FERDINAND BECK FUND TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 CHARITY REGISTRATION NUMBER: 1005193
FERDINAND BECK FUND CONTENTS Page Legal and Administrative Information Trustees, Report 2to3 Statement of Trustees, Responsibillties Report of the Independent Examiner to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8tol8
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: l Balmoral Road Oakham LE15 6RT Trustees Mrs Muriel Beck {Treasurer) Mrs Mozhgan Sepahzad The chariVs professional advisers are as follows: Independent Examiner G.R. Potton F.C.A. 2 Harestone Valley Road Caterham Surrey CR3 6HB Bankers 8arclays Bank PLC Croydon I North End Croydon CR9 IRN Solicltors Parker Thomas 55-56 Lincoln's Inn Fields London WC2A 3LN Investment Advisors: Heath Cravhord Financial Services LLP Cassiobury House nd 2 Floor West 11-19 Station Road Watford WD17 IAP Walker Crips Stockbrokers Limited Member of the London Stock Exchange Old Change House 128 Queen Victoria Street London EC4V 4BJ
FERDINAND BECK FUND TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their report along with the financial statements of the charity for the th year ended 5 April 2024. The financial statements have been prepared in accordance with the Charities SORP IFRS 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 l January 20191,, the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland {FRS 102) and the Charities Act 2011. Objectlve and activities for the publlc benefit The objectlves of The Ferdinand Beck Fund ('the Fund'l are the furtherance of Jewish Individuals and organisations In educatlon in secular subjects in the United Kingdom and elsewhere. The trustees confirm that they have referred to the Charity Commission's guldance 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 charltable purposes for the public benefit through its grant-maklng policy. The activities of the Fund are open to, and for the benefit of, the public, mainly Jewish indlviduals and organisations that are in position5 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 affectin8 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. Throughout the year, despite the global upheaval, we have continued to support several students with their ever-increasing cost of tuition fees, living expenses, etc. They have a considerable financial burden to overcome as well as dealin8 With the academic demands. Many have moved on to achieve success in their chosen careers after they have finished their education.
FERDINAND BECK FUND TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED) Trustees The trustees are named on page l. 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. Existing trustees have long experience of being a charity trustee. Investment powers The Trust Deed authorise5 the trustees to make and hold investments using the general funds of the charlty. The Trust Deed requires the trustee5 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. Flnanclal review, risk management and reserves policy The policy of the Fund is to maintain its investment in property and securities at a sufficlent 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 regardin8 the level of reserves, as set out in the Trust Deed, is to keep the admlni5tration expenses of the charity to a minimum and to distribute no more than is necessary to at least malntain 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 surplus of £68,398 {2023 net expenditure surplus of £16,348) before other recognised gains and losses. Net assets of the Fund decreased from £2,808,147 at the previou5 year end date to £2,680,623 at 5 April 2024. Signed on behalf of the board of trustees Mrs Muriel Beck Treasurer and Trustee Mrs Mozhgan Sepahzad Trustee Dated:
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 trustee5 are required to: select suitable accounting policies and then apply them consi5tently' observe the methods and principle5 in the applicable Charities SORP,. make judgements and estimates that are reasonable and prudent," state whether applicable accounting standard5 and statement5 of recommended practice have been followed, Subject to any material departure5 disclosed and explained in the statement of accounts; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wlll continue its operations. The trustees are responsible for keeping proper accounting records which disc105e 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 Report5) 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.
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 2024, which are set out on pages 6 to 18. Respective responsibllities 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 thi5 year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility: to examine the accounts (under section 145 of the 2011 Act),. to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5) of the 2011 Act), and to state whether particular matter5 have come to my attention. Basls 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 provlde 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 examlner's statement In connection with my examlnation, no matter has come to my attention.. {1) which give me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 130 of the 2011 Act, and to prepare accounts which accord with the accounting record5 and comply with the accounting requirements of the Charities Act have not been met, or (21 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. G R Potton F.C.A. G.R. Potton & Co. Chartered Accountants 2 Harestone Valley Road Caterham Surrey CR3 6HB Dated..
FERDINAND BECK FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 2023 INCOME Investment income 70,723 73,828 EXPENDITURE Loss on disposal of tangible assets Raising funds Charitable activities Governance and Support cost5 Bad debt 14,555 102,100 7,464 15,000 7,067 42,250 8,163 Total expendlture 139,121 57,480 Net (expendlture)/lncome before losses/galns on Investments {68,3981 16,348 Net {losses) on investments (59,126) (7,987) Net expenditure/lncome {127,524) 8,361 Net movement In funds (127,5241 8,361 Reconciliation of funds Total funds brought forward 2,808,147 2,799,786 Total funds carried forward 2,680,623 2,808,147 There were no movements on restricted funds during the year The note5 on pages 8 to 18 form part of these financial statements.
