Charity Registration No. 1150550
Company Registration No. 08318846 (England and Wales)
FOUR DAUGHTERS CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
FOUR DAUGHTERS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
R Mond K Mond H Mond G Mond
Secretary
Secretary E Mond Charity number 1150550 Company number 08318846 Principal address 15 Eton Gardens Lambolle Place London NW3 4PE Registered office 15 Eton Gardens Lambolle Place London NW3 4PE Independent examiner G Zeiderman FCA F M C B Chartered Accountants Hathaway House Popes Drive Finchley London N3 1QF
Investment advisors
UBS 3 Finsbury Avenue London EC2M 2AN
FOUR DAUGHTERS CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
FOUR DAUGHTERS CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity 's Articles of Association , the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity exists to make grants and is able to provide grants to various organisations and individuals throughout England and Wales, Israel and the United States of America.
The charity has been set up for general charitable purposes but does specifically include grants for the purpose of education and training, health, the disabled and poverty. Grants are paid at the discretion of the trustees.
The activities of the charity are for the public benefit. By achieving its objectives the charity aims to benefit communities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In the year the charity made eight grants totalling £133,330 (2019: three grants totalling £6 0,000 ).
Financial review
In the year the charity had incoming resources of £230,125 (2019: £ 813,960 ), expended resources of £ 1 49,963 (2019: £ 116,585) and net gains on investments of £106,742 (2019: £ 121,377 ) leaving a surplus for the year of £186,904 (2019: £ 818,752 ). Resources expended for charitable purposes were £133,330 (2019: £6 0,000 ).
At the year end the charity had unrestricted reserves of £ 1, 931,709 (2019: £ 1,744,805 ). The trustees review the reserves of the charity from time to time taking into account likely future funding and commitments both known and potential. The grants paid by the charity are determined by its reserves and level of funding.
The charity's funds are held with its investment managers as investments and cash balances.
The charity's plans for the future are to continue to pay grants to institutions who satisfy the requirements laid down by the trustees.
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FOUR DAUGHTERS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management
The charity is a company limited by guarantee. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
R Mond
K Mond
H Mond
G Mond
The governing document of the charity is its Articles of Association.
Trustees are appointed by ordinary resolution or by a simple majority of trustees. Trustees are recruited for their skill and experience so that the charity is able to achieve its objectives. On appointment trustees are briefed on their responsibilities and duties towards the charity. Other training needs are assessed on an individual basis.
The charity is managed by its trustees and decisions are arrived at by majority decision. In the event of an equality of votes the chairman of the meeting will have the casting vote. Meetings are held when the charity has business to discuss.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees consider that the charity faces risks in the areas of governance, operations and finance.
The charity ensures that its organisational structure is appropriate and that the trustees have the relevant skills.
The trustees will only approve grants that will be used by the recipients in accordance with the objectives of the charity. The trustees will make appropriate enquiries of potential recipients and also ask recipients who have received grants to account for the monies that they have received.
The trustees will ensure that they will not make commitments that the charity will be unable to fund.
At the year end the charity had investments of £ 1, 930,893 (2019: £ 1,719, 955). The trustees use investment advisors to ensure these investments are suitably invested so that capital will be available in future to the fund the charity's activities.
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FOUR DAUGHTERS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of trustees' responsibilities
The trustees, who are also the directors of Four Daughters Charitable Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' r eport was approved by the Board of Trustees.
R Mond Trustee Dated: 23 September 2021
H Mond Trustee Dated:23 September 2021
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FOUR DAUGHTERS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FOUR DAUGHTERS CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Four Daughters Charitable Trust (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . 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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
G Zeiderman FCA
F M C B Chartered Accountants Hathaway House Popes Drive Finchley London N3 1QF
Dated: 27 September 2021
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FOUR DAUGHTERS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 2 | 200,000 | 800,000 |
| Investments | 3 | 30,125 | 13,960 |
| Total income | 230,125 | 813,960 | |
| Expenditure on: | |||
| Raising funds | 4 | 12,620 | 5,405 |
| Charitable activities | 5 | 137,343 | 111,180 |
| Total resources expended | 149,963 | 116,585 | |
| Net gains/(losses) on investments | 10 | 106,742 | 121,377 |
| Net movement in funds | 186,904 | 818,752 | |
| Fund balances at 1 January 2020 | 1,744,805 | 926,053 | |
| Fund balances at 31 December 2020 | 1,931,709 | 1,744,805 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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FOUR DAUGHTERS CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Investments 11 Current assets Investments 12 Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2020 £ £ 1,930,893 5,340 (4,524) 816 1,931,709 1,931,709 1,931,709 |
2019 £ £ 1,720,955 26,876 (3,026) 23,850 1,744,805 1,744,805 1,744,805 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 23 September 2021
R Mond H Mond Trustee Trustee Company Registration No. 08318846
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FOUR DAUGHTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Four Daughters Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 15 Eton Gardens, Lambolle Place, London, NW3 4PE.
