SYLVANUS CHARITABLE TRU8T Accoupif8 for th• y•ar •ndgd 31•t D•cwnber 2024 HUNTERS LAW LLP 9 Now Squarn Llncoln's Inn London WCZA 3QN V¥VM.35492.1
SYLVANUS CHARITABLE TRUST ACCOUNTS for th• year •nded 31ST DECEMBER 2024 ContontS Pag• Independent examine¢s report Trustees, Report Sterling Sectlon Balance shèet Sterllng Section Statement of Financial Activitles Sterling Section Donation3 Slerllng Section Inv8stmont8 and Investment Changes 9-10 Dollar Sectlon Balance Sheet Dollar Sècti¢)n Statement of FlnanclAI Actlviti8S 12 Dollar Se¢tion Grants 13 Oollar Section Investment8 and Inv•8tment Changès 1415 Note8 to the Account8 18
Independènt Examlners Report to the Trustees of Sylvanus Charltable T$¢ I report on tho accounts of the Trust for the year ended 31 Dècember 2024 Respective r8sponsibilitl8s ol Iruslees and &xan71n8r Th8 charity's tru3tee3 are responsible for the prepaf81ion of the accounts. The charity's Iruslees considerlhal an audrt is not reqUId for this year undersection 144(2) ofthe Charities Act 2011 Ithe 2011 Act) and that an independent examlnation is needed. It is my responsiblllty lo: examine Ihe accounts under section 145 of the 2011 Act., to follow the prccedures laid down in the Genèral Directions g5v8n by the Charrty Commissioner under section 145{51{b) of I11é 2011 Act., and to slate whether partIlar matters have come lo my att8nlion. Basis of ind8pgndent 8X8mln8rf8 report My examination was Garried out in ac¢ordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comp8rison of the aGcounls presented with those iecords. 11 also inGludes consideration of any unusu81 items or disclosu8 in the ac¢ounls. and the seeking of explanations from you as trustees concemlng any Such matters. The procedures undertaken do not provhde all the eviden¢e that would be requlred In an audit and, consequently no opinion is given as to whether the accounts present a Iru8 and lair vlow, and the report is limited to those matters sel out in the statement below. Independenl examiners sf8tem&nt In connection with my examination. no matter has come to rny attention- which give$ me reasonabl8 cause to believ8 that, in any material respect, the qulrements.. lal {bl to keep e¢¢ountlng records in accordance with section 130 of the 2011 Act: and to prepare accounts which accord with the accountlng recofds and to comply vath the accounting requirements of the 2011 Act hav8 not beèn mel., or to which, in my opinion, attentlon should be drawn in ordef to enable a proper undgrstanding of th8 accounts to be reached. Burgess Hodgson Limiled Chartered Accountants 27 New Dover Road Cantorbury Kent CT1 30N September 2025
SYLVANUS CHARITABLE TRUST Roport of the Trust8eg for the year ended 31 Decembor 2024 The Trustees presènt their report and the unaudited financial statements of the charity for the y8ar ended 31 December 2024. The Financial Slalemenls 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 governing documant glve th• Trustees ab8olute dlscretion to apply money for any charitable purposes but express the hope that the Trustees wlll give priority to beneficiaries whose charitable purposes are the Welfa ol and the prevention of cruelty to animals and the advancement of the traditional teachings and practices of the Roman Catholic Church as these were taught to and accepted by Calholics before the Second Valican Council. Where possible it is the Trustees, policy to continue to support charities thal were supported by the Founder during her lifetime. Due to the volume of applications received, il is the policy of the Trustees not lo respond to unsolicited applications. The Trustees support a number of organization$ on a regular basis and in practice find that their income is fully committed and there is little. if any. $urplu$ income available for distribution in sponse lo unsolicited appeals. As the Trust makes substantial donations to Charities in the USA the Trust is divided into two sections, one