REGISTERED CHARITY NUMBER: 1119373 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR THE SYDER FOUNDATION Banks & Co Limited Chartered Certified Accountants Statutory Auditors I Carnegie Road Newbury Berkshire RG14 5DJ
THE SYDER FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 30 September 2024 Page Report of the Trustees I to 3 Report of the Independent Auditors Statement of Flnanclal Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to the Financial Statements 10 to 15
THE SYDER FOUNDATION REPORT OF THE TRUSTEES For The Year Ended 30 September 2024 The Trustees present their report with the financial statements of the Charity for the year ended 30 September 2024. The Trustees have adopted the provislons of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Effectlve I January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objective of the Charity is to advance, promote or carry out any lawful Charitable Purpose as the Trustees in their absolute discretion from time to tlme thlnk flt. Publlc beneflt The focus of the Charity is to provide fundlng to suitable causes, determined by the Trustees, which provide benefit to the general public. The Trustees have had due regard to the Charlty Commissions, guidance on publlc benefit. Grantmaking The Trustees identify charities or projects whlch align wlth the objectives of the Charity. Suitable grant applications received are researched and, if appropriate, due diligence undertaken. Grant offers will be made when the Trustees are satisfied that the cause is viable and capable of being properly managed. Grants are awarded primarily to charitles withln the UK. In the event that grants are awarded to charities established outside the UK, the Trustees will conduct an assessment following the guidance principles provided by the Charity Commission to ensure that.. the activities carried out are in furtherance of the Charlty's purposes reasonable steps are taken to monitor the use of funds for proper charitable purposes. Although there are no upper or lower limits to the size of grants made, the number of projects and charities that can be supported Is limited by the amount of funds designated by the Trustees for distribution each year. The Charity seeks to distribute approximately 80% of the funds designated for distribution each year to ten or fewer recipients as 'large grants,, with the balance made available as a larger number of 'small grants,. ACHIEVEMENT AND PERFORMANCE The Charity, over the past slx years, has provided grants of £2,740,000 that have helped allow recipient charities to fund their respective objectives and undertake various capital projects. The Trustees consider the performance of the Charlty's Investments to be in line with the longer term investment objectives. FINANCIAL REVIEW Investment policy and objectives The Charity seeks to invest in investment assets which are prlmarily equltles, comblned with cash deposlts and bonds. In general, each class of Investment asset should produce income and should be at the lower end of the rlsk spectrum. The majority of the Charity's investments are managed by Evelyn Partners. The current investment objective is to generate a total return of 3010 over inflatlon per annum, over the medium term after investment management expenses. This should allow the Charity to maintain the real value of its net assets, whilst funding annual charitable grants in the region of 30/0 per annum. Page I
THE SYDER FOUNDATION REPORT OF THE TRUSTEES For The Year Ended 30 September 2024 FINANCIAL REVIEW Reserves pollcy The Charity is governed by a Trust Deed dated 16 March 2007, amended on 10 July 2019. The Charity's total unrestricted reserves amount to £19,000,447 (2023: £16,991,555). The funds held are held for the general purposes of the Charityi there are no restricted or permanent endowment funds. The Trustees wlsh to be able to maintaln a level of general reserves over the next few years in order to generate annual income of between £300,000 and £500,000. Should the level of grants made in a single year exceed the level of investment income received, the Trustees may elect to reduce reserves as they see fit. The Trustees believe that the exlsting level of reserves is sufficient for the Charity's current purposes and are reviewed on an annual basis. FUTURE PLANS The Trustees will continue to ensure that the Charity has sufflcient resources to meet its alms and objectives in the future. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by Its governing document, a Deed of Trust, and constitutes an unincorporated Charity. Recruitment and appointment of new Trustees Appointment of Trustees is governed by the Constitution of the Charity. The Trustees are responsible for overseeing the affairs of the organisation. Organisational structure The Charity was registered on 24 May 2007 and is administered by the Trustees who were the orlginal donors spOnSIble for its establishment. All decislons are made by the Trustees. Risk management The Trustees have a duty to identlfy and review the risks to which the Charity is exposed and to ensure approprlate controls are in place to provide reasonable assurance against fraud and error. The Trustees, who are experlenced in investment management, review the investment holdings on a regular basls, identlfy and monitor relevant risks and manage these ri5k5 accordlngly. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1119373 Princlpal address PO Box 6277 Newbury Berkshire RG14 9PN Trustees Mrs C Syder TDJSyder Page 2
