THE NIGEL BERTRAM CHARITABLE TRUST UNAUDITED REPORT & FINANCIAL STATEMENTS for the year ended 5 April 2024 Registered charity number: 1122443
THE NIGEL BERTRAM CHARITABLE TRUST TRUSTEES & ADVISORS For the year ended 5 April 2024 CHARITY NUMBER 1122443 TRUSTEES Nigel Andrew Bertram Anne Jessica Bertram Geoffrey Demaine Hill PRINCIPAL OFFICE Morgan Trusts & Tax Planning Hanseatic House 7A King Street Kings Lynn Norfolk PE30 1ET INVESTMENT ADVISORS Brewin Dolphin 10 Wellington Place Leeds LS14AN BANKERS Cater Allen Private Bank 9 Nelson Street Bradford BD1 SAN ACCOUNTANTS RSM UK Tax and Accounting Limited 100 Avebury Boulevard Millon Keynes Buckinghamshire MK91FH INDEPENDENT EXAMINER RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU
THE NIGEL BERTRAM CHARITABLE TRUST TRUSTEES, REPORT For the ear ended 5 A ri12024 The trustees present their annual report and financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's Irust deed, the Charities Acl 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice (second edition) applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. OBJECTIVES AND ACTIVITIES The purpose of the trust is to apply the income and capital to pay grants and donations to any individuals and institutions in the United Kingdom at the trustees. discretion. The Irustees confimi that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity's Commission general guidan on public benefit "Charities and Public Benefit". The Trustees, Report cleady sets out the charitable objectives, our current aclivits'es and how they benefit the public. GRANT MAKING POLICY The trusl has established its grant making policy to benefit charitable objects and purposes in the United Kingdom as the trustees see fit. FINANCIAL REVIEW The trust is reliant on income from the investment portfolio wlh Brewin Dolphin. At 5 April 2024, the market value of the portfolio was £691.51512023 - £628,282) and during the year the trust received £13.551 12023 £14,019) of dividends and interesl. Total expenditure in the year was £76,036 (2023 - £100.0201. This amount includes £64,625 {2023 - £88,735) of grants paid during the year and investment management fees of £6,160 (2023- £5,945) paid lo Brewin Dolphin for Iheir role as investment advisors. The net resLJIt in the year was a net surplus of £139,261 {2023- net expenditure of £86,869). INVESTMENT POLICY, PERFORMANCE & ACHIEVEMENTS The trust has an investment portfolio wth our inveslment advisors, Brewin Dolphin. We have instrucled them to maximise the total retum on the trust's ftjnds within the constraints of a medium to low risk investment portfolio. During the year, there were additions of £92,529 {2023 - £124,614) to the porlfolio. sales of £89.20212023 - £117,430), accrued interest of£nil (2023- £501 and a revaluation gain during the year of£54,246 {2023- loss £50,868) leaving the market value at 5 April 2024 of£691.515 (2023- £628,282). During the year, the trust made grants totalling £64.625 to a number of different recipients. The full list of the grants paid during the year can be found in note 6 to these financial statements. RISK MANAGEMENT The principal risk faced by the trust lies in the perf0mlan of investments. The trustees consider variability of investment returns to constitute the charity's majorfinancial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. RESERVES POLICY The charity's policy is to distribule all its unrestricted funds, as and when suitable funding opportunities are identified. At 5 April 2024. the charity had unrestricted funds of £836.87212023 - £697,611). PLANS FOR THE FUTURE The charity will continue lo raise funds through its investments and make grants in line with ils objectives. STRUCTURE, GOVERNANCE AND MANAGEMENT The trust is a registered charity, number 1122443. and is constitLrted under a trust deed dated 6 January 2008 set up by Ihe three original trustees. New trustees can be appointed by the seluor, Nigel Bertram, at any time. However, the total number of trustees cannot, at any time, exceed four.
