Charlty number. 1166706 The Clemens Neumann Nathan Charitable Trust Unaudited Trustees. report and financial statements for the year ended 30 November 2023
The Clemens Neumann Nathan Charltable Trust Contgnts Page Referen¢* and admlnlstrallve details of the Charity. its Trustees and advisers Trustees. report Ststsment of finan¢lal a¢tlvlties Balance sheet Notes to the financial ststements 7-14
The Clemens Neumann Nathan Charitable Tntsl Reference and administrative details of the Charity. its Trustees and advisers for the year ended 30 November 2023 Trustees Mr R A Nalhan, Chair Mrs N Nathan Mr P D Hudson Charity registered number 1166706 Principal office 2nd Floor 168 Shoreditch High Street London E1 6FiA A¢¢ountants Kreston Reeves LLP Chartered Accountants 2nd Fl¢)or 168 Shoreditch High Street London E1 6FiA Bankers Bardays PLC 1 Churchill Pla London E14 5HP Investment managers Rothschild Wealth Management New Court Sl. Swilhin's Lane London EC4N 8AL Page 1
The Clemens Neumann Nathan Charitable Trust Trustees. report for the year ended 30 November 2023 The Twstees psent their annual rew>rt t(ether with the finan(aal ststements of the Charity for the year 1 December 2022 to 30 November 2023. Objectives and activities Policies and objectives The objects of the Charity are: a} to advance education for the public benefft by prormting the education (including social and physical trairbingl of people of any age in any part of the worfd in such ways as the charity trustees think fit, induding by awarding to such persons scholarships. maintenance allowances or grants or assisting any charity or not-for-profil organisation whose aims include advancing education of persons of any age by developing their mentsl, physical and moral Capabile$., b} lo pvent or relieve wverty for the public benefit by providing grants. items and ServIS to individuals in need or to charities or other organisations anbere in the world who provide or assist in the provision of education. training and heatthcare projects designed to relieve povety. cl to advance heakh or the sawng of Irves and the relief of those in need by reason of ill-health 8nd disability in any part of the wodd by providing assistsnce as the trustees think fil to any charity whose aims include the PTOtection and promotion of the heath of the wblic eilher by providing treatment and care lo persons suffering from mental or physical illness or by research into suGh illness or promding infomiation and raising publi¢ understanding of such matters" d} to promote human rights {as set out in the UnNersa] Declaration of Human RHJhts and subsequent United Nations, conventions and declarations) throughout the wodd by all or any of the followng means.. research into human rights issuès, educ2bng the public 8boLrt human rights, raising awar@sS of human rights iSSU8s and promoting respect for human rights among individuals and (x)rporations.' and e} to fijrther such exdusNely charttable purposes for Ihe public benefft aCLX)rding to the law of England and Wales as the charity trustees in their absolute dtscretion from time to time detemiine. In setting objectives and annIng for acbvitses. the Tnjstees have gwen due consideration to general guidance published by the Charity Commission relating to public benefit induding the guidance 'Public beneffl= running a charity IPB2}'. b. Actlvltles undertaken to a¢hleve objectives The charÈty has had a quiet year th minimal transactions. . Main activities undertaken to further the CharlS purposes for the public benefft The charity has been fOrnd lo receive an endowment from the eslate of the l*e Mr C N Nathan. Achievements and performance a. Main achievements of the Charlty The charity has agreed to provide assistsnce to an indmdual pursuing a master course in international human rights taw. b. Review of activities Other than the one granl menti(w)ed above it has teen a quiel year for the charity. Page 2
