TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TRUSTEES OF THE SKYRME HART CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TRUSTEES OF THE SKYRME HART CHARITABLE TRUST CONTENTS CONTENTS
Page Page
Trustees' annual report Trustees' annual report 2-3 Independent Examiners Report Independent Examiners Report 4 Statement of financial activities Statement of financial activities 5 Balance sheet Balance sheet 6 Notes to the financial statements Notes to the financial statements 7-12 7-12
/ KUSTEES OF THE SKYRME HART CHARITABLE TRUST y V OF THE SKYRME HART CHARITABLE TRUST J/RUSTEES' RUSTEE$ ANNUAL REPORT' ANNUAL REPORT | FOR THE YEAR ENDED 30 NOVEMBER 2023 FOR THE YEAR ENDED 30 NOVEMBER 2023
Reference and administrative information Reference and administrative information
| Official charity name Official charityname’ |
The Skyrme Hart Charitable Trust TheSkyrme Hart Charitable Trust |
|
|---|---|---|
| Charity Registration number Charity Registration number |
1024979 1024979 |
|
| Registered office Registered office |
Number 22 Number22 |
|
| Mount Ephraim Mount Ephraim |
||
| Tunbridge Wells Kent Tunbridge Wells Kent |
||
| TN4 8AS TN4 8AS |
||
| Trustees Trustees |
MaryAnne Gribbon MaryAnne Gribbon |
|
| David Anthony Bisset Lough DavidAnthony Bisset Lough |
||
| Administrators and legal advisors Administrators and legal advisors |
Cripps Cripps |
|
| Number 22 Number22 |
||
| Mount Ephraim Tunbridge Wells Kent Mount Ephraim TunbridgeWells Kent |
||
| TN4 8AS TN4 8AS |
||
| Investment managers Investmentmanagers |
, | CCLA PO Box 12892 CCLA POBox12892 |
| Dur mow Dunmow |
||
| Essex CMSQDL Essex CM69DL |
The The trustees are appointed in accordance with the terms of the Trust Deed dated 23 July 1993 trustees are appointed in accordance with the terms of the Trust Deed dated 23 July 1993 and have the appropriate knowledge and expertise to manage and administer the charity. The trustees 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 have complied with the guidance issued by the Charity Commission. The charity does not make use of volunteers. volunteers.
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TRUSTEES TRUSTEES OF THE SKYRME HART CHARITABLE TRUST OF THE SKYRME HART CHARITABLE TRUST
TRUSTEES' TRUSTEES' ANNUAL REPORT ANNUAL REPORT FOR FOR THE YEAR ENDED 30 NOVEMBER 2024 THE YEAR ENDED 30 NOVEMBER 2024
Report Report of the trustees for the year ended 30 November 2024 of the trustees for the year ended 30 November 2024
The The trustees present their report and the financial statements of the charity for the year ended 30 November trustees present their report and the financial statements of the charity for the year ended 30 November 2024. 2024. The The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and the Statement of statements and comply with the charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Recommended Practice: Accounting and Reporting by Charities (FRS 102 SORP 2019). Practice: Accounting and Reporting by Charities (FRS 102 SORP 2019).
Structure, Structure, governance and management governance and management
The The charity is an unincorporated registered charity, constructed under a Trust Deed dated 23 July 1993. The charity is an unincorporated registered charity, constructed under a Trust Deed dated 23 July 1993. The trustees trustees hold the capital and income of the charity's Trust Fund upon trust to apply the income, and all such parts hold the capital and income of the charity's Trust Fund upon trust to apply the income, and all such parts of of the capital, as the trustees think fit, for the purposes set out in the Trust Deed . the capital, as the trustees think fit, for the purposes set out in the Trust Deed.
The The minimum number of trustees required by the Trust Deed is two indivduals. Future trustees must be minimum number of trustees required by the Trust Deed is two indivduals. Future trustees must be
appointed appointed by resolution of the trustees. As required by the Trust Deed, the trustees meet no less than twice a by resolution of the trustees. As required by the Trust Deed, the trustees meet no less than twice a
year. year. Except where otherwise provided, every issue may be determined by decisions made at a meeting of the Except where otherwise provided, every issue may be determined by decisions made at a meeting of the
trustees .trustees but a resolution which is in writing and signed by all the trustees is as valid as a resolution passed at a but a resolution which is in writing and signed by all the trustees is as valid as a resolution passed at a
meeting. meeting. For this purpose the resolution may be contained in more than one document and will be treated as For this purpose the resolution may be contained in more than one document and will be treated as
passed passed following receipt of the necessary written approval. following receipt of the necessary written approval.
