REGISTERED COMPANY NUMBER: 11683075 (England and Wales) REGISTERED CHARITY NUMBER: 1184936
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 FEBRUARY 2023
FOR
THE SHERIDAN FOUNDATION LIMITED
Galloways Accounting Statutory Auditor Atlas Chambers 33 West Street Brighton East Sussex BN1 2RE
THE SHERIDAN FOUNDATION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 FEBRUARY 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 14 |
| Detailed Statement of Financial Activities | 15 |
THE SHERIDAN FOUNDATION LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 27 FEBRUARY 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 27 February 2023. 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
We believe the internal world reflects the external one. As within, so without. Only when we are in a healthy relationship with ourselves, can we be of service to our communities and the planet. We envision a new paradigm of care for self, each other and mother nature.
The Sheridan Foundation Limited aims to benefit the public with three key visions:
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Human health: Supporting new and ancient technologies that are in the service of mental health, human thriving and wellbeing.
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Social equity: Empowering all human beings to reach their fullest potential through equitable access to opportunities and quality education.
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Planetary health: Mitigating the disastrous effects of climate change and focusing our efforts on regenerative practices.
In the wake of COVID-19 there is no going back to "the way things were". We want to live in a truly equitable world where human consciousness is channelled toward the highest good. A world where human thriving coexists in harmony with nature- not at her expense. We are the stewards of this new world order. We create this reality by engaging all the resources that we have available to us - our voice, energy, time and finances- with a particular focus on revolutionizing mental health, reducing social inequalities through education and mitigating climate change.
The Sheridan Foundation Limited support these visions by annually donating 5% of the total value of investments held by the Charity to causes who's values support the Sheridan Foundation's key visions.
Significant activities
During the year, The Sheridan Foundation Limited supported solutions by making donations totalling £267,313 that give consideration to:
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Tackling the structural issues of climate change rather than pursuing 'singular' impacts
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Working for greater social equity and mental health at a grassroots level with direct impact on local communities
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Embracing the mindset of stewardship rather than ownership of our natural resources
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Regeneration and/or circularity vs. "sustainability"
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A diverse leadership and team in terms of gender and race
Public benefit
The trustees confirm that they have complied with the requirement set out in Section 17 of the Charities Act 2011 to report on how they have carried out their charity's purposes for the public benefit and have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
Grantmaking
While it is not mandated by the UK authority to give a specific amount, it is intended for the UK charity to be "active" and giving assets on a regular basis.
Given the dual qualified nature of the UK charity - the US IRS will be looking through the US Foundation to the UK Charity with the lenses of the US gifting rules of 5%. Therefore, the UK Charity is expected to gift a minimum of 5% of total assets each year.
Investment policy
The investment policy of the UK charity is to hold high value securities over a long period of time that will result in gains. Those gains will allow the charity to make gifts to charities.
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THE SHERIDAN FOUNDATION LIMITED
FOR THE YEAR ENDED 27 FEBRUARY 2023
REPORT OF THE TRUSTEES
FINANCIAL REVIEW
Financial position
During the period, the charitable company had incoming resources of £660,868 (2022: £4,158,981). Net expenditure of £(209,256) (2022: £194,687) included £494,615 related to an exchange gain (2022: £87,360). Within the year, a donation was gifted to the charitable company at a valuation on transfer of £660,868 (2022: £4,158,342).
Reserves policy
The ability of the charity to make donations is based on future donations received and income from investments held. This is because commitments will not be made beyond donations received and operating costs are expected to be kept at a low level which should be covered by donations. At the period end, the charitable company held reserves of £5,047,267 (2022: £4,359,179).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a Memorandum and Articles of Association, and constitutes a limited company, limited by shares, as defined by the Companies Act 2006 and is a 100% owned subsidiary of the US Foundation, The James & Chantal Sheridan Foundation.
Organisational structure
Trustees shall:
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Attend annual board meeting
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Set and manage donation amounts
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Monitor performance relative to goals
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Oversight of regulatory and legal compliance
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Oversight of conflict of interest - i.e. by trustees, officers or assets held by the Charity
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Select other trustees
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Select committee to assist in donations
All trustees give their time freely and no trustee remuneration or expenses was paid in the year. In addition, no out of pocket expenses we reimbursed to the trustees and no trustee had any beneficial interest in any contract with the charity during the year.
The Board has the power to appoint additional trustees as it considers fit to do so.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that the systems have been, or will be established to enable the necessary steps to be taken to lessen these risks.
