Charity Registration Number 1179895
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Beryl Alexander Charity For the year ended 31 December 2022
CONTENTS
| Reference and Administrative Information | 1 |
|---|---|
| Trustee’s Annual Report | 2 |
| Financial Report | 3 |
| Statement of Trustees’ Responsibilities | 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Principal Accounting Policies | 9 |
| Notes to the Accounts | 12 |
Beryl Alexander Charity For the year ended 31 December 2022
REFERENCE AND ADMINISTRATION
Charity Name: Beryl Alexander Charity Charity Registration Number: 1179895 Board of Trustees Jeremy Alton (Chairman) Ruby Alton Laurence Lyons Joshua Alton Legal Advisors Druces LLP Salisbury House London Wall London EC2M 5PS Investment managers Bank J. Safra Sarasin AG General Guisan-Quai Postfach, Zurich Switzerland Independent Examiner Buzzacott LLP 130 Wood Street London EC2V 6DL Registered Address 4 London Road Stanmore London HA7 4NZ
1
Beryl Alexander Charity For the year ended 31 December 2022
TRUSTEES ANNUAL REPORT
The accounts have been prepared in accordance with the accounting policies set out on pages 9 to 11 of the attached accounts and comply with the 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 United Kingdom and Republic of Ireland (FRS 102).
Governance, structure and management
Governing document
Beryl Alexander Charity registered as a charity with the Charity Commission on 12 September 2018. The Charity is unincorporated and governed by the Deed of Trust. Trustees were selected based on their professional qualification (including representatives from the legal, medical, project management and accounting professions) as well as their commitment to the charity and its aims.
These financial statements have been prepared for the year ended 31 December 2022. The comparative information reflects the financial results for the year ended 31 December 2021.
Trustees
Under the requirements of the Trust Deed, the Trustees are entitled to hold office for life subject to clause 4.7 in the Trust Deed. The Charity has four trustees listed below.
Due to the nature of the charity’s work, trustees need to possess a clear, demonstrable affinity for the objectives of the charity: to provide financial support for the benefit of such registered charity or charities whose purposes include assisting persons suffering from mental health problems.
| Trustees | Appointed/ resigned |
|---|---|
| Jeremy Alton | Appointed 12 September 2018 |
| Ruby Alton | Appointed 12 September 2018 |
| Laurence Lyons | Appointed 12 September 2018 |
| Joshua Alton | Appointed 12 September 2018 |
Trustee Induction and training
In the Trustee induction, new trustees are provided with a copy of Beryl Alexander’s Will, the Charity’s Trust Deed and any amendments made to it, and the Charity’s latest report and statement of accounts.
2
Beryl Alexander Charity For the year ended 31 December 2022
TRUSTEES ANNUAL REPORT
Structure and management
The Trustees met as a group three times during the period end. Their principal responsibilities include determining the overall strategy, policies and direction and are also responsible for the governance of the charity. The Charity has no employees, day-to-day operations are handled by the Trustees who are not remunerated for their time.
Purpose of the Charity
The Beryl Alexander Charity is established to provide financial support for the benefit of such registered charity or charities whose purposes include assisting persons suffering from mental health problems. To accomplish this, the charity is fully funded and is not seeking external donations or grants, therefore no fundraising activities were undertaken in the period.
Grant Making Policy
The Charity has a specific grant making policy which it has followed during the year. The Trustees have focused on identifying and approaching registered charities to apply for grants. Once such candidates have been identified and approached, meetings are arranged and held to discuss in depth the nature and extent of a proposed project.
The criteria used for awarding grants are:
-
a. The applicant charity’s area of benefit will be in the UK and may be but need not be UK-wide;
-
b. The applicant charity will be registered with the Charity Commission of England and Wales;
-
c. The applicant charity will be well established, with a strong reputation in its field, and a proven track record on delivering projects;
-
d. The proposed project will be innovative and have been running for less than 5 years;
Activities during the year
During the current year of operations, the charity provided financial support for one research project:
- 1) A grant of £101,440 was made to the University of Oxford during the year to fund a research project into the development and testing of an automated virtual reality treatment for needle fear in adolescents. This is the first instalment of a multi-year grant awarded totalling £269,134. The remaining instalments have performance related conditions attached to them and therefore have not been recognised in expenditure in the year.
3
Beryl Alexander Charity For the year ended 31 December 2022
TRUSTEES ANNUAL REPORT
Activities during the year (continued)
Other organisations approached the Charity during the year but, after all due care and consideration, it was assessed that these projects did not meet the criteria outlined by the Charity to provide funding.
