**Sidney Sanders Charitable Trust**
**Report of the Trustees and Financial Statements**
**for the Year Ended**
**5 April 2022**
**Sidney Sanders Charitable Trust**
**Index to Financial Statements for the Year Ended 5 April 2022**
|**Contents**|**Page**|
|---|---|
|Legal and Administrative Details|1|
|Trustees’ Annual Report|2 - 3|
|Independent Examiner’s Report|4 - 5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 - 10|
**Sidney Sanders Charitable Trust Legal and Administrative Details for the Year Ended 5 April 2022**
The Sidney Sanders Charitable Trust was established under a Trust Deed dated 1 August 1983 and was subsequently approved by the Inland Revenue Charity Division. The Trust is registered with the Charity Commission (registration number 287681).
**Address of Charity:** 13 Cottage Road Epsom Surrey KT19 9RT **Trustees:** Mrs E J Barham Carter - Chairman C Barham Carter Mrs C C Slatter Mrs C M E Warburg **Secretary:** J S Cushnie **Investment Advisers:** Investec Wealth & Investment Ltd 30 Gresham Street London EC2V 7QN **Independent Examiner:** Anthony Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF
Page 1
## **Sidney Sanders Charitable Trust**
## **Trustees’ Report**
## **for the Year Ended 5 April 2022**
The Trustees present their report along with the financial statements for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on page eight and comply with the Trust Deed and applicable law.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives of the Charity**
The Trust Fund was established for the relief of those persons who are, or have been, engaged in the craft, trade or profession of silversmith, goldsmith or horologist and their wives, widows, children and other dependants who are also deemed to be aged, impotent or in need of financial assistance, by making allowances, grants or loans subject to such conditions as the Trustees shall from time to time decide. The Trustees have fulfilled these objectives by assisting such persons who have been in need, and by making grants within the named crafts. They plan to continue in this way.
The legal and administrative information on page one forms part of this report and sets out the Trustees who served during the year. Trustees are appointed by the Board of Trustees.
## **Grant making policy**
The Trustees invite applications for support from people in need of financial assistance who comply with the requirements set out in the objectives of the Charity. The Trustees meet regularly to consider the applications, and with the assistance of the Trust Visitor, assess the needs and circumstances of the individuals and their dependents. Payments are made to beneficiaries for general welfare and for specific individual needs.
In addition, the Trustees aim, within their discretion, to provide sponsorship for at least one individual each year with fees at West Dean College, Chichester, West Sussex in the study of horology and fine metal work.
## **ACHIEVEMENTS AND PERFORMANCE**
Investment income totalling £29,627 was received in the year (2021 - £30,439) and the Charity realised gains of £21,440 (2021 - £3,365 loss) resulting from investment disposals and an unrealised gain of £31,582 (2021 - £121,934) on the revaluation of investments to market value on 5 April 2022.
During the year, the Charity paid £32,269 (2021 - £37,020) for general welfare of people in financial need to 12 individuals (2021 - 12). The Sidney Sanders Prize was awarded to students at the West Dean College totalling £250 (2021 - £nil). One additional grant of £5,000 (2021- £nil) was made to one student in the year.
## **FINANCIAL REVIEW**
## **Financial review and investment policy**
The Trust Deed authorises the Trustees to make and hold investments using the funds of the Charity. There are no restrictions on the Trustees' power to invest.
The investments are managed by Investec Wealth & Investment Limited on a discretionary basis and quarterly reports are made to the Trustees. Future investment strategy is agreed by the Trustees and takes account of income requirements, risk profile and the investment manager's view of market prospects in the medium term. The strategy is set within an overall policy which states that the funds are to be invested in low to medium risk investments with a view to ensuring that the overall yield from capital appreciation and income exceeds inflation over a five-year period. At the interim reporting periods the Trustees receive a statement showing the performance of the funds relative to major market indices. Whilst it has been a turbulent period in the financial and equity markets, the Trustees are satisfied that the performance of the fund has met their requirements and progressed in line with markets generally.
Funds available are considered sufficient to permit the Charity to continue operating for the foreseeable future.
Page 2
## **Sidney Sanders Charitable Trust**
## **Trustees’ Report**
## **for the Year Ended 5 April 2022**
## **Reserves policy**
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level equivalent to the investments required to produce a yield sufficient to meet the objectives of the Charity.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks that the Charity faces and confirm that systems have been established to mitigate those risks.
## **PUBLIC BENEFIT**
The Trustees confirm that they have complied with the duty in Section 17(1) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.
The beneficiaries of the Charity are those persons who are, or have been, associated with the craft of silversmith, goldsmith or horologist and their dependents. The Charity benefits the public by providing financial assistance to the aforementioned beneficiaries. The Charity also provides sponsorship to individuals studying the crafts of horology and final metal work. The promotion of these skills is considered to be in the interests of the wider community as they are in decline.