The main risks to the charity are that donation income does not increase and the asset values decline due to poor investment returns. Both scenarios would reduce the level of charitable activity possible.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
11683075 (England and Wales)
Registered Charity number
1184936
Registered office
Unit 12 Ladycross Business Park Dormansland Lingfield Surrey RH7 6PB
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THE SHERIDAN FOUNDATION LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 27 FEBRUARY 2023
Trustees
A L Defay G J Krevlin J M Sheridan
Auditors
Galloways Accounting Statutory Auditor Atlas Chambers 33 West Street Brighton East Sussex BN1 2RE
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Sheridan Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Galloways Accounting, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by the board of trustees on 22 November 2023 and signed on its behalf by:
J Sheridan
J M Sheridan
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SHERIDAN FOUNDATION LIMITED
Opinion
We have audited the financial statements of The Sheridan Foundation Limited (the 'charitable company') for the year ended 27 February 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 27 February 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 that the audit 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SHERIDAN FOUNDATION LIMITED
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our 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 a Report of the Independent Auditors 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussion with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations;
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Review of minutes of Trustees' meetings for discussion of instances of fraud and non-compliance with laws and regulations;
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Review of legal expenses for evidences of fees related to non-compliance; and
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Review of journal entries for indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Colin Young (Senior Statutory Auditor) for and on behalf of Galloways Accounting Statutory Auditor Atlas Chambers 33 West Street Brighton East Sussex BN1 2RE
Date: 23 November 2023
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THE SHERIDAN FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 27 FEBRUARY 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable Activities Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Year Ended 27.2.23 Unrestricted funds £ 660,868 30 660,898 (209,256) (182,066) 688,088 4,359,180 5,047,268 |
Period 1.3.21 to 27.2.22 Total funds £ 4,158,342 639 4,158,981 194,687 394,886 4,359,180 - 4,359,180 |
|---|---|---|
The notes form part of these financial statements
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THE SHERIDAN FOUNDATION LIMITED
BALANCE SHEET 27 FEBRUARY 2023
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2023 2022 Unrestricted Total funds funds £ £ 5,038,210 4,370,167 1 1 42,718 7,013 42,719 7,014 (33,661) (18,001) 9,058 (10,987) 5,047,268 4,359,180 5,047,268 4,359,180 5,047,268 4,359,180 5,047,268 4,359,180 |
|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 November 2023 and were signed on its behalf by:
J Sheridan
J M Sheridan
The notes form part of these financial statements
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THE SHERIDAN FOUNDATION LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 27 FEBRUARY 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Investments acquired in cash Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
Year Ended 27.2.23 £ 393,510 393,510 (357,805) 35,705 35,705 7,013 42,718 |
Period 1.3.21 to 27.2.22 £ 139,587 139,587 (137,574) 2,013 2,013 5,000 7,013 |
|---|---|---|
The notes form part of these financial statements
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THE SHERIDAN FOUNDATION LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 27 FEBRUARY 2023
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Interest paid Increase in creditors Non-cash foreign exchange movement Non-cash interest received Non-cash donations received Net cash provided by operations |
Year Ended 27.2.23 £ 688,088 182,066 2,311 15,660 (494,615) 393,510 |
Period 1.3.21 to 27.2.22 £ 4,359,180 (394,886) - 13,000 (91,683) (639) (3,745,385) 139,587 |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At Net cash Cash at bank Total |
28.2.22 Cash flow At £ £ 7,013 35,705 7,013 35,705 7,013 35,705 |
27.2.23 £ 42,718 |
|---|---|---|
| 42,718 | ||
| 42,718 |
The notes form part of these financial statements
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THE SHERIDAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 FEBRUARY 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Sheridan Foundation Limited is a private limited by shares charitable company registered in England and Wales. The registered office of the charity Unit 12, Ladycross Business Park, Dormansland, Lingfield, Surrey, RH7 6PB. The nature of the charitable group's operations and principal activities are the assisting the public with human health, social equality and planetary health.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charitable company and rounded to the nearest £1.
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.
Donations
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.
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 corporation 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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Investments
Investments held as fixed assets are recognised initially at transaction price and subsequently measured at fair value at each reporting date with changes in fair value recognised in the Statement of Financial Activity report.
Financial instruments
Financial instruments are recognised in the statement of financial position when the charitable company 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.
