THE FREDERICK BONNART-BRAUNTHAL TRUST
(Registered Charity No. 1094967)
Annual Report and Accounts
for
the year ended 31 December 2023
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 2023
The trustees present their report together with the Accounts for the year ended 31 December 2023.
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
The trustees met formally four times during the year.
At the end of the year the Trust was supporting two PhD students and three Masters students at Birkbeck College, while a third PhD student, David Rypel, is supported by the Braunthal - Bonnart scholarship at University College, London.
During the year Aleph Ross and Bex Shorunke completed their Masters courses and Jahan Foster and Jennifer Putnam completed their PhD studies. Jahan, Jennifer and Satya Gunput, who graduated in 2022, had to carry out their studies during the period of the Covid lockdown, which caused a serious disruption to their plans. That they were able to complete their studies is a great credit to them and we congratulate them. Unfortunately one PhD student was unable to continue her studies, for personal reasons, and had to withdraw. Jahan and Satya were both studying migrant populations in London, from different perspectives (Jahan is a geographer and Satya is an historian). They gave a lively and engaging joint presentation at the Bonnart annual reception in May.
During the year the trust continued to develop its communication activities. There is now a regular termly newsletter and the website hosts up to date accounts of the scholars and their work. We continue to stay in touch with past and present scholars, with the long term aim of nurturing a community of Bonnart scholars. This work is carried out efficiently and enthusiastically by Claire Pecot and Kerry Anne Francis, and we thank them for their efforts. We also thank Jan Davidson and David Feldman, of Birkbeck College, who are thoughtful and well organised partners. It is a pleasure to work with them.
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
At the start of the year, the Trust’s resources stood at £2,215,408 of which £2,076,461 was in investment funds. During the year, further income was received of £64,776. The end of year balance, after expenditure of £60,611 together with a gain of £190,807 in investment funds due to markets settling down after earlier volatility, was therefore £2,410,380 of which £2,267,268 was held in investment funds as valued at 31[st ] December 2023. This represents a rise of 9.2% in the value of the endowment while producing a dividend of 3.0%.
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 have again missed their target this year but have continued to fare well against competitors and have a positive long-term outlook.
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FREDERICK BONNART-BRAUNTHAL TRUST
Trustees' Report for the year ended 31st December 2023 (continued)
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: 22[nd] April 2024
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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 2023, which are attached on pages 5 & 6.
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
Date 22[nd] April 2024
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| FREDERICK BONNART-BRAUNTHAL TRUST | FREDERICK BONNART-BRAUNTHAL TRUST | FREDERICK BONNART-BRAUNTHAL TRUST | FREDERICK BONNART-BRAUNTHAL TRUST |
|---|---|---|---|
| Receipts and payments | |||
| All restricted funds | |||
| Total 2023 Total 2022 | |||
| Receipts | £ | £ | |
| CCLA Dividends | 62,243 | 62,003 |
Note 6 |
| Bank Interest | 2,533 | 568 | |
| Unsolicited donation | - | 188 | |
| Sub total | 64,776 | 62,759 | |
| Asset and investment sales | |||
| Banque de Luxembourg Units | - | 7,247 | |
| Total receipts | 64,776 | 70,006 | |
| Payments | Notes 5 & 7 | ||
| Scholarships | 29,126 | 60,689 | |
| Part-time Masters’ | 11,758 | 17,993 | |
| Website Operation | 1,080 | 600 | |
| Administration | 12,972 | 15,705 | |
| Marketing | 750 | - | |
| Scholar support | 2,294 | 2,428 | Note 2 |
| Braunthal Reports | 1,500 | - |
Note 2 |
| Subscriptions | 433 | 293 | |
| Repayment of donation received 2022 |
188 | - |
Note 7 |
| Bank charges | 60 | 87 | |
| 2022 Account Examination | 450 | 450 | |
| Total payments | 60,611 | 98,245 | |
| Net of receipts/(payments) | 4,165 | (28,239) | |
| Cash funds last year end | 138,947 | 167,186 | |
| Cash funds this year end | 143,112 | 138,947 | Note 4 |
| Trustees' Report for the year ended 31st December 2023 |
Statement of assets and liabilities at 31st December 2023
| All Restricted funds | All Restricted funds | Note 1 | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Cash funds | £ | £ | ||
| Total cash funds at bank | 143,112 | 138,947 | Note 5 | |
| Amounts owing to the charity and other monetary assets | ||||
| CCLA Q4 2023 Dividend | 15,664 | 15,686 | ||
| Value as at | Current Value as at | Unrealised | ||
| Investment assetsNote 3 |
01/01/2023 | 31/12/2023 | Gain/Loss | |
| £ | £ | £ | ||
| CCLA COIF Charities Investment Fund | 2,076,461 | 2,267,268 | 190,807 | |
| Assets retained for the charity’s own use | ||||
| All Assets are retained for use for the Objects | and Purposes of the charity; | Note 1 |
| Liabilities Beginning |
Amount £ When due |
|---|---|
| 3 year Phd Scholarship Grants Awarded Jan 2023 Autumn 2023 |
54,493 In 7 payments before 09/25 62,717 In 8 payments before 03/26 |
| 2 year Part-time Masters' Grants Awarded Autumn 2022 Autumn 2023 |
3,010 in 2 payments before 05/24 7,751 in 5 payments before 03/25 |
| Total liabilities | 127,791 |
Signed on behalf of all the trustees Print Name Date of Approval
ANTHONY TOMEI 22[nd] April 2024
MICHAEL HOLLOWAY 22[nd] April 2024
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FREDERICK BONNART BRAUNTHAL TRUST Notes to the Financial Statements for the period ending 31st December 2023
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 2023 includes the cost of a training course paid direct to the scholar rather than through Birkbeck. This amounted to £1000. Three scholars chose to write Braunthal Reports which have now been discontinued by the trustees. These were paid £500 each for their additional work. Trustees received no remuneration.
Note 3-Common lnvestment Funds
| Note 3-Common lnvestment Funds | Price Value Unrealised |
||
|---|---|---|---|
| Units | p £ Gain/Loss |
||
| COIF Charities lnvestment Fund | |||
| 31.12.21 Closing |
114,248.83 | 1,817.49 2,076,461.06 |
|
| 31.12.22 Closing |
114,248.83 | 1,984.50 2,267,268.03 190,806.97 |
|
| Note 4 Cash in CAF Bank Accounts | £143,111.61 | Bank Interest | 2,533.44 |
| Note 5 Charitable Expenditure | £ | Common Investment Funds Total Income |
62,242.75 64,776.19 |
| Pears Institute, Birkbeck College PhD scholarships Part-time MAs Scholar Support |
29,126.00 11,758.00 1,294.47 |
Note 7 Administrative Expenditure Bank fee Refund unsolicited donation Subs |
60.00 187.50 433.00 |
| Sub total Marketing |
42,178.47 750.00 |
Website operation fees Account Examination 2022 |
1,080.00 450.00 |
| Direct Scholar support Braunthal Reports Total expenditure on scholars |
1000.00 1500.00 45,428.47 |
General Administration Total |
12,972.04 15,182.54 |
Note 6 Investment Income
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