Charlty numbgr: 1193496 RICHARD J LIVINGSTONE CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
RICHARD J LIVINGSTONE CHARITABLE TRUST CONTENTS Page Reference and admlnistrativ• details of the charity, Its Trustgos and advlsers Trustees. report Independent examlnerfs report Statement of financlal actlvltles Balance shoot statement of cash flows Notes to the finan¢lal statements 9-16
RICHARD J LIVINGSTONE CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees R J Livingston8, Chair O J Llvlngslone. Twslee A J Livingslone, Trustee Charity registered number 1193496 Princlpal offlce 16 Great Queen Street Covent Garden London WC2B SAH Accountants Bllck Rolhenberg Limited Chartered Accountants 16 Great Queen Street Covenl Garden London WC2B SAH Page 1
RICHARD J LIVINGSTONE CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present Ih8ii annual report together with the financial statements of the charity for the year 1 April 2022 to 31 March 2023. The financial statements have been prepared in accordance with the accounting policie5 set out in notes to the accounts and comply with the charitys Trust Deed, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charitigs preparing Ihelr accounts in accordance wtlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Oblectlvos and activitios a. Pollcies and obloctlves The charllable objects of the charity are to apply ils income and Capllal for the benefit of charstable objects and purposes in any part of the world as the Iruslees see fil. In selling objectives and planning for aclivilies, the Iruslees have given due consideTation lo general guidance published by the Charity Commission relating lo publio benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Strategles for achlevlng objectives The Iruslees consider any requests for assistance from charities. Achlevemènts and perforniance . Review of actlvities The trustees have aulhorised grants to two charitable entities during the period. The trustees will continue lo consider the best use of the charitls assets and Income in line with ils objects. Financlal review a. Going ¢oncem After making approprtale enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational gxistence lor the forgseeable future. For this reason, they continue to adopt the going concern basis in Pfeparing the financial ststemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Resènies policy The charity is in ils early stage of activity since fofmalion, Therefore the trustees. approach is lo consider the likely activities of the charity and determine an appropriate level of reserves. This approach will result in a developed reserves poli¢y in due course. The charity has reserves of £2,464,687. The Iruslees intend lo use the funds for further grant-making activities. c. Flnanclal revlaw of the perlod During the period. the Charity received gift aid'due from previous donations reiVed and earned returns on investments Thes& funds were used to make grants of £70.000 and cover the support costs of the charity. Nel assets al the period end were £2,464,687. Page 2
RICHARD J LIVINGSTONE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Structurey governance and managoment a. Constltutlon Richard J Livingslone Charitsble Trust is a regislered charity, number 119349e, and is conslituted under a Trust d8ed. The address of the principal office 15 16 Great Queen Slregt , London. WC2B 5AH. b. Methods of appolntment or electlon of Trustees The management of the charity is the SponsIbl111Y of the trustees who are elected and co-opted under the terms of the Trust deed. The Irustees who Seed during the period were.. R J Livingslone A J Livingstone O J Livingslone c. Flnanclal rlsk management The trustees have assessed the major risks to whh the charity is exposed, in particular those related to the DperBlions and finances of the charity, and are satisfied that systems and prOdureS are in place to mitlgale xposure to Ihe major risks. Plans for future perlods The charity is in its garly stage of activity. The needs of polonlial charities who seek grants will be considered over lime. together with the need to generate more income. y order of the members of the board of trustees and signed on their behalf by.. R J Livingstono Dale.. 11- .) (,,,i C Page 3
RICHARD J LIVINGSTONE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Indepènd•nt oxamlnerfs report to the Trustses of Richard J Livingston8 Charitable Tru6t I'tho charlty'l I report lo the charity Trustees on my examin81Son of the accounts of the charity for the year endad 31 March 2023. This report is made solely to the charity's Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work ha5 been undertaken so that I might slate to the charity's Trustees those matters l am required lo stste to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charills Twslees as a body, lor my work or for this report. Responslbllitiès and basls of report As the Trustees of the charity you are responsible for the preparatlon of Ihe accounts in accordance with the requirements of the Charilies Act 20111'lhe 2011 Acl'l. I report in respect of my examination of the Gharitys accounts carried out under section 145 of the 2011 Act and in