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2021-04-05-accounts

THE HUMANITARIAN TRUST

Financial statements Year Ended 5 April 2021

Charity No: 208575

THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Contents

Page:

2. Legal and administrative information.

3. Report of the Trustees.

6. Report of the independent examiner

8. Statement of financial activities.

9. Balance sheet.

10. Cash Flow statement

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Legal and administrative information

Trustees: Jacques Samuel Charles Gunsbourg
Pierre Francis Halban
Emmanuelle Gunsbourg-Kasavi
Alexander Halban
Administrator: Prism the Gift Fund
20 Gloucester Place
London
W1U 8HA
Bankers: Lloyds Bank
195 Edgware Road
London
W2 1EY
Accountants: Haines Watts (City) LLP
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
Independent
Examiner: Samuel Clarke BA FCA DChA
Haines Watts (City) LLP
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
Investment
Managers: Schroder & Co
128 Moorgate
London EC2
Registered
Charity Number: 208575

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Report of the Trustees

The Trustees present their annual report along with the financial statements of The Humanitarian Trust (‘‘the Charity’’, ‘‘The Trust’’) for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 11-12 and comply with the Charity's trust deed, applicable law, The Charities Act 2011 and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Constitution and objects

The Humanitarian Trust is constituted under declaration of trust dated 16 July 1946 by Michael Polak, Vladimir Idelson and Matewi Gunsbourg. It is a registered charity (No. 208575).

The objects of the Charity are for the Trustees to apply the Trust Fund and the income thereof to or towards or for the benefit or in furtherance of such charitable purposes or charitable institutions as the Trustees shall in their absolute discretion think fit.

Organisation

The Trustees who have served during the year, and since the year end, are set out on page 2. The Charity has no employees. The Trustees are selected for their experience and expertise. Experienced Trustees support new Trustees. The Trust Deed allows the appointment of additional Trustees up to a maximum of 7 people.

Trustees meet twice a year to award donations, review the investment portfolio, and to discuss the administration of the Trust. The Trustees have appointed an administrator to manage the day to day operations of the Trust.

Grant making policy

The Trustees do not accept any unsolicited applications from charities due to the ongoing relationship that it has with a number of organisations which fulfil its charitable objectives. However, the Trust occasionally invites charities to send in applications for consideration at Board meetings.

Financial review and investment policy

During the year, the Charity had income of £228,887 (2020: £240,196) and the Trustees made donations of £262,383 (2020: £196,461). The Trustees hope to maintain the same level of donations made by the Charity in the near future.

The Trustees have funds under management with Schroder & Co who operate the investment strategy on behalf of the Trustees. Funds at fair value at 5 April 2021 were £5,682,169 (2020: £4,838,344).

Total reserves at 5 April 2021 were £5,717,752 (2020: £4,947,123).

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

The Trustees hold investments which generate sufficient income to meet the charitable objectives of the Charity.

Reserves policy

The intention of the Trustees is to retain the long-term investments. The investments produce income to cover the grants recommended by the Trustees and the related support costs. Cash reserves are maintained in order to meet forthcoming commitments.

Risk management

The Trustees have reviewed the major risks to which the Charity is exposed, particularly those relating to the operations and finances of the Trust. The Trustees have given consideration to the appropriate policies, procedures and systems to mitigate the Charity’s exposure to those risks.

Investment policy

There are no restrictions on the Trustees power to invest.

The investment strategy is set by the Trustees and takes account of the demand for funds and the quality of the funding applications. The Trustees consider the income requirements, the risk profile, and then the investment managers’ view of the market prospects in the medium term. The strategy is set within an overall policy, which states that the funds be invested in low and medium risk investments with a view to ensuring that capital appreciation of the fund exceeds inflation. The unrestricted fund may be invested in any type of investment.

Public Benefit

The Trustees are conscious of the Charity Commission guidelines on public benefit and these guidelines are applied when grants are considered.

