THE CHARITY OF STELLA SYMONS
ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
The MGroup Partnership Chartered Certified Accountants C9 Gylme Court, Oxford Office Village Langford Lane Kidlington, Oxford OX5 1LQ
Charity Number: 259638
THE CHARITY OF STELLA SYMONS
ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
| CONTENTS | PAGES |
|---|---|
| Charity information | 1 |
| Report of the trustees | 2 to 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 to 12 |
| Institutional grants | 13 to 15 |
THE CHARITY OF STELLA SYMONS
CHARITY INFORMATION FOR THE YEAR ENDED 5 APRIL 2024
TRUSTEES
Mrs J E Warnick Mrs K Willis J S S Bosley
PRINCIPAL OFFICE
20 Mill Street Shipston-on-Stour Warwickshire CV36 4AW
REGISTERED CHARITY NUMBER
259638
ACCOUNTANTS
The MGroup Partnership Chartered Certified Accountants C9 Glyme Court Oxford Office Village Langford Lane Kidlington, Oxford OX5 1LQ
BANKERS
HSBC 13 Chapel Street Stratford-upon-Avon Warwickshire CV37 6ET
INVESTMENT MANAGERS
Harris Allday 33 Great Charles Street Birmingham B3 3JN
LGT Wealth Management Limited 14 Cornhill London EC3V 3NR
1
THE CHARITY OF STELLA SYMONS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their report along with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 to 10 and comply with the charity's trust deed and applicable law.
CONSTITUTION AND OBJECTS
The Charity of Stella Symons is constituted under a Trust Deed dated 1 February 1968 and is a registered charity (number 259638). The Trust Deed gives the trustees the power to apply the annual income of the trust upon such charitable trusts and for such charitable purposes as they shall in their uncontrolled discretion determine.
The objects of the charity continued to be that of providing financial support to a wide range of charitable organisations providing benefits for the public in the United Kingdom and overseas. The support may take the form of a loan but more usually is made as a donation.
The trustees have a policy of only making contributions where they believe that a public benefit will be derived from the use of the funds made available.
The trustees currently have a policy of supporting organisations in a wide geographic area including those active in the United Kingdom and overseas and cover a wide range of activities including those living in poverty.
We have referred to the guidance contained on the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
ORGANISATION
The trustees who have served during the year and since the year end are set out on page 1.
All decisions are made by the trustees.
New trustees are appointed by agreement between the existing trustees.
TRUSTEE INDUCTION AND TRAINING
Trustees are given information regarding the financial state of the trust including expected income and expenditure for the forthcoming year. Trustees have access to financial information at all times.
The charity is a member of the West Midlands Charitable Trust Group and copies of the Charity Commission Newsletter are made available for trustees. New trustees, when appointed, will undergo an induction process to make them aware of their duties and responsibilities as trustees and of the specific objects and operating procedures of this trust.
GRANT MAKING POLICY
The trustees respond to applications for grants where a grant is to be made and in the main will only support organisations registered as charities with the Charity Commission. If this is not the case the trustees will only offer support where they are confident that the funds are to be used for public benefit.
2
THE CHARITY OF STELLA SYMONS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
ACHIEVEMENTS AND PERFORMANCE
The charity has distributed the income arising from its investments in each year and a record of distributions is kept and included in the annual accounts for the charity. The trustees believe that the charity provides a valuable and much needed and appreciated source of funding for the organisations it supports.
FINANCIAL REVIEW AND INVESTMENT POLICY
The activities of the trust included receiving income during the year from both investments and bank interest receivable of £83,507 (2023 - £94,680), which were the only sources of income. The charitable distributions during the year amounted to £77,050 (2023 - £72,000), which were to various charities upon receipt of applications as set out in the objectives.
The total funds of the trust decreased to an aggregate of £2,094,528 as at 5 April 2024 (2023 - £2,096,677), due to a decrease in the market value of investments held.
The investment strategy is set by the trustees.
