REGISTERED CHARITY NUMBER 1001255
The Mary Elizabeth Siebel Charity Report of the Trustees and Financial Statements for the year ended
31 October 2023
The Mary Elizabeth Siebel Charity
Contents of the Financial Statements for the Year Ended 31 October 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiners Report | 6 |
| Statement of Financial Actvites | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 14 |
| Detailed Statement of Financial Actvites | 15 |
The Mary Elizabeth Siebel Charity
Report of the Trustees for the Year Ended 31 October 2023
The Trustees present their report and Financial Statements for the year ended 31 October 2023. The Financial Statements have been prepared in accordane with the accounting policies set out on pages 9 and 10 and comply with the Charity's scheme and applicable law.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number 1001255 PRINCIPAL ADDRESS 3 Middlegate Newark Notts TRUSTEES
The trustees who served during the year and at the date of this report together with details of the trustees advisors are set out below
Mrs Sarah Watson Collingham Notts Miss Jean Moore Newark Notts Canon Elizabeth Rose Southwell Notts Dr Alan Garrow Harston Lincs Mrs Frances Kelly Collingham Notts Mr Robert Beall Newark Notts Mrs Danusia Sawoscianik-Murray Newark Notts
Independent Examiners Access Accountants Millgate Newark
Bankers
HSBC Market Place Newark NG24 1EQ
Solicitors
Tallents 3 Middlegate Newark NG24 1AQ
Clerk to the Trustees
Sarah Allen Solicitor 3 Middlegate Newark NG24 1AQ
Investment Advisers
Brewin Dolphin Olympic House Doddington Road Lincoln LN6 3SE
Page I
The Mary Elizabeth Siebel Charity
Report of the Trustees for the Year Ended 31 October 2023
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is constituted by the will of Miss Florence Siebel dated 1 February 1979 and a Codicil dated 9 August 1979. Miss Siebel died on 18 May 1990 and probate was granted on 22 August 1990. In her will she directed thet the charity be known as The Mary Elizabeth Siebel Charity in memory of her mother.
Recruitment and appointment of trustees.
The will directed that 6 Trustees be appointed, to include
representatives of various organisations. This was subsequenty varied by a Charity Commission letter (16.6.2000) to allow the Trustees to make appointments to fill vacancies. Once appointed Trustes remain in office until resignation or disqualification. Meeting are held every 2 months at which the trustees agree the broad strategy and areas of activity for the Charity to include grant making, investment policy, reserves and risk. The day to day administration of the Charity is dealt with by the Clerk, together with her team who process and handle applications prior to the Trustee meetings. The Trustees keep the skill requirements of the Board under review and where a vacancy arises, look to recruit a successor with appropriate skills and knowledge. Induction and training of new trustees
New trustees have an initial meeting whereby the history, constitution and aims of the Charity are explained. They are then invited to observe at a Trustee meeting, before being formally appointed. They also receive copies of the latest Trustee Reports and Financial Statements.
Risk Management
The Trustees have a duty to manage risk. Ensuring that appropriate controls are in place to provide reasonable assurance against error or fraud. The Trustees have exmined the major strategic business and operational risks which the Charity faces and confirm that systems are in place to minimise those risks.
Page 2
The Mary Elizabeth Siebel Charity
Report of the Trustees
for the Year Ended 31 October 2023
OBJECTIVES AND ACTIVITIES
Objectives and Activities for the public benefit.
The objects of the Charity are to provide benefits financed from the income of the permanent endowment for people over 60 years of age who are ill and in need of support to adequately look after themselves and who reside within a 12 mile radius of Newark Town Hall. The trustees are particularly keen to support those who wish to continue to live in their own home, but not to the exclusion of others who are in need. The charity is able to support other institutions provided funds made available to them are used in a manner consistent with the objects of the Mary Elizabeth Siebel Charity. The trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant making
Grant application forms are available from the Charity offices shown on page 1 of this report. Completed forms are to be sent to the Secretary to the trustees at the offices and the Assessor employed by the Charity then arranges to visit the applicant and reports to the Trustees, who consider the grant application at the Trustees meeting, normally held every two months.
