Sldn•y Sand•rs Ch•rl¢ableTru51 Report olthe Truste•s •nd Flnanclal Ststements for the Year Ended 5 Aprll 2024
Sldney Sand•r5 Ch•rlt•bl• TNst Index to Flnan¢lal Statements forihe Year Endqd 5 Aprll 2024 Contents Legal and Admlni5trative Detalt5 Tru5tees' Annual Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Flnancial Statements 8-12
Sldney Sanders Charltable Trurt Le8al and AdmSnlstratl¥e Detalls for the Year Ended 5 Aprll 2024 The Sidney Sanders Charitable Trust was established under a Trust Deed dated l August 1983 and was subsequently approved by the Inland Revenue Charity Division. The TTU5t is re8lStered wSth the Charity Commi55ion Ire8iStration number 2876811. Address of CharFty: 13 Cotta8e Road Epsom Surrey KT19 9RT Trustees: C Barham Carter Mrs C C Baiham Slatter Mrs CM E Warburg Secreiary: J S Cushnle Imiestmenl Advlsers: Inve5tec Wealth & Investment Ltd 30 Gresham Street London EC2V 7QN Independent Examln•r: Anthony Kelly FCA 2 Woodberry Close Chlddlngfold Godalmlng Surrev GU8 4SF Page I
SSdney Sar)ders Charitable Trust Trustèes, Report for the Year Ended S Aprll 2024 The Trustees present their report along with the financial statements for the year ended 5 April 2024. The financial statement5 have been prepared in accordance with the accounting policies set out on page eight and comply with the Trust Deed and applicable law. MRSJANE BARHAM CARTER The Trustees announce with Breat sadne55 the death on 8 May 2024 of the Chairman and Trustèe Mrs Elizabwh Jane Barham Carter. Mrs Barham Carter was instrumental in setting up the Charitable Trust as it is today and worked tirelessly so that the beneficiarie5 received 5UPPOrt and hèlp. OBJECTIVES AND AcnviTIES Oblectlves 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. Boldsmith or horologi5t and iheirwives, widows. children and other dependants who are also deemed to be aged, impotent Of in need of financial a5SlStance, by making allowances. grants or loans subject to such conditions as the Trustees sha51 from lime to time decide. The Trustees have fulfilled ihe5e objectives by assisting such persons who have been in need, and by makin8 8rant% within the named crafts. They plan to continue in this way. The legal and adminlstrative information on page one form5 part of thbs report and sets out the Trustees who served duringthe year. Trustees are appointed by the Board ol Trusiees. Grant makin8 polic The Trustees invite applications for support from people in need of financial assistance who comply with the requirements set out in the objective5 01 the Charity. The Trustees meet regularly to consider the applications, and with the a5SIStan of the Trust Visitor. assess the rbeed5 and circumstances of the individuals and their dependents. Payments are made io beneficiaries for 8eneral welfare and for speeifie individual needs. In addition, the Trustees aim, within their discrelion, to provide sponsorship for at least one individual each year wilh fees at West Dean Collège. Chichester, West Sussex in the study of horo108y and fine metal work. ACHIEVEME14TS AND PERFORMANCE Investment income totalling £31,152 was reIved In the year12023 £27,279) and thè Charity realised losses of £13,40912023 £23.69] gain) resulting from investment disposa5s and recorded an unrealised gain of £1S,57912023 loss of - £89.2041 on the revaluation of investments to market value on 5 April 2024. Durin8the year, the Charity paid £21.91412023- £24,450) for general wellare of people In financial need to8 individuals 12023 - 91. The Sidney Sander5 Prize was awarded to one student at the West Dean Colle@e totalling £150 12023- £1501. One additional 8rant Of £5.50012023- £5.0001 was made to one student in ihe year. FINANCIAL REVIEW Financial review and Investment polkv The Trust Deed authorises the Trusiees to make and hold investments Using the funds of the Charity. There are no restrictions on the Trustee5' power io invest. The investments