## **SINGER FOUNDATION FINANCIAL ACCOUNTS 5 APRIL 2024**
## **Charity Number 277364**
**VINEYARD ACCOUNTANTS** Chartered Certified Accountants 5 The Chambers Vineyard Abingdon-on-Thames
## **SINGER FOUNDATION**
## **FINANCIAL ACCOUNTS**
## **YEAR ENDED 5 APRIL 2024**
|**CONTENTS PAGE**||
|---|---|
|Trustees Annual Report|**1**|
|Independent Examiner’s Report on the accounts|**7**|
|Receipts and Payments accounts|**8**|
|Notes to the accounts|**10**|
## **SINGER FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2024**
The trustees present their report and the financial statements of the charity for the year ended 5 April 2024.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The objects of the charity are for the issue of grants for charitable purposes as the trustees may in their absolute discretion think fit.
## **Main activities**
The funds of the charity are an expendable endowment, which are invested to provide income for grants to be made by the charity. The Trust was established for general charitable purposes. However, the present trustees are aware that the founders wished to support ‘the enterprise of individuals’. Grants are only made to UK registered charities and not directly to individuals. Grants are made out of net investment income.
## **Mission**
To support both individuals and groups in enterprise, employment and / or through training, at the discretion of the trustees.
## **Vision**
To make a permanent difference to the lives of those supported by broadening skills and experience, creating self-belief and confidence, and raising hope, and putting them in a position to help others.
## **Strategy**
Grants will generally be made through other well-managed UK registered charities that achieve these outcomes.
## **Public benefit**
The trustees have had regard to the guidance issued by the Charity Commission on public benefit. The trustees are satisfied that by careful selection of projects and awarding grants through charitable organisations, the projects supported can be demonstrably shown to be of public benefit. For all major grant awards, formal reports are requested from recipients, detailing the outcomes, impact and public benefit on completion of the project. For long-term projects interim reports are also requested. Trustees also visit charities and assess the value of their work before a grant is issued and liaise with the charity after issue to ensure the grant has been expended on the terms that it was issued.
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## **SINGER FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2024**
## **Grant making policy**
The trustees regularly review the charity’s grant-making policy. All appeals received by the charity are copied and sent to all of the current trustees. Any trustee can ask the administrator to send to the appealing charity the standard application form which is used to ensure that all appeals are considered on the basis of comparable information. The application form includes a question about the appealing charity’s policies on the protection of vulnerable persons including beneficiaries, voluntary and employed staff, and all persons that the charity comes into contact within the course of its work. Instructions with the form include that the completed form should be sent by email from the email account of an officer of the appealing charity. By emailing the completed form, the sender certifies and is responsible for the correctness and completeness of the information provided on behalf of the appealing charity and also that they will be responsible for ensuring that any grant awarded is properly used wholly for the purpose represented to the trustees of the Singer Foundation through the submission of the completed application form.
Preference in awarding grants is given to organisations that show good governance, and have a track record of successfully supporting, inspiring and mentoring individuals to be enterprising and self-sufficient and to be able to contribute to others with their knowledge and skills. Trustees frequently decide to visit charities before deciding on appeals. The Singer Foundation welcomes a wide range of appeals. Decisions to award grants in response to appeals can only be made by the trustees jointly at a properly-constituted Trustee meeting. The awarding of a grant does not in any way imply agreement to award further grants in the future. The trustees exercise due diligence before the release of funds. For each appeal, the decision of the current trustees is final.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Grants awarded**
There were 14 grants awarded during the year with a total value of £71,247 (2023 - 16 grants totalling £67,422).
The grants were awarded to registered charities and organisations who themselves are supporting individuals in line with the objectives of the charity.
## **Investment management**
There is a bi-annual full Investment Manager review undertaken, as detailed in the risk management paragraph of the Trustees’ Annual Report.
Full details of the performance of the investments are disclosed in the financial review section of the Trustees’ Annual Report.
The valuation as at 5 April 2024 amounted to £4,668,820 (2023 - £4,308,894).
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**SINGER FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2024**
## **FINANCIAL REVIEW**
## **Income and expenditure**
The income and expenditure for the year are set out in the Receipts and Payments Account on page 7. The total income for the year was £129,774 (2023 - £124,581) and the total expenditure including grants was £108,287 (2023 - £117,308). This gave rise to a surplus for the year of £21,487 (2023 surplus of £7,273).
In addition there were investment sales and purchases during the year. The value invested in the portfolio increased by £36,260 (2023 increase £42,175).
Total cash reserves of the charity at the end of the year were £168,402 (2023 - £183,176). This is made up of unrestricted funds and the endowment funds as detailed in the Receipts and Payments account, on page 8.
## **Funds**
The unrestricted fund can be used at the charities discretion by the trustees in furtherance the objectives of the charity.