Carrying out my examinab'on I have followed the applicable Directions given by the Charity Commission under section 145151{b) of the 2011 Act. Independent axamlnorfs statement Since Ihe charity's gross income exceeded £250,000 your examiner musl be a member of a body lisled in seclion 145 of the 2011 Act. I confr'rm that l am qualified to undertake the examinatlon because l am a member of ICAEW, which is one of the listed bodies. Your attention is drawn lo the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reportin9 by Charities: Statement of Recommended Pract1¢8 Issued on 1 Apr¢1 2005 which is referred lo in the extant regulations bul has been withdrawn. l understsnd that this has been done in order for the accounts to provide ? true and falr view in accordance with the Generally Accepted Accounting Practice effective for reporting perIS beginning on or after 1 January 2015. I have eompleted my examination. I confirm that no matters have come lo my attention in connection wllh the examination giving me cause lo believe that in any material respect.. accounting reeords were not kept in respect of the charity as required by seetion 130 of the 2011 Act,. or the accounts do not accord with those records.. or the a¢UnIS do not comply with the applicable requirements concerning the fom) and conl8nt of accounts set DUI in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a 'true and fair. view which is not a m8tt8r considered as part of an indop8ndenl examination. I have no concems and have come across no other matters in connedion with the examination lo which attention should be drawn in this report in order lo enable a proper understsnding of the accounts lo be reached. Page 4
RICHARD J LIVINGSTONE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Signed.. D8ted'. Marc Levy FCA Bllck Rothenberg Llmlted Chartered Accounts 16 Great Queen Street Covenl Garden London WC2B SAH Page 5
RICHARD J LIVINGSTONE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unrostrlcted funds 2023 Total funds 2023 Total funds 2022 Not8 Income from: Donations and legacies Investments 524,250 56,911 524,250 56,911 3,371 Total Income 581,161 581,161 3,371 Expendlture on: Charitable activities 73,360 73,360 53.632 Total expendlture n.360 73.360 53,632 Net movement In funds 507,801 507,801 150,2611 Reconciliation of funds: Total tunds brought forward Nel movement in funds 1,956,886 507,801 1.956,886 507,801 2,007.147 50,2611 Total funds carrled fonvard 2,464,687 2,464,687 1,956,886 The Statement of financial actitieS Includes all gains and losses Tecognlsed in the year. The notes on pages 9 10 16 forni part of these financial slatements. Page 6
RICHARD J LIVINGSTONE CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Current assets Oobtors Cash al bank and in hand 4,363 2.463,624 1,959.886 2,467,987 1,959,886 Creditors.. amounts falling due within one year 10 13,300) 13,000) Net current assets 2.464.687 1,956,886 Total net assots 2.464.687 1,956,886 Charity funds Unrest¥icled funds 2,464.687 1,956.886 Total funds 2,464.687 1,956,886 The fln cial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. gslone Trustee Dale.. 17 J (Muc-d The notes on pages 9 to 16 ft)mi part of these financial stalemenl5. Page 7
RICHARD J LIVINGSTONE CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Nole Cash flows from operating actlvltie$ Nel cash provided bylused in operating activities 13 451,190 1,949,739 Cash flows from Investlng actlvltles Interest receivable 52,548 Not cash provided by Investing activitles 52,548 Cash flows from Ilnan¢lng activities Net cash provlded by financlng actlvltles Change In cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 503,738 1.959,886 1,949,739 10,147 Cash and cash oqulvalents at the ond of the yr 14 2,463,624 1,959,886 The notes on pages 9 to 16 fonn part of these financial ststements Page 8
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General informatlon Richard J LiMng81one Charitable Trust is an unincorporated charity and is registered with the Charities Commission in England and Wales. Its registered office and principal place of business is 16 Great Queen street, Covent Garden, London, WC2B 5AH. The financial slalements are presentecl in Sterting 1£>, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. Accounting policies 2.1 Basis of PTeparatlon of financial statements The fin2ncial ststemenls have been prepared in accordanc8 with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stat9ment of R8commondod Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Charities Act 2011. The financial slalemenls have been prepared to give A 'true and fairf view and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the exlenl reqUId to provide a 'liue and lair, view. Thls departure has involved following the Charities SORP IFRS 1021 published in October 2019 ralhef than the Accounting and Reporting by Charities.. Stslement of Recommended Prac14. effective from 1 April 2005 which has slnce been withdrawn. Richard J Livingslone Charitable Trust meets the definition of a public benefil enlily under FRS 102. Assets and liabilities are ini11811y recognised al historical cost or transaction value unless otherwise sialed in the relevant accounting policy. 