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← The Sunrise (Sidmouth) Charitable Trust

2024-06-30-accounts

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Charity registration number 1063278

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the accounts 12 - 19
Investment schedule 20 - 29

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs M R Bould Rathbones Trust Company Limited Charity number 1063278 Registered office / address for appeals The Administrator Rathbones Trust Company Limited 30 Gresham Street London EC2V 7QN Auditor Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR Solicitors Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AW Investment advisers Rathbones Investment Management Ltd 30 Gresham Street London EC2V 7QN

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024

The trustees present their report and accounts for the year ended 30 June 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).”

Objectives and activities

The Trustees shall hold the capital and the income of the Trust Fund upon trust to apply income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustees may, in their absolute discretion, think fit.

The Trustees confirm that there have been no changes in the Charity's objectives during the year.

Public benefit

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.

The Trustees support a number of charitable organisations, as shown within note 21 to the financial statements. The Trustees believe all the donations made are for the benefit of the public.

Achievements and performance

Total incoming resources were £627,103 (£711,454 in 2023), with £374,896 (£367,336 in 2023) being committed to charitable activities of which £19,896 (£19,336 in 2023) relates to support and governance costs and £16,906 (£14,884 in 2023) relates to cost of raising funds. There was an unrealised gain of £565,746 (loss of £116,495 in 2023) on investments and in addition a realised gain of £14,380 (loss of £57,454 in 2023) resulting in net inflow of funds of £815,427 (inflow of £388,275 in 2023).

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Investment policy

Under the terms of the settlement there are no restrictions on the Charity's power to invest.

The investment objective of the Charity is for a balance between longer-term capital growth and income, in-line with risk strategy 5, as defined by Rathbones Terms of Business.

2023 ended on a more upbeat tone following what was a fairly tumultuous year with many conflicting economic forces at play. Much of the period was dominated by the slow pace of falling inflation as economies stabilised post-pandemic and reacted to one of the fastest and largest ever rises in interest rates. The US particularly enjoyed a rapid fall in inflationary pressures and towards the very end of the year the Federal Reserve signposted the anticipated peak in bond market yields, which has historically provided healthy support for equity markets. The rally in markets has continued into 2024 and markets have generally broadened out both at stock and sector levels, and many companies which had been lacklustre in 2022/23 have been the subject of renewed investor interest. This,in turn, has resulted in encouraging returns for investment portfolios.

Thus, over the period, the total return (net of fees) was 14.5%, whilst the CPI+4% benchmark rose 6.1%. The ARC Steady Growth and ARC Equity Risk Index,which are peer group comparators returned to 10.6% and 12.1% respectively.

Looking ahead, near term,uncertainty about the significant change in the political landscape across western markets will likely give consumers cause to pause while also giving investors reason to delay any decisions about increasing exposure to risk assets. This together with some signs of a slowing US economy may see markets slow over the summer months. Further,the war in Ukraine grinds on while in the Middle East it appears the conflict is reaching the conclusion of this stage of the conflict, however there is still the challenge of how Israel and Gaza move forward from here. Concerns over the Chinese economy are still very apparent however there are a number of initiatives being pursued to help stimulate the economy.

Over the year,as inflation fell back to more normalised levels we increased equity exposure to 82%. The UK exposure is 20% and we increased exposure to overseas equities which is now 62%. We added exposure to the US, being 29%, Europe represents 2% and Asia and Emerging Markets is 2%. We also increased exposure to global funds,being 29% in a mix of growth and income funds. The global funds also include some thematic funds such as technology and healthcare. Allocation to fixed income remains unchanged at 13% and diversifiers is 5%,of which 2% is invested in Gold.

Of the individual funds held there are some which exceed 5% of the total portfolio value, albeit no more than 10%. No individual stocks are held. The funds continue to be well diversified across both geography, sector and asset class, generating both income and capital growth, inline with risk strategy 5.

Current income is forecast to be some £120,960 per annum, which is a yield of 2.22% as at 30 June 2024.

