Charity registration number 233630
THE ULLMANN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 2024
The trustees present their annual report and financial statements for the year ended 5 April 2024.
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 the 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 £70490 (2023 - £97815) were made to 6 (2023 - 17) 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 2024
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
The trustees have 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' report was approved by the Board of Trustees.
M.P. Ullmann
Trustee Dated: 17 October 2024
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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 2024, 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 now 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;
have not been met or
- (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: 18 October 2024
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THE ULLMANN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 53,613 | 94,790 |
| Total income | 53,613 | 94,790 | |
| Expenditure on: | |||
| Raising funds | 4 | 4,043 | 3,091 |
| Charitable activities | 5 | 114,031 | 142,086 |
| Total expenditure | 118,074 | 145,177 | |
| Net gains/(losses) on investments | 10 | (20,344) | - |
| Net expenditure and movement in funds | (84,805) | (50,387) | |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2023 | 3,009,916 | 3,060,303 | |
| Fund balances at 5 April 2024 | 2,925,111 | 3,009,916 |
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 2024
| Notes Fixed assets Investment property 11 Investments 12 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the trust Unrestricted funds 16 |
2024 £ £ 310,000 2,122,527 2,432,527 459,054 35,930 494,984 (2,400) 492,584 2,925,111 2,925,111 2,925,111 |
2023 £ £ 310,000 1,874,702 2,184,702 653,504 174,710 828,214 (3,000) 825,214 3,009,916 3,009,916 3,009,916 |
2023 £ £ 310,000 1,874,702 2,184,702 653,504 174,710 828,214 (3,000) 825,214 3,009,916 3,009,916 3,009,916 |
|---|---|---|---|
| 2,184,702 825,214 |
|||
| 3,009,916 | |||
| 3,009,916 | |||
| 3,009,916 |
The financial statements were approved by the trustees on 17 October 2024
M.P. Ullmann Trustee
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 amounts 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 2024
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 2024
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 payments 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 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Rental income | 48,683 | 31,908 |
| Income from unlisted investments | 4,113 | 61,788 |
| Interest receivable | 817 | 1,094 |
| 53,613 | 94,790 | |
| Raising funds | ||
| 2024 | 2023 | |
| £ | £ | |
| Property outgoings | ||
| Other trading activities | 4,043 | 3,091 |
4 Raising funds
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
5 Charitable activities
| Grants to | Grants to | |
|---|---|---|
| institutions | institutions | |
| 2024 | 2023 | |
| £ | £ | |
| Grant funding of activities (see note 6) | 70,490 | 97,815 |
| Share of governance costs (see note 7) | 43,541 | 44,271 |
| 114,031 | 142,086 | |
| Grants payable | ||
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions (6 grants): | 70,490 | 97,815 |
6 Grants payable
Institutions receiving material grants during the current and previous years were:
Northampton Academy £19,000 (2023 - £41,000); Synthesizer £5,000 (2023 - £5,000);
Insead Trust for European Management £43,300 (2023 - £14,624); Great Ormond Street Hospital £2,500 (2023 - nil); Joint Distribution Committee £nil (2023 - £27,000)*; Her Academy £nil (2023 - £2,500); Kuchinate £nil (2023 - £2,500); The Liberal Jewish Synagogue £nil (2023 - £1,540); and Oxford Kidney Unit Trust Fund £nil (2023 - £1,000).
- Largest grant(s) paid during year.
7 Support costs
| Accountancy Legal and professional Bank charges Sundry Attributable to: Charitable activities |
Support costs Governance costs £ £ - 3,900 - 21,852 - 171 - 17,618 - 43,541 - 43,541 |
2024 £ 3,900 21,852 171 17,618 43,541 43,541 |
2023 Basis of allocation £ 8,100 Governance 23,072 Governance 39 Governance 13,060 Governance 44,271 44,271 |
|---|---|---|---|
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
8 Trustees
During the year the Trust paid £19,347 (2023 - £20,852) 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:
| Total There were no employees whose annual remuneration was more than £60,000. |
2024 Number - |
2023 Number - |
|---|---|---|
Remuneration of key management personnel
10 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (20,344) | - |
| Investment property | ||
| 2024 | ||
| £ | ||
| Fair value | ||
| At 6 April 2023 and 5 April 2024 | 310,000 |
11 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.
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
12 Fixed asset investments
| Cost or valuation At 6 April 2023 Additions Disposals At 5 April 2024 Impairment At 6 April 2023 Impairment losses At 5 April 2024 Carrying amount At 05 April 2024 At 05 April 2023 13 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at cost less impairment Carrying amount of financial liabilities Measured at amortised cost 14 Debtors Amounts falling due within one year: Other debtors 15 Creditors: amounts falling due within one year Accruals and deferred income |
Unlisted investments £ 1,874,702 292,468 (24,299) 2,142,871 - 20,344 20,344 2,122,527 1,874,702 2024 2023 £ £ 459,054 653,504 2,122,527 1,874,702 2,400 3,000 2024 2023 £ £ 459,054 653,504 2024 2023 £ £ 2,400 3,000 |
|---|---|
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THE ULLMANN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds |
At 6 April 2023 Incoming resources Resources expended Gains and losses £ £ £ £ 3,009,916 53,613 (118,074) (20,344) At 6 April 2022 Incoming resources Resources expended Gains and losses £ £ £ £ 3,060,303 94,790 (145,177) - |
At 5 April 2024 £ 2,925,111 At 5 April 2023 £ 3,009,916 |
|---|---|---|
17 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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