MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Charity Registration Number.. 1082136 ANNUAL REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2021 William Sturges LLP Burwood House 14-16 Caxton Street London SWIH OQY
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST General Informatlon Charity Re8lStration Number: 1082136 SETTLOR Kathleen Beryl Sleigh MAIN DEEDS Will dated 19 May 1998 Appointment dated 7 March 2000 to exclusively Charitable Trusts TRUSTEES Jonathan Michael Picken Hazel Anne French Solicitors of William Sturges LLP SOLICITORS William Sturges LLP Burwood House, 14-16 Caxton Street London SWIH Oay INDEPENDENT EXAMINER Kelly Stevens ACA Fourwlnds Wengeo Lane Ware, Herts SG12 OEH MAIN TERMS The trust Is derived from the estate of Kathleen Beryl Sleigh, who died 8 August 1998, created by appointment of funds from the discretionary trust of residue established by her Will (via various Deeds of Addition/Deeds of Appointment). The trustees hold the fund5 upon trust for exclusively charitable objects and purposes in any part of the world as they think fit. SOURCE OF FUNDS Miss Sleigh owned the mineral rights in part of the Cauldon Low Limestone Quarry, Staffordshire and these are the main source of income and of funds for the Charitable Trust. NOTE The above summary Is Intended os un aide-memoire and reference should be m(yde to the relevnnt deeds before making decisions. Page I
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Report of the Trustees Charity Reglstration Number: 1082136 The Tru5tee5 psent their report ènd the accounts of the Mlss 8eryl Sleigh Charitable Trust (the charityl for the year ended 5 April 2021. The trustees conflrm that the Annual Report and flnancial statements of the charlty comply wlth the requirements of the chèrity's governing document and the provision5 of the Statement of Reeommnended Practice ISORPI applScable to thHiitie5 preparing their account5 in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFR51021 leffective l January 20191 structure, goverfian and management TheTrust was constltuted followlng Appointment dated 7 March 2000 to excluslvew charitable trusts from the residue of the estate of Kathleen Beryl Sleigh. UTrder her Will substantlal pecuniary legacles were left to variou5 charities with the proviso that the trustees could postpone payment for up to ten year5 from the date of death. IA provision to pay interest was included). The charitable legacles were paid Sn full by 13 October 2007 and the Trust received incomin8 funds from that date. R15k Management The Trustees have conSided the rnalor rlsks frdted by them and declded that there Is In fact one materlal risk namely that the entire tnvestment by the Trust is in the Cauldon Low quaTry and the mineials lease In favour of Aggregate Industries Ltd- see investment pollcy below. Investment Polley The Trust'5 main source of Sncome Is mlneral royalties from quarrying. This is kept under constant review. Sale 3nd/or Sub leaslng hès been considered and dlscounted forvarious commercial reasons. The Trustees h3ve a specia115t agent who 15 based1n the area and periodically one of the Trustees makes a slte vlsit for discu5sion5 Wlth relevant partie5. The last slte vlslt carrled out by the speclalist agent was on 24 May 2021. No site visit had been possible SIn the previous sIt on 7 May 2019 dLfe to the pandemic. Rental Income from the quarry has been increaslng steadily overthe last few years, however output has reduced Dver the past year, reflecting market conditions. The lease expires in 2036 with a tenant5, break clause In 2026. There is a rlsk that new mlning regulatlons and plannlng consents whlch came Into force in 2019 might see new workln8 conditions imposed which could increase operational costs. The Trustees remaln of the view that it would be very difficult to ieplaee thls level of income and therefore no presslng action should be taken other than to malntain an adequate cash reserve so that donations continue In the event that the rent reduces subst3ntially in the short term. Reserves The Tru5tees' pollty Is to hold adequate reserves In cash form. Pa8e 2