The Charity is also promoted through local area Doctors' surgeries, Voluntary and Social Services as well as the local press, local radio and the Charity's own website.
ACHIEVEMENTS AND PERFORMANCE
Charitable Activities
The Trustees consider that the performance of the Charity this year has been satisfactory.
The Statement of Financial Activities indicates net incoming resources on the Unrestricted Fund of £14,466. (2022 net outgoing - £40,130.)
There were net outgoing resources on the Permanent Endowment Fund of £23,776. (2022 - £24,452.)
Before taking into account gains and losses on Investment Assets.
Page 3
The Mary Elizabeth Siebel Charity
Report of the Trustees
for the Year Ended 31 October 2023
ACHIEVEMENTS AND PERFORMANCE Charitable Activities continued
Investment income from dividends was £110,157 (2022 - £80,044) Total grants payable in the year were £60,277 to individuals and £nil to Institutions (2022 - £80,456 to individuals and £1,500 to Institutions) The Charity supported 45 grants to individuals (2022 - 59) The balance of Unrestricted Funds at the year end was £17,223.
Fundraising Activities
The Charity does not actively fundraise and seeks to continue the philanthropic work through the careful stewardship of its existing assets.
Investment performance.
The Charity has appointed investment advisers to assist in the management of the investments.
The Charity is relaint on its income from Investments. The investment income is broadly received from stock exchange investments and securities, as well as bank interest . The Trustees have full and unrestricted powers of investment and intend that the real value of their assets be maintained and enhanced over the longer term. The policy of the Charity continues to be the prudent management of the Charity assets to provide funds to finance the Charity objects. the Trustees have appointed qualified professional advisors as detailed on page 1 to manage the investments.
The security investments are managed by RBC Brewin Dolphin on a discretionary management basis. The Trustees do not wish to invest directly in tobacco or armaments or companies that are guilty of exploitation of child labour. The portfolio consists of equities, property investments and bonds. The current stock market portfolio objective is for a balance between income and capital growth with a medium risk preference. The portfolio looks generally sound and well balanced. In the year to 31 October 2023, the time weighted return was -3.88% Overall gains and losses on sale and revaluation of securities amounting to a loss of £47,461. (2022 - loss £810,172.) was deducted from the permanent endowment fund.
page 4
The Mary Elizabeth Siebel Charity
Report of the Trustees for the Year Ended 31 October 2023
FINANCIAL REVIEW
Reserves Policy Permanent endowment
The sum of £3,578,595 is held in Permanent Endowment for the provision of income for the Charity. Investments representing the fund may be changed from time to time, but cannot be distributed to the beneficiaries.
Unrestricted fund
The balance of the Unrestricted Fund account at 31 October 2023 was £17,223 the Trustees seek to maintain a balance on this fund sufficient to finance expenditure and grant payments where timing differences arise between the receipt of major income funds and anticipated expenditure The balance of the fund is also dependant on the magnitude of grant applications which vary from time to time. It is not uncommon for the Trustees to sanction individual large grants. The average value of grants awarded in the year to 31 October 2023 was £1,339.
The Trustees meet bi-monthly and consider it prudent to hold the equivalent of two payment cycles in reserve to cover trends in income and expenditure. The average amout distributed to individuals at each meeting in the year to 31 October 2023 was £10,046.
These funds held in reserve are sufficient to permit the Charity to continue in operation and the nature and the management of its investments provides a firm basis for the future.
