Charity number: 1166706
The Clemens Neumann Nathan Charitable Trust
Unaudited
Trustees' report and financial statements
for the year ended 30 November 2021
The Clemens Neumann Nathan Charitable Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
The Clemens Neumann Nathan Charitable Trust
Reference and administrative details of the Charity, its Trustees and advisers for the year ended 30 November 2021
| Trustees | Mr R A Nathan, Chair |
|---|---|
| Mrs N Nathan | |
| Mr P D Hudson | |
| Charity registered number 1166706 Principal office 2nd Floor 168 Shoreditch High Street London E1 6RA Accountants Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers Barclays PLC 1 Churchill Place London E14 5HP Investment managers Rothschild Wealth Management New Court St. Swithin's Lane London EC4N 8AL |
Page 1
The Clemens Neumann Nathan Charitable Trust
Trustees' report for the year ended 30 November 2021
The Trustees present their annual report together with the financial statements of the Charity for the 1 December 2020 to 30 November 2021.
Objectives and activities
a. Policies and objectives
The objects of the charity are:
a) to advance education for the public benefit by promoting the education (including social and physical training) of people of any age in any part of the world in such ways as the charity trustees think fit, including by awarding to such persons scholarships, maintenance allowances or grants or assisting any charity or not-for-profit organisation whose aims include advancing education of persons of any age by developing their mental, physical and moral capabilities;
b) to prevent or relieve poverty for the public benefit by providing grants, items and services to individuals in need or to charities or other organisations anywhere in the world who provide or assist in the provision of education, training and healthcare projects designed to relieve poverty;
c) to advance health or the saving of lives and the relief of those in need by reason of ill-health and disability in any part of the world by providing assistance as the trustees think fit to any charity whose aims include the protection and promotion of the health of the public either by providing treatment and care to persons suffering from mental or physical illness or by research into such illness or providing information and raising public understanding of such matters;
d) to promote human rights (as set out in the Universal Declaration of Human Rights and subsequent United Nations' conventions and declarations) throughout the world by all or any of the following means: research into human rights issues, educating the public about human rights, raising awareness of human rights issues and promoting respect for human rights among individuals and corporations; and
e) to further such exclusively charitable purposes for the public benefit according to the law of England and Wales as the charity trustees in their absolute discretion from time to time determine.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The charity has had a quiet year in view of the unfolding situation with regards to the corona virus.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The charity has been formed to receive an endowment from the estate of the late Mr C N Nathan.
Achievements and performance
a. Main achievements of the Charity
This has been a year of consolidation.
b. Review of activities
Following the final receipt of funds from the estate in the previous year, the trustees have made some donations to causes in line with the Charity's objective. The activity has been minimal due to the ongoing situation with the Coronavirus.
Page 2
The Clemens Neumann Nathan Charitable Trust
Trustees' report (continued) for the year ended 30 November 2021
Achievements and performance (continued)
c. Investment policy and performance
The endowment fund now consists of investments managed by Rothchilds and an interest in a property investment company. The trustees are content with the return on the investments. The return is an overall return and the trustees, following discussions with the investment managers, have agreed that up to 2.5% of the opening endowment fund value will be treated as unrestricted funds available for use by the charity to fulfil its aims. No transfer has been made from the Endowment Fund to Unrestricted Funds in the current year as there are still funds available as unrestricted.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees have taken a cautious approach in the early years of the charity to permit it to grow some unrestricted reserves with which they can, going forward, provide more meaningful assistance to individuals and other charities.
Structure, governance and management
a. Constitution
The Clemens Neumann Nathan Charitable Trust is a registered charity, number 1166706, and is constituted as a Charity Incorporated Organisation.
b. Methods 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 Memorandum of Association.
c. Related party relationships
All trustees give their time freely and no trustee is remunerated nor have any expenses been reimbursed, as set out in note 7 to the financial statements. Trustees are required to disclose all relevant interests in accordance with the Trust's policy and withdraw from decisions where a conflict of interest arises.
d. Financial 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 exposure to the major risks.
