Charity registration number 233630
THE ULLMANN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE ULLMANN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees M.P. Ullmann B.L.P. Ullmann J.R.S. Ullmann L.M. Ullmann D.J. Sandler E.Z. Sandler C.T. Sandler Charity number 233630 Independent examiner Michael M. Bayer, FCA Chartered Accountant Bankers Santander UK plc
THE ULLMANN TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 12 |
THE ULLMANN TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their annual report and financial statements for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the 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)” (as amended for accounting periods commencing from 1 January 2016) .
Objectives and activities
The trust's objectives are to maintain the level of contribution to those charities it supports.
The trust's aims are to maximise its return from investments.
The policies adopted in furtherance of these objects are to distribute funds as and when the trustees see fit, and there has been no change in these policies during the year.
The strategies adopted by the trustees for achieving the trust's objectives are to make investments where a good rate of return is expected.
In planning the trust's activities t he trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake , and on public benefit .
Cash donations totalling £63000 (2020 - £9412) were made to 9 (2020 - 7 ) charities during the year.
Achievements and performance
The trustees have continued to contribute to certain charitable institutions supported in the past.
The trustees are satisfied with the performance of investments.
Financial review
The results for the year and the financial position of the trust at the end of the financial year are shown in the Statement of Financial Activities and Balance Sheet on pages 4 and 5 respectively .
It is the policy of the trust to maintain unrestricted funds, which are the free reserves of the trust , at a level which the trustees consider to be sufficient to respond to emergency applications for grants which may arise from time to time.
The trustees have assessed the major risks to which the trust is exposed, in particular those related to the operations and finance of the trust , and are satisfied that systems are in place to mitigate the trust 's exposure to major risks.
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THE ULLMANN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Structure, governance and management
The trust was established as the Isaac and Emilie Ullmann Charitable Foundation by a charitable trust deed on 7 January 1964, and by a further deed dated 28 December 1983 became known as The Ullmann Trust .
The trust 's objects are to pay and apply the trust fund and income thereof for such charitable purposes conducive to Jewish charitable objects and purposes in the United Kingdom as the trustees see fit.
The trustees who served during the year and up to the date of signature of the financial statements were: M.P. Ullmann
B.L.P. Ullmann J.R.S. Ullmann L.M. Ullmann D.J. Sandler E.Z. Sandler C.T. Sandler
T he trustees ha ve authority to appoint additional trustees as necessary based upon the requirements of the trust.
The trust is currently administered by seven trustees , as shown on the General Information page.
There are no restrictions imposed by the governing document concerning the way the trust can operate.
The trustees have full and unrestricted powers of investment as if they were absolutely entitled thereto beneficially.
Betaview Limited, a company in which M.P. Ullmann, one of the charity's trustees, holds a beneficial interest, acts solely as a nominee in respect of the charity's investment activities, and receives no fees in respect of the services it provides.
The trustees' r eport was approved by the Board of Trustees.
M.P. Ullmann
Trustee Dated: 24 June 2022
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THE ULLMANN TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ULLMANN TRUST
I report on the accounts of the trust for the year ended 5 April 2021, which are set out on pages 4 to 12.
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 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the accounts under section 145 of the Charities Act;
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(ii) follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
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 no w been withdrawn.
I understand that this has been done in order for the 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.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the Charities Act; and
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(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Michael M. Bayer, FCA Chartered Accountant Dated: 24 June 2022
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THE ULLMANN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2021 | 2020 |
||
| Notes | £ |
£ |
|
| Income from: | |||
| Investments | 3 | 71,772 | 225,558 |
| Expenditure on: | |||
| Raising funds | 4 | 2,660 | 2,828 |
| Charitable activities | 5 | 99,124 | 44,909 |
| Total expenditure | 101,784 | 47,737 |
|
| Net gains/(losses) on investments | 10 | 31,947 | 5,496 |
| Net income for the year/ | |||
| Net incoming resources | 1,935 | 183,317 |
|
| Other recognised gains and losses | |||
| Other gains or losses | 11 | - | (1,326) |
| Net movement in funds | 1,935 | 181,991 |
|
| Fund balances at 6 April 2020 | 3,022,829 | 2,840,838 |
|
| Fund balances at 5 April 2021 | 3,024,764 | 3,022,829 |
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 ULLMANN TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investment properties 12 Investments 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ £ 310,000 1,923,552 2,233,552 690,342 104,470 794,812 (3,600) 791,212 3,024,764 3,024,764 3,024,764 |
2020 £ £ 310,000 2,267,808 2,577,808 298,904 148,427 447,331 (2,310) 445,021 3,022,829 3,022,829 3,022,829 |
|---|---|---|
The financial statements were approved by the Trustees on 24 June 2022
M.P. Ullmann Trustee
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
The Ullmann Trust is a charity registered with the Charity Commission for England and Wales. The public address is Piglet's Cottage, The Warren, Lathbury, Newport Pagnell MK16 8LD. The nature of the charity's operations and activities are detailed in the Trustees' report.
