Charity registration number 0327648 THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST COMPANY INFORMATION Charity name The Sir Hugh and Lady Ruby Sykes Charitable Tnjsl Charity number 0327648 Registered oiTice The Coach House Brookfield Manor Hathersage Hope Valley Derbyshire United Kingdom S32 188 Trustees Sir Hugh Sykes Lady Ruby Sykes Brian Evans Bankers Ctydesdale Bank plc 88 Wood Street London EC2V 7QQ Fund manager Cazenove Capital Management Limited 12 Moorgate London EC2R 6DA Independant examiner Susanna Cassey Azets Audit Services Laurel House 173 Chorley New Road Bollon BL14QZ THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST CONTENTS Page Truslees, report Independent exarninerfs report Slalement of financial activities BalanGe sheet Noles to the financial slalements THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Iruslees present their annual report and financial statements for the year ended 5 April 2024 and confirm that the financial statements comply with the Charitie5 Act 2011 and Charities SORP. The financial statement comply with the current statutory requirements and with the requirements of Ihe Trusl Deed. Financial review, achievements and perfomiance The results for the year ended 5 April 2024 are summarised as follows.. Total incoming resources were £92,018 {2023- £1C6,780). Investment values reduced in the year. Investments were r&assessed and revised in light of market conditions. Gains of £127,302 were realised in the year {2023. Losses of £84.004) Total donations of £12,600 (2023.. £26,500) were paid out to various instrtutions both locally and nationally during the year. Total costs of managing investments totalled £18.979 {2023= £19.084). Reserves policy The Trustees consider reserves to be the total unrestricted funds after deducting all tangible fixed assets. The present level of ieserve5 is considered adequate to meet the foreseeable costs of resouicing Ihe ch*ity for the ensuing year. Plans for future periods The Trustees aim to maximise investment income to provide funds for charitable purposes in the future. Structure, govemance and management The trust was created by Deed on 31 March 1987. iegistralion number 327648 and the initial charity funds were provided by contributions frorn the k)unders as shown by note 5. The objec15 of the trust shall be the benefit of fvrlherance of tharilable purposes. charitable institutions, charitable foundations or charitable trusts. The Trustees who served during the year and up to the date of stgnature of the ffinancial stalements were.. Sif Hugh Sykes Lady R Sykes Mr B Evans Recruitment and appoinlment of trustees Trustees are appointed in accordance wrth the Charivs Trust Deed. The Trustees as charity trustees have control over the charity. Public Benefits The Trustees confirm that they have complied with the requirements of section 4 of the Charilies Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Risk review The trustees have conducted their own review of Ihe major risks to which the charity is exposed and systems have been established to mitigate those nsks. Exlernal risks to funding relate to the investment policy and this is reviewed regularly. Intemal risks are minimised by the implementats-on of procedures for authorisation of all Iiansactions and to ensure consislenl quality of delivery for all operational aspects of the charity. THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments The Truslees manage the investments of the chaTity with advice from fund managers. Stock market conditions have remianed volatile in the year as a ￿SuIt of global economic Conditic￿$. Investments remain under review with a view to taking advantage of any upturn in stock markets. Dividend income on the Statement of Financial Activities. shows income generated Df £28,330 (2023.. £17,784). Interest receivable on loan notes lotalled £60.829 {2023'. £55.160). The trustee5' report was approved by the Board of Ttustees. Lady R Sykes Trustee 1 November 2024 THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST I report to the trustees on my examination of the financial statements of The Sir Hugh And Lady Ruby Sykes Charitable Trusl for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requiremenls of the Charities Act 2011 (the 2011 Act). The charity's trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 ('the 2011 Act,) and that an ndependenl examination is needed. It is my responsibility to-. examine the financial statement5 under section 145 ofthe 2011 Act". to follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5)Ib) of the 2011 Act. and - to state where particular matters have come to my attention. Independent examinerfs 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 malerial respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial slatements do not accord with those records.. or the financial statements do not comply with the applicable requirements concerning Ihe 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 ￿eW which is not a matter considered as patt of an independent examination. I have no concerns and have come across 110 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 finar)cial statements lo be reached. Susanna Cas$•y Azets Audit Services Fleet House New Road Lancaster LA1 1EZ United Kingdom Dated.. 