SARNIA CHARITABLE TRUST UNAUDITED ANNUAL REPORT AND FINANC￿ STATEMENTS YEAR ENDED 5 APRIL 2023 CHARITY NO 281417 SARNIA CHARITABLE TRUST Report aftd Flnandal Statements for the year ended 5 April 2023 tents Page: Legal and adminfstratlve Informatlty) Annual Rewt of the Tfustees Independent Examiner5, Report Statement of Fknanclal Artivltles Bauince Sheet 8-11 Note5 forming part of the Finandal Statemènts Constltution Samia Charltable Trust wa5 establtshed under Deed of Trust dated 25 July 1979, followed by a supplemental Deed ¢Jated 23 September 1980. The regtstered number of the Charity is 281417. Trustees Dr Tlmothy Nlgel Dexter Peet Mr5 Chr15tlna Vane55a Ellzabeth Benfield Mrs J(whlne Apslon Miss Catherine Peet Mr Robert Benfleld Trust Admlnlstrator BDO LLP, Two SnDwhlll, Blmiingham, B4 6GA and this ts also the registered address of the Trust Independert Examiners Mr R MacLaren of Mlchael Dufty Partnershlp Llmlted The Coundng House, 61 Ch¥lotte Street, St Paul's Square, Bimilngham, P3 1PX Bankers BarcLiys Bank PLC. Edsba5ton Branch, 38 Hagley Road. Bimiingham, B16 8NY Investment Adv15Gr5 Evelyn Partne[5. 14th FI￿, 103 Colwnore Row, Birffjingham, B3 3AJ Solicltors shakespearè Martineau LLP, No 1 Colmore Square, Bimiingham, B4 6A4 SARNIA CHARITABLE TRUST Report Df the Trustep5 for the year ended 5 Aprll 202) The Tn￿ee5 present thelr annual report covering the Tn￿t¥ actlvftle5 for the year ended 5 ￿)rI1 2023. Legal and administratlye informalion set out on page 1 fom15 part of thls reporL Hlstorys objectlves aTKt activitles of the Trust The Tnjst was establtshed under a Deed of Trust tjated 25 July 1979 followed by a wpplemental deed dated 23 September 1980. The objecttves are summarl$ed as being fty general charitable purpose, wlth no deflned benefTcial area. Summary of the artlvltle5 undertaken for the publi¢ belleflt The grants made ro charftles Tn the year enable the charities to mÈet their objectives and to prayide benefit to the public. The Trustees have confirnied that they have referred to the gufdance In the Charity Commisslon's general gtsidance on public benefit when reviewing the Trusvs alms and obJectlve5 and In planning future attlvltles and setting the grant maklng polky for the year. Mana¥ement and Govemance arran8ements The names ol the Tru5tee5 who have acted durln8 the year are set out on page 1. The Trustees conduct their Trust buslne55 by mean5 of tplephone, correspondence and cornputer ctjmmunicatlons and the Trustees conslder that regular Tntst meetings are not required. 7he Trurtees are appointed by the Board of Trustees. New Ttts5tees recelve c¢wtes of all relevant Tnjst documents and cf the Charity Commi55ion guidance. Apwopr5ate training is organised for the TnJstèÈ$. The Trust is admin75tered by an admlnlstrator who Is not a Trustee but who is actlng on behalf of Trustees. Procedures and pollcy for grant maklrbg The objectives of the TTUSt are to 5UPPDrt from the Income of the Tn+st by donat70ns and subscriptions Charitablè Institutions and objectives at the Tru5tees' discretion. The Trustees have klentlfled an Interest In Guemsey based charitable trusts and in nature alld wildlife consEtYatK)n, and It Is In these areas that the maTn support is glven. Generally the Tfustee5 are not interested in regional requests from charities. 7hé TrLSStees do make donatlons and Jbscripti0115 based on their ovffl contlnulng interests. The Trustees a￿ generally not Interested in un501icited applTCatSorts rÈcè4ved for grants whkh are, therefore. unlikely to be successful. They are, however, considered on a quarterly basis. Achlevements and performance of the Trust During the year. a charitable grant wa5 made to 1 charity totatling £5,000. Examinati￿ of the Schedule of Grdnts in Note 3 to the financial Statements will show that the Trnstees have fulfilled the Objectiv￿ of the Trust by making grants to charitles fnvoLved In nature and wildlrfe conservation and Guernsey based charities of 100% in value of total