The Sybil Shine Memorial Trust (Registered Charity No. 270025)
Accounts
for the year ended 5 April 2021
Trustees Annual Report
for the year ended 5 April 2021
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and Administrative Details
Name of the Charity:
The Sybil Shine Memorial Trust
Charity Registration No:
270025
Trustees: Martin David Paisner Kate Goldberg Prism Trustees Limited: ( Directors: Martin David Paisner, Anna Jacqueline Josse) If new or additional trustees are appointed they will be encouraged to receive appropriate training depending on their qualifications and experience.
Principal Office address: Payne Hicks Beach 10 New Square Lincoln s Inn London WC2A 3QD Accountants: Mercer & Hole Trustees Limited 21 Lombard Street London EC3V 9AH Independent Examiner: Steve Robinson FCA Mercer & Hole 21 Lombard Street London EC3V 9AH Investment Managers: Veritas Asset Management (UK) Ltd Elizabeth House 39 York Road London SE1 7NQ LGT Bank (Switzerland) Ltd Glarnischstrasse 36 PO Box CH-8027 Zurich SSI Wealth Management AG Lindenhofweg 4 PO Box CH-8806 Zurich
Trustees Annual Report
for the year ended 5 April 2021 (continued)
Structure, Governance and Management
Governing Document: The principal governing document is a Charitable Trust Deed dated 30 June 1975 . Settlor : Sylvia Shine (died 17 November 1978) Assets settled: On 4 December 1980 one half of the assets of the Sylvia Shine Charitable Trust were transferred to the trust.
On 1 July 1981 the executors of the estate of the late Sylvia Shine transferred four paintings together with jewellery and a balance of cash, been sold.
On 29 August 1990 the trustees of the Barnett Shine Charitable Settlement transferred a to the trust.
Following the death of Sylvia Shine, the Sylvia Shine Charitable Trust was split into the Barnett and Sylvia Shine Charitable Trust No 1 and the Barnett and Sylvia Shine Trust No 2. The No 1 Trust was earmarked for Sybil and she added to that Trust by way of Deed of Variation of part of her interest in her mother s estate, and it is this Trust which following Sybil s death has been renamed the Sybil Shine Memorial Trust.
Sybil Sara Shine died on 22 December 2016 and the charity is the residuary beneficiary of her estate. Subsequently further assets have been transferred amounting to 5,630,645 741,732.20 in the year to 5 April 2021 267.80 income, total ).
Appointment of The trustees may appoint any company or Trust Corporation to be Trustees: an additional or the sole trustee. The trustees (other than the settlor and any husband of the settlor) shall be entitled to charge all usual professional charges for work done by him or his firm in connection with the execution of the trusts hereof. Investment Powers: The trustees have very wide powers of investment and have appointed Veritas as their investment managers. Veritas manage the investments on a discretionary basis. The major part of the income of the charity is derived from its investme total return with due regard to risk. The trustees regularly review with the investment managers the income requirement and capital base. Management and The trustees have control and overall responsibility for the day-to- Control: day management of the charity.
Trustees Annual Report
for the year ended 5 April 2021 (continued)
Objectives and Activities
Risk management:
The trustees do not consider that the charity is exposed to any major risk, other than fluctuation in the value of its share portfolio. They have delegated management of the portfolio to professional managers and review their performance.
The Trustees have a Safeguarding Policy in place and adhere to its rules and processes.
Objectives and Policies:
The trust was established to make grants for charitable purposes in any part of the world as the trustees shall think fit at their discretion. The trustees have power to pay or apply the whole or any part of the income or capital of the trust fund to any purpose body organisation(s) or object(s) which under the law of England shall be recognised as exclusively charitable.
Grant making policy: The trustees receive applications for grants and consider each one of the applications at their formal/informal meetings. general policy is to aim to distribute each year the income as it arises but from time to time they may also distribute capital. Public benefit: In applying such income and capital, the trustees are supportive of such charitable causes that are for public benefit. Each year the trustees review their objectives to ensure their aims are met. In carrying out this review, the trustees have considered the Charity uidance on public benefit.
