Handelsbanken
Wealth & Asset Management
THE SANDS FAMILY TRUST
REPORT AND ACCOUNTS Year ended 5 April 2024
Version 26/05/24
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THE SANDS FAMILY TRUST
INDEX
Year ended 5 April 2024
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| Page | |||
| General information | 2 | ||
| Report of the trustees | 3-4 | ||
| Statement of trustees' | responsibilities | 5 | |
| Independent examiner's report | 6 | ||
| Statement of financial | activities | 7 | |
| Balance sheet | 8 | ||
| Cashflow statement | 9 | ||
| Accounting policies | 10-11 | ||
| Notestothefinancial | statements | 12-14 |
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THE SANDS FAMILY TRUST
GENERAL INFORMATION
Year ended 5 April 2024
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Trustees Peter Sands Jacqui Moseley Rebecca Nicolson Accountant Handelsbanken Wealth & Asset Management 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS Independent examiner Mrs K Whiley BKM Accounting Services 5 Ashdown Chase Nutley East Sussex TN22 3LY
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Registered charity number 1136909
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THE SANDS FAMILY TRUST
REPORT OF THE TRUSTEES
Year ended 5 April 2024 —— SS et mmm mm
The trustees present their report with the financial statements of the charity for the year to 5 April 2024. The trustees have adopted the provisions 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) (effective 1 January 2019).
Object and activities for the public benefit
The object of the charity, under the terms of the Trust Deed;
The object of the charity, under the terms of the Trust Deed, is to make grants for charitable purposes and to charitable institutions, for the public benefit, at the discretion of the trustees.
The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011,consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same act.
Financial Review
Unrestricted funds
Incoming resources for the year amounted to £13,900, compared to £13,559 for the period to 5 April 2023. Grants of £75,763 were made and support costs amounted to £3,210. The deficit has been made good by transfer from the expendable endowment fund. This compares to grants of £59,997 and supporting costs of £3,242 for the previous year.
Expendable endowment
Expendable endowment stood at £653,543 (2022: £707,117) at the balance sheet date and constitutes the free reserves.
Principal funding source
The principal funding source comprises gifts from the trustees of the charity and from investment income.
Investment policy and objectives
The trustees have agreed a medium risk profile.
Reserves policy
The trustees aim to maintain the endowment fund at a level to provide a sufficient capital base to generate and income level sufficient to maintain the level of grant making planned in the future. The trustees are satisfied with the current level of reserves.
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THE SANDS FAMILY TRUST
REPORT OF THE TRUSTEES
Year ended 5 April 2024
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Structure, governance and management
Constitution
The Sands Family Trust is constituted by Deed of Trust dated 23 March 2010 and is a registered charity, Number 1136909.
Trustees
New trustees may be appointed by the existing trustees by virtue of a power contained within the Trust Deed. The Trust Deed provides for a minimum of three trustees.
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
New trustees may be appointed by the existing trustees by virtue of a power contained within the trust deed. A minimum of three trustees is required by the trust deed.
Organisation structure
The trustees must hold at least two ordinary meetings each year. At those meetings, the trustees agree broad strategy and activity for the Trust, including consideration of grant making, investments and reserves.
Induction and training of new trustees
On appointment, new trustees must expressly acknowledge his or her acceptance of office of Trustee of the Charity. In selecting new trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity. New trustees are provided with a copy of the Trust Deed and a copy of the Charity's latest report and accounts.
Risk management
The trustees have assessed the risks to which the charity might be exposed and consider them to be minimal. The trustees have addressed such risks that exist.
Approved by order of the trustees fl Ai Ok.. tO .......and signed on its behalf by:
Jacqui Kloseley - TrusteeBS,
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THE SANDS FAMILY TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Year ended 5 April 2024
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Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing the Report of the Trustees 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, 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 preparing these financial statements, the trustees are required to:
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e select suitable accounting policies and then apply them consistently; ° observe the methods and principles of the Charities SORP (FRS 102);
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e make judgements and accounting estimates that are reasonable and prudent;
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° state whether applicable accounting standards have been followed, subject to any 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 business.
The trustees are responsible for keeping accounting records, which disclose with reasonable accuracy 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.
Approved by order of the trustees ae 24 OL... ZOZH and signed on its behalf by:
Jaca Moseleya
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THE SANDS FAMILY TRUST
Independent Examiner's Report to the Trustees of The Sands Family Trust - Charity Number:
1136909
Year ended 5 April 2024
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| report on the accounts of the trust for the year ended 5 April 2024
Respective responsibilities of the trustees and examiner
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirement of the charities Act 2011 (‘the Act’)
| report in respect of my examination of the trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions give by the Charity Commission under section
145(5)(b) of the Act.
