THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
I N D E X
Year ended 5 April 2023
| Page | |
|---|---|
| Trustees’ annual report | 2 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
T R U S T E E S ' A N N U A L R E P O R T
Year ended 5 April 2023
The Trustees present their annual report and accounts of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with 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) (effective 1 January 2019).
Structure governance and management
The charity was constituted on 5 September 1961 as a charitable trust, and is governed by the trust deed.
The power to appoint new trustees rests with the existing trustees. New trustees may be appointed by a majority of trustees while they number more than two.
Objectives and activities for the public benefit
The object of the charity, as set out in the trust deed, is to pay or apply the income and (if they think fit), the capital of the trust fund for the benefit of such charitable purposes or charitable institutions as the trustees select.
Under the trust deed, the trustees may invest any monies in the purchase of any investments, wherever situated, not being investments involving personal liability and whether or not authorised by law for the investment of trust monies.
Trustees may invest in the purchase of freehold or leasehold land as they shall in their absolute discretion think fit.
The trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
Achievements and performance
During the year, the settlement made grants totalling £25,000 (2022 - £18,000) (note 4), for charitable purposes and to charitable institutions, from income from investments held. The grants were made to a number of institutions, which covered the following sectors: Education, Medical care and Welfare, and Religious activities and communal. The donations were made without conditions and to be applied by the recipient charitable institution in furtherance of their charitable objectives.
The trustees expect to continue to make similar donations in the future.
The settlement's affairs are carried on by its trustees, who meet as necessary for this purpose.
Financial review
Investments at the year end had a market value of £748,382 (2022 - £778,588).
At the year end the unrestricted fund held reserves of income of £65,758 (2022 - £54,483), which is to be distributed in future financial periods. The expendable endowment fund had reserves totalling £762,535 (2022 - £801,605) at the year end.
Reference and administrative details
Trustees
Mr Christopher Hugh Prendergast Mrs Jennifer Skidmore Mrs Sally Louise Prendergast
Address
7 Bowland Yard Kinnerton Street London SW1X 8EE
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
T R U S T E E S ' A N N U A L R E P O R T ( c o n t i n u e d )
Year ended 5 April 2023
Independent examiner
S J Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS
Charity number
242881
Bankers
HSBC Bank plc 90 Baker Street London W1V 6AX
Approved by the trustees on 2024 and signed on their behalf by: 5th February
MR C H PRENDERGAST Trustee
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
I N D E P E N D E N T E X A M I N E R ’ S R E P O R T
Year ended 5 April 2023
I report to the trustees on my examination of the accounts of 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’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am an employee has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no 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.
S J Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS Date: 5 February 2024
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 5 April 2023
| Expendable Note Unrestricted endowment fund fund £ £ Income and endowments from: Investments Income from UK quoted investments 38,675 - Total 38,675 - Expenditure on: Raising funds Investment management costs - 7,163 Charitable activities 4 27,400 - Total 27,400 7,163 Net (losses) / gains on investments 3 - (31,907) Net income and net movement in funds 11,275 (39,070) Reconciliation of funds: Total funds brought forward 54,483 801,605 Total funds carried forward 6 65,758 762,535 |
2023 Total funds £ 38,675 38,675 7,163 27,400 34,563 (31,907) (27,795) 856,088 828,293 |
2022 Total funds £ 36,158 36,158 7,053 20,400 27,453 60,792 69,497 786,591 856,088 |
|---|---|---|
All amounts are attributable to continuing operations.
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
B A L A N C E S H E E T
At 5 April 2023
| Funds held by the Trustees Note Fixed assets: Investments at market value 3 Current assets: Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 5 Net current assets Total net assets The funds of the charity: Unrestricted Fund Expendable Endowment Fund 6 |
2023 £ 748,382 81,911 81,911 (2,000) 79,911 828,293 65,758 762,535 828,293 |
2022 £ 778,588 84,500 84,500 (7,000) 77,500 856,088 54,483 801,605 856,088 |
|---|---|---|
The financial statements on pages 5 to 11 were approved by the trustees on 2024. 5th February
MR C H PRENDERGAST Trustee
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2023
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Fund accounting policy
The charity comprises of an unrestricted fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
The expendable endowment fund holds investment assets to produce income. The trustees have the power to spend or apply the capital of the fund in furtherance of the objectives of the charity.
(c) Incoming resources
All income is recognised in the statement of financial activities when the Trust has entitlement to the income, it is probable that the income will be received and the amount of the income can be measured reliably.
Dividends and other income from investments are recognised in the financial statements when the charity is entitled to the income. Income from cash deposits is included on an accruals basis. All investment income relates to the unrestricted fund.
(d) Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants are charged to the statement of financial activities when paid or when a constructive obligation exists, notwithstanding they may be paid in future accounting periods. Other expenditure is included in the accounts on an accruals basis.
(e) Investments
Investments are stated at open market value at the balance sheet date. All realised and unrealised gains and losses are taken to the Statement of Financial Activities.
