MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Charity Registration Number., 1082136 ANNUAL REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2024 William Sturges LLP Burwood House 14-16 Caxton Street London SWIH OQY MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST General Information Charity Registration Number.. 1082136 SEThLOR 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 Solicitor5 of William Sturges LLP SOLICITORS William Sturges LLP Burwood House, 14-16 Caxton Street London SWIH OQY INDEPENDENT EXAMINER Kelly Stevens ACA 8 Stephenson Drive Bishops Stortford Hertford5hire CM23 2YU MAIN TERMS The trust 15 derived from the estate of Kathleen Beryl Sleigh, who died 8 August 1998, created by appointmer)t of funds from the discretionary trust of residue established by her Will (via various Deed5 of Addition/Deed5 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 mlneral 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 aide-memoire and reference should be mude to the relevont deeds before making decisions. Page I MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Report of the Trustees Charity Reglstratlon Number: 1082136 The Trustees present thelr report and the accounts of the M155 Beryl Slelgh Charitable Trust (the charltyl for the year ended 5 April 2024. The trustees conflrm that the Annual Report and financial statements of the charity comply with the requirements of the charity's governing document and the provislons of the Statement of Recommnended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financlal Reportlng Standard applicable In thp UK and Republic of Ireland IFRS1021 leffectlve l January 20191 StrLt¢ture, governance and management The Trust was constituted following Appointment dated 7 March 2000 to exclusively charltable trusts from the resldue of the estate of Kathleen Beryl Sleigh. Under her Will substantial pecuniary legacles were left to various charities with the provlso that the trustees could postpone payment for up to ten years from the date of death. IA provision to pay interest was includedl- The charitable legacles were paid in full by 13 October 2007 and the Trust received incomlng funds from that date. Risk Management The Trustees have considered the major risks faced by them and declded that there is in fact one materSal risk namely that the entire investment by the Trust is in the Cauldon Low quarry and the mlnerals lease in favour of Aggregate Industries Ltd- see investment policy below. Investment Pollcv The Trust's maln source of income is mineral royaltle5 from quarrying. Thls Is kept under constant review. Sale and/or sub leasing has been considered and discounted for varlous commercial reasons, The Trustees have a specialist agent who Is based in the area and periodic?Ily one of the Trustees makes a site visSt for di5CUS5ion5 Wlth relevant parties. The last slte v151t carried out by the specialist agent was on 17 July 2024. A desktop valuation of the slte was prepared In January 2023. Output from the quarry deceased In the last year but this is not seen as a cause for concern. The whole slte is owned by the Miss Slelgh estate and the Crown Estate. Last year 69% of extractlon at the site was from the Mlss Sleigh land. The lease expire5 in 2036 with a tenant's break clause in 2026 which Is unllkely to be triggered unless circumstance5 change dramatically. The HS2 project ha5 been shelved but It wlll not impact sales. A new planning applicatlon has been submitted by Aggregète Industrie5 to consolidBte the varlous planning consents In exlstence. Staffordshire County Council have to date responded wlth question5. The only possible area of concern is that the Councll mlght imp05e condltlons including on the depih to which extraction can take place whlch could have an impact on the future working of the quarry. A decision is still awalted, 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 malntaln an adequate cash reserve so that donatlons continue In the event that the rent reduces substantially In the short term. Reserves The Trustee5' pollcy is to hold adequate reserves In cash form. Page 2 MISS KATHLEEN BERYL SLEIGH CHARITABLETRUST Report of the Trustees Icontlnuedl Charlty Reglstratlon Number,. 