SYLVANUS CHARITABLE TRUST ACCOUNTS for tho year ended 31st Decembèr 2023 HUNTERS LAW LLP 9 New Square Lincoln's Inn London WC2A 3QN WVM.35492-1
SYLVANUS CHARITABLE TRUST ACCOUNTS for the year ended 31ST DECEMBER 2023 Cont•nts Page Independent examinerfs report Trustees, Report Sterting Section Balance sheet Sterling Section Statement of Financial Activities Sterling Section Donations Sterling Section Investments and Investment Changes 9-10 Dollar Seclion Balance Sheet Dollar Section Statement of Financial Activities 12 Dollar Section Grants 13 Dollar Section Investrnents and Investment Changes 14-15 Notes to the Accounts 16
Indèpendent Examiners Rèport to the Trustees of Sylvanu5 Charltable Trust I report on tho accounts of tho Trust for the yoar énded 31 Docgmber 2023 Respediva responsibililies of trustees and ex8miner The ¢harity's truste8s are responsible for the preparation of the a¢counts. The charity's trustees considerthat an audit is not required forthis year under section 144(21 of the Charities Act 2011 (the 2011 Act) and that an independent examination 15 needed. It Is my reapvfisibiihiy to: examine the accounts under seclion 145 ofthe 2011 Act- to follow the procedu$ laid down in the General Directlons given by the Charity Cgmmissioner under section 144f4)Ib) of the ?n11 Act... and to state whether partlcular matters have Come to my attention. B8sis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination indudes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes nsideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The ProdureS undertaken do not provide all the evidence that would be required in an audit and, consequentty no opinion is givèn as to whether the accounts present a Irue and fair view. and the report is limited to those matters set out in the slat8m8nt below. Independent 8X8min8rs statement In connection with my pxamination, no mattKtr hAR to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements: (a) (bl to keep accounting records in accordance with section 130 of the 2011 Act,. and to prepare accounts which accord with the accounting records and to comply wbth the accounting requirements of the 2011 Act have not beon met., or to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Colin Reid FCA Burgess Hodgson LLP 27 New Dover Road Canterbury Kent CT13DN September 2024
SYLVANUS CHARITABLE TRUST Report of the Trustees for the year ended 31 December 2023 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. The Financial Statements comply with the statutory requirements, the goveming document and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (Charities SORP {FRS 102)). OBJECTIVES AND ACTIVITIES The charity's objectives as defined in the goveming document give the Trustees absolute discretion to apply money for any charitable purposes but express the hope Ihat the Trustees will give pnority to beneficiaries whose charitable purposes are the welfare of and the prevention of cruelty to animals and the advanment of the tradrtional teachings and practices of the Roman Catholic Church as these were taught to and accepted by Catholics before the Second Vatican Council. ere possible it is the Trustees, policy to continue to support charities that were supported by the Founder during her lifetime. Due to the volume of applications received, it is the policy of the Trustees not to respond to unsolicited applications. The Trustees support a number of organizations on a regular basis and in practice find that their ine.ome is fully committe.d and therp is littlp. rf any, qijmliis incnme. availahle for di8tribLltinn in response to unsolicited appeals. As the Trust makes substantial donations to charities in the USA the Trust is divided into Iwo sections, one invested primarily in Europe {'Ihe Sterling Section") and the other primarily in USA ("the Dollar Section"). This is designed to enable the Trustees to maintain the leiiel of earitable support despite currep.ny fluctuations. PubliG Benefit