## **MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST**
Charity Registration Number: 1082136
**ANNUAL REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2022**
William Sturges LLP Burwood House 14-16 Caxton Street London SW1H 0QY
## **MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST**
## **General Information**
## **Charity Registration 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 SW1H 0QY|
|**INDEPENDENT EXAMINER**|Kelly Stevens ACA|
||8 Stephenson Drive|
||Bishops Stortford|
||Hertfordshire|
||CM23 2YU|
|**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 funds 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 as an aide-memoire and reference should be made to the relevant deeds before making decisions._
Page 1
**MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST**
## **Report of the Trustees**
## **Charity Registration Number: 1082136**
The Trustees present their report and the accounts of the Miss Beryl Sleigh Charitable Trust (the charity) for the year ended 5 April 2022. The trustees confirm that the Annual Report and financial statements of the charity comply with the requirements of the charity's governing document and the provisions of the Statement of Recommnended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)
## **Structure, governance and management**
The Trust was constituted following Appointment dated 7 March 2000 to exclusively charitable trusts from the residue of the estate of Kathleen Beryl Sleigh. Under her Will substantial pecuniary legacies were left to various charities with the proviso that the trustees could postpone payment for up to ten years from the date of death. (A provision to pay interest was included). The charitable legacies were paid in full by 13 October 2007 and the Trust received incoming funds from that date.
## **Risk Management**
The Trustees have considered the major risks faced by them and decided that there is in fact one material risk namely that the entire investment by the Trust is in the Cauldon Low quarry and the minerals lease in favour of Aggregate Industries Ltd - see investment policy below.
## **Investment Policy**
The Trust's main source of income is mineral royalties from quarrying. This is kept under constant review. Sale and/or sub leasing has been considered and discounted for various commercial reasons. The Trustees have a specialist agent who is based in the area and periodically one of the Trustees makes a site visit for discussions with relevant parties. The last site visit carried out by the specialist agent was on 22 June 2022. A desktop valuation of the site was prepared in January 2023.
Rental income from the quarry has been increasing steadily over the last few years, and output has also increased over the past year. The majority of extraction at he site is now from the Miss Sleigh land. The lease expires in 2036 with a tenant's break clause in 2026 which is unlikely to be triggered unless circumstances change dramatically.
A new planning application has been submitted by Aggregate Industries to increase the area under extraction and this will be concentrated on the Sleigh reserves. Additionally the quarry has a new contract to supply material to the HS2 rail link which has already started.
The Trustees remain of the view that it would be very difficult to replace this level of income and therefore no pressing action should be taken other than to maintain an adequate cash reserve so that donations continue in the event that the rent reduces substantially in the short term.
## **Reserves**
The Trustees' policy is to hold adequate reserves in cash form.
Page 2
MISS KATHLEEN BERYL SLEIGH CHARITA8iETRUSt
Report ol the Tee$ Iconlinued)
Charlty RegIstratI¢ Number: 108ZI56
Obltrtlves and actl¥ltlesfor thè publlc benefit
TheTrustees hold the lunds upon Trust for eXduSl¥e th3ritable obFcts and general chariiable purposes
In any part ofthe worfd as they see fiL
The Tru5tee5 considef appllcaiions from Brant making chartlies and voluntary bodies. They also alm to
a5s1st the eldedy, thlldren and young people, peoplewith disabilities Iparticulady loss of sightl and
musitall ojltural ¢r8anisatlow.
Achltvements and pertornian
The Trustees made 8rants to vadous tharities totalling£202.f)xI12021- £386,0ty)I durfn8the year.
Flhgncl•l P•rf0rrn••
The net Incoming resources durln8theyear was a defidt of £24,54812021. £190.384 d¢ficltl. The trnstees have
conllnued to f¢xus on an Inuease in grants pald on the basls ihat they were holding an èxcèsslve amount of
tash In reserve whlth has bullt up overtheyears. Thls cash reserye of accumulated Income has now been
dlspefsed.
The net assets of ihe Charlty as at 5 April 2022 amounied t¢ approxImate £1,220,71912021- £1.605.2671.
The trust's interest In the quarry was rtsvalued by the a8ent at the request of the trustees and the hi8her
value rellects the strong posltlon of ihe trusvs land at the quany slte.
On behalfofthe trustees. wè have read and approve the Report of the Trustees.
Jonathan Pkken
Date
Hazel French
Date
01.ol.lolS
Page 3
K4Th1EVI Bls[ECH OL4RFfABiETRusr
at5 AFnl 2022
202Z
Z021
FtXEDASSEf LNNE5rn1PItS alyLuan
LECO,LW.IXI
15C(I.CLI).c
15.LW.CQ
.m(h)
1515,LmOO
I10.C.(K))
L075.(xXI.
l435.C(Q
Cash heA atllil.-om stes LLP
Dtsiznated depos¢t
.'ent ac£ount
155.13&96
177,887.415
2.SCQ.00
180.387.45
155.13896
les& Creditors
YrIrn Sturyes LLP fees (2V221
John NerS Commerrial Ltd fees
John ChivEr5 Commerdal Ltd fees12023)
Tlttensorand Co Ltd fees {2V22)
Donation io Lon8 Ditton Villa8e Hall
Is,4C.)
