**H M Sassoon Charitable Trust Dated 5 December 1967 (Charity Commission No. 254431)** **Accounts** **for the year ended 5 April 2021** Mercer le Trustees &t!9 H M Sassoon Charitsble Trust Dated 5 December 1967 Trustees, Annual Report for the year ended 5 Aprll 2021 Settlor.. Hugh Meyer $3s500n Name of the Charity: H M Sassoon Charitable Trust. Governing Document: The principal governing document is a Settlement dated 5 Decernber 1967. The Trust is a private tharitable trust controlled by its trustees. Trustees: Hugh Meyer Sassoon deceased- retired 19 April 2020 James Meyer Sassoon- appointed l May 2020 Sarah Louise von Halle Adrian David Sassoon The power of appointing new trustees was vested in Hugh Meyer Sassoon. during his lifetime. Hugh Meyer Sassoon died on 19 April 2020 and the power is now vested in the trustees. If new or additional trustees are appointed they will be encouraged to receive appropriate training depending on theii qualifications and experience. Prlnclpal Office address.. 14 Rutland Gate London SW7 IB8 Accountants: Mercer & Hole Trustees Limited 21 Lombard Street London EC3V 9AH Bankers: Coutts & Co 440 Strand London WC2R OQS Investment Managers". Rathbone Investment Management timited 28 St Andrew Square, Edinburgh EH2 IAF Independent examlner: Steve Robinson Mercer & Hole 21 Lombard Street London EC3V 9AH **HM Sassoon Charitable Trust Dated 5 December 1967** ## **Trustees' Annual Report for the year ended 5 April 2021 (continued)** The trustees present their annual report and financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, 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. ## **Objectives and Policies:** The object of the charity is to pay the capital or income to such charities or for such charitable purposes as the trustees in their absolute discretion think fit. At the end of the trust period the trust funds are to be paid to such charities or for such charitable purposes as the trustees shall determine. **Achievements and Performance:** The trustees have exercised their discretion with regard to the donations made in the year, supporting UK charities concerned with elderly, special needs, children's and medical care, and cultural and educational issues. Donations totaling £36,100 were made to various charities and charitable organisations during the year. **Public Benefit:** The trustees have considered the Charity Commission's guidance on public benefit and in accordance with that guidance they review the activities of the organisations to which they make donations to satisfy themselves that those activities meet the principles of public benefit laid down by the Commission. **Financial review:** The financial position of the Trust at 5 April 2021 is disclosed in the Statement of Financial Activities and Balance Sheet on pages 5 and 6. Reserves at the year end were £290,591.06. ## **Investment Policy:** The trustees have wide powers of investment. The investment objective is to generate the optimum amount of income for distribution whilst at the same time investing for growth. The trustees' investment portfolio is managed on a discretionary basis by Rathbone Investment Management. For the year ended 5 April 2021 the trustees were satisfied with the performance of the portfolio. ## **Reserves:** It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level to provide sufficient funds to cover management, administration and support costs and, in particular, to cover grants recommended for payments by the Trustees. **Risk management:** The trustees have assessed the major risks to which the charity is exposed and are satisfied they are not exposed to any significant risks other than fluctuation in the value of their investment portfolio. They have appointed professional investment managers and review the investment performance on a regular basis. 