REGISTERED CHARrrY NUMBER: 1047611 Report of the Trustees and Unaudited Finanaal Statements for the Year Ended 5 April 2024 for MICHAEL AND LESLEY BENNErr CHARITABLE TRusr Melinek Fine LLP Chartered Accountants First Floor, Winston Hou 349 Regents Park Road London N3 IDH
MICHAEL AND LESLEY BENNE CHARrrABLE TRusr Contents of the Financial Ststements FOR THE YEAR ENDED 5 APRIL 2024 Page Report of the Trustees Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Ststements 6 to 8
MICHAEL AND LESLEY BENNE CHARrrABLE TRU Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their report wtth the financial ststements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and ReFQrting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanoal Reporknng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND AcfIviTIES Objertives and aims The trust was established to make grants for charitable purposes in any part of the wodd as the trustees shall think fit at their discretion. The trustees have p)wer to pay or apply the whole or any part of the income or capital of the trust fund to any purwse body organisation(s) or object(s) which under the law of England shall be recognised as exclusively charitable. Public benefit In applying such income and capitsl, the tnjstees 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 guidan on public benefit. Grantmaking The trustees receive applications for grants and consider each one of the applications at their meetings. The tru5tees' general policy is to aim to distribute each year the income as it arises but from time to time they may also distribute capitsl. ACHIEVEMENT AND PERFORMANCE Charitable activities During the year the trustees have made donations amounting to £27,625 (2023: £44,170). FINANCIAL REVIEW Financial posttion The net movement in funds for the year amounted to a surplus of £28,481 (2023: £748 deficit). All funds are unrestrirted and amounted to £333,655 (2023: £305.174) at the balan sheet date. Gains on investments, both realised and unrealised, amounted to £17,149 {2023: £12,268 loss). Investment policy and objectives The trustees have very wide )werS of investment and have appointed London & Capitsl Pic as their investment managers. London & Capital PIC manage the investments on a diretIonary basis. The major part of the income of the charity is derived from its investments. The investment managers, obiecttve 15 to maximise total retum wth due regard to risk. The trustees regularly eW wh the investsnent managers the income requirement and capital base. Reserves policy The Charity's powers to invest its fund5 are set out in the Charitvs goveming instrument. Any monies not immediately required for the furtherance of the Charity's objects may invested at the discretion of the Trustees. There are no restrictions on the Trustees, wwer to invest funds. The Charity is not a functional Charity having operati)nal 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 reasonab]e eXpctation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this rean they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adopb.on of the going concern basis can be found in the Accounting Pollcies. FUTURE PLANS The TruStS intend to continue their policy of making grants to the charitable purwses which fall within the objects of the Charity. Page I
MICHAEL AND LESLEY BENNErr CllARfTABLE TRusr Report ofthe Trust FOR THE YEAR ENDED 5 APRIL 2024 srRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is contrdled ty its govemiro ¢thi[L a Ileaj of ljust aTMJ C5beS an unin[rated charity. RecruilJnent and appointment of new trustees Under the temis of the CE&l, the ttl0r, mh3ej Pennet¢ has the to appjint new Tnjstees durirrfJ his lrfth'me and thereats the wwer vests wth the Trustees. New TrusLees may be aprxinted ur a Ceed signed and approv8 by the exisb'ng Tnjstees. Tr exiskn'r#J Trustees are restM)ngtde for ind1$ of any new Trustees which would involve havtng an awaraEss c( a Trustee's resForGits'libes, the goveming dMlt, administrative prc(edures, a1 the histy and philosophy of the Chanty. Organisational