I1.920.}
11.2ryJ.W)
14.8rNJ.001
IL920.fy)1
19fAJ.001
115CX).CM)I
145.718.96
170.267.45
NEfASSErs
1.220.718.96
L60S.267,45
UNREftR1D FUNDS
1.220.718.96
L605,267,45
On behaff ofthe trnrtees. we have read and approve these acu)untk
Jonathan Picken
Date
V((o
Hazel Frenth
Date ol . ol . ?-1.3
Page 4
MISS KATHLEEN 8ERYL SLEIGH CHARITA8LE TRUSr
Report of the Trustees IcontiTruedl
Charlty Re8iStration Number. 1082136
Oble¢tl¥e5 and athvtties forthè wjbllc benefft
The Trustee5 hold the lunds upon Trnst for exclusively tharitable objecLS ènd general charitsble purposes
in any part ofthe world as they see fft.
The Trustees consider applications from grant making chartttes and voluntary bodies. They also aim to
assist the elderly, children 3nd young people. people with disabilities IpartKularly loss of sightl and
musical/ cultural organisations.
Athle¥ements and perforniance
The Trustees made grants to Vaou5 tharities totslling £202,CrfX)12021- £386,OCQI duringthe year.
Fnan¢ial Performance
The net incoming resources during the yearwas a deficit of £24,54812021- £190.384 deficit). The trustees have
continued to focus on an increase in grants paid on the basis that they were holding an exeessive amount of
cash in reserve which has built up overthe year5.This cash reserve of accumulated inctsme has now been
dispersed.
The net a55ets of the Charity as at 5 April 2022 amounted to approximately £1.220,71912021- £1.605.2671.
The trust's interest in the quarry was rtrvalued by the agent atthe request of the trustees and the higher
value reftects the strong position of the trust's land at the quarry site.
On behalf of the trustees. we have read and approve the Report of the Trustees.
Jonathan Picken
Date I
Hazel French
Date
Page 3
MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST
Balance Sheet at 5 April 2022
202Z
2021
FIXED ASSET INVESTMENTS atv•luatiofi
Limestone at Cauldron Low, Stafford
Interest in quarry adjoining Cauldron Low
2,500,0(K).CKJ
15.C(M).cKI
2,500,000.00
15,000.
2.515,(KKJ.00
11.440.OLKJ.(KJI
2,515,(M)O.00
11,080,000.001
Wrlte down in value
1.075.0(K).LKI
1,435,000.00
CURRENT Ass5
Cash held at William Sturges LLP
Designated deposrt
Client account
155.138.96
177,887.45
2,500.00
180.387.45
155,138.96
Less- Creditors
William Sturges LLP fees1211221
John ChiveTS Commercial Ltd fees
John Chivers Commercial Ltd fees120231
Tittensor and Co Ltd fees1211221
Donation to Long Ditton Village Hall
15,4CKJ.CK))
11.920.CK)I
14.800.001
11,920.001
19(K).cKII
I900.)
12,500.001
145,718.96
170.267.45
NET ASSETS
1,220,718.96
1,605,267.45
UNRESTRICTED FUNDS
1.220.718.96
1,605,267.45
On behalf of the tnJ5tees, we have ad and approve these accounts.
•Lf
Jonathan Picken
Date
Hazel Fnch
Date
Page 4
## **Miss Kathleen Beryl Sleigh Charitable Trust**
## **Statement of Financial Activities**
## **For the Year ended 5 April 2022**
**----- Start of picture text -----**
2022 2021
£ £ £ £
INCOMING RESOURCES
Rental income received 186,853.77 202,720.00
Licence to assign refund - 600.00
Deposit interest - William Sturges LLP
Gross 17.74 251.18
TOTAL INCOMING RESOURCES 186,871.51 203,571.18
RESOURCES EXPENDED
CHARITABLE EXPENDITURE
Grants paid in year 202,000.00 386,000.00
OTHER EXPENDITURE
William Sturges LLP fees :
Trust administration 19/20 - 156.00
-
Trust administration 20/21 4,800.00
-
Trust administration 21/22 5,400.00
5,400.00 4,956.00
Tittensor and Co Ltd accountancy fees
Accountancy 19/20 - 180.00
Accountancy 20/21 - 900.00
Accountancy 21/22 900.00 -
John Chivers Mineral agent
-
Fees (2023) 1,200.00
Annual fee 1,920.00 1,920.00
9,420.00 7,956.00
TOTAL RESOURCES EXPENDED 211,420.00 393,956.00
NET INCOMING RESOURCES (24,548.49) (190,384.82)
TOTAL FUNDS BROUGHT FORWARD 1,605,267.45 2,155,652.27
WRITE DOWN IN VALUE OF QUARRY (360,000.00) (360,000.00)
TOTAL FUNDS CARRIED FORWARD 1,220,718.96 1,605,267.45
**----- End of picture text -----**
Page 5
## **Miss Kathleen Beryl Sleigh Charitable Trust**
## **Statement of Financial Activities**
## **For the Year ended 5 April 2022**
|||**2022**||**2021**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|Royal College of Music||10,000.00||20,000.00|
|Royal College of Church Music||10,000.00||20,000.00|
|RSPB||10,000.00||20,000.00|
|RNLI||10,000.00||20,000.00|
|RNIB||10,000.00||20,000.00|
|Safe Anaesthesia Worldwide||10,000.00||20,000.00|
|Salvation Army||10,000.00||20,000.00|
|Sightsavers International||10,000.00||20,000.00|
|Wetland & Wildlife Trust Slimbridge||10,000.00||20,000.00|