2 H M Sassoon Charitsble Trust Dated 5 December 1967 Trustees, Annual Report for the year ended 5 April 2021 {continued) Statement of the trustees. respon5ibilitie5 in respert account: The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with of the applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢￿pted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statement5 for each financial year which give 3 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 th3t period. In preparing these financial statements, the trustees are required to.. • select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP 2019 IFRS1021- make judgements 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 15 inappropriate to presume that the chaflty will continue in operation. The trustees Jre 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 staiements comply with the Statement of Recommended Accounting Practice: Accounting and Reporting by Charitie5 ISORP 20191, UK Accounting Standards, the Charities Aci 2011 and trust deed. Thev are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The financral statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the trust deed. the Charitie5 Act 2011 and the Statement of Recommended Prattice.. Accounting and Reporting bv Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. Signed.. on behalf of Trustees Dated= Independent examinerfs report to the Trustees of H M Sassoon Charitable Trust I report to the tru5tee5 on my examination of the account of the H M Sassoon Charitable Trust for the year ended S April 2021 set out on pages I to 10. Responslbllltles and basls ol report As the charity trustees of the Trust you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act 20111.the Act'l. I report in respect of my examrnation of the Trust's accounts carrietl 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 5ettion 14515llbl of the Art. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in tonnertion with the examination Biving me cause to believe that in any material respect.. accounting record5 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 tomply with the applicable requirements toncerning 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 in(Jependent examination. I have no toncerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Steve Robin50n FCA Mercer & Hole 21 Lombard Street London EC3V 9AH Date- H M Sassoon Charltable Trust Dated S December 1967 Statement of Flnanclal Actlvltles for the yearended 5 April 2021 2021 Unr￿trIde￿ Fund5 2020 Unrestyicted Funds Notes Inc•ffl* and endD¥Anefits Investment income Income from Estate of Hugh Meyer sassoon Bank deposir interest Igrossl Gift-Ald donarion T3x rÈcoverablÈ on Gift-lid Totsl Income 12.739.59 27.5w.rKI 2.79 18,09) 27 25,OCM) 6,250 49,367 40.242.YB Expendiiure on Investment manoBementC05ts n9.19 897 49,764 50,661 Total expendlture 40,829.39 15B7.011 11,2941 Net 8alnslllassesl oh Investments Nel Incomelexpendlture $2,336.00 51.748.99 82,184 183,4781 Reeontlllèiion ol lunds Total funds brought forward Total funds carrled forward 238W.07 I￿,591.06 322,320 238,842 H M Sassoon Charltable Trust Dated S December 1967 Balance Sheet 5 Aprfl 2021 2020 Notes Flxed assets sted investments at market value 277.35&(Y> 225.020 Curretht assets 8alaniÈ with investment rnbnaaeis 831ance at bank Income tax recoverable 3.S69.17 7.826.32 6.250.(KI 17.645A9 3,222 9,771 6,250 19,Z43 Current118bllllles Amounts fallin8 due wlthln one year Accountants. thai8ÈS nve5trnent mana8ernen¢ char8es 4.2￿.(￿1 IIOA3 4.410A3 5,250 171 5,421 currentassets 13.235.06 2￿.591.( 13,B22 238,842 Net asstts The fvnds ofthechadty. Unrestrlcted Fund5 I￿.591.06 238,842 Approved by the tru5tee50n.................... and si8ned on iheirbehalf bv . ffrusteel. H M Sassoon Charltable Trust Dated S December 1967 Notes to the Accounts for the yearended 5 April 2021 Accountin8 P￿iCieS o) Buslsolpreportstlon The ch3rityconstitute5a public benefit entity Jsdefined by FRS 102. The financi31 statements h3we been prepared In 3ccordance with Accountyngand RepowThg by Chariiie5'. 5tatementof Recommended Practice applicable to charities preparing their xcounts in accordance with the Financial ReportinÉ Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial RepertinÉ Standard applicable in the UKand Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Genernlly kcepted A££ountlll8 Prnctict. The fin3ncial 5tatemerit5 have been prepared to aive a ttrue and faie view and have therefore necessarily departed frern the extènt Charities (Accounrsand Reponsl ReEula¢ion5 2(X)8 only to the e￿ent ieouired 10 pro¥Sde a'true and fai¢ view. This departure has Involved following the Statemènt olRetommended Prèctite.. Attoufitin8 and Rèwrting by Charities applicable to charitie5 preparin8 their financial ststernents in accordance with the Financial Reportin8 Standard applicable In the UK and Republic of Ireland IFRS IOZI Issued in October 2019 ather than the Statement of Recommended fvaciice". Accountln8and Reportit)8 by Charitles elfettive from l April 2W5. which has since been withdrawn. The twstees ¢on*der that