**Charity Registration No. 206321**
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JANUARY 2024**
**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** 62 Harts Grove, Woodford London IG8 0BN **Accountant** Ragini Majithia 62 Harts Grove, Woodford London IG8 0BN **Bankers** HSBC Bank Plc 90 Baker Street London W1U 6AX **Investment advisors** 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 2024**_
The trustees present their report and financial statements for the year ended 31 January 2024.
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 objective, 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 see fit 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 £50,491 (2023: £45,165) which enabled the charity to make 24 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 2024, investment income was received from the portfolios managed by JM Finn and Rothschild & Co of £47,741 (2023: £42,660).
As shown in the statement of financial activities, the net gain on investments amounted to £347,129 (2022: net loss of £474,096).
## **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 2024 amounted to £6,687,575 (2023: £6,633,472).
## **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 24 (2023: 20) grants totalling £318,450 (2023: £300,800).
## **Risk**
The trustees have 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**
The trustees review the performance of the portfolio on a regular basis.
- 1 -
THE JEREMY & JOHN SACHER CHARITABLE TRU5r
TRUSTEES, REPORT (coNfiNUED)
FOR THE YEAR ENDED 31 JANUARY2024
Stwrturep governance and rnon•mert
TheJeTemy& John Sacher ChaTitable Trust 15 ogisted wtththe Charity Commissioners (No 2063211 and constituted by Deed
Trust dated 13 Novernber 1957. as an*fidetl by iesolutions dèted 4Janu3ry 2017 and 31 ottober 2019.
The twstees who seThed duringthe yearand up tothe date of signature of the financial statements we-
Mr Jeremy Michael Sacher
Hon Mrs Rosallnd Eleanorcameronsacher
Mrs Ellsabeth Jane Sacher
The trustees have the powerto appoint new trustees, and any onetrustee can retire at any timethey see fff(.The rninirnurn
numberof tnjstees Is two.The trustees rfteetto assessgrant apatIonS8Thlto reviewand accept Indtvklual grant applicatlons
during the year.
On behalf of the Board of Trustee5
Mrjererny Michael Sather
Trustee
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on an going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
- 3 -
**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 2024.
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination.
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.
Ragini Majithia RVM Accountants Accountant 62 Harts Grove Woodford London IG8 0BN
## 30th November 2024
Dated: .........................
- 4 -
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
|**Unrestricted**
**funds**
**2024**
**Notes**
**£**
**Income from:**
Donations and legacies
**3**
-
Investments
**4**
47,741
**Total income**
47,741
**Expenditure on:**
Raising funds
**5**
22,702
Charitable activities
**6**
319,560
**Total resources expended**
338,402
Net gains/(losses) on
investments
**11**
347,129
**Net outgoing resources**
(52,608)
**Other recognised gains and losses**
Other gains or losses
**12**
-
**Net movement in funds**
(52,608)
Fund balances at 1 February
2023
6,634,965
**Fund balances at 31**
**January 2024**
6,687,575|**Restricted**
**funds**
**Total**
Unrestricted
funds
Restricted
funds
**2024**
**2024**
2023
2023
**£**
**£**
**£**
**£**
2,750
2,750
-
2,500
-
47,741
42,665
-
2,750
50,491
42,665
2,500
-
22,702
23,754
-
2,750
322,310
301,046
2,500
2,750
345,012
324,800
2,500
-
347,129
(463,914)
-
-
(52,608)
(746,049)
-
-
-
-
-
-
(52,608)
(746,049)
-
-
6,634,965
7,381,014
-
-
6,687,575
6,634,965
-|Total
2023
**£**
2,500
42,665
45,165
23,754
303,546
327,300
(463,914)
(746,049)
-
(746,049)
7,381,014
6,634,965|
|---|---|---|
- 5 -
THE JEREMY & JOHN SACHER CHARITABLE TRUST
BALANCE SHEET
ASA T31 JANUARY2024
2024
Fixed a
Investrnents
Current assets
Debtors
Cash at b8nkand in hand
6.654B95
6582,725
14
56,040
56,040
Creditors:amountsfalling due within one ar
I3,}
Netcurrent assets
32.680
52,240
Totsl a55etsIessrreDt abIrleS
6,687,575
6,6>1,965
Income fund%
Unrestritted funds-zeneral
6.687,575
6,634,965
6,687.575
6,634,965
Thefinanci
I statements WeapproVed bytheTrnsteeson............ ....
