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2022-04-05-accounts

CHARITY NUMBER: 246636

THE JOE HYMAN CHARITABLE TRUST

ACCOUNTS

5[TH] APRIL 2022

TC Group Level 1 Devonshire House One Mayfair Place London W1J 8AJ

1

THE JOE HYMAN CHARITABLE TRUST CHARITY NO 246636

Contents PAGE
Legal and Administrative Information 1
Report of the Trustees 2
Report of the Independent Examiner 6
Income and Expenditure Account 8
Balance Sheet 9
Notes to the Accounts 10

2

THE JOE HYMAN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 5 APRIL 2022

TRUSTEES

Mrs Simone Hyman Mr David Richard Leigh

INDEPENDENT EXAMINER

TC Group Level 1 Devonshire House One Mayfair Place London W1J 8AJ

BANKERS

Lloyds Private Banking Mayfair Branch 50 Grosvenor Street London W1K 3LF

PRINCIPAL OFFICE

Level 1 Devonshire House One Mayfair Place London W1J 8AJ

DAY-TO-DAY MANAGER

Mrs Simone Hyman

THE JOE HYMAN CHARITABLE TRUST ANNUAL REPORT YEAR ENDED 5 APRIL 2022

The Trustees present their annual report and the financial statements for the year ended 5 April 2022.

The financial statements are presented in the form of a statement of financial activities which complies with the Statement of Recommended Practice for Charities (SORP 2005); section 17 (5) of the Charities Act 2011; relevant accounting standards and the Trust Deed.

Constitution and Organisation

The Joe Hyman Charitable Trust is constituted by Deed of Trust dated 5 July 1965 and is registered Charity No 246636. The Charity Trustees during the year were

Mrs Simone Hyman Mr David Richard Leigh

There were no changes in the Trustees during the year. There are no limits on the term that a Trustee may serve. Were there a requirement for new Trustees these would be identified and appointed by the remaining Trustees. Trustees are given training when appropriate. The administration of the Trusts is carried out by Simone Hyman, a Trustee.

Objects of the Charity and Activities of the Trust

The object of the charity is to make a wide range of charitable donations at the discretion of the Trustees. The Trustees identify projects and organisations they wish to support as well as some organisations who apply speculatively. The Trust also have a policy of not responding to any correspondence unless it relates to Grants it has agreed to make or to the general management of the Trust.

Procedures and Policy for Grant Making

The Trustees consider what grants they will make based on formal applications stating how the funds could be used and what would be achieved. The trustees have a policy, which is communicated to all beneficiaries, that they make only one off grants with no guarantees of future funding.

Achievements and Performance of the Trust

During the year the Trust has made donations to a wide range of beneficiaries including the sick, disabled, elderly and disadvantaged. A full list is given on page 4.

2

THE JOE HYMAN CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES CONT’D YEAR ENDED 5 APRIL 2022

Financial Reviews

The net surplus for the year was £80,349, (2021: surplus of £301,800). At the end of year the reserves were £1,127,338 (2021: £1,046,989). The chief reason for the surplus in the year was the market conditions had recovered from the impact of Covid-19 in the prior year which had impacted the value of the Trust’s listed investments.

Principal sources of funding were investment income. Expenditure to various charitable organisations support the objectives of the Trust.

Investment income was up from £40,580 (2021) to £41,306 (2022) which was in line with expectations.

Investment Policy

The Trustees investment objectives are to achieve a balance between capital growth and to generate sufficient income to cover the distributions to charitable causes.

Following the sale of the Investment property on 3 September 2004 the Trust’s assets are mainly held in cash earning interest awaiting the appropriate moment to reinvest in the Stock Market.

Public Benefit

The Charity’s Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their power of duties.

The Trustees consider that the variety of donations being made benefit the public, most notably through donations to museums and religious institutions.

3

THE JOE HYMAN CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES CONT’D YEAR ENDED 5 APRIL 2021

ANNUAL DONATIONS MADE IN THE YEAR

13/04/2021
Tate
12/05/2021
Belsize Square Synagogue (PY late)
06/10/2021
West London Synagogue
01/12/2021
Wateraid
01/12/2021
Marie Curie
01/12/2021
St. John’s ambulance
01/12/2021
RNLI
02/12/2021
Smile train
02/12/2021
The Dogs Trust
21/01/2022
Belsize Square Synagogue -current year
15/03/2022
Tate		 £
175
1,760
905
250
250
250
50
250
300
1,830
168
5,938

4

THE JOE HYMAN CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES CONT’D YEAR ENDED 5 APRIL 2022

Reserves Policy

The Trustees’ policy on reserves is to accumulate income on deposit account with interest paid gross and instant access for the purpose of making donations.

Risk Management

The Trustees have examined the major strategic business and operational risks which the charity faces. To date these have been mainly related to investment management and these have now been diversified into shares.

Future Plans

The Trustees intend to continue providing grants (equivalent to income earned) in future years.

Trustees’ Responsibilities in Relation to the Financial Statements

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and a fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:-

The trustees are responsible for keeping accounting records which 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. 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.

David Richard Leigh Signