Charity number: 288973
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 16 |
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025
Trustees Michael Sacher Nicola Sacher
Charity registered number 288973 Principal office 101 New Cavendish Street London W1W 6XH Independent Examiner James Newman ACA Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London United Kingdom W1W 6XH
Bankers C Hoare & Co 37 Fleet Street London EC4P 7QN
Page 1
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
The Trustees present their annual report together with the financial statements of the Charity for the period 1 March 2024 to 28 February 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Charity's Trust Deed dated 27 February 1987, as amended on 18 June 2007 and 30 November 2016, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019).
Objectives and activities
a. Policies and objectives
The charity's objective, as set out in the Charitable Trust Deed, is for the trustees to apply capital and income to or towards or for the benefit or furtherance of such charitable purposes or charitable institutions at their absolute discretion.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
During the year the Trust generated income resources of £68,834 (2024: £59,861) which enabled the charity to make 15 (2024:19) grants.
Financial review
The incoming funds were received from the portfolio managed by Investec Wealth & Investment Limited as investment income of £29,834 (2024: £44,961). Alongside rental income of £39,000 (2024: £14,900).
As shown in the statement of financial activities, net gain on investments in 2025 amounted to £115,395 (2024: £28,799 loss). The net increase in funds for the year was £57,426 (2024: £139,055).
a. Reserves policy
It is the policy of the charity to maintain unrestricted funds (free reserves) at a level which, on investment, generates sufficient income to meet annual expenditure and cover management and administration costs and to respond to emergency applications for grants which arise from time to time. In situations where the income is insufficient to meet annual expenditure, the reserves are required to make up any shortfall out of capital.
The unrestricted funds of the charity as at 28 February 2025 amounted to £3,031,264 (2024: £2,968,938)
Page 2
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
b. Grant Making Policy
The trustees' grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.
The trustees reviewed and accepted grant applications during the year under review. During the year the charity made 15 (2024: 19) grants totaling £99,319 (2024: £132,040).
c. Investment Policy
The investment policy of the Trust is to obtain a balanced return from both income and capital growth whilst maintaining sufficient diversification to spread risk. In particular, Investec Wealth & Investment Limited advises the Trustees on their portfolio of quoted investments to achieve a balanced return from income and capital growth.
Structure, governance and management
The Michael and Nicola Sacher Charitable Trust is a registered charity, number 288973, and is constituted under a Deed of Trust dated 27 February 1984.
The trustees who served during the year were:
Mr Michael Sacher Mrs Nicola Sacher
The trustees have the power to appoint new trustees, and any one trustee can retire at any time they see fit. The minimum number of trustees is two. The trustees meet to assess grant applications and to review and accept individual grant applications during the year.
Page 3
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Statement of Trustees' responsibilities
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 which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Deed of Trust. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Date:
Page 4
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
Independent Examiner's Report to the Trustees of The Michael and Nicola Sacher Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 28 February 2025.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 5
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I 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 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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:
Dated:
James Newman ACA
Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London United Kingdom W1W 6XH
Page 6
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2025
| Note Income from: Investments 3 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 68,834 68,834 9,084 117,719 126,803 (57,969) 115,395 57,426 2,973,838 57,426 3,031,264 |
Total funds 2025 £ 68,834 68,834 9,084 117,719 126,803 (57,969) 115,395 57,426 2,973,838 57,426 3,031,264 |
Total funds 2024 £ 59,861 59,861 17,875 152,242 170,117 (110,256) (28,799) (139,055) 3,112,893 (139,055) 2,973,838 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
Page 7
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
BALANCE SHEET AS AT 28 FEBRUARY 2025
| Note Fixed assets Investments 10 Investment property 9 Current assets Debtors 11 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
8,925 44,235 53,160 (5,575) |
28 February 2025 £ 1,183,679 1,800,000 2,983,679 47,585 3,031,264 3,031,264 3,031,264 - 3,031,264 3,031,264 |
9,985 190,094 200,079 (5,575) |
29 February 2024 £ 979,334 1,800,000 |
|---|---|---|---|---|
| 2,779,334 194,504 |
||||
| 2,973,838 | ||||
| 2,973,838 | ||||
| 2,973,838 | ||||
| - 2,973,838 |
||||
| 2,973,838 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Date: Complete 'ACCOUNTS COMPLETION' section
The notes on pages 9 to 16 form part of these financial statements.
