SARNIA CHARITABLE TRUST UNAUDITED ANNUAL REP(RT AND FINANCIAL STATEMEKf5 YEAR ENDED 5 APRIL Z024 CHARrrY NO 281417 SARNIA CHARITABLE TRUST Rewt and Flnandal Statement5 the year ended 5 Aprll Z024 Contents Legal and a(knlnlstrative InfNmatiL Annual Report of the Tru5tee5 Independent Examlner5' Report stat￿nent of Financial Artmtles Balance Sheet Notes fonnlng part of the Flnandal Statements Constltutk Samla Charltable Trust was establlshed under Deed of Trust dated 25 July 1979, followed by a supplemental Deed dated 23 Septémber 1980. The resistered number of the Charity is 281417. Trustees Dr Tlmothy Nigel Dexter Peet Mrs Chrlstlna Vanessa Ellzabeth Benfleld Mrs josephi￿ Apslon Ml55 Catherlne Peet Rcbert Benfleld Trust Admlnlstratt BL)0 LLP. Two Snththill, Birmlnqham, B4 6GA and thls is also the reglstered addre55 of the Trust Independent Examlners Mr R MacLaren of MSchael Dufty Partnershlp Umlted The Counting NO￿e, 61 Charlotte Street. St Paul's Square, Blrmlngham. B3 1PX Bankers Barclay5 Bank PLC, Edgbaston Branch. 38 Hagley Road, BlrniSngham, B16 8NY vestm•nt A¢fvtsors Evelyn Partners, 14th Fic4Jr, 103 Colmore Row, Blrrnlngham, 83 3LI Solldtor5 Shakespeare Martlneau LLP. No 1 Colmore Squ¥e, 8lmilngham, B4 6AA SARNIA CHARITABLE TRUST R•port of the Trustees for the year ended 5 Aprll 2024 The Tr￿lee5 present thefr an￿￿1 report coyerlng the Tn&%¥s actlvltles for the year ended 5 2024. Legal and admlnlstrative Information set out on page 1 fo￿5 Part of thls reporL Hlstrxy. objertlves and actfvltlK of the Trust The Trust wa5 e5tsbllshed under a Deed of Tntst dated 25 July 1979 followed by a SLwlemthtal deed dated 23 September 1980. The ci)JectlYes are 5ummarlsed as being for 8eneral chadtable purpose, no deflned ber*ficlal area. Summary of the actly1￿ undertaken for the public b•neflt The grants made to charitles in the year enable the tharltle5 to meet ￿1r objectives and to provide benefit to the public. The Trijstees have conflrmed tI￿t tfv have referred to the gutdance In the Charfty Commlsslon's general guldarKe public benefit th revievrin8 the Trust's alm5 and obJecifve5 and In plannlng future actfvitles and settlng the 8rant maklng Fdicy for the year. Management and Govemance arranlfflnents The names of t￿ Trwstee5 who have acted durfng year are set ¢xrt on page 1. The Trustees COnd￿t thelr Trust busine55 by means of telephone, correswthce arKI computer cc*nmunications and the Trustees ClYlSTder that regLtsr Trust meetlngs are not require(l. The Trustees are appointed by the Board of Trustee5. New Tntstees receive cople5 of au relevant Trust d￿UMertts and of the Charlty Commls5ion guldance. Appropriate tralnlng Is organ15ed lor the T￿￿tee$. The Trust is administered by an athnini5trator who ts not a Trustee I￿t who is actln8 ￿ behalf of Trustees. Procedures and pollcy lor qrant maklng The objectlves of the Trust are to support from the Income of the Tnfjt by donatlons and subsuiptlons Charitable Institutions arKI objectives at the Truste￿ thscretion. The Trustees have identified an interest in Guernsey based charftable trusts afKi ln nature and vrildllfe ConSe￿at10n, and it Is In these areas that the main support is given. Generally the Trustee5 are not Interested in regional requests fr￿ d￿rf￿es. The Trustees do make donatTons an¢J subscriptions based on thelr own contlnulng Interests. Trustees are generally not Interested In ￿ll￿ted applkatf0r￿ received for grants vthich are, therefore, unlikely to be successful. fv are, however. consldered cn a quarterly ba5?S. Achlevements and perfonnance of the Trust Durln8 the year, a tharftable 8rant was made to 7 charltle5 totalllng £15,3LKJ. Examination of the Schedule of Grants In Note 3 to the financial Statements will show th?t the Trustees have fulfilled the oblertlves of the Tnst by maklng 8rants to charltles Involved In nature and wLdiife consavation and Guemw based charltles of 93% In value of total grants Made. SARNIA CHARITABLE TRUST Report of the Trustees (contlnued) for the year ended 5 Aprbl 2024 Flnandal revlew, Investment pollcy and reserves These acCO￿ts for the year ended 5 Aprll 2024 have been prepared In accordance wlth appilcabie law and Unlted Klngdom