REGISTERED CHARITY NUMBER 1001255 The Mary Elizabeth Siebel Charity Report of the Trustees and Flnancial Statements for the year ended 31 October 2024
The Mary Elizabeth Siebel Charlty Contents of the Financial Statements for the Year Ended 31 Ortober 2024 Page Ito5 Report of the Trustees Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Detsiled Statement of Financial ActNlties 9t014 15
The Mary Ellzabeth Siebel Charity Report of the Trustees for the Year Ended 31 October 2024 The Trustees present their report and Financial Statements for the year ended 31 October 2024. 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 l(X)1255 PRINCIPAL ADDRESS 3 Middlegate Newark Notts TRusfEES 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 Miss Jean Moore Canon Elizabeth Rose DrAlan Garrow Mrs Frances Kelty Mr Robert Beall Mrs Danusia Sawoscianik-murray Drjane Selwyn Collingham Nott5 Newark Notts Southwell Notts Harston Lincs Collingham Notts Newark Notts Newark Notts Sibthorpe Notts resigned appointed Independent Examiners Access Accountsnts Millgate Newark Bankers HSBC Market pla Newark NG24 IEQ Solicitors Tallents 3 Middlegate Newark NG24 IAQ Clerk to the Trustees Sarah Allen Sollcitor 3 Middlegate Newark NG24 IAQ Investment Advisers Brewin Dolphin Olympic House Doddington Road Lincoln LN6 35E
The Mary Elliabeth Siebel alarity Report of the Trustees for the Year Ended 31 Ortober 2024 srRUCTURE GOVERNANCE AND MANAGEMENT Governing Document The Charlty Is constituted by the will of Miss Florence Siebel dated l February 1979 and a Codicil dated 9 August 1979. Miss Siebel died on 18 May 1990 and probate wasgranted 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 Commlssion letter {16.6.2(KX)) 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 priorto the Trustee meetings. The Trustees keep the skill requirernents 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 fa5 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 Ortober 2024 OBJECTIVES AND ACTIVITIES Objectives and Activities for the public benefit. The object5 of the Charity are to provide benefits financed from the income of the permanent endowment for people over 60 years of a8e who are ill and in need of support to adequatsly 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 trustee5 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 foi the year. Grant making Grant application forms are available from the Charity offices shown on page l of this report. Completed form5 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 meetin& normally held every two months. The Charity is also promoted through local area Doctor5, surgeries, Voluntary and Social Services as well as the local press. local radio and the Charitvs 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 £7,992. {2023 net incoming - £14,466.) The were net outgoing resouices on the Permanent Endowment Fund of £24.853 (2023 - £23.776.) 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 2024 ACHIEVEMENTS AND PERFORMANCE Charltable Actlvltles contlnued Investment income from dividends was £108.731 (2023 - £110,157.) Total grants payable in the year were £64,575 to individuals and £nil to Institutions (2023- £60.277 to individuals and £nil to Institutions) The Charity SUPPOrted 41 grants to individua15 (2023- 45) The balance of Unrestricted Funds at the year end was £25.215. Fundralslng Activities The Charity does not actively fundraise and seeks to contlnue the philanthropic work through the careful stewardship of its existing assets. Investment perfomiance. 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 15 broadly received from stock exchange investments and securities, as well as bank interest . The Trustees have fijll and unrestricted powers of investment and intend that the real value of their assets be maintained and enhanod 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 I 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 Tnedium risk preference. The portfolio looks generally sound and well balanced. In the year to 31 October 2024, the time weighted return was 14.62% Overall gains and lo5 on sale and revaluation of securitie5 amounting to a gain 0*£501.263. {2023 - Ios5 £47.461.) was added to the permanent endowment fund. page 4
