2023-11-30-accounts - Skyrme Hart Charitable Trust

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TRUSTEES OF THE SKYRME HART CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

1- I

ETEES OF THE SKYRME HART CHARITABLE TRUST

&ONTENTS

	Page
Trustees' annual report	2-3
Independent Examiners Report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7-12

\ I Ir[JE

TEES OF THE SKYRME HART CHARITABLE TRUST 5STEES' ANNUAL REPORT OR THE YEAR ENDED 30 NOVEMBER 2023

Reference and administrative information

Official charity name	The Skyrme Hart Charitable Trust
Charity Registration number	1024979
Registered office	Number 22
	Mount Ephraim
	Tunbridge Wells
	Kent
	TN4 8AS
Trustees	Mary Anne Gribbon
	David Anthony Bizet Lough
Administrators and legal advisors	Cripps
	Number 22
	Mount Ephraim
	Tunbridge Wells
	Kent
	TN4 SAS
Investment managers	CCLA
	PO Box 12892
	Dun mow
	Essex
	CM69DL

The trustees are appointed in accordance with the terms of the Trust Deed dated 23 July 1983 and have the appropriate knowledge and expertise to manage and administer the charity; The trustees have complied with the guidance issued by the Charity Commission. The charity does not make use of volunteers.

ETEES OF THE SKYRME HART CHARITABLE TRUST

§usTEEs' ANNUAL REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2023

Report of the trustees for the year ended 30 November 2023

The trustees present their report and the financial statements of the charity for the year ended 30 November

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102 SORP 2019).

Structure, governance and management

The charity is an unincorporated registered charity, constructed under a Trust Deed dated 23 July 1983. The trustees hold the capital and income of the charity's Trust Fund upon trust to apply the income and, as far as may be necessary, the capital for the purposes set out in the Trust Deed.

The minimum number of trustees required by the Trust Deed is two indivduals. Future trustees must be appointed by resolution of the trustees. As required by the Trust Deed, the trustees meet no less than twice a year. Except where otherwise provided, every issue may be determined by decisions made at a meeting of the trustees but a resolution which is in writing and signed by all the trustees is as valid as a resolution passed at a meeting. For this purpose the resolution may be contained in more than one document and will be treated as passed following receipt of the necessary written approval.

The trustees have not adopted any policies or procedures for the induction and training of trustees.

Objectives, activities and public benefit

Under the terms of the original Trust Deed, the trustees have discretion to promote, advance and support charities, charitable organisations, charitable purposes and charitable causes. They have determined to focus on the advancement of musical training and education.

The trustees must use the income and may use the capital of the charity in promoting the objectives.

The trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purposes and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.

Review of the year

Incoming resources for the year amounted to £21 ,087. In August 2023, the Trustees also received an endowment of £ 718,629.15 from the late Edwina Hart by way of a residuary gift in her Will.

The trustees' overall investment objective as stated in the investment management agreement is to maintain a multi-asset portfolio and achieve a balance of income and capital growth. The charity follows an ethical investment policy.

The investment of the Trust's assets is delegated to a professional investment manager and its performance is reviewed periodically by the Trustees (including by reference to benchmarks of various market indices). The manager is regulated by the Financial Conduct Authority in the United Kingdom and manages the portfolio within the constraints set out in the investment management agreement. The trustees were satisfied with the performance of investments during the year. Investments at the year end had a market value of £881 ,809.58.

Following the death in 2022 of Miss Edwina Hart, who settled the original funds in the charity, the trustees were notified that her Will had nominated the Charity as the residuary beneficiary. The trustees therefore decided to pause their previous programme of small annual grants while they decided on a suitable policy to guide the future pattern of grants once the trust's funds were enlarged.

The trustees also researched and conducted due diligence into potential future recipients of grants, bearing in mind the wishes and interests expressed by the settler during her lifetime. Further information on the decisions reached is found in the section below headed Plans for the Future.

ETEES OF THE SKYRME HART CHARITABLE TRUST

RUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 30 NO VEMBER 2023

Reserves policy

It is the trustees' policy not to retain reserves as the charity's overheads are low. Unrestricted income funds can, at the discretion of the trustees, be supplemented by transfers from the expendable endowment fund.