Accounting Standards Iunlted Kingdom Generally Accepted Acc(yJnting Practice) and comply with the Statement of Recommended Practlce150RPI Accowtlng and Reportlng by Charttles FR51Q effectfve frorn January 2019, The flnaKial statements are prepared under the historic c05t conventi￿. There have not been any signiflcart changes in the Trust's act)￿tIeS or the manner in v*hich these activities have been carrfed wt. The Income for the year was C47,254 vthich was an irKrea5e of £3,697 on the previou5 year. Details of grants made are d55ciosed on page 2. Support costs, govemance costs and the Investment adYis0rf5 fee amounted to E16.329 12023.. £14,136) and thi5 left a sU￿u5 of £15,62512023: £24.4Z11 for the year to add to the ￿Spent amoint at the beglnnlng of the year of £90,959. The Trustees therefore have unspent Income of £11)6.584 avallable at the year The anticfpated net inccfne for the year endiry 5 Aprfl 2LT14 wtll be £41.OLKI to wthlch can be added Lmspeftt Income of £106,584 from whlth the charitable grants and SLrt>scrfptlons for the year Gin be made. This is a total of £147,584. Tre value of the Investments of tne Trusi increaseo Dy £Oi,lJb I£VLJ: aecrea5e(l LY8,5bg1 of which L52,L129 were Lmrealised galns12023.- £127,231 unreallsed 105sesl and £35,569 were reallsed gain5 {2023- £30,184). The Trustees interkl to retaln the investments to produce incune for grants and not to use investment revaluat10175 for thls purpose. Tr market value of the Investments is reflerted in the aCco￿t5. There wa5 an overall surplus for the year of £103,223 12023.. deficyt of £72.6261 wthlth was deducted from the re5eThes bro{￿t forward from the prevlous year. Under the Deed of Tnst the Tru5tee5 are eM￿Wered to retain ary 7nvestments for as long as in their absolute di5cretlon think flt arHJ mtwlthstanding that by rea50n of such retentlon the investments are not sufficiently diverslfied. The Trurtee5 are a150 empowered to Use the Tnvestments in the Same manner as Income and there is, therefore, no flxed endowment fund and M restrfcted inveStM￿ts. The investment5 of the Trust are held In the name of Smlth and Wlulamson Nomlnees Limited wthlch Is ts approprlate hoidlng company of the Trust'5 Investment advlsors. Q￿rterlY Trust's Investment a0￿rS report In detail on the ￿rforManCe of the investments. The fncrease In the value of the investment5 15 t83,136, a Increase of 7% cLYnpared to the market at 5 Aprll 2023. C￿neral unrestrlcted funds It Is the policy of the T￿￿e¢s, having regard to the speciflc desl8nated fund referred to below, to malntaln the General unrestrlcted fwO5. hthich are the free reseThes of the Charlty. at a level of drca £I0.CQO. S￿h funds may be heid In order to flnance W0￿1n9 ca￿tal In fuktherance of the objertlves of the Charfty. Free reseryes at 5 Aprfl 2024 were C118,971. Deslqmted funds Designated fu¥K55 ar¢ amounts that hayc bccn put aside out of rCStri￿ fund5 at the thscretlon of the Trust¢es for partlcular rAJrposes. The des1gnatlon Is for adminl5trat1￿ purpD5es only arKI doe5 not leyuy restrirt Trustees Iscretlon to apply the funds. The Trustees have created the following deslgnated fund: SARNIA CHARrrABLE TRUST Report of the Trustees (contlnued) for the year ermled 5 Aprfl 2024 Investment furbd To provlde the Inc(Nne necessary to malntaln the Trus¥s tharftable a¢d￿tIes, the charfty requlres a slgnificant capital base and Trustees have malntalned an Tnvestment policy In order to provlde a de8ree of 5tabiliiy and certalnty In Income levels. In the droJnstances the Trustees have created a deslgnated Imiestment f￿d that represents the ltsted Investments held In the d￿rIt￿5 investment portfolio. Details of movements in the fL￿￿S are set wt LM page 11 of the finandal statern￿. The assets refiected In the Balance Sheet are avallabie arKI adequate for the T￿￿teeS to fulfll the obligations of the Charfty. Future plans St is Intended to use the ¢Jescrlbed above to cOntIn￿ the obJectlYes of the Trust, as earller descrfbed, Indefinltely. Thls means that the TrLtstee5 will be lojking to make charltable 8r4nts of clrca £25,(KKI on an annual basi5 of the net Income recelved and addltional 8rants can be made out of the