## **THE SILLITOE CHARITABLE TRUST**
(Charity Registration Number: 1178713)
**ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023**
_Rathbone Trust Company Limited_
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Index**
## **Page**
- 1-4 Trustees' Annual Report 5 Independent Examiner's Report 6 Statement of Financial Activities 7 Balance Sheet
- 8-13 Notes to the Accounts (including Accounting Policies)
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Trustees' Annual Report**
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year Financial Statements for the year ended 31st October 2023.
## **Objectives and Activities of the Charity**
In accordance with the Charity's governing document, the Trust's objectives are to advance the education of the public in general (and Geology students in particular) in the science of economic geology by providing suitable funding for education, research publications, student support and other suitable programmes. To fulfil these objectives the Trustees will make grants, primarily from Unrestricted Funds.
The Charity's incoming resources are currently mainly from donations. Funds received are invested and held as Expendable Endowment to generate Unrestricted Funds of income. Fund raising activities are not normally carried out, with investment management charges being the only costs of generating funds at present.
The Trustees comply with the duty in S17 Charities Act 2011 to have due regard to the guidance on Public Benefit issued by the Charity Commission when exercising any relevant powers or carrying out duties.
## **Achievements and Performance**
Donations received during the year are to be held as Expendable Endowment and invested to generate income
which will be awarded in the form of grants in future years.
The Trustees are currently discussing an opportunity to provide substantial financial support to endow a Research Leader position in Economic Geology. The Trustees are excited by this prospect and conversations are ongoing with prestigious institutions in the UK.
## **Financial Review**
Income received from investments and interest totalled £31,837 (£22,101 in 2022) and donations, held as Expendable Endowment funds, were received in the sum of £299,458 (£294,520 in 2022). Costs of raising funds totalled £15,072 (£13,338 in 2022). Donations were not made during the year (nil in 2022) while the Charity builds funds to enable larger payments to be made in future. Governance costs were incurred of £5,610 (£3,720 in 2022).
Gains / (losses) are realised on the sale and revaluation of investment assets. During the year ended 31st
October 2023 net losses arising totalled £61,610 (£186,401 net losses in 2022).
The Trustees held total funds of £1,447,376 at the financial year ended 31st October 2023 (£1,198,373 in 2022), of which £1,370,815 (£1,148,039 in 2022) was held as Expendable Endowment, primarily represented by investments assets, and £76,561 (£50,334 in 2022) as Unrestricted Income.
**Page 1**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Trustees' Annual Report**
## Investments
As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the assets and have resolved to delegate their duties to Rathbones Investment Management, who have full discretionary day to day control of the investments. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees have agreed investment policies which have been agreed with Rathbones Investment Management and formalised by establishing a Policy Statement. Also in accordance with the Trustee Act 2000, the Trustees have reviewed investment performance in line with the objectives and benchmarks as set out in the policies. The Trustees are satisfied with the performance during the year in question and are satisfied that no changes need to be made to the policies or investment management at this time.
The Trustees do not have any social investment objectives at this time and have duly considered ethical investing and factors relating to Environmental, Social and Governance investing. No constraints have been imposed on the investment manager currently.
## Reserves:
The Charity's investments will provide a relatively secure and predictable stream of income from which grants will be made in future. The Trustees aim is to donate the majority of net income received each year and therefore shall not maintain a set amount as reserves and instead consider income funds held to be free reserves. This will be regularly reviewed by the Trustees, to ensure that they have sufficient funds to meet with any ongoing commitments.
## **Structure, governance and management**
The Sillitoe Charitable Trust is registered in England and Wales (reg no: 1178713). Its governing body are the Trustees of a Settlement dated 31st October 2013.
There must be at least two Trustees. New Trustees are selected in accordance with their expertise and experience, bringing knowledge to ensure the effective administration of the Charity. Procedures have not been adopted for the induction and training of new Trustees but the Board ensures they continue to operate within current guidelines by discussing all issues arising as advised by the Charity Commission and Rathbones Trust Company Limited during meetings.
The Trustees are required to meet at least two times each year, one of which should be attended in person. All Trustees are expected to attend meetings and play an active role in the administration of the Trust. Two Trustees form a quorum.
## Risks
The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operational, financial, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have agreed investment policies to be adhered to by the Investment Manager. A Policy Statement is being established, which will be reviewed at least once a year in line with investment performance.
