THE FREDERICK BONNART-BRAUNTHAL TRUST
(Registered Charity No. 1094967)
Annual Report and Accounts
for
the year ended 31 December 2022
Trustees
Anthony Tomei CBE (Chairman) Dr Francesca Fabbri Keiran Goddard Michael H W Holloway Dr Victoria Redclift
Banker
CAF Bank Ltd 25, Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Registered Address
16, Nightingale Avenue London E4 9RG
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FREDERICK BONNART-BRAUNTHAL TRUST
Trustees' Report for the year ended 31st December 2022
The trustees present their report together with the Accounts for the year ended 31 December 2022.
Status and Administration
The Frederick Bonnart-Braunthal Trust (The Trust) was constituted by a trust deed dated 31 May 2002 and was registered as a charity, no. 1094967, on 6 December 2002.
The trustees who have served during the year are as follows :
Dr Francesca Fabbri Keiran Goddard Michael Holloway Dr Victoria Redclift Anthony Tomei CBE
Objects
To establish and to maintain scholarships at universities in the United Kingdom for research at the postgraduate level into the nature· of racial, religious and cultural intolerance with a view to finding means to combat it.
Review of Activities
Trustees met formally four times during the year, via Zoom.
With one present scholar at the University College of London [UCL] and two scholars currently carrying out their research at Birkbeck with the third beginning their studies at the beginning of 2023, by the end of 2022, twenty-five FBB scholars had completed their PhDs, three had discontinued their studies and one was not awarded his PhD. These figures include those funded by the Trust since its inception, and nine funded by the separate endowment set up by Frederick Bonnart-Braunthal at UCL in 2000. Since the beginning of 2023, the trustees have been informed that one of the continuing scholars has regretfully decided to discontinue their studies being awarded a Masters’ degree for the work that was completed.
During the year, Satya Gunput completed his PhD in History. His research reappraised the history of immigration and ethnicity in post-war Britain and how it was affected by local and national government. His thesis was highly praised by his examiners and we congratulate Satya on his achievement. The year also saw Oliver Trowell and Shereen Hunte, our first two part time Masters’ students, complete their degrees and we congratulate them. The Trust is continuing to support four part-time Masters’ students per year at Birkbeck. Details of past and present students can be found on the Trust’s website: https://bonnart.org/scholars
To celebrate their twentieth anniversary, the trust organized a reception and discussion, held at Birkbeck on 17th May. The event was attended by Bonnart scholars past and present, academic staff, trustees and friends and supporters of the trust. In keeping with Freddie Bonnart’s intentions the theme of the evening was: “How does research get translated into action?” The audience heard presentations from two academic researchers and two “users” of research. The discussion that followed raised many issues that have salience for our programme. While it is unlikely that a student’s project will on its own bring about policy change, Bonnart students are active in their local communities and bring with them their developing understanding of research in their own field and others. The discussion raised interesting questions about the nature of postgraduate education, about the extent to which students should be encouraged to reflect on the impact of their research, and whether training in media and other forms of public communication should be part of the student - experience. A fuller account of the event can be found on the website: https://bonnart.org/whats on/p2
The event provided another occasion for the Trust to mark its successful partnership with the Birkbeck Institute for the Study of Antisemitism, and to record the trustees’ thanks to the Institute’s Director, Professor David Feldman, and his colleagues, for their help and support.
Diversity, Equity and Inclusion
The statement on Diversity, Equity, and Inclusion aims to reflect the trustees’ commitment to tackling societal inequalities both as an organisation and through the work of the scholars the Trust support. The full statement can be found on the Trust’s website: www.bonnart.org
Financial Affairs
Having combined all the investment funds into one during 2021, the trustees have decided that, since all its
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expenditure is in pursuit of the aims of the trust, the distinction between restricted and unrestricted funds ceases to be relevant. It has therefore been decided to present the income and expenditure in one overall column. The trustees have also agreed with the new Independent Examiner, appointed in August 2022, to use Receipts and Payments methodology to present the accounts from now on amending the comparison figures from 2021 accordingly.
At the start of the year, the Trust’s resources stood at £2,539,557 of which £2,357,375 was in investment funds. During the year, further income was received of £70,006 including the proceeds of the sale of the final holdings with Banque de Luxembourg. The end of year balance, after expenditure of £98,245 together with a loss of £273,666 in investment funds due to market volatility caused by the war in Ukraine, supply chain issues and high debt to GDP ratios, was therefore £2,215,408 of which £2,076,461 was held in investment funds as valued at 31[st] December 2022. This represents a fall of 12.3% in the value of the endowment while producing a dividend of 2.8%.