1.1 Accounting convention
The financial statements have been prepared in accordance with the 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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.
The 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 financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and 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 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Resources expended are accounted for in the period in which they are incurred.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
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 trust 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 trust 's balance sheet when the trust 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.
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Rental income | 29,188 | 28,028 |
| Income from unlisted investments | 14,734 | 120,229 |
| Interest receivable | 27,850 | 77,301 |
| 71,772 | 225,558 | |
| Raising funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Property outgoings | ||
| Other trading activities | 2,660 | 2,828 |
4 Raising funds
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
5 Charitable activities
| Grants to | Grants to | ||
|---|---|---|---|
| institutions | institutions | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Grant funding of activities (see note 6) | 63,000 | 9,412 | |
| Share of governance costs (see note 7) | 36,124 | 35,497 | |
| 99,124 | 44,909 | ||
| 6 | Grants payable | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Grants to institutions (9 grants): | 63,000 | 9,412 |
Institutions receiving material grants during the current and previous years were:
Insead Trust for European Management £43,000 (2020 - £nil); Northampton Academy £ 2,500 (2020 - £3,058 ) ; New Israel Fund £4,500 (2020 - £nil); 50 50 Startups £4,000 (2020 - £nil); Absolute Return for Kids £2,500 (2020 - £nil); Synthesizer £2,500 (2020 - £nil); Workbridge £2,000 (2020 - £nil); Supershoes £ Nil (2020 - £ 1,500); Support Dogs UK £ Nil (2020 - £ 1,500); Breaking Barriers £ nil (2020 - £ 1,500); and Arava Institute for Environmental Studies £ nil (2020 - £ 1,100).
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L argest grant paid during year.
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
7 Support costs
| Support costs Governance costs £ £ Accountancy - 4,890 Legal and professional - 18,601 Bank charges - 169 Sundry - 12,464 - 36,124 Attributable to: Charitable activities - 36,124 |
2021 £ 4,890 18,601 169 12,464 36,124 36,124 |
2020 Basis of allocation £ 4,210 Governance 18,816 Governance 127 Governance 12,344 Governance 35,497 35,497 |
|---|---|---|
8 Trustees
During the year the Trust paid £18,601 (2020 - £18,816) in respect of investment and donation management and general management and administration services to USDI, an entity in which C Sandler, a Trustee of the charity, has a 100% interest.
None of the other trustees (or any persons connected with them) received any remuneration during the year, nor were any of them reimbursed any expenses during the year.
9 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2021 | 2020 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. | ||
| Net gains/(losses) on investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Gain/(loss) on sale of investments | 31,947 | 5,496 |
10 Net gains/(losses) on investments
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
11 Other gains or losses
| Unrestricted funds 2021 £ Foreign exchange losses (gains) - Investment property Fair value At 6 April 2020 and 5 April 2021 |
Total 2020 £ 1,326 2021 £ 310,000 |
|---|---|
12 Investment property
Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the trustees at the balance sheet date on an open market value basis by reference to market evidence of transaction prices for similar properties.
13 Fixed asset investments
| Unlisted | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2020 | 2,267,808 | ||
| Valuation changes | 434,295 | ||
| Disposals | (778,551) | ||
| At 5 April 2021 | 1,923,552 | ||
| Carrying amount | |||
| At 05 April 2021 | 1,923,552 | ||
| At 05 April 2020 | 2,267,808 | ||
| 14 | Financial instruments | 2021 | 2020 |
| £ | £ | ||
| Carrying amount of financial assets | |||
| Debt instruments measured at amortised cost | 690,342 | 298,904 | |
| Equity instruments measured at cost less impairment | 1,923,552 | 2,267,808 |
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
| 14 Financial instruments Carrying amount of financial liabilities Measured at amortised cost 15 Debtors Amounts falling due within one year: Other debtors 16 Creditors: amounts falling due within one year Accruals and deferred income 17 Related party transactions |
2021 2020 (Continued) 3,600 2,310 2021 2020 £ £ 690,342 298,904 2021 2020 £ £ 3,600 2,310 |
|---|---|
There were no disclosable related party transactions during the year (2020 - none) .
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