Achievements and Performance
Review of activities: It is the practice of the trustees to make grants to other charitable bodies. During the year under review the trustees made donations amounting to (2020: 244,500). Financial Review Financial review: Total unrestricted income was 121,829.56 (2020: 99,158) with total expenditure amounting to 521,404.10 (2020: 334,741). Net assets at the end of the year were 17,903.18 (2020: 7,269,405). An endowment of 741,732.20 (2020 3,000,000) was received from the estate of Sybil Shine. Reserves: The policy of the trustees is to aim to distribute all the income as it arises and not to accumulate reserves. They use their discretion to distribute from capital from time to time. Future plans: objective is to continue to make grants, as set out above, for the benefit of charitable bodies.
Trustees Annual Report
for the year ended 5 April 2021 (continued)
Respective responsibilities of trustees
Accounting guidelines:
The trustees are responsible for preparing the Tru 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 & 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:
a) select suitable accounting policies and then apply them consistently; b) observe the methods and principles in the Charities SORP 2019 (FRS102);
c) make judgements and estimates that are reasonable and prudent; d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
e) 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 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 Statement of Recommended Accounting Practice: Accounting and Reporting by Charities (SORP 2019) UK Accounting Standards, the Charities Act 2011 and 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.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.
Signed: .......................................................... on behalf of Trustees
Dated: ..........................................................
The Sybil Shine Memorial Trust
I report to the trustees on my examination of the accounts of The Sybil Shine Memorial Trust (the Trust) for the year ended 5 April 2021 which are set out on pages 1 to 12.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in
I report in respect of my examination of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Ind
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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 requiremen ir 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 accounts to be reached.
Signed:
Steve Robinson FCA Mercer & Hole 21 Lombard Street London EC3V 9AH
Date:
The Sybil Shine Memorial Trust ststgment of Financial Activities for the year ended 5 Aprfl 2021 2021 2020 Totsl EndowTnent Funds Unrestricted Total Funds Income and endowmènts Income from Investments- Veritas In¢Dme from Inveslmenis- SSI WM Endowment received from estate of Sybil Shine Income received froln estate of Sybil Shine Profil from forex fonmards Totsl Income and endowments 56,746.33 36.838.98 $6,746.33 36.838.98 741,732.20 8,267.80 19.977.45 B63,561.76 60,327 38,831 3.0,000 10 741.732.20 8,267.80 19.977.45 121.829.56 741.7J2.20 3,099,158 Expondltur8 on.. C0$15 of raising funds Investment manageTnent costs. Veritas Investment management costs- SSI WM Bank ¢harges- LGT Bank Ch8rilabl8 actvilig$ Prior year lax aéiu$iment Total expendlture 17,708.35 17.660.73 6.100.95 27.722A5 45,430.80 17,660.73 6,100.95 452,211.62 41,820 15,205 5.844 271.772 100 334.741 452,211.62 41,470.03 479,934.07 521,404.10 Net galnslllossesl on Investment$ Net galn51llos5e51 on lorelgn exchang• In¢omell¢xpgnll¢urg1 1.202,169.63 1.191.59 1.K11.240.21 1.005,366.59 2.207,536.22 1 196.13 2.544,497.75 1540,8211 1.102 2.222.494 847,257.54 Net movement In lund8 I.l.240.21 647,257.$4 2.$48,497.75 2.222.494 Rgcon¢lllatlon ol funds Tot81 funds brought hrward 4,426,$31.16 2,842,874.27 7,269,405.43 5.048.911 Totsl funds carrled fonvard 6,327,771.37 3.490,131.81 9.817,903.18 7.269.405 Page 6