Statement The Trustees have referred to the Charity Commission's general guidance on public benefit when 471 reviewing their aims and objectives and in planning future activities as reqdired undsr Sskniivn i i K5J of the Charities Act 2011. ACHIEVEMENT AND PERFORMANCE Charitable activities In both Sections donations have been made to animal welfare organizations worldwide. In the Sterling Section a donation of £12,000 was made to the Society of St Plus X which is a Catholic organization supporting the traditional teachings of the Roman Catholic Church, a charty supported by the Founder during her lifetime. In the Dollar Section a donation of $15,000 was given to Micidiebury College of Intemational Studies (also supported by Ihe Founder during her lifetime) to fund student scholarships. Inveslm8nt perforniance The chanty's investment policy and objectives are fornally agreed by the Trustees annually. The Trustees are advised by professional fund managers. The charity holds no investment properties. Its funds are held in investments. In the Sterling Section sales of investments raised £52.047 producing a gain of £10,177 and investments were purchased for a total of £205,196. The annual revaluation saw a gain of £129,406.92. At 31st December 2023 the investments in the Sterling Section were in the following sectors.. 2023 316,802 1 083,¥a i 2,053,593 111,829 £3,666.155 2022 306,383 i¥4, 187 1,661,023 277,212 £3.438,805 UK fixed interest UK listed eqi5ities Overseas listed equities Cash Total financial investments 8.88% 30.39% 57.59% 8.910 48.30% 8.060/0 100% 100% In the Dollar Section sales of investments raised $86,285 producing a loss of $17,038. There were no purchases and the annual revaluation saw a gain of $193,891. At 31st December 2023 the invp.81mpnt8 in the. Dnllar 8p.rtion wprp in thg. fnllowino ser.tors'
2023 52,622 430,415 510,810 4,226 $998,073 2022 46,005 398,189 459,084 8,914 $912,194 Fixed income US Shares Non-us Shares Cash Total financial investments 5.270 43.130 5.040 43.65% 50.33% 0.980 1 OOOA 100°1ty FINANCIAL REVIEW Financial position In the Sterling Section the ¢harty's funds increased by £127,350.17 from £3,438,805.39 to £3,566,155.56. In the Dollar Section thè charity's funds increased by $85,879.57 from $912,194.24 to $998,073.81. All income reiVed is from investments. The income in the Sterling Section increased marginally from £83,724.73 to £89.778.45. In the Dollar Section the income decreased from $13,845.26 to $12,401.07. Investment policy The charity's governing document placrS no restrintions on the discretion of the Truste•s in investing the charity's assets. In practice, with the advice of their investmenl advisers, the Trustees try to achieve a balanced retum in the long temi beeen accumulated income and capital appreciation. Reserves Dolicy The Trustees have power under the governing document to apply income and capital for the Trust's objectives. The Trustees aim to distribute the income and build up the capital content as unrestricted reserves. In practice. Ihey have been distributing capital as well as income from the Dollar Section for soiiie years. The reserves at thè year-eiid wei¥ La.566m ILQ£2". £3.438ml in th¥ Sterling Section of the Trust and $998.07312022.. $912,194) in the Dollar Section of the Trust. The charity holds SLrfficient reserves to continue its objectives. FUTURE PLANS The charity intends to continue its existing work. STRUCTURE GOVERNMENT AND MANAGEMENT The goveming document is a Deed of Settlement dated 1 st December 1968. The Trust is a registered Gharity in the United Kingdom and is also registered with the Uniled States Internal Revenue Service as a 501(¢){3) Tax Exempt Organisation. In accordan with United States Law, Trust Tax Returns are filed with the Intemal Revenue SeNice. Induction and training of new trustees The Trust Deed provides for a minimum of two trustees and any new Trustee would be appointed by the remaining trustees. They would be provided with a copy of the charity's governing documents, annual report and financial statements for the previous three years, together with the minutes of the trustees, meetings for the samè period and the Charity Commission documents relaling to the responsibilities of charity trustees. Risk Management The principle risk faced by the Trust lies in the perfomiance of investments. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. At Trustees, meetiyris 2fj11 einnifitsp p.t risk¢ of the TrLlSt are discussed. Where appropriate, risks are reported on and discussed in subsequent meetings. The Trustees Consider that they have established sufficient systems and procedures to mitigate those risks. Related party transactlons The Charity has no subsidiaries and is not connected with any other charity. None of the Trustees was paid remuneration or expenses for the year. Mr W E Vernor-miles is a partner in the firm of Hunters Law LLP who act in the administratlon of the charity. Hunters r8C8ived fees of £18,501.50 plus VAT for Ihis work in the year from the oterii119 Cecliuii (2022.. £21,?OOj ar)d $24,454 fioin Ihe Dolldl SeGtiun {2022. $24,654).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty Number.. 259520 Princlpal addres8 clo Hunters Law LLP, 9 New Square, Lincoln's Inn, London WC2A 3QN Trustees John Crosfield Vernor-miles Alexander David Gemmill Wilfrid Edward Vernor-miles Matthew James Priday Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Plet et Cie, Route des Acacias 60, 1211 Geneva 73, Switzerland Solicitors Hunters Law LLP, 9 N8w Square, Lincoln's Inn. London WC2A 3QN Invostment Managers for Sterling Sectlon Raymond James, 1 King William Street, London EC4N 7AF Investment Managers for Dollar Section Pictet et Cie, Route des Acacias 60, 1211 Geneva 73, Switzerland Independent Examlner Colin Reid FCA, Burgess Hodgson LLP, 27 New Dover Road, Canterbury, Kent, CT13DN Accountants In USA McGilloway Ray Brovm & KaLrfman, 379 W. Market, Salinas, Califomia 93901 USA STATEMENT OF TRUSTEES RESPONSIBILITIES The charity's Trustees are responsible for preparing th8 Trustees Annual Report and the financial statèments in accordance with applicable law and regulations. Th8 law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. Under the law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally A¢pted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the ¢harity for that period. In preparing these financial statements the Trustees are requir8d to'.- Select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP make judgments and estimates that are reasonable and prudent state whether applicable accounting standards and stalements have been followed subjed to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records that are SLrfi¢ient to show and explain the ¢harity's transactions and disclose with reasonable accura at any time the financial position of thè charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity {A¢counts and Reports) Regulations 2008. They 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. Approved by the Trustees and signed on their behalf by Wilfrid Vernor-miles Trustee
SYLVANUS CHARITABLE TRUST STERLING SECTION BALANLE SHEET as at 31st December 2023 2023 2022 UNRESTRICTED FUNDS 3,565,140.56 3,438,805.39 There are no restricted or endowment funds represented by.." INVESTMENTS at Market Value 3,454,326.52 3,161,593.16 CASH BALANCES Raymond James ($5796.57) 39,330.05 4,550.97 7n,980 n3 938.79 123,476.62 4,811.03 154,R63.79 938.79 rAF Ban!! Hunters Creditor Hunters Burgess Hodgson -3.979.80 -1,015.00 3.565,140.56 -6,678.00 3,438,805.39 Approved by the Trustees on 26th June 2024 and signed on their behalf by Wilfrid Vernor-miles Truslee