COVID-19 Pandemic

The Trustees acknowledge the current outbreak of COVID-19 which is causing economic disruption in most countries and its potentially adverse economic impact on the Charity. This is an additional risk factor which could impact the operations of the Charity after year end. Further assessment regarding COVID-19 is in note 1 of these financial statements.

Trustees' responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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:

Jacques Gunsbourg Trustee

Date: 31 January 2022

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Report of the Independent Examiner

I report on the accounts of The Humanitarian Trust (‘‘the Charity’’, ‘‘The Trust’’) for the year ended 5 April 2021, which are set out on pages 8 to 15.

Respective responsibilities of trustees and examiner

The Charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An Independent examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Going concern

The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the Charity’s activities and the wider economy. The Trustees’ view on the impact of COVID-19 is disclosed in the accounting policies.

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Samuel Clarke BA FCA DChA Haines Watts (City) LLP Chartered Accountants New Derwent House 69-73 Theobalds Road London WC1X 8TA

31 January 2022

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Statement of Financial Activities for the year ended 5 April 2021
Notes
Income
Income from Investments
2
Total
Expenditure
Charitable activities
Grants payable
3
Investment management costs
Total
Net Income/ (expenditure)
Other recognised gains and losses:
Unrealised gain/(loss) on investments
5
Net movement in funds
Funds brought forward
Funds carried forward		 2021
2020
£
£
228,887
240,196
228,887
240,196
289,270
219,951
12,813
13,006
302,083
232,957
73,196
7,239
843,825
(599,476)
770,629
(592,237)
4,947,123
5,539,360
5,717,752
4,947,123

All funds are unrestricted

8

THE HUMANITARIAN TRUST (Charity number 208575)

Report and Financial Statements for the year ended 5 April 2021

Balance Sheet as at 5 April 2021

Notes
Fixed assets
Quoted Investments
5
Current assets
Cash at bank
Total net assets
Unrestricted Funds
6		 2021
2020
£
£
5,682,169
4,838,344
5,682,169
4,838,344
35,583
108,779
5,717,752
4,947,123
5,717,752
4,947,123

These Financial Statements were approved by the Trustees on 31 January 2022 and signed on their behalf by:

_______ Jacques Gunsbourg Trustee

9

THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Cash flow statement for the year ended 5 April 2021
Net cash inflow/(outflow) from operating
activities
Investment management charges
Increase/(Decrease) in cash at bank
Cash and cash equivalents at 6 April 2020
Cash and cash equivalents at 5 April 2021		 2021
2020
£
£
(60,383)
20,245
(12,813)
(13,006)
(73,196)
7,239
108,779
101,540
35,583
108,779

10

THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Notes to the Financial Statements

1. Principal accounting policies

The financial statements are prepared on an accruals basis, and under the historical cost convention except for quoted investments which are included at market value. In preparing the financial statements the Charity follows best practice as laid down in the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The accounts are prepared on a going concern basis, as explain further in subsection (h) of this note.

The presentation currency of the financial statements is the Pound Sterling (£).

Amounts are rounded to the nearest £.

Investment income is accounted for in the period in which the Charity is entitled to receipt.

Quoted Investments are stated at their fair value at the balance sheet date and any gain or loss on revaluation is taken to the SOFA.

All funds are unrestricted. The Funds are expendable at the discretion of the Trustees in furtherance of the objects of the Charity.

The Trust is a registered charity and is not liable to tax on its surplus derived from charitable activity

11

THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Estimates and judgements are continually evaluated and are based on the experience and understanding of the Trustees. The Trustees do not believe that there are any significant estimates and judgements that have a material impact on the financial statements.

Basic financial instruments such as bank balances are recognised at transaction value.

The financial statements have been prepared on the basis that the Charity will be able to continue its operations for the foreseeable future. The Charity has investments which provide a source of income which, although subject to some variability, for example, foreign exchange gains/losses, do provide the Charity a continuity enabling it to continue to meet its core objectives.

