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2021-01-31-accounts

Charity Registration No. 206321

THE JEREMY & JOHN SACHER CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

THE JEREMY & JOHN SACHER CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Jeremy Michael Sacher
Hon Mrs Rosalind Eleanor Cameron Sacher
Mrs Elisabeth Jane Sacher
Charity number 206321
Registered office HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
Accountant HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
Independent examiner Simon Mott-Cowan
C/o HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
Bankers HSBC Bank Plc
90 Baker Street
London
W1U 6AX
Investment advisors UBS AG
3 Finsbury Avenue
London
EC2M 2AN
Oldfield Partners LLP
11 Grosvenor Place
London
SW1X 7HH
JM Finn
4 Coleman Street
London
EC2R 5TA
Rothschild & Co
St Julian's Court
St Julian's Avenue
St Peter Port
Guernsey
GYI 3BP

THE JEREMY & JOHN SACHER CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 12

THE JEREMY & JOHN SACHER CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JANUARY 2021

The trustees present their report and financial statements for the year ended 31 January 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Deed of Trust , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from 1 January 2019)”.

Objectives and activities

The charity's object ive, as set out in the charity's Deed of Trust , is to pay or apply capital and income to or for such charitable purposes or charitable institutions in the United Kingdom or elsewhere as the trustees in their absolute discretion.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the year the Trust generated income resources of £95,355 (20 20 : £ 188,699 ) which enabled the charity to make 13 grants.

Public benefit

The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

Financial review

During the year ended 31 January 20 21 , investment income was received from the portfolios managed by UBS AG , JM Finn, Rothschild & Co and Oldfield Partners LLP of £92,855 (20 20 : £ 186,333 ).

As shown in the statement of financial activities, the net loss on investments amounted to £ 135,257 (20 20 : net gain of £ 364,039).

Reserves Policy

It is the policy of the charity to maintain unrestricted funds (free reserves) at a level which, on investment, generates sufficient return to meet annual expenditure and cover management and administration costs and to respond to emergency applications for grants which arise from time to time.

The unrestricted funds of the charity as at 31 January 20 21 amounted to £ 7,473,845 (20 20 : £ 7,790,873 ).

Grant Making Policy

The trustees' grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.

The trustees reviewed and accepted grant applications during the year under review. During the year the Trust made 13 (2020 : 18) grants totalling £249,300 (20 20 : £ 168,000 ).

Risk

The trustees ha ve assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Investment Policy

After a review of performance, the trustees have changed investment advisers and have moved the investment portfolio from UBS AG and Oldfield Partners LLP to Rothschild & Co and JM Finn. The current investment policy is to adopt a balanced return from income and capital growth.

It is the trustees' intention to continue to review grant applications in the future and make donations where they see fit.

THE JEREMY & JOHN SACHER CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

Structure, governance and management

The Jeremy & John Sacher Charitable Trust is registered with the Charity Commissioners (No 206321) and constituted by Deed of Trust dated 13 November 1957 , as amended by resolution s dated 4 January 2017 and 31 October 2019 .

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr Jeremy Michael Sacher

Hon Mrs Rosalind Eleanor Cameron Sacher

Mrs Elisabeth Jane Sacher

The trustees have the power to appoint new trustees, and any one trustee can retire at any time they see fit. The minimum number of trustees is two. The trustees meet to assess grant applications and to review and accept individual grant applications during the year.

On behalf of the Board of Trustees

J Sacher

..............................

Mr Jeremy Michael Sacher Trustee 26 Nov 2021 Dated: .........................

THE JEREMY & JOHN SACHER CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JANUARY 2021

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE JEREMY & JOHN SACHER CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE JEREMY & JOHN SACHER CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The Jeremy & John Sacher Charitable Trust (the charity) for the year ended 31 January 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

HW Fisher LLP

Simon Mott-Cowan C/o HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER

26 Nov 2021

Dated: .........................

THE JEREMY & JOHN SACHER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2021

Unrestricted
funds
2021
Notes
£
Income from:
Donations and legacies
3
-
Investments
4
92,855
Total income
92,855
Expenditure on:
Raising funds
5
23,881
Charitable activities
6
252,530
Total resources expended
276,411
Net gains/(losses) on
investments
11
(135,257)
Net (outgoing)/incoming resources
(318,813)
Other recognised gains and losses
Other gains or losses
12
1,786
Net movement in funds
(317,027)
Fund balances at 1 February
2020
7,790,872
Fund balances at 31
January 2021
7,473,845
Restricted
funds
2021
£
2,500
-
2,500
-
2,500
2,500
-
-
-
-
-
-
Total
Unrestricted
funds
2021
2020
£
£
2,500
-
92,855
186,333
95,355
186,333
23,881
22,443
255,030
169,563
278,911
192,006
(135,257)
364,039
(318,813)
358,366
1,786
(356)
(317,027)
358,010
7,790,872
7,432,863
7,473,845
7,790,873
Restricted
funds
2020
£
2,366
-
2,366
-
2,366
2,366
-
-
-
-
-
-
Total
2020
£
2,366
186,333
188,699
22,443
171,929
194,372
364,039
358,366
(356)
358,010
7,432,863
7,790,873