Investment Policy
The trust deed places no restriction on the investment powers of the Trustees. The Trustees will however act as prudent investors basing investment decisions on two basic objectives:
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to protect the capital of the Trust against loss, including loss of value arising from inflation and
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to earn the maximum rate of return consistent with maintaining an acceptable level of risk.
In addition, trustees will not knowingly invest in companies whose activities are in conflict with the ethos and values of the Trust and will seek to observe sound ethical standards.
The trustees have maintained all their endowment holdings in a single CCLA account and accordingly receive quarterly investment reports from CCLA as well as hold two face to face review meetings with the fund manager. CCLA aim to provide a long-term return of Consumer Price Index [CPI] plus 5% subject to fees, which meets the trustees’ objectives. They follow clear investment risk and Environmental, Sustainability and Governance [ESG} guidelines, which satisfy the trust’s aims. CCLA missed their target this year but fared well against competitors and have a positive long-term outlook.
Reserves Policy
The Trustees’ policy is to maintain sufficient reserves to:
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enable the maximum number of scholarships to be pursued and be completed satisfactorily. And
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safeguard the long-term viability of the Trust.
Risk Review Policy
The major risks to which the Trust is exposed are financial risks to the continuity of income and valuation of investments. The steps taken to mitigate these risks are set out in the Investment Policy above.
Statement of Trustees’ Responsibilities
It is the Trustees’ responsibility to prepare financial statements for each financial year in accordance with applicable law.
The Trustees are responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the Trust. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed:
Anthony Tomei (Chairman)
Date: 3[rd] October 2023
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Independent Examiner's Report to the Trustees of Frederick Bonnart-Braunthal Trust
I report to the Trustees on the accounts of the Trust for the year ended 31 December 2022, which are attached on pages 5-7.
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 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 which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Act; or
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the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
M R Cooper ACA
3[rd] October 2023
Welbeck 29 Welbeck Avenue Southampton SO17 1ST
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Receipts and payments
| Receipts CCLA Dividends M&G Dividends Schroeder Dividends Banque de Luxembourg Dividends Bank Interest Mis-directed Donation Sub total Asset and investment sales M&G Units Schroeder Units Banque de Luxembourg Units Sub total Total receipts Payments Scholarships Part-time Masters' Website Upgrade Design Website Operation Administration Scholar Support Subscriptions Bank charges 2021 Account Examination Sub total Asset and investment purchases CCLA Units Sub total Total payments Net of receipts/(payments) Transfers between funds Cash funds last year end _Cash_funds this year end |
All restricted funds Note 1 Total 2022 Total 2021 62,003 25,671 Note 7 - 4,639 - 4,692 - 10,650 568 23 188 - 62,759 45,675 - 244,642 - 349,292 7,247 1,280,583_Note 7_ 7,247 1,874,517 70,006 1,920,192 Notes 6 & 8 60,689 72,708 17,993 15,064 - 11,100 600 489 15,705 14,694 2,428 616_Note 2_ 293 420 87 127 450 450 98,245 115,668 - 1,674,517 - 1,674,517 98,245 1,790,185 (28,239) 130,007 - - 167,186 37,179 138,947 167,186 |
|---|---|
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Statement of assets and liabilities at 31st December 2022
| All Restricted funds | All Restricted funds | Note 1 | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| £ | £ | |||||
| Cash funds | ||||||
| Cash at bank | 138,947 | 167,186 | ||||
