Charity Registration No. 1078555
THE SANTS CHARITABLE TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
THE SANTS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | H W H Sants |
|---|---|
| C J Sants | |
| J H Ovens | |
| A Sants | |
| E K R Sants | |
| A F J Sants | |
| Charity number | 1078555 |
| Principal address | 32A Pembroke Square |
| London | |
| W8 6PD | |
| Independent examiner | Sarah Mason FCA |
| RSM UK Tax and Accounting Limited | |
| The Pinnacle | |
| 170 Midsummer Boulevard | |
| Milton Keynes | |
| Buckinghamshire | |
| MK9 1BP | |
| Bankers | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| United Kingdom | |
| Investment advisors | Cazenove Capital Management Limited |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| United Kingdom |
THE SANTS CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their report and financial statements for the year ended 5 April 2022.
The financial statements have been prepared in accordance with the 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), the Charities Act 2011 and in accordance with the trust deed.
Objectives and activities
The objects, purpose and activities of the charity, as set out in the trust deed, are for such exclusive charitable purposes, in any part of the world, as the Trustees may determine. This includes the activity of supporting small charities helping children and young people in and around Oxfordshire and Buckinghamshire, especially those with a Christian foundation.
Public benefit
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.
Grant making policy
The Trustees decide on the grants to be made within the scope of the Trust's objectives and to further the charity's purpose for the public benefit.
Achievements and performance
14 grants totalling £102,900 were paid to institutions during the year (2021: 13 grants totalling £36,150), in all cases fulfilling the main objective of the charity.
Financial review
The results are set out in the Statement of Financial Activities on page 5. The Trust made grants of £102,900 (2021: £36,150) and received income of £36,114 (2021: £73,149). The reserves carried forward are £1,104,560 (2021: £1,133,650), which are considered to be satisfactory for future needs.
Reserves policy
The Trustees’ policy is to maintain the Endowment Fund so as to maximise income to pay donations and grants for charitable purposes. The Endowment Fund is to be maintained at £1,000,000. The Endowment Fund at the year end is £1,104,560 (2021: £1,133,650) which is a decrease compared to last year, largely due to an increased amount of grants being paid in the year. The Trustees continue to monitor the level of reserves.
Risk management
The affairs of the Trust are on a small scale and are handled directly by the Trustees. The Trust’s quoted securities are managed by Cazenove Capital Management Limited which has been instructed to structure these for low risk. The Trustees monitor the performance of the investment managers but they do not consider that additional risk management procedures are necessary for a Trust of this size.
Plans for future periods
The aim of the Trustees for the next year is to continue making donations to various charities.
Structure, governance and management
The Sants Charitable Trust is constituted under a trust deed dated 21 July 1999, as amended by a deed of appointment and variation dated 11 November 2012, under which the founders of The Sants Charitable Trust appointed themselves as the original Trustees of the charity with the power to appoint new or additional Trustees to the charity as and when necessary.
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THE SANTS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
The Trustees who served during the year were: H W H Sants C J Sants J H Ovens A Sants E K R Sants A F J Sants
The Trustees' Report was approved by the Board of Trustees.
