REGISTERED CHARITY NUMBER: 1119373 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 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 2025 Page Report of the Trustees R¢port of the Independent Auditors Statement of Flnancial Actlvities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Note$ to the Finan¢l•l Statements io li to 17
THE SYDER FOUNDATION REPORT OF THE TRUSTEES For The Year Ended 30 September 2025 The Trustees present their report with the f1nancial statements of the Charity for the year ended 30 September 2025. The Trustees have adopted the provisions of Accounting and Fieporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS ID2} (Effective 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 thebr absolute discretion from time to time think fit. Public benefit 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 Charity Commissions, guidance on public benefit. Grantmaklng The Trustees identify charities or projects which align with 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 charities Wlthin the UK. In the event that grants are awarded to charlties established outside the UK, the Trustees will conduct an assessment following the guidance principles provlded by the Charity Commission to ensure that.. the activities carried out are in furtherance of the Charity's purposes reasonable steps are taken to monitor the use of funds for proper charitable purposes. Although there are no upper or lower Ilmits to the size of grants made, the number of projetts 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 80019 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,. ACHIEVEMENTS AND PERFORMANCE The Charityi over the past seven years, has provided grants of £3,521,750 that have helped allow recipient charities to fund their respective objectives and undertake variou5 Capltal projects. The Trustees conslder the performance of the Charity's investments to be in line with the longer term investment objectives. FINANCIAL REVIEW Investment policy and objertlves The Charity seeks to invest in investment assets which are primarily equities, combined with cash deposits and bonds. In general, each class of investrnent asset should produce income and should be at the lower end of the risk spettrum. The majority of the Charity's investments are managed by Evelyn Partners. The current investment objertive is to generate a total return of 301'Q over Inflation per annum, over the medium term after Investment management expenses. This should a51ow the Charity to maintain the real value of its net agset5, whilst funding annual charitable grants in the reglon of 3°1'O per annum. Page I
THE SYDER FOUNDATION REPORT OF THE TRUSTEES For The Year Ended 30 September 2025 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 E19,982,640 12024.. £19,000,447) The funds held are held for the general purposes of the Charity, there are no restricted or permanent endowment funds. The Trustees wish to be able to maintain 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 elert to reduce reserves as they see flt. The Trustees believe that the existing level of reserve5 15 sufficlent 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 5ufficlent 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 conststutes an unincorporated Charity. Recruitment and appolntment of new Trustees Appointment of Trustees is governed by the Constitution of the Charity. The Trustee5 are responsible for overseelng the affairs of the organisation. Organisational structure The Charity was registered on 24 May 2007 and is administered by the Trustees who were the odginal donors responsible for its establishment. All decisions are made by the Trustees. Risk management The Trustees have a duty to identify and review the risks to which the Charlty is exposed and to ensure appropriate controls are in place to provide reasonable assurance agalnst fraud and error. The Trustees, who are experienced in investment management, review the investment holdings on a regular basis, identify and monitor relevant risks and manage these risks accordingly. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1119373 Prlnclpal address PO Box 6277 Newbury Berkshlre RG14 9PN Trustees Mrs C Syder TDJSyder Page 2
