The Michael and Lesley Bennett Charitable Trust (Reglstered Charity No. 1047611) Accounts for the year ended 5 April 2022 The Michael and Lesley Bennett Charitable Trust Trustees Annual Report for the year ended 5 April 2022 The trustees present their annual report and financial statements of the charity for the year ended 5 April 2022. The financial slalemenls have been prepared in accordance with the ac¢ounling policies set out in note 1 to Ihe accounts arsd comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Pracb"ce applicable to charities preparing their accounts in a¢cordance with the Financial Reporting Standaid applicable in the UK and Republic of Ireland published in October 2019. Reference and Administrative Details Name of the Charity- The Michael and Lesley Bennett Charitable Trust Charity Reglstratlon No.. 1047611 Trustees: Michael Bennett Lesley Bennett If new or additional trnstees are appointed they will be encouraged to receive appropriate training depending on their qualiffcalion5 and experience Prlnclpal Offlce addres$: Bedegars Lea Kenwood Close Hampstead London NW3 7JL Reporting Accountants: Mercer & Hole TNstees Limited 21 Lombard Street London EC3V 9AH Bankets.. HSBC PIC Cross Roads 897 Finchley Road London NW117NX Investment Managers: London & Capital Pl 2nd Floor Fitzroy Place 8 Mortimer Street London W1T3JJ Independent Examlner: Steve Robinson Mercer & Hole LLP 72 London Road St Albans Herts ALI 1NS Page 1 The Michael and Lesley Bennett Charitable Trust Trustees Annual Report for the year endod 5 April 2022 {conlinuedl Structure Governance and Mana ement Governlng Document: The principal goveming document is a Charitable Trust Deed dated 7 June 1995. Settlor.. Michael B8nnett Appointment of Trustees: Under the temis of the Deed, the Settlor, Michael Bennett, has the powei to appoint new Trustees during his lifetime and thereafter the power vests with the Trustees. New Trustees may be appointed under a Deed signed and Èpproved by the existing Trustees. The existing Trustees are responsible for the induction of any new Trustees which would involve having an awareness of a Trustee's responsibilities, the governing document, administrative procedures. and the history and philosophy of the Charity. Investment Powers: The trustees have very wide powers of investment and have appointed London & Capital PIC as their investment managers. London & Capital PIC manage the investments on a discretionary basis. The major part of the income of the charity is derived from its investments. The investment managers. objective is to maximise total return with due regard to risk. The Iruslees regularly review with the investment managers Ihe in¢ome requirement and Capital base. Management and Control: The Trustees are responsible for strategy and policy and all major decisions are taken by the Trustees. Day to day activities are Co-ordinated ty the Charity's administrators. as tt employs no staff. The Trijstees examine major risks that the Charity faces every financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the Charity in the future. The Trustees have systems in place lo idenb'fy any conflicts of interest that may occur. When a conffict of interest arises, the relevant Trustee agrees to withdraw from any discussion and decision making. Risk management: At the lime of approving the financial statements. the trustees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in P￿p8￿ng the financial statement5. Page 2 The Michael and Lesley Bennett Charitable Trust Trustees Annual Report for the year ended S April 2022 (continued) Ob"ectives and Activities Objectives and Pollcles: The trust was established to make grants for charitable purposes in any part of the world as the trustees shall think fit at their dis¢relion. The trustees have power lo pay or apply the whole or any part of the income or capital of the trust fund to any purpose body organisationlsl or objectlsl which under the law of England Shall be recognised as exclusively charitable. Grant making policy: The trustees receive applications for grants and consider each one of the applications at their ft)rmaifinformal meetings. The trustees. general policy is to aim lo distribute each year the income as it arises bul from time to b'me they may also distribute capital. Publlc benefit". In applying such income and capital, the trustees are supportive of such charitsble causes that are for public benefit. Each year the trustees review their objectives to ensure their aims are met. In carrying out this review. the Irustees have conSide￿d the Charity Commissioners, general guidance on public benefit. Achievements and Performance Review of activities: During the year the trustees have made donations amounting to £54.811.5912021.' £52,982). Financial Revlow Financial review: The nel mvemenl in fvnds for the year amounted lo surplus funds of £20,636.41 12021.. £26,386). All funds are unrestricted and amounted to £305,922.30 12021.. £285,286} al the balance sheet date. Losses on investments, both realised and unrealised, amounted to £584.49 {2021'. gains £19.1781. Reserves: The Charity's powers to invest its funds are sel out in the Charty's goveming instrument. Any monie5 not immediately required for the furtherance of the Charity's objects may be invested at the discretion of the Trustees. There are no restrictions on the Trustees, power to invest funds. The Charity is not a functional Charity having operational staff and fixed ovetheads therefore the Trustees consider that it is not necessary lo sel a reserves policy. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the forseeable future. For this reason they continue to adopt the going ¢on¢ern basis in preparing the financial stslements. Further details regarding the adoption of the going concern basis can be found in the Accounting PoliGies. Future plans: The Trustees intend lo continue their policy of making grants lo the charitable purposes which fall within the objects of the Charity. Page 3 The Michael and Lesley Bennett Charitable Trust Trustees Annual Report for the year ended S April 2022 {conlinued} Res ective res onsibilities of trustees Aceountlng guldelinos: The trustees are responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and United Kingdom Accountsng Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the tnjstees to prepare financial statements for each financial yearwhich give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resoufces of the charity for that period. In preparing these financial statements. the trustees are reqUI￿d to.. a) select suitable accounting policies and then apply them consistenlly-, b} obseNe the methods and principles in the Charities SORP 2019 {FRS102}', c) make judgements and estimates Ihat a￿ reasonable and prudent., dl stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial stalemer¢ls'. el prepare the financial statements on the going concern basis unless it 15 inappiopriale lo presume that the charity will continue in operation. The trustees are responsible for keeping a¢¢ounting reGords that disclose with reasonable accuracy at any lime the finanGial position of the charity and enable them to ensure Ihal the financial statements comply with the Statement of Re¢ommended Accounting Practice.. Accounting and Reporting by Charities ISORP 2019) UK Accounting Standards. the Charities Act 2011 and trust deed. They are also responsible for safeguarding the assets of the harity and hence for taking reasonable steps for the prevenbon and delects'on of fraud and other irregularities. The financial staternents have been prepared in accordance with the accounting policies sel out in the notes to the financial ststements and comply with the Trust Deed. the Charities Act 2011 and the Slalement of Recommended Practice.. Accounting and Reporting by Charities applicable to charities preparing their financial statements in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. Signed.. on behalf of Trustees Dated.. Page 4 Independent examlner's report lo the trustees of The Mlchael and Lesley Bennett Charitable Trust I report lo the trustees on my examination of the accounts of The Michael and Lestey Bennett Trust (the Trust) for the year ended 5 April 2022 which are set out on pages 1 to 12. Responsibilities and basls of report As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'i. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direcbons given by the Charity Commission undef section 145{5llbl of the Act. Independent examinevs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any fflaterial respect.. accounb'ng records were not kept in respect of the Trust as required by section 130 of the Act: or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities {Accounls 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 rso other matters in connection with the exarninalion to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Steve Robinson FCA Mer¢er & Hole LLP 21 Lombard Street London EC3V 9AH Date.. Page S The Michael and Lesley Bennett Charitable Trust Statement of Financial Activities for thg year ended 5 April 2022 2022 Unrestrtcted Funds 2021 Totsl Note Income and endowments Donations Inveslment income Tax repayment supplement Total incomg and endowments 79.625.00 6,288.32 62.500 8.121 85.913.32 70.626 Expenditure on: Costs of raising funds Investment management costs Charitable activities Proir year adjustment for accrued income Total expenditure 2,996.81 60,314.84 1,838.58 65,150.23 3,336 59,154 62,490 Net gainslllosses} on ¢urrency exchange Net gainslllossesl on investments 457.81 584A9 {9281 19.178 Net incornel(expenditure) 20,636.41 26,386 Net movement in funds 20,636.41 26.386 Reconciliation of funds Total funds broughl fO￿ard Total funds carried forward 285.285.89 305.922.30 258.900 285.286 All comparative income and expenditure was unrestricted. Page 6 **The Michael and Lesley Bennett Charitable Trust** ## **Balance sheet** ## **at 5 April 2022** |**Balance sheet**