**Page 2**
**THE SILLITOE CHARITABLE TRUST**
**Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Trustees' Annual Report**
## **Reference and administrative details of the Charity, its Trustees and Advisors**
Registered No: 1178713 Principal Address: C/o Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Trustees who served Richard Henry Sillitoe - Chairman during the year: Jean Mary Billington Rathbones Trust Company Limited
The individuals who were directors of Rathbones Trust Company Limited were:
Linda Joyce Cousins Timothy Francis Smith - retired 31/12/2023 Robert Paul Stockton Trevor Harris Alexander Richmond James Stephen Hurrell Bruce Robert Newbigging Kerry Roberts Accounts and Tax: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Independent Examiner: Mark Heaton FCCA FCIE DChA, KM Chartered Accountants, 1st Floor, Block C, The Wharf, Manchester Rd, Burnley, BB11 1JG Investment Managers and Bankers: Rathbones Investment Management Ltd, 8 Finsbury Circus, London, EC2M 7AZ
## **Plans for the future**
The Trustees continue to make progress with their discussions to provide substantial funds to engage a Research Leader. In the meantime, grants may be awarded towards such wholly charitable purposes for the public benefit as the Trustees decide and Expendable Endowment will be invested to generate income and growth to fulfil the Charity's objectives.
## **Statement of Trustees' responsibilities for the annual accounts**
The Trustees are responsible for preparing the Trustees' Annual Report and Accounts 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 accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its income and application of resources for that year.
**Page 3**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Trustees' Annual Report**
In preparing these accounts, the Trustees are required to:
- select suitable accounting polices and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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.
## **Declaration**
## _**Agreed and signed on behalf of the Board of Trustees:**_
|_K Roberts_
**_Rathbones Trust Company Limited_**|_29-Aug-24_|
|---|---|
||**_Date_**|
**Page 4**
## **THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Independent Examiner's Report**
## **Independent Examiner's report to the Trustees of the Sillitoe Charitable Trust**
I report on my examination of the accounts of the above named charity ("the Trust") for the year ended 31st October 2023, which are set out on pages 6 to 13.
## **Responsibilities of the Trustees and Independent Examiner**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. It is my responsibility to state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Report**
My 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 the trustees 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 resent a 'true and fair' view. The report is limited to those matters set out in the statement below.
I have completed my examination and confirm that no matters have come to my attention which give me cause to believe that in any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act, or
- the accounts did not accord with the accounting records, or
- the accounts did not comply with 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 for a proper understanding of the accounts to be reached.
|M Heaton|29/08/2024|
|---|---|
|**_Mark Heaton FCCA FCIE DChA_**|**_Date_**|
|**_KM Chartered Accountants_**||
|**_1st Floor, Block C, The Wharf_**||
|**_Manchester Rd_**||
|**_Burnley_**||
|**_BB 11 1JG_**||
Page 5
## **THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Statement of financial activities**
|_Notes_
**Income and endowments from:**
Donations and legacies
_3_
Investments
_4_
Other Income
_5_
**Total**
**Expenditure on:**
Raising funds
_6_
Charitable activities
_7_
**Total**
Gains/(losses) on investment assets
_9_
**Net movement in Funds**
**Reconciliation of funds**
_14_
Total Funds as at 1st November 2022
**Total Funds as at 31st October 2023**|**Expendable Unrestricted**
**Total**
**_Total_**
**Endowment**
**Funds**
**Funds**
**_Funds_**
**2023**
**2023**
**2023**
**_2022_**
**£**
**£**
**£**
**_£_**
299,353
0
299,353
_294,520_
105
30,237
30,342
_22,041_
0
1,600
1,600
_175_|
|---|---|
||**299,458**
**31,837**
**331,295**
**_316,736_**|
||15,072
0
15,072
_13,338_
0
5,610
5,610
_3,720_|
||**15,072**
**5,610**
**20,682**
**_17,058_**|
||(61,610)
0
(61,610)
_(186,401)_|
||**222,776**
**26,227**
**249,003**
**_113,277_**
1,148,039
50,334 1,198,373 _1,085,096_|
||**1,370,815**
**76,561 1,447,376** **_1,198,373_**|
**Page 6**
## **THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Balance Sheet as at 31st October 2023**
|**Expendable**
**Unrestricted**
**Total**
**Endowment**
**Funds**
**Funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
_Notes_
**Fixed Assets**
Investments
_9_
1,337,508
0 1,337,508
**Total Fixed Assets**
**1,337,508**
**0 1,337,508**
**Current Assets**
Debtors
_10_
0
1,639
1,639
Cash at bank and in hand
_11_
33,307
80,532
113,839
**Total Current Assets**
**33,307**
**82,171**
**115,478**
**Liabilities**
Creditors: amounts falling due
within one year
_12_
0
5,610
5,610
**Total Net Assets at 31st October 2023**
**1,370,815**
**76,561 1,447,376**
Represented by:
**The Funds of the Charity**
_14_
Total Charity Funds at 1st November 2022
1,148,039
50,334 1,198,373
Movement in Funds
222,776
26,227
249,003
**Total Charity Funds at 31st October 2023**
**1,370,815**
**76,561 1,447,376**
**_Agreed and signed on behalf of the Board of Trustees:_**
_K Roberts_
29/08/2024
**_Rathbones Trust Company Limited_**
**_Date_**|**_Total_**
**_Funds_**
**_2022_**
**_£_**
_1,054,813_|
|---|---|
||**_1,054,813_**
_748_
_149,290_|
||**_150,038_**
_6,478_|
||**_1,198,373_**|
||_1,085,096_
_113,277_|
||**_1,198,373_**|
|||
**Page 7**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Notes to the Accounts**
## **1 Accounting Policies**
## **Charity Information**
The Sillitoe Charitable Trust is registered in England and Wales (reg no: 1178713). Its governing body are the Trustees of Settlement dated 31st October 2013. Its principal office is c/o Rathbones Trust Company, Port of Liverpool Building, Pier Liverpool, L3 1NW.
