Charity number: 1168357
THE SANDYS TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
WKS1311043660v1

CONTENTS
REFERENCE AND ADMINISTRATIVE DETAILS
REPORT OF THE TRUSTEES
STATEMENT OF TRUSTEES. RESPONSIBILtTIES
INDEPENDENT EXAMINER'S REF¥)RT TO THE TRUSTEES
STATEMENT OF FINANCIAL ACTIVITIES
10
BAL4NCE SHEET
11
CASH FLOW
12
NOTES TO THE FIMNCIAL STATEMENTS
13-16
WKS1311043660v1

THE SANDYS TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
Charity registration number
1168357
Prin¢ipal office
clo Chades Russell Speechtys LLP
Compass House
Lypiatt Road
Chdlenham
Gloucestershi
GL50 2QJ
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
Wesl MalliThJ
Kent
ME19 4JQ
Solicitors
Charles Russell Speechlys LLP
Compass House
Lypiatt Road
Chdlenham
Gloucestershire
GLSO 2QJ
Independent examiners
Hazlewoods LLP
Slaverton Court
Slaverton
Chellenham
GL51 OUX
Trusteès
Christopher Page
caroli￿ Clarke
l trustees served Ihroughoul the pe￿d
WKS1311043660v1

THE SANDYS TRUST
REPORT OF THE TRUSTEES
for the year ended 31 March 2022
The TnJslees and Directors present their annual rep￿1 and the unaudited financ4al statements for
Ihe year ended 31 March 2022. In preparing the annual report and finanaal Statements the
Tnjstees and Director5 have ajopled provisions of the Charities SORP (FRS 102) Accounting
and Reporting by Charities-. Statement of Recommended Practice aPpI￿able to charities preparing
their accounts in accordance with Ihe Financial Rep(*ting Standard applKable in the UK and
Republic of Ireland (FRS 1021 (effective 1 January 2019).
STRUCTURE. GOVERNANCE AND IAANAGEMENT
The Sandys Trust is a charitable trust wvemed by a Trust Deed ¢Jaled 21 June 2016. It is regislered
as a charity with lh8 Charty Commission for England and Wales {Registered Ch￿ty Number
1168357}.
The Trust was cre21ed from an initial transfer of cash from the Estate of Lady Sandys Deceased in
acc0rdaf￿e with the Trust Deed dated 21 June 2016. The nel resKlue of the Estate was appointed
to the Sandys Trust by Deed on 28 Aw"12017. Further funds will be transferred lo the Sandys Trust
during the Estate administration period unkn'l the adminislralion is complete.
The names of Ihe Trustees who served during the year are sel out in the adminislratNe details on
page 3. The Trustees are Ihe Execut￿$ of the Estate of Lady Sandys Deceased.
Under the Trust Deed, ts statutory powers of appointing and additional Trustees under the
Trustee kl 1925 apply but the statutory powers can be exercised to increase the nurnber of
Trustees beyond four. The Trust Deed provides that in selecting indNiduals to be appointed as
Trustees, the existing Truslees must have regard to the skills, knovAedge and experience needed
for the effective administratjon of the Trust. The Trustees intend lo consider the possible
appointment of additional Trustees after considering whether Ihere are additional skills required on
the Board going forward.
The Trustees are responsible for the genwal control and management of the administration of the
Trust. Where necessary, they seek legal advice from their so￿1￿10r$.
Chades Russell Speechbys LLP.
The Trust has no employees. The key marwent personnel ￿MINISe the Truste95 Only. The
Trustees received no remunerati￿ in Ihe year for their rd6 as Trustees.
The Trustees keep under rev*w the major operationa and strategic risks that the Trust faces and
are satisfied that systems are put in place to minimise the possible effect of such risks on the Trust.