Endowment funds exist where there is a capital fund with no power to convert capital into income.
## **Reserves policy**
The charity’s income arises exclusively from investment income and bank interest received. All the charity’s invested funds are expendable, but it is the current policy of the trustees to maintain and grow the capital value of the original endowment and legacy, whilst using the income for grant-making. The charity aims to retain investment income arising from the invested funds for one year. When all administration expenses relating to that year have been met, the surplus unrestricted funds are available for grant-making in the following year or re-investment.
In the opinion of the trustees, the Charity’s assets are sufficient to fulfil the obligations of the Charity.
## **PLANS FOR THE FUTURE**
The trustees aim to continue the work of the charity in line with the Mission Statement, concentrating their grant-making mainly in the area of the UK.
We are also looking to move our portfolio to one of a growth strategy rather than an income stream to ensure that any market fluctuations and impact to the portfolio is minimised.
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**SINGER FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2024**
## **RISK MANAGEMENT**
The trustees review the major strategic and operational risks the charity faces and implement systems to mitigate those risks. The main risks are associated with the investment funds and their management, and the continuity of trustees.
Bi-annual Investment review meetings are held by trustees together with the investment managers of RBC Brewin Dolphin. A written Investment Policy is in place for this.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is an unincorporated trust, constituted under a Trust Deed dated 9[th] June 1960, as amended by a resolution dated 25[th] February 2012. The trust was established by initial gifts from Richard Singer, a Bristol engineer who died in 1964, and his late wife Kathleen Singer, who died in 1976.
## **Organisation**
The charity is administered by the trustees, whose number is to be not fewer than three, and not more than eight. New trustees are asked to intend to serve for at least four years. The power to appoint new trustees is exercised by the majority of the continuing trustees. In selecting individuals for appointment, the trustees have regard to the skills, knowledge and experience needed for the effective administration and development of the charity.
The trustees generally meet three times during the year. In addition, trustees arrange meetings with a number of organisations supported by the charity.
## **Trustees’ induction and training**
The induction process for prospective new trustees includes an initial discussion with one or more of the existing trustees, usually the Chair, to give the background and history of the charity. The prospective Trustee then meets with all the other Trustees and the administrator and attends at least one meeting of the charity. Copies of the Trust Deed, recent annual reports and accounts together with relevant Charity Commission publications are made available as required.
If the appointment proceeds, this is done by a formal Deed of Appointment (which may be combined with a Deed of Retirement as appropriate). Both trustees and the administrator attend relevant training seminars during the year, dependent on skill and training requirements.
## **Related Parties**
The trustees received no remuneration in this and the previous financial year. The trustees were paid no expenses, other than re-imbursed travel costs, during this and the previous financial year.
There were no other related party transactions in this and the previous financial year.
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**SINGER FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2024**
## **RESPONSIBILITIES OF THE TRUSTEES**
The trustees are responsible for preparing the Trustees’ Annual Report and the Receipts and Payments Account in accordance with applicable law and regulations. The trustees 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.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered charity name** Singer Foundation **Charity registration number** 277364 **Principal office** Farthing Cottage 6 New Street Deddington OX15 0ST
## **Trustees**
The trustees who served the charity during the year were as follows:
Miss S T Carrdus Mr R K Carter Mr P A Hartley Mrs J Langdon Mrs D M Lucas (resigned 30 June 2023) Mr C T Powell (resigned 2 February 2024) Mr G K Taylor **Clerk/Administrator** Mr D E Jones **Bankers** HSBC 13 Chapel Street Stratford upon Avon CV37 6ET **Solicitors** Henmans Freeth LLP 5000 Oxford Business Park South Oxford OX4 2BH **Investment Manager** RBC Brewin Dolphin Colmore Row Birmingham B3 2BJ
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## **SINGER FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2024**
## **Independent Examiner**
Vineyard Accountants Ltd 5 The Chambers Vineyard Abingdon-on-Thames OX14 3PX
Signed by order of the trustees
MISS S T CARRDUS Chair
Date: 22 January 2025