THE NIGEL BERTRAM CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) For the ear ended 5 A ri12024 THE TRUSTEES Details of persons who served as trustees during the year were as follows: Nigel Andrew Bertram Anne Jessica Bertram Geoffrey Demaine Hill KEY MANAGEMENT PERSONNEL REMUNERATION The truslees consider the board of Irustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid during the year. Delails of related paty transactions are disclosed in note 13 to the financial statements. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charily Irustees are responsible for preparing a trustees. annual report and financial 5tatemenls in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charilies in England and Wales required the charity tnjstees to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, of the charity for that year. In preparing the financial statements, the trustees a reqUId to- select suitable accounting policies and then apply them consistentw. observe the methods and principles in the applicable Charities SORP- make judgemenls and eslimates Ihal are responsible and prudent- state whether applicable accounting standards have been followed, subject to any material deparlures that must be disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financi81 position of the charity and to enable them to ensure that the financial statements comply with the Charities Acl 2011, the applicable Charities (Accounts and Reports} Regulations. and the provisions of the trust deed. They are also responsible for safeguarding the assels of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees and signed on their behalf by= Ni561 A. B6rtram Nigel Andrew Bertram Trustee Date: 03102/25
THE NIGEL BERTRAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NIGEL BETRAM CHARITABLE TRUST For the ear ended 5 A ri12024 I report to the trustees on my examination of the financial statements of The Nigel Bertram Charitable Trust for the year ended 5 April 2024, which are set out on pages 4 to 10. 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 Ihe Charities Act 2011 {'the 2011 Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Acl and in carrying OLJt my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b} of the 2011 Act. An independent examination does not involve gathenng all the evidence that would be required in an audit and consequenlly does not cover all the matters Ihat an auditor considers in giving their opinion on the accounts. The planning and condLJCt of an audit goes beyond the limited assurance that an independent examination can provide. ConseqLJently, l express no opinion as to whether the accounts present a Irue and fair view. and my report is limited to those specific matters set oul in the independent examiner's statement. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to rny attention in connection with the examination giving me reasonable cause to believe that in any material respecl.. accounting records were not kept in respect of the charity as qUId by section 130 of the 2011 Act,. or the accounts do not accord with those records" or the accounts do nol comply with the applicable requirements conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Kery Gallagher FCA DchA The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU Dale: 03102125
THE NIGEL BERTRAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the ear ended 5 A ril 2024 Notes Total unrestricted funds 2024 Total unrestricted funds 2023 Income from: Donations Investments 147,500 13,551 50,000 14,019 Total income 161,051 64,019 Expenditure on: Raising funds Charitable aclivilies 7,210 68,826 6,905 93,115 Tolal expendilure 76,036 100.020 Net gainsl(losses) on investments 54,246 {50,868) Net movements in funds 139,261 {86,869) Reconciliation of funds Tolal funds brought fonNard 697,611 784,480 Total funds carrled foThvard 836,872 697,611 These unaudited financial statements have been subjected to an independent examination. See report on page 3.
THE NIGEL BERTRAM CHARITABLE TRUST Charity no: 1122443 UNAUDITED BALANCE SHEET For the ear ended 5 A ril 2024 Notes Total unrestricted funds 2024 Total unrestricted funds 2023 Flxed assets: Investments 691,515 628,282 Totsl fixed assets 691,515 628,282 Current assets: Trade debtors Cash al bank and in hand 10,000 67,608 151,033 Tolal current assets 151.033 77,608 Current liabilities: Creditors falling due within one year 10 5,676 8,279 Net current assets 145,357 69,329 Net assets 836.872 697,611 The funds of the charity: Unreslricled income funds 12 836,872 697,611 Total charity funds 836.872 697.611 The financial statements on pages 4 to 10 were approved by the board of trustees and authorised for issue on and are signed on its behalf by.. 03102125 Nigsl A. Fsrtram Nigel Andrew Bertram Trustee These unaudited financial statements have been subjected to an independent examination. See reporl on page 3.
THE NIGEL BERTRAM CHARITABLE TRUST NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the ear ended 5 A ril 2024 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 olhernise stated in the relevant notes to these accounts. The financial slatemenls have been prepared in accordan with the second edilion of the Charities Stalement of Recommended Practice issued in October 2019, the Financial reporting Standard applicable in the Uniled Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and faif view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 1021 second edition (effective 1 January 2019) rather than the Accounting and Reporting by Charities.. Statement of Recommended Praclice effective from 1 April 2005 which has since been wilhdrawn. The trust constilutes a public benefit entity as defined by FRS 102. GOING CONCERN Having carried out a detailed review of the trust's financial performance and position in light of cuent economic conditions, Ihe trustees are confident that the net asset and unrestricted fund position of the charity will enable it to continue in operational existence for at least e1ve months from the date of approval of these financial statements. Thus the Irustees continue to adopl the going concem basis of accounting