The trustees have not adopted any policies or procedures for the induction and training of trustees. The trustees have not adopted any policies or procedures for the induction and training of trustees.
Objectives, Objectives, activities and public benefit activities and public benefit Under Under the terms of the original Trust Deed, the trustees have discretion to promote, advance and support 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 charities, charitable organisations, charitable purposes and charitable causes. They have determined to focus on the advancement of musical training and education. 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 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 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 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. requirements of the public benefit test set out in section 4 of the same Act.
Review of the year
Review of the year Incoming resources for the year amounted to £26,340. Incoming resources for the year amounted to £26,340.
The trustees’ overall investment objective as stated in the investment management agreement is to maintain a 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 multi-asset portfolio and achieve a balance of income and capital growth. The charity follows an ethical investment policy. investment policy.
The The investment of the Trust's assets is delegated to a professional investment manager and its performance is 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 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 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 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 £764,413. performance of investments during the year. Investments at the year end had a market value of £764,413.
Reserves policy Reserves policy It is the trustees' policy not to retain reserves as the charity's overheads are low. Unrestricted income funds can, .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. at the discretion of the trustees, be supplemented by transfers from the expendable endowment fund.
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WUSTEES USTEES OF THE SKYRME HART CHARITABLE TRUST OF THE SKYRME HART CHARITABLE TRUST ‘TRUSTEES' TRUSTEES' ANNUAL REPORT ANNUAL REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
Plans for the future Plans for the future
Edwina Hart, the original settler, was a director of music at a secondary school. In the early years, she and her Edwina Hart, the original settlor, was a director of music at a secondary school. In the early years, she and her fellow trustees concentrated the trust's grant making toward medical and musical education causes. More fellow trustees concentrated the trust's grant making toward medical and musical education causes. More
recently, the trustees made a decision to focus their grant making solely on musical education. recently, the trustees made a decision to focus their grant making solely on musical education. -
The trustees decided to establish a wide spread of grants across the various stages of musical training from The trustees decided to establish a wide spread of grants across the various stages of musical training from childhood through to the difficult first steps of a professional musical career after graduation from a conservatoire. childhood through to the difficult first steps of a professional musical career after graduation from a conservatoire.
The trustees also decided to expend the funds of the charity (both capital and income) over a period of The trustees also decided to expend the funds of the charity (both capital and income) over a period of
approximately five years, up to 2027, and to make commitments of a significant size over this period to a limited approximately five years, up to 2027, and to make commitments of a 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 number of organisations, so that they can take risks in starting innovative programmes that they might not who otherwise feel able to afford. By limiting the number of grants and forming longer-lasting relationships with thosewho receive them, the trustees also expect to save significant costs in charity administration. otherwisereceivefee]them,able theto afford.trusteesByalsolimitingexpectthetonumbersave significantof grants andcostsformingin charitylonger-lastingadministration.relationshipswith those
The trustees have determined the full programme of grants which they expect to make over the remaining life of The trustees have determined the full programme of grants which they expect to make over the remaining life of l the trust. They regret that they are therefore unable to consider any requests for additional donations. the trust. They regret that they are therefore unable to consider any requests for additional donations.
The variability of investment returns is the charity's major financial risk. The trustees retain expert investment 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. 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 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 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 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 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. a sponsored event. Donation receipts are obtained from each donee.
Trustees' responsibilities in relation to the financial statements Trustees' responsibilities in relation to the financial statements The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and 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 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 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: that period. In preparing these financial statements the trustees are required to: - select suitable accounting policies and then apply them consistently, - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP - observe the methods and principles of the Charities SORP - make judgements and accounting estimates that are reasonable and prudent, - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any departures disclosed and - state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements, and explained in the financial statements; and / - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business charity will continue in business The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the 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 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 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 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. prevention and detection of fraud and other irregularities.
For and on behalf of the trustees For and on behalf of the trustees
/ /HV 1 r ........................... Dated: Q?4. 4M~~ 5l0af Datea: seneeh A. Segplew den Boas”
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TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TRUSTEES OF THE SKYRME HART CHARITABLE TRUST
INDEPENDENT EXANIINER'S REPORT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TO THE TRUSTEES OF THE SKYRME HART CHARITABLE TRUST
Independent 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) | report to the trustees on my examination of the accounts of The Skyrme Hart Charitable Trust (the charity) for the year ended 30 November 2024. for the year ended 30 November 2024.
Responsibilities and basis of report Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the 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 Aot'). 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 | 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 and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection | have completed my examination. | confirm that no material matters have come to my attention in connection with with the examination giving me cause to believe that in any material respect: 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 (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 (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 (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 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. accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
l have no concerns and have come across no other matters in connection with the examination to which | 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. reached. .Deda Me Cakes
.............................................................
Declan McCusker FCA FCCA Declan McCusker FCA FCCA
Perrys Audit Limited Perrys Audit Limited
Fourth Floor Fourth Floor
399-401 Strand 399-401 Strand London London WC2R OLT WC2R OLT 3 November 2025 Date: DY:(- ae ...................................................
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y V/U5TEES OF THE SKYRME HART CHARITABLE TRUST OF THE SKYRME HART CHARITABLE TRUST
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STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
| Unrestricted Endowment Unrestricted Endowment |
Unrestricted Endowment Unrestricted Endowment |
Total Total |
Total Total |
||
|---|---|---|---|---|---|
| funds funds |
funds funds |
2024 2024 |
2023 2023 |
||
| Notes Notes |
£ £ |
£ £ |
£ £ |
£ £ |
|
| Income from: Income from: |
. | ||||
| Donations and legacies Donations and legacies |
- | - | - | 718,629.15 718,629.15 |
|
| Investments Investments |
2 2 |
26,339.67 26,339.67 |
- | 26,339.67 26,339.67 |
21 ,087.47 21,087.47 |
| Total income and endowments Total income and endowments |
26,339.67 26,339.67 |
~ | 26,339.67 26,339.67 |
739,716.62 739,716.62 |
|
| Expenditure on: ~~Expenditure on:~~ |
|||||
| Charitable activities Charitable activities |
4 4 |
266,612.00 266,612.00 |
- | 266,612.00 266,612.00 |
354,037.81 354,037.81 |
| Net gains/(losses) on investments Net gains/(losses) on investments |
60,487.97 60,487.97 |
17,115.93 17,115.93 |
77,603.90 77,603.90 |
22,380.86 22,380.86 |
|
| Net (outgoing)lincoming resources before Net (outgoing)/incoming resources before |
|||||
| transfers transfers |
(179,784.36) (179,784.36) |
17,115.93 (162,668.43) 408,059.67 17,115.93 |
17,115.93 (162,668.43) 408,059.67 (162,668.43) |
17,115.93 (162,668.43) 408,059.67 408,059.67 |
|
| Gross transfers between funds Gross transfers betweenfunds |
179,784.36 (179,784.36) 179,784.36 |
179,784.36 (179,784.36) (179,784.36) |
- | - | |
| Net movement in funds Net movement infunds |
.. (162,668.43) (162,668.43) 408,059.67 - |
.. (162,668.43) (162,668.43) 408,059.67 (162,668.43) |
.. (162,668.43) (162,668.43) 408,059.67 (162,668.43) |
.. (162,668.43) (162,668.43) 408,059.67 408,059.67 |
|
| Fund balances at 1 December 2023 Fund balances at1December2023 |
- - |
960,601.12 960,601.12 |
960,601.12 960,601.12 |
552,541.45 552,541.45 |
|
| Fund balances at 30 November 2024 Fundbalancesat30November2024 |
- | 797,932.69 797,932.69 |
797,932.69 797,932.69 |
960,601 .12 960,601.12 |
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TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TRUSTEES OF THE SKYRME HART CHARITABLE TRUST
BALANCE SHEET BALANCE SHEET
ASAT30 NOVEMBER 2024 AS AT 30 NOVEMBER 2024
| 2024 2024 |
2024 2024 |
2023 2023 |
2023 2023 |
||
|---|---|---|---|---|---|
| Notes Notes |
£ £ |
£ £ |
£ | £ | |
| Fixed assets Fixed assets |
|||||
| Investments Investments |
6 6 |
764,413.48 764,413.48 |
881.809.58 881,809.58 |
||
| Current assets Current assets |
|||||
| Debtors Debtors |
10 10 |
- | 6.661.86 6,661.86 |
||
| Cash at bank and in hand Cash at bank and in hand |
42,311.21 42,311.21 ee |
76.629.68 76,629.68 ai eee |
|||
| Creditors: amounts falling due within one year Creditors: amounts falling due within one year |
7 ie |
42,311.21 (8,792.00) 42,311.21 (8,792.00) |
83,291.54 (4,500.00) 83,291.54 (4,500.00) |
||
| Net current assets Net current assets |
33,519.21 33,519.21 |
78,791.54 78,791.54 |
|||
| Total assets less current liabilities Total assets less current liabilities |
797,932.69 797,932.69 |
960,601.12 960,601.12 |
|||
| The Funds of the Charity The Funds ofthe Charity |
|||||
| Expandable Endowment Funds Expendable EndowmentFunds |
797,932.69 797,932.69 |
960,601.12 960,601.12 |
|||
| Unrestricted funds Unrestricted funds |
. | - | |||
| 797,932.69 797,932.69 |
960,601.12 960,601.12 |
The financial statements on pages 4 to 11 were approved by the Trustees and signed on their behalf by: The financial statements on pages 4 to 11 were approved by the Trustees and signed on their behalf by:
/ .............................M
Trustee Trustee For and on behalf of the Trustees For and on behalf of the Trustees 2(/.,,.47.1 ........ .............. 2 0 2 3 '
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USTEES OF THE SKYRME HART CHARITABLE TRUST USTEES OF THE SKYRME HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