The Mary Ellzabeth Slebel Charfty Report of the Trustees for the Year Ended 31 October 2024 FINANCIAL REVIEW Reserves Policy Pennanent endowment The sum of £4.056.606 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 2024 wa5 £25.215 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 a150 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 2024 was £1,575. 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 distiibuted to individuals at each meeting in the year to 31 October 2024 was £10,762. These funds held in reserve are sufficient to permit the Charity to continue in operation and the nature and the management of its investment5 provides a firni basis for the future. Approved by order of the Board of Trustees on arid signed on its behalf by Canon Elizabeth Rose Trustee page 5
independent examiners report page 6 page 6
The Mary Ellzabeth Siebel Charity Statement of Flnanclal Activities for the Year Ended 31 October 2024 3111012024 3111012023 Unrestricted Endowment Funds Fund Notes INCOMING RESOURCES Income Income from investments 111.003 111,003 110,759 RESOURCES EXPENDED Expenditure Investment management costs Charitable actNities Grants payable Support costs Governance costs 24,853 24,853 23,776 64.575 25,579 12.857 64,575 25,579 12.857 60,277 24,569 11,447 Resources expended 103,011 24.853 127,864 120,069 NEf INCOMING/(OUTGOING} RESOURCES 7.992 -24.853 -16,861 -9.310 Other recognised gains/losses Gains/losses on investments Equalisations Net movement in funds 501,263 1,601 478,011 501,263 1,601 486,003 -47,461 583 -56,188 7,992 RECONCILIATION OF FUNDS Total funds brought forward 17,223 3,578,595 3,595,818 3,652,006 TOTAL FUNDSCARRIED FORWARD 25,215 4.056,606 4,081.821 3,595,818 page 7
The Mary Elizabeth 51ebel Charlty Balance Sheet At 31 October 2024 3111012024 31110/2023 Notes FIXED ASSETS Investments 3,997,637 3,487,707 3,997.637 3,487.707 CURRENT ASSETS Debtors Cash at Bank 780 106,166 106,946 735 128,402 129,137 10 CREDITORS Amounts falling due within l year 11 -22.762 -21,026 NET CURRENT ASSETS 84.184 108,111 TOTAL ASSETS LESS CURRENT UABILITIES 4.081.821 3.595.818 NEf ASSETS 4,081.821 3,595,818 FUNDS Unrestricted Funds Endowment Funds 13 25.215 4,056,606 17.223 3,578.595 TOTAL FUNDS 4,081.821 3,595,818 page 8
The Mary Ellzabeth Siebel Charlty Notes to the Flnanclal Statements for the Year Ended 31 October 2024 I 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 finand 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 Chartties- Statement of Recommended Practice applicable to charities preparing their account5 in accourdance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS102) (effective l January 2015}- {Charities SORP (FRS102)}, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) and the Companies Act 2]6. 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 induded 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 donation5 are recorded as they are received. Legacies are recorded when the charity is certain that it is entitled to ceIve the legacy. page 9
The Mary Elizabeth Siebel Charity Notes to the Flnanclal Statements for the Year Ended 31 October 2024 I 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 activitles on a basls 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 Pemianent Endowment Fund. Charitable Activities support costs include the proportion of general solicitors, fees considered to be applicable to Charitable Activities and the a55essor'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 Chartty Act requirements and the proportion of general solicitors, fees considered to be applicable to governance costs. The allocation of solicitor5' fees is 60% to the general running of the Charity and 40% to Govemance costs. Stockbrokers. fees are charged 100% to Permanent Endowment Fund. Taxation The Charity is exempt from tsx 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 Capitsl can be changed from time to time, but cannot be distributed. Goins concern- No materlal uncertanties exist. Cash flow statement- Is not prepared as the exemption in SORP 102 permits. page 10
