CHARITY COMMISSION REGISTRATION NUfvIBER: 328596 THE SARGENT CHARITABLE TRUST FINANCIAL STATEMENTS FOR THC YCAR ENDED 31 MARCH 2024 THE SARGENT CHARITABLC TRUST FINANCIAL STATEMENTS For the Yeai- Ended 31 Marctl 2024 Page Ch2ri¢y Informglioii Trustees, Report Iiidepcndeiit Auditor's Report Statement of FinAncial Activities Balance Sliect Statement of Cash Floivs io- 11 Note5 to the Account5 TItE SARGENT CHARrrABLE TRUST FINANCIAL STATEMENTS For the Year Ended 31 March 2024 CHARITY COMMISSION REGISTRATION NUMBER: 328596 TRUSTEES: N G S¢ll'(Jcnt V.4 SJrgeni R A Oiii'y C A Meadoivs .$ W£%.%ely ADDRESS: The Old for2e Faivlcy Gi'eei) 14eiil¢y. on.Tham¢s O.Kfordsliire RG9 6Lk BANKERS: Svenska Handelsbanken Ple Independenr¢ House WilliaTll Str¢e¢ Wind50r Berkshire stA IBA ACCOUNTANTS.. Oury Clark Chartered Accountants Herschel House 58 Herschel Styeet Slough SLI IPG AUDITORS: Loos¥ & Co Souili Sumnieii(115'13 o.xford OX2 7JL THE SARGENT CHARITABLE TRUST TRUSTEES, REPORT For the Year Ended 31 March 20?4 Basi5 of Prep2ration The financiÈl siaremenis have been prepared in accordance witli the accountin policies ser out in th¢ llotes to the accounts nd cofflply witli Il)e charity's governin(* documcnt, the Cl)ariiies Act ?0 I l aiid Accounting and Reportinu by Charities= SraLemenc of Recommended Pi'aclice applicable to charities preparin¢r thEir accounts in accordance with the Financial Reporting Standard 102. Adrninistrative Detyils The trustees, 2$ set out on page l. all acted rhrollghout the year and were still in 0￿1CC on the date (he iru5tees' report wa5 approved, unless as otheThvis¢ 5hoivn. The majoTity of these trustees hold tiEl¢ 10 propety beloiigiiiL7 to th¢ charity gt the Teport approval date. Th¢ names and addresses of rcl¢vant ortsanisalions providinrr bankin¢r services and professional advice to the ¢hariry are listed on page l. Objeets arnd Coverning Documents The objects of the trust are: The preservation, protection and itnprovemenc of any amenity or land rhat may be vested in the charity or is of scientifiq agriculture, horticultural or silvieultural interest. The e5tablishinent of a conservation or fjeld centre or museum for the education and benefit of the oen¢tal public. Asslst or promote any charitable orvanisation or charitable purpose. The advancement of education. Th¢ advancetRent of health or the Savin￿ Df lives. The advancement of the arts. culture, heritatse or scieiice. The advancemeDt of envii'onmerttal protection 01- improveinent. The relief of those in need. by re2son ofage, ill-health, disability. financial hardship or otlier disadvantaoe. Tlie advanoetn¢nt of anifflal welfare. Success is measured by the chariry's abiliry to meet the abov¢ objeciives. The trust is govei'ned by tli¢ tlU5t deed, dated 19111 Mi arch 1990. Activities The activities of tlie rtst include die making of donation5 to other charities and to inv¢5t in and preserve buildings, to ensure it is viabl¢ to tnainiain rhese activities into the future. The trustees have had regard to the Charity Commission5 vuidance on public benefit. A¢hievenient$ and performance Th¢ main achievemenis to date Include Inaking grants LO charitable beneficiari¢5 and aquirinTr land and buildings ro preserve for Ihe fijture. Thc ¢harity doe5 noi have any key p¢rfortnance indic&tors. Organi$atlon and Grant Making Policy The trustees meet on a quarterly basis to adminisrer the cl)arity and y￿se$S Qrallt appli¢ation5. An Admini5Efdtor manages the day-to-day operations of the ¢harily. Th¢ Iruste¢s revi¢w the specific requirement for funds and then approve or refuse grant application5. Tlie trustees monitor and review the application of funds by the recipient Gharities on a regular basis. THE SARGENI. CHARITABLE TRUST TRUSTECS, REPORT For che Year Ended 31 March 2024 Investment Policy The trustees have the power to invest ill 5u¢h a55ets as they see fit. The charity also ITLaintains surpllis liquid fund5 in short.ierm deposits in order to tnake funds available when opportunitie5 ari5¢ to ￿ake rtrants. Reserve5 Policy The charity has adopted a policy of building and maintaining general reserves at a level sufficienr to meet all known liabilities and to provide financial seciiriry for the support of fijlure ctrowth. Funds held ere outlined in note 6 oftheaccouDts. Risk