THE SIERATZKI CHARITABLE TR ST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 10 AUGUST 2024
THE SIERATZKI CHARITABLE TRUST
CONTENTS
Page
Trustees' report
Independent examiner's report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
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4
5
6
7
8—12
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Broker
THE SIERATZKI CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 10 AUGUST 2024
The Trustees present their report and financial statements of The Sieratzki Charitable Trust for the year ended 10 August 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note | to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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)" (effective 1 January 2015) as amended by Update Bulletin 1 (updated 2 February 2016).
Reference and administrative information: The Sieratzki Charitable Trust is registered as a Charity with the Charity Commission, registration number 1126815.
The Trustees in office during the year and at the date of this report, together with the address of the Charity's principal and registered office, are as set out on page 1.
Structure, governance, and management: The Trust was created by a deed dated 11 August 2008 as a Trust exclusively for charitable purposes. The Trust is managed by the Trustees, and the administration is carried out from the Trustees’ registered office.
The current Trustees are responsible for the induction of any new Trustees which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history of the Charity. A new Trustee would receive a welcome pack which includes copies of the previous years’ annual report and accounts, a brief history of the Charity and a copy of the governing document. The pack will also include a copy of the Charity Commission guidance “Charity Trustee Welcome Pack” issued by the Charity Commission on 30 April 2018.
The Trustees have systems in place to identify any conflicts of interest that may occur. When a conflict of interest arises, the relevant Trustee or Trustees agree to withdraw from any discussion and decision.
The Trustees examine the major risks that the Charity faces every financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the Charity in the future.
Objectives and activities for the benefit of the public The Charity's objects are to advance, promote or carry out such charitable purposes as the Trustees in their absolute discretion from time-to-time think fit.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and the requirements under the Charities Act 2011, when reviewing the Charity's aims and objectives and in planning for the future and in setting the grant making policy for the year.
The Charity has established its grant making policy to achieve its objects for the public benefit. The Trustees received applications for donations from a wide variety of charitable institutions. The Trustees considered all requests which they received and meet the objects of the Charity by making donations to relevant charities.
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 donations to 28 charities (2023: 29 charities), amounting to £221,230 (2023: £59,892.34) to registered Charities involved in education, religion, human rights, and social welfare.
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THE SIERATZKI CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 10 AUGUST 2024
Financial review:
In the year, the Charity generated income of £231,235.46 (2023: £12,815.07). The Trustees made charitable donations of £221,230 (2023: £59,892.34) and incurred governance costs of £3,113.18 (2023: £2,932.77). The net income amounted to £6,892.28 (2023: net loss £50,010.04) and the net movements in funds amounted to £64,170.05 (2023: £9,528.85). The unrestricted funds amounted to £1,182,045.90 (2023: £1,117,875.85) 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 2024 was £604,494 (2023: £547,716.23). Unrealised gains on investments for the year amounted to £57,277.77 (2023: £59,538.89).
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 2024 were £1,182,045.90 (2023: £1,117,875.85). 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.
Statement of Trustees' responsibilities: The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 of the Charity for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and 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 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
Dr. Jechil Sieratzki Trustee Date 08/06/2025
Prof. Bencie Woll Trustee Date 08/06/2025
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THE SIERATZKI CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIERATZKI CHARrrABLE TRUST I report to the Trustees on my examination of the financial statements of The Sieratzki Charitsble Trust (the Charity) for the year ended 10 August 2024 which are set out on pages 5 to 12. This report is made solely to the Charity's Trustee& as a body. in accordance with section 145 of the Charities Act 201 l. My work h&8 been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in this report and for no other pur)Se. To the fullest exteni pemitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees &$ a body. for my work, for this repot( or for the opinions I have fomied. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparntion of the financial statements in accordance with the requirements of the Charities Aci 2011 (the 2011 Act). I report in respect of my examination of the Charity's financial slatements carried oul under section 145 of the 201 l Act. In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5Xb) of the 2011 Act. An independent examination does nol involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond th¢ limited assurance that an independent examination can provide. Consequ¢nily, l express no opinion as to whether the financial statements present a 'true and fair, view and my report is limited to those specifi¢ matters set out in the independent examiner's statement. Independent examinef s statement l am a member of a body listed in slI0n 145 of the 201 l and confirm that l am qualified to undertake the examination because l am a member of the ICAF.W. which is one of the listed les. I have completed my examination. I confirni that no marters have come to my attention in connection with the examination giving me cause to believe that in any material respect: l ) accounting records were not kepi in res of the Charity as required by section 130 of the 201 l Act; or 2) th¢ financial statements do nol accord with thos¢ records. or 3) the financial statements do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Rewrts) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should b¢ drawn tn this reFK)rt in order to enable a proper understanding of the financial statements to b¢ reached. Dated:. -091062025...... M. Emanuel. Chaccountant
THE SIERATZKI CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDTURE ACCOUNT
FOR THE YEAR ENDED 10 AUGUST 2024
| Notes Income from: Donations and legacies 2 Investment income 3 Total Expenditure Charitable activities 4 Total Net (expenditure)/income Net unrealised gain/(loss) on investments Net movement in funds Reconciliation of funds Fund balances brought forward Fund balances carried forward |
2024 2023 209,375.00 - 21,860.46 12,815.07 231,235.46 12,815.07 224,343.18 - 62,825.11 - 224,343.18 - 62,825.11 - 6,892.28 50,010.04 - 57,277.77 59,538.89 64,170.05 9,528.85 1,117,875.85 1,108,347.00 1,182,045.90 1,117,875.85 Unrestricted fund (£) |
2024 2023 209,375.00 - 21,860.46 12,815.07 231,235.46 12,815.07 224,343.18 - 62,825.11 - 224,343.18 - 62,825.11 - 6,892.28 50,010.04 - 57,277.77 59,538.89 64,170.05 9,528.85 1,117,875.85 1,108,347.00 1,182,045.90 1,117,875.85 Unrestricted fund (£) |
|---|---|---|
| 12,815.07 | ||
| 62,825.11 - |
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| 62,825.11 - |
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| 50,010.04 - 59,538.89 |
||
| 9,528.85 | ||
| 1,108,347.00 | ||
| 1,117,875.85 |
The notes on pages 10 to 12 form part of these financial statements
Operating activities
All incoming resources and resources expenses derive from operating activities.
