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THE COUNTY OF HEREFORDSHtRE DISTIUCT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Index Page Legal and Adrninistrative Infonnation Trustees, Annua] report Independent Examiner's RepK)rt Statement of Financial Activities Balance Sheet Notes to the accounts
THE COUNTY OF HEREF0RDsRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADIWIINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 Charity Narne.. The Sylvia Short Educational Charity Charity Number: 1095722 Trustees.. Paul Murray {Chairnian of Tntees) Cynthia M L MoTTison Philip Price Dominic Hart)our John Hulse Zoe MciEaTh Restered Office., Herefordshire District Council POBOX 185 Hereford HR4 9ZR Independent Examiner: R J Francis and Co Marshall Business Centre Faraday Road Hereford HR4 9NS Bankers: Natwe5t Bank Broad Street Hereford Investment Managers: Inve5tec Wealth & Investments
THE COUNTY OF HEREFORDSHIRE DISTIUCT COUIYCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR EIYDED 31ST MARCH 2022 The tLlJStees present their annual report and Unaudit financial statements for the year ended 31. March 2022. The tSteeS have adopted the provisions of the Statement of Recommended Pra¢lice (SORP) "Accounting and reporting by Charities" ISSU in 2005 in preparing th¢ annual report and financial statetnent for charity. Structure, Governance and Management The Trustees in office during the year were as follows: Paul Murray (Chair of Tntees) Philip Price Cynthia M L Morrison Dominic Harbour John Hulse Zoe McLean The charity is constituted by Deed of Trust dated 30 August 22 and amended l O, June Ih 2001 and 10 December 2010. (Trustees are appointed or reappointed annually at the Annual General Meeting held in June.) The charity's capital is invested in a rtfoliO of investments managed by Investec Wealth and Inv¢stment. The portfolio Contains a div¢rsifi¢d mix of wll¢ctiv¢ investm¢nts with a low to medium risk income mandate to provide income for the stated charitable purposes whilst looking to protcct the real value of thc capital over the long tcrni. The assel allocation will typically cover Fixed Interest, Equities, Commercial property, Alternative Investments and Cash. ObJe¢tlve and Aetlvltles To pmmote educational activities away from the school classroom by making grants for fieldwork and extra mural studies to school groups and individuals. The recipients must be under th¢ a8e 19. in need of financial &ssistance, and attending school or college in the county of Herefordshire. In our approval of grants the trustees have kq)t in mind the Charity Commission's 8uidance on publi¢ benefit. To that end, the focus of the Charity's activities remained that of:
THE COUNTY OF HEREFORDSHIRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 Providing fimding to Herefordshire schools to contribute to or cover the Cost of groups attending educational course5, especially fieldwork, visits to museums and art galleries and drama perfonnances and Workshops. Making grants to individuals for most of the same purwses. Achievements and performance During the period under examination the total grants awarded amount to £19,255.00 which included a further £5,835 to The Courtyard Theatre and Border Film Festival towards ongoing transport costs to a]low schools to att¢nd perforniances. Th¢ number of schools and collcges r¢ceIV grants was 12 and 3 individuals. Flnanclal review and reserve$ Polley The charity's capital is invested in low risk areas of the stock market and is managed by the stock brokers Inv¢stec Wealth & Investsnent. Their representative, Ms Michele Rogers attends our meetings which occur three times a year. She gives a detailed account of the fijnd's perforn]ance and answers questions put by trustees. The yield this financial year h&s at least enabled the charity to make a useful contribution to education in Herefordshire. The njnning cots of the charity are minimal th¢refore th¢ trustees consider that a reserve of £2.000 is sufficient. Approved by the truslees on 4.1.202+ and signed on their behalf by: . Paul Murray Chairnian
INDEPENDENT EXAMINER'S REPORT ON THE ACCOUIYTS ACCOUNTS FOR THE YEAR ENDED 31- MARCH 2022 TO THE TRUSTEES OF THE SYLVIA SHORT EDUCATIOIYAL CllATY I report on the accounts of the charity for the year end 31 March 2022 which are set out on page 5 to 9. Respective responsibilities of tru$tee$ and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consideT that an audit is not requira for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an indepmdent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act. to follow the procedures laid down in the General Directions given by the Charity commission under section 145(5)(b) of the 201 l A¢l' and to state whether particular matters have come to my attention. Basis of independent examiner's statement My examination w&8 carried out in accordance with general Directions given by the Charity Comrni55ioners. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procojures undertaken do not provide all the evidence that would be required in an audiL and consequently no opinion is VeTh as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination. no matter has Come to my attention which gives mc r¢asonable causc to believe thal t any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Ad. and to prepare accounts which accord with the accounting records and comply with the accounting rquirements of the 2011 Act have not been met. or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be Ched. Slgn Date ts./.-2c,29 A D Bonelle Chartered Aceountant R J Fran¢l$ & Co Marshall Business CeDtr¢, Farad2y Roa(L Hereford HR4 9NS
