where possible, any surplus income at the close of the account would be so distribLJted in a following year. As the Trust does not provide d1ct charitable services, the Trustees believe that normal expenditure can be met from income generated. The funds of the Trust are wholly unrestricted and are represented by a portfolio of investments and cash balances. Thè Investments are managed on a discretionary basis by the investment managers. The Trustees have power to draw upon the investments in furtherance of the Trust's objectives whilst retaining sufficient fijnds to meet any commitsnents Ihey may undertake. As the assets of the Trust are held in a readily realisable form, the Trustees do not consider it necessary to maintain specific reserves. Total reserves amount to £5,406,142.10 {2024 £5,730,984.73), all of which is unrestricted. Risk mana emen The Trustees have assessed the major nsks to which the charity is exposed, in particular Ihose related to the operations and finan$ of the Trust and are satisfied that systems are in place to mitigate our exposure to the major risks. As the Trust relies on its investment retums in order to make its donations, the principal risk faced by the Trust lies in the perfomiance of its investrnents. The Trustees have mitsgated this by retaining investrnent managérs to advise them and by having a diversified portfolio. Goin concém The Trustees haNe no material uncertainties as lo the Trust's ability lo continue as a going concem. Structure ovemance & mana ement Foundin histo documen and The Searle fthemorial1200sI Charitable Twst is constituted by a Deed by Igned on 18 May 2005. It was principally funded by the Ir8n5fer of funds on winding up from The Searle Memorial Trust. of whicaS also a Trustee. ointment of new Trustees The ower lo a int new Trustees is vested in the Serfor,
Page 4 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR PERIOD TO 31 T MARCH 2025 Related arties The Trustee is a partner of Turcan Connell. Turcan Connell provsde legal, 2nd accounting servi$ to the Trust for which fees are charged. In the yearto 31sl March 2025 Turcan Connell fees amounted to £16,329,00 (including VAD12024 £12.594.001. Donations amounting lo £36,899 16 {2024 £10,250 01) were made to The Donald £p.arle Outdoor Activities Charilable Company of which both re directors. Mana ement All Trustees are active in the management of the Twst and are considered to be the kèy management personnel. New Trustees Irainin Any new Trustees appointed will receive all relèvant documentation as part of an induthon. Initial training will be dealt with al the first meeting of the Trustees they attend. Em lo The Trust has no employees {2024 Non8}. The Trustees engage Turcan Connell to undertake the administration of the Trust remunerats'on for which is recorded in the finanaal staternents. Reference and Administrative Detsils Scottish Charit number SC036637 Address Turcan Connell Princes Exchange 1 Ead Grey Street Edinburgh, EH3 9EE Trustees deedl inted b tion um dvisers Solicitors Auditor Investrnent Advisérs Turcan Connell Whitelaw Wells Prin$ Exchange Statutory Auditor 1 Ead Grey Street 9 Ainslie Pla Edinburgh, EH3 gEE Edinburgh EH3 6AT Close Bros Asset Management 10 Crowne Pla London EC2A 4FT
Page 5 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TR ES FOR PERIOD T 31ST RCH 2 Statement of Trustees, res onsibilities in es cl of the fin tateme The Trustees are responsible for preparing the Trustees. Report 8fKI thé financial ststements in accordance With applicable law and United Kingdom Accx*unting Standards (United Kingdom Generally Accepted Arxounlin9 Practice). nci The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of th8 state of affairs of the charity and of the incoming resources and application of reSoUrS of the charity for that period. In pparing these financial statements, the Trustees are required lo.. - select suitsble accounting policie5 and apply them consistently.. - observe the melhods and principles in the Charities Ststement of Recommended Pracbce {FRS1021; - make judgèments and éskn"mates that are reasonable and