2023-04-05-accounts

THE SIR GEORGE MARTIN TRUST

FINANCIAL STATEMENTS

for the year ended

5 APRIL 2023

CONTENTS

CONTENTS
	Page
Trustee’s annual report	1-6
Independent Auditor’s report	7-10
Statement of financial activities	11
Balance sheet	12
Notes to the financial statements	13-22
Appendices:
List of Donations	23-26

Registered Charity Number 223554

1

THE SIR GEORGE MARTIN TRUST

TRUSTEE’S ANNUAL REPORT

for the year ended

5 APRIL 2023

The Directors of the Trustee company present their report and the audited financial statements of the charity for the year ended 5 April 2023. The Trust has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting of Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

Status

The Sir George Martin Trust is a registered charity under number 223554. The governing document is a Trust Deed dated 10 December 1956.

Registered office

Harlig House Skipton Road Ilkley LS29 9RP

Trustee

The sole Trustee of the charity is Sir George Martin Trust Company Limited. This office is the only activity of the company.

The Directors of the Trustee company are: M L Whyte Chair S Blenkinsop Vice chair R F D Marshall (retired 29 June 2023) M Bethel (retired 9 November 2023) P D Taylor MBE M J Martin A Wriglesworth A Rhodes MBE (appointed 7 November 2022) H Siddique (appointed 7 November 2022 L Jagger (appointed 7 November 2022) J S C Kirk (appointed 9 November 2023)

The registered office is as above. The company registered number is 540045

Trust manager

The Directors of the Trustee company have delegated the day to day management of the Trust to C L Marshall.

Auditor	Solicitors
Wheawill & Sudworth Limited	Wrigleys Solicitors LLP
Chartered Accountants	3 Wellington Place
35 Westgate	Leeds
Huddersfield	LS1 4AP
HD1 1PA

2

THE SIR GEORGE MARTIN TRUST

TRUSTEE’S ANNUAL REPORT (continued)

for the year ended

5 APRIL 2023

Investment advisers

Bankers Investment advisers HSBC plc CCLA PO Box 45 Senator House 47 Market Street 85 Queen Victoria Street Bradford London BD1 1LW EC4V 4ET

Establishment and History

The Trust was founded by the late Sir George William Martin (the Settlor), a wealthy Leeds businessman with many interests in the charitable sector, by means of a Trust Deed dated 10 December 1956 under which the Settlor declared that Sir George Martin Trust Company Limited (the Trustee) should hold the Trust funds on trust for such charitable institutions or such charitable objects as the Trustee should select.

At the time of founding the Trust, Sir George Martin was Chairman of the Leeds Infirmary, the YMCA, a national insurance company and an approved school as well as having a wide interest in other activities such as farming and the countryside. He established the Trust by the transfer of £30,000 of shares which for many years provided an income for mainly local charities in Yorkshire, where he took a keen interest. These included the YMCA, the Yorkshire Symphony Orchestra, the Methodist Homes for the Aged and the Harrogate Festival. Upon his death the residue of Sir George Martin’s estate was left to the Trust.

Governance

The Trust is governed in accordance with the provisions of the Trust Deed by the Directors of the Trustee company whose names are listed on page 1 and who usually meet either three or four times a year.

The Sir George Martin Trust Company Limited’s articles of association state that there can be a maximum of 10 directors of the company. Trustee company directors are currently recruited based on an initial recommendation from one of the Trustee company directors or the Trust Manager, followed by an informal interview with the Chair, the Vice-Chair, the Trust Manager and at least one other director. Each new director is then invited to attend a board meeting where they are formally appointed and this is minuted.

The Sir George Martin Trust provides its Trustee Guide to each potential new director candidate at the outset so that they are fully aware of the background to the Trust, its mission, eligibility, terms, responsibilities and the expected time commitment. The Trust Manager meets with each new director before their first board meeting to answer any queries they may have about the operations and thinking behind decisions made. Once the director is on the board they are encouraged to take part in Yorkshire Funders’ events and training to develop their knowledge of the funding and VCSE sectors. The Chair, Vice Chair and Trust Manager are available at all times to talk to directors.

Administration of the Trust

The day to day management and administration of the Trust has been delegated to Carla Marshall in her role as Trust Manager. A role she has undertaken very efficiently and with great enthusiasm since 2013. She has also carried out a considerable amount of the accountancy work.

