Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
(Charity Registration Number: 1178713)
ANNUAL REPORT & AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
Rathbones Trust Company Limited
Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Index
Page
-
1-4 Trustees' Annual Report
-
5-7 Independent Auditor's Report
-
8 Statement of Financial Activities
-
9 Balance Sheet
-
10 Statement of cash flows
-
11-17 Notes to the Accounts (including Accounting Policies)
Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Trustees' Annual Report
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 31st October 2024.
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 primarily from donations. Funds received are held as directed by the donor. Expendable Endowment is invested to generate Unrestricted Funds of income. Fund raising activities are 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
The Trustees continued discussions with the Natural History Museum relating to an opportunity to provide substantial financial support to endow a Research Leader in Economic Geology. Great progress was made to establish a Deed of Gift between the Sillitoe Charitalbe Trust and the Trustees of the Natural History Museum, setting out the terms of the funding, including the sum to be donated and for the primary objectives the role of the Research Leader will meet.
The Trustees are delighted that many months of discussion may result in meeting with the Charity's objective to further the science of economic geology in this way and welcomed generous donations of funds from the founder. The donations received are to be held in part as Expendable Endowment and invested to generate income be awarded in the form of grants in future years at the Trustees' discretion and part will be held as designated funds to be applied for the purposes of providing the endowment grant to the Natural History Museum, subject to postively agreeing the terms of the gift.
Financial Review
Income received from investments and interest totalled £40,371 (£31,942 in 2023). Donations received in the form of shares are held as Expendable Endowment funds in the sum of £302,609 and unrestricted cash donations totalling £3,292,114 were received (£299,353 endowment in 2023). Costs of raising funds totalled £22,490 (£15,072 in 2023). Donations were not made during the year (nil in 2023), with the Charity aiming to build funds in order to enable larger payments to be made in future. Governance costs incurred totalled £10,950 (£5,610 in 2023).
Gains/(losses) are realised on the sale and revaluation of investment assets. During the year ended 31 October 2024 net gains arising totalled £156,779 (£61,610 net losses in 2023).
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Trustees' Annual Report
The Trustees held total funds of £5,248,467 at the financial year ended 31 October 2024 (£1,447,376 in 2023), of which £4,200,000 had been designated for donation and £1,048,467 (£1,370,815 in 2023) was held as Expendable Endowment, primarily represented by investment assets.
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 do not maintain a set amount as reserves, instead they consider income funds held to be free reserves. This will be regularly reviewed by the Trustees, to ensure they have sufficient funds to meet with commitments made. At the year ended 31 October 2024, the Trustees had resolved to designate all available unrestricted income funds to be applied towards a large one-off grant, subject to terms being agreed. The intention is for the donation to be made on agreement of said terms, of which the timing is uncertain. All funds remain available for use at the Trustees' discretion as at the financial year-end.
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 31 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 matters arising as guided 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.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Trustees' Annual Report
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 regularly in line with investment performance.
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 - Retired 31/12/24 Trevor Harris Robert Paul Stockton - Resigned 06/06/25 Kerry Roberts James Stephen Hurrell - Resigned 06/06/25 Alexander Richmond Bruce Robert Newbigging - Retired 31/12/24 Anna Frost Suhajova - Appointed 01/07/25
Accounts and Tax: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Auditor: 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, 30 Gresham Street, London, EC2V 7QN
Plans for the future
The Trustees will 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.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Trustees' Annual Report
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.
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:
Rathbones Trust Company Limited
27 August 2025 | 11:20 AM BST
Date
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Independent Auditor's Report
Opinion
We have audited the financial statements of the Sillitoe Charitable Trust (the 'charity') for the year ended 31 October 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United
Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 October 2024 and of its incoming resources
-
