## **The Sherling Charitable Trust** Report and Financial Statements Year ended: 31 March, 2021 Charity no: 1079651 ## **The Sherling Charitable Trust** |**Contents**|| |---|---| |Legal and Administrative Information|3| |Report of the Trustees|4| |Report of the Reviewer|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes forming part of the Financial Statements|9| 2 ## **The Sherling Charitable Trust** ## **Legal and Administrative Information** ## **Trustees** C R Sherling , Chairman S A Sherling A M Sherling W D Sherling ## **Principal Office** Lincoln House Woodside Hill Chalfont St Peter Bucks SL9 9TF ## **Reviewer** T Day ACMA Ramnor House Sharvells Road Milford On Sea Hampshire SO41 0PE ## **Bankers** HSBC Private Bank 8 Cork Street London W1S 3LJ ## **Investment Managers** Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ 3 ## **The Sherling Charitable Trust** ## **Report of the Trustees for the Year Ended 31 March, 2021** The Trustees present their report together with the financial statements for the year ended 31 March, 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the charity’s trust deed and applicable law. ## **Constitution and Objects** The Sherling Charitable Trust is constituted under a trust deed dated 15 December, 1999 and is registered charity under number 1079651. The Trust may pay or apply its income and capital to any legally charitable institutions, bodies or funds or for such legally charitable purposes as the Trustees shall from time to time in their absolute discretion determine. The Trustees have decided to support various health, arts and community charities, but will consider other areas of particular interest to them. ## **Organisation** The trustees who served during the year and since then are set out on page 3. The trustees meet as needed but no less than four times a year. There are no plans to introduce additional trustees and, therefore, there are no policies regarding induction and training. ## **Grant making policy** The charity is prepared to receive applications for grants but judges each application against the trustees’ areas of interest. ## **Public benefit** The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charities Commission in exercising their powers or duties. ## **Financial review** The charity received donations of 142,764 (£335,000 in 2020) during the current year and investment income of 87,751 (£98,982 - 2020) making total income of £230,515 (£433,982 - 2020). The charity made grants totalling £234,000 (£431,400 in 2020). The Rathbone’s portfolio generated the expected income. The portfolio recovered from the sharp fall in March 2020 and now stands higher than before the market crash. The investments in structured equity products with HSBC Private Bank have produced the expected income and have increased in value on a mark-to-market basis There is no need for a reserves policy because the Trust has no on-going contractual commitments. The Trustees have invested the monies with a view to the Trust moving to selfsufficiency over the medium term. 4 ## **Risk management** The trustees have examined the major risks that the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. ## **Trustees’ responsibilities in relation to the financial statements** 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 charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently - make judgments and estimates that are reasonable and prudent - state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. 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. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, 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 published on 16 July 2014 Approved by the Trustees and signed on their behalf by: **Clive Sherling, Chairman** 20 April, 2021 **Sally Sherling, Trustee** 5 ## **The Sherling Charitable Trust** ## **Independent Examiner’s Report to the Trustees of The Sherling Charitable Trust** I report on the accounts of the Trust for the year ended 31 March 2021, which are set out on pages 7 to 11. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of the Chartered Institute of Management Accountants. It is my responsibility to examine the accounts under section 144 of the Charities Act, to follow procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act and to state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a true and fair view. ## **Independent examiner’s statement** In connection with my examination, no material matters has come to my attention which gives me cause to believe that, in any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Name: Mr. Trevor Day Relevant qualification: ACMA Address: Ramnor House Sharvells Road Milford On Sea Hampshire SO41 0PE Date: 20 April, 2021 6 ## **The Sherling Charitable Trust** **Statement of Financial Activities for the year ended 31 March 2021** |**Notes**|**2021**|2020| |---|---|---| |**Incoming resources**
Donations received