Twustee
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **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 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). 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 amounts 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.
## **1.2 Going concern**
At the time of approving the 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.
Governance costs relate to expenditure incurred in dealing with donations and administration and compliance with constitutional and statutory requirements.
- 7 -
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **1 Accounting policies**
**(Continued)**
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 recognised 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|
||**2024**|2023|
||**£**|£|
|Donations and gifts|2,750|2,500|
- 8 -
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **4 Investments**
|**Investments**|||
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2023**|**2023**|
||**£**|**£**|
|Interest and dividends|47,741|42,660|
|Interest receivable|-|5|
||47,741|42,665|
## **5 Raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Investment management|22,702|23,754|
||22,702|23,754|
## **6 Charitable activities**
|**Support cost**
**Governance**
**cost**
**2024**
**2024**
**£**
**£**
Grant funding of activities (see
note 7)
299,300
-
Share of governance costs (see
note 8)
-
4,246
299,300
4,246
**Analysis by fund**
Unrestricted funds - general
296,800
4,246
Restricted funds
2,500
-
299,300
4,246|**Total**
Support cost
Governance
cost
**2024**
2023
2023
**£**
£
£
299,300
299,300
-
4,246
-
4,246
303,546
299,300
4,246
301,046
296,800
4,246
2,500
2,500
-
303,546
299,300
4,246|Total
2023
£
299,300
4,246|
|---|---|---|
|||303,546|
|||301,046
2,500|
|||303,546|
- 9 -
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **7 Grants payable**
||**Support cost**|Support cost|
|---|---|---|
||**2024**|2023|
||**£**|£|
|Grants to institutions:|||
|Grants payable in|315,700|299,300|
|Year|||
||315,700|299,300|
## **8 Support costs**
|**Governance**
**costs**
**£**
Accountancy fees
3,800
Bank charges
60
3,860
Analysed between
Charitable activities
3,860|**2024**
Governance
costs
2023
**£**
£
£
3,800
4,107
4,107
60
139
139
3,860
4,246
4,246
3,860
4,070
4,070|
|---|---|
Governance costs includes payments for accountancy fees of £3,800 (2023: £3,800)
- 10 -
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **9 Trustees**
None of the trustees (or any persons connected with them) received any reimbursed expenses, remuneration or benefits from the charity during the current or prior year.
## **10 Employees**
There were no employees during the current or prior year.
## **11 Net gains/(losses) on investments**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**general**|general|
|||**2024**|2023|
|||**£**|£|
||Revaluation of investments|329,137|(474,096)|
||Gain/(loss) on sale of investments|17,992|10,182|
|||347,129|463,914|
|**12**|**Other gains or losses**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Foreign exchange (losses)/gains|-|-|
- 11 -
**THE JEREMY & JOHN SACHER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **13 Fixed asset investments**
|**Cost or valuation**
**Listed Cash in portfolio**
**investments**
**£**
At 1 February 2023
6,493,175 89,550
Additions
245,618
(245,618)
Valuation changes
329,137
-
Cash withdrawn -
(200,000)
Dividend income
-
47,741
Investment manager fees
-
(22,702)
Gain on sale of investments
17,992
-
Disposals
(493,845)
393,845
At 31 January 2024
6,592,078 62,817
**Carrying amount**
At 31 January 2024
6,592,078 62,817
At 31 January 2023
7,118,933
89,550
**14**
**Debtors**
**2024**
**Amounts falling due within one year:**
**£**
Other debtors
-
**15**
**Creditors: amounts falling due within one year**
**2024**
**£**
Accruals
3,800|**Total**
**£**
6,582,725
-
329,137
(200,000)
47,741
(22,702)
17,992
(100,000)
6,654,895
6,654,895
7,127,734
**2023**
**£**
-
**2023**
**£**
3,800|
|---|---|
## **16 Related party transactions**
There were no disclosable related party transactions during the current or prior year.
- 12 -