29 November 2024 THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes INCOMING RESOURCES Incoming resources from generated funds Gifts from Founders Interest on loan notes Bank interest received Dividends received from quoted shares 32,083 55,160 1,644 17,784 60,830 2,714 28,330 Other incoming resources Other income 143 109 Total income 92,017 106,780 RESOURCES EXPENDED Cost of generating funds Investment management Charitable activities Donations made lo other charitable bodies and appeals Governance costs Independant examination fees 18,979 19,084 12,600 26,500 900 864 Total expenditure 32,479 46,448 Net incominglloutgoing) resources before other recognised gains and losses 59.538 60,332 Other recognised gains and losses Realised gainsl(losses} on inveslmenls assets Urbrealised gainsl{losses} on investments assets 4b 4b 4,217 123,085 {21,2431 {62,7611 Net movement in fund5 186.840 (23,672) Fund balan￿S brought forward 2,353,927 2,377,599 Fund balances carried forward 2.540,768 2,353,927 THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Fixed assets Investments 2,335.243 2,192,273 Current assets Debtors Cash al bank and in hand 250 206.139 234 162.284 206.389 162,518 Creditors: amounts falling due within one year (864) (864} Net current assets 205,525 161,654 Totsl assets less Current liabilities 2.540.768 2,353.927 Net assets 2,540,768 2,353,927 Income funds Unrestricted funds 2.540,768 2,353,927 Total funds 2.540.768 2,353.927 The financial slatements were approved by the Trustees on 1 November 2024 Lady R Sykes Trustee THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies 1.1 Basis of preparation The Sir Hugh and Lady Ruby Sykes Charilable Trust is a charitable trLJSt registered in England and Wales. The trusl was created by Deed on 31 March 1987. regislralion number 327648 and the initial charity funds were provided by conlribub.ons from Ihe founders. The registered address of the Charity is Brookfield Manor. Main Road, Hathersage, Hope Valley, S32 1BB. These accounts have been prepared under Ihe historic cost convention with the exception of investments held at fair value. These financial statements have been prepared in accordance with applicable accounting standards. FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a Public Benefrt Entity as defind by FRS 102. The financial statements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to Ihe nearest £. 1.2 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amount5 can be measured reliably. and it Is probable that incorne will be re￿ived. Gifts from the FourKlers are credited directly to this fund. induding the relevant tax credits where appropriate. 1.3 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturilies ol three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.4 Finan¢ial instruments Basic financial assets Basic financial assets, which include debtors and Cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the fulure receipts discounted al a market rale of interesl. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabililieg. induding creditors are inilially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fulure payments discounted at a market rate of interesL Financial liabilities dassrfied as payable within one year are not amortised. 1.5 Fixed asset investments Quoted shares are included at markel value al the balan￿ sheet d21e_ Any gain or loss on revaluation is taken to the statement of financial activities. Loan notes are included at cost. less provision for impairmenl. 1.6 Investment income Dividends, including associated lax credits. are Gredited to the statement of financial adiwties when received. 1.7 Resour¢e$ expended Expenditure is accounted for on an accnjals basis. Governance costs comprise the costs of running the charity and external independent examination fees. THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Fixed asset investments Quoted Loan notes shares Totsl Cost or valuation At 6 April 2023 Additions Valuation changes Disposals 1,309.275 533,314 123.085 (501,432) 883.000 2,192,275 533,314 123,085 (513,431 } (11,999) At 5 April 2024 1.464,242 871,001 2.335,243 The original cost ol quoted shares is £1.309,982 (2023: £1.293,976) All investments are held in the United Kingdom. Loan notes are recorded at cost less provision for impairment, quoted shares are recorded al market value. In addition to the above investments. the Trusvs balance sheet includes cash held as collaleral by investment rnanagers in the sum of £71.695 (2023-. £31.547). Trustees None of Ihe trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Total funds 2024 2023 al Contributions from Founders At 6 April 2023 Gift of shares Gift of cash 2,936.454 2,904,371 32,083 At 5April 2024 2.936,454 2,936.454 bl Other fund At 6April 2023 Net outgoing resources for the year Realised gainsl{losses} on investment assets Unrealised gains/llos5es) on investment assets {582,527) {526,772) 59,539 28,249 4,217 121,243) 123,085 (62,761) At 5 April 2024 1395,686) (582,527) c) Total funds 2,540,768 2,353,927 THE SIR HUGH AND LADY RUBY SYKES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Employees There are no employees of the charity- Net gain$l{losses) on invesknents Unrestricted Unrestricted fund5 funds 2024 2023 Revaluation of investments Gainl(lossl on sale of investments 154,261 4,217 15,297 (21,882} 158.478 (6,5851 Debtors 2024 2023 Amounts falling due within one year. Prepaymenls and accrued income 250 234 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured al fair value through profrt or loss 1,464,242 1.309,273 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 864 864 10 Control The charity is controlled by the trustees. 11 Related party transactions During the year the charity was charged administration costs of £10,800 (2023: £10,800) by Bamford Group Ltd, a company of which Sir Hugh Sykes and Lady Ruby Sykes are directors. which were paid during Ihe year.