2
Investment income
3
**Total incoming resources**||| ||**£142,764**
**87,751**|£335,000
98,982| ||**230,515**|433,982| |||| |**Resources expended**
Grants payable
4
**Net incoming resources**||| ||**-234,000**|-431,400| ||**-3,485**|2,582| |||| |**Gain (loss) on investments**
6|**462,159**|-420,718| |||| |**Net movement in funds**|**458,674**|-418,136| |||| |Balance at 1 April, 2020|**2,792,711**|3,210,847| |||| |**Balance at 31 March 2021**|**£3,251,385**|£2,792,711| 7 ## **The Sherling Charitable Trust** ## **Balance Sheet as at 31 March 2021** |**Notes**|**2021**|2020| |---|---|---| |**Fixed Assets**
Investments
6
Cash on deposit||| ||**£3,157,599**
**91,840**|£2,594,858
195,461| ||**3,249,439**|2,790,319| |||| |**Current Assets**
Cash at bank
Dividends receivable
Creditors falling due within
one year
7
**Net current assets**||| ||**265**
**1,681**
**0**|91
2,301
0| ||**3,251,385**|2,792,711| |||| |**Total Assets less current**
**liabilities**||| |||| |Creditors falling due after more
than one year
**Total net assets**
**Funds**|**0**|0| ||**3,251,385**|2,792,711| ||**£3,251,385**|£2,792,711| |||| Approved by the Trustees on 20 April, 2021 and signed on their behalf by: Clive Sherling, Chairman Sally Sherling, Trustee 8 ## **The Sherling Charitable Trust** **Notes forming part of the financial statements for the year ended 31 March 2021** ## **1. Principal accounting policies** ## (a) **Accounting convention** The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value. In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice FRS 102 ## (b) **Donations Received** Donations and any related Gift Aid are recognised upon receipt. ## (c) **Investment income** Investment income is accounted for in the period in which the charity is entitled to receipt ## (d) **Resources expended** Expenditure is included on an accruals basis Grants payable are charged in the year when the offer is conveyed to the recipient 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 the year end are noted as a commitment, but not accrued as expenditure. ## (e) **Fixed asset investments** Investments are included at their market value at the year end. ## **2. Donations received** The donations received were made by two of the Trustees of the Trust. ## **3. Investment income** |**3.**
**Investment income**||| |---|---|---| ||**2021**|2020| |Dividends received|**£87,738**|£ 98,406| |Interest received|**13**|576| 9 |**4. Grants payable**
The amount payable in the year comprised:
Chiltern MS Centre
Friends of Liberty Woodland School
Chiltern Open Air Museum
Chiltern Dial-a-Ride
Thames Valley Air Ambulance
Dorset & Somerset Air Ambulance
Marie Curie Foundation
Heart of Bucks
Hospice of St Francis
Flute Theatre
Deafblind
Independent Age
Scannappeal
Centrepoint
National Theatre
Woodrow High House
Action Medical Research
Lindengate
Autism Wessex|**2021**|2020| |---|---|---| |||| ||112,500
35,000
15,000
15,000
10,000
10,000
10,000
10,000
10,000
2,500
2,000
2,000
0
0
0
0
0
0
0|137,500
0
11,000
0
5,000
5,000
5,000
0
6,900
13,000
1,000
1,000
150,000
25,000
20,000
20,000
11,000
10,000
10,000| |||| |Total Grants|**£234,000**|£431,400| Subject to discussion of the needs of the Chilterns MS Centre, the Trust has agreed to make a donation of up to £112,500 in 2022. The Trust has agreed to donate a further £65,000 over the next three years to the Friends of Liberty Woodland School ## **5. Staff costs and Trustees’ remuneration** The Trustees received no remuneration (2020-£nil) and were not reimbursed for any of their expenses in the year (2020-£nil) The charity employs no staff. |**estments**
Market value at 1 April 2020
Acquisitions at cost
Market value of assets disposed
Gain/Loss in the year
Market value at 31 March 2021|**2021**
**£2,594,858**
**100,250**
**0**
**462,491**|2020
£2,408,076
607,500
0
-420,718| |---|---|---| ||**£3,157,599**|£2,594,858| ## **6. Investments** 10 **7. Creditors 2021** 2020 Grants payable **£ 0** £ 0 11