THE LAURENCE MODIANO CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE LAURENCE MODIANO CHARITABLE TRUST
CONTENTS
| Index | 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 2025
The trustees present their report and financial statements for the year ended 5 April 2025.
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 £92,940 (2024: £141,825) were awarded during the year.
THE LAURENCE MODIANO CHARITABLE TRUST
2
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
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 £66,474 (2024: £82,789).
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 2025 the unrestricted fund balance amounted to £7,879,814 (2024: £7,978,823). 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.
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3
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
Statement of trustees' responsibilities (continued)
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
21st
Approved by the Trustees on …..........January 2026 and signed on their behalf by:
……… ………………… ue ……….. Jon Saul Nathan Trustee
Type text here
UHY UHY H•¢k•tYoun• LLP Quadfani Housè A Thoma$ Moro Squaro Lttndon Elw IYW INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LAURENCE MODIANO CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2025 I report lo the trustees on my exaniination of the accounts of The Laurence Modiano Charitable Trust for the year ended 5 April 2025. which are set out on pages 5 to I l. This report is made solely to the charity's trustees. as a body, in accordance with section 145 of the Charities Act 201 l. My examination has been undertaken so that I might stale to the charity's Irustees those malters I am reqiiired to state to them in an independent examiner's report and for no other purpose. To the fullest extent pennitt¢d by law, I do nol accept or assume responsibility to anyone other than the charity's trustees as a body, for my examiiiation, for this report. or for the opinions I have formed. Responslbilities and basls of report As tli¢ charity trustees of tlie Charity you are responsible for the preparation of d)e accounts in accordance with the r¢quir¢m¢nts of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and ii) carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 201 l Act. Independent examiner's slatement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. (l ) accounting records were not kept in respect of the Trust as required by section 130 of the Act,. o. (2) the accounts do not accord with those records; or {3) the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come acro55 no other matters in connection with the examination to which attention should be drawn in this report m order to enable a proper understanding of the accounts to be reached. Rachel Chim UHY Hacker Young LLP Quadranl House 4 Thomas More Square London Elw IYW Date..
THE LAURENCE MODIANO CHARITABLE TRUST
5
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025
----- Start of picture text -----
2025 2024
Unrestricted Unrestricted
funds funds
Note £ £
Income and endowments from:
Investment income 2 66,474 82,789
Total income 66,474 82,789
Expenditure on:
Raising funds 3 (13,837) (13,629)
Charitable activities 4 (101,439) (146,396)
Total expenditure (115,276) (160,025)
Net expenditure before gains
on investments (48,802) (77,236)
Net gain / (loss) on investments 8 (50,300) 772,834
Net gain / (loss) on foreign currency transactions 93 143
Net movement in funds (99,009) 695,741
Reconciliation of funds:
Total funds brought forward 7,978,823 7,283,082
Total funds carried forward £7,879,814 £7,978,823
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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 2025
| Note Fixed assets Investments at market value 8 Current assets Cash at bank 9 Debtors 10 |
£ 9,279 505 |
£ 7,883,879 2025 |
£ 47,364 394 |
£ 7,984,277 2024 |
|---|---|---|---|---|
| Creditors: amounts falling due within one year 11 |
9,784 (13,849) |
47,758 (53,212) |
||
| Net current assets / (liabilities) | (4,065) | (5,454) | ||
| Net assets | £7,879,814 | £7,978,823 | ||
| The funds of the charity Unrestricted funds Total funds |
7,879,814 £7,879,814 : |
7,978,823 £7,978,823 |
2)*
T he financial statements on pages 5 to 11 were approved by the Trustees on …............Janua ry 2026. an d signed on their behalf by:
… …………………………. Jo n Saul Nathan Trustee fre
THE LAURENCE MODIANO CHARITABLE TRUST
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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.
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9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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 Legal fees 4 Expenditure on charitable activities Governance costs (see note 6) Grants awarded (see note 5) Dividends and interest on listed investments Investment management fees |
2025 £ 65,494 980 £66,474 2025 £ 9,157 4,680 £13,837 2025 £ 92,940 8,499 £101,439 |
2024 £ 77,083 5,706 £82,789 2024 £ 13,629 - £13,629 2024 £ 141,825 4,571 £146,396 |
|---|---|---|
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 Total grants awarded during the year |
2025 £ 72,940 20,000 - £92,940 |
2024 £ 112,565 20,000 9,260 £141,825 |
|---|---|---|
THE LAURENCE MODIANO CHARITABLE TRUST
10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
| 6 Governance costs Management and administration Accountancy fees Bank charges |
2025 £ 8,486 13 8,499 |
2024 £ 4,518 53 £4,571 |
|---|---|---|
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 2024 Additions at cost Disposal proceeds Net gain / (loss) on investments Market value at 5 April 2025 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 |
2025 £ 7,984,277 1,402,308 (1,452,405) (50,300) £7,883,879 2025 £ 4,441 4,838 £9,279 2025 £ 391 114 £505 |
2024 £ 7,069,573 912,491 (770,621) 772,834 £7,984,277 2024 £ 12,765 34,599 £47,364 2024 £ 394 - £394 |
|---|---|---|
THE LAURENCE MODIANO CHARITABLE TRUST
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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11 Creditors: amounts falling due within one year 2025 2024
£ £
Accountancy fees 9,195 6,660
Independent examination fees 2,399 2,292
Investment management fees 2,255 1,000
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Grants awarded for future payment 43,260
£13,849 £53,212
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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.