Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
**Charity number: 240351**
## **L C TAUSSIG CHARITABLE TRUST**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2025**
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **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 - 14|
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025**
|**Trustees**|Mr A C Taussig (resigned 3 April 2025)|
|---|---|
||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
AAB Audit & Accountancy Limited
Gresham House
5-7 St Pauls Street
Leeds
LS1 2JG||
Page 1
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
**TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025**
The Trustees present their annual report together with the financial statements of the L C Taussig Charitable Trust for the 6 April 2024 to 5 April 2025.
## **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 £32,989 was received through investments that the Trust holds (2024: £29,658). Donations of £45,000 were made to charities in accordance with the directions of the Settlor in clause 3 of the Trust Deed (2024: £25,000).
## **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
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025**
## **Financial review**
Details of the financial performance of the Charity for the year ended 5 April 2025 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;
- observe the methods and principles of the Charities SORP (FRS 102);
- 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;
- 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**
AAB Audit & Accountancy Limited are proposed to be re-appointed as independent examiners for the ensuing year.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Mrs C Solan**
Trustee Date: 25 September 2025
Page 3
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025**
## **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 2025.
## **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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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: 26 September 2025
Susan Seaman, BA, FCA, CIOT
AAB Audit & Accountancy Limited Gresham House 5-7 St Pauls Street Leeds LS1 2JG
Page 4
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|Note
**Income from:**
Donations and legacies
3
Investments
4
Other income
5
**Total income**
**Expenditure on:**
Charitable activities
6,7
**Total expenditure**
**Net income/(expenditure)**
Transfers between funds
13
**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
2025
£
56,250
32,989
-
89,239
24,241
24,241
64,998
(74,731)
(9,733)
-
(9,733)
91,424
(9,733)
81,691|Capital funds
2025
£
-
-
-
-
506
506
(506)
74,731
74,225
(11,499)
62,726
477,296
62,726
540,022|Total
funds
2025
£
56,250
32,989
-
89,239
24,747
24,747
64,492
-
64,492
(11,499)
52,993
568,720
52,993
621,713|Total
funds
2024
£
31,250
29,618
40
60,908
23,470
23,470
37,438
-
37,438
(9,057)
28,381
540,339
28,381
568,720|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 14 form part of these financial statements.
Page 5
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2025**
|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**|23,750
34,023
57,773
(3,402)|2025
£
567,342
567,342
54,371
621,713
621,713
621,713
540,022
81,691
621,713|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|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Mrs C S Solan**
Trustee Date: 25 September 2025
The notes on pages 7 to 14 form part of these financial statements.
Page 6
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **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
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **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.
Page 8
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **3. Income from donations and legacies**
|Donations
Gift aid
**Total 2025**
Total 2024|Income fund
2025
£
45,000
11,250
56,250
31,250|Total
funds
2025
£
45,000
11,250
56,250
31,250|Total
funds
2024
£
25,000
6,250|
|---|---|---|---|
||||31,250|
|||||
## **4. Investment income**
|Income from UK listed investments
Income from non-UK listed investments
Other interest receivable
**Total 2025**
Total 2024|Income fund
2025
£
26,660
6,324
5
32,989
29,618|Total
funds
2025
£
26,660
6,324
5
32,989
29,618|Total
funds
2024
£
24,085
5,527
6|
|---|---|---|---|
||||29,618|
|||||
## **5. Other incoming resources**
|Other income
Total 2024|Income fund
2025
£
-
40|Total
funds
2025
£
-
40|Total
funds
2024
£
40|
|---|---|---|---|
|||||
Page 9
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **6. Costs of charitable activities by activity type**
|Donations in the year
Total 2024|Grant
funding
activities
2025
£
20,000
20,000|Total
funds
2025
£
20,000
20,000|Total
funds
2024
£
20,000|
|---|---|---|---|
|||||
## **7. Analysis of expenditure by activities**
|Income fund
Capital fund
**Total 2025**
Total 2024|Grant
funding
activities
2025
£
20,000
-
20,000
20,000|Governance
costs
2025
£
4,241
506
4,747
3,470|Total
funds
2025
£
24,241
506
24,747
23,470|Total
funds
2024
£
23,370
100|
|---|---|---|---|---|
|||||23,470|
||||||
Page 10
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **7. Analysis of expenditure by activities (continued)**
Governance costs
|Accountancy fees
Insurance
Custody fees
**Total 2025**
Total 2024|Income fund
2025
£
4,241
-
-
4,241
3,370|Capital fund
2025
£
-
-
506
506
100|Total
funds
2025
£
4,241
-
506
4,747
3,470|Total
funds
2024
£
3,120
250
100|
|---|---|---|---|---|
|||||3,470|
||||||
## **8. Independent examiner's remuneration**
||2025|2024|
|---|---|---|
||£|£|
|Fees payable to the Charity's independent examiner for the independent|||
|examination of the Charity's annual accounts|3,402|2,700|
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 11
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **10. Fixed asset investments**
|**Cost or valuation**
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
**Net book value**
At 5 April 2025
At 5 April 2024|2025
£
546,363
57,095
(24,617)
(11,499)|
|---|---|
||567,342|
||567,342|
||546,363|
The historical cost of the portfolio at 5th April 2025 was £391,028 (2024: £388,102).
## **Analysis of investments at 5 April 2025 between funds**
|**Listed investments**
UK Quoted Shares
Non-UK Quoted Shares
**Other Investments**
UK Cash held as part of Portfolio
**Total 2025**
Total 2024|Income fund
2025
£
-
-
-
27,320
27,320
27,320
29,611|Capital fund
2025
£
393,998
115,200
509,198
30,825
30,825
540,023
516,752|Total
funds
2025
£
393,998
115,200
509,198
58,145
58,145
567,343
546,363|Total
funds
2024
£
379,397
135,943|
|---|---|---|---|---|
|||||515,340
31,023|
|||||31,023|
|||||546,363|
||||||
Page 12
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **11. Debtors**
|**Due within one year**
Other debtors
**12.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income
**13.**
**Statement of funds**
**Statement of funds - current year**|2025
£
23,750
23,750
2025
£
3,402|2024
£
12,500|
|---|---|---|
||||
|||12,500|
|||2024
£
2,700|
||||
|**Income funds**
Income fund
**Capital funds**
Capital fund
**Total of funds**|Balance at 6
April 2024
£
91,424
477,296
568,720|Income
£
89,239
-
89,239|Expenditure
£
(24,241)
(506)
(24,747)|Transfers
in/out
£
(74,731)
74,731
-|Gains/
(Losses)
£
-
(11,499)
(11,499)|Balance at 5
April 2025
£
81,691|
|---|---|---|---|---|---|---|
|||||||540,022|
|||||||621,713|
The transfer relates to a transfer from income each year to the capital fund account.
Page 13
Docusign Envelope ID: BD311558-B9B4-4250-889F-FD3B268D154B
## **L C TAUSSIG CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **13. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Income Funds**
Income Fund
**Capital Funds**
Capital fund
**Total of funds**|Balance at
1 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|
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior year**
Fixed asset investments
Current assets
Creditors due within one year
**Total**|Income fund
2025
£
27,320
57,773
(3,402)
81,691
Income fund
2024
£
69,067
25,057
(2,700)
91,424|Capital fund
2025
£
540,022
-
-
540,022
Capital fund
2024
£
477,296
-
-
477,296|Total
funds
2025
£
567,342
57,773
(3,402)|
|---|---|---|---|
||||621,713|
||||Total
funds
2024
£
546,363
25,057
(2,700)|
||||568,720|
Page 14