11 THE couwry OF HEREFORDSHtRE DISTRICT COUNCIL SYLVIA SHORT EDUCATIONAL CHARrrY ACCOUNTS 31- MARCH 2025 Registered Charity Number: 1095722
THE couwry OF HEREFORDSWRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY LEGAL AND ADMtNISTRATIVE INFORMATION ACCOUNTS FOR THEI YEAR ENDED 31" MARCH 2025 Ind&r Page I£gal and Administrative Inforn]ation Trustees, Annual report Independent Examiner's Report Statement of Financial Activitics Balan(% Sheet Notes to the accounts
THE COUIYTY OF HEREFORDSHLRE DISTRICT COUNCIL THE SYLVIA SHORT EDUCATIONAL CHARITY 11 LEGAL AND ADMtNISTRATIVE INFORMATION ACCOUNTS FOR THE YEAR ENDED 31- MARCH 2025 Charity Name: The Sylvia Short Educational Charity Charity Number. 1095722 Trustees: Paul Murray (chair of Trust¢cs) Cynthia M L Morri80n Dominic Harbour Bryan Ivhi Oremi Evan8 Evelyn Corcoran Jenna Dammann Nicholas Eve Registered Office: Herefordshire District Council POBOX 185 Hereford HR4 9ZR Independent Examiner. R J firancis and Co Marshall Busine88 Centre Faraday Road Hereford HR4 9NS Bankers: Natwest Bank Broad Str¢et Hereford Investment Managers: Investments Rathbones incorporating Investec Wealth &
THE COUNTY OF HEREFORDSItIRE DISTRICT COUNCJL THE SYI,VIA ,%HORT EDUCATIONAL CHARrrY LEGAL AND ADMINIS'TRATIVE INFORMATION ACCOUNTS K)R TllE YEAR ENDED 31- MARCH 2025 Thc trustccs present thcir annual report and unauditcd fmancial statcments for the year endcd 31. March 2025. The tru.stees have adopted thc provisions of the Statement of Recommended Practice (SORP) "Accounting and reporting by Charities" issued in 2005 in preparing the annual report and fll]ancial statcmcnt for cbarity. Structur4 Governance and Management The Trts in office during the YLW were as follow8: Paul mUY (Chair of Thes) Cynthia M L Morrison Dominic Harbour Bryan White Evelyn Corcoran Nichol&s Eve was appointed as a tnte% on 12th September 2024. Jenna DarnM was appointed &s a trustee on I" January 2025. The charity is constitutcd by Deed of Trust dated 30° August 2002 and amended IO" June 2001 and I December 2010. crrustccs arc appoitrted or reappointed allnually at the knual General Meeting held in June.) The charity's capital is invested in a portfolio of investments managed by Inv&stec Wealth and IllvestmenL 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 ylle of the capital over the long terni. The asset allocation will typically cover Fixed InteresL Equiti&s, Commercial propety, 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 a&sistance, and attending school or college in the county of Herefor(L8hire. In our approval of grants the trustees have kcpt in mind the Charity Commission's guidance on public benefiL To that cn(L the focus of the Charity's activities remained that of:
TIIE COUNTY OF IIERETrDRDSHIRE DISTRICT COUNCIL THE SYLVJA SHORT EDUCATIONAL CHARrrY LEGAL AND ADMIIYISTRAnVE INFORMAI'JON ACCOUNTS TIIE YEAR ENDF.D 31&f MARCH 2025 Providing ful1n8 to Her¢fordshire schools to contrAbutr to or cover the cost of 8roups atterKJtn8 edatiO cowu especially fieldworL visits lo Meu and art galkries and drama Frf4yman¢ts and wtyksho Makitis grants ts tr1Vids br mo of the sank pwpw& Acblevemtnts and perfom2nte Dty tk rKriod cxamination 8rnn13 awyrdcd totslled £36.81? ]Ch Aluded wmcnts totalling £A.S10 to COUty for M1¢ collw, together with 8rants tn a ttumber of local sclxx)Is and coJle8e& FaDe£ll review Trrves Polky The clmrity's capitsl is InVted in Iow-risk areas of tl* stock market and is mryd by the Stsk brokeJ3 Inves& Wealth & InvethenL Thelr repsent0tfv¢, Ms Michele R[8 attends our meeting3 phicb oecw three time3 o year. SIX gives a detsikd accountof the finkl'8 5KrfornW aNI-artswers q10n8 put by. tri&stee& The yield this ful181 year has at least enabled the charity to make a (L8efi contribution to education Ih rurniTW eost of rity aff mlnimal thercfore the tfttstees considu that a reserve of £2,000 is ApFfDv&Ity the treS on ts/,2ts2& sId on their IEknJfby: . Paul M