1.1 Accounting convention
The accounts have been prepared in accordance with the company's Articles of Association, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted income funds 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. All the charity's funds are unrestricted, it has no restricted or endowed funds.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.
Investment income is included in the accounts on the accruals basis.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Grants are recognised in the accounts once the application has been approved.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price in cluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year .
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FOUR DAUGHTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Donations and legacies
| 3 4 |
UnrestrictedUnrestricted funds funds 2020 2019 £ £ Donations and gifts 200,000 800,000 Investments UnrestrictedUnrestricted funds funds 2020 2019 £ £ Dividends 7,338 2,180 Interest receivable 22,787 11,780 30,125 13,960 Raising funds UnrestrictedUnrestricted funds funds 2020 2019 £ £ Investment management 12,620 5,405 12,620 5,405 |
|---|---|
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FOUR DAUGHTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
5 Charitable activities
| Grants and donations Governance £ £ Operating costs 2,800 - Grant funding of activities 133,330 - Share of governance costs (see note 7) - 1,213 136,130 1,213 |
Total 2020 £ 2,800 133,330 1,213 137,343 |
Total 2019 £ 7,980 60,000 43,200 111,180 |
|---|---|---|
6 Grants payable
| Grants and | Grants and | |
|---|---|---|
| donations | donations | |
| 2020 | 2019 | |
| £ | £ | |
| Grants to institutions (8 grants): | ||
| Optimus Foundation | 30,000 | 10,000 |
| Incommon Living | - | 20,000 |
| Bulldog Trust | - | 30,000 |
| Myisreal | 12,500 | - |
| Nightingale Hammerson | 32,330 | - |
| Jewish Care | 12,500 | - |
| Share and Care Homeshare | 45,000 | - |
| Other | 1,000 | - |
| 133,330 | 60,000 |
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FOUR DAUGHTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Support costs
| Support costs Governance costs £ £ Independent examiner - 1,200 Consultancy - - Companies House - 13 - 1,213 Analysed between Charitable activities - 1,213 |
2020 £ 1,200 - 13 1,213 1,213 |
Support costs Governance costs £ £ - 1,200 - 42,000 - - - 43,200 - 43,200 |
2019 £ 1,200 42,000 - 43,200 43,200 |
|---|---|---|---|
8 Trustees
None of the trustees (or any person connected with them) received any remuneration or expenses in connection with their duties as a trustee during the two years ended 31 December 20 20.
9 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
| There were no employees during the two years ended 31 December 2020. The charity operates on a | ||
| voluntary basis. | ||
| Net gains/(losses) on investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Revaluation of investments | 79,162 | 109,812 |
| Gain/(loss) on sale of investments | 27,580 | 11,565 |
| 106,742 | 121,377 |
10 Net gains/(losses) on investments
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FOUR DAUGHTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
11 Fixed asset investments
| Investment portfolio £ Cost or valuation At 1 January 2020 1,377,091 Additions 940,292 Valuation changes 79,380 Disposals (497,444) At 31 December 2020 1,899,319 Carrying amount At 31 December 2020 1,899,319 At 31 December 2019 1,377,091 |
Cash in portfolio £ 343,864 19,842 (218) (331,914) 31,574 31,574 343,864 |
Total £ 1,720,955 960,134 79,162 (829,358) 1,930,893 1,930,893 1,720,955 |
|---|---|---|
The investment portfolio consists of listed equities and bonds. They have been valued at their year end market value. The historic cost of the investment portfolio is £1, 775,029 (201 9 : £1,644,960).
12 Current asset investments
| Current asset investments | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Cash deposits | 5,340 | 26,876 |
13 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2020 £ 39 4,485 4,524 |
2019 £ 26 3,000 3,026 |
|---|---|---|
14 Related party transactions
K Mond is a trustee of the charity. She received £2,800 (2019: £7,980) for services and the reimbursement of expenses relating to charitable activities.
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