The salary of the key management personnel is reviewed annually by the Directors of the Trustee company.

3

THE SIR GEORGE MARTIN TRUST

TRUSTEE’S ANNUAL REPORT (continued)

for the year ended

5 APRIL 2023

Public benefit statement

The Directors of the Trustee company have considered the general guidance on public benefit issued by the Charity Commission in carrying out its objectives and activities and in delivering public benefit to the many institutions provided with financial and general help and are satisfied that the objectives fall under the provisions of the Charities Act 2011.

Grants in the year ended 5 April 2023

Unrestricted grants made in the year amounted to £322,751, 42% more than in recent years due to funds having been transferred from The Denton Trust in March of last year and a further £63,866 from The Marshall Charitable Trust this year in the form of restricted funding. The latter being fully used in the year to support two environmental charities. The number of unrestricted donations during 2022/23 was 120, a 18% increase on the 101 grants given in 2021/22. Again, this was due to the Trust having more funds available and also due to the rise in enquiries coming out of the Covid pandemic.

The average unrestricted donation amount also went up from £2,249 in 2021/22 to £2,689 in 2022/23, a 19% year-on-year increase. However, with the cost-of-living crisis taking hold through this financial period, West Yorkshire charities and churches supporting vulnerable and disadvantaged communities needed our support more than ever. The full list of grants made is appended to these financial statements and a full analysis of our giving in recent years and our impact during 2022/23 is outlined in our Impact Report.

In addition to the Trust’s grant making activities to charitable organisations, in a new initiative, the Trust partnered with Leeds City College to hold the Sir George Martin Trust Award for Adult Learners of Access to Health Science Professions as Sir George was extremely passionate about the medical sector and profession. The £500 cash award for six of the most dedicated West Yorkshire students who gained a degree place to secure a career in the medical field was awarded to the students by the Trust’s Chair, Roger Marshall and trustee, Janet Martin who came up with the initiative idea.

Activities

After two years of the Covid pandemic and a slow recovery for many charitable organisations who found themselves with vastly lower numbers of volunteers, a burnt-out workforce and dwindling reserves, the Trust Manager saw a marked increase in enquiries during April 2022 – March 2023 and a real sense of urgency for funds from many grant seekers. The phrase: “We had a good Covid…or We had a bad Covid” became common place within the third sector as many charities found they received more funding than ever during Covid, due to the number of emergency grants available and the furlough scheme, whilst others (including many disability charities) were badly hit.

By the end of 2022 it was becoming clear that the number of people applying for grants from regional and national funders had grown significantly and there was far more competition than pre-Covid. To counteract this negative experience of being turned down by many grant makers, the Sir George Martin Trust continued its flexible, open and trusting approach and tried to make the grant application process as painless and pleasurable as possible. This meant funding around 50% of all enquiries to the Trust and included being the first Yorkshire funder to start using the Yorkshire Common Application Form (YCAF) in July 2022 which is a Yorkshire Funders’ initiative that encourages local funders of all sizes and types to adopt the YCAF so that over time grant seekers will find that they are being asked exactly the same questions, in the same format by more and more Yorkshire grant makers.

4

THE SIR GEORGE MARTIN TRUST

TRUSTEE’S ANNUAL REPORT (continued)

for the year ended

5 APRIL 2023

Activities (continued)

With Covid restrictions having ceased during this financial period, the Trust Manager was able to resume all her in-person visits to applicants which grant seekers and the trustees felt were incredibly important. One of the good things to come out of Covid was the use of Zoom/Teams and in many cases the Trust Manager had an online meeting with an applicant as in-person wasn’t always necessary. In total, the Trust Manager carried out 64 visits to applicants and 24 Zoom meetings. And as the Trust continued it’s two stage application process – as advised by the Institute of Voluntary Action Research and whereby the Trust Manager is able to suggest a grant seeker completes an application form only if the organisation meet the Trust’s criteria and she feels the trustees are likely to look favourably on a bid – the Trust Manager continued to handle hundreds of email and telephone enquiries throughout the year. She continued to network extensively and attend local funding events to ensure a steady flow of enquiries from across the five West Yorkshire districts.

