Charity Registration No. 1170216
THE ALTENBURG FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR TO 5 APRIL 2022
THE ALTENBURG FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Settlors: | Karl-Georg Altenburg |
|---|---|
| Christiane Altenburg-Von-Der Goltz | |
| Governing Instrument: | Trust Deed dated 31 May 2016 - as amended by Deed dated |
| 15 November 2016 | |
| Trustees: | Karl-Georg Altenburg |
| Christiane Altenburg-Von-Der Goltz | |
| Anabel Altenburg | |
| Charity Address: | Hamlet House |
| 107 Arthur Road | |
| London | |
| SW19 7DR | |
| Charity Registration | |
| Number: | 1170216 |
| Solicitors: | Macfarlanes LLP |
| 20 Cursitor Street | |
| London | |
| EC4A 1LT | |
| Independent Examiner: | Emily Smith ACA |
| Humphrey & Co | |
| Chartered Accountants | |
| 7 - 9 The Avenue | |
| Eastbourne | |
| East Sussex BN21 3YA | |
| Investment Managers: | J.P. Morgan Bank Luxembourg S.A. |
| 6 route de Treves | |
| Senningerberg | |
| L-2633 | |
| Luxembourg | |
| Bankers: | Barclays Bank |
| Barclays House | |
| 8 Alexandra Road | |
| Wimbledon | |
| London | |
| SW19 JJ2 |
1
THE ALTENBURG FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR to 5 April 2022
The trustees present their annual report and financial statements for the year ended 5 April 2022.
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 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)".
Objectives and Activities
The Trust Deed established the Objects of the Charity and allows the Trustees to apply the income and capital of the Trust Fund for such charitable purposes as they may from time to time decide.
The Trustees intend to carry out these objects, as described below, through the making of donations or grants to charitable and other organisations and individuals for the delivery of exclusively charitable projects. As set out in the Trust Deed the Trustees will apply the resources of the Trust on projects aimed at the advancement of education, citizenship or community development and of amateur sport.
In order to fund donations and grants the Charity has focused on establishing and maintaining investments to provide both income and capital growth.
The Charity does not invite grant or donation applications from charities generally. The Trustees however expect to draw on their own experience and knowledge (and their own research when necessary) of organisations operating in the area which they wish to support and satisfy themselves that charitable resources are appropriately targeted.
The Foundation seeks to help children, young adults and adults in improving their life circumstance by providing assistance to access education, being able to access sports coming from impoverished neighbourhoods and being able to learn skills via apprenticeships.
The main activity of the Charity is that of providing grant funding to established charities and good causes as deemed in keeping with the Charity's objectives as deemed by the Trustees. Some of the key projects provided to during the year were a school in Aleppo, Syria and an ongoing commitment to the sports charity Performance Plus Sport UK.
The achievement of the Charity's aims will further its legal purpose as a registered charity by providing public benefit to a wide range of people.
Donations are one of many strategies in achieving those aims and objectives. Accessing education, apprenticeships and being able to participate in high level sports need to be financed as the majority of the individuals who benefit from our Foundation do not have access to financial assistance. For example, displaced refugees who had to leave their homes due to war or famine.
Success is currently measured by the number students completing higher education and also the young adults who progress to professional sports careers. Achievement in the various activities the foundation sponsors helps us to provide good reporting.
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THE ALTENBURG FOUNDATION
The Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have regard to it. The Trustees consider that the information contained within the Trustees' Report about the Charity's aims, activities and achievements in respect of the donations made demonstrates the benefit to the public.
The Trustees provide grants to various organisations, both UK based and abroad. The Trustees grant making policy is to provide grants at a level they feel appropriate to organisations meeting their criteria on an ad hoc basis.
Achievements and Performance
During this period of account the Trustees authorised donations totalling £65,405.47, details of which are shown in Note 13 to the Accounts.
Donations are one of many strategies in achieving those aims and objectives. Accessing education, apprenticeships and being able to participate in high level sports need to be financed as the majority of the individuals who benefit from our foundation do not have access to financial assistance.
The Trustees consider that the range of grants provided during the year meet the aims and objectives set by the charity.
Investment Performance
The trustees have employed investment managers to implement the Trustees' investment instructions. The Trustees' aim is to provide medium risk portfolio that protects the value of the capital and at the same time delivers good quality regular returns.
The returns from the Charity's investments were broadly in line with the adopted benchmark. The Trustees believe that an appropriate investment strategy is in place for the medium to long term.