The charity is a Public Benefit Entity as defined by FRS 102.
## **Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the Charities SORP "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)” (second edition - October 2019 - effective 1 January 2019).
The accounts have been prepared to give a 'true and fair' view and so have departed form the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure consists of adopting the current version of the SORP (FRS 102).
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of investment assets at fair value. The principal accounting policies adopted are set out below.
The principal accounting policies adopted are set out below.
## **Going Concern**
The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern. Thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the financial statements
## **Charitable Funds**
The charity holds Unrestricted Funds which are available for use at the discretion of the charity in furtherance of its charitable objectives unless the funds have been designated for other purposes.
The charity holds Endowment Funds which are expendable and primarily for income generation The Expendable Endowment Fund increases or decreases in line with the investment valuation. Transfers from the endowment funds are made at the discretion of the trustees for the purpose of furthering the charity's purposes.
## **Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the
amounts can be measured reliably and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
**Page 8**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Notes to the Accounts**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **Expenditure**
Expenditure is recognised when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.
Cash grants made are recognised when paid.
Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources is no longer required, provisions are reversed and charged to the SoFA.
## **Cash and cash equivalents**
Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortbanks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **Financial Instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual
provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
**Page 9**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Notes to the Accounts**
Trade creditors are obligations to pay for goods or service that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Cancellation of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
|**3 Donations**
* Investments at value|**2023**
**£**
299,353
299,353|**_2022_**
**_£_**
_294,520_|
|---|---|---|
|||_294,520_|
*Related party transaction with no conditions attached, as detailed in note 16.
|**4 Income from listed investments**
UK Equities
Unit Trust Interest
Unit Trust Income
REIT
Fixed Interest
Overseas
Non-reclaimable tax paid at source
Excess Reportable Income
**5 Other Income**
Bank Interest|**2023**
**£**
13,313
5,742
3,908
885
1,157
5,480
(248)
105
30,342
**2023**
**£**
1,600
1,600|**_2022_**
**_£_**
_9,649_
_4,091_
_3,595_
_797_
_80_
_3,871_
_(157)_
_115_|
|---|---|---|
|||_22,041_|
|||**_2022_**
**_£_**
_175_|
|||_175_|
**Page 10**
## **THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Notes to the Accounts**
|**6 Raising funds**
**2023**
**_2022_**
**£**
**_£_**
Investment management costs
15,072
_13,338_
15,072
_13,338_
**7 Charitable activities**
**2023**
**_2022_**
**£**
**_£_**
Grants
0
_0_
Governance costs (note 8)
5,610
_3,720_
5,610
_3,720_
**8 Governance costs**
**2023**
**_2022_**
**£**
**_£_**
* Accountancy and Administration fee
3,090
_3,000_
Tax Compliance fee
1,140
_720_
Independent Examiner fee
1,380
_0_
5,610
_3,720_
*Related party transaction as detailed in note 16.
