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2021-04-05-accounts

FERDINAND BECK FUND

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 CHARITY REGISTRATION NUMBER: 1005193

FERDINAND BECK FUND

CONTENTS

CONTENTS
Page
Legal and Administrative Information 1
Trustees' Report 2 to 3
Statement of Trustees’ Responsibilities 4
Report of the Independent Examiner to the Trustees 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 18

FERDINAND BECK FUND LEGAL AND ADMINISTRATIVE INFORMATION

Status:

The charity was established by Trust Deed in 1991 and is registered with the Charity Commission, Number 1005193.

Principal address:

19 Bullfinch Road South Croydon Surrey CR2 8PU

Trustees:

Mrs. Muriel Beck (Treasurer) Mrs. Mozhgan Sepahzad Mr. Scott Kirk Ms. Esther Coren

The charity's professional advisers are as follows:

Independent Examiner: Timothy N Horne ACA Suite 215B Westerfield Business Centre Main Road Westerfield Ipswich IP6 9AB

Bankers: Barclays Bank plc Croydon 1 North End Croydon CR9 1RN Solicitors: Parker Thomas 55-56 Lincoln's Inn Fields London WC2A 3LN

Investment Advisors:

Heath Crawford Financial Services LLP Walker Crips Stockbrokers Limited Cassiobury House Member of the London Stock Exchange 2[nd] Floor West Old Change House, 11-19 Station Road 128 Queen Victoria Street, Watford London WD17 1AP EC4V 4BJ

1

FERDINAND BECK FUND TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report along with the financial statements of the charity for the year ended 5 April 2021. 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 United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Objective and activities for the public benefit

The objectives of The Ferdinand Beck Fund (“the Fund”) are the furtherance of Jewish individuals and organisations in education in secular subjects in the United Kingdom and elsewhere. The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Fund’s aims and objectives, in planning future activities, and setting the grant making policy for the year.

The Fund furthers its charitable purposes for the public benefit through its grant-making policy. The activities of the Fund are open to, and for the benefit of, the public, mainly Jewish individuals and organisations that are in positions of some disadvantage or need. The furtherance of the education of these individuals in their chosen fields benefits society as a whole, particularly in the fields of medicine and the musical arts. To a lesser extent, donations made by the Fund to Jewish humanitarian organisations benefit the public in the areas of health and welfare.

Structure, Governance and Management

The charity is constituted by Trust Deed. The day to day running of the Fund is carried out by the Treasurer, Mrs. Muriel Beck. Decisions affecting the running of the Fund are taken at Board of Trustees level, and the trustees meet regularly to implement the decision-making process.

Achievements and Performance - Statement by the Treasurer

The aim of the fund has always been to support students with their education and development.

Through out the year, despite the global upheaval, we have managed to support several students with their ever-increasing cost of tuition fees, living expenses, etc. They have a considerable financial burden to over come as well as dealing with the academic demands. Many have moved on to achieve success in their chosen careers after they have finished their education.

2

FERDINAND BECK FUND TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

Trustees

The trustees named on page 1 have served throughout the year. Appointment of trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. When new trustees are appointed, they are introduced to the work of the trust and provided with the information they need to fulfil their roles, which includes information about the role of trustees and charity law. All existing trustees have long experience of being a charity trustee.

Investment powers

The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. The Trust Deed requires the trustees to reinvest such proportion of the annual income of the Fund as they think is necessary to maintain or increase the real value of the Fund.

Financial review, risk management and reserves policy

The policy of the Fund is to maintain its investments in property and securities at a sufficient level to enable the Fund to make grants to students out of the income generated therefrom, without depleting the asset base of the Fund. The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels will provide sufficient resources in the event of adverse conditions. Therefore, the policy of the trustees regarding the level of reserves, as set out in the Trust Deed, is to keep the administration expenses of the charity to a minimum and to distribute no more than is necessary to at least maintain the overall value of the Fund.

The financial results of the charity are set out in the Statement of Financial Activities on page 6. The Fund recorded a net expenditure deficit of £2,321 (2020 – net expenditure surplus of £5,234) before other recognised gains and losses. Net assets of the Fund increased from £2,477,946 at the previous year end date to £2,532,142 at 5 April 2021.

