Registered number 1121124
The Crispa (Richard Cahn) Charitable Trust
Report and Financial Statements
5 April 2024
The Crispa (Richard Cahn) Charitable Trust Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2 ‐ 3 |
| Statement of financial activities | 4 |
| Balance Sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 ‐ 9 |
| Independent examiner's report | 10 |
The Crispa (Richard Cahn) Charitable Trust Company Information
Trustees
Mrs Marietta Renata Helena Cahn Mrs Miranda Louise Rijks Mrs Juliette Veronica Scott
Independent Examiner Spofforth Partners Limited Byne Cottage Manley's Hill Storrington West Sussex RH20 4BN
Principal office Flat 8 46 Egerton Gardens London SW3 2BZ
Registered number 1121124
1
The Crispa (Richard Cahn) Charitable Trust Registered number: 1121124 Trustees' Report
The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document 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.
Trustees
The following persons served as trustees during the year:
-
Mrs Marietta Renata Helena Cahn
-
Mrs Miranda Louise Rijks Mrs Juliette Veronica Scott
Objectives and Activities
Policies and objectives
Having due regard to the guidance published by the Charities Commission on public benefit the trustees shall hold the capital and income of the trust fund upon trust to apply the income or capital, at such time for the benefit of charitable objects and purposes in any part of the world as the trustees may in their absolute discretion think fit. Donations are given to individuals and organisations at the discretion of the trustees. Trustees do not accept postal applications for grants.
The trustees may in their discretion, for the period of 21 years from the date of the deed, instead of applying the income of the charity in any year, accumulate all or any part of such income by investing it in any investments authorised by the deed or by law. This investment of such capital will be without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if it had accumulated in the current period.
Strategic Report
Achievements and performance
a. Key financial performance indicators
The total investments held generated income of £116,529 (2023: £128,746). The trustees, using their discretion, applied £102,204 (2023: £104,268) for charitable purposes by making donations to various local and national charities and causes.
b. Investment policy and performance
There are no restrictions on the powers of investment of the charity. The trustees may apply any money to be invested in the purchase of the security of such shares, stocks, funds, securities, land, buildings, chattels or other investments or property of whatever nature and wherever situate, as they think fit. The investment objective is for a medium risk portfolio to generate income.
As provided by the Trustee Act 2000 Section 16(1)(a), all investments are held on behalf of the trustees in the name of the Investment Nominee, Mattioli Woods.
2
The Crispa (Richard Cahn) Charitable Trust Registered number: 1121124 Trustees' Report
Financial review
a. Financial risk management objectives and policies
During the year the trust disposed of listed investments at a gain of £29,451 (2023: £150,964). There was an unrealised loss on revaluation to the market value at the year end of £154,157 (2023: £351,414). The proceeds from disposals were reinvested. At the end of the year the reserves amounted to £3,537,002 (2023: £3,430,909).
b. Reserves policy
The reserves policy of the trustees is covered by the objects in the trust deed in that the trustees may, at their discretion, accumulate all or any part of the income and reinvest it. The trustees regularly review the level of reserves to ensure they are appropriate, taking into account projections of the level of inflation, income and capital growth yields available for the investment portfolio and the level of donations to be made.
Structure, governance and management
a. Constitution
The Crispa (Richard Cahn) Charitable Trust, a registered charity (charity number 1121124), was registered on 10 October 2007 and is governed by a trust deed dated 16 August 2007. The trust was settled by Richard Ian Cahn (the settlor). A board of trustees of up to 10 members are to meet at least twice in each calendar year. Two trustees will form a quorum at any meeting.
The power of appointing new trustees is vested in the settlor in his lifetime and thereafter the power is vested in Miranda Louise Rijks and Juliette Veronica Scott jointly during their lifetimes and thereafter in the survivor of them. New trustees will be invited to attend a briefing from the incumbent trustees and be given publications obtained from the Charity Commission including 'The Essential Trustee'.
b. Method of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co‐opted under the terms of the Trust deed.
c. Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
The future plans of the charitable trust are to continue acquiring income from investments for use on the objects of the charity.
This report was approved by the trustees on 23 May 2024 and signed on their behalf.