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**INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
## **SINGER FOUNDATION**
|**Report to the trustees of**
**On accounts for the**
**Set out on pages**|**Singer Foundation**|
|---|---|
|||
||**year ended 5 April 2024**
**Charity no**
**277364**|
|||
||**8 to 10**|
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 5[th] April 2024 **.**
**Responsibilities and** As the charity trustees of the Trust, you are responsible for the preparation of **basis of report** the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
**Independent examiner's** I have completed my examination. I confirm that no material matters have **statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 130 of the Act or
- the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
|**Signed:**
**Name:**
**Professional body:**
**Address:**|**Date:**|22 January 2025|
|---|---|---|
||||
||Ashley Poyton||
||||
||FCCA||
||||
||Vineyard Accountants Ltd||
||5 The Chambers, Vineyard||
||Abingdon-on-Thames||
||OX14 3PX||
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## **SINGER FOUNDATION**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **YEAR ENDED 5 APRIL 2024**
## **Receipts and Payments**
|**Unrestricted**
**funds**
**2024**
**£**
**Receipts**
Investment income - UK
**101,226**
Investment income - Overseas
**25,080**
Bank interest
**3,468**
**_Sub total_**
**129,774**
**Asset and investment sales**
**-**
**_Total receipts_**
**129,774**
**Payments**
Grants
**71,247**
Share portfolio management fees
**-**
Meeting costs
**32**
Trustees' expenses
**194**
Clerk fees
**13,517**
Subscriptions
**857**
Postage and photocopying
**392**
Accountancy fees
**450**
Independent examination fee
**720**
Other expenses
**416**
**_Sub total_**
**87,825**
**Asset and investment purchases**
**-**
**_Total payments_**
**87,825**
**Net receipts / (payments) on charitable**
**activity**
**41,949**
**Net receipts / (payments) on asset**
**and investment changes**
**-**
**_Net receipts / (payments)_**
**41,949**
**Transfers between funds**
**(22,212)**
**Cash funds last year end**
**139,084**
**_Cash funds this year end_**
**158,821**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**1,486,308**
**1,486,308**
**-**
**20,462**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**20,462**
**1,522,568**
**1,543,030**
**(20,462)**
**(36,260)**
**(56,722)**
**22,212**
**44,091**
**9,581**|**Total funds**
**2024**
**£**
**101,226**
**25,080**
**3,468**
**129,774**
**1,486,308**
**1,616,082**
**71,247**
**20,462**
**32**
**194**
**13,517**
**857**
**392**
**450**
**720**
**416**
**108,287**
**1,522,568**
**1,630,855**
**21,487**
**(36,260)**
**(14,773)**
**-**
**183,175**
**168,402**|**Total funds**
**2023**
**£**
107,163
16,643
775
**124,581**
633,690
**758,271**
67,422
34,202
359
18
12,644
831
311
384
714
423
**117,308**
675,865
**793,173**
7,273
(42,175)
**(34,902)**
-
218,078
**183,176**|
|---|---|---|---|
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## **SINGER FOUNDATION**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **YEAR ENDED 5 APRIL 2024**
## **Statement of Assets and Liabilities at the end of the Year**
|**Categories**
**Cash funds**
HSBC Community Current Account
HSBC Money Manager Account
Brewin Dolphin Income Account
Brewin Dolphin Capital Account
**_Total cash funds_**
**Fund**
**Investment assets (Note 1)**
Endowment
Endowment
**_Total investments_**
**Fund**
**Liabilities (Note 2)**
Unrestricted
Endowment
**_Total liabilities_**
**Unrestricted**
**funds**
**2024**
**Net assets of the charity**
**157,621**
**Details**
Westmill Wind Farm
Brewin Dolphin Portfolio
Signature
Accrual -Vineyard Accountants
Accrual -Brewin Dolphin
Signed on behalf of the trustees:|**Unrestricted**
**funds**
**Endowment**
**funds**
**2024**
**2024**
**£**
**£**
**43,296**
**-**
**115,301**
**-**
**224**
**-**
**-**
**9,581**
**158,821**
**9,581**
**Current**
**value**
**£**
**4,666,610**
**2,210**
**4,668,820**
**Amount due**
**£**
**1,200**
**-**
**1,200**
**Endowment**
**funds**
**Total**
**2024**
**2024**
**4,678,401**
**4,836,022**
Print Name
MISS S T CARRDUS|
|---|---|
Date of approval:
22 January 2025
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## **SINGER FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 5 APRIL 2024**
## **Notes to the Accounts**
|**Note 1 - Investment assets**
Year ended 5 April 2024
Carrying (fair) value at beginning of period
Change in valuation of equities
**_Carrying (fair) value at end of year_**
Year ended 5 April 2023
Carrying (fair) value at beginning of period
Change in valuation of equities
**_Carrying (fair) value at end of year_**
Accrued accounting and independent examination fees
Accrued shareholder portfolio management fees
**_Total_**
**Note 2 - Liabilities**|**Investment**
**Portfolio**
**£**
4,306,684
359,926
**4,666,610**
4,577,260
(270,576)
**4,306,684**
_Unrestricted_
_funds_
_Endowment_
_funds_|**Other**
**£**
2,210
-
**2,210**
2,210
-
**2,210**
**2024**
**£**
**1,200**
**-**
**1,200**|**Total**
**£**
**4,308,894**
**359,926**
**4,668,820**
**4,579,470**
**(270,576)**
**4,308,894**
**2023**
**£**
1,170
-
1,170|
|---|---|---|---|
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