prudent. - state whether applicable accounting standards have been followed, subj.ect to any departures disclosed and explained in the financial stalemenls". and prepare the financial 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 thal disclose with reasonable accuracy at any ts'me the financial pOS.0n of the charity and enable them to ensure that the financial statèments, comply with the Charities arKI Trustee Investment (Scolland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended}. The applicable law also sets out the Trustees. responsibilities for the preparation and content of ihe Trustees Annual ReporL The Trustees are 81so responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the pr@V8ntion and detection of fraud and other irregularities. Financial statements re ar "on The Trustees confirm that the financial statements for the year ended 31 st March 2025 have been prepared 50 as to comply wlh current statutory requirements, the Charity SORP and the Trusf s own goveming document. li Date
Ind•pendent Auditor's Report to th• TruBt•M of The S•arl? M•morlal12005I Charilablg Tru$t Opinlon We have audrted the financial slalemenls of Ihe Searfe Memorial {20051 Charitable Trust for the year eThJed 3151 March 2025, which Comprise the Slalement of Financial Actiwties, Ihe 8alance Sheet. Slalemenl of Cash Flows and notes to the financlal 51alements, incIlIng a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicaNe law the Financial Reporting Standard applicable in UK arKI Republic of Ireland IFRS1021 (effective 1 January 20191 and A¢counlirKJ arKI Rep)rting by Charities.. Statement of Recommended Practice applicable to chants'ès preparing their accounts in aecordanee wlth the Financial ReportivJ Standard appllcable In the UK and Republlc of Iland IFRS1021 (effective 1 January 20191. In our opinlon the financial slalemenls.. give a true and fair ol the slate of Trust's affairs as al 31st March 2025 arKI of ils Income and expenditure for the year then ended,. have en properfy prepad In ac¢ordance with United Kingdom Generally Accepted Accounting Praclice. and have been prepared In accordance the qUIrementS of Charities and Trustee Investmerbl (Scollandl Act 2005 and regulatlon 8 of the Charities Accounts Iscollandl Regulations 2006 las amonded). 8asls for opinion We Conducted our audit In aeeordance wlh Inlemalional Standards on Audiling {UKI IISAS UK) and applicable law. Our responslbilllies under those standards are further desCbed in the Audllors, responsbbililles lor the audll of the financlal slalemenls se10 of our report. We a indepndenl of the Trusl in accordance wlh the ethical requirements that a revanl lo our audit of the financial slalemenls in the UK. in¢ludirvJ the FRC'S Ethical SlaThJard, and we have fulfilled our ethical responsibilities in accordance wlh these requirements. We belpve Ihal the audit ethdence have obtsined is sufficlenl and approprlale to pmwde a basls for our oplnlon. Con¢lu$r¢ns rolating lo golng con¢ern We have nolhlng lo port In respect of the following mallers in relation lo vknich the ISA5 (UK) require us lo report lo you vknere". the trustees use of the going conr basis of accountiThJ in the preparalion of Ihe financlal statements is not approprSale,' or the Iruslees have not dlselosed in the financial slalemenls any identlfied malorfal uncertainlles that may cast 5ignificarit doubl about the Trust's ability lo coniinue lo a(Jopl the going concern basis of accountin9 for a period of at least twelve months from the date %then the financlal statements are aulhorised for issue. Other Inlorniatlon The other information ¢ompris¢s the infom)ation in the annual r8Wrt, olherthan the financial slaternenls aThJ Jr auditorfs port Ihereon. The ttuslee5 are responsible for the other infomialion. Our opinion on the financlal statements does not cover the other infoffliation aTrJ do not express any fom) of assurance condusion thereon. In connection wlh our audit of It financial slalernenls, our iesponsibilily is to read the other informalion and, in doing so. consider vA)elherthe other information is materially