Reserves

It is the Trustees' intention to reserve a small balance of income to enable them to respond quickly to appeals for significant support, where appropriate, the timing of which is unpredictable.

Risks

The Trustees have considered what risks the Charity faces and believe these to be fraud and poor investment performance. The Trustees will continue to monitor the adequacy of the systems in place to mitigate these.

Plans for the future

The Trustees do not envisage any significant changes to its aims and objectives and they intend to continue supporting the various causes to a similar level.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Structure, governance and management

The Trust is governed by two Trustees. No new Trustees were appointed during the year, nor did any Trustee leave the Board.

The trustees who served during the year were:

Mrs M R Bould

Rathbones Trust Company Limited

The power of appointing new Trustees of the Charity is vested in the Settlor of the Charity. The Settlor will appoint any new trustee on the basis of their connection with the current trustee board, their experience and knowledge.

The Charity's other advisors are noted on page 1.

The individuals who were directors of Rathbones Trust Company Limited were:

Miss Linda Joyce Cousins (resigned 31.12.24) Mr James Stephen Hurrell Mr Bruce Robert Newbigging (resigned 31.12.24) Mr Alexander Richmond Mr Robert Paul Stockton Mr Trevor Harris Mrs Kerry Roberts

Grant making policies

During the year under review, the Trustees resolved to make donations to organisations totalling £355,000, as detailed in note 21 of these accounts.

The Trustees' current policy is to meet periodically and decide how to apply the capital and income in accordance with the terms of the Settlement Deed.

Trustee training

The Trustees correspond and meet with their professional advisors regularly and the advisors are specifically instructed to appraise the Trustees of relevant technical and practice issues as they arise.

Related parties

The Charity does not have a relationship with any other Charity or Organisation to who grants have been paid.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that there is no information relevant to the audit of which they are unaware and that the Trustees have taken the necessary steps to ensure they are aware of all relevant audit information and made sure the auditors are aware of it.

The trustees' report was approved by the Board of Trustees and signed on their behalf.

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

Trevor Harris

Rathbones Trust Company Limited

Trustee

09 April 2025 | 1:58 PM BST

Dated: .........................

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

Opinion

We have audited the financial statements of The Sunrise (Sidmouth) Charitable Trust (the ‘trust’) for the year ended 30 June 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a serious misstatement in the financial statements. Our tests included agreeing the disclosures in the financial statements to the underlying supporting documentation and enquiries with management.

We do not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk on management override of internal controls, including testing journals and evaluation whether there was evidence of bias by the trustees that represented a risk of misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

10 April 2025 | 9:53 AM BST

......................................... 568422A081184AD...

Dated ........................................

Stephen Hale (Senior Statutory Auditor) For and on behalf of Perrys Audit Limited

Chartered Accountants

Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2024

Notes
Income
Further funds added to the trust
3
Investment income
4
Total income
Expenditure
Raising funds
5
Charitable activities
6
Total resources expended
Net income before investment (losses) / gains
Net (loss) / gain on investments
12
Net movement in funds
Fund balances at 1 July 2023
Fund balances at 30 June 2024		 2024
£
512,572
114,531
627,103
16,906
374,896
391,802
235,301
580,126
815,427
4,642,429
5,457,856		 2023
£
616,543
94,911
711,454
14,884
367,336
382,220
329,234
59,041
388,275
4,254,154
4,642,429

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investments 13 5,442,466 4,610,775
Current assets
Debtors 14 1,061 4,190
Cash at bank and in hand 38,712 50,649
39,773 54,839
Creditors: amounts falling due within 15
one year (24,383) (23,185)
Net current assets 15,390 31,654
Total assets less current liabilities 5,457,856 4,642,429
Income funds
Unrestricted funds 5,457,856 4,642,429
5,457,856 4,642,429
09 April 2025 1:58 PM BST 09 April 2025 1:58 PM BST 09 April 2025 1:58 PM BST
The accounts were approved by the Trustees on ......................... The accounts were approved by the Trustees on .........................

