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THE SIERATZKI CHARITABLE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 10 AUGUST 2021
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THE SIERATZKI CHARITABLE TRUST
THE SIERATZKI CHARITABLE TRUST
TRUSTEES AND PROFESSIONAL ADVISERS
Charity number
1126815
Trustees Dr Jechil Sieratzki Professor Bencie Woll FBA Luba Selzer Principal address 39 Parkside Knightsbridge London, SW1X 7JP
Independent examiner
M. Emanuel Chartered Accountants 5 Lexham Gardens Mews, Kensington, London W8 5JQ
Bankers
Lloyds TSB 9-13 Brompton Road Knightsbridge London SW3 1ED
Broker
Investec Wealth & Investment Ltd. 30 Gresham Street London EC2V 7QN
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THE SIERATZKI CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 10 AUGUST 2021
Achievements and performance: The Trustees meet regularly to consider applications from charitable organisations. The Trustees consider each application on merit and make grants where appropriate.
In the year, the Trustees made 47 donations (2020: 42 donations), amounting to £42,925.00 (2020: £19,110.83) to registered Charities involved in education, religion, human rights and social welfare.
Financial review:
In the year, the Charity generated income of41,088.88 (2020: £49,587.44). The Trustees made charitable donations of £42,925.00 (2020: £19,110.83) and incurred governance costs of £3,715.62 (2020: £1,200). The net income and the net movements in funds for the year amounted to £114,448.26 (2020: £29,276.61) and £296,602.74 (gain) (2020: 133,579.33 (loss)) respectively. The unrestricted funds amounted to £1,469,214.27 (2020: £1,172,611.53) at the balance sheet date.
The Trustees, seek to secure a good income return while maintaining the capital value against the effects of inflation. Any monies not immediately required for the furtherance of the Charity’s objects may be invested by the Trustees in those shares, securities or property as may be thought fit. The market value of the investments held at 10 August 2021 was £1,145,577.00 (2020: £849,327.80). Gains on investments for the year amounted to £182,154.48 (2020: £162,855.94 (loss)) and occurred due to post-Covid market recovery.
The charity anticipates a considerable loss of investment in the year ending 10 August 2022 due to a severe reduction in value of the JP Morgan Russian Securities Fund.
Future developments: The Charity intends to continue its activities within the constraints of its budget.
Reserves policy: All of the Charity’s funds are general unrestricted funds which are expendable at the discretion of the Trustees in furtherance of the objects of the Charity. The unrestricted funds at 10 August 2021 were £1,469,214.27 (2020: £1,172,611.53). The Trustees consider that the unrestricted funds, which are the free reserves of the Charity, are sufficient to fund future activities.
The Trustees review the reserves policy annually.
M. Emanuel, Chartered Accountants was appointed as Independent Examiner to the Charity on 14 May 2021.
Blick Rothenberg Limited, Chartered Accountants, ceased to act for the Charity as of 21 May 2021.
Payne Hicks Beach, Solicitors, ceased to act for the Charity as of 21 May 2021.
Mrs. Luba Selzer was appointed as trustee effective 23 June 2021.
Mr. Martin David Paisner CBE resigned as trustee effective 24 June 2021.
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THE StERATZKI CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 10 AUGUST 2021 Stskment of Trustees, nspon5ibilits¢s: The Trustees are resFrf)nsible for preparing the Trust¢¢s' Report and the financial stalements in acconlance with applicable law aThl United Kingdom Accouniing Stsindards (United Kingdom Generally Accepted Accounting Prdctice). 111e law applicable lo charities in England and Walcs requires the Trustee5 to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resour¢es and applicatiOTb of K8ources of the Charity for that year. tn preparing these fjnancial sialemenL% th¢ Tn¢8$ are requirnj to: - $el¢ct suitable accounting p)licies and th¢n apply thevn c(Ntsistently- - obsenye the mcthods and pri[lPl¢S in ihe Charities SORP. - nuke judgem¢nts and estimates that ar¢ r¢asonable and prudenL - state whether applicabl¢ accouDting stsndards have teen followrf sutyect lo any material departures disclosed and explained in the financial 5taiements- and - pr¢pare the finoJ)rial statements on the going concern blS unless it is inappropriate to presume that the charlty will continue in optratio The'fnLStees are responsible for k¢eping Sr]ent accounting rttords that disclose with rea8onabl¢ ac¢urnGy at any time Ihe financial position ofthe Charity and ¢nable them io ensure that the financhai slatements comply with the ChaTities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also respoDSible for safeguarding the &ssets of the Chartty and henc£ for tsking r¢&sonable steps forthe prevention and dete(*ion of fraud and other irregularities. The Tntees, report was approved by the Board of Tn4. Jechil Sieratzki Tru51ee Prof. B1¢ Woll Z•L
