## **THE SEARLE CHARITABLE TRUST**
## **REPORT AND STATUTORY ACCOUNTS**
**YEAR ENDED 5 APRIL 2022**
**Registered Charity Number 288541**
## **THE SEARLE CHARITABLE TRUST**
## I N D E X
## **Year ended 5 April 2022**
||**Page**|
|---|---|
|Report of the Trustees|2|
|Independent Examiner’s report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7|
|Appendix: Investment portfolio (not filed with Charity Commission)|12|
1
## **THE SEARLE CHARITABLE TRUST**
## R E P O R T O F T H E T R U S T E E S
## **Year ended 5 April 2022**
The Trustees present their annual report and accounts of the Charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements. The statements comply with the Charity’s Trust Deed, the Charities Act 2011 and the 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 (SORP FRS 102) (effective 1 January 2019).
## **Structure, governance and management**
The Trust was constituted on 14 January 1982, and is governed by the Trust Deed. The Trustees who served during the year are shown in the ‘Reference and administrative details’ section below. New Trustees may be appointed by the existing Trustees by virtue of a power contained within the Trust Deed. All Trustees give of their time freely and no Trustee remuneration was paid in the year.
The Trustees consider that the principal risk facing the Trust continues to be the variability of investment returns from the Trust’s investments. The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that appropriate measures have been taken to protect it from them as far as possible.
## **Objectives and activities for the public benefit**
The object of the Charity, under the terms of the Trust Deed, is to make donations to any charitable body, association or organisation at the discretion of the Trustees.
The Trust Deed provides that the income and (at the Trustees’ discretion) the whole or part of the Trust fund be applied for charitable purposes.
The Trustees having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011 consider that the purpose and activities of the Charity satisfy the requirements of the public benefit test set out in section 4 of the same act.
## **Organisation**
The Charity is governed by its Trustees who may exercise all the powers contained within the Trust Deed.
In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares, investments and property in any part of the world as they see fit. The Trustees appointed Aberdeen Standard Capital as investment managers on a discretionary basis to invest for a balanced return of income and capital growth in the long term.
## **Financial review**
In total, funds increased by £328,474 in the year to £8,036,321 (2021 - increased by £1,851,308 to £7,707,847).
The Trustees make donations and grants on a discretionary basis. The Trustees have continued with their policy of supporting the Rona Trust. During the year the Trustees made grants of £60,800 to the Rona Trust (2021 - £52,200).
## **Reserves policy**
At 5 April 2022 there was £891,380 of undistributed income (2021 - £807,918). The Trustees consider the aggregate level of capital and undistributed income sufficient to meet their objectives, which include a proposed significant donation to the Rona Trust to enable them to purchase a new sail training boat. The Trustees have the power to invest as they think fit any funds not immediately required.
## **Investment policy**
The Trustees’ principal resources arise from investment income. In this regard the Trustees have noted the statutory duty of care required by the Trustee Act 2000 in relation to their holding suitable investments and the need for diversification of investments so far as is appropriate to the circumstances of the Trust. Given the Trustees’ distribution policy their view is that the retention of the excess assets of the Trust in cash pending their distribution reflects suitable investment of the Charity’s funds.
2
## **THE SEARLE CHARITABLE TRUST**
R E P O R T O F T H E T R U S T E E S
## **Year ended 5 April 2022**
## **Reference and administrative details**
**Settlor** Andrew Donald Searle **Date of settlement** 14 January 1982 **Charity registration number** 288541 **Trustees** Andrew Donald Searle Victoria Caroline Searle **Registered address** c/o Dixon Wilson 22 Chancery Lane London WC2A 1LS **Independent Examiner** S M Rose ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS **Investment Advisors** Aberdeen Standard Capital Limited 1 George Street Edinburgh EH2 2LL **Banker** Coutts & Co Campbell’s Office 440 Strand London WC2R 0QS
Approved by the Trustees on 23 March 2023 and signed on their behalf by:
A D SEARLE Chairman
3
## **THE SEARLE CHARITABLE TRUST**
I N D E P E N D E N T E X A M I N E R ’ S R E P O R T
## **Year ended 5 April 2022**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SEARLE CHARITABLE TRUST**
I report to the Trustees on my examination of the accounts of the Trust for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under 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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the Independent Examiner’s statement.
## **Independent Examiner’s statement**
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
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:
1. Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. The accounts do not accord with those records; or
3. 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.
4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP FRS 102).
I have no concerns and have come across no 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.