The Mary Eliiabeth Siebel Charity Notes to the Flnanclal Statements for the Year Ended 31 October 2024 3111012024 3111012023 2 INCOME FROM INVESTMENTS DNidends and company interest reiVed Bank Interest Donations 108,731 2,272 110,157 602 111,003 110,759 3 INVESTMENT MANAGEMENT COSTS Portfolio management 24,853 24.853 23,776 23,776 4 TRUSTEES REMUNERATION AND BENEFITS No trustees remuneration. nor benefits nor any expenses were paid to the trustees in either the year ended 31 October 2023 nor 2022 5 STAFF COSTS Wages and salaries 2,152 1.831 The average number of monthly employees during the year was 6 KEY MANAGEMENT PERSONNEL No remuneration was paid to any Key Management Personnel 7 RELATED PARTY TRANSACtIONS There We no related party transaction that require disclosure. page 11
The Mary Elizabeth 51ebel Charity Notes to the Flnancial Statements for the Year Ended 31 October 2024 8 FIXED ASSET INVESTMENTS LISTED STOCKS AND SHARES MARKET VALUE At l November 2023 Additions Disposals Revaluatlons and gains At 31 October 2024 3,487,707 1,130,174 -1,121,507 501,263 3.997,637 NET BOOK VALUE At 31 October 2024 At 31 October 2023 3,997,637 3,487,707 There were no investment assets held outside the UK The historic cost of the Fixed Asset Investments at 31 October 2024 was £3,359,942. (2023 £3,174,494.) Additions are recorded at cost, disposals are Shown at market value brought forward from the previous year, or cost rf purchased during the year. page 12
The Mary Elizabeth Siebel Charity Notes to the Financlal Statements for the Year Ended 31 October 2024 31110/2024 3111012023 9 DEBTORS: AMOUNTS FALLING DUE WIYHIN ONE YEAR Prepaid insurance 780 735 General Permanent Endowment Total Funds Total Funds 10 CASH AT BANK Brewin Dolphin Capital Brewin Dolphin Dividend HSBC Money Manager Account HSBC Current Account 65,911 65.911 9.190 403 30,662 106,166 97,830 10.155 395 20,022 128,402 9,190 403 30.662 40.255 65.911 11 CREDITORS . AMOUNTS FALUNG DUE WITHIN ONE YEAR Grants authorised but unpaid Taxes and Nl other creditors Independent examiners fees Tallents admininstration fees 14,291 71 480 3,400 4,520 22,762 13,558 68 3,400 4,000 21,026 12 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestricted Endowment Funds Funds Total Funds Total Funds Investments Current assets Current liabilities 3.997.637 3,997,637 3,487,707 65,911 106,946 129,137 -22,762 -21,026 4,063,548 4,081,821 3.595,818 41.035 -22.762 18.273 page 13
The Mary Elizabeth Siebel Charity Notes to the Financial Statements for the Year Ended 31 October 2024 13 MOVEMENT IN FUNDS Net movement in funds At 30.10.23 At 1.11.23 Unrestricted funds General Endowment funds Permanent Endowment fund TOTAL FUNDS Net movement in funds. included in the above are as follows.. 17,223 7,992 25,215 3,578,595 3,595,818 478,011 4,056,606 486,IYJ3 4,081,821 Incoming Resources Gains resouces expended and losses Movement in funds Unrestricted funds General Endowment funds Pemianent Endowment fund -24.853 TOTAL FUNDS 111.tK)3 -127.864 Comparatives for movement in funds 111.003 -103.011 7.992 502.864 502.864 Net 478,011 486,003 movement in funds At 1.11.23 At 30.10.23 Unrestricted funds General Endowment funds Permanent Endowment fund 4.487,872 TOTAL FUNDS 4,530,759 Comparative net movement in funds. included in the above are as follows: 42,887 -40.130 2.757 -838,623 3,649,249 -878.753 3,652,006 Incoming Resources Gains resouces expended and losses Movement in funds Unrestricted funds General Endowment funds Permanent Endowment fund TOTAL FUNDS page 14 81.343 -116,962 -35,619 -25,763 81,343 -142.725 825,622 825,622 799,859 764,240
The Mary Ellzabeth Siebel Charity Detailed Statement of Financial Artivities for the Year Ended 31 October 2024 3111012024 3111012023 INCOMING RESOURCES Dividends and Company interest received Interest Donations TOTAL INCOMING RESOURCES RESOURCES EXPENDED Investment management costs Portfolio management 108.731 2,272 110,157 602 111.003 110,759 24,853 23,776 24.853 23,776 Charitable activities Wages Insurance stationery and software Marketing and website Sundries Solicttors fees . Administration Grdnt5 to institutions Grants to individuals 2,152 1.043 432 3.648 478 1,831 1,697 2,339 2,928 402 15.372 17.826 64,575 90.154 60,277 84,846 Governance costs Independent examiners fees Solicitors fee . Accounts and compliance 972 11,885 12,857 127,864 -16,861 1,200 10,247 11.447 120.069 -9,310 TOTAL RESOURCES EXPENDED Net (expenditure)/income before gains and losses Realised and unrealised gains and (losses) on fixed asset inve5trnents 501,263 -47,461 Net income / (loss) for the year 484,402 -56.771 This page does not form part of the statutory financial statements pa8e15