Sfir John Sumner's Trust Unaudlted Flnanclal Statements For the year ended 25 February 2025 Charlty 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 - 13 |
Sir John Sumner's Trust
Report of the Trustees
For the year ended 25 February 2025
The trustees present their report and financial statements for the year ended 25 February 2025 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 Lord Richard Wellesley Ian McKie Rose McKie Address The Estate Office Lanton House Lanton Wooler Northumberland NE71 6TH Independent examiner Saffery LLP 10 Wellington Place Leeds LS1 4AP Investment managers UBS AG 2 St James' Gate Newcastle upon Tyne NE4 7JH
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Sir John Sumner's Trust
Report of the Trustees
For the year ended 25 February 2025
The trustees present their report along with the financial statements of the charity for the year ended 25 February 2025. 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. The statutory power of appointing new Trustees is conferred by the Trustee Act 1925.
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 gains and losses on investments, the total increase in funds was £79,772. This was after deducting donations and grants of £27,910 towards achieving the objects of the charity listed above.
Of the total increase in funds of £79,772 a decrease of £7,731 (2024: £22,585) related to the unrestricted fund, while an increase of £87,503 (2024: £68,343) 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.
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Sir John Sumner's Trust
Report of the Trustees
For the year ended 25 February 2025
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 2025 the Trust holds £1,485,874 in reserves, of which £28,298 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.
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Sir John Sumner's Trust
Report of the Trustees
For the year ended 25 February 2025
Statement of trustees’ responsibilities
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 & 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures
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disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume
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that the charity will continue in business.
The trustees are responsible for keeping proper 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, applicable accounting regulations 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.
Approved by the Trustees and signed on their behalf by:
Victoria McKie Trustee
Date:………………………………………..
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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 2025.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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:
Sally Appleton FCA
Saffery LLP 10 Wellington place Leeds LS1 4AP
Date: …………………………
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Sir John Sumner's Trust
Statement of financial activities
For the year ended 25 February 2025
----- Start of picture text -----
Unrestricted Endowment Total Total
Note Funds Funds 2025 2024
£ £ £ £
Income from:
Investments 3 27,565 - 27,565 14,669
Interest received 1,507 - 1,507 515
Total incoming resources 29,072 - 29,072 15,184
Resources expended
Charitable activities:
Donations and grants payable 4 (27,910) - (27,910) (31,000)
Management and administration 5 (8,893) - (8,893) (6,769)
Total resources expended for
year (36,803) - (36,803) (37,769)
Net outgoing resources for the
year before investment gains (7,731) - (7,731) (22,585)
Net gains on investments - 87,503 87,503 68,343
Transfer between funds 8 - - - -
Net movement in funds (7,731) 87,503 79,772 45,758
Balance as at 26 February 2024 36,029 1,370,073 1,406,102 1,360,344
Balance at 25 February 2025 28,298 1,457,576 1,485,874 1,406,102
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the period. All incoming resources and resources expended derive from continuing activities.
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Sir John Sumner's Trust
Balance sheet
As at 25 February 2025
----- Start of picture text -----
Unrestricted Endowment Total Total
Note Funds Funds 2025 2024
£ £ £ £
Fixed Assets
Investments 6 - 1,446,852 1,446,852 1,359,349
Current Assets
Bank Balance 31,398 10,724 42,122 49,665
Creditors: amounts falling due
within the year 7 (3,100) - (3,100) (2,912)
Net Current Assets 28,298 10,724 39,022 46,753
Total Net Assets 28,298 1,457,576 1,485,874 1,406,102
Represented by:
Funds 28,298 1,457,576 1,485,874 1,406,102
----- End of picture text -----
Approved on behalf of the Trustees on ……………………………………..
Victoria McKie (Trustee)
Rose Mckie (Trustee)
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Sir John Sumner's Trust
Notes to the financial statements
For the year ended 25 February 2025
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) Going conern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
c) Investment income
Investment income is recorded when receivable.
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 professional fees 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.