11 INDEPENDENT EXAMtNER'S REPORT ON THE ACCOUNTS ACCOUNTS FOR THE YEAR ENDED 318r MARCH 2025 TO THE TRUSTEES OF THE SYLVIA SHORT EDUCATIONAL CHARITY I report on the accounts of the charity for the year ended 31. March 2025 which are set out on page 5 Respective respoll8ibilitle8 of tru8teu and exam]ner The charity'8 truste are responsible for the preparation of the accounts. The charity's tnteeS considcr that an audit 18 not required for this year under section 144(2) of the Charitie8 Act 2011 (the 2011 Act) and that an independent examination is needed. It is my Kgponsil)ility to: exami the accounts under section145 of the 2011 ACL to follow the procedure8 laid down in the General Directions given by the Charity coI1]IDl0 Und section 145(5)(b) of the 2011 ACL and to state whether any matter8 have come to my attention. Ba5As of independent eler'S statement ,My examIOn was carried out in accordance with general DirectioThs given by the Charity Commi&sioners. An examination includes a review of the accounting records kcpt by the charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclo8ure8 in the accounts, and seeking explanations from thc trustccs 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 &s 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 euminer's statement In connection with my examination, no matter has come to my attention l. which gives me re&sonable cause to believe that in, any material respect the requirements to kecp accounting records in accordance with section 130 of the 2011 Actr and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act bave not been met. or 2. to whicfy in my Opinio attention should be drawn to enable a proper understanding of the accounts to be reached. Date: A A Houston The Institute of Chartered Accountants in Lngland And Wales R J Francts & Co Marshall Business Centre, Faraday RO2 Hereford HR4 9NS
SYLVIA SHORT EDUCATIONAL CHARTrY sTATET OF FINANCIAL ACTIVITIES (INCOME & EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31" MARCH 2025 Unrestrlctcd Endowment Tot21 TotAI Funds Funds Funds Fknnds 2025 2024 Notc Incomlng resources Incoming sourCfrOrn generalfvi Investment income: Hcrcford Council - dividend income 426 426 442 Investec - dividend income Bank interest Othcr in)mO 33,012 250 42.500 33,012 250 42500 33,096 25,000 TotAI In¢omtng r(*ourcc8 76,188 76,188 58,538 Resourtt% expellded Charilable adtVi£i£Y 36,815 36,815 42,145 Investment management costs Bank charges 9,862 9,862 11,106 Payrnets to TnLstees & Secretary 5,167 956 5,167 956 4,860 1526 900 Accountancy fees 900 9(K) Tota] resources expended 43,843 9,862 53 705 60,537 L 'et resources five(expellded) Other recognised gaInSA(e5 realued and unreatisedga1([osj on ivlmen1 agsets Investec Wealth & Investment HerEfothire Council 2,345 (9,862) 22,483 (1,999) (48,058) (48,05) 40,092 32J4 h'et movement ID funds (57,920) (25,575) 38,093 91,63 Totsl funds brought forward Transfrr between funds 1,106,953 1,198,583 1,160,490 12397 Totsl funds earrled forward 1,049,033 1,173 008 1,198,583
THE SYLVIA SHORT EDUCATIONAL CHARITY BALANCE SHEET 31- MARCH 2025 draft 2025 2024 Notc Flxed Assets Inv&stments: Investec 1,172,399 1,202,753 1,172,399 1202,753 Current assets Cash at bank and in hand Debiors 17,415 24 17,439 14,370 14,394 (Uabllldu) I Creditors: due within one year 1856 16,830 (4,170 Net current assets 609 et assets 1,173,008 1,198,583 Funds: Unrestiicted Pernwient Endowment 123,975 1049,033 1,173,008 91,630 1,106,953 1,198,583 The notes on pages 7 to 10 form part of these accounts. accounts were approved by the Trustees on/6.i.£bLLond signed on their beha by: Paul Murray
THE SYLVIA SHORT EDUCATIONAL CHARITY NOTES TO THE f4lNANCIAL STATEMENTS AccouNfs FOR THE YEAR ENDED 31" MARCH 2025 I ACCOUrnNG POLICIES a) Basls of prcparation Thc fllwicial statcmcnts arc prepared undcr the historic cost convention, with the exception that investmcnts a includcd at markct value. The fin£Lllcial statements havc been prcparcd in accordancc Wtth the Charities (SORP) FRS102 and the Charitics Act 2011. The accrual8 basis of accounting has bccn adopted. and the principd accounting policies set out bclow are applicd consistently. Thc charity applies Updatc Bulletin l as published on 2 Fcbruary 2016 and does not include a cash flow stlltcment on the ground that is applying FRS 102 Section I The Sylvia Short Educational