Financial Review
The charity paid out £101k (2021 - £110k) to charitable organisations in line with the purpose of the charity. Other operating costs were £8k (2021 - £6k).
During the year ended 31 December 2022, the investment portfolio incurred capital losses, including foreign exchange movements, of £225k (2021 – gains of £71k). The portfolio generated dividend income of £34k (2021 - £26k) and incurred investment manager and transaction fees of £29k (2021 - £34k).
As at 31 December 2022, the charity had an investment portfolio valued at £1.94m (2021 - £2.16m), which includes £44k in cash accounts. The charity’s investment objective is to generate annual investment returns in excess of the cash deposit rate. This portfolio is held under a discretionary mandate by the Charity’s financial advisors and the level of risk is assessed to be in line with risk appetite appropriate for a Charity. Performance of investments is monitored by the financial advisors and the Trustees periodically and on an ongoing basis.
Reserves policy
Unrestricted funds as at 31 December 2022 amounted to £2.00m (2021 - £2.33m).
The charity is self-funded and aims to expend all resources in accordance with its charitable objective over the next 5-10 years.
4
Beryl Alexander Charity For the year ended 31 December 2022
TRUSTEES ANNUAL REPORT
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the trustees’ report and accounts 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 accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in 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);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s 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.
Approved by the trustees and signed on their behalf by:
TRUSTEE
DATE: 20 September 2023
5
Beryl Alexander Charity
For the year ended 31 December 2022
INDEPENDENT EXAMINER’S REPORT
Independent examiner’s report to the trustees of the Beryl Alexander Charity
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement 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 across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Edward Finch, ACA Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL
27 September 2023
6
Beryl Alexander Charity For the year ended 31 December 2022
STATEMENT OF FINANCIAL ACTIVITIES
| Notes | Unrestricted and total funds 2022 £ |
Unrestricted and total funds 2021 £ 25,591 25,591 34,419 115,512 149,931 (124,340) 63,727 7,145 (53,468) 2,387,365 2,333,897 |
|---|---|---|
| Income from: Investment income 1 Total income Expenditure on: Raising funds Charitable activities Total expenditure 2 Net (expenditure) before gains Net (losses) gains on investments 3 Foreign exchange gains on investment currency revaluations Net movement in funds Reconciliation of funds Fund balances at 1 January 2022 Fund balances at 31 December 2022 |
33,967 |
|
| 33,967 | ||
29,273 109,068 |
||
| 138,341 | ||
(104,374) (248,858) 23,573 |
||
| (329,489) 2,333,897 2,004,408 |
All recognised gains and losses are included in the above statement of financial activities.
7
Beryl Alexander Charity As at 31 December 2022
BALANCE SHEET
| BALANCE SHEET | ||
|---|---|---|
| Notes | 2022 £ |
2021 £ |
| Fixed assets Investments 3 Current assets Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 4 Net current assets Total net assets The funds of the charity: Unrestricted funds . General fund |
1,938,092 72,136 |
2,160,221 184,116 |
| 72,136 **(5,820) ** |
184,116 (10,440) |
|
| 66,316 |
173,676 | |
| 2,004,408 | 2,333,987 | |
2,004,408 |
2,333,987 |
Approved by the Trustees and signed on their behalf by:
Trustee
Approved on: 20 September 2023
8
Beryl Alexander Charity For the year ended 31 December 2022
PRINCIPAL ACCOUNTING POLICIES
Basis of Preparation
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
Critical accounting estimates and areas of judgement
Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The trustees and management have determined that the most significant area of judgement that affects items in the accounts is the valuation of listed investments.
Going Concern
The charity is fully funded and has cash reserves to support its operating expenses and future funding commitments. As such the Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
While the ongoing economic uncertainty and volatility to stock markets negatively impact the value of returns on listed investments, this does not have an impact on the ability of the charity to continue as a going concern.
Income recognition
Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Income comprises donations, investment income and bank interest.
Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
Investment income is recognised once the amount to the paid as a dividend has been declared.
9
Beryl Alexander Charity For the year ended 31 December 2022
PRINCIPAL ACCOUNTING POLICIES
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.
All expenditure is accounted for on an accruals basis.
Resources expended comprise expenditure on raising funds, being investment manager’s fees, and charitable activities. Expenditure on charitable activities comprises on the Charity’s primary charitable purpose of providing financial support for the benefit of registered charity or charities whose purposes include assisting persons suffering from mental health problems as described in the trustees’ report.
Governance costs comprise the costs involving public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
All expenditure is stated inclusive of irrecoverable VAT.
Investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
Management of the charity’s investment portfolio includes the use of foreign exchange contracts including forward contracts. These are a form of complex financial instrument. They are recognised initially at their transaction value and subsequently measured at their fair value as at the balance sheet date, using the prevailing exchange rate at that date. Changes in fair value are credited (or debited) to the statement of financial activities in the year in which they arise.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to
10
Beryl Alexander Charity For the year ended 31 December 2022
PRINCIPAL ACCOUNTING POLICIES
investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents accounts and instruments that are available on demand or have a maturity less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
Fund structure
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Charity’s charitable objects.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.
Statement of cashflows
The charity is exempt from preparing a cash flow statement under the Charities SORP FRS 102.
11
Beryl Alexander Charity For the year ended 31 December 2022
NOTES TO THE FINANCIAL STATEMENTS
Note 1 – Income from investments
| 2022 £ |
2021 £ 25,591 2021 £ |
|
|---|---|---|
| Dividends and interest receivable | 33,967 | |
| Note 2 - Analysis of expenditure | 2022 £ |
|
| Expenditure on: Raising funds Investment management fees and charges Charitable activities Grants payable . University of Oxford: virtual reality treatment for needle fear research project . University College London: Mental Health of Children and Young People with Long Covid Governance costs Independent examiner fees . Independent examinations . Other services Other Total expenditure |
29,273 | 34,419 |
| 29,273 101,440 — 3,470 2,320 1,838 |
34,419 — 110,081 3,120 2,220 91 |
|
| 109,068 | 115,512 | |
| 138,341 | 149,931 |
12
Beryl Alexander Charity For the year ended 31 December 2022
NOTES TO THE FINANCIAL STATEMENTS
Note 3 - Investments
Investments held at 31 December comprised the following:
| 2022 £ |
2021 £ |
|
|---|---|---|
| Listed investments Foreign exchange contracts |
1,938,405 (313) |
2,161,513 (1,292) |
| 1,938,092 | 2,160,221 | |
| 2022 £ |
2021 £ |
|
| Listed investments At 1 January 2022 Additions at cost Disposals at book value (Proceeds £966,914, losses £116,131) Net unrealised investment gains Market value at 31 December 2022 Cash held by investment managers Total Cost of listed investments at 31 December 2022 |
2,084,517 1,026,388 (1,083,045) (133,706) |
2,121,740 876,386 (957,963) 44,354 |
| 1,894,154 44,251 |
2,084,517 76,996 |
|
| 1,938,405 | 2,161,513 | |
| 1,928,004 | 1,838,713 |
Listed investments held at 31 December comprised the following:
| 2022 £ |
2021 £ |
|
|---|---|---|
| UK fixed interest Overseas fixed interest UK Equities Overseas equities UK Alternatives Overseas Alternatives |
758,063 111,710 89,847 684,320 118,009 132,205 |
589,699 127,728 51,850 1,028,815 108,349 178,076 |
| 1,894,154 | 2,084,517 |
13
Beryl Alexander Charity For the year ended 31 December 2022
NOTES TO THE FINANCIAL STATEMENTS
Losses on foreign exchange contracts for the period ended 31 December 2022 comprised of the following:
| 2022 £ |
|
|---|---|
| Foreign exchange contracts Fair value losses on settlement (settled cost: £1,293,180; market value: £1,249,661) Fair value gains (losses) on unsettled contracts (unsettled cost: £225,556; market value: £225,243) Total losses on foreign exchange contracts |
(43,518) (313) |
| (43,831) |
Nature and extent of risks arising from financial instruments
The aim of investment risk management is to obtain capital security and stable returns.
The trustees monitor the underlying risks to which the investments are exposed through reviews with the investment managers. The risks to which the investments are exposed include market and credit risk. The exposure to market risk is mitigated by the Charity investing in a diverse portfolio of investments across various markets. Bond and bond like instruments are exposed to credit risk, but exposure to credit risk is minimized by only investing in bonds that are subject to a minimum credit rating.
Liquidity risk represents the risk that the Charity will not be able to meet its financial obligations as they fall due. The trustees monitor cash flows and take steps to ensure that there are adequate cash resources to meet the Charity’s commitments.
Currency risk represents the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The fund is exposed to currency risk on financial instruments that are denominated in any currency other than the functional currency of the fund (UK sterling).
Note 4 – Creditors due within one year
| 2022 £ |
2021 £ |
|
| Accruals | 5,820 | 10,440 |
| 5,820 | 10,440 |
14
Beryl Alexander Charity For the year ended 31 December 2022
NOTES TO THE FINANCIAL STATEMENTS
Note 5 – Trustee expenses and related party transactions
Trustee expenses for the period were £nil (2021 – £nil). No Trustees received any remuneration from the charity. There were no other related party transactions.
15