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Report of the Trustees Icontinuedl Charity Reglstratlon Number: 1082136 Objeclives and activlties for the public beneflt The Twstees hold the funds upon Trust for excluslvely charltable objects and general chadtable purpose5 in any part of the world as they see fit. The TTUStees conslder appllcatlons from grant making charities and voluntary bodies. They also aim to aSS15t the elderly) chlldren and young people, people with disabilities Iparticularly loss of sightl and musical/ cultural organlsatlons. Athlevements and performance The Trustees made grants to various charities totallin8 £386,00012020- £382,5CK)I during the year. Flnanclal Performance The net incoming re50urce5 during the year was a deflclt of E188.58512020- £210.917 deficit). The trustees have focused on an increase in grants paid on the basls that they were holding an excessive amount of cash in reserve which has built up over the year5. The net assets of the Charity as at 5 April 2021 amounted to appioximately £1,607,06712020- £2.155,6521. The reduction is malnly due to the excessive grant5 pald in the year and the continued wrlte down In the value of the quarry. On behalf of the trustees, we have read and approve the Report of the Trustees. Jonathan Picken Date Hazel French Date Page 3
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Balance Sheet at 5 April 2021 2021 2020 FIXED ASSET INVESTMENTS at valuation limestone at Cauldron Low, Stafford Interest in quarry adjolnlne Cauldron Low 2,500,OW.00 15,000.00 3,500,o.00 15,000.00 2,515,000.00 11,08(1.000.001 2,515,000.00 (720,000.001 Wrlte down in value 1,435,000.00 1,795,000.00 CURRENT ASSET5 Cash held at William Sturges LLP Desi8nated deposit Client accoLJnt 177,887.45 2,500.00 180,387.45 369,292.27 369,292.27 Less.. Creditors William Stur8e5 LLP feè51181191 Willlam 5turges LLP fees1191201 William Sturges LLP fees1201211 john Chivers Commercial Ltd fee5 Tittensor and Co Ltd fees1181191 Tlttensor and Co Ltd fees1191201 Tittensor and Co Ltd fees1201211 Donation to Long Ditton Village Hall 13,000.001 13,000.001 14,8QD.001 11,920.001 11,200.001 1720.001 1720.001 1900.001 12,500.001 170,267.45 360.652.27 NET ASSETS 1,605,267.45 2,155,652.27 UNRESTRICTED FUNDS 1,605,267.45 2,155,652.27 On behalf of the trustees, we have read and approve these accounts. Jonathan Picken Date I¥ IL laL( Hazel French Date lty 11 2oLI Page 4
Miss Kathleen Beryl Sleigh Charitable Trust Statement of Financial Activitie5 For the Year ended 5 Aprll 2021 2021 2020 INCOMING RESOURCES Rental income recelved 202,720.00 175,206.56 Llcence to assign refund 600.00 Deposit interest- William Sturges LLP Gr05S 251.18 1,296.36 TOTAL INCOMING RESOURCES 203,571.18 176,502.92 RESOURCES EXPENDED CHARITABLE EXPENDITURE Grants pa5d In year 386,000.00 382,500.00 OTHER EXPENDITURE William Sturges LLP fees Trust administration 19120 Trust administration 20121 156.00 3,000.L>O 4,800.00 4,956.00 3,000.00 Tlttensor and Co Ltd accountancy fees Actountancy 19120 Accountancy 20121 180.00 900.00 720.00 John chivers Mineral agent Annual fee 1,920.00 1,2Crf).00 7,956.00 4,920.00 TOTAL RESOURCES EXPENDED 393.956.00 387,420.00 NET INCOMING RESOURCES (190,384.821 1210,917.081 TOTAL FUNDS BROUGHT FORWARD 2,155,652.27 2,493,617.25 WRITE DOWN IN VALUE OF QUARRY (360,000.001 1360.000.001 TOTAL FUNDS CARRIED FORWARD 1.605.267.45 2,155,652.27 Page S
Mlss Kathleen Beryl Slelgh Charliable Trust Statement of Flnanclal Actlvltles For the Year ended 5 Aprll 2021 2021 2020 Royal CollÈ8È of Muslc 20,000. 20,DOO.00 Royal College of Church Muslc 20,000.00 20.000.00 RSPB 20.000.00 20,000.00 RNLI 20.OOD.00 20,000.00 RNI8 20.000.00 20,000.00 SafeAnaesthesla Worfdwide 20.000.00 20,000.00 5alvatlon Army 20.000.00 20,WO.00 ght5aver5 Intemational 20,000.00 20.0.00 Wetland & WlldllfeTrust Sllmbrldge 20,000. 20.000.00 Buttethy ConseNètlon 20.000.QO 20.000.00 Winchfield Music FestlVBI 20.000.00 English National Opera 20,000.00 20,000.00 Young Classical Arb5tstru5t 20,000.00 20,000.00 Brltlsh Wlreless for the Bllnd Fund z,000.00 Age UK 15.000.00 Mlnd 15,000.00 Trus5ell Trust 15,000.00 Tèx 20,000.00 20,0.C} Refuge 1S,000.(K> The Beam Foundatton 15.000.(KI Slght Support Derbyshlre 2.000.00 Vlslon North Sornerset 2.000.00 Compa55 Choir s.000.00 5.000.00 Swlnfen Telemedicine 5.000.00 Mltrophthalml8 Anophthalmla & Colobona Support 5,000.00 Young and Free 5.000.00 ds In Actlon 5,000.00 West Dean College af Arts & Consèrvatlon s.000.00
M15s Kathleen Beryl Slelgh Chailtable Trust Statement of Flnanclal Actlvltles Forthe Year ended 5 Aprll 2021 2021 2020 Concern W01rdde 7.500.00 Positive Pete 5,000.00 Hutthen's CharityTrust 5,000.00 Sinfonla Cymru 5,000.00 Mtssi¢ In Hospltals and CarÈ s.(x)o.oo SAIL 5,(X)O.00 Slgnt Concern Worcestershlre 5,000.00 The Tenebrae Cholr 5.000.00 Earth Trust 5,000.00 5,000.OD Royal Society for Blind Chiln S,(M)O.00 Awardsforyoung Muslclans 5,000.00 Kln8swood Trust 5,000.00 St Mungo's 5.0(K>.00 Leeds Weekend Care A5sociatlon 5.OM.00 Myaware S.0.00 Slghtfor Surrey 5.IX)O.00 Sunny Days Chlldren's Fund 5.000.00 Clgthlng Solutlons for fmsabled People S,0.00 Museum of Royal Worcester 5.OLM).00 Herts & Essex Iwarel marItan$ 5.0(YJ.OQ [ttonS Scout Group 2,500.00 Long Ditton Vill3ge Hall Trust 2,$00.00 386.tx)o,00 382.500.00