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

Trevor Harris

Rathbones Trust Company Limited

Trustee

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 18 124,152 238,089
Investing activities
Purchase of investments (1,804,499) (1,253,154)
Proceeds on disposal of investments 1,490,728 972,123
Dividends and interest received from investments 115,476 90,721
Net cash used in investing activities (198,295) (190,310)
Net (decrease)/increase in cash and cash
equivalents (74,143) 47,779
Cash and cash equivalents at beginning of year 118,289 70,510
Cash and cash equivalents at end of year 20 44,146 118,289

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

1.2 Going concern

The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives the trustees confidence the charity remains a going concern for the foreseeable future.

1.3 Charitable funds

Grants are included in the financial statements when approved by the trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

1.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations received by the trust include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

Donations of gifts not in cash are included at their market value at the date of the gift.

1.5 Debtors

Debtors are recognised at their expected settlement amount.

1.6 Cash and cash equivalents

Cash at bank and cash 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 opening of the deposit or similar account.

1.7 Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

1.8 Resources expended

Management and administration costs comprise those costs incurred in running the Charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the Charity and meeting statutory and regulatory requirements.

1.9 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

(Continued)

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The trustees do not invest in any complex financial instruments.

1.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Further funds added to the trust

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations
512,572
616,543
Investment income
2024
2023
£
£
UK dividend income
67,518
67,938
Foreign fixed interest
5,007
3,807
Unit trust interest
26,606
9,064
Foreign income
14,832
12,777
Bank interest
568
1,325
114,531
94,911		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations
512,572
616,543
Investment income
2024
2023
£
£
UK dividend income
67,518
67,938
Foreign fixed interest
5,007
3,807
Unit trust interest
26,606
9,064
Foreign income
14,832
12,777
Bank interest
568
1,325
114,531
94,911		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations
512,572
616,543
Investment income
2024
2023
£
£
UK dividend income
67,518
67,938
Foreign fixed interest
5,007
3,807
Unit trust interest
26,606
9,064
Foreign income
14,832
12,777
Bank interest
568
1,325
114,531
94,911
2023
£
67,938
3,807
9,064
12,777
1,325
Investment income
UK dividend income
Foreign fixed interest
Unit trust interest
Foreign income
Bank interest		 2024
£
67,518
5,007
26,606
14,832
568
114,531
94,911

4 Investment income

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

5 Raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rathbones investment management fees 16,906 14,884
16,906 14,884
6 Charitable activities
2024 2023
£ £
Grant funding of activities (see note 7) 355,000 348,000
Share of governance costs (see note 8) 19,896 19,336
374,896 367,336
7 Grants payable
2024 2023
£ £
Children 2,000 2,000
Religious 32,000 38,000
Disabled 7,000 5,000
General 5,000 13,000
Armed Forces 230,000 239,000
Animals 8,000 7,000
Welfare 29,000 10,000
Hospices 2,000 5,000
Medical 30,000 20,000
Seafarers 8,000 8,000
Education 2,000 1,000
355,000 348,000

All of the above were payable to institutions.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

8
Support costs
Rathbones trust administration fees
Independent auditors fee		 Support
costs
Governance
costs
£
£
-
15,576
-
4,320
-
19,896		 2024
£
15,576
4,320
19,896		 2023 Basis of
allocation
£
15,120 Governance
4,216 Governance
19,336

9 Trustees

Rathbones Trust Company Limited received fees of £15,576 (£15,120 in 2023) including VAT for its services provision of administrative serves to the Charity. Rathbones Investment Management received fees of £16,906 (£14,884 in 2023) for its services managing the investments.

Rathbones Investment Management and Rathbones Trust Company are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is undertaken by Rathbones Investment Management at their standard terms as offered to other charities. Rathbones Trust Company are not obliged to appoint or retain Rathbones Investment Management as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services.

