Charity roglstratlon number 1202830 Company reglstration numbgr CE032079 (England and Wales) THE SAYCE JAMES CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 MITCHELL ASSOCIA TES CHARTERED ACCOUNTANTS THE SAYCE JAMES CHARITABLE TRUST CONTENTS Pagg TTUStees report Independent examiners report Slalemenl of financial activities Balan￿ sheet Notes to the fin8nei81 statements 8-12 THE SAYCE JAMES CHAR￿ABLE TRUST TRUSTEES REPORT{INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 30 September 2024, which are also prepared to meet the requirements for a directors, report and accounts for Companies Art purposes. The financial statements comply with the Charities Act 2011 the Companies Act 2W6, the Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practiie applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeitive 1 January 20151. Objectlves and Aims The Charitie5 Aim is to provide financial educational and social support the inhabitants of Maesteg and the surrounding area. The charity being relatively new, has started an outreach programme to ensure that people and organisations within the area are aware of the charity, so that the charity is able to receive and consider applications from a range of educational and social enterprises and projects across the area. The charity has a primary focus on providing life and learning opportunities. Achievements and Performance. Having set up the charity early 2023, the James family has donated £155 000 to date. The Charities Aim is to provide financial educational and Social support the inhabitants of Maesteg and the surrounding area. The primary focus is to pmvide life and learning opportunities. To that end we have made 2 donations1£5k Oct 23 and £ 10.8kJune 20241 to Curtains Up Youth Theatre,to support their last and next productions. This group have been in existence for 25 years and rely heavily on local fundraising. Another application that we considered worthwhile was from Special Farnilies, based in Maesteg, who provide help and support to families, especially those with 'special needs,. After a lot of discusslon we agreed to a three year support plan to The St Giles Trust £29k per annum for 3 years) who work to stop drug trafficking through 'CountyLines'. where children are exploited. We are supporting the South Wales branch. It wa5 felt that with significant drugs issue5 in Maeste& anything to help in this area was worthwhile. And as a result of issues in Maesteg that effect young people. we decided to give a donation to The Samaritans Bridgend branch. who receive more and more calls from struggling children. We have reached out to local schools to see if we could be of help. To date. only Maesteg Comprehensive School has worked with us. Receiving two donations for projects that give valuable life experiences to children. THE SAYCE JAMES CHARITABLE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Public Benefit The trustees confirm that they have complied with the requlrements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Financial Review The charity has had a positive year. receiving total donations from thejames Family, including gift aid of £193,750. Ha5 received reasonable interest on the cash held in the bank of £3,380 and provided grants of £51,119 as noted in note 5 of the accounts, this along with accounting costs. mean that the charity is able to report a surplus for the year of £144.151. Due to the nature of the charity, in providing grant5, there is very little overhead5 and also no restricted income. Given all of thi5 the trustees have reviewed the reserves policy and have implemented a policy of retaining 3 rnonth5 Worth of the charities overheads. This helps to protert the charity in the future should the cost base or funding model change. Plans for Future Perlods The charity plans to provide more grants to eligible applicants throughout the next financial year. To do this. the charity plans on spending time looking into ways that the charity can raise it's profile. These include using different avenues to connect with schools and other local projects and building a website, to further raise the profile of the charity. The website is currently being built but is an ongoing prolect. Structure. Governance and Management The charity is constituted as a CIO, the initial trustees were appointed at the set up of the charity. No external person or body is entitled to appoint any trustees, and replacements or additional trustees, would be sought should the trustees feel it necessary, however given the nature of the charity is currently to provide Brant *unding to local bodies. The current trustees are more than capable of discussing the merits of any funding application received. The trustees currently meet to discu55 all funding applications. After the year end Mr T Ajames dlsclosed that he had been appointed by the Samaritans as a trustee, the charity was aware discussions were under way during the year, and when the trustees discussed the application from the Samaritans, Mr T Ajames disclosed his conflict of interest and didn't take part in the decision on whether to provide the grant. THE SAYCE JAMES CHARITABLE TRUST TRUSTEES REPORT (INCLUDINGDIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reference and Administrative Detalls Trustees- MrAJames Mrs l James Mrs E Gogarty Mr C Gogaty MrTJames Principal Office= 35 Turberville Street Garth Maesteg CF34 OLP Company Reg¢stration Number.. CE32079 Charity Registration Number: 1202830 Bankers.. Coutts & Co 440 Strand London WC2R OQS Independent Examiner.. Mitchell Associates Limited First Floor Office Suite 3 13 Cathedral Road Cardiff CF119HA THE SAYCE JAIIqES CHARITABLE TRUST TRUSTEES REPORT{INCLUDINGDIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEvfEMBER 2024 Statement of Trustees Responsibilities The trustees (who are also the directors of The Saycejames Charitable Trust for the purposes of company lawl are responsible for preparing the tru5tees' report and the financial statements in accordance with the United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) and applicable law and regulation5. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial staterllents unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently,. observe the method5 and principles in the Charities SORP., make judgements and estimates that are reasonable and pruden¢ state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statement5,' and prepare the financial statements on the going concern basis unless it is iTrappropriate to presume that the charitsble company wll continue in business. The trustees are responsible for keeping adequate accounting record5 that are Sufficient to show and explain the charitable company 5 transactions and disclose with reasonable accuracy at any time the financial p051tion of the charitable iompany and enable them to ensure that the financial 5tatement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Small companles provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. signed on its behalf by.. Trustee THE SAYCE JAMES CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SAYCE JAMES CHARITABLE TRUST I report lo the Trustees on my examination of the financial slalements of The Sayce James Charitable TTUSt Ilhe Trust) for the year ended 30 SeptembeT 2024. Responslbllltles and ba$ls ol report As the Trustees of the Trust {and also ils diredors for the purposes of company lawl you are fesponsible for the preparation of the financial slalements in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Acll Having sallsfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible foT independent examination, I report in respect of my examination of the Trust's financial slalemenls carried out under section 145 of the Charities Act 2011 {Ihe 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Chaiity Commission under section 14515llbl of the 2011 Act. IndepDnd8nl gxamlnefs ststement I have completed my examination. I confimi that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respecl of the Trust as required by section 386 of the 2006 Act., or the finaneial slalemenls do not accord wlh those records., or Ihe financial statements do not Comply with the accounting requiremenlg of section 396 of the 2006 Act other than any requiiemenl that the accounts give a true and fair view which 1$ not a matter Considered as part of an independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable lo chaiilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021. I have no concerns and have come across no other matters in connecllon with the examination lo whlch attention should be drawn in this report in order lo enable a proper understanding of the financial slalements lo ￿ reached. Mltchell Assoclatos Ltd J P Mltchell ACA 8FP First Floor offi￿ Suite 3 13 Cathedral Road Cardiff CF11 9HA Dated. 141312fj......... THE SAYCE JAMES CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unro$trl¢led funds 2024 Notgs Income from: Income from donations and ￿gaCleS Investments 193,750 3,380 Total Income 197,130 Ex ndlture on: Expenditure on charitable activilies 52,979 Not Income for the yearl Net movement In funds 144,151 Fund balances at 25 April 2023 Fund balances at 30 Soptgmbgr 2024 144,151 The statement of financial aciivities includes all gains and losses recognise(l in the year. All income an¢J expenditufe derive from continuing aclivilies. The slatemenl of financial activities also eomplies ￿th the requirements for an income and expenditure account under the Companies Act 2006. THE SAYCE JAMES CHARITABLE TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 Notes Current assets Debtors Cash at bank and in hartd io 38,750 107,261 146,011 11,860) Credltors: amounts falllng duo wlthln one year 11 Nel curient assets 144,151 Income fund$ Unrestricted funds- general 144,151 144,151 The company is entitled lo the exemption from the audit reqUIre￿nt contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024. The directors acknowledge their responsibilities for complying with the requiTements of the Companies Act 2006 with respect to accounting records and the prepar81ion of financial slalements. The members have not required the company lo obtsin an audit of ils financial statements for the year in question in accordance wth section 476. These financial statements have been Pfepared in aceordance with the Provisions applicable lo companies subject lo the small companies regime. Trusts6 Company reglstration number CE032079 THE SAYCE JAMES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policles Charity Infomlation The Sayce James Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 1.1 Accountlng conventlon The financial slalemenls have been prepared in accordance with the Trust's Igoveming documenll. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Iieland" I'FRS 102.} and the Charities SORP "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in aw)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" leffeclive 1 January 20191. The Tfust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charbtses not lo prepare a Statement of Cash Flows. The financial slalements are prepared in sterling, which is the fvnctional currency of the Trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial slalemenls have been prep8red under the historiG41 cost convention, Imodthed to indude the revaluation of freehold properties and lo include investment properties and ￿rtain financial inslTumenls al fair valuel. The principal accounting policies adopted are sel out below. 1.2 Going concern At the lime of approving the financial slatemenls. the Trustees have a ieasonable expeclalitsn that the Trust has adequate resources lo conlinve in operational existence for the foTeseeable future. Thus the Trijstees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltabla fvnds Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitable obieclives. Reslricled funds are subject lo specific conditions by donor$ as to how they may be used. The purposes and uses of the reslricled funds are sel out in the notes to the financial slatemenls. Endowment funds are subject to specific conditions by donors that the capital must be maintained ty the Trust. 