structure The Trustees are responsible fcr #rategy arKI F()IKy arKJ rrojor decisfv)ns a ta ty the Trusiees. Day to day acLiwties a CO11n3ted by the Ch3riWs administrators, as it anpbys rK) stsff. The Trustees exami ffoior rtsks that the Charity fa every financial year ar#J have dwelopey systems to rTh)nor and control tsse risks to mrti'gate any impatt ty rroy have on the Charity in futu. The TruStS have systems in place to Idtify any conflicts cf interest that may ¢xcur. When a conflti (A interest arises, the relevant Trustee agrtrs to wthdftw fFDm any dIu50n and deci&on makiry. Risk management At the bme of approviTrJ the financial Statents, ttE truts have a reax)natle eX[tiOn that the charity has adequate resources to continue in operati¢mal eSe for foretle futurE. Thus the trustees continue to adopt the going concem basis c< accounting in preparir¥J the financial Stateents. REFERENCE AND ADMINIsfRATIVE DEfAILS Registered Charity number 1047611 Principal address Bedegars Lea Kenwcxxl Close London NW3 7JL Trustees Mr M Ennett Mrs L V Bennett Independent Examiner Danny Fine, FCA Mdinek Fine LLP CharteJed Acc¢Juntants First Floor, Winston Fksu 349 Regents Park Ro•J London N3 IDH Approved by order of the bckird of lot4 .. and sb3n8J on ILS tehalf by: Page 2
Independent Examinees Rewt to the Trustees MI(IIAEL AND LESLEY BENNErr (XARIfABLE TRusr Independent examiner's report to the truste of Mithael and Lesley Bennett Charitable Trust I report to the charity tnjSt on my examination of the accounts of Michael and Wey knnett Charitable Trust (the Trust) for the year end81 5 April 2024. ResponsSbllitles and basls of report As the charity trustees of Trust you are rEstNJnsitJe the er13ratiOn of the accryjnts in aCCordare with the r8]uirEments of the Chaiities Act 2011 (' ACV). I rep)rt in restett of my examination cl Tn5 &counts c3nEd under knK)n 145 cff the Att aThl in carrying out my examination I have fdbKed all am)licable DirectiS given by the Chaiity Ccrnrrissicn UfKler 145{5Xb) of the ACL Independent examinevs ststement I have completed my eXaminatic. I cfIrM that material matters have ccffie to rrry attffition in conrEcb¢M with the examinatiC giving me cause to klieve that in any materral rew.. accounting records were r)t kept in rew of Trust as rquired by KIn 130 of the Att; or the accwnts do t accortl Trmth those reccyds; the accounts do not coryty with the applKable requIrents cCeMing the fom cortent of COUnts set out in the Charities (Acc¢JJnts and Ret¥Jts) Regulab'ons 2008 other than any r4UIrennt that the accounts gtve a true arjd fair view which is nct a mats consdered as Part of an indewlert eXBMInati. I have rn contrrns and have Con across no cther ntte in nectIOn with the eyamination to which attention should be drawn in this in ordu to enatje a pro underandiTrJ the accounts to te reached. Danny Fine, FCA Melinek Fine LLP Chartered ACCntsnts First Fl¢)y, Winston Ho 349 Regents Park Road London N3 IDH Page 3
MICHAEL AND LESiEY BENNErr CNARrrABLE TRUST ststement of Thnancial Activities FOR THE YEAR ENDED 5 APRIL 2024 2024 Unrestricted fu 2023 Totsl funds INCOME AND ENDOWMENfs FROM tbnabons and legacies 42,488 61,625 InveStTrt income 477 Total EXPENDITURE ON Raisrrfj funds 1,502 645 Charitable activities AdvanceEnt of the arts, culture and hunwntbes Community developrrent AdVanrrent of health Advancerrent of education Advancetrent of religi Other charitable tiVitieS 1,000 11,350 10,625 3,200 1,450 13,300 20,120 8,150 2,400 200 Totsl Net gainsl(losses) on investrnents NEf INCOMEI(EXPENDrruRE) 28,481 (748) RECONCILIATION OF FUNDS Total funds brought fOal[l 305,174 305,922 TOTAL FUNDS C4RRIED FORWARD 333 655 305 174 The Th)tes fcfm part cf these financial siatenEnts Page 4
MI(>IAEL AND LESLEY BENNErr OlARifABLE TRusr Balan Sheet 5 APRIL 2024 2024 unricted 2023 Totsl funds FIXED ASSErs Investrnts 288,075 269,561 CURRENT ASSErs tkbtors Cash at bank 49,248 40,750 50,580 44,103 CREDrroRS Amounts falling due wtthin one year (5,tM)O) (8,490) NEf CURREMf ASSErs TOTAL ASSEfs LESS CURREKf LIABILMES 333,655 305,174 NEf ASSETS 333 655 305 174 FUNDS Unrestncted funds 333 655 305 174 TOTAL FUNDS 333 655 305 174 The financial StatemrtS w t( i&¢+ ,' approv&l by tre Bc4ird of Tnj&s and aut1581 for issue ( n its by: Mr M EenneLt - Trust The rK)tes forni part of trtse financpl statants Page 5