THE SYDER FOUNDATION REPORT OF THE TRUSTEES For The Year Ended 30 September 2025 REFERENCE AND ADMINISTRATIVE DETAILS Auditor5 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 Kingdom Accountlng Standard5 (United Kingdom Generally Accepted Accounting Practice)- Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they a satisfied that they give a true and fair view of the state of affairs of the charity and of the incomlng resource5 and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accountlng policies and then apply them consistently¢ observe the methods and prlnciples In the Charities SORP; make judgements and estirnates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any materlal departure5 disclosed and explained in the financial 5tatements,' prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charity will continue in business. The trustees a responsible for keeping proper accoLJnting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention an(5 detection of fraud and other irregularities. and signed on its behalf Approved by order of the board of trustees on by.. T D J Syder - Trustee Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SYDER FOUNDATION Opinion We have audited the financial statements of The Syder Foundation (the 'charity'} for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statement5, including a summary of sionificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). In our opinion the financial statement5'. give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of Its incorning resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requlrements of the Charities Act 2011. Ba$ls 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 aLJdit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evldence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslon5 relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may east significant doubt on the charity's ability to contlnue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibillties of the trustees Wlth respect to going concern are described In the relevant sections of this report. Other informatlon 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 ALJditors thereon. Our opinlon on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In Connection with our audit of the flnancial statements, our responsibility is to read the other information and, in doing so, consider whether the other inforrnation is materially inconslstent with the financial statements or our knowSedge obtained in the audit or otherwise appears to be materially mlsstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mlsstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report In respect of the following matters where the Charltles (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the rinancial statements,. or sufficient accounting records have not been kept,. or the financlal statements are not in agreement with 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 Responslbllities of trustees As explained rnore fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation Df the financial statements which give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparatlDn of financial statements that a free from material misstatement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsible for assessing the charity'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 liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our re5pon$ibilitie$ for the audit of the flnancial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effert thereunder. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material m155tatement, whether due to fraud or error, and to issue a Report of the Independent Auditor5 that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will alway5 detect a material mlSStatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could asonably 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 detetting irregularitie5, including fraud is detailed below.. Enquiry of management and those charged wlth governance around actual and potential litigatlon claims Enquiry of staff in compliance functions to identify any Instances of non-compliance with laws and regulations Reviewing financial statements. disclosures and testing to supporting documentation to assess compliance with applbcable laws and regulations Because of the inherent limitations of an audit, there is a risk that we wlll not detect all irregularities, including those leading to a rnaterial misstaternent in the financial statement5 or non-compliance with regulation.This risk increase5 the more that compliance wlth a law or gULation Is removed from the events and transactlons reflerted in the financial 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 intentlonal concealment, forgeryi collusion, omission or misrepresentation. A further description of our responsibilities for the au(Jit of the financial statements Is located on the Flnancial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. Thls descriptlon forms part of our Report of the Independent Auditors. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SYDER FOUNDATION Use of our report This report is made 501ely to the charity's trustees, as a bodyi in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so 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 bodyi for our audit work, for this report, or for the opinbons we have formed. Banks & Co Limited Chartered Certified Accountants Statutc)ry Auditors I Carnegie Road Newbury Berkshire RG14 5DJ Date: Page 6