2.2 Golng concern After making appropiate enquiries, the Iruslees have a reasonable exp8ctalion that the challty has adequate resources to (x)nlinue in operalional existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in proparing the financial stslements. Further details regarding th8 adoption of the going concern basis can be found in the accounting policies. 2.3 . InconJÈ income is recognised On the charity has enlitlemenl to the income, it is probable that the income will be received and the amount ol income receivable can be measured reliably. 2.4 Expendlturg Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a tfansfer of economic benefits wll be required in selllement 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, induding support C08ts involved in undertaking each activity. Direct costs attributable lo a singl& activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attTibulabl8 lo a single activity are apportioned between those activities on a basis consislenl with the usg of resources. Central staff costs are allocated on th8 basis of time spent, and deprgciation charges allocated on the portion of the asset's use. Expendilule on charitabl8 activities is incurred on directly undertaking the acliviltes which further the charitYs objectives, as w911 as any associated support costs. Page 9
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles (continuodl 2.4 Expendlture Iconllnued} Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the Gondilions attaching are fulfilled. Grants offe subject lo condillons which have not been met al the year eno are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of iffecoverable VAT. 2.5 Interest re¢elvable Interest on funds held on depo&l 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 institution with whom the funds are deposited. 2.6 Dgbtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al thg amount prepaid nel of any trade dlscounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash 2nd short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Llablllties and provlslons Liabilities are recognised when there is an obligation at the balan sheet dale as a re5uII of a past event, il is probable that a transfer of economic benefit will be required in setuement, and the amount of the settlement c8n be eslimaled reliably. Liabilities a recognised at the amount that the charity anlicipales il will pay to sellle the debt or the amount il has received as advanced payments for the goods or services it must provide. 2.9 Flnancial Instruments The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financi81 assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the inslrumenl. Financial Ilabillties and equlty instruments are classifd aceordlng lo the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual Interest in the assets of the charity after deducting all of its liabilities. The charity's policies for its major classes of financial assets and linancial liabiliti85 are sel out below. Page 10
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles (continugdl Flnanclal Instruments {contlnuedl Flnancial a$sDts Basic financial assets include cash and bank balances which are initially recognised at Ir8nsactSon price, unless the arrangement constilules a financing Iransaclion, where the transaction is measured al the present value of the future receipis discounted al a market rale of interest for a similar debt instrument. Financing transactions are those in which p8yment is deferred beyond nomial business lemis or is financed at a rale of interest that is not a market rate. Such as88ls are subsequently carried al amortised cost using the effeclivo interest method, loss any impairment. Flnanclal Ilabiliti8S Basic financial liabilities. including other credÉtors are initially recognised at Iran8action price, unless the arrangement constitutes a financing transaction, wh8Te the debl inslrumenl is measkjred al the present value of the future payments discounted at a market rate of interest for a similar debt inslrumenl. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rale of interest that is not a market rat9. Debt inslrvmenls ara subsequently carried al amortised cost, using the effective interest rale method. Impalm)gnl of financial assels Financial assets measured at cost and amortised cost are assessed al the end of each reporting period for obj$¢tive evidence of impairment. If objective evidence of impaiment is found. an impairment loss is recognised in the profil and Ioss 8ccounL For financial assets measured at cost less impaimenl, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the charity would re1ve for the asset if it were lo b$ sold al the reporting date. For financial assets measured at amortised cost, the impaimient loss is measured as the difference between the asset's carrwng amount and the pr8sersl value of estimated cash flows discounted at the assèt's original effedive interest rate. If the finarbcial asset has a variable interesl rate, Ihg discount rate for measuring any impairment loss is th8 current effective interest ratg determined under the contract. If there 18 a decrease in th8 impalrment loss arising