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2020-12-31-accounts

Trustees’ Report and Financial Statements for the Year Ended 31 December 2020 Charity No. 272527

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Reference and Administrative Information

Trustees

Cllr. Barry Cheyne, Chair of Trustees Cllr. Tricia Bland Cllr. Shweta Kapadia Maggs Latter Brian Nathan

Cllr. Tannia Shipley, Vice-Chair of Trustees Wendy Smithers Cllr. Janet Turner

Co-opted trustee

Elizabeth Cooper James Vickers

Director

Pete Allen

Principal Office

Sterling Suite, Hersham Technology Park, 41-61 Molesey Rd, Hersham, Walton-onThames KT12 4RZ

Treasurer

Dean Blanchard, CPFA, CPA, 46 Tradewinds Avenue, Paradise Point, Gold Coast Queensland, Australia.

Auditor

Lesley Andrews, 6 Bakers Gardens, SM5 2SF

Bankers

Barclays, Guildford Branch, PO Box 317, Woking, Surrey, GU21 1WT

Investment Managers

Investec Wealth & Investment Limited, 30 Gresham Street, London EC2V 7QN

Website

http://www.rcsherrifftrust.org.uk/

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Report of the Trustees for the year ending 31 December 2020

The Trustees have pleasure in presenting their report and the financial statements of the Trust for the year ended 31 December 2020 . The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charities Act 2011, the charity’s trust deed, 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).

Structure, governance, and management

The Trust is a registered charity, number 272527 and was established following the death of R.C. Sherriff on 13 November 1975.

In accordance with R.C.Sherriff's will, the freehold property and contents of Rosebriars, Esher Park Avenue, Esher, Surrey were vested in trust to Elmbridge Borough Council by the Executor - Barclays Bank Trust Company Limited with effect from 21 April 1977 (hereafter referred to as the 'Trust'). The freehold property was sold in 1993 and the proceeds invested to generate income to fund the Trust's activities. The trust does not actively fundraise and seeks to develop, promote, and support the arts in the Borough of Elmbridge through the careful stewardship of its existing resources.

In March 1991, a committee was formed to manage the operations of the Trust. In August 2004 with the approval of the Charity Commission the number of Trustees was limited to 11, a minimum of 8 Trustees should be members of Elmbridge Borough Council and the remaining 3 trustees from the professional arts. In January 2006, with the approval of the Charity Commission the working name of the Trust was amended from ‘The R.C. Sherriff Rosebriars Trust’ to ‘The R.C. Sherriff Trust’.

The trustees meet at least four times a year to agree on areas of activity for the Trust, including consideration of grant making, policies and performance. The day-today administration of grants, processing, and handling of applications prior to consideration by the trustees is delegated to the Director and the administrator.

The Investment Advisory Committee was established in 2005, to assist the trustees in considering investment, reserves and risk management policies and performance.

In the event that a trustee resigns, new trustees will be sought by open advertisement. A job description and a person specification are prepared and sent to interested applicants. Shortlisted applicants are interviewed by the Chair of the Trust and by the Director of the Trust. The Board of Trustees and Elmbridge Borough Council, however, make the ultimate decision on selection. Trustees serve for between one and four years.

The induction process for any newly appointed trustee comprises an initial meeting with the Director of the Trust. An induction pack is given to all new trustees, which includes a brief history of the Trust, the latest annual report and accounts, a copy of the governing trust deed and guidance on trustees’ responsibilities.

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Risk Management

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

The trustees consider the variability of investment returns on the permanent endowment to constitute the charity’s major financial risk. This risk is mitigated by retaining expert investment managers and having a diversified investment portfolio. The trustees have approved an investment policy to minimise the risk to investment returns.

Objectives and activities for the public benefit

The purpose of the Trust is to develop, promote and support community and professional arts in the Borough of Elmbridge, through:

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

Grant making policy

The R C Sherriff Trust supports the arts in Elmbridge, through its grant-giving and its self-initiated projects, for the following purposes:

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All grant applications are reviewed against the grant criteria by the Director of the Trust and approved by the Board of Trustees.

