**The Sybil Shine Memorial Trust (Registered Charity No. 270025) Accounts**
**for the year ended 5 April 2023**
## **Trustees Annual Report for the year ended 5 April 2023**
The trustees present their annual report and financial statements of the charity 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 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: (Retired 28 March 2023) ( _Directors: Martin David Paisner, Anna Jacqueline Josse)_ Anna Jacqueline Josse (Appointed 28 March 2023) 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
Page 1
## **Trustees Annual Report**
**for the year ended 5 April 2023** (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:** Following the death of Sylvia Shine the Trust Fund of the Sylvia Shine Charitable Trust was divided into two equal shares, one such equal share being transferred to a new charity established for the purpose by Mrs Barbara Grahame and known as the Barnett and Sylvia Shine Charitable Trust No 2 and the other such equal share remaining within the then existing Sylvia Shine Charitable Trust as originally renamed the Barnett and Sylvia Shine Charitable Trust No 1 and now known as the Sybil Shine Memorial trust. The late Sybil Shine and Martin David Paisner remained as trustees of the Sylvia Shine Charitable Trust No1, and by a Deed of Variation dated 1 July 1981 Sybil varied her interest in the estate of the late Sylvia Shine by directing that certain paintings and cash to which she would otherwise have been entitled be added to the Trust.
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. 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 a ppointed their investment managers as listed on page 1 . The investment managers 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-to- **Control:** day management of the charity.
Page 2
## **Trustees Annual Report**
**for the year ended 5 April 2023** (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 organisations or objects 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 £516,223.66 (2022: £547,694).
## **Financial Review**
**Financial review:** Total unrestricted income was £ 40 , 823 . 10 (2022: £106,613) with total expenditure amounting to £655,213.87 (2022: £664,040). Net assets at the end of the year were £9,227,830.55 (2022 : £10,156,041).
No endowment (2022: Nil) 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 2023** (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:
.......................................................... on behalf of Trustees
Dated: ..........................................................
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 2023 set out on pages 1 to 13.
## **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:
1. accounting records were not kept in respect of the Trust as required be secttion 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 2023
|Note
3
Income and endowments
Income from investments(pages 18 & 22)
Lossfrom forex forwards
Interest from investment managers (gross)
Interest from investment managers (net)
Bank deposit interest (gross)
Total income and endowments
4
Expenditure on:
Costs of raising funds
Investment management costs
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
£
-
( 70,739.89)
-
( 70,739.89)
46,817.63
-
46,817.63
(229,822.16)
13,654.50
(333,725.18)
(333,725.18)
6,674,612.49
6,340,887.31|Unrestricted
Funds
£
106,219.99
-
-
5,343.00
111,562.99
38,986.29
569,409.95
608,396.24
(97,646.73)
(5.00)
(594,484.98)
(594,484.98)
3,481,428.22
2,886,943.24
2023|Total
£
106,219.99
( 70,739.89)
-
-
5,343.00
40,823.10
85,803.92
569,409.95
655,213.87
(327,468.89)
13,649.50
(928,210.16)
(928,210.16)
10,156,040.71
9,227,830.55|2022
Total
£
106,663
(97)
-
-
47
106,613
79,534
584,506
664,040
894,891
674
338,138
338,138
9,817,903
10,156,041|
|---|---|---|---|---|
Page 6
## The Sybil Shine Memorial Trust
## Balance sheet
at 5 April 2023
|Notes
£
Endowment
Fixed Assets
Fund
Investments at market value - Veritas
6
2,708,801.38
Investments at market value - LGT Bank
6
2,917,629.00
5,626,430.38
-
7
539,952.11
Current Assets
Investment receivable within one year
Cash
Cash deposit account
180,318.06
720,270.17
Current liabilities:
Investment costs due within one year
-
Creditors falling due within one year
8
5,813.24
Net current assets
714,456.93
Total net assets
6,340,887.31
The funds of the charity:
10
Endowment Fund
6,340,887.31
Unrestricted Fund
-
6,340,887.31|£
Unrestricted
Fund
3,021,481.62
-
3,021,481.62
-
( 94,763.44)
( 94,763.44)
-
39,774.94
( 134,538.38)
2,886,943.24
-
2,886,943.24
2,886,943.24
2023|£
Total
5,730,283.00
2,917,629.00
8,647,912.00
-
445,188.67
180,318.06
625,506.73
-
45,588.18
579,918.55
9,227,830.55
6,340,887.31
2,886,943.24
9,227,830.55|2022
£
Total
5,984,512
3,268,874
9,253,386
8,739
909,729
-
909,729
-
7,074
902,654
10,156,041
6,674,612
3,481,429
10,156,042|
|---|---|---|---|
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 2023
## 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 2023
## 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 2022 or subsequent cost.
Unrealised gains represent the difference in market value at 5 April 2023 as compared with the market value at 5 April 2022 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 (2022: £nil).
During the year the trust incurred legal fees of £2,100 (2022: £8,520) for legal services payable to ayne 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
4. Cost of raising funds
Custody fee - Veritas
Investment management charges - Veritas
Investment management charges - LGT Bank
Bank charges - LGT Bank|2023
£
59,616.68
42,685.50
3,917.81
106,219.99
2023
£
4,179.03
58,460.21
23,141.67
23.01
85,803.92|2022
£
57,799
44,438
4,427
106,663
2022
£
4,787
47,781
26,966
-
79,534|
|---|---|---|
Page 9
## The Sybil Shine Memorial Trust
## Notes to the Accounts
for the year ended 5 April 2023
|5.