Independent examiner's statement
| am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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e the accounting records were not kept in accordance with section 130 of the Charites Act; or ¢ the accounts did not accord with the accounting records; or
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e the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other that any requirement that the accounts give a 'true and fair’ view, which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Name:
SERRE REEREEEEY TEREER TEE Date: 17-Jun-24 Karen Whiley
Relevant professional qualification or body: FMAAT
Address: 5 Ashdown Chase Nutley TN22East Sussex3LY
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THE SANDS FAMILY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 5 April 2024
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|||Unrestricted
income|Expendable
endowment|Total
thisyear|Total
last year|
||Note|Fund|Fund|2024|2023|
|||£|ie|£|8|
|Income resources||||||
|Voluntary Income||||||
|Donations|1|2,772|-|AA
AA|-|
|Tax refund due on gift aid||-||-|-|
|Investment income|2|-|11,128|11,128|13,559|
|Total incoming resources||2,772|11,128|13,900|{eloa9|
|Resources expended||||||
|Cost ofgenerating funds||||||
|Investment management costs|||-|-|a|
|Charitable activities||||||
|Grants made|3|75,763|-|75,763|59,997|
|Governance cost||||||
|Administration & Trust accounting|4|3,210|-|3,210|3,242|
|Bank charges||148|-|148|-|
|Total resources expended||79,120|-|79,120|63)239|
|Net incoming/(outgoing) resources||(76,348)|11,128|(65,220)|(49,680)|
|before transfers||||||
|Gross transfers between funds
Net income/(outgoing) resources before||77,466
1,118|(77,466)
(66,338)|(65,220)|(49,680)|
|other recognised gains and losses||||||
|Other recognised gains and losses|5|(1,118)||(1,118)||
|Realised (Losses)/gains on investment assets|||(1,252)|(1,252)|(3,177)|
|(Losses)/gains on investment assets|||14,016|14,016|(59,394)|
|Netmovements infunds||-|(53,574)|(53,574)|(412,250)|
|Fund balance brought forward at6 April 2023||-|707,117|707,117|819,367|
|Fund balance carried forward at 5 April 2024||-|653,543|653,543.|707,117,|
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THE SANDS FAMILY TRUST
BALANCE SHEET
Year ended 5 April 2024
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|||Total|Total|
||Note|this year|last year|
|||2024|2023|
|Current assets||||
|Investment portfolio at market value|6|639,645|696,585|
|Debtors|7|-|-|
|Cash at bank and in hand||17,107|187/53)|
|Creditors: amounts falling due within one year|8|(3,210)|(3,222)|
|Net current assets||13,897|HOLT|
|Total assets less current liabilities||653,543|707,117|
|Funds||||
|Expendable endowment fund||653,543|TOM, Wie|
|Unrestricted income fund||-|-|
|||653,543|COPeitT|
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THE SANDS FAMILY TRUST
CASHFLOW STATEMENT
Year ended 5 April 2024
| 2024 | 2023 | |
|---|---|---|
| Net income for the year | (65,220) | (49,680) |
| Adjustments for | ||
| Interest and dividends | (11,128) | (13,559) |
| Decrease/(Increase) in debtors | - | - |
| (Decrease)/Increase in creditors | (12) | 182 |
| Cash flows from operating activities | (76,360) | (63,057) |
| Cash flows from investing activities | ||
| Interest and dividends | 10,010 | 13,559 |
| Proceeds from sale of investments | 80,832 | 51,397 |
| Purchase of investments | (11,128) | (13,559) |
| Net cash used by investing activities | 79,714 | SrLsoyr |
| Change in cash and cash equivalents | 3,354 | (11,660) |
| Cash and cash equivalents brought forward | 13,753 | 25,413 |
| Cashandcashequivalentscarriedforward | 17,107 | OMS! |
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THE SANDS FAMILY TRUST
ACOUNTING POLICIES
Year ended 5 April 2024
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) "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 the Republic of Ireland (FRS 102) (effective 1 January 2015)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of lreland" and the Charities Act 2011. The financial statements have been prepared on a going concern basis and under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Going Concern
There are no material uncertainties about the charity's ability to continue.
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 recognised as expenditure as soon as there is a legal or constructive obligation 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 the headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
The expendable endowment fund has been invested to primarily produce income although the trustees may use the fund for charitable purposes if required.
Restricted funds can only be used for a particular restricted purpose within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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THE SANDS FAMILY TRUST
ACOUNTING POLICIES
Year ended 5 April 2024
Investments
Investments are shown at market value at the balance sheet date. All gains or losses on the revaluation or on disposal are included in the Statement of Financial Activities
Investment income is recognised as receivable.