Details of how to apply for grants, together with the relevant forms, are available on the charity’s website, http://www.rcsherrifftrust.org.uk/ or by post from the Trust’s office.

Achievements and performance

Governance, Networking, Planning and Strategy:

Grants & Arts Initiatives

Grants are awarded during the year, through a combination of Arts Initiative Projects delivered by partner organisations, Regularly Funded Organisations, Three-year funding and through the four Open Application deadlines to organisations and individuals. However, because of the Coronavirus Crisis, the proposed plans for 2020 were radically curtailed. The Trustees decided to suspend the quarterly grant awards for organisations, individual projects, and underwriting applications. Capital grant applications were still considered. Grant applications were opened for the October quarter The total amount given in grants and Arts Initiatives amounted to £59,551 (2019 - £99,159).

Monitoring Achievement

Each event that is funded through the grant or arts initiative budget is attended either by the Director of the Trust or one of the Trustees. A verbal or written report as to the success of the project is reported back to the next meeting of the Board of Trustees.

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General Management and Marketing:

Arts Projects

2020 Directly Managed Projects

The Rosebriars Initiative

The Rosebriars Initiative is an arts project addressing issues of isolation, health, and well-being for Elmbridge residents over the age of 60.

Due to the Coronavirus Crisis the Initiative was suspended in March 2020 with only the art workshops continuing remotely.

During the year, two artists, Imogen Andrews, and Sophie Boyce, with support from the Trust’s Project Manager, Sam Thompson, ran a regular programme of remotely delivered arts projects that reached many older Elmbridge residents. New projects were distributed every two weeks with the results of the work showcased on The Trust’s website.

Despite the ongoing crisis, new members and participants were engaged with that number rising when, following a successful application for support from the National Lottery, the project reached further into the community engaging more older people with the ‘Best Advice’ project.

Alongside the projects, the artists and Project Manager operated a regular programme of remote contact with participants to ensure that health and well-being, during exceptional circumstances, were monitored.

15th & 16th Annual Literary Competitions

In a change to the usual competition timetable and to engage more schools the timeline of the competition was changed. It was launched in September with a closing date of February. This meant that the Competition was run within an academic year making it easier for schools to participate.

To commemorate the 400th anniversary of the sailing of the Mayflower, the 2019 Elmbridge Literary Competition looked for short stories and poems that explored new worlds. It was the most successful competition in its 15-year history with a slightly prophetic theme of ‘New World’. The Competition was promoted via international writing forums and websites and reached a truly international number of entrants. As

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part of this new approach, adult submissions came with an entry fee, but the prizes for the adult category were substantially increased.

The 2019 Elmbridge Literary Competition closing date had passed, and the judging had taken place prior to the Lockdown so winners were informed, and prizes sent by post. Given the nature of the project the 2020 Competition was launched remotely in September 2020. Unfortunately, the proposed prize-giving and readings had to be cancelled.

Once again, the Competitions were run in partnership with Sampson Low who published the winning entries in all the short story and poetry categories as Chapbooks. These are small and affordable forms of literature, Chapbooks historically were sold on the streets, and covered a range of subjects from fairy tales and ghost stories to news of politics, crime, or disaster. (www.bl.uk/romantics-andVictorians/articles/chapbooks)

Other Projects

The following projects were unable to take place due to the Coronavirus crisis.

2020 Projects

A Remembrance of Things Past

A V E Day Anniversary project

To commemorate the 75 Anniversary of VE Day, poems written by Rosebriars Initiative members Pam Francis and Pam Smyth were highlighted via a new page on the R C Sherriff Trust website, using artwork designed by artist Imogen Andrews and photographs provided by Elmbridge Museum.

The page included links to performances by Walton Voices of choral pieces composed by Jack Hurst, using poems written by members of the Rosebriars Initiative.