Signed on behalf of the board of trustees

Mrs. Muriel Beck Mrs. Mozhgan Sepahzad Treasurer and Trustee Trustee Dated: 3 March 2022

3

FERDINAND BECK FUND STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity trustees are responsible for preparing a trustees’ annual report and 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 charity trustees to prepare financial statements for each year which give a true and fair view of the state of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the statement, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity at that time and to enable the trustees to ensure that the financial statements comply with the requirements of the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.

4

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF FERDINAND BECK FUND (REGISTERED CHARITY NUMBER 1005193)

I report on the accounts of the Trust for the year ended 5 April 2021, which are set out on pages 6 to 18.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Timothy N Horne ACA Director

Timothy N Horne Ltd. Chartered Accountants Suite 215B Westerfield Business Centre Main Road Westerfield Ipswich IP6 9AB Dated: 3 March 2022

5

FERDINAND BECK FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note
Income
Investment income
2
Other income – insurance claim
Total income
Expenditure
Raising funds
3
Charitable activities
4
Governance and support costs
5
Total expenditure
Net (expenditure)/income before gains/(losses)
on investments
6
Net gains/(losses) on investments
8
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2021
(Unrestricted)
£
72,605
1,586
74,191
20,648
41,690
14,174
76,512
(2,321)
56,517
54,196
54,196
2,477,946
£ 2,532,142
 2020
£
70,738
-
70,738
16,309
34,840
14,355
65,504
5,234
(120,390)
(115,156)
(115,156)
2,593,102
£ 2,477,946

There were no movements on restricted funds during the year.

The notes on pages 8 to 18 form part of these financial statements.

6

FERDINAND BECK FUND BALANCE SHEET AS AT 5 APRIL 2021

Note
Fixed assets
Tangible assets
9
Investment properties
11
Other fixed asset investments
12
Total fixed assets
Current assets
Debtors
13
Cash at bank and in hand
Total current assets
Creditors - Amounts falling due within one year
14
Net current (liabilities)
Total net assets
The funds of the charity
Total charity funds - unrestricted funds		 2021
£
80,102
2,105,000
357,264
2,542,366
16,311
2,565
18,876
(29,100)
(4,724)
£2,532,142
£2,532,142		 2020

£
80,102
2,105,000
313,334
2,498,436
1,146
12,622
13,768
(34,258)
(20,490)
£2,477,946
£2,477,946

Signed on behalf of the board of trustees

Mrs. Muriel Beck Mrs. Mozhgan Sepahzad Treasurer and Trustee Trustee

Date of approval: 3 March 2022

The notes on pages 8 to 18 form part of these financial statements.

7

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity's financial statements.

Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these 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 United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Fund constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Fund’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the financial statements are to do with establishing fair values for the Fund’s investment properties and musical instruments. With respect to the next reporting period, 2021-22, the most significant areas of uncertainty that affect the carrying value of assets held by the Fund and the level of investment return and the performance of investment markets.

Financial Reporting Standard 102 – reduced disclosure exemptions

In preparing these financial statements, the Fund has taken advantage of the disclosure exemption with regard to the need to prepare a Statement of Cash Flows, as permitted by FRS 102.

8

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

Funds structure

The Fund has no restricted or permanent endowment funds, and all of the funds available to the charity are unrestricted.

Income recognition

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.

Donations are recognised when the Fund has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Rental income from investment properties is accounted for on an accruals basis.

Dividends and other income from quoted investments is recognised once the dividend or other income has been declared and notification has been received of the income due.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

9

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

Tangible fixed assets and depreciation

Depreciation has been provided at the following rates in order to write down the cost or valuation, less estimated residual value, of all tangible fixed assets, with the exception of musical instruments, by equal annual instalments over their expected useful lives, as follows:

Office equipment, fixtures and fittings 3 years Motor vehicles 4 years

Musical instruments purchased by the charity for use by students are not depreciated and are shown in the balance sheet at their fair values. The surpluses or deficits on periodic revaluation of such instruments are shown as a recognised gain or loss for the period in the Statement of Financial Activities. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The trustees consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

In respect of this departure from statutory accounting principles:

Fixed asset investments

Listed investments

Listed 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.

The Fund does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

10

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

Investment properties

Certain of the charity's properties are held for long-term investment and are included in the Balance Sheet at their fair values. The surpluses or deficits on periodic revaluation of such properties are shown as a recognised gain or loss for the period in the Statement of Financial Activities. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all tangible fixed assets. The trustees consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

In respect of this departure from statutory accounting principles:

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired on or subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains are combined in the Statement of Financial Activities.