THE JEREMY & JOHN SACHER CHARITABLE TRUST

BALANCE SHEET

AS AT 31 JANUARY 2021

Notes
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - general
2021
£
1,051
245,622
246,673
(3,690)
£
7,230,862
242,983
7,473,845
7,473,845
7,473,845
2020
£
12,793
64,664
77,457
(6,960)
£
7,720,376
70,497
7,790,873
7,790,873
7,790,873

The financial statements were approved by the Trustees and signed on it's behalf by:

J Sacher .............................. Mr Jeremy Michael Sacher Trustee

26 Nov 2021 Dated: .........................

THE JEREMY & JOHN SACHER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

1 Accounting policies

Charity information

The Jeremy & John Sacher Charitable Trust is a registered charity. The charity meets the definition of a public benefit entity under FRS102.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's D eed of Trust , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below .

The prior year figures have been restated.

1.2 Going concern

T he Trustees have considered the effect of the prolonged Covid-19 outbreak. The Trustees consider that the outbreak is unlikely to cause a significant disruption to the charity ’s activities and are confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Investment income received net is stated gross with the relevant tax deducted included under 'cost of raising funds'.

1.5 Resources expended

Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the charitable activity in the statement of financial activities.

Costs of raising funds are those costs incurred in managing the charity's investment portfolio.

THE JEREMY & JOHN SACHER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

1 Accounting policies

(Continued)

Governance costs relate to expenditure incurred in dealing with donations and administration and compliance with constitutional and statutory requirements.

Grants payable comprise donations directly related to the objects of the charity.

Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions are recognised in the period those conditions are met, prior to this they are noted as a commitment but not accrued as expenditure.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recongized at transaction value and subsequently measured at their settlement value.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not believe there to be judgements or estimates that would be considered critical to the financial statements.

3 Donations and legacies

Restricted Restricted
funds funds
2021 2020
£ £
Donations and gifts 2,500 2,366

THE JEREMY & JOHN SACHER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

4 Investments

Investments
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Interest and dividends 92,848 185,374
Interest receivable 7 959
92,855 186,333

5 Raising funds

Raising funds
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Investment management 23,881 22,443
23,881 22,443

6 Charitable activities

Support cost
Governance
cost
2021
2021
£
£
Grant funding of activities (see
note 7)
249,300
-
Share of governance costs (see
note 8)
-
5,730
249,300
5,730
Analysis by fund
Unrestricted funds - general
246,800
5,730
Restricted funds
2,500
-
249,300
5,730
Total
Support cost
Governence
cost
2021
2020
2020
£
£
£
249,300
168,000
-
5,730
-
3,929
255,030
168,000
3,929
252,530
165,634
3,929
2,500
2,366
-
255,030
168,000
3,929
Total
2020
£
168,000
3,929
171,929
169,563
2,366
171,929

THE JEREMY & JOHN SACHER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

7 Grants payable

Grants to institutions:
Alzheimer's Society
Ataxia UK
Barts Heritage
British Friends of the Hebrew University of Jerusalem
British Museum
Community Security Trust
Crisis
Family Counselling Trust
Friends of Guys Marsh Prison
House of Illustration
Jewish Council for Racial Equality
Leukemia Trust
Level Water
LSO Endowment Trust - Recovery appeal
Macmillan Cancer Support
National Theatre
New Israel Fund (Yeish Din)
Royal Opera House Covent Garden Foundation
Royal Philatelic Society
Royal West of England Academy
Southbank Centre
The Bridport Literary Festival Limited
The David Nott Foundation
The International Centre for the Study of Radicalisation and Political Violence
The London Symphony Orchestra Limited
The Notting Hill Prep Foundation
Weldmar Hospice Trust
West London Zone
2021
£
-
-
3,000
-
-
-
1,000
-
1,500
-
-
1,000
-
50,000
-
1,500
20,000
10,000
100,000
-
-
1,000
-
-
40,000
-
300
20,000
249,300
2020
£
500
15,000
-
20,900
2,250
20,000
-
500
-
15,000
1,000
-
750
-
500
-
-
7,100
-
1,000
3,500
500
500
20,000
44,000
15,000
-
-
168,000

THE JEREMY & JOHN SACHER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

8
Support costs
Governance
costs
£
Accountancy fees
2,730
Bank charges
-
Independent e xaminer's fee
1,200
Professional fees
1,800
5,730
Analysed between
Charitable activities
5,730
2021
Governance
costs
£
£
2,730
2,424
-
305
1,200
1,200
1,800
-
5,730
3,929
5,730
3,929
2020
£
2,424
305
1,200
-
3,929
3,929

Governance costs includes payments for the independent examiner's fees of £1,200 (2020 : £1,200), accountancy fees of £2,730 (2020 : £2,424) and professional fees for £1,800 (2020 : NIL).

9 Trustees

None of the trustees (or any persons connected with them) received any reimbursed expenses, remuneration or benefits from the charity during the year.

10 Employees

There were no employees during the year.

