The Sybil Shine Memorial Trust (Registered Charity No. 270025)
Accounts
for the year ended 5 April 2022
Trustees Annual Report
for the year ended 5 April 2022
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2022. 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 LLP | |
| 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 |
Page 1
Trustees Annual Report
for the year ended 5 April 2022 (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, valued at £5,000 in total. The paintings and jewellery have all been sold.
On 29 August 1990 the trustees of the Barnett Shine Charitable Settlement transferred a holding of Charinco units valued at £250,000 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, including £741,732.20 in the year to 5 April 2021 (plus £8,267.80 income, total £750,000).
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 investments. The investment managers’ objective is to maximise 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-toControl: day management of the charity.
Page 2
Trustees Annual Report
for the year ended 5 April 2022 (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. | |
| The trustees’ 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 | |
| Commissioners’ general guidance 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 £547,694.30 (2021: £423,728). | |
| Financial Review | |
| Financial review: | Total unrestricted income was £106,710.08 (2021: £121,830) with |
| total expenditure amounting to £664,040.09 (2021: £521,404). Net | |
| assets at the end of the year were £10,156,040.71 (2021: |
|
| £9,817,903). | |
| No endowment (2021: £741,732) 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. |
Page 3
Trustees Annual Report
for the year ended 5 April 2022 (continued)
Future plans:
The trustees’ short term objective is to continue to make grants, as set out above, for the benefit of charitable bodies.
Respective responsibilities of trustees
Accounting guidelines:
The trustees are responsible for preparing the Trustees’ 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: .......................................................... Dated: ..........................................................
on behalf of Trustees
Page 4
Independent Examiner's Report to the Trustees of The Sybil Shine Memorial Trust
I report to the charity trustees on my examination of the accounts of the Sybil Shine Memorial Trust for the year ended 5 April 2022 set out on pages 1 to 12.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘The Act’).
I report in respect of my examination of the charity’s accounts carried out in section of the 2011 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.
Independent examiner's statement
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 be secttion 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 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 accounts to be reached.
Signed:
Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH
Date:
Page 5
The Sybil Shine Memorial Trust
Statement of Financial Activities
for the year ended 5 April 2022
| Note Income and endowments Investment income (pages 18 & 22) Income from investments - Veritas 3 Income from investments - LGT Bank 3 Endowment received from estate of Sybil Shine 11 Income received from estate of Sybil Shine Profit from forex forwards Bank deposit interest (gross) - Veritas Total income and endowments Expenditure on: Costs of raising funds Investment management costs - Veritas 4 Investment management costs - SSI WM 4 Bank charges - LGT Bank 4 Charitable activities 5 Total expenditure Net gains/(losses) on investments 6 Net gains/(losses) on foreign exchange Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward 10 Total funds carried forward |
Endowment Funds £ - - - - ( 97.45) - ( 97.45) 20,207.11 26,965.64 - - 47,172.75 393,443.67 668.02 346,841.49 346,841.49 6,327,771.00 6,674,612.49 |
Unrestricted Funds £ 62,225.23 44,438.11 - - - 46.74 106,710.08 32,360.95 - - 584,506.39 616,867.34 501,447.82 5.66 (8,703.78) (8,703.78) 3,490,132.00 3,481,428.22 2022 |
Total £ 62,225.23 44,438.11 - - ( 97.45) 46.74 106,612.63 52,568.06 26,965.64 - 584,506.39 664,040.09 894,891.49 673.68 338,137.71 338,137.71 9,817,903.00 10,156,040.71 |
2021 Total £ 56,745 36,839 741,732 8,268 19,978 863,562 45,430 17,661 6,101 452,212 521,404 2,207,536 (1,196) 2,548,498 2,548,498 7,269,405 9,817,903 |
|---|---|---|---|---|
Page 6
The Sybil Shine Memorial Trust
Balance sheet
at 5 April 2022
| Notes £ Endowment Fixed Assets Fund Investments at market value - Veritas 6 2,814,207.36 Investments at market value - LGT Bank 6 3,268,874.00 6,083,081.36 Current Assets Cash 7 597,705.55 Investment receivable wthin one year 597,705.55 Current liabilities: Investment costs due within one year - Creditors falling due within one year 8 6,174.42 Net current assets 591,531.13 Total net assets 6,674,612.49 The funds of the charity: 10 Endowment Fund 6,674,612.49 Unrestricted Fund - 6,674,612.49 |
£ Unrestricted Fund 3,170,304.64 - 3,170,304.64 312,023.58 312,023.58 - 900.00 311,123.58 3,481,428.22 - 3,481,428.22 3,481,428.22 2022 |
£ Total 5,984,512.00 3,268,874.00 9,253,386.00 909,729.13 909,729.13 - 7,074.42 902,654.71 10,156,040.71 6,674,612.49 3,481,428.22 10,156,040.71 |
2021 £ Total 5,616,664 3,196,080 8,812,744 1,091,468 8,739 1,100,207 71,563 23,485 996,420 9,809,164 6,327,771 3,490,132 9,817,903 |
|---|---|---|---|
Approved by the trustees on .................…... and signed on their behalf by
.................................................. (Trustee).