New concepts which came out of the November 2021 Strategy Day were developed and actioned during the 2022-23 period. The Sir George Martin Fellowship’s first member was Susan Wood of The Denton Trust and she was invited to attend the November 2022 board meeting so she could hear how her funds were being spent and meet the Trust’s three new trustees – Ailsa Rhodes, Haqueq Siddique and Liam Jagger. Following Covid and the 2021 Strategy Day, it became clear to the board of trustees that younger trustees were needed and some with first-hand experience, who understand what it’s like to run a local charity and also live and work in the areas we fund. During 2022, the Trust Manager organised a series of visits to charities which the Trust had supported before so that the trustees could meet the organisation’s leaders and find out the key challenges for them and their communities. The trustees were so impressed with Ailsa, Haqueq and Liam that all three were invited to join the board and they were appointed in November 2022.

2023 has seen two significant retirements. After over 40 years each of serving the Trust, both Roger Marshall and Martin Bethel have stepped down from their Trustee duties. The Trust have been so fortunate to have had such kindly gentlemen, offering continuity, stability and character over so many years. Roger became Chair for his last three years, and offered flexible leadership developing a strong, diverse Board equipped to take the Trust forward as its founder Sir George wanted. The Trust aims to uphold such solid values that these and other eminent Directors have brought over the years. As such, we are hosting our first Fellowship lunch to keep these important connections going in the future, and allow us to maintain the friendships and support to our current Board.

The Sir George Martin Trust continued to be integral to the continuation and operations of Yorkshire Funders CIO with the Trust Manager being paid to be the Coordinator (the only staff member) as part of her Trust Manager role. During this period she carried out a wide range of activities including helping the charity to launch its membership scheme, reaching over 40 members by April 2023; organised 12 in-person and online events attended by over 70 different organisations, including the June Annual Conference; secured corporate support from CCLA Investment Management and Wrigleys Solicitors totalling £10,000 and encouraged 10 local funders to adopt the Yorkshire Common Application Form.

Investment policy and performance

The Trustees continued to keep all the Trust’s funds with CCLA and through investing with CCLA’s COIF Charity Fund adopt their ethical/responsible policy. Despite the continued turbulence around the world, CCLA provided strong returns throughout 2022/23 and delivered the income that it had forecasted which enabled the trustees to continue to give a sizeable amount of grants. The trustees continued to monitor and discuss CCLA’s performance closely to ensure that all the funds being with one investment firm is the best policy.

5

THE SIR GEORGE MARTIN TRUST

TRUSTEE’S ANNUAL REPORT (continued)

for the year ended

5 APRIL 2023

Objectives and future policy of the Trust

The objectives are to distribute the income from the Trust fund amongst charities at the absolute discretion of the Directors of the Trustee company. The Directors of the Trustee company therefore have a wide brief but concentrate its giving in West Yorkshire, particularly the old West Riding cities of Leeds and Bradford. The intention of the Directors of the Trustee company is to continue the activities of the Trust as an independent charitable Trust.

Financial review

The deficit for the year of £464,339 (2022: surplus £1,062,979) reflects a net deficit of £75,269 (2022: surplus £234,977), arising from expenditure in excess of income and a loss on unrealised investments of £389,000 (2022: gain £828,002). The Trust’s total funds at 5 April 2023 totalled £10,255,228 (2022: £10,719,567).

The deficit before transfers upon the income fund has arisen as expenditure has been in excess of income this year due primarily to the distribution of funds from the Denton Charitable Trust. The Directors of the Trustee company have, along with the investment managers, reviewed investment management policy in order to generate greater returns.

Risk management policy

The Directors of the Trustee company have examined the major strategic, business and operational risks which the Trust faces and have adopted a formal risk management policy.

Reserves policy

The Directors of the Trustee company aim to maintain reserves at an adequate level to provide sufficient working capital to fund the charity’s activities.

Fundraising

The Charity does not carry out any significant fundraising activities.