More poems, written by Rosebriars Initiative members Pam Francis, Pam Smyth, Nia Jones, Jan Travers and Gillian Bone, and The Trust Director, Pete Allen and Project Manager, Sam Thompson, were recorded by Jacqui Armitage, Rebecca De Lacey, Jo Humphries, Jackie Noyes, Jess Noyes, Janet Shell, and Stephen Willis. https://www.rcsherrifftrust.org.uk/ve-day-a-remembrance-of-things-past

The planned River Festival, Summer Artsfest and Watch This Space Theatre Festival were cancelled due to the Coronavirus Crisis.

2021 Projects

The Rosebriars Initiative

We are developing two projects with the £10,000 awarded by The National Lottery to develop this work, reaching out to more older people in Elmbridge.

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• The ‘Best Advice’ Project

.

We are producing postcards that we will distribute to older people across the Borough asking them to write down the best bit of advice they have been given and return it to us (prepaid envelopes provided). They will then be showcased on our website and used to create a book.

This is currently on hold as it involves working with residential homes and hopefully day centres. Our artists will ‘create’ a tree on which people will hang leaves and birds that they will design. As soon as things are safe for us to proceed with this project we will, and it will be great to have a connection with the day centres.

The Rosebriars Initiative

2021 is the 150th Anniversary of the Royal Albert Hall, a venue which has seen every style of music performed beneath its iconic dome. To celebrate this, the 16th Elmbridge Literary Competition is looking for poems and short stories that take music as their inspiration.

Light Up Elmbridge Arts Festival

A live/virtual Festival running from 27 Nov-6 Dec with live-streamed events and virtual/digital content from Elmbridge Arts organisations and individuals. This includes Elmbridge Wanderland: https://www.windowwanderland.com/

Arts Focus

Due to the Covid19 Crisis publication of Arts Focus is suspended as there is no consistent programme of events. We will revisit this in April but realistically it is looking like we will have no printed edition until Autumn 2021.

Young Musician of the Year

This competition may launch in September 2021.

Financial Review

The resources expended during the year, including governance costs were £167,590 (2019 - £223,490) and income from the charitable activities of the trust amounted to £48,889 (2019 - £29,644). The Trust is reliant on the income from its investments to fund its general expenditure. The income on dividends and interest payments during 2020 were £133,172 (2019 - £170,240). The Trusts’ main source of income, dividends from the endowment fund, were down significantly during the year by £37,068, due to companies reducing or cutting completely their dividend payments in reaction to the Covid crisis. However, the Trust was able to obtain £20,000 unexpected income from a government

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grant to support charities during Covid and from the National Lottery. The net incoming resources, including investment management costs during the year were £14,471 (2019 – Outgoing £23,606). Investment management costs during the year were £22,359 (2018 - £23,918), these costs are met from the Endowment Fund and therefore do not affect the General Fund Balance. The net incoming resources of the General fund in the year was £36,830.

Investment policy and performance

The Trust has an Investment Advisory Committee which updates the investment strategy agreed with the Fund Managers. The Fund Managers are instructed to achieve an income from dividend and interest of an adequate level to sustain the activities of the Trust at current levels, consistent with the requirement for the preservation of capital in real terms. The risk profile of investments has a “medium” exposure to risk. A strategic asset allocation and a bespoke benchmark have been agreed with the Fund Manager. The portfolio is subject to periodic review and effective liaison is maintained with the fund manager on related matters. The market value of investments held by Investec decreased in the year from £4,023,039 at the 1 January 2020 to £3,769,807 at the 31 December 2020.

Reserves Policy

The aim of Trustees is to maintain a level of reserves in recognition of the relative fluctuations in the levels and frequency of investment income receipts on the one hand and the variable component of outgoing expenditure on the other. It was determined that it would be prudent to maintain reserves in a readily realisable form at an average level of £50,000. The trustees consider that maintaining £50,000 general reserve is sufficient. The level of reserves will be reviewed annually.