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THE SHERIDAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 27 FEBRUARY 2023
1. ACCOUNTING POLICIES - continued
Basic financial assets
Investments
Basic financial assets, which include trade and other receivables 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 trade and other payables 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Investment Interest 4. CHARITABLE ACTIVITIES COSTS Charitable Activities 5. SUPPORT COSTS Charitable Activities 6. NET INCOME/(EXPENDITURE) |
Direct Costs £ 267,313 Finance £ **(492,229) ** |
Year Ended 27.2.23 £ 660,868 Year Ended 27.2.23 £ 30 Support costs (see note 5) £ (476,569) Governance costs £ 15,660 |
Period 1.3.21 to 27.2.22 £ 4,158,342 Period 1.3.21 to 27.2.22 £ 639 Totals £ (209,256) Totals £ **(476,569) ** |
|---|---|---|---|
Net income/(expenditure) is stated after charging/(crediting):
| Period | ||
|---|---|---|
| 1.3.21 | ||
| Year Ended | to | |
| 27.2.23 | 27.2.22 | |
| £ | £ | |
| Auditors' remuneration | 13,160 | 7,000 |
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THE SHERIDAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 27 FEBRUARY 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 27 February 2023 nor for the period ended 27 February 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 27 February 2023 nor for the period ended 27 February 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable Activities Net gains on investments NET INCOME TOTAL FUNDS CARRIED FORWARD 9. FIXED ASSET INVESTMENTS MARKET VALUE At 28 February 2022 Revaluations At 27 February 2023 NET BOOK VALUE At 27 February 2023 At 27 February 2022 |
Unrestricted funds £ 4,158,342 639 4,158,981 194,687 394,886 4,359,180 4,359,180 Listed investments £ 4,370,167 668,043 5,038,210 5,038,210 4,370,167 |
|
|---|---|---|
All investment assets held relate to investment portfolios from outside the UK.
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THE SHERIDAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 27 FEBRUARY 2023
9. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 27 February 2023 is represented by:
| Valuation in 2023 Valuation in 2022 Cost 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals and deferred income Other creditors relates to amounts due back to James Sheridan. 12. MOVEMENT IN FUNDS Unrestricted funds General fund Called up share capital TOTAL FUNDS |
At 28.2.22 £ 4,359,179 1 4,359,180 4,359,180 |
2023 £ 1 2023 £ 15,560 6,001 12,100 33,661 Net movement in funds £ 688,088 - 688,088 688,088 |
Listed investments £ 668,043 482,246 3,887,921 5,038,210 2022 £ 1 2022 £ - 6,001 12,000 18,001 At 27.2.23 £ 5,047,267 1 5,047,268 5,047,268 |
|---|---|---|---|
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THE SHERIDAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 27 FEBRUARY 2023
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 660,898 660,898 |
Resources expended £ 209,256 209,256 |
Gains and Movement losses in funds £ £ (182,066) 688,088 (182,066) 688,088 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Called up share capital TOTAL FUNDS |
At 1.3.21 £ (1) 1 - - |
Net movement in funds £ 4,359,180 - 4,359,180 4,359,180 |
At 27.2.22 £ 4,359,179 1 |
|---|---|---|---|
| 4,359,180 | |||
| 4,359,180 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 4,158,981 4,158,981 |
Resources expended £ (194,687) (194,687) |
Gains and losses £ 394,886 394,886 |
Movement in funds £ 4,359,180 4,359,180 |
|---|---|---|---|---|
13. RELATED PARTY DISCLOSURES
During the year, The James & Chantal Sheridan Foundation donated amounts through investment portfolios to the charity with a market value as at 27 February 2023 of £660,868 (2022: £4,158,342).
Fort Hill (an LLP whereby a director in common has control) provided services to J M Sheridan in the year for no consideration relating to the valuation of an investment portfolio held, whereby the Sheridan Foundation Limited holds a % of the investment.
At the period end, J M Sheridan was owed £6,001 from The Sheridan Foundation Limited (2022: £6,001).
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THE SHERIDAN FOUNDATION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 27 FEBRUARY 2023
| Year Ended 27.2.23 £ INCOME AND ENDOWMENTS Donations and legacies Donations 660,868 Investment income Investment Interest 30 Total incoming resources 660,898 EXPENDITURE Charitable activities Donation expenses 267,313 Support costs Finance Bank charges 75 Exchange Gain or Loss (494,615) Bank interest 2,311 (492,229) Governance costs Auditors' remuneration 13,160 Accountancy and legal fees 2,500 15,660 Total resources expended (209,256) Net income before gains and losses 870,154 Realised recognised gains and losses Realised gains/(losses) on fixed asset investments (182,066) Net income 688,088 |
Period 1.3.21 to 27.2.22 £ 4,158,342 639 4,158,981 269,959 88 (87,360) - (87,272) 7,000 5,000 12,000 194,687 3,964,294 394,886 4,359,180 |
|---|---|
This page does not form part of the statutory financial statements
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