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← The Laurence Modiano Charitable Trust

2024-04-05-accounts

THE LAURENCE MODIANO CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

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THE LAURENCE MODIANO CHARITABLE TRUST

CONTENTS

Index Page Page
Trustees' Report 1 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 11

THE LAURENCE MODIANO CHARITABLE TRUST

1

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their report and financial statements for the year ended 5 April 2024.

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 trust deed, 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)".

Reference and Administrative Information

Charity Number: 1172973

Principal Office

C/o UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW.

Trustees

Laurence Modiano Jon Saul Nathan Fredrik Carstens

Independent Examiner

Rachel Chim of

UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW.

Accountants

UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW.

Investment Advisors

AlTi Tiedemann Global, 10 Old Burlington Street, London, W1S 3AG. LGT Wealth Management UK LLP, 14 Cornhill, London, EC3V 3NR.

Objectives and Activities

The object of the trust is to apply the capital and income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit. During this year grants have been made to other organisations that are themselves charitable in nature.

Public Benefit

The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, when setting the grant making policy and in making awards.

Grant Making Policy

Proposals for grants are generated internally. External applications for funding are not considered.

Achievement and Performance

Grants of £141,825 (2023: £64,727) were awarded during the year.

THE LAURENCE MODIANO CHARITABLE TRUST

2

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Plans for the Future

The charity will continue to support charitable activity particularly in, but not limited to, the cultural sector of the arts.

Financial Review

Incoming resources of the charity for the year amounted to £82,789 (2023: £59,707).

The charity is reliant on the income generated by its investments and further donations.

Investment Policy and Performance

There are no restrictions on the trustees' power to invest. The trustees consider that investment performance is satisfactory.

Reserves Policy

The trustees' aim is to maintain free reserves in unrestricted funds at a level that will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover governance costs. As at 5 April 2024 the unrestricted fund balance amounted to £7,978,823 (2023: £7,283,082). This may be used in accordance with the charity's objectives, at the discretion of the Trustees.

Structure, Governance and Management

The trust is an unincorporated body, constituted under a trust deed dated 20 February 2017 and is a registered charity, number 1172973. The trust was established by an initial gift of £5,000 from Laurence Modiano. The trust does not actively fundraise and maintains a careful stewardship of its existing resources.

The power of appointing new or additional trustees is exercisable by the existing trustees. The trustees meet at such intervals as they consider appropriate.

The charity has no full time or part time employees or volunteers to assist in the running of the charity, the daily administration being carried out by the trustees themselves.

Risk Management

The trustees have reviewed the major risks that impact on the work of the trust. The systems that have been established enable the trustees to review and take necessary steps to lessen these risks.

Statement of trustees' responsibilities

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 reporting period 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 period.

THE LAURENCE MODIANO CHARITABLE TRUST

3

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Statement of trustees' responsibilities (continued)

In preparing these Þnancial statements, the trustces are requircd to:

state whether applicable accounting standards have been followcd, subjcct to any material departures disclosed and explained in the Þnancial statements; and

The trustecs arc responsible for kecping sufÞcient accounting records that disclose with rcasonable accuracy at any time the Þnancial position of the charity and which cnable them to ensure that the Þnancial statements comply with the Charitics Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust decd. They are also responsible for safeguarding the assets of the charity and hence for taking rcasonable steps for the prevention and detection of fraud and other irregularities.

Approvcd by the Trustees on ......December 2024 and signcd on their behalf by:

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Jon Sa! Nathan
Trustes
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</UHY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTELS OF THE LAURENCE MODIAf40 CHARITABLE TRUST FOR THE YEAR EPIDED 5 APRIL 2024 I report to the tru5tec5 on my examination of the accounts of The tautence Modiano Charitsble Trust for the year ended 5 April 2024, which aTe set out on pages 5 to I l. This report is made solely to the charitys Irusttts. as a body. in accord&n¢¢ with s¢ction 145 of the Charits"es Act 2011. My examinaiion h&8 been undertaken so that l Might stste io the clwitys those matters I am required to stste to them tn an iDdependent examinerf5 rqx)rt and for no other purpose. To the fulle extent pennitt¢d by law. I do not a¢¢ept or assume responsibiliry io anyone other than the charl￿5 trnstees a5 a body. for my examitiatioffj for this repo¢ or for the opinions I have fornied. RespoDsibiliti¢s and hsis of rewrt As the charity tru51ee5 of the Clwity you are responsible for the preparation of the accounts in #¢¢ordan¢e with the requir¢m¢nts of the Charilies Act 2011 {'the Act.). I report ill respeci of my ¢xwnin¥ion of the TTusl¢e's accounts carried out under sedion 145 of th¢ 2011 Act and in catrying out my examination I have followed atl the applicable DirectiOD5 given by the Charity Commission under sects.on 145(5Xb) of the 2011 ACL Independent eiaminer's St•tern¢Dt I have completed my examin8uon. l confwm thai no material matters have come w my atrention in connection with the ¢xamination giving me cause to believe thai in ally material respecl: (l) accounting records were llot kept in respect of the Trust as required by section 130 of the Aci OT (2) the accounts do not accord with those Tecord5' or (3) the accounts do not compty with the applieable requirements concerning the fomi and content of accouttts set otst in the Ch8Tilies (Accounts and Reports) RegUl￿lOnS 2008 oth¢r than any requiTerneni that the accounts give a and fairf vlew which is not 8 matter considered as part of all independeni examination. I have no concerns and have co￿¢ a¢ros5 no ￿er matter5 ¢C￿￿e￿tiOn with the examination to which attention should be drawn in this report ill order ￿ enable a proper under5tsnding of the accounts to be reached. Rachel Chim UHY Hxker Young LLP Quadrant House 4 Thomas More Square London Elw IYW Date.. A 2024