The Trustees have reviewed the impact of the Covid-19 pandemic and at the most recently available valuation date, (17 November 2022), the market value of shares still owned stood at £2,104,928. The Trustees continue to monitor the effects of the pandemic closely. As such, the Trustees do not consider the pandemic to have had a significant impact on the charity's ability to fulfil its charitable objectives.
Financial Review
The Charity holds unrestricted funds at the Balance Sheet date of £2,086,396.90 (2021 - £2,204,792.22). All restricte income received during the year was remitted to organisations in line with the restrictions placed by donors.
The Charity maintains healthy cash reserves from which it can distribute grants in line with its charitable activities.
3
THE ALTENBURG FOUNDATION
Reserves Policy
The Foundation's reserves are primarily investments which are held to generate income and capital growth which provide funds to make grants in accordance with the Foundation's objectives. Free cash reserves total £28,295.52 at the year end and the Trustees consider that the level of reserves is appropriate to meet current activities. Further reserves can be met with the liquidation of a proportion of investments if required.
The Trustees' investment policy is that of a medium risk portfolio that protects the value of the capital and at the same time delivers good quality regular returns.
In the selection of investments the Trustees have made use of their collective knowledge and experience to achieve good quality regular returns for an acceptable level of risk over the long term.
Risk
The Trustees have assessed the major financial, operational and administrative risks to which they consider that the charity is exposed in the delivery of the charitable objectives. The key risks are considered to be:
-
Investment performance - the risk of poor investment returns is considered the major financial risk. The Trustees are however of the view that they effectively mitigate this risk by the selection of appropriate quality investments where a medium level of risk is acceptable to achieve the required good quality regular returns. The Trustees make such selections by making use of their collective knowledge and experience of investments matters generally and taking advice as may be necessary to any particular investment.
-
Operational risk of ineffective donations or grant making - the charity's major risk in the delivery of the charitable objectives is that grants and donations are not effective for charitable purposes for the public benefit.
In the mitigation of such risks the Trustees plan to make donations to established UK registered and overseas charitable organisations with a proven track record in the delivery of public benefit. In the execution of grants to organisations the Trustees seek to satisfy themselves, through their own research and personal involvement that each grant is in pursuance of a charitable objective which offers identifiable and measurable benefit to the public or a significant section of the public.
The Trustees do not consider that there are any factors that are likely to affect the financial performance or position going forward.
Plans for future periods
The Trustees are evaluating opportunities to support and work with other charities and organisations to further the charitable objectives of education, citizenship, community benefit and the advancement of amateur sport for the public benefit.
Structure, governance and management
The Altenburg Foundation was established by Deed on 31 May 2016 and is a registered Charity (No. 1170216).
4
THE ALTENBURG FOUNDATION
The trustees who served during the year and up to the date of signature of the financial statements were: Karl-Georg Altenburg Christiane Altenburg-von der Goltz Anabel Altenburg
The power of appointing new Trustees is vested in the surviving or continuing Trustees in accordance with S36 Trustee Act 1925. Trustees are selected having regard to both their general experience, and their knowledge and experience of the objects of the trust, and any personal knowledge of the existing Trustees. Professional advice is available to new Trustees from the Trustees' solicitors for training purposes regarding the duties of a Trustee.
All decisions are taken collectively by the Trustees via appropriate discussions or meetings.
All Trustees give of their time freely and no trustee remuneration, benefits or expenses were paid in the period. Trustees are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises.
Karl-Georg Altenburg is a Trustee of Performance Plus Sport UK 1161964-1 a charity linked to The Tim Henman Foundation. The Altenburg Foundation has previously and continues to provide grant funding to the organisation which seeks the advancement of amateur sport for young people by providing mentoring and organising programmes of physical, educational and other activities which is in line with the Altenburg Foundation charitable objectives.
During the period the Charity provided a donation to Animo Arta, a Mallorca-based social project developed by Christiane Altenburg von der Goltz. The organisation seeks to provide income through teaching a select group of individuals to sew and to sell the products that they make in a time of hardship caused by the Covid19 pandemic.