MICHAEL AND LESLEY BENNErr CHARThABLE TRUST Notes to the Financial Statements FOR THE YEAR ENDED 5 APIUL 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The ffinancial statements of the charity, which is a public tenefft entity under FRS 102, have lell prepared in accordan 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 l January 2019),, Financial Reporting Standard 102 The Finanaal ReFDrting Standard applicable in the UK and Republic of Ireland, and the Charities Art 2011. The financial statements have en prepa under the historical cost convention, with the exception of investsnents which are induded at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, It is probable that the income will be recewed and the amount can be meayjred reliably. Expenditure Liabilities a OgnISed as exFenditure as y)on as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliab. Expenditu is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be direttly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offeraj subj'ert to condiknons which have not nEt at the year end date are noted as a commitment but not accnjed as expenditure. Taxation The charity is exempt from tax on its charrtable acbvibes. Fund accounting Unrestritted funds can Ee used in accordance with the charitable objectives at the dIsCtion of the trust. Restricted funds can only be used for parkncular restrittd purposes within the obj'ects of the charity. Restrictions arise when specified by the donor or when funds are raised for patticular re*iLted PuSe$. Further explanation of the nature and pur of each fund is induded in the notes to the financial ststements. INVEsrmEl INCOME 2024 2023 Curr asset inv income 477 Page 6 continued...
MICHAEL AND LESLEY BENNE CHARrrABLE TRusr Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2024 RAISING FUNDS Investment management costs 2024 2023 Portfolio management 645 GRAPtrs PAYABLE 2024 2023 Advancement of the arts, culture and humanities Community development Advancement of health Advancement of education Advancement of rel10n 1,000 11,350 10,625 3,200 13,300 20, 120 8,150 2,400 200 The total grants paid to institutions during the year was £27,625 (2023: £44,170). A gjmmary of grants made to institutions during the year is as follows: Name of institution Amount (£) Chai-Lifeline Cancer Care Community Security Trust United Jewish Israel Appeal Holocaust Educational Trust The Central British Fund for World Jewish relief Heart lIS Foundation United Synagogue The Royal Free Charrty Magen David Adom UK Other immaterial donations 3,600 3,500 2,000 2,000 1,450 1,325 1,000 1,000 1,000 10,750 Total 27,625 TRusfEES' REMUNERATION AND BENEFrrs There were no trustees, remuneration or other beneftts for the year ended 5 April 2024 nor for the year ended 5 April 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023. Page 7 continued...
MICHAEL AND LESLEY BENNErr CHARrrABLE TRUST Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2024 srAFF cosrs There were no staff costs for the year ended 5 Wil 2024 nor for the year ended 5 April 2023. FIXED ASSEf INVESTMENTS Listed investments MARKEf VALUE At 6 April 2023 Additions Revaluations 269,561 1,366 At 5 April 2024 288 075 NET BOOK VALUE At 5 April 2024 288 075 At 5 April 2023 269 561 There were no invesbnent assets outside the UK. Cost or valuation at 5 April 2024 is represented ty.. Listed investments Valuation in 2023 Cost 13,514 274 561 288,075 DEBTORS: AMOUPtrs FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 40,750 CREDtroRS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Other creditors io. RELATED PARTY DISCLOSURES During the year, the Charity recelved donations totalling £33,990 (2023: £49,300) from Michael Bennett, a Trustee. Included in other creditors is £2,300 (2022: £2,300) due to Michael BennetL Page 8