REGISTERED CHARITY I¥UMBER: J204728 TRUES, REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2•24 FOR THE CHARIXS & ELSIE SYKLS TRusr {cio)
THE CHARLES & ELSIE SYls TRUST (CIO) COI¥TENTS OF THE FINAI¥CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pw Refernn¢¢ and AdthrAve Det TnJtheJ' Report 3 to 13 Report of the IndependeD¢ A¥Ohors 14 to 17 Statrment of FJnlleW Aellvltks Statenb•nt of Fkntsetsl PO11 19 Stteth¢nt •1 Cath Flowi 20 No¢•8 to the Sttemet of Cth Flg 21 IYote# to the FlThmd•l Statemeots 22 ts 35 D¢tAlJed 5¢temeDt ofFlnidl Atthld 36
THE CHARLES & EISIE SYKLS TRUST (CIO) REFERENCE AI¥D ADMINISTRATIVE DETAIIS FOR THE YEAR ENDED 31 DECEMBER 2• TRUSTEES Mr D S Mead ((kn) MrRBKay mrssLBb Mr S Ruthion Dr D J linh8 Mr8 N J Mctttr MrNCRust PRINCIPAL ADDRESS FIM FkK The Exchang¢ North Yorksbir¢ HGI ITS REGISTERED CHARITY NUMBER 1204728 AUDITORS HPH A¢countaTbts LLP Conyngham Ilall Ilusin¢sJ C¢ Bond End NortFL Yorksbiwe HG5 9AY CAF B•Dk 25 Kings Hill Avenuc Kitigs Hill we Mthllin8 ME194JQ SOLICITORS & SECREfARY N¢il J Sw. LLB TEP LCF Law Thc Exebtt8e Ststion PTade HGI ITS ACCOUNTANTS & TREASURER John P GarbY BA (Honsl FCA DSC Tle15all Housc East Parath Hrro8ate HGI 5LT 5 Broadgate EC2M 2QS
THE CItARLES & ELSIE SYKES TRusr {cIo) REFERENCE AND ADMINISTRATIVE DETAllS FOR THE YEAR ENDED 31 DECEMBER 2•24 CUSTODIAN TRUSTSE UBS AG Newca#k BT8nch 6th FIr Citygat¢ I Newcamle upon Tyn¢ NEI 4BZ
THE CHARI$ & EISIE SYKES TRUST {CIO)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trslee3 present their repcrft with the fiThancial statements of the ¢hariry for the ye4r ended 31 D¢c¢Jnber 2024. The
In8 hav¢ adopted the PTQ¥iSiOn5 of Accounting and Rqmjrting by Charitie5.' Stattmcnl of Recommended Practice
•ppli¢able to ¢htiTities preTill8 their aCc¢MlI in g¢¢ordAnce with the Fintincial RetAirbn8 Standard ylicable in the
UK Irtd Republic of Ir¢land (FRS 102) lefftttive l JaDU8ry 20191.
BACKGROUND
Charlcs Sykes 8laned his ctrttr hs an office kny at th¢ w of I1v< becknbc a SDCfLsthI businessman in thc Wesl
Riding knitting wool trade with hi8 QWIL four-8w mill * Pn"n¢evillc. Bradf(xd. H¢ n¢v¢r f(rgoi his Toots md pled8¢d
thai if he everbecarnc wcalthy he wou]d help tr#)8¢ in disttess who had J>ot b¢ffl as fornmate 08 himself.
He aehitved his lif¢ wnbiiion in kis eighty.sccoThl yw whcn be lautKheJ The Cbarles Sykes Trnst ott 16 December
1954. Ile thed In 1967 18ed tiiDety-four his widow Elsit wntittutyj IJJS ¢lwitJble work for whicFL shc wL% owardcd
the OBE. The Tn renamed followi ht¥death in 1987 ID recli10n ofbtt l]d¢ble Contrib10.
The origiNI capitsl sum of th¢ TnLSt has been in¢r¢ased over the yeBn by sub8thnti•l donation8 from various 8ouree8
including Mr and Mrs Sykes, and $ignificatst ¢OtitribJtioDs from th¢ lat¢ William Powell •nd Miss l L M¢Dowall. The
Trust is ]11 willing to receive dots•tioll4 from any pcThonls) who with to WPPOn sd works by Itiviti8 a EAuest or
domting pernU1 c8Pit•L to active. effgIve. pnxl¢ntty rw) ¢bArity.
Th¢ tru# became a CJO on the IS Sepiernber 21r23.
OBJEcfivLS AND AlTIEs
ObJe¢dvu Dd lmi
The objectives are to distriiNrte the wtrKsle of each y8 afte¥ ¢Xpen ari8in8 the ttled endowment
arnon8St r¢Bifjt¢r¢d ¢h4riti¢4 ¢ the 8bEolutc diBcrthon of the
The mlin Ktivity undertAkth itt order to f
THE cHARs & EISIE SYKLS TRUST (CIO) TRUSTEES. REPORT FOR THE YEAR EIYDED 31 DECEMBER 2•24 ACHIEVEMENTS AND PERFORMANCE Every year th¢ Tnt re¢¢ives o)any nxqe 41plic•tiotis foT frorn worthy cawes than it could possibly 5ati&fy. The ¢ru5ttts aim to review all App]ic8ti0tts which fit the rcquirtments of the Tnut. in order d¢t¢m)tne those most in t)e¢d of ts. A is set each year by th¢ tr¢aswu thking into accoutti the Teserve Tequiretnents of the Trust. Thc budgei is ayeed by the Tnte, who the aim to merf thatbud8et whth wnt ttthking. During th¢ yw 436 12023.. 402) •ppli¢atiths were tte¢ived. Of thex. 23 (2023.. 57) did rn¢d th¢ Tw$t'$ TequiT¢ments. The most frequent re8wns for this wcre.. accounts w¢rc not proTrided; the applicant had no YorkGhiT¢, OT Diedicai li))k,. the relevatti 8ppIic8tion fonn (aY8ilablt at WTllV.C w•s Tr)t ¢ompleted' or. the application was for a buildin8 tDaint¢Dan¢¢ pmjecl. 413 (2023: 345) 4plicatiotis wert wraised by the trusteei in the year. being l(W o(¢lw'bk •pplK•tsoms. The trusttts ?im to wnlinu¢ ro a8K88 0114ylic4tioM whieh fit the wuiromL¥ts of th¢ Trult and to make 8rBnts in ITD¢ with cach committ¢¢'s budgeL For rther detsii on thc achicvcmcDts of th¢ Iw 8T2nts m•d¢ thwing the ye8T. the tto fol]owiti8 the Irusi¢e8 report di5ciosc5 8rants of £5.000 and over. An thAlysis Of th¢ 8r•nl3 b¢ell the various utewi¢8 of ChltieS durirtB the year endtsj 31 December 2024 i¥n be in no 5 of the ac¢oun Inv¢8tsDMt poU¢y and performinee A6 a minimwn, the investmcnt Subcommittee with the invcJknMi •dvig)rJ on 8 quartwly b•si$ ¢0 ¢n8uTe the portfoliu is kepi in line wilh the Trust'5 investment p)licy. The investment poii¢y of the Tnwt is the enbcement and the Pre10 of the real lue of the t11 Ind ineome of ih¢ Trujt by investment in a w¢ll4th"versified ponfolio of bigh quality a55ets. ID pw5uiI of this p)licy the rnRjority of the invesknent is in ¢quitie& 4pproximittly hlf of wbi¢b are UK equiti¢s. Th¢ p(ofolio m•nd•¢c is for 4 lon8-t¢rn] diKr¢tion4ry Portfolio aiming ¢0 h1¢ye i rniXDJre of capithl and income Th¢ inveth)¢nt advisorA of the trusl t]SIfy the trollO held gs having * 'diversificd growth, risk profile. which Airn8 for lon8-tern) appr¢¢iation ond h99 high volaiilily. This 1$ rnan io * cu5tomiJcd bcnchmth and there are minor t¢Styi¢tiOn8 plaud on the invwunen¢s whi¢h con be hel(L which are reviewed re8ularty by the investnxnt $ub•¢ommiltee. Fitwicia] derivalivw u¢ a¥ wh¢n the awdian tnw¢ thii ne¢¢89. UillAlly thi8 18 ty maM8e tsrei8n Tcllcy risk OD inveknt IOrne. The investsJxDts at the y¢8T-eDd Ire shown their value5. Thue iDveBtsllents and the liquid fundB totalled £19.902,149 gt 31 December 2024 ¢ompwtd with £18.355.382 it 31 De¢embEr 2023. Incre of 8.4%. Th¢ r¢v41u4tion ofthe illvesllnents held 8t year4nd Creti i of £1.542.422. The Tmst aims to Éiin a Teturn its portfolio which ig hither thon the ¢ustomi#ed lyenchm4Tk. Tr one yeaT ben¢hn)8t for thi$ year was 9.VA (2023.. 9.8QA) and the rcturn xhieved WLS l 1.8Y• (2023.. 7.Vhl. Over 8 long¢rt¢mi of 5 years the return acbievcd iMI 5.4% compued ts 8 b¢D¢hzD8rk of 5.6%. The trus¢¢u tem•iD sati8fied with the portfolio's perfomwKe. Durin8 the y¢ar investDYnt in¢onK was £711.419, 01¢h by 10.1% from last year {2023: £646,406). The capital vllluc of thc fimd £19,886,473 (2023: £18,338,161). The truite¢8 reviewed th¢ Tn's po$iiioth and the wthtiai to change 1DVfSI durin8 thc ye. but Temain satisfied with the s¢rvi¢¢ re¢eived ftom the cutrent wlviwrs bE]ieve their fee le%%li are in line with Dwket condition5 and 50 no w45 madE. Poge 4