SYLVANUS CHARITABLE TRUST STERLING SECTION STATEMEN I OF FINANCIAL ACTIVITIES for the year ended 31st December 2023 INCOMING RESOURCES 2023 2022 Fixed Interest (gross) UK Dividends Unit Trust Accumulation Units UK Property Income Distributions Overseas Dividends AdjLt8tment to Roche dividends ?021 Bank interest Gain on currency Conversion 14,381.94 42,077.10 0.00 0.00 31,899.87 000 1,419.54 0.00 89,778.45 14,261.71 38,396.25 431.93 952.00 28,992.34 141.18 529.86 83,724.73 RESOURCES EXPENDED table Ex i+ Donations 59,000.00 55,500.00 Mana ement and Administration Ex enditure Hunters fees and disbursements for 2023 inc VAT G Taviner fee for 2023 Burgess Hodgson Independent Examination fee 2022 alcs -dgscr. lrydependent Examip.aticY ,ce 2023 3Jcs Raymond James fees Trustees meeling expenses Trustee travel expenses Bank fees Loss on currency convèrsion 22,201.80 5,000.00 1,104.00 24.180.00 5,000.00 1,002.00 13,860.89 414.84 30.40 140.25 260.06 103,027.24 14,329.17 579.94 0.00 163.00 100,754.11 There arc no publiclty or fund raising costs Net In¢omelOutgoing Resources in year -13,248.79 -17,029.38 GAINILOSS ON INVESTMENTS IN THE YEAR Realised Unrealised 10,177.04 129,406.92 2,442.80 -507,500.11 BALANCE BIFWD AT 1 ST JANUARY 2023 3.438,805.39 3,960,892.08 BALANCE at 31st December 2023 2 585,4Jn Ke 7 429 ons.39
SYLVANUS CHARITABLE TRUST STERLING SECTION DONATIONS made In the year ended 31st December 2023 2023 2022 Cheque No 117 Bom Free Foundation 4,000 5.000 118 Curly Tails 4,000 3,000 Environmental Investigation Agency 1,500 transfer Fauna & Flora International 3,000 transfer Free the Bears UK 5,000 5,000 119 Freshfields Animal Rescue 2,000 120 Help in Suffering (UK) 2,000 2,000 transfer Mauritian Wildlife Foundation (Mauritius) 7.000 7.000 121 Mayhew Hom& 2.000 2,000 transfer Reef Conservation (Mauritius) 2,000 2,000 116 Royal Veterinary College Animal Care Trust 6,000 5,000 Safe Haven for Donkeys 2,000 transfer Society of St Plus X (Switzerland) 12,000 12,000 122 World Veterinary Servi 3,000 3,000 tranfer Zimbabwe NSPCA (Zimbabwe) 7,000 6,000 59,000 55.500
SYLVANUS CHARITABLE TRUST STERLING SECTION INVESTMENTS held at 31st December 2023 Value at 31112123 Value at 3111 Z122 Income Fixed Interest $200,000 Tesco 6.15% 15111137 £43,500 UK Treasury 4.125¥0 IIL 221112030 9,763.90 4,618.04 14,381.94 164,146.19 152,655.70 160,157.70 146,225.25 UK Equitlos 18,000 BP US$O.25 1,550 British American Toba¢¢o Ord 25p 2,000 Derwent London Ord 5p 1,700 Diag80 Ord 0.28 1011108p 2,600 ExrIan Ord US$O.10 3,280 GSK Ord 0.3125p 4,100 Haleon Ord 0.01 p 1,400 Imperial Brands Ord 10p 130,000 Lloyds Banking Group Ord 1 p 11,666 M&G Ord 5p 3,208 National Grid Ord 0.113953 11,666 Prudential Ord 5p 15.000 Scottish Mortgage Inv Trust Ord 5p 3,000 Shell Ord É0.07 4,000 SSE Ord 50p 5,300 Unilever Ord 0.031111p 4,019.08 3,527.95 1,328.00 1,360.00 1,133.55 1,820.40 172.20 2,020.48 3,276.00 2,321.53 1,778.50 1,821.71 615.00 2,985.90 3,868.00 7,955.30 40 003.60 83,907.00 35,580.25 47,200.00 48,552.00 83,252.00 47.566.56 13,187.65 25,291.00 62,023.00 25.945.18 33,940.64 103,500.75 121,200.00 77,145.00 74,240.00 201,400.00 85,482.00 50.863.25 47,360.00 62,050.00 73,138.00 47,153.28 13,421.35 28,994.00 59,033.00 21,914.58 31,996.59 131,534.15 108,420.00 69.780.00 68,480.00 221,646.00 4,000 Aberdeen Mgs Emerging Markets Equity Acc 0.00 0.00 32,880.80 Foreign Equities 21,700 Aberdeen Asian Inc Ord NPV 140 Adobe Inc Com US$O.0001 1,200 Alphabel Inc Cap Stock "C" 800 Amazon Com Inc$O.01 1.100 Apple Inc NPV 20,000 Australian Foundation Inv NPV 550 Becton Dickinson US$1 1,869.00 0.00 o.oo 0.00 708.00 2,650.13 1,361.67 45,136.00 30,100.00 65,575.88 25.138.15 132,775.38 88,372.83 95,432.21 55,774.58 168,273.85 118,623.07 79.753.78 84,113.20 105,288.92 116,084.99 tF_41J 1,000 1.632 15,500 60 130 250 740 2,760 900 Boslon Properties Inc US$O.01 Jardine Matheson Holdings USDO.25 JP Morgan Asia Growth Ord 25p LVMH Moet Hennessy EurO.30 L'oreal EurO.20 Meta Platforms Inc Cl "A" (fonnerly FabOOk) Microsoft Corp Com Nestle SF1 Reg Paypal Holdings Com 2,249.00 2.839.67 2,073.50 210.14 0.00 0.00 1,397.88 4,730.65 0.00 55,091.47 39,262.98 52,802.64 68,945.35 52,700.00 40,040.00 38,140.46 0.00 50,764.26 0.00 69,474.76 33,959.08 218,473.42 147,293.69 250,829.58 265,707.97 43,392.48 53,199.98
