THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
ANNUAL ACCOUNTS
5 APRIL 2023
| CONTENTS | Page |
|---|---|
| Trust information | 1 |
| Trustees’ report | 2 |
| Independent Examiner’s report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 – 7 |
| Schedule of donations made | 8 |
Charity registration number: 1175522
1
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
TRUST INFORMATION
5 APRIL 2023
Trustees
G L Bond M R Spratt
Governing document
Trust deed dated 16 May 2016
Contact address
35 Westgate Huddersfield HD1 1PA
Independent Examiner
Wheawill & Sudworth Limited Chartered Accountants 35 Westgate Huddersfield HD1 1PA
Bank
Virgin Money 154/158 Kensington High Street London W8 7RL
2
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
TRUSTEES’ REPORT
The trustees present their report and accounts for the year ended 5 April 2023.
Principal activity and status
The trust is a non-profit seeking charitable organisation whose principal activity during the year was to provide financial support for charities and charitable purposes.
Trustees’ responsibilities for preparing the accounts
Trust law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the trust and of the profit or loss of the trust for that period. In preparing those accounts, the trustees are required to
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~ select suitable accounting policies and then apply them consistently;
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~ make judgments and estimates that are reasonable and prudent;
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~ prepare the accounts on the going concern basis unless it is inappropriate to presume that the trust will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the accounts comply with relevant legislation. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustees
The trustees who served during the year were:
G L Bond M R Spratt
Review of financial position
These details are set out in the Statement of Financial Activities on page 5 of the accounts. Total reserves of the trust at 5 April 2023 were £1,223,149 (2022: £1,372,236).
Public benefit statement
The trustees have considered the general guidance on public benefit issued by the Charity Commission in carrying out its objectives and activities and are satisfied the trust is compliant with its constitution and the provisions of the Charities Act 2011.
Reserves policy and risk management
The trustees have formulated policies to ensure that the trust maintains adequate reserves to finance its operations. Risk management procedures are in place to help safeguard the on-going viability of the trust and to protect its assets.
On behalf of the trustees
G L BOND Trustee 29 February 2024
3
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES
We report on the accounts of The Sydney and Sheila McGhee Charitable Trust for the year ended 5 April 2023 which are set out on pages 4 to 7.
Respective responsibilities of trustees
As the trustees you are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is our responsibility to:
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examine the accounts under section 145 of the Act;
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to follow the procedures laid down in General Directors given by the Charity Commission (under section 145(5)(b) of the Act); and
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to state whether particular matters have come to our attention.
Basis of independent examiner’s report
Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with our examination, no matter has come to our attention
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i. which gives us reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act have not been met; or
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ii. to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
WHEAWILL & SUDWORTH LIMITED Chartered Accountants 35 Westgate Huddersfield HD1 1PA 29 February 2024
4
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended
5 APRIL 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| Notes | 2023 | 2022 | |
| Incoming resources | £ | £ | |
| 2 | Charitable revenues | - | - |
| 3 | Investment income | 50,003 | 49,326 |
| ────── | ────── | ||
| Total incoming resources | 50,003 | 49,326 | |
| ────── | ────── | ||
| Resources expended | |||
| 4 | Charitable expenditure | 64,560 | 32,500 |
| 5 | Management and administration | 15,656 | 17,271 |
| 3 | Investment losses | 118,874 | - |
| ────── | ────── | ||
| Total resourced expended | 199,090 | 49,771 | |
| ────── | ────── | ||
| 6 | Net (outgoing) incoming resources for the year | (149,087) | (445) |
| Total funds at 6 April 2022 | 1,372,236 | 1,372,681 | |
| ────── | ────── | ||
| Total funds at 5 April 2023 | 1,223,149 | 1,372,236 | |
| ══════ | ══════ |
The notes on pages 6 and 7 form part of these accounts.