1082136 Oble¢tlvesand acdvltlBstortho publ1¢ beneflt TheTru$tee$ hold the fund5 upon Trust for¢x¢luslvelychirltsble obS0¢ts gnd general charltable purposés In any part of theworld Is they See fli. TheTru5teps con51dei ?ppllcatlon5 from 8r•nt maklng charltles and voluntary bodl¢s.Theyalso alm to asslstthe elderlyi chlldren and youngpeoplei people wllh d15abllltle5 Ipartlcularly1055 of slght) and mu51c4l/cultural or8anlsatlon5, Achlevementsand perform4n¢e TheTrustths madE grontstovarfous ¢harllt¢stOtalllnB £281000(2023-£4SG,5￿ I durlngth8 year Flnan¢Tal P¢rformancè The net Incomln8 resources durlngthe yesrwas £428,172.6012023-£25.90&92 In deflrltl, Th8triistees h9ve contlnued tofocus on an Increase1Tr8rnnts pald to a numberof Instltullonson 8h annual bas1$ and to other or8anls•tlans on recelptand Conslderatlon of rÈquestsforfundlng The net assels ofthe Charltyas at5 Aprfl 2024amounted to approxlmately £3￿07,984 12023- £3A34A121. On behalf of th? tru5tÉes, we have Teadand approve the Report OftheTru$te￿. Jonathan Plcken Oate Hazel Frenth Pa8e 3 MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Balance Sheet at 5 Aprll 2024 2024 2023 FIXED ASSET INVESTMENTS atvaluation Limestone at Cauldron Low, Stafford Interest in quarry adjoining Cauldron Low 3,300,000.00 15,000.00 3,300,000.00 15,000.00 3,315,000.00 [255,000.001 3,315,000.00 Write down in value 3,060,000.00 3,315,000.00 CURRENT ASSETS Cash held at William Sturges LLP Designated deposit Client account 555,124.01 0.63 555,124.64 126,952.04 126,952.04 Less: Creditors William Sturges LLP fees1231241 John Chivers Commercial Ltd fees Tittensor and Co Ltd fees1231241 4,200.00 2,040.00 900.00 4,200.00 2,040.00 900.00 547,984.64 126,052.04 NET ASSETS 3,607,984.64 3,441,052.04 UNRESTRICTED FUNDS 3,607,984.64 3,441,052.04 On behalf of the trustees, we have read and approve these accounts. Jonathan Plcken Date Hazel French Date Page 4 Miss Kathleen Beryl Slelgh Charitable Trust Statement of Financlal Activitie5 For the Year ended 5 Aprll 2024 2024 2023 INCOMING RESOURCES Rental income recelved 697,521.64 436,339.94 Llcence to assign refund Deposit Interest- Wllliarm Sturges LLP Gross 19,790.96 1,393.14 TOTAL INCOMING RESOURCES 717,312.60 437,733.08 RESOURCES EXPENDED CHARITABLE EXPENDITURE Grants pald In year 282,000.00 456,500.00 OTHER EXPENDITURE W1111am Sturge5 LLP fee5 Trust admlnlstration 23124 VAT 3,500.00 700.00 4,200.00 3,500.00 700.00 4,200.00 Tlttensor and Co Ltd accountancy fees Accountancy 22123 900.00 900.00 John Chivers Mineral agent Valuation fee Annual fee 2,040.00 2,040.00 7,140.00 7,140.00 TOTAL RESOURCES EXPENDED 289,140.00 463,640.00 NET INCOMING RESOURCES 428,172.60 125,906.921 TOTAL FUNDS BROUGHT FORWARD 3,434,812.04 1,220,718.96 WRITE DOWN IN VALUE OF QUARRY REVALUATION IN VALUE OF QUARRY (255,000,001 2,2410,000.00 TOTAL FUNDS CARRIED FORWARD 3,607,984.64 3,434,812.04 Page 5 M15s Kathleen Beryl Slelgh Chariiable Trust statemént of Flnènclal Acilvlties For theyear ended 5 Aprll 2Q24 2014 2013 Royal CollegeofMUSIC io.000.orJ 20.￿)00 Rvyal school of Chur¢h Mu51c 10.OLkn).00 20.0(h).00 RSP8 lo.0￿.00 20,0th).OD RNLI io ow.00 20(￿00 RNIB iO.OLW).00 20,00000 sareA￿a￿%1hÈ¥II WDrlthvide iO(W.OD 20 OOQCiI lo(M￿.(M) 20 000.(M) i0.LY￿.o) 20.000.Crf) Weilind &WildllfeTrust511mbrid¥e 20.000 othferfly Con5erYation 10,oN. 20.000 fy) io.000.c Eft8llsh N3lloTral Opefa ID.000.00 20.000.00 io.ocN). 20,000 00 2.Cl)O C 4.000.00 Age V% io.(th).(o 15,000.00 Mlnd io.ow.( 15.000. 20.OW( 20.000.Tr) Tak S.(￿ 00 IO 000.LK) RElu¢e 15.(KQ. 2D.OOG.( Spiiial Mu5cularAicophy15MAI 5.000.(KI Bat c￿serVa150￿ Trust 5,000.00 SomÈwherÈ Hou5eSomeisEI 5.(KM>OO ConipJs5 Cho5r S.W)OD S.(MYJOO ShSlt M5 S.WOOO Co¢iivrTrWoildwide 5,(¥J).OD S.(￿￿00 Sense 5.(kYJ.00 5,C*X).00 Open Up Mvsic 5.(W 00 ICAN Speech & Lan8uaRe UKChhrfty 5.tKK> 00 HeèiilTrs Dog5for Deaf People S,￿￿.00 Wheels 2 WorkSovrhWESt 5.(W.00 5.OQh).00 The Rtyal LeiCe4ltf5h1re Rutland Aiid WhdiFteSotlEty forthe Bllnd IV15TAI 5.0(K).00 iennonxchlldren'scaiiier Fund 5.000 00 Mlss ￿thIe¢n 8eryl Slelgh Charftable Trust Statementof FlnanclalAtllvltlÈs For the YeaTendÈd 5 Aprll 2024 2024 2023 glshopcivi8liion HoLFSe 2,5￿_00 Seein8 Do8$ s.(￿00 People Flfst LTD Chèfity 5.