10 Employees

There were no employees during the year, or previous year.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Net (losses) / gains on investments

Net (losses) / gains on investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Unrealised (loss) / gain 565,746 116,495
Realised (loss) / gain 14,380 (57,454)
580,126 59,041

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

13
Fixed asset investments
Listed
investments
£
Cost or valuation
At 30 June 2023
4,543,135
Additions
1,804,499
Unrealised (loss)
565,746
Realised gain
14,380
Cash in investment portfolio
-
Disposals
(1,490,728)
At 30 June 2024
5,437,032
Investments representing over 5% of the Portfolio's total market value
Investment
Units
Market Value
Allianz Technology Trust Plc
77,500
307,288
Premier Portfolio Managers
68,000
282,948
Listed investments
Cash in investment portfolio
Historic cost of investments
14
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Accruals and prepayments		 Cash in
portfolio
Total
£
£
67,640
4,610,775
-
1,804,499
-
565,746
-
14,380
(62,206)
(62,206)
-
(1,490,728)
5,434
5,442,466
% of Total Market
Value
5.65 %
5.20%
2024
2023
£
£
5,437,032
4,543,135
5,434
67,640
5,442,466
4,610,775
4,301,151
3,995,238
2024
2023
£
£
1,002
1,947
59
2,243
1,061
4,190
2024
2023
£
£
24,383
23,185
2024
£
5,437,032
5,434
5,442,466
4,301,151
2024
£
1,002
59
1,061
2024
£
24,383

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 July 2023
Incoming
resources
Resources
expended
Gains and
losses
At 30 June
2024
£
£
£
£
£
4,642,429
627,103
(391,802)
580,126
5,457,856
July 2022
Incoming
resources
Resources
expended
Gains and
losses
At 30 June
2023
£
£
£
£
£
4,254,154
711,454
(382,220)
59,041
4,642,429

17 Related party transactions

During the year Mrs M R Bould donated 18,000 Brown Advisory Funds US Growth shares with a value of £244,522.41, and 15,000 Intermediate Capital Group Plc Ordinary GBP0.2625 shares with a value of £268,050

During the year, the Trustees sold the donated Intermediate Capital Group Plc shares at market value and reinvested the proceeds to diversify the portfolio.

Rathbones Investment Management (RIM) and Rathbones Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is undertaken by RIM at their standard terms as offered to other charities, RTC are not obliged to appoint or retain RIM as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services.

The fees paid to Rathbones Investment Management Ltd totalled £16,906 for the year. The fees paid to Rathbones Trust Company Ltd totalled £15,576 for the year.

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

18 Cash generated from operations

Cash generated from operations
2024 2023
£ £
Surplus for the year 815,427 388,275
Adjustments for:
Investment income recognised in statement of financial activities (114,531) (94,911)
Realised loss / (gain) on disposal of investments (14,380) 57,454
Unrealised loss / (gain) of investments (565,746) (116,495)
Movements in working capital:
Decrease in debtors 2,184 -
Increase in creditors 1,198 3,766
Cash generated from operations 124,152 238,089

19 Analysis of changes in net funds The trust had no material debt during the year.

20 Cash and cash equivalents

Cash at bank and in hand
Cash in investment portfolio		 2024
£
38,712
5,434
44,146		 2023
£
50,649
67,640
118,289