5
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
BALANCE SHEET
5 APRIL 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Assets | |||
| 7 | Investments | 1,203,849 | 1,286,609 |
| Cash at bank | 20,500 | 87,907 | |
| ────── | ────── | ||
| 1,224,349 | 1,374,516 | ||
| ────── | ────── | ||
| 8 | Creditors:amounts falling due within one year | (1,200) | (2,280) |
| ────── | ────── | ||
| Net assets | 1,223,149 | 1,372,236 | |
| ══════ | ══════ | ||
| Reserves | |||
| Unrestricted funds | 1,223,149 | 1,372,236 | |
| ══════ | ══════ |
The accounts on pages 4 to 7 were approved by the board of trustees on 29 February 2024 and signed on its behalf by
M R SPRATT - Trustee
Charity registration number 1175522
The notes on pages 6 and 7 form part of these accounts.
6
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
5 APRIL 2023
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and include the results of the charity’s operations which are described in the trustees’ report and all of which are continuing.
The financial statements have been prepared in accordance with Accounting and Reporting for Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is exempt from preparing a cash flow statement.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general activities of the charity and which have not been designated for other purposes.
Taxation
The charity is not generally liable for tax by reason of its charitable objects and status.
Incoming resources
All incoming resources are included in the Statements of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Value added tax
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that 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.
Expenditure on management and administration of the charity
Administration expenditure not directly related to the charitable activity predominantly includes professional fees.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
| 2 | Charitable revenues | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Charitable activities | - | - | |
| ══════ | ══════ |
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THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
NOTES TO THE ACCOUNTS (continued)
| 5 | APRIL 2023 | ||
|---|---|---|---|
| 3 | Investment income |
2023 | 2022 |
| £ | £ | ||
| Dividends and interest | 16,071 | 11,943 | |
| Realised gains (losses) | 33,932 | 19,724 | |
| Unrealised gains (losses) | (118,874) | 17,659 | |
| ────── | ────── | ||
| (68,871) | 49,326 | ||
| ══════ | ══════ | ||
| 4 | Charitable expenditure |
||
| Donations made (see page 8) | 64,560 | 32,500 | |
| ══════ | ══════ | ||
| 5 | Management and administration |
||
| Bank charges and fees | 135 | - | |
| Investment and professional costs | 14,946 | 17,271 | |
| Travel expenses | 575 | - | |
| ────── | ────── | ||
| 15,656 | 17,271 | ||
| ══════ | ══════ | ||
| 6 | Net (outgoing) incoming resources for the year |
||
| This is stated after charging: | |||
| Trustees’ remuneration | - | - | |
| Trustees’ expenses | 575 | - | |
| ══════ | ══════ | ||
| The charity had no employees during the year (2022: none). | |||
| 7 | Investments |
||
| Multi Asset wrap portfolio | 1,203,849 | 1,286,609 | |
| ══════ | ══════ | ||
| 8 | Creditors:amounts falling due within one year |
||
| Accruals | 1,200 | 2,280 | |
| ══════ | ══════ | ||
| 9 | Capital commitments |
||
| Capital expenditure contracted but not provided in the accounts | - | - | |
| ══════ | ══════ |
10 Related party disclosures
The trustees are not aware of any material related party transactions that require disclosure.
There is no one controlling party of the charity.
8
THE SYDNEY AND SHEILA McGHEE CHARITABLE TRUST
SCHEDULE OF DONATIONS MADE
5 APRIL 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Life Association | 5,000 | 5,000 |
| Hope At Home | 5,000 | - |
| Rooted In | 5,000 | - |
| Emerging Leaders | 5,000 | - |
| Oasis | 8,000 | 10,000 |
| Salem Congregation | - | 1,000 |
| Kings People Church | 6,000 | 16,500 |
| Hebron Pentecostal Church | 5,950 | - |
| Training support | 5,675 | - |
| Compassion UK | 1,400 | - |
| Cornerstone | 5,835 | - |
| Sarah Frankham social work housing | 5,000 | - |
| Mercy UK | 1,000 | - |
| Little Princess Trust | 500 | - |
| Aspire Creating Communities | 5,000 | - |
| Bacup Borough FC under 16’s | 200 | - |
| ────── | ────── | |
| Total | 64,560 | 32,500 |
| ══════ | ══════ |