invested primarily in Europe {'Ihe SterlSng Section") and the other primarily in USA {"Ihe Dollar Section,?. This is designed to enable the Trustees to m8lntain the level of charitable support despite currency fluclualions. Publlc B•n•fit Statsmont The Trustee$ have referred lo the Charity Commissions general guidance on publi¢ benefit when reviewing their aims and obje¢liv•s and in planning futur6 a¢tivllles as required urrtlor Section 17(5) of the Charities Act 2011. ACHIEVEMENT ANO PERFORMANCE Charitable actlvitl•8 In both Sections donations have been made to animal welfare organizalions worldwide. In the Sterling Section a donation of £12,000 was made to the Society of St Plus X which 18 a Calhollc organizalion supportlng ihe traditional leaching8 of the Roman Catholic Church, a charfty supported by the Founder during hèr lifetime. Under US tax regulations Ihe Trusteè3 are obliged to distribute 5% of the value of the charty èach year. For some years they have been distributing more than this and have bullt up an excess distributions carryover which can only be Carried forward for 5 years. The Tru8tees therefore decided to reduce distrsbutions in the current year using part of the carryover to meet the statutory 5%. Donations were made of $15,000 to Middlebury College of International Studies l$upported by the F¢)under durSng her lifetime) to fund student scholarships and $7,000 to Conservation Force Trust. Inv•slm•nt performance The charity's investment poll¢y and objectives are fomially agreed by the Trustees annually. The Trustees are advised by professbonal fund managers. The charfty holds no investment propertle8. Its funds are held in investments. In the Slerfing Section sa16s of investments raised £113,422 produclng a gain of£8,007 and Snvestments were purchased for a total of £129,885. The annual revaluation saw a gain of £157,027. At 31st December 2024 the investments in the Sterlin Section were in the followin sectors.. 2024 307,711 1,231,420 2,096,690 92,947 £3 728 770 UK fixed int•rest UK listed equities Overseas listed equities Cash Total financial investments 2023 316,802 1.083,931 2 053,593 110.814 £3 565 140 8.25° 33.02% 56.240 2.49% 100% 8.89% 30.40. 57.60% 3.11% 11JO%
In the Dollar Section sales of inVeStsntS raised $41,790 producing a loss of $786. There bre no purchases and the annual revaluation saw a gain of $154,455. At 31st December 2024 the investments In the Dollar selOn were in the followin sectors: 2024 53,331 575,712 476,682 2,221 $1.107.946 2023 52,622 430,415 510,810 4,226 $998 073 Fixed income US Shares Non-us Shares Cash Total financial investments 4.81% 51.97% 43.02% .20% 100% 5.27% 43.13¥0 51.18% .42Yo FINANCIAL REVIEW Flnancial position In the Sterfing Seth'on thè tharity's ndS Increased by £163,629.62 from £3,565.140.56 to £3,728,770.18. In the Dollar Section the charity's funds increased by $109,872.30 from $998.073.81 to $1.107,946.11. AII Income racoived is from inveslmenls. Th& income in the Sterling Section incre8setJ trom £89,778.45 to £94,320.94. In the Dollar Section the income increased marginally from $12.401.07 to $12.956.11. In¥tment pollcy The charttls goveming document places no restrictlons on the discretion of the Trustees in investing the charity's assets. In practice, with the advice of their investment advisers. the Trustees try to achieve a balanced retum in the long term between accumulated income and capital appreciation. Reserves Pollcy The TTUStees have power undar the govomirvJ docum8nt to appty income and capital for the Trusvs objectives. The Truste•s aim lo distribute th& income and build up Ihe tapital conlenl as unrestncted reseNes. In practs'ce. they have been dislribLrtlng capital as well 88 income from the Dollar Section for som8 years. The reseNès al thé year-end wgre £3.729m 12023..