Charity number: 240351
L C TAUSSIG CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
L C TAUSSIG CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
L C TAUSSIG CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
| Trustees | Mr A C Taussig |
|---|---|
| Mrs P S Taussig | |
| Mrs C S Solan | |
| Mrs L A Marstrand | |
| Mr D C Taussig | |
| Charity registered number 240351 Independent examiner Susan Seaman, BA, FCA, CIOT Sagars Accountants Ltd Gresham House 5-7 St Pauls Street Leeds LS1 2JG |
Page 1
L C TAUSSIG CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the L C Taussig Charitable Trust for the 6 April 2023 to 5 April 2024.
Objectives and activities
a. Policies and objectives
The trust generate income during the year through the investments held and donations received, whilst reviewing potential charitable beneficiaries based on the funds available.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
During the year income of £29,658 was received through investments that the Trust holds (2023: £26,207). Donations of £25,000 were made to charities in accordance with the directions of the Settlor in clause 3 of the Trust Deed (2023: £22,000).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
L C Taussig Charitable Trust is a registered charity, number 240351, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Management of the Trust Fund
The Trustees are directed to hold the Trust Fund and the income thereof upon trust to pay or apply the whole thereof to or for the benefit of or in furtherance of such one or more charities, charitable institutions or charitable purposes in such manner and, if more than one, in such shares as the Trustees at any time and from time to time in their absolute discretion think fit.
The Trustees are not liable to income tax, capital gains tax or inheritance tax.
Page 2
L C TAUSSIG CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Financial review
Details of the financial performance of the Charity for the year ended 5 April 2024 are contained in the attached Accounts.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Independent examiner
Sagars Accountants Ltd are proposed to be re-appointed as independent examiners for the ensuing year.
Approved by order of the members of the board of Trustees on 24 January 2025 and signed on their behalf by:
Catrina Solan
Trustee
Page 3
L C TAUSSIG CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent Examiner's Report to the Trustees of L C TAUSSIG CHARITABLE TRUST ('the Charity')
I report to the charity Trustees on my examination of the financial statements of L C Taussig Charitable Trust ('the charity') for the year ended 5 April 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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.
I 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 accounts to be reached.
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 has been undertaken so that I might state to the Charity's Trustees those matters I am required to state 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 Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 24 January 2025
Susan Seaman, BA, FCA, CIOT
Sagars Accountants Ltd Gresham House 5-7 St Pauls Street Leeds LS1 2JG
Page 4
L C TAUSSIG CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 6,7 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Losses on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Income funds 2024 £ 31,250 29,618 40 60,908 23,370 23,370 37,538 - 37,538 53,886 37,538 91,424 |
Capital funds 2024 £ - - - - 100 100 (100) (9,057) (9,157) 486,453 (9,157) 477,296 |
Total funds 2024 £ 31,250 29,618 40 60,908 23,470 23,470 37,438 (9,057) 28,381 540,339 28,381 568,720 |
Total funds 2023 £ 31,327 26,207 - 57,534 26,334 26,334 31,200 (62,226) (31,026) 571,365 (31,026) 540,339 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
L C TAUSSIG CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2024
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets Total net assets Charity funds Capital fund 13 Income fund 13 Total funds |
12,500 12,557 25,057 (2,700) |
2024 £ 546,363 546,363 22,357 568,720 568,720 568,720 477,296 91,424 568,720 |
6,250 50,281 56,531 (2,100) |
2023 £ 485,908 |
|---|---|---|---|---|
| 485,908 54,431 |
||||
| 540,339 | ||||
| 540,339 | ||||
| 540,339 | ||||
| 486,453 53,886 |
||||
| 540,339 |
The financial statements were approved and authorised for issue by the Trustees on 24 January 2025 and signed on their behalf by: Catrina Solan
Trustee
The notes on pages 7 to 15 form part of these financial statements.
Page 6
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. General information
L C Taussig Charitable Trust is a registered charity, number 240351 registered in England & Wales. The Charity is goverened by a Trust deed.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
The most significant area of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.
2.2 Income recognition
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit 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 bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
2.3 Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants or donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.
2.4 Interest receivable
Interest on funds held on deposit 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.
Page 7
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and 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 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
Both the income fund and the capital fund represent unrestricted funds.
