REGISTERED CHARITY NUMBER: 207714
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2022
for
Sydney Dean Whitehead's Charitable Trust
Moore Chartered Accountants 30 Gay Street Bath BA1 2PA
Sydney Dean Whitehead's Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2022
Page Report of the Trustees 1 to 3 Independent Examiner's Report 4 Statement of Financial Activities 5 Statement of Financial Position 6 Notes to the Financial Statements 7 to 12
Sydney Dean Whitehead's Charitable Trust
Report of the Trustees
for the Year Ended 5 April 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2022.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust is constituted under a Trust Deed dated 31 August 1946. Its objects are to apply Trust property, either as capital or income, for purposes in connection with: the relief of poverty, the maintenance and education of children whose parents are unable to provide them with an education suitable to their position or abilities; the advancement in life of such children; the payment of subscriptions or donations to charitable institutions or societies; and any other charitable objects.
The Trustees meet annually, in June, to review all applications and agree those that they wish to support; they meet on an informal basis during the year to review general Trust matters.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trust continues to provide grants towards the education of children whose parents are unable to provide them with an education suitable to their position or abilities; for this purpose 24 grants to children being educated in the UK were made in 2022 (2021: 21 grants). The Trust also continues to support smaller local charities and 8 such grants were made in 2022 (2021:10 grants).
When considering grant applications the trustees have kept in mind the Charity Commission's guidance on public benefit. With the exception of a maximum age of 18, no geographical or other restrictions are imposed on the grant applications.
FINANCIAL REVIEW
Financial position
The Trust has an investment portfolio, the income arising from which is used to make charitable grants and donations in accordance with its objects.
During the year investment income amounted to £55,476 (2021: £46,868), from which the Trust made 24 grants amounting to £40,822 (2021: 21 grants totalling £38,642) towards school fees and other educational costs for children with special skills in music and dance and 8 grants amounting to £3,500 (2021: 10 grants totalling £4,350) to smaller local charities. After deducting administrative expenses there was an overall surplus for the year of £3,653 (2021: £3,493 deficit).
This year there has been an increase in value in the investment portfolio, giving rise to realised and unrealised gains amounting to £183,378 (2021: gains of £340,485). The funds of the Trust have therefore increased by a total of £187,031 to stand at £1,885,665 at the year-end.
The investment portfolio had a closing valuation of £1,804,642 (2021: £1,649,407). The Trust has working capital of £81,023 (2021: £49,227) to cover future requirements, which includes cash held by the investment brokers.
PLANS FOR FUTURE PERIODS
The Trustees intend to continue to use the annual income arising on the investment portfolio to support artistically gifted or needy children, mainly through the payment of school fees, and support other charitable causes.
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Sydney Dean Whitehead's Charitable Trust
Report of the Trustees for the Year Ended 5 April 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustees
The Trustees are appointed in accordance with the provisions of the governing document.
Reserves policy
Although there is no fixed Permanent Endowment, the Trustees treat the amounts held as investments as though they were unexpendable capital, and aim to distribute the income arising each year.
Investment policy
The Trust's investments are professionally managed, with a view to balancing capital appreciation and income.
Procedures and policy for Grant making
The Trustees meet once a year to consider what grants they will make and to review any feedback they have received. Potential beneficiaries are invited to submit an application form for funding. The Trustees always seek feedback on the actual use of the grants given and the achievements made.
Risk management
The Trustees have considered the major risks to which they feel the Trust may be exposed and have taken actions based on this assessment to ensure that appropriate measures are in place to deal with such risks. The chief risk concerns levels of investment income, which the Trustees mitigate by using professional investment managers to impiement their investment policy; grants are not made for a period of longer than one year so there are no future commitments.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 207714
Principal address 30 Gay Street
Bath BA1 2PA
Trustees
P J W Langley Mrs AS Prebensen
MrsJ Clarke A Clarke
Independent Examiner
Moore Chartered Accountants 30 Gay Street Bath BA1 2PA
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Sydney Dean Whitehead's Charitable Trust
Report of the Trustees
for the Year Ended 5 April 2022
Approved by order ofthe board of trustees on 28{6{102k...... and signed on its behalf by:
Mrs AS Prebensen - Trustee —2.--~~
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Independent Examiner's Report to the Trustees of Sydney Dean Whitehead's Charitable Trust
independent examiner's report to the trustees of Sydney Dean Whitehead's Charitable Trust | report to the charity trustees on my examination of the accounts of Sydney Dean Whitehead's Charitable Trust (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act’).
| report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
| 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 accounts to be reached.