Trustee’s responsibilities

The Directors of the Trustee company are responsible for preparing the Trustee’s Annual 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 and Wales requires the Directors of the Trustee company 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 Directors of the Trustee company are required to:

• select suitable accounting policies and apply them consistently;

• observe the method and principles in the Charities SORP 2019 (FRS 102);

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

6

THE SIR GEORGE MARTIN TRUST

TRUSTEE’S ANNUAL REPORT (continued)

for the year ended

5 APRIL 2023

Trustee’s responsibilities (continued)

The Trustee, being the Directors of the Trustee company, 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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. The Directors of the Trustee company are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

The Trustee, being the Directors of the Trustee company, are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Appointment of Auditor

A resolution to re-appoint Wheawill & Sudworth Limited as auditor will be proposed at the Annual General Meeting.

On behalf of Sir George Martin Trust Company Limited

M L WHYTE

1 December 2023

7

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF

THE SIR GEORGE MARTIN TRUST

Opinion

We have audited the financial statements of The Sir George Martin Trust for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 5 April 2023, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

8

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF

THE SIR GEORGE MARTIN TRUST (continued)

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustee

As explained more fully in the Trustee’s responsibilities statement set out on page 6, the Trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

9

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF

THE SIR GEORGE MARTIN TRUST (continued)

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including but not limited to, the Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, review of Trustee meeting minutes and enquiries of management. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with the law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustee.

• Conclude on the appropriateness of the Trustee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

10

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF

THE SIR GEORGE MARTIN TRUST (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our Report

This report is made solely to the Trustee in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustee those matters we are required to state to the Trustee in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Trustee, for our audit work, for this report, or for the opinions we have formed.

WHEAWILL & SUDWORTH LIMITED 35 Westgate Chartered Accountants & Statutory Auditors Huddersfield HD1 1PA

1 December 2023

Wheawill & Sudworth Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

11

THE SIR GEORGE MARTIN TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended

5 APRIL 2023

		2023	2023	2023	2022
					Unrestricted
		Unrestricted	Restricted	Total	and Total
		funds	funds	funds	funds
	Note			£
Income and endowments from:
Donations and legacies	2	30	63,866	63,896	217,000
Investments	3	300,864	-	300,864	296,483
		──────	──────	──────	──────
Total income and endowments		300,894	63,966	364,760	513,483
		──────	──────	──────	──────
Expenditure on:
Charitable activities	4	376,163	63,866	440,029	278,506
		──────	──────	──────	──────
Total expenditure		(376,163)	(63,866)	(440,029)	(278,506)
		──────	──────	──────	──────
Net gains/(losses) on investments	14	(389,070)	-	(389,070)	828,002
		──────	──────	──────	──────
Net income/(expenditure) and net		(464,339)	-	(464,339)	1,062,979
movement in funds
Reconciliation of funds:
Total funds brought forward	17	10,719,567	-	10,719,567	9,656,588
		──────	──────	──────	──────
Total funds carried forward	17	10,255,228	-	10,255,228	10,719,567
		══════	══════	══════	══════

All income and expenditure derive from continuing activities.

The notes on pages 13 to 22 form part of these financial statements.

12

THE SIR GEORGE MARTIN TRUST

BALANCE SHEET

5 APRIL 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible assets	13	5	5
Investments	14	9,990,315	10,379,385
		──────	──────
		9,990,320	10,379,390
		──────	──────
Current assets
Debtors	15	74,614	84,774
Cash at bank and in hand		197,470	267,688
		──────	──────
		272,084	352,462
Creditors: amounts falling due within one year	16	(7,176)	(12,285)
		──────	──────
Net current assets		264,908	340,177
		──────	──────
Net assets		10,255,228	10,719,567
		══════	══════
Charity Funds
Unrestricted funds:
Capital	17	9,969,668	10,358,738
Income	17	285,560	360,829
		──────	──────
Total charity funds	17	10,255,228	10,719,567
		══════	══════

The financial statements were approved and authorised for issue by the Board on 1 December 2023

Signed on behalf of the Trustee company

M L WHYTE

Directors

S BLENKINSOP

The notes on pages 13 to 22 form part of these financial statements.

13

THE SIR GEORGE MARTIN TRUST NOTES TO THE FINANCIAL STATEMENTS

5 APRIL 2023

1 Summary of significant accounting policies

(a) General information and basis of preparation

The Sir George Martin Trust is a registered charity in the United Kingdom under number 223554. The governing document is a Trust Deed dated 10 December 1956. The nature of the charity’s operations and principal activity is to distribute the income from the Trust amongst charities at the absolute discretion of the Directors of the Trustee company, this is detailed further in the Trustee’s report. The address of the registered office is given on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the Directors of the Trustee company in furtherance of the general objectives of the charity and which have not been designated for other purposes.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations are recognised when the charity has been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, the income is deferred until those conditions are fully met or the fulfilment is probable and within the control of the charity.