Taxation

No provision has been made for corporation tax or deferred tax as the charity is a registered charity and is therefore exempt.

The Fund cannot reclaim Value Added Tax, and the expenses in these financial statements are therefore stated inclusive of Value Added Tax where appropriate.

Foreign currencies

Assets and liabilities in foreign currencies are translated in sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account as a component of net income.

11

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

2.
Investment income
Rental income from investment properties
Dividends received from listed investments
Interest received and other investment income
Investment income arose as follows:
Investment assets situated in the United Kingdom
Investment assets situated outside the United Kingdom
3.
Costs of raising funds
Property repairs, maintenance and insurance
4.
Charitable Activities
Grants paid to individuals
Other charitable expenditure		 2021
£
61,767
8,984
1,854
72,605
70,838
1,767
72,605
2021
£
20,648
2021
£
41,690
-
41,690		 2020
£
56,040
13,442
1,256
70,738
69,154
1,584
70,738
2020
£
16,309
2020
£
33,699
1,141
34,840

The grants paid to individuals are primarily made to assist with the cost of students’ education and training, and include tuition fees, ancillary costs such as books and computers, and assistance with day to day expenses such as accommodation, travel and subsistence.

5. Governance and Support Costs

Independent examiner’s fees
Travel, subsistence, motor and general administrative
expenses
6.
Net income
The net income is stated after charging:
Independent examiner’s fees		 2021
£
6,000
8,174
14,174
2021
£6,000		 2020
£
5,870
8,485
14,355
2020
£ 5,870

12

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

7. Staff costs and trustees’ expenses

No remuneration was paid to trustees in the year, and no staff were employed by the Fund during the year. Expenses were reimbursed to the trustees as follows:

2021 2020
£ £
Travelling, administrative and property maintenance
expenses 8,174 7,470
Number of trustees to whom expenses were reimbursed 2 1

8. Gains/(losses) on investments

The following unrealised gains/(losses) in respect of listed investments and investment properties were recorded following their revaluation:

The following unrealised gains/(losses) in respect of listed investments and investment
properties were recorded following their revaluation:		 The following unrealised gains/(losses) in respect of listed investments and investment The following unrealised gains/(losses) in respect of listed investments and investment
2021 2020
£ £
Unrealised gains/(losses) on revaluation of listed
investments 56,517 (78,555)
Unrealised (losses) on revaluation of investment properties - (41,835)
Total gains/(losses) 56,517 (120,390)

13

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

9. Tangible fixed assets

Cost or valuation
At 6 April 2020
At 5 April 2021
Depreciation
At 6 April 2020
At 5 April 2021
Net book value
At 5 April 2021
At 5 April 2020
Historical cost
At 5 April 2021
At 5 April 2020		 Musical
instruments
(Note 10)
£
80,100

80,100
-
-
80,100
80,100
51,979
51,979		 Motor
vehicles
£
7,650
7,650
7,648
7,648
2
2
2
2		 Office
equipment,
fixtures and
fittings
£
3,897

3,897
3,897
3,897
-
-
-
-		 Total
£
91,647
91,647
11,545
11,545
80,102
80,102
51,981
51,981

14

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

10. Musical instruments

Cello by Charles Adolphe Maucotel,
made in 1847
Flute		 Fair value
At 5
April
2021
At 5
April
2020
£
£

80,000
80,000
100
100


£80,100
£80,100		 Historical cost
At 5
April
2021
At 5
April
2020
£
£
51,888
51,888
91
91
£51,979
£51,979		 Historical cost
At 5
April
2021
At 5
April
2020
£
£
51,888
51,888
91
91
£51,979
£51,979
£51,979

The trustees consider the fair value of the musical instruments to be equal to or in excess of their cost or valuation as stated in these accounts, that the instruments have a very long or indefinite useful life, and that their residual value is at least equal to their current cost or valuation. Depreciation has therefore not been provided. The musical instruments were last revalued as at 5 April 2021. The trustees have used their own judgement in arriving at their estimation of the fair values of the musical instruments, based upon the amounts they would be expected to realise on the open market. No independent valuers or experts were involved in this process.

11. Investment properties

Fair value
At 5 April 2021
At 5 April 2020
Historical cost
At 5 April 2021
At 5 April 2020		 Freehold
and
leasehold
land and
buildings
£
2,105,000
2,105,000
£1,867,921
£ 1,867,921

15

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

The freehold and leasehold investment properties are stated at cost or trustees’ valuation as at 5 April 2021, supported by advice from a qualified estate agent in the area.