SYLVtA SHORT EDUCATIONAL CHAIUTY EMENT OF FINANCIAL ACTIVITIES (INCOME & EXPENDITURE UNTS) FOR THE YEAR ENDED 31ST MARCH 2022 Unrestricted Endowment Fund$ Funds Total Funds 2022 Total Funds 2021 Note g resources Jig resotsrcesfrom lfynds ent income: ford Council - dividend inwme tec - divid¢nd income leresl 492 25,605 492 25,605 607 34,081 come 2,403 2,403 2,180 ne0nll8 resources 28.500 28.500 36,868 ce$ expended ble activiltes Is awarded cancelled due to lockdown 19,255 19,255 3.635 (3,586} I generatingfvndg Iment management costs harges ance costs ents to Trustees&Secretary governance costs lancy fees 12,159 12,159 11,016 3,401 2,470 1,8(K) 3,401 2,470 1,800 3,272 588 esources expended 26,926 12,159 39,085 14,925 ources receivedl(expended) 1,574 {12,159} (10,585) 21,943 recognised gaInlo$Se$ and unreal1sedgai/(I0sesJ simenl assets lec Wealth&lnvestment fordslllre Council 28,298 28,298 164,772 vement In funds 1,574 16,139 17,713 186,715 nds brought forward between fidS 49,510 1,191,696 1,241,206 1,054,491 und$ eaTried forward 51.084 1.207.835 1258,919 1,241,206
THE SYLVIA SHORT EDUCATIONAL CIIARITY BALANCE SHEET 31ST MARCH 2022 2022 2021 Note Flxed a$$ets Investrnents: Investec Other 1,210,473 1,183,283 1,210,473 1,183,283 Current Asgets Cash at bank and in hand 50,246 60.623 Credltors: due within one year 1,800 2,700 Net current assets 48,446 57,923 Net assets 1,258,919 1,241,206 Funds: Unrestricted Pern)anent Endovnnent 51,084 1,207.835 1.258,919 49,510 1,191,696 1,241,206 The notes on pages 7 to 10 forn] part of these accounts. These accounts were approved by the Trustecs on behalf by.. and signed on their Paul MUaY Chairnian
THE SYLVKA SHORT EDUCATIONAL CHAIUTY NOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 I ACCOUNTINC POLICIES a) Basis of preparation The financial statements arc prepara under tbe historic cost convention, with the exception that inveslm¢nts are included at market value. The financial statemcnts have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charitics (SORP 2015) and applicable UK Accounting Standards (FRS 102 Section IA) and the Charities Act 2011. The accruals basis of accounting has been adopted, and the principal accounting policies set out below are applied consistently. The charity applies Update Bulletin l &s publishd on 2 February 2016 and does Thot include a cash flow statem¢nt on the ground that is applying FRS 102 Section IA. The Sylvia Short Educational Charity is a registeruj charity in England and Wales and therefore a public benefit entity. Th¢ address of the registered office is given in the charity inforniation on page l of these financial statements. b) Fund Accounting Unrestrictcd ndS are available for use at th¢ discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for oth¢r purposes. The Charity has a single permanent endowment. The Sylvia Short Grand Bequest provides for the trustees to invest the capital in perpetuity. Incomc arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments forni part of the fimds. Lnvestment managernent charges and legal advice relating to the fimd arc charged against the fund. c) Incoming Resources Investment income, including bank inleresL is recorded when receivable. d) Resources Expended Resources expended are includal in the Statement of Financial Adivities on an accrual basis, inclusive of any value addcd t&x which cannot be recovered. They are allocatd to the particular activity to which they relate. Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is earlier. The Trust has not made any grant commitments of morc than one year. The cost of managing investments is charged against investment capital. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments. e) Other recogni$ed g21nsllosses Unrealised and realised investsnent gains and losses are shown net in The Statement of Financial Activities. fj Investments tnvestments are stated at fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
THE SYLVIA SHORT EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 31- MARCH 2022 2 Grant awydrded The charity did not undertake aDy activity diTe¢tly but met its cRltable puq)oses by making the following grants: 31.03.22 31.03.21 Primary schools Secondary schools Sixth Forni Colleges Theatres and Dance h0O]S 10,670 2,5(K) 250 2,835 800 19 3 Payments to trustees and employees The following remuneration or expenses were paid directly out of the funds of the charity to the following trustee or employee of Herefordshire Council: 31.03.22 31.03.21 D. Hankins (employee of Herefordshire Council) 3.2(X) admin expenses D Densley- Zoom M¢etings 3,200 201 72 Total payments to twstees and etnployees of Herefordshire Council There were no other transactions with relat parties. 4 Investments The following d0Thrynent funds were held in the UK and managed by the investment house Inv¢st¢c Wealth & Investment as follows.. 31.03.22 31.03.21 Slocks and shar& Bonds 806,166 404 307 762,079 421204 1 183 283 Movement in investment were: Carying value {market value) bfwd at I. April 2021 Additions to investh)ents at cost Disposals proceeds Net gain on disposals in the year Net Profit (loss) on revaluation for the year Carying value (market value) as at 31" March 2022 1,183,283 173.865 (175.117) 36.329 1,020,324 694,086 (696,798) 112,131 1183 283
THE SYLVIA SHORT EDUCATIONAL CHARITY IYOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 5 Investments held by Herefordshire Couneil The Council holds the following on behalf of the Charity: Royal Bank of Scotland Unilever PIC Ord 120 ordinary shares 288 ordinary shar¢s On the basis that Herefordshire council cannot Confirni that it holds these shares, the TThtee$ eonsider&J it pnent to write off their value. 6 Creditors: amount$ falling due withln one year 31.03.22 31.03.21 Aecruals 7 Analysi5 of net assets behveen funds Unrestrleted Endowmenl fund fund Total Investments Cash Creditors 1,210,473 (2,638) 1,210,473 50,246 52,884 1207 835 1258 919 8 Movement on reserves Unrestricted Endowment fund fund Total Funds brought forward at 1° April 2021 49,510 1,191.696 1.241206 Nel resour¢¢s received/(expended) Funds earrled fonvard at 311t Mar¢h 2022 51084 1207 835