£3.565m) in th8 Sterling Section ol the Trust and $1.108m12023.' $998,073) in the Dollar Seclton of the Trust. The charity holds sufficient raserves to cnntinue its objectives. FUTURE PLANS The charity intends to contlnue its estIng work. STRUCTURE GOVERNMENT AND MANAGEMENT The goveming documenl is a Deed of Settlement dated 1st D8cember 1968. The Trust is a registered charity In the United Kingdom and is also registered wth the United Slates Intemal Revenue Service as S01lc){31 Tax Exempt Organis8tion. In accordance with United State$ Law, Tfust Tax Relums are filed th the Intemal Revenue Service. Induction arml trainlng of now trustees The Trust Deod provides for a minimum of two trustees and any naw Trustee would be appointed by Iha remaining trustees. They would be provided with a copy of the charily's gov8mlng documents, annual report and financial statements for the previous three years, together Ihe minutes of the trustees. meetings for the same period aTrJ thè Chaiity Commission documènts relating lo the responsibilities of charity trustees. Risk Management The pnncipal risk faced by Ihe Trust lies in the perfOMan of investments. This is miligaled by r8tainirrfJ expert investment managers and having a diversified investment portfolio. Al Trustees, meetings any significant risks of the Trust are discussed. ere appropriate. risks are reported on and di5¢ussed in subsequent meètings. The Tnjstees considar that they have established sufficignt systems and procedures to mitwate those risks. Relatgd party transactlons The charity ha5 no subsidiaries and 1$ nol conn8Cted with any other charity. Mr J C Vemor-miles was reimbursed £58.40 trav81 expenses in the year. None of thg other TTUStees was paid remuneration or axpenses. Mr W E Vemor-miles is a partner in th8 finn of Hunters Law LLP who act in the administratson of the tharity. Huntars received fees of £16.155.50 plus VAT for this WO in the year from the Sterting Seclitin {2023.. £18,501.50} and $20,875 from the Dollar Section12023'. $24,454).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number. 259520 Principal address clo Hunters Law LLP. 9 New Square, London 2A 3QN Tnjstees John Crosfield V•mor-Mil•s Alexander Davtrd Gémmill Wllfrid Eard Vemor-miles Matthew James Pnday Bank•T5 CAF Bank Ltd, 25 Kings Hill Avenue. Kings Hill, West Malling, Kent ME19 4JQ Pictot et Cie, Route des AcacAas 60, 1211 Geneva 73, Switzerland Solicitors Hunters Law LLP. 9 New Square, Loncbn 2A 3QN Investment Managers for Sterling S&¢tion Raymor4J James, 1 King William Street. London EC4N 7AF Investmént Managers for Dollar S8Gtion Pictet al Cie, Route des Acacias 60, 1211 Geneva 73, Switzeriand Independent Examlner Colin Reid FCA, Burgess Hodgson Limited, 27 New Dover Road, Canterbury. Kent, CT13DN Accountants In USA McGilloway Ray Bro & l<aufman, 379 W. Market, Salinas, Califomla 93901 USA STATEMENT OF TRUSTEES RESPONSIBILITIES The charity's Trustees are responsib for pparing the Trustees Annual Report and financial slalements in accordance with aFpIlble law and regulations. The law applicable to charlties In England and Wales requires the Trusloes to prepare flnan¢lal slatsments for each financlal year. Under the law the Trustees h8v8 elected to prepate the financial statements In accordarte with United Klngdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial slatements unless they are satisfied that they give a true and fair view ol the stale of affairs of the tharity and the income and expendlture of the chanty for that period. In preparing these finanaal ststernents the Trustees aro r8quired to:. select suitable accounting policies and then apply them consislenlly observe the meltrK*Js and principles in the Charities SORP make judgmonts and estimates that are reasonable and pNdent slate whether applicable accounting standards and statémenls have been f(AlovKd subject to any matenal departu5 disclosed and explained in the finanoal staiements ppare the financial statements on the going con¢em basis unless It is inappropriate to presLme Ihat the ch8rlty will continue in business.