grants madÈ. SARNIA CHARITABLE TRUST Reprt Df the Tru5tee5 (contlnued) for the year ended 5 Aprll 2023 Flnandal review, investment pollcy and reseN•s These acC￿ntS for the year ended 5 April 2023 haye been prepared fjn acc(Kdance w(th applicable law and Unlted Kingdom AccoLFntTng Standard5 Iunlted Klngdom Generally Accepted Acc(yJnting Practice) and comply wlth the stateM¢￿t of Recommenéed PractÉce150RPI Acc(MJnting and Reporting by Charltles FRS102 èffective from January 2015. The flnancial staternents are prepared under the h351oric cost convention. There have not been any 5i8nifl￿nt change5 In the Twst's activitles or the manner in which these actfvities have been carried out. The Inccyne for the year wa5 £43.557 whkh was an Incr&ise of £7,239 on the prewous year. Detalis of grants made are disctosed on page Z. Support costs. govemance costs and the investment advfsorfs fee amounted to £14.136 12022: £13,917) and thls Left a surplus of £24.421 {2022: deficit of U,0991 for the year to ad(f to the unspent amount at the beginning of the year of £66.538. The Trustee$ Eherefore have unspent Income of £90.959 ava7lable at the year end. The antldpated net Income for the year ending 5 Apdl 2024 wlll be £41.000 to which be added unspent Incorne of £90,959 frC￿ which the charitable grants and 5ubscriptTons for the year can be made. Thi5 is a total of £131.959. The value of tho Investments of the Trust decreased by É98,565 12022: £70,333) of whlch £127.231 were unrealised 1055es 12022.. £64,470 unrealised gains) and £30,184 were realtsed galns (2022: £9.7391. The Trurtees Intend to retaln thÈ investments to produce Income for grants and not to use inyestment revaluatTons for thls purpose. The market value of the inYe5tments 15 reflerted in the acwunt$. There was an overall deficit for the year of £72,626 12022: surplus (rf £70,110) whkh was deducled from the seryes br￿ght forward from the prvAcus year. Under the Deed of Trust the Trustees are empowered to retain any investments for as long a5 they in thelr absolute discretion think fit and notwithstanding that by reason of such retenti￿ the inYe5tments are not suff?ciently diversified. The Trustees are also empowered to use the investments in the same mannèr as iftcome and therè 1%. therefore. no fixed endowment fund a[￿ no restrirted Investments. The Investments of the Trust are held in the name of Smlth and William50n Nominee5 Limited which is the approprlate holding cornpany of the Trust's Investment aimsors. Quarterly Trurt'5 invertmEnt advtsors report in detall on the performance of the iJwe5tTnents. The decrease in the value of the investments ts E98,565, a decrease of 7% compared to the rtiarket value at 5 Aprll 2022. General unrestrfcted funds It is the pclicy of the Trustees, havlng regard to the specific designated fund referred to below, to maintain the General unrestrfcted funds. whlth are the free regery25 of thE Charityi at a level of crrca £10,000. Such fund5 may be held in order to finan￿ working capital in furtherance of the objective5 of the Charity. Free re5erYe5 at 5 April 2023 were £98,884. Deslgnated funds Deslgnated funds are amounts that have been put aside out of restricted funds at the discretlon of the Trustees for partlcular purposes. The designatlon Is for admlnlstratlon purposes only and does not legally restrict the TrL>5tee5 dlscretlon to apply the funds. The Trustee5 haye created the following designated fund: SARNIA CHARITABLE TRUST Report of the Trustee5 Icontlnued) fur the year ended 5 Aprfl 2023 Investment fund To provlde the income rbecessary to rnalntaln the Trusts charltable activ6tfes, the charfty requlre5 a signiflcant capital base and the TnJstee5 have maintained an investfflent poiTCy in order to provide a degree of stabiliiy and certainty in income levels. In the c5rcum5tance5 the Trustees have created a desisnated Investment fund that rÈpre5ènts the listed investment5 held in the chariW5 inve5lment portfolio. Details of movements