As the charity is a grant making trust and has no employees, there are few material risks to
on5ider. The principal nsk b the charity in Ihis calendar year was in rdalion lo the part of Ihe
onlract for the sale of the property that was not yet com￿ete. as il was conditional on certain
events. The Iruslees remained in regular contact ￿th the purchaser in this regard to ensure that
the best outcome was achieved for the charity. The day lo day adminislration of th8 charity is
rried out by profeSsior￿6￿ quaIrf￿1 staff of Charles Russell Speechtys LLP, and transactions
require prior approval by trustees.
WKS1311043660vl

THE SANDYS TRUST
REPORT OF THE TRUSTEES (CONTINUED)
for the year ended 31 March 2022
OBJECTIVITIES AND ACTIVITIES
Background
Lord and Lady Sandys in their lrfelimes sel up the Ombersley ConservatKsn Tnjst {Charty
registered number 1025044) into which they had. in the eady 19￿$. transferred the majority of the
Ombersley Court Esiale, induding agricultural land and residential properties. They retained the
main house {Ombersley Court}. and ils contents, gardens and stables. Their hope had been that
in due course the house and ils historic contenls would be kept together and join the remainder of
the family's assets within the Ombersley Conservation Trust. For various reasons. after their
deaths. this proved impossible, given Ihe Ombersley Conservation Trustees, assessment of their
assets. liabiif(ies and objectives. Lady Sandys. default intention was that as far as possible. the
remaining assets would either be retsined or sold, bul in both cases forchariiable purposes (subject
to gifts lo Lord and Lady Sandys, families).
In considering how lo pul these intentions into effect the Executors look broad-ranging advi￿ from
number of different angles including conservationists and other professional experts, and
considered that advice with their agents. Savills (previously Smiths Gore. who had acted as agent
for Lord Sandys for decades). Savills had earried out a full apprai521 of the drfferent options, and
had also carried out and costed a full survey of the house. and considered all the town and countsy
planning and architectural challenges. Commercially. given the as5els in the Estate, none of the
considered proposals were viable. The onty practul solution was for the house to be sold.
As a consequence. in following their wishes regarding the contents, Lord and Lady Sandys.
Executors followed a strategy which. put simply. was intended on the one hand lo relain as far as
possible the key house contents, including family portraits and bdongings, insofar as they had
historic interest lo the public. al Ombersley, and then lo dispose ol the remainder of the assets.
using the nel proceeds of those sales for chariiaue purposes in accordance with Lord and Lady
Sandys. wishes. either by being paKI over to other charities, or throu￿ Ihe Ombersley Conservation
Trust.
Followng professional advice, and tsking valuations from a qualified surveyor, the house and rts
gardens were sdd on the open maiket. As conditions of the sale. the Executors required {and
would in certain crrcumslances provrde financral assistance towards)". that part of the stsbles would
beeome 2 museum. in which retained Sandys. artefacls could be shown lo the public. and the story
of the SarKlys' family told" that The Walled Gardens should be used for charitable purposes.. and
that important family portraits and fumilure should be lent to the new owner of Ombersley Court.
(who had also bought 8 substantial proportion of other r(ems that were not thought to be 'key I, on
the condition that The Court. for the first lime ever. was lo be opened lo the public. The longer-
temi ownership of the retained chattels is being discussed with the Ombersley Conservation Trust
(the obvious recipient).
In going through the contents of the house. it wa5 clear that there were many item5 that were more
approprialely placed in other museurns or galleries for the public to see. 50 in addition lo the general
strategy, the Executor5 and Trustees have f￿lowed a detailed plan in identifying the best pl￿e for
certain elements of the Sandys. cdleclion. Those details will become clear from the accounts.
WKS1311043660v1

THE SANDYS TRUST
REPORT OF THE TRUSTEES (CONTINUED)
for the year ended 31 March 2022
OBJECTIVITIES AND ACTNMES (Cont)
Background (Cont)
In the course of the Estate administrat￿￿. but prior to the establishment of the Sa￿y$ Trust charity.
the Executors made two charitable dOnat￿nS. £1mill￿n was given to Revitalise Respite Holidays
Icharily registration number 295072). a charity ￿lch runs respite care holidays. which had been
discussed with Lady Sandys, arKI of Umphin Island, in the Republic of Ireland. to Birdwatch Island
{charity reg 5703. Rep Ireland).