inconsislenl wlh the financial slalemenls or our knoedge obtained in the audit or olhewse appears lo be malerialty misslaled. If we identify such material inconsistencies or apparent malerial misstatements, V are required lo determine vhether the Is a material misslalernenl in the financial slalemen15 or a fftaterial misslalemenl of the other information. If, based on Ihe work ¥ have performed, conclude that there is a material mbsslalemenl of this other infomiats'on. we afe required to report that fact. We have nothing to report kn Ihls regard. Pllatters on whlch w• roqulred to report by •xcoption We hav8 nolhlng lo report In SpeCt of the lollowng matters in laOn to thich the CharltS 8nd Trustees Inveslmerrt (Scollandl Act 2005 and the Chaiilie¥ Accounts (Scotlandl Regulalions 2006 la¥ amended) requires u8 to report to yfAJ If. in OUT opinion.. the informalKJn given in the financial stslemenls is In¢51$t¢t in any material respect wth the Rewrt of the Trustees.: Proper aecounliNJ records have not been kept.. or The fin8nci81 slalemenls are not in agreement WTth the accounting records., or we h8ve not received all the informallon and explanallons V• require for our aj11 Rè5pon¥lbllltlo8 of trustees As explained rnore fully in thg St81emenl of trustees. responslbililigs set out page 5, the Irustees are respyJnsibl8 for lh8 preparallon of the financial slalemenls vthich give a true aThJ fair wew, and foi such inlemal control as the trustees determine 18 necessary to enable the preparation of financial stslements that are free from material misstalemenl. thelher due lo fraud or effor. In preparing the financial slalemen15. the trustees 8re re5w)nshble for assessing the Trust's ability lo continue as a going concem, disclosing, a5 applicable, matters related Io going COnM and using the goiro ¢onom basis of accounting unless the Iruslees either Inlend lo liquidate the TIu51 or lo cease operations. or hab* no realistic allemalive bul lo do so. Page 6
Audltor'8 re8pon•lbllltl•$ for the •udlt Of the finan¢l•l statsm•nts We have beer¢ appointell as aLJilor undei section 44111(¢} of the Charities and Tru51ee Inveslrnent IScoUaTrJl Act 2005 aTrJ rewrt in accordance with Its Act and relevant regulalion8 made or having effect thereuThler. Our objectives are lo obtain re8sonable assurance out Ththelher the financial statements a8 8 ¥thole are free from material mlsstatemenl, whether due lo fraud or error, and to issue an auditorfs report that includes our opini(x). Reasonabl6 assuranc? is a high level of assurance, bul 15 not a guarantee that an audit conducted in accordance Nbith ISA5 IUKI wll alway5 delect a material mÉsstalemenl ¥then rt exlsts. Mlsstalements can arise trom fraud or error and are co•dered material tl, IndlvKlualJy or in the aggregate, they could reasonabty be expected lo influence the economic declsions of ugers tsken on the basis of these flnanclal $ialement8. lffegularities. includin9 fvaud. are instances of non-compliance wth laws and regulations. We design procedures in line vrtth our responslbililies. oulllned above. lo delect matèrfal misslalernent5 in spect of iTregularFiies. indwJirvJ fraud. The exient lo vknich our procedures are capable of delecling irreoularilies, Includinq fraud is detailed below.. Irregularities that resuil from fraud are inherenlty more drffiClI lo delect than irregularit$ Ihal resutt from effor. From enquiries of those charged vAth govemance, it was detem71rwl that the risk of material mlsstatement from fraud was low th Ilttle scope for fraud lo occur. Our oudil testin9 is designed lo detect malerlal misstatements froffl fraud vtt)ere there is not high level collusS0n. Our a(klit testiThJ wa5 de5igwd lo d¢te¢t malerfal misslatsments from other iNegular5ties that $V1¢ from the is not high lev61 cOnalment of the error. In thi5 regard the following audit VKJrk was undertaken= applicable lav43 and regulations ere reviewed and discussed vlilh management: senior management rlleeling minutes We VIe5d.. inlemal controls tre vlewl.. and journals re reviebd. From th55 audit testing il was deterni1d that the rtsk of malerial misslalemenl