Charity number: 245207 THE BERTIE BLACK FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE BERTIE BLACK FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balanco Sheot Notes to the Financial Statements 8-17
THE BERTIE BLACK FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2023 Trustees Mrs C Black Mr H S Black Mrs l R Seddon Mr I Seddon Mrs D Black Charlty reglstered number 245207 Reglstered Address Ground Floor 4 Portsdown Mews London NW117HD Independent Examlner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bank Barclays Bank plc Cornwall Street Plymouth Devon PL12HA Sollcltors Chades Russell Speechlys LLP 6 New Street Square London EC4A 3LX Page 1
THE BERTIE BLACK FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2023 The Trustees present their annual report together with the financial statements of the charity for the 6 April 2022 lo S April 2023. Objectives and activities a. Polieies and objectives The objectives of the Foundation are., the relief and assistan of poor and needy persons., the advancement of education., the advancement of religion., other purposes beneficial lo the community., The charity's main activity in the year was to satisfy the purposes of the foundation and to ensure financial stability in 8 period of continuing economic uncertianty- There is a review of the grant making policy 8nnually to ensu that it reflects the eh8rity'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 lo a range of UK charities with the value of grants totalling £70,411 12022 - £75,690). Achievements and performance Investment policy and perfomiance Our stock market investment advisors are instructed to invest lo maximise the lolal 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 propety investment is monitored regulady by the Iruslees. Financial review a. Going concem Although the Charity faced a fall in the value in ils investment portfolio at the year*nd, this has since been partially recovered. The Charity also has minimal fixed costs, with the main source of expenditure being gfftnls made to institutions which can be made 8t 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 8 material manner by the current Coronavirus outbreak. b. Financial perfomiance Investments during the year generated ineome of £124,311 12022 - £110,705). Costs of generating income lotalled £30,02712022 - £30,3771. The charity made a surplus before revaluation of investments for the year of £1 S,39312022 £116 deficit). Page 2
THE BERTIE BLACK FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2023 c. Reserves policy The Iruslees have a reserves policy whereby cash is kept at a level which will enable three months of operational costs lo be mel. Reserves in the form of investments are lo be kept to a level which will allow the charity lo generate income for the grant making program, whilst preserving sufficient capital lo enable grant making in fvture periods. Structure, govemance and management Constitution The Bertie Black Foundation is 8 registered charity, number 245207, and is constituted under a Trust deed dated 31 March 1965 and is 8n unincorporated 8SSOCi8tion. 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. Oryanisational structure and decision making The Foundab'on was established by 8n initi81 gift from Mr Bertie Black. The foundation is managed entirely by the Iruslees, there being no employees. The trustees a related lo or are family members of the descendants of the founder. Mr Bertie Black. Decisions are taken by a majority of trustees induding the power of appointment of new trustees. statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financi81 statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally AcpIed 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 slate of affairs of the charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are reqUId to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., 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 lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
THE BERTIE BLACK FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2023 Approved by order of the members of the board of Trustees and signed on their behalf by". Mr H S Black Trustee Dale. 2110112025 Page 4
THE BERTIE BLACK FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023 Independent Examiner's Report to the Trustees of The Bertie Black Foundation Ilhe charity'l I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2023. 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 I'lhe 2011 ACVI. 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 14515llbl of the 2011 Act. 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". accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act", or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conmIng the form and content of accounts set out in the Charities (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give a 'true and f81¢ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed.. Dated.. 2110112025 lan Saunderson, FCA BKL Audit LLP Chartered Accountants London Page 5
THE BERTIE BLACK FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments 1,000 124,311 1,000 124,311 1.000 170,705 Total income 125,311 125,311 111,705 Expenditure on: Raising funds Charitable activities 30.027 79,891 30.027 79,891 30,37T 81,212 Total expenditure 109,918 109,918 171,589 Nel gainslllossesl on investments {235.2451 {235.2451 463,834 Net movement in funds {219,8521 {219,8521 463.950 Reconciliation of funds: Total funds brought forward Nel movement in funds 5.012.669 {219.8521 5,012.669 {219.8521 4,548,719 463,950 Total fund$ carried forward 4,792,817 4,792,817 5,072,669 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 17 form part of these financial slalemenls. Page 6
THE BERTIE BLACK FOUNDATION BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Note Flxed assets Investments Investment property 10 4,506,279 300,000 4, 729.393 300,000 4,806,279 5,029,393 Current assets Cash al bank and in hand 51 51 Creditors.. amounts falling due within one year {13,513) (16, 724) Net current liabilities 113.4621 f76, 724) Total net assets 4,792,817 5,012,669 Charity funds Unrestricted funds 12 4.792,817 5,012,669 Total funds 4,792,817 5,012,669 The financial stslemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. It. Ekck Mr H S Black Dale.. 2110112025 The notes on pages 8 10 17 form part of these financial slatemenls. Page 7
