**REGISTERED CHARITY NUMBER: 1176311** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021** ## **FOR** ## **THE SHERWOOD FOUNDATION CIO** Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE **THE SHERWOOD FOUNDATION CIO** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Statement of Financial Position**|5|to|6| |**Notes to the Financial Statements**|7|to|9| **THE SHERWOOD FOUNDATION CIO** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021** The trustees present their report with the financial statements of the charity for the year ended 5th April 2021. 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To advance education primarily but not exclusively to Judaism and the Jewish faith by way of grants, bursaries and endowments. To advance education by assisting in the funding and establishment of apprenticeships to teach the skills (such as polishing and cutting gems) necessary to prepare apprentices for work in the jewellery industry. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. ## **Significant activities** During the period, the Charity has continued to place its resources with stock brokers with instructions to grow the funds. ## **Grantmaking** The Charity will not engage in grantmaking until it has adequate resources to meet its charitable objectives. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The Sherwood Foundation has concentrated upon placing its resources where they can grow to a sufficient size to facilitate the Charity's key objectives. ## **Investment performance** During the year, the market value of the Charity's resources have grown by 22% reflecting the improvement in stock markets as they factored in a world living with Covid-19. ## **FINANCIAL REVIEW** ## **Principal funding sources** The charity was formed as a consequence of the dissolution of the Samuel & Maria Goldstein Charitable Trust which was split by the trustees in order to pursue alternative charitable activities under separate management. ## **Investment policy and objectives** The Charity has adopted an investment risk category of 5. This places its resources into the following funds: Bonds 28.5% Equities 54% Alternative Investments 15% Cash 2.5% This is designed to maintain the real value of the funds by achieving returns above inflation.The Charity is willing to accept short term volatility to generate potentially higher long-term investment returns. ## **Reserves policy** The trustees have been advised by external specialists that the Charity needs to achieve a total return of capital and income in order to build a working fund of £1 million. This will enable the charity to generate surplus income that can be applied to the objectives of the Charity without serious diminution in its long term existence. ## **FUTURE PLANS** The need for the Charity's services is increasing and the Trustees realise that they must develop the Charity's potential to target the issues that it has set out to alleviate. Page 1 **THE SHERWOOD FOUNDATION CIO** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust. ## **Recruitment and appointment of new trustees** The charity is required to have at least four Trustees. Appointment of Trustees is governed by the Trust Deed of the Charity. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee. ## **Organisational structure** The Trust is a Charitable Incorporated Organisation constituted through registration with the Charity Commission on 15th December 2017. ## **Induction and training of new trustees** Any new trustee would upon appointment be fully trained by existing Trustees to ensure they achieve and maintain the high standards that are expected of them. Such an individual is most likely to have already had previous experience in the role. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1176311 ## **Principal address** James House 4 Danescroft Gardens London NW4 2ND ## **Trustees** P H Sherwood Mrs M M Sherwood M Sabey A Guttentag Dr D Myers ## **Independent Examiner** Joey Joseph FCA MCMI Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE Approved by order of the board of trustees on 21st February 2022 and signed on its behalf by: P H Sherwood - Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHERWOOD FOUNDATION CIO** ## **Independent examiner's report to the trustees of The Sherwood Foundation CIO** I report to the charity trustees on my examination of the accounts of The Sherwood Foundation CIO (the Trust) for the year ended 5th April 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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 be drawn in this report in order to enable a proper understanding of the accounts to be reached. Joey Joseph FCA MCMI Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE 21st February 2022 Page 3 **THE SHERWOOD FOUNDATION CIO** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2021** ||||PERIOD| |---|---|---|---| ||||1/1/19| |||YEAR ENDED|TO| |||5/4/21|5/4/20| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |**Charitable activities**|||| |Investment disposal gains/(losses)||7,463|(1,518)| |Investment income|2|6,328|10,243| |**Total**||13,791|8,725| |**EXPENDITURE ON**|||| |Raising funds|3|4,040|6,081| |Other||2,340|2,340| |**Total**||6,380|8,421| |Net gains/(losses) on investments||85,753|(37,341)| |**NET INCOME/(EXPENDITURE)**||93,164|(37,037)| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**||378,164|415,201| |**TOTAL FUNDS CARRIED FORWARD**||471,328|378,164| The notes form part of these financial statements Page 4 **THE SHERWOOD FOUNDATION CIO** ## **STATEMENT OF FINANCIAL POSITION 5TH APRIL 2021** |Notes
**CURRENT ASSETS**
Investments
5
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
6
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**|2021
Unrestricted
fund
£
434,886
38,782
473,668
(2,340)
471,328
471,328
471,328|2020
Total
funds
£
355,796
24,708
380,504
(2,340)
378,164
378,164
378,164| |---|---|---| The notes form part of these financial statements Page 5 **THE SHERWOOD FOUNDATION CIO** ## **STATEMENT OF FINANCIAL POSITION - continued 5TH APRIL 2021** |**FUNDS**
7
Unrestricted funds
**TOTAL FUNDS**|471,328
471,328|378,164| |---|---|---| |||378,164| The financial statements were approved by the Board of Trustees and authorised for issue on 21st February 2022 and were signed on its behalf by: P H Sherwood - Trustee M M Sherwood - Trustee M Sabey - Trustee A Guttentag - Trustee D Myers - Trustee The notes form part of these financial statements Page 6 **THE SHERWOOD FOUNDATION CIO** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021** ## **1. ACCOUNTING POLICIES** ## **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 Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **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 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. ## **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. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| |||PERIOD| |||1/1/19| ||YEAR ENDED|TO| ||5/4/21|5/4/20| ||£|£| |Investment income|5,961|10,222| |Deposit account interest|367|21| ||6,328|10,243| Page 7 **THE SHERWOOD FOUNDATION CIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021** ## **3. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| |||PERIOD| |||1/1/19| ||YEAR ENDED|TO| ||5/4/21|5/4/20| ||£|£| |Support costs|4,040|6,081| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5th April 2021 nor for the period ended 5th April 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 5th April 2021 nor for the period ended 5th April 2020. ## **5. CURRENT ASSET INVESTMENTS** |Brewin Dolphin Portfolio
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|2021
£
434,886
2021
£
2,340|2020
£
355,796| |---|---|---| |||2020
£
2,340| ## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **7. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6/4/20
£
378,164
378,164|Net
movement
in funds
£
93,164
93,164|At
5/4/21
£
471,328| |---|---|---|---| ||||471,328| Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
13,791
(6,380)
85,753
93,164
13,791
(6,380)
85,753
93,164|Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
13,791
(6,380)
85,753
93,164
13,791
(6,380)
85,753
93,164| |---|---|---| |||93,164| Page 8 **THE SHERWOOD FOUNDATION CIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021** ## **7. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1/1/19
£
**Unrestricted funds**
General fund
415,201
**TOTAL FUNDS**
415,201
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
8,725
(8,421)
**TOTAL FUNDS**
8,725
(8,421)|Net
movement
At
in funds
5/4/20
£
£
(37,037)
378,164
(37,037)
378,164
Gains and
Movement
losses
in funds
£
£
(37,341)
(37,037)
(37,341)
(37,037)| |---|---| ## **8. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 5th April 2021. Page 9