Plans for the future

The original settler's career was a director of music at music at a secondary school. In the early years, she and her fellow trustees concentrated its grant making toward medical and musical education causes. More recently, the trustees made a decision to focus their grant making on musical education.

The trustees have decided to maintain the focus with the enlarged fund, but to establish a wider spread of grants across the various stages of musical training from early childhood through to the difficult first steps of a professional musical career after graduation from a conservatoire.\

The trustees have also decided to expend the funds of the charity (both capital and income) over a period of approximately five years and to make commitments of significant size over this period to a limited number of organisations, so that they can take risks in starting innovative programmes that they might not otherwise feel able to afford. By limiting the number of grants and forming longer-lasting relationships with those who receive them, the trustees also expect to save significant costs in charity administration.

The trustees have now determined the full programme of grants which they expect to make over the life of the trust beginning in early 2023. They regret that they are therefore unable to consider any requests for additional donations.

Risk management

The variability of investment returns is the charity's major financial risk. The trustees retain expert investment managers and hold a diversified portfolio to mitigate this risk.

When making decisions, the trustees assess the risks to which the charity might be exposed. The trustees carry out due diligence on charitable institutions before grants are made and have documented all major decisions. As part of the grant making process, the trustees invite grantees to provide an update on the use of funds for the agreed purpose. This could be by way of a progress report, personal visit by one of the trustees or completion of a sponsored event. Donation receipts are obtained from each donee.

Trustees' responsibilities in relation to the financial statements

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently,

-- observe the methods and principles of the Charities SORP

.. make judgements and accounting estimates that are reasonable and prudent,

state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

For and on behalf of the trustees

..........................

Dat d8 . l .74' 9¢1.1.1.1. . . . n. dog 4

'TEES OF THE SKYRME HART CHARITABLE TRUST

RDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE SKYRME HART CHARITABLE TRUST

Independent examiner's report to the Trustees of The Skyrme Hart Charitable Trust

I report to the trustees on my examination of the accounts of The Skyrme Hart Charitable Trust (the charity) for the year ended 30 November 2023.

Responsibilities and basis of report

As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all'the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come Io 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 Trust as required by section 130 of the Act, or

(2) the accounts do not accord with those records, or

(3) the accounts do not 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.

.............................................................

Declan McCusker FCA FCCA

Perrys Audit Limited

Fourth Floor 399-401 Strand

London

WCZR OLT 12 December 2024 Date: ...................................................

TEES OF THE SKYRME HART CHARITABLE TRUST

ETATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2023

		Unrestricted Endowment	Unrestricted Endowment	Total	Total
		funds	funds	2023	2022
	Notes	£	£	£	£
Income from:
Donations and legacies		-	718,629.15	718,629.15	411,735.83
Investments	2	21,087.47		21,087.47	6,574.61
Total income and endowments		21,087.47	718,629.15	739,716.62	418,310.44
Expenditure on:
Charitable activities	5	354,037.81		354,037.81	2,091.82
Net gains/(losses) on investments			22,380.86	22,380.86	(16,512.00)
Net (outgoing)/incoming resources before
transfers		(332,950.34) 741,010.01		408,059.67	399,706.62
Gross transfers between funds		192,144.72 (192,144.72>
Net movement in funds		(140,805.62) 548,865.29		408,059.67	399,706.62
Fund balances at 1 December 2022		140,805.62	411,735.83	552,541.45	152,834.83
Fund balances at 30 November 2023			960,601 .12	960,601 .12	552,541 .45

§TEE5 OF THE SKYRME HART CHARITABLE TRUST

EALANCE SHEET

AS AT 30 NO VEMBER 2023

		2023	2023	2022	2022
	Notes	£	£	£	£
Fixed assets
Investments	e		881,809.58		134,448.00
Current assets
Debtors	10	6,661 .86
Cash at bank and in hand		76,629.68		422,593.45
		83,291 .54		422,593.45
Creditors: amounts falling due within
one year	8	(4,500.00)		(4,500.00)
Net current assets			78,791.54		418,093.45
Total assets less current liabilities			960,601.12		552,541 .45
The Funds of the Charity
Expendable Endowment Funds			960,601.12		411 ,735.83
Unrestricted funds					140,805.62
			960,601.12		552,541 .45

The financial statements on pages 4 to 11 were approved by the Trustees and signed on their behalf by:

............................