GNen the general strategy. as set out above. Inevita￿ the transacth)ns wth the lyjyer of the house
have been more complicated. and lengthy. than a straighfforward sale. The complications have
been exacerbated by economic issues arising from the pandemic and prolonged planning
application woli8tions which have required the original expedation and strategy lo be kept under
review, 11 is clear that not all aspects of the general strategy will be achieved. However, a5 each of
the different elements are completed. and cash becomes available, that cash is being transferred
lo the SarKlys Tnjsl. wilh a view lo distribulions be￿9 made to other charilies in the relativety short
term.
Objecllv¢s
The obj'ects of the Trust. as set tsjl in the Trust Deed. are to further such charrtable purposes
(according to the law in England and waes) as the Trustees from time to time in their absolute
disuelion dec￿e.
The Truslees have gNen due consideration to Charity Commission put4tshed widance on the
operation of wblic benefit requKemenl.
The Trustees have estat4ished a grant-Ma￿ng pdicy for the Twst. This provides that the Trust will
only make ￿antS lo UK registered charit￿S and that the fcKus wll be on {al educational charities
registered in the UK {bl herilage arKJ conservation Charit￿ operating in the UK Ic} chanlies working
with disabled people and th&r carers in the UK Idl UK charities that provide educational, histor
and cultural opportunities for young Peo￿ {e> charitss OFw*iThJ in Ombersley or more widety in
Worces￿h1re.
The Trust does not accept unsoli¢iled grant applutions. Instead. the Trustees actively seek
appropriate charities to support in line with the Trust's grant making pc4icy.
Prlnclpal a¢tivitles for public bgnrfrt
The Trustees undertook considerable work in assessing Nthether grfts or loans of paintings and
historical items could be made to museums. galleries and eduCat￿nal institutions. but COVID 19
delayed the comtdetion of arra[￿ementS. A number of the grfts and loans arranged have been
comFdeled in the 202112022 financ￿1 year.
l*VKS1311043660v1

THE SANDYS TRUST
REPORT OF THE TRUSTEES (CONTINUED)
for the year ended 31 March 2022
ACHIEVEMENT AND PERFORMANCE
Raview of actlvllies and future developments
As indicated above. significanl preparation was undertaken during the year in developing the future
grant programrne lo be undertaken in furtheTarKe of the charitable objects of the Trust.
Although some loans and gtfts had been arranged in this year. iwo signrficanl, high profile loans of
high value paintings did not proceed, due lo the impacl on the proposed recipient charities, financial
position due to the Covid palldern￿. and the arrangements for these loans are still on hold. Other
grfts have been delayed.
The Trustees intend to make substantial financial grants to a number of charities over a period of
the next 2-3 years.
The Trustees also intend whwe approwiale to enter into arrangements with museums and galleries
to provide for the loan or gift of paintings or histori￿1 items once received from the Estate of Lady
Sandys, thereby enabling greater public a￿$ lo such painting5 and item5.
FINANCIAL REVIEW
The total income of the Trust durirvJ the financial period was £177.400.
The total eXpe￿lture of the Tnjst during the financial period wa5 £350,957.
As indicated al)ove. il is Ihe Trustees. intentHJn to apply inr*)me and capital in the making of grants
in furtherance of the charitsble objects of the Trust.
The Trustees intend lo keep sufficient liquid ￿ndS in reserve to meet ongoiThJ expen(Jilure
associated with the administration of the Trust.
INDEPENDENT &XAMINERS
Hazlewoods LLP have expressed their willingness to continue in office.
ned on behalf of the bo
of Trustees on..................................