The Sybil Shine Memorial Trust Balance sheet at S April 2021 2021 2020 Endowment Fund Unrestrictod Fund Total Total Fixed Assets Investments at market value- Verilas Investments at market value- LGT Bank 2.395.669.01 3,196.079.fA 5.591.748.65 3.220.994.99 5,616.664.00 3,196,079.64 .812.743.64 3,959,754 2,606,580 6,586,334 3.220,994.99 Current Assets Balance with Veritas Asset Management Balance with LGT Bank Investment receiveable wthin one year Prism The Gift Fund 351,S4B.IS 75,670.08 8,738.82 147,920.23 351.$48.15 146.108.34 .738.82 593.811.97 558,312 71,333 70.438.26 741.732.20 80,724 812 170.46 288 036.82 1 100 207.28 710369 Current Ilabllltle#: Investment costs due within one year Creditors falling due within one year 71.562.64 4,585.10 71.562.64 23.485.10 18.900.00 7,298 N•t currnnt assots 736,022.72 269,136.82 1,005.159.54 703,071 Total not assets 6.327,771.37 3.490,131.81 9,817.903.18 7,269,405 The lund8 ofthe charfty: Endowment Fund Unrestricted Fund 6,327.771.37 ,327.771.37 3,490.131.81 4,426,531 2,842,874 3.490,131.81 6.327.771.37 3A90.131.81 9,817.903.18 7,269,405 Approved by the trustees on ... and signed on their behalf by (Trusteel. Page 7
The Sybil Shine Memorial Trust Notes to the Accounts for thè yaar •nd•d S April 2021 1. Accounting policies a) Basis of preparation The Chaiity wnsblutes a public benefrt enlrty as defined by FRS102. The financial slalernenls have been prepared in accordance vAth Accounting and Reporting by Charities.. Stalement ol Recommended Practice applicable lo charities preparing their accounts in accordance wth the Finanaal Reporting Standard applicablè in thè UK and Rèpublic of Ireland IFRS1021 issued in October 2019, the Financial Reporting Siandard applicable in the United Kingdom and Republic of Ireland IFRS1021. the Charrties Act 2011. and UK Generally A¢cepled Accounting Practice. The financial statements have been prepared to give a 'true and lairf view and have therefore necessarily departed from the extant Chaiities IAc£ounts and Reports) Regulation5 2008 only lo the extent required to provide a 'true and fairf wew. This departure has involved following the Statement of Recomrnended PracticE.' Accounting and Reporting by Charities applicable to charibes preparing their finanual slalemenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> issued in October 2019 ralher than the Slalemenl of Recommended Practice. Accounting and Reporting by Charities effective from 1 April 25, which has since be&n withdravm. continu& as a gobng concem. Thw& no material un¢ertaintie$ affecting the ¢urr&nl yearfs accounts. In future years. the key risks lo the charity are fluctuab.on in the valve ol their Investment and a fall in investment income bul the trustees have arrangements in place lo mitigate those risks by delegating the rnanagernenl of the portfolio lo prolessional managers and regularfy review their perfomiance. At the time of approving the finanual slalemenls. the trustees have a reasonable expectation that the charily has adequate resources lo eonbnue in operational existence lor the foreseeable future. Thus the trustees ¢onlinue lo adopl the 90ing nCeM basis of a¢¢ounting in prèparing the financial statemenls. In recEnl monlhs COVltk19 has been dominating the world social and economic dimale. The charity continues Io Ok)erale in an environment of uncertainty assoualed with the current situation. The trustees and management are continuously monitoring the situation on a daily basis and are confident that they have the resources lo deal with the changing rcumstanceS for the fo$89able futuro. b) Funds Structure The Iruslees rnainl8in a general un$1cted fund which may be applied at Ihe dIsclIan of the tTUStees for achieving the objects of thè charity as set OLrt in the deed. The endowment funds represent the a(Jdth"ons from the estate of Sybil Shine less amounts which have been transferred to the unreslricled funds for dislribLrtion. The trustees are entitled to us6 the endowrnent in lurtherance ol the general objeclives of the charity al Iheir discretion, and they transfer funds from the endovmient lo the unrestn"¢led fvnds as required. ¢) In¢ome réeognition All In¢ome Is ie¢ogni$eil once If Chanty has enlrtlement to the resour(s, il is certain that the resources will be received and ihe monetary value of incoming resources can be measured with suffirjenl reliability- Dividend income and interest frfAn inveslment managèrs is received gross and shown gross. d) Expendlture recognltion Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cornrllitting the charrty to the expenditure. All expendiluTe is accounled for on an accruals basis. The trustees do not ernOY fundraiser5 ar therefore the only cosfs of r8i5ing funds are the fee5 payable to the fund managers for the management and holding of the invèstmènts which produce the bulk of the charily's incorne. Page 8
