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2021-04-05-accounts

Charity number: 245207

THE BERTIE BLACK FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE BERTIE BLACK FOUNDATION

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 - 16

THE BERTIE BLACK FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021

Trustees Mrs C Black
Mr H S Black
Mrs I R Seddon
Mr I Seddon
Mrs D Black
Charity registered
number
245207
Registered Address
Ground Floor
4 Portsdown Mews
London
NW11 7HD
Accountants
Berg Kaprow Lewis LLP
Chartered Accountants
35 Ballards Lane
London
N3 1XW
Bank
Barclays Bank plc
Cornwall Street
Plymouth
Devon
PL1 2HA
Solicitors
Charles Russell Speechlys LLP
6 New Street Square
London
EC4A 3LX

Page 1

THE BERTIE BLACK FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their annual report together with the financial statements of the charity for the 6 April 2020 to 5 April 2021.

Objectives and activities

a. Policies and objectives

The objectives of the Foundation are;

The charity's main activity in the year was to satisfy the purposes of the foundation and to ensure financial stability in a period of continuing economic uncertianty.

There is a review of the grant making policy annually to ensure that it reflects the charity's objectives and thereby advances public benefits.

b. Main activities undertaken to further the charity's purposes for public benefit

The foundation has continued its established grant making policy to achieve its objects for the public benefit.

During the year the charity made donations to a range of UK charities with the value of grants totalling £75,875 (2020 - £78,899).

Achievements and performance

a. Investment policy and performance

Our stock market investment advisors are instructed to invest to maximise the total return within the constraints of a medium to low risk investment portfolio. The high level of stock market volatility, Brexit risks and the continuing uncertainty regarding world economic prospects continues to make the management of investments difficult.

The rental income and market value of the Foundation's property investment is monitored regularly by the trustees.

Financial review

a. Going concern

Although the Charity faced a fall in the value in its investment portfolio at the year-end, this has since been partially recovered. The Charity also has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy net asset position at the year end.

The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likely to be affected in a material manner by the current Coronavirus outbreak.

b. Financial performance

Investments during the year generated income of £107,060 (2020 - £140,192). Costs of generating income totalled £29,586 (2020 - £31,136). The charity made a deficit before revaluation of investments for the year of £2,201 (2020 surplus - £25,757).

Page 2

THE BERTIE BLACK FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

c. Reserves policy

The trustees have a reserves policy whereby cash is kept at a level which will enable three months of operational costs to be met. Reserves in the form of investments are to be kept to a level which will allow the charity to generate income for the grant making program, whilst preserving sufficient capital to enable grant making in future periods.

Structure, governance and management

a. Constitution

The Bertie Black Foundation is a registered charity, number 245207, and is constituted under a Trust deed dated 31 March 1965 and is an unincorporated association.

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. Organisational structure and decision making

The Foundation was established by an initial gift from Mr Bertie Black. The foundation is managed entirely by the trustees, there being no employees. The trustees are related to or are family members of the descendants of the founder. Mr Bertie Black. Decisions are taken by a majority of trustees including the power of appointment of new trustees.

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:

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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr H S Black H. Black Trustee

Date: 01/02/2022

Page 3

THE BERTIE BLACK FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021

Independent Examiner's Report to the Trustees of The Bertie Black Foundation ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2021.

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.

Ian Saunderson 01/02/2022

Signed:

Dated:

Ian Saunderson, FCA

Berg Kaprow Lewis LLP Chartered Accountants London

Page 4

THE BERTIE BLACK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note
Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
1,000
107,060
108,060
29,586
80,675
110,261
881,336
879,135
3,669,584
879,135
4,548,719		 Total
funds
2021
£
1,000
107,060
108,060
29,586
80,675
110,261
881,336
879,135
3,669,584
879,135
4,548,719		 Total
funds
2020
£
1,000
140,192
141,192
31,136
84,299
115,435
(465,495)
(439,738)
4,109,322
(439,738)
3,669,584

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 7 to 16 form part of these financial statements.

Page 5

THE BERTIE BLACK FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2021

Note
Fixed assets
Investments
10
Investment property
9
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total net assets
Charity funds
Unrestricted funds
13
Total funds		 590
35,660
36,250
(6,645)		 2021
£
4,219,114
300,000
4,519,114
29,605
4,548,719
4,548,719
4,548,719		 2,041
15,871
17,912
(12,578)		 2020
£
3,364,250
300,000
3,664,250
5,334
3,669,584
3,669,584
3,669,584

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

H. Black

Mr H S Black

01/02/2022

Date:

The notes on pages 7 to 16 form part of these financial statements.

Page 6

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 notes 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 Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Bertie Black Foundation constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy net asset position at the year end.

As such, the trustees consider that the Charity is able to continue its activities for a period of at least twelve months from the date of signature of these accounts and the accounts have therefore been prepared on a going concern basis.

1.3 Income

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.

1.4 Expenditure

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.

Page 7

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.4 Expenditure (continued)

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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 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 Bank.

1.6 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.

1.7 Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

1.8 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.

Page 8

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.9 Liabilities

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 within interest payable and similar charges.

1.10 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.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

2. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
1,000
Unrestricted
funds
2020
£
Donations
1,000		 Total
funds
2021
£
1,000
Total
funds
2020
£
1,000

Page 9

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

3. Investment income

Unrestricted
funds
2021
£
Rental income
35,096
Investment (dividend and interest) income
71,964
107,060
Unrestricted
funds
2020
£
Rental income
34,818
Investment (dividend and interest) income
105,374
140,192
Cost of raising funds
Unrestricted
funds
2021
£
Investment management fees and overseas withholding taxes
28,586
Property management costs
1,000
29,586		 Total
funds
2021
£
35,096
71,964
107,060
Total
funds
2020
£
34,818
105,374
140,192
Total
funds
2021
£
28,586
1,000
29,586

4. Cost of raising funds

Page 10

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

4. Cost of raising funds (continued)

Investment management fees and overseas withholding taxes
Property management costs
Analysis of grants		 Unrestricted
funds
2020
£
30,136
1,000
31,136
Grants to
Institutions
2021
£
75,875
Grants to
Institutions
2020
£
78,899		 Total
funds
2020
£
30,136
1,000
31,136
Total
funds
2021
£
75,875
Total
funds
2020
£
78,899

5. Analysis of grants

Page 11

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

5. Analysis of grants (continued)

The charity has made the following material grants to institutions during the year:

Main recipients of institutional grants
Chai Cancer Care
Jewish Blind and Disabled
Jewish Care
UK Jewish Film
World Jewish Relief
JW3 Development
British Friends Jaffa Institute
GIFT
Total of all grants under £5,000		 2021
£
7,500
-
15,000
7,500
5,000
10,000
-
5,000
25,875
75,875		 2020
£
7,500
5,000
15,000
-
-
10,000
15,000
-
26,399
78,899
Analysis of charitable expenditure
Community
Culture
Health		 2021
£
54,932
12,893
8,050
75,875		 2020
£
37,626
12,573
28,700
78,899

6. Analysis of expenditure by activities

Grant
funding of Support Total
activities costs funds
2021 2021 2021
£ £ £
75,875 4,800 80,675

Page 12

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

6. Analysis of expenditure by activities (continued)

Grant
funding of Support Total
activities costs funds
2020 2020 2020
£ £ £
78,899 5,400 84,299

Analysis of support costs

Accountancy fees
Accountancy fees		 Activities
2021
£
4,800
Activities
2020
£
5,400		 Total
funds
2021
£
4,800
Total
funds
2020
£
5,400

7. Independent examiner's remuneration

The Independent Examination fee amounts to £4,800 (2020 - £4,800).

8. Net income/expenditure

During the year, no Trustees received any renumeration (2020 - £NIL) During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, no Trustees received any reimbursement of expenses (2020 - £NIL).

Page 13

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

9. Investment property

Valuation
At 6 April 2020
At 5 April 2021		 Freehold
investment
property
£
300,000
300,000

The trustees have considered the market value of the investment property at the year end and believe there to be no change from the prior year.

10. Fixed asset investments

Cost or valuation
At 6 April 2020
Additions
Disposals
Revaluations
At 5 April 2021
Net book value
At 5 April 2021
At 5 April 2020		 Listed
investments
£
3,279,440
749,471
(725,836)
881,336
4,184,411
4,184,411
3,279,440		 Cash
£
84,810
779,691
(829,798)
-
34,703
34,703
84,810		 Total
£
3,364,250
1,529,162
(1,555,634)
881,336
4,219,114
4,219,114
3,364,250

Fixed asset investments are held in the UK, Europe. North America, in the Far East and Australia.

Page 14

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

11. Debtors

Due within one year
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Accruals and deferred income		 2021
£
-
590
590
2021
£
6,645		 2020
£
1,300
741
2,041
2020
£
12,578

12. Creditors: Amounts falling due within one year

13. Statement of funds

Statement of funds - current year

Balance at 6 Gains/ Balance at 5
April 2020 Income Expenditure (Losses) April 2021
£ £ £ £ £
Unrestricted funds
General Funds - all funds 3,669,584 108,060 (110,261) 881,336 4,548,719
Statement of funds - prior year
Balance at Gains/ Balance at
6 April 2019 Income Expenditure (Losses) 5 April 2020
£ £ £ £ £
Unrestricted funds
General Funds - all funds 4,109,322 141,192 (115,435) (465,495) 3,669,584

Page 15

THE BERTIE BLACK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Fixed asset investments
4,219,114
Investment property
300,000
Current assets
36,251
Creditors due within one year
(6,646)
Total
4,548,719		 Total
funds
2021
£
4,219,114
300,000
36,251
(6,646)
4,548,719

Analysis of net assets between funds - prior year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
3,364,250
300,000
17,912
(12,578)
3,669,584		 Total
funds
2020
£
3,364,250
300,000
17,912
(12,578)
3,669,584

15. Related party transactions

Administrative overheads are provided at Nil cost by Yelverton Properties Limited, an associate company of the Trustees. These services are valued at £1,000 (2020: £1,000) and included in donations (note 2) and costs of raising funds (note 4).

During the prior year, the Foundation paid £1,300 to one of the trustees in anticipation of future costs to be incurred by that trustee for work undertaken on behalf of the Foundation. Due to the Coronavirus outbreak, these costs were never incurred and the balance was included within other debtors at the end of the prior year. The balance has now been fully repaid.

Page 16