SYLVANUS CHARITABLE TRUST STERLING SECTION INVESTMENTS held at 31st December 2023 Gont'd Value at 31112123 Value at 3111 Z122 Income 359 670 930 1,500 600 110 1,700 Pemod Ricard Eur1.55 Philip Morris Int Com NPV Pinterest Inc Com CL A Procter & Gamble NPV Roche Holdings AG Genusscheine NPV Thermo Fisher Scie Com USD1 Verizon Communictions Com USDO.10 1,079.86 49,694.77 58,527.42 2,713.91 49,488.58 56.281.45 0.00 27,044.99 18.741.25 3,798.37 172,575.96 188,687.39 3,253.64 136,725.85 156,617.85 26.53 45,840.39 0.00 3,011.42 50,317.97 55.591.98 31,899.87 3,454,326.52 3,161,593.16 Market Value at 31112122 or cost in year of investments sold 41,869.97 Cost of investments purchased in 2023 Adjusted MIV at 31112122 Market Value at 31112123 205,196.41 3,324,919.60 3,454,326.52 Unrealised gainlloss In 2023 129,406.92 INVESTMENT CHANGES in the year ended 31st December 2023 Value at 31112122 or cost in year Dl8posals Proceeds GainlLoss 1616123 1616123 90 Mela Plalfoms USDO.000006 4000 Aberde8n Emerging Markets Equity Acc 19.305.11 32,741.90 52,047.01 8.989.17 32,880.80 41.869.97 10,315.94 -138.90 10,177.04 Acquisitions C¢)st 1616123 1616123 1616123 1616123 1616123 1616123 1616123 7700 Aberdeen Asian Income NPV 4500 JP Morgan Asia Growth 25p 60 LVMH Moet Hennessy EurO.30 110 Themio Fisher scien USD1 130 L'oreal Eur 0.20 300 Boston Pptys USDO.01 50 Adobe USDO.0001 16,384.38 16,400.46 45.249.75 46,695.50 47,136.39 13,178.39 20 151.54 205,196.41 10
SYLVANUS CHARITABLE TRUST DOLLAR SECTION BALANCE SHEET as at December 31st 2023 based on UK Charity Commission requirements 2023 2022 BALANCE AS AT DECEMBER 31ST 2023 998,073.81 912,194.24 Represented by:" Market Va,ue M3rke+ Valu 3111212023 3111212022 Cash balance 8,475.09 16,004.41 Common Stocks 941.225.46 857,274.18 Fixed Interest 52,62177 46.005.73 Credltor Hunters 4,248.51 -7,090.08 998 073.81 912 194.24 Approved by the Trustees on 26th June 2024 and signed on their behalf by Wilfrld Vernor-miles Trustee 11
SYLVANUS CHARITABLE TRUST DOLLAR SECTION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2023 based on UK Charity Commission requlrements INCOMING RESOURCES 2023 2022 US Common Stocks net income Non-us Shares net income Refund Gain on currency Conversion 1,763.10 10.548.44 54.56 34.97 12,401.07 2,667.63 11,177.63 13 845.26 RESOURCES EXPENDED Direct Charitable Ex enditure 66.000.00 64,000.00 Mana ement and Administration Ex nses Hunters administralion fees for the year ended 31112123 Additional fees paid for 2021 24,453.86 0.00 24,653.99 2,064.55 McGilloway, Ray, Browm & KaLrfman preparation of retum for Private Foundation for the year ended 31112122 Tax paid David Orr - independent investment advisor Pictet Custody fees Pictet Admin fees Sundry Bank Charges and interest 1,125.00 50.00 3,000.00 472.85 7,798.68 474.06 103,374.45 3,675.48 3,000.00 514.08 8,171.52 291.45 106,371.07 There are no publlclty or fund ra181ng costs Net In¢ominglOutgoing expenditure for tho year -90,973.38 -92,525.81 GAINILOSS ON INVESTMENTS IN THE YEAR Realised Unrealis8d -17,038.57 193,891.52 -30,626.12 -235,572.79 BALANCE BIFWD AT 1 ST JANUARY 2023 912,194.24 1,270,918.96 BALANCE AT 31ST DECEMBER 31ST 2023 998,073.81 912,194.24 12
SYLVANUS CHARITABLE TRUST DOLLAR SECTION DONATIONS made in the year ended 31st December 2023 2023 2022 CONSERVATION FORCE TRUST for DAPU 3240 S.1-10 Service Road W Suite 200 Metairie Louisiana 70001ffj911 7,000 7,000 FRIENDS OF COMMUNITY ANIMAL SERVICES PO Box 7487 Spreckels CA 93962 4,000 4,000 MIDDLEBURY COLLEGE 460 Pierce Street Monterey CA 93940 15.000 15,000 MurrviLLE 255 Alabama Street San Francisco CA 94103 2,000 PEACE OF MIND DOG RESCUE PO Box 51554 Pa¢ifi¢ Grove CA 93950 5,000 5,000 SAN FRANCISCO ZOOLOGICAL SOCIETY 1 Zoo Road San Francisco CA 94132-1098 7,000 7,000 SHANTI PROJECT 730 Polk Street San Francisco CA 94019 5,000 5,000 SPCA OF WESTCHESTER 590 North State Road Briardiff Manor NY 10510 5,000 5,000 VENTANA WILDERNESS SANCTUARY 9699 Blue Larkspur Ln Ste 105, Monterey, CA 93940 8,000 8,000 LDLIFE CONSERVATION SOCIETY 185th St & Southem Boulevard Bronx NY 10460 8,000 8,000 66,000 64,000 13