Charity is a registcrcd cbarity in England and Walcs and therefore a public benefit entity. The address of the registered officc is givcn in the charity inforn]ation on page I of these fin1¢1&1 statements. b) Fund Aecountlng Unrestrictcd funds are available for usc at the discrction of the trustccs in furtherance of the general objectives of the charity and which have not becn dcsignated for othcr purposes. Thc Charity has a single pernuncnt cndoivment. The Sylvia Short Grand Bequest provides for the trustees to invcst thc capital in perpctuity. Income arising on the endowmcnt fund can be uscd in accordance with the objects of the charity and is included as unrcstrictcd income. Any capital gaiTLS or lo&ses arising on the inveslmcnts forni part of thc fund8. Investment managcment chargcs and legal advice relating to the fund are charged against the fun(L c) Incollthig Resources Investment incom4 including bank interest, is recorded when receivable. d) Resources E¥ended 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 wbith they relate. Expenditure on grants is recorded once the Trust has made an unconditional commitn]ent to pay the grant and this is communicated to the beneficiary or the grant bas been pai(L whichever is earlier. The Tnt has not llde any grant commitments of mor¢ than one year. The cost of managing investments is clmrged against investment capital. Any costs associated with the sale or purch&se of investments are account for as part of the sale or purchase price of the investments. e) Other reCog[Sed galnsllosses Unrea]IS and realised investment gaills and losses arc shown net in The Statement of Financial Activities. fj Investments Investments are stated at fair value at the balance sheet date. The Statement of Financial Activities includ&s the net gains and losses arising on ttvaluations and disposals throughout the year.
THE SYLVIA SHORT EDUCATIONAL CHARTrY NOTES TO THE FINANCIAL STATEMENTS ACCOUNTS FOR'ntE YEAR ENDED 31- MARCH 2025 2 Grant aivarded Tlie charity did not undcrt&kc any activity diIcctly but mct its clwitable purposcs by making the following grants: 31.03.25 31.03.24 Primary schools Secondary schools Sixth Forni Colleges Specialised Schools Theatres and Dance scbools 19,415 4,350 6,500 900 24,636 4,896 2,500 1,000 113 36 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 Herefordshir¢ Council: 31.03.25 31.03.24 D. Hallki (employee of Herefordshire Council) 4,000 admin expenses Paul Murray D Deey- Admin expenses 4,000 100 547 313 Total payments to trustees and employees of Herefordshire Council 4860 There UTere no other transactions with related parties. 4 Investments The following endowment funds were held in the UK and managed by the investment house Investec Ivealth & Investment as follows: 31.03.25 31.0324 Stocks and shar&8 Bonds 789,741 382 658 809,969 22IL84 Movement in investment were: Carrying value (rnaet value) bfwd as at I. April 2024 1,202,753 Additions to investments at cost 737,268 Disposals proceeds (728,104) NTct (loss) gain on disposals in the year 70,393 h'et Profit Ooss) on revaluation for the year 109 911) Carying value (market value) as at 3 iut March 2025 1,141,851 416,397 (356,824) (19,575) 20 904
THE SYLVIA SHORT EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS ACCOUWTS FOR TKE YEAR ENDED 31- MARCH 2025 5 Investhients beld by Heref0rds1c Councll Thc Council holds the following on behalf of the Charity: Royal Bank of Scotland Unilcver PIC Ord 120 ordinary shares 288 ordinary shares On the b&si8 that Herefordshire council cannot confirni that it holds these 81]ares, the Tn considcred it pnelll to writc off their value. 6 Credltors: amounts fallkng due iylthln one yegr 31.03.25 31.03.24 Accnjals 2,700 14 130 1.8(Kl 7 Analisis of net assets betTrveen funds Unrestrlctcd Endowmcnt fund fund Total Investments Cash Debtors Creditors 123,366 17,415 24 1,049,033 1,172,399 17,415 16 123 975 1049 033 8 Tr1oYement on reserves Unrestricted Endowment fund fund Total Funds brougbt forward as at 1° April 2024 91,630 1,106.953 1,198,583 Tet resources receive(V(expended) 32 345 20 25 575 Funds carried fonvard as at 31rt March 2025 1212L5 04 1173 0011