Investment performance is monitored by the trustees through monthly valuations and annual investment reports provided by the fund managers, Harris Allday and LGT Wealth Management. (Day-to-day management is carried out by Harris Allday and LGT Wealth Management). The Trustees operate an investment policy which is updated periodically.
FUTURE PLANS
The future plans for the trust are to distribute income realised during each year in excess of costs in accordance with the distribution policies which are reviewed periodically.
RESERVES POLICY
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity.
The trustees oversee the level of income reserves held and consider whether they are sufficient in order that the charity meets its needs effectively.
RISK MANAGEMENT
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established so that the necessary steps can be taken to lessen these risks.
3
THE CHARITY OF STELLA SYMONS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a 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 that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities (Accounts and Reports) Regulations 2008;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping sufficient accounting records that 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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:
J S S Bosley Trustee
4
THE CHARITY OF STELLA SYMONS
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARITY OF STELLA SYMONS FOR THE YEAR ENDED 5 APRIL 2024
I report on the accounts of the Trust for the year ended 5 April 2024, which are set out on pages 6 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charties Act 2011 ("the Act"). 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 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act: and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
5
THE CHARITY OF STELLA SYMONS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
----- Start of picture text -----
Unrestricted Funds Unrestricted Funds
Notes 2024 2023
£ £
INCOME
Investment income 3 83,507 94,680
EXPENDITURE
Charitable activities:
Grants payable 4 77,050 72,000
Governance costs 5 18,503 17,852
Total expenditure 95,553 89,852
Net (loss) / gain on sale of investments (11,383) 58,913
NET (DEFICIT) / INCOME (23,429) 63,741
Gain / (loss) on revaluation of investments 6 21,280 (449,223)
Net movement in funds (2,149) (385,482)
Total funds brought forward 10 2,096,677 2,482,159
Total funds carried forward 10 2,094,528 2,096,677
----- End of picture text -----
The results for the year derive from continuing activities and there are no gains or losses other than those shown above.
6
THE CHARITY OF STELLA SYMONS
BALANCE SHEET AS AT 5 APRIL 2024
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Unrestricted Funds Unrestricted Funds
Notes 2024 2023
£ £
FIXED ASSETS
Investments 6 1,951,070 2,005,587
CURRENT ASSETS
Debtors 8 84,289 41,825
Cash at bank and in hand 62,289 52,387
146,578 94,212
CURRENT LIABILITIES
Creditors: amounts falling due within
one year 9 3,120 3,122
NET CURRENT ASSETS 143,458 91,090
NET ASSETS 2,094,528 2,096,677
THE FUNDS OF THE CHARITY
Unrestricted funds 10 2,094,528 2,096,677
----- End of picture text -----
J S S Bosley Trustee
7
THE CHARITY OF STELLA SYMONS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 GENERAL INFORMATION
The Charity of Stella Symons is a registered charity and is a public benefit entity. Its principal office is:
20 Mill Street Shipston-on-Stour Warwickshire CV36 4AW
The financial statements are presented in Sterling, which is the functional currency of the charity.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting convention
The accounts (financial statements) have been prepared in accordance with the Charities Act 2011 and applicable regulations.
The accounts have been prepared under the receipts and payments principles. The items have been recognised at their cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
There are no material uncertainties about the charity's ability to continue as a going concern.
Investment income
Dividends are included in the Statement of Financial Activities when they are declared at an amount excluding the tax recoverable from HM Revenue and Customs.
Bank interest is included within investment income when the charity is entitled to receipt.
Expenditure
Expenditure is included on a receipts and payments basis.
Grants payable are recognised upon date of payment.
Management and administration comprises costs for the running of the charity itself as an organisation.
8
THE CHARITY OF STELLA SYMONS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Fixed asset investments
Stocks and shares quoted on the London Stock Exchange have been revalued in the balance sheet at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities. No unquoted investments are held.
All investments are held primarily to provide an investment return for the charity.
9
THE CHARITY OF STELLA SYMONS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
VAT
As the charity is not registered for Value Added Tax, all costs are VAT inclusive.
Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
| 3 INVESTMENT INCOME Dividends and interest on listed investments Overseas unit trust income Interest on cash deposits Total investment income (unrestricted) |
2024 £ 35,430 47,040 1,037 83,507 |
2023 £ 38,269 56,214 197 94,680 |
|---|---|---|
10
THE CHARITY OF STELLA SYMONS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| 4 GRANTS PAYABLE Grants payable 5 GOVERNANCE COSTS Accountancy fees - examining the accounts Accountancy fees - other Management fees Bank charges Printing, postage and stationery Subscriptions 6 INVESTMENTS Market value at 6 April 2023 Additions to investments at cost Disposals at carrying value Net gain / (loss) in the year on revaluation Market value at 5 April 2024 Investments at market value comprised: UK equities Non UK equities UK fixed interest securities Historical cost The charity provides donations to a wide range of institutions, shown on pages 13 to |
2024 £ 77,050 2024 £ 500 3,280 14,239 181 113 190 18,503 2024 £ 2,005,587 270,322 (346,119) 21,280 1,951,070 1,245,279 342,526 363,265 1,951,070 2,044,801 15. |
2023 £ 72,000 2023 £ 500 3,160 13,865 144 - 183 17,852 2023 £ 2,416,383 1,165,296 (1,126,869) (449,223) 2,005,587 1,385,006 331,728 288,853 2,005,587 2,120,647 |
|---|---|---|
All investments are listed securities and are shown at market value.
Investments in individual entities held at 5 April 2024 which are over 5% of the portfolio by value are:
VOLARE (Offshore) Income Fund - market value £700,123 (2023 - £654,718)
11
THE CHARITY OF STELLA SYMONS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
7 STAFF COSTS
During the year the charity had no employment related expenditure and the trustees were not reimbursed for any expenses.
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|||||
|---|---|---|---|
|8|DEBTORS|2024|2023|
|£|£|
|Other debtors|84,289|41,825|
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Included within 'Other debtors' are loans to Shipston Sports Clubs totalling £17,500 (2023: £22,500). All loans have been measured initially at fair value and subsequently at amortised cost. 'Other debtors' also includes the cash held in accounts managed by the investment managers totalling £66,789 (2023: £17,005).
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|---|---|---|---|
|9|CREDITORS|2024|2023|
|£|£|
|Accruals and deferred income|3,120|3,122|
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10 SUMMARY OF FUNDS MOVEMENTS
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|||||||
|---|---|---|---|---|---|
|Fund|Fund|
|balance|Other|balance|
|brought|recognised|carried|
|forward|Income|Expenditure|losses|forward|
|£|£|£|£|£|
|Unrestricted funds|2,096,677|83,507|(95,553)|9,897|2,094,528|
----- End of picture text -----
12
THE CHARITY OF STELLA SYMONS
INSTITUTIONAL GRANTS FOR THE YEAR ENDED 5 APRIL 2024
| £ | |
|---|---|
| Off the Fence | 250 |
| Peoples Trust for Endangered Species | 250 |
| Barn Owl Trust | 250 |
| Epilepsy Research UK re C Byrd DOW | 250 |
| Leukaemia UK | 250 |
| David Shepherd Wildlife Foundation | 250 |
| Dream Makers | 250 |
| Handicapped Children’s Action Group | 300 |
| Warwicks Riding for the Disabled | 300 |
| ICR | 300 |