All of the activivities of the Charity are classified as continuing.
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THE SIERATZKI CHARITABLE TRUST
BALANCE SHEET
AS AT 10 AUGUST 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | ||||
| Fixed assets | ||||
| Investments | 7 | 604,994.00 | 547,716.23 | 547,716.23 |
| Current assets | ||||
| Debtors | 8 | 0.00 | 0.00 | |
| Cash at bank and in hand | 583,051.90 | 574,959.62 | ||
| 583,051.90 | 574,959.62 | |||
| Creditors: amounts falling due within one year |
9 | - 6,000.00 | - 4,800.00 | |
| Net current assets | 577,051.90 | 570,159.62 | ||
| Total assets less current liabilities | 1,182,045.90 | 1,117,875.85 | ||
| Net assets | 1,182,045.90 | 1,117,875.85 | ||
| Income funds | ||||
| Unrestricted funds | 1,182,045.90 | 1,117,875.85 | ||
| 1,182,045.90 | 0 1 |
1,117,875.85 | ||
| 09.06.2025 | ||||
| The financial statements were approved by the Trustees on ......................... | ||||
| Dr Jechil Sieratzki | Prof. Bencie Woll | |||
| Trustee | Trustee | |||
| The notes on pages 10 to 12 form part of these financial statements. | 12 form part of these financial statements. |
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THE SIERATZKI CHARITABLE TRUST
NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 10 AUGUST 2024
| 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Investments comprising 2% or more of the total | ||||||||
| market value of investments are as follows:- | % | % | ||||||
| JP Morgan Russian Securities | 22.17% | 20.30 | ||||||
| Royal Dutch Shell A | 35.81% | 34.36 | ||||||
| Royal Dutch Shell B | 10.17% | 9.85 | ||||||
| Fundsmith | 29.01% | 30.70 | ||||||
| HBM N | 2.84% | 4.79 | ||||||
| **7 ** | Financial Instruments | 2024 | 2023 | |||||
| £ | £ | |||||||
| Carrying amount of financial assets | ||||||||
| Debt instruments measured at | amortised cost | 0.00 | 0.00 | |||||
| Equity instruments measured at market value | 604,994.00 | 547,716.23 | ||||||
| 604,994.00 | 547,716.23 | |||||||
| Carrying amount of financial liabilities | ||||||||
| Measured at amortised cost | 6,000.00 | 4,800.00 | ||||||
| **8 ** | Debtors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Investment income | 0.00 | 0.00 | ||||||
| **9 ** | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Dr. Jechil Sieratzki | 0.00 | 0.00 | ||||||
| Independent examiner | 6,000.00 | 4,800.00 | ||||||
| 6,000.00 | 4,800.00 | |||||||
| 10 | Movements in funds | Opening | Incoming | Resources | Unrealised net | Closing | ||
| funds | resources | expended | gains/(losses) | funds | ||||
| on investment | ||||||||
| £ | £ | £ | £ | £ | ||||
| Unrestricted funds | ||||||||
| 2023 | 1,108,347.00 | 12,815.07 | - | 62,825.11 |
59,538.89 | 1,117,875.85 | ||
| 2024 | 1,117,875.85 | 231,235.46 | - | 224,343.18 |
57,277.77 | 1,182,045.90 | ||
| **11 ** | Analysis of net assets between funds | 2024 | 2023 | |||||
| £ | £ | |||||||
| Fund balances at 10 August are represented by:- | ||||||||
| Investments | 604,994.00 | 547,716.23 | ||||||
| Current assets | 583,051.90 | 574,959.62 | ||||||
| Current liabilities | - | 6,000.00 |
- | 4,800.00 |
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| Long term liabilities | 0.00 | 0.00 | ||||||
| 1,182,045.90 | 1,117,875.85 |
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