Charity number: 245207 THE BERTIE BLACK FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 Balance Sheet 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 2024 Trustees Mrs C Black Mr H S Black Mrs l R Seddon Mr I Seddon Charity registered number 245207 Registered Address Ground Floor 4 Portsdown Mews London NW117HD Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bank Barclays Bank plc Cornwall Street Plymouth Devon PL12HA 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 2024 The Trustees present their annual report together with the financial statements of the charity for the 6 April 2023 to 5 April 2024. Objectives and activities a. Policies and objectives The objectives of the Foundation are- the relief and assistance of poor and needy persons- - the advancement of education; the advancement of religion., - other purposes beneficial to the community" 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 £88,473 (2023 - £70,411). Achievements and performance a. Investment policy and perforniance 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 . 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 circUmstanS 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 perforniance Investments during the year generated income of £148,312 (2023 - £124,311). Costs of generating income totalled £31,078 {2023 - £30,027). The charity made a deficit before revaluation of investments for the year of £20,357 (2023 - £15,393). Page 2
THE BERTIE BLACK FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 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. . 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 accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). 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 reSoUrs, 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 judgments 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 conrn 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 disdose 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 Trustee Date: 2110312025 Page 3
THE BERTIE BLACK FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 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 2024. Responsibilities and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charitys 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)Ib) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confimi 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 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 fairf view which is not a matter considered as part of an independent examination. I have no COnrnS 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. Signed. SaMhs18kSQ Dated: 2110312025 lan Saunderson, FCA BKL Audit LLP Chartered Accountants London Page 4
THE BERTIE BLACK FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 1,000 148.312 1,000 148.312 1,000 124,311 Total income 149.312 149.312 125,311 Expenditure on: Raising funds Charitable activities 31.078 97,877 31.078 97,877 30,027 79,891 Total expenditure 128,955 128,955 109,918 Net gainsl(losses) on investments 235.525 235.525 (235,245J Net movement in funds 255.882 255.882 (219, 852J Reconciliation of funds: Total funds brought forward Net movement in funds 4,792.817 255,882 4.792.817 255,882 5,012,669 (219, 852) Total funds carried forward 5,048,699 5,048,699 4, 792,817 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 2024 2024 2023 Note Fixed assets Investments 10 4,715,221 300.000 4, 506,279 300,000 Investment propety 5,015,221 4, 806,279 Current assets Debtors 1.393 43,605 Cash at bank and in hand 51 44.998 51 Creditors.. amounts falling due within one year 12 {11.520) (13,513J Net current assets I liabilites 33,478 (13,462) Total net assets 5,048.699 4, 792,817 Charity funds Unrestricted funds 13 5,048,699 4, 792,817 Total funds 5,048.699 4, 792,817 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr H S Black Trustee Date: 2110312025 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 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended practi 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 fairf 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 Practi effective from 1 April 2005 which has Sin been withdrawn. 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 elve months from the date of signature of these accounts and the accounts have therefore been prepared on a going conrn 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. 1A 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. Expenditure 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 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 beeen 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 fvnds 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. Page 7
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (continued) 1A Expenditure (continued) 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 fijnds held on deposit is included when re1vable and the amount can be measured reliably by the charity- this is nomially 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 'Gainsl(Lossesl on investments, in the Statement of Financial Activities. 1.7 Investment property Investment propety 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 indudes 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. 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 reIVed as advanced payments for the goods or ServIS 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. Page 8