The ability to continue to maintain a satisfactory level of reserves in spite of the current economic conditions, together with the COVID-19 viral pandemic, in order to reduce the risk of large unplanned expenditure which could adversely affect the Charity’s finances are monitored by the Trustees on a regular basis. Accordingly, the Trustees consider that it is appropriate to continue to adopt the going concern basis in the preparation of these accounts.

2.
Investment income
UK unquoted equities
Interest on cash deposits and other income		 2021
2020
£
£
228,865
240,154
22
42
228,887
240,196

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

3. Donations
Academic and Educational
Anne Frank Trust UK
Birkbeck College
Friends of Hebrew University of Jerusalem
-
HT Fellowship
-
M Gunsbourg Memorial Scholarships
Leo Baeck Educational Centre
B’nai B’rith Hillel Foundation
Patterns of Prejudice
Rene Cassin CCJO
The Woolf Institute of Abrahamic Faiths
The Friends of Yeshivat Shefa
Studentships
Total Academic and Educational
Medical and Charitable
Ohel Sarah, Institute for the Special Child
Sha’are Zedek
Latet
Total Medical and Charitable
Social Service
Yachad
Institute for Jewish Policy Research
Jerusalem Foundation
Jewish Council for Racial Equality
Langdon
Holocaust Educational Trust
New Israel Fund
Norwood Ravenswood
One Voice Europe
Youth Aliyah Child
Nightingale Hammerson
Stand with Us
World Jewish Relief
Solutions Not Sides
Work Avenue
Total Social Service
Total Donations		 2021
2020
£
£
7,000
6,000
12,000
9,000
15,000
15,000
-
15,000
10,000
5,000
9,000
7,000
1,750
3,000
20,000
-
20,000
15,000
-
6,000
29,000
15,961
123,750
96,961
2021
2020
£
£
6,000
6,000
-
6,500
15,000
-
21,000
12,500
2021
2020
£
£
4,000
5,000
10,000
10,000
7,500
7,500
6,000
6,000
7,133
6,000
20,000
15,000
20,000
-
8,000
7,500
-
10,000
-
5,000
-
5,000
5,000
-
10,000
10,000
10,000
-
10,000
-
117,633
87,000
262,383
196,461

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

Support costs
Total Charitable Expenditure
Included in the charitable expenditure are support costs as follows
Administration fee to Prism
Accountancy
Independent Examiner fee
Legal fees
Office costs
Bank charges
Total		 26,887
23,490
289,270
219,951
2021
2020
£
£
17,400
17,400
3,000
3,000
3,000
3,000
2,911
-
466
-
110
90
26,887
23,490

No Trustees received remuneration or were reimbursed for expenses in the current or preceding year.

4. Taxation

The Trust is a registered charity and is not liable to tax.

5.
Quoted Investments
Fair value at 6 April 2020
Unrealised valuation gains/(loss) in the year
Net gain/(loss) in the year
Fair value at 5 April 2021
Investments at fair value comprised:
Schroder Charity Multi-Asset Fund		 2021
2020
£
£
4,838,334
5,437,820
843,825
(599,476)
843,825
(599,476)
5,682,169
4,838,344
5,682,169
4,838,344

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THE HUMANITARIAN TRUST (Charity number 208575) Report and Financial Statements for the year ended 5 April 2021

6. Movement in funds
Capital account
Income account		 Balance as at
6 April 2020
Income
Expenditure
Investment
gain
Balance as at
5 April 2021
4,744,660
-
-
843,825
5,588,485
202,463
228,887
(302,083)
-
129,227
4,947,123
228,887
(302,083)
843,825
5,717,752

7. Related party transactions

There are no related party transactions.

8. Staff numbers

There are no employees.

9. Contingent liabilities

There are no contingent liabilities.

10. Post Balance Sheet Events

In the view of the Trustees given the continuing uncertainty of its impact, COVID-19 is considered to be a non-adjusting event as at 5 April 2021 and consequently no adjustment has been made to these financial statements.

15