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2023
2. Prior year Statement of Financial Activities
| Expendable Unrestricted endowment fund fund £ £ Income and endowments from: Investments Income from UK quoted investments 36,158 - Total 36,158 - Expenditure on: Raising funds Investment management costs - 7,053 Charitable activities 20,400 - Total 20,400 7,053 Net gains on investments - 60,792 Net income and net movement in funds 15,758 53,739 Reconciliation of funds: Total funds brought forward 38,725 747,866 Total funds carried forward 54,483 801,605 |
Expendable Unrestricted endowment fund fund £ £ Income and endowments from: Investments Income from UK quoted investments 36,158 - Total 36,158 - Expenditure on: Raising funds Investment management costs - 7,053 Charitable activities 20,400 - Total 20,400 7,053 Net gains on investments - 60,792 Net income and net movement in funds 15,758 53,739 Reconciliation of funds: Total funds brought forward 38,725 747,866 Total funds carried forward 54,483 801,605 |
Expendable Unrestricted endowment fund fund £ £ Income and endowments from: Investments Income from UK quoted investments 36,158 - Total 36,158 - Expenditure on: Raising funds Investment management costs - 7,053 Charitable activities 20,400 - Total 20,400 7,053 Net gains on investments - 60,792 Net income and net movement in funds 15,758 53,739 Reconciliation of funds: Total funds brought forward 38,725 747,866 Total funds carried forward 54,483 801,605 |
2022 Total funds £ 36,158 36,158 7,053 20,400 27,453 60,792 69,497 786,591 856,088 2022 £ 715,088 81,877 (79,169) 60,792 778,588 |
|---|---|---|---|
| 3. Investments UK quoted investments at market value At 6 April 2022 / 6 April 2021 Additions at cost Disposal proceeds Net realised and unrealised gains / (losses) in the year At 5 April 2023 / 5 April 2022 |
2023 £ 778,588 86,708 (85,007) (31,907) 748,382 |
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2023
| 4. Charitable activities – unrestricted fund Grant-making activities Administration costs Nature of grants Education Medical care and welfare Religious activities and communal Other All grants were made to institutions, which are detailed below: WIZO UK World Jewish Relief The Holocaust Educational Trust Jewish Lads & Girls Brigade Age UK Westminster SSAFA Forces Help Tikva UK Game & Wildlife Conservation Trust The Country Food Trust Administration costs Accountancy fees Accountancy fees payable to the independent examiner's firm as follows: - Examination - Accountancy |
2023 £ 25,000 2,400 27,400 3,000 8,000 13,000 1,000 25,000 5,000 5,000 3,000 1,000 2,000 1,000 7,000 1,000 - 25,000 2,400 350 2,050 2,400 |
2022 £ 18,000 2,400 20,400 3,000 9,000 5,000 1,000 18,000 5,000 5,000 3,000 - 1,000 - - 1,000 3,000 18,000 2,400 350 2,050 2,400 2022 £ 2,000 5,000 7,000 |
||
|---|---|---|---|---|
| 5. Creditors: amounts falling due within one year Examination and accountancy fees Other creditors |
2023 £ 2,000 - 2,000 |
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2023
6. Analysis of net assets and movements between funds
| Analysis of Funds | Expendable | |||||
|---|---|---|---|---|---|---|
| Unrestricted | endowment | |||||
| fund | fund | Total | ||||
| £ | £ | £ | ||||
| Fixed asset investments | - | 748,382 | 748,382 | |||
| Current assets | 67,758 | 14,153 | 81,911 | |||
| Current liabilities | (2,000) | - |
(2.000) |
|||
| 65,758 | 762,535 |
828,293 | ||||
Movement in Trust Funds |
Net incoming/ | |||||
| Balance at | (outgoing) | Gains and | Transfer | Balance at | ||
| 6 April 2022 | resources | losses between funds | 5 April 2023 | |||
| £ | £ | £ | £ | £ | ||
| Unrestricted fund | 54,483 | 11,275 | - | - | 65,758 | |
| Expendable Endowment fund | 801,605 |
(7,163) |
(31,907) |
- |
762,535 |
|
| 856,088 | 4,112 | (31,907) | - |
828,293 | ||
| Net incoming/ | ||||||
| Balance at | (outgoing) | Gains and | Transfer | Balance at | ||
| 6 April 2021 | resources | losses between funds | 5 April 2022 | |||
| £ | £ | £ | £ | £ | ||
| Unrestricted fund | 38,725 | 15,758 | - | - | 54,483 | |
| Expendable Endowment fund | 747,866 |
(7,053) |
60,792 |
- |
801,605 |
|
| 786,591 | 8,705 | 60,792 | - |
856,088 |
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THE SIMONE PRENDERGAST CHARITABLE SETTLEMENT
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2023
7. Financial instruments
The following are financial assets and liabilities that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their amortised cost.
Financial assets
| Cash Financial liabilities Creditors: amounts falling due within one year |
2023 £ 81,911 2023 £ 2,000 |
2022 £ 84,500 |
|---|---|---|
| 2022 £ 7,000 |
The following are financial assets that qualify as basic financial instruments 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:
| Financial assets | ||
|---|---|---|
| Investments | 748,382 | 778,588 |
8. Trustees’ remuneration and expenses
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity (2022 - £nil). No trustees’ expenses have been incurred or reimbursed to the trustees during the year (2022 – £nil).
9. Employees
The average number of persons employed by the charity during the year was nil (2022 – nil).
10. Related party transactions
There have been no related party transactions entered into by the charity during the year.
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