The Trust also holds a Revenue Reserve which is to be used for any special projects that may arise and cannot be met from within the annual budget. During 2020, events that were to be funded from the revenue reserve did not take place. The balance of the Revenue Reserve at the end of the year was £50,682 (2019 - £50,682).

Key Management Personnel Remuneration

The trustees consider the board of trustees and the director as comprising key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. Trustees are required to disclose all relevant interests when applications for funding are considered and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each 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 the financial statements the trustees are required to:

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for

safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees on 26 October 2021 and signed on their behalf by:

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THE R.C. SHERRIFF ROSEBRIARS TRUST

FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2020 REPORT OF THE INDEPENDENT EXAMINER

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Act) and that an independent examination is required.

As the examiner it is my responsibility to:

My examination was carried out in accordance with the general directions given by the Charity Commission. This includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view”; the report is limited to those matters set out in the statement below.

In connection with my examination, no matter has come to my attention

  1. Which gives me reasonable cause to believe that in any material respect the requirements to

  2. Keep accounting records in accordance with section 130 of the Act and

  3. Prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act

Have not been met, and

  1. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Lesley Andrews

Lesley Andrews

6 Bakers Gardens

SM5 2SF

21st October 2021

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THE R.C. SHERRIFF TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Income and endowments
3
Project Income
Donations & legacies
Other Income
Investment income
Total Income
Expenditure
Cost of Raising Funds
Investment Management Costs
4
Expenditure on Charitable activities
Arts funding:
Grants
5 & 6
Arts focus
7
Arts Initiatives
8
Total Resources Expended
Governance Costs
10
Total Resources Expended
Net incoming/(outgoing) resources before transfers
Transfers between funds:
Revenue Reserve
Net incoming/(outgoing) resources for the year
Other Recognised Losses and Gains
Unrealised gain on Tangible Fixed Assets
12
Realised losses(-)/gains on investments
13
Unrealised losses(-)/gains on investments
13
Net Movement in Funds
Fund balances brought forward at 1 January		 General
Endowment
Total
Fund
Fund
2020
£
£
£
2,491
0
2,491
24,130
0
24,130
22,268
0
22,268
133,172
0
133,172
182,061
0
182,061
0
22,359
22,359
64,933
0
64,933
12,607
0
12,607
52,211
0
52,211
129,751
22,359
152,110
15,480
0
15,480
145,231
22,359
167,590
36,830
(22,359)
14,471
0
0
0
36,830
(22,359)
14,471
0
0
0
(133,206)
(133,206)
0
(138,754)
(138,754)
36,830
(294,319)
(257,489)
295,512
3,994,453
4,289,965		 Total
2019
£
6,022
20,250
3,372
170,240
199,884
23,918
77,840
22,572
79,919
204,249
19,241
223,490
(23,606)
0
(23,606)
0
(8,562)
395,848
363,680
3,926,285
Fund balances carried forward 31 December 332,342
3,700,134
4,032,476		 4,289,965

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THE R.C.SHERRIFF ROSEBRIARS TRUST

BALANCE SHEET AS AT 31 DECEMBER 2018
Notes
FIXED ASSETS
Tangible fixed assets
12
Investments at market value
13
CURRENT ASSETS
Debtors
14
Short term deposits
15
Cash at bank and in hand
16
CURRENT LIABILITIES
17
NET CURRENT ASSETS
ACCUMULATED BALANCE OF THE FUND		 2020
£		 2020
£
37,230
3,769,807
3,807,037		 2019
£
37,230
4,023,039
4,060,269
6,320 1,685
58,433
164,636
223,069
229,389
3,950
225,439
4,032,476		 239,431
241,116
11,420
229,696
4,289,965