FERDINAND BECK FUND BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Flxed assets Tangible assets Investment properties Other fixed asset investments 80,102 2,295,000 418,971 li 2,295,000 349,535 12 Total fixed assets 2,644,535 2,794,073 Current Asset5 Debtors Cash at bank and in hand 13 805 47,155 15,805 34,745 Total current assets 47,960 50,550 Credltors- amounts falllng due wlthin one year 14 111,872) 136,476) Net Current assets 36,088 14,074 Total net assets 2,680,623 2,808,147 The funds of the charity Total charity funds - unrestricted funds 2,680,623 2,808,147 Signed on behalf of the Board of Trustees. Mrs Muriel Beck Treasurer and Trustee Mrs Mozhgan Sepahzad Trustee Date ofapproval S& I25 The notes on page 8 to 18 form part of these financlal statements
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 l. Accounting Policies The following accounting policies have been used consistently in dealing Wlth items whlch are considered material in relation to the charity's financial statements. Basis of preparation and assessment of golng concern The financial statements have been prepared under the historical cost convention with items reco8nised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The flnancial statements have been prepared in accordance with the Charitles SORP (FRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland {FRS 1021 (effective l January 2019),, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Fund constitute5 a public benefit entity as defined by FRS 102. The trustees conslder that there are no material uncertainties about the Fund's abillty to continue as a goin8 concern, The m05t significant areas of adjustment and key assumptions that affect items in the financial statements are to do wlth establishing fair values for the Fund's investment properties. Flnanclal 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.
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 {CONTINUED) Funds structure The Fund has no restricted or permanent endowment funds, and all of the funds available to the charity are unrestricted. Income recognitlon 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 condltions 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 15 accounted for on an accruals basis. Divldends and other income from quoted investments are recognised once the dividend or other income has been declared and notification has been received of the income due. Expendlture recognltlon Liabilitles are recognised as expenditure as soon as there is a legal or constructive obligation com mitting 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. Costs of raising funds The costs of raising funds include property and investment related expenditure includin8 professional fees, insurance costs and property repairs and maintenance. Charltable artlvities Expenditure on charitable activities includes grants paid to students, other expenses incurred on behalf of students and donation5 made to organisations in accordance with the charity's objectives. Governance and support costs Governance and support costs include the independent examiner's fees, other professional fees, and general administration overheads. As there is no meaningful way of apportioning or allocating governance and support costs to the other expenditure calegories, these costs are shown separately on the face of the Statement of Financial Activities.
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (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 va lue, of all tangible fixed assets, with the exception of rn usical instruments, by equal annual instalment5 over their expected useful lives, as follows: Office equipment, fixture5 a nd fittings Motor vehicle 3 years 4 year5 Office equipment, fixtures and fittings and the motor vehicle have all now been scrapped. Musical instrument5 purchased by the charity for use by students are not depreciated and have been shown In the balance sheet at their fair value5. The musical instrument5 have now been donated to students or former students. 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 closlng quoted market price. The Fund does not acquire derivatives or other complex financial instruments. The main form of fina ncial 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 rlsk, and changes in sentiment concerning equities and within particular sectors or sub sectors. io
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (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 thi5 pollcy is necessary in order that the flnancial 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.. the trustees have concluded that the financial statements present fairly the Fund's financial posltion and performance,. a true and fair override has been used to apply the Charity SORP {FRS 102) under the Charities (Accounts and Reports) Regulations 2008,. the Fund has complied with FRS102, the SORP or applicable legislation, except that is has departed from a particular requirement of this FRS, SORP or other applicable legislation to the extent necessary to give a true and fair view,- failure to adopt this accounting treatment would be so misleading in the circumstances that it would confllct with the objective of financial statements set out in Section 2 of FRS 102. Realised gains and losses All gains and losses are taken to the statement of Financial Activities as they arise. Reallsed 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. Taxatlon 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 on foreign currencies are translated in sterling at the rates of exchanges rulinE at the