## **GOVERNANCE**
## **Methods, policies and procedures for recruitment, appointment, induction and training of Trustees**
The Trust Deed provides for a minimum number of Trustees and where there is a requirement for new Trustees these would be identified and appointed by the current Trustees. The current Trustees are responsible for the induction of any new Trustee which involves awareness of a Trustees’ responsibilities, the governing document, administrative procedures and the history and philosophical approach of the Charity. A new Trustee would receive a copy of the previous year’s annual report and accounts and a copy of the Charity Commission leaflet ’The Essential Trustee: What You Need to Know’.
## **INDEPENDENT EXAMINER**
A resolution for the appointment of Mr A Kelly is to be proposed at the forthcoming Annual General Meeting.
Signed on behalf of the Trustees on 16 June 2022.
Mrs C M E Warburg - Trustee
Page 3
**Sidney Sanders Charitable Trust**
**Independent Examiner's Report**
## **Independent Examiner's Report to the Trustees of Sidney Sanders Charitable Trust**
I report on the accounts of the Trust for the year ended 5 April 2022, which are set out on pages 6 to 11.
## **Respective responsibilities of Trustees and 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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination 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 from you as Trustees 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” and the report is limited to those matters set out in the statement below.
## **Other Matters**
Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) 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), second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
## **Independent examiner's statement**
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 keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
Page 4
**Sidney Sanders Charitable Trust**
## **Independent Examiner's Report**
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Anthony Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF 27 June 2022
Page 5
**Statement of Financial Activities for the Year Ended 5 April 2022**
## **Sidney Sanders Charitable Trust**
|**Notes**
**INCOMING RESOURCES**
Investment income
2
Donations
**Total incoming resources**
**RESOURCES EXPENDED**
**Charitable expenditure**
Payments to beneficiaries
3
Support costs
4
Management and administration
5
**Cost of generating funds**
Investment managers’ fee
**Total resources expended**
**NET INCOME / (EXPENDITURE)**
Unrealised gains on revaluations
on investment assets
7
Realised gains/(loss) on disposals of investment
assets
7
**NET MOVEMENT IN UNRESTRICTED FUND**
Unrestricted fund balance at 6 April 2021
**UNRESTRICTED FUND BALANCE AT 5 April 2022**|**2022**
**£**
**£**
29,627
-
_______
29,627
37,519
3,600
16,030
_______
57,149
9,423
_______
66,572
_______
(36,945)
31,582
21,440
________
16,077
1,017,048
________
1,033,125
________|**2021**|**2021**|
|---|---|---|---|
||**£**
29,627
-
_______
37,519
3,600
16,030
_______
57,149
9,423
_______|**£**
30,439
66,341
_______
37,020
3,900
13,171
_______
54,091
8,821
_______|**£**
96,780
62,912
_______
33,868
121,934
(3,365)
________
152,437
864,611
________
1,017,048
________|
The notes on pages 8 to 10 form part of these financial statements.
Page 6
## **Sidney Sanders Charitable Trust**
## **Balance Sheet**
## **At 5 April 2022**
|**Notes**
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS**: Amounts falling
due within one year
8
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Unrestricted fund
9|**2022**
**£**
**£**
942,881
92,744
(2,500)
_______
90,244
________
1,033,125
________
1,033,125
________|**2021**|**2021**|
|---|---|---|---|
||**£**
92,744
(2,500)
_______|**£**
13,471
(4,500)
_______|**£**
1,008,077
8,971
________
1,017,048
|
||||________
1,017,048
________|
Approved by the Board of Trustees on 16 June 2022 and signed on its behalf by:
Mrs C M E Warburg Trustee C Barham Carter Trustee
The notes on pages 8 to 10 form part of these financial statements.
Page 7
**Sidney Sanders Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## 1. **ACCOUNTING POLICIES**
## **a) Accounting convention**
The financial statements have been prepared with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) second edition issued on 17 October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) second edition issued on 17 October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **b) Investment income**
The Trust derives its income from dividends and interest received from investments in the year. Investment income is credited to the Statement of Financial Activities in the period in which the Charity is entitled to receipt and is shown inclusive of tax credit transitional relief.
## **c) Resources expended**
Expenditure is included on an accruals basis and inclusive of irrecoverable Value Added Tax.
Payments to beneficiaries are charged to the Statement of Financial Activities in the period in which the grant or sponsorship is approved by the Trustees. Where the Trustees have expressed their intention to pay future amounts, these are only included as liabilities where the payments and timing are certain.
Support costs comprise costs for providing support and assistance to potential applicants and to aid the Trustees in the assessment of the needs of these applicants.
Management and administration costs comprise costs for the running of the Charity itself as an organisation. Fixed assets with a short useful economic life are written off in the year of acquisition and included within management and administration costs.
## **d) Fixed asset investments**
- Investments are shown in the Balance Sheet at market value. Any gain or loss arising on revaluation or disposal is taken to the Statement of Financial Activities.
## **e) Taxation**
The Trust is registered as a Charity and is not liable to taxation.
- **f) Fund accounting** Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the Charity’s objectives.
## **g) Creditors payable within one year**
- Creditors with no stated interest rate and payable within one year are recorded at transaction price.
## 2. **INVESTMENT INCOME**
|Net dividends and interest
Bank deposit account interest|**2022**
**£**
29,967
-
_______
29,967
_______|**2021**
**£**
30,438
1
_______
30,439
_______|
|---|---|---|
Page 8
## **Sidney Sanders Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
|3.
**PAYMENTS TO BENEFICIARIES**
The amounts payable in the year comprise:
**Individuals:**
(i)
Payments to beneficiaries for the general welfare of
people in financial need whose circumstances comply0.
with the Charity’s objectives
12 grants (2021 - 12)
(ii)
Sponsorship for the training of a person engaged in the
craft, trade or profession of silversmith, goldsmith or
horologist
1 person (2021 - Nil)
(iii) Sidney Sanders Prize
4.
**SUPPORT COSTS**
Trust visitor costs
5.
**MANAGEMENT AND ADMINISTRATION**
Telephone, postage and stationery
Sundry expenses
Insurance
Trust secretary fees
Accountancy fees
Bank charges (net refund)|**2022**
**£**
32,269
5,000
250
_______
37,519
_______
**2022**
**£**
3,600
_______
**2022**
**£**
362
1,278
160
12,000
2,500
(270)
_______
16,030
_______|**2021**
**£**
37,020
-
-
_______
37,020
|
|---|---|---|
|||_______
**2021**
**£**
3,900
|
|||_______
**2021**
**£**
369
162
140
8,000
4,500
-
_______
13,171
_______|
There are no highly paid staff.
Page 9
**Sidney Sanders Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## 6 **. TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES**
The Trustees received no remuneration from the Charity during the year. Reimbursed travel expenses of £540 were paid during the year (2021- £19).
## 7. **FIXED ASSET INVESTMENTS**
All the investments are held primarily for an investment return.
|**Quoted investments**
Market value at 6 April 2021
Add:
Acquisitions at cost
Less:
Disposals at book value
Unrealised gain on revaluation
Market value at 5 April 2022
**TOTAL FIXED ASSET INVESTMENTS**
Historic cost at 5 April 2022
Realised gains/(losses) on disposals
Proceeds of sale
Cost of investments sold
8.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accruals|**2021**
**£**
1,008,077
229,142
(325,920)
31,582
________
942,881
________
942,881
________
727,950
________
347,360
(325,920)
________
21,440
________
**2022**
**£**
2,500
_______|**2020**
**£**
797,596
244,087
(155,539)
121,934
________
1,008,077
|**2020**
**£**
797,596
244,087
(155,539)
121,934
________
1,008,077
|
|---|---|---|---|
|||________
1,008,077
||
|||________
824,532
||
||_
|________
152,174
(155,539)
________
(3,365)
||
||||_______
**2021**
**£**
4,500
_______|
Page 10
## **Sidney Sanders Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## 9. **MOVEMENT IN FUNDS – CURRENT YEAR**
|||Net||
|---|---|---|---|
|||movement||
||At 06.04.21|in funds|At 05.04.22|
||£|£|£|
|**Unrestricted funds**||||
|General fund|1,017,048|16,077|1,033,125|
||________|________|________|
|**TOTAL FUNDS**|1,017,048
________|16,077
________|1,033,125
________|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
|Incoming
Resources
£
29,627
________
29,627
________|Resources
expended
o
£
(66,572)
________
(66,572)
________|Net gain
n investments
£
53,022
________
53,022
________|Movement
in funds
£
16,077
________
16,077
________|
|---|---|---|---|---|
## 9. **MOVEMENT IN FUNDS – PRIOR YEAR**
|At 06.04.20
Net
movement in
funds
£
£
**Unrestricted funds**
General fund
864,611
152,437
**TOTAL FUNDS**
864,611
152,437|At 05.04.20
£
1,017,048
1,017,048|
|---|---|
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Net gain|Movement|
|---|---|---|---|---|
||Resources|expended|on investments|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|96,780|(62,912)|118,569|152,437|
||________|________|________|________|
|**TOTAL FUNDS**|96,780|(62,912)|118,569|152,437|
||________|________|________|________|
## 10. **CONTROLLING PARTY**
The Trust is controlled by the Board of Trustees.
## **11. RELATED PARTY TRANSACTIONS**
Donations received include £nil (2021 -£64,841) from G S Sanders Charitable Trust, a charity in which Mrs E J Barham Carter was also a trustee.
Page 11