THE ELLIOTT SIMMONS CHARITABLE TRUST (Charlty No.. 1038541) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024
THE ELLIOTT SIMMONS CHARITABLE TRUST Contents Page Trust Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 6-10
THE ELLIOTT SIMMONS CHARITABLE TRUST Trust Information Trustees Jonathan Prevezer St8phen Simou Mark Bailey Charlty Numbèr 1038541 Prlnclpal Addr888 37 Danbury Street London N18LE Accountants Blick Roth8nberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B SAH Inv88tm8nt Adv180r8 Vermeer Partners LLP 130 Jermyn Street London SW1Y 4UR
THE ELLIOTT SIMMONS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5TH APRIL 2024 The Trustees present their report and the financial statements for the year ended 5 April 2024. 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 Trust's Deed, the Charities Act 2011 and Accounting and Reporting by Charities,. Statement of Recommended Practice appliGable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ropublic of Ir8land (FRS 102)" (effectiv8 1 January 2019). Status and ObjeGtive8 The Trust was established under a Deed dated 22 February 1994 and is a registered charity No. 1038541. It is governed by this Deed and by the Charities Act. The main objects of the charity are as follows.. The Trustees shall hold the Trust Fund and its income upon trust to pay or apply the said income and also, if and so often as the Trustees think fit, the whol8 or such part or parts of the capital of the Trust Fund as the Trustees shall in their absolute discretion think fit to or for the benefit of such exclusively charitable objects and purposes as the Trustees shall in their absolute discretion think fit. In exercising their absolute discretion as aforesaid, the Trustees have regard to but are not in any way bound by the original wishes of the Settlor, Elliott Simmons, who is now deceased. Results, Activlti88 and Review of the Year Details of the income and expenditure are shown on page 4. The balance sh88t on page 5 shows the financial position of the Trust as at 5 April 2024. The net assets of the Trust amounted to £1,190,539 {2023'. £1 ,397,220) which are represented by the accumulated balances on both the unrestricted capital and unrestricted income funds. Trustees and Admini8tration The Trustees of the Trust are listed on page 1. The power of appointing new or additional trustees shall be by resolution of the Trustees passed at a special meeting. The Trust's day to day activities are administered by its Trustees as it does not employ any staff. The Trustees did not receive any remuneration during the year. Reserves Policy The Trustees maintain the view that Reserves are kept at a sufficient level to ensure that there is a financial buffer so that the Trust can continue to meet its objectives for at least 18 to 24 months. This report was approved by the Trustees on 28 June 2024 and signed on behalf of the Trustees by.. Jonathan Prevezer- Twstee
THE ELLIQTT SIMMONS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 I report to Ihe Trustees on my examinatlon of the flnanclal statements Of Tho Elllott Simmons Choritablo Trust {'tho Trust,) for the year ended 5th April 2024 which are aet out on page3 4 to 10. Responslbllities and basis of report A8 the charity's Tru$tee?i you are responsibl? for the preparation of the finan¢ial ?tatement8 In accordance wlth the requlrements of the Charltles Act 2011 ('the Act,). I report In r98PaCt of my examlnatlon of tha Trust's aceounts carriéd out under section 145 of the Act and In carrying out my examlnatlon I h8ve followed 811 th8 appllcable Dlractlons glven by the Charity Commission und8r s8Ction 145(5)(b) of the Act, Independont oxamlner'8 •tatement I have completed my examlnatlon, I conflrm that no materlal matters have come to my attention in connectlon with the examlnatlon glvlng me cause to bellgve that In any materlal respect.. 1. accountlng rècords w8re not kept In respect of the Tru8t as requlred by sectlon 130 of the Act; or 2, the financial statement3 do not accord with those records,, or 3. the flnanclal 9t8t8ment8 do not comply wlth th8 appllcablè r8qulrem¢nts concernlng the form and content of flnanclal statements 88t out In the Charitle8 (Accounts and Reports) Regulations 2008 other than any rèquirement thet the flnanclal Statements glve a true and f81r vlew which 13 not a matter consldered as part of an Independent examlnatlon. I have no concerns and have com8 across no other matters in connection with the examination to which attantlon should be drawn In thls report In order to enable a proper underst8nding of th8 financlal 8tatemonts to be reached. The In$tltute of Chartgrgd Accountant8 In England and W8108 (ICAEW) Independent Examlnar Russell Tenzer FCA Blick Rothenberg Llmlted Chartered Accountant8 16 Queen Anne Street Covent Garden London WC2B SAH Date 02.07.2024
THE ELLIOTT SIMMONS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024 Nota 2023 UNRESTRICTED INCOME FUND INCOMING RESOURCE Investment Income 49.605 47,967 TOTAL INCOMING RESOURCES 49,6Q5 47,967 LESS.. RESOURCES EXPENDED Charitable dislribulions 325,000 73,000 Management and administration 14,303 15,645 TOTAL RESOURCES EXPENDED 339,303 88,645 NET UTG IN RESOURCE 1289.6981 140,878) Incr8as8llDgcrease} in mark81 value of Investments {130 0921 Nel (outgoing) resources after changes in market value of investments 1206,8811 (170,770} INCOME FUND BALANCE BROUGHT FORWARD FORWARD AT 6 APRIL 2023 1557 990 INCOME FUND BALANCE CARRIED FORWARD FORWARD AT 5 APRIL 2024 CAPITAL FUND BALANCE BROUGHT FORWARD AT 6 APRIL 2023 AND CARRIED FORWARD AT 5 APRIL 2024 10,000 10,000 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 6-10 form part of these financial statements.