Miranda Rijks
Trustee
3
The Crispa (Richard Cahn) Charitable Trust Statement of financial activities
for the year ended 5 April 2024
| Notes Investment income Total income Expenditure on: Charitable activities Raising funds Total expenditure 2 Net expenditure before other recognised gains and losses Gain/(loss) on revaluation of investments Surplus/(deficit) on ordinary activities before taxation Total funds brought forward 5 Total funds carried forward |
2024 £ Unrestricted 116,529 116,529 107,004 28,138 |
2023 £ Unrestricted 128,746 |
|---|---|---|
| 128,746 | ||
| 108,888 28,600 |
||
| 135,142 | 137,488 | |
| (18,613) 124,706 106,093 3,430,909 3,537,002 |
(8,742) (200,450) |
|
| (209,192) 3,640,101 |
||
| 3,430,909 |
4
The Crispa (Richard Cahn) Charitable Trust
Balance Sheet
as at 5 April 2024
| Notes Fixed assets Investments 3 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Net assets Capital and reserves Unrestricted Funds 5 Total equity |
2024 £ 3,014,985 526,817 (4,800) 522,017 3,537,002 3,537,002 3,537,002 |
2023 £ 2,958,787 476,742 (4,620) 472,122 3,430,909 3,430,909 3,430,909 |
2023 £ 2,958,787 476,742 (4,620) 472,122 3,430,909 3,430,909 3,430,909 |
|---|---|---|---|
| 3,430,909 | |||
| 3,430,909 | |||
| 3,430,909 |
The financial statements were approved by the Trustees and signed on their behalf on:
23 May 2024 by Mrs Marietta Renata Helena Cahn Miranda Rijks Juliette Scott Trustee Trustee Trustee
5
The Crispa (Richard Cahn) Charitable Trust
Statement of Cash Flows
for the year ended 5 April 2024
| Notes Operating activities Surplus/(deficit) for the financial year Adjustments for: (Gain)/loss on revaluation of investments Decrease in debtors Increase in creditors Cash used in operating activities Investing activities Payments to acquire investments Proceeds from sale of investments Cash generated by/(used in) investing activities Net cash generated/(used) Cash used in operating activities Cash generated by/(used in) investing activities Net cash generated/(used) Cash and cash equivalents at 6 April Cash and cash equivalents at 5 April Cash and cash equivalents comprise: Cash at bank |
2024 £ 106,093 (124,706) ‐ 179 (18,434) (18,434) (562,203) 630,712 68,509 (18,434) 68,509 50,075 476,742 526,817 526,817 |
2023 £ (209,192) 200,450 1,712 191 |
|---|---|---|
| (6,839) | ||
| (6,839) | ||
| (715,662) 573,717 |
||
| (141,945) | ||
| (6,839) (141,945) |
||
| (148,784) 625,526 |
||
| 476,742 | ||
| 476,742 |
6
The Crispa (Richard Cahn) Charitable Trust Notes to the Accounts
for the year ended 5 April 2024
1 Summary of significant accounting policies
Basis of preparation
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 Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Crispa (Richard Cahn) Charitable Trust constitutes a public benefit entity as defined by FRS 102.
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.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 directly 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 between those activities on a basis consistent with the use of resources .
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of raising funds are costs associated with holding an investment portfolio.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Unrealised investment gains and losses are combined and shown in the heading 'Gains/(losses) on revaluations of investments' in the Statement of financial activities.
7
The Crispa (Richard Cahn) Charitable Trust Notes to the Accounts for the year ended 5 April 2024
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.
Fund accounting
General funds are unrestricted funds 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.
| 2 Anaysis of Expenditure by type Expenditure on investment management Costs of raising funds Donations to other charities and for charitable purposes Governance: independent examiner's fee Charitable activities Donations of £104,268 (2022: £104,268) were made in the year to c Youth & children Healthcare Education Overseas aid Other |
2024 2023 £ £ 28,138 28,600 28,138 28,600 102,204 104,268 4,800 4,620 107,004 108,888 135,142 137,488 auses and other registered charities: 17,700 2,500 59,000 42,100 6,700 ‐ 5,000 ‐ 13,804 59,668 102,204 104,268 |
|---|---|
During the year no trustees received any remuneration, benefits or expenses (2023: £nil).
8
The Crispa (Richard Cahn) Charitable Trust Notes to the Accounts
for the year ended 5 April 2024
| 3 Investments Cost or valuation At 6 April 2023 Additions Disposals Revaluation At 5 April 2024 Historical cost At 6 April 2023 At 5 April 2024 4 Creditors: amounts falling due within one year Accruals 5 Unrestricted funds At 6 April Surplus/(deficit) for the financial year At 5 April |
2024 £ 4,800 2024 £ 3,430,909 106,093 3,537,002 |
Listed investments £ 2,958,787 562,203 (630,711) 124,706 |
|---|---|---|
| 3,014,985 | ||
| 3,154,028 | ||
| 3,056,125 | ||
| 2023 £ 4,620 |
||
| 2023 £ 3,640,101 (209,192) |
||
| 3,430,909 |
9
The Crispa (Richard Cahn) Charitable Trust
Independent examiner's report
Independent examiner's report to the Trustees of The Crispa (Richard Cahn) Charitable Trust (the 'charity')
I report on my examination of the accounts of the charity for the year ended 5 April 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 I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted 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 report.
Respective responsibilities of trustees and examiner
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.
Basis of Independent examiner's statement
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
‐ to keep accounting records in accordance with section 130 of the 2011 Act; and
‐ to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
A J Spofforth 23 May 2024 for and on behalf of Byne Cottage Spofforth Partners Limited Manley's Hill Chartered Accountants Storrington West Sussex RH20 4BN
10