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

THE SUNRISE (SIDMOUTH) CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

21 Donations made during the year

ABF - Lt. Colonel Wood Fund
Alzheimer's Society
Blind Veterans UK
Brainwave Centre Limited
Burma Star Association
Canine Partners for Independence
Childrens Hospice South West
Children's Hospital SW
Cinnamon Trust
Combat Stress
Cystic Fibrosis Trust
Deaf Blind UK
Devon Air Ambulance
Dogs for Good
Fishermans Mission
Go Beyond
Gurkha Welfare Trust
Hearing Dogs for Deaf People
Help for Heroes
Huntington's Disease Association
Livability
Mercy Ships UK
Mission Aviation Fellowship UK
Mission Seafarers
Muscular Dystrophy UK
Parkinson's UK
Queen Alexandra Hospital
Red Cross Pakistan Floods
Sidmouth Lifeboat
Sidmouth Living with Cancer
Sidmouth Parish Church
Sidmouth Science Festival
St Lawrence Church Thorpe
St Peter's Church, Farndon
St Petrocks (Exeter) Limited
STOLL
The Camphill Village Trust
The Royal Artillery Charitable Fund
The Royal British Legion
The Royal Regiment of Fusiliers Aid Society
The Royal Star & Garter Homes
The Salvation Army
The Woodland Trust		 2024
£
100,000
3,000
3,000
2,000
5,000
3,000
2,000
3,000
3,000
5,000
3,000
2,000
5,000
2,000
2,000
2,000
2,000
3,000
5,000
3,000
2,000
4,000
2,000
3,000
3,000
3,000
3,000
-
3,000
3,000
10,000
2,000
15,000
5,000
4,000
100,000
2,000
5,000
5,000
2,000
3,000
15,000
3,000
355,000		 2023
£
100,000
2,000
2,000
2,000
5,000
3,000
5,000
-
2,000
4,000
3,000
2,000
5,000
2,000
2,000
2,000
2,000
2,000
-
3,000
2,000
3,000
2,000
3,000
3,000
2,000
3,000
2,000
3,000
2,000
22,000
1,000
9,000
3,000
4,000
100,000
2,000
4,000
4,000
2,000
2,000
20,000
2,000
348,000

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 3,250 2,097 990 990 2,210 715 1,179 1,524 1,300 1,002
Market Value 30 June 2024 £ 307,288 95,859 73,970 264,994 104,597
Holding 30 June 2024 £ 77,500 100,000 13,000 18,000 83,000
Unrealised Profit/(loss) £ 104,238 6,869 (3,900) 20,472 1,046
Realised Profit/(loss) £ 11,433 (2,112) (5,070) 3,219
Disposals Quantity
Proceeds		 £ 13,500
46,803		 70,000
104,988		 5,000
24,880		 67,000
86,808
Cost £ 244,522
Additions Quantity 18,000
Market Value 1 July 2023 £ 238,420 88,990 107,100 107,820 187,140
Holding 1 July 2023 Allianz Technology Trust Plc Ordinary GBP0.025 91,000 Barclays Plc 3.25% Mtn 12/02/2027 GBP100000 100,000 Bellevue Healthcare Trust Plc Redeemable Ordinary GBP0.01 70,000 Blackrock World Mining Trust Ordinary GBP0.05 18,000 Brown Advisory Funds US Equity Growth Si USD Dis Capita Financial Managers Trojan Global Income O GBP Inc 150,000

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 1,002 1,595 1,595 1,595 2,599 1,208 1,208
Market Value 30 June 2024 £ 268,560 269,060 57,883 47,982
Holding 30 June 2024 £ 730 110,000 1,500 46,000
Unrealised Profit/(loss) £ 61,187 25,410 4,984 2,013
Realised Profit/(loss) £ (3,398) 1,683
Disposals Quantity
Proceeds		 £ 225
40,065		 225
41,748
Cost £ 40,065 52,899 45,969
FOR THE YEAR ENDED 30 JUNE 2024 Holding
Market Value
Additions		 1 July 2023
1 July 2023
Quantity		 £ CG Portfolio Fund Real Return 'A' 225
43,463		 Cg Portfolio Fund Icav Real Return A GBP Nav Changed from CG Portfolio Fd Plc Real Return A GBP Nav on 21/02/2024 225 Edgewood L Select US Select Growth I Z USd Acc 730
207,373		 Fil Investment Services(Uk)limited Global Dividend W Inc Nav 110,000
243,650		 First Sentier Invrs Gbl Umb Fd Plc Fssa Indian Subcontinent Iii USD Acc 1,500 Glaxosmithkline 5.25% Gtd Mtn 19/12/33 GBP 46,000