In the funds are set out Cft page 11 of the financial statements. The èssets rerte¢ted IA thè Balance SheBt are availablè and adequate for the Trust￿ to fvlfil the obllgatloThs of the Charlty. Future plans It is Intert￿￿ to use the funds de5cdbed pb¢)Ye to c¢)ntinue the objectives of the Twst, as earlier described, Indeflnltely. This means that the Trustee5 will be looking to make charitable grants of circa E25,000 on an annual basis out of the net income recefved and addltknal grants can be made out of the current unspent incotne balance canied fornard of £90,959. Rlsk management The Trustee5 have con51dered the major rf5ks to whlth the Charity is exposed and haye reviewed those risks establlshed prc 30.184 64,470 9,739 MOVEMENT IN FUNDS (72,626) 70,110 Total funds br￿ght f(¥wArd 1,420,779 1.350,669 TOTAL FUNDS CARRIED FORWARD 1,348,153 1.420.779 The notes on pa%e5 8 to 11 form part of these accounts. SARNIA CHARITABLE TRUST Balanc• Stteet as at 5 Aprll 2023 2023 2022 Note FIXED Ass￿5 Inve5trnents 1.249.Z69 1,347.834 CURRENT ASS￿5 DebtlXS Cash ai bank and in hand 2.190 100,531 102.721 1,922 73.094 75.016 UABIUTIES Creditor5: amounts falllng due wlthln one year 7 3.837 2,071 NEf CURRENT ASs￿s 98.884 72.945 ASSEFS 1.348.153 1,420,779 THE FUNDS OF THE CHARITY Unre5tricied fund5 1,348,153 1.420,779 Approved for issue by the Board of Trustep5 and signed ￿ its behalf by Tim Peet DR TNDPEFr Trustee Date: 91112024 The note5 on page$ 8 to 11 form part of these accounts. SARNIA CHARITABLE TRUST Notes to the Flnancl&l Statèments for the year ended 5 Aprll 2023 1. ACCOUNTING POLICIES These accounts for the year endetl 5 April 2023 have been prepared in accordance ￿￿th applicable Law ènd Unlted Xinqdom Accixjnting Standard5 (United Kin8dtJn Generally Accepted Accounting Practice) and comply with the Statement of Recommended Prartlce ISORP) Accovntlng and Reportlng by charitie5 FRS102 effective from January 2019. The financial statements are prepared under the hlstorTC C05t conventlon. Fund accoundni The charity maintains various types of fund5 45 follows: Unrestricted fund5 Designated fund5 are f￿dS which have been put aslde out of unre5trlcted funds as foLl¢)WS: InvÈstment funds - to provlde the Inc(Nne necessary to MaIn￿1n the Trust'5 charitable activbtle5. the charity require5 a 5ignlficant iapltal base and the Trustees have maintained an actrye Investment pollcy In order to provide a degree ol stability and certainty in income leve15. In the circumstances the Trustee5 have created designated Investment fund that represents the g¢Jv¢mment stocks and other IT5ted investments held in the charity5 investment portfollo. Ganeral unrestricted fund5 represent unrestricted income, which 15 expendable at the discretion of the TnJ5tees In the furtherance of the objects of the charity. Such funds may be hdd in order to finance both woyklng capital and capltal investment. Incoming rèsources All 5ncoMe 15 recognlsed Trn the Staremeni of Flnanclal Act?vitles when the conditions for receipt have bèÈn met nd thEie 15 a reasonablè assurance of receipt, Where a claim for repayment of Income tax has or wlll be made, such Income Is grossed up for the tsx ￿CoVerable. Investment Income Is accounted on an accnjals ba515. Di￿dendS from quoted securltles are accrued when the securfty 15 quoted ex.div. Grarts Grants made by the Trust are charged against Income in the year in which they are ma(Je. C05t5 of generaung fund5 The c05t of 8eneratlng fund5 cons7St of inyestment managemt fees. Charitable activities Costs of charitable activltles Inclutle grants made and an apportlonment (based ￿ time costs incurred) of overhead and support Costs as shown in note 4. Support costs comprlse all costs a550clated with the general admlnfjttration ol the trust in support of the chariiable actlvities of the charity and are allocated to tharitable actlvities and governance cost5 on the basis of time costs incLtrred. SARNIA CHARITABLE TRUST Note5 to the Flnanclal Statements