.............................. H W H Sants Trustee Dated: ......23.01.2023
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THE SANTS CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2022
The Trustees are responsible for preparing the Trustees' Report and the financial statements 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 financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE SANTS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE SANTS CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of The Sants Charitable Trust (‘the charity’) for the year ended 5 April 2022, which are set out on pages 5 to 15.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the 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 with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Sarah Mason
Sarah Mason FCA Institute of Chartered Accountants in England and Wales On behalf of: RSM UK Tax and Accounting Limited Chartered Accountants The Pinnacle 170 Midsummer Boulevard Milton Keynes Buckinghamshire MK9 1BP
Dated: 25/01/23
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THE SANTS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Endowment funds fund Notes £ £ |
Unrestricted Endowment funds fund Notes £ £ |
Unrestricted Endowment funds fund Notes £ £ |
Total | Total |
|---|---|---|---|---|
| funds | fund | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Income from: | ||||
| Donations and legacies 3 |
4,400 | - | 4,400 | 55,340 |
| Investments 4 |
31,714 | - | 31,714 | 17,809 |
| Total income | 36,114 | - | 36,114 | 73,149 |
| Expenditure on: | ||||
| Raising funds 5 |
- | 3,819 | 3,819 | 8,198 |
| Charitable activities 6 |
110,702 | - | 110,702 | 43,038 |
| Total expenditure Net (expenditure)/income before gains on investments |
||||
| 110,702 | 3,819 | 114,521 | 51,236 | |
| - | ||||
| (74,588) | (74,588) | 21,913 | ||
| Net gains on investments 9 |
- | 49,317 | 49,317 | 166,235 |
| Net (expenditure)/income before transfers Gross transfers between funds |
45,498 | |||
| (74,588) | (29,090) | 188,148 | ||
| 74,588 - |
||||
| (74,588) | - | - | ||
| Net movement in funds | (29,090) | (29,090) | 188,148 | |
| Total funds brought forward | ||||
| - | 1,133,650 | 1,133,650 | 945,502 | |
| Total funds carried forward 12 |
- | 1,104,560 | 1,104,560 | 1,133,650 |
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Charity Registration No. 1078555
THE SANTS CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes | 2022 | 2022 | 2021 £ £ 1,134,284 8,030 (8,664) (634) 1,133,650 1,133,650 1,133,650 |
2021 £ £ 1,134,284 8,030 (8,664) (634) 1,133,650 1,133,650 1,133,650 |
|---|---|---|---|---|
| £ | £ | £ | ||
| Fixed assets | ||||
| Investments 9 Current assets |
9,641 (8,665) |
1,103,584 976 1,104,560 |
8,030 (8,664) |
|
| Cash at bank and in hand Creditors: amounts falling due within one year 10 |
||||
| Net current assets/(liabilities) | (634) | |||
| Total assets less current liabilities | 1,133,650 1,133,650 1,133,650 |
|||
| Funds | ||||
| Endowment fund 12 |
1,104,560 1,104,560 24/01/23 |
|||
| The financial statements from pages 5 to 15 were approved by the Trustees on ....... |
.............................. H W H Sants Trustee
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
The Sants Charitable Trust is a charity registered in England and Wales by the Charity Commission (charity number 1078555). Details of the principal address are given on the information page of the financial statements. The charity’s operations and principal activities are described in the Trustees’ Report.
Accounting convention
The financial statements have been prepared under historical cost convention modified by revaluation of investments. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
Monetary amounts in these financial statements are rounded to the nearest whole pound £.
Going concern
The Trustees are not aware of any material uncertainties related to events or conditions that may cast significant doubt about the ability of the charity to continue as a going concern and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. In the view of the Trustees, the charity has sufficient reserves to continue in operation for at least twelve months after the approval of the financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Charitable funds
The funds of the charity are segregated between the Unrestricted Accumulated Income Fund and the expendable Endowment Fund in the year the income/expenditure is received or spent. Legacies, donations, tax recoverable, interest earned, grants paid and support costs are allocated to the Unrestricted Accumulated Income Fund. At the end of each year the net movement of the Unrestricted Accumulated Income Fund is transferred to/from the Endowment Fund and carried forward in the Endowment Fund reserves.
The Unrestricted Accumulated Income Fund is available for the Trustees to use in accordance with the charity’s objects and the Endowment Fund is used to support the Unrestricted Accumulated Income Fund.
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies (Continued)
Income
All income is recognised once the charity has entitlement to it, it is probable that it will be received and the amount receivable can be measured reliably.
Donations and legacies
Donations are accounted for on a receivable basis. Donations of listed investments are recognised at their fair value at the date of transfer using the quoted market price.
Investment income
The charity recognises all investment income on an accruals basis.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure heading.
Grants payable are payments made to third parties in furtherance of the charitable objectives and are charged
in the year when the offer is conveyed to the recipient.
Governance costs relate to the public accountability of the charity and regulatory compliance. Governance costs are apportioned to charitable activities.
Fixed asset investments
Investments are a form of basic financial instrument and 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.
Realised and unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their 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 carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
2 Critical accounting estimates and judgements
In the application of the charity’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.
The Trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.