**at 5 April 2022**||||||| |---|---|---|---|---|---|---| |||**2022**|||2021|| ||**Note**|**£**|**£**|**£**||£| |**Fixed Assets**||||||| |Investments at market value|**7**||**252,142.00**|||256,721| ||||**252,142.00**|||256,721| |**Current Assets**||||||| |HM Revenue & Customs||**28,425.00**||12,500||| |Accrued income receivable||**-**||1,839||| |Cash at bank and in hand||**32,455.30**||26,966||| |||**60,880.30**||41,305||| |**Current liabilities:**||||||| |Amounts falling due within one year|**8**|**7,100.00**||12,740||| |**Net current assets**|||**53,780.30**|||28,565| |**Total net assets**|||**305,922.30**|||285,286| |**The funds of the charity:**||||||| |Unrestricted|**10**||**305,922.30**|||285,286| |Approved by the trustees on .................…... and||signed on their behalf by||||| |.................................................. (Trustee).||||||| Page 7 The Michael and Lesley Bennett Charitable Trust Notes to the Accounts for the year ended S April 2022 1. Accounting policles a) B8sis of prgparation The Charity conslitules a public benefit entity as defined by FRS102. The financial statements have been piepared in accordance with Accounting and Reporting by Charities.. Statement of Recommen(fed Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS102), the Charities Act 2011. and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fairf view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the ststemenl of Recommended Practice.. Accounting and Reporting by Charities applicable to charities preparing their financial statements in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather than the Statement of Recommended Practice.. Accounting and Reporting by Charities effective from 1 April 2005, which has since been withdrawn. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The￿ are no material uncertainties affecting the current yearfs accounts. In future years, the key risks lo the charity are fluclualion in the value ol their investment and fall in investment income but the trustees have arrangements in place to mitigate those risks by delegaling the management of the portrolio lo professional managers and re9ularly review their performance. b) Funds Structure The Iruslees maintain a general unrestricted fund which may be applied at the disc￿li0n of the trustees for achieving the objects of the charity as set out in the deed. c) Incomg recognition All income is recognised once the charity has entillemenl to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Dividend income and interest from investment managers is received gross and shown gross. d) Expenditure recognition Liabilities are recognised as expenditure as soon as Ihere is a legal or conslruclive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. The trustees do not employ fundraisers and Iheiefore the only costs of generating funds are the fees payable lo the fund managers for the management and holding of the investments which produce the bulk of the charity's income. No remuneration has been paid to the trustee5 and they have not incurred any expenses during Ihe year. No staff are employed by the Charfty. The costs of raising funds consist of investment management costs. Page 8 The Michael and Lesley Bennett Charitable Trust Notes to the Accounts for the year ended S April 2022 e) Charitable actlvltles Costs of charitable activrties include grants made. govemance costs and adminislralion cost in the pursuit of the charitable objects of the charity. fj Grants payable Grants payable a￿ charged in the statement foi financial activities in the year in which the grant is aLtlhorised by the trustees. g) Debtors Debtors are recognised at the settlement amount due. P￿PaymentS are valued at the amount prepaid. h) Cash at bank Cash at bank is held to meet the day to day running costs of the charity as they fall due. ) Credltors Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt. J) Fixed asset Investment$ Investments are a form of basic financial instrument and are initially re¢ognised al their tr8nsaclion value and subsequently measured al their fair value as al the balance sheet date using the closing quoted market price. The statement of financial aclivilies includes the nel gains and losses arising on revaluation and disposals throughout the year. 