14

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

• 1 Summary of significant accounting policies (continued)

(c) Income recognition (continued)

Legacy income is recognised when the charity is entitled to the income. Under the Charities SORP (FRS102) it is the earlier of the charity being notified of an impending distribution or the legacy being received or if before receipt, there is sufficient evidence that it is probable that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability.

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.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Expenditure on charitable activities includes costs of providing services and the payment of grants to the charities beneficiaries ; and

• Other expenditure represents those items not falling into the categories above.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only recognised to the extent that the recipient of the grant has fulfilled the conditions of the grant.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Office equipment - 2 years straight line

15

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

1 Summary of significant accounting policies (continued)

(g) Investments

Investments are recognised initially at fair value which is normally the transaction price. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(h) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(i) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(j) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(k) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

(l) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(m) Going concern

The financial statements have been prepared on a going concern basis as the Directors of the Trustee company believe that no material uncertainties exist. The Directors of the Trustee company have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

16

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

1 Summary of significant accounting policies (continued)

(n) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires judgements, estimates and assumptions to be made which may affect the amounts reported. These estimates and judgements are continually reviewed and are based upon experience and other factors, including expectations of historic events that are believed to be reasonable under the circumstances.

2 Income from donations and legacies

ncome from donations and legacies
	2023	2022
	£	£
Donations – The Marshall Charitable Trust	63,866	-
The Denton Trust	-	207,000
Legacies	30	10,000
	──────	──────
	63,896	217,000
	══════	══════

Income from donations in the year was attributable to the Marshall Charitable Trust restricted fund, donations in 2022 were attributable to unrestricted funds. Legacy income is unrestricted.

3 Income from investments

ncome from investments
	2023	2022
	£	£
Dividends receivable	290,842	286,891
CCLA rebates	10,022	9,592
	──────	──────
	300,864	296,483
	══════	══════

Income from investments is attributable to unrestricted funds.

4 Analysis of expenditure on charitable activities

		Activities
		undertaken
		directly	Support costs	Total
		2023	2023	2023
		£	£	£
Grant making	- Restricted Funds (The Marshall	63,866	-	63,866
	Charitable Trust)
	Unrestricted Funds	325,251	50,912	376,163
		──────	──────	──────
		389,117	50,912	440,029
		══════	══════	══════

17

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

4 Analysis of expenditure on charitable activities (continued)

		Activities	Activities	Activities
		undertaken
		directly		Support costs		Total
		2022			2022	2022
			£		£	£
	Grant making – Unrestricted funds		227,183		51,323	278,506
		══════			══════	══════
5	Allocation of support costs
						Total
						Charitable
			Charitable		Total	Activities
	Support cost	Basis of allocation	activities		2023	2022
				£	£	£
	Staff costs	Charitable costs		38,105	38,105	37,850
	Audit and accountancy costs	Charitable costs		6,363	6,363	6,410
	Stationery, telephone and postage	Charitable costs		1,954	1,954	2,362
	Website and IT costs	Charitable costs		1,410	1,410	1,324
	Travel and subsistence	Charitable costs		1,769	1,769	1,256
	Office costs	Charitable costs		215	215	246
	Depreciation	Charitable costs		-	-	340
	Memberships	Charitable costs		-	-	489
	Insurance	Charitable costs		784	784	784
	Bank charges	Charitable costs		67	67	108
	Training costs	Charitable costs		245	245	154
			──────		──────	──────
	Total			50,912	50,912	51,323
			══════		══════	══════
6	Governance costs included within	support costs
					2023	2022
					£	£
	Staff costs				19,052	18,925
	Audit and accountancy costs				3,750	3,810
	Stationery, telephone and postage				977	1,181
	Website and IT costs				705	662
	Travel and subsistence				885	628
	Office costs				107	123
	Depreciation				-	170
	Memberships				-	245
	Insurance				392	392
	Bank charges				33	54
	Training costs				123	77
					─────	─────
					26,024	26,267
					═════	═════

These costs are included within expenditure on charitable activities as required by the Charities SORP (FRS 102).