Trustee For and on behalf of the Trustees . 71129 nun nun 2024

,FSTEES OF THE SKYRME HART CHARITABLE TRUST

TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

1. Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, .unless otherwise stated.

Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) effective on 1 January 2019 and the Charities Act 2011 .

The Trust constitutes a public benefit entity as deaned by FRS 102.

The prior period figures relate to the period to 30 November 2022.

Going concern

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern and that there are no key assumptions that affect items in the accounts.

Funds structure

The charity has expendable endowment funds created by a gift. The income of this Trust is unrestricted. The terms of the trust allow the capital of the funds held to be spent if the trustees so determine.

Unrestricted income funds comprise those which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies are recognised when the has been notified in writing of both the amount and the settlement date.

Dividends are accounted for on an ex-dividend accruals basis. Interest on deposits and fixed interest securities are accounted for on an accruals basis.

I I

STEES OF THE SKYRME HART CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

1. Accounting policies

(Continued)

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. This is accrued once the recipient has been notified of the grant award.

Support and governance costs

The charity does not incur support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs relate to charitable activities.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value. Listed investments are subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Unlisted investments are subsequently measured at fair value, unless fair value cannot be measured reliably, in which case they are measured at cost less impairment. The Trust does not acquire put options, derivatives or other complex financial instruments. the statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.

Foreign currencies

Transactions in foreign currencies are recognised at the rate of exchange at the date of the transaction. Monetary assets and liabilities are translated into sterling at the exchange rate on the balance sheet date. All exchange differences are recognised through the Statement of Financial Activities.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealitied gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealitied investment gains and losses are combined in the Statement of Financial Activities.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets or financial liabilities.

Taxation

The charity is exempt from taxation under sections 521 to 536 of the Income Tax Act 2007.

l-IIIMLLUM

STEES OF THE SKYRME HART CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Investment income
	2023	2022
	£	E
UK dividend income	15,886	6,104
UK bank interest	5,201	470
	21,087	6,574

Investment income in both years was attributable to the Unrestricted Income Fund

3 Expenditure on raising funds

Expenditure on raising funds in both years consisted wholly of investment management fees and was attributable to the Unrestricted Fund.

ETEES OF THE SKYRME HART CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

4 Analysis of expenditure on charitable activities

	2023	2022
	£	E
Grants to charitable causes and institutions (see note 5)	346,000.00
Accountancy services	6,744.00	1 ,620.00
Investment management fees	1 ,043	471 .82
Sundry expenses	250
	354,037	2,091.82

Expenditure on charitable actives in both years was attributable to the Unrestricted Income Fund.

5 Grants and donations

Grants and donations paid to charitable causes and institutions:

	2023	2022
	E	£
Bournemouth Symphony Orchestra	45,000
Britten Pears Arts	45,000
Friends of Gloucester Cathedral	5,000
Friends of Salisbury Cathedral	5,000
London Music Fund	5,000
London Music Fund - scholarship	1 ,000
Orchestra of the Age of Enlightenment	45,000
Orpheus Sinfonia Foundation	50,000
Royal Acadamy of Music	50,000
The Benedetti Foundation	45,000
Yehudi Menuhin Music School	50,000

346,000

STEES OF THE SKYRME HART CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

	6	Investments
			2023		2022
			£		£
		Quoted investments
		Fair value brought forward at 30 November 2022	134,448		150,960
		Disposal proceeds	(116,840)
		Additions	858,819
		Net unrealitied gains	22,990
		Net gains on sale of investment assets	(17,608)		(16,512)
		Fair value at 30 November 2023	881,809		134,448
		Historical cost of quoted and unquoted investments
		as at 30 November 2023	858,819		116,839
		Investments at fair value consist of:
		UK holdings
		Fixed income			38,527
		Equities	881,809		68,826
		Property			4,154
		Alternative Investments			16,486
		Other assets			6,455
			881 ,809		134,448
		Fair value at 30 November 2023	881,809		134,448
7	Creditors: amounts falling due within one year
			2023		2022
				£	£
	Donations and grants payable		4,500		10,500
			4,500		10,500
8	Related party transactions

No trustee received remuneration or any reimbursement of expenses during the year.

9555 OF THE SKYRME HART CHARITABLE TRUST

TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Debtors
	2023	2022
Amounts falling due within one year:	£	£
Other debtors	6,661.86