Charity number: 326444
THE SOLO CHARITABLE SETTLEMENT
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
THE SOLO CHARITABLE SETTLEMENT
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 14 |
THE SOLO CHARITABLE SETTLEMENT
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
| Trustees | E Goldstein |
|---|---|
| P D Goldstein | |
| D Goldstein | |
| J Goldstein | |
| P Goldstein | |
| T Ward | |
| Charity registered number 326444 Registered office 64 New Cavendish Street London W1G 8TB Bankers Coutts & Co 44 Strand London WC2R 0QS Independent Examiner NJ Newman FCA Harris & Trotter LLP 64 New Cavendish Street London W1G 8TB |
Page 1
THE SOLO CHARITABLE SETTLEMENT
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the financial statements of the The Solo Charitable Settlement for the 6 April 2021 to 5 April 2022.
Objectives and activities
a. Policies and objectives
The trust is a grant making charity that seeks to relieve poverty and suffering and promote education by making grants in response to appeals by registered service providing charities that operate in this area. When considering appeals, the trustees review the applicant is a registered charity and the nature of the appeal to identify those appeals that further its aims and meet the public benefit criteria required by its charitable status. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when considering appeals from service providing charities and in planning future activities. Trustees consider appeals quarterly and make grants on a similar timescale.
b. Grant-making policies
The Trustees meet regularly to consider applications from a wide range of charities. During the period ended 5 April 2022, the trustees have supported charities in a number of areas in line with the charitable objectives of the Foundation as set out above.
The Trustees will continue to make grants to organisations in furtherance of the charity's objectives
Achievements and performance
a. Review of activities
The assets of the charity consist principally of investments and cash which are managed so as to maintain the value of the Trust's Capital Fund while at the same time providing sufficient income to meets its charitable objects. The assets are recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over cost on the restatement at these values is recorded in the Statement of Financial Activities.
During the year, the investment portfolio has retained its value in the opinion of the Trustees.
The results for the year are set out on page 6. To summarise incoming resources totalled £79,981 (2021; £97,700) Charitable grants payable for 2022 totalled £42,900 (2021; £67,800) with grants to 14 organisations (2021; 10). This is in line with the level of activity that the Trustees require and future annual activity is expected to be at a similar level.
The trustees made no further commitments during to the year to 5 April 2022.
At the Balance Sheet date the charitable fund was valued at £6,938,894 (2021; £6,578,445)
The trustees are satisfied that the trust assets are available and adequate to fulfil its obligations.
b. Fundraising activities
During the year the Foundation didn't carry out any fundraising activities and all the income was generated from the investments.
Page 2
THE SOLO CHARITABLE SETTLEMENT
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Achievements and performance (continued)
c. Investment policy
The Foundation holds investments in order to generate returns to help its charitable objectives and to fund future projects. The trustees adopt a prudent investment policy to ensure potential returns are well balanced with the appropriate levels of risk.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Income is generated from the fixed assets held by the trustees. The balance of undistributed income resources at 5 April 2022 totalled £1,977,812. Any undistributed income during the year to earmarked to direct charitable expenditure in the following year.
Adequate provision has been made for future commitments of charitable expenditure.
c. Financial risk management objectives and policies
The trustees have not identified any specific risks that attach to the administration of the Trust.
Structure, governance and management
a. Constitution
The Solo Charitable Settlement was established by a Deed dated 12 October 1983 and is an unincorporated charitable trust.
The trustees consider making grants to a broad range of United Kingdom and overseas charities, where possible concentrating on the relief of suffering and poverty and on education. Claims for individuals are not considered by the trustees. In order to meet the objects of the charity best, the trustees consider appeals quarterly and make their grants on a similar timescale.
During a period of twenty one years from 12 October 1983 the trustees were able to accumulate all of any part of the income as an accretion to the capital of the trust. The period of accumulation ended on 12 October 2004. Accumulated income has been invested to produce capital growth and additional income both of which to enable the trust to increase its charitable activities. The Trustees' investment powers are unrestricted. There are no plans to appoint new trustees and there are no restrictions on the length of time that a Trustee can serve.
Page 3
THE SOLO CHARITABLE SETTLEMENT
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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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 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.
Approved by order of the members of the board of Trustees on 13 January 2023 and signed on their behalf by:
................................................ P D Goldstein
Page 4
THE SOLO CHARITABLE SETTLEMENT
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022
Independent Examiner's Report to the Trustees of The Solo Charitable Settlement ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
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.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
N J Newman FCA
Harris & Trotter LLP Chartered Accountants 64 New Cavendish Street London W1G 8TB Dated: 13 January 2023
Page 5
THE SOLO CHARITABLE SETTLEMENT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Raising funds: Cost of generating funds Foreign exchange Charitable activities: Grants payable Governance cost Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Capital fund 2022 £ - - - - - - - - - 323,987 323,987 4,637,095 323,987 4,961,082 |
Income fund 2022 £ - 79,981 79,981 617 (838) 42,900 840 43,519 36,462 - 36,462 1,941,350 36,462 1,977,812 |
Total funds 2022 £ - 79,981 79,981 617 (838) 42,900 840 43,519 36,462 323,987 360,449 6,578,445 360,449 6,938,894 |
Total funds 2021 £ 4,994 92,706 |
|---|---|---|---|---|
| 97,700 | ||||
| 621 1,921 67,800 2,880 |
||||
| 73,222 | ||||
| 24,478 675,582 |
||||
| 700,060 | ||||
| 5,878,385 700,060 |
||||
| 6,578,445 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
THE SOLO CHARITABLE SETTLEMENT
BALANCE SHEET AS AT 5 APRIL 2022
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Capital fund Income fund Total funds |
2,845 889,915 892,760 (11,247) |
2022 £ 6,057,381 6,057,381 881,513 6,938,894 6,938,894 6,938,894 4,961,082 1,977,812 6,938,894 |
2,845 886,069 888,914 (8,388) |
2021 £ 5,697,919 |
|---|---|---|---|---|
| 5,697,919 880,526 |
||||
| 6,578,445 | ||||
| 6,578,445 | ||||
| 6,578,445 | ||||
| 4,637,095 1,941,350 |
||||
| 6,578,445 |
The financial statements were approved and authorised for issue by the Trustees on 13 January 2023 and signed on their behalf by:
P D Goldstein
The notes on pages 8 to 14 form part of these financial statements.