SUZANNE ROSE ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS
30 March 2023
4
## **THE SEARLE CHARITABLE TRUST**
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
## **Year ended 5 April 2022**
|**Unrestricted Expendable**
**Income Endowment**
**Note**
**Fund**
**Fund**
**Income and endowments from:**
**£**
**£**
_Investments:_
Investment income
2
147,670
-
**Total income and endowments**
147,670
-
**Expenditure on:**
_Raising funds:_
3
Investment management fees
-
43,054
_Charitable activities:_
4
Grants made
60,800
-
Governance costs
3,408
-
**Total expenditure**
64,208
43,054
Net gain on investments
5
-
288,066
**Net income**
83,462
245,012
**Net movement in funds**
83,462
245,012
**Reconciliation of funds:**
Total funds brought forward
807,918
6,899,929
**Total funds carried forward**(page 6)
891,380
7,144,941
|**2022**
**£**
147,670
147,670
43,054
60,800
3,408
107,262
288,066
328,474
328,474
7,707,847
8,036,321
|**2021**
**£**
_118,426_
_118,426_
_37,951_
_52,200_
_4,005_
_94,156_
_1,827,038_
_1,851,308_
_1,851,308_
_5,856,539_
_7,707,847_|
|---|---|---|
The notes on pages 7 to 11 form part of these financial statements.
All amounts relate to continuing operations.
The charity has no recognised gains and losses other than as stated above.
5
## **THE SEARLE CHARITABLE TRUST**
## B A L A N C E S H E E T
## **At 5 April 2022**
|**Note**
**Fixed assets**
Investments at market value
5
**Current assets**
Cash at bank
6
**Current liabilities**
Creditors: amounts falling due within one year
7
**Net current assets**
**Total net assets**
**The funds of the charity**
Unrestricted Income Fund (page 5)
Expendable Endowment Fund (page 5)
**Total charity funds**|**2022**
**£**
7,053,056
999,231
(15,966)
983,265
8,036,321
891,380
7,144,941
8,036,321
|**2021**
**£**
_6,805,707_
_917,559_
_(15,419)_
_902,140_
_7,707,847_
_807,918_
_6,899,929_
_7,707,847_|
|---|---|---|
The financial statements on pages 5 to 11 were approved by the Trustees on 23 March 2023.
A D SEARLE Trustee
V C SEARLE Trustee
6
## **THE SEARLE CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 5 April 2022**
## **1. Accounting Policies**
## **(a) Basis of preparation**
The financial statements have been prepared in accordance 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 of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments. The financial statements are presented in sterling which is the financial currency of the Trust and rounded to the nearest £.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
## **(b) Fund accounting policy**
The Charity comprises an Unrestricted Income Fund and an Expendable Endowment Fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the Charity. Expendable Endowment Funds are capital funds that may be freely converted into spendable income as the Trustees see fit.
## **(c) Income**
Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Dividends and similar income are recognised on the date the Trust becomes entitled to the income. Interest is recognised on an accruals basis.
## **(d) Expenditure and liabilities**
Donations are recognised when the Charity is committed to making the donations. All other expenditure is based on an accruals basis. The Charity has creditors which are measured at settlement amounts.
## **(e) Assets**
Fixed asset investments in quoted shares, traded bond and similar investments are initially recognised at transaction price and subsequently measured at fair value. All realised and unrealised gains are taken to the statement of financial activities.
## **(f) Taxation**
The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its Charitable Objectives.
## **(g) Trustees’ remuneration and expenses**
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind.
7
## **THE SEARLE CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 5 April 2022**
## **2. Investment income**
|**Unrestricted Expendable**
**Income Endowment**
**Fund**
**Fund**
**£**
**£**
UK equities
92,288
-
Overseas
54,881
-
Fixed interest
501
-
147,670
-
|**Unrestricted Expendable**
**Total**
**Income Endowment**
**2022**
**Fund**
**Fund**
**£**
**£**
**£**
92,288
_73,571_
_-_
54,881
_44,422_
_-_
501
_433_
_-_
147,670
_118,426_
_-_
|**Total**
**2021**
**£**
_73,571_
_44,422_
_433_
|
|---|---|---|
|||_118,426_
|
## **3. Raising funds**
|**3.**
**Raising funds**|**3.**
**Raising funds**||||||
|---|---|---|---|---|---|---|
|**Unrestricted**||**Expendable**||**Unrestricted**|**Expendable**||
||**Income**|**Endowment**|**Total**|
**Income**|**Endowment**|**Total**|
||**Fund**|**Fund**|**2022**|
**Fund**|**Fund**|**2021**|
||**£**|**£**|**£**|
**£**|**£**|**£**|
|Investment management fees|-|43,054|43,054|
_-_|_37,951_|_37,951_|
## **4. Charitable activities**
The Charity undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives. Charitable activities relate to the Unrestricted Income Fund only.
|**Grant-funded Governance**
**activity**
**costs**
**£**
**£**
Funded from Unrestricted Income Fund:
Grant making
60,800
3,408
Total
60,800
3,408
**Governance costs**
**2022**
**£**
Bank charges
488
Accountancy fees
2,760
Book-keeping fees
160
3,408
**Accountancy fees payable to the Independent Examiner’s firm as follows:**
**2022**
**£**
- Examination
1,000
- Accountancy
1,760
2,760
|**Total**
**2022**
**£**
64,208
|
|---|---|
||64,208
|
||**2021**
**£**
_445_
_2,760_
_800_
|
||_4,005_
|
||**2021**
**£**
_1,000_
_1,760_
|
||_2,760_
|
(Continued)
8
## **THE SEARLE CHARITABLE TRUST**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 5 April 2022**
|**4.**
**Charitable activities** **(continued)**
**Recipients of institutional grants:**
Rona Trust – London Sailing Project|**2022**
**£**
60,800
60,800
|**2021**
**£**
_52,200_
_52,200_
|
|---|---|---|
The Trustees did not receive remuneration or reimbursed expenses in the year (2021 - £nil).