CHARLES & EtSlE SYKFS TRUST (CIO) TRUSTELS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2ty24 ACHIEVEMETh AND PERFORMAFICE GILINTS PAYABLE OF £SIMKI AND OVER 2024 21)23 Bridford Cujtll Company lJmlt4 Br•dford A £250.000 (total) donAtion was siven io fvnd eDga8awit tsklef days and the ueation and produ10 of fTVC gLliTrity packs, alongside the delivery of the Slam Poety projccL Additi'onally. th¢ d(10n was to fulld 4 18-month pi8¢ements fLY youn8 people through the yo¥ cre•tives apprentt"ceship pro8AmtDe. The doDations ¥r¢ given 11 £125.(KM) • time. second £125.OC4) donalion has yet lo be wd bui h& bttn providcd for ID the 2024 ¥¢ounts beuus¢ in OTder w Ytt¢ive the se¢(snd donati Bradford Culrure cornpany were r•wired w meth a sth of mile8t(w. Th¢ Inths ar 31st D¢c¢mb¢r 2024 ate ¢ertaiD thcsc milutonc8 will be nxt. 250.LKKJ Marllm ChUdreth'# Hol¢& W¢th¢rby A £IW.(W donation toward5 upgroding fa¢ili¢ie5 evcn ihou8b only built in 1986 fllitieS Are datoj and Dot ro date with mtJern requirements nor Jrr IIKY w economical as they ¢ould be. 100,((KJ Yorkshlrn Cimter R¢x•reK Himiite A £60.(X)O dOlon w4$ 'fted iowaTth the life years 8Aine4 je£l whi¢b will hopefully idenlify ¢tr &fftetin8 youn8er p¢(ol¢. Cl•r• Hrr4t¢ Towards 8 DCW LNC rnactrLine to ¢n•ble the of their MDF bl•nks which uc sold to indivi(hwl ¢ompaniu. The micbw can 8¢ii¢r4t¢ £70 per hour. equLtiD8 to 4 Sirnple peybxk peritsj of 60 bwiness days, l)w will last 2(frp years. 8iving their dis•bkd workn i chte to fulfil high Ioc41 dembnd for their pTodu¢e. 37,(4)O OptIml Fo¥nd•¢lon UK. L••doD A £25,OIX) donation was 8iftcd towards th¢ UlJ•ine R¢lief aimed It supptsrtiti8 th08c in criJiB in UkrAiD¢ gnd nei8bb(wlliti8 countri¢s. UBS nMl¢hed thi5 don•tioD by A £25.0(K) donation 8iftA4 in Tespomt io the TuTkey & Syria Reli¢f Eanhquakt Fund. UBS nulcbed thig dolla by 2. S0.IK Henlhavn Sodety For BIDd PeopK Kmrethornuzk To install a n¢w, long-14$1iti8 s¢a8c area for outthM)r perfurn A 20.000 St P¢t¢rfi chWe Harroyts Thi$ is a confirmed obliRation to ¢ll5we tbe beneficileS ofHrya Ooodsamaritan Fund continu¢ to receive grants. The H#nogte GLKJd Switsn trn5fcrrrd the capital in to the ChaTles and Elsie Sykes Tr51 in 2(K)5. 12.IbX> Bradford Brdtord To contribule to cote costs for their work with the borneless in Bradford 10.ooo The Ell Fo•ndlitlo Sl•lthv#lte TowaTds the Livewell Ptoje¢t whictl offa5 mect44>5 activib&5 f4x YOUD8 adults with caer, Jxovidins thcm the q>porturrity to Jnt pem their oyrfn 4g¢ with similar experitoces ctUi08 knsiin& joyr memori¢8 •nd friendship. Thi$ Èrani covers a full year ofarhviti¢& 8,500 Pase 5
THE CHARLES & EtSlE SYKFS TRUST {CIO) TRUSTEES, REPORT FOR THE YEAR EIDED 31 DECEMBER 2•24 ACHIEVEMENTS AND PERFORMANCE Community Furnitsre Store (York) IAd. Y•rk Towards their s¢rvi¢e of fiItbhin8, PToviding devitts and enhanc8 the skills of ihose in nttl to htlp tackle scKi818nd en¥tromnento1 i$8ues simultsneously. 8,0 St Mlcbael's H•ICe. Hxrryte In mernory of our iat¢ trusoe. Dr M¢Evoy who wu • patron of St Mi¢hael's Hospi¢e and the cb£ritsble work they fOrn). 10,0 Alph Houx cder01 Hlifx Towards providillg a residential. holistical, rehabtliwiv¢ sttvice to ¢n)PDWCF offendcr5 with tDultspl& compl¢x pft)blaM to re4 offtndin8. Althelm&i Rettarek UK, C•mbrtd Towards runnin8 cots at the ¢lMrity. An•h ProJeeL Brdford Towards re-CStablishin8 an'emergency cri8is fiJrx4' whi¢h will 8b]e thcm to continue offerin8 Vital 313t2n¢¢ to 7thble women knd 8irly ewin8 donhestic 5.000 Affjlml Froe Rovar¢b UK L•pd•Tr Tow8rd8 4 bre reaTch at Univ¢r8ity of Sheffiel AithmA UK ADd Brlthh FOuttddO IAbDdoM Towuds CtsS¢s the ¢iJariry. s.o Ben'i Ctttlrt For Vulnerabk P¢gpl¢, Sh¢ffleld Towllrds corc fundin8 to keep th¢ supw¥n pro8nmmes runniD8 r vulneTable adub Jtru881in8 Twith 8ub#an¢e misu- thy ccntrc and outreach pro8romnK. Brhlih Hurt Fo•nda¢lofy IAbttdtsn F)ding for Tesear¢h on the HcBrt. Crobm'i & C•lld Herrf•rthhlrt Rescltch will crcatc an Al progr Ihat identifies pre taKerow and cartc¢rous chth8es with the thki li will improve the digtio#ii of btsw¢l cancer in pwle with Crohn'5 or Colitis. DeMblllty. Bath TowaTds 18 COSt$ at the ¢hority. HrroyJte IllternlloAIl FI¥L H•rr•gate To provide A¢cess to o ronge of Arts. lIrnI tduc4ti(ml •ciivitic5 for children And young adults from deprived ar wlK> would othen not be abl¢ to particip4t¢. JPC Cotnrnumtty Firm. middlerOUgh Towards pmviding equitrfnent for an offi¢¢. hvo ¢la55foDms and an IT suitc ollowing them to deliver their bp0k¢ cow6¢ for young &dults with spe¢joli needs. 5,0 Kidney Reare UK Pettrb•rwgh TowaTd% nmning $ts at the ¢]fy. Pa8e 6
THE CHARLES & ELSIE SYKES TRUST (CIO)
TRUSTEES, REPORT
FOR THE YEAR }ED 31 DECKMBER 2024
ACHIEVEMENTS AND PERFoILmcE
leds chrilAn Trllit,
Toward5 subsidised coun5c]li to clients who are stswgglin8 financially to
aCCS Cou¢11n6 at a low eosL
Mary#r Crey Fo¥Dd¢io# Ltd. Shlpky
Towards their foul w¢¢k progrnmmc teaching young offctsders to Tethre
bik¢8.
M¥mi ID Sheffield
Toward5 fundin8 one of the ¢•seworkers th
THE CHARLLS & ELSIE SYKES TrUST (CIO) TRUSTEES, REPORT FOR THE YEAR EI¥DED 31 DFLEMBER 2•24 ACHIEVEMENTS AND PERFORMANCE Tbe Instltute of Canttr Th¢r•p¢ulk4 Uttivtnity ofBrdford Is ai th¢ forefTonr of adv1£ undcr5thndin¥ and abiliry to in the UK & around the world. Ckne of th¢ f¢w ¢¢ntres worldwide thit I$ thc ¢apabilities thke new aDti tr¢4th]ents all the way from to Clinic. L4£kJ a piece of equIPDni that have idcntified al will make them morc sclf Tcliant. Cost £72,450 ne•J £I8.7(j askcd for£S,CW. The Klrkw•od Holet The No Way Trn# Liwit¢d, To fimd 10 Crim¢ S4f¢ty Awrn Days in 50 Yorknhire Sxonthy S¢hoo]s dind al yowjg pe(ole aged 12-15. 5,CQO Tke PSP Mlh•ll Krym To 5upporf thc devclopment of bett¢r and i¥r8eied trtatsttents f Pro8ressiv¢ SuprnDucl¢&r Pry •nd Cort1¢ob Dc8(wrnlion. The Soell Mgblllty Fou¥dxtlo•, •dO Towards The AInn8 ProfessioNls Pro8Tamme •odw¢ YozkshiTt supporting 90 disadvattiag youn% pcolc aB¢d 1&25 in L¢eth •nd •¢M8 W¢s1 Yorkshir¢. The Wreo Blkery CIO, iudi Towards a 6 monihs skiil.bosed tyailliDg EK08r to providefive rn(w¢ multi-di58dvgnl88ed wonKn Ipoverry. Miction.rnentil health isxK81 with 8kilts and opporwnitses foremploymthi throu&h th¢ir ¢•f¢ L4¢ds. 10, urolo FoyDdItk) LA)ttdo Towards research on bladdcr can¢tt. Vtrwi Arthrlth. Chelterlleld Towd$ rumiin8 cwl• ot th¢ Ch). YMCA Rlpon, To tontinue to the chlty ttd help thr 1melesS ID Rip(m. s.o Page 8
THE CHARLLS & EISIE SYKES TRUST {CIO) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW FiDan£lal poglllon The tnwees Consider that the Tnt h85 had h ¢$$fill year. The V1h of the invesunent Emirtfojio Jnuwed by 8.4%, which shows that th¢ rn&rk¢ts continued w show 8 high degrte of volatility during the yew. Overnll the net Tcturn on the inv¢s¢met)i portfolio w8$ 11.8Y• which was hi8h¢r the benchmuk 9.. The unre5trictcd fund ryrted an ovcr811 deficii of £326,807. whirh was IgelY due to the in¢r¢ased Bmounl of donations wvtn out during the year. Exceplional gTont$ fOllSi5ted of a £125.(th donation to the Bradford Culture Company Lirnii GTznts were a180 Dde Mtirtim House Cthildren¥ HoBPi¢¢ for £I(M).0. YoTk$hire Cancer ReRArcb for £60,(W. C]4TO Ente18¢8 for £37.(Kl) attd Hensbaws Society for Blind Pwle for £20.tKIO. PrDvi511) for a seco1 doDatioD to Brlford Culttwe ComPY Lirnitoj for £]25,0 St Pettro Church for £12.