THE SIERATZKI CHARITABLE TRUST INDEPENDENf EXAMINER'S REPORT TO THE TRUSIFES OF THE SIF.RAFz CHARrrABLF. TRUST I rep)rt to the TnCeS (m my examin8tK)n ofthe financi statements of The SiaJttki Charitsble Tntst (the Charity) foT thc ycar cnd¢d 10 August 2021 ihich atr sd otrt on pages 6 14. This rep)rt is %>kty to the Clty's Tnjslees. as a lthy. in acc4)Tdance with tIOn 145 of tk Charities Act 2011. My work has g) that l Tnight the Charity'5 Trustees those tDatters l am required to state to the this tel and for no purr¢. To the fullest exnt perniittLxI by law, I do not accept or assume respmsibility to anyone other than the CIMrity and the Cl•rity's as a Iy, for my work. for this rewl or f( the opinions I have fonDed. ResFXMIbi1Itl¢S and knis of retmxt As the Trnstees of the Clwity you are ¥es[K)nSi1c frr the prepar of the finallcial in acc(K with the requirements of the ChaTities Act 2011 (tbe 2011 Ad). I report in rwwt of my exami1tIl ofthe rity's financial thtements wried under 1( 145 of the 2011 Act. In ¢¥ing out my examinatioa I have followed all the applicable DiTedions 8iven by th¢ C]wity Commi&8ion under section 145(5Xb) of the 2011 ACL An inde•t ¢2MlOatIon dS not involve gthritig all the evidellce that pAxdd ID an audit and consequentty does not cover all the m8tter5 that an auditor c4Jnsiders giving their opinioll oll the fuwicial statements. Th¢ pl8nnir£g and conduct of an audit g(xs beyornl the limitcd tknt lTUkdent ckqtninatioll Call provftde. Consequently, I express no opinton &$ to wknether thc finwKial ternents present a 'tAu¢ and fair. view a1 Try report ts limited to the specifr Matt set out (o the inlkpendent examiner's statemenl. tndependent ex3miDefs staternenl Since the Trust's gTffiS iVKQUAe ex¢e¢d¢d L?5.(XKI vour ¢xamin¢r must be a member of a tY Section 14£ of the ?01 l. I confirni that l am qUalifd to undertjke th¢ examioation be¢ause l am a member of ICAEW. which AS one of the list¢d tK)di I have completed my examinotiOD. I confinn that no matters have com¢ h) my allartion in connection with the exominaiton gtvin¥ me Laus¢ to iKli¢ve that in matersal L. l) accounting rS not k¢pt in T¢SlWt of the Charity &s r¢quirryl by seiSi(M 130 of the 2011 Act: or 2) the firw)cial statements do not accord with those trc(Kd5" OT 3) thc fu]Uncl SL*m¢nts' do not comply with the applicable wukremeots CAJncerw th¢ forni and content of acwunts 5¢t out in the Charities (Accounts and Re1> RegulatiOTLS 2008 other than any requirement that the account5 give a In and fair vith¥ which Is a m2tter c(x)sidered &8 of an indeiKtht examination. I have no collcerns ond have c4)me &ross no other mattets in contiection with the examitthtion to which attention should be dra% in this rerK)rt in to enable a Pror ndlg of the fin8ncial s1atunents to be reached. . manuel. Charterrd Accoullts
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THE SIERATZKI CHARtTABLE TRUST BALANCE SHEET AS AT 10 AUCUST 21J21 2020 FixÈd gwts Investm 1.145J77.00 849.327.80 Current assets Debtors Cash at bank and in Iw 4.058.lYI 383,971.78 326 037.27 326,03727 388.029.85 Credltors: amou#ts f*llillg dwe ithin on¢ y¢8r io .14). 4A.746.12 323 637.27 323 283.73 Tota] legs eurrtut liabilities 1.469.214.27 1,172,611.S3 Net assets 1.469,214.27 1.172.611.53 IDcome funds Unrestricted fvTwI8 1469214.27 1.172 611.53 1 172611.53 echil Sietaoki . Ble Woll
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THE SIERATZKI CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS R ENDED 10 AUGUST 2021
1 Accounting policies Charity information: The Sieratzki Charitable Trust is an unincorporated Trust. Its principal place of business is Flat 39 Parkside, Knightsbridge, London, SW1X 7JP.
1.1 Accounting convention The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with section 1A of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. The financial statements have been prepared to give a ‘true and fair view’ and have departed from the Charities (Accounts and reports) Regulations 2008 only to the extent to provide a ‘true and fair view’. The departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from | April 2015 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity.
1.2. Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated to applicable expenditure headings.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
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THE SIERATZKI CHARITABLE TRUST
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