Signed on behalf of the Trustees

Dean Blanchard CPFA, CPA Treasurer to the R.C. Sherriff Rosebriars Trust

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THE R.C. SHERRIFF TRUST

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes 2020
2019
£
£
Net cash inflow/outflow(-) from operating activities A 11,636
(23,499)
Investing activities
Purchase of investments 13 (819,106)
(338,251)
Investment Fees (22,359)
(23,918)
Proceeds from sale of investments 933,584
330,183
Net cash outflow(-)/inflow from investing activities 92,119
(31,986)
Decrease(-)/increase in cash and cash equivalents B (16,362)
(32,598)
Cash and cash equivalents at 31 December 2019 239,431
272,029
Cash and cash equivalents at 31 December 2020 223,069
239,431
Notes to the Cashflow Statement
A.
Reconciliation of changes in resources to net cash inflow from operating activities
Changes in resources before revaluations 2020
2019
£
£
14,471
(23,606)
Depreciation 0
0
Decrease (-)/ Increase in creditors; Current liabilities 14,471
(23,606)
(7,470)
3,872
Decrease/ Increase (-) in debtors 4,635
(3,765)
Net cash inflow/outflow(-) from operating activities 11,636
(23,499)
B.
Analysis of changes in cash and cash equivalents during the year		 Change in year
Short term deposits: 2020
£		 2019
£
£
(decrease)
Investec Wealth dealing account 58,433 99,520
(41,087)
Cash at bank and in hand:
Investec Wealth earnings account 157,099 110,248
46,851
Barclays Business account 7,417 29,634
(22,217)
PayPal 120 29
91
164,636 139,911
24,725
Total cash and cash equivalents 223,069 239,431
(16,362)

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THE R.C. SHERRIFF TRUST

NOTES TO THE ACCOUNTS for the Year Ended 31 DECEMBER 2020

1. STATUS OF THE TRUST

Taxation

The Trust is exempt from taxation under section 505 of the Income and Corporation Taxes Act 1988.

2. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of Preparation

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 United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The R.C. Sherriff 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 note(s).

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, 2019, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of the investment markets.

Endowment Fund and General Fund

The charity has a single permanent endowment, which provides for the Trustees to invest the capital in perpetuity, the income from which is to be used to fund the promotion of the arts in Elmbridge through grants and arts initiatives, and the day-to-day operation of the Trust (The General Fund).

Income Recognition

All income is recognised once the Charity has entitlement to that income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the even that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either of those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to

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the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor.

Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to the note below.

Grants and Arts Initiatives

Grant payments and contributions to promote arts initiatives are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.

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.

Allocation of Overhead and Support Costs

Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to charitable activities have been apportioned based on staff time. The allocation of overhead and support cost is analysed in note 9.

Costs of Raising Funds

The cost of generating funds consists of investment management costs.

Charitable Activities

Costs of charitable activities include grants, arts initiatives, the Arts Focus publication and an apportionment of overhead and support costs as shown in note 9.

Governance Costs

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These are analysed in note 10.

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Fixed Asset Investments

Investments are a form of basic financial instruments 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 Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Charity is that of volatility in financial markets and investments markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning investments and within particular sectors and subsectors.

Realised Gains and Losses

All gains and losses are included in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the market value at the year-end and opening market value (or purchase date if later).

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THE R.C. SHERRIFF TRUST

NOTES TO THE ACCOUNTS for the year ending 31 December 2020 (continued)