2.11 Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
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L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Income from donations and legacies
| Donations Gift aid Donations Gift Aid Investment income Income from UK listed investments Income from non-UK listed investments Other interest receivable Income from UK listed investments Income from non-UK listed investments Other interest receivable |
Income fund 2024 £ 25,000 6,250 31,250 Income fund 2023 £ 25,000 6,327 31,327 Income fund 2024 £ 24,085 5,527 6 29,618 Income fund 2023 £ 22,083 3,972 152 26,207 |
Total funds 2024 £ 25,000 6,250 31,250 |
|---|---|---|
| Total funds 2023 £ 25,000 6,327 31,327 |
||
| Total funds 2024 £ 24,085 5,527 6 29,618 |
||
| Total funds 2023 £ 22,083 3,972 152 26,207 |
4. Investment income
Page 9
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Other incoming resources
| Total | Total | ||
|---|---|---|---|
| Income fund | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Other income | 40 | 40 | - |
6. Costs of charitable activities by activity type
| Donations in the year Donations in the year |
Grant funding activities 2024 £ 20,000 Grant funding activities 2023 £ 22,000 |
Total funds 2024 £ 20,000 |
|---|---|---|
| Total funds 2023 £ 22,000 |
7. Analysis of expenditure by activities
| Income fund Capital fund |
Grant funding activities 2024 £ 20,000 - 20,000 |
Governance costs 2024 £ 3,370 100 3,470 |
Total funds 2024 £ 23,370 100 23,470 |
|---|---|---|---|
Page 10
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
7. Analysis of expenditure by activities (continued)
| Grant funding activities 2023 £ Income fund 22,000 Capital fund - 22,000 Governance costs Income fund 2024 £ Accountancy fees 3,120 Insurance 250 Custody fees - 3,370 Income fund 2023 £ Accountancy fees 2,100 Insurance - 2,100 8. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Governance costs 2023 £ 2,100 2,234 4,334 Capital fund 2024 £ - - 100 100 Capital fund 2023 £ - 2,234 2,234 2024 £ 2,700 |
Total funds 2023 £ 24,100 2,234 26,334 |
|---|---|---|
| Total funds 2024 £ 3,120 250 100 3,470 |
||
| Total funds 2023 £ 2,100 2,234 4,334 |
||
| 2023 £ 2,100 |
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L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).
10. Fixed asset investments
| Cost or valuation At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 The historical cost of the portfolio at 5th April 2024 was £388,102 (2023: £309,603). |
2024 £ 485,909 78,500 (8,989) (9,057) |
|---|---|
| 546,363 | |
| 546,363 | |
| 485,909 | |
Analysis of investments at 5 April 2024 between funds
| Listed investments UK Quoted Shares Non-UK Quoted Shares Other Investments UK Cash held as part of Portfolio Total 2024 |
Income fund 2024 £ - - - 29,611 29,611 29,611 |
Capital fund 2024 £ 379,397 135,943 515,340 1,412 1,412 516,752 |
Total funds 2024 £ 379,397 135,943 515,340 31,023 31,023 546,363 |
|---|---|---|---|
Page 12
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| Total Investments 2023 11. Debtors Due within one year Other debtors 12. Creditors: Amounts falling due within one year Accruals and deferred income |
Income fund 2023 £ 36,701 |
Capital fund 2023 £ 449,207 2024 £ 12,500 12,500 2024 £ 2,700 |
Total funds 2023 £ 485,908 |
|---|---|---|---|
| 2023 £ 6,250 |
|||
| 6,250 | |||
| 2023 £ 2,100 |
Page 13
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
13. Statement of funds
Statement of funds - current year
| Income funds Income fund Capital funds Capital fund Total of funds |
Balance at 6 April 2023 £ 53,886 486,453 540,339 |
Income £ 60,908 - 60,908 |
Expenditure £ (23,370) (100) (23,470) |
Gains/ (Losses) £ - (9,057) (9,057) |
Balance at 5 April 2024 £ 91,424 |
|---|---|---|---|---|---|
| 477,296 | |||||
| 568,720 |
Page 14
L C TAUSSIG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
13. Statement of funds (continued)
Statement of funds - prior year
| Balance at | Gains/ | Gains/ | Balance at | ||||
|---|---|---|---|---|---|---|---|
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | |||
| £ | £ | £ | £ | £ | |||
| Income Funds | |||||||
| Income fund | 20,452 | 57,534 | (24,100) | - | 53,886 | ||
| Capital Funds | |||||||
| Capital fund | 550,913 | - | (2,234) | (62,226) | 486,453 | ||
| Total of funds | 571,365 | 57,534 | (26,334) | (62,226) | 540,339 | ||
| Analysis of net | assets between funds | ||||||
| Analysis of net | assets between funds - current period | ||||||
| Total | |||||||
| Income fund | Capital fund | funds | |||||
| 2024 | 2024 | 2024 | |||||
| £ | £ | £ | |||||
| Fixed asset investments | 69,067 | 477,296 | 546,363 | ||||
| Current assets | 25,057 | - | 25,057 | ||||
| Creditors due within one year | (2,700) | - | (2,700) | ||||
| Total | 91,424 | 477,296 | 568,720 | ||||
| Analysis of net | assets between funds - prior period | ||||||
| Total | |||||||
| Income fund | Capital fund | funds | |||||
| 2023 | 2023 | 2023 | |||||
| £ | £ | £ | |||||
| Fixed asset investments | - | 485,908 | 485,908 | ||||
| Current assets | 55,986 | 545 | 56,531 | ||||
| Creditors due within one year | (2,100) | - | (2,100) | ||||
| Total | 53,886 | 486,453 | 540,339 | ||||
14. Analysis of net assets between funds Analysis of net assets between funds - current period
Page 15