Approved by order of the Board of Trustees on and signed on its behalf by
Canon Elizabeth Rose Trustee
page 5
independent examiners report page 6
page 6
The Mary Elizabeth Siebel Charity
| Statement of Financial Actvites | |||||
|---|---|---|---|---|---|
| for the Year Ended 31 October 2023 | **10/31/2023 ** | 10/31/2022 | |||
| Unrestricted | Endowment | ||||
| Notes | Funds | Fund | |||
| £ | £ | £ | £ | ||
| INCOMING RESOURCES | |||||
| Income | |||||
| Income from investments | 2 | 110,759 | 0 | 110,759 | 82,398 |
| RESOURCES EXPENDED | |||||
| Expenditure | |||||
| Investment management costs | 3 | 23,776 | 23,776 | 25,121 | |
| Charitable actvites | |||||
| Grants payable | 60,277 | 0 | 60,277 | 81,956 | |
| Support costs | 24,569 | 0 | 24,569 | 27,531 | |
| Governance costs | 11,447 | 0 | 11,447 | 12,372 | |
| Resources expended | 96,293 | 23,776 | 120,069 | 146,980 | |
| NET INCOMING/(OUTGOING) | |||||
| RESOURCES | 14,466 | -23,776 | -9,310 | -64,582 | |
| Other recognised gains/losses | |||||
| Gains/losses on investments | 0 | -47,461 | -47,461 | -814,171 | |
| Equalisatons | 583 | 583 | |||
| Net movement in funds | 14,466 | -70,654 | -56,188 | -878,753 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 2,757 | 3,649,249 | 3,652,006 | 4,530,759 | |
| TOTAL FUNDS CARRIED FORWARD | 17,223 | 3,578,595 | 3,595,818 | 3,652,006 |
page 7
The Mary Elizabeth Siebel Charity
Balance Sheet At 31 October 2023
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at Bank 10 CREDITORS Amounts falling due within 1 year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted Funds Endowment Funds TOTAL FUNDS |
10/31/2023 10/31/2022 £ £ 3,487,707 3,628,350 |
|---|---|
| 3,487,707 3,628,350 |
|
| 735 1,351 128,402 44,950 |
|
| 129,137 46,301 |
|
| -21,026 -22,643 |
|
| 108,111 23,658 |
|
| 3,595,818 3,652,008 |
|
| 3,595,818 3,652,008 |
|
| 17,223 2,757 3,578,595 3,645,251 |
|
| 3,595,818 3,648,008 |
page 8
The Mary Elizabeth Siebel Charity
Notes to the Financial Statements for the Year Ended 31 October 2023
1 ACCOUNTING POLICIES
General information
As set out in the Trustees report, The Mary Elizabeth Siebel Charity is an unincorporated charity registered in England & Wales. The registered office of the Charity is 3 Middlegate Newark Notts. The principal objectives of the charity are to provide benefits financed from the income of the permanent endowment for people over 60 years of age, who are ill and in need of support to adequately look after themselves and who reside within a 12 mile radius of Newark Town Hall.
The board of Trustees is aware of the need for the charity to provide public benefit and has paid due regard to the general guidance published by the Charity Commission relating to public benefit. Accounting convention
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accourdance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) and the Companies Act 2006. Key judgements and estimations
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 nder the circumstances. Accounting estimates and assumptions are made concerning the future, and by their nature, will rarely equal the related actual outcome.
Incoming resources
All incoming resources are included in the Statement of Financial Resources when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income and donations are recorded as they are received. Legacies are recorded when the charity is certain that it is entitled to receive the legacy.
page 9
The Mary Elizabeth Siebel Charity
Notes to the Financial Statements for the Year Ended 31 October 2023
1 ACCOUNTING POLICIES continued
Resources expended
Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Investment management costs comprise those costs attributable to investment income which are charged to the unrestricted fund and those that are considered to be attributable to capital which are charged to the Permanent Endowment Fund.
Charitable Activities support costs include the proportion of general solicitors' fees considered to be applicable to Charitable Activities and the assessor's salary and expenses, general insurance, postage, stationery other marketing costs.