3 Donations and legacies
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Donations received | 4,400 | 55,340 |
In 2022, voluntary income was £4,400 (2021: £55,340) of which £4,400 (2021: £55,340) related to unrestricted funds. The donations figure includes a transfer of investments in specie amounting to £nil (2021: £50,140).
4 Investments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Interest income from listed investments | 7 | 292 |
| Dividend income from listed investments | 31,707 | 17,517 |
| 31,714 | 17,809 |
In 2022, income from investments was £31,714 (2021: £17,809) of which £31,714 (2021: £17,809) related to unrestricted funds.
5 Raising funds
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Investment management costs | 3,819 | 8,198 |
In 2022, expenditure on raising funds was £3,819 (2021: £8,198) of which £3,819 (2021: £8,198) related to endowment fund.
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
6 Charitable activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants to institutions (note 7) | 102,900 | 36,150 |
| Support costs | ||
| Governance costs: Payable to RSM UK Tax and Accounting Limited |
||
| Accounts preparation fees | 4,202 | 3,400 |
| Independent Examiner's fees | 3,600 | 3,480 |
| 7,802 | 6,880 | |
| Other support costs: | ||
| Bank interest paid | - | 8 |
| Total expenditure on charitable activities | ||
| 110,702 | 43,038 |
In 2022, expenditure on charitable activities was £110,702 (2021: £43,038) of which £110,702 (2021: £43,038) related to unrestricted funds.
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
7 Grants to institutions
| of | No. Grants |
No. Grants |
No. Grants grants payable 2021 2021 £ |
No. Grants grants payable 2021 2021 £ |
|---|---|---|---|---|
| grants payable of |
||||
| 2022 | 2022 | 2021 | ||
| £ | ||||
| Arts and Creativity: | ||||
| Garsington Opera Royal Opera House Covent Garden Foundation |
2 | 60,000 | - | - - - 6,000 50 10,000 3,000 3,000 1,200 5,000 - - 28,250 100 500 600 300 1,000 1,300 1,000 1,000 |
| 2 | 21,000 | - | ||
| 4 | 81,000 | - | ||
| Christian Activities: | ||||
| Holy Trinity Church Brompton Friends of Mucknell Abbey Wycombe Deanery The Lambeth Partnership Fawley PCC Worminghall Parochial Church Council Friends of Fawley Church Lighthouse Central Peasemore Church Fund |
1 | 5,500 | 1 | |
| 1 | 50 | 1 | ||
| - | - | 1 | ||
| 1 | 3,750 | 1 | ||
| - | - | 1 | ||
| 1 | 1,200 | 1 | ||
| - | - | 1 | ||
| 1 | 500 | - | ||
| 1 | 5,000 | - | ||
| 6 | 16,000 | 7 | ||
| Community Development: | ||||
| Buckinghamshire Foundation Cornwall Community |
1 | 100 | 1 | |
| 1 | 500 | 1 | ||
| 2 | 600 | 2 | ||
| Educational Support: | ||||
| Trinity College The Radley Foundation |
1 | 300 | 1 | |
| - | - | 1 | ||
| 1 | 300 | 2 | ||
| Poverty Relief: | ||||
| The Felix Project | - | - | 1 | |
| - | - | 1 |
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
7 Grants to institutions (Continued)
| No. Grants No. Grants of grants payable of grants payable 2022 2022 2021 2021 £ £ Other: Institute For Food, Brain and Behaviour 1 5,000 1 5,000 1 5,000 1 5,000 |
No. Grants No. Grants of grants payable of grants payable 2022 2022 2021 2021 £ £ Other: Institute For Food, Brain and Behaviour 1 5,000 1 5,000 1 5,000 1 5,000 |
No. Grants No. Grants of grants payable of grants payable 2022 2022 2021 2021 £ £ Other: Institute For Food, Brain and Behaviour 1 5,000 1 5,000 1 5,000 1 5,000 |
No. Grants No. Grants of grants payable of grants payable 2022 2022 2021 2021 £ £ Other: Institute For Food, Brain and Behaviour 1 5,000 1 5,000 1 5,000 1 5,000 |
No. Grants No. Grants of grants payable of grants payable 2022 2022 2021 2021 £ £ Other: Institute For Food, Brain and Behaviour 1 5,000 1 5,000 1 5,000 1 5,000 |
|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | |
| £ | £ | |||
| 1 | 5,000 | 1 | 5,000 | |
| 1 | 5,000 | 1 | 5,000 | |
| Total grants payable | 14 102,900 |
13 36,150 |
8 Trustees
The Trustees, who are considered to be the key management personnel, received no remuneration or expenses for their services (2021: £nil).
