2021-05-31-accounts - Sylvia Wright Trust

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SYLVIA WRIGHT TRUST

Report and Unaudited Financial Statements Year ended 31 May 2021

Charity Registration No.0326139

Shruti Soni Ltd Chartered Certified Accountants 117A St. Johns Hill Sevenoaks TN13 3PE

SYLVIA WRIGHT TRUST

Status: Charity Registration No.0326139 The charity's governing document is the declaration of trust dated 1 June 1982 as amended by supplemental deed dated 4 April 1997. Registered Office: 14 Kings Road Bramhope Leeds LS16 9JN Trustees: Tony Allinson Anthony Craven Gilpin Geoffrey Charles Fuller John Christopher Howley Susan Elizabeth Sanderson Glenn Miller Jean Susan Wilson Peter Woodhead Natasha Mascarenhas Finola Fox Vincent William Gibbons Bernadette Barnes (appointed 5 October 2021) Santha Menon (resigned 17 July 2020) Peter Frank Spratt (resigned 7 Sep 2020) Independent examiner: Shruti Soni FCCA FCIE Shruti Soni Ltd Chartered Certified Accountants 117a St. John's Hill, Sevenoaks TN13 3PE Bankers: Barclays Bank plc and Cater Allen Bank

SYLVIA WRIGHT TRUST

Trustees' Report

for the year ended

31 May 2021

The trustees present their report and the financial statements for the year ended 31 May 2021. This is also a trustee's Report as required by the Charities Act 2011. The financial statements comply with current statutory requirements and the requirements of the Constitution.

OBJECTIVES AND ACTIVITIES

The objectives as set out in the Trust Deed are as follows.

For the trustees for the time being to collect sums of money and to pay or apply the capital and income into the trust fund for such charities or for such charitable purposes and in such proportions and in such manner and subject to such terms and conditions as the trustees may in their uncontrolled discretion determine.

Sylvia Wright Trust continues to raise funds to support charities determined by the trustees of the Trust. During the year under review the principal activities of the Trust have been to raise funds for the support of a school for the hearing impaired, an integrated education and therapy centre for physically and mentally handicapped children, and a nursing training college in Tiruvannamalai, southern India. Further grants have been made to a special needs school, a home for mentally challenged destitute children and a home for destitute adults in the same region.

The trustees continue to have regard to the guidance issued by the Charity Commission on public benefit.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by its constitution, which is its Trust Deed. The charity is an unincorporated charity, managed by its trustees. New trustees are nominated by a current trustee and approved by a majority in the Trustees’ meeting.

ACHIEVEMENTS AND PERFORMANCE

The Trust has continued to support the work of Sylvia Wright in southern India where she has provided excellent education and development to children with hearing impairment over many years in an area with few alternative facilities. She also supports families with physically and mentally handicapped children in a purpose-built facility in the school grounds, meeting a similar need. Her nursing training college continues to thrive. The Trust continues to support the development of the organisation in India.

RESERVE POLICY

Sylvia Wright trust follows a conservative approach to Stock Market Investments for building up its reserves for any unexpected contingencies or obligations.

Trustees believe it has accumulated sufficient reserves on a prudent basis. The charity's primary activity is grant making and other than governance costs it does not have commitments for running expenses.

SYLVIA WRIGHT TRUST

Trustees' Report for the year ended

31 May 2021

FINANCIAL REVIEW

The charity's total income for the year was £170,320 (2020: £139,775). Expenditure was £130,262 (2020: £146,687). Net income before gains on investments for the year stood at £40,058 (2020: net expenditure before losses on investments £6,912). Gain on investments due to an increase in their market value not included in the above was £16,269 (2020: £2,451 loss). At the year end the charity had total reserves of £571,192 (2020: £514,865). Of these £45,391 (2020: £41,163) were restricted and £525,801 (2020: £473,702) were unrestricted. The trustees believe its reserves are adequate to cover the Charity's costs for more than one year.

Going Concern

The trustees are satisfied that the charity will continue as a going concern for the foreseeable future.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees’ Annual 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

a) select suitable accounting policies and apply them consistently;

b) observe the methods and principles in the Charities SORP;

c) make judgments and accounting estimates that are reasonable and prudent;

d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that 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 trust deed. 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. This report was approved by the Board of Trustees on 9th February 2022 and signed on its behalf.

Name: Mr A Allinson, Chairman

Independent Examiner’s Report to the Trustees of SYLVIA WRIGHT TRUST

I report on the financial statements of the company for the year ended 31 May 2021 as set out on pages 6 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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.

Independent examiner's statement

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 Act; or 2. 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
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

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.