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 1,065 348 872 519 702 1,074 146 876 876 1,372 1,000 4,025
Market Value 30 June 2024 £ 52,800 113,105 72,822
Holding 30 June 2024 £ 40,000 3,700 70,000
Unrealised Profit/(loss) £ (4,920) 3,624 4,187
Realised Profit/(loss) £ (156) (20,339) (82)
Disposals Quantity
Proceeds		 £ 9,979
9,204		 61,000
36,879		 6,000
8,576
Cost £ 109,481
Additions Quantity 3,700
Market Value 1 July 2023 £ 66,578 66,378 68,635
Holding 1 July 2023 Gore Street Energy Storage Fund Plc Ordinary GBP0.01 70,979 Greencoat UK Wind PLC Ordinary 1p shares 46,000 Guinness Asset Management Global Equity Inc GBP Z Hsbc Hldgs 5.75% Mtn 20/12/27 GBP 70,000

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 525 525 526 745 1,505 1,506 1,507 2,135 2,341 1,683 1,330 3,164
Market Value 30 June 2024 £ 156,230 231,249 222,292
Holding 30 June 2024 £ 105,000 89,000 28,000
Unrealised Profit/(loss) £ (545) 5,678 16,716
Realised Profit/(loss) £ 10,671
Holding
Market Value
Additions
Disposals		 1 July 2023
1 July 2023
Quantity
Cost
Quantity
Proceeds		 £
£
£		 Ifsl Evenlode Investment Funds Icvc Ifsl Evenlode Global Income F GBP Dis Changed from T Bailey Fund Services Ltd Evenlode Global Income F GBP Dis on 02/10/2023 Changed from Ws Evenlode Investment Funds Icvc Ws Evenlode Global Income F GBP Dis on 09/03/2024 68,000
100,144
21,500
32,912		 15,500
23,963		 (244) Ifsl Evenlode Investment Funds Icvc Ifsl Evenlode Income Fund D Dis Changed from Evenlode Inv Mgmt Ltd Tb Evenlode Income D Dis on 02/10/2023 Changed from Ws Evenlode Investment Funds Icvc Ws Evenlode Income Fund D Dis on 09/03/2024 89,000
225,571		 Intermediate Capital Group Plc Ordinary GBP0.2625 15,000
268,050
15,000
278,721		 Ishares Ftse 100 Nav 28,000
205,576

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 675 1,418 1,106 1,106 1,637 1,510 1,380 1,491 1,472 396 1,128 4,440
Market Value 30 June 2024 £ 269,190 205,545 107,286 116,549 96,415 220,180
Holding 30 June 2024 £ 27,000 35,500 131,574 83,000 74,000 44,000
Unrealised Profit/(loss) £ 63,180 29,191 1,395 7,068 4,514 21,027
Realised Profit/(loss) £ 1,534
Disposals Quantity
Proceeds		 £ 5,000
24,165
Cost £ 114,288 32,418 29,648 109,960 (479)
Additions Quantity 24,000 6,000 5,500 83,000
Market Value 1 July 2023 £ 206,010 105,891 91,901 221,784
Holding 1 July 2023 JP Morgan American Inv Trust plc Ordinary 5p shares 27,000 JP Morgan Global Growth & Income Plc Ordinary GBP0.05 Jupiter Unit Trust Managers Strategic Bond X GBP Dis 131,574 Link Fund Solutions Ltd Livingbridge UK Multi Cap Inc F GBP Inc Link Fund Solutions Ltd Trojan X Inc 74,000 Liontrust Investment Funds Liontrust Special Situations I Fund 49,000

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 486 1,039 487 501 964 529 808 2,694 2,271 1,376 1,161 693 690
Market Value 30 June 2024 £ 251,382 138,411
Holding 30 June 2024 £ 152,113 (0) 130,000
Unrealised Profit/(loss) £ 33,691 9,282
Realised Profit/(loss) £ (2,930) 74 2,130
Disposals Quantity
Proceeds		 £ 89,080
71,470		 700
11,820		 5,400
94,129
Cost £ 68,065 (197) 693 690
Additions Quantity 43,000
Holding
Market Value		 1 July 2023
1 July 2023		 £ M&g Securities Limited North American Dividend Pp GBP Dis 109,113
149,823		 M&g Securities Ltd Global Macro Bond Pp GBP Dis 89,080
74,400		 Maitland Institutional Services Ltd Mi Chelverton Uk Equity Income B Shs Dis 130,000
129,129		 Marlborough Fund Managers Special Situations P Accums 6,100
102,362