The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and 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 Charilies Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the char¢ty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the TrlteeS and signed on t1r behalf by Wilfrld Vemor-miles ruslee
SYLVANUS CHARITABLE TRU8T STERUNG SECTION BALANCE SHEET as at 318t December 2024 2024 2023 UNRESTRICTED FUNDS 3,728,770.18 3,565,140.56 There are no re8trICt or •ndowmont fund• repre88nted by.'- INVESTMENTS at Market Value 3,635,822.92 3,454,326.52 CASH BALANCES RaymorKI Jame8 1$5923.351 CAF Bank Hunters Credltor Hunter8 8urge86 Hodg80n 81,771.76 4,731.53 10,191.70 259.67 39,330.05 4,550.97 70,989.03 938.79 -2,789.40 -1.218.00 3,728,770.18 -3,979.80 -1,015.00 3,565.140.56 Approved by the Trustees on rn0TrMI* Alexand•r D vld Gemmlll Ilfrld Vernor.Mlleg tth Priday
SYLVANUS CHARITABLE TRUST STERLING SECTION STATEMENT OF FINANCIAL ACTivrriES for th• year ended 318t December 2024 INCOMING RESOURCES 2024 2023 Fixed Interest (gross) UK Dividends Overseas Divldènds Bank interest Gain on currency convorslon 14,826.61 43,415.31 34,489.41 1.710.47 79.14 94 320.94 14,381.94 42.077.10 31,899.87 1.419.54 89.778.45 RESOURCES EXPENDEO D1ct harl Donations Ex enditur 52,000.00 59,000.IXI Mana emenl and Adminislralion Ex enditure Hunters fees and disbursements for 2024 inc VAT G Taviner fee for 2024 8urge8s Hodgson Independènt Examination fe8 2023 alcs Burgess Hodgson Independent Examination fee 2024 al Raymond James fees Trustees meeting expenses Trustee travel expen$e8 Bank fe88 Loss on currency conversion 19,386.60 7,500.00 0.00 1,421.00 14,569.73 678.82 58.40 110.50 0.00 95,724.85 22,201.80 5.000.00 1,104.00 1,015.00 13,860.89 414.84 30.40 140.25 260.06 103 027.24 There ar• no publlclty or fund ralslng e08ts Not Incom•lOutgolng R••ourc•8 In y•ar -1,403.91 -13,248.79 GAINILOSS ON INVESTMENTS IN THE YEAR Reallsed Unrealised 8,008.61 157,026.92 10,177.04 129.406.92 BALANCE BIFWD AT 1ST JANUARY 2024 3,565,140.56 3.438,805.39 BALANCE at 31st December 2024 3,728.770.18 3,585,140.56
SYLVANUS CHARITABLE TRUST STERLING SECTION DONATIONS made In the y•ar endod 31st Dec•mber 2024 2024 2023 Bom Free Foundation 4,000 Curly Talls 5,000 4,000 Fauna & Flora Internatlonal 3.OlX) Free the 88ar8 UK 8,000 5,000 Freshfield6 Animal Re8cue 2.000 2,000 Help in Suffering (UK) 2,IKJo Mauritlan Wildllfe Foundatlon (Mauritlu81 7,000 Mayhew Home 2,000 Reef Conservation (MauritlU8) 2,000 Royal Vetorlnory College Animal Care Trust 8,000 6.OlXI Soclety of St Plus X {Swit28rland) 12,000 12,000 World Vetsrinary Servlce 4,000 3.000 Zlmbabwe NSPCA (ZIMbab) 8,000 7,000 52,000 59.000
SYLVANUS CHARITABLE TRUST STERUNG SECTION INVESTMENTS h•ld at 31st December 2024 Value at 31112124 Valu• at 31112123 Income Flxod Int•re8t $200.000 Tesco 6.15% 15111137 £43,500 UK Treasury 4.125% IIL 221112030 9,628.68 4,997.93 14,626.61 160,507.65 147,203.74 164,146.19 152,655.70 UK Equllles 18,000 BP US$O.25 1,550 British AmerirAn Tobacco Ord 25p 2,000 Derwenl London Ord 5p 1,700 Diageo Ord 0.28 1011108p 2.600 Experian Ord US$O.10 3.280 GSK Ord 0.3125p 24,000 Haleon Ord 0.01p 1,400 Imp8rial Brands Ord 1 Op 15,500 JP Morgan Asia Growth Ord 25p 130,000 Lloyds Banklng Group Ord 1p 40,000 M&G Ord 5p 4.143 National Grid