Shruti Soni ACCA Date: 10th February 2022

Shruti Soni Ltd ● Chartered CerHfied Accountants 117a St. John's Hill, Sevenoaks TN13 3PE

SYLVIA WRIGHT TRUST

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 May 2021

Unrestricted fund Note £ Income from: Donations and gifts 134,889 Gift aid 20,085 Sale of Christmas cards 8,971 Dividends and bank interest 4,663 Total income: 168,608 Expenditure on: Cost of raising funds Fundraising events cost 710 Printing and postage of Christmas Cards 2,713 Cost of collecting through Gift Aid 234 Direct cost for Charitable activities Grants paid to India 2 110,009 Contribution to Higher Education Fund - Legal and professional fees - Support costs Remuneration 8,500 Travel and accomodation 90 Insurance 635 Website 189 Printing and postage 3,041 Bank charges and Sundry 519 Independent examination fee 1,680 Unrealised loss on forward contract 1,942 Total expenditure: 130,262 Net income/(expenditure) 38,346 38,346 Gains / (losses) on investments 13,753 Net movement in funds 52,099 Reconciliation of funds: Total funds brought forward 473,702 Total funds carried forward 525,801 Net income / (expenditure) before other recognised gains and losses	Restricted fund £ - - - 1,712	2021 Total funds £ 134,889 20,085 8,971 6,375	Unrestricted fund £ 108,377 19,475 5,794 4,652	Restricted fund £ - - - 1,477	2020 Total funds £ 108,377 19,475 5,794 6,129
168,608	1,712	170,320	138,298	1,477	139,775
710 2,713 234 110,009 - - 8,500 90 635 189 3,041 519 1,680 1,942	- - - - - - - - - - - - - -	710 2,713 234 110,009 - - 8,500 90 635 189 3,041 519 1,680 1,942	100 2,516 216 116,977 - 778 8,500 9,574 521 193 3,437 1,175 1,200 -	- - - - 1,500 - - - - - - - - -	100 2,516 216 116,977 1,500 778 8,500 9,574 521 193 3,437 1,175 1,200 -
130,262	-	130,262	145,187	1,500	146,687
38,346	1,712	40,058	(6,889)	(23)	(6,912)
38,346 13,753	1,712 2,516	40,058 16,269	(6,889) (2,073)	(23) (378)	(6,912) (2,451)
52,099 473,702	4,228 41,163	56,327 514,865	(8,962) 482,664	(401) 41,564	(9,363) 524,228
525,801	45,391	571,192	473,702	41,163	514,865

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 9 to the financial statements.

SYLVIA WRIGHT TRUST

Balance sheet

As at 31 May 2021

Note £ Fixed assets: Current assets: 35,617 323,143 358,760 Liabilities: 3,456 525,801 Total unrestricted funds Restricted income funds Unrestricted income funds: Total charity funds Total net assets / (liabilities) The funds of the charity: General funds Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Investments	Note £ Fixed assets: Current assets: 35,617 323,143 358,760 Liabilities: 3,456 525,801 Total unrestricted funds Restricted income funds Unrestricted income funds: Total charity funds Total net assets / (liabilities) The funds of the charity: General funds Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Investments	2021 £ 215,888 355,304 571,192 571,192 45,391 525,801 571,192	£ 3,616 312,830 316,446 1,200 473,702	2020 £ 199,619
				315,246
	358,760 3,456
	525,801
				514,865
				514,865
				41,163 473,702

				514,865

Financial statements were approved by the Board on 9th February 2022 and signed on its behalf by:

Trustee

Name: Mr A. Allinson Date: 09/02/2022

SYLVIA WRIGHT TRUST

Notes to the financial statements

For the year ended 31 May 2021

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared 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) (effective 1 January 2019) - (Charities SORP FRS 102 1A), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK GAAP.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

b) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

c) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

There are no key judgements that the charity has made which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

e) Interest & dividend receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividend is recognised as and when received or when the right to receive has arisen.

f) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

SYLVIA WRIGHT TRUST

Notes to the financial statements

For the year ended 31 May 2021

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

g) Foreign currencies

Transactions in Foreign currency are recorded at the rate ruling on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the balance sheet date. All differences taken to the Statement Of Financial Activities.

h) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Expenditure on charitable activities includes the costs of Grant making and related activities undertaken to further the purposes of the charity and their associated support costs
Support costs include the cost of overall direction and administration of the charity's activities, comprising the overhead costs of the central function.

i) Listed investments and other financial instruments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value is recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity uses other financial instruments like derivatives to mitigate the exchange risk for future foreign currency grant payments. The forward currency contracts are measured at fair value at the balance sheet date using the closing exchange rates for GBP:INR. The change in fair value is recognised in the statement of financial activities

