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← The John Sumner Trust (Otherwise Known As Sir John Sumner's Trust)

2022-02-25-accounts

Sir John Sumner's Trust

Unaudited Financial Statements

For the year ended 25 February 2022

Charity no: 218620

Sir John Sumner's Trust

Contents

Pages
Report of the Trustees 1 - 4
Independent examiner's report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the financial statements 8 - 10

Sir John Sumner's Trust

Report of the Trustees

For the year ended 25 February 2022

The trustees present their report and financial statements for the year ended 25 February 2022 which have been prepared in accordance with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

1) Reference and Administrative details of the Charity

Name Sir John Sumner's Trust
Charity Number 218620
Trustees Lady Richard Wellesley
Victoria McKie
Ian Henderson
Lord Richard Wellesley
Ian McKie
Address The Estate Office
Marston St Lawrence
Banbury
Oxfordshire
OX17 2DA
Independent examiner Saffery Champness LLP
Mitre House
North Park Road
Harrogate
HG1 5RX
Investment managers E F G Harris Allday
Church Mews
Ombersley
Worcestershire
WR9 0EW

1

Sir John Sumner's Trust

Report of the Trustees

For the year ended 25 February 2022

The trustees present their report along with the financial statements of the charity for the year ended 25 February 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity's trust deed and applicable law.

Objectives and activities

The objects of the charity are especially for works and objects of philanthropy, public utility, education, literature, art, archaeology and research (other than experiments involving animal suffering). Party politics are specifically ruled as outside the scope of the Trust, as is religion, although purely social efforts connected with religious denominations are not excluded.

Public benefit

The trustees have considered and complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Structure, governance and management

Sir John Sumner's Trust is constituted under a Trust Deed dated 25 February 1927 and an order dated 18 February 1998 and is a registered charity (charity number 218620).

The trustees who have served during the year and since the year end are set out on page 1. At no time must the total number of trustees exceed five or be less than three.

No trustees received remuneration during the current or previous year. There are no staff employed by the charity.

Grant making policy

The charity receives applications for grants directly and the trustees meet on a regular basis to discuss the merit of each application and make a decision as to which charities to make grants to.

Achievements and performance in the year and financial review

After accounting for realised and unrealised losses on investments, the total decrease in funds was £27,646. This was after deducting donations and grants of £61,550 towards achieving the objects of the charity listed above.

Of the total decrease in funds of £27,646 a decrease of £19,759 (2021 increase: £64,456) related to the unrestricted fund, while a decrease of £7,887 (2021 increase: £567,423) related to the expendable endowment fund.

Investment policy

The trustees have appointed E F G Harris Allday to manage the investments on a discretionary basis. The trustees consider the funds should be invested so as to generate long term growth of both capital and income. The objective is to give a balanced exposure to UK equities and fixed interest through a medium risk portfolio.

The trustees only allow investment on recognised stock exchanges and collective investment schemes. Investment is not permitted in the AIM or OFEX markets or in derivatives.

Within the prior year the investment fund for The Marston Charitable Trust (charity number: 1004000) has been merged with Sir John Sumner's Trust. Approval for this merger was obtained from the Charity Commission.

2

Sir John Sumner's Trust

Report of the Trustees

For the year ended 25 February 2022

Reserves Policy

It is the policy of the charity to maintain total unrestricted funds at a level which equates to approximately £75,000. This provides sufficent funds to cover management and administration costs and to respond to emergency applications for grants which may arise. Trustees intend to utilise unrestricted funds first before considering the use of the expendable endowment fund. If the unrestricted fund falls below the required amount then trustees hold discretion to transfer funds from the endowment fund. As at 25 February 2022 the Trust holds £1,465,700 in reserves, of which £94,697 are unrestricted.

Fundraising activities

In the Trustees' opinion the charity does not carry out any fundraising activities of the nature set out in the Charities Act.

Risk Management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks.

3

Sir John Sumner's Trust

Independent examiner's report to the trustees of Sir John Sumner's Trust

I report to the trustees on my examination of the accounts of Sir John Sumner's Trust (the Trust) for the year ended 25 February 2022.

Respective responsibilities of trustees and examiner

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’).

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

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I 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:

  1. 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.

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 accounts to be reached.

Signed:

Alison Robinson ACA

Saffery Champness LLP Mitre House North Park Road Harrogate North Yorkshire HG1 5RX

1 June 2022 Date: …………………………

5

Sir John Sumner's Trust

Statement of financial activities

For the year ended 25 February 2022

Note
Income from:
Investments
3
Transfer of funds from The Marston
Charitable Trust
Total incoming resources
Resources expended
Charitable activities:
Donations and grants payable
4
5
Total resources expended for year
Net (losses)/gains on investments
Transfer between funds
8
Balance as at 26 February 2021
Balance at 25 February 2022
Management and administration
Net movement in funds
Net outgoing resources for the year
before investment gains		 Unrestricted
Endowment
Total
Total
Funds
Funds
2022
2021
£
£
£
£
46,202 -
46,202
40,363
- -
-
572,585
46,202
-
46,202
612,948
(61,550) -
(61,550)
(50,125)
(4,411) -
(4,411)
(8,370)
(65,961)
-
(65,961)
(58,495)
(19,759)
-
(19,759)
554,453
-
(7,887)
(7,887)
77,426
- -
-
-
(19,759)
(7,887)
(27,646)
631,879
114,456 1,378,890
1,493,346
861,467
94,697
1,371,003
1,465,700
1,493,346

The statement of financial activities includes all gains and losses recognised in the period. All incoming resources and resources expended derive from continuing activities.