**9 Investment assets**
_Value at_
Purchases
Sales
Realised
Unrealised
_Value at_
_31/10/2022_
at cost
proceeds
Gains
Gains _31/10/2023_
_£_
_£_
_£_
_£_
_£_
_£_
Overseas
_442,779_
230,031
(130,556)
4,578
(18,721)
_528,111_
Bonds and Fixed Income
_71,659_
61,083
(11,330)
0
(1,459)
_119,953_
UK Equities and Inv Co
_525,524_
261,796
(66,719)
(1,858)
(40,584)
_678,159_
REIT and Property Funds
_14,851_
0
0
0
(3,566)
_11,285_
_1,054,813_
552,910
(208,605)
2,720
(64,330)
_1,337,508_
**10 Debtor**
**2023**
**_2022_**
**£**
**_£_**
Investment Income receivable
1,639
_748_
1,639
_748_
**11 Cash at Bank and in hand**
**2023**
**_2022_**
**£**
**_£_**
Cash at Bank
113,839
_149,290_
113,839
_149,290_|**6 Raising funds**
**2023**
**_2022_**
**£**
**_£_**
Investment management costs
15,072
_13,338_
15,072
_13,338_
**7 Charitable activities**
**2023**
**_2022_**
**£**
**_£_**
Grants
0
_0_
Governance costs (note 8)
5,610
_3,720_
5,610
_3,720_
**8 Governance costs**
**2023**
**_2022_**
**£**
**_£_**
* Accountancy and Administration fee
3,090
_3,000_
Tax Compliance fee
1,140
_720_
Independent Examiner fee
1,380
_0_
5,610
_3,720_
*Related party transaction as detailed in note 16.
**9 Investment assets**
_Value at_
Purchases
Sales
Realised
Unrealised
_Value at_
_31/10/2022_
at cost
proceeds
Gains
Gains _31/10/2023_
_£_
_£_
_£_
_£_
_£_
_£_
Overseas
_442,779_
230,031
(130,556)
4,578
(18,721)
_528,111_
Bonds and Fixed Income
_71,659_
61,083
(11,330)
0
(1,459)
_119,953_
UK Equities and Inv Co
_525,524_
261,796
(66,719)
(1,858)
(40,584)
_678,159_
REIT and Property Funds
_14,851_
0
0
0
(3,566)
_11,285_
_1,054,813_
552,910
(208,605)
2,720
(64,330)
_1,337,508_
**10 Debtor**
**2023**
**_2022_**
**£**
**_£_**
Investment Income receivable
1,639
_748_
1,639
_748_
**11 Cash at Bank and in hand**
**2023**
**_2022_**
**£**
**_£_**
Cash at Bank
113,839
_149,290_
113,839
_149,290_|**6 Raising funds**
**2023**
**_2022_**
**£**
**_£_**
Investment management costs
15,072
_13,338_
15,072
_13,338_
**7 Charitable activities**
**2023**
**_2022_**
**£**
**_£_**
Grants
0
_0_
Governance costs (note 8)
5,610
_3,720_
5,610
_3,720_
**8 Governance costs**
**2023**
**_2022_**
**£**
**_£_**
* Accountancy and Administration fee
3,090
_3,000_
Tax Compliance fee
1,140
_720_
Independent Examiner fee
1,380
_0_
5,610
_3,720_
*Related party transaction as detailed in note 16.
**9 Investment assets**
_Value at_
Purchases
Sales
Realised
Unrealised
_Value at_
_31/10/2022_
at cost
proceeds
Gains
Gains _31/10/2023_
_£_
_£_
_£_
_£_
_£_
_£_
Overseas
_442,779_
230,031
(130,556)
4,578
(18,721)
_528,111_
Bonds and Fixed Income
_71,659_
61,083
(11,330)
0
(1,459)
_119,953_
UK Equities and Inv Co
_525,524_
261,796
(66,719)
(1,858)
(40,584)
_678,159_
REIT and Property Funds
_14,851_
0
0
0
(3,566)
_11,285_
_1,054,813_
552,910
(208,605)
2,720
(64,330)
_1,337,508_
**10 Debtor**
**2023**
**_2022_**
**£**
**_£_**
Investment Income receivable
1,639
_748_
1,639
_748_
**11 Cash at Bank and in hand**
**2023**
**_2022_**
**£**
**_£_**
Cash at Bank
113,839
_149,290_
113,839
_149,290_|**_2022_**
**_£_**
_13,338_|
|---|---|---|---|
||||_13,338_|
||||**_2022_**
**_£_**
_0_
_3,720_|
||||_3,720_|
||||**_2022_**
**_£_**
_3,000_
_720_
_0_|
||||_3,720_|
||_1,054,813_
552,910
(208,605)
2,720
(64,330)
_1,337,508_|||
|||**2023**
**£**
1,639
1,639
**2023**
**£**
113,839
113,839|**_2022_**
**_£_**
_748_|
||||_748_|
||||**_2022_**
**_£_**
_149,290_|
||||_149,290_|
**Page 11**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Notes to the Accounts**
|**12 **|**Current liabilities: amounts falling due within**|**Current liabilities: amounts falling due within**|**one year**||**2023**||**_2023_**|
|---|---|---|---|---|---|---|---|
||||||**£**||**_£_**|
||Rathbones Trust Company||||4,230||_3,720_|
||Rathbones Trust Company - prior year||||0||_2,758_|