11 Net gains/(losses) on investments

2021
£
Revaluation of investments
109,775
Gain/(loss) on sale of investments
(245,032)
(135,257)
12
Other gains or losses
2021
£
Foreign exchange (losses)/gains
1,786
2020
£
105,074
258,965
364,039
2020
£
(356)

THE JEREMY & JOHN SACHER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

13 Fixed asset investments

Listed Cash in portfolio Total
investments
£ £
Cost or valuation
At 1 February 2020 7,505,913 214,463 7,720,376
Additions 5,467,870 (5,467,870) -
Valuation changes 109,775 - 109,775
Cash introduced - 1,970,100 1,970,100
Cash withdrawn - (2,406,939) (2,406,939)
Dividend and interest income - 104,590 104,590
Change in foreign currency valuation - 1,786 1,786
Management fees - (23,794) (23,794)
Loss on sale of investments - (245,032) (245,032)
Disposals (9,158,210)
9,158,210
-
At 31 January 2021 3,925,348 3,305,514 7,230,862
Carrying amount
At 31 January 2021 3,925,348 3,305,514 7,230,862
At 31 January 2020 7,505,913 214,463 7,720,376
14 Debtors
2021 2020
Amounts falling due within one year: £ £
Income tax recoverable 1,051 1,051
1,051 1,051
15 Creditors: amounts falling due within one year
2021 2020
£ £
Accruals 3,690 6,960
16 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

Issuer

HW Fisher

Document generated Thu, 25th Nov 2021 16:57:12 UTC Document fingerprint 24a82e586229fe91cb4b74ba8f01dfec

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 26th Nov 2021 12:34:33 UTC Jeremy Sacher - Signer (7858a0e46c3f0dacda6a5d3f08422db5) Fri, 26th Nov 2021 12:50:49 UTC Simon Mott-Cowan - Signer (16c6985eb184613e800831fc563061e9)

Audit history log

Date

Action

Fri, 26th Nov 2021 12:50:49 UTC The envelope has been signed by all parties. (217.207.100.70) Fri, 26th Nov 2021 12:50:49 UTC Simon Mott-Cowan signed the envelope. (217.207.100.70) Fri, 26th Nov 2021 12:50:21 UTC Simon Mott-Cowan viewed the envelope. (217.207.100.70) Fri, 26th Nov 2021 12:50:12 UTC Simon Mott-Cowan viewed the envelope. (172.102.138.0) Fri, 26th Nov 2021 12:42:54 UTC Simon Mott-Cowan opened the document email. (94.11.2.134) Fri, 26th Nov 2021 12:38:56 UTC Jeremy Sacher opened the document email. (81.151.40.214) Fri, 26th Nov 2021 12:38:51 UTC Jeremy Sacher opened the document email. (81.151.40.214) Fri, 26th Nov 2021 12:34:34 UTC Document emailed to smcowan@hwfisher.co.uk (18.133.140.231) Fri, 26th Nov 2021 12:34:33 UTC Sent the envelope to Simon Mott-Cowan (smcowan@hwfisher.co.uk) for signing. (81.151.40.214) Fri, 26th Nov 2021 12:34:33 UTC Jeremy Sacher signed the envelope. (81.151.40.214) Fri, 26th Nov 2021 12:34:03 UTC Jeremy Sacher opened the document email. (81.151.40.214) Fri, 26th Nov 2021 12:34:03 UTC Jeremy Sacher opened the document email. (81.151.40.214) Fri, 26th Nov 2021 12:33:39 UTC Document emailed to Jerry@ny-londesign.com (35.176.154.177) Fri, 26th Nov 2021 12:33:39 UTC Sent Jeremy Sacher a reminder to sign the document. (217.207.100.70) Fri, 26th Nov 2021 12:30:53 UTC Jeremy Sacher viewed the envelope. (81.151.40.214) Thu, 25th Nov 2021 17:32:09 UTC Jeremy Sacher opened the document email. (104.28.86.98) Thu, 25th Nov 2021 17:01:38 UTC Document emailed to Jerry@ny-londesign.com (13.40.88.96) Thu, 25th Nov 2021 17:01:38 UTC Sent the envelope to Jeremy Sacher (Jerry@ny-londesign.com) for signing. (217.207.100.70) Thu, 25th Nov 2021 16:58:43 UTC Simon Mott-Cowan has been assigned to this envelope (217.207.100.70)

Thu, 25th Nov 2021 16:58:43 UTC Jeremy Sacher has been assigned to this envelope (217.207.100.70) Thu, 25th Nov 2021 16:57:33 UTC Document generated with fingerprint 50dbec2a96ae293f599390507d265e20 (217.207.100.70) Thu, 25th Nov 2021 16:57:27 UTC Document generated with fingerprint 5fa87d0652f76362202dd5f84c0a15ff (217.207.100.70) Thu, 25th Nov 2021 16:57:22 UTC Document generated with fingerprint 24a82e586229fe91cb4b74ba8f01dfec (217.207.100.70) Thu, 25th Nov 2021 16:57:12 UTC Envelope generated by Kim Liu (217.207.100.70)