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (continued) 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 exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.11 Fund accounting General funds are unrestricted fijnds 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 2024 Total funds 2024 Donations 1,000 1.000 Unrestricted funds 2023 Total funds 2023 Donations 1,000 1,000 Investment income Unrestricted funds 2024 Total funds 2024 Rental income 34,676 104,758 8,878 34,676 104.758 8,878 Investment {dividend and interest) income Bank interest 148,312 148,312 Page 9
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investment income (continued) 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 Cost of raising funds Unrestricted funds 2024 Total funds 2024 Investment management fees and overseas withholding taxes Property management costs 30,078 1,000 30,078 1,000 31,078 31,078 Unrestricted 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 Page 10
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Anatysis of grants Grants to Institutions 2024 Total funds 2024 Supporting good causes 88,473 88,473 Grants to Institutions 2023 Total funds 2023 Supporting good causes 70,411 70,411 Page11
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Anatysis of grants (continued) The charity has made the following material grants to institutions during the year: 2024 2023 Main recipients of institutional grants Chai Cancer Care 7,500 15.000 7,500 6.325 7,500 7,500 16,500 7,500 6,000 7,500 5,000 Jewish Care UK Jewish Film World Jewish Relief Food bank aid GIFT British Friends of Jaffa Institute British Emunah 7,500 5.000 32,148 Total of all grants under £5.000 20,411 88.473 70,411 Anatysis of charitsble expenditure 2024 2023 Community Culture Health 75,748 10,325 2,400 55,093 6,568 8, 750 88,473 70,411 Anatysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting good causes 88,473 9,404 97,877 Page 12
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Anatysis of expenditure by activities (continued) Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting good causes 70,411 9,480 79,891 Anatysis of support costs Supporting good causes 2024 Total funds 2024 Trustee expenses Bank charges Valuation expenses Accountancy fees 66 66 242 6,000 3,096 242 6.000 3,096 9,404 9,404 Supporting good causes 2023 Total funds 2023 Trustee expenses Accountancy fees 3,000 6,480 3,000 6,480 9,480 9,480 Independent examiner's remuneration The Independent Examination fee amounts to £5,880 {2023- £5,640}. Page 13
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Net incomelexpenditure During the year, no Trustees received any renumeration {2023 - £NIL) During the year, no Trustees received any benefits in kind (2023 - £NIL). During the year, 1 Trustee received £66 of reimbursement of expenses (2023- £3,000). Investment property Freehold investment property Valuation At 6 April 2023 300,000 At 5 April 2024 300,000 The trustees 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. 10. Fixed asset investments Listed investments Cash Total Cost or valuation At 6 April 2023 Additions 4,494,779 11,552 4,506,331 969.336 1,247,615 2.216,951 11,015,704) (1,227,882) 12,243,586 235.525 235.525 Disposals Revaluations At 5 April 2024 4,683,936 31,285 4,715,221 Net book value At 5 April 2024 4,683.936 31,285 4.715.221 At 5 Apnl 2023 4,494, 779 11.552 4, 506,331 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 2024 11. Debtors 2024 2023 Due within one year Prepayments and accrued income 1.393 1,393 12. Creditors: Amounts falling due within one year 2024 2023 Bank overdrafts Accruals and deferred income 2,495 11,018 11.520 11,520 13,513 13. Ststement of funds ststement of funds - current year Balance at 6 April 2023 Gainsl Balance at S (Losses) April 2024 Income Expenditure Unrestricted funds General Funds- all funds 4,792,817 149,312 1128,955) 235,525 5,048,699 ststement of funds - prior year Balan at 6 Apnl 2022 Gain Balance at (Losses) 5 April 2023 Income Expenditure Unrestricted funds General Funds- all funds 5,012,669 124,311 (108,918) (235, 245) 4, 792, 817 Page 15
THE BERTIE BLACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Analysis of net assets between funds Anatysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 4,715,221 300,000 44,998 (11,5201 4.715,221 300,000 44,998 (11,520) Investment property Current assets Creditors due within one year Total 5,048,699 5,048,699 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments 4, 506,279 300, 000 51 4, 506,279 300,000 51 Investment propety Current assets Creditors due within one year (13,513) (13,513) Total 4, 792,817 4, 792, 817 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 (2023.. £1,000) and included in donations (note 21 and costs of raising funds. During the year, the charity had paid £7.200 of expenses to Yelverton Properties Limited (2023.. £Nil) Page 16