**Charity Registration No. 1152843**
## **BALTIC CHARITABLE FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **BALTIC CHARITABLE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Michael Goddard Pierrette Goddard Brenda Knoble Warren Roiter Anthony Yadgaroff **Charity number** 1152843 **Registered office** 3rd Floor 52 Conduit Street London W1S 2YX **Independent examiner** Mark Taylor HW Fisher LLP Acre House 11-15 William Road London NW1 3ER **Bankers** Rothschild & Co Bank International Limited St Julian's Court Guernsey GY1 3BP
## **BALTIC CHARITABLE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of trustees' responsibilities|3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 9|
## **BALTIC CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees present their report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, 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 (FRS 102)” (effective 1 January 2019).
## **Objectives and activities**
The objects of the Foundation are to promote general charitable activities for the public benefit, in particular in the fields of the arts and culture, the advancement of education and training, science, ecology and healthcare.
## **Achievements and performance**
## **Financial review**
The Foundation received donations of £25,000 (2022: £270,000) during the year. Grants totalling £225,010 (2022: £56,520) were paid during the year, to support activities in the fields of the arts and culture, the advancement of education and training, science, ecology and healthcare.
## **Structure, governance and management**
The trustees who served during the year and up to the date of signature of the financial statements were:
Michael Goddard Pierrette Goddard Brenda Knoble Warren Roiter Anthony Yadgaroff
The Trustees have the power to appoint new trustees and can retire at any time they see fit.
## **Reserves policy**
The Trustees are aware of the Charity Commission's guidance concerning reserves policies. It is not their policy to build up substantial reserves for each year after allowing for governance costs. The level of free reserves of the Foundation at 31 December 2023 was £8,732 (2022: £212,055). The Trustees consider that this level of free reserves to be adequate for the charity's purposes.
## **Review of activities**
During the year the Foundation continued its work in support of its objects through grants to various institutions including schools and charities.
## **Grant making policy**
The Trustees meet periodically during the year to assess, review and accept individual grant applications. Each application is reviewed against specific criteria by the trustees.
## **Risk factors**
The Trustees have assessed the major risks to which the foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Public benefit**
The Trustees have complied with their duty under the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
## **Future Plans**
It is the intention of the Foundation to continue making grants at the discretion of the Trustees in accordance with its constitution.
- 1 -
## **BALTIC CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees' report was approved by the Board of Trustees.
## WARREN ROITER
.............................. **Warren Roiter** Trustee 29 Jan 2024 Dated: .........................
- 2 -
## **BALTIC CHARITABLE FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
## **BALTIC CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF BALTIC CHARITABLE FOUNDATION**
I report to the trustees on my examination of the financial statements of Baltic Charitable Foundation (the charity) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content 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 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.
Mark Taylor
Mark Taylor
HW Fisher LLP
Acre House 11-15 William Road
London NW1 3ER 29 Jan 2024
Dated: .........................
- 4 -
## **BALTIC CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2023**|2022|
||**Notes**|**£**|**£**|
|**Income and endowments from:**||||
|Donations|**3**|25,000|270,000|
|Other income|**4**|86|-|
|**Total income**||25,086|270,000|
|**Expenditure on:**||||
|Charitable activities|**5**|228,409|60,698|
|**Net (expenditure)/income for the year/**||||
|**Net movement in funds**||(203,323)|209,302|
|Fund balances at 1 January 2023||212,055|2,753|
|**Fund balances at 31 December 2023**||8,732|212,055|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **BALTIC CHARITABLE FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**2023**
**Notes**
**£**
**Current assets**
Cash at bank and in hand
12,131
**Creditors: amounts falling due within one year**
**10**
(3,399)
Net current assets
**Income funds**
Unrestricted funds
29 Jan 2024|**£**
8,732
8,732
8,732|**2022**
**£**
217,053
(4,998)|**£**
212,055|
|---|---|---|---|
||||212,055|
||||212,055|
|||||
The financial statements were approved by the Trustees on .........................
WARREN ROITER .............................. **Warren Roiter** Trustee
- 6 -
## **BALTIC CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
Baltic Charitable Foundation is a registered charity. The registered office address is 3rd Floor, 52 Conduit Street, London, W1S 2YX.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance 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 (FRS 102)” (effective 1 January 2019). 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, 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 financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
## **1.5 Resources expended**
Resources expended are recognised in the period to which they relate.
Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives.
Governance costs include costs payable to the independent examiner and other costs incurred in relation to statutory and constitutional requirements.
