Charity Registration No. 210416
THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST CONTENTS
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Page
Trustees’ report 1-2
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7-10
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
Trustees P Mishcon N Posnansky E Feather Charity number 210416 Principal office The Kinetic Centre Theobald Street Elstree WD6 4PJ Independent examiner Peter Duboff FCA Kingsbury House 468 Church Lane London NW9 8UA
Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Investment advisors Close Asset Management Limited 8th Floor 10 Exchange Square Primrose Street London EC2A 2BY
THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their report and financial statements for the year ended 5 April 2022.
Objectives and activities
The object of the trust continues to be that of making donations to general charitable causes as set out in the Charity’s governing document. On their own initiative the Trustees have also made donations to charitable causes which they considered worthy of support. All grants are made at the discretion of the trustees.
The funds of the charity are all invested in cash deposits and quoted securities. All investments and their performance reflect the advice of the trust's investment advisers.
Achievements and performance
Financial review
The results for the year are shown on page 5 and the position at the end of the year is shown on page 6.
The value of the capital investments increased by £65,917during the year as shown on page 10. Of these investments 3.33% are in fixed interest stocks and 96.67% in equities.
Income for the year increased from £116,032 to £135,635. Expenditure for the year increased from £178,370 to £198,230.
Risks
The Trustees are fully aware of the need to assess the risks faced by the Charity and to respond in such a way as to minimise those risks. In order to minimise risk there is constant consideration of all financial issues by the Trustees together with the Charity's financial advisers.
Structure, governance and management The Trustees who served during the year and up to the date of signature of the financial statements were: G Raffles (Died 23 November 2021) P Mishcon
N Posnansky E Feather
The trustees are saddened to report that G Raffles died on 23 November2021. Gillian Raffles was the last surviving child of the original settlors.
Trustees are appointed by the continuing Trustees. The number of Trustees shall not be less than 2. Trustees do not have any specific term of office.
The address of its principal office is:
The Kinetic Centre
Theobald Street Elstree WD6 4PJ
Reserves
The level of Reserves held by the Charity is reviewed regularly by the Trustees and is currently regarded as satisfactory.
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
The report was approved by the Board of Trustees. N Posnansky Dated: AD Orbos F224
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST STATEMENT OF RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2022
The Trustees are responsible for preparing the 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 year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.
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 Trust and 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE J E POSNANSKY CHARITABLE TRUST
| report to the Trustees on my examination of the financial statements of The J E Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of The JE Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
| report in respect of my examination of The J E Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
| have completed my examination. | confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect:
1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act: or 2 _ the financial statements do not accord with those records; or
- 3 the financial statements 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.
| 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 financial statements to be reached.
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Peter Duboff ~~
Chartered Accountant
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Kingsbury House
468 Church Lane London NW9 8UA
Dated: A cate ittBorbeniat: Ao22—
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income | |||
| Investments | 2 | 132,327 | 112,623 |
| Other income | 3 | 3,308 | 3,409 |
| Total income | 135,635 | 116,032 | |
| Expenditure on: | |||
| Charitable activities | 4 | 168,000 | 152,002 |
| Support costs | 7 | 30,230 | 26,368 |
| Total resources expended | 198,230 | 178,370 | |
| Netgains on investments | 8 | 465,327 | 1,048,950 |
| Net movement in funds | 402,732 | 986,612 | |
| Fund balance broughtforward | 4,481,332 | 3,494,720 | |
| Fundbalanceat5April2022 | 4,884,064 | 4,481,332 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST BALANCE SHEET
AS AT 5 APRIL 2022
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|---|---|---|---|---|---|---|---|
|2022|2021|
|Notes|£|£|£|£|
|Fixed|assets|
|Investments|9|4,463,341|4,397,424|
|Current|assets|
|Debtors|3,304|3,396|
|Cash|at|bank|and|in|hand|426,471|103,899|
|429,775|107,295|
|Creditors:|amounts|falling|due|within|
|one|year|10|(9,052)|(23,387)|
|Net|current|assets|420,723|83,908|
|Total|assets|less|current|liabilities|4,884,064|4,481,332|
|Unrestricted|funds|4,884,064|4,481,332|
|4,884,064|4,481,332|
|The financial statements were approved by the Trustees on|27|OhAss FoA2_|
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N Posnansky Trustee
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
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1Accounting policies
- 4.1 Accounting convention
The financial statements have been prepared in accordance with the The JE Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust's governing document, 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) (effective 1 January 2019)". The JE Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust is a Public Benefit Entity as defined by FRS 102.
The JE Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The JE Posnansky Charitable Trust Incorporating The AV Posnansky Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust 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.
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1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
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1.4 Income
Dividends are recognised on receipt.
1.5 Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregates similar costs to that category.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
1.6 Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
- 1.7 Taxation
The charity is exempt from tax on its charitable activities.
- 1.8 Fund structure
Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
2 Investments
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2022|2021|
|£|£|
|Income|from|listed|investments|132,327|112,623|
|3|Other|income|
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|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2022|2021|
|£|=|
|Income|tax|recoverable|3,304|3,396|
|Interest|receivable|4|13|
|3,308|3,409|
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4 Charitable activities
Charitable donations
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|---|---|
|Charitable|Charitable|
|Expenditure|Expenditure|
|2022|2021|
|£|£|
|168,000|152,002|
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5 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
a, 6 Employees
There were no employees during the year.
7 Support costs
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| Managementfees Bankcharges Accountancyfees Independent examiner'sfees |
28,040 120 1,110 960 |
24,338 80 990 960 |
| 30,230 | 26,368 |
8 Net gains on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluation ofinvestments Gainon saleofinvestments |
369,331 95,996 |
971,512 77,438 |
| 465,327 | 1,048,950 |
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THE J E POSNANSKY CHARITABLE TRUST INCORPORATING THE AV POSNANSKY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
9 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| z= | |
| Cost or valuation | |
| At6April 2021 | 4,397,424 |
| Additions | 587,774 |
| Realised gains | 95,996 |
| Unrealised gains | 369,331 |
| Disposals | (987,184) |
| At5April 2022 | 4,463,341 |
| Carrying amount | |
| At05April 2022 | 4,463,341 |
| At05April2021 | 4,397,424 |
10 Creditors: amounts falling due within one year
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | rz | £ | |
| Bank overdraft | - | 14,998 | |
| Accruals | 9,052 | 8,389 | |
| 9,052 | 23,387 |
11 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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