5
THE ALTENBURG FOUNOATION Statement of tru8te•s' Yespo1b1lftl The twstees a responsible for preparing the Trustees, Re[ and the financial statements in accordanco with applicable law and United JQngdom Accounting Standards (United lQn9dom Genwalty Ated A(xxJunting Practical. The law applicaue to chanti¢s in England al Walès rwire8 the trustees to wepwe finandal staternents for each financial year which gNe a true and fair vithv of the stste of affairs of the tharity and of the incoming resources and aFplication of resourrx of th8 charity frlr Ihat y88r. In pparing these financial statements. thè trustees are wuired to.. - select suitable accounting poliryes and then appty them con$i8tenty. - observe the methods and prinaptes in the chariti.es SORP.. - make judgements and estimates that are reaSOnae and wudent: . state whether appltsble accounting standards have been f1. to any m81erial departu disdosed and explained in the finanaal st8tements'. and . prepare the finanaal stateffl the C(K*M tS unlgss it i8 inapyopri8te to presume that th ch¥rty wll continue in operat. The trust£e8 are Tespon$ible for kewng 8uffi¢i&tt rec3 that disdose wth reasonable aczuracy at any lime the fin8ncial p0sort of the charity and enable thèm lo ensurn that the financial statements mplY with the Chartties Act 2011, the Charity (Ants and Rep)rtsl Regulations 2Crf)8 and the provisions of the trust deed. They are 8180 reSF¥jnsib for safeguarding the assets of the charity and hence fof tsknng reasonable steps forthe pweventyon and detection of fraud other lThegUlafOS. The Trustees, Reptyt was 8pprove(I by the Board ofTrustees. Karf-Georg Trustse
Th• Ahenburg Foundation Indeyndent Examinevs Report to the Trustees of the The Ali8nburg Foundation I report to the trustees on my examination ofthe accounts of the The Altenburg Foundation for the year end8d 5 April 2022 which are set out on pages 8 to 17. Rospectiv• Rasponslblllli•s of Trustoes and Ex•miner As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the ACY). I report in respect of my examination ofthe Trustees, accounts carried out under section 145 of the 2011 Act and in carying out my examinats'on I have followed all the applicable Directions given by the Charity Commission under section 145{5llb) of the 2011 ACL IndoP8ndent Examlnef8 Statement I have completed my examinatron. I that no material matters have come to my attentton in connection with the examination giving me ¢au5e to believe that in any material respect.. 1.1 accounting re¢ords vRre not kept in respect of the Trust as required by section 130 of the A¢. c 2.) the accounts do not accord with those records,. 3.) the accounts do not compty with the appIlble requirements conceming the fom and content of accounts set out in the Charities IAco)unts and Reports) Regulations 2008 other than any requirement that the aceounts gNe a'true and fair vi* whth is not a matter considered as part of an independent examinab"on. I have no COnmS and have come across no other matters in ojnnection wth the examination to which attention Shoukl be drawn in this teport in order to enable a proper understanding of the accounts to be reached. Emity Smith ACA Humphrey & Co Chartered Accountants 7-9 The Avenue Eastboume East Sussex 8N213YA 24 January 2023 938e6394.1
THE ALTENBURG FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
For the year to 5 April 2022
| 2022 2022 2022 Note Unrestricted Restricted Total Funds Funds Income and Expenditure Income from: Donations 8,239.41 12,572.10 20,811.51 Gifted shares by Karl Altenburg − − − Investment Income 3 43,332.38 − 43,332.38 Total Income 51,571.79 12,572.10 64,143.89 Expenditure on: Charitable activities: Donations and Grants 14 52,833.37 12,572.10 65,405.47 Other expenditure: Bank Charges 2,002.27 − 2,002.27 Legal Fees 6,000.00 − 6,000.00 Accountancy Fees 10 2,700.00 − 2,700.00 Total expenditure 63,535.64 12,572.10 76,107.74 Net movement in funds (11,963.85) − (11,963.85) Net gains (losses) on investments 7 (107,064.86) − (107,064.86) Net Income/expenditure Other gains/losses 8 633.39 − 633.39 Reconciliation of funds Total funds brought forward 2,204,792.22 − 2,204,792.22 Total funds carried forward £2,086,396.90 − £2,086,396.90 |
2022 2022 2022 Note Unrestricted Restricted Total Funds Funds Income and Expenditure Income from: Donations 8,239.41 12,572.10 20,811.51 Gifted shares by Karl Altenburg − − − Investment Income 3 43,332.38 − 43,332.38 Total Income 51,571.79 12,572.10 64,143.89 Expenditure on: Charitable activities: Donations and Grants 14 52,833.37 12,572.10 65,405.47 Other expenditure: Bank Charges 2,002.27 − 2,002.27 Legal Fees 6,000.00 − 6,000.00 Accountancy Fees 10 2,700.00 − 2,700.00 Total expenditure 63,535.64 12,572.10 76,107.74 Net movement in funds (11,963.85) − (11,963.85) Net gains (losses) on investments 7 (107,064.86) − (107,064.86) Net Income/expenditure Other gains/losses 8 633.39 − 633.39 Reconciliation of funds Total funds brought forward 2,204,792.22 − 2,204,792.22 Total funds carried forward £2,086,396.90 − £2,086,396.90 |