6

Sir John Sumner's Trust

Balance sheet

As at 25 February 2022

Note
Fixed Assets
Investments
6
Current Assets
Bank Balance
Creditors: amounts falling due
within the year
7
Net Current Assets
Total Net Assets
Represented by:
Funds		 Unrestricted
Endowment
Total
Total
Funds
Funds
2022
2021
£
£
£
£
- 1,414,477 1,414,477
1,430,404
97,007
(43,474) 53,533
65,142
(2,310)
-
(2,310)
(2,200)
94,697
(43,474)
51,223
62,942
94,697
1,371,003
1,465,700
1,493,346
94,697
1,371,003
1,465,700
1,493,346

Approved on behalf of the Trustees on ……………………………………..

Lady Richard Wellesley (Trustee)

Victoria McKie (Trustee)

Ian Henderson (Trustee)

Lord Richard Wellesley (Trustee)

Ian McKie (Trustee)

7

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Sir John Sumner's Trust

Notes to the financial statements

For the year ended 25 February 2022

1 Accounting Policies

The financial statements have been prepared on the going concern basis, under the historic cost convention as modified by the inclusion of investments at market value. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP (FRS 102) (effective 1 January 2019).

Sir John Sumner's Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant account policy notes.

Investment income is recorded when receivable.

Expenditure is included in the accounts on an accruals basis.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Management and administration comprises costs for the running of the Charity itself as an organisation.

Unrealised and realised investment gains and losses are shown in the statement of financial activities.

e) Taxation

The charity is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for Charitable purposes.

Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Details of the nature and purpose of each fund is set out in note 8.

8

Sir John Sumner's Trust

Notes to the financial statements

For the year ended 25 February 2022

2 Comparative Statement of financial activities

2
Comparative Statement of financial activities
Income from:
Investments
Transfer of funds from The Marston Charitable Trust
Total incoming resources
Resources expended
Charitable activities:
Donations and grants payable
Management and administration
Total resources expended for year
Net gains on investments
Transfer between funds
Net movement in funds
Balance as at 26 February 2020
Balance at 25 February 2021
3
Investment income
Dividends - UK equities/overseas investments
Interest - UK fixed interest
4
Donations and grants
Donations
5
Management and Administration
Independent examination fees
Legal fees
Sundry
Investments management fees		 2021
2021
2021
Unrestricted Endowment
Total
Funds
Funds
Funds
£
£
£
40,363 - 40,363
79,072
493,513 572,585
119,435
493,513
612,948
(50,125) -
(50,125)
(4,854)
(3,516)
(8,370)
(54,979)
(3,516)
(58,495)
-
77,426
77,426
- - -
64,456
567,423
631,879
50,000
811,467
861,467
114,456
1,378,890
1,493,346
2022
2021
£
£
34,329
31,427
11,873
8,936
46,202
40,363
2022
2021
£
£
61,550
50,125
61,550
50,125
2022
2021
£
£
2,810
4,840
1,172
3,162
429
348
-
20
4,411
8,370

9

Sir John Sumner's Trust

Notes to the financial statements

For the year ended 25 February 2022

6 Investments

Market value at 26 February 2021
Additions to investments at cost
Disposals at carrying value
Net gain/(loss) on realisation
Unrealised (loss)/gain on investments
Transferred from The Marston Charitable Trust
Market value at 25 February 2022
Investments at market value comprised:
UK equities/overseas investments
UK Fixed interest
Historical cost as at 25 February 2022
Investments are managed by E F G Harris Allday, based in the UK.
7
Creditors
Accruals		 2022
2021
£
£
1,430,404
817,983
107,205
95,314
(115,245)
(89,715)
22,179
(21,580)
(30,066)
99,005
-
529,397
1,414,477
1,430,404
1,100,260
1,132,190
314,217
298,214
1,414,477
1,430,404
1,044,913
1,030,774
2022
2021
£
£
2,310
2,200
2,310
2,200

8 Funds

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.

Upon commencement of the charitable trust, funds were introduced as an expendable endowment. The Trustees must first utilise the unrestricted funds, however, once utilised they may spend the endowment fund in line with the objects of the charity. Any capital gains and losses arising on investments form part of the endowment fund. Legal advice relating to the merger of investment funds are also charged against the fund.

Funds amounting to £nil have been transferred from endowment funds to unrestricted funds.

9 Related parties

There were no related party transactions in the period.

10