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Sir John Sumner's Trust
Notes to the financial statements (continued)
For the year ended 25 February 2025
2 Comparative Statement of financial activities
| 2 Comparative Statement of financial activities |
|||
|---|---|---|---|
| Income from: Investments Interest received |
2024 Unrestricted Funds £ 14,669 515 |
2024 Endowment Funds £ - - |
2024 Total Funds £ 14,669 515 |
| Total incoming resources Resources expended Charitable activities: Donations and grants payable Management and administration |
15,184 (31,000) (6,769) |
- - - |
15,184 (31,000) (6,769) |
| Total resources expended for year | (37,769) | - | (37,769) |
| Net outgoing resources for the year before investment gains | (22,585) | - | (22,585) |
| Net gains on investments | - | 68,343 | 68,343 |
| Net movement in funds | (22,585) | 68,343 | 45,758 |
| Balance as at 26 February 2023 | 58,614 | 1,301,730 | 1,360,344 |
| Balance at 25 February 2024 | 36,029 | 1,370,073 | 1,406,102 |
| 3 Investment income Dividends |
2025 £ 27,565 |
2024 £ 14,669 |
|
| 27,565 | 14,669 | ||
| 4 Donations and grants Donations |
2025 £ 27,910 |
2024 £ 31,000 |
|
| 27,910 | 31,000 | ||
| The following are all donations to institutions. There are no related | support costs. | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Acorns Children's Hospice | - | 250 | |
| Addington Fund | 600 | - | |
| African Children's Fund | - | 250 | |
| Air Ambulance | 1,600 | 6,000 | |
| Alzheimers Resarch UK | - | 250 | |
| Alzheimers Society | - | 200 | |
| Armed Forces Equine Charity | 300 | - | |
| Arrive Alive | 300 | 500 |
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Sir John Sumner's Trust
Notes to the financial statements (continued)
For the year ended 25 February 2025
| 4 | Donations and grants (continued) | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Asthma & Lung UK | - | 250 | |
| Berwick Young Farmers Club | 300 | - | |
| Birmingham Children's Hospital | 300 | 500 | |
| Birmingham PHAB Camps | - | 250 | |
| Blind Veterans UK | 260 | 500 | |
| Borders Carers Centre | 500 | 500 | |
| Brainwave | - | 250 | |
| Breaking Barriers | 250 | - | |
| BROOKE | 300 | 500 | |
| BuDS Disability Service | 250 | - | |
| Cardiac Risk in the Young | - | 1,500 | |
| Care for Veterans | 250 | 250 | |
| Children's Society | 250 | - | |
| Children's Trust | 300 | - | |
| Chillingham Wild Cattle Association | 300 | - | |
| Clowns in the Sky | - | 250 | |
| Country Trust | 300 | - | |
| Cycle4Caroline challengae | 300 | - | |
| Defece Medical Welfare Service | 300 | - | |
| Dig Deep Challenges | - | 250 | |
| Disabled Sailors Association | 300 | 250 | |
| Dogs Trust | - | 250 | |
| Dorothy Parkes Centre | 550 | - | |
| Douglas Bader Foundation | - | 250 | |
| Dream Makers Children's Charity | - | 250 | |
| Edward's Trust | - | 250 | |
| Epilepsy Action | - | 250 | |
| Farm Africa | 300 | 250 | |
| Farm Safety Foundation | 800 | 1,000 | |
| Farms for City Children | 250 | - | |
| Ford School | 300 | - | |
| Fulfill The Wish | - | 250 | |
| Glendale Agricultural Society | - | 1,000 | |
| Glendale Schools | 500 | - | |
| Go Beyond | - | 250 | |
| Great Ormond Street Hospital | 500 | - | |
| Gurkha Welfare Trust | - | 250 | |
| Happy Days Children's Charity | - | 250 | |
| Hearing Dogs for Deaf People | - | 250 | |
| Horse Time UK | 300 | - | |
| Horse Trust | 250 | - | |
| HospiceCare Northumberland | 2,000 | 500 | |
| Hunt Staff Benefit Society | - | 500 | |
| Injured Jockeys Fund | 500 | 2,250 | |
