**REGISTERED CHARITY NUMBER: 222438**
## Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2023
for
H J Sayer and J Hopkins Charities
S A R Accountants Tower View Broadway Road Childswickham Broadway Worcestershire WR12 7HD
H J Sayer and J Hopkins Charities
## Contents of the Financial Statements
for the Year Ended 5 April 2023
|||Page||
|---|---|---|---|
|Reference and Administrative Details||1||
|Report of the Trustees|2|to|3|
|Independent Examiner's Report||4||
|Statement of Financial Activities||5||
|Balance Sheet||6||
|Notes to the Financial Statements|7|to|13|
|Detailed Statement of Financial Activities||14||
H J Sayer and J Hopkins Charities
Reference and Administrative Details for the Year Ended 5 April 2023
**TRUSTEES** S Jones Bailiff/Chairman J Russell J Baker Mrs F Collins Mrs D Coppleston Mrs T Mitchell Mrs L Bushell Mrs S Prasher Mrs J Foxhall Miss O Hinds **PRINCIPAL ADDRESS** The Estate Office Wharf Cottage, Broombank Newnham Bridge Tenbury Wells WR15 8NY **REGISTERED CHARITY NUMBER** 222438 **INDEPENDENT EXAMINER** S A R Accountants Tower View Broadway Road Childswickham Broadway Worcestershire WR12 7HD **CLERK TO THE TRUSTEES** Garrad Enterprises Limited The Estate Office Wharf Cottage, Broombank Newnham Bridge Tenbury Wells WR15 8NY **STOCKBROKERS** Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ
Page 1
H J Sayer and J Hopkins Charities
Report of the Trustees for the Year Ended 5 April 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Trustees receive regular applications for grants which they consider collectively at Trustees' meetings and award grants according to the individual needs and demands of their funds.
## **Public benefit**
The Trustees confirm that they have referred to the information contained in the Charity Commissions' general guidance on public benefit when reviewing the Trust's objectives and activities and grant making policy. The objectives and activities, determined under the Trust Deed, are described elsewhere in this Report. The Trustees consider that by implementing the objectives of the Trust considerable public benefit will be achieved and many members of the public with particular needs will benefit.
## **FINANCIAL REVIEW**
## **Financial position**
During the year, the Trustees received income from investments amounting to £69,859 (2022 £96,692); (HJS £27,762 (2022 £31,294)); (JH £42,097 (2022 £65,398)) from which administration expenses etc amounted to £13,885 (2022 £10,750); (HJS £6,292; JH £7,593) (2022 HJS £5,216,; JH £5,534)
Charitable grants were paid during the year amounting to £55,911 (HJS £23,061; JH £32,850) (2022 £74,101; HJS £28,700; JH £45,401)
## **Investment policy and objectives**
To achieve a balance between Income and Capital growth.
Any restrictions on the type of investments or markets in which Rathbone Investment Management may invest will be communicated in writing by the Trustees.
The Trustees of the Henry James Sayer Charity/Joseph Hopkins Charity provides written guidance for Rathbone Investment Management in order to provide the framework within which the assets of the Henry James Sayer Charity/Joseph Hopkins Charity should be managed in the best interests of the trust. Rathbone Investment Management will endeavour to comply with this guidance and any revision or replacement of it.
We acknowledge that Rathbone Investment Management have been given discretion to manage the Henry James Sayer Charity/Joseph Hopkins Charity assets.
The Trustees aim to make grants in excess of £30,000 per annum. The Trustees can expend only income.
When reviewing the Portfolio the Trustees will have regard to the performance of the FTSE WMA Balanced Total Return.
## **Reserves policy**
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year. Unrestricted funds, free from reserves, as at 5th April 2023 amounted to HJS £13,568 (2022 £18,328) and JH £21,058 (2022 £13,106).
## **FUTURE PLANS**
The Trustees will continue to support local charities within the City of Birmingham and comply with the charity's objectives.
Page 2
H J Sayer and J Hopkins Charities
Report of the Trustees for the Year Ended 5 April 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Under the terms of the Will of Henry James Sayer deceased, the residue of the Estate is to be held by the Trustees upon trust to invest the same and to distribute the income arising therefrom between such charitable institutions of the City of Birmingham and/or such charitable objects, including individuals, within the City of Birmingham, as they shall from time to time think fit. An object or an individual shall not be debarred from benefit by reason only of an address being outside the said City if the object or individual was of Birmingham origin. The Trustees have additional powers as set out under the Terms of the Will.