there •re fio mèteri•l ufi¢ertaintiesabou¢ the Twsvs atyilityto ontinue )5 a 6oin8 ¢oh¢em. There •re no m•terial un¢ertaintie5 •ffe¢bn8the turren¢ye•rf$ accounts. In future years, the key rSsks to the Tiustare fluciuation In the value of thelr itwestment and a fall in investment inc¢)me but the trustees have atyan8ements in place to mitigate those risks by dele82tin8 the mana8emefit ollhe portfolio to prolewonal mana8er5 and re8ularfy view their performance. b) Fundocco¢mtlno The charity maintains a 8eneRI unrestricted fund. Thls represents unresthcted itKome which is eX￿ndable at the discretion olthe trustees in furtherance of the objects of the ¢harity. Such funds may be held in ￿de1 to fintyn¢e boih workin8¢typi¢al Ind c•pi¢¥l Investment. lrttome Dividend income and interest from investment managers is received 8fO55and shown gross. All Income is recegnised once the charity has entitlement to the iesources, it iscertain the resources wlll be received and the monetary value of Income resowces can be measured wlth sufficlent reliability. dj Invtstrnents All Inve5tmen15 held are11sied on a recoBn15ed stock exchange and are included in the accounts at their market value at Ehe balance sheet date. el 6alns/llo55e5J on Insystments Realised Eainslllossesl represent the profitllh)ssl by comparing the net prrKeedsof sale of inve5tmÈnt compared withthe marketvalue of that investment as bt S April 2020 or 5ubsequent£Q5t. Unrealised 8ainslllossesl represent the differe￿e in Ma￿et¥aluÈat 5 Apiil 2021 as compared ￿th the market valup at5Npril 2020oTsubsequent C05t. H M Sassoon Charltable Trust Dated S December 1967 Notes to the Accounts for the yearended 5 April 2021 Chorlttrble txtlvths Costs of charitable activitie5 include 8r3ntsfflade, 8ovefflantÈ t05ts and administrition cost in the pur5Ultof the charitable thjects of the Trust. Donauons payable are acctyjnted for when the vusiees have acceptsd a leyl or moral obli8atSon to make the grant. g) Otherexpertdlture Investmenr managemenr costs rela* to expenditure incurred in managemeni of the charity's assets. Govern3nce cost53re costs associated th the goveminre arraryments ofthe rh3rity which relate to the general running of the charity and compliance with the consDtutional and statutory requirements. Flxeda55et In¥e5tments 1021 2020 Market value at 6Aprll 2020 Additions Di5P05a15 Net reallsed Investrnent 8ainsllb5sesl Net unrealised Investment 8ainsll1055esl Market value at 5 April 2021 225,020. 307.204 51336. 277,356. 82.184 225,020 Mlstorical cost35at5 April 2021 211.048 212.048 Inve5tmenr Income of £12.739.59was receis*d durin8 the year12020.. £18,0901. Estate Income The trustees hève a IO% irbtere5t in ihe esrate ol Hugh IAeyer Sa5500n. During ihe year to 5 April 2021 the trustees received Income of £Z7.5O). Thiswas r*1 of estate IrKome rax and the trustees will be able te apply fef a relund in due course. Donatlon5 recefved No donatlons were receiwed during the year1202tr. E25.oxII. tharltsbleartwes 2021 2020 DOna￿On5 Inore IOI Accountant'5 charges 44.550 5.214 49,764 3.990. 40,0￿. Tax re¢overable 20Zi 2020 Tax recoverable on G"rft-AiO 6,250. 6.250 H M Sassoon Charltable Trust Dated S December 1967 Notes to the Accounts for the yearended 5 April 2021 Related partie5 During the yearthere were no retsted paty vansacvon512020.' £nill. Trustees remuneratlot) athd expet)ses No irustees were remunerated for their work on behalf of ihe chèrity and they have not incuTred any expen5e5 during the year. H M Sassoon Charltable Trust Dated S December 1967 Notes to the Accounts for the yearended 5 April 2021 10. Grants 2021 20x1 Age Concern Crediton Campaign to End LonelSness Cancer Research UK Chelsea Academy Fixjndation LlXXS.IXI Force Cancer Chartiv Gurkh3 WelPdre Trust 225 HoratiQ'5 Garden Jewish Care Lawrence Home NursingTeam Ltd Leonard Cheshire Disability Macmillan Cancer Supporr National EmerEenciesTrust, Red Cr05S Openin8 Doors Lendon Prism The Gift Fund Refuge Resrart Afri L150.(KI 250 7.3LKI 2.780 iOD.tVJ 2,5 1,250. I.$￿). L250.(KI L150. 165 $50 Sherlffs. and Recordef's Fund St Luke's, Posburv The Chelsea Physic Garden The Cinnamon Trust The Friends of Octavi The jewish Blind Disable So¢iety The Not Forgotten A$s￿lai￿on The Royal Academy ofArts The Silver Line Trent Park MuseumTrust 2,750 2,780 1.750 2,SC X*. Westminsrer Synagogue io.(KA).(K) 56,1￿.[￿1 44.550 Sufflmaryof8rants l. Disabled 2. Care & Svpport 3. Art & Culture 4. Others 20,IiKI.(I) S,OXI.C io,(00.rJ) .IL￿. 10