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
9 Fixed asset investments
| Listed investments £ |
Listed investments £ |
|---|---|
| Valuation | |
| At 6 April 2021 1,022,346 |
|
| Additions at cost 999,301 |
|
| Gain on revaluation 49,317 |
|
| Disposal proceeds (1,036,112) |
|
| At 5 April 2022 | 1,034,852 |
| Cash held for investment | 68,732 |
| At 5 April 2022 | 1,103,584 |
Cash released from investments in the year was £75,000 (2021: £20,000).
| Investments at fair value comprise: UK Equities International Equities UK Bonds International Bonds Structured Products Property and commodities Hedge Funds Other Multi-Asset Funds 10 Creditors: amounts falling due within one year |
2022 | 2021 |
|---|---|---|
| £ | £ | |
| - | 98,901 | |
| - | 466,804 | |
| - | 125,370 | |
| - | 139,545 | |
| - | 26,888 | |
| - | 71,794 | |
| - | 20,716 | |
| - | 72,328 | |
| 1,034,852 | - | |
| 1,034,852 | 1,022,346 | |
| Accruals and deferred income | 2022 | 2021 |
| £ | £ | |
| 8,665 | 8,664 | |
| 11 Financial instruments |
2022 | 2021 |
| Carrying amount of financial assets Instruments measured at fair value through profit or loss |
£ | £ |
| 1,034,852 | 1,022,346 |
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
12 Movement in funds
| Balance at 6 April 2021 £ |
Balance at 6 April 2021 £ |
Income Expenditure Gains and losses |
Income Expenditure Gains and losses |
Income Expenditure Gains and losses |
Transfers Balance at 5 April 2022 £ £ 74,588 - (74,588) 1,104,560 - 1,104,560 Transfers Balance at 5 April 2021 £ £ (30,111) - 30,111 1,133,650 - 1,133,650 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| 36,114 - 36,114 |
|||||
| Unrestricted funds | - | (110,702) | - | 74,588 | |
| Endowment fund | 1,133,650 | (3,819) | 49,317 | (74,588) | |
| 1,133,650 | (114,521) | 49,317 | - | ||
| Comparative movement in funds | |||||
| Balance at 6 April 2020 £ |
|||||
| Income Expenditure Gains and losses |
|||||
| £ | £ | £ | £ | £ | |
| 73,149 - 73,149 |
- | ||||
| Unrestricted funds | - | (43,038) | (30,111) | ||
| Endowment fund | 945,502 | (8,198) | 166,235 | 30,111 | |
| 945,502 | (51,236) | 166,235 | - |
13 Analysis of net assets between funds
| Endowment Fund Unrestricted Funds £ £ |
Endowment Fund Unrestricted Funds £ £ |
Endowment Fund Unrestricted Funds £ £ |
Total £ 1,103,584 976 1,104,560 Total £ 1,134,284 |
|---|---|---|---|
| £ | £ | ||
| Fund balances at 5 April 2022 are represented by: | |||
| Investments | 1,103,584 | - | |
| Net current assets | 976 | - | |
| 1,104,560 | - | ||
| Analysis of net assets between funds - prior year | |||
| Endowment Fund Unrestricted Funds £ £ |
|||
| £ | £ | ||
| Fund balances at 5 April 2021 are represented by: | |||
| Investments | 1,134,284 | - | |
| Net current liabilities | (634) | - | (634) |
| 1,133,650 | |||
| 1,133,650 | - |
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THE SANTS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
14 Related party transactions
During the year unrestricted donations of £4,400 were received from Trustees (2021: £5,200). The Trustees also donated investments in specie during the year at a fair value of £nil (2021: £50,140). See note 8 for details of Trustees' remuneration and expenses.
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