Under the terms of the Will dated 7 April 1681 of Joseph Hopkins deceased as amended by a Scheme of the Charity Commissioners dated 28 June 1973, the Trust Funds are to be held by the Trustees upon trust to invest the same and to distribute the income arising therefrom in reducing the needs, hardship or distress of persons resident in the City of Birmingham who are in need of such assistance. The Scheme imposes restrictions that the income shall not be applied directly in the relief of rates, taxes or other public funds but income may be applied in supplementing relief out of public funds.
By a direction of the Charity Commissioners under Section 96(6) of the Charities Act 1993 the Commissioners directed that the Joseph Hopkins Charity and the Henry James Charity should be treated as a single charity for the purposes of Part II and Part VI of the Charities Act 1993.
## **Charity constitution**
A Power of Amendment was conferred on the Trustees by a Charity Commission order dated 8 August 2006. The Trustees of the Henry James Sayer Charity have amended their Constitution so that their Trusteeship is common with that of the Joseph Hopkins Charity. The Charity Commission then made a Unity Direction under Charities Act 1993 in respect of the accounts of the two Charities.
## **Recruitment and appointment of new trustees**
The Trustees have power to appoint new Trustees. Prospective Trustees are invited to meet fellow Trustees and, if appointed, are provided with copies of the previous year's annual report and a copy of the Charity Commission leaflet "The Essential Trustee: What you Need to Know". The Trustees review each year the need for trustees to have further training.
## **Organisational structure**
The Trustees have continued their policy of support for smaller local Charities and some local initiatives of national Charities. The Trustees will generally consider applications provided they are submitted using a standard application form. The Trustees have complied with the duty in Section 17 of the Charities Act 2011 and have had regard to the guidance issued by the Charity Commission on public benefit at their trustees meetings.
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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... S Jones - Trustee
Page 3
Independent Examiner's Report to the Trustees of H J Sayer and J Hopkins Charities
## **Independent examiner's report to the trustees of H J Sayer and J Hopkins Charities**
I report to the charity trustees on my examination of the accounts of H J Sayer and J Hopkins Charities (the Trust) for the year ended 5 April 2023.
## **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').
I 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 I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **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.
Sally-Ann Reeves FCCA
S A R Accountants Tower View Broadway Road Childswickham Broadway Worcestershire WR12 7HD
Date: .............................................
Page 4
H J Sayer and J Hopkins Charities
## Statement of Financial Activities for the Year Ended 5 April 2023
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Grants payable
Management and administration fees
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
10
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
69,859
-
69,859
-
55,911
8,474
64,385
-
5,474
(2,282)
-
3,192
31,434
34,626|Endowment
funds
£
-
-
-
5,411
-
-
5,411
(107,394)
(112,805)
2,282
(71,030)
(181,553)
2,346,215
2,164,662|5.4.23
Total
funds
£
69,859
-
69,859
5,411
55,911
8,474
69,796
(107,394)
(107,331)
-
(71,030)
(178,361)
2,377,649
2,199,288|5.4.22
Total
funds
£
78,775
17,917
96,692
2,373
74,101
8,377
84,851
68,157
79,998
-
35,835
115,833
2,261,816
2,377,649|
|---|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
H J Sayer and J Hopkins Charities
## Balance Sheet
## 5 April 2023
|Notes
**FIXED ASSETS**
Tangible assets
7
Investments
8
**CURRENT ASSETS**
Prepayments and accrued income
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds:
Income Fund (Henry James Sayer)
Income Fund (Joseph Hopkins)
Endowment funds:
Capital endowment fund (Henry James Sayer)
Capital endowment fund (Joseph Hopkins)
**TOTAL FUNDS**|Unrestricted
funds
£
-
-
-
135
36,631
36,766
(2,140)
34,626
34,626
34,626|Endowment
funds
£
43,000
2,122,728
2,165,728
-
-
-
(1,066)
(1,066)
2,164,662
2,164,662|5.4.23
Total
funds
£
43,000
2,122,728
2,165,728
135
36,631
36,766
(3,206)
33,560
2,199,288
2,199,288
13,568
21,058
34,626
839,229
1,325,433
2,164,662
2,199,288|5.4.22
Total
funds
£
43,000
2,277,243
2,320,243
30
59,623
59,653
(2,247)
57,406
2,377,649
2,377,649
18,328
13,106
31,434
907,186
1,439,029
2,346,215
2,377,649|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S Jones - Trustee
The notes form part of these financial statements
Page 6
H J Sayer and J Hopkins Charities
Notes to the Financial Statements for the Year Ended 5 April 2023
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
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.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
All gains and losses are taken to the Statement of Financial Activities as they arise.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.
continued...