Page 7
The Sybil Shine Memorial Trust
Notes to the Accounts
for the year ended 5 April 2022
1. Accounting policies
a) Basis of preparation
The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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 (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following 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 rather than the Statement of Recommended Practice: Accounting and Reporting by Charities effective from 1 April 2005, which has since been withdrawn.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.
In future years, the key risks to the charity are fluctuation in the value of their investment and a fall in investment income but the trustees have arrangements in place to mitigate those risks by delegating the management of the portfolio to professional managers and regularly review their performance.
b) Funds Structure
The trustees maintain a general unrestricted fund which may be applied at the discretion of the trustees for achieving the objects of the charity as set out in the deed.
The endowment funds represent the additions from the estate of Sybil Shine less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required.
c) Income recognition
All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Dividend income and interest from investment managers is received gross and shown gross.
d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
The trustees do not employ fundraisers and therefore the only costs of raising funds are the fees payable to the fund managers for the management and holding of the investments which produce the bulk of the charity's income.
No remuneration has been paid to the trustees and they have not incurred any expenses during the year. No staff are employed by the Charity.
The costs of raising funds consist of investment management costs.
e) Charitable activities
Costs of charitable activities include grants made, governance costs and administration cost in the pursuit of the charitable objects of the charity.
Page 8
The Sybil Shine Memorial Trust
Notes to the Accounts
for the year ended 5 April 2022
f) Grants payable
Grants payable are charged in the statement for financial activities in the year in which the grant is authorised by the trustees.
g) Cash at bank
Cash at bank is held to meet the day to day running costs of the charity as they fall due.
- h) Creditors
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.
i) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
j) Realised gains and losses
Realised gains represent the profit by comparing the net proceeds of sale of investment with the market value of that investment as at 5 April 2021 or subsequent cost.
Unrealised gains represent the difference in market value at 5 April 2022 as compared with the market value at 5 April 2021 or subsequent cost.
2. Related party transactions and trustees’ expenses and remuneration
The charity’s trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. During the year the trustees' remuneration and re-imbursed costs were £nil (2021: £nil).
During the year the trust incurred legal fees of £8,520 (2021: £9,014) for legal services payable to BCLP and Payne Hicks Beach. Martin Paisner was a partner in both firms during the year.
Prism Trustees Ltd act as trustee, Anna Jacqueline Josse and Martin David Paisner are Directors of Prism Trustees Ltd. Prism the Gift Fund act as a paid administrator of the trust fund.
| 3. Investment income Dividends - Veritas Dividends - LGT Bank Interest receivable (gross) - Veritas Interest receivably (gross) - LGT Bank 4. Cost of raising funds Custody fee - Veritas Investment management charges - Veritas Investment management charges - SSI Wealth Management Bank charges - LGT Bank |
2022 £ 57,798.61 44,438.11 4,426.62 - 106,663.34 2022 £ 4,787.38 47,780.68 26,965.80 - 79,533.86 |
2021 £ 56,745 36,839 - - 93,584 2021 £ 6,721 38,710 17,660 6,100 69,191 |
|---|---|---|
Page 9
The Sybil Shine Memorial Trust
Notes to the Accounts
for the year ended 5 April 2022
| 5. Charitable activities Grants to institutions British Friends of the Open University of Israel (BFOUI) Camden Psychotherapy Unit Camp Simcha CCJO Rene Cassin Food Bank Aid Goods for Good Givat Havivia School JW3 Trust Ltd Limmud Maggie Keswick Jencks Cancer Caring Centres Makhon Limakhar Yisomi Shil Haieda New Israel Fund New Israel Fund - Project Rozana Ort UK Foundation Prism The Gift Fund (ALLMEP) Sadeh Safe Passage International Save a child The American Jewish Joint Distribution Committee (UK) Trust Tel Aviv Foundation (YAFO) Tel Aviv University Trust The British Institute of International and Comparative Law The Central British Fund for World Jewish Relief The Weizmann Institute Foundation UK Jewish Film Ltd UKLFI Charitable Trust Yachad Donations by category Arts, Culture, Humanities (1) Community Development (3) Health (2) International (13) Total Returned 2019/20 donation: Jewish Literacy Trust Governance costs Accountant's charges (excluding independent examination fee) Independent examination fees Legal fees Prism the Gift Fund (administration fees) Prism the Gift fund (additional expenses) |