THE ELLIOTT SIMMONS CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024 Asat S A ril 2023 FIXED ASSETS Quoted Investments 1,262,641 1,305,266 CURRENT ASSETS Cash at bank 53,298 94,954 1,315,939 1,400,220 Loss: Creditors And accrualg (65,400) (3,000) 1,250,539 1,397,220 Creditors due after one year 10 ET A SET £ 1,190,539 £ 1,397,220 TRUST FUNDS Unrestricted Capital Fund 10,000 10,000 Unregtricted Income Fund 1,180,539 1,387,220 £ 1,190,539 £ 1,397,220 Approved and a reed by the Trustees on 28 June 2024 Jonathan Prevezer Stephen Simou Mark Bailey
THE ELLIOTT SIMMONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 Accounting Policies 1.1 Trust information The Elliott Simmons Charitable Trust is an unincorporated charity registered at the Charities Commission in England and Wales with charity number 1038541. The principal correspondence address is 37 Danbury Street, London, N18LE. 1.2 8asis of Accountin The financial statements have been prepared in accordance with the Trust's Deed, the Charities Act 2011, and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), (effective 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Récommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Trust and rounded to the nearest £, The financial statements have been prepared under the historical cost. The principal accounting policies are set out below. 1.3 Investment Income Investment income consists of dividends received from the portfolio of quoted investments held by the charity and interest received from bank accounts held in the charity's name. 1.4 Mana ement and Administration Management and Administration expenditure comprise expenses incurred directly in pursuance of the Trust's objectives. All expenditure is inclusive of irrecoverable VAT. 1 .5 Fixed asset investments Quoted investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
THE ELLIOTT SIMMONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 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 differ8nce betW88n sales proceeds and their opening carrying value ortheir purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their c8rrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.6 Fund Accountin The unrestricted income fund consists of funds to be used for the purpose of meeting the Trust's OP8rating 8xpens8s, if any, and to be applied towards the Trust's charitable objectives. The Trust's capital fund is attributable to the original amount settled on the charity and, under the terms of the Trust, is expendable at the discretion of the Trustees on expenditure which meets the charitable objective8 of the Trust. con After making enquiries, the Trustees have a reasonable expectation that the Trust has adequate resourc8S to contlnue In operational existence and will meet its liabilities as they fall due for the foraseeable future, being a period of at least twelve months from the date these flnanclal statements are approved. Accordingly, they Gontlnue to adopt the going GonGern basls In preparing the financial statements. Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or the opening of a deposit or similar account. Grants payable are ch8rged In the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled, Grants offered subject to conditions which have not been met at th8 year end are noted as a commitment, but not accrued as expenditure. Taxation No liabllity arises as the Trust IS 8 registered charity and is therefore exempt from taxation on the income arising from its normal activities. Charitsble Distributlons This Year Last Year Charitable Distributions 325,000 73,000
THE ELLIOTT SIMMONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 CONTINUED Management and Administration This Year Last Year Investment Management Fees Other expenses Independent Examiner's fee 11,768 135 2,400 12,380 265 3,000 14,303 15,645 Quoted Investments Thls Year Last year Valuation: Value of quoted investments at 6 April 2023 1,305,266 1,413,878 Additions during the year 165,987 68,840 Disposals during the year (291,629) (47,360) Revaluations 130 092 Value of quoted investments at 5 April 2024 Historical cost: At 5 April 2024 Trustees, remuneration and expen888 During the year, no Trustee received any remuneration or other benefits <2023 - £Nil) During the year ended 5 April 2024, no Trustee expenses have been accrued (2023 - £Nil). Independent Examiner's remuneration The independent examiner's remuneration amounts to an independent examiner fee of £2,400 (2023- £3,000).
E ELLIOTT SIMMONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 CONTINUED Credltors: Amounts falling due within one yoar This Year La8t Yéar Grant commitment Independent Examiner'3 Fee 60,000 Croditor•: Amounts falllng du8 after ona yoar Thi8 Year Last Year Grant commitment 10. ststoment of funds- current year Unr••trlctsd fundi alance at 6 Aprll 2023 Incom• Exp•ndltur• Galn•llLo••••l B•l•nc• at S Aprll 2024 G•n•r41 Fund$ Capllal Fund8 1,387,220 49,8OS {339,3031 83,017 1,180,S39 Statomont of funds - prlor year Unr•$trlct•d fund• Bfjlanco at 8 Aprll 2022 Incom• Exp•ndltur• O•ln•llLa••••l Bal•n¢• •t O Aprll 2023 Gèn•ral Fundi Capllol fund 1,557,990 47,967 188,6451 1130,0921 1,387,220 11. Analysls of net assets between funds - curront y8ar Unrestrlcted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year Creditors due after one year 1,282,641 53,298 (65,400) 1,262,641 53,298 (65,400)
THE ELLIOTT SIMMONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 CONTINUED 11. Analysis of net assats between funds - prior year Unre8triGted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within on8 year 1,305,266 94,954 1,305,266 94,954 97. 10