Mark Powell
ICAS
Moore
Chartered Accountants
30 Gay Street
Bath
BA1 2PA
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Date: eel TY 22
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Sydney Dean Whitehead's Charitable Trust
Statement of Financial Activities
for the Year Ended 5 April 2022
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||||||
|---|---|---|---|---|
|5.4.22|5.4.21|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|tNCOME AND ENDOWMENTS|FROM|
|Investment income|4|55,476|46,868|
|EXPENDITURE ON|
|Charitable|activities|5|
|Grants to|Individuals|40,822|38,642|
|Donations to Organisations|3,500|4,350|
|Support costs|7,501|7,369|
|Total|51,823|50,361|
|Net|gains on|investments|183,378|340,485|
|NET INCOME|187,031|336,992|
|RECONCILIATION|OF FUNDS|
|Total funds|brought forward|1,698,634|1,361,642|
|TOTAL FUNDS CARRIED FORWARD|1,885,665|1,698,634|
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CONTINUING OPERATIONS
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes form part of these financial statements
Page 5
Sydney Dean Whitehead's Charitable Trust
Statement of Financial Position
5 April 2022
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||||||
|---|---|---|---|---|
|5.4.22|5.4.21|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED ASSETS|
|Investments|8|1,804,642|1,649,407|
|CURRENT ASSETS|
|Cash|at|bank|94,474|65,463|
|CREDITORS|
|Amounts|falling due within one year|9|(13,451)|(16,236)|
|NET CURRENT ASSETS|81,023|49,227|
|TOTAL ASSETS LESS CURRENT|LIABILITIES|1,885,665|1,698,634|
|NET ASSETS|1,885,665|1,698,634|
|FUNDS|10|
|Unrestricted|funds:|
|General|fund|81,022|49,227|
|Designated|Investment|Fund|1,804,643|1,649,407|
|1,885,665|1,698,634|
|TOTAL FUNDS FUNDS|1,885,665|1,698,634|
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TOTAL FUNDS FUNDS
These28 finagcial[e[2o2statementsandwere wereapproved signed onby its behalfthe Board by: of Trustees and authorised for issue on
AS Prebensen - Trustee Vv Wy. en. fica rke - Trustee
The notes form part of these financial statements
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Sydney Dean Whitehead's Charitable Trust
Notes to the Financial Statements
for the Year Ended 5 April 2022
- GENERAL INFORMATION
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 30 Gay Street, Bath, BA1 2PA.
- ACCOUNTING POLICIES
Basis of preparation
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Disclosure exemptions
The charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Incoming resources
Income from listed investments and bank interest is recognised in full in the statement of financial activities when receivable.
Resources expended
Expenditure on grants and donations is recorded once the trust has made an unconditional commitment to pay the grant and this has been communicated to the beneficiary. The trust does not make any grant commitments of more than one year.
All other expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable the settlement will be required and the amount of the obligation can be measured reliably.
Investments
Listed investments are measured at fair value, being market value at the balance sheet date. Changed in fair value are recognised in the statement of financial activities.
Taxation
The trust is a registered charity and accordingly is exempt from taxation on income and gains where they are applied for charitable purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.
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Sydney Dean Whitehead's Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
2. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Going concern
There are no material uncertainties about the charity's ability to continue.