The Sybil Shine Memorial Trust Notes to the Accounts for thè yaar •nd•d S April 2021 No remuneration has been paid to the trustees and they have nol incjjrred any expenses during the year. No staff are employed by Ihe Charty. The costs of raising funds consist ol invesiment management CA)Sts. e) Charitable aciivities Costs of charitable activities indude grants made. govemance costs and administralion cost in the pursuit of the chantable objecas of the chanty. O Grants payable Grants payable are charged in the slatement for financial activities in the year in which the grant 15 aulhorised by the trustees. g) Cash at bank Cash al bank is held to meet the day to day njnning costs of the charity as they fall due. IJ) CreditOTS Creditors are amounts owed by Ihe charity. are measured al the amount that the charity expe¢ts to have lo pay lo seltle the Ilebt. i) Fixedasset investments Investments are a form of basic financAal inslrument and are initially reryjgnised at thèir transaction value and subsequently measured #l their fair value a5 al the b318nce Sheet dale using the dosing quoted market pri¢&. The statemènt of finanaal acliviti¢s indud8s tho net gains and losses arising on revaluation and disposals throughout the year. The main fom ol finanual nsk 18¢ed by the charity is th81 of volatility in equity markets and investment markets due lo wder e¢ot)omi¢ conditions, Ihe attilude of investors to investment risk, and changes in senliment conwning equities and within particular sectors or sub sectors. j) Reall$èd galns and losse$ Realised gains represent the profil by comparing the nel proceeds of sale of investment wlh the market value of that investment as al 5 April 2020 or subsequent cosl. Unrealised gains represent the difference in market value al 5 April 2021 a5 compared with the market value a15 April 2020 or subsequent cost. 2. R•lat•d party transacOn8 and tru8t•es' •xpon8•3 and r•mun•ratlon The charity's trustees glV8 their time frèely and receive no remuneration for th& work that they undertake as trustees. However. they can daim expenses to reimburse Ihem for cost5 that they incur in ftjlfilling their duties. During the year thè IwstÈes' remuneration and re-imbursed ¢osls were £nil12020.' £nill During the year the trust incurred 19gal fees of £9,01412020-. £11,519) for legal sorvicgs payable lo BCLP and Payne Hicks Beach. Marlin Paisner was a partner in both firms during Ihe year. Prism Trustees Ltd act as tnJstè8, Anna Jacqueline Jossè and Martin David Paisner arè Directors of Prism Trustees Ltd. Prism the Gift Fund acl as a paid administrator of the trust fund. 3. Inwstm•nt Income 2021 2020 Dividends- Veritas Dividends- LGT Bank Interest receivable Igrossl- Veritas Interest receivably Igrossl- LGT Bank $6,745.33 36,838.98 59,607 38.031 720 8CM) 99.158 2020 93,584.31 2021 4. Cost of rals5ng funds Custody lee- Veritas Investment rnanagemenl charges- Verilas Investment rnanagement Gharges- SSI Weath Management Bank charges- LGT Bank 6,720.54 38.710.26 17,660.73 6,100.95 69,192.48 6,187 35,633 15.205 62,869 Page 9
The Sybil Shine Memorial Trust Notes to the Accounts for the year ended S April 2021 Charitable activities Grants to institutions 2021 2020 American Jewish Joint Distribulion Committee BIICL British Friends of the Open Universty of Israel ICW10r201 Carnden Psychotherapy Unit Carnp Simtha Caris Camden CCJO Rene Cassin Goods for Good Jewsh Literary Trusl JW3 Limmud Makhon Limakhar Yisomi Shil Haieda New Israel Fund New Israel Fund- Project Rozana Sadeh Farm Sale Passage International Tel Aviv Foundation UK Jewish Film Ltd UK La¥Ygers for Isragl Yacknad 25,000.00 110,000.00 39,728.00 15,000.00 5,000.00 50,000 10.000 4,500 10,000 10,000.00 10,000.00 15,000 15,000.00 7,SOO.00 25,000.00 35,000.00 1S,000.00 24,000.00 10,000.00 so,000.00 7,500.00 10,000.00 