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 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 IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities." Statement of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. The Bertie Black Foundation conslitules a public benefit entity as defined by FRS 102 as issued on 31 January 2022. 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 al the year end. As such, the Iruslees consider that the Charity is able to continue ils activities for a period of al least twelve months from the dale of signature of these accounts and the accounts have therefore been prepared on a going concem basis. 1.3 Income All income is recognised once the charity has entitlement lo the income, it is probable that the income will be received and the amoLJnt 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 paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. ExpenditLJre is classified by activity. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 inVoed in undertaking each activity. Direct costs attributable lo 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 lo a single activity are apportioned between those activities on a basis consistent with the use of resoLJrces. 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 ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 8
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies Icontinuedl 1.4 Expenditure {continued) Expenditure on charitable activities is incurred on direcuy 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 mel at the year end are noted as a commitment, bul 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 nolificalion of the interest paid or payable by the Bank. 1.6 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on inveslmenls, in the Slalement 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 dale of acquisition or opening of the deposit or similar account. 1.9 Liabilities Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised al the amount that the charity anlicipales it will pay lo settle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Page 9
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies Icontinuedl 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 al their selllemenl value with the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.11 Fund accounting General fvnds are unreslricled fvnds 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. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Donations 1,000 1,000 Unrestricted funds 2022 Total funds 2022 Donations I,(X70 1,000 Investment income Unrestricted funds 2023 Total funds 2023 Rental income Investment (dividend and interest) income Bank interest 33,352 90,814 145 33,352 90,814 145 124,311 124,311 Page 10
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Investment income Icontinuedl Unrestricted funds 2022 Total funds 2022 Rental income Investment (dividend and interest) income 35,472 75,233 35,472 75,233 110, 705 110,705 Cost of ralslng funds Unrestrlcted funds 2023 Total funds 2023 Investment management fees and overseas withholding taxes Bank charges Propety management costs 28,777 250 28,777 250 1,000 1,000 30,027 30,027 Unrestrict8d funds 2022 Total funds 2022 Investment management fees and overseas withholding taxes Propety management costs 29,377 7,000 29,377 1,000 30,377 30,37T Page11
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Analysis of grants Grants to Institutions 2023 Total funds 2023 Supporting good causes 70,411 70,411 Grants to Institutions 2022 Total funds 2022 Supporting good causes 75,690 75,690 The charity has made the following material grants to institutions during the year.. 2023 2022 Main recipients of institutional grants Chai Cancer Care 7,500 16.500 7.500 6,000 7,500 15.000 Jewish Care UK Jewish Film 7,500 5,000 10,000 World Jewish Relief JW3 Development Food bank aid GIFT Totsl of all grants under £5,000 7.500 5.000 20,411 5,000 25,690 70,411 75,690 Analysis of charitable exponditure 2023 2022 Community Culture Health 55.093 6.568 8,750 37,716 13,224 24, 750 70,411 75,690 Page 12
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Analysis of expenditure by activities Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting good causes 70,411 9,480 79,891 Grant funding ol activities 2022 Support Gosts 2022 Total funds 2022 Supporting good causes 75,690 5,522 81,212 Analysis of support costs Supporting good causes 2023 Total funds 2023 Trustee expenses Accountancy fees 3,000 6,480 3,000 6,480 9,480 9,480 Supporting good causes 2022 Total funds 2022 Accountancy fees 5,522 5,522 Page 13
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Independent examiner's remuneration The Independent Examination fee amounts to £5,52012021- £4,800). Net incomelexpendituro During the year, no Trustees reiVed any renumeralion12022 - £NILI During the year, no Trustees reiVed any benefits In kind12022 - £NILI. During the year, One Trustee reiVed £3,000 of reimbursement of expenses12022 - £NILI. Investment property Freehold Investment property Valuation At 6 April 2022 300,000 At S April 2023 300,000 The Iruslees have considered the market value of the investment propety at the year end and believe there to be no material change from the prior year. Page 14
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 10. Fixed asset investments Listed investments Cash Total Cost or valuatlon At 6 April 2022 Additions Disposals Revaluations 4,689,134 470.165 1429.275} 1235,245} 40,259 1548.9411 520.182 4,729,393 178.7761 90,907 {235,2451 At 5 April 2023 4,494,779 11,500 4,506,279 Net book value At 5 April 2023 4,494,779 11,500 4,506,279 At 5 April 2022 4,689. 134 40.259 4, 729.393 Fixed asset investments are held in the UK, Europe. North America, in the Far East and Australia. 11. Creditors: Amounts falling due within one year 2023 2022 Bank overdrafts Accruals and deferred income 2.495 11.018 9,380 7,344 13,513 16,724 Page 15
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 12. Statement of funds statement of funds - current year Balance at 6 April 2022 Gainsl Balance at 5 (Losses) April 2023 Income Expenditure Unrestricted funds General Funds - all funds 5.012,669 125.311 {109.9181 1235.245} 4.792,817 Statement of funds - prior year Balan at 6 Apnl 2021 Gains/ Balan at (Losses) 5 Apnl 2022 Income Expenditure Unrestricted funds General Funds - all fvnds 4,548,719 111.705 {17 1.589) 463.834 5.072.669 Page 16
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Fixed asset investments 4,506,279 300,000 51 4.506,279 300,000 51 Investment property Current assets Creditors due within one year 113,5131 113.5131 Totsl 4,792,817 4,792,817 Anatysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Fixed asset investments Investment propety Creditors due within one year 4, 729.393 300,(X70 (16, 724) 4. 729.393 300,000 (16, 724) Totsl 5,012,669 5,072,669 14. Related party transactions Administrative overheads are provided al Nil cost by Yelverton Properties Limited, an associate company of the Trustees. These serVIS are valued al £1,000 12022.. £1,000) and included in donations (note 21 and costs of raising funds (note 41. Page 17