Sldneysanders Charftable Trust Report of the Trusta•s and HncIal Ststements forthe Ye•r Ended 5 Aprll 2025
SSdney Sanders Charltable Trust Indem to Flnandal Statements for the Year Ended 5 Aprll 2025 Cortents Legal and Administrative Details Tru5tees' Annual Report Independent Examinerfs Report Statement of Financial Artivltles Balance Sheet Notes to the Hnancial Statements 8-12
51dney Sanders Charltable Tiusi ieyl and Admlnlslratlve Detslls forthe Year Ended 5 Aprll 2025 The Sidney Sanders Charltsble Trust was established under a Trust Oeed dated l August 1983 and was subsequentfv approve<l by the Inland Revenue Charity Divlslon. The Trust is re8i5teTed with the Charlty Commission Ire8iStrat¢on number 2876811. Address of Charty. 13 Cotta8e Road Epsom Surrey 199RT Trustees: C Barham Carter Mrs C C Barham Slatter Mrs C M E Warburg Secretary: J S Cushnie Investment Advlsers: Rathbones 30 Gresham Street London EC2V 7QN Independent Examiner: Anthony Kelly FCA 2 Woodberry Close Chiddin8fold Godalming Suryey GU84SF Pa8e I
sidnèy Sanders Charitablè Trust Tru#ee< Report forthe Year Ended 5 Aprll 2025 The Trustees present their report along with the financial statements for the year ended 5 April 2025. 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. MR5JANE BARHAM CARTER The Trustees announce with great sadness the deaih on 8 May 2024 of the Chairman and Trusiee Mrs Ellzabeth Jane Barham Carter. Mr5 Barham Carter was instrumental in setting up the Charitable Trust as it is ioday and worked tirele551y 50 thai the beneficiaries received support and help. OBJECTIVES AND ACTIVITIES Objedives of the Charity The Trust Fund was established for the relief of those persons who are, or have been, enga8ed in the craft, trade or profession of silversmith, goldsmith or horologist and their wives. widows, children and other dependants who are a150 deemed to be aÈÈd. impotent or in need of financial assistance, by making allowan5. grants or loans subject to 5v¢h conditions as the Trustees shall from time to time decide. The TTusiees have fulfslled these objertives by assistin8 such persons who have been in neÈd. and by making grants wrthin the named crafts. They plan to continue In thls way. The legal and administrative Informatlon on page one forms part of this report and sets out the Trustees who served durin8ihe year. Trustees are appolnted by the Board of Tmstees. Grant maklng polky The Trustee5 invite applications for sUPPOrt from people in need of financial a55TrStance who comply with the requirements sel out in the objectNes of the Charity. The Trustees meet regularly to consider the applications, and with the assistance of the Tru51 Visitor. assess the needs and circumstances of the individuals and their dependents. Payments are made to benefi¢iaries for general welfare and for specific individual needs. In addition. the Trustees aim, within their discretion, to provide sponsorship for ai 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 £29,122 was received in the year12024- £31,152) and the Charity realised losses of £943 12024 - £12.5831 resulting ffom Investment disposals and recorded an unrealised loss of £7,33212024 gain of £15.5791 on the revaluatlon of investments to market value on 5 April 2025. Durin8the year, thecharity paid £21,72512024- £21,914lforgeneral welfareof people in financial need to 5 individuals 12024 81. The Sidney Sanders Prize was awarded to one student at the West Dean College totalling £150 12024- £1501. One additional Brant of £85012024- £5,500) was made in the year. FINANCIAL REVIEW Financial revlew and Investment pol The Trust Deed authorises the Trustees to make and hold investments usin8 the funds of the Charity. There are no restrictions on the Trustees, power to invest. The investments are managed by Rathbones on a discretionary basi5 and quarterly reports are made to the Trustees. Future investment strategy is agreed by Ihe Trustees and takes account of income requirements, risk profile and the investment manager's view of market prospect5 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 wilh 3 view to ensuring thatthe overall yield from capital appreciation and income exteeds inflation over a f¢ve-year period. At the interim reporting period5 the Trustees receive a statement showing thè performance ol the funds relative to major market indices. Whilst it ha5 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 operatlng for the foreseeable future. Page 2