## **1.6 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
- 7 -
## **BALTIC CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **2 Critical accounting estimates and judgements**
The Trustees are satisfied that there are no critical accounting estimates or judgements in the financial statements.
## **3 Donations**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2023**|2022|
|||**£**|£|
||Donations|25,000|270,000|
|**4**|**Other income**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2023**|2022|
|||**£**|£|
||Other income|86|-|
|**5**|**Charitable activities**|||
|||**2023**|2022|
|||**£**|£|
||Grant funding of activities (see note 6)|225,010|56,520|
||Share of governance costs (see note 7)|3,399|4,178|
|||228,409|60,698|
|**6**|**Grants payable**|||
|||**Grant Funding**|Grant Funding|
|||**2023**|2022|
|||**£**|£|
||Grants to institutions:|||
||Arts and culture - 4 grants (2022: 5)|6,120|5,520|
||Health, social care & welfare - 4 grants (2022: 5)|38,890|39,000|
||Education and training - 5 grants (2022: 2)|180,000|12,000|
|||225,010|56,520|
- 8 -
## **BALTIC CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**7**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Accountancy
-
3,399
-
3,399
Analysed between
Charitable activities
-
3,399|**2023**
Support costs
Governance
costs
**£**
£
£
3,399
-
4,178
3,399
-
4,178
3,399
-
4,178|2022
£
4,178|
|---|---|---|
|||4,178|
|||4,178|
Accountancy costs includes £3,399 (2022: £3,255) payable to the independent examiners in respect of independent examination fees and £Nil (2022: £923) in respect of other costs.
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the charity during the current or prior year.
## **9 Employees**
There were no employees during the current or prior year.
## **10 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Accruals|3,399|4,998|
## **11 Related party transactions**
There were no disclosable related party transactions during the current or prior year.
- 9 -
## **Issuer**
HW Fisher
**Document generated** Mon, 29th Jan 2024 10:05:55 UTC
**Document fingerprint** 08198d44b35fc1ad7216e0d82567080d
## **Parties involved with this document**
## **Document processed**
## **Party + Fingerprint**
Mon, 29th Jan 2024 12:05:21 UTC Mon, 29th Jan 2024 12:36:56 UTC
Warren Roiter - Signer (88d76d843e0b0a0a18e62904d147d638) Mark Taylor - Signer (bc4c6879b130d5926b6b2555ede42365)
## **Audit history log**
## **Date**
## **Action**
Mon, 29th Jan 2024 10:05:55 UTC Mon, 29th Jan 2024 10:06:06 UTC Mon, 29th Jan 2024 10:06:06 UTC
Mon, 29th Jan 2024 10:08:23 UTC Mon, 29th Jan 2024 10:08:23 UTC Mon, 29th Jan 2024 10:12:00 UTC
Mon, 29th Jan 2024 10:12:00 UTC Mon, 29th Jan 2024 11:55:45 UTC Mon, 29th Jan 2024 11:56:21 UTC Mon, 29th Jan 2024 12:00:07 UTC Mon, 29th Jan 2024 12:05:21 UTC Mon, 29th Jan 2024 12:05:21 UTC
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Envelope generated by Kim Liu217.207.100.70 Document generated with fingerprint 08198d44b35fc1ad7216e0d82567080d217.207.100.70 Document generated with fingerprint 8614bbb67f18b360ea3a73ef5b845219217.207.100.70 Warren Roiter has been assigned to this envelope217.207.100.70 Mark Taylor has been assigned to this envelope217.207.100.70 Sent the envelope to Warren Roiter (warren@woodberry-associates.com) for signing217.207.100.70 Document emailed to warren@woodberry-associates.com18.171.174.85 Warren Roiter opened the document email.88.215.46.98 Warren Roiter viewed the envelope88.215.46.98 Warren Roiter viewed the envelope88.215.46.98 Warren Roiter signed the envelope88.215.46.98 Sent the envelope to Mark Taylor (mjtaylor@hwfisher.co.uk) for signing88.215.46.98 Document emailed to mjtaylor@hwfisher.co.uk18.133.28.248 Warren Roiter viewed the envelope88.215.46.98 Warren Roiter opened the document email.88.215.46.98 Mark Taylor viewed the envelope185.105.75.178 Mark Taylor viewed the envelope20.254.131.181 Mark Taylor signed the envelope185.105.75.178
Mon, 29th Jan 2024 12:36:56 UTC This envelope has been signed by all parties185.105.75.178 Mon, 29th Jan 2024 12:36:57 UTC Mark Taylor viewed the envelope185.105.75.178