£ have also been Tefl¢¢i¢d in thue ac¢outtts ¥ttd withm 6 of these aecoutt. Th¢ tntstees consider it is highly prob8bl¢ that Ihe5¢ Chitte$ will rtttt the asrccd taTgcts let by th¢m •Dd therefore will be awarded thc5C 8rsll. Tothl 8rmts awarded dwing th¢ y¢•r was £966,075 (2023.. £407.1(1) whi¢h w45 a 237.3% increue CANnpar>J to the previous year. how¢ver in line witb expectstiOM ts the 2024 8rants were iignifi¢mily higkn thm usual year4 as the tru5te¢s I1¢¢id lo tsk¢ advants8e of the bellthy s¢v¢s. The wie¢s ve didCd fot 2025 to rnainlain the tsme budgm a$ 2024. Gr¥ h•v¢ beell Riven w a wide r4D8t of th•Titi. MInalY iti the Yokn aTr. OT to nNtionAI Ch't1¢S for 8 Yothire, re4uiftmcnL There are several donation8 made which arc to cbaritses domiciled in other are4s of the unty, these tend to be specialist medi[ oryniuiiom &8 thc tsuseB are co8niwii of th¢ facr thwi the besi TearCh 1$ not ntt¢sn]Y b¢in8 ¢ondwted in Yorkshire. Th¢ inveJ¢ment incom¢ for the year in¢reAfed by 10.1% £711.419 (202J.. £646.406) which well alM)v¢ the 2024 forKast¢d income figurt 0(£654.(K1. Th¢ tsuste¢s foTK•ffi tha¢ the exp1 th¢ itieom¢ for 2025 to b¢ £710.OiKI. The governtt e05ts costs in¢re•x by 7.VA 10 £72.15112023: £66,877) •nd w¢r¢ Jll i) line with budgeted amounts. Rmervtt pollry The tru5le¢s lo nuintain at In lequth level kn provide suITicien¢ working c¥itsl io fd th¢ charity'8 aclivitics. Th¢ trust¢¢8 ¢oniinue ty coniider th•t a TC5erYt of unTethd shId be miititam¢d ai • l¢v¢l approxirnating to one half of a y&$ net income excludin8 WMI the filtte1 budBcts are dravrn lo r¢fl¢rt thi& Th¢ oize of th¢ r¢8erve is kept under eottstant review. Th¢ reserve ex1% be¢4USe: a) oc¢asioAM] Applicatiol We Tettived merits"n8 unusuaity It ai wh•t wuld be didY8 times. bl trusi inc¢)rnc does not accnie on even ¢) each charity on the anTh list txped a crntinuawt of their grt if thy comply v4ith th¢ Tnut rnles. The iotal pennan¢Di unre#ffi¢t¢d tt5¢fft1 hcid at thc yeu ¢Dd £20257J53 of whicb £19,886.473 fonns the Th¢r¢ was a 46.8Y• dttretse in the unrestricted re%TV¢S to £370,880 (2023.. £697.6871. This puts uDr¢stricted reserves 8t 52/0 (2023.. 121%) a5 a percentage of unrestricted itKorne exclth8 payable. The decrease in TeBerves WAS due io an incre¢ iti ex¢eptiunil dott.0 TDad¢ during the ye. li Should alw bt noted that the Trn$t has provided for £137.IIXI dLMhatioM which have yd been paid bui which 8r¢ Committ to be 8iveD ID uEwning y¢4T* If the effed of the thDatIo provida for 18 remov& the re6er4u as a percentage of incom¢ in 2024 would be 71%. Goln¥ e•Dcern The financial stht¢m¢nts h8v¢ been weptred OD a BoiD8 coJKern basis. Th¢r¢ ¢ no Tti8181 UD¢¢rtsitities abOt the Trnsvs ability to contioue for thr fott%¢4blc fithue. Page 9
THE CHARIIS & EISIE SYKES TRUST (CIO) TRUSTEES, REPORT FOR ThE YEAR ENDED 31 DECEMBER 2•24 STRUCTURE, GOVERNANCE AND MANAGEI£T Covernln% doetsmeDt The Charles and Elsi¢ Sykes Tnut is i clwithk Ory1$10. 8overncd by 8 conslitution dat¢d IS sl¢mber202J. R¢strnelurt to Cbaritabk Intorporatod OryAmtsthD (CIO) (In the 9 January 2024 The Charity CommiL8iOn 4yrov¢d the ronvcr5ion lo a new chaTitabk incorporated owisation (CIO). The Charles and Elsie Syk¢s Tru$1 (¢h4Tity no. 206926) would mcr8e with The Cbarlcs and Elsie Sykes Trust (charity no. 12047281 with all the 8LliYitie5. a55cts 4nd liabilitics tranrfcrred to the new charity. The tn would continue io cw out its charitsble a¢tt¥ities under the Dew CIO (clwiry no. 1204728). Reernltmtht ittd ippoltttment of new trnle The Trust is run by the Board of who m¢d [¢nodallY. do not tective remunentiwL nor do they vrmalty Seek TEiMbursem1 of expuw. The day io d•y financitil and XCTrlBrial maltcrs arc dult with by ¢mplgyrxJ of DSC Chart¢red A¢¢ountsnts and LCF Law who reFM)rt to the tr£&Cr and cretary respediv¢ly. The appointsnent of new 11 8overned by th¢ TTYSt Iked. The Chair 1$ oppoititrd for a prri¢yl of 5 Ye Trusteey Ire wjinicd for a period of 3 ye4Ts. The bo•rd 1$ authoriKd to 4wint new tnutees to fill any vaeaneies. Tet1 T¢ ¢li8ibl¢ for rkn10 If thEre is a requirement for ¢wst¢es, thes¢ we identified poIna by the r¢Juai& In]51¢¢5. Th¢ Chaimwi is resnSIble for initjAung the induction of 4ny new trusc. wkn'ch involves awirenu8 of a truste¢'s r¢gponsibiliti¢s, the Bov¢rning documenL Athnittistrative proc¢dures thc historical and philosophical pprch of the Trust. A t)ew truste¢ rc¢civ¢s copies of the Previo y&s annual rewi and aKounts. Mom of the exisiin8 trustees have brld offKc for rnore than one temi. Ongoin8 trainin8 is wovided 4$ nxegsary, in¢111n8 4tndAn¢e at relev&ni Couned. Or¥lJtloD41 strurt•r¢ Fees aTe paid to the ¢ustlIn trustee and kn the officexs of the T1 in the gov¢rnAn¢e costs and inveslmenl Mr N¢il Shgw acts as th¢ Tnyts yetretsry is a partner in LCF law. who as 501i¢iwrs for the Trusi. Mr John Gatbutt acts as treuurer and is a direetL ai DSC Chartued A¢¢Ounwl WI a¢£VUn¢ants attd advisors for the TruBL Pa8e 10
THE CHARIIS & EISIE SYKES TRUST (CIO) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2•24 STRUCTURE, GOVERNANCE AND MANAGEMENT Ded$loo mking Invt8tm¢nl Poive The Trust deed auth0ri9es the trus¢s to m•kc and IKild investments usinÈ the 8¢Dml fimdj of the TrpJ5t. The Inv¢sb)yent Subcommittee of the TnL8t meet with iov¢stsneM tidvisors to consid¢r the invMm¢nts thrnft¢r TCPOrt lo thc ncxl mtttin8 of tht Board of TAk¢t5. Grnt Mlklmg Polky Th¢ ty$t¢es have Tefrrred to the guidatiet C4tsin¢d ID the Ctrwity coMD)ion 8enernl guidtitiet ott public benefft when reviewing the aitLs and objectives s1 in plaDnw futtue Ictivities. In PITtsltr. the trust¢¢s eonsider how p18t)nel adiviiies will ¢ontribut¢ to th¢ ain)8 and OblY¢S seL All applications received must have a ba]an¢¢ She and the wbcommittK TKeiving ih¢8e jppliutions will then scrulini8c the IOnnatiOn to far bc L4ccrtaine4 that any monie$ given will be used for public benefit to improve the lives of the brncficiarics of the chuitieA. The Tn receiv¢N and ¢(Jn¥id¢rs dire£1 •pplicatioN for as81#. Preftrence ij given to gppli¢alions from Yorkshire. applicaiion$ T¢Kived from outstde the Tewon we uniike]y to be suweMfuL w •re tho which are tt¢eived froD) inth'viduals or without the most T¢¢eni examin?lid ac¢owhts. The Tn¥t •lJo m•kes Annual io i numbcr of reBistffed clwiti¢s (upon Tryoduetiot) of s•tisficiory i¢¢ounts} wh¢r¢ re8uIAr 8UpF1 ij perceived to be dutrnble and proper. Thi$ is nol 8uarantced and 18 subject lo rcvicw. The tnte¢S yd win noo i of tlyM¢ ¢hwi¢ie8 QD the '•nnuif list failcd to proTride proper infornution Bbout their ac¢ounts. Th¢ try$t¢¢J meet pcnfylically in gJb¢orri th¢ as lo.. Grants th•1 are for owin8 pr08Tn# re1¢4 over 4 oumber of y¢m, PTovithd Mtirf•¢iory a¢18 are ff¢eiv¢d each Yr. Gmi8 healthw¢ ndI¢ re%wdL Grants thot aTe for oneryofftbAri18bie projects. 4} arAni$ ore for amoutlts usually well in ex$ of the Mrrnol kvel of 8ivin8 thd trt often ¥soci#d with a ipetial anoiv¢rnary of the Sykes Trust. Drfail¢d •S1dtion 1$ given to application on th¢ basis of.. infomutson providcd: additiQll31 iDfornutt"on the se¢ as r(Yrn an opinion," visits follow up r¢port¥. Pagell