The properties are as follows:

Name of property
Freehold properties:
57 Bowens Wood,
Addington, Croydon
CR0 9LQ
191 Osward, Court
Wood Lane, Croydon
CR0 9HF
143
Middlefields,Croydon
CR0 9LJ
5 Fairacres, Bardolph
Avenue, Croydon CR0
9JY
12 Fairacres, Bardolph
Avenue, Croydon CR0
9JY
Leasehold property:
12 Holmbury Grove,
Addington, Surrey CR0
9AN		 Fair value
At 5 April
2021
At 5 April
2020
£
£

380,000
380,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000

325,000
325,000



£2,105,000
£2,105,000		 Historical cost
At 5 April
2021
At 5 April
2020
£
£
240,525
240,525
346,970
346,970
357,080
357,080
382,487
382,487
370,298
370,298
170,561
170,561
£1,867,921
£1,867,921		 Historical cost
At 5 April
2021
At 5 April
2020
£
£
240,525
240,525
346,970
346,970
357,080
357,080
382,487
382,487
370,298
370,298
170,561
170,561
£1,867,921
£1,867,921
£1,867,921

16

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

12.
Fixed asset investments
Market value at 6 April 2020
Additions
Disposals
Net unrealised investment gains/(losses)
Market value at 5 April 2021
Historical cost at 5 April 2021
Listed investments are represented by:
Equity shares
Fixed interest securities
Investment trusts and unit trusts
Total
Fixed asset investments are held as follows:
Investments held within the UK
Investments held outside the UK
Total		 2021
£
313,334
2,413
(15,000)
56,517
357,264
293,977
73,195
-
284,069
£ 357,264
2021
£
188,614
105,363
£ 293,977
 2020
£
388,893
2,996
-
(78,555)
313,334
307,142
44,515
25,989
242,830
£ 313,334
2020
£
225,866
87,468
£ 313,334

The investments are held primarily to provide an investment return for the charity and to maintain or increase the value of the funds of the charity, to enable it to pursue its charitable objectives.

13.
Debtors
Tax Credit Relief on investment income
Other debtors
14.
Creditors: amounts falling due within one year
Accrued expenses
Amount owed to trustee Mrs M C Beck (Note 15)		 2021
£
1,311
15,000
£ 16,311
2021
£
6,000
23,100
£ 29,100		 2020
£
1,146
-
£ 1,146
2020
£
5,599
28,659
£ 34, 258

17

FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)

15. Transactions with trustees

During the year ended 5 April 2008 the charity purchased a leasehold investment property from Mrs. M. Beck for £170,000. The agreed price for the property was substantially below open market value and the property was revalued by the trustees to open market value of £197,000 in the accounts for the year ended 5 April 2008. The property has since been revalued, as at 5 April 2021, to its estimated market value at that date of £325,000.

In consideration for selling this property to the Fund at substantial undervalue and surrendering the benefit of potential future increases in the value of the property to the Fund, the trustees have authorised the continuing occupation of the property rent-free by a close relative of the founder of the Fund, Ferdinand Beck, to whom Mrs. M. Beck was married until his death in 1999.

Mrs. M. Beck personally owns the freehold property in South Croydon which is used as the Fund’s Headquarters and provides the use of this property to the Fund free of charge.

Mrs. M. Beck provides her services as Treasurer and Trustee to the Fund free of charge.

As at 5 April 2021 the Fund owed Mrs. Beck £23,100 (2020 - £28,659) in respect of expenditure which Mrs Beck has personally incurred in respect of property maintenance and repairs relating to Fund properties. The amounts due are interest free and repayable on demand.

16. Other related party transactions

During the year the Fund made grants or provided financial support to the following individuals who are related parties of the Fund, being close family members of trustees of the Fund:


ustees of the Fund:
Name
Trustees
connected with
Relationship to
trustee
K. Sepahzad
M. Sepahzad
Daughter
A. Kirk
S. Kirk
M. C. Beck
Son
Grandson
B. Kirk-Emes
S. Kirk
M. C. Beck
Son
Grandson		 2021
£
15,690
2,000
6,500
£ 24,190		 2020
£
5,000
6,000
1,500
£ 12,500

17. Capital expenditure commitments

As at 5 April 2021, the Fund had no capital commitments (as at 5 April 2020 - nil).

18