The Michael and Lesley Bennett Charitable Trust (Registered Charity No. 1047611)
Accounts
for the year ended 5 April 2023
The Michael and Lesley Bennett Charitable Trust
Trustees Annual Report
for the year ended 5 April 2023
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published in October 2019.
Reference and Administrative Details
| Name of the Charity: | The Michael and Lesley Bennett Charitable Trust |
|---|---|
| Charity Registration No: | 1047611 |
| Trustees: | Michael Bennett |
| Lesley Bennett | |
| If new or additional trustees are appointed they will be encouraged | |
| to receive appropriate training depending on their qualifications and | |
| experience | |
| Principal Office address: | Bedegars Lea |
| Kenwood Close | |
| Hampstead | |
| London | |
| NW3 7JL | |
| Reporting Accountants: | Mercer & Hole Trustees Limited |
| 21 Lombard Street | |
| London | |
| EC3V 9AH | |
| Bankers: | HSBC Plc |
| Cross Roads | |
| 897 Finchley Road | |
| London | |
| NW11 7NX | |
| Investment Managers: | London & Capital Plc |
| 2nd Floor | |
| Fitzroy Place | |
| 8 Mortimer Street | |
| London | |
| W1T 3JJ | |
| Independent Examiner: | Steve Robinson |
| Mercer & Hole LLP | |
| 72 London Road | |
| St Albans | |
| Herts | |
| AL1 1NS |
Page 1
The Michael and Lesley Bennett Charitable Trust
Trustees Annual Report
for the year ended 5 April 2023 (continued)
Structure, Governance and Management
| Governing Document: | The principal governing document is a Charitable Trust Deed |
|---|---|
| dated 7 June 1995. | |
| Settlor: | Michael Bennett |
| Appointment of | Under the terms of the Deed, the Settlor, Michael Bennett, has the |
| Trustees: | power 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 approved 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 Plc as their investment managers. | |
| London & Capital Plc 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 trustees regularly review | |
| with the investment managers the income requirement and capital | |
| base. | |
| Management and | The Trustees are responsible for strategy and policy and all major |
| Control: | decisions are taken by the Trustees. Day to day activities are |
| co-ordinated by the Charity's administrators, as it employs no staff. | |
| The Trustees 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 to identify any conflicts of | |
| interest that may occur. When a conflict of interest arises, the | |
| relevant Trustee agrees to withdraw from any discussion and | |
| decision making. | |
| Risk management: | At the time of approving the financial statements, the trustees have |
| a reasonable expectation that the charity has adequate resources | |
| to continue in operational existence for the foreseeable future. Thus | |
| the trustees continue to adopt the going concern basis of accounting | |
| in preparing the financial statements. |
Page 2
The Michael and Lesley Bennett Charitable Trust
Trustees Annual Report
for the year ended 5 April 2023 (continued)
Objectives and Activities
Objectives and Policies: The trust was established to make grants for charitable purposes in any part of the world as the trustees shall think fit at their discretion. The trustees have power to pay or apply the whole or any part of the income or capital of the trust fund to any purpose body organisation(s) or object(s) 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 formal/informal meetings. The trustees’ general policy is to aim to distribute each year the income as it arises but from time to time they may also distribute capital. Public benefit: In applying such income and capital, the trustees are supportive of such charitable 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 trustees have considered the Charity Commissioners’ general guidance on public benefit. Achievements and Performance Review of activities: During the year the trustees have made donations amounting to £44,170.00 (2022: £54,812). Financial Review Financial review: The net movement in funds for the year amounted to a deficit of £748.52 (2022: surplus £20,636). All funds are unrestricted and amounted to £305,173.78 (2022: £305,922) at the balance sheet date. Losseson investments, both realised and unrealised, amounted to £12,268.50 (2022: loss £585). Reserves: The Charity's powers to invest its funds are set out in the Charity's governing instrument. Any monies 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 overheads therefore the Trustees consider that it is not necessary to set a reserves policy. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Future plans: The Trustees intend to continue their policy of making grants to 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 5 April 2023 (continued)
Respective responsibilities of trustees
Accounting guidelines:
The trustees are responsible for preparing the Trustees’ Report and the 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 & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
a) select suitable accounting policies and then apply them consistently;
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b) observe the methods and principles in the Charities SORP 2019 (FRS102);
-
c) make judgements and estimates that are reasonable and prudent;
-
d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Statement of Recommended Accounting Practice: Accounting and Reporting by Charities (SORP 2019) UK Accounting Standards, the Charities Act 2011 and 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.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.