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 2,550 1,900 1,900 1,900 1,843 2,163 167 200 68 85 878 540 1,566 540 540
Market Value 30 June 2024 £ 171,400 108,684 282,948 172,772 74,520
Holding 30 June 2024 £ 20,000 1,200 68,000 82,500 27,000
Unrealised Profit/(loss) £ 4,000 2,400 27,700 25,848 6,615
Realised Profit/(loss) £
Disposals Quantity
Proceeds		 £
Cost £ 167 200 68 85 20,824 878
Additions Quantity 10,500
Market Value 1 July 2023 £ 167,400 106,284 254,728 125,222 67,905
Holding 1 July 2023 Murray Income Tst Ordinary GBP0.25 20,000 Muzinich Funds Global Tactical Cred Inc Fdr Hgd Inc Nav 1,200 Premier Portfolio Managers Premier Miton US Opportunities B Acc 68,000 Rathbone Unit Trust MGMT Global Opps S Acc 72,000 Schroder Oriental Income Fund Ord GBP0.01 27,000

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 175 112 691 684 566 583 605 2,231 1,500 1,796
Market Value 30 June 2024 £ 61,894 216,518 106,714 80,078
Holding 30 June 2024 £ 7,000 500 105,000 84,500
Unrealised Profit/(loss) £ 15,246 43,858 (1,652) (602)
Realised Profit/(loss) £ 1,672 (281)
Disposals Quantity
Proceeds		 £ 2,200
118,470		 60,000
60,003
Cost £ 82,694 25,672 60,284 54,465 26,215
Additions Quantity 80,000 25,000 60,000 57,000 27,500
INVESTMENT SCHEDULE FOR THE YEAR ENDED 30 JUNE 2024 Holding
Market Value		 1 July 2023
1 July 2023		 £ Scottish Mortgage Inv Trust Ord 5p 7,000
46,648		 SPDR Trust S&P US Dividend Aristocrats 2,200
116,798		 SSGA SPDR ETFS Europe I plc S&P 500 EFT (USD) 500
172,660		 Treasury 4 1/4% Stk 07/06/2032 Treasury 5% Stk 2025 United Kingdom(Government Of) 4.25% Stk 07/12/2046 GBP100

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 1,774 61 58 59 1,238
Market Value 30 June 2024 £ 81,160 105,192 110,232
Holding 30 June 2024 £ 83,500 36,000 640
Unrealised Profit/(loss) £ (1,627) 5,717 19,621
Realised Profit/(loss) £ 1,878 1,596 297 357 (102)
Disposals Quantity
Proceeds		 £ 97,000
96,075		 73,000
91,693		 60,000
59,224		 500
71,147		 160
22,551
Cost £ 49,985 32,802 58,927 82,683 16,792
Additions Quantity 50,000 33,500 60,000 30,500 5,500
INVESTMENT SCHEDULE FOR THE YEAR ENDED 30 JUNE 2024 Holding
Market Value		 1 July 2023
1 July 2023		 £ United Kingdom(Government Of) 4.25% Gilt 07/12/2040 GBP0.01 United Kingdom(Government Of) 0.125% Bds 31/01/2024 GBP1000 97,000
94,197		 United Kingdom(Government Of) Idx/lkd Gtd Bds 10/08/2031 Gbp1000'regs' 73,000
90,097		 United Kingdom(Government Of) 4.125% Bds 29/01/2027 GBP1000 Waverton Investment Management Ltd European Dividend Growth B GBP Dis Wisdomtree Metal Securities Ltd Physical Gold 1,300
184,054