Ord 0.113953 11,866 Prudential Ord 5p 15.000 Scottish Mortgage Inv Trust Ord 5p 3,000 Shell Ord É0.07 4,000 SSE Ord 50p 5,300 Unilever Ord 0.031111p 4,269.66 70,740.00 83,907.00 3,632.58 44,640.00 35,580.25 1,344.00 39,180.00 47,200.00 1,347.76 43,137.50 48,552.00 1,199.57 89,570.00 83,252.00 1,988.00 44,165.20 47,566.56 652.20 90,576.00 13,187.65 2.113.72 35.742.00 25,291.00 2,480.00 58,125.00 52.700.00 2,392.00 0.00 62,023.00 4,179.91 79,140.00 25,945.18 1,877.31 39,358.50 33,940.64 1.931.60 74,312.42 103,500.75 836.00 143,250.00 121,200.00 3,210.60 74,280.00 77,145.00 2,400.00 64,160.00 74,240.00 7 780.40 241,044.00 201.400.00 43 415.31 For•lgn Equltl•• 21,700 Aberdeen Asian Inc Ord NPV 140 Adobe Inc Com US$O.0001 1,2TrJ Alphabet Inc Cap Stock "C" 800 Amazon Com Inc$O.01 1,100 Apple Inc NPV 20,000 Australian Foundatlon Inv NPV 550 Becton Dickinson USS1 1,000 BXP Inc US$O.01 2,582.30 47,740.00 49,728.97 182.546.39 140,197.62 220,036.90 73,284.78 99,672.10 59,398.19 45.136.00 65,575.88 132,775.38 95,432.21 168,273.85 79,753.78 105,288.92 55,091.47 472.96 0.00 721.95 2,860.65 1,371.85 2,586.79 tF-111 1,632 130 Jardine Matheson Holdings USDO.25 L'oreal EurO.20 LVMH Moet Hennessy EurO.30 Meta Plafforms Inc Cl 'A" Ifomierly Facebook) Micro80ft Corp Com Nestle SF1 Reg Payp81 Holdings Com Pemod Ricard Eur1.55 Philip Morris Int Com NPV Pinterest Inc Com CL A 2,863.00 558.44 490.62 244.99 1,089.75 4,742.11 0.00 1,049.72 2.700.74 o.oo 53,409.68 36,742.87 31,525.42 116,925.21 249,151.28 182,087.05 0.00 32,353.04 64,410.21 21.543.43 52,802.64 50,764.26 38.140.46 69,474.76 218,473.42 250,829.58 43.392.48 49,694.77 49,488.58 27,044.99 250 740 2,760 900 359 670 930
SYLVANUS CHARITABLE TRU8T STERLING 8ECTION INVESTMENTS hold at 318t December 2024 cont'd Value at 311q2124 Valu• at 31112123 Incom• 1,500 600 110 1,700 Procter & Gamble NPV Roche Holdings AG Genuss¢heine NPV Themio Fisher Scie Com USDI Verkon Communictions Com USDQ.10 3,944.63 21)0,878.28 172,575.96 3.293.00 135,Ce6.08 136.725.85 109.90 45,711.12 45,840.39 3.006.01 54,304.29 50,317.97 34.489.41 3,635.822.92 3,454,326.52 Market Value at 31112123 or cost in year of investment8 Sold Cost of inve$tment8 purchased in 2024 105.415.48 129 884.98 Adjusted MIV at 31112123 Market Value al 31112124 3,478.796.00 3,635,822.92 Unroall••d g•lnllo•• In 2024 157,028.92 INVESTMENT CHANGES In th• y•ar frndod 31•t D•cember 2024 Valuo at 3111W23 or CO8t In year Dl•posal• Proceed8 GalnlLo•• 2816124 281w24 130,000 Lloyd8 Banking 900 Paypal Holdin98 Com 72,611.94 40,810.15 113422.09 82,023.00 43,392.48 105 415.48 10,588.94 -2 582.33 8,006.61 Acqul•ltions Co•1 716124 2818124 2816124 935 National Grkj rights 28,334 M&G Ord 19.900 Haleon Ord 8,030.75 58,398.84 65,455.37 129 884.96 10
SYLVANUS CHARITABLE TRUST DOLLAR SECTION BALANCE SHEET as at December 314t 2024 basod on UK Charity Commlsslon r•qulrem8nts 2024 2023 BALANCE AS AT DECEMBER 318T 2024 1,107,948.11 998.073.81 R8presented by'.- Market Value M rket Value 3111212024 3111212023 Cash balance 5,368,11 8,475.09 Common Stocks 1,052,394.15 941,225.46 Fbxed Intere8t 53,331.46 52,621.77 Credltor Hunters 4.147.61 4,248.51 1 107946.11 998 073.81