Christopher Pago
Trustee
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THE SANDYS TRUST
STATEMENT OF TRUSTEES, RESPONSIBIUTIES
for the year ended 31 March 2022
The Trustees are responsit4e for preparing the annual re[￿ and the financh31 statements of the Trust
in accordance with appluble law and rewlatK)ns.
The law applicable lo charities in EnglarKI and Wales requires the Trustees to prepa￿ financFal
slalements for each financial year that give a true and fair view of the stale of affairs of the Trust and of
the incoming resources and ol the applutton of resources of the Trust for that year. In preparing these
financial statements the Trustees are required to..
sdect suitable a￿OUntIng Fdicie5 and then apply them ccvBislendy:
make judgements and estimates that we reasonable and prLthnt;
observe the Mel￿S and prif￿apleS in Ihe Charit￿¥ SORP: and
prepare the finanaal statements on Ihe g)iry c¢)n¢ern basis unless il is inappropriate lo presume
that Trust wll continue in operation.
The Trustees are responsible for keeping accounting records that are suffic￿nI to show and explain the
Twsl's transact￿n5 and disdose with reasonalje acwracy al any lime the financial position of the Trust
and enable them lo ensure that the finanual slalemen15 comply with applKable law. They are also
responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the
prevention and deteclH)n of fraud and other irregularities.
S*3n8d on behalf of the board of Trustees on .....
Christopher Pag•
Trustee
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THE SANDYS TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED
FINANCIAL STATEMENTS
for the year ended 31 March 2022
I rewrt on the financkal statements of the charity for the year eThled 31 March 2022. which comprise the
statement of financial aclivilies, the balar￿ sheet and the related noles. These financial slalements
have been prepared under the hislorical cost conventw and the ￿lUntIng policies set out therein.
Respectlve Responsibiliti•s of Trust•es and Examin•r
The Trustees are responsible the weparalion of ihe financial stalements. The Charity's Trustees
consider that an audit is not required for this year under section 144 of Ihe Charities Act 2011 Ilhe
Charities Act) and that an independent examination is needed_ The Charity's gross income exceeded
£25.000 and l am qualifie(I lo undertake the examination by being a qualified member of th8 Inslrtule of
Chartered Accountants.
Having satisfied mysdf that the Charity is rK)t subject to audit and is eligible for independent
examination. it is my responsibility to..
examine the financial statements under section 145 of the Charities Act..
lo follow the procedures laid down in the general Directions given by the Charity Commission
under section 145(5Mb) of the CharIt￿S Act. and
lo slate whether particular matters have come to my attention.
Basls of Independent Examiner's Rgport
My examination was carried out in accordance with the general Directions gNen by the Charity
Commission. An examination includes a review of the accounting records kept by the Charity and a
comparison of the financial slalemenls presenled with those records. 11 also includes consideration of
any unusual items or disclosures in the financial sfalemenls, and seeking explanations from you as
Trustees concerning any such mallers. The procedures undertaken do not provide all the evidence that
would be required in an audit and consequenlty no opinion is gwen as to whether the financial
statements present a Irue arKI fairview. and the rewl is limite(J to those matters sel wl in the slalemenl
below.
Indep•ndent Examinerfs Statemw
In COnnect￿n wrth my examination. no matter has come to my attention lo Ind￿te Ihal..
accounting records have not been kept in accordan￿ with section 130 of the Charities AGt'.
the financial statement5 do not accord wtth such records-.
where financial statements are prepared on an accruals basis. whether they are not consislenl
th the Charities SORP IFRS102)
any matter, which in my opinion. should be drawn lo the attenlKJn of the reader lo gain a proper
understanding of the financial statements.