The Clemens Neumann Nathan Charitable Trust Trustees. report (continued} for the year ended 30 November 2023 A¢hlevements 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 contenl wtth the retum on the investments. The relum is an overall relum and the trustees, followring discussions with the investment managers, have agreed that up to 2.51a of the opening endowment fund value wll be treated as unrestricted funds available for use by the charity to fulfil its aims. No transfer has been made from the Erthvment Fund lo Unrestricted Funds in the current year as there are still funds available as unrestricted. Financial revi•w . Going ¢on¢ern After making appropriate enouiries. the Trustees have a reasonabte expectation that the charity.has adequate resources to conkn.nue in operth.onal existence for the foreseeable future. For this reason, they continue to adopt the going con¢em basis in preparing the financial slatements. Further details regarding the adoption of the going concem basis can be found in the accounting poliaes. b. Reserves pollcy The tsuslees have taken a caubous approach in the early years of the charity lo pemiit it lo grow some unrestricted reserves th which they can. goiry foTward. provide more meaningful assistance to indwiduals and other ¢harities. structure. govemance and management a. Constitution The Clemens Neumann Nathan Chatttable Twust is a wistered charity, number 1166706, and is constituted as a Charity Incorporated Organisation. b. Methods of appolntsnenl or ele¢tlon of Truslees The management of the Charity is the responsibility of Ihe Trustees who are elected and COwOPted under the terms of the Memorandum of Association. ¢. Related party relationships All trustees give their time freety and no trustee is remunerated nor have any expenses been reimbursed, 8$ sel out in note 8 to the financial statements. Trustees are required lo disdose all relevant interests in accordan with the Trust's policy and thdraW from decisions where a conflict of interest arises. d. Financial risk management The Trustees have assessed the major risks to which Ihe Charity is exposed, in particular those related to the operations and finances of the Chartty. and are satisfie(l that systems and prwlures are in place to miti'gate exposure to the major risks. Page 3
The Clemens Neumann Nathan Charitsble Trnst Trustees. report (continued) for the year ended 30 November 2023 statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, and the financial statements in aCrdanCe with applicable law and United Kid0M A(xxJunting Stsndards (Uniled lQngdom Generalty Apted Accounting Practi1. The law applicable to charities in England & Wales requires the Trustees to prepare financial ststements for each financial which give a true and fair view of the state of affairs of the Charity and of tts inming resources and application of resour$, induding rts irtcome and expendrture. for that period. In preparing these financial statements, the Twstees are required to: select suitable acTr)unting polic$ then apply them consistentty. observe the methods and prinpIeS of the Charibes SORP {FRS 102). make judgments and accounting estimates that are reasonable and prudent. stale whether applicable UK Accounting Standards {FRS 1021 have been followed. subject to any material departures disclosed and explained in the finanaal ststements.. prepare the financial stslements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees aTe responsible for keeping adequate accounting records that are SLrfficienl lo show and explain the Charivs transadions and disdose wtih reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the finanaal statements comply vthh the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the prowsions of the ChaTtty Incorporated Organisation. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by ort1er of the members of the board of Trustees and signed on their behalf by. Mr R A Nathan Date: 7 March 2024 Page 4
The Clernens Neumann Nathan Charitable Trust statement of finan¢ial a1VitieS for the year ended 30 November 2023 Endowmenl Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Nole Income and endowments from: Donations and legacies 3,379 3,379 1.552 Total Income and endowmonts 3.379 3.379 1,552 Expenditure on- Charitable activities 4.620 4.620 912 Total expendlture 4,620 4,620 912 Net {èxpenditure)lincome before net gainsl{losses) on investments Nel gainsl{lossesl on investsnents (1,241) 11.241) 61,778 640 (93,5201 61.778 Net movement in funds 61.778 (1.241) 60.537 192,8801 Reconciliation of funds: Totsl fvnds brought forward Net movement in fvnds 1.348.091 61.778 83.669 (1.241) 1.431.760 60.537 1.524,640 (92.8801 Total funds carried forward 1,409,8fOa 82,428 1,492,297 1,431.760 The Slalement of financial actiwtres indudes all gains and losses recognised in the year. The notes on pages 7 to 14 form part ol these financial statements. Page 5