18

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

7 Analysis of grants and services to beneficiaries

nalysis of grants and services to beneficiaries
	Grants to	Grants to
	institutions	individuals	Total
	£	£	£
Grants to beneficiaries - Restricted Funds (The Marshall	63,866	-	63,866
Charitable Trust)
Unrestricted Funds	322,251	3,000	325,251
	──────	──────	──────
	386,117	3,000	389,117
	══════	══════	══════

Grants to beneficiaries included £63,866 (2022: Nil) which is attributable to The Marshall Charitable Trust restricted fund.

8 Grants to institutions

Further details of grants made to institutions during the year can be found in the Impact Report produced by the trustees and Analysis of Donations included in the appendices to these financial statements.

All grants are made to registered charities for grant funded activities.

Major unrestricted grants made in the year were as follows:

	£
Platform 1	10,000
Aspire Creating Communities	5,000
Burmantofts Project	5,000
Forget Me Not Hospice	5,000
Haworth RDA	5,000
Hope Housing	5,000
Paper Works	5,000
Sea Cadets – City of Leeds	5,000
Sunbridge Road Mission	5,000
Wellsprings Together	5,000
WYDAN	5,000
	──────
	60,000
Other grants (109 in total all under £5,000)	262,251
	──────
	322,251
	══════

Two grants of £58,566 and £5,000 respectively were made to the Yorkshire Dales Millenium Trust and Zero Carbon Harrogate from the Marshall Charitable Trust restricted fund.

In addition 6 awards of £500 each were made to students at Leeds City College as part of the Sir George Trust Award for Adult Learners.

19

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

9 Net income for the year

Net income is stated after (charging)/crediting:

et income is stated after (charging)/crediting:
	2023	2022
	£	£
Depreciation of tangible assets	-	(340)
(Loss)/gain on fair value movement of investments	(389,070)	828,002
	══════	══════

10 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee of £4,350 (2022: £4,410) and a further £2,013 (2022: £2,000) for accounts preparation and other services.

11 Trustees' and key management personnel remuneration and expenses

The Directors of the Trustee company neither received nor waived any remuneration during the year (2022: £Nil).

The reimbursement of Directors of the Trustee company’s expenses was as follows:

	2023	2022	2023	2022
	Number	Number	£	£
Travel	1	1	331	172
	═════	═════	═════	═════

During the year the trust paid £312 (2022: £300) to Golden Frog PR Limited, a company controlled by one of the directors of the Trustee company for the provision of website services.

12 Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

	2023	2022	2023	2022
	Number	FTE	Number	FTE
Charitable activities	1	1	1	1
Governance	-	-	-	-
	─────	─────	─────	─────
	1	1	1	1
	═════	═════	═════	═════

The total staff costs and employee benefits were as follows:

	2023	2022
	£	£
Wages and salaries	38,030	37,450
Social security	75	-
Consultancy fees	-	400
	──────	──────
	38,105	37,850
	══════	══════

No employees received benefits (excluding employer pension costs) of more than £60,000.

20

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

13 Tangible fixed assets

13	Tangible fixed assets
		Office
		Equipment	Total
		£	£
	Cost:
	At 6 April 2022	2,062	2,062
	Additions	-	-
	Disposals	-	-
		──────	──────
	At 5 April 2023	2,062	2,062
		══════	══════
	Depreciation:
	At 6 April 2022	2,057	2,057
	Charge for the year	-	-
	Eliminated on disposal	-	-
		──────	──────
	At 5 April 2023	2,057	2,057
		══════	══════
	Net book value:
	5 April 2023	5	5
	5 April 2022	5	5
		══════	══════
14	Fixed asset investments
			Listed
			investments
			£
	Fair value:
	At 6 April 2022		10,379,385
	Additions		-
	Disposals		-
	Revaluation – net gains / (losses), realised and unrealised		(389,070)
			──────
	At 5 April 2023		9,990,315
			══════
	Carrying amount:
	At 5 April 2023		9,990,315
			══════
	At 5 April 2022		10,379,385
			══════
	Investments at fair value compromise:
		2023	2022
		£	£
	Managed Funds	9,990,315	10,379,385
		──────	──────
		9,990,315	10,379,385
		══════	══════

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. The fair value of these investments at the date of approval of the financial statements is £10,157,837.