Scoll LavdTencè ACA. DChA
HAZLEWOODS LLP
Slaverton Court
Siaverlon
Chellenham
GL51 OUX
Date.. 28 March 2023
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THE SANDYS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2022
Note
2021
Unr•strlcted
Funds
Unrestricted
Funds
Incomo:
Donations transferred from Estate
177.400
177,400
Exp¢nditure:
Gifts of chattels and cash to charitable bodies
Adminislration expenses
337,800
13,157
8.069
350.957
8.069
NET MOVEMENT IN FUNDS
1173.557)
(8,069)
Total funds Ixought forwwd
2.411.718
2,419,787
Total funds carrled fonvard
2238.161
2.411.718
This Statement of Financial Affairs includes all gains arKI10sses in the year and therefore a separate
Statement of total recognised gain5 and losses has not been prepared.
l of above ￿OUnts relate to CODtinuing *ivities.
10
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THE SANDYS TRUST
BALANCE SHEET
as at 31 March 2022
Note
2022
2021
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Cash in hand and al bank
536.705
1.711.256
2.389.105
31.413
2.247.961
2.420,518
LIABILITIES
Creditors.. amounts due
within one year
{9,800)
(8.800)
NET ASSETS LESS CURRENT LIABILMES
2.238.161
2.411.718
NET ASSETS
2,238,161
2,411,718
THE FUNDS OF THE TRUST
Unrestricted Funds
2,238,161
2,411,718
The ftnancial slatements were approved by Ihe Trustees on ...
Christopher Page
Trustee
Caroline Clarke
Trustee
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THE SANDYS TRUST
CASH FLOW
as at 31 March 2022
2022
Cash from opgrating actlvltles
Net movement in funds
(173.557)
(8,069)
Interest received
(IncreaseyDecrease in debtors
1.852.400
39,438
Increasel(Dernse) in credrtW8
(8,200)
Cash from investlng aclivitios
Interest received
Movement in cash
1.679.843
23.169
Cash at start of the year
31,413
8,244
Cash at end of the year
1.711.256
31.413
12
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THE SANDYS TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2022
ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting wlicias have been
applied consislenlly throughout the period.
Ba8ls of Accountlng
The financial slalefflenls have been prepared under the hislorul cost convention, adopts.ng the
fdlowing accounting poI￿leS. all of whieh are in accordance wrth the Accounting and Reporting
by Charities- Slalemenl of Recommende(I Practice ap￿leable lo charities preparing their
Financial slalements in accordance with the Financial Report Standards applicable in the UK and
Republic of Ireland IFRS 102) issued on 16 July 2014. the Financial Reporting Standard
applicable in the United lQ"ngdom arKI the Republic of Ireland (FRS 102) and the Charities Act
2011.
The financial statements are presented in Pounds SterliThJ and have been rounded to the nearest
pound.
Golng Concern
The Trust has cash resources and no requirement for external fvnding. The Tnjslees have a
reasonable expectation thal the Tnjst has adequate resources and that there are no material
uncertainties aboul the Trusl's ability lo continue in operational existence for the foreseeable
future. They belwe the going concem basis of accounting appropriate in preparing the financial
statements_
Income and expendlture
All income is recognise(l in full in the stalement of financial aclivities when receivat￿e. Liabilities
are recognised as expenditure as soon as there is a legal or constructive obligation committing
the charity to that expenditure. il is probable that a transfer of economic benefils will be required
in selllement and the amount of the obligation can be measured reliably. Expenditure is accounted
for on an accruals basis and has been dassrfie(J un(Jer headings that aggregate all cost related
to the catewry. Where costs cannot be directly attributed to Part￿lar headings they have been
allocated to aclNilies on a basis con￿Stent the use of re%)urces.
Debtors
Trade arKI other debtors we recognised at the settlemenl amount due after ary trade discount
offered. Prepayments we valued al the amount prepaid net of any trade discounts due.
Cash at bank in hand
Cash al bank includes cash on hand and other short term htghly liquid investments that ￿ readily
convertible lo a known amount of cash an¢Y are subject to an insignrfunl risk of change in value.
Fund accountlng
The general fund5 consist of accumulated surpluses and other fijnds which the charity may use
for any purposes at ils discretion.