| Insitute of Cancer Reaserch | - | 250 | |
| Jamie's Farm | 550 | - | |
| Jarjeer Mules | 300 | 250 | |
| Jubilee Sailing Trust | - | 250 | |
| Kathertine House Hospice | 1,000 | 250 | |
| Leoprosy Mission | 250 | - | |
| Leukaemia UK | 250 | 250 | |
| Liquid Listening | - | 250 | |
| London Hearts | - | 250 | |
| Lumos Foundation | - | 250 |
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Sir John Sumner's Trust
Notes to the financial statements (continued)
For the year ended 25 February 2025
----- Start of picture text -----
4 Donations and grants (continued) 2025 2024
£ £
Lunch on the Run 250 -
Macmillan 800 -
Make Them Smile 200 250
Mare and Foal Sanctuary 300 500
Marine Conservation Society 300 -
Mindstead Study Centre 250 -
MND Association 300 -
Mongol Rally 500 -
MS Society 300 -
My Life My Choice - 250
National Paralympic Heritage Trust - 250
Newlife 250 250
Nowzad 500 250
Omega 250 -
Papyrus UK 300 -
Peter Pan Centre 250 250
Pickups 4 Peace 300 -
Points of Light 250 -
Poppy Factory - 250
Prevent Breast Cancer - 250
Prince's Countryside Fund - 500
Racing 2 School 300 -
Racing Welfare - 500
Rainbow Trust Children's Charity - 500
Refreshing Minds - 250
Retraining of Racehorses 800 -
Riding for the Disabled Association 550 250
Ripple Effect 500 -
Royal National Lifeboat Institution - 550
Royal Countryside Fund 600 -
Royal Star & Garter - 250
Rufuge 250 -
Sayers Croft Trust - 250
Scope UK 250 -
Sequal Trust - 250
Shine a Light - 250
Smile for Life Children's Charity - 250
SPANA 600 250
SSAFA - 250
Stable Life - 250
Starlight Children's Foundation 250 -
Team SpringBoard 250 -
The George Crawford Legacy trust 300 -
Tusk 600 250
Walking With the Wounded 250 250
West Midlands Care Association 300 -
West Suffolk NHS Foundation Trust 100 -
Wheelchair Rugby 250 -
World Cancer Research Fund - 250
World Horse Welfare 600 500
Total 27,910 31,000
----- End of picture text -----
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Sir John Sumner's Trust
Notes to the financial statements (continued)
For the year ended 25 February 2025
----- Start of picture text -----
5 Management and Administration
2025 2024
£ £
Independent examination fees 2,980 2,950
-
Legal fees 1,208
Sundry 270 -
- -
Bank charges
Investments management fees 4,435 3,819
8,893 6,769
6 Investments
2025 2024
£ £
Market value at 26 February 2024 1,359,349 1,297,283
-
Equalisations (6,277)
Unrealised gains on investments 87,503 68,343
Market value at 25 February 2025 1,446,852 1,359,349
Investments at market value comprised:
UK equities/overseas investments 1,446,852 1,359,349
Historical cost as at 25 February 2025 1,247,255 1,247,255
Investments are managed by UBS AG, based in the UK.
7 Creditors
2025 2024
£ £
Accruals 3,100 2,912
3,100 2,912
----- End of picture text -----
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
Three of the Trustees are Partners in Lanton Estate Partnership. During the year, Lanton Estate Partnership paid expenses totalling £270 on behalf of the Charity, which were recharged in full and settled during the year by the charity.
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Sir John Sumner's Trust
Notes to the financial statements (continued)
For the year ended 25 February 2025
10 Trustees remuneration
No trustees received any remuneration or expenses in the current or prior period.
11 Staff numbers
The average monthly number of full-time equivalent employees and key management personnel during the year was nil (2024: nil).
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