THE SYDER FOUNDATION REPORT OF THE TRUSTEES For The Year Ended 30 September 2024 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Banks & Co Limited Chartered Certified Accountants Statutory Auditors I Carnegie Road Newbury Berkshire RG14 5DJ AUDITORS A resolution proposing that Banks & Co Limited be re appointed as auditors of the charity will be put to the Annual General Meetlng. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities In England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparlng those financial statements, the trustees are required to select sultable accounting policies and then apply them conslstently. observe the methods and principles ir¢ the Charity SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements; prepare the financial statements on the going concern basis unless it Is inapproprlate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charSty and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responslble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by der of the board of trustees on 6 June 2025 and slgned on its behalf by: T D J Syder - Trustee Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SYDER FOUNDATION Oplnlon We have audited the financial statements of The Syder Foundation (the 'charity') for the year ended 30 September 2024 which comprise the Statement of Financlal Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including a summary of significant accountlng policies. The flnancial reporting framework that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our oplnion the financial statements: give a true and falr view of the state of the charity's affairs as at 30 September 2024 and of Its Incoming resources and appllcation of resources, for the year then ended; have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the golng concern basis of accounting in the preparation of the financlal statements Is appropriate. Based on the work we have performed, we have not identified any material uncertalnties relating to events or condltions that, indlvidually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financlal statements are authorlsed for Issue. Our responsibilities and the responslbilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise expllcitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thls gives rise to a material mi55tatement in the financial statements themselves, If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard. Matters on which we are requlred to report by exception We have nothing to report In respett of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our oplnion: the information glven in the Report of the Trustees is Inconsistent in any material respect wlth the financlal statements; or sufficient accounting records have not been kept; or the financlal statements are not in agreement wlth the accounting records and returns; or we have not received all the information and explanations we require for our audit. Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SYDER FOUNDATION Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financlal statements, the trustees are responslble for assessing the charlty's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to Ilquldate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Att and relevant regulations made or having effect thereunder. Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Enquiry of management and those charged with governance around actual and potential litigatlon claims Enquiry of staff in compliance functlons to Identify any instances of non-compllance with laws and regulations Reviewing financial statements, disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations Because of the inherent Ilmltatlons of an audit, there is a risk that we will not detett all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.This rlsk increases the more that compliance with a law or regulation Is removed from the event5 and transactions reflected in the financlal statements, as we will be less likely to become aware of Instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentatlon. A further description of our responsiblllties for the audit of the flnancial statements Is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charlty's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the charity's trustees those matters we are required to state to them In an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a bodyrt for our audit work, for thi5 report, or for the opinions we have formed. Banks & Co Llmited Chartered Certified Accountants Statutory Auditors I Carnegie Road Newbury Berkshire RG14 5DJ Date: Page 5
THE SYDER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 September 2024 2024 Unrestrlcted fund 2023 Total funds Notes INCOME FROM Investment income 337,474 345,684 EXPENDITURE ON Portfolio management 52,417 81,590 Charltable activities Charitable Attivltles 515,664 416,180 Other 19,704 16,853 Total 587,785 514,623 Net galns on investments 2,259,203 1,344,226 NET INCOME 2,008,892 1,175,287 RECONCILIATION OF FUNDS Total funds brought forward 16,991,555 15,816,268 TOTAL FUNDS CARRIED FORWARD 19,000,447 16,991,555 The note5 form part of these financlal statements Page 6
THE SYDER FOUNDATION BALANCE SHEET 30 September 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Investments 18,977,626 16,887,359 CURRENT ASSETS Cash at bank 27,985 109,527 CREDITORS Amounts falling due within one year io (5,164) (5,331) NET CURRENT ASSETS 22,821 104,196 TOTAL ASSETS LESS CURRENT LIABILITIES 19,000,447 16,991,555 NET ASSETS 19,000,447 16,991,555 FUNDS Unrestricted funds li 19,000,447 16,991,555 TOTAL FUNDS 19,000,447 16,991,555 The financial statements were approved by the Board of Trustees and authorised for issue on 6 June 2025 and were signed on its behalf by: C Syder - Trustee The notes form part of these financial statements Page 7
THE SYDER FOUNDATION CASH FLOW STATEMENT For The Year Ended 30 September 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations (593,503) (514,928) Net cash used In operating activitles (593,503) (514,928) Cash flows from investlng activities Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends recelved (2,937,278) 3,111,765 6,651 330,823 (12,155,432) 11,202,925 10,369 335,315 Net cash provided by/(used in) Investing activities 511,961 (606,823) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (81,542) (1,121,751) 109,527 1,231,278 Cash and cash equlvalents at the end of the reporting period 27,985 109,527 The notes form part of these financial statements Page 8
THE SYDER FOUNDATION NOTES TO THE CASH FLOW STATEMENT For The Year Ended 30 September 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Dividends received Unrealised (Gains)/Losses on investment Foreign exchange Gains/ (Losses) (Decrease)/increase in creditors 2,008,892 1,175,287 (81,910) (216,156) (6,651) (10,369) (330,823) (335,315) (2,177,293) (1,128,070) (5,551) (1,064) (167) 759 Net cash used in operations (593,503) (514,928) ANALYSIS OF CHANGES IN NET FUNDS At 1.10.23 Cash flow At 30.9.24 Net cash Cash at bank 109,527 (81,542) 27,985 109,527 (81,542) 27,985 Total 109,527 (81,542) 27,985 The notes form part of these flnancial statements Page 9