Sidney Sanders Char5table Trust Trustee5' Report for the Ye•r Ended S April 2025 Reserve5 poIIcv It is the policy of the Charity to maintain vnrestrirted funds, which are the free reserves of the Charity, at a level equivalent to the investments required to produ a yield sufficient to meet the objectTrve5 of the Charity- Risk mana8ement The Trustees have examined the rnajor strategic, business and operational risk5 that the Charity faces and confirrn that systems have been established to mitigate those risks. PUBLIC BENEFIT The Trustees confirm that they have ¢omplied with the duty in Section 1711) of ihe Charities A¢t 2011 to have due re8aTd to the Charity Commission's general guidance on public benefit. The benèficiarie5 of the Charity are those persons who are, or have been. associètèd with the craft of silversmith. goldsmrth or horologist and their dependènts. The Charity benefits the publit by providing financial asslstance to the aforementioned beneficiaries. The Charity also provides sponsorship to individuals studying the crafts of horo108y 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 Methodsi polldes and procedures for re¢rultment. appolntment. Snductlon and traininB of Trustees The Trust Deed provides for a minimum number of Trustees and where there is a requiremènt for new Trustees these would be identified and appointed by the current Trustees. The curTent Trustees are responsible for the induction of any new Trustee which involves awareness of a Tru5tees' 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 yearfs annual report and a¢tounts and a copy of the Charity Commission leaflet'The Essential Trustee.. Whai You Need to Know.. INDEPENDENT EXAMINER A resolution for the appointment of Mr A Kelly FCA is to be prop05ed at the forthcoming Annual General Meeting. Ib1911 Slgned on bepf of the Trustees on............................ C Barham Carter PaBe 3
Sldney Sanders Charltable Trust Independent Examlner's Report Independent Emamlner's Report to the TYustee5 01 Sldney sanders Charltable Trust I report On the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 6 to 12. Respectlve responslbllltles of Trustees and examlner The Charity's Trustees are responsible for the prèparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under section 144121 of the Charlties Act 2011 (the 2011 Act) and that an independent examination is needeil. Having satisfied myself that the charity is not subject to audit and Is eligible for independent examination, it is my responslbility to.. examlne the accounts vnder section 145 of the 2011 Act; follow the procedufe5 laid down in the General Directions 8iven by the Charity Commlssion under section 14515llbl of the 2011 Act,. ènd state whether particular matters have come to my attention. Basls of Independent emaminer's statement My examination was Carried out in accordance with General Direction5 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 consideratlon of any unusual item5 or disc105ures 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 oplnion is given as to whether the accounts present a "true and fair vievl and the repoft is limite¢J to those matters set oui in the staternent below. Other Matter5 Your attention is drawn to the fact thai the charity has prepared the accounts (financial statements) in accordante with A¢¢ountin8 and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities PTeparin8 their accounts in accordance with the Financial Reporiing Standard applicable in the UK and Republic of Ireland IFRS1021, second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charlties.