2021 2021 2021 Unrestricted Restricted Total Funds Funds − 13,197.65 13,197.65 1,247,152.08 − 1,247,152.08 19,922.02 − 19,922.02 |
|---|---|---|
| 51,571.79 12,572.10 64,143.89 |
1,267,074.10 13,197.65 1,280,271.75 |
|
| 52,833.37 12,572.10 65,405.47 2,002.27 − 2,002.27 6,000.00 − 6,000.00 2,700.00 − 2,700.00 |
56,475.08 13,197.65 69,672.73 1,042.58 − 1,042.58 6,000.00 − 6,000.00 5,400.00 − 5,400.00 |
|
| 63,535.64 12,572.10 76,107.74 |
68,917.66 13,197.65 82,115.31 |
|
| (11,963.85) − (11,963.85) (107,064.86) − (107,064.86) 633.39 − 633.39 2,204,792.22 − 2,204,792.22 |
1,198,156.44 − 1,198,156.44 314,300.22 − 314,300.22 (412.14) − (412.14) 692,747.70 − 692,747.70 |
|
| £2,086,396.90 − £2,086,396.90 |
£2,204,792.22 − £2,204,792.22 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
8
THE ALTENBURG FOUNDATION BALANCE SHEET at 5 Aprll 2021 2022 2021 Fixed Assets Investments 2.042.101.38 2.175,178.36 Currant Assets Debtors Cash at bank and in hand 11 12 23,430.00 28,5.52 52,395.52 3,500.00 31,513.86 35.013.86 Current LlabllitiOS Creditors.. Amounts falling due within one year 10 {8.100.00) 15,400.00) Net Current asselsllliabilth) 44.295.52 29.613.86 Long Temi Llabllltlos Creditors: Amounts falling due after one year 10 Total as86ts less current liabililles £2,086,3.90 £2,204,792.22 Incomg Funds Unrestricted funds Restricted funds 2,086.396.90 2,204,792.22 £2,086,3.90 £2,204,792.22 The notes on pages 10 to 17 form part of these a0nts. The ounts ere app ed bytsTrusteeson...................................................2023 KarkGeorg Tru8tee
THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
1 Accounting Policies
Charity Information
The Altenburg Foundation is a general charitable trust governed by a Trust Deed dated 31 May 2016 and is a registered charity number 1170216.
1.1 Accounting Convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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 financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in £ sterling, which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
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.
The charity is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
10
THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
1.5 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.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its charitable activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs are associated with meeting the constitutional and statutory arrangements of the charity, including external audit and the cost of preparing statutory accounts and other costs involved with the charity's strategic management.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Wherever possible, costs relating to a particular activity are allocated directly; others are apportioned on the basis of the ratio of resources expended in respect of each charitable activity.
Expenditure is recognised on an accruals basis as a liability is incurred.
Charitable expenditure in the form of donations and grants payable is accounted for as and when approved by the trustees and when due for payment.
Other costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and legal costs linked to strategic management of the charity.
1.6 Fixed Asset Investments
Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the New York Stock Exchange. Gains and losses on investment assets are credited, or debited, to the Statement of Financial Activities in the period in which they arise.
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THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
1.7 Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8 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.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
During the period the trustees consider that there are no significant judgements or sources of estimation uncertainty that require disclosure within the accounts.
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THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
3 Income from Investments
| Foreign Dividends Overseas Interest Interest on Cash Deposits |
2022 2021 £ £ 43,327.35 19,541.39 1.89 372.12 3.14 8.51 |
|---|---|
| 43,332.38 19,922.02 |
4 Accountancy Fees
The analysis of accountancy fees is as follows:
| Independent examination fees Audit of the charity's accounts Non-audit services |
2022 2021 £ £ 2,700.00 − − 4,560.00 − 840.00 |
|---|---|
| 2,700.00 5,400.00 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No trustee was reimbursed expenses during the year.
6 Employees
There were no employees during the period.