3. INCOMING RESOURCES
Incoming Resources from Charitable Activities
Arts Initiative Income
Rosebriars Art Group - Formerly Elders Project
Elmbridge Choir Prom/Schools Choir Festival
Literary Competition
Young Musician of the Year
Elmbridge Moving Art
Theatre Projects
Total Art Initiative Income
Arts Focus
Radio Microphones
Bequest / Donations
Banking Loyalty Reward
Local Authority Funding		 Investment
Project
Bequests,
Local Authority
Total
Total
Income
Income
Donations &
& Other Funding
2020
2019
Sponsorship
£
£
£
£
£
£
-
(20,000)
(20,000)
(20,100)
(250)
(250)
(1,185)
(406)
(2,000)
(2,406)
(1,660)
-
-
(521)
-
-
(490)
-
-
(2,722)
-
(406)
(20,000)
(2,250)
(22,656)
(26,678)
(1,385)
(1,385)
(1,959)
(700)
(700)
(820)
(4,130)
(4,130)
(150)
(18)
(18)
(37)
(20,000)
(20,000)
-
Dividends and Interest (133,172)
(133,172)
(170,240)
4.
5.		 RESOURCES EXPENDED
Cost of Generating Funds
Investment Management Costs
Charitable Activities
GRANTS PAYABLE 2020
Major Grants to Institutions / Individuals
St Pauls Catholic Primary School
Creative Youth
Monkey Theatre
North East Surrey Short Stay Shool
Bell Farm School Hersham
Elmbridge Community Link
Elmbridge Youth Theatre
Princess Alice Hospice/Music in Hospitals
Vera Fletcher Hall
Promenade Choirs
Quick Fix Theatre
Esher & Dittons Youth Orchestra
Love of Learning
WOTCAT - Riverhouse Barn
Total of Grants Awarded in the year
Uncashed cheque from previous year
Support Costs (see note 9)
Total Cost of Grants awarded in the year
Total Incoming Resources from Charitable Activities
Grants of under £1,000 to institutions and
individuals		 (133,172)
(2,491)
(24,130)
(22,268)
(182,061)
(199,884)
2020
2019
£
£
22,359
23,918
Project
RFO
3 Year
Capital
Grants
Funding
Funding
Funding
2020
£
£
£
£
£
1,500
1,500
1,410
1,410
1,000
1,000
-
1,500
1,500
-
1,500
1,500
-
2,500
2,500
2,500
2,500
3,000
3,000
5,000
750
5,750
1,000
1,000
1,000
1,000
1,500
1,500
2,500
2,500
12,000
12,000
3,910
-
19,000
12,000
3,750
38,660
3,236
-
-
-
-
3,236
7,146
-
19,000
12,000
3,750
41,896
0
23,037
7,146
-
19,000
12,000
3,750
64,933

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THE R.C. SHERRIFF TRUST NOTES TO THE ACCOUNTS for the year ending 31 December 2020 (continued)

6.
7.
8.		 Charitable Activities
GRANTS PAYABLE 2019
Major Grants to Institutions / Individuals
St Albans Catholic Primary School
St Pauls Catholic Primary School
Simon Cherry
Citizens Advice Elmbridge (West)
Lucas Dick
Katherine Thomas
Imogen Andrews
Angel Theatre Company
Elmbridge Values Cluster
Elmbridge Community Link
Elmbridge Youth Theatre
Princess Alice Hospice/Music in Hospitals
Vera Fletcher Hall
Promenade Choirs
Quick Fix Theatre
Esher & Dittons Youth Orchestra
Love of Learning
WOTCAT - Riverhouse Barn
Total of Grants Awarded in the year
Uncashed cheque from previous year
Support Costs (see note 9)
Total Cost of Grants awarded in the year
Art Focus Publication
Arts Focus
Support Costs (see note 9)
Arts Initiatives
2019 Theatre Projects
Elmbridge Moving Art
Elmbridge Schools Choirs Festival
Light up Elmbridge
Literary Competition
Radio Microphones
Rosebriars Art Group - Formerly Elders Project
Rosebriars Reachout Project
Grants of under £1,000 to institutions and individuals
Underwriting Grant from previous year not taken up		 Project
RFO
3 Year
Grants
Funding
Funding
£
£
£
1,100
1,500
1,450
1,500
1,000
1,000
1,000
1,000
2,000
330
2,500
2,500
3,000
5,000
1,000
1,000
1,500
2,500
12,000
11,880
19,000
12,000
10,420
600
-
22,300
19,600
12,000
22,300
19,600
12,000		 Capital
Funding
2019
£
£
1,100
1,500
1,450
1,500
1,000
1,000
1,000
1,000
2,000
2,830
2,500
3,000
5,000
1,000
1,000
1,500
2,500
12,000
-
42,880
500
11,520
500
54,400
0
23,440
500
77,840
2020
2019
£
£
4,928
14,759
7,679
7,813
12,607
22,572
2020
2019
£
£
35
8,322
-
1,139
640
3,271
650
-
5,669
907
542
249
7,800
22,415
2,135
-
Unexpected Arts Project. -
890
Walton Riverfolk Festival
Young Musician of the Year
Uncashed cheque from previous year
Support Costs (see note 9)		 184
-
-
7,566
17,655
44,759
34,556
35,160
52,211
79,919

