Charity number: 1067325 THE MICHAEL VON CLEMM CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MICHAEL VON CLEMM CHARITABLE TRUST CONTENTS Page Reference and administrative details of the charity. its trustees and advisers Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial ststements 8-12
THE MICHAEL VON CLEMM CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr William Iselin Mrs Charlotte von Clemm Iselin Ms Stefanie von Clemm Charity registered number 1067325 Principal office Millbrook House, Broadwell, Moreton-in-march, GL56 OTN Independent examiner Hillier Hopkins LLP, 45 Pall Mall, London. SW1Y 5JG Bankers Coutts & Co, London, WC2R OQS Page 1
THE MICHAEL VON CLEMM CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the charity for the 1 January 2024 to 31 Dember 2024. Objectives and Activities a. POLICIES AND OBJECTIVES The Trust was established in memory of the late Michael von Clemm to finance an academic exchange program beeen students at Oxford University, England and Harvard College, USA. During his life Michael von Clemm attended both these universities and was a strong advocate of the benefits that could flow from academic study in both countries. Financial review a. GOING CONCERN 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. Structure, governance and management a. CONSTITUTION The Trust was established by a Declaration of Trust by the present trustees on 23rd December 1997. The Trust is a registered charity No. 1067325. TRUSTEES. RESPONSIBILITIES STATEMENT 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 Select jurisdiction 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- select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going COnM basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufFicient to show and explain the charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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. Page 2
THE MICHAEL VON CLEMM CHARITABLE TRUST TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the Trustees and were signed on their behalf by: Ms Stefan e von Clemm Date: 29th December 2025 Page 3
THE MICHAEL VON CLEMM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MICHAEL VON CLEMM CHARITABLE TRUST (the 'charity') I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this reporL RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity'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 2011 Act INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn to the fact that the charity has prepared the accounts in accordan with Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} in preference to the Accounting and Reporting by Charities". Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting practi effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements conceming 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 fairf view which is not a matter considered as part of an independent examination. Page 4
THE MICHAEL VON CLEMM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 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.. Dated: HILLIER HOPKINS LLP Chartered Accountants 45 Pall Mall London SW1Y 5JG Page 5
THE MICHAEL VON CLEMM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Other trading activities Other income 66,000 817 66,000 817 653 TOTAL INCOME 66,817 66,817 653 EXPENDITURE ON: Charitable activities 88.716 88.716 69,385 TOTAL EXPENDITURE 88.716 88.716 69,385 NET EXPENDITURE BEFORE OTHER RECOGNISED GAINS AND LOSSES (21,899) (21.899) (21,899 (21.899) (68, 732) (68, 732J NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward 134.583 134.583 203,315 112,684 112,684 134,583 TOTAL FUNDS CARRIED FORWARD The notes on pages 8 to 12 form part of these financial statements. Page 6
THE MICHAEL VON CLEMM CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note CURRENT ASSETS Debtors Cash at bank and in hand 1,198 127.890 2.391 149, 187 129.088 151,578 CREDITORS: amounts falling due within one year {16.404) (16,995) NET CURRENT ASSETS 112.684 134, 583 NET ASSETS 112.684 134,583 CHARITY FUNDS Unrestricted funds 10 112.684 134, 583 TOTAL FUNDS 112,684 134,583 The financial statements were approved by the Trustees on and signed on their behalf, by.. Ms Ste nie von Clemm The notes on pages 8 to 12 form part of these financial statements. Page 7
THE MICHAEL VON CLEMM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP {FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. 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 accounts. The financial statements have been prepared in accordance with the Statement of Recommended practi.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. The Michael Von Clemm Charitable Trust constitutes a public benefit entity as defined by FRS 102. 1.2 Income 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. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the servi. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated dIreCY to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of reSoUrs. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Governan costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Charitable activities and G0Veman costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governan of the charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Page 8
THE MICHAEL VON CLEMM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Icontinued) 1 A Interest receivable Interest on fijnds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is nomially upon notification of the interest paid or payable by the Bank. 1.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.6 Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised within interest payable and similar charges. 1.8 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.9 Fund accounting General frjnds are unrestricted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Page 9
THE MICHAEL VON CLEMM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FUNDRAISING INCOME Unrestricted funds 2024 Total funds 2023 Donations 66.000 ANALYSIS OF GRANTS Grants to Institutions 2024 Total 2024 Total 2023 Donations 75,435 75,435 54,163 Total 2023 54, 163 54, 163 Donations were made to the following institutions 2024 2023 Corpus Christi College Oxford Designer Bookbinders 65.435 10.000 44,163 10,000 Total 75,435 54,163 GOVERNANCE COSTS Unrestricted funds 2024 Total funds 2023 Governance Auditors, non audit costs Bank charges Trustee's remuneration Employers Nl (660) 966 12,505 470 1,440 807 12,505 470 13.281 15,222 Page 10
THE MICHAEL VON CLEMM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Other costs 2024 Total 2024 Total 2023 Donations Expenditure on governance 75.435 13.281 75.435 13.281 54,163 15,222 88,716 88,716 69,385 Total 2023 69,385 69, 385 NET INCOMEI{EXPENDITURE) During the year, a Trustee received £12,505 remuneration (2023 - £12,505). During the year, a Trustee received a benefits in kind £Nil (2023 - Nil). During the year, no Trustees received any reimbursement of expenses (2023 - £NIL). AUDITORS, REMUNERATION The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,500 (2023 - £1,440) DEBTORS 2024 2023 Other debtors 1,198 2,391 CREDITORS: Amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 84 14,820 1.500 15 16,980 16,404 16,995 Page11
THE MICHAEL VON CLEMM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Reserves Other General funds 244,880 {110,2971 244,880 {88,716) (132,196) 66,817 134,583 66,817 {88,716) 112,684 STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure General funds Reserves Other General funds 244, 880 (41,565) 244, 880 (69,385) (110,297) 653 203.315 653 (69,385) 134,583 Page 12