Docusign Envelope ID: C8BE319A-810E-4D70-9917-0E864FF01F43

Gross Income £ 175 600 117,632
Market Value 30 June 2024 £ 121,270 5,437,031
Holding 30 June 2024 £ 33,500
Unrealised Profit/(loss) £ 2,215 565,746
Realised Profit/(loss) £ 12,309 14,383
Disposals Quantity
Proceeds		 £ 2,500
91,309		 1,490,728
Cost £ 91,309 27,746 1,804,499
Additions Quantity 25,000 8,500
INVESTMENT SCHEDULE FOR THE YEAR ENDED 30 JUNE 2024 Holding
Market Value		 1 July 2023
1 July 2023		 £ Worldwide Healthcare Trust Ordinary GBP0.025 Worldwide Healthcare Trust Plc Ordinary GBP0.25 2,500
79,000		 TOTAL:
4,543,131

Certificate Of Completion

Envelope Id: C8BE319A-810E-4D70-9917-0E864FF01F43 Subject: Sunrise Sidmouth Charitable Trust - Accounts ye. 30.06.2024 Source Envelope: Document Pages: 31 Signatures: 3 Certificate Pages: 3 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London

Status: Completed

Envelope Originator: Yasmin Uddin 30 Gresham Street London, Europe EC2V 7QN Yasmin.Uddin@rathbones.com IP Address: 87.242.179.90

Record Tracking

Status: Original Holder: Yasmin Uddin 09 April 2025 | 13:47 Yasmin.Uddin@rathbones.com

Location: DocuSign

Signer Events Signature Trevor Harris Trevor.HarrisRTC@rathbones.com [ trove Karns Director Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 5.69.204.39

Timestamp

Sent: 09 April 2025 | 13:51 Viewed: 09 April 2025 | 13:57 Signed: 09 April 2025 | 13:58

Electronic Record and Signature Disclosure:

Not Offered via Docusign Steve Hale hale@perry-company.co.uk Security Level: Email, Account Authentication (None)

Sent: 09 April 2025 | 13:58 Viewed: 10 April 2025 | 09:36 Signed: 10 April 2025 | 09:53

Signature Adoption: Uploaded Signature Image Using IP Address: 20.254.126.15

Electronic Record and Signature Disclosure:

Accepted: 10 April 2025 | 09:36 ID: 94a324a6-5788-4694-be03-02dbf375a148

In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 09 April 2025
Certified Delivered Security Checked 10 April 2025
Signing Complete Security Checked 10 April 2025
Envelope Summary Events Status Timestamps
Completed Security Checked 10 April 2025
Payment Events Status Timestamps
Electronic Record and Signature Disclosure

Electronic Record and Signature Disclosure created on: 01 December 2021 | 15:25 Parties agreed to: Steve Hale

ELECTRONIC RECORD AND SIGNATURE DISCLOSURE (ERSD)

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Data you submit to Rathbones via DocuSign and completed documents will be held within Rathbones’ systems in line with UK and Jersey respective (applicable to Rathbone Investment Management International) Data Protection legislation and Rathbones corporate retention policy. Once signed, completed documents will be accessible for a limited period within DocuSign, these records will be deleted after 120 days – should you wish to retain your signed documents for reference, it is possible for you to download them to your preferred storage location, however as completed documents may contain Personally Identifiable Information (PII) you should exercise caution when doing so.

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Rathbone Investment Management Limited is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. FCA Reference number: 116316.

Rathbones Group Plc - Incorporated and registered in England and Wales. Registered Office: 8 Finsbury Circus, London EC2M 7AZ. Registered number: 01000403.

Rathbone Investment Management International - Rathbone Investment Management International Limited is not regulated by the Financial Conduct Authority or the Prudential Regulation Authority in the UK, nor subject to the provisions of the UK Financial Services and Markets Act 2000. The Financial Services Act 2012 and the protections afforded by those Acts. Rathbone Investment Management International Limited is regulated by the Jersey Financial Services Commission.

For further information on Rathbones Group Plc and its subsidiaries refer to www.rathbones.com.