Page 8
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. General information
The Michael and Nicola Sacher Charitable Trust is a registered charity (No 288973) and constituted by Deed of Trust. The principle office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (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 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Michael and Nicola Sacher Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
2. Accounting policies (continued)
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
3. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Income from interest, dividends and property | 68,834 | 68,834 | 59,861 |
Page 10
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. Expenditure on raising funds
| Fundraising trading expenses Investment management Foreign dividend tax |
Unrestricted funds 2025 £ 8,640 444 9,084 |
Total funds 2025 £ 8,640 444 9,084 |
Total funds 2024 £ 15,198 2,677 |
|---|---|---|---|
| 17,875 |
5. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Institutions | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Grants | 99,319 | 99,319 | 132,040 |
6. Analysis of expenditure by activities
| Grant Funding Independant examiner's fees Bank charges Premises Cost Legal Fees Repairs Insurance Subscriptions |
Grant funding of activities 2025 £ 99,319 - - - - - - - 99,319 |
Support costs 2025 £ - 2,830 371 8,040 (20) 4,743 1,060 1,376 18,400 |
Total funds 2025 £ 99,319 2,830 371 8,040 (20) 4,743 1,060 1,376 117,719 |
Total funds 2024 £ 132,040 2,758 415 6,540 8,894 191 848 556 |
|---|---|---|---|---|
| 152,242 |
Page 11
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,830 | 2,758 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 28 February 2025, no Trustee expenses have been incurred (2024 - £NIL) .
Page 12
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
9. Investment property
| Valuation At 1 March 2024 At 28 February 2025 10. Fixed asset investments Cost or valuation At 1 March 2024 Additions Disposals Revaluations At 28 February 2025 Net book value At 28 February 2025 At 29 February 2024 |
Freehold investment property £ 1,800,000 1,800,000 Listed investments £ 979,334 138,950 (50,000) 115,395 1,183,679 1,183,679 979,334 |
|---|---|
Page 13
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
11. Debtors
| Due within one year Related parties Other debtors |
28 February 2025 £ 6,965 1,960 8,925 |
29 February 2024 £ 8,025 1,960 |
|---|---|---|
| 9,985 |
12. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
28 February 2025 £ 3,125 2,450 5,575 |
29 February 2024 £ 3,125 2,450 |
|---|---|---|
| 5,575 |
Page 14
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
13. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 28 February | |||
| March 2024 | Income | Expenditure | (Losses) | 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 2,973,838 | 68,834 | (126,803) | 115,395 | 3,031,264 |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 March | Gains/ | 29 February | |||
| 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 3,112,893 | 59,861 | (170,117) | (28,799) | 2,973,838 |
Page 15
THE MICHAEL AND NICOLA SACHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 28 February 2025 £ Fixed asset investments 1,183,679 Investment property 1,800,000 Current assets 53,160 Creditors due within one year (5,575) Total 3,031,264 |
Total funds 28 February 2025 £ 1,183,679 1,800,000 53,160 (5,575) 3,031,264 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 29 February 2024 £ 979,334 1,800,000 200,079 (5,575) 2,973,838 |
Total funds 29 February 2024 £ 979,334 1,800,000 200,079 (5,575) 2,973,838 |
|---|---|---|
15. Related party transactions
As at 28 February 2025 £1,960 (2024: £1,960) was due from the trustees which related to personal membership fees paid by the Trust on behalf of the trustees. An additional £6,965 (2024: £8,025) was due from Lyford (1985) Settlement Trust regarding rental income and Insurance expense.
During the year premises costs of £8,040 (2024: £6,540) were paid to Mungo & Maud Ltd, of which both trustees are directors and shareholders.
Page 16
Virtual Cabinet Portal Digital Signatures
Digital Signature Verification
You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page:
https://www.virtualcabinetportal.com/VerifySignedDocument
Signature Dates and Times
All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page:
http://www.virtualcabinetportal.com/WhatIsUTC
Signature 1
Signed by Michael Sacher using authentication code RFlVVUtKQixlYUhN at IP address 88.97.72.65, on 2025/12/22 16:55:35 Z.
Michael Sacher's e-mail address is: michael@mungoandmaud.com.