THE SYDER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 September 2025 2025 Unrestritted fund 2024 Total funds Notes INCOME FROM Investment income 377,845 337,474 EXPENDITURE ON Portfolio management 78,037 52,417 Charitable actlvltle$ Charitable Artivities 597,900 515,664 Other 29,396 19,704 Total 705,333 587,785 Net gains on investments 1,309,681 2,259,203 NET INCOME 982,193 2.008,892 RECONCILIATION OF FUNDS Total funds brought forward 19,000,447 16,991,555 TOTAL FUNDS CARRIED FORWARD 19,982,640 19,000,447 The notes form part of these financial statements Page 7
THE SYDER FOUNDATION BALANCE SHEET 30 September 2025 2025 Unrestricted fund 2024 Total funds Notes FIXED ASSETS Investment5 19,783, 129 18,977,626 CURRENT ASSETS Cesh at bank 206,347 27,985 CREDITORS Amounts falling due within one year io {6,836) (5, 164) NET CURRENT ASSETS 199,511 22,821 TOTAL ASSETS LESS CURRENT LIABILITIES 19,982,640 19,000,447 NET ASSETS 19,982,640 19,000,447 FUNDS Unrestricted funds li 19,982,640 19,000,447 TOTAL FUNDS 19,982,640 19,000,447 The fi ancial statements were approved by the Board of Trustees and authorised for issue on r!%4........ and were signed on its behalf by.. C Syder Trustee The notes form part of these financial ststements Page 8
THE SYDER FOUNDATION CASH FLOW STATEMENT For The Year Ended 30 September 2025 2025 2024 Notes Cash flows from operatin9 activitles Cash generated from operations {712,995} (593,5031 Net cash used in operating activltles 1712,995) {593,503) Cash flows from investing actlvlties Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends receSved Non cash dividends { L,291,3481 1,850,407 7,122 370,723 145,5471 (2,937,278) 3,111,765 6,651 330,823 Net cash provided by investing attivities 891,357 511,961 Change in cash and cash equivalents in the reportlng perlod Cash and cash equivalents at the beginning of the reporting period Cash and cash equSvalents at the end of the reporting period 178,362 181,542) 27,985 109,527 206,347 27,985 The notes form part of these financial statements Page 9
THE SYDER FOUNDATION NOTES TO THE CASH FLOW STATEMENT For The Year Ended 30 September 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTXVITIES 2025 2024 Net income for the reporting perlod (as per the Statement of Financial ActivitFes) Adjustments for: Losses/(gain) on investments Interest received Dividends received Unreallsed IGains)/Losses on investment Foreign exchange Gains/ (Losses) Increase/(decrease) in credltors 982,193 2,008,892 251,023 181,910) 17, 122) 16,651) 1370,723) (330,8231 (1,560,704) {2,177,2931 (9,3341 (5,5511 1,672 (167) Net cash used In operations (712,995) {593,503) ANALYSIS OF CHANGES IN NET FUNDS At 1.10.24 Cash flow At 30.9.25 Net cash Cash at bank 27,985 178,362 206,347 27,985 178,362 206,347 Total 27,985 178,362 206,347 The notes form part of these financial statements Page 10
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 30 September 2025 ACCOUNTING POLICIES Basis of preparing the flnancial statements The flnancial statements of the charity, which is a public benefit entlty under FRS 102, have been prepared In accordance with the Charities SORP {FFiS 102) 'Accounting and Reportlng by Charities: statement of Recommended Prartice applieable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable ln the UK and Republic of Ireland (FRS 102) {effective l January 2019),, Financial Reporting Standard 102 'The Financial Fieporting Standard applicable in the UK and Republic of Ireland, and the Charlties Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments whlch are included at market value, as modified by the revaluation of certain assets. The Charity 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 2025 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. Expendlture Liabillties are recognised as expendlture as 500n as there Is a legal or constructive obligatlon 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 classifled under headings that aggregate all cost related to the category. Where CDSt5 cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resource5. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxatlon The charity is exempt from tax on its charitable actlvities. Fund accountsng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restrlrted funds can only be used for particular restricted purposes withln the objerts of the charity. 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 Financlal Activitles includes the net gains and losses arising on revaluations and disposa15 throughout the year. Page 11 continued.