18

THE R.C. SHERRIFF TRUST

NOTES TO THE ACCOUNTS for the year ending 31 December 2020 (continued)

9. Allocation of Support Costs and Overheads

The breakdown of support costs and how these were allocated between Governance and Charitable Activities is shown in the table below. All apportionments are based on staff time.

Staff Costs
Seminars, Conferences & Subscriptions
Office accommodation
Website/Internet /Computer Equip
Consultants / Prof Fees
Telephone
Subsistance / Misc
Office Move / Storage
Office Costs
Postages		 Total
Governance
Charitable
Total
Allocated
Activities
2019
£
£
£
£
52,620
7,893
44,727
45,108
275
41
234
567
19,171
2,876
16,295
11,143
1,458
219
1,239
2,457
465
70
395
113
927
139
788
1,041
123
18
105
412
415
62
353
872
1,056
158
898
2,613
281
42
239
2,087
76,791
11,519
65,272
66,412

The total support costs attributable to charitable activities is then apportioned based on staff time

Grants
Arts Initiatives
Arts Focus		 2020
2019
£
£
23,037
23,440
34,556
35,159
7,679
7,813
65,272
66,412
10. Analysis of Governance Costs
Support Costs
Auditor's fees: for audit
Treasurer's Fees
Bank Charges
Insurance		 Total
Total
2020
2019
£
£
11,519
11,720
600
600
2,990
4,845
186
258
185
1,818
Depreciation (see note 12) 15,480
19,241
0
0
15,480
19,241
11. Analysis of Staff Costs 2020
2019
Staff costs (including benefits in kind) £
£
Salaries 38,819
38,578
Social Security Costs 11,662
11,968
Staff travelling expenses 52
434
Pension Costs 2,087
2,088
52,620
53,068
There were no employees earning over £60,000 p.a. (excl. pension contributions) in either 2020 or 2019.
2020
2019
The average number of employees by function was; No.
No.
Support and Administration 2
2
The Trust has paid no subscriptions for life membership.
The Trustees received no emoluments in the year (2020 £Nil), (2019 £Nil). The Trustees received no
expenses in the year (2020 £Nil), (2019 - £Nil).

19

THE R.C. SHERRIFF TRUST NOTES TO THE ACCOUNTS for the year ending 31 December 2020 (continued)

Paintings Computers Fixtures
and other and other and Total Total
Notes memorabilia equipment fittings 2020 2019
12. TANGIBLE FIXED ASSETS £ £ £ £ £
Cost
At 1 January 1 37,230 0 0 37,230 37,230
Additions 0 0 0 0 0
Disposals 0 0 0 0 0
Revaluations 0 0 0 0 0
At 31 December 37,230 0 0 37,230 37,230
Accumulated depreciation
At 1 January 0 0
Disposals 0 0
Charge for year 0 0
At 31 December 0 0 0 0 0
Net Book values
At 1 January 37,230 0 0 37,230 37,230
At 31 December 37,230 0 0 37,230 37,230
Capital commitments
Authorised but not contracted for £ Nil £ Nil
Notes: 1.
Memorabilia including photographs, manuscripts and correspondence		 relating to R.C.Sherriff and his family
are held by the Elmbridge Museum. No value has been ascribed to these assets as the Trustee does not
believe that they have a significant value, having obtained professional advice to this effect from Sotheby's.
They have therefore not been included in the financial statements.