in this regard was low, We carried income testing and expen(ture leslir¥J, including grants payable, %thich was designed Its identify any irregularities 88 a result ol slmple mislakes or human error. From this audll testing tt was delemiineil that the risk of malerl81 mlsslatement In this regard was low. A further description ol our responsibililies for the audit ol the financial statements is located on the Finala1 ReportStvJ Council's wtbsile at whth.frc.org.uklauditorsresponsibililies. This descph"on fr)mis part of our Report of the Auditors. U•• of our r•port This report Is made solety lo the Trust's rrmbers and Iruslees, as a tt, In acCOrdar wlh section 44111{cl of the Chathles Tru51ee Investment (Scollandl Acl 2005. regulation 10 of Ihe Ch8ri1ies Accounts (Scotlandl Regulalitins 2006 las amended). Our a1[t work has been ulertaken so that might stale to the TrLLsfs trEMr$ arK1 Iruslees those matters are TequSred to stale to them In an auditor's repcrt and for no other purpose. To the fullest extent pemiltted by law, we do not accept or assume responsibillty lo anyone other than the Twsl and Ils Iruslees as 8 boty, for our aLtrail rk. for th pOrt. or for the oolrl¢ns have fomed. Whllelaw Vvelis Stslulory Auditor 9 Mnsl Place Edinburgh EH3 6AT 2025 Whilelaw Wells Is ellgible lo act as an auditor in terms of section 1212 of the Cornpanies Aet 2006. Page 7
Page 8 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST BALANCE SHEET A AT RCH 2025 Notes 2025 2024 Fixed as ets Inv 5,351,278.35 5,653,419.00 Current assets Debtors 6.442.23 5,630.04 Cash at bank .' current account investment deposf(s 52,704.10 233,682.04 55,081.36 49,562.17 292,828.37 110,273.57 Less.. Current liabilities Amounts due in less than Iwelve monlhs (37.909.80) (32,707.84) 37,909.80 32,707.84 Net current assets 254,918.57 77,565.73 Total assets less current liabilities 5,606,196.92 5,730,984.73 Long term liabilities Creditors Amounts due in more than twelve months (200,054.82) Net Assets 5,406,142.10 5,730.984.73 resented b Unrestricted funds 5,406,145.63 5,730,984.73 5,406,145.63 5,730,984.73 Approved by the Twstees and authorised to be signed on their behalf on Trustee The notes on pages 11 to 16 form part of these accounts
Page 9 THE SEARLE MEMORIAL 2005 CHARITABLE TRU STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31st MARCH 2025 2025 Total 2024 Total Income and endowments from: Investments 10 136,623.89 139,687.59 Total Income 136,623.89 139,687.59 8nditure on: Raisin funds Investment management charges (34,365.53) (29,265.07) Charitable Activrties Grants and donations Support and govemance costs (347,355.94) (115,526.63) (18,792.00) <16,080.00) Total Expendlture 400,513.47 160,871.70 Net expenditure before Investment gainsllosses) (263,889.58) (21,184.11) Net gainsl (losses) on investments (60,949.52) 484,936.74 Net income/(expenditure} and net movement in funds (324,839.10) 463,752.63 Reconciliation of funds Total funds brought foThvard 5,730,984.73 5,267,232.10 Total funds Garried forward 5,406,145.63 5,730,984.73 All activrties are conlinuing All funds are unrestricted The notes on pages 11 to 16 fonn part of these accounts
Page 10 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR TO 31ST MARCH 2025 Cash flows from o eratln activities 2025 2024 Net cash used In operatlng actlvltles 196,068.88) (175,198.79) Cash flows from investing activities Dividends and Interest from investments Purchase of investments Sale of investments 136,623.89 139,687.59 (556,598.40) (1.228.397.27) 797,789.53 1.239.074.83 Net cash provlded by Investlng actlvltles 377,815.02 150,365.15 Change In cash and cash equlvalents In the porlod 181,746.14 (24,833.64) Cash and cash equlval8nts at the beglnnlng of the reportlng perlod 104,643.53 129,477.17 Cash and cash equlvalents at the end of the reportlng perlod 286,389.67 104,643.53 Reconclllatlon of net Incomelex to net cash flow from o eratin endlture activities 2025 2024 Net incomel(expenditure) per statement of financial actrvities (Gains)ILosses on investments Dividends and interest from investments Decrease in debtors (Decrease) in