THE SYDER FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS- continued For The Year Ended 30 September 2025 INVESTMENT INCOME 2025 2024 Interest Dividends 7,122 370,723 6,651 330,823 377,845 337,474 PORTFOLIO MANAGEMENT Investment management costs 2025 2024 Portfolio management 78,037 52,417 CHARITABLE AcfIviTIES COSTS Grant funding of activities {see note 5) Charitable ActSv1ties 597,900 GRANTS PAYABLE 2025 2024 Charitable Activltles 597,900 515,664 The total grants paid to organlsations during the year was as follows.. Year ended Year ended 30.09.25 30.09.24 other Charltable organisations 597,900 515,664 Future Pledges As at the year end the Charlty had future pSedges totalling £520,000 whSch were carried forward to the new financial year. Page 12 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 September 2025 SUPPORT COSTS Governance costs Management Flnance Totals Other resources expended 394 219 28,783 29,396 Support costs, included in the above, are as follows.. 2025 Other resources expended 2024 Total activities Postage and stationery Bank charges Auditors, remuneration Accountancy Legal fees Consultancy 394 219 3,359 1,750 840 22,834 532 290 2,648 1,560 14,674 29,396 19,704 AUDITORS. REMUNERATION 2025 2024 Auditors, remuneratlon Auditor's remuneration - Non audit 3,359 1,750 2,648 1,560 5,109 4,208 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024. FIXED A55ET INVEsfMENTS 2025 2024 Shares Corporate Bonds 19,683,129 18,877,626 ioo,ooo 100,OOD 19,783,129 18,977,626 Page 13 contlnued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 30 September 2025 FIXED ASSET INVESTMENTS - continued Addltional information as follows.. Cash and settlements pending Quoted shares Totals MARKET VALUE At l October 2024 Additions Disposals Unrealised gains/(lossesl Realised gains/(Ios5es) 18,616,577 261,049 18,877,626 6,260,986 {4,969,6381 1,291,348 (6,777,812) 4,927,405 (1,850,407) 1,611,881 1,611,881 1247,319) (247,319) At 30 September 2025 19,464,313 218,816 19,683,129 NET BOOK VALUE At 30 September 2025 19,464,313 218,816 19,683,129 At 30 September 2024 18,616,577 261,049 18,877,626 HISTORICAL COST UK Overseas 2025 2024 Listed investments Cash 5,628,634 218,816 9,393,627 15,022,261 15,297,897 218,816 261,049 5,847,450 9,393,316 15,241,077 15,558,946 INVESTMENTS AT MARKET VALUE COMPRISE: UK Overseas 2025 2024 Listed investments Cash 7,169,423 12,294,890 218,816 19,464,313 18,616,577 218,816 261,049 7,388,239 12,294,890 19,683, 129 18,877,626 Cost or valuation at 30 September 2025 is repsented by: Cash and settlements pending Quoted shares Tota15 Valuation in 2025 Cost 4,442,052 15,022,261 4,442,052 218,816 15,241,077 19,464,313 218,816 19,683,129 Page 14 continued.
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 September 2025 FIXED ASSET INVESTMENTS - contlnued Investments (neither listed nor unlisted) were as follows: 2025 2024 Corporate Bonds loo,000 too,000 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 other creditors 6,836 5,164 11. MOVEMENT IN FLINDS Net movement in funds At I.ID.24 At 30.9.25 Unrestrlcted funds General fund 19,000,447 982,193 19.982,640 TOTAL FUNDS 19,000,447 982,193 19,982,640 Net movement in funds, Included in the above are as follows: Incoming Resources resources expended Gains and 1055es Movement in funds Unrestrlcted funds General fund 377,845 1705,333) 1,309,681 982, 193 TOTAL FUNDS 377,845 1705,333) 1,309,681 982,193 Comparatives for movement In funds Net movement in funds At 1.10.23 At 30.9.24 Unrestrlcted funds General fund 16,991,555 2,008,892 19,000,447 TOTAL FUNDS 16,991,555 2,008,892 19,000,447 Pa9e 15 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued For Th• Year Ended 30 September 2025 MOVEMEt4T IN FUNDS- continued Comparative net movement in funds, included in the above are as fo11ows.' Incomlng Resources Gains and resource5 expended losses ii. Movement in funds Unrestrlrted funds General fund 337,474 1587,785) 2,259,203 2,008,892 TOTAL FUNDS 337,474 (587,7851 2,259,203 2,008,892 A current year 12 months and prior year 12 months combined positlon is as follows.. Net movement in funds At 1. 10.23 At 30.9.25 Unrestr?cted funds General fund 16,991,555 2,991,085 19,982,640 TOTAL FUNDS 16,991,555 2,991,085 19,982,640 A current year 12 month5 and prlor year 12 months combined net movement in funds, Sncluded in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlrted funds General fund 715,319 11,293,118) 3,568,884 2,991,085 TOTAL FUNDS 715,319 (1,293, 118) 3,568,884 2,991,085 12. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 30 September 2025 nor for the year ended 30 September 2024. Page 16 continued...
THE SYDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Year Ended 30 September 2025 13. ULTIMATE CONTROLLING PARTY The Trustees conslder there to be no controlling party. Page 17