-
- Accounting policies Accounting policies
Summary of significant accounting policies and key accounting estimates Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out 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 below. These policies have been consistently applied to all the years presented, unless otherwise stated. stated.
Basis of preparation Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised 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. at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 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 t Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) effective on 1 January 2019 and the Charities Act 2011 . January 2019 and the Charities Act 2011,
The Trust constitutes a public benefit entity as defined by FRS 102. The Trust constitutes a public benefit entity as defined by FRS 102.
The prior period figures relate to the period to 30 November 2023. The prior period figures relate to the period to 30 November 2023.
Going concern Going concern
Going concern Going concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a 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. going concern and that there are no key assumptions that affect items in the accounts.
Funds structure Funds structure
The charity has expendable endowment funds created by a gift. The income of this Trust is unrestricted. 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. 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 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 furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. their discretion, have created a fund for a specific purpose.
Income recognition Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income All income is recognised once the charity has entitlement to the income, it is probable that the income will will be received and the amount of the income receivable can be measured reliably. 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 Donations and legacies are recognised when the has been notified in writing of both the amount and the settlement date. settlement date.
Dividends are accounted for on an ex-divldend accruals basis. interest on deposits and fixed interest Dividends are accounted for on an ex-dividend accruals basis. Interest on deposits and fixed interest securities are accounted for on an accruals basis. securities are accounted for on an accruals basis.
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TRUSTEES TRUSTEES OF THE SKYRME HART CHARITABLE TRUST OF THE SKYRME HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
1. 1. Accounting Accounting policies policies
Expenditure Expenditure recognition recognition
Expenditure recognition
(Continued) (Continued)
Liabilities Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation are recognised as expenditure as soon as there is a legal or constructive obligation committing committing the charity to that expenditure, it is probable that settlement will be required and the amount the charity to that expenditure, it is probable that settlement will be required and the amount of of the obligation can be measured reliably. the obligation can be measured reliably.
Grants Grants payable are payments made to third parties in the furtherance of the charitable objects of the payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Trust. This is accrued once the recipient has been notified of the grant award. This is accrued once the recipient has been notified of the grant award.
Support Support and governance costs and governance costs
The The charity does not incur support costs. Governance costs comprise all costs involving the public charity does not incur support costs. Governance costs comprise all costs involving the public accountability accountability of the charity and its compliance with regulation and good practice. Governance costs of the charity and its compliance with regulation and good practice. Governance costs relate relate to charitable activities. to charitable activities.
Fixed asset investments
Fixed Fixed asset investments asset investments
Investments Investments are a form of basic financial instrument and are initially recognised at their transaction are a form of basic financial instrument and are initially recognised at their transaction value. value. Listed investments are subsequently measured at their fair value as at the balance sheet date Listed investments are subsequently measured at their fair value as at the balance sheet date using using the closing quoted market price. Unlisted investments are subsequently measured at fair value, the closing quoted market price. Unlisted investments are subsequently measured at fair value, unless unless fair value cannot be measured reliably, in which case they are measured at cost less impairment. fair value cannot be measured reliably, in which case they are measured at cost less impairment. The The Trust does not acquire put options, derivatives or other complex financial instruments. Trust does not acquire put options, derivatives or other complex financial instruments. the the statement statement of financial activities includes the net gains and losses arising on revaluation and disposals of financial activities includes the net gains and losses arising on revaluation and disposals throughout throughout the year. the year.