||Independent Examiner fee||||1,380||_0_|
||||||5,610||_6,478_|
|**13 **|**Financial Instruments**|||**Expendable**|**Unrestricted**|**Total**|**_Total_**|
|||||**Endowment**|**Funds**|**Funds**|**_Funds_**|
|||||**2023**|**2023**|**2023**|**_2022_**|
|||||**£**|**£**|**£**|**_£_**|
||**Carrying amount of financial assets**|||||||
||Debt instruments receivable within one year|||||||
||- Debtors|||0|1,639|1,639|_748_|
||- Cash|||33,307|80,532|113,839|_149,290_|
|||||33,307|82,171|115,478|_150,038_|
||**Carrying amount of financial liabilities**|||||||
||Payable within one year|||||||
||- Creditors|||0|5,610|5,610|_6,478_|
||**Instruments measured at fair value**|||||||
||Investments at value|||1,337,508|0|1,337,508|_1,054,813_|
|**14 **|**Movements between funds**|**_Balance at_**|||**Gains /**|**Transfer**|**Balance at**|
|||**_31/10/22_**|**Income**|**Expenditure**|**(Losses)**|**between funds**|**31/10/23**|
|||**_£_**|**£**|**£**|**£**|**£**|**£**|
||**Expendable Endowments**|||||||
||Investments|_1,148,039_|299,458|(15,072)|(61,610)|0|1,370,815|
||**Unrestricted funds:**|||||||
||General funds|_50,334_|31,837|(5,610)|0|0|76,561|
||Total funds|_1,198,373_|331,295|(20,682)|(61,610)|0|1,447,376|
## **15 Additional information**
No amounts were paid to the Trustees in respect of benefits or out-of-pocket expenses during the year ended 31 October 2023 or 31st October 2022.
The trust had no employees during the year.
**Page 12**
**THE SILLITOE CHARITABLE TRUST**
## **Annual Report and Unaudited Financial Statements for the year ended 31st October 2023**
## **Notes to the Accounts**
## **16 Related Party Transactions**
The trustees have considered personal or other interests in which as a result of a decision made where an individual may benefit financially or otherwise, either directly or indirectly. In order to comply with their duties, the trustees confirm the affected does not take part in any discussions relating to the issue concerned other than to clarify facts.
Apart from a donation made by Dr Sillitoe as detailed in note 3, which had no conditions attached to it, no amounts were received by the charity from related parties during the year ended 31st October 2023 (£294,520 in 2022).
Apart from payments totalling £4,230 (£3,720 in 2022) made to Rathbones Trust Company (RTC), a trustee, for services rendered, as permitted by clause 29(2)(b) of the charity's governing document, no amounts were paid to any related parties during the year ended 31st October 2023.
Rathbones Investment Management (RIM) and RTC are both wholly owned subsidiaries of Rathbone Brothers Plc. The investment management is undertaken by RIM at their standard terms as offered to other charities. RTC are not oblige to engage or retain RIM as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is kept under review to ensure that the charity receives appropriate and cost effective investment management services.
No other transactions require disclosure in respect of the year ended 31st October 2023 or 31st October 2022.
## **17 Comparative Statement of financial activities**
|**Income and endowments from:**
Donations and legacies
Investments
Other Income
**Total**
**Expenditure on:**
Raising funds
Charitable activities
**Total**
Gains/(losses) on investment assets
**Net movement in Funds**
**Reconciliation of funds**
Total Funds as at 1st November 2021
**Total Funds as at 31st October 2022**|**Expendable Unrestricted**
**Total**
**Endowment**
**Funds**
**Funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
294,520
0
294,520
115
21,926
22,041
0
175
175|
|---|---|
||**294,635**
**22,101**
**316,736**|
||13,338
0
13,338
0
3,720
3,720|
||**13,338**
**3,720**
**17,058**|
||(186,401)
0
(186,401)|
||**94,896**
**18,381**
**113,277**
1,053,143
31,953
1,085,096|
||**1,148,039**
**50,334**
**1,198,373**|
**Page 13**