Page 7
H J Sayer and J Hopkins Charities
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
## **1. ACCOUNTING POLICIES - continued**
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
|Rents received
Investment income
**RAISING FUNDS**
**Investment management costs**
Support costs
**GRANTS PAYABLE**
Grants payable
The total grants paid to institutions during the year was as follows:
Grants payable (Henry James Sayer Charity)
Grants payable (Joseph Hopkins Charity)
Gift Vouchers (Joseph Hopkins Charity)|5.4.23
£
15
69,844
69,859
5.4.23
£
5,411
5.4.23
£
55,911
5.4.23
£
23,061
22,900
9,950
55,911|5.4.22
£
45
78,730
78,775
5.4.22
£
2,373
5.4.22
£
74,101
5.4.22
£
28,700
43,939
1,462
74,101|
|---|---|---|
## **3. RAISING FUNDS**
## **4. GRANTS PAYABLE**
continued...
Page 8
H J Sayer and J Hopkins Charities
## Notes to the Financial Statements - continued for the Year Ended 5 April 2023
## **5. SUPPORT COSTS**
|**SUPPORT COSTS**||||||
|---|---|---|---|---|---|
|||||Governance||
||||Management|costs|Totals|
||||£|£|£|
|Investment management costs|||5,411|-|5,411|
|Management and administration fees|||6,334|2,140|8,474|
||||11,745|2,140|13,885|
|Support costs, included in the above, are as follows:||||||
|Property management fee|Investment
management
costs
£
-||Management
and
administration
fees
£
180|5.4.23
Total
activities
£
180|5.4.22
Total
activities
£
107|
|Clerk's administration fees||-|6,050|6,050|6,050|
|Portfolio management fees|5,411||-|5,411|2,373|
|Room hire||-|-|-|54|
|Travel expenses||-|104|104|26|
|Accountancy fees||-|2,140|2,140|2,140|
||5,411||8,474|13,885|10,750|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
## **7. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
|**COST OR VALUATION**
At 6 April 2022 and 5 April 2023|Freehold
property
£
43,000|
|**NET BOOK VALUE**
At 5 April 2023|43,000|
|At 5 April 2022|43,000|
continued...
Page 9
H J Sayer and J Hopkins Charities
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
## **7. TANGIBLE FIXED ASSETS - continued**
Cost or valuation at 5 April 2023 is represented by:
|||Freehold|
|---|---|---|
|||property|
|||£|
|Valuation in|2023|43,000|
Freehold property comprises of:
Sutton Coldfield Ground Rents (Joseph Hopkins Charity) £43,000 (2022 £43,000)
These are included in the financial statements at the Trustees' best estimate of their market value at the balance sheet date. The market value has been revalued to best estimate at 5th April 2023.
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 6 April 2022
Additions
Disposals
Revaluations
At 5 April 2023
**NET BOOK VALUE**
At 5 April 2023
At 5 April 2022|Listed
investments
£
2,277,243
27,465
(3,421)
(178,559)
2,122,728
2,122,728
2,277,243|
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 5 April 2023 is represented by:
|Valuation in 2023||Listed
investments
£
2,122,728|
|---|---|---|
|If listed investments had not been revalued they would have been included at the following historical||cost:|
|Cost|5.4.23
£
2,370,475|5.4.22
£
2,350,705|
Listed investments were valued on an open market basis on 5 April 2023 by Rathbone Investment Management.
continued...