21

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

15	Debtors
		2023	2022
		£	£
	Legacies notified in advance	-	10,000
	Prepayments and accrued income	74,614	74,774
		──────	──────
		74,614	84,774
		══════	══════
16	Creditors: amounts falling due within one year
		2023	2022
		£	£
	Creditors:
	Yorkshire Funders’ Forum	-	6,265
	Social Security and other taxes	75	2,020
	Grants outstanding	3,000	-
		─────	─────
		3,075	8,285
	Accruals	4,101	4,000
		─────	─────
		7,176	12,285
		═════	═════

17 Fund reconciliation

Unrestricted funds

	Balance at					Balance at
	5 April					5 April
	2022	Income	Expenditure	Transfers	Gains/(losses)	2023
	£	£	£	£	£	£
Capital	10,358,738	-	-	-	(389,070)	9,969,668
fund
Income	360,829	300,894	(376,163)	-	-	285,560
fund
	──────	──────	──────	──────	──────	──────
	10,719,567	300,894	(376,163)	-	(389,070)	10,255,228
	══════	══════	══════	══════	══════	══════
	Balance at					Balance at
	5 April					5 April
	2021	Income	Expenditure	Transfers	Gains/(losses)	2022
	£	£	£	£	£	£
Capital	9,530,736	-	-	-	1,897,304	10,358,738
fund
Income	125,852	513,483	(278,506)	-	-	360,829
fund
	──────	──────	──────	──────	──────	──────
	9,656,588	513,483	(278,506)	-	1,897,304	10,719,567
	══════	══════	══════	══════	══════	══════

22

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

17 Fund reconciliation (continued)

Restricted funds

	Balance at					Balance at
	5 April 22	Income	Expenditure	Transfers	Gains/(losses)	5 April 23
		£	£	£	£
Marshall
Charitable
Trust	-	63,866	(63,866)	-	-	-
	──────	──────	──────	──────	──────	──────
	-	63,866	(63,866)	-	-	-
	══════	══════	══════	══════	══════	══════
nalysis of net assets between funds
			Unrestricted		Unrestricted
			funds	Total	funds	Total
			2023	2023	2022	2022
			£	£	£	£
Fixed assets - tangible			5	5	5	5
Fixed assets – investments			9,990,315	9,990,315	10,379,385	10,379,385
Cash at bank and in hand			197,470	197,470	267,688	267,688
Other net current assets			67,438	67,438	72,489	72,489
			──────	──────	──────	──────
Total			10,255,228	10,255,228	10,719,567	10,719,567
			══════	══════	══════	══════

18 Analysis of net assets between funds

Fund descriptions

Unrestricted funds

The general funds of the charity are available to be distributed at the discretion of the Directors of the Trustee company in furtherance of the objects of the charity.

Restricted funds

The Marshall Charitable Trust Fund comprises a donation from the Marshall Charitable Trust to fund grants to environmental charities, within the general remit of the Sir George Martin Trust, on behalf of the Marshall Charitable Trust.

23

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

List of donations

ist of donations
	£
21st Leeds Brownie Unit, Gipton	£500
Airborough Children's Trust in our Neighbourhood	£1,250
Alive & Kicking	£2,500
ASPIRE	£2,500
Aspire Creating Communities	£5,000
Award Young Musician	£3,000
Baby Week	£2,000
BARCA Leeds	£1,500
Batley Community Outreach Centre	£3,000
Better Leeds Communities	£2,500
BIDS	£1,000
Boothroyd Primary School returned grant	-£500
Bradford Cathedral	£3,000
Bradford Under 5s	£2,250
Burmantofts Project	£5,000
Burmantofts Senior	£3,000
Charlie Waller	£1,000
Christ the King Battyeford PCC	£1,500
Church Army	£2,766
Church Homeless Trust	£2,500
CLASS	£2,000
Clayton Baptist Church	£3,000
Clothing Solutions	£2,500
Conservation Volunteers - Hollybush	£2,500
Cross Hills Church	£1,500
Platform 1	£10,000
Cross Project	£2,000
Cruse Bereavement Kirklees	£2,000
Dentaid	£4,000
Diocese of Leeds Music	£3,000
East Bierley Community Sports Association	£3,000
Empowered People	£2,000
Equality Together	£2,000
Exodus Project	£3,000
Ferrybridge Community Centre	£3,000
Flourishing Families Leeds	£3,000
Forget Me Not Hospice	£5,000
Friends of Middleton Park	£1,500
Friends of Ravenshall Special School	£1,000
Friends of Westwood Primary	£1,000