are managed by Investec Wealth & Investment Limited on a discretionary basis and quarterly reports are made ro the Trustees. Future investmeDI StrateBy is agreed by the Trustees and takes accounl ol sncome requirements, risk profile and the investment manager's view ol rnarket prospects in the medium term. The strate8y is set within an overall policy which states that the funds are to be investèd in low to medium risk investments with a view to ensurin8 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 io major market indices. Whilst it has been a turbulent period in the financial and equity markets, the Trustees are satisfied that the pefformance of the fund has met their requirernents and progressed in line with markets generally. Funds available are considered sufficient to permit the Charity to continue operating for the foreseeable future. Pa8e 2
Sldney Sanders Charitablè Trust Trustees. Report forthe Year Ended S Aprll 2024 Reserve5 poIIcy It 15 the policy of the Charily to maintain unrestricted funds, which are the free reserves of the Charity, at a level equivalent to the inve5tment5 required to pioduce a yield sufficient to meet the objectlves of the Charlty. Rlsk rnanaÉement The Trustees havè Èxamined the major strategic, business and operational risks that the Charity face5 and confirm that systems have been e5tabli5hed io mitigate those risk5. PUBUC BENEFIT The Trustees confirm that they have complied with the duty in Section 1711) of the Charitie5 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, a55¢xiated with ihe craft of silversrnith, 801dsmith or horologist and their dependents. The Charity benefits the public by providing financial assistance to the aforementioned beneficiaries. The Charity a150 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 de¢line. GOVERNANCE Methodsj polldes and procedure5 lor recrultment, appolntment. Inductlon and tralnlng of Trustees The Trust Deed provides for a minimum number of Trustees and where there is a requirement fo¥ new Trustees Ihese would be identified and appointed by the current Trustees. The current Trustees aye responsible for the inductlon of any new Trustee which involves awareness of a Trustee5' respon5ibilitie5, the governing (locument, adminlstrative procedure5 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 Essentlal Trustee.. What You Need to Know,. INOEPENDENT EXAMINER A resolution for the appointment of Mr A Kelly 1% to be proposed at the forthcomin8 Annual General Meeting. Signed behalf of the Trustee5 On....... C Barham Carter Page 3
Sidney Sanders Charitats Trust IrKlependent Examlner's Report Indepeb)dent Examlner's Report to theTru5tee5 of Sldney Sander5 Charitable Trust I report on the accounts of the Trust for the year endeil 5 April 2024. whith are set out on pages 6 to 12. Respectlve responslbllltles of Trustees and examlner The Charitvs Trusteès are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ithe 2011 Actl and that an independent examination is needed. Having 5atisfiÈd myself that the tharity is not subject to audit and is eligible for independent examination. it is my responsibility to.. examine the accounts undef section 145 of the 2011 Act- follow the procedures laid down in the General Directions given by the Charity Commission under section 1451sllbl of the 2011 Act.. and state whether particular matters have come lo my attention. Basis of independent eMaminer'5 Statemènt My exarnination 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 prèsented with those retords. It also includes consideration of any unusual items or disclosures in the accounts. and 5eekin8 explanatTrOFIS from you as Trustees ¢oncerninB any SLtrch 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 limiled to those matters set out in the siatement below. Other Matters Your attention 15 drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accountitlg and Reporting by