in preparing Ihe financial statements. INCOME All income is recognised once the charity has entitlement to the income. il is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the trust has been notified in writing of both the amount and settlement date. Investment income from bank interest is brought into the account gross when receivable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally urx)n notifficalion by our inveslment advisor of the dividend yield of the investment portfolio. EXPENDITURE All expenditure is accounted for on an accruals basis. Governan costs indude those incurred in the governance of the charity and its assets and primarily associated with constitutional and slatutory requiremenls. Grants payable are payments made lo third parties in the furtherance of the charitable objecls of Ihe Irusl. In the case of an unconditional grant offer this is accrued On the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards Ihal are subject to the recipient fulfilling perfomiance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condib'on attaching to the grant is outside of the control of the trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. RAISING FUNDS The costs of generating fijnds comprise of investment management costs and rtain legal fees. CHARITABLE ACTIVITIES The costs of charilable activities include grants made and govemance costs. FIXED ASSET INVESTMENTS Investments are a fo of basic financial instrument and are initially recognised al Iheir Iransaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoled market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
THE NIGEL BERTRAM CHARITABLE TRUST NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) For the ear ended 5 ril 2024 ACCOUNTING POLICIES (continued) GAINS AND LOSSES ON INVESTMENTS All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or Iheir purchase price if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as Ihe difference belween the fair value at the year end and their carying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. UNRESTRICTED FUNDS Unrestricted funds are funds which can be used in accordance with the charitable objects al the discretion of the truslees. CASH FLOW EXEMPTION The charity has taken the exemplion under section 7 of FRS 102. pennitted by the ChaTTties SORP, to not prepare a cash flow as the charity does not meet the definition of a larger charity- FINANCIAL INSTRUMENTS The charity only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. These are recognised at Iransaction value and subsequently at setuement value. TAXATION As a registered charity, The Nigel Bertram Charitable Trust is exempt from the payment of income and capital gains tax in respecl of its Charitable adivilies. INCOME FROM DONATIONS 2024 2023 Charitable donations HMRC charities tax repayments 118,000 29,500 40,000 10,000 147,500 50,000 INCOME FROM INVESTMENTS 2024 2023 Dividends received Interest- fixed interest securities 11,453 2,098 10,518 3,501 13,551 14,019
THE NIGEL BERTRAM CHARITABLE TRUST NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) For the ear ended 5 ril 2024 EXPENDITURE ON RAISING FUNDS 2024 2023 Legal fees Investment management fees 1.050 6,160 960 5,945 7,210 6,905 EXPENDITURE ON CHARITABLE ACTIVITIES Notes 2024 2023 Grants paid lo institutions Governance costs 64,625 4,201 88,735 4,380 68,826 93,115 ANALYSIS OF GRANTS PAID TO INSTITUTIONS 2024 2023 Blood Cancer UK Build Charity Connects & Co Diabeles Norfolk Eating Matters EP Youth ENYP Fishing for Schools Friends of Caslle Acre Church Lennox Children's Cancer Fund Make Them Smile New Life Norwich Samaritans Prostate Cancer Shine (East Norfolk) St Edmunds Society Swan Youth Project The Excelsior Trust The Hamlet The Prince's Trust University of Leeds K L Samaritans Lives not Knives Tom's Trust 500 2,500 2,500 385 3,000 2,000 2,500 5,000 250 2,500 2,000 2,000 500 100 2,500 2.500 1,500 3,000 2,500 1,000 50,000 4,000 50,000 575 50 10,000 64,625 88,735 GOVERNANCE COSTS 2024 2023 Accountancy fees Independent examination fees 2,521 1,680 2,580 1,800 4,201 4,380
THE NIGEL BERTRAM CHARITABLE TRUST NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) For the ear ended 5 A ril 2024 FIXED ASSET INVESTMENTS 2024 2023 UK quoted investments at market value Market value brought forward Acquisitions al cost Disposals at proceeds Accrued interest Gainslllosses) on investments 619,654 92,529 189,2021 663,288 124,614 1117,430) 50 (50,868) 54,246 677,227 14,288 619,654 8,628 Cash awaiting investment Market value carried fOard 691,515 628,282 Investments at fair value Comprised: Equities Fixed interest securilies Funds Cash held within the investment portfolio 422,944 107,181 147,102 14,288 396,255 97,641 125,758 8,628 691,515 628,282 All investments are carried at their fair value. Investment in equities and fixed inleresl securities are all traded in quoled public markets. primarily Ihe London Slock Exchange. Holdings in common inveslment funds are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors 10,000 10,000 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accruals 4,200 4,079 5.676 5.676 8,279 11 Financial instruments 2024 2023 Carrying amount of financial assets Inslruments measUd at fair value through profft or loss 691,515 628,282 691,515 628,282
THE NIGEL BERTRAM CHARITABLE TRUST NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) For the ear ended 5 ri12024 12 MOVEMENT IN FUNDS At 5 April 2023 Income Expendilure Gains and losses At 5 April 2024 Unrestricted Funds General fund 697.611 161.051 (76.036) 54,246 836.872 Total charity funds 697.611 161,051 {76,0361 54,246 836,872 At 5 April 2022 Income Expenditure Gains and losses At 5 April 2023 Unrestrlcled Funds General fund 784.480 64.019 (100,020) (50,868) 697,611 Total charity funds 784,480 64.019 1100,0201 150,868) 697,611 13 RELATED PARTY TRANSACTIONS None of the trustees received any remuneration or any other benefits from the charity during the year {2023'. £nil). Trustees made donations to the trust amounting to £118.000 (2023 - £40.0001 during the year. The trustees confimi there were no other related party transactions to disclose. 10