Signed: .......................................................... on behalf of Trustees
Dated: .................................................
Page 4
Independent examiner’s report to the trustees of The Michael and Lesley Bennett Charitable Trust
I report to the trustees on my examination of the accounts of The Michael and Lesley Bennett Trust (the Trust) for the year ended 5 April 2023 which are set out on pages 1 to 12.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
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 Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s 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 material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the 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 view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no 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 accounts to be reached.
Signed:
Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH
Date:
Page 5
The Michael and Lesley Bennett Charitable Trust
Statement of Financial Activities
for the year ended 5 April 2023
| Note Income and endowments Donations 3 Investment income 4 Tax repayment supplement Total income and endowments Expenditure on: Costs of raising funds Investment management costs 5 Charitable activities 6 Proir year adjustment for accrued income Total expenditure Net gains/(losses) on currency exchange Net gains/(losses) on investments 7 Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2023 Unrestricted Funds £ 61,625.00 476.93 - 62,101.93 644.50 50,872.47 - 51,516.97 935.02 (12,268.50) (748.52) (748.52) 305,922.30 305,173.78 |
2022 Total £ 79,625 6,288 - 85,913 2,997 60,315 1,839 65,151 459 (585) 20,636 20,636 285,286 305,922 |
|---|---|---|
All comparative income and expenditure was unrestricted.
Page 6
The Michael and Lesley Bennett Charitable Trust
Balance sheet
at 5 April 2023
| Note £ £ Fixed Assets Investments at market value 7 269,560.00 269,560.00 Current Assets HM Revenue & Customs 40,750.00 Cash at bank and in hand 3,353.67 44,103.67 Current liabilities: Amounts falling due within one year 8 8,489.89 Net current assets 35,613.78 Total net assets 305,173.78 The funds of the charity: Unrestricted 10 305,173.78 Approved by the trustees on .................…... and signed on their behalf by .................................................. (Trustee). 2023 |
2022 £ £ 252,142 252,142 28,425 32,455 60,880 7,100 53,780 305,922 305,922 |
|---|---|
Page 7
The Michael and Lesley Bennett Charitable Trust
Notes to the Accounts
for the year ended 5 April 2023
1. Accounting policies
a) Basis of preparation
The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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 (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ 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 fair’ view. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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. There are no material uncertainties affecting the current year's accounts.
In future years, the key risks to the charity are fluctuation in the value of their investment and a fall in investment income but the trustees have arrangements in place to mitigate those risks by delegating the management of the portfolio to professional managers and regularly review their performance.
b) Funds Structure
The trustees maintain a general unrestricted fund which may be applied at the discretion of the trustees for achieving the objects of the charity as set out in the deed.
c) Income recognition
All income is recognised once the charity has entitlement 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 there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
The trustees do not employ fundraisers and therefore the only costs of generating funds are the fees payable to 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 trustees and they have not incurred any expenses during the year. No staff are employed by the Charity.
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 5 April 2023
e) Charitable activities
Costs of charitable activities include grants made, governance costs and administration cost in the pursuit of the charitable objects of the charity.
f) Grants payable
Grants payable are charged in the statement for financial activities in the year in which the grant is authorised by the trustees.
g) Debtors
Debtors are recognised at the settlement amount due. Prepayments 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.
i) Creditors
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 investments
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 statement of financial activities includes the net 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 to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
k) Realised gains and losses
Realised gains represent the profit by comparing the net proceeds of sale of investment with the market value of that investment as at 5 April 2022 or subsequent cost.
Unrealised gains represent the difference in market value at 5 April 2023 as compared with the market value at 5 April 2022 or subsequent cost.
2. Related party transactions and trustees’ expenses and remuneration
The charity's trustees 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' remuneration and re-imbursed costs were £nil (2022: £nil).