Charitable activities
Grants to institutions
British Friends of the Open University of Israel (BFOUI)
British Friends of Jerusalem
Camden Psychotherapy Unit
Chai Lifetime Cancer Care
CCJO Renecassin
Food Bank Aid
Givat Havivia School
Limmud
Maggie Keswick Jencks Cancer Caring Centres
New Israel Fund
Nisa Nashim
Ort UK Foundation
Prism The Gift Fund (ALLMEP)
Sadeh
Solutions Not Sides
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 (BIICL)
The Central British Fund for World Jewish Relief
The Palace Theatre Watford Limited
The Weizmann Institute Foundation
UKLFI Charitable Trust
Variety the Childrens Charity
Yachad
Donations by category
Arts, Culture, Humanities (1)
Community Development (2)
Health (2)
International (9)
Total
Governance costs
Accountant's charges (excluding independent examination fee)
Independent examination fees
Legal fees
Prism the Gift Fund (administration fees)
Vallentine Mitchell & Co Ltd
Wendy Aryeh|2023
£
181,323.66
21,500.00
-
10,000.00
10,000.00
10,000.00
-
-
-
35,000.00
5,000.00
-
-
-
15,000.00
-
25,000.00
-
-
60,000.00
20,400.00
8,000.00
72,500.00
-
42,500.00
-
516,223.66
90,500.00
62,500.00
10,000.00
353,223.66
516,223.66
25,920.00
3,120.00
2,100.00
19,200.00
2,000.00
529.75
52,869.75|2022
£
-
-
20,000
-
-
10,000
10,000
15,000
76,666
35,000
-
33,228
20,000
10,000
-
5,000
25,000
57,000
9,800
60,000
68,500
-
72,500
10,000
-
10,000
547,694
72,500
20,000
96,666
358,528
547,694
12,180
1,320
3,720
19,200
-
36,420|
|---|---|---|
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
|Administration costs
Bank charges - Prism The Gift Fund
Total charitable activities|316.54
316.54
569,409.95|392
392
584,506|
|---|---|---|
Page 10
## The Sybil Shine Memorial Trust
## Notes to the Accounts
for the year ended 5 April 2023
|6. Investments
Movement in fixed asset listed investments - Veritas
Market value at 6 April 2022
Additions
Disposal proceeds
Net realised and unrealised investment gains/(losses) - Endowment
Net realised and unrealised investment gains/(losses) - Unrestricted
Market value at 5 April 2023
Historical cost as at 5 April 2023
Investments
Movement in fixed asset listed investments - LGT Bank
Market value at 6 April 2022
Additions
Disposal proceeds
Net realised and unrealised investment gains/(losses) - Endowment
Market value at 5 April 2023
Historical cost as at 5 April 2023
7. Cash summary
Endowment
Fund
£
( 118,430.80)
Cash balance with LGT Bank
( 83,349.29)
Cash balance with Prism The Gift Fund
741,732.20
539,952.11
Prior year comparative
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
8. Creditors falling due within one year
.
Control
The trust is controlled by the trustees.
Independent Examination fees
Investment management- LGT
Accountants' fees
Investment management - Veritas
0. Analysis of net assets between funds
Fixed Assets
£
Unrestricted
3,021,481.62
Endowment
5,626,430.38
8,647,912.00
Cash balance with Veritas Asset
Management
Cash balance with Veritas Asset
Management|2023
£
5,984,512.00
1,108,790.20
( 1,183,619.44)
( 81,753.03)
( 97,646.73)
5,730,283.00
3,931,547.42
2023
£
3,268,874.00
263,793.40
( 466,969.27)
( 148,069.13)
2,917,629.00
2,810,736.46
Unrestricted
Fund
£
357,968.17
163,964.96
( 616,696.57)
( 94,763.44)
Unrestricted
Fund
£
567,342.03
120,108.17
( 375,426.62)
312,023.58
2023
£
3,120.00
5,813.24
25,920.00
10,734.94
45,588.18
Net Current
Assets/
(Liabilities)
£
( 134,538.38)
714,456.93
579,918.55|2022
£
5,616,664
620,339
( 1,074,253)
320,315
501,448
5,984,512
3,628,478
2022
£
3,196,080
492,376
( 492,710)
73,129
3,268,874
3,018,255
Total
£
239,537.37
80,615.67
125,035.63
445,188.67
Total
£
448,911.23
94,512.32
366,305.58
909,729.13
2022
£
-
6,174
900
7,074
Total
£
2,886,943.24
6,340,887.31
9,227,830.55|
|---|---|---|
## 9. Control
10. Analysis of net assets between funds
Page 11
## The Sybil Shine Memorial Trust
## Notes to the Accounts
for the year ended 5 April 2023
|Prior year comparative
Unrestricted
Endowment|Fixed Assets
£
3,170,305
6,083,081
9,253,386|Net Current
Assets/
(Liabilities)
£
311,124
591,531
902,655|Total
£
3,481,429
6,674,612
10,156,041|
|---|---|---|---|
## 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
The Sybil Shine Memorial Trust
## Notes to the Accounts
## for the year ended 5 April 2023
## 11. Prior year SOFA comparative
|Income and endowments
Income from investments - Veritas
Income from investments - SSI WM
Profit from forex forwards
Bank deposit interest (gross) - Veritas
Income tax repayable
Total income and endowments
Expenditure on:
Costs of raising funds
Investment management costs - Veritas
Investment management costs - SSI WM
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net gains/(losses) on foreign exchange
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
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|
|---|---|---|---|
Page 13