13
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THE SANDYS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 March 2022
Donations transferred from Estat•
Challels of £177.4(M) were approrrriated lo the trust by Ihe Executors of the Estate of Ihe late Lady
Patricia Simpson Sandys at probate value1£177.400) and subsequently grfted lo charitable bodies
during the finarrial year.
Gifts to charltable bodles
2022
2021
Chattels:
Worcester Cathedral
Bishop's Bible arKt other books
Historic Royal Palaces
Family miniatures
40,000
137.400
Othgr.
IOU as$NJned lo Gemini Omberthy CcMJrt Charity
120,400
Cash:
Ombwsley Spire and Church Appeal
Falkland Stewardship Trust {re Garvellachsl
International Futures Forum Ire Garvellachs)
25.CM)O
lo.￿0
S,OCKJ
337,800
Débtors
2022
2021
Conditional sales proceeds
Cash held by Executors of the Estate of L￿Y Sandys
Cash held by Executors of the Estate of
Sandys- on escrow
IOU agreement with purchaser of Ombersley Court
Reversal of fees charged in error
500,(M)O
1.018.705
518,705
b)
750,000
120.400
18,0
$36.705
2.389.105
a) The original agreement sel out the maximum surn due from the purchaser of £1 mli lion. which
was secured against a prop￿. per speryal condibon 20 of the sa￿ A￿eement and
subsequent variat￿)n5. If the wrchaser had donated £1 million to the charity RevitalBe. then
this sum would not have been due to the Sandys Trust. If the purchaser did not make the
donation to Revitslise. then either the £1 millKJn was due lo the Sandys Trust. or, rf the
purchaser sold the property on which this sum was Secured. a fomiula applied to the amount
due depending on the value achieved in ￿ propety sale.
14
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THE SANDYS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 March 2022
Debtors {¢ont)
al The sale terms were renegolialed with the purchaser in December 2021. and the Trustees
accepted £SOO.000 rather than the maximum conditional proceeds of £1.000,000 given that
the sale of the property that this was secured against would not have resulted in a grealer
sum re￿1vable by the Charity (and indeed was eslimaled at Nil by Savi11s}-
bl £750.OIJ) of th8 proceeds of sale of Ombersley Court held by the Executors of Ihe Estate of
Lady Sandys and received by Ihem on 15 November 2019 is held in "Escrovf for up lo three
years from the completion dale of 8 February 2019 as per special condilion 21 of the sale
agreement and subsequent varial￿n$. This sum will be retained by the Sandys Trust as
unfettered woceeds rf the purchaser does not oblain planning consent for the use of the
Walled Garden and sta￿e5 al Ombersley Court for charitable purposes, obtain £750,000 of
match funding and complete a lease of the property lo the Gemini Ombersley Court Charity
by 02.05.2022.
Followng the renewliation of the sale terms wlh the purchaser in December 2021. these
funds were released from Es(xow to generd funds. and will not be retumed to the purchaser
for the proposed development.
cl £120,400 in respect of an IOU agreement between the wrchaser of Ombersley Court and the
Iwslees of The Sandys Trust per special condrtion 21.1 of the variation of the sale agreement.
This balan￿ was assigned to the Gemini Charity in 2022.
Creditors due within onÈ year
2022
2021
Chades Russell Speechlys lega fees
Hazlewoods audit fees
3,600
6.200
3,600
5.200
9,800
8,800
Related party information
Christopher Page. a Twstee of the Trust. i8 a partner of Charles Russell Speechlys LLP. The
provision for legal fees is lor services prOV￿ed by employees of the firm for adminislralion and
legal adv￿.
15
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THE SANDYS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 March 2022
Payments to Trustees
None of the Trustees received ￿Y remuneration for their Servi￿$ as a Trustee during Ihe course
of the year. nor were any expens85 reimbjrsed lo the Trustees.
16
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