THE CHARLES & ELSIE SYKLS TRusr (cto) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21124 srRUcTu GOVERNANCE AND MANAGEM luik thDAgement The IT9tee5 have • dury io idetitify knd rcvicw tbc risks to which the chffj is exposed and to eD5UTe appropriate ntro]s are in place to provide re&4onable WUTanc¢ ogainm fraud and crrDr. tm5tCC8 have examined tF¢ major strategic. bjsineu KI opeTthnal risks whi¢h the Tru face5 and have adoptrd a fom81 risk rnana8em¢ni policy. A r¢view of the Tisk as5C$5nThi is undertaken aanually. Whibt th¢ tru8t¢es make witsble e4uiri into the adivi¢1 of ¢h•ritie8 when decidin8 whtTe to Dyke . thry t&k¢ DO part ill day to day rwmiDg of those charitiu. OD the rare (¢10s WIME a Irust¢¢ is p¢r8on4lly involycd with a chority which is • rc¢ipi¢DI of a 8r2D4 th¢ trust¢e declrn their iDler1 in a 8tneTrl me¢tiD8. The risks Telating lo the a58ets ofthe trust are mitigated by havin8 a wide spread of inv¢stm¢nts; profeuional advicc on Ihe ehoice of investments is given by UBS wljo thre also th¢ 0dlan tnet. Thr tnJ51ccs art aw&rc thit the TnJAt Ll holding two 8e¢uritie6 which represent moT¢ than 5% of thc value Ofinvetr held. ThN¢ ar¢ d¢t•iled 05 follows: 11 UBS lttvestsncnt Funth ICVC S&P 500 Index 8¢curity rtpresents 6.vh of th¢ vye of inv¢8tsnents held. Note tht tbi5 a55el is an index tracking fi)nd wbi¢h follows thc Perfontn of S(X) Anil in divme math 80 th¢ trusiees judge the trIAl¢ll with th¢ bolditig be ctptable. 2> V•nguard Funds Pl¢ xawity 6.8% of the v3h ofinv¢stm¢nts heid The llwsts¢8iud8e the risk I8¢11ted with the holding to be acceptable. STATEMENT OF TRusfELS' RLSPONSIBILITIES Th¢ tc are reSnSIble for pr¢parin8 the Trnsiett. thc financial 61&tements in 4c¢ordan¢e wilh Ipplicable lèw gnd United KJn8dom A¢couttiiD8 St•Ddarth (Unit¢d Kin8ik)m G¢Derally A¢¢epied Accountsng Prnrfice) includin8 FinwKial R¢p(rlinB sIdrd 102 Tr Finntiai Rewrnng Stand 4yh¢hble in tbe UK Republic ol Ir¢l•nd'. Charity IAW r¢¥wir¢s the ¢Nses io preplre finan¢ial for each fin8ncia] Yr. Undtr th#1 liw. the trujlees h8ve ele¢t¢d to prepr¢ thr fuwjcial ststcrnents in accordanc¢ with Unite41 Kingdom G¢D¢rally Ated AKounlin PrA¢tice {Urtiied Kingdom Accountin8 Stsndarth oFyliable law). Under ¢hAriry law th¢ trust rnuA not wve the finaoeiil ststements unltjs are satisfied that they wv¢ 8 Irne Ind fair view of the stsle of affairs of eharity athd g(th¢ in¢omin8 rUrceS atsd appliution of re8owees. ineludin8 the incom¢ and expendrtur¢. of the ¢trlty for p¢rsTrJ. ID pIewi ttMe f1¢111 8tsiernents. th¢ tsNgtees are 8¢lec18uithbk a¢countinK policie5 Ind then app]y th¢m n91$, obg¢rv¢ Ihe methods and prin¢iplts kn the Ch8riu¢s SORP; makeiudgements and e5tLtDates thai 81¢ •Sonable and 8t•te wh¢ther applicablc xcountin8 Stand8rds b•ve been followed, thjeet to mitai81 departu diKlosed ond explhilled in the fllLanci•l statcrncnts: prewe tbe financial staternents on the BOin8 b•sis unless it 1$ inapwopTi•te to preJwn¢ that th¢ Charity will The tnLStees are responsjble for kcLi>ing propcr accountin8 records which dis¢bMe with reasonle a¢cuMcy at any tirne th¢ finan¢ial position of the charity and to enabk thern io ensure th¢ slatrmrnts cornply with the Charities Act 2011 Th¢ Charity {Aonts and Re[) Re1•110$ 2008. They also Ttsponsiblc for safeguarding the assets of th¢ chgrity and hthre for thkiDg Tuw•ble ps for the prevention 8Dd eCtIon of fraud and other irr¢gulariti¢5. PaBe 12
THE CHARLES & ELSIE SYKFS TRUST (CIO) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Approved by order of the iK*rd of trustres on 27 Qkthbes2025 sitned on its ialf by. Mr D S Mead {Cbairn)an)- Tn Page 13
REPORT OF THE 1DEPELENr AUDITORS TO THE TRUSTEES OF THE CHARLLS & ELSIE SYK TRUST (CIO) Oplnlo We hav¢ audited the financ yat¢m¢Dts of The Charfm & Ebi¢ Sykes Tn1 (CIO) {the'chrity) for the year ettd 31 Dec¢n)tr 2024 whith ¢ompris¢ the Stotemeni of Financi81 Activities. the Ststcment of Financial Positio[4 the Statsment of C•sh Flows note5 lo the financ s¢atCTn¢nt& ]lUdIng a surnmary of SiBnÉficaDt oUntin8 policies. The fit)ancial reponing fr¢ has been applied in their prepar8tioD is applicAble law aod United Kin8dom AOUntIng Stsndards (United Kitigdom GeDernlty AccepiAI A¢¢¢)un¢mg Practice), In¢Iling Fintincial Reporimg Standard 102 Tr Fin1181 Reporting Sthnd8Td applicabk IA the UK and Republic of Ir¢Id.. In our opillion the finatt¢i•l $tstrnknits: 8ive 4 tnL¢ aDd fair vi¢w of thc stste of the chDriWs affair5 u at 31 Dcccmber 2024 and of its incomin8 resource8 and appliGation of rc50UTCeS. foT the yur thcn cnduL' . have been propttiy rrteprl in xciJtdan¢¢ ullit Kingdom GeJKr•lly Acc¢pta Accounting ProdiC¢, includiD8 Financiwl KeFrfbrtiDg StaNJard 102 Tr Finallci41 Reportll)g Standard applicable in the UK and Republic of . have been Prry•r in •¢o¥d with the Ttquwements of the Cblritits Act 2011. B•ilJ for oplnlon Wc conduthcd our audii iti aceordance with International Standard6 on Auditio8 IUK) (ISAS IUKI) 8ppli¢able law. Our responsibilitlC5 Under tho4e standards 8r¢ fith descritd iti the Audiiors. ttsp)nEibiliti# for thc iudit of the fjnaDcial $tat¢m¢nt$ 110 of our rewL W¢ indepenthi of the ¢hity in a¢eord•ncc with the ethica] r¢quirements th8t ore Telev1 to our dj1¢ of the finhncial the UL incbJdiD8 the FRC'S Eibical Standtrd. aDd we hsve fulfilled our other ethiul responsibiliiies iti X¢OTdthee with thege reqpJir¢m¢Dts. We b¢li¢ve thai the •udit evidence we have obthined is [rjei afvd ptovi& i kni5 for our oplliion. reltiA¥ to 8•IMi t••eer• In auditln8 the financial statements. we have conclud¢d th•t th¢ tnJoieH' of the goitig concern basis <yfK¢ounting in Ihe preparatkon of the fmwnci¥l $14lements 1$ 4pprorn. Based on the w¢ have perfornia, we have noi idelltifjed any miterial UDCVtsinti Trlating ¢V¢Dts or wndilions that. indiv1thIly or ¢olle¢tively, may 1 lignifi1 doubt on the chuitys ability to crAJtinue &8 a 8OLD8 concern for Our respong1Tr•iliiie$ kn1 tkn regPOMibilitiu of the with T¢¥PXt to 8oin8 Mncern are d¢Kribed in th¢ r¢l¢v•nt sKiion8 of thii repo Other IAformtlon The trustecs are reswisibl¢ for the other Infm. The other ll)fomMtioll c¥)mprises the infonmtion it)¢luded in ihe ADnug1 Reprt, other the finAticial Ststements aDd our Rwi of the Ithktthl¢nt A1110 thereo Our opinion on the financial ststements does cover the other inftmthou •Trl acept to th¢ ¢xtent oihen¥ise explicitly sthted kn our retx)rn we do ttot exprtss w form of assutwv cowlu¥ion theKto In ¢onneciion with our iudit ofthc financial s¢aternent4 our Te11b111ty is to r¢•d the other inforniatioD and in dotn8 SO. CODsider whcthcr the other infornution is nuterially irthnsisknii with the fiMn¢ial $thents or our knowledge obtsined in the audit or Otherwi appears to be materially If we id¢ntify such materigl in¢onsislen¢ies or prent material misststcments, w¢ are requittd to determi wbdlKr thi$ givc5 rise to a matcrial mi5stst¢melll in the rnCilI $tat¢m¢Dts th¢m8¢lv¢s. If, bo OD the WO we h•ve wforn))J. we COlde th&t there is & mat181 mi&rf&tcttLent of thi8 Other 1nforn4ti0 we are Tequred to repon that fath. We have tM)thm8 to teport in this reg8rd. MAtters tyn wkl£h w¢ •r¢ requ5red to r¢port by ex¢epll W¢ hav¢ nolhing to repon in regpert of th¢ folltswing zn•ttcrJ whcre the Charitiu (Accounts and Reports) Rc8ulatiOT 2008 r¢quires us to report to you if, in ow opinii)n'. the infom)¥tion given in the tNstees ReN)rt 1$ iDCOD8i8tent in any material respecl with the fJTh•nci81 slalements; or suffi¢i¢nt ¢ountiDg rerdS have been kept. or the financial stalcnjcnts not in agrccment with the aCc(Atill8 rtcords aDd rettrn$; or we bave not rcceiTrtd #ll thc iDfornwtion and cxpiantitilms we require foTour audit Page 14