| Freedom from Torture | 300 |
| Wainman Trust | 300 |
| Terrence Higgins Trust | 300 |
| No Judgement Space | 300 |
| Sofa Project | 300 |
| Royal Hospital for Neuro Disability | 300 |
| AMREF | 300 |
| KEMP The Wire Forest Hospice | 300 |
| Grove Cottage | 300 |
| Mount Noddy Animal Centre | 300 |
| Brecon & District Dial a Ride Club | 300 |
| Young & Free | 300 |
| The Fishermen’s Mission | 300 |
| Hillhouse | 300 |
| Lennox Children’s Charity Fund | 300 |
| Brainwave | 300 |
| Rainbow Trust | 300 |
| RABI | 300 |
| Mare & Foal Sanctuary | 300 |
| Social Square | 300 |
| Epilepsy Action | 300 |
| Acorn’s Children’s Hospice | 300 |
| CBM UK | 300 |
| Cystic Fibrosis Trust | 300 |
| Francis House Children’s Hospice | 300 |
| Flora & Fauna International | 300 |
| British Dyslexics | 300 |
| Father Hudson’s Care | 300 |
| Dorset MIND | 300 |
| Sailors Children’s Society | 300 |
| British Polio Fellowship | 300 |
| Shakespeare Hospice | 300 |
| Shipston Home Nursing | 300 |
| St Wilfrid’s Hospice | 500 |
| Dementia Support | 500 |
| Army Benevolent Fund | 300 |
| RABI | 300 |
| Mary’s Meals | 300 |
| Rainforest UK | 300 |
| East Sussex Vision Support | 300 |
| NASS | 300 |
| Friends of Minstead Study Centre | 300 |
| See Kenya | 300 |
13
THE CHARITY OF STELLA SYMONS
INSTITUTIONAL GRANTS FOR THE YEAR ENDED 5 APRIL 2024
| £ | |
|---|---|
| Royal Star & Garter Home | 300 |
| Childhood | 300 |
| Newbridge Foundation | 300 |
| St Richard’s Hospice | 300 |
| Dreams Come True | 300 |
| Childrens Burns Trust | 300 |
| Go Beyond | 300 |
| Chestnut Tree House Hospice | 300 |
| Willow | 300 |
| Help for Heroes | 300 |
| Sparkhill Foodbank | 300 |
| YMCA Milton Keynes | 300 |
| Friends of Idlicote Church | 250 |
| Burmington PCC | 250 |
| Home Start South Warwickshire | 3,000 |
| Myton Hospice | 300 |
| Warwickshire Air Ambulance | 300 |
| Katharine House Hospice | 300 |
| Shipston Foodbank | 300 |
| Carbon Copy Network | 800 |
| City Harvest | 800 |
| The landmark Arts Centre | 800 |
| Shelter | 800 |
| The Rivers Trust | 800 |
| Captain Paul Watson Foundation UK | 800 |
| Teddngton Theatre Club Ltd. | 800 |
| SPEAR | 800 |
| Eastside Community Trust | 300 |
| Save the Rhino International | 1,000 |
| Children on the Edge | 1,000 |
| Tusk Trust | 500 |
| Midhurst Palliative Care | 300 |
| Home Start South Warwickshire | 8,000 |
| Earnley PCC | 2,000 |
| Siobhans Trust | 1,000 |
| Tall Ships Youth Trust | 10,000 |
| Big Give | 1,050 |
| ENTHUSE Brighton | 800 |
| WWWSAS.org | 800 |
| Hackney Winter Nig | 800 |
| Royal Marsden Hospital | 800 |
| R.I.S.E Brighton | 800 |
| Macular Society | 250 |
| Chipping Norton theatre | 500 |
| Princess Alice Hospice | 800 |
| St Mungo’s | 800 |
| REFUGE | 800 |
| Stour Health & Wellbeing Partnership | 900 |
| Steps Charity Worldwide | 900 |
| Twins Trust | 900 |
| Hearing Dogs for the Deaf | 900 |
14
THE CHARITY OF STELLA SYMONS
INSTITUTIONAL GRANTS FOR THE YEAR ENDED 5 APRIL 2024
| Coventry & Warwickshire MIND Lifespace Trust Lowlands Farm Riding for the Disabled REFUGE Myton Hospice Epilepsy Research UK Children on the Edge Siobhan’s Trust TUSK Trust ENTHUSE Brighton Save the Rhino TOTAL |
£ 900 900 900 900 1,000 900 1,000 1,000 1,000 1,000 1,000 77,050 |
|---|---|
15