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 30 September 2024 ACCOUNTING POLICIES Basis of preparlng the financial statements The financial statements of the charityi which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and the Charities Act 2011. The financlal statements have been prepared under the historical cost convention, with the exception of Investments which are included at market value, as modified by the revaluatlon of certain assets. The Charlty has determined that there are no post balance sheet events and accordinglyi the financial position as at, and results of the activities for, the year ended 30 September 2024 have not been adjusted to reflect their impact. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognlsed as expendlture as soon as there Is a legal or construttive obllgation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basis and has been classified under headlngs that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activlties on a basls consistent with the use of resources. Grant5 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used In accordance with the charitable objettives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes wlthln the objects of the charlty. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial Statements. Investments Investments are stated at market value at the balance sheet date. The Statement of Flnancial Actlvlties includes the net gains and losses arlsing on revaluations and disposals throughout the year. Page 10 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Year Ended 30 September 2024 INVESTMENT INCOME 2024 2023 Interest Dividends 6,651 330,823 10,369 335,315 337,474 345,684 PORTFOLIO MANAGEMENT Investment management costs 2024 2023 Portfolio management 52,417 81,590 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) Charitable Attivities 515,664 GRANTS PAYABLE 2024 2023 Charitable Activities 515,664 416,180 The total grants paid to organisations during the year was as follows: Year ended Year ended 30.09.24 30.09.23 Other Charitable organisations 515,664 416,180 Future Pledges As at the year end the Charity had future pledges totalling £370,000 which were carried forward to the new financial year. Page 11 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 September 2024 SUPPORT COSTS Governance costs Management Flnance Totals Other resources expended 532 290 18,882 19,704 Support costs, Included in the above, are as follows: 2024 Other resources expended 2023 Total attivities Postage and statlonery Bank charges Auditors, remuneration Accountancy Consultancy 532 290 2,648 1,560 14,674 323 163 2,500 1,500 12,367 19,704 16,853 AUDITORS, REMUNERATION 2024 2023 Auditors, remuneration Auditor's remuneration - Non audit 2,648 1,560 2,500 1,500 4,208 4,000 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. FIXED ASSET INVESTMENTS 2024 2023 Shares Corporate Bonds 18,877,626 16,787,359 loo,000 loo,000 18,977,626 16,887,359 Page 12 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 September 2024 FIXED ASSET INVESTMENTS - continued Additional information as follows: Cash and settlements pending Quoted shares Totals MARKET VALUE At l October 2023 Additlons Disposals Unrealised gains/(losses) Realised gains/(losses) 16,688,857 98,502 16,787,359 1,133,348 1,803,930 2,937,278 (1,470,382} (1,641,383) (3,111,765) 2,182,844 2,182,844 81,910 81,910 At 30 September 2024 18,616,577 261,049 18,877,626 NET BOOK VALUE At 30 September 2024 18,616,577 261,049 18,877,626 At 30 September 2023 16,688,857 98,502 16,787,359 HISTORICAL COST UK Overseas 2024 2023 Listed investments Cash 6,324,912 261,049 8,972,985 15,297,897 15,621,852 261,049 98,502 6,585,961 8,972,985 15,558,946 15,720,354 INVESTMENTS AT MARKET VALUE COMPRISE: UK Overseas 2024 2023 Listed investments Cash 7,720,097 10,896,480 261,049 18,616,577 16,688,857 261,049 98,502 7,981,146 10,896,480 18,877,626 16,787,359 Cost or valuation at 30 September 2024 is represented by: Cash and settlements pending Quoted shares Totals Valuatlon In 2024 Cost 3,318,681 15,297,896 3,318,681 261,049 15,558,945 18,616,577 261,049 18,877,626 Investments (nelther listed nor unlisted) were as follows: 2024 2023 Corporate Bonds loo,000 loo,000 Page 13 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 September 2024 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditor5 5,164 5,331 11. MOVEMENT IN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestricted funds General fund 16,991,555 2,008,892 19,000,447 TOTAL FUNDS 16,991,555 2,008,892 19,000,447 Net movement in funds, Included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 337,474 (587,785) 2,259,203 2,008,892 TOTAL FUNDS 337,474 (587,785) 2,259,203 2,008,892 Comparatives for movement in funds Net movement In funds At 1.10.22 At 30.9.23 Unrestricted funds General fund 15,816,268 1,175,287 16,991,555 TOTAL FUNDS 15,816,268 1,175,287 16,991,555 Comparatlve net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 345,684 (514,623) 1,344,226 1,175,287 TOTAL FUNDS 345,684 (514,623) 1,344,226 1,175,287 Page 14 continued..
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 September 2024 ii. MOVEMENT IN FUNDS - contlnued A current year 12 months and prior year 12 months combined position is as follows: Net movement In funds At 1.10.22 At 30.9.24 Unrestrlcted funds General fund 15,816,268 3,184,179 19,000,447 TOTAL FUNDS 15,816,268 3,184,179 19,000,447 A current year 12 months and prlor year 12 months combined net movement in funds, included In the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 683,158 (1,102,408) 3,603,429 3,184,179 TOTAL FUNDS 683,158 (1,102,408) 3,603,429 3,184,179 12. RELATED PARTY DISCLOSURES There were no related party transattions for the year ended 30 September 2024 nor for the year ended 30 September 2023. 13. ULTIMATE CONTROLLING PARTY The Trustees consider there to be no controlling party. Page 15