Page 10
H J Sayer and J Hopkins Charities
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
Income Fund (Henry James Sayer)
Income Fund (Joseph Hopkins)
**Endowment funds**
Capital endowment fund (Henry James
Sayer)
Capital endowment fund (Joseph Hopkins)
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
Income Fund (Henry James Sayer)
Income Fund (Joseph Hopkins)
**Endowment funds**
Capital endowment fund (Henry James
Sayer)
Capital endowment fund (Joseph Hopkins)
**TOTAL FUNDS**|At 6.4.22
£
18,328
13,106
31,434
907,186
1,439,029
2,346,215
2,377,649
as follows:
Incoming
resources
£
27,762
42,097
69,859
-
-
-
69,859||Net
movement
in funds
£
554
4,920
5,474
(73,271)
(110,564)
(183,835)
(178,361)
Resources
expended
£
(27,208)
(37,177)
(64,385)
(2,145)
(3,266)
(5,411)
(69,796)||5.4.23
£
3,206
Transfers
between
funds
£
(5,314)
3,032
(2,282)
5,314
(3,032)
2,282
-
Gains and
losses
£
-
-
-
(71,126)
(107,298)
(178,424)
(178,424)|5.4.22
£
2,247
At
5.4.23
£
13,568
21,058
34,626
839,229
1,325,433
2,164,662
2,199,288
Movement
in funds
£
554
4,920
5,474
(73,271)
(110,564)
(183,835)
(178,361)|
|---|---|---|---|---|---|---|
continued...
Page 11
H J Sayer and J Hopkins Charities
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
## **10. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|At 6.4.21
£
**Unrestricted funds**
Income Fund (Henry James Sayer)
19,869
Income Fund (Joseph Hopkins)
15,268
35,137
**Endowment funds**
Capital endowment fund (Henry James
Sayer)
880,259
Capital endowment fund (Joseph Hopkins)
1,346,420
2,226,679
**TOTAL FUNDS**
2,261,816
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
Income Fund (Henry James Sayer)
31,294
(32,835)
Income Fund (Joseph Hopkins)
47,481
(49,643)
78,775
(82,478)
**Endowment funds**
Capital endowment fund (Henry James
Sayer)
-
(1,081)
Capital endowment fund (Joseph Hopkins)
17,917
(1,292)
17,917
(2,373)
**TOTAL FUNDS**
96,692
(84,851)||Net
movement
in funds
£
(1,541)
(2,162)
(3,703)
26,927
92,609
119,536
115,833
Gains and
losses
£
-
-
-
28,008
75,984
103,992
103,992|At
5.4.22
£
18,328
13,106
31,434
907,186
1,439,029
2,346,215
2,377,649
Movement
in funds
£
(1,541)
(2,162)
(3,703)
26,927
92,609
119,536
115,833|
|---|---|---|---|
continued...
Page 12
H J Sayer and J Hopkins Charities
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 5 April 2023.
Page 13
H J Sayer and J Hopkins Charities
## Detailed Statement of Financial Activities for the Year Ended 5 April 2023
|Detailed Statement of Financial Activities
for the Year Ended 5 April 2023||||||
|---|---|---|---|---|---|
|||||5.4.23|5.4.22|
||Unrestricted|Endowment||Total|Total|
||funds|funds||funds|funds|
||£|£||£|£|
|**INCOME AND ENDOWMENTS**||||||
|**Investment income**||||||
|Rents received|15||-|15|45|
|Investment income|69,844||-|69,844|78,730|
|**Other income**|69,859||-|69,859|78,775|
|Profit on sale of freehold|-||-|-|17,917|
|**Total incoming resources**|69,859||-|69,859|96,692|
|**EXPENDITURE**||||||
|**Charitable activities**||||||
|Grants to institutions|55,911||-|55,911|74,101|
|**Support costs**||||||
|**Management**||||||
|Property management fee|180||-|180|107|
|Clerk's administration fees|6,050||-|6,050|6,050|
|Portfolio management fees|-|5,411||5,411|2,373|
|Room hire|-||-|-|54|
|Travel expenses|104||-|104|26|
|**Governance costs**|6,334|5,411||11,745|8,610|
|Accountancy fees|2,140||-|2,140|2,140|
|Total resources expended|64,385|5,411||69,796|84,851|
|**Net income before gains and losses**|5,474|(5,411)||63|11,841|
|**Realised recognised gains and losses**||||||
|Realised gains/(losses) on fixed asset investments|-|(190)||(190)|145,842|
|**Net income**|5,474|(5,601)||(127)|157,683|
This page does not form part of the statutory financial statements
Page 14