Governance costs relate to the general running of the Charity as opposed to those costs associated with the investment management and charitable activities and include the costs of compliance with the Charity Act requirements and the proportion of general solicitors' fees considered to be applicable to governance costs. The allocation of solicitors' fees is 60% to the general running of the Charity and 40% to Governance costs.
Stockbrokers' fees are charged 100% to Permanent Endowment Fund. Taxation
The Charity is exempt from tax on its charitable activities Fund accounting
Unrestricted fund - this is a general fund and is free for use in accordance with the charitable objects.
Permanent Endowment Fund - this represents the original fund passed to the Charity by Miss Siebel's will in 1979. Income arising passes to the Unrestricted fund, the Capital can be changed from time to time, but cannot be distributed.
Going concern - No material uncertanties exist.
Cash flow statement - Is not prepared as the exemption in SORP 102 permits.
page 10
The Mary Elizabeth Siebel Charity
Notes to the Financial Statements for the Year Ended 31 October 2023
| 2INCOME FROM INVESTMENTS Dividends and company interest received Property rents Bank Interest Donatons 3INVESTMENT MANAGEMENT COSTS Portolio management Rent collecton fees Property insurance Property repairs 4TRUSTEES REMUNERATION AND BENEFITS No trustees remuneraton, nor benefts nor any expenses were paid to the trustees in either the year ended 31 October 2023 nor 2022 5STAFF COSTS Wages and salaries The average number of monthly employees during the year was 6KEY MANAGEMENT PERSONNEL No remuneraton was paid to any Key Management Personnel 7RELATED PARTY TRANSACTIONS |
10/31/2023 10/31/2022 £ £ 110,157 80,044 0 1,820 602 4 0 530 |
|---|---|
| 110,759 82,398 |
|
| 23,776 24,452 0 240 0 280 0 929 |
|
| 23,776 25,901 |
|
| 2,636 2,636 |
|
| 1 1 |
|
There were no related party transaction that require disclosure.
page 11
The Mary Elizabeth Siebel Charity
Notes to the Financial Statements for the Year Ended 31 October 2023
| 8FIXED ASSET INVESTMENTS LISTED STOCKS AND SHARES MARKET VALUE At 1 November 2022 Additons Disposals Revaluatons At 31 October 2023 NET BOOK VALUE At 31 October 2023 At 31 October 2022 There were no investment assets held outside the UK The historic cost of the Fixed Asset Investments at 31 October 2023 was £3,174,494. (2022 £3,282,707.) Additons are recorded at cost, disposals are shown at market value brought forward from the previous year, or cost if purchased during the year. |
£ 3,628,350 292,309 -385,491 -47,461 |
|---|---|
| 3,487,707 | |
| 3,487,707 | |
| 3,628,350 | |
page 12
The Mary Elizabeth Siebel Charity
Notes to the Financial Statements for the Year Ended 31 October 2023
| **10/31/2023 ** | 10/31/2022 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| 9 | DEBTORS: AMOUNTS FALLING DUE WIYHIN ONE YEAR | ||||
| Prepaid insurance | 735 | 1,351 | |||
| General | Permanent | Total | Total | ||
| Endowment | Funds | Funds | |||
| £ | £ | £ | £ | ||
| 10 | CASH AT BANK | ||||
| Brewin Dolphin Capital | 0 | 97,830 | 97,830 | 27,841 | |
| Brewin Dolphin Dividend | 10,155 | 0 | 10,155 | 5,338 | |
| HSBC Money Manager Account | 395 | 0 | 395 | 390 | |
| HSBC Current Account | 20,022 | 0 | 20,022 | 11,381 | |
| 30,572 | 97,830 | 128,402 | 44,950 | ||
| 11 | CREDITORS : AMOUNTS FALLING DUE WITHIN | ONE YEAR | |||