2. Paintings owned by the Trust were valued by Bonham's in August 2017. Bonhams valued three of the paintings at a combined value of £37,000. these paintings were previously held by Elmbidge Museum and are now on display at the Civic Centre Esher.

13. FIXED ASSET INVESTMENTS
Quoted investments in the United Kingdom
Market value 1 January
Additions
Disposals
Net unrealised investment losses(-)/gains		 Total
Total
2020
2019
£
£
4,023,039
3,619,123
819,106
338,251
-933,584
-330,183
-138,754
395,848
Market value 31 December 3,769,807
4,023,039
Cost 31 December 3,074,729
3,033,038
Within the Fixed Asset Investment is £102,462 of reserves that is not a part of the Endowment Fund.

There are no investments that individually represents 5% or more of the market value of the investments of the Trust at 31 December 2020

14.
DEBTORS
Debtors
Riverhouse Barn - Box Office
Investec
Prepayments:
Art Focus		 2020
£
0
6,320
6,320
0
6,320		 2019
£
1,025
0
1,025
660
1,685

20

THE R.C. SHERRIFF TRUST

NOTES TO THE ACCOUNTS for the year ending 31 December 2020 (continued)

----- Start of picture text -----
2020 2019
15 SHORT TERM DEPOSITS £ £
Investec Wealth Dealing Account
Balance in hand brought forward 1 January 99,520 140,068
Add transfer from Earning Account 0 0
Add cost price of investment disposals in year 782,200 323,430
Add interest received 0 0
Less investment management fees paid in year (22,359) (23,918)
Less cost of investment additions in the year (819,106) (338,251)
40,255 101,329
Less net loss(-)/profit realised on disposals in year 18,178 (1,809)
Balance in hand carried forward 31 December 58,433 99,520
2020 2019
16 CASH AT BANK AND IN HAND £ £
Investec Wealth Earnings Account
Balance brought forward 1 January 110,248 140,008
Add investment dividends received 126,804 169,818
Add transfers to Dealing Account 0 0
Add interest received 47 422
237,099 310,248
Less commission and expenses paid
Less transfers to Barclays Business Account (80,000) (200,000)
Less transfers to Dealing Account 0 0
Balance in hand carried forward 31 December 157,099 110,248
Barclays Business Account carried forward 31 December 7,417 29,634
Paypal account carried forward 31 December 120 29
Total carried forward 31 December 164,636 116,278
TOTAL CASH AND CASH EQUIVALENTS (see Cashflow Statement) 223,069 185,977
----- End of picture text -----

21

THE R.C. SHERRIFF TRUST NOTES TO THE ACCOUNTS for the year ending 31 December 2020 (continued)

17.
CREDITORS: Amounts falling due-Within one year
Income received in advance:
Literary Competition 2020
Literary Competition 2021
Accruals:
BT - Telephones/Broadband
P.Allen - Mileage December
Office Depot
D.Blanchard - Fees
Elmbridge Borough Council - Treasurer Fees
Barclaycard
Fassett - Postages
HMRC
Astrid McGechan - Elmbridge Moving Art
Nest Pensions
Rosebriars Art Group (Elders Project) - transport
Barclays Bank - Charges
Other accruals:
Grant - Scoot Theatre
Grant - St Paul's Catholic Primary School
Grant - St Phillips School 40/19		 2020
£
0
50
50
46
0
0
240
0
155
46
875
0
174
0
14
1,550
850
1,500
0
2,350
3,950		 2019
£
5
0
5
100
29
70
330
6,120
933
22
2,203
159
174
749
26
10,915
0
0
500
500
11,420

22