The Clemens Neumann Nathan Charitable Trust Balance Sheet as at 30 Novernber 2023 2023 2022 Fixed assets Investments 1.405.920 1,344,142 1.405.920 1.344.142 Current assets Cash at bank and in hand 86.377 87.618 86.377 87,618 Net current assets 86.377 87.618 Total net assels 1.492.297 1,431.760 Charity fund$ Endowment funds Restricted funds Unrestricted funds 10 10 1,409,869 1,348.091 10 82.428 83,669 Total fund5 1.492.297 1,431.760 The financial statements were approved and authorised for issue bythe TTUStees and signed on their behalf by. Mr RANathan Mrs N Nathan Dale.. 7 March 2024 The notes on pages 7 to 14 fotm part ofthese finan(ial statements. Page 6
The Clèmons Neumann Nathan Charitable Trusl Notes to the financial statements for the year ended 30 November 2023 General inforniation The charrty was formed by the Charty Commission a5 a Charrtable Incorporated Organisation registed in England & Wales. The charitys registered office is 2nd Floor. 168 Shoreditch High Street. London, E1 6RA. The main aim of the charity is to prowde assislan¢e in the education of people in respect of the Human Rights Conventions as well as providing grants to alleMate heatth issues. Accounting policies 2.1 Basi$ of preparation of financial stalements The finanLial statements have been prepared acxx)rdan the Charitses SORP IFRS 1021- Accounting and Reporbng by Charities: Stslement of Recommentled Practice applicable to charities preparing their accoun15 in accordance wrth Ihe Finanal Repofting Standartl applicable in the UK and Repubtic of Ireland IFRS 1021 {effe¢tive 1 January 20191. the Financial Reporting Standard applicable in the UK and Repubfic of Ireland (FRS 1021 and the Charibes Act 2011. The financtal stalernenls have been prepared to give a Inje and fairf view and have departed from the Charities {Acco¥Jnts and Reports) Regulations 2008 only to the extent required lo provide a Irue and fairf view. This departu has involved following the Charities SORP IFRS 102} publisheLts in October 2019 rather than the Accounting and RepoTb"ng by Charrties: Statemenl of Recommended Practice effective from 1 Awil 2005 which has since been wtlhdrawn. The Clemens Neumann Nathan Charitable Trust meets the definition of a public benefrt entity under FRS 102. Assels and liabilities are initially recngnised at historical cost or transaction value unless otherwise stated in the relevant accounting pKJlicy. 2.2 Income l income is recr4nised On the Charity has enttllement lo the income. it is probable that the incorne 11 be received and the amunt of income receivable can be measured relkAbly. Income tax recoverable in relatK)n to donalions recei1 urmler Grft AKI or deeds of covenant is recognised al the time of the donat¥)n. Income tsx recoverable in relation to invesbywt income is recognised al the time the investment income is receivab]e. Page 7
The Clomens Noumann Nathan Charitsblè Trust Notes to the financial statements for the year ended 30 November 2023 Accounting poli¢ies {¢ontinued) 2.3 Expenditure Expenditure is re(£#Jnised on(* there is a legal or constructive obligation to transfer enOmiC benefit lo a third party. it is probable that a transfer of economic beneffts wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each a¢tivity are made up of the total of direct costs and shared costs. induding support costs involved in undertaking each activrty. Direct (Y)5ts attributable to a single aGtivity are allo¢aled d1CtlY to that a¢tNity. Shared $ts which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs a allocaled on the basis of time spent, and deprec¢alion charges allocated on Ihe portxin of the asset's use. Expendfture on tharitsble acttvityes is incurred on directy tjndertaking the activities which further the Charitys ¢)bjeclives. as well as any assocAaled 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 expenditu when the conditions attaching are fUilled. Grants offered subject to condikn'ons which have not beer) met al the year end are noted as commilmenl, bul not accrued as expenditure. All expendtiure ts indusive of irrec0ble VAT. 2.4 Investments Fixed asset investments are a form of fir)anual instrument and are initially recognised at their transaction cost and subsequently measured at fair value al the Balance sheet date, unless the value cannot be measured reliably in which case rt is measured at ttjst less impairnienl. Investment gains and losses. whether realised or unrealised. a combined and psented as 'Gainsl(Lossesl on investments, in the Statement of financial actsvles. 2.5 Cash at bank and in hand Cash al bank and tn hand includes cash and short-temi highly liquid investments ¥wth a short maturity of three month5 or less from the date of acquisth.on or opening of the deposit or similar account. 