3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
4. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 5.4.22 | 5.4.21 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Income from listed investments | 55,474 | 46,862 |
| Bank interest | 2 | 6 |
| 55,476 | 46,868 |
5. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIESACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | Support | ||
| activities | costs | Totals | |
| £ | £ | £ | |
| Grantsto Individuals | 40,822 | - | 40,822 |
| Donationsto Organisations | 3,500 | - | 3,500 |
| Support costs | - | 7,501 | 7,501 |
| 44,322 | 7,501 | 51,823 |
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Sydney Dean Whitehead's Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
6. TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
investment income 46,868
EXPENDITURE ON
Charitable activities
Grants to Individuals 38,642
Donations to Organisations 4,350
Support costs 7,369
Total 50,361
Net gains on investments 340,485
NET INCOME 336,992
RECONCILIATION OF FUNDS
Total funds brought forward 1,361,642
TOTAL FUNDS CARRIED FORWARD _1,698,634
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Sydney Dean Whitehead's Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
8. FIXED ASSET INVESTMENTS
| FIXED ASSETASSET INVESTMENTS | ||
|---|---|---|
| 5.4.22 | 5.4.21 | |
| £ | £ | |
| Other | 1,804,642 | 1,649,407 |
The above portfolio includes assets outside the UK totalling £8,493 (2021: £20,546).
The historic cost of investments at the year end is £612,523 (2021: £592,918).
The following investments account for more than 5% of the market value of the portfolio:
| M &G Securities | £256,581 | 14.22% |
|---|---|---|
| Diageo | £120,380 | 6.67% |
| London Stock Exchange Group | £117,876 | 6.53% |
| Sergo | £109,239 | 6.05% |
| Reckitt Benckiser OrdinaryShares | £107,244 | 5.94% |
| Experian | £97,581 | 5.41% |
Investments (neither listed nor unlisted) were as follows:
| 5.4.22 | 5.4.21 | |
|---|---|---|
| £ | £ | |
| Valuation broughtforward | 1,649,407 | 1,321,315 |
| Additions | 34,405 | $3,501 |
| Disposals | (62,548) | (65,894) |
| Fairvalue movements | 183,378 | 340,485 |
| 1,804,642 | 1,649,407 |
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Sydney Dean Whitehead's Charitable Trust
5
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||||||||
|---|---|---|---|---|---|---|---|---|
|5.4.22|5.4.21|
|£|£|
|Other creditors|13,451|16,236|
|10.|MOVEMENT|IN|FUNDS|
|Net|Transfers|
|movement|between|At|
|At|6.4.21|in|funds|funds|5.4.22|
|£|£|£|£|
|Unrestricted|funds|
|General fund|49,227|3,653|28,142|81,022|
|Designated|Investment|Fund|1,649,407|183,378|(28,142)|1,804,643|
|1,698,634|187,031|-|1,885,665|
|TOTAL FUNDS|1,698,634|187,031|-|1,885,665|
|Net movement|in|funds,|included|in|the|above|are|as follows:|
|Incoming|Resources|Gainsand|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|55,476|(51,823)|-|3,653|
|Designated|Investment|Fund|-|-|183,378|183,378|
|55,476|(51,823)|183,378|187,031|
|TOTAL FUNDS|25,476|(51,823)|183,378|187,031|
|Comparatives for movement in funds|
|Net|Transfers|
|movement|between|At|
|At|6.4.20|in|funds|funds|5.4.21|
|£|£|£|£|
|Unrestricted|funds|
|General fund|40,327|(3,493)|12,393|49,227|
|Designated|investment|Fund|1,321,315|340,485|(12,393)|1,649,407|
|1,361,642|336,992|-|1,698,634|
|TOTAL FUNDS|1,361,642|336,992|-|1,698,634|
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Sydney Dean Whitehead's Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
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||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|tosses|in funds|
|£|£|£|£|
|Unrestricted funds|
|General|fund|46,868|(50,361)|-|(3,493)|
|Designated|Investment|Fund|-|-|340,485|340,485|
|46,868|(50,361)|340,485|336,992|
|TOTAL FUNDS|46,868|(50,361)|340,485|336,992|
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11. RELATED PARTIES
There were no transactions during the year with the Trustees or related parties (2021: None).
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