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

SYLVIA WRIGHT TRUST

Notes to the financial statements

For the year ended 31 May 2021

2 Grant and donation making

Grant and donation making
Rangammal Memorial Rehabilitation Society (for furtherance of education) Rangammal Memorial Rehabilitation Society (for the IETC) Satya Special School (for furtherance of education) Sri Arunodayam (for furtherance of education) Little Drops - Vikram House (for relief of poverty) To individuals Bursary for Higher Education To institutions and charities At the end of the year	2021 £ 71,344 31,665 3,000 3,000 1,000 - 110,009	2020 £ 77,310 33,667 3,000 3,000 - 1,500
		118,477

3 Taxation

The charity is exempt from Income tax as all its income is charitable and is applied for charitable purposes.

4 Related party transactions

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

A payment of £8,500 was made to Sylvia Wright as remuneration during the year for her services to the Indian operations of the Charity (2020: £8,500). Sylvia Wright is a related party to the Charity because of her position as Head of Indian Operations. There were no payments made for her medical benefits during the year. (2020: £443).

No payments or reimbursement of travel and subsistence costs were made to any trustees for trustee meetings during the year (2020: £nil)

No trustee or other person related to the charity had any personal interest in any contractor transaction entered into by the charity during the year (2020: nil). The trustees take part in the day to day running of the Charity.

Of the total donations £16,545 (2020: £10,794) has been received from seven (2020: five) trustees during the year. There is no restriction on the use of these donations.

SYLVIA WRIGHT TRUST

Notes to the financial statements

For the year ended 31 May 2021

5 Investments

Fair value at the start of the year Additions at cost Disposal proceeds Net gain / (loss) on change in fair value Fair value at the end of the year	2021 £ 199,619 - - 16,269 215,888	2020 £ 202,070 - - (2,451)
		199,619

Because of the historical nature of these investments, it has been practically impossible to ascertain their historical cost.

Investments comprise:

Shares and stocks listed on the London Stock Exchange Sterling Roll up fund	127,321 88,567 215,888	112,150 87,469
		199,619

6 Debtors

Prepayments Accrued income: Gift Aid Receivable, dividend not banked	2021 £ 12,098 23,519 35,617	2020 £ 216 3,400
		3,616

7 Creditors: amounts falling due within one year

Other creditors Accruals	2021 £ 1,942 1,514 3,456	2020 £ - 1,200
		1,200

SYLVIA WRIGHT TRUST

Notes to the financial statements

For the year ended 31 May 2021

8 Analysis of net assets between funds

Analysis of net assets between funds
Investments Net current assets Net assets at the end of the year Investments Net current assets Net assets at the end of the year	Unrestricted fund £ 215,888 309,913	Restricted fund £ - 45,391 45,391 Restricted fund £ - 41,163 41,163 2021 2020	Total funds £ 215,888 355,304
	525,801		571,192
	Unrestricted fund £ 199,619 274,083		Total funds £ 199,619 315,246
	473,702		514,865

9 Movements in funds

Movements in funds
Total restricted funds General funds Total unrestricted funds Bursary Fund Unrestricted funds: Total funds Restricted funds:	1-Jun-20 £ 41,163	Incoming resources & gains £ 4,228 4,228 168,608 168,608 172,836	Outgoing resources & losses £ -	Transfers £ - - - - -	31-May-21 £ 45,391
	41,163		-		45,391
	473,702		(116,509)		525,801
	473,702		(116,509)		525,801

	514,865		(116,509)		571,192

SYLVIA WRIGHT TRUST

Notes to the financial statements

For the year ended 31 May 2021

9 Movements in funds (continued)

1-Jun-19 £ 41,564	Outgoing resources & losses £ (1,878)	31-May-20 £ 41,163
41,564	(1,878)	41,163
482,664	(147,260)	473,702
482,664	(147,260)	473,702

524,228	(149,138)	514,865

Purpose of restricted funds

The Bursary fund is to provide Bursaries to students in India for higher education

10 Financial commitments

Financial commitments, guarantees and contingencies

The total amount of future financial commitments not included in the balance sheet is £120,686 (2020: The financial commitment relates to forward contracts and the amount due within one year totals £120,686 (2020: £nil)

Financial liabilities measured at fair value

Derivative financial instruments - Forward contracts

The charity entered into forward foreign currency contracts to mitigate the exchange rate risk for future foreign currency grant payments. At 31 May 2021, the outstanding contracts committed to sell £131,649 will mature within 12 months of the year end (2020: nil)

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilises observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:INR.