current urtspent income balaKe carrted forward of E1(16,584. Rlsk manalement The Twstee5 have considered the major risks to whith the Charlty Is exposed arKI I￿ve rewewed those rtsxs an established procedures to manage them. Golng c￿￿ern There are no materTal uncertaintle5 at￿rt the Charltys ability to contlnue as a going concem. The twrtees for the purposes of d￿rity law vtho served durirg the year and up to the date of this rewt are set out on pa8e 1. Statemènt of Trustees. responslbllltiès The Charltles Act 2011 rewlres the tNstees to prepare fknancfjal statements for each financial year whfjch comply wbth reguiatlon5 under that Att. The tr￿SteeS are reSF#JnsSbie for keeping accountlng record5 ¥*hich disc105e wth reasonable accuracy at any tlme the financfjal positSon of the Charlty. They are also responsible for safeguard7ng the assets of the Charfty and herKe for taking reasonable Steps for the preventlon and detectlon of fraud and other irreqularitie5. The Law also sets ovt the Trustees. re5pMslbllitiès for the preparation and content of the Tru5tees' Annual Re￿￿rt. Appn)ved by the Board of Trustees and slgned ￿ its behalf by DrTNDPéet Trustee Date: 23rd January 2025 Independent Examlner's Report to the Trustees of the SARNIA CHARrrBALE TRLtsT We rewt to the tntstees on our examinatfon of the accounts ol the Sarnla Charltabie Tnjst frff the year eThJed 5 April 2024. Re5wslbllftlos and basls of r•port As the charity trL￿eeS of the Trust yw are resp￿51b(e for the preparatlon of the accounts In accordarKe wlth the requirements of the Charities Att 2011 {'the Art,). We report In respect of our examlnation of the Trust's accounts carrled ¢wt under sectlon 145 of the 2011 Act and in carrylng out our examlnatlon we have followed all the apFllcable Dlr¢Xtl¢ns glven by the Charlty Comm1$51on under settlon 14515llb) of the Act. Independènt examiner's statement We have completed our examlnatlon. We conflrni that no matedal matters have come to our attentlon In connectfon the examination giving us cause to beLTeve that in any material respect: 1. accl￿nting records were not kept In respect of the TnJ5t as requlred ty section 130 of the Act; or 2. the accounts do rh)t accLYd wlth tlw record5" or 3. the account5 do not comply with the applicatle requirements conceming the form and content of accoun15 set uuc tn the ChdilLIvJ (ALiV￿ll> 4iid fteyos1)> Regdatlons 2008 other than any requtrement that the accounts give a 'true and fair VTe*¥ vthich 15 not a matter considered as part of an Independent examinati(￿. We have no concerns and have come across no other matters In connection the examlnatlcffi to which attention Should be drawn In thls rep￿t in ordw to enable J woper I￿￿erstandIng of the accounts to be reacheent stocks and other listed investments he(d In the charftys Investment portfolio. fjeneral unre5trlcted fuwKl> i¢present UnTC5trirted Income, thich is expenthbie at the discretlon of the Trustees in the furtherance of the obJects of the charfty. SLbch funds may be held In order to finance both worklry capital and capltsl Investment. Incomlnq resource5 All fjnC￿ne 15 reco8nlsed in Stalement of Financlal Actlvities when the condltlon5 for receipt have been met and there 15 a reasonable assurance of receipt. Where a claim for repayment of Income tax has or will be made, such Incorne is grossed LP for the tax recoverable. Investment Income 15 accounted for on an accruats basls. Dlvldends from qts)ted securit5es are accrued when the security is quoted ex-dlv. Grants Grants made by the Trust are charged against Income In the year In whlch ttry are made. Costs of 8eneratln8 funds The c05t of gw*ratln8 funds conslst of investment rrlanagé￿enÈ fees. Charftable actlyltles Costs of charitable actlvltles Include grants made and an apportionment (based on time costs irKuThedl of overhead and sWOrt costs as sknvn in note 4. Support Costs comprise ali costs assodated wtth the general admlntstratlon of ￿ trust In sw)port of the tharitable activities of the charity and are all¢xated to tharltabie actlvitles and qovemance costs on the basis of tlme IwiLurir(l. SARNIA CHARrrABLE TRUST Not￿ to the Flnanclal Ststements for the year en