2.6 Financial instruments The Charty only has financial assets and finanaal liabilities of a kind Ihat qualtfy as basic financial instruments. Basic financial instruments are initi.ally re¢ognised at transaction value and subsequenlly measured at their sethement value with the eXPtiOn of bank loans which are subsequently measured at amortised cost using the effective interest metFKKI. 2.7 Fund accounting General funds are unre51ricted fund5 which are awdilable for use at the discretion of the Trustees in furtherance of the general objectives of the Charity an(J which have nol designated for other purposes. Page 8
The Clemens Neumann Nathan Charitable Trust Notes to the financial statements for the year ended 30 November 2023 Income from donations and legacies Unrestrlcted funds 2023 Totsl funds 2023 DonatKTrn5 3.379 3.379 Unrestricted funds 2022 Total funds 2022 Donations 1,552 1,552 Analysis of grants Grants lo Institutions 2023 Total funds 2023 Total funds 2022 Grants 3.000 Analysis of expenditure on ¢haritable adivilies Summary by fund type Unrestricted funds 2023 Total 2023 Furtherance of the charilabje wms 4.620 4,620 Unrestricted fvnds 2022 Total 2022 Furtherance of the charitaNe ain 912 912 Page 9
The Clemens Neumann Nathan Charitable Trust Notes to the financial statements for the year ended 30 November 2023 Analysis of expenditure by adivities Grnnt funding of activitie5 Support Costs 2023 Total funds 2023 2023 Furtherance of the charitable aims 3.000 1,620 4,620 Support costs 2022 Total funds 2022 Furtheran of the ¢haritable aims 912 912 Trustees. remuneration and expenses During the year. no Trustees receNed any reMuneran or other benefits {2022 - £NILI. During the year ended 30 November 2023. no Trustee expense5 have been incurred12022- £NIL}. Fixed asset investments Listed Unlisted investments investments Total Cost or valuation Al 1 December 2022 Revaluations 1,062.849 61.778 281,293 1.344.142 61,778 At 30 November 2023 1,124,627 281,293 1.405,920 N4 book value AI 30 November 2023 1.124.627 281,293 1,405,920 AI 30 November 2022 1,062.849 281,293 1.344,142 Page 10
The Cternens Neumann Nathan Charitable Tnt Notes to the financial statements for the year ended 30 November 2023 Financial instruments 2023 2022 Financlal assets Financial assets meaSUd at fail value through income and expendtture 86.377 87,618 Page 11
The Clemens Neumann Nathan Charitable Twst Notes to the financial statements for the year ended 30 November 2023 10. Statement of funds Statement of funds - current year Balance at 30 Gainsl November (Losses) 2023 Balan¢e at i December 2022 Income Expendityre Unrestricted funds General Funds 83.669 3.379 (4.620) 82,428 Endowment funds Endowment Fund 1.348.091 61,778 1,409.869 Totsl of funds 1.431.760 3.379 (4,620) 61,778 1.492,297 Statement of funds - prior year Balance at 30 November 2022 Balance al 1 Dmber 2021 Gainsl (Losses) IrKOr Expenditure Unrestricted funds Gener81 Funds 83.029 1.552 (9121 83,669 Endowment funds Endowment Fund 1,441.611 {93,520} 1,348,091 Total of funds 1.524.640 1.552 (9121 {93,520) 1,431,760 Page 12
The Clemens Neumann Nathan Charitable Tntst Notes to the financial sLitements for the year ended 30 November 2023 11. Summary offunds Summary of funds- CUTrent year Balance at 30 Gainsl November {Lossesl 2023 Balance at 1 De¢ember 2022 Income Expenditure General fvnds 83.669 1.348.091 3.379 146201 82,428 1,409,869 Endowment funds 61.778 1,431.760 3.379 {4.6201 61.778 1.492.297 Summary of fund5 - prior year Balance at 30 November 2022 Balance at 1 December 2021 Gainsl (Losses) Income Expenditure General funds Endowment funds 83.029 1.441.611 1.552 (912) 83,669 1,348.091 193,520) 1,524.640 1.552 (912) 193.520) 1.431,760 Page 13
The Clemens Neumann Nathan Charitable Trust Notes to the financial statements for the year ended 30 November 2023 12. Analysis of net assets between funds Analysis of net assets between funds- current year Endowment Unrestrlcted fund$ funds 2023 2023 Total funds 2023 Fixed asset investments Current assets 1.405.920 3,949 1.405.920 86.377 82,428 Total 1.409.869 82,428 1.492.297 Analysis of net assets between funds- prior year Endowment Unrestricted fvnds funds 2022 2022 Total funds 2022 Fixed asset inve5trnents 1.344.142 3.949 1,344,142 87,618 Current assets 83,669 Total 1,348.091 83,669 1,431.760 13. Controlling party The trustees are deemed to be the chariws cOntrling party Page 14