Page 7
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting policies
1.1 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 Solo Charitable Settlement 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.
1.2 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.
1.3 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
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 8
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting policies (continued)
1.4 Interest 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 institution with whom the funds are deposited.
1.5 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.
1.6 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.
1.7 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.
1.8 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.
1.9 Financial instruments
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.
Page 9
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting policies (continued)
1.10 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.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Donations Total 2021 |
Income fund 2022 £ - 4,994 |
Total funds 2022 £ - 4,994 |
Total funds 2021 £ 4,994 |
|---|---|---|---|
3. Investment income
| Income from local listed investments Investment income - other local unlisted Investment income - cash Total 2021 |
Unrestricte d funds 2022 £ 76,614 3,298 69 79,981 92,706 |
Total funds 2022 £ 76,614 3,298 69 79,981 92,706 |
Total funds 2021 £ 88,468 3,768 470 |
|---|---|---|---|
| 92,706 | |||
Page 10
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
4. Analysis of grants
| Donations made Total 2021 |
Grants to Institutions 2022 £ 42,900 67,800 |
Total funds 2022 £ 42,900 67,800 |
Total funds 2021 £ 67,800 |
|---|---|---|---|
5. Analysis of expenditure by activities
| Income account Total 2021 Analysis of support costs Governance costs - accountancy costs Total 2021 |
Grants to Institutions 2022 £ 42,900 67,800 |
Support costs 2022 £ 840 2,880 Activity 1 2022 £ 840 2,880 |
Total funds 2022 £ 43,740 70,680 Total funds 2022 £ 840 2,880 |
Total funds 2021 £ 70,680 |
|---|---|---|---|---|
| Total funds 2021 £ 2,880 |
||||
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 11
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
7. Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Listed investments £ 5,565,857 35,475 323,987 5,925,318 5,925,318 5,565,857 |
Unlisted investments £ 132,063 - - 132,063 132,063 132,063 |
Total £ 5,697,920 35,475 323,987 |
|---|---|---|---|
| 6,057,381 | |||
| 6,057,381 | |||
| 5,697,920 |
Investments are revalued at fair value at the year end. All investments are held within unrestricted funds.
In the opinion of the trustees, the market value of the unlisted investments would not be materially different from the original cost
Material Investments
The following investments represent more than 5% of the total investment portfolio
| Thesis Headway Income Fund Insight Libor Plus |
2022 £ 4,529,198 349,353 4,878,551 |
2021 £ 4,286,672 350,682 4,637,354 |
|---|---|---|
Page 12
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
8. Debtors
| Due within one year Prepayments and accrued income |
2022 £ 2,845 2,845 |
2021 £ 2,845 |
|---|---|---|
| 2,845 |
9. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2022 £ 2,760 2,727 5,760 11,247 |
2021 £ - 708 7,680 |
|---|---|---|
| 8,388 |
10. Summary of funds
Summary of funds - current year
| Balance at 6 April 2021 £ General funds 1,941,350 Endowment funds 4,637,095 6,578,445 Summary of funds - prior year Balance at 6 April 2020 £ General funds 1,916,872 Endowment funds 3,961,513 5,878,385 |
Income £ 79,981 - 79,981 Income £ 97,700 - 97,700 |
Expenditure £ (43,519) - (43,519) Expenditure £ (73,222) - (73,222) |
Gains/ (Losses) £ Balance at 5 April 2022 £ - 1,977,812 323,987 4,961,082 323,987 6,938,894 Gains/ (Losses) £ Balance at 5 April 2021 £ - 1,941,350 675,582 4,637,095 675,582 6,578,445 |
Gains/ (Losses) £ Balance at 5 April 2022 £ - 1,977,812 323,987 4,961,082 323,987 6,938,894 Gains/ (Losses) £ Balance at 5 April 2021 £ - 1,941,350 675,582 4,637,095 675,582 6,578,445 |
|---|---|---|---|---|
| 6,938,894 | ||||
| Balance at 5 April 2021 £ 1,941,350 4,637,095 |
||||
| Summary of funds - prior year | ||||
| General funds Endowment funds |
||||
| 6,578,445 |
Page 13
THE SOLO CHARITABLE SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Capital fund 2022 £ 4,961,082 - - 4,961,082 |
Income fund 2022 £ 1,096,299 892,760 (11,247) 1,977,812 |
Total funds 2022 £ 6,057,381 892,760 (11,247) 6,938,894 |
|---|---|---|---|
The Income Fund comprises funds generated by the Capital Fund which the trustees are free to use in accordance with the charitable objects.
The Capital Fund represents assets held by the trustees in investments. Income arising from these investments can be used in accordance with the objects of the charity and is included in the income Fund. The Capital Fund is available to meet charitable commitments as the trustees see fit.
The funds are unrestricted.
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Capital fund 2021 £ 4,637,095 - - 4,637,095 |
Income fund 2021 £ 1,060,824 888,914 (8,388) 1,941,350 |
Total funds 2021 £ 5,697,919 888,914 (8,388) 6,578,445 |
|---|---|---|---|
Page 14