REPORT OF INDEPENDENT AUDITORS TO ThE TRUSTEES OF THE CHARLES & ELSIE SYKES TRUST {CIO) Resptrnaibllitie¥ of trwt Aa explained mote 1]Y in the tru5tccs' re4M)nsibilities statemeni set ijut on page 12, the trustces ar¢ r¢sponsibl¢ for the PTep8Taiion of the fmancial statem¢Drs and for $81isfied that they gTve o true and f•iT view, thttd ftir inlerna] control as the Inlee$ detetmin¢ is ne¢essw to enable the PTepaTation of fmanciai stsierntnts thllt aye free frorn mtri#l missts*rneDI whether due to fra1 orertty. In prepoTing the financial 8tai¢m¢nts. th¢ Intsl¢es tre regwjnsible for the ¢harIty obility to continuc as Boing concenu dixlosing, a8 app]ible. mther5 relat1 io 8oin8 Concern and Using the 8oin8 concern basis of aecounlinB unlus th¢ either inttttd kn liquidats the cbarity or to ¢eue OF¢rntions. or Iwe ie4listic alterDativ¢ btydo Pag¢ 15
REPORT OF THE INDEPEI%DEhT AUDrroRS TO ThE TRUSTEES OF THE CHARLES & ELSIE SYKLS TRUST (CIO) Our Te4n11bltkn ffor the #udlt of tht fiDandxl W¢ bavc bttn apwind as auditors Under S¢¢tioo 144 of the Cbariti¢s Art 2011 attd iepcrt iti attordon¢e with th¢ Act nd relevant ie8ulatioTrs mad¢ or having ¢ffe¢l themjth. Our objectives to obmin rea&ble usur¢ knout whether the finthcial JterneDts whole are free from mat¢ri•l misthtemenL whethtr to fraud or ¢rw. and to i8w¢ a Rq)ort of the lthpath¢ AudiioT3 that OUT opinion. Re4sonable assurance is a higb level of WUTan¢¢. but is oot a gu4rant¢¢ thai oudii ¢ondu¢ied i accordance with ISAS (UK) will always dd¢d a makrtal mi8stsi•nenl when it exists. Mi551alemcnts can orisc from fraud or error and are consid¢r¢d malerial if, IndividllY or in the aggrcgatc. could reuongbly be expe¢ted influen¢¢ the economic decisicTh of u8ets tsken ott th¢ bfrsis of thue fintine1 thtemtht The ¢xnt to which FYocedur¢s are of (kt&tiD8 iTr¢gylariti¢4 indudiDg fraud is detailed below.. ITreguiaritic5, includiD8 frau4 are iDslLDces of non4onwliartt with jaws atyj regu1th0. We duigts prUr¢S in lit)e with our respmsibilities. oudined to dde£t nial miutstCnts ith of intguknrities, in¢ludin8 fraud. The exleTJt to which ourwcethre8 Are ¢pbie of dete¢tin8 irre8ulriti¢& including fraud is d¢tail¢d below.. . W¢ obtsitied wider5taDdin8 ofth¢ l¢gal al tt8ul8tiry ftaffjw within which the charity OF focusing on Ihose law¥ gDd r¢8ulatiorbS that hgve • direct effeth on the d#erniin•tion of rntiter1 amounts and disclosuTes in the fin&Dciai slllttments. The law5 re8ulations we con81d in this contexi were the Clwxtles A¢1 2011 and the Stlltement of Recommended Pr•oi¢e. - We identifd the great risk ofmatrtiol on the financial frorn irre8vlriii¢s. includin8 fraud. to be th¢ override of controli by mana8ement. (h]r audit proccdwes to rew¥nd to thes¢ risks included enquiriu of trustee$ •nd mano8¢meni about their 01 identification and aM¢Jrnt of the risks of irr¢8ulAn'ties, sarnpl¢ l¢s¢inB on the PO81in8 ofiournals r¢vininB •KOlIng C•tim•t¢s foT bi•. . In addition, we Considered provi$ioM of othtt l•ws ttd tegukniiom thal do have • dirrct effeet on the fwnci $tstem¢nts bu¢ ¢ompli•th¢¢ with which migbt be fithctttsl io the eharithble cornw5 abhlity to opmte or to avoid a material penolry. Th¢ lows and re8U110I we considered in thi$ eontext were Chuity Commission regultitions and General Protertion RegullOtt (GDPR). - Auditing $idd8 lirnit the required a111 prdUr to id¢ntify Donrfomplian¢¢ with th¢o¢ la r¢Bukntion• to eftquiry of the Thuttt8 aDd othcr nwJJ8crneDt Ind inwctic of reguOry aThl le881 colrewNlen¢e. if y. . W¢ ai50 ¢on6id¢r¢d th¢ otwrhmitie8 and irKetitive8 tht mwy exirt withtD the thtritabk tompany for d. . W¢ id¢ntifi¢d the test risk of nMrial IMP on th¢ fitwicill from irresuhrilie4 in¢ludin8 fraud, to be th¢ OV¢Trid¢ of controls by iticome ItltiOtt. In r¢spons¢ io the risk ofuregul&ritics n-coU11 with ]aws and TeBuJ&lionB and risk of frau& we design1 proredurcs whicll included but were not limittd to.. Sample tcMin8 on th¢ posting of ioum818, timing of recognition of iticom¢ and ihe eornplctcncts of itKom< rtvicw of trustee'8 Ininutes aryi aoy with regulators. Owitig to the limitstiLmS of an audil tbcre is UDJvoidabk risk that wt m•y heve dete¢ied 80me m•terial mi141¢MentS ID the fmanci81 statements, even though Twe have propthy piat)ned perforn)ed our audii in accoTd•nce with auditinB 5tsndards. We are rwnsiblt fcrf pr¢vellts#g nott-compliance 2nd cannot be ¢XpA to delec¢ non-compliance with all laws and regul•iioM. A further d¢xTiplion of our rtsponsibi]ities ft¢ the audii of the fittan¢ial tstemrnts is kKated on ibe Fin¢181 ReFrtIng Council's web81* at www.frc.4)wuklal7lVesporn1iItits. Thii dexIl11)n fonDS part of our Rert of the lttd¢pendent Auditors. Pa8c 16
REPORT OF THE IliDEPEI¥DENT AUDrroRS m TllE TRUSTEES OF THE CHARtIS & EISIE SYKFS TRUST (CIO) or0r report This r¢JKJrt 15 made K)lely to the chariWs as a ty, iti accord with Part 4 of the Charities (Accounts and Rem) Regulatio$ 2008. OUT audit wwk bas beth so that we mi8ht sthte the charl$ trustees th rnthtth we are required io state to them in aD wJth'tors' rq)on and for no other putw. To the fillle5t extenl p¢rniitteAJ by 18w, we do not accept OT rrsptwilTrility to anyone othtt than the charity and the charl$ trustees as a body. for our audit work, for this rem for the opinions we have forn. k4pk4 Statutory Auditoi Bond End Knare$bor( North Yorkshire HG5 9AY 27 October 2025 HPH is elIle for 4y•intsnent as wJditi)r of the charity by ViTtiJc of its eli11]ty for app)iotriew as auditor of a company Lwder section 1212 of the Compawes Aci 2(M)6. Page 17
HE CHARLES & ELSIE SYKLS TRUST (CIO) STATEMENT OF FINANCIAL AcnvfnES FOR THE YFAR ENDED 31 DECEMBER 2024 2024 2023 Tota] fuDd fid5 INCOME AND ENDOWMEN13 FROM Donations and le81¢5 78.616 78.616 Inv¢5lrnf incornc 711419 711419 Totsl 711419 EXPENDITUR£ ON Rai8mg funds 71726 72,726 64J62 Cb#rltgblt ¢tlvl¢l Gr8ntstwkin8 1038 226 473 977 To¢ 110952 538 339 Net gains on invementi 1542 422 1542 422 810798 NET INCOMFJ(EXPENDITIIRE 1326,807) 1,548,312 1221.505 918,865 RECONCILIATION OF FUNDS Tothl Ilmth brought forward 697.687 18.338.161 19,035.848 18.116.983 TOTAL FUNDS CARRIED n)RWARD 20 57 19 886 473 53 19035 848 Pw18
TBE CHARLES & EISIE SYKFS TRUST (CIO STATEMENT OF Fll¥AI¥CIAL posfTION 31 DECEMBER 2024 2024 2023 Unr¢Stri¢1 Endowm¢nt FIXED A&SKTS InvestmenLs 12 19,902,149 19902.149 18J55,382 CURREKf ASSETS Prepayments alld accruoj income Cth at bank 13 6.369 6.382 519 748 810 519J53 6.369 525.722 748.821 CREDoRs Amounts fallin8 due within otte ye 13 (148.473) (22.045> (170518) (68.355) NET CURRENT ASSETS 370 880 15 676) 680 466 TOTAI, ASSF,TS LESS CURRENT 370,880 19,886,473 20.257,353 19,03J,848 NET ASSETS 370 880 19 886 473 20 19 035 848 FUNDS Uorestrieted furmb: Genetal Fund Endowmeni fill 14 370.880 19886473 697.687 18 338 161 20 57 L53 19 035 848 The fjnancial statements were apwoved by the Bohyd of TnL%te&8 and toriStd for iwie on 27 (ktobcr 2025 and were signed on its bdjalf by.. MT D S Mead (Chauman). Tn Page 19
THE CHARLLS & EISIE SYK&S TRusr (cio) STATEMETr4T OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash llowi frnm wrling •¢dvltleJ Cash generaied from opeNions 1936.544 1644.956 Nei CLth used in oper81iog •ciivities 1936 544 Cah flo ¢tlvhl Pur¢hase of fLxeAI asS¢t investDxn¢B Salc of fixed a8B¢t i1)vern Interest reiVed Dilrydends rwAiwed 14.566.804) 4,562.459 35.055 (4.786,266) 4.837.652 35.249 611156 Net casb provid¢d by tiviti¢S 707 074 ChThgt In ¢•ih Ind equ11• I th¢ reportSi perlod Cash and equlv*lthti at th betlrtttlni of the reportlDg perlod (229.470) 52,835 748810 695 975 Ind ¢•ib equlvAlt•ts at the end or the reportlng perlod 748 810 Ptt8e 20