1.4 Incoma Income is recognised when the Trust is legally èntitled to il after any performance conditions have been mel, the amounts can be measured reliably. and il is probable that income will be received. Cash donations are recognised on Teceipt. Other donations are recognised once the TriJ51 has been nollfied of the donation. unless performance conditions require deferral of the amount. Income tax recoveiable In relation to donations received under Glft Ald or deeds of covenant is recognised al the lime of the donation. Legacies are reeognised on receipt or otherwise if the Trust has been notified of an impending distsibution. the amount Is known, re￿Ipl is expected. If the amount Is not known, the legacy is treated 8$ a contingent asset. THE SAYCE JAMES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party. il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligalion Can be measL¢red reliably. Expenditure is classified by activity. The costs of each acliwty are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs aitribulable lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned belween those aclivilies on a basis consistent with the use of reSoUr￿s. Central staff costs are allocaled on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and ¢a$h equlvalents Cash and cash equivalents include cash in hand. deposits held al call ￿th banks, other short-lemi liqui(J investments wf(h OTiginal malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowrws in current liabilities. 1.7 Financlal Instruments The Trust has elecled lo apply the provisions of Section 11 'Basic Finaneial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial Instruments are recognised In thè Trust's balan￿ sheet when the Trust becomes paty to the contractual provisions of the instrument. Flnanaal assets and liabilities are offset, wlh the nel amounts presented in the financial slatemenls, when there is a legally enforceable right lo sel off the Tecognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, whith include debtors and cash and bank balances, are Initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective inleresl method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a market fate of interest. Financial assets classifted as receivable wlhin one year are not amortised. Boslc finanei81 liabilities Basic financial liabilities. including creditors and bank loans are initially rewnised al transaction price unless the arrangement conslilijles a financing Iransaclion, where the debt instrument is measured al the present value of the fuluTe payments discounted al 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 rale method. Trade creditors are obligations lo pay for goods or semces that have been acquired in the ordinary Course of operations from suppllers. Amounts payable are classified as cuirenl liabilities if payment is due wilhirb one year or less. If not, they are presented as non-CL¢rrent liabilities. Trade creditors are re¢ognised initially at Iransaclion pri￿ aThJ subsequently measured al amortised cost using the effective inleresl method. Derecognillon of flnaneial liabiliTties Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. THE SAYCE JAMES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Aceountlng policies 1.8 Employee benefits The cost of any unused holiday enlrtlement is recognised in period in which the employee's semces are re￿ived. Termination benefits are recognised immediatety as an expense when the TfLlSt is demonstrably committed lo terminate the employment of an employee or to provide temiination benefits. Crltlcal accounting èstimatg$ and ludgements In the application of the Trust's accounting policies, the Trustees are fequired lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities Ihal are not readily apparent fiom other SoUr￿s. The estsmales and assoaated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estsmales. The estimates and urmjerlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales 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 flrtu￿ periods where the revision affects bolh current and future periods. Incom8 from donatlons and loga¢lo5 Unrestricted funds 2024 Donations and gifts 193,750 193,750 Donatlons and glfts Donations Gift Aid 155,000 38,750 193,750 Income from Investments Unrestricted funds 2024 Interest receivable 3,380 3,380 10- THE SAYCE JAMES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Grants payablg Charltable Expendlture 2024 Grants to inslilulions16 granlsl: Curtains up Youth Theatre Special Families st Giles Trust Maesteg Comprehensive School Samaritans Curtains up Youth Theatre 5,000 1,905 20,000 8,414 5,000 10,800 51,119 Support eO8ts Goveman¢o costs 2024 Accountancy 1,860 1,860 1,860 1.860 Analysed between Charitable activities 1,860 1,860 Tru$tegS None of the Trustees lor any persons connected wlh them) received any remuneration or benefits from the Trust during the year. Employees The average monthly number of employees during the year was.. 2024 Numbor Total T￿re were no employees whose annual remuneration was more than £60,000. THE SAYCE JAMES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Taxatlon The charity is exempt from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxalionof Chargeable Gains Aet 1992 to the extent that these are applied lo éts ch8rilable objecis. 10 Dgbtors 2024 Amounts falling dug wlthln onè year. Trade debtors 38,750 11 CredltoryJ- amounts falllng due within one year 2024 Accruals and deferred income 1,860 12 Analysls of net assgts between funds UnrDstrictod funds 2024 Fund balances al 30 September 2024 are represented by.. Currenl assetsl{liabililiesl 144,151 144,151 13 Rolated party transactlons There were no disclosable related party transactions dijfing the year other than that slated in the Trustee Report l - none}. 12-