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 lo investment risk, and changes in sentiment Con￿rning equities and within particular sectors or sub sectors. kj Realisedgains and losses Realised gains represent the profit by comparing the net proceeds of sale of investment wth the market value of that investrnent as at 5 April 2021 or subsequent cost Unrealised gains represent the difference in market value al 5 April 2022 as compared with the market value al 5 April 2021 or subsequent cost. 2. Related party transactions and trustees, expenses and remuneratlon The charitys Iruslees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. During the year the trustees, ￿m￿nera￿on and re-imbursed costs were £nil12021'. £nill. During the year, the Charity received donatrons totalling £63,70012021'. £50,000) from Michael Bennett. a Trustee. Included in note 8 is £2,30012021.. £2,300) due lo Michael Bennett. 3. Donations and legacles Donations received including gift aid 2022 79 625.00 79.625.00 2021 62,500 62,500 2021 4. Investment Income 2022 Dividends 6,288.32 6.288.32 8,121 8,121 Page 9 The Michael and Lesley Bennett Charitable Trust Notes to the Accounts for the year ended 5 April 2022 5. C05t of raising funds 2022 2021 Investment management charges 2,996.81 2,996.81 2022 3,336 3.336 2021 Charitable activities Grants to institutlons Anglo Israel Association Arts Therapies for Children Ben Gurion University Foundation Bevis Marks Synagogue Heritage Foundation B'nai B'rith Hillel Foundation Brits'sh Emunah Fund British Friends of Herzog Hospital British Friends ol The Hebrew University Camp Simcha Central British Fund Centre Point Chai Cancer Care Combat stress Community Security Tnjst Crisis First Working Inc Goods for Good Charity Hatzola Trust Heart Cells Foundation HilElites Holocaust Educational Trust Jami Jewish Care Jewish Child's Day Jewish Policy Research Jewish Women's Aid JNE Foundation Jnetics JNF Charitable Trust JW3 Development Kol N1d￿ Appeal Lifelites Magen David Adom March of the Living Migdal OHR UK MJR Foundation Nightingale Hammerson Noah's Ark Children's Hospice North London Hospice NoTwood Ohel Sarah ORT UK Ovarian Cancer Actso 250.00 250.00 100.00 250.00 200.00 250 200 250 100 100 250 100.00 12.000.00 400.00 5,100.00 100.00 3,500.00 4.000 100 3.500 250 5,016.59 100.00 250 500 250 200 750 250 11,000 100 250.00 750.00 500.00 13,100.00 375.00 100.00 250.00 100 500 100.00 600.00 500 150 1.000 100 1,000 500.00 450.00 250.00 200.00 450 250 3.500 300 600 2,500 100 250 250 33,850 800.00 250.00 250.00 500.00 500.00 350.00 47,441.59 Page 10 The Michael and Lesley Bennett Charitable Trust Notes to the Accounts for the year ended S April 2022 Donatlons continued. CF Parkinson UK Ros Eisen Royal Free Charity Royal National Theatre Royal Opera House Covent Garden Foundats"on Sir Simon Milton Foundation Tale Technion UK The Wiener Holocaust Library The Work Avenue Foundation Tikva UK UK Friends OfAWCS UK Gives Limited University Jewish Chaplaincy United Jewish Israel Appeal United Synagogue We Believe In Israel Wizo LIK World Jewish Relief Yad Sarah ZSV Trust 47,441.59 33,850 50 100 soo.00 832 250 100 250 500.00 100.00 1,000 250.00 100 100.00 100 1,000 220.00 100.00 250.00 5,100.00 150.00 100.00 54,811,59 15,250 100 52.982 Donations by category Art5, Culture, Humanities - 2 donations Community Development- 21 donations Education - 9 donations Health -10 donations Religion - 1 donation Total 5,200.00 31.095.00 7,666.59 10.650.00 200.00 54.811.59 16.582 24,350 1.450 10,400 200 52,982 Governance costs Accountancy fees Independent examination fees 3,570.00 1,230.00 4 800.00 5,010 630 Administration Costs Bank charges 703.25 703.25 532 532 Totsl charitable actlvltles 60,314.84 2022 59,154 2021 7. Investments Movement In fixed asset listed investments Market value at 6 April 2021 Additions Disposal proceeds Cash movements Net realised and unrealised investment gainsl{lossesl Market value at 5 April 2022 256,721.00 426,261.97 1430,315.131 58.65 1584.49 252.142.00 242,703 88,187 185,3141 18,0331 19,178 256.721 Historical cost as at 5 April 2022 253 553.00 238,065 Page 11 The Michael and Lesley Bennett Charitable Trust Notes to the Accounts for the year ended 5 Aprll 2022 Investments contlnued. All investrnenls are carried at their fair value. The basis of fair value for quoted investments is equivalent lo the market value, using the bid price. Asset sales and purchases are recognised al the date of trade at cost {Ihat is their transaGlion value). The main risk to the Trust from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity manages these investment risks by retaining expert advisors. 8. Analysis of liabilities Amount falling due within one year Loan from Michael Bennett Accounlanls, fees Independent examiners fees 2022 2021 2,300.00 3.570.00 1,230.00 7,100.00 2,300 9,210 1,230 12,740 9. Control The trust is controlled by the Iruslees. 10. Analysis of net assets belmeen funds Net Current Assetsl Liabilities Fixed Assets Total Unrestricted 252,142.00 53.780.30 305 922.30 Net Current Assetsl Llabilitie$ Fixed Assets Prfor year comparative Total Unrestricted 256,721 28,565 285,286 Unrestricted Fund Funds may be applied al the discretion of the trustees for achieving the obje¢ls of the charity as sel out in the deed. Page 12