7 Net Gains/(Losses) on Investments
| Gain on disposal of investments Revaluation of investments 8 Net Gains/(Losses) on Investments Gain/(loss) on exchange rate movements |
2022 2021 £ £ 6,293.22 ( 9,093.95) ( 113,358.08) 323,394.17 |
|---|---|
| (107,064.86) 314,300.22 |
|
| 2022 2021 £ £ 633.39 (412.14) |
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THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
9 Fixed Asset Investments
| Fixed Asset Investments | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Listed Investments | 2,042,101.38 | 2,175,178.36 |
Fixed Asset Investments Revalued
Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the New York Stock Exchange.
The historical cost of the investments is £1,888,285.19 (2021:£1,886,152.13).
Movements in Fixed Asset Investments
| Cost or Valuation At 5 April 2021 Additions Valuation changes - note 7 Disposals At 5 April 2022 Carrying Amount At 5 April 2022 |
2022 £ 2,175,178.36 187,896.04 (107,064.86) (213,908.16) |
2021 £ 726,853.28 1,247,152.08 314,300.22 (113,127.22) |
|---|---|---|
| 2,042,101.38 | 2,175,178.36 | |
| 2,042,101.38 | 2,175,178.36 |
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THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
| 10 Financial Instruments Carrying Amount of Financial Assets Equity investments measured at fair value Carrying Amount of Financial Liabilities Measured at amortised cost Financial Liabilities : breakdown Humphrey & Co 11 Debtors Amir El Abssi Adedamola Laoye Anthony Ozobuekwe Amjad Belramman HMRC 12 Cash at bank and in hand Macfarlanes LLP Barclays Business Premium Account Barclays Community Account JPMorgan International:- Sterling Account USD Account ($5,034.74) Euro Account (€10,793.90) |
2022 £ 2,042,101.38 8,100.00 8,100.00 8,100.00 2022 £ 3,130.00 3,000.00 1,200.00 16,000.00 100.00 23,430.00 2022 £ 10.00 7,117.83 9,793.99 11.03 3,831.92 8,200.75 28,965.52 |
2021 £ 2,175,178.36 |
|---|---|---|
| 5,400.00 | ||
| 5,400.00 | ||
| 5,400.00 | ||
| 2021 £ 3,500.00 − − − − |
||
| 3,500.00 | ||
| 2021 £ 10.00 21,576.54 188.88 − 1,325.55 8,412.89 |
||
| 31,513.86 |
13 Related party transactions
One of the Trustees has a connection to Animo Arta a Mallorca based social project to whom the charity provided funding of £1,763.98 (2021: £891).
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No trustees was reimbursed expenses during the year.
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THE ALTENBURG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2022
14 Charitable Donations and Grants Payable
| Donations: Alsama Project Animo Arta Anthony Ozobuekwe Financial Literacy & Inclusion Camp Firefly International Human Rights Watch - Children's Division Human Rights Watch - Voices for Justice Institute for Strategic Dialogue International Community Assistance Justice Defenders Nova New Opportunities Orkide Insani Yardim Dernegi P42 Project Performance Plus Planning for Tomorrow Support Shop Fundacion Victory Primary School |
2022 2022 2022 Unrestricted Restricted Total 600.00 − 600.00 1,763.98 − 1,763.98 − 1,145.30 1,145.30 10,000.00 − 10,000.00 − − − 2,000.00 − 2,000.00 − − − − − − − − − - - - - - - 28,662.06 1,000.00 29,662.06 - - - - - - 9,424.20 10,426.80 19,851.00 - - - 383.13 - 383.13 52,833.37 12,572.10 65,405.47 |
2021 2021 2021 Unrestricted Restricted Total − − − − − − − − − − − − 6,200.00 − 6,200.00 − − − 3,000.00 − 3,000.00 1,000.00 − 1,000.00 3,632.56 − 3,632.56 12,000.00 - 12,000.00 1,000.00 - 1,000.00 16,020.06 13,197.65 29,217.71 3,689.76 - 3,689.76 5,000.00 - 5,000.00 4,041.70 - 4,041.70 891.00 - 891.00 - - - |