During the year, the Charity received donations totalling £49,300 (2022: £63,700) from Michael Bennett, a Trustee. Included in note 8 is £2,300 (2022: £2,300) due to Michael Bennett.
| 3. Donations and legacies Donations received including gift aid 4. Investment income Dividends |
2023 61,625.00 61,625.00 2023 £ 476.93 476.93 |
2022 79,625 79,625 2022 £ 6,288 6,288 |
|---|---|---|
Page 9
The Michael and Lesley Bennett Charitable Trust
Notes to the Accounts
for the year ended 5 April 2023
| 5. Cost of raising funds Investment management charges 6. Charitable activities Grants to institutions Anglo Israel Association Arts Therapies for Children Been There Ben Gurion University Foundation Bevis Marks Synagogue Heritage Foundation B'nai B'rith Hillel Foundation British Friends of Sarah Herzog Memorial Hospital British Friends of Chang Saveah Camp Simcha Campaign Against Antisemitism Central British Fund For World Jewish Relief Centre Point Chai Cancer Care Combat Stress Community Security Trust Crisis UK First Workings Inc Goods for Good Global Guys Trust Hadassah Medical Center Heart Cells Foundation Holocaust Educational Trust Israel Philharmonic Orchestra Foundation UK Jami UK Jewish Blind and Disabled Jewish Care Jewish Child's Day Jewish Policy Research Jewish Women's Aid JNE Foundation Jnetics JNF Charitable Trust JW3 Development Kol Nidre Appeal Lifelites Maccabi GB Magen David Adom UK March of the Living UK Nightingale Hammerson Noah's Ark Children's Hospice North London Hospice Norwood Ravenswood ORT UK Ovarian Cancer Action |
2023 £ 644.50 644.50 2023 £ - - 200.00 150.00 - 200.00 100.00 150.00 150.00 150.00 200.00 320.00 3,500.00 100.00 1,000.00 200.00 - 650.00 100.00 150.00 1,000.00 1,500.00 150.00 250.00 300.00 13,000.00 150.00 - 100.00 - 400.00 - 300.00 - - 250.00 250.00 - 500.00 100.00 150.00 1,800.00 500.00 200.00 28,220.00 |
2022 £ 2,997 2,997 2022 £ 250 250 - 100 250 200 - - 100 - 12,000 400 5,100 100 3,500 - 5,017 100 - - 250 750 - 500 - 13,100 375 100 250 - 100 600 - 500 450 - 250 200 800 250 250 500 500 350 47,442 |
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Page 10
The Michael and Lesley Bennett Charitable Trust
Notes to the Accounts
for the year ended 5 April 2023
| Grants continued. CF Royal Free Charity Royal Mardsen Shaare Zedek UK Sir Simon Milton Foundation SS John And Elizabeth Charity St Peter's Hospice Technion UK The Institute of Fundraising The Wiener Holocaust Library Tikva UK UK Gives Limited United Synagogue WaterAid Ltd We Believe In Israel Wizo UK World Jewish Relief Yad Sarah ZSV Trust Grants by category Arts, Culture, Humanities - 4 donations Community Development - 20 donations Education - 4 donations Health -17 donations Religion - 1 donation Total Governance costs Accountancy fees Independent examination fees Administration costs Bank charges Total charitable activities 7. Investments Movement in fixed asset listed investments Market value at 6 April 2022 Additions Disposal proceeds Cash movements Net realised and unrealised investment gains/(losses) Market value at 5 April 2023 Historical cost as at 5 April 2023 |
28,220.00 - 250.00 250.00 250.00 250.00 100.00 - 100.00 250.00 - - 1,500.00 300.00 100.00 350.00 12,250.00 - - 44,170.00 13,300.00 20,120.00 2,400.00 8,150.00 200.00 44,170.00 1,836.00 4,500.00 6,336.00 366.47 366.47 50,872.47 2023 £ 252,142.00 131,505.01 ( 102,295.44) - ( 11,791.57) 269,560.00 275,894.00 |
47,442 500 - - - - - 500 - 100 250 100 220 - 100 250 5,100 150 100 54,812 5,200 31,095 7,667 10,650 200 54,812 3,570 1,230 4,800 703 703 60,315 2022 £ 256,721 426,262 ( 430,315) 59 ( 585) 252,142 253,553 |
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