THE CItARLES & ELSIE SYKK8 TRUST (CIO) NOTES TO THE STATEME1 OF CASH FIAIWS FOR THE YEAR ThDED 31 DECEMBER 2•24 RECONCILIATION OF NET INCOME TO NET CASH FU)W FROM OPERATING AcrtVlTIL8 2024 2023 Nt Income for the reporthl perlod {M per the StttmeAt Of Fin¢1 A¢bvides) AdJustrntDts for: Gain ¢)n in¥trnets Interest rectivr DiYidend$ re¢eivtd lu¢8$(de¢re8$C) in WiSiOD Increase in deknorx 1221,505 918,865 (1,542,422) (35,055) (676.364) 1810,799> {35.2491 1611.156) 9,572 16,371) 102 163 116 1781 Nrt £uh In wr*d 1936 544 ANALYSIS OF CIIANGF3 IN NET FUNDS Atl.1.24 Cash flow Ai31.1224 Net C4th it bank 748.810 748810 229.470 T•tsl 748810 229 470 ThE not¢8 fonn pan of these fllwicial ststaneDts Pag¢ 21
THE CHARL & EISIE SYKES TRUST {CIO} NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POIJCIFS B8ts of pnpArl•g th¢ littei st#frrneDts The finan¢i41 stsrements of thc charity. which 1$ a bE1C ben¢fii entity Under FRS 102. have been prepared accordance with the Chotities SORP IFRS 1021 A¢countin¥ and Repothng by Chritics.' Ststement of Recommended Practi¢e &pp]iabk kn chariti¢s preparing their xcounts in rKCOTdarC with the Financial Reportin8 Standard appli¢able in the UK and Republic of Irela1 (FRS 102) (effective l January 2019),, Financial Rqing StsThJard 102 The Financi Reportin8 Stsndwd applicable in the UK aDd Republi¢ or Ireland and the Cl&ritie5 Act 2011. Th¢ finan¢ial slat¢ments hive be¢n prtparcd wthr the hi$loTicAI cost conv¢ntioJL with the exception of inves¢meDts w.¢h are included at mwket val. as modified by th¢ reVtIO of ccrtaiD asstts. Merger &towiung has been ud to th the restructh of th¢ ¢hariry itiio * ¢b8ritable iDcofpor8ted Incorn¢ All in¢otne is reco8nised in th¢ statent of Fina101 Activiiies onee the charity hog entitlement io the it 18 pyobablc that the iD¢ome will be Tcctivcd and the omouni can be mWUTed reliably. Inveotsnent iD¢orne 18 earne4J thmu#b hgldiD8 invtstsnent purrws as share8. It include$ dividends and in¢$L w11e it is rwi prnciicable io identify Invement rnDna8eirtht costs incwr¢d within i hcrnc wirh reasoMble accuY th¢ investrnemi irKorne li repffi of thele c05rs, Ji Is tluded when the arnount ¢an be mwurtd rcliably. Intere income is recosnis¢d lti8 the effeciiv¢ inlerest mcihod and dividend in¢om¢ 18 r¢¢ognid as the clwity'$ right to T¢f¢iVC payirKm 1$ ttthblisbeiL All reali8ed 8aiw and losses on disr)ul$. and unmlised 8ains on revaluati Bre r¢tstn¢d within thc enthswmcnt fvnd. The 8ains loss¢s lI1n8 on tryahutions di8p)MJs thTQU8bout the ye•r or¢ 8hown on the Styi¢m¢nt of Fitt¢11 A¢liviti. The in¢om¢ arisini from th¢ ¢Trdowrneni ffijtth ia ud to mlke ehAritable dowion4 with any ex¢¢M in the year bcin8 retained for donalions in futwe periods a8 dexribed in ihe bwte¢s' rel. Thc trum deed contsins no re8tri¢iion on th¢ distribution of in¢omc Bcnerntd. )lthouBh the 8ffler•lly retiin * reierve of urnul8ted iTKome. as drfailed ill ihc trustCC5' [tt. ExpeThdlts Liabi]itics art r¢¢o8nised a% expeDdittwc 48 soon thrx¢ 16 • leg41 or n#truCtIve obligalion committing the eharity to that ¢xp¢ndintre. it is probabk that a tr•nsfer of economi¢ benefits will be r¢quired in setikmeni the arnount of the obligalion can be rne&wr¢d reliabty. EXwditu is XCOUDted for 00 3n a¢¢nlS basis and has been ¢18$sified utthr headin8s that owegate all cost related to the ¢8ie8LYy. Where Costs ¢annoi be direct]y attnbuied io particur headings they have been allocAt¢d to xtivitic5 on i ba31$ ¢onsi$tent with the use of Grgnts payable arr PQ>TtxDts mode t¢ third Parti ID the fimherance of the ¢iwitsbk objectives of the Trust. IVher¢ uttconditional granty offered. this is a¢cnJed •s as the recipicllt is notsfied of the 8rant, a8 thi$ 've5 rise to a re&fjoDable expertstion that th¢ T¢cipiell¢ will Tec¢ive the 8r•nts. IVheTe Brants are conditio] latin8 to wfonnance then thE Vant li a¢cnKd any WLfiJlfilled CLdI(10n$ •r¢ outside ofthe contml of the charity. tcoverable VAT is¢hryul as cxpcnx 4gaiMt the activity for whith eXpditure •r(w. Grants otTer¢d subjccl to c¢ditio which bBve not be¢n md the yr end are noted u 8 commim)ent but Thot a¢¢ru¢d a5 cxpcnditure. AllocArfon and *pportlonD)¢wl Support ¢0S15 those thai assist the work of the clwity do not ditectly Yepment ¢harilable activities. They are itjrrtd diTCCtIy ID SUPPOrt of eXPeIltUre on the Obj of the ¢harity. swiport Costs cannot be dircct]y attrited to particular hcadin8S tly have been allocated cost of fiumls ¢xp¢ndiwR on eharit&ble activities on i b15iS COll5iStent with use of the resourctt. Pa8¢ 22
THE CHARLFS & ELSIE SYKES TRUST (CIO) NOTES TO THE FINANCIAL STATEMENTS- eontlnwtd FOR THE YEAR ENDED 31 DECEMBER 2124 AccouNfiNG POLICIFS. e•thi•ed Alloutlon aod Apportio•ment of ¢•sts Govern8th ¢ts coJnpris¢ )sts involving the publi¢ g¢¢ovnthbility of the Trust and its c4)mplisnce with regulatiQD aTKI gofyl PTK¢ic& Thii ineludu costs relotcd to S¢afutory audiL legal ond bookkeeping ftr$. These arc atq>ortioned ¢otirely to exditre on charirable grnDt makin8 a¢nvities on the h5is that thi5 15 tht area where most tru$tr¢ and otricu tirne is speni wch thii the lim¢ spent on fimdraising activiti'ts 18 ¢On8id¢r¢d ¢1> be imm&terial. TaDD The clwity is exempt frotD tsx its etrthritable ¥tivitie6. Fund UnT¢stri¢ fijnds CID be used JD 0rd with the ¢lritIb obj¢c¢ivu at dis¢rdiott of the trustees. Pernwient Endowment Fund cat) only bc uxd for PAni¢ul•r rellrictrd PUTWXS vrithin th¢ objects of the Chry. RestrictioL8 aris¢ when %¢cified by thc donor or wlwi Thised fw p8rticular re8trict¢d pwpo8es. Fordgn ¢urread A58ets and liabilitie8 iti foreiph aUTeucie8 •re trwi8lafed IDIO ai the rates of exehknst rnlin8 the stst¢m¢nt of fuwlcial position d•t¢. Trw$•1om1 in forei8n aT¢ tys1¢d into steTlin8 at th¢ rat¢ of ¢x¢hange rnling li the date of traas8ciioL Exch•w diffetenc¢8 are tsken itito oun1 in arriving at the operniing rttuh. IV¢itrtr Invtstm¢nts are re¢oBtsised iDitiilly •1 f8ir valve whtch 18 ttOEnJally the ran9Xtion price exeludin8 tr¥ntsetion co$t$. Subsequenily. thry are rneaswa •1 fair valut with clwiges Tecognised in 'net Rain$ l 0985¢s) on inv¢simett¢s' in the Stakment of Fit)anci81 Activitw if the th8r¢$ Are wblicly trJeAI or th¢ir f4ir value otherwise be meaJured reli•bly. Other Ttivestrnents are M¢•sU ¢oM less irnpainnent. Current Aiiet inYeJthwits are sly)n mi hi8hty liquid iDV¢JtnKnts Ire held It hir v•lu¢. The8e include c4sh on deposii and wh cquivalrnls with • MIrity one year. Dtbton Ac¢Ned income is trco8nued u the Tnjst be¢ots ¢ntitl¢d ts ti JTXI is Mcam at hir Vut. Cwh 4t bink In hd at batsk End cash in hd includes eath aDd Jknrt tm higbly liquid invc5tments. Highly liquid inv¢stsnettts are d¢f]n¢d to be those instrumrntsiud8d by our inve5tt1ni to have their main ¢xp)sure itt moncy m&rketS ld fr18n ex¢hnge rnatk¢ts, for exryle cuh or ttrni dep51 Jhort terni borAs and rcncy CertlfvtederIv•1lweS. Creditors and provistons are Y#o8titstd the TfftI bA5 8 prcsent obli8ation resultiJ)g from • pD5t event that will prob•bly Tesuli iti the traD5f¢r of fimds to * third party the amounl due io settle ihe obli8atioTJ can bc m¢asura or es¢illJtited r¢liably. CTeth"ts)rs aod pYovi8ions ate TKogDtsed at theti settlement amount Jft¢r allowin8 f(rafty diacou thx. Golwg Coneern The finan¢iAI JtatetDents hav¢ t*en prepared on 1 80inB concern basis. Therc arc no material uncertain¢i¢$ abo the Twst's ability to continue (orthe foreseeable fvtur¢.