The The main form of Financial risk faced by the charity is that of volatility in equity markets and investment main form of financial risk faced by the charity is that of volatility in equity markets and investment
markets markets due to wider economic conditions, the attitude of investors to investment risk and changes in due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment sentiment concerning equities and within particular sectors or sub-sectors. concerning equities and within particular sectors or sub-sectors.
Foreign Foreign currencies currencies
Transactions Transactions in foreign currencies are recognized at the rate of exchange at the date of the transaction. in foreign currencies are recognised at the rate of exchange at the date of the transaction.
Monetary Monetary assets and liabilities are translated into sterling at the exchange rate on the balance sheet assets and liabilities are translated into sterling at the exchange rate on the balance sheet
date. date. All exchange differences are recognised through the Statement of Financial Activities. All exchange differences are recognised through the Statement of Financial Activities.
Realised Realised gains and losses gains and losses
All All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and
losses losses on investments are calculated as the difference between sale proceeds and their opening on investments are calculated as the difference between sale proceeds and their opening
carrying carrying value or their purchase value if acquired subsequent to the first day of the financial year. value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised Unrealitied gains and losses are calculated as the difference between the fair value at the year end and gains and losses are calculated as the difference between the fair value at the year end and
their their carrying value. carrying value. Realised Realised and unrealitied investment gains and losses are combined in the and unrealised investment gains and losses are combined in the
Statement Statement of Financial Activities. of Financial Activities.
Financial instruments
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets or financial liabilities. arrangement, as financial assets or financial liabilities.
Taxation Taxation
The charity is exempt from taxation under sections 521 to 536 of the Income Tax Act 2007. The charity is exempt from taxation under sections 521 to 536 of the Income Tax Act 2007.
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USTEES OF THE SKYRME HART CHARITABLE TRUST V sTEES OF THE SKYRME HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
2 2 Investment income Investment income
| Investment income Investment incomeincome |
||
|---|---|---|
| 2024 2024 |
2023 2023 |
|
| £ £ |
£ £ |
|
| UK dividend income UK dividend income |
24,235 24,235 |
15,886 15,886 |
| UK bank interest UK bank interest |
2,105 2,105 |
5,201 5,201 |
| 26,340 26,340 |
21,087 21,087 |
Investment income in both years was attributable to the Unrestricted Income Fund Investment income in both years was attributable to the Unrestricted Incame Fund
3 3 Expenditure on raising funds Expenditure on raising funds
Expenditure Expenditure on raising funds in 2023 consisted wholly of investment management fees and on raising funds in 2023 consisted wholly of investment management fees and was was attributable to the Unrestricted Fund. The investment portfolio with Sarasin was closed in 2024 and as a attributable to the Unrestricted Fund. The investment portfolio with Sarasin was closed in 2024 and as a
result, result, no further direct investment management charges arose no further direct investment management charges arose
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TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TRUSTEES OF THE SKYRME HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 Analysis of expenditure on charitable activities 4 Analysis of expenditure on charitable activities
| 4 Analysis of expenditure on charitable activities Analysis of expenditure on charitableexpenditure on charitableon charitablecharitable activities |
||
|---|---|---|
| 2024 2024 |
2023 2023 |
|
| £ £ |
£ £ |
|
| Grants to charitable causes and institutions (see note 5) Grants to charitable causes and institutions (see note 5) |
260,000 260,000 |
346,000 346,000 |
| Independent Examiner's fees Accountancy services Independent Examiner'sfees Accountancy services |
5,292 1 ,320 5,292 1,320 |
6,744 - 6,744 |
| investment management fees Investment management fees |
- | 1,043 1,043 |
| Sundry expenses Sundry expenses |
- | 250 250 |
| 261,842 261842 |
354,037 354,037 |
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Expenditure on charitable actives in both years was attributable to the Unrestricted Income Fund. Expenditure on charitable activies in both years was attributable to the Unrestricted Income Fund.