THE LAURENCE MODIANO CHARITABLE TRUST

5

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024

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2024 2023
Unrestricted Unrestricted
funds funds
Note £ £
Income and endowments from:
Investment income 2 82,789 59,707
Total income 82,789 59,707
Expenditure on:
Raising funds 3 (13,629) (3,109)
Charitable activities 4 (146,396) (68,915)
Total expenditure (160,025) (72,024)
Net expenditure before gains
on investments (77,236) (12,317)
Net gain / (loss) on investments 8 772,834 (315,442)
Net gain / (loss) on foreign currency transactions 143 (260)
Net movement in funds 695,741 (328,019)
Reconciliation of funds:
Total funds brought forward 7,283,082 7,611,101
Total funds carried forward £7,978,823 £7,283,082
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All recognised gains and losses have been included in the Statement of Financial Activities and are derived from the continuing activities of the Charitable Trust.

THE LAURENCE MODIANO CHARITABLE TRUST

6

BALANCE SHEET

AS AT 5 APRIL 2024

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2024 2023
Note
£ £
Fixed assets
Investments at market valuc 8 7,984,277 7,069,573
Current assets
Cash at bank 9 47,364 262,977
Debtors 10 394 2,916
47,758 265,893
Creditors: amounts falling due
within one year 11 (53,2 12) (52,384)
Net current assets / (liabilities) (5,454) 213,509
Net assets £7,978.823 £7,283,082
1 n
The funds of the charity
Unrestricted funds 7,978,823 7,283,082
Total funds £7,978,823 £7,283,082
The Þnancial statements on pages 5 to ll were approved by the Trustees on ..4. .December 2024
and signed on their behalf by:
Jon Saul Nathan
Trstce
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THE LAURENCE MODIANO CHARITABLE TRUST

7

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The Laurence Modiano Charitable Trust is a Charitable Trust established under a Trust Deed dated 20 February 2017.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, 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)" . The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have been prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest one pound.

These financial statements have been prepared under the historical cost convention, modified to include the revaluation of 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

All funds are unrestricted. Both the capital and income of the charity can therefore be applied at the discretion of the trustees in furtherance of the charitable objectives of the trust.

1.4 Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt (so it is probable that the income will be received) and the amount of income receivable can be measured reliably.

1.5 Expenditure recognition

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.

1.6 Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

THE LAURENCE MODIANO CHARITABLE TRUST

8

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1.7 Charitable activities

The expenditure on charitable activities includes grants and governance costs.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, including all management and administrative costs.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 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, 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.

1.10 Investments

Investments are stated at market value as at the balance sheet date. The trustees’ investment portfolio with Alti Tiedemann Global includes holdings of Republic of Argentina bonds. Attempts to dispose of these bonds have been unsuccessful and the trustees have taken the view that it is prudent to reduce their carrying value to nil and not to accrue for any associated bond interest so far unpaid.

THE LAURENCE MODIANO CHARITABLE TRUST

9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1.11 Gains and losses on investments

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their acquisition cost if acquired during the current financial period. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined as a net figure in the Statement of Financial Activities.

2 Investment income

2 Investment income
Interest on cash deposits
3 Expenditure on raising funds
4 Expenditure on charitable activities
Dividends and interest on listed investments
Investment management fees
Governance costs (see note 6)
Grants awarded (see note 5)		 2024
£
77,083
5,706
£82,789
2024
£
13,629
£13,629
2024
£
141,825
4,571
£146,396		 2023
£
56,934
2,773
£59,707
2023
£
3,109
£3,109
2023
£
63,727
5,188
£68,915

5 Analysis of grants

The charity undertook no direct charitable activities but awarded grants to a number of institutions in furtherance of its charitable activities.

The provisions of the Charities Act 2011 section 132(4) have been applied to the analysis of grants under this note heading.

Grants awarded by category:
Music and the Arts
Health and Welfare
Education
Environmental Conservation
Total grants awarded during the year		 2024
£
112,565
20,000
9,260
-
£141,825		 2023
£
31,261
15,000
17,466
1,000
£64,727

THE LAURENCE MODIANO CHARITABLE TRUST

10

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

6 Governance costs
Management and administration
Accountancy fees
Independent Examination fees
Bank charges		 2024
£
3,360
1,158
53
£4,571		 2023
£
4,020
1,134
34
£5,188

7 Staff costs

No staff were employed during the period by the charity, the daily administration of the charity being carried out by the trustees.

8 Fixed asset investments
Market value as at 5 April 2023
Additions at cost
Disposal proceeds
Net gain / (loss) on investments
Market value at 5 April 2024
9 Analysis of current assets
Cash at bank
Alti Tiedemann Global
LGT Wealth Management UK LLP
Total cash
10 Debtors
Accrued investment income
Accrued interest on cash
Total debtors		 2024
£
7,069,573
912,491
(770,621)
772,834
£7,984,277
2024
£
12,765
34,599
£47,364
2024
£
394
-
£394		 2023
£
7,636,787
118,101
(369,873)
(315,442)
£7,069,573
2023
£
226,194
36,783
£262,977
2023
£
391
2,525
£2,916

THE LAURENCE MODIANO CHARITABLE TRUST

11

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

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11 Creditors: amounts falling due within one year 2024 2023
£ £
Accountancy fees 6,660 7,170
Independent examination fees 2,292 2,214
-
Investment management fees 1,000
Grants awarded for future payment 43,260 43,000
£53,212 £52,384
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12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.