Huntl & Mar Sinclair Charitable Trust (Registered C.hxrity Number 235939) 6.4.2023 to 5.4.2024 Statement of Financial Activities and Balance Sheet as .4.2024 Hunters Law LLP 9 New Squa Lincoln'5 Inn London WC2A 3QN SECWVM 35631
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST REPORT AND ACC UNTS for the ear ended 5 APRIL 2024 CONTENrs Reference and Administrative Delails Structure Govemance and Management Objectives and Activities Achievemcnt and Perforniance Financial Review Future Developments Statement of Trustecs, Responsibilities Independent Examiners Rcport Statement of Financial Activitie5 including Income & Expenditure account Balance sheet Notes lo the accounts 10- 16
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST TRUSTEES, REPORT FOR THE PERIOD FROM 6.4.2023 TO 5.4.2024 The tNstees present their annual report and financial statements for the year ended 5 April 2024. The trustees have adopted the provisions of the Financial Rcporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)). REFERENCE AND ADMINISTRATIVE DET AILS TRUSTEES Mrs N M Sherbrooke Mrs L H Singer Mrs K J Sparrow REGISTERED OFFICE Oak House Hambutt's Drive Painswick GIouc¢5tershire GL6 6UP BANKERS Coutts & Co Chandos Branch 440 Strand London WC2R OQS VESTMENT ADVISERS Vernieer Pariners 130 J¢rmyn Street London SWIY 4UR INDEPENDENT EXAMINER Burgess Hodgson LLP Chartered Accountants 27 New Dover Road Canterbury Kent CTI 3DN SOLICITORS Hunters Law LLP 9 Ncw Squurc Lincoln's Inn London WC2A 3QN STATUS An unincorporated charitable ¢nt CHARITY REGISTRATION NUMBER 235939
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Instrument The chariry was constitutcd under deeds dated 30 April 1964 and 25th March 1965. Under the provisions of the deeds. the trustee5 are directed to hold capital and income upon trust, administering thc capilal as they think fit and applying the income and all or part of the capital to charitable purposes at their discrction. The power to accumulate incomc of the charity by reinvestment ceased on the death of Wing Commander Sinclair in 1989. The policies of the trustees in order to achievc the objectives of the charity have remained unchanged. R¢eruitment and *ppolntment of new trustees The power of appointing new Irustees is vtsted in the truslees. Jnducllon And training of new trustees The trustees Share responsibility for the induction and Iraining ot- all new trustees of th¢ charity, usually assisted in doing $0 by the charity's legal advisors. Organisational structur¢ The trustce5 manage the charity generally and usually me¢t at least onc¢ each year ¢0 lake all decisions necessary jointly with regard to Ihe review of the charity's activities and achievement of objective5. Certain day-to4ay administrativc tasks are delegated to the charity's legal and invc5tment advi5¢rs. Wider network The charity is not part of a wider network. Relaied partie5 The charity has no subsidiaries and 15 not connected with any other charity or other cfttity. Risk D)anagcment Thc trustees havc a duty to identify and review the risks to which the charity is exposed and lo ensure appropriate controls are in place to provide reasonable a55urancc against fraud and error. At each trustees, meeting any 5ignificanl risks of the charity are discussed. Where appropriate. risks are reported on and discussed in subsequent meetings. Thc trustees have reviewed the risks to which th¢ charity is exposed and consider that they have established sufficicnt system5 and procedures to mitigale those risks.