balance sheet date. Tra nsactions 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 2024 (CONTINUED) 2. Investment Income 2024 2023 Rental Income from investment properties Dividends received from listed investments Interest received and other investment income 59,800 10,923 65,558 6,327 Investment income arose as follows: Investment assets situated in the United Kingdom Investment assets Situated outside the United Kingdom 70,723 73,828 3. Costs of raising fund5 2024 2023 Property repairs, maintenance and insurance 4. Charitable Artivitie5 2024 2023 Gifts and Grants given to individuals Other charitable expenditure 101,100 42,000 250 102 100 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 2024 2023 Legal fees Independent examinerfs fees Travel, subsistence, motor and general administrative expenses. (872) 5,400 (175) 5,400 6. Net Expenditure/income The net income/expenditure is stated after charging: 2024 2023 Independent examiner's fees 12
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (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: 2024 2023 Travelling, administrative and property maintenance expenses Number of trustees to whom expenses were reimbursed 8. Gains/{losses) on investments The following unrealised gains/llosses} in respect of listed investments and investment properties were recorded following their revaluation.. 2024 2023 Unreali5ed (losses) on revaluation of listed investments Realised losses on revaluation of listed investments Total losses 156,970) 17,987) 13
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED) 9. Tanglble fixed assets Office equipment fixtures and fittings Musical instruments (Note 10) Motor Vehicles Total Cost or valuation At 6 April 2023 Disposals 80,100 (80,100) 7,650 (7,650) 3,897 91,647 (3,8971 {91,647) At 5 Aprll 2024 Depreclation At 6 April 2023 On disposals 7,648 {7,648) 3,897 11,545 (3,897) (11,545) At 5 April 2024 Net book value At 5 Aprll 2024 At 5 April 2023 80,100 80,102 14
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 {CONTINUED) 10. Muslcal instruments Fair valve Historical cost At5 At5 April 2023 At5 April 2024 At5 April 2023 April 2024 Cello by Charles Adolphe Maucotel, made in 1847 Flute 80,000 100 51,888 91 80,100 51,979 The trustees transferred the ownership of the Fund's musical instruments to their principle users and deemed such transfers to be in keeping with the original objectives of the Trust. 11. Investment Properties Freehold and leasehold land and buildlngs Fair value At 5 April 2024 2 295 000 At 5 April 2023 2 295 000 Hlstorlcal cost At 5 April 2024 1867 921 At 5 April 2023 1867 921 15
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED) 11. Investment Properties {contlnued) The freehold and leasehold investment properties are stated at C05t or trustees, valuation as at 5 April 2024, supported by advice from a qualified estate agent in the area. The properties are as follows:_ Fair value Name of property Historical cost At5 At5 April April 2024 2023 At5 April 2024 At5 April 2023 Freehold properties: 57 Bowens Wood, Addington, Croydon CRO 9LQ 410,000 410,000 240,525 240,525 191 Osward, Court Wood Lane, Croydon CRO 9HF 390,000 390,000 346,970 346,970 143 Middlefields, Croydon, CRO 9U 390,000 390,000 357,080 357,080 5 Fairacres, Bardolph Avenue, Croydon CRO 9JY 390,000 390,000 382,487 382,487 12 Fairacres, Bardolph Avenue, Croydon, CRO 9JY 390,000 390,000 370,298 370,298 Leasehold property: 12 Holmbury Grove, Addington, Surrey, CRO 9AN 325,000 325,000 170,561 170,561 £2,295,000 £2,295,000 £1,867,921 £1,867,921 16
FERDINAND BECK FUND NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED) 12. Flxed asset Investment 2024 2023 Trustees ' estimated Market value at 6 April 2023 Additions Disp05als Net unrealised investment losses/gains 418,971 2,534 (15,000) 426,959 Trustees, estimated Market value at 5 April 2024 349 535 418 971 Listed investments are represented by: Equity shares Investment trusts and unit trusts Total 75,152 274 383 349 535 90,964 328 007 418 971 The investments are held primarily to provide an investment return for the charity and to malntaln or increase the value of the funds of the charity, to enable it to pursue its charitable objectives. 13. Debtors 2024 2023 Tax Credit Relief on investment income Other debtors 805 805 805 14. Creditors.. amounts falllng due withln one year 2024 2023 Accrued expenses Amount owed to trustee Mrs M C Beck (Note 15) 10,800 10,800 17
FERDINAND BECK FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (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 to its current estimated market value 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 provides the use of her own 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 2024 the Fund owed Mr5 Beck £1,072 (2023 - £25,674) in respect of expenditure which Mrs Beck has personally incurred in respect of property maintenance and repairs relatingto Fund properties. The amounts due are interest free and repayable on demand. 16. Other related party transactlons During the year the Fund made grant5 or provided financial support to the followlng indlviduals who are related parties of the Fund, being close family members of trustees of the Fund. Trustees connected with Name Relationship to trustee 2023 2024 J R Hewitt M Sepahzad Grandson 5,000 6,000 A Kirk S Kirk MCBeck Son Grandson 6,000 B Kirk Emes S Kirk MCBeck Son Grandson 6,000 A Atkin50n F Atkinson S Whitebloom S Whitebloom Son Son 15,000 3,000 35,000 6,000 17. Capltal expendlture commitments As at 5 April 2024, the Fund had no capital commitments (as at 5 April 2023- nil) 18