application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other Information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Independent Auditor's Report (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees Report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
- we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity sector;
-
we focussed on specific laws and regulations which we considered may have a direct material effect on
-
the financial statements or the operations of the charity, including the Charities Act 2011;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries
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of management and inspecting legal correspondence; and
-
we identified laws and regulations which were communicated within the audit team regularly and the team
-
remained alert to instances of non-compliance throughout the audit.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Independent Auditor's Report (continued)
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures on material balances for which robust, substantive analytical procedures
-
have been undertaken to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions; and
-
investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of standards non-compliance. Auditing also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
KM Chartered Accountants, Statutory Auditor
1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG 27 August 2025 | 11:02 AM BST
Date
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Statement of Financial Activities
----- Start of picture text -----
Expendable Designated Unrestricted Total Total
Endowment Funds Funds Funds Funds
2024 2024 2024 2024 2023
£ £ £ £ £
Notes
Income and endowments from:
Donations and legacies 3 302,609 0 3,292,114 3,594,723 299,353
Investments 4 204 0 32,761 32,965 30,342
Other Income 5 0 0 7,406 7,406 1,600
Total 302,813 0 3,332,281 3,635,094 331,295
Expenditure on:
Raising funds 6 22,490 0 0 22,490 15,072
Charitable activities 7 0 0 10,950 10,950 5,610
Total 22,490 0 10,950 33,440 20,682
Net gains/(losses) on investment assets 9 156,779 0 0 156,779 (61,610)
Net gains/(losses) on foreign exchange 10 42,658 0 0 42,658 0
Net income/expenditure 479,760 0 3,321,331 3,801,091 249,003
Transfers between funds 17 (802,108) 4,200,000 (3,397,892) 0 0
Net movement in Funds (322,348) 4,200,000 (76,561) 3,801,091 249,003
Reconciliation of funds
Total Funds as at 1 November 2023 1,370,815 0 76,561 1,447,376 1,198,373
Total Funds as at 31 October 2024 1,048,467 4,200,000 0 5,248,467 1,447,376
----- End of picture text -----
The notes on pages 11 to 17 form part of these accounts.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Balance Sheet as at 31 October 2024
|Expendable
Designated
Unrestricted
Total
Endowment
Funds
Funds
Funds
2024
2024
2024
2024
£
£
£
£
Notes
Fixed Assets
Investments
9
1,048,467
619,549
0
1,668,016
Total Fixed Assets
1,048,467
619,549
0
1,668,016
Current Assets
Debtors
11
0
0
693
693
Cash at bank and in hand
12
0
3,580,451
14,487
3,594,938
Total Current Assets
0
3,580,451
15,180
3,595,631
Liabilities
Creditors: amounts falling due
within one year
13
0
0
15,180
15,180
Net Assets less current liabilities
0
3,580,451
0
3,580,451
Total Net Assets at 31 October 2024
1,048,467
4,200,000
0
5,248,467
Represented by:
The Funds of the Charity
Total Charity Funds at 1 November 2023
1,370,815
0
76,561
1,447,376
Movement in Funds
(322,348)
4,200,000
(76,561)
3,801,091
Total Charity Funds at 31 October 2024
17
1,048,467
4,200,000
0
5,248,467
Agreed and signed on behalf of the Board of Trustees:
Rathbones Trust Company Limited
Date
27 August 2025 | 11:20 AM BST|Total
Funds
2023
£
1,337,508
1,337,508
1,639
113,839
115,478
5,610
1,451,347
1,447,376
1,198,373
249,003
1,447,376|
|---|---|
The notes on pages 11 to 17 form part of these accounts.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Statement of Cash Flows
----- Start of picture text -----
Total Total
Funds Funds
2024 2023
£ £
Notes
Cash flows from operating activities
Cash generated from/(absorbed by) operations 16 3,614,457 276,912
Investing activities
Purchase of investments (429,491) (552,910)
Proceeds on disposal of invesments 255,762 208,605
Dividends and interest received from investments 40,371 31,942
Net increase/(decrease) in cash and cash equivalents 3,481,099 (35,451)
Cash and cash equivalents at beginning of year 113,839 149,290
Cash and cash equivalents at end of the year 12 3,594,938 113,839
----- End of picture text -----
Page 10
Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
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.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
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.
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
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 Cash Investments at value Related party transaction, as detailed in note 19 4 Income from investments UK Equities Unit Trust Interest Unit Trust Income REIT Fixed Interest Overseas Income Overseas Interest Non-reclaimable tax paid at source Excess Reportable Income 5 Other Income Bank Interest |
2024 £ 3,292,114 302,609 3,594,723 2024 £ 14,769 3,953 3,993 497 3,703 4,031 2,099 (285) 205 32,965 2024 £ 7,406 7,406 |
2023 £ 0 299,353 299,353 2023 £ 13,313 5,742 3,908 885 1,157 3,876 1,604 (248) 105 30,342 2023 £ 1,600 1,600 |
|---|---|---|
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Notes to the Accounts