Monagement The trustces actively review the majorrisk5 which the charity faces on a regularbasis. and believe that maintainino res¢rv¢s 2tcurrent level4 coinbin¢d with a rcvular r¢vi¢w of th¢ contro15 ov¢r kcy finallcial 5ySt¢tns, will provide sufficient resources in the event of adverse condi(ions. The principal fundi￿￿ source is Skillbond Ltd and ihe charity con5id¢rs Ihe risk of withdrawal of Ongoin￿ fvndinu to be low. Principal Office of tlie Charity The address of the principal office of ihe charity is as set out on paoe l. Method of Appointment or Election of Trustees Trustees are appointed or elect¢d by r¢501ution of the existing trnstees. There is no policy for the inductTDn and trainino of trustees as the charity does nor believe that any new trustee5 will be appointed in the near future. Statement of Tru5tee5 Re5pousibilitie5 The tylIStees are responsible for preparing financial statemenis for each financial yeai. which give a true and faTr view of the s(ate of affairs of the cliarity and of the swylus or deficit of th¢ Charity for tliat p¢riod. In preparing these fiiiancial sratement5. the trustees are required zo.. Select suitable accounrintr policies and apply them consisrently. Observe the rnethods and principles in the applicable Chariti¢s SORP Make judgements and estimates that are reasonable and prudeni,. Srate whether applicable accountinu Standards have been ftillowed. subject to any mareri81 departures disc105ed and ekplained in the financial stat¢ments; and Prepare the financial statement5 on tlie going concern basis unless it is inappropriare to presume that tlie charity can continue. The trustees are r¢sponsible for keeping proper accountinu record5 which disclose with reasonable accuracy ai aryy lime the Financial position of the charity and to enable tliem to ¢nsuie that the Financial staicmcnts comply with the Trust Deed, th Charities Act 201 l and the relevant Charities SORP. They are also responsible for safeguardiiig the assets of the cliarity and hence for Mkinu reasonable Steps for Ihc Pre￿n[lon and detection vf fraud and orher irrerpularities. THE SARGENT CHARITABLE TRUST TRUSTEES, REPORT For the Year Ended 31 March 2024 Review ofthe Year Rnd Future Developments The trustees are satisfied with the activities during the year. Audit Informotion In 50 far as the tru5te¢5 are aware,. (a) There is no ielevant audir information of which the charity's auditors are unaware: and (b Tlic trustees have taken all steps that they ought to have taken io rnake themselves aware of any relevant udil infonnation and to establish that the auditors are aware of that inforniation. RA Oury- Trustee Dal¢d: y4w@rf2024 INDF.PENDENT AUDITORS. REPORTTO THE TRUSTEES OF THE SARGENTCHARIT.ABLE TRUST For the Year Ended 31 March 2024 Opinion We hLve audited Ihe financial 5tatemenrs of The Saroenr Charitable Trust {tlie"Chariry"), for tlie year ended 3151 March 2024, wl)ich comprise the 5t2tement of financial activitie5, tlie balance 51ieet, the statemcnr of cash flow5, and note5 to (he financial staiernents, including a SUT￿￿ary of sitsnifIcant accountino policies. The financial reporting fram¢w'ork that has been applied in their pieparation is applicable law and United Kintsdon7 Accounting Standard5, incILtdinrT Financi81 Reporting Srandard 102.. The Financial Reportino Siandard applicable in the UK and Republic of Ireland (United Kinrrdom Generally Accepted Accountino Practice). In our opinion the financial stateinents.. give a true and fair view ofthe State of the Charitys affairs as ar 3 Isi March 7024 and of its income and expenditure foi. the year then ended- have beeii properly prepared in 8c¢ordance with United Kinodom Generally A￿epted Accounting Practice. have been prepared in a¢cord8nc¢ ivilh the requirements of Chariiies Aet 2011. Basis for opinio We conducted our audit in accordance with International Standards on Auditinu {UK) (ISAS (UKI) and applicable law. Our responsibilities underth05e 51andards are furtherdescribed in the Audito15 responsibilities for the audii of the financial statements section OF our report. We are independent of th¢ Charity in accotdance with the ethical requiremenis that are relevani lo our audit of tl)e financial sralements in the UK, in¢ludintt Ihe FRC'S Ethical Siandard. and