for the year ended 5 Aprll 2023 1. AccouwfiNG POLICIES Icontlnued) Governance costs Governance cosrs comprise all costs Involving the publlc accountabllity of the charity and its compliance with regulation and good pract5ce Ibased on tirne costs incurred). These costs include costs relaling to stawtory indcpendent examlnerfs repcrt and legal fees. InYe5tments Llsted Investments are stated at closlng middle market prlce Immediately prior to the end of the finandal year. All movement5 In value are shown in the Statement of FinarKfal Activitie5. Income from Ilsted InYe5tments Is recogni5ed as Income as recefved together any assodated recoverable Incorne tax or tax credit. Realised and unrealised galns are shown separately in the apprwrlate settion of the Statement ol Flnanclal Activitles. 2. INVESTMENT INCOIIE 2023 2022 Divldends Interest. gross 43.088 469 36,311 43,557 36,318 3. GRANTS 2023 2022 Forest Parish Church Friend5 of KGV Great Western Society Guernsry Afjd Norfolk and Norwkh Naturalists S(Kiety Norfolk Wlldlife Twst Rotary club of Guemsey The Suffolk Wildllfe Trust The WTLdllfe Trust 5.000 1.000 5.000 26,500 il grants made in the year were to in5titutlons. None were made to iwtdivtduals (2022: none). Details of grants pald In the correspondiTbg perlod are ayallable on request from the registered addre55 of the Trust. SARNIA CHARITABLE TRUST Notes to th• Flnanclal Statements for the year ended 5 Aprll 2023 4. SUPPORT AND OTHER COSTS Basis af apportion- rnent Charltable actlvlty Total 2023 Total 2022 Governance Independ￿t Examine15 fee Other expenses 011 115 504 11,360 504 13,632 474 13.443 2,272 2,272 11,864 14,136 13.917 Support Costs are apportloned based on tlme costs incurred. No Trustee. or Pers￿ related or connected to them. has received any emoluments or expenses from the charity during the year or the pretedlng years. There are no employee5 IZOZ2: none). 5. INV£STMEi¥rs 2023 2022 Quoted inYe5tments: Market value 6 April 2022 Addltlons Disposals Net reali5ed investment Ilo&sesllgains Net unrealised inve5tment11055e5llgaSn5 Market value 5 Aprll 2023 1.293.733 159.186 1153,056) 30,184 (127.231) 1.202,816 1,233,579 70.671 184,7201 9.739 64,470 1,293,733 UninVe￿ed cash capital 46.453 54.101 1.249.269 1,347,834 Hlstorical Cost at 5 April 2023 1.024,937 988.623 Therewere 9 di5P05als during the year produclng net reali5ed gaFn of £30,184. There are 58 investments constitutinu the Fund lexciuding the ￿Invested cash capltal)". Market value Fixed Interest and 5tock- 18 ho(ding Equities (all based In the UK) - 19 holdlng Equities lovers￿} . 21 holding UnlnvÈsted cash capltal 349,664 334,360 518,792 46,453 28.0 26.8 41.5 1,249.269 10 SARNIA CHARITABLE TRUST Notes to the Flnanclal Statements for the year ended 5 April 2023 6. DE8TORS 2023 2022 Dividends 2,190 1.922 7. CRED￿oR5 2023 2022 Independent Examinerfs Fee Investment Management Fees Accourbtancy Fee5 1,008 1,065 1.764 978 1,093 3.837 8. STATEMENT OF MOVEIAENTS ON UNRESTRicfEO FUNDS Balan 5 Aprll 2022 Expendlture ¥alns & 105se5 Balance 5 April 2023 Incomè Transfer5 Investment Fund General Fund 1,347,834 72,945 (98,565) 98,565 1.249,269 98.884 43.557 1116.183) Total unrestricted fund5 1.420.T19 43.557 {116.183) 1,348,153 Transfers were made between the investment fund and the genÈral fund in order to equate the investment fund value with the value of the Investment portfollo and affwJunt5 Incurred in respect of the general fund suffered by the Investment fund. 9. TAMTION Samia Charitable Trust is a registered tharlty and. as such. Is exempt from tax cffl 5nccffle and gain5 falling within Section 532 ￿A2￿7 or Sectlon 256 TCGA92 to the extent that they are applled to its charitable objectfves. 10. RELATED PARTIES Aggregate amount of donatknis, withrArt condlt10Tr5, recelved frryn related parties amountEd to £Nil (2022: ENII). 11. CONTROLLING PARTY Throughwt the cijrrent and previous perfLwJ, the charlty was not under the control ol any slngle individual or entlty.