Independent Examiner's fees for the year were split £2,580 for 2024 and £2,712 Independent Examiner's fees for the year were split £2,580 for 2024 and £2,712 for 2023 but all fees were raised and paid in the 2024 year for 2023 but all fees were raised and paid in the 2024 year
5 Grants and donations 5 Grants and donations
Grants and donations paid to charitable causes and institutions: Grants and donations paid to charitable causes and institutions:
| 2024 2024 |
2023 2023 |
|
|---|---|---|
| £ £ |
£ £ |
|
| Bournemouth Symphony Orchestra Bournemouth Symphony Orchestra |
45,000 45,000 |
45,000 45,000 |
| Britten Pears Arts Britten Pears Arts |
45,000 45,000 |
45,000 45,000 |
| Friends of Gloucester Cathedral Friends of Gloucester Cathedral |
- | 5,000 5,000 |
| Friends of Salisbury Cathedral Friends of Salisbury Cathedral |
- | 5,000 5,000 |
| London Music Fund London Music Fund |
5,000 5,000 |
5,000 5,000 |
| London Music Fund - scholarship London Music Fund - scholarship |
- | 1 ,000 1,000 |
| Orchestra of the Age of Enlightenment Orchestra oftheAge of Enlightenment |
45,000 45,000 |
45,000 45,000 |
| Orpheus Sinfonia Foundation Orpheus Sinfonia Foundation |
50,000 50,000 |
50,000 50,000 |
| Royal Academy of Music RoyalAcadamy ofMusic |
- | 50,000 50,000 |
| The Benedetti Foundation The Benedetti Foundation |
45,000 45,000 |
45,000 45,000 |
| Yehudi Menuhin Music School Yehudi Menuhin Music School |
25,000 25,000 |
50,000 50,000 |
| 260,000 260,000 |
346,000 346,000 |
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I
7 §'TEES OF THE SKYRME HART CHARITABLE TRUST TEES OF THE SKYRME HART CHARITABLE TRUST
MAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) OTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
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|---|---|---|---|---|---|---|---|---|---|---|
|6|6|_— Investments|Investments|
|2024|2023|
|2024|2023|
|£|£|£|£|
|Quoted investments|Quoted|investments|
|Fair value brought forward at 30 November 2028|Fair|value|brought forward|at 30|November|2023|881,809|881,809|134,448|134,448|
|Disposal proceeds|Disposal|proceeds|(195,000)|(195,000)|(116,840)|(116,840)|
|Additions|Additions|-|858,819|858,819|
|Net unrealitied gains|Net|unrealised|gains|60,487|60,487|22,990|22,990|
|Net gains on sale of investment assets|Net gains|on|sale|of investment|assets|17,114|17,114|(17,608)|(17,608)|
|Fair value at 30 November 2024|Fair|value|at|30|November|2024|764,413|764,413|881,809|881,899|
|Historical cost of quoted and unquoted investments|Historical|cost|of quoted|and|unquoted|investments|
|as at 30 November 2024|as|at|30|November|2024|680,935|680,935|858,819|858,819|
|Investments at fair value consist of:|Investments|at|fair|value|consist|of:|
|UK holdings|UK|holdings|;|
|Fixed income|Fixed|income|.|-|
|Equities|Equities|764,413|764,413|881,809|881,809|
|Property|Property|.|
|Alternative|Alternative Investments|Investments|-|
|Other assets|Other|assets|.|
|764,413|764,413|881,809|881,809|
|Fair value at 30 November 2024|Fair value at 30 November 2024|764,413|764,413|881,809|881,809|
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|---|---|---|---|---|---|---|---|---|---|
|7|7|Creditors: amounts falling due within one year|Creditors:|amounts|falling|due|within|one|year|
|2024|2024|2023|2023|
|£|£|£|£|
|Independent Examiner's fee|Independent|Examiner's|fee|2,712|2,712|-|
|Donations and grants payable|Donations|and|grants|payable|3,500|3,500|4,500|4,500|
|6,212|6,212|4,500|4,500|
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TRUSTEES OF THE SKYRME HART CHARITABLE TRUST TRUSTEES OF THE SKYRME HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR THE YEAR ENDED 30 NOVEMBER 2024
8 8 Related party transactions Related party transactions
No trustee received remuneration or any reimbursement of expenses during the year. No trustee received remuneration or any reimbursement of expenses during the year.
.
| 10 10 |
Debtors Debtors |
||
|---|---|---|---|
| 2024 2024 |
2023 2023 |
||
| Amounts falling due within one year: Amounts falling due within one year: |
£ £ |
£ £ |
|
| Other debtors Otherdebtors |
- | 6,661.86 6,661.86 |
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