Charity registration number 263830
THE JULIUS SILMAN CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE JULIUS SILMAN CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr S Silman |
|---|---|
| Mrs R Dickson | |
| Mrs C Smith | |
| Charity registration number | 263830 |
| Principal office | 23 Bratton Road |
| West Ashton | |
| Trowbridge | |
| BA14 6AZ | |
| Independent examiner | N S Posnansky FCA |
| Sobell Rhodes LLP | |
| The Kinetic Centre | |
| Theobald Street | |
| Elstree | |
| WD6 4PJ | |
| Investment Advisers/Managers | J. M. Finn & Co. Ltd |
| 4 Coleman Street | |
| London | |
| EC2R 5TA |
THE JULIUS SILMAN CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
THE JULIUS SILMAN CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report and financial statements for the year ended 5 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The Trust was created by Deed dated the 21st day of December 1971. The Trust is an unincorporated Charity (Registered Charity No. 263830).
The funds of the charity are invested mainly in quoted securities.
Financial review
The result for the year is shown on page 6 and the position at the end of the year is shown on page 7.
The level of reserves held by the Charity is reviewed regularly by the Trustees and is currently regarded as satisfactory.
Income for the year increased from £14,256 to £27,004. Expenditure for the year decreased from £39,982 to £32,994. The value of the capital investments decreased by £175,368 as shown on page 10.
Investment policy
The Trustees have appointed external managers to provide investment advice. All investments and their performance reflect the advice of the Trust’s investment advisers.
Risks
The Trustees are fully aware of the need to assess the risks faced by the charity and to respond in such a way as to minimise those risks. In order to minimise risk there is constant consideration of all financial issues by the Trustees together with the charity’s financial advisers.
Structure, governance and management
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr S Silman
Mrs R Dickson Mrs C Smith
Trustees are appointed by the continuing Trustees. The number of Trustees shall not be less than three. Trustees do not have any specific term of office.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
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THE JULIUS SILMAN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
The report was approved by the Board of Trustees.
Mr S Silman
Dated: 18 August 2023
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THE JULIUS SILMAN CHARITABLE TRUST
STATEMENT OF RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2023
The Trustees are responsible for preparing the Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 Trust and of the incoming resources and application of resources of the Trust for that year.
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 SORP;
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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; and
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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 operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE JULIUS SILMAN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE JULIUS SILMAN CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of Julius Silman Charitable Trust for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the The Julius Silman Charitable Trust, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the The Julius Silman Charitable Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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.
I have no concerns 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 financial statements to be reached.
N S Posnansky FCA
Sobell Rhodes LLP Chartered Accountants and Registered Auditors The Kinetic Centre Theobald Street Elstree WD6 4PJ
Dated: 29 August 2023
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THE JULIUS SILMAN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Investments | 2 | 26,750 | 14,092 |
| Other income | 3 | 254 | 164 |
| Total income | 27,004 | 14,256 | |
| Expenditure on: | |||
| Charitable activities | 4 | 16,900 | 19,850 |
| Other expenses | 6 | 16,094 | 20,132 |
| Total resources expended | 32,994 | 39,982 | |
| Net gains/(losses) on investments | 7 | (150,791) | 41,009 |
| Net movement in funds | (156,781) | 15,283 | |
| Fund balances at 6 April 2022 | 1,374,033 | 1,358,750 | |
| Fund balances at 5 April 2023 | 1,217,252 | 1,374,033 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE JULIUS SILMAN CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2023
| Notes Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ £ 1,187,194 254 33,944 34,198 (4,140) 30,058 1,217,252 1,217,252 1,217,252 |
2022 £ £ 1,362,562 164 16,289 16,453 (4,982) 11,471 1,374,033 1,374,033 1,374,033 |
2022 £ £ 1,362,562 164 16,289 16,453 (4,982) 11,471 1,374,033 1,374,033 1,374,033 |
|---|---|---|---|
| 1,374,033 | |||
| 1,374,033 | |||
| 1,374,033 |
The financial statements were approved by the Trustees on 18 August 2023
Mr S Silman Mrs C Smith Trustee Trustee
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THE JULIUS SILMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
The Trust was created by Deed dated the 21st day of December 1971. The Trust is an unincorporated Charity (Registered Charity No. 263830).
The address of its principal office is:
23 Bratton Road West Ashton Trowbridge BA14 6AZ
1.1 Accounting convention
The financial statements have been prepared in accordance with the The Julius Silman Charitable Trust's governing document, 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 (FRS 102) (effective 1 January 2019)". The is a Public Benefit Entity as defined by FRS 102.
The Julius Silman Charitable Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The Julius Silman Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Dividends are recognised on receipt.
1.5 Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
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THE JULIUS SILMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Income from listed investments | 25,705 | 13,654 |
| Income from unlisted investments | 1,045 | 438 |
| 26,750 | 14,092 |
3 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Other income | 254 | 164 |
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THE JULIUS SILMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
4 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Charitable donations | 16,900 | 19,850 |
5 Trustees
C Smith received remuneration of £3,000 (2022: £3,000) during the year.
6 Other expenses
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Salaries | 3,000 | 3,000 |
| Printing, postage and stationery | 50 | 50 |
| Management fees | 9,265 | 12,825 |
| Foreign currency (gains)/ losses | (571) | 177 |
| Independent examiner's fees | 4,350 | 4,080 |
| 16,094 | 20,132 |
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THE JULIUS SILMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
7 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Revaluation of investments | (115,759) | 523 |
| Gain/(loss) on sale of investments | (35,032) | 40,486 |
| (150,791) | 41,009 |
8 Fixed asset investments
| Listed investments Unlisted investments £ £ Cost or valuation At 6 April 2022 1,292,929 69,633 Additions 109,581 - Realised gains/ (losses) (35,032) - Unrealised gains/ (losses) (115,759) - Disposals (134,158) - At 5 April 2023 1,117,561 69,633 Carrying amount At 05 April 2023 1,117,561 69,633 At 05 April 2022 1,292,929 69,633 9 Debtors 2023 Amounts falling due within one year: £ Other debtors 254 10 Loans and overdrafts 2023 £ Bank overdrafts - Payable within one year - |
Total £ 1,362,562 109,581 (35,032) (115,759) (134,158) |
|---|---|
| 1,187,194 | |
| 1,187,194 | |
| 1,362,562 | |
| 2022 £ 164 |
|
| 2022 £ 1,052 |
|
| 1,052 |
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THE JULIUS SILMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
| 11 Creditors: amounts falling due within one year Notes Bank overdrafts 10 Accruals and deferred income |
2023 £ - 4,140 4,140 |
2022 £ 1,052 3,930 |
|---|---|---|
| 4,982 |
12 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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