──────

Carried forward

£102,266

24

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

List of donations (continued)

ist of donations(continued)
	£
Brought forward	£102,266
Fulfil the Wish	£1,500
Growing Works	£3,000
Happy Tears Foundation	£2,000
Haworth RDA	£5,000
Heartbeat	£1,277
Hebden Bridge Arts	£2,500
Holbeck Together	£2,500
Hope Housing	£5,000
Hunslet Rugby Foundation	£2,500
Innovation Learning	£2,000
Invictus Wellbeing	£4,000
IVAR	£2,000
Keighley Creative	£2,588
Kirklees Youth Alliance	£3,000
Learning Partnerships	£3,000
Leeds Baby Bank	£3,000
Leeds Mencap	£3,000
Leeds Playhouse	£4,000
Leeds Womens Aid	£2,494
Life Connections	£4,818
Light of the World	£2,500
Lighthouse	£2,500
Lineham Farm	£2,700
Manuel Bravo	£3,000
Margaret Carey Foundation	£3,000
Mosaic Church	£1,500
Motive8 College	£2,500
New Mind Counselling	£2,000
Northern Ballet	£2,500
Northern Opera	£2,000
Oakfield Park School	£3,500
OceanYouthTrust	£1,500
Out Together	£3,000
Outlane Methodist	£2,000
Outlook Trust	£2,000
Paper Works	£5,000
Parish of Girlington, Manningham & Heaton	£3,000
	──────
Carried forward	£205,643

25

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

List of donations (continued)

ist of donations(continued)
	£
Brought forward	£205,643
Parkwood Methodist	£2,000
People Matters	£3,000
PHAB Club Leeds	£2,000
Play Bradford	£3,000
Pledge	£3,000
Principle Children's Trust	£2,000
Project Hope	£1,530
Pudsey Community Project	£2,500
QED	£3,000
Red Letter Project @ St. John's	£2,465
Saltaire Festival	£1,000
Scholemoor Beacon	£2,500
Sea Cadets - City of Leeds	£5,000
Sick Childrens Trust	£3,000
Speak with IT	£3,000
Sporting Memories Foundation	£2,300
St Georges Crypt	£3,000
St George's Trust	£2,500
St John Bierley	£2,000
St Lukes Cares	£3,000
St. Gemma's Hospice	£1,500
St. James Church, Slathwaite	£2,000
St. John's Church, Rastrick	£2,500
St. Stephen's Church, Steeton	£820
St.George's Community Trust	£2,500
St.John's Methodist Church Lunch Club	£1,000
Staying Put	£3,000
Sunbridge Road Mission	£5,000
Sunshine Flowers Foundation	£2,621
The Children's Art School - Makerworld	£3,100
The Space @ Field Lane Community Centre	£2,122
Wakefield & District Society for Deaf People	£2,000
Wakefield Cathedral	£4,000
Wakefield Street Kitchen	£3,000
Wellsprings Together	£5,000
West Bowling Youth Initiative	£2,500
West Leeds SILC	£2,000
Women Arise (under the LCCT umbrella)	£1,650
	──────
Carried forward	£303751

£303,751

26

THE SIR GEORGE MARTIN TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 APRIL 2023

List of donations (continued)

	£
Brought forward	£303,751
Women's Health Matters	£3,500
WYDAN	£5,000
YMCA Leeds	£2,000
Yorkshire Y&M	£2,500
Yorkshire's Brain Tumour Charity	£2,500
Zest Health for Life	£3,000
	──────
Total unrestricted donations	£322,251
Individual Awards Leeds City College	£3,000
Restricted donations:
Yorkshire Dales Millenium Trust	£58,866
Zero Carbon Harrogate	£5,000
	──────
Total donations	£389,117
	══════