we have fulfilled our other ethical responsibilities in accordance with thesc require￿entS. We bclieve Ihar Ihe audit evidence we have obtained is sutficient and appropriate 10 pro%'ide a basis forour opinion. conclu5ion5 relating to going concern In auditino the financial staretnent5. we have concluded iliat die rrustees, use of the ttoino concem basis of accountino in the preparaiion of Ihe financial statements is 2ppropriate. Based on the work ive have perfortned, Ive have not id¢ntifi¢d any rnatvrial uneertainties relatin￿ 10 evenrs or conditions thai individually or collL*tively. may rast significant doubt on the charity's ability to continue as a going concern lor a period of at least l? mtsnth5 froTn wh¢n the finaneial stateTnents are all(horised for issue. Oiir responsibilitieg and the r¢sponsibilitie5 of ihe tnjstees with respect to rroirtg concern are described in the relevant seciions ol'this report Other information Tl)e trustees are responsible foi rhe oihei. infomiation. The orhei. information coinprise5 tlie infOr￿allOn included in the 8nnual report oih¢T than the financial statements and our audifor's report Ihereon. Oui opinion on the fiNancial 51atemenis does noi cover ihe orher infoi"mation and, except to ihe extent odierwise explicitly Staled in oui. report, we do not expre5S any form of assurance conclusion thereon. In connection ivith our audit of the financial sratemenis, our responsibility 15 to read che other illfomiation and, in doing so, consider whether the Ot￿ler information is materially inconsistent with the financial Statements or our knowled(re obtained in th¢ audit or otherivise appears io be materially misstated. If we identifv sucl) nJaterial inconsistencies or apparent tnaterial rnisstciiernents. we are Tequired ro determine wheiher Ihere is a material missijtement in the financial slatetnents or a tnaierial mi55tat¢n¢nl orth¢ oth¢r infortnation. If, based on thc work we liave pei.foiTned, we coiiclude that there 15 a material misstaiement of thi5 other infomiation. we are required to report that fact. We have nothing ro report in thi5 regard. Iwrxtters on which ive are required to report by exception In thc li(Tlit of tlie knowledoe ai)d underslandintr of the Charity and ils environment obtained in the coui-se of the audit. Ive have not identified material Inis5raiements in the Tru51eE5' Annual Report. We have nothing to report in respect of the folloivino matters in relalion lo which the Charities Act 201 I requires us lo rcport to you if, in our opinior].' sutficien( accountinu rEcord5 have nor been kept- thE financial statemenls are not in agre¢ment witli the accounting records and return$,' or we Iiave not obtained all the itLformalioD and explanations nece55ary for thr purposes of the audir. INDEPENDENT AUDITORS, REPORTTO THI TRUSTEES OFTHE SARGENT CHARITABLE TRUST For the Year Ei nded 31 March 2024 Re5POllsibilities of the trustees As explair]ed more fully in the tnjstees, responsibilities statement set out on page 3, rhe rrustees are responsible for the preparation of the financial stat¢rnents and for beintr Satisfied rhat they give a true and fair view, and for such iniernal ctsnlrol as Ihey derertnine is necessary to enable the preparauon of financial staiements ihat are free from matcrial misstatement. wherher due lo fraud or etTOr. In preparintr Ihe financial stotements, the trustees are responsible for 855essin(T the Charity's ability to continue as a oino concern. disclosing. as applicable. ma¢iers related 10 goints COllCETh and usino the goin(y concern basis of ac¢ountin(p unle55 the tru5tr¢5 ¢iih¢r intend 10 liquidate Ihe Chariry or to cease operations. or hav¢ no realistic alrernative but to do so. Our responsibilities (tsr the audit of the financial statemettts Our objective5 are to obtain reaSODable assur2p.ee about whether the financial stotements os a whole are free from material misstatemEnt, whether due to fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a hivh level of a5suran¢¢, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a tnaLerial missiaiemenL when it exists. Misstatements Ban 2rise from fraud or error and are eonsidered material if, individually or in the autsregate, they could T¢a50nably be expected io intluence the economi¢ deci5ioTrs of us