SYLVANUS CHARITABLE TRUST DOLLAR secnoN STATEMENT OF FINANCIAL ACTIVITIES for tho year •nded 31st D•cemb•r 2024 based on UK Charlty Cornmisslon requlremonls INCOMING RESOURCES 2024 2023 US Common Stocks net income Non-us Shares net income Refund Galn on currency conversion 1,268.43 11,259.31 0.00 428.37 12,956.11 1.763.10 10,548.44 54.56 34.97 12,401.07 RESOURCES EXPENDED irect haritable Ex enditu 22,000.00 66,000.00 Mana em8nt and Administr ion Ex nses Hunters administration fees for the year ended 31112124 20,875.29 24,453.88 McGllloway, Ray, Brown & Kaufman preparatlon of retum for Private F¢Jundation for the year ended 31112123 Tax paid David Orr- irbdependent Investment advisor Plctet Custody fèès Pictet Admin fees Sundry Bank Charges and interest 1,295.00 336.99 3,000.00 821.53 8,413.10 210.39 56,752.30 1,125.00 50.00 3,000.00 472.85 7,798.68 474.06 103,374.45 Thern aro no publlclty or fund ral•lng ¢osts Net Incomlngloutgolng exwndlthrg for th• y•ar 43,796.19 -90,973.38 GAINILOSS ON IMIESTMENTS IN THE YEAR Reallsed Unr6ali8ed -788.28 154,454.75 -17,038.57 193,891.52 BAIANCE BIFWD AT 1 ST JANUARY 2024 998,073.81 912,194.24 BALANCE AT 31ST DECEMBER 31ST 2024 1107 946.11 998 073.81 12
8YLVANUS CHARITABLE TRUST DOLLAR SECTION DONATIONS made in the year ended 31st Decombor 2024 2024 2023 CONSERVATION FORCE TRUST for DAPU 3240 S.1-10 Service Road W Suite 200 Metairi8 Louislana 700014911 FRIEND8 OF COMMUNITY ANIMAL SERVICES PO Box 7487 Spreck8ls CA 93962 7,000 4,000 MIDDLEBURY COLLEGE 460 "erCe Street Monterey CA 93940 15,000 15,000 MurrviLLe 255 Alabama Slreet San Fran¢l$co CA 94103 2,000 PEACE OF MIND DOG RESCUE PO Box 51554 P8¢ific Grove CA 93950 5.000 8AN FRANCISCO ZOOLOGICAL 80CIETY 1 Zoo Road San FranclKo CA 94132-1098 7,000 SHANTI PROJECT 730 Polk Street San Francisco CA 94019 5,000 SPCA OF WESTCHESTER 590 North State Road Brlarcliff Manor NY 10510 5.000 VENTANA WILDERNESS SANCTUARY 9699 Blue Larkspur Ln Ste 105, Monterey, CA 93940 8,000 WILDUFE CONSERVATION SOCIE 185th St & Southem Boulevard Bronx NY 10460 8,000 22,O¢XI 66.000
SYLVANUS CHARrrABLE TRUST DOLLAR SECTION INVESTMENTS held at 318t December 2024 Valu• at 31112124 Value at 31112123 Incomo FIXED INCOME 110 Bluebay High Yleld Bond 0.00 53,331.46 52,621.77 N•1 of US 30% 145.60 145.60 145.60 0.00 o.oo 197.55 211.38 211.36 211.36 1.268.43 US COMMON STOCKS 1,040 Alphabet'A" 196,872.00 145,277.60 910 205 300 Amazon 18hares Vll-C¢)re S&P 500 USD ETF Procter & Gamble 199,644.90 138,265.40 128,899.90 102,910.00 50,295.00 43,962.00 N•t of lor•lgn tax 356.04 548.12 NON-U8 SHARES 909 Dweo 28,887.70 33,095.13 2,560 Fldelity-Global Dividend Y-AC USD 360 Nestle (Swiss lax 35%) 1,200 Novartis Reg ISwi8S tax 35%) 120 Roche Holdingsl Swiss tax 35%) 240 Sandoz Group 424 Siemens 233 Zurich Insurance 79,283.20 756.12 29,745.43 2,889.33 117,451.03 834.18 0.00 76.20 0.00 1,552.97 82,787.65 4,246.37 138,527.34 11,259.31 1.105,725.61 71,142.40 41,708.07 121,005.17 34,860.10 7,716.27 79,585.70 121.697.62 993,847.23 L8S5 Market Value at 31112123 of inve8tments sold Add cost of investments purchased Adjusted Market Value at 31112123 Market Value ol Inv88tmenls at 31112124 42.576.37 0.00 951,270.86 1,105,725.61 Unre•lig•d gaIr0 In 2024 154,454.75 14
SYLVANU8 CHARITABLE TRUST DOLLAR SECTION INVESTMENT CHANGES In the yaar frnded 31st Decembor 2024 Mark8t Value at Proco•d• 31112123 Dlspo8al• GalnlLo 4n124 1318124 120 Roche Holding8 240 Sandoz 31.985.07 9,805.04 34,860.10 7,716.27 -2,875.03 2,088.77 41,790.11 42,576.37 -786.26 15