**5. Fixed asset investments**
|**Unrestricted Expendable**
**Unrestricted**
**Expendable**
**Income Endowment**
**Total**
**Income**
**Endowment**
**Fund**
**Fund**
**2022**
**Fund**
**Fund**
**£**
**£**
**£**
**£**
**£**
**Market value**
At 6 April 2021
-
6,805,707
6,805,707
_-_
_5,017,005_
Additions at cost
-
524,829
524,829
_-_
_144,161_
Disposals at carrying value
-
(302,923)
(302,923)
_-_
_(125,020)_
Unrealised gains
on investments
-
109,094
109,094
_-_
_1,680,343_
Movement in cash balance
-
(83,651)
(83,651)
_-_
_92,218_
At 5 April 2022
-
7,053,056
7,053,056
_-_
_6,805,707_
**Historical cost**
-
2,765,437
2,765,437
_-_
_2,543,531_
**2022**
**£**
**Investments at market value consists of**
UK listed investments
6,793,577
Cash held for investment
259,479
7,053,056
**Reconciliation of realised and unrealised gains/(losses) on investments**
Unrealised gains
109,094
Realised gains
178,972
288,066
The following investment holding is in the opinion of the Trustees material:
**Market value**
**£**
Findlay Park Funds PLC
357,729|**Total**
**2021**
**£**
_5,017,005_
_141,161_
_(125,020_)
_1,680,343_
_92,218_
_6,805,707_
_2,543,531_
**2021**
**£**
_6,462,577_
_343,130_
_6,805,707_
_1,680,343_
_146,695_
_1,827,038_
**Portfolio**
**%**
5.27|
|---|---|
9
## **THE SEARLE CHARITABLE TRUST**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 5 April 2022**
|**6.**
**Cash at bank**
Coutts & Co current account
Aberdeen Standard income account|**2022**
**£**
997,419
1,812
999,231
|**2021**
**£**
_915,819_
_1,740_
|
|---|---|---|
|||_917,559_
|
||||
|**7.**
**Creditors: amounts falling due within one year**
Investment manager’s fees
Accountancy and independent examination fees
Book-keeping and secretarial fees|**2022**
**£**
10,446
5,520
-
15,966
|**2021**
**£**
_10,059_
_4,560_
_800_
|
|||_15,419_
|
## **8. Related party disclosures**
A D Searle is also a Trustee of the Rona Trust – London Sailing Project. Unconditional grants totalling £60,800 (2021 - £52,500) were made to the Rona Trust – London Sailing Project during the year.
## **9. Unrestricted Funds**
|**9.**
**Unrestricted Funds**
**Funds brought**
**forward**
**£**
Unrestricted Income Fund
807,918
Expendable Endowment Fund
6,899,929
7,707,847
|**Incoming**
**Outgoing**
**resources**
**resources**
**£**
**£**
147,670
(64,208)
-
(43,054)
147,670
(107,262)
|**Net**
**funds carried**
**Gains**
**forward**
**£**
**£**
-
891,380
288,066
7,144,941
288,066
8,036,321
|**Net**
**funds carried**
**Gains**
**forward**
**£**
**£**
-
891,380
288,066
7,144,941
288,066
8,036,321
|
|---|---|---|---|
||||8,036,321
|
## **10. Analysis of total net assets between funds**
|**10.**
**Analysis of total net assets between funds**|||
|---|---|---|
|**Unrestricted**
**Expendable**
**Income Endowment**
**Fund**
**Fund**
**£**
**£**
Investments
-
7,053,056
Current assets
896,900
102,331
Current liabilities
(5,520)
(10,446)
891,380
7,144,941
|**Unrestricted Expendable**
**Total**
**Income Endowment**
**2022**
**Fund**
**Fund**
**£**
**£**
**£**
7,053,056
_-_
_6,805,707_
999,231
_813,278_
_104,281_
(15,966)
_(5,360)_
_(10,059)_
8,036,321
_807,918_
_6,899,929_
|**Total**
**2021**
**£**
_6,805,707_
_917,559_
_(15,419)_
|
|||_7,707,847_
|
10
## **THE SEARLE CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 5 April 2022**
|**11.**
**Financial instruments**
**2022**
**£**
Financial assets measured at fair value through income and expenditure
7,053,056
Financial assets measured at fair value through income and expenditure comprise fixed asset investments.|**2021**
**£**
_6,805,707_
|
|---|---|
|||
11