creditors (324,839.10) 463,752.63 60,949.52 (484,936.74) (136,623.89) (139,687.59) (812.19) 4,180.29 205,256.78 (18,507.38) Net cash (used in) operating activitles 196,068.88 175,198.79 Anal sis of cash and cash e Deposit accounts ulvalents current account investment deposits 52,704.10 233,682.04 55,081.36 49,562.17 286,386.14 104,643.53 Analysis of changes in net debt Cash and cash equtvalents at the beginning of the reporting period Change in cash and cash equivalents in the penod 104,643.53 181,746.14 129,477.17 (24,833.64) Cash and cash equivalents at the end of the reporting period 286,389.67 104,643.53 The notes on pages 11 to 16 form part of these accounts
Page 11 THE SEARLE MEMORIAL Financial Statement5 for 2005 CHARITABLE TRUST ear ende 31 March 2025 es To The Financial Statements 1 Accountin Policies The Seade Memonal {2005) Charitable Trust is an unincorporated chanty wilh the regislered address as stated at page 4. ial stat nts re aration The financial ststements have been prepared under the historical cost convention wth items recognised at cost or transaction value unless otherwise stated in the relevant notels) lo Ihese finanaal statements. The financial stslements have been prepared in accordan with the ' Accounts'ng and Reporting by Charits"es.' Stslement of Recommended Practice applicable to charities pparIng their fi'nancial statements in accordanc6 With the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) (second edition issued October 2019 and effective 1 January 201918nd the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 the Charities and Trustee Investment (Scotlandl Acl 2005, and the Charities Accounts {Scotland) Regulations 2006 las amended). The Trust constitutes a public b8nefit enty'ty as defined by FRS102. The financial statements have b*n prepared on a going COnM basis. The Trustees have assessed the Trusfs ability to continue as a going concem and have reasonable expectab'on that the Trust has adequate resources to continue in operabonal existence for the foreseeable future, thus they contsnue to adopt the going concem basis of accounting in preparing thè financial statements and are satisfied that no material uncèrtainty exists in respect ofgoing concem. The reporting currency of th8 financial statements is sterling. tmen Invesbnenls are a fomi of basic financial instrument and are initially recognised at Iheir Iransaction value and subsequently measured at their fair value at the balance sheet date. The Statement of Financial Adivibes includes the net gains or losses arising on Valuaon and disposals throughout the year. Fair value revaluation of the portfolio at the account date is done at either mid mart(et Pri or bid pnce depending on the nature of the investment. As the Trust relies on its invesknent returns in order to make its donations. the prinapal risk faced by the Trust lies in the p8rfomance of its investments. The Trustees have mity'galed this by retaining investment managers to advise them and by having a diversified portfolio. c) Investment ains and losses All gains or losses a taken to the Statement of Financial Activities as they anse. Realised gains and losses are calculated as the difference between the sales prod$ and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference been the fair value at the year end and Iheir carying value. Realised and unrealised gains and losses are combined in the Statement of Financial Actlvits'es. ome Investrnènt income is included in the financial statements in the year in which it becomes entitled to it, it can be reliably detemiined and there is probabilty of receipl. ndilur Expenditure is included in the financial ststements on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of panent. Costs of raising funds compnse those costs directly attributable to managing the invesbnent portfolio and raising investment income. Charitable activib'es are those undèrtaken in furtherance of charitable objèctives. Govemance costs relate to costs incurred in respect of strategic or conslitutional matters and also compliance with slatulory reporbng requirements.