2022 £ - 20,000.00 - - 10,000.00 - 10,000.00 - 15,000.00 76,666.00 - 35,000.00 - 33,228.30 20,000.00 10,000.00 - 5,000.00 25,000.00 57,000.00 9,800.00 60,000.00 68,500.00 72,500.00 - 10,000.00 10,000.00 547,694.30 72,500.00 20,000.00 96,666.00 358,528.30 547,694.30 - 547,694.30 12,180.00 1,320.00 3,720.00 19,200.00 - 36,420.00 |
2021 £ 39,728 15,000 5,000 10,000 - 10,000 - 15,000 7,500 - 25,000 35,000 15,000 - - 24,000 10,000 - 25,000 50,000 - 110,000 - - 7,500 10,000 10,000 423,728 7,500 39,000 15,000 362,228 423,728 (15,000) 408,728 12,900 1,200 9,014 19,200 752 43,066 |
|---|---|---|
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
Page 10
The Sybil Shine Memorial Trust
Notes to the Accounts
for the year ended 5 April 2022
Administration costs
| Bank charges - Prism The Gift Fund Total charitable activities 6. Investments Movement in fixed asset listed investments - Veritas Market value at 6 April 2021 Additions Disposal proceeds Net realised and unrealised investment gains/(losses) - Endowment Net realised and unrealised investment gains/(losses) - Unrestricted Market value at 5 April 2022 Historical cost as at 5 April 2022 Investments Movement in fixed asset listed investments - SSI WM Market value at 6 April 2021 Additions Disposal proceeds Net realised and unrealised investment gains/(losses) - Endowment Market value at 5 April 2022 Historical cost as at 5 April 2022 7. Cash summary Endowment Fund £ ( 118,430.80) Cash balance with LGT Bank ( 25,595.85) Cash balance with Prism The Gift Fund 741,732.20 597,705.55 Prior year comparative Endowment Fund £ - Cash balance with LGT Bank 70,438.26 Cash balance with Prism The Gift Fund 741,732.20 812,170.46 8. Creditors falling due within one year Legal fees Investment management - SSI WM Accountants' fees Cash balance with Veritas Asset Management Cash balance with Veritas Asset Management |
392.09 392.09 584,506.39 2022 £ 5,616,664.00 620,338.67 ( 1,074,253.37) 320,314.88 501,447.82 5,984,512.00 3,628,478.30 2022 £ 3,196,079.64 492,375.84 ( 492,710.27) 73,128.79 3,268,874.00 3,018,254.80 Unrestricted Fund £ 567,342.03 120,108.17 ( 375,426.62) 312,023.58 Unrestricted Fund £ 351,548.15 75,670.08 ( 147,920.23) 279,298.00 2022 £ - 6,174.42 900.00 7,074.42 |
418 418 452,212 2021 £ 3,959,754 978,224 ( 968,888) 642,208 1,005,367 5,616,664 3,623,250 2021 £ 2,606,580 704,601 ( 675,063) 559,960 3,196,080 2,984,675 Total £ 448,911.23 94,512.32 366,305.58 909,729.13 Total £ 351,548.15 146,108.34 593,811.97 1,091,468.46 2021 £ 4,800 4,585 14,100 23,485 |
|---|---|---|
- Control
The trust is controlled by the trustees.
Page 11
The Sybil Shine Memorial Trust
Notes to the Accounts
for the year ended 5 April 2022
10. Analysis of net assets between funds
| Unrestricted Endowment Prior year comparative Unrestricted Endowment |
Fixed Assets £ 3,170,304.64 6,083,081.36 9,253,386.00 Fixed Assets £ 3,220,995 5,591,748 8,812,743 |
Net Current Assets/ (Liabilities) £ 311,123.58 591,531.13 902,654.71 Net Current Assets/ (Liabilities) £ 269,137 736,023 1,005,160 |
Total £ 3,481,428.22 6,674,612.49 10,156,040.71 Total £ 3,490,132 6,327,771 9,817,903 |
|---|---|---|---|
Unrestricted Fund
Funds may be applied at the discretion of the trustees for achieving the objects of the charity as set out in the deed.
The endowment funds represent the additions from the estate of Sybil Shine less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required.
Allowable expenditure against the expendable endowment fund includes related legal and investment management fees.
11. Endowment from estate of Sybil Shine
On 15 May 2018 the trust received an endowment from the estate of Sybil Shine which comprised cash of £581,186 and investments worth £1,299,459. This is shown in the endowment fund and will not be recognised as income until it is used by the trust. A further endowment of cash of £3,000,000 was received on 23 April 2019. This money was placed in a separate Swiss portfolio, administered by SSI Wealth Management, and will not be recognised as income until it is used by the trust.
A further £741,732.20 was received on 14 September 2020. This was placed into the Prism The Gift Fund.
Page 12