| **6 ** | Raising funds | 2024 | 2023 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Investment management costs | 22,490 | 15,072 | |||
| 22,490 | 15,072 | ||||
| **7 ** | Charitable activities Grant making: Governance costs (note 8) |
2024 £ 10,950 |
2023 £ 5,610 |
||
| 10,950 | 5,610 | ||||
| **8 ** | Governance costs Accountancy fee Advisory and Administration fee Tax and Compliance fee Independent Examiner fee Audit fee |
2024 £ 3,600 1,950 600 0 4,800 |
2023 £ 3,090 0 1,140 1,380 0 |
||
| 10,950 | 5,610 | ||||
| **9 ** | Related party transaction as detailed in note 19 Investment assets Value at Purchases Sales Realised 01/11/2023 at cost proceeds Gains / (Losses) £ £ £ £ Overseas 528,111 75,451 (65,338) (597) Bonds and Fixed Income 119,953 59,266 (26,764) 1,239 UK Equities and Inv Co 678,159 288,897 (151,541) 3,231 REIT and Property Funds 11,285 5,877 (12,119) 834 |
Unrealised Gains / (Losses) £ 78,700 3,006 68,931 1,435 |
Value at 31/10/2024 £ 616,327 156,700 887,677 7,312 |
||
| 1,337,508 429,491 (255,762) |
4,707 | 152,072 | 1,668,016 | ||
| **10 ** | Net gains (losses) on foreign exchange Unrealised gain (loss) Gain on foreign currency exchange |
2024 £ 40,259 2,399 |
2023 £ 0 0 |
||
| 42,658 | 0 | ||||
| **11 ** | Debtor Investment Income receivable |
2024 £ 693 |
2023 £ 1,639 |
||
| 693 | 1,639 |
Page 14
Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Notes to the Accounts
| 12 Cash at Bank and in hand Cash at Bank 13 Current liabilities: amounts falling due within one year Rathbones Trust Company Rathbones Trust Company - prior year K M Business Solutions Ltd 14 Contingent Liability Provision for grant |
2024 £ 3,594,938 3,594,938 2024 £ 6,150 4,230 4,800 15,180 2024 £ 4,200,000 4,200,000 |
2023 £ 113,839 113,839 2023 £ 4,230 0 1,380 5,610 2023 £ 0 0 |
|---|---|---|
The Trustees continued discussions with the Natural History Museum during the year relating to an opportunity to provide substantial financial support to endow a Research Leader in Economic Geology. Great progress was made to establish a Deed of Gift, setting out the terms of the funding to be agreed by all parties. In anticipation of an agreement being reached, the Trustees wish to designate funds which will be applied to endow the Research Leader, subject to agreement being reached.
| 15 Financial Instruments Carrying amount of financial assets Debt instruments receivable within one year - Debtors - Cash Carrying amount of financial liabilities Payable within one year - Creditors Instruments measured at fair value Investments at value |
Expendable Designated Unrestricted Total Total Endowment Funds Funds Funds Funds 2024 2024 2024 2024 2023 £ £ £ £ £ 0 0 693 693 1,639 0 3,580,451 14,487 3,594,938 113,839 0 3,580,451 15,180 3,595,631 115,478 0 0 15,180 15,180 5,610 0 0 15,180 15,180 5,610 1,048,467 619,549 0 1,668,016 1,337,508 |
|---|---|
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Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Notes to the Accounts
16 Cash generated from operations
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Surplus for the year | 3,801,091 | 249,003 | |||
| Adjustments for: | |||||
| Investment Income recognised in profit or loss | (40,370) | (31,942) | |||
| (Gain)/ on disposal of investments | (4,708) | (2,720) | |||
| Unrealised (gain)/loss on investments | (152,072) | 64,330 | |||
| FX (gains)losses | |||||
| Movements in working capital: | |||||
| Decrease/(increase) in debtors | 946 | (891) | |||
| Increase/(decrease) in creditors | 9,570 | (868) | |||
| Cash generated from/(absorbed by) operations | 3,614,457 | 276,912 | |||
| **17 ** | Movements between funds Expendable Endowments Investments Designated funds: Research Leader Unrestricted funds: General funds |
Balance at 01/11/23 Income Expenditure £ £ £ 1,370,815 302,813 (22,490) 0 0 0 76,561 3,332,281 (10,950) |
Gains / (Losses) £ 199,437 0 0 |
Transfer between funds £ (802,108) 4,200,000 (3,397,892) |
Balance at 31/10/24 £ 1,048,467 4,200,000 0 |
| Total funds | 1,447,376 3,635,094 (33,440) |
199,437 | 0 | 5,248,467 |
18 Additional information
No amounts were paid to the Trustees in respect of remuneration, benefits or out-of-pocket expenses during the year ended 31 October 2024 or 31 October 2023.
The trust had no volunteers or employees during the year (nil in 2023).
The Trustees are also the senior management personnel of the charity.
Page 16
Docusign Envelope ID: 9E3E2782-B3FE-4C38-89BB-C8886E718FDF
THE SILLITOE CHARITABLE TRUST
Annual Report and Audited Financial Statements for the year ended 31 October 2024
Notes to the Accounts
19 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 2024 (nil in 2023).
Apart from payments totalling £6,150 (£4,230 in 2023) 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 2024.
Rathbones Investment Management (RIM) and RTC are both wholly owned subsidiaries of Rathbones Group 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 31 October 2024 or 31 October 2023.
| 20 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 1 November 2022 Total Funds as at 31 October 2023 |
Expendable Unrestricted Total Endowment Funds Funds 2023 2023 2023 £ £ £ 299,353 0 299,353 105 30,237 30,342 0 1,600 1,600 299,458 31,837 331,295 15,072 0 15,072 0 5,610 5,610 15,072 5,610 20,682 (61,610) 0 (61,610) 222,776 26,227 249,003 1,148,039 50,334 1,198,373 1,370,815 76,561 1,447,376 |
|---|---|
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