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulation5 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 reportin8 periods beginning on OT after l January 2019. Independent examlner'5 Statement In connection with my examination. no matter h3$ come to my attention: which give5 me reasonable cause to believe that, in any material respect, Ihe requirements: to keep accountin8 records in accordance with section 130 of the 2011 Act.. and to prepare accounts which accord with the attounting record5 and comply with the actounting requirements of the 2011 Act have not been met,. or Page 4
Sldney Sanders Chafltsble Trurt Independont Examln•r's R•port to whlch, In my opinion, attentlon should be drawn in order to enable a proper understanding of ihe accounts to be reached. Anthony Kelly FCA 2 Woodberry Close Chiddingfold Godalmln8 Surrev GU84SF Dated:........ Pa8e 5
sidney S•nder5 Charltable Trust ststement of Flnandal Actlvltles for the Year Ended 5 Aprll 2025 Notes 24 INCOMING RESOURCES Investment income 29,122 31,152 Total IncomSn8 resources 29,122 31,152 RESOURCES EXPENDED Charitsble expendlture Payments to beneficiaries Support costs Management and administratlon 22,725 27.564 3.600 16,089 15,771 42,096 47,253 Cost of yneratln8 fund5 Investment managers. fee 8,197 T•)tsl resource5 expended 50,504 55.450 NET EXPENDITURE 121,3821 124.2981 Unreali5ed loss on revaluations on investment assets 17,3321 15,579 Reallsed1105sesllgains on disposals of Investment assets 19431 {12,5831 NET MOVEMENT IN UNREsTricfED FUND 129.6571 121,3021 Unrestricted fund balance at 6 April 2024 915,883 937,185 UNResTRicfED FUND BALANCE AT S Aprll 2025 886,226 915,883 The notes on pa8es 8 to 10 form part of these financial statement5. Page 6
55dney Sanders Charltsble Trust Balance Sheèt At S Aprll 2025 2025 2024 FIXED ASSETS Investments 871.177 889,CQ3 CURRENT ASSErs Cash at bank and In hand 17,649 29,474 CREDITORS: Amounts falllng duewlthSn one year 12,60)) 12,6001 NET CURRENT ASSETS 15.049 26,874 NET ASSETS 886,226 915,883 FUNDS Unrestrlcted fund 886,226 915,883 ! b.[912( Approved by the Board of Trustees on........ . and Signed on its behalf by: C 8arham Carter Trustee Mrs C C Barham Slatter Trustee The notes on pages 8 to 10 form part of these financlal statements. P?8e 7
Sidney Sanders CharltableTrust Note5 to the Financial Statements for the Year Ended S April 2025 ACCOUNTING POUCIES •) Accountlng con¥ent5on The financi31 statements have been prepareil wlth the Staternent of Recommended Practice.. Accounting and Reportin8 by Charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republit or Ireland IFRS 10215etond 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 Accepted Practice as It applies from l January 2019. The accounts lfinancial statements) have been prepared to give a 'true and fair, view and have departed from the Charities IActounts and Reports) Regulations 2Cx)B only to the extent required to provlde a 'true and fair view.. This departurè has involved following the Accounilng and Reportin8 by Charities pfÈparing their a¢counts in accordance wTrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 second edition issued on 17 October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effeaive from l April 2005 which has since been withdrawn. bl Investment Income The Trust derives its income from dlvidends and interest feceived from investments in the year. Investment intome is credited to the Statement of Financial Activities in the perlod in which the Charity is entitleil to receipt and Is shown inclusive of tax clt transitional relief. cl Resour$ expended Expenditure 15 included on an accruals basi5 and iftclusive of irrecoverable Value Added Tax. Payments to beneficiaries are charged to the Statement of Financial Activitie5 in the period in which the grant or sponsorship is approved by