|Butterfly Conservation||10,000.00||20,000.00|
|Winchfield Music Festival|||||
|English National Opera||10,000.00||20,000.00|
|Young Classical Artists trust||10,000.00||20,000.00|
|British Wireless for the Blind Fund||2,000.00||2,000.00|
|Age UK||5,000.00||15,000.00|
|Mind||5,000.00||15,000.00|
|Trussell Trust||5,000.00||15,000.00|
|Tax Aid||5,000.00||20,000.00|
|Refuge||5,000.00||15,000.00|
|The Beam Foundation||||15,000.00|
|Sight Support Derbyshire||||2,000.00|
|Vision North Somerset||||2,000.00|
|Compass Choir||5,000.00||5,000.00|
## **Miss Kathleen Beryl Sleigh Charitable Trust**
## **Statement of Financial Activities**
## **For the Year ended 5 April 2022**
|||**2022**||**2021**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|Earth Trust||||5,000.00|
|Myaware||||5,000.00|
|Sight for Surrey||||5,000.00|
|Sunny Days Children's Fund||||5,000.00|
|Clothing Solutions for Disabled People||||5,000.00|
|Museum of Royal Worcester||||5,000.00|
|Herts & Essex (Ware) Samaritans||||5,000.00|
|Dittons Scout Group||||2,500.00|
|Long Ditton Village Hall Trust||||2,500.00|
|Macular Society||10,000.00|||
|MACS||5,000.00|||
|Royal Society for Blind Children (RSBC)||5,000.00|||
|St Mungo's||5,000.00|||
|Autistica||5,000.00|||
|Special Needs and Parent Support Yorkshire||5,000.00|||
|Willow Foundation||5,000.00|||
|Exmoor Calvert Trust||5,000.00|||
|Blind Veterans UK||5,000.00|||
|||**202,000.00**||**386,000.00**|
**MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST**
## **Accounting Policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.
The charity constitutes a public benefit entity as defined by FRS102.
## **1.2 Fund accounting**
The Charity maintains a general fund which is unrestricted and is 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 Charity has no restricted 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 in recognition of the fact that the limestone has to be taken across a neighbouring property and which is also calculated 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 certain 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 Charity. At 31 March 2022 there was no shortfall to be carried forward (31 March 2021 - £149,803).
All deposit income is recognised on a receipts basis
## **1.4 Expenditure**
Expenditure is recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Charitable activities 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 Charity.
## **1.5 Investments**
Investments are stated at market value at the balance sheet date. The quarry was valued on a desk top basis in January 2023 at £3,300,000. As this is a post balance sheet event the value has not been adjusted in these accounts. 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 CHARtTABLETRU
Independent Examiner's Report to the Trustee5
Year ended 5 April 2022
I report tts the Trustee5 on the accounts of the Trust Icharty number 10821361 for the year ended 5
April 2022, which are set out on pages 4 to 6.
Responsibilltlès and basis of report
As the charity's trustees you are resFK)nsible for the preparation of the accounts In accordance with the
requirement5 of the ChartbÈs Act 20111.the Act").
I report respect of my examination Df the Trust's accounts carried out under section 145 of the 2011
Act and in carrying OUL my examinatiork I have followeil all the applicable Directions given by the Ch3rity
Commi55ion under section 14515llbl ?f the Act.
Independent examknerfs statÈment
I have completed my examination. I confirm that no material matters have come to my attentlon in
connertion with thè examination which gives me cause to believe that in any materi31 respect:
l. the accounting record5 were not kept in accordance with section 130 of the ChaTities Act,. or
2. the accounts did not accord wtth the accounting record5; or
3. the accounts did not comply with the applicable requirements conceming the form and content of
accounts set out in the Charities IActounts and Reports) Regulations 2c8 other than any requirement
that the accounts give a 'true and fair, view whith 15 not a mattèr considered as part of an Independent
examination.
I have no concerns and have come across no other matters in connertion with the examination to
which attention should be drnwn in thi5 report in order to erhable a proper understanding of the
accounts to be reached.
Kelly Stèven5 ACA
Charted Accountènt
8 Stephenson Drive
Bishops 5tortford
Wertfordshire
CM23 2YU
Date=
112lis
Page 7