THE CHARLES & EISIE sy TRUST (CIO) NOTLS TO THE FINANCIAL STATEMEf4TS- r•Atin¥ed FOR THE YEAR ENDED 3] DECEMBER 2•24 DONATIONS AND LECACIFS 2024 Total 2023 To1al Ixwi¢s A legacy of £72247 from the Esthte of Joyce BiliinBbAm ttceived during the 2024 year. A fiffther £6,369 from th¢ E5ta of Joyce Billingbam b¢eD accrued as thii is th¢ rtsidud Iw<y th•t is thi¢ to the cio. 2024 2023 Totsl fund• fimds Inv¢slnM¢J Deposit aeeknuDi inl¢rut 676,364 676J64 611.156 35 711.419 711419 2024 2023 Bond invatsneDI inwme Equity iDvestm¢nt income Property investmeni ir1me Monry Markrf investhienl incom¢ 1CTe8t rffxived on hcld 175,737 477250 23J77 116.047 473.431 18.616 3,063 35 35 055 49 711419 RAISING FUNDS RAIth8 dont10 *Jd leE•d 2024 Tothl 2023 Totsl Endovrneni Invcstm¢ni DuN8enKnt Pw24
THE CHARLES & EtSlE SYKFS TRU (CIO) NOTES TO THE FINANCIAL STATEMENTS- ¢onthiied FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE Aa1vIT COS13 fimdll)g of (set noie costs {8ee note 7) Totsls Gr8ntsn&kin8 1 038 226 GRAi¥fs PAYABLE 2024 2023 966.075 The totsl grts ld ro inmitirtions during tbe yw a¥ f01b.. 2024 2023 167,500 194.625 166,950 18,0 159.0¢ 47.0( 135,ItKI 16,0(Kl Medicals Spccial¥ Perswl Donation8 Super Sp¢cia16 All 8TLnls aTt mad¢ to r¢giJt¢rd for8rt fid a¢tiviti¢8 plid fTcth the fitnd. Ac¢¢ssible Ans & MediK York Acuve Fusion, Doncu Alpha Howe CaJderdal¢, Halifax A17.heimerfs Research UL clbrid8* Athimal Frcc Rcscarch UL London Ajsist Sbeffiel4 Sheffield hma UK and British Lung FouJd•llo L4yr#loD Bag Books, Ben'$ C¢ntr¢ foT Vu]rmbl¢ Peq)k {Sh¢ffieldl Sbeffield Big Futurcs Foundats"on, Yo Bilton & Woodfield COrnMliry Library. HarroR Br8dford CulDJr¢ COmpY L, Bradfo Bradford Ni8his1. Brndfonl Brid8c Child Contact Crntrc. Bcverlty Bright Light Projccty Halif British Heart Foundatio IA)ndon Biiti5h Rcfu8ce CounciL London Burlcy in Wharfedale Commutlity Tnui nkley Calibre Audio Library, Ayk$lMry Camphill Village Trust Litnited. Mallon Care in Cro5spooL Sh¢ffi¢ld Carers. R¢souw¢, Harrogat¢ Carin8 for Life, L¢¢ds ctle Hill Sch)ol, HIdersfiC1d ild BTain Injury Tru5f. LoTMkm CThurrh HoTneless Trust Li4 IA)ndon Cl8ro EnteISeS. Harrogate Cl¢v¢laDd Howing Advicc CeTth. Middlesborough 2.5(] 2.5 S• l.5 37.0 Page 25
THE CHARLLS & EISIE SYK TRUST (CIO) NOTES TO THE FINANCIAL sfATEMENTS- e•Athb¥ed FOR THE YEAR ENDED 31 DECEMBER 2•24 GRANTS PAYABLE. illed Clothing Solutions for Disabled People. Bradford Comfort Cays UK. BOreharnWd Community WoTkn CIO. ThiT5k CrolJn'5 & Colitis UL Hens CT05sThMds (Barnsley) LI BarDs1ry Cystic Fibrosis Trysl Lonth) DeS1bIlity, Both Disabiliry Afflion Yorkthire. H%4 Don¢ast¢r Housing f¢x Young P¢opl¢ Limiie( Doncast¢r Down SyDdrom¢ Trainin8 and Suppon SeNi¢e. Brylf(ffd E.'Mer8e (UK) Company LiDUte¢ BrdfL¥d Edible York. York Emmauj Sh¢ffield StrKffield Evolve Recovery Home& FIrf0rd Fi8bt A8ainst BlinthSS. Xoyston Flourishing Farnilics. L¢¢ds GingerbrcBd, LoDdoD Go Kids Go. Bevcrley Golddi88er Trnrt. Sh¢tTi¢ld Grimethorpe Activiry Zon¢, Cffimeth Growin8 wo, Horffih Happy Ihys Thildr¢n'$ Chtrity. Lul¢M Happy thys Ministries UK. Halifax Happy wdererS Ambulan¢¢ OrBanis91ioK HthDPt¢ Harold Sty&n Charity for Youth, Harro8&te Hattogate & RipoD CoDUnUnity for Voluntry servi H•rro8a Harrogate Compeliitve F¢siiv81 ofmwic. Sh and Drw Hwro8lte H&rro8atc Hospital R10 Socitty, Harro8at¢ H&rro8atc International Fests'v•l, HaTfo8at¢ Hajshaws Society for BIll People. Knuesbwgh Holbeck To8¢ther, Lef Honley Villa8e COmmlty TTu¢ Hoknifinb (rt¢urntyJ patti> Hop¢ ESOL CIO, Sheffield Horti¢ap, Ha881e HouT8liss (Safu A¥cin8). Suffolk Ilkley and District Good N¢i8hbours, Ilkity 2.10 (4,500) Kidney Research UK Peru81 Kith. IA)ndon Kyra Worn¢n's Proje¢L Yo Lccds Mind. Leeds Leeds Pow¢r¢hxir FC. Leed¥ lukaemia c£. WoTfestc 4.125 Lifeline (Hanoglie) L. Hatrog41e Lifelites, Londo Lighi Pttr Supp, Sheffield LighlhouK (West Yorkshire). t£als Liening Books. knThlon Lupus UK Rornf¢Nd Moggie Keswick Jcncks CCer CEnE Centrts Trw Gjasgow Margaret Carry Foundation Ltd Sbipley Martin5 Hoe Chilthents Hospicc, Wctha Medequip4kid$, Man¢h¢sttY Mind in Bradforl Bradftird Mind in Harro88te DistricL Harro8ale 2.51Y) 2,5) 2.500 Pa8c 26
THE CHAR & EISIE SEs TRUST ICIO) OTES TO THE FINANCIAL STATEMENIS- c•nthiued FOR THE YEAR ENDED 31 DECEMBER 2024 GRANIS PAYABLE- ¢ODllnYed Mums in Need Sh¢ffi¢ld Music and Arts Produ10$ Lced4 Ixds Musical Connections. Yofk Myeloma UK. Edinburgb Neuro Key. Stockton-On.Tee$ New Beginnings P¢¢r Supp¢rfL Hom)8at¢ New HBII Kidz Ltd Wakefield New Hop¢ Conunuttity chb. Sheffield Nomad (Wtiing Door5. Sheffjeld North York5hiTC Hospice Car¢, Ilattogate North Yorkshire Musi¢ Thernpy Ccntre. Malt Orth0plIC Institute Limited. OThc Ovarian c4ThrAction. London PCC of Girl1Thort, HeOn and Mar78h Brnlfoyd Pilot Thutre SdThiL Yo Power2 Ltd, Tamcside Presion Rogd Wom¢n's C¢ntre L. Hull Rainbow Biby Bank. 14Kkmondwike Raos Musical Th¢8tse Compary. Rip)D Re-Enyg¢ Ltd London Relatc Cross Pennine, Kei8hl¢y Restore (York) Limited York R¢vitsli8¢, London Ridwd ShLyh•rd Foubmlaiion. York Rirbmond Hill Elikrly Adion Limitrd. Imd8 Ripon CornmuDity Linl Bipon Rutt With It, Hull SliJbury Hospice Chatity Limi£ SAli$bwy Scarborough Ivhitby and Ryedal¢ Min4 S¢holemoor Bearon CIO. BrJford Sch(K¥lre•drr5 CIO. Bedford Shetyield Chur¢h&8 CouncÉl for Community Care, Sh¢ffKld Shcffield Family Holiday F, Sheffield Sbeffield M.E GTOLW. Sheffleld ShetTicld Womcn'8 Cowi8¢11itiK Thmpy Service8. Sheffidd Sheffield Young Caffls Projecl. Sh¢lTield SHINE. Pderborougb Sick Children'5 Tru. LoTrkn Sidewalk Youth Project. Start)rough Sir Robert Ogden MacmiliaD Centrc. Hvro8ate Smart Wotk5 Lced5. Leed$ Spenttr D8ymaD Meningrtis R¢s¢wrh. BTiStol Spind Injuric5 Association. Milion Keyn St Anthony'5 Project for Homele Pe<)ple, BTadford St Bartholom¢w's Churcl Arkcndale St Lukts Hospic¢, Shefficld St M$ IBTamall Lane) Cornmunity C¢ntre, Shcffield Si Pctcfs Church, Harrogale St Vincent De Paul S(Kicly. LoD&y) St Wilfrid'5 clI[E. Shcfficld Standing Tall. Birningharn Step 2 Young Peoples Heh Brodfwd Streetbik¢$, Huddersfield Sue Ryder. Sudb SuppDrt to Rccovery, H$field Take Hcart. Leeds The Brain Tun)ow aharity, FarniKJrou8h 2.S(K) 2,5 2.500 8e27
THE CHARLES & EISIE SYKLS TRUST (CIO) OTES TO THE FINANCIAL STATEMETm- FOR THE YKAR ENDED 31 DECEMBER 2•24 GRA PAYABLE • CODtinued The British Starnmerng AWlatio Th¢ Cw¢ P8Tkin80n's Reading Th¢ Etshl Tw Sheffield The EX0th Projecl. Barn51ry Thc Five Towns Plus Hospicc Fund Limit¢(L pfr1 Thc Forwllrd TTVBL IA)ndon The Histori¢ Towns Tnjst, BkSlI¢ The KI0] Hospice The Lullaby Trust, tmdott The Move Parthttship, Iludder5field The No Way Tru Lirniirt Hull The PSP AysoGiBtion. Milton KeyDe# The Snowdrop Proied, Sheffield Th¢ Social Mobility F0uttd*iio Londo Th¢ Uniled R¢forn)ed CThurth (Yorksbire Pm1Dj Tnut Ltd. L¢¢ds The Wren Bakery CIO, Lttds Tintiibjs UK Shttrield Unxversity of Bradfor4 Btt•Jford Utology Foundati London Versw Arthritis. Chesterfxld Vision Care for Hom¢kss Pwl¢. London W¢lfaT¢ Bencfiis Unii, York We118pring Therapy and Training W¢si Yorkshirt Community Ch•plaiw Proied, L¢¢ W¢therby iti Support ofthe Eldcrly Vthirlow Hill Farm Trust. Sheffield Wilberfoss. Kexby thd Ntwtm Playing Fields Associthofy Yk YfrACA Ripon. "pon York Blind and Panially Sighier Sociery. Y York Hospital Radio, YoTk Yorkshire Canc¢r Res¢ar¢h, H4rroBale Yorkshire Dales Millenium Tn. L4nca5trr Yorkshire D¢£ Centre Tru5( Leedi Zod8 Place Trn¢ LethilDB Sp 3.5fA) 10.LK 2,750 The totsl Bran1$ are follo.. 2024 No. 2023 Blind and P•Midfy Sighkd Childrttt and Youth Cultural and EnvhrontDental HeritsBe D¢af. Hard of Hcaring ond Spccch Impairnl Disabled And Physi¢alty Hkndic8PF Edu¢4ti( H05pi¢als and Hospice4 Mcdical Researc Mcdical Welfare Mental Health 32.1 42.IK I I.IKK) 3% 4% 1% 1% 4% 2% I/. 2°A 18 15 14 33,500 16 13 16 19 14% 13% 6% 3% 130,125 53.500 325(Kl 13 30.& 14,(1)O 18.1 70h Old People's Welfare Overs¢a$ Ald Servitts and Ex.Scrvi¢e$ 12.511) 2,500 P88e 28
