Sir John Sumner's Trust
Unaudited Financial Statements For the year ended 25 February 2023
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 2023
The trustees present their report and financial statements for the year ended 25 February 2023 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 (retired 25 February 2023) | |
| Lord Richard Wellesley | |
| Ian McKie | |
| Rose McKie (appointed 26 February 2023) | |
| Address | The Estate Office |
| Lanton House | |
| Lanton | |
| Wooler | |
| Northumberland | |
| NE71 6TH | |
| Independent examiner | Saffery Champness LLP |
| Mitre House | |
| North Park Road | |
| Harrogate | |
| HG1 5RX | |
| Investment managers | UBS AG |
| 2 St James' Gate | |
| Newcastle upon Tyne | |
| NE4 7JH | |
| 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 2023
The trustees present their report along with the financial statements of the charity for the year ended 25 February 2023. 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 £105,356. This was after deducting donations and grants of £67,050 towards achieving the objects of the charity listed
Of the total decrease in funds of £105,356 a decrease of £36,083 (2022: £19,759) related to the unrestricted fund, while a decrease of £69,273 (2022: £7,887) related to the expendable endowment fund.
Investment policy
The trustees have appointed UBS AG 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.
In 2021 the investment fund for The Marston Charitable Trust (charity number: 1004000) was 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 2023
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 2023 the Trust holds £1,360,344 in reserves, of which £58,614 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 2023.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
Date: …………………………18 May 2023
5
Sir John Sumner's Trust
Statement of financial activities
For the year ended 25 February 2023
| Note Income from: Investments 3 Interest received Total incoming resources Resources expended Charitable activities: Donations and grants payable 4 5 Total resources expended for year Net losses on investments Transfer between funds 8 Balance as at 26 February 2022 Balance at 25 February 2023 Management and administration Net movement in funds Net outgoing resources for the year before investment gains |
Unrestricted Endowment Total Total Funds Funds 2023 2022 £ £ £ £ 41,940 - 41,940 46,202 1,801 - 1,801 - |
|---|---|
| 43,741 - 43,741 46,202 (67,050) - (67,050) (61,550) (12,774) - (12,774) (4,411) |
|
| (79,824) - (79,824) (65,961) |
|
| (36,083) - (36,083) (19,759) |
|
| - (69,273) (69,273) (7,887) - - - - |
|
| (36,083) (69,273) (105,356) (27,646) |
|
| 94,697 1,371,003 1,465,700 1,493,346 |
|
| 58,614 1,301,730 1,360,344 1,465,700 |
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
| Unrestricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|
| Note | Funds | Funds | 2023 | 2022 | |
| € | f | E | C | ||
| Fixed Assets | |||||
| lnvestments | 5 | 1,297,283 | 1.,297,283 | 1.,41_4,477 | |
| CurrentAssets | |||||
| Bank Balance | 61,414 | 4,447 | 65,861 | 53,533 | |
| Creditors: amounts falling due | |||||
| withinthe year | 7 | (2,800) | (2,800) | (2,310) |
|
| Net CurrentAssets | 58,614 | 4,447 | 63,061 | 51,,223 | |
| TotalNet Assets | s8,6t4 | 7,301,730 | 1,,360,344 | t,465,700 | |
| Representedby:. | |||||
| Funds | 58,6141,301,730 | 1_,360,344 | 1,,465,700 | ||
| Approved onbehatr orthe rrustees.^.Z.5.fn*.1..25.. |
Sir John Sumner's Trust
Notes to the financial statements
For the year ended 25 February 2023
1 Accounting Policies
a) Basis of accounting
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.
b) Investment income
Investment income is recorded when receivable.
- c) Expenditure
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.
- d) Other recognised gains and losses
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.
- f) Fixed asset investments
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.
- g) Fund accounting
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 2023
2 Comparative Statement of financial activities
| 2 Comparative Statement of financial activities |
||
|---|---|---|
| Income from: Investments Total incoming resources Resources expended Charitable activities: Donations and grants payable Management and administration Total resources expended for year Net gains on investments Net movement in funds Balance as at 26 February 2021 Balance at 25 February 2022 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 Bank charges Investments management fees |
2022 2022 2022 Unrestricted Endowment Total Funds Funds Funds £ £ £ 46,202 - 46,202 |
|
| 46,202 - 46,202 (61,550) - (61,550) (4,411) - (4,411) |
||
| (65,961) - (65,961) - (7,887) (7,887) |
||
| (19,759) (7,887) (27,646) |
||
| 114,456 1,378,890 1,493,346 |
||
| 94,697 1,371,003 1,465,700 |
||
| 2023 2022 £ £ 27,404 34,329 14,536 11,873 |
||
| 41,940 46,202 |
||
| 2023 2022 £ £ 67,050 61,550 |
||
| 67,050 61,550 |
||
| 2023 2022 £ £ 3,070 2,810 2,477 1,172 722 429 70 - 6,435 - |
||
| 12,774 4,411 |
9
Sir John Sumner's Trust
Notes to the financial statements
For the year ended 25 February 2023
6 Investments
| Market value at 26 February 2022 Additions to investments at cost Disposals at carrying value Net gain on realisation Unrealised loss on investments Market value at 25 February 2023 Investments at market value comprised: UK equities/overseas investments UK Fixed interest Historical cost as at 25 February 2023 |
2023 2022 £ £ 1,414,477 1,430,404 1,284,307 107,205 (1,332,228) (115,245) 263,563 22,179 (332,836) (30,066) |
|---|---|
| 1,297,283 1,414,477 |
|
| 1,297,283 1,100,260 - 314,217 |
|
| 1,297,283 1,414,477 |
|
| 1,260,555 1,044,913 |
Investments were managed by E F G Harris Allday, based in the UK, until December 2022. Investments are managed by UBS AG, based in the UK, from December 2022.
7 Creditors
| Creditors | |
|---|---|
| Accruals | 2023 2022 £ £ 2,800 2,310 |
| 2,800 2,310 |
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