Page 3
The Clemens Neurnann Nathan Charitable Trust Trustees. report (continued) for the year ended 30 November 2021 StatÈment of Trustges. responsibilities The Tnjslees are r&sponsrble preparing the Trustèes. report and the finanaal statements in accordanca wrth applicable and Unrte(l KiThJdoKn Accounting Standards (United Kingjom Generally Accepted Accounting Practice). The law applicable lo chartties in England & wa requires the Tnjslees to prepare financial statements for each financial which give a true and fair wew of the state of affairs of the Charity and of its incoming resources and appliCan of resources. including ts income and expendrture, for that period. In preparing these fi'nancial slalemenls. the Trustees are required to". select surtable accounting poIreS and then apply them wnsislentty, observe the methcxjs and principles of the CharitEs SORP IFRS 1021-, make judgments accounting estimates that are reasonable and pnjdent.. slate whether appluble UK Accounb"ng Standards IFRS 1021 have been followed, subject lo any rnaterial departures disclosed and eypLained in the financial stslements.. prepare the financial statements on the going concem basis unW rt is inakwropriate to presume thal the Charity will conbnue in business. The Trustees are spOnsible for keeping adequate aCUnting rerxjrds that are suffieFenl to shcw and explain the Charitys transactions anij disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the fiTrancial statements compty with the Charrties Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Incorporated Organisalion. They are also responsib for safeguarding the assets of the Chanty and hell for taking reasonable steps for the prevention and detecti¢ of fraud and other irreguktities. Approved by order of the members of the board of Trustees and sned on their behalf by. Mr R A Nathan (Chair of Trustees) Date". 11 April 2022 Page 4
The Clemens Neumann Nathan Charitable Trust
Statement of financial activities for the year ended 30 November 2021
| Note Income and endowments from: Donations and legacies 3 Total income and endowments Expenditure on: Charitable activities 5 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ - - - - - 121,453 121,453 1,320,158 121,453 1,441,611 |
Unrestricted funds 2021 £ 2,712 2,712 5,212 5,212 (2,500) - (2,500) 85,529 (2,500) 83,029 |
Total funds 2021 £ 2,712 2,712 5,212 5,212 (2,500) 121,453 118,953 1,405,687 118,953 1,524,640 |
Total funds 2020 £ 204,195 |
|---|---|---|---|---|
| 204,195 | ||||
| 912 | ||||
| 912 | ||||
| 203,283 80,041 |
||||
| 283,324 | ||||
| 1,122,363 283,324 |
||||
| 1,405,687 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
The Clemens Neumann Nathan Charitsble Trust Balance sheet as at 30 November 2021 2021 2020 Fixed assets Investments 1,437,662 941,588 Currert assets 1.437.662 941.588 Debtors Cash at bank and in hand 454,195 9,904 86.978 86.978 464,099 Net current assets 86.978 Total net assets 1.524.640 1.405,687 Charty fund$ Endowment funds Restricted funds Unrestricted funds 11 1.441,611 1.320,158 11 83,029 85,529 Totsl funds 1.524.640 1,405.687 The financial statements were approved and authorised for issue by the Trustees and sNJned on their behaW ty.. Mr RA Nathan (Chair of Tnjstees) Date.. 11 April 2022 Mrs N Nathan O, K¢vw Thè notes on pa9¢8 7 to 13 form part ofthese financial statements. Page 6
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
1. General information
The charity was formed by the Charity Commission as a Charitable Incorporated Organisation registered in England & Wales. The charity's registered office is the 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
The main aim of the charity is to provide assistance in the education of people in respect of the Human Rights Conventions as well as providing grants to alleviate health issues.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Clemens Neumann Nathan Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
This year has been overshadowed by the corona virus and the impact that it has had on the world. The trustees have assessed the short term and long term impact that this has caused and is likely to cause in the future and are satisfied that their endowed funds are safe and that there are no concerns. Accordingly it is appropriate to continue to use the going concern basis for the preparation of these financial statements.
2.3 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 7
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
2. Accounting policies (continued)
2.4 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 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 the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 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.
