The Barnett & Sylvia Shine No 2 Charitable Trust (Registered Charity No. 281821)
Accounts
For the year ended 5 April 2024
The Barnett & Sylvia Shine No 2 Charitable Trust
Trustees Annual Report for the year ended 5 April 2024
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2024. 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 Barnett & Sylvia Shine No 2 Charitable Trust |
|---|---|
| Charity registration no: | 281821 |
| Trustees: | Martin David Paisner |
| Barbara Joan Grahame | |
| Rodney Grahame | |
| Deborah Ann Grahame | |
| Alice Rebecca Grahame | |
| 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 3QG | |
| Reporting accountants: | Mercer & Hole Trustees Limited |
| 21 Lombard Street | |
| London | |
| EC3V 9AH | |
| Bankers: | The Co-operative Bank |
| 80 Cornhill | |
| London | |
| EC3V 3NJ | |
| Investment managers: | Meridiem Investment Management |
| Riverside House | |
| 2a Southwark Bridge Road | |
| London | |
| SE1 9HA | |
| Independent examiner: | Steve Robinson |
| Mercer & Hole LLP | |
| 21 Lombard Street | |
| London | |
| EC3V 9AH |
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The Barnett & Sylvia Shine No 2 Charitable Trust
Trustees Annual Report
for the year ended 5 April 2024 (continued)
Structure, Governance and Management
Governing document: The principal governing document is a Charitable Trust Deed dated 4 December 1980 . Settlor : The Charitable Trust Deed was settled by Barbara Joan Grahame, but the economic settlor was Barbara’s mother, the late Sylvia Shine (who died on 17 November 1978) as the assets derive from her. Assets settled: On 4 December 1980 one half of the assets of the Sylvia Shine Charitable Trust were transferred to the trust. On 1 July 1981 the executors of the estate of the late Sylvia Shine transferred six paintings and a balance of cash, valued at £5,000 in total. All of the paintings have since been sold. 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. 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 appointed Meridiem Investment Management as their investment managers. Meridiem Investment Management 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 control: day-to-day management of the charity. Risk management: At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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The Barnett & Sylvia Shine No 2 Charitable Trust
Trustees Annual Report
for the year ended 5 April 2024 (continued)
Objectives and Activities
| 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 | |
| organisation(s) or object(s) 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: | During the year the trustees have made donations amounting to |
| £40,000 (2023: £26,500). | |
| Financial Review | |
| Financial review: | Total income was £34,899.29 (2023: £27,289) with expenditure |
| amounting to £86,056.65 (2023: £78,166). Net assets at the end of | |
| the year were £2,860,082.03 (2023 £2,545,280). The market value | |
| of investments at the year end was £2,665,749. Movements in | |
| investments are detailed in note 6. | |
| 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. | |
| Future plans: | The trustees’ short-term objective is to continue to make grants, as |
| set out above, for the benefit of charitable bodies. |
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The Barnett & Sylvia Shine No 2 Charitable Trust
Trustees Annual Report
for the year ended 5 April 2024 (continued)
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:
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a) select suitable accounting policies and then apply them consistently;
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b) observe the methods and principles in the Charities SORP 2019 (FRS102);
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c) make judgements and estimates that are reasonable and prudent;
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d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 Charities (Accounts and Reports) Regulation 2008, the Charities Act 2011, and the provisions of the 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.
Signed: .......................................................... on behalf of Trustees
Dated: ...................................
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The Barnett & Sylvia Shine No 2 Charitable Trust
Independent Examiners Report to the Trustees of The Barnett & Sylvia Shine No 2 Charitable Trust
I report to the charity trustees on my examination of the accounts of the Barnett & Sylvia Shine No 2 Charitable Trust for the year ended 5 April 2024 set out on pages 1 to 11.
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 145 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:
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Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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The accounts do not accord with those records; or
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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:
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The Barnett & Sylvia Shine No 2 Charitable Trust
Statement of Financial Activities
for the year ended 5 April 2024
| Note Income and endowments Investment income 3 Total income and endowments Expenditure on: Costs of raising funds Investment management costs 4 Charitable activities 5 Total expenditure Net gains/(losses) on currency exchange Net gains/(losses) on investments 6 Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2024 Unrestricted Funds £ 34,899.29 34,899.29 22,724.65 63,332.00 86,056.65 0.48 365,958.50 314,801.62 314,801.62 2,545,280.41 2,860,082.03 |
2023 Total £ 27,289 27,289 26,299 51,867 78,166 (1) (73,560) (124,438) (124,438) 2,669,718 2,545,280 |
|---|---|---|
All comparative income and expenditure was unrestricted.