(th.C4) W¥sl Dean Collège Scholaisliip Fund 5 OCY).(K) 5.OW.00 5.OW DO io LW.DO St Muiigo'5 iO.000.CM) Velerans wlth d￿$ 5.fy)0.00 Dbriin8lon Iniernalitsnal SunTrmerScliod s.wo.00 MyVlsl(¥n OAford5hice 5.000 00 LEVE Musl¢ NowSDUth Wvsl s.c￿).00 5 ￿0.00 s.(￿0.00 8u(k5 Vls10 5 000.00 DruniWvik5 CIC 5.000 00 Brollle Chess ?SSO¢iètiun 5.(KM).OD Compa55 DiSèbillty SerYice5 s.(￿.(￿) Unse¥n io,ThJo.00 Kiii8swoodTrust 5,000.00 Leed5Weèlend Car& io.oth) 00 Foiestry En8lènd 5.000.00 Z82,000,DD 456.500.OQ PteYloo5 Grant rtcipienis Macular SLKiety MACS Spetia1 N¢¢d5 and Paiefit Support Yod-shlrt Wlllow Fouiidotio Exmoof CalvertTr115t Bllnd VeteTans UK MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Accounting Policies 1.1 Basls of preparatlon of financlal statements The financial statements have been prepared under the historlcal cost conventlon, with the exception of investments which are included at market value. The financial 5tatement5 have been prepared in accordance with the Statement of Recommended Practice ISORPI.. Accounting and Reporting by Charitles preparing their accounts in accordance with the Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014. The charlty constitutes a public beneflt entity as defined by FRSIO2. 1.2 Fund accountlng The Charity maintains a general fund which is unre5trlcted and is available for use at the dlscretion of the Trustees in furtherance of the general obJectlves of the Charity and whlch have not been designated for any other purpose. The Charity has no restricted or designated funds. 1.3 Intome Rental Income represents rent from the Charlty'5 Interest in the Cauldon Low Llmestone quarry and is based on amounts recelved 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, le55 a wayleave rent payable in recognition of the fact that the Ilme5tone has to be taken across a nelghbourln8 property and whlch Is also calculated on the ba515 Of tonnage sold. Guaranteed rental payments re payable to the Charity each quarter (termed certain rent51 based on the output of the quarry for the previous financial year. In the event that the amounts of certaln 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 certaln rents received durSng 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 2024 the shortfall amounted to £35,186.32131 March 2023 - no shortfall). All dep05It income 15 recognised on a recelpts basis 1.4 Expenditure Expenditure is recogni5ed where it Is more likely than not that there Is a legal or constructive obligation committing the charlty 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 oblective5 including grant5 and donation5. other expenditure are those costs incurred in connection with the admlnistration 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 basls in January 2023 at £3,300.000. Amortisatlon Is provided so as to write off the value over the period of the lease to 2036. Page 6 MISS KATHLEEN BERYL SLEIGH CHARITABLE TRUST Independent Examlner'5 Report to the Trustees Year ended 5 April 2024 I report to the Trustees on the accounts of the Trust (Charity number 10821361 for the year ended 5 April 2024, which are set out on pages 4 to 6. Responsibilities and basis of report A5 the charity's trustee5 you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 20111 the Act l. I report in respect of rny examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my exatnination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner'5 Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the exarnination which give5 me cause to belleve that i n any materlal respect: l. the accounting records were not kept in accordance with section 130 of the Charities Act; or 2. the account5 did not accord with the accounting records,. or 3. the account5 dld not comply with the applicable requirement5 concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and falr, view which 15 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connectlon wlth the examlnatlon to which attentlon should be drawn in this report in order to enable a proper understandlng of the account5 to be reached. Kelly Stevens ACA Chartered Accountant 8 Stephenson Drive Bishops Stortford Hertfordshlre CM23 2YU Date.. 3l.Ili£ Page 7