|---|---|---|
| 56,475.08 13,197.65 69,672.73 |
The total amount of grants paid to institutions was £64,260.17
The total amount of grants paid to individuals was £1,145.30
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THE ALTENBURG FOUNDATION
Appendix
1) Income from Investments
| Income from Investments | |||||
|---|---|---|---|---|---|
| Foreign | |||||
| Holding | Date | Gross | Tax | Net | |
| £ | £ | £ | |||
| Unit Trust Overseas Interest | |||||
| JPMorgan Liquidity Funds | |||||
| SICAV USD -E- Dist | 18,169.00 | 03/05/2021 | 0.78 | − | 0.78 |
| 01/06/2021 | 0.54 | − | 0.54 | ||
| 01/07/2021 | 0.36 | − | 0.36 | ||
| 02/08/2021 | 0.09 | − | 0.09 | ||
| 01/09/2021 | 0.06 | − | 0.06 | ||
| 01/10/2021 | 0.04 | − | 0.04 | ||
| 01/11/2021 | 0.02 | − | 0.02 | ||
| 1.89 | − | 1.89 | |||
| Foreign Dividends | |||||
| JPMorgan Chase Common | |||||
| US$1 Shares | 19,544 | 30/04/2021 | 12,712.46 | 1,906.87 | 10,805.59 |
| 18,000 | 31/07/2021 | 11,668.11 | 1,750.22 | 9,917.89 | |
| 18,000 | 31/10/2021 | 13,176.20 | 1,976.43 | 11,199.77 | |
| 18,000 | 31/01/2022 | 13,416.59 | 2,012.49 | 11,404.10 | |
| 50,973.36 | 7,646.01 | 43,327.35 | |||
| Gross | Tax | Net | |||
| Interest Received | |||||
| Barclays | 1.48 | − | 1.48 | ||
| J P Morgan International | 1.66 | − | 1.66 | ||
| 3.14 | − | 3.14 | |||
| £50,978.39 | £7,646.01 | £43,332.38 |
THE ALTENBURG FOUNDATION
Appendix
| 2) | Investments held | Investments held | at | Investments held at | Investments held at | Investments held at | |||
|---|---|---|---|---|---|---|---|---|---|
| 5 April 2021 | 5th April | 2022 | |||||||
| Cost or | |||||||||
| 2021 | Unrealised | ||||||||
| Holding | Book | Market Value | Holding | Book | Adjusted | Market Value | gain/(loss) | ||
| Value | Value | Value | 31 March 2022 | ||||||
| JPMorgan | |||||||||
| Chase | |||||||||
| Common | |||||||||
| US$1 Shares | 19,544.00 | 1,872,018.66 | 2,162,110.55 | 18,000 | 1,724,126.89 | 1,991,301.16 | 1,867,544.60 | (123,756.56) | |
| JPMorgan | |||||||||
| Liquidity Funds | |||||||||
| SICAV USD -E- | |||||||||
| Dist | 18,168.86 | 14,133.47 | 13,067.81 | ||||||
| PB Funds | |||||||||
| Dynamic Multi- | |||||||||
| Asset Fund | |||||||||
| USD Acc C | 1,817.926 | 164,158.30 | 164,158.30 | 174,556.78 | 10,398.48 | ||||
| £1,886,152.13 | £2,175,178.36 | £1,888,285.19 | £2,155,459.46 | £2,042,101.38 | (£113,358.08) |
THE ALTENBURG FOUNDATION
Appendix
2)
The acquisitions and disposals of investments is set out below:-
| Acquisitions | Holding | Date | Cost | Event | ||
|---|---|---|---|---|---|---|
| PB Funds | ||||||
| Dynamic Multi- | ||||||
| Asset Fund USD | ||||||
| Acc C | 2,080.803 | 26/05/21 | 187,896.04 | Purchase | ||
| £187,896.04 | ||||||
| Holding | Date | Market Value/ | Proceeds | Profit/ | Event | |
| Conversion | (Loss) | |||||
| Cost | ||||||
| Disposals | ||||||
| JPMorgan Chase | ||||||
| Common US$1 | ||||||
| Shares | 1,544 | 10/05/21 | 170,809.39 | 176,051.51 | 5,242.12 | Sale |
| JPMorgan | ||||||
| Liquidity Funds | ||||||
| SICAV USD -E- | ||||||
| Dist | 15,040 | 23/06/21 | 10,817.40 | 10,761.31 | (56.09) | Sale |
| 3,128.86 | 19/10/21 | 2,250.41 | 2,266.39 | 15.98 | Sale | |
| PB Funds | ||||||
| Dynamic Multi- | ||||||
| Asset Fund USD | ||||||
| Acc C | 169.381 | 20/10/21 | 15,295.07 | 15,998.18 | 703.11 | Sale |
| 93.496 | 20/10/21 | 8,442.67 | 8,830.77 | 388.10 | Sale | |
| Totals | £207,614.94 | £213,908.16 | £6,293.22 |