HUNTLV & MARGERY SINCLAIR CHARfTABLE TRUST OBJECTIVES AND ACTIVITIES Obje¢tives and signifieant activities The charity's objective is to provide financial assistance lo such charitable causes a5 the trustees shall decide. The charity maintains an invcslment portfolio and opcrates as a grant making charity. The charity is not involved in fundraising. The trustecs must apply thc income and all or part of ihe Gapital of the charity to charitabl¢ purposes at their discretion. The trustces nomially make their choices annually, towards the end of each financial year. Nearly all the charity's income is utilised in grants for charitable purposes already known lo the trustees. Thc trustees are therefore seldom able to make grants in response lo unsolicited applications. The trustees also regret that due to the high numbcr of such applications received they are not able to reply or return printed material supplied. When consid¢ring applications for funding the trustees concentrate on the following factors- {a> At existing levels of expenditure, how many years. reservcs ihe applicant's balance Sheet shows. Ib) The long ierm prospects of succ¢ss of the applicant's proposals. Ic) The depcndence of ihe applicant upon any singlc saur¢e (including the Huntly and Margery Sinclair Charilable Trust) for futiirL funding. Th¢ proportional¢ costs of adminisiralion and fundraising ofthe applicant. The degr¢e of relcvant information di5closcd in appeals and acLounls material. 'rhe degree to whiLh ihe trustees have been intormed of progress madc since, and the use of charity funds from. previous grants. (d) {e) io Volunteers Aside from the trustees the charity receives no assistance from volunteers. Public Beneflt Statement The trustees consider that the charity's activities. a5 set out in its Objectives and Activiti¢s detailed abovc. are lor the public benefit. The trusiees confirm that th have complied with their duty under $17{5) ol the Charities Act 2011 to have due regard to the guidance published by the Charity Comrnission for England and Wales. ACHIEVEMENT AND PERFORMANCE Charitable activities During the year to 5 April 2024 th¢ charity received income from its investments of £41.307.42 (£23,315.49 in 2022123). The Irustecs made chari(able donations lotaling £45,000 (£45,000 in 2022123) and spent £19,694.37 (£18,164.24 in 2022123) on the charity'5 administration.
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST ACHIEVEMENf AND PERFORMANCE - CONTINUED Invcstmettt performan¢¢ The charity has professional investment advisers and brokers who generally manage the charity's investments, subject to the review of the trustees. During the year investments werc sold for £2.080,008.62. reali5ing a gain on their values al the start or the y¢ar of £61,155.76. Investments were purchased during the year at a cost of £1,943,261.37 and the market value of the charity's retained investments increased by £30.262.46 to £1,499,430. InternAI and external factors There are no significant internal or external factors currently affecting Ihe charity. FINANCIAL REVIEW Reserves policy The trustees consider it prudent that unrestricted ttserves should be retained to produce an income sufficient to maintain the current level of expendiiure, including donations and all expenses. Prlneipal fullding 50uree8 The charity's income is derived solely from its investment portfolio. Inve51ment policy and objectives The charity'5 investment poli¢y and objectives are agreed formally by Ihe trustees and reviewed annually. The Iruslees are advised by professional nd managers. The Charity's investm¢nt objectives are to maintain sufficient resetwes and investments to be able lo continue its existing activitie5 and carry oul its future plans. FUTURE DEVELOPMENTS The Trustees of the charity are pleased to note the charity did not suffer financially as a result of the Covid pandemic and believe they can continue at a similar level of activity a5 Ihey have in previous years. The charity will Continue to operate solely as a grant-making charity. STATEMENT OF THE TRUSTEES, RESPONSJBJLITIES IN RESPECT OF THE ACCOUNTS In accordance with the Charity Commission's Statement of Recommcnded Practi¢¢ 2015. Accounting for Charities, the Irustees ar¢ responsible for preparing financial stalemenls for ea¢h financial year. The trustees havc elected to prepare the financial slatemen15 in accordance with the United Kingdom Generally Acceptcd AcLounting
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST STATEMENT OF THE TRUSTEES, RESPONSIBILITIES IN RESPE OF THE ACCOUNTS- CONTINUED Practice (Unitcd Kingdom Accounting Stsndards and applicable law). The financial Slalements are required by law to give a truc and fair vicw of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial 51a¢¢ments, the trustees are required to= (a) (b) (c) select suitable accounting policies and apply them consistently; make 5uiiablc judgeiiients and estimales that are reasonable and prudent: stale wheihei. applicable accouniing siandards and stalements of recommended practice have been followed subject to any material departures disclosed in the accounts- and prepar¢ the financial statements on the going concern basis unle53 it is inappropriate to presume that thi5 basis applies. (d) The Trustees are responsible for keeping proper records which disclose with reasonable accuracy, al hny time, Ihe financial position of the Charity and which enable them to ensure that th¢ financial staiemenls comply with thc statutory requirements and with the Charity's gov¢rning documents. They are also responsible for safeguarding the assels of the Charily and hencc for taking reasonable stcps for the prevention and detection of fraud and other irregularities. INDEPENDENT EXAMINER The charity's independent examiners Burgess Hodgson LLP have indicated their willingness to remain in office. Dated this i F4l day of 2024 Linda ilton Sing (on behalf of the Iru$tees)
Independent Examiners Report to the Trustees of Huntley & Margery Sin¢lalr Charitable Trust I report on the ae¢ounts of the Trust for the year ended S April 2024 Respectiv8 responsibilities Of trust&&s and ex8minar The Charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144{2} of the Charities Act 2011 (the 2011 A¢t} and that an independent examination Is needed. It is my responsibility to- examlne the accounts under 6ection 145 of the 2011 AG(. to follow the procedures laid down in the General Directions given by the Charty Commission&r under section 14515)Ib) of the 2011 Act., and lo state whelher particular matters have come to my attention. Basls of independent examineffs report My examination was caryied OLrt in aOrdanCe with the G8neral Directions given by the Charity Commissioner. An examination include3 a review of the accounting records kept by the tharity and a comparison of the accounts presented with those reGords. It also indudes onsideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees con¢erning any 5uGh matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion 18 given as to whether the accounts present a 'true and fair view. and the report is limiled to those matters set out in the statement below. Independent ex8mineffs statement In connection with my examination, no matter has come lo my 8ttention'. which gives m8 ffjasonable cause to believe Ihat, in any material respect, the requirements.. (a) to keep accounting reoord$ in accordance wrth section 130 of the 2011 Act. and (b> to prepare accounts which accord with the accounting records and to wmply with the accounting rèquirements of th8 2011 Act have not been met., or to which, in my opinion, attention should be drawn in order to en8ble a proper underslanding of the accounts to be reached. Colin Reid FCA Burgess Hodgson LLP Chartered AG¢ountants 27 New Dover Road Canterbury Kent CT13DN September 2024
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 5.4.2024 2023124 2022123 Incomin Rosources unrestricted funds Tst Income C82enove & Co Deposit Interest (gross) Verneer Partners Intest (gross) Investment Income 5.652.53 1,432.09 34.222.80 .276.95 22,038.54 41,307.42 23,315.49 Resources Ex ended unrestricted funds ireci Charilable Ex enditurc Donations - see Schedule 45,000.00 45,000.00 Mana ement and Adminisiration E Trustee5' mecling expenses Coutt5 bank fees and interest Burgess Hodgson accountancy fe¢s (incl. V AT) Cazenove Inve5tmeni Management fees Hunters legal fccs for 2023124 (incl. VAT) LEI fcc ns 511.35 870.00 9.313.02 9,000.00 397.00 786.00 8,858.24 8,040.00 83.00 64,694.37 63,164.24 THERE ARE NO PUBLICITY OR FUND RAISING COSTS Nel Ineomingl(Outgolng) ResourceJ In the year (23,386.95) (39,848.75) Gainl Loss Rcalised Unreali5ed on inves men in the ear 61,155.76 30,262.46 (14,784.10) (76,465.66) Totsl funds brought forward from last yeals Balance Sheet 1,608,385.08 ,739.483.59 TOTAL FUNDS CARRIED FORWARD TO THIS YEAR'S BALANCE SHEET 1,676,416.35 1,608,385.08
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST BALANCE SHEET AT 5.4.2024 5.4.2024 5.4.2023 UNRESTRICTED FUNDS AT 5.4.2024 ,676,416.35 1.608.385.08 There are no Restrieted or Endowments Funds represented by:_ tNVESTMENTS at Market Value 1,499.429.97 1,544.759.00 CASH Cazenove & Co deposit accounl - capital Cazenove & Co dcposii accounl - income Vern)eer Partncrs - capital Vcrnieer Partners - income Coutt5 & Co currenl account Hunters Clienl account 0.00 0.00 144,115,52 3.996.02 34,374.84 0.00 39,991.18 3.71 0.00 0.00 23,631.19 0.00 CIiEDITORS Unpre5ented cheques -5.500.00 0.00 1,676,416.35 1,608,385.08 Approved on . Linda Hamilton Sin%er (oll bch*lf of the truste&¥)
HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST DONATIONS MADE DURING THE YEAR ENDED 5.4.2024 Hope for Children Oscar India Ltd Chrohn's & Colitis UK Country Food Trust Merchant Tailors Foundation Royal British Legion Do8s Trust Thc Felix Project Pancrealic Cancer UK 3.000.00 1,000.00 i.000.00 500.00 500.00 i.000.00 2,000.00 2.000.00 4,000.00 15.000.00 War Child The Chipping Norton Theatrc Spelsbury War Memorial Hall Oxfordshire Victoria County History Trust Lawrence Home Nursing Care Cruse Bereavement Support Sea Shepherd UK Cancer Research UK Gam Care The Famiing Community Network Spelsbury PCC 2.000.00 1,000.00 i.000.00 ,000.00 1,000.00 1,000.00 2,000.00 2.000.00 i.000.00 2,000.00 i.000.00 15,000.00 Pitch¢ombe PCC Frecmasons Grand Charity Charitable Trnst The Children's Adventure Farni Trust Dressability Sharp Life and Learning Skills CIC F,Ikslone PCC Stroud Court Community Trust Gloucester Cathedral Alzheimers Research UK Mycloma UK Rcndcomb College .000.00 500.00 500.00 500.00 500.00 500.00 500.00 2.000.00 i.000.00 5,000.00 3,000.00 15,000.00 45,000.00 10
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HUNTLY & MARGERY SINCLAIR CHARITABLE TRUST TH NOTES TO THE ACCOUNTS FOR THE YEAR F.NDED S APRIL 2024 I. BASIS OF ACCOUNTING These financial statements have been prepared in compliancc with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ir¢land', the StstCTnent of Recommcnded Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charilies SORP (FRS 102)) and the Charities Act 2011. Historical cost accounting wles have been applied in all instances except for the valuation of inve5tmcnts. Investments have been valucd at their year-end market value, on a middle price basis. Any corresponding gain or loss on this revaluation is Shown in the Statcmenl of Financial Activitie5 for the year. 2. INCOME The Trn5t income is derived solely from its investment portfolio. The Trust is nol involved in fund-raising or publicity. 3. RESOURCES EXPENDED Expenditure is included on an acGruals basi5. INVESTMENT ASSETS 2023124 2022123 Quoted investments Market value brought forward Addition5 Disposals Net realisedlunrealised investment gainsl (losses) 1.544,759 1,943,262 {2,080,009) 1,704,274 774,080 (842.346) Jnvestm¢D¢s Listed on a r¢cognlsed slock exchange 499 430 1544 759 Investments al Market Value Comprised:_ 2023124 22123 Equiti¢s Fixed Interesi securities 1,240,160 1.282.539 262 220 1499 430 1544 759 15
JUDGEMENTS AND ESTIMATION UNCERTAINTY The preparation of the financial statcmenis require5 managemcnt to make judgements. estimates and assumpliorts that affect the amount reported. Accounting estimates and assumptions arc made concerning the fvture and, by their nature, will rarely equal the related acNal outcome. The5¢ estimates and judgemenls are continually reviewed and are based on experience and other factor& including expcctations of fijture events ihat are believed to be reasonable under the circumstances. FINANCIAL INSTRUMENTS Financial liabilities and equity inslrumcnt5 are classified accordin8 to the subslance of the contractual arrang¢m¢nt entered into. Debtors and creditors with no staled interest rale and receivable or payable within on¢ year arc r¢corded at trllnsaccion price. Any losses arising from impairment are recognised in the profit and loss Ount in other administrative expenses. Loans and borrowings are initially r¢cognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairm¢nt. If an arrang¢ment conslitutes a financ¢ transaction it is measured at pre5¢nt value. STAFF COSTS The average head count of employees during the year was O (2023: Nil)- No employee received employee benefits of more than £60.000 during the year {2023: Nil). This employee and key management personnel figure does not include the Trustees appointed and in position during the year. TRUSTEE REMUNERATION AND EXPENSES No remuneration. benefits or expenses were paid to the Trustccs of the Charity in the current or previous year. 16