10,000.00 423,728.00 7,500 50,000 10.000 10,000 50,000 7.500 10,000 10.000 244,500 Donatlon¥ by category Arts, Cullure, Humanities Cornmunrty Development Health Human Services International Totsl 7,500.00 39,000.00 15,000.00 22,500 10,000 10,000 24.500 177.500 244,500 362,228.00 423,728.00 Retumed 2019r20 dOnatn.. Jewish Literacy Trust 15,000.00 408,728.00 244,500.00 Govem•n¢e ¢o•ts Accountant's charges lexcluding indepèndent examination feè) Independent examination fees Legal fee5 Prism the Gift Fund (administration fees} Prism the Gift fund laddiuonal expenses) 12,900.00 1,200.00 9.014.40 19,200.00 751.86 43,066.26 26.879 Thè chaiity undèrtakes rts charitable aciivrties through grant making and awarded grants lo a number ol insblutions in furtherance of its tharrtable ath'vities. 4,860 900 11.519 9,600 Page 10
The Sybil Shine Memorial Trust Notes to the Accounts for the year ended S April 2021 AdministratSon costs Bank charges- Prism The Gift Fund 417.36 417.36 394 394 Totsl charltabl• activitiès 452,211.62 271.773 6. Investments Movement in red asset listedinvestments- Veiitas Market value al 6 Apnl 2020 3.959,754.00 Additions 978,223.62 Oisposal proceeds <968.888.371 Nel realised and unrealised investment gainsl{lossesl- End¢)vnnent 642,208.16 Nel realised and unrealised investment gainsl{losse$l_ Unrestricted 1,005,366.59 Market value at 5 April 2021 S.616,664.00 2021 2020 4.506.908 789,411 11,138.2061 173.9151 124,444 3,959,754 Historical cost as 815 April 2021 3.623,250.16 3,233,101 Invostments Movement In flxed asset Ilst8dlnvestments- SSI Market value al 6 Apnl 2020 Additions Oisp05al proTreds Nel realised and unrealised investment gainsl{lossesl- Endovmient Market valuè at S April 2021 2021 2020 2.606,S80.00 704,601.13 1675,062.961 SS9,961.47 3,196,079.64 2,949,042 342.462 2.606.580 Historical cost as at S April 2021 2.984,674.54 2,949,042 All investments are Cale al their fair value. The basis of fail value lor quoted investments is equivalent lo the Maet value. using the bid price. Asset sales and purchases are recognised at the dale of trade at cost Ilhat is their transaction valuel. The main risk lo the Trust from finanual inslwmenls lies in the mbinatIon of uncèrtain investment markets and volatility in yield. The charity manages thèse investment risks by retaining expert advisors. 7. Creditors falling due within one year 2021 2020 Legal fees Investment m8nagemenl- SSI WM Accountants. fees 4,BOO.00 4,S85.10 14,100.00 23.485.10 3,600 3.698 7,298 Control The trust is ntrOlled by the trustees. Page11
The Sybil Shine Memorial Trust Notes to the Accounts for the year ended S April 2021 Analysis of net assets belween funds Net Current Assetsl (Liabilities) Fixed Assets Totsl Unrestricted Endowmènt 3,220.995 5,591.748 8.812.743 269,137 736,023 1.005.160 3,490,132 6,327,771 9.817,903 Not Curr¢nt As¥etsl (Liabilities) Prior year comparative Fixed Assets Totsl Unrestricted Endowment 2.168.607 4.397.727 6,566.334 674,267 28.BOS 703,072 2,842,874 4,426.532 7,269,406 Unrestricted Fund Funds rnay be applied at the discretion of the trustees for achieving the objects of the charity as sel out in the deed. The endovmienl funds represent the addttions from the estate of Sybil Shine1g$$ amounts which have been transferred to the unrestricted lunds lor distribution. The Iruslees are enlilled lo use the en(Jowmenl in furtherance ol the general obieetives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required. AllowatAe expendrture againsl the expendable endowment fvnd indudes lated legal and investmenl management fees. 10. Endowment from •ststs of Sybil Shlne On 15 May 2018 the trust received an endowment from the estate of Sybil Shin& which cornprised cash of £581,186 and investrnenls worih £1.299.459. This is shown in the endowment fund and 11 not be recognise<l as income tjntil il 1$ used by the Irusl. A further endowment of cash of £3,000,0 was received on 23 April 2019. This money was placed in 8 separate Sw55 Portlolio. adminisleTed by SSI We8tth Management. and will not be recognised as income until rt is used by the trust. A further £741,732.20 was received on 14 September 2020. This was placed into the Piism The Gift Fund. Page 12