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The Barnett & Sylvia Shine No 2 Charitable Trust
Balance sheet
at 5 April 2024
| Note £ £ Fixed Assets Investments at market value 6 2,665,749.00 2,665,749.00 Current Assets Balance with investment managers 222,798.59 Balance at bank 1,070.36 223,868.95 Current liabilities: Amounts falling due within one year 7 29,535.92 Net current assets 194,333.03 Total net assets 2,860,082.03 The funds of the charity: 9 Unrestricted 2,860,082.03 Approved by the trustees on .................…... and signed on their behalf by .................................................. (Trustee). 2024 |
2023 £ £ 2,491,282 2,491,282 62,865 7,895 70,760 16,762 53,998 2,545,280 2,545,280 |
|---|---|
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The Barnett & Sylvia Shine No 2 Charitable Settlement
Notes to the Accounts
for the year ended 5 April 2024
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 are prepared in Sterling which is the functional currency of the charity. Monetary amounts in this financial statement have been rounded to the nearest pence for the current year. The prior year has been rounded to the nearest pound.
b) Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
c) 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.
d) 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.
e) 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 generating 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.
f) Charitable activities
Costs of charitable activities include grants made, governance costs and administration cost in the pursuit of the charitable objects of the charity.
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The Barnett & Sylvia Shine No 2 Charitable Settlement
Notes to the Accounts
for the year ended 5 April 2024
g) Grants payable
Grants payable are charged in the statement for financial activities in the year in which the grant is authorised by the trustees.
h) Cash at bank
Cash at bank is held to meet the day to day running costs of the charity as they fall due.
i) 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.
j) 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.
k) 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 2023 or subsequent cost.
Unrealised gains represent the difference in market value at 5 April 2024 as compared with the market value at 5 April 2023 or subsequent cost.
l) Unrealised gains and losses
Unrealised gains and losses represent the profit by comparing the market value of the investments as at 5 April 2024 with the market value at the beginning of the year.
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 (2023: £nil).
During the year the trust incurred legal fees of £14,008.00 (2023: £10,517) for legal services payable to Payne Hicks Beach LLP. Martin David Paisner is a partner in Payne Hicks Beach LLP.
| 3. Investment income Dividends Interest from investment managers (gross) Bank deposit interest (gross) |
2024 £ 22,418.01 7,451.34 5,029.94 34,899.29 |
2023 £ 25,321 1,891 77 27,289 |
|---|---|---|
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The Barnett & Sylvia Shine No 2 Charitable Trust
Notes to the Accounts
for the year ended 5 April 2024
| 4. Cost of raising funds Custody fee Investment management charges 5. Charitable activities Grants to institutions Aberlour Children's Charity (Scotland) Action for Refugee Blood Cancer UK Become The Charity For Children In Care Calthorpe Community Garden Doorstep Homeless Families Project ENO Development Felix Project Hungary Hearts Dog Lewisham Music Bursary National Autistic Society One-to-One Children's Fund Photographers Gallery Ltd Pumpkins Wildlife The Ehlers-Danlos Society West London Mission Classification of donations Community Development (6) Health (3) Human Services (3) Governance costs Accountant's charges Independent examination fees Legal fees Administration costs Bank charges Total charitable activities 6. Investments Movement in fixed asset listed investments Market value at 6 April 2023 Additions Disposal proceeds Net realised and unrealised investment gains/(losses) Market value at 5 April 2024 Historical cost as at 5 April 2024 |
2024 £ 3,277.46 19,447.19 22,724.65 2024 £ 1,500.00 2,000.00 6,000.00 2,000.00 2,000.00 2,500.00 5,000.00 - 500.00 - 2,000.00 10,000.00 - 1,500.00 5,000.00 - 40,000.00 12,500.00 18,000.00 9,500.00 40,000.00 7,404.00 1,680.00 14,008.00 23,092.00 240.00 63,332.00 2024 £ 2,491,282.00 393,410.86 ( 584,902.36) 365,958.50 2,665,749.00 1,658,035.37 |
2023 £ 3,212 23,087 26,299 2023 £ 1,500 - 7,000 - - 2,000 - 3,000 - 2,000 1,500 5,000 3,000 - - 1,500 26,500 8,000 13,500 5,000 26,500 13,050 1,560 10,517 25,127 240 51,867 2023 £ 2,495,877 544,301 ( 475,336) ( 73,560) 2,491,282 1,727,541 |
|---|---|---|
All investments are carried at their fair value. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
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The Barnett & Sylvia Shine No 2 Charitable Trust
Notes to the Accounts
for the year ended 5 April 2024
The main risk to the Trust from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity manages these investment risks by retaining expert advisors.
| 7. Analysis of liabilities Amount falling due within one year Legal fees Accountants' fees Independent examination fee Investment management fee |
2024 £ 9,360.00 11,784.00 3,240.00 5,151.92 29,535.92 |
2023 £ 3,960 6,660 1,560 4,582 16,762 |
|---|---|---|
8. Control
The trust is controlled by the trustees.
9. Analysis of net assets between funds
| Unrestricted Prior year comparative Unrestricted |
Fixed Assets £ 2,665,749.00 Fixed Assets £ 2,491,282 |
Net Current Assets/ Liabilities £ 194,333.03 Net Current Assets/ Liabilities £ 53,998 |
Total £ 2,860,082.03 Total £ 2,545,280 |
|---|---|---|---|
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.
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