THE CHARLLS & EISIE SYKES TRUST {CIO) NOTES TO THE FINANCIAL STATEMENTS- e(IiiliMu¢d FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE- tontinDed Social and Moral Welfare Tradtt and Prof¢sstotss 474.950 49% 61 168.500 12/• 185 147 407 IIXI SUPPORT cosrs Toto11 18 71.543 Support costs. itttluded ID the above. follows.. 2024 2023 Totsl orthtsEft9 tivI11¢S B8nk charges Auditors, Tcmuner8tion InswLncc Mectin8 cxpens¢$ Administration fee8 Sundrie8 Ac£ounlancy S¢¢retsrial f iwl & profemion 608 4.628 526 1,428 3,744 1.8C 21.720 35.387 464 4,380 501 1.991 897 20,700 33,384 AUDITORS. REMUNERATIO 2024 2023 Fe¢$ pay*ble to the charity$ 110t$ for the •udii of the Ch1¢$ fiDMncial siaiemcn15 The audii ¢0sti are entirety for exterMI xruliny ¥nd no other ]CeS ar¢tKovided by the auditOT. TRUSTEES, REhfUNERATION AND BENEFITS There were no trusted remun¢r4lioll (f 4)th¢r benefits for the year tded 31 De(ber 2024 nor for the y¢wr ended 31 De¢embeT 2023. Pw29
THE CHARLES & ELSIE SYKES TRUST (CIO) NOTF3 TO THE FINANCIAL STATEMENTS. eonthTr¢d FOR THE YEAR EIYDED 31 DECEMBER 2024
tti, t4>tn
The reimburgewi of truste¢ cxF%nses wtre ¥ follm: 2024 2023 SundTie$ Total llumber of tnutttj r¢imbw%d for expells¢4 10. STAFF COSTS The 4veraB¢ Tnonth]y wmber of vDploytt8 sknitt8 the year w¥$ (2023: Ni The Tntyi ¢mployed no stsff dwiA8 the yeaT (2023: Nil). 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcmrrriLS12023) Unre5thcled EndowTnenl fund Total INCOME AND EI¥DOWMEKfs FROM EXPEYDITURE ON RAi#ing funds 04,362 64,362 ChArlt•bl¢ *¢llvltl GTantm8kin8 413,? 473 977 538 339 Net g8iDB on invutments 810798 NET INCOME 169.366 749.499 918,865 RKCONCILIATION OF FLINDS Totsl funth knught forward 528.321 17,588,662 18,116,983 TOTAL FUNDS CARIUED FORWARD 697 687 18,338 161 19,035,848 Page 30
THE CHARIX8 & EISIE SYKES TRUST (CIO) NOTKS TO THE FINANCIAL STATEMKPM-thQd FOR THE YEAR ENDED 31 DECEMBER 2024 IL IIXED ASSET INVESTMENTS Lied Totsli MARKET VALUE At l January 2024 Additions Di8posals Revaluatio 18.188,577 3.842.173 (3.735.439) 1387 775 166,805 18J55,382 724,631 4.566,804 (672J73) {4,407,812} 1387 775 At 31 Dcc¢nkn 2024 19683086 19 902 149 NET BOOK VALUE At 31 Dec¢rnber 2024 19 683 086 19902 149 At 31 2023 18 188.577 18 Ai the ytar C1 Ibe Tnxrt he]d: Inth¢UK Outside the UK C4th Bnd c8sh equivllents Moncy Market it)ves¢men¢s Bond inv¢stment$ Equity investmenls Hedge funds Property Lrfodian 102.496 116.567 3.701,755 13,744,946 474,823 494,519 1254 037) 1.521.080 18 381069 1521080 Individu•l invcJtmCDts heid atthe year ¢nd whi¢h ttpregelli over 5% of the prtfolio value aY¢.' % Portfolio Nurtsber Heid Mk VJlu¢ Cost UBS Investhjent Funds ICVC S&P S} Irmlex Van8U8Td Fund8 PLC 3.580 37,980 1.379,715 1347 732 954,491 2 727 447 2 200 957 Cost OT vohT8tiio ot 31 Deccmkn 2024 is reWexn by.. C&8h and s¢ttlements pending Totslg Valuation in 2024 CoAt 2,820.924 16,862,162 2,820,924 17081225 219.063 19 683 086 219,063 19 901149 Pag¢31
THE CHARW & EtSIE SYKES TRUST (CIO) NOTES TO THE FINANCIAL STATEMENfs to•tiDued FOR THE YEAR ENDED 31 DECEMBER 2024 12. FIXKD ASSET INVEsfMENfs. c•ntiDw¢d Irfjxed investments had not be¢n alUed Ily wyjuld have been iti¢ludd at the following historicAI ¢osL' 2024 2023 16 862 162 16688805 Fixed as investsllents w¢r¢ vahKd ( an open nwkd b&sis on 31 DtrOb2024 by UBS. 2024 2023 Stock maTk¢t investmeni di¥.. Proceed8 Less opening $1 3.879.416 4.473.923 In{1?¥1¢5) on dijposal in the ye ReVtionS 1387 775 734 723 Net gain{lou¢8) on inv¢8tments 1531752 810798 Invcstrnents h¢ld 41 hir nlue compromi¥¢.' 2024 2023 C8th And c4sh equivalents Moncy M•rket itjvestments Bond invesnnents Equiry itivestttK4ts Hedge ftmds 102.496 116.567 3.701.755 15,266.026 474.823 494.519 1254 037 56.282 110,523 3,947,910 13,677,428 430,529 367.14 234 94 cSdIan fvTrJs 19 902 149 18355 382 The fair VI¢ of listed itive5tments 15 deterri by ttltretsee to the quoted wice for identical assets ill an active Mtt #t the year erxl. Page 32
THE CHARLFS & EISIE SYKLS IIiUST (CIO) NOTES TO THE FTNANCLIL STATEMENfs. ¢owllNued FOR THE YKAR ENDED 31 DECEMBER 2024 13. CREDfTORS: AMOUNTS FALLING DUE wmuN ONE YEAR 2024 2023 A¢¢nM]s and deferred income 170.518 14. MOVEMENT IN FUNDS Ne¢ ovement in fuD& At 31.12.24 At 1.1.24 Unrestrlcted fuuds General FUTKI 697.687 (326,807) 370.880 EDdov4m¢llt hudi Capital fund 18,338,161 1.548J12 19.886,473 TOTAL FUNDS 20 Net movement in fiujth. included in th¢ above are as follo.. In¢ominB R¢S(x3 Gains and Movement in futtds Unrtstrlcted fund• General Fmnd 711.419 {1,038,226) {326,807) capi] fund 78.616 (72.7261 .542.422 1.548.312 TOTAL FUNDS 11109521 Cornp•rAthd f•r movement ID fumds N¢t mov¢meni At 31.12.23 Atl.1.23 Unrestrl¢ted fv*di G¢nern] Fund 528.321 169J66 697.687 Endowmeot Capital fund 17588.662 749.499 18,338,161 TOTAL FUNDS 18 110983 19035 848 P•8e 33
THE CHARLES & ELSIE SYKES TRUST (CIO) NOTES TO THE FINANCIAL STATEMENTS- eoDll•lled FOR THE YEAR ENDED 31 DECEMBER 2024 14. MOVEMENT IN FUNDS. t•ntinued Iwoming Gtti and Mov¢m¢nt lo5 Unmtrkted fuDdi General FthMI 643J43 (473.977) 169.366 Capital fimd 3,063 (64,362) 810.798 749.499 TOTAL FUNDS 538 39 918 865 15. FUNDS HELD AS cusfoDL4N TRUSTEE On the 13 January 2020 fullds of £228J66 wtre Teceiv¢d from Brldford Hospitals, Charity {cbaTity no. 1061753) by the Trusi. Theirobj¢cts ittelude for ¢lJArilable puoose. The4¢ funds are held on belhawof Br4dfotd Hospitsls, ekrity and nI10¢ io be inveattra u part of the ov¢roll ponfolio iti ¢cordknce Tth th¢ a8r¢emeoL Al at the 31 fJe¢¢rnb¢r2024 the cqrreni valuc of thcse fuDdB amounted to £254.037. 16. RELATED PARTY DISCLOSURES The Tn3 re1. Mr Neil Shjw. is a pAm¢r in LCF Law who xl AS wli¢itoN for the Thwt. For the secrewial servicu provided by hiq few w¢tt Incur during the yw Jmountll)8 £37,697 (2023.. £36.7441 whith were iDchuive of VAT. Mr John Garbun acts as the treasurer attd li a director at DSC Chart A01% 0150 4¢1 for the knjst 88 I0)ul1t1nts and tsx advisoTJ. Fw the tresur5 thitics, fees wu¢ in¢uffed thwin8 the ye8r &mountin8 to £21,720 (2023: £20,7Tr)) whicb wtte inclusiv¢ of VAT. There w¢r¢ no outst1& bkn ai the bale she¢t d8 or in of the PTtvious period. 17. CONVERSION TO CHARABLE INCOKPORATED ORGA141SATION (CIO) On the 9 Jllry 2024 The awity Commission ippmvcd thc conversion lo a new ¢haritsble Incoorated orynisAtion ICIO). Thc Clwks 2nd Elsi¢ Sykes Trust l¢hty tto. 206926) would muge with The Charles and Elsie Sykes Tru Iclwity no. 1204728). with oll the activitie4 assets and liabilities transferred to the new ¢hgrity. Thc trust would continue lo urry oui 115 clwitablc actiTritie5 Wlder th¢ new CIO (ch¥rity no. 1204728}. Pa8e 34
THE CKIRLES & EISIE SYKES TRUST (Cio) NOTES TO THE FINANCIAL STATEMENf6- ¢o•thied FOR THE YEAR ENDED 31 DECEMBER 2•24 17. CONVEKSION TO CHARITABLE INCORPORATED ORCANISATION (CIO)- e•nthiued ADalysis ofprin¢ipal SOFA ¢ornwJncnts for the turmi repxting Sykes Tn the Chul¢s and Elste Sykcs TTU Elsiesykes Tn I1 Elsic Sykes Trult Combined IAI numbeT 21)6926 1204728 1204728 {pMittyr) (¢.eT) (po81.)M8¢r) number 1204728 Total income Totsl exth.1e Net iDcomcllcxtthdittre) Cmhcr gainslllogse8) Net movtmtnt th fundi 8.762 785.574 794,336 (1.110,952} (1.110.952) (325 J78) (316.616) 1.531,752 1,531.752 13116J74 l J15,136 8.762 &762 Analyii5 of prin¢ipal SOFA for th¢ ttportiD8 p¢riod The Chwks Sykes Tnut 01 kngwn SJ The Ch•rf thc Charles 4nd Elsie Sykes TNSI Charity umber 206926 ElsieSyk¢s Trust Charity numbtr 1204728 C¢wJbined total Charity number 1204728 Totsl itteome Total expvwjitiwe N¢t incomcl{expend1tu) Oih¢r 8•in{lO$S¢s) Net movemeni in fund5 TotAI fund• eArritd fonvard (538J39) ioti.(N$7 810.798 918,865 918J65 (538.339) lo8,(7 810.798 918.865 918 Ana13 of assets at the d•f¢ of mergcf Sykes Trust also knowT ¥ The Charles the chkS d Elsie Syke5 Tn Charity numbcr 20}26 Ei8ieSyk Tntsi Combined tal nwnbcr numPr 1204728 1204728 Net ll55 19.044.610 19.044,610 Unrestricted fiALd8 EThknwment 706.449 18.338,161 19,044hlO 706,449 18.338.161 19,IM4,610 Page 35