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2023-03-31-accounts

THE COUNTY OF HEREFORDSHIRE DISTRICT COUNCIL SYLVIA SHORT EDUCATIONAL CHARITY ACCOUNTS

31[ST] MARCH 2023

Registered Charity Number: 1095722

THE COUNTY OF HEREFORDSHIRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

Index

Page Legal and Administrative Information 1 Trustees’ Annual report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes to the accounts 7-9

THE COUNTY OF HEREFORDSHIRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

Charity Name: The Sylvia Short Educational Charity Charity Number: 1095722 Trustees: Paul Murray (Chairman of Trustees) Cynthia M L Morrison Dominic Harbour Bryan White Oremi Evans Registered Office: Herefordshire District Council PO Box 185 Hereford HR4 9ZR Independent Examiner: R J Francis and Co Marshall Business Centre Faraday Road Hereford HR4 9NS Bankers: NatWest Bank Broad Street Hereford Investment Managers: Investec Wealth & Investments

1

THE COUNTY OF HEREFORDSHIRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

The trustees present their annual report and unaudited financial statements for the year ended 31[st] March 2023.

The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and reporting by Charities” issued in 2005 in preparing the annual report and financial statement for charity.

Structure, Governance and Management

The Trustees in office during the year were as follows:

Paul Murray (Chair of Trustees) Cynthia M L Morrison Dominic Harbour Bryan White Oremi Evans

The charity is constituted by Deed of Trust dated 30[th] August 2002 and amended 10[th] June 2001 and 10[th] December 2010.

(Trustees are appointed or reappointed annually at the Annual General Meeting held in June.)

The charity’s capital is invested in a portfolio of investments managed by Investec Wealth and Investment. The portfolio contains a diversified mix of collective investments with a low to medium risk income mandate to provide income for the stated charitable purposes whilst looking to protect the real value of the capital over the long term. The asset allocation will typically cover Fixed Interest, Equities, Commercial property, Alternative Investments and Cash.

Objective and Activities

To promote 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 the age 19, in need of financial assistance, and attending school or college in the county of Herefordshire.

In our approval of grants the trustees have kept in mind the Charity Commission’s guidance on public benefit. To that end, the focus of the Charity’s activities remained that of:

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THE COUNTY OF HEREFORDSHIRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMINISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

Achievements and performance

During the period under examination the grants awarded totalled £19,728 which included a further £4,750 to The Courtyard Theatre, towards ongoing transport costs to allow schools to attend performances.

A total number of 19 schools and colleges received grants.

Financial review and reserves Policy

The charity’s capital is invested in low-risk areas of the stock market and is managed by the stock brokers Investec Wealth & Investment. Their representative, Ms Michele Rogers attends our meetings which occur three times a year.

She gives a detailed account of the fund’s performance and answers questions put by trustees.

The yield this financial year has at least enabled the charity to make a useful contribution to education in Herefordshire.

The running cots of the charity are minimal therefore the trustees consider that a reserve of £2,000 is sufficient.

Approved by the trustees on and signed on their behalf by: -

Paul Murray Chairman

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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023 TO THE TRUSTEES OF THE SYLVIA SHORT EDUCATIONAL CHARITY

I report on the accounts of the charity for the year ended 31[st] March 2023 which are set out on page 5 to 9.

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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commissioners. 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 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’ 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

  1. which gives me reasonable cause to believe that in, any material respect the requirements

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or

  4. to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.

Date: 3[rd] July 2025

A A Houston

The Institute of Chartered Accountant in England and Wales R J Francis & Co

Marshall Business Centre, Faraday Road, Hereford HR4 9NS

4

THE SYLVIA SHORT EDUCATIONAL CHARITY STATEMENT OF FINANCIAL 31[ST] MARCH 2023

Note
Incoming resources
Incoming resources from
general funds
Investment income:
Hereford Council - dividend income
Investec - dividend income
Bank interest
Other income
Total incoming resources
Resources expended
Charitable activities
Grants awarded
2
Costs of generating funds
Investment management costs
Bank charges
Governance costs
Payments to Trustees&Secretary
3
Other governance costs
Accountancy fees
Total resources expended
Net resources received/(expended)
Other recognised gains/losses
realised and unrealised gains/(losses)
on investment assets
Investec Wealth&Investment
Herefordshire Council
Net movement in funds
Total funds brought forward
Transfer between funds
Total funds carried forward		 Unrestricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
505
- 505
492
28,529
- 28,529
25,605
-
- -
-
29,000
-
29,000
2,403
58,034
-
58,034
28,500
19,728
-
19,728
19,255
-
11,540
11,540
12,159
-
-
-
-
4,200
-
4,200
3,401
1,767
-
1,767
2,470
900
-
900
1,800
26,595
11,540
38,135
39,085
31,439
(11,540)
19,899
(10,585)
-
(118,328)
(118,328)
28,298
-
-
-
-
31,439
(129,868)
(98,429)
17,713
51,084
1,207,835
1,258,919
1,241,206
-
-
-
-
82,523
1,077,967
1,160,490
1,258,919