| Grants authorised but unpaid | 13,558 | 16,065 | |||
| Taxes and NI | 68 | 116 | |||
| Empty property rates | 0 | 762 | |||
| Independent examiners fees | 3,400 | 2,200 | |||
| Tallents admininstraton fees | 4,000 | 3,500 | |||
| 21,026 | 22,643 |
12 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments Current assets Current liabilites |
Unrestricted Endowment Total Total Funds Funds Funds Funds £ £ £ £ 0 3,487,707 3,487,707 3,628,350 31,307 97,830 129,137 46,301 -21,026 0 -21,026 -22,643 |
|---|---|
| 10,281 3,585,537 3,595,818 3,652,008 |
page 13
The Mary Elizabeth Siebel Charity
Notes to the Financial Statements
for the Year Ended 31 October 2023
| 13 | MOVEMENT IN FUNDS | Net | |||
|---|---|---|---|---|---|
| movement | |||||
| At 1.11.22 | in funds | At 30.10.23 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General | 2,757 | 14,466 | 17,223 | ||
| Endowment funds | |||||
| Permanent Endowment fund | 3,649,249 | -70,654 | 3,578,595 | ||
| TOTAL FUNDS | 3,652,006 | -56,188 | 3,595,818 | ||
| Net movement in funds, included in the | |||||
| above are as follows: | |||||
| Incoming | Resources | Gains | Movement | ||
| resouces | expended | and losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General | 110,759 | -96,293 | 0 | 14,466 | |
| Endowment funds | |||||
| Permanent Endowment fund | 0 | -23,776 | -46,878 | -70,654 | |
| TOTAL FUNDS | 110,759 | -120,069 | -46,878 | -56,188 | |
| Comparatves for movement in funds | Net | ||||
| movement | |||||
| At 1.11.21 | in funds | At 30.10.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General | 42,887 | -40,130 | 2,757 | ||
| Endowment funds | |||||
| Permanent Endowment fund | 4,487,872 | -838,623 | 3,649,249 | ||
| TOTAL FUNDS | 4,530,759 | -878,753 | 3,652,006 | ||
| Comparatve net movement in funds, included in the | |||||
| above are as follows: | |||||
| Incoming | Resources | Gains | Movement | ||
| resouces | expended | and losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General | 81,343 | -116,962 | 0 | -35,619 | |
| Endowment funds | |||||
| Permanent Endowment fund | 0 | -25,763 | 825,622 | 799,859 |
| TOTAL FUNDS page 14 |
81,343 -142,725 825,622 764,240 |
|---|---|
The Mary Elizabeth Siebel Charity
Detailed Statement of Financial Activities for the Year Ended 31 October 2023
| INCOMING RESOURCES Dividends and Company interest received Rental income Interest Donatons TOTAL INCOMING RESOURCES RESOURCES EXPENDED Investment management costs Portolio management Rent collecton fees Property insurance Property repairs Charitable actvites Wages Insurance Telephone Statonery and sofware Marketng and website Sundries Solicitors fees : Administraton Grants to insttutons Grants to individuals Governance costs Independent examiners fees Solicitors fee : Accounts and compliance TOTAL RESOURCES EXPENDED Net (expenditure)/income before gains and losses Realised and unrealised gains and (losses) on fxed asset investments Net income / (loss) for the year |
10/31/2023 10/31/2022 £ £ 110,157 80,044 0 1,820 602 4 0 530 |
|---|---|
| 110,759 82,398 |
|
| 23,776 24,452 0 240 0 280 0 149 |
|
| 23,776 25,121 |
|
| 1,831 2,636 1,697 2,303 0 0 2,339 2,150 2,928 3,264 402 419 15,372 16,759 0 1,500 60,277 80,456 |
|
| 84,846 109,487 |
|
| 1,200 1,200 10,247 11,172 |
|
| 11,447 12,372 |
|
| 120,069 146,980 |
|
| -9,310 -64,582 |
|
| -47,461 -814,171 |
|
| -56,771 -878,753 |
This page does not form part of the statutory financial statements
page15