from an event occurring after the impairment was recognised, the impalrmenl is reversed. The reversal is such that the current carrying amounl does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profil or loss. Darecognition of financial assets and financlal Ilablllties Financial assets are derecognised when lal the contractual rights lo the cash ftows from the assel explre or are settled, or {bl substsnlially Bll the risks and rewards of the ownership ol the asset are transferred to another party or Icl despit& having retained some significant risks and rewards of ownership, control of the asset has been transferred lo another party who has the practical ability lo ijnilalerally sell the asset to an unrelated third party without imposing addrtional reslriclions. Financial li8bililies are derecognised when the liability is extt'ngulshed, that is when the contractual obligation 1$ discharged, cancelled or expires. Page11
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policles lcontlnugd) Flnanclal instruments Icontinuedl Offsettlng of flnancial aysets and financial liabilities Financial assets and liabilities are offset and the nel amount reported in the balance sheet when there is an enforceable right lo set off the cognISed amounts and there Is an intention lo settle on a net basis or lo realise the asset and settle the liability simultsneously. 2.10 Fund accountln9 Ggneral funds are unrestricted funds which are available for use al the discretion of tho Truslegs in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Income from donatlons and legacles Unrestrlcted tunds 2023 Tolal fund5 2023 Total funds 2022 Donations 524.250 524.250 Inv•strnent income Unrestricted fund$ 2023 Total funds 2023 Interest receivable 56,911 56.911 Unreslricled funds 2022 Total funds 2022 Interest rgcgivablo 3,371 3,371 Page 12
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expendlture on charltable activitie$ Summary by fund typo Unrestricled funds 2023 Total 2023 Grants payable lo institutions Bank charges Independent examiners fees 70,000 60 3.300 70,000 60 3,300 73.360 73.360 £60,000 of the grants made in the year were to Jewish Care and the remaining £10.000 were to British Fiiends of United Hatzalah Israel. Unrestricted funds 2022 Total 2022 Grants payable to institutions Bank charges 53,612 20 53,612 2Q 53.632 53,632 £50,020 of the grants madg in the year were lo Jewish Care and the remaining £3.592 were lo British Friends of United Ha12alah Israel. Analysls of expondlture by actlvilles Grnnt funding ol aGtivitlg$ 2023 Support costs Total funds 2023 2023 Grants payable to inslitijtions Bank charges Indepgndenl examiners fees 70,000 70,000 60 60 3,300 3,300 70,000 3,360 73,360 Page 13
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysi$ of expendlture by actlvltles {contlnuedl Grant funding of activities 2022 Support costs 2022 Total funds 2022 Grants payable to institutions Bank charges 53,612 53,612 20 20 53,612 53,632 Ind9Pgndgnl examinor's rgmun&ration 2023 2022 Fees payable lo the charity's independent examiner for the independont examination of the charills annual accounts 3.300 Trust90$' remungration and 8xp8ns08 During the year, no Trustees received any remuneration or other benefits12022- £NILI. During the year ended 31 March 2023. no Trustee expenses have been incurred12022- £NILI. Debtors 2023 2022 Due wlthln one year Ptspaymenls and accrued income 4,363 4,363 10. Crgdltors: Amounts falllng due wlthln one year 2023 2022 Olh&r creditors Accruals 3,000 3.300 3,300 3,000 Page 14
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. Summary of funds Summary of funds - curront year Balance at 31 Mareh 2023 Balance at 1 April 2022 Income Expendlture General funds 1,956.886 581,161 173.3601 2.464,687 Sumrnary ol fund8. prior year Balance al 31 March 2022 881ance at 1 April 2021 Income Expenditure General funds 2,007,147 3,371 156.6321 1,953.886 12. Analysls of net assets between funds Analys16 of net assets bgtwggn funds - Gurront year Unrastrict8d funds 2023 Total funds 2023 Current assets Creditors due within one year 2.467,987 {3,3001 2.467.987 13,3001 Total 2,464,687 2,464.687 Analysls of net assets betwegn funds - prlor ygar Unrestricted funds 2022 Total funds 2D22 Current assets Creditors due within one year 1.959.886 13,0001 1,959,886 {3,0001 Totsl 1.956.886 1,956,886 Page 15
RICHARD J LIVINGSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Roconciliation of net movement In funds to nal cash flow from operatlng activltlos 2023 2022 Nel incomelexpenditure for the year las per Slalement of Finan¢ial Acliviliesl 507,801 150,2611 Adjustments for: Decrease in debtors Increase in creditors Interest receivable 2,000,000 300 56,911) Net cash provlded by operatlng acllvltles 451.190 1,949,739 14. Analysls of cash and cash •qulvalgnts 2023 2022 Cash al bank and in hand 2,463,624 1,959,886 Total cash and cash equivalents 2.463,624 1,959,886 15. Analysls of changgs In net debt At l Aprll 2022 Cash flows At 31 March 2023 Cash at bank and in hand 1,959,886 503,738 2,463,624 1,959.886 503.738 2,463,624 16. Related party transaction5 All donations received by the charity during the period were received from Iruslees. Page 16