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2023-04-05-accounts

Charity number: 326444

THE SOLO CHARITABLE SETTLEMENT

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

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 2023

Trustees E Goldstein P D Goldstein D Goldstein J Goldstein P Goldstein T Ward Charity registered number 326444 Registered office 101 New Cavendish Street 1st Floor South London W1W 6XH Accountants Harris & Trotter LLP Chartered Accountants 101 New Cavendish Street 1st Floor South London W1W 6XH Independent Examiner NJ Newman FCA Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London W1W 6XH

Page 1

THE SOLO CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their annual report together with the financial statements of the The Solo Charitable Settlement for the 6 April 2022 to 5 April 2023.

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 2023, 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 £100,254 (2022; £79,981) Charitable grants payable for 2023 totalled £69,658 (2022; £42,900) with grants to 12 organisations (2022; 14). 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 2023.

At the Balance Sheet date the charitable fund was valued at £6,789,098 (2022; £6,938,894)

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 2023

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 2023 totalled £2,006,113. 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 2023

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:

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 19 January 2024 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 2023

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 2023.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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.

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 101 New Cavendish Street London W1W 6XH Dated: 19 January 2024

Page 5

THE SOLO CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Note
Income and endowments from:
Investments
2
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 (losses)/gains
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Capital fund
2023
£
-
-
-
-
-
-
-
-
(178,097)
(178,097)
4,961,082
(178,097)
4,782,985		 Income fund
2023
£
100,254
100,254
248
(833)
69,658
2,880
71,953
28,301
-
28,301
1,977,812
28,301
2,006,113		 Total
funds
2023
£
100,254
100,254
248
(833)
69,658
2,880
71,953
28,301
(178,097)
(149,796)
6,938,894
(149,796)
6,789,098		 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

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 2023

Note
Fixed assets
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one
year
8
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
919,225
922,070
(12,257)		 2023
£
5,879,284
5,879,284
909,813
6,789,097
6,789,097
6,789,097
4,782,985
2,006,112
6,789,097		 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

The financial statements were approved and authorised for issue by the Trustees on 19 January 2024 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 2023

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 2023

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 2023

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. Investment income

Income from listed investments
Investment income from unlisted investments
Investment income - cash
Total 2022		 Unrestricte
d funds
2023
£
96,177
3,062
1,015
100,254
79,981		 Total
funds
2023
£
96,177
3,062
1,015
100,254
79,981		 Total
funds
2022
£
76,614
3,298
69
79,981

3. Analysis of grants

Donations made
Total 2022		 Grants to
Institutions
2023
£
69,658
42,900		 Total
funds
2023
£
69,658
42,900		 Total
funds
2022
£
42,900

Page 10

THE SOLO CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

4. Analysis of expenditure by activities

Income account
Total 2022		 Grants to
Institutions
2023
£
69,658
42,900		 Support
costs
2023
£
2,880
840		 Total
funds
2023
£
72,538
43,740		 Total
funds
2022
£
43,740

Analysis of support costs

Governance costs - independent examiner fee
Total 2022		 Activity 1
2023
£
2,880
840		 Total
funds
2023
£
2,880
840		 Total
funds
2022
£
840

5. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 11

THE SOLO CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

6. Fixed asset investments

Cost or valuation
At 6 April 2022
Revaluations
At 5 April 2023
Net book value
At 5 April 2023
At 5 April 2022		 Listed
investments
£
5,925,319
(178,097)
5,747,221
5,747,221
5,925,319		 Unlisted
investments
£
132,063
-
132,063
132,063
132,063		 Total
£
6,057,382
(178,097)
5,879,284
5,879,284
6,057,382

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		 2023
£
4,402,528
338,182
4,740,710		 2022
£
4,529,198
349,353
4,878,551

7. Debtors

Due within one year
Prepayments and accrued income		 2023
£
2,845
2,845		 2022
£
2,845
2,845

Page 12

THE SOLO CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

8. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
-
3,617
8,640
12,257		 2022
£
2,760
2,727
5,760
11,247

9. Summary of funds

Summary of funds - current year

Balance at 6
April 2022
£
General funds
1,977,812
Endowment funds
4,961,082
6,938,894
Summary of funds - prior year
Balance at
6 April 2021
£
General funds
1,941,350
Endowment funds
4,637,095
6,578,445		 Income
£
100,253
-
100,253
Income
£
79,981
-
79,981		 Expenditure
£
(71,953)
-
(71,953)
Expenditure
£
(43,519)
-
(43,519)		 Gains/
(Losses)
£
Balance at 5
April 2023
£
-
2,006,112
(178,097)
4,782,985
(178,097)
6,789,097
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 2023
£
-
2,006,112
(178,097)
4,782,985
(178,097)
6,789,097
Gains/
(Losses)
£
Balance at
5 April 2022
£
-
1,977,812
323,987
4,961,082
323,987
6,938,894
6,789,097
Balance at
5 April 2022
£
1,977,812
4,961,082
Summary of funds - prior year
General funds
Endowment funds
6,938,894

Page 13

THE SOLO CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

10. 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
2023
£
4,782,985
-
-
4,782,985		 Income
fund
2023
£
1,096,299
922,070
(12,257)
2,006,112		 Total
funds
2023
£
5,879,284
922,070
(12,257)
6,789,097

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
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

Page 14