Page 12 THE SEARLE MEMORIAL 2005 Financial Statements for the CHARITABLE TRUST ear ende 31 March 2025 Notes To The Financial Statements (fj Cost of raisin hjnds Investment management charges are included en an accruals basis and recognised in full as soon as a constructive obligation 8$15. ort and 0veMan co Support costs are the costs associated wilh the direct management of the charity. Govemance costs are the costs of Complian wrth the statutory and règulatory requirements of the charity. Fees charged by Turcan C¢)nnell for legal and accounting senrices are Included in the financial statements as follows.. Govemance (Accountancy Costs) - actual costs incurre(I Support (Legal and Administrative Costs) - actual costs incurred These are recorded in support and governance costs in the Ststement of Financial Activities. Audit fees are recorded in support and governan costs in ststement of Financial Activibes. All olher support and gobEmanc£ costs are recorded in the Statement of Financial Acti)rities as appropnate. As the charity does not prowde services directiy but by way of grants to other organisations. support and governance costs are not allocated against individual grants or donations. Ihl Grants Grants payable are payments to third parties in furtherance of the charitable oty'ects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been nots'fied of the grant award. The nots'fication gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subjecl to the recipieni fulfilling perfomian¢e conditions are only accrued when the recipient has been notified of the grant and any remaining unfiJlfille(S condition attaching to thal grant is outside of the control of the Trust. Grants aLthorised to be paid in respect of the accounting year or fvture years are provided for in the financial statements. Provisions for grants are made when the intention to make a grant has been communicated to the recipient. A prowsion frjr a multi-year award is recognised at its present value where setuemenl is due over more than one year from the date of the award, there are no unfulfilled conditions and the effert of the discounting is material. In the current economic climate the Trustees consider a discount rate of 2Vo lo be appropriate. lil VAT The Charity is not registered for VAT purposes and all VAT incurred is therefore iffecoverable. Where applied, VAT is included as part of the expense. 2 Debtors 2025 2024 Accru8d income 6,442.23 5,630.04 6,442.23 5,630.04
Page 13 THE SEARLE MEMORIAL Financial Stalemen for th 2005 CHARITABLE TRUST nded 31 March 2025 The Financi I Statem 3 Creditors 2025 2024 Sums d e less than twelve months Turcan Connell,18gal fee5 Whilelaw Wells. audit fees Close Brothers, invesbnent fees Fulham Reach Boat Club HospIS of Hope 2,400.00 2,400.00 8,600.00 24,509.80 2,400.00 2.400.00 8,300.00 9.803.92 9.803.92 37,9.8 2.707.84 Lon term liabilities Sums due after more Ih Fulham Reach Boat Club months 200,054.82 2CQ,054.82 Total creditors 237,964.62 32,707.84 4 Charitsble acbvib'es nd onations 2025 2024 Cth"zenshi and Communi Donald Searle Outdoor Activities Charitable Co. Scottssh Council of Ihe Scout Association London Orphan Asylum Nepal Youth Foundation 36,899.16 44,500.00 1,(M)O.00 10.250.01 44,500.00 10.000.00 Heal Charlie Waller Memorial Trust Fulham Reach Boat Club Hospices of Hope Mad8cins Sans Frontières 20,10.00 20,C()O.00 10,Crf)O.00 20,000.00 10.000.00 10.000.00 20,000.00 Othér CAF {various small donatsonsl {operatsd by Mrs Malim) 10.000.00 10,OC(I.00 Discount finanang applicable to 9rants and donats.ons 392.16 776.62 142,791.32 135,526.63 New Commitment Fulham Reach Boat Club Less discount applied 250.000.00 (25.435.38> 367,355.94 135,528.63 Less prior commilments paid in year Fulham Reach Boat Club Hospi$ of Hope (10,000.00) (10,000.00) 110,(K)O.001 110,000.1)01 347.355.94 115,526.63