SYLVANUS CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 TDE BER 2024 GENERAL INFORMAnoN The charity is a public benefitentity and registered Charity in England and Wales and is unincorporated. The address of the principal offiG• is Huntars, 9 Naw Square, Lcndon WC2A 3QN. BASIS OF ACCOUNTING These finanrAal statements hav& been prepad in compliance with FRS 102, 'The Flnancial Reporing Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicablè to charities preparlng their accounts in accordCe with the Financial Reporting Standard applicable the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. In the Accounts historfcal cost accounting Nles have been applied in 811 instances except for th8 valuation of investments. All investrnents are caffied at their f8ir value. Investments in equth'es and fed interest are all tr8ded in quoled publ1¢ markets. Hotding$ in common investmenl funds, unrt trusts and open-ended investment companles are at the bid price. The basls of fair value for quoted investments is équivalent to the market value. uslng the bid pricé. Asset sales and purchases are recognized at th8 dale of trade at cost {th8t Is thelr transaon value). The Sterllng arKI Dollar Seclions are not consolidaled into on8 primary slatement on the basis that they are separately managed and the IndivlthAI S8clons fKovlde adequate inf0mtIon on the ¢harity's activitie5. Stair costs Thè average head count of employees during the yoar was 012023.. Nill. No employee received employee bénefits of mor8 than £60,000 during Ihe year12023.' Nil). This employe8 and key management personnel figure does not irdud& the Tnjstees appolnted and in posftion during th8 year. Trustee f•munerallon and oxp•nsos No remLerati0n, benefils or expenses were paid to the Truslees of the Charity in the ojrrent or previous yèar save that Mr J C Vemof-Mile$ was r6imbursed travèl exFenses for attendlng the Trustee$ moelir¥J {2023.. Nil). Judgements and •stlmatlon uncertalnty The preparation of the financial Statements requires management to make judgements, estlmate$ aTr assumptions that affect the amounts reported. Accounting estimales and a5sumpts.ons are made conceming the future. including expectations of futu events that are believed to be reasonable under the circumstsnces. Flnan¢lal Instruments Finandal liabililtes and equity instruments are dassifled according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate receivab or payable within one year are recorded at transaction price. Any losses arising from impainnent are ffjcognised in the profit and1055 account in other admlnlstrats've expènses. Loans and borrowings are inits'ally recK)gnisod attrsaCtion price includlng trdnsaction costs. Subsequently. they are measur8d at amortised cost using the effective interest rate method, less Impainent If arrarxqement constitutes a finance transactv)n it is measurod at present value. INCOME The trust income is derived solety from its investment portfolio. Investrnent income is Included in the accounts when it is receivable. The trust is not involved in fundraising or publicity. The total amount payable for the Indepdent eXaminatic of thé charity accounts is £1,125 plus VAT (2024.. £1,015). 18