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Accounting Policies 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financlal statements have been prepared in accordance with the Statement of Recommended Practice ISORPI.. Accounting and Reporting by Charitles preparing their accounts in accordance with the Financial Reporting Standard app5icable in the iJK and Republic of Ireland IFRS1021 issued on 16 July 2014. The charity constitutes a public benefit entity as defined by FRSIO2. 1.2 Fund accountlng The Charity maintains a general fund which is unrestricted and 15 available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for any other purpose. The Charlty has no restrlcted or designated funds. 1.3 Income Rental income represents rent from the Charity's interest in the Cauldon Low Limestone quarry and is based on amounts received during the accounting year. The amount of rent payable is based on a royalty calculated on the basis of the tonnage sold in the year, less a wayleave rent payable Sn recognitlon of the fact that the limestone has to be taken acro55 a neighbouring property and which is also caltulated on the basis of tonnage sold. Guaranteed rental payments are payable to the Charity each quarter (termed certain rents) based on the output of the quarry for the previous financial year. In the event that the amounts of cerlain rents received during an accounting year exceed the net royalty amounts due, such sum (termed a shortfall) is carried forward, ie. it is not repayable by the Charity. In the event that the amounts of certain rents received during an accounting year are less than the net royalty amounts due, such sum, after deduction of any cumulative shortfall brought forward, is payable to the Charlty- At 31 March 2021 the shortfall amounted to £149,803131 March 2020- £264,6031 All deposit income is recognised on a receipts ba51S 1.4 Expendlture Expenditure Is recognised where It is more likely than not that there Is a legal or constructive obligation committing the charlty to pay out resource5 and the amount of the obligation can be measured with reasonable certaintv. Charitable activitie5 are those costs wholly for the furtherance of the charity's objectives including grants and donations. Other expenditure are those costs incurred in connection with the administration of the Charitv. 1.5 Investments Investments are stated at market value at the balance sheet date. The quarry was valued on a desk top basis in August 2018 at £2,500,000. Amortisation is provided so as to write off the value over the period to the next break clause under the lease in 2026. Page 6
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Independent Examlner's Report to the Trustees Year ended 5 April 2021 I report to the Trustees on the accounts of the Trust (Charlty number 10821361 for the year ended S April 2021, which are set out on pages 4 to 6. Responsibilitiès and basls of report As the charity's trustee5 you are re5pon51ble for the preparatlon of the accounts In accordance with the requirements of the Charities Act 20111"the Act"). I report in respect of my examination of the Trust's 3ccounts carried out under section 145 of the 2011 Act and in carrylng out my examlnatlon I have followed all the appllcable Direction5 given by the Charlty Commission under section 14515llbl of the Act. Independent eMamSner's statement I have cornpleted my examination. I confirm that no material matters have ¢ome to my attention in connection with the examination which gives me cause to believe that in any material respect.. i. the accountlng records were not kept In accordance with 5e¢tlon 130 of the Charltles Act; or 2. the accounts did not accord wSth the accountSng records,. or 3. the accounts dld not comply with the appllcable requlrements Conrning the form and content of accounts set out in the Charitles (Accounts and Report51 ReBulat1ons 2008 other than any requirement that the accounts give a 'true and fair, vlew whlch Is not a matter considered a5 Part of an independent examination. I have no concerns and have come across no other matters In connection with the examinatlon to which attention should be drawn In this repoTt in order to enable a proper understanding of the accounts to be reached. Kelly Stevens ACA Chartered Accountant Fourwinds Wengeo Lane Ware Herts SG12 OEH Date.. Page 7