Page 14 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST Financial Statements for the ear ended 31 March 2025 Notes To Th Financial S atements 4 Charitable activitie Future commitments 2025 2024 Balance brought forward Fulham Reach Boat Club Hospices of Hope 9,803.92 9,803.92 19,415.61 19,415.61 19,607.84 38,831.22 Less aid in ear Fulham Reach Boat Club Hospices of Hope Discount financing {l0,C.00) (10,OCQ.00) 392.16 110,000.00) (10,000.00) 776.62 New Commitment Fulham Reach Boat Club Discount applied 250,000.00 (25,435.38) 224.564.62 19.607.84 H Id Thus Fulham Reach Boat Club HospIS of Hope 224.564.62 9.803.92 9.803.92 224,564.62 19,607.84 5 Rèlated transactions Payments totslling £16,392.00 (including VAT)12024 £12,594.00) have been made to Turcan Connell for their acting as Solicitors and Accountants arKI for administering the Trust is a partner of Turcan Connell. The Trust has no employees12024 Nil). are directors of the Donald SearSe Outdoor Activities Charitable Company and Trustees of The Searle Memorial120051 Charitable Trust. The latter transferred £36.899.16 to The Donald Searte Outdoor Activitses Charltable Company dunng the period {2024 £10.250.01). 6 Trustees, 8 enses No fees or expenses have en paid to the Trustees. All Trustses act gratuitously. The Trustees are the key management personnel of the charity. 7Em The Trust has no employ6es12024 None). Th8 Trustees engage Turcan Connell to undertake the administrakn'on of the Trust remuneration for which is recorded in Ihe financial statements.
Page 15 THE SEARLE MEMORIAL Financial Statements for th 2005 CHARITABLE TRUST ear ended 31 March 2025 To Th Finan ial S atemen 8Su ort and ovemance costs 2025 2024 Su rtcos Trust administration fee$ 8.196.00 6,297.00 8,196.00 6,297.00 Govemance co Accounting Legal expenses Audit fees Audit fees 4,098.00 4,098.00 2,400.00 3.148.50 3,148.50 2,400.00 1,086.00 10,596.00 18.792.00 16,080.00 9 Investments 2025 2024 Fair value as at 31103124 Add Purchases 5,653,419.00 5.179,159.82 556.598.40 1,228,397.27 6,210,017.40 6,407,557.09 Less Sales 797.789.53 1.239,074.83 5.412.227.87 5.168,482.26 50,271.01 {49,178.28) 483,844.01 Realised gains Realised losses Net unrealised IIOs5es)I gains 40,031.38 (46.447.65) 54,533.25) {60.949.52} Fair value of investments at 31103125 5,351.278.35 5,653,419.00 UK inveslments Ex UK investments 3,690,136.36 3,790,253.00 1,661.141.99 1.863,166.00 5,351,278.35 5.6S3.419.00 Hèld Thus.. Fixed Interest Equrties Altemalives Property Multi Asset Liquidty 651.406.12 4,234,041.96 179.013.42 143.065.18 120.000.00 23.751.67 12.17 79.11 3.35 2.67 2.25 0.45 5,351,278.35 100.00 All investments are listed on a recognised stock exchange arKI are held within the UK. The main risk to the Trust from financial instnjments lies in the volalility of the markets. Th8 Trusfs investrnents are mainly traded in markets with good liquidity and high trading volumes. The Trust has no malenal investrnenl holdings in markets subject to exchange controls or trading reslricts'ons. The Trust manages these investment risks by retaining expert advisors and operakn'ng an investment policy that provides for a high degree of diversification of hoklings within investment asset classes that are quoled on recognised stock exchanges.
Page 16 THE SEARLE MEMORIAL 2005 CHARITABLE TRUST Financial Statements for he ear ended 31 March 2025 Notes To The Financial Statements 10 Investment income 2025 2024 Investment Income Bank interest 132,850.56 3,773.33 136.614.76 3,072.83 136,623.89 139,687.59
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