the Trustees. Wherethe Trustees have expressed their intèntion to pay future amounts. these are only included as liabilsties 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 need5 of these appllcants. Management and admlnlstratlon costs comprise costs for the runnin8 of thecharity itself as an organisation. Fixed asset5 Wlth a short useful economic life are written off In the year of acquisition and included withln management and administration costs. dl Fixtd asset Investments Investments are shown in the Balance Sheet at market value. Any gain or loss arising on Tevaluation or disposal is taken to the Statement of Financial Artivities. el Taxatlon The Trust is registered as a Charity and is not liable to taxalion. Fund attountlng Unrestricted funds cornpri5e thosefunds which theTrustee5 are freeto use in accordan with the Charitls objectives. gl Credltors Pafdble wtthln one year Creditors With no stated interest rale and payable wiihsn one year are recorded ai transactlon pri. INVE5NENT INCOME 2025 2024 Net dividends and interest 29,122 31,152 Page 8
Sldney Sanders Charftable Trust PlotQ5 to th FSnan¢lal St•tements torthe Year Ended 5 Aprll 2025 PAYMENTSTO BENEFICIARIES 2025 2024 The amounts payable In the year comprise: Indlvlduals: 111 Payments lo beneficiarles for the general welfare of people In financial need whose ci*cumstan¢es comply. with the Charity's objertives 5 8rants12024- 81 21,725 21,914 lill Sponsorship for the training of a person engaged in the craft. trade or professlon of sllversmlthi 8oldsmllh or horolo8iSt 12024- 1 peTsonl 5.500 11111 Equlpment sponsoring 850 Ilvl Sldney Sanders Prize 150 150 22,725 27.564 SUPPORT cosrs 2024 2023 Trust visitor costs 3,600 3,600 MANAGEMENT ANDADMINISTRATION 2024 2023 Telephone, postage and stationery Sundry expenses Trust setretary fees Accountsncy fees 441 730 12,000 2,600 452 1,037 12,OCQ 2,6CI) 15,771 16,089 There are no highly pald staff. Page 9
Sldney nderS Charltable Trust Notesto the FInancl Ststements for the Year Ended 5 Aprll 2025 TRUSTEES. REMUNERATION AND REIMBURSED EXPENSES TheTrustees received no remuneratlon fromthe Charitydurlngtheyear. Reimbursed travel expenses of £Nil were pald during the year12024- £Nill. FIXED ASSET INVESTMEP Ail the Investments are held primarity for ?n Investment return. 2025 2024 Quoted Imiesimenis Market value at 6 April 2024 Add: Acqui51tlons at cost Less- Disposals at book value Unrealised Ilossllgaln on revaluation 889,C*)9 918,927 166,285 215.372 1176,7851 1260.8691 17,3321 15,579 Market valve at 5 Aprll 2025 871,177 889,Ll)9 TOTAL FIXEO ASSET INVESTMENTS 871,177 889,009 Hlstorlc cost at 5 Apfil 2025 735,862 747.267 Reallsed loss on disposals Proceed5 of sale Cosl of Investments 501d 175,842 247,837 1176,7851 1261.2461 19431 113,4091 CREDITORS,. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals 2.6C Page 10
Sldney Sand•rs Charltable Trusl Not•sto t FInIla1 5tstements lor the Year Ended S Aprll 2025 MOVEMEMf IN FUNDS- CURRENT YEAR Net movement In fvnds At 06.04.24 At 05.04.25 Unrestrkted funds General fund 915,883 129,6571 886,226 TOTAL FUNDS 915,883 129,6571 886.226 Net movement In funds, Included in the above are as follows: Incoming Reso(tr¢eg Resources expended Net1055 on investments Movement In funds Unrestrl¢ted fund$ General fund 29,122 150,S041 18.2751 129,6571 TOTAL FUNDS 29,122 150,5041 18,2751 129,6571 MOVEMENT IN FUNDS- PRIOR YEAR Net movement in funds At 06.04.23 At 05.04.24 Unrestrl¢ted funds General fund 937,185 121,3021 915,883 TOTAL FUNDS 937,185 121.3021 91S,883 Net movement in funds, included In the above are as follows.. Incomlng Reso(trceg Resources expended Net gain on investments Movement In funds Unrestrl¢ted funds General fund 31,IS2 155,4501 2,996 121,3021 TOTAL FUNDS 31,152 155.4501 2,996 121,3021 Page 11
Sldn¢y Sanders Ch•rltabl• Trust Notes to FlnancSal Statements for the Year Ended 5 Aprll 2025 10. CONTROLUNG PARTY The Trust Is controlled by the Board of Trustees. Pa8e 12