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THE SANDS FAMILY TRUST
NOTES TO THE FINANCIAL STAEMENTS
Year ended 5 April 2024
| ————————$ ——————— ES —————— Er |
_____ | ee |
|---|---|---|
| 2024 | 2023 | |
| £ | A | |
| 1 Income | ||
| Donation | ND | - |
| Donation (Gift Aid) | - | - |
| 2,772 | : | |
| 2 Investment income | ||
| Unit trust distributions (Accumulation units) | 11,128 | 13,559 |
| 11,128 | 13,559 | |
| 3 Grants | ||
| Harvard University | 1,500 | |
| International Rescue | 30,000 | |
| First Story | 1,000 | |
| Pearson College | 38,263 | |
| The Trussell Trust | 5,000 | 5,000 |
| Highbury Vale Blackstock Trust | 5,000 | |
| Beacon Global Foundation | 41,000 | |
| Islington Fundation | 5,000 | |
| Hackney Foodbank | 5,000 | |
| United World Colleges | 38,997 | |
| 75,763 59,997 ee |
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| 4 Governance costs | ||
| Administration & Trust accounting to 5 April 2023 | - | 2,hie: |
| Independent examination fees to 5 April 2023 | - | 450 |
| Bank charges | 20 | |
| Administration & Trust accounting to 5 April 2024 | 2,760 | - |
| Independent examination fees to 5 April 2024 | 450 | - |
| Bank charges | 148 ~3,058 |
- 3,242, |
| 5 Bank Charges & Exchange rate adjustments | ||
| Exchange rate variances on CHF grant | (1,118) | - |
| 6 Fixed asset investments | ||
| Market value | ||
| Market value broughtforward | 696,585 | 796,994 |
| Additions at cost | 11,128 | 13,559 |
| Less disposals proceeds | 80,832 | 51,397 |
| Add/(deduct) net gain/(loss) on revaluation | 12,764 | (62,571) |
| Market value atend of year | 639,645 | 696,585 |
| Realised gains/{loss) | (1,252) | (Siil77) |
| Unrealised gains/(loss) | 14,016 | (59,394) |
| 12,764 | (62,571) | |
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THE SANDS FAMILY TRUST
NOTES TO THE FINANCIAL STAEMENTS
Year ended 5 April 2024
OC)
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| 7 | Debtors | iS c |
8 - |
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| 8 | Creditors: amount falling due within one year | ||||||
| Independent examination fees to 5 April 2023 | = | 450 | |||||
| Administration & Trust accounting to 5 | April 2023 | - | 2,472 | ||||
| Independent examination fees to 5 April 2024 | 450 | ||||||
| Administration & Trust accounting to 5 April 2024 | 2,760 | ||||||
| 3,210 | 3,222 | ||||||
| 8 | Analysis ofInvestment | ||||||
| Mkt | Value | Mkt Value | |||||
| at year end | al year end | ||||||
| Portfolio value | 639,645 | 696,585 | |||||
| Total | 639,645 | 696,585 | |||||
| The historic cost ofthese investments was £539,679 (2023: £599,214) | |||||||
| 9 | Analysis of Funds | ||||||
| At | Income | Expenditure | Gains/losses | At | |||
| 06-Apr-23 | & transfers | 05-Apr-24 | |||||
| £ | iB | £ | £ | ig | |||
| Expendable endowment funds | 707,117 | 11,128 | - | (64,702) | 653,543 | ||
| Unrestricted funds | - | 2,772 | (79,120) | 76,348 | - | ||
| 107,117 | 13,900 | (79,120) | 11,646 | 653,543 | |||
| At | Income | Expenditure | Gains/losses | At | |||
| 06-Apr-22 | & transfers | 05-Apr-23 | |||||
| £ | £ | Bs | |||||
| Expendable endowment funds | 819,367 | 13,559 | - | (125,809) | 707,117 | ||
| Unrestricted funds | - | - | (63,239) | 63,239 | - | ||
| 819,367 | 13,559 | (63,239) | (62,570) | 707,117 | |||
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THE SANDS FAMILY TRUST
NOTES TO THE FINANCIAL STAEMENTS
Year ended 5 April 2024
9 Analysis of Funds continued
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general charitable objectives.
Expendable endowment funds are primarily invested to produce income but may be used to fund charitable purposes.
10 Related Party Disclosures
Mr P Sands did not make any gift aid payments to the trust in the year ended 5 April 2024. This compares with no payments in the year ended 5 April 2023. However he made a non-gift aid donation of £2,772 in settiment of the trustees' accountancy fee for the year ended 5 April 2023.
11 Staff costs and Trustees’ Remuneration and Benefits
There were no employees of the charity during the year. The trustees received no remuneration and were not reimbursed for any of the expenses in the year.
12 Appointment of third trustee
The trustees are in the process of appointing a new trustee.
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