5

THE SYLVIA SHORT EDUCATIONAL CHARITY BALANCE SHEET 31[ST] MARCH 2023

Note
£
Fixed assets
Investments: Investec
4
Other
Current assets
Cash at bank and in hand
20,415
Debtors
24
20,439
Creditors:due within one year
6
1,800
Net current assets
Net assets
Funds:
Unrestricted
Permanent Endowment
8
The notes on pages 7 to 10 form part of these accounts.		 £
20,415
24		 2023
£
1,141,851
-		 £


50,246
-		 2022
£
1,210,473
-
1,141,851
18,639		 1,210,473



48,446
20,439
1,800		 50,246
1,800

1,160,490 1,258,919
82,523
1,077,967		 51,084
1,207,835
1,160,490 1,258,919
-

These accounts were approved by the Trustees on and signed on their behalf

by:

Paul Murray Chairman

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THE SYLVIA SHORT EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

1 ACCOUNTING POLICIES

a) Basis of preparation

The financial statements are prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the (SORP) FRS102 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 1 as published on 2 February 2016 and does not include a cash flow statement on the ground that is applying FRS 102 Section 1A.

The Sylvia Short Educational Charity is a registered charity in England and Wales and therefore a public benefit entity. The address of the registered office is given in the charity information on page 1 of these financial statements.

b) Fund Accounting

Unrestricted funds are 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 other purposes. The Charity has a single permanent endowment. The Sylvia Short Grand Bequest provides for the trustees to invest the capital in perpetuity. Income 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 form part of the funds. Investment management charges and legal advice relating to the fund are charged against the fund.

c) Incoming Resources

Investment income, including bank interest, is recorded when receivable.

d) Resources Expended

Resources expended are included in the Statement of Financial Activities on an accrual basis, inclusive of any value added tax which cannot be recovered. They are allocated 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 more 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 recognised gains/losses

Unrealised and realised investment gains and losses are shown net in The Statement of Financial Activities.

f) Investments

Investments 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.

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THE SYLVIA SHORT EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

2 Grant awarded

The charity did not undertake any activity directly but met its charitable purposes by making the following grants:

31.03.23 31.03.22 £ £ Primary schools 11,093 10,670 Secondary schools 2,885 2,500 Sixth Form Colleges 1,000 250 Theatres and Dance schools 4,750 5,835 19,728 19,255

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:

31.03.23 31.03.22 £ £ D. Hankins (employee of Herefordshire Council) 4,000 3,200 admin expenses D Densley – Zoom Meetings 200 201 Total payments to trustees and employees 4,200 3,401 of Herefordshire Council

There were no other transactions with related parties.

4 Investments

The following endowment funds were held in the UK and managed by the investment house Investec Wealth & Investment as follows:

31.03.23 31.03.22 £ £ Stocks and shares 867,995 806,166 Bonds 273,856 404,307 1,141,851 1,210,473 Movement in investment were: Carrying value (market value) bfwd as at 1[st] April 2022 1,210,473 1,183,283 Additions to investments at cost 311,447 173,865 Disposals proceeds (294,073) (175,117) Net (loss) gain on disposals in the year (22,320) 36,329 Net Profit (loss) on revaluation for the year (63,676) (7,887) Carrying value (market value) as at 31[st] March 2023 1,141,851 1,210,473

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THE SYLVIA SHORT EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2023

5 Investments held by Herefordshire Council

The Council holds the following on behalf of the Charity:

Royal Bank of Scotland 120 ordinary shares Unilever Plc Ord 288 ordinary shares

On the basis that Herefordshire council cannot confirm that it holds these shares, the Trustees considered it prudent to write off their value.

6 Creditors: amounts falling due within one year 31.03.23 31.03.22 £ £ Accruals 1,800 1,800 7 Analysis of net assets between funds Unrestricted Endowment Total fund fund £ £ £ Investments 63,884 1,077,967 1,141,851 Cash 20,415 - 20,415 Debtors 24 - 24 Creditors (1,800) (1,800) 82,523 1,077,967 1,160,490 8 Movement on reserves Unrestricted Endowment Total fund fund £ £ £ Funds brought forward as at 1[st] April 2022 51,084 1,207,835 1,258,919 Net resources received/(expended) 31,439 (129,868) (98,429) Funds carried forward as at 31[st] March 2023 82,523 1,077,967 1,160,490

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