SYLVANUS CHARITABLE TRUST DOLLAR SECTION INVESTMENTS held at 31$t December 2023 Value at 31112123 Value at 31112122 Income FIXED INCOME 110 Bluebay High Yield Bond 0.00 52,621.77 46,005.73 Net of US tax 30% 0.00 0.00 0.00 978.66 784.44 1,763.10 US COMMON STOCKS 1,040 Alphabet "A" 910 Amazon 205 Ishares Vll-core S&P 500 USD ETF 1,705 Pfizer 300 Procter & Gamble 145,277.60 138,265.40 102,910.00 0.00 43,962.00 91,759.20 92,400.00 81,198.45 87,364.20 45,468.00 Net of foreign lax 885.65 0.00 764.67 2,681.68 787.79 0.00 1,400.43 4,028.22 10,548.44 NON-US SHARES 909 Diageo 2,560 Fidelity-Global Dividend Y-AC USD 360 Nestle (Swiss tax 350A} 1.200 Novartis Reg (Swiss tax 350/¥) 120 Roche Holdings{ Swiss tax 35%) 240 Sandoz Group 424 Siemens 233 Zurich Insurance 33,095.13 39,910.42 71,142.40 61,337.60 41.708.07 41,688.72 121,005.17 108,417.64 34,860.10 37,678.34 7,716.27 0.00 79,585.70 58,663.91 121,697.62 111,387.70 993,847.23 903,279.91 Less Markel Value at 31112122 of investments sold Add cost of investments purchased Adjusted Market Value at 31112122 Market Value of investments at 31112123 103,324.20 0.00 799,955.71 993,847.23 Unreallsed galnlloss In 2023 193,891.52 14
SYLVANUS CHARITABLE TRUST DOLLAR SECTION INVESTMENT CHANGES In the year ended 31st December 2023 Market Valuè at 31112122 Disposals Proceed$ GalnlLoss 14n123 17n123 1705 Pfizer 190 Amazon 61,101.91 25,183.72 87,364.20 -26,262.29 15,960.00 9,223.72 86,285.63 103,324.20 -17,038.57 Acquisltlons 6110123 240 Sandoz Cost from Novartis 15
SYLVANUS CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 BASIS OF ACCOUNTING These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to Charities preparsng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Chariti8s SORP {FRS 102}) and the Charities Act 2011. In the Accounts historical cost accounting rules have been applied in all instances exp1 for the valualion of investments. All investments a carried at their fair value. Investments in equities and fixed interest are all traded in quoted public markets. Holdings in Common investment funds, unit trusts and open*nded investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognized at the date of trade at cost (that is their transaction value). The Sterting and Dollar Sections are not consolidated into one primary statement on the basis that they are separately managed and the individual Sections provide adequate infomiation on the charity's activities. Staff costs The average head count of employees during the year was 012022.. Nil). No employee received employee benefits of more than £60,000 during the year (2022.. Nil). This employee and key management personnel figure does not include the Trustees appointed and in position during th8 year. Trustee remuneratlon and expense$ No remuneration, benefits or expenses were paid to the Trustees of the Charity in the current or previous year save that Mr J C Vernor-miles was reimbursed travel expenses for attending the Trustees meeting (2022: Nil). Judgements and estimation uncartalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made conceming the futur8, including expectations of future events that are believed to be reasonable under the Gircumstances. Financial instruments Financial liabilities and equity instruments are classified according to the substance of the Contradual arrangements entered into. Debtors and Creditors with no stated interest rate receivable or payable within one year are recorded at transaction pri. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings ar8 initially reGogni$ed at transaction price including transaGtion costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitLrtes a finance transaction it 1$ measured at present value. INCOME The Trust income is derived solely from its investment portfolio. The Trust is not involved in fund- raising or publicity. 18