Charities.. Statemenl ol Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, sècond edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities: Statement of Recommended Praui¢e Issued on l April 20C15 which is referred to in the extant regulations but has since been withdrawn. We understand that this ha5 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 l January 2019. Independent examlner's statement In connection with my examination. no matter has come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accounlin8 records in a¢¢ordan¢e with section 130 of the 2011 Act- and to prepare accounts which 8¢¢ord with the accounting records and comply wlth the aontIng requirements of the 2011 Act have not been met.. or Page 4
Sldney Sanders Charlt•bl• Trust Independent Examlner's Rwrt to whlch. In my oplnlon, attentlon should be drawn in orderto enable a proper understanding ofthe accounts to be reached. Anthony Kelly FCA 2 Woodberry Ck*5e Chiddlngfokl Godalmin8 SLtrrey GU845F Pagè 5
Sldney S•nders Ch•rftable Trust ststement of Flnandal ArtlvEtSes for the Year Ended S Aprll 2024 Notes 24 202 INCOMING RESOURCES Investment Income 31,152 27,279 Total Incomlng resources 31,152 27,279 RESOURCES EXPENDED Charltabl• •XndItUre Payments to benefldaries Support costs Management and administratlon 27,564 29,600 3,600 15.831 16,089 47,253 49,031 Cost ol generatlng funds Investment managers, fee 8.197 8,675 Total reUrceS expended 55,450 57.706 NEf EXPENOITURE 124,2981 130,4271 UnTealised1055 on revaluations on investment assets 112,5831 189,2041 Realised 8ains on dlsposals of Investment asset5 15,579 23,691 NET MOVEMENT IN UNREsThicfED FUNO 121,3021 195,9401 Unrestrirted fund balance at 6 April 2023 937,18S 1,033,125 UNRESTrICFED FUND BALANCE AT 5 Aprll 2024 915,883 937,185 The notes on pa8e$ 8 to 10 form part of ihese financial statements. Pa8e 6
Sldney Sanders CharStable Trust Balance Sheet At 5 April 2024 Notès 2024 2023 FIXED ASSETS Investments 889,Cl)9 918,927 CURRENT ASSETS Cash at bank and in hand 29,474 20,858 CREDrfoRS'. Amounts fallin8 due wlthin one year I2,6) 12,6(Kll NETCURRENT AET5 26,874 18,258 NEf ASSErs 915,883 937,185 FUNDS Unrestricted fund 915,883 937,185 Approved by the Board of Trustees on .......... artd signed on its behalf bv.. C Barham Carter Trustee Mrs C C Barham Slatter Trustee The notes on pages 8 to 10 form part of these financial statement5. Page 7
SSdney Sanders CharltableTrust Notesto the Flnandal Statements for the Year Endèd 5 Aprll 2024 ACCOUNTING POUCIES al k¢ountlnÈ conventlon The financial statements have been prepared with the Statement of Recommended practi.. Accounting and Reportin8 by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland IFRS 1021 second edition issued on 17 October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally ACpted Practice as it applies from I january 2019. The accounts Ifinan¢ial statements) have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reportsl Regulations 2CQ8 only to the extent required to provide a 'true and fair vie. This departure has involved following the Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reportin8 Standard applicable in the UK 3nd Republic of Ireland IFR51021 second edltlon issued on 17 October 2019 rather than the Accounting and Reporting bv Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. bl Investment Income The Trltst derives its income from dNidends 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 intlusive of tax credit transitional relief. cl Resource5 expended Expenditure is included on an accrua15 basis and intlusive of irrecoverable Value Added Tax. Payments to beneficiarie5 are charged to the Statement of Financial Activities in the period in which the grant or sponsorship is approved by theTrustees. Where the Trustee5 have expressed theTr intention to pay future amounls, these are only included as liabilities where the payments and timin8 are