Page 8
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
3. Income from donations and legacies
| Donations Legacies Legacies 4. Analysis of grants Grants 5. Analysis of expenditure on charitable activities Summary by fund type Furtherance of the charitable aims Furtherance of the charitable aims |
Endowment funds 2021 £ - - - Grants to Institutions 2021 £ 4,000 |
Unrestricted funds 2021 £ 2,712 - 2,712 Endowment funds 2020 £ 204,195 Total funds 2021 £ 4,000 Unrestricted funds 2021 £ 5,212 Unrestricted funds 2020 £ 912 |
Total funds 2021 £ 2,712 - |
|---|---|---|---|
| 2,712 | |||
| Total funds 2020 £ 204,195 |
|||
| Total funds 2020 £ - |
|||
| Total funds 2021 £ 5,212 |
|||
| Total funds 2020 £ 912 |
Page 9
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
6. Analysis of expenditure by activities
| Furtherance of the charitable aims Furtherance of the charitable aims |
Grant funding of activities 2021 £ 4,000 |
Support costs 2021 £ 1,212 Support costs 2020 £ 912 |
Total funds 2021 £ 5,212 Total funds 2020 £ 912 |
|---|---|---|---|
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 30 November 2021, no Trustee expenses have been incurred (2020 - £NIL).
8. Fixed asset investments
| Cost or valuation At 1 December 2020 Additions Revaluations At 30 November 2021 Net book value At 30 November 2021 At 30 November 2020 |
Listed investments £ 941,588 93,328 121,453 1,156,369 1,156,369 941,588 |
Unlisted investments £ - 281,293 - 281,293 281,293 - |
Total £ 941,588 374,621 121,453 |
|---|---|---|---|
| 1,437,662 | |||
| 1,437,662 | |||
| 941,588 |
Page 10
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
9. Debtors
| Due within one year Other debtors Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2021 £ - - 2021 £ 86,978 |
2020 £ 454,195 |
|---|---|---|
| 454,195 | ||
| 2020 £ 9,904 |
10. Financial instruments
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
Balance at 1 December 2020 £ 85,529 1,320,158 1,405,687 |
Income £ 2,712 - 2,712 |
Expenditure £ (5,212) - (5,212) |
Gains/ (Losses) £ - 121,453 121,453 |
Balance at 30 November 2021 £ 83,029 |
|---|---|---|---|---|---|
| 1,441,611 | |||||
| 1,524,640 |
Page 11
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
11. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
Balance at 1 December 2019 £ 65,300 1,057,063 1,122,363 |
Income £ - 204,195 204,195 |
Expenditure £ (912) - (912) |
Transfers in/out £ 21,141 (21,141) - |
Gains/ (Losses) £ - 80,041 80,041 |
Balance at 30 November 2020 £ 85,529 |
|---|---|---|---|---|---|---|
| 1,320,158 | ||||||
| 1,405,687 |
12. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
General funds Endowment funds |
Balance at 1 December 2020 £ 85,529 1,320,158 1,405,687 Income £ - 204,195 204,195 |
Income £ 2,712 - 2,712 Expenditure £ (912) - (912) |
Expenditure £ (5,212) - (5,212) Transfers in/out £ 21,141 (21,141) - |
Gains/ (Losses) £ - 121,453 121,453 Gains/ (Losses) £ - 80,041 80,041 |
Balance at 30 November 2021 £ 83,029 1,441,611 |
|---|---|---|---|---|---|---|
| 1,524,640 | ||||||
| Balance at 30 November 2020 £ 85,529 1,320,158 |
||||||
| Summary of funds - prior year | ||||||
| General funds Endowment funds |
Balance at 1 December 2019 £ 65,300 1,057,063 1,122,363 |
|||||
| 1,405,687 |
Page 12
The Clemens Neumann Nathan Charitable Trust
Notes to the financial statements for the year ended 30 November 2021
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Total Analysis of net assets between funds - prior year Fixed asset investments Current assets Total |
Endowment funds 2021 £ 1,437,662 3,949 1,441,611 Endowment funds 2020 £ 930,115 390,043 1,320,158 |
Unrestricted funds 2021 £ - 83,029 83,029 Unrestricted funds 2020 £ 11,473 74,056 85,529 |
Total funds 2021 £ 1,437,662 86,978 |
|---|---|---|---|
| 1,524,640 | |||
| Total funds 2020 £ 941,588 464,099 |
|||
| 1,405,687 |
14. Related party transactions
| Peter Hudson as a partner in Kreston Reeves LLP | 2021 £ 1,212 1,212 |
2020 £ 912 |
|---|---|---|
| 912 |
15. Controlling party
The trustees are deemed to be the charity's controlling party
Page 13