| Total | cash funds | 138,947 | 167,186 | Note 5 | ||
| Amounts owing to | the charity | |||||
| and other monetary assets | ||||||
| CCLA Q4 2022 Dividend | 15,664 | - | ||||
| Total amounts owing | 15,664 | - | ||||
| Investment assets | Notes 3 & 4 | Value as at 01/01/2022 |
Current value at 31/12/2022 |
Unrealised Gain/Loss |
Realised Gain/Loss |
|
| £ | £ | £ | £ | |||
| CCLA COIF Charities | Investment Fund | 2,349,687 | 2,076,461 | -273,226 | - | |
| Banque de Luxembourg Units (sold and A/C closed) | 7,688 | - | - | -440 | ||
| Total Investment Assets | 2,357,375 | 2,076,461 | -273,226 | -440 | ||
| Assets retained for the | All Assets are retained for use | for the Objects and Purposes | of | |||
| charity’s own use | the charity; | Note 1 | ||||
| Liabilities | Amount £ | When due | Note 1 | |||
| Jordan Craft Website | Sub | 240 | Jan-23 | |||
| Refund Unsollicited Donation | 188 | Jan-23 | ||||
| Global Dialogue Subs | 22/23 | 250 | Jan-23 | |||
| 3 year Phd Scholarship Grants | Autumn 2020 | 15,411 | in 1 payment due 03/23 | |||
| Awarded beginning | Autumn 2021 | 29,759 | in 4 payments before 03/24 | |||
| Jan 2023 | 72,308 | in 7 payments before 03/25 | ||||
| 2 year Part-time Masters' Grants | Autumn 2022 | 4,589 | in 1 payment due 03/23 | |||
| Awarded beginning | Autumn 2023 | 18,391 | in 4 payments before 03/24 | |||
| Total liabilities | 141,136 |
Signed on behalf Signature Print Name Date of approval of all the trustees ANTHONY TOMEI 3[rd] October 2023
MICHAEL HOLLOWAY 3[rd] October 2023
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FREDERICK BONNART BRAUNTHAL TRUST
Notes to the Financial Statements for the period ending 31st December 2022
Note 1 a) Financial transactions have been recorded and analysed using Receipts and Payments methodology.
b) Since all financial transactions are related to the Aims and Purposes of the Charity, none are deemed unrestricted. All transactions are therefore assigned to a single restricted fund.
c) Investment dividends are paid quarterly in arrears. The Q4 dividend is therefore recorded as future guaranteed income.
d) As a grant making trust, liabilities record all future awarded grant funding and cash flow is managed accordingly
Note 2 Scholars’ Support includes the cost of an annual restaurant lunch paid by card by a trustee and reimbursed. This amounted to £593.10 in 2022. Trustees received no further remuneration.
| Note | 3-Common lnvestment Funds | Price | Value | Unrealised | Realised | ||
|---|---|---|---|---|---|---|---|
| Units | p | £ | Gain/Loss | Gain/Loss | |||
| COIF | Charities lnvestment Fund | ||||||
| 31.12.21 Closing |
114,248.83 | 2,056.64 | 2,349,687.00 | ||||
| 31.12.22 Closing |
114,248.83 | 1,817.49 | 2,076,461.06 | -273,225. 94 |
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| Note | 4 Banque de Luxembourg | ||||||
| 31.12.21 Closing |
7,687.64 | ||||||
| 15/06/22 Account Closed |
7,247.18 | -440.46 | |||||
| Note | 5 Cash in CAF Bank Accounts | 138,946.43 |
| Note 6 Charitable Expenditure |
Note 6 Charitable Expenditure |
Note 8 Administrative Expenditure | Note 8 Administrative Expenditure | |
|---|---|---|---|---|
| Pears Institute, Birkbeck College | ||||
| PhD scholarships | 60,689.00 | Bank fees | 87.00 | |
| Part-time MAs | 17,993.00 | Subs | 293.00 | |
| Scholar Support | 2,427.76 | Website operation fees | 600.00 | |
| Total | 81,109.76 | Account Examination 2021 | 450.00 | |
| General Administration | 15,704.99 |
| Pears Institute, Birkbeck College | ||||
|---|---|---|---|---|
| PhD scholarships | 60,689.00 | Bank fees | 87.00 | |
| Part-time MAs | 17,993.00 | Subs | 293.00 | |
| Scholar Support | 2,427.76 | Website operation fees | 600.00 | |
| Total | 81,109.76 | Account Examination 2021 | 450.00 | |
| General Administration | 15,704.99 | |||
| Note 7 Investment Income Bank Interest Common Investment Funds |
567.79 62,003.83 |
Total | 17,134.99 | |
| Banque de Luxembourg Investments | 7,247.18 |
| Note 7 Investment Income Bank Interest Common Investment Funds |
567.79 62,003.83 |
Total 17,134.99 |
|
|---|---|---|---|
| Banque de Luxembourg Investments | 7,247.18 | ||
| Total Income | 69,818.80 |
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