rtaIn. Support costs comprise Costs for providing support and assistance to potential applicants and to aid the Tru5tee5 in the assessment of the needs of these applicants. Management and adrnini5tration costs comprise costs forihe runnlng of the Charity itself as an organi5ation. Fixed assets with a short useful econornic life are writtèn off in the yèar of acquisition and included within management and administration costs. dl Fixed assèt imiÈstments Investments are shown in the Balance Sheet at market value. Any gain or h)ss arisin8 on revaluation or disposal is taken to the Statement of Financial Activities. el Taxatlon The Trust Is reBlstered as a Charity and is not liable to taxation. Fund accounting Vnreslricted fun(15 ¢omprise thosefunds which the Trustees are free to use in accordance with the Charivs objectives. gl Credltors payable wlthln one year Creditors with no stated interest rate and payable within one year ar#recorded al transactlon price. INVESTMENT INCOME 2024 2023 Net dividends and interest 31.152 27,279 Page 8
Sklney Sanders Char5table Trust Notes to the Flnan¢lal Statements forth• Year Ended 5 AprS12024 PAYMENTS TO BENEFICIARIES 2024 2023 The amounts payable in the year comprise.. Indlvkluals: lil Payments to beneficiaries for the general welfare of people in finar¢cial need whose circumstances complv. with the Char5 obje¢tlves 8 grants12023- 91 21,914 24,450 lill Sponsorship for the training of a person engaged in the craft. trade or profession of sllversmlth, goldsmrth or horologist I person12023. 11 5,500 5,C¢)O liiil Sidney Sanders Pflze 150 150 27,564 29,600 SUPPORT COST5 2024 2023 Trust visitor costs 3.600 3,600 MANAGEMENT AND AfJM1141STRATION 2024 2023 Telephone, posta8e and statlonery Sundry expenses Insurance Trust secretary fees Accountsnty fees 452 1,037 381 690 160 12,000 2,600 12,0 2,600 16,089 15,831 There are no highly pald staff. Page 9
Sldney Sand•rs Charltablo Trust Note5 to the Flnan¢lal Ststements for the Year Ended S Aprll 2024 TrUSTEES' REMUNERAnON AND REIM8URSEO EXPENSES TheTrustees received no remuneratlon fromthe Charityduringtheyear. Reimbursed travel expensesof £Nil were id during the year12023- £Nill. FIXED ASSET INVESYMENTS All the investment5 are held primarity for an investment return. 2024 2023 Quoted Imiestments Market value at 6 April 2023 Add.. Acquisitions at cost Le. Disposals at book value Unreallsed 8aln/llossl on revaluallon 918,927 942,881 215,372 2CIJ,694 1260.8691 1135,4441 15,579 189.2041 Market value at 5 Aprll 2024 889,009 918.927 TOTAL FV(ED ASSET ITrlVESTMENTS 889,009 918,927 HlstorSc cost at 5 April 2024 747.267 791,859 Realised gainslllossl on disposals Proceeds of sale Cost of investments 501d 247,837 159,135 1261,2461 1135,4441 113,4091 23,691 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Accrua15 2,600 P3Be 10
Sldney Sanders Charltable Trust Notesto the Financial Statèments for the Year Ended S Apr512024 MOVEMENT IN FUNDS-CURRENTYEAR Nei movement in funds At 06.04.23 At 05.04.24 Unre5trlcted fund5 General fund 937.185 121.3021 915,883 TOTAL FUNDS 937,185 121,3021 915,883 Net movement in fvnds, included in the abovè are as follows.. Incoming Resources Resovrces expended Net gain on investments Movement in funds Unrestrlcted funds General fund 31,152 155,4501 2,996 121,3021 TOTAL FUNDS 31.152 155.4501 2.996 121.3021 MOVEMENT IN FUNDS- PRIOR YEAR Net movement in funds At 06.04.22 At 05.04.23 Unrestrlcted funds General fund 1,033,125 195,9401 937,185 TOTAL FUNDS 1,033,125 195,9401 937,185 Net movement in funds, included in the above are as follow5.' Incoming Resources Resources expended Net gain on investments Movement in funds General fund 27,279 157,7061 165,5131 195.9401 TOTAL FUNDS 27.279 157,7061 165,5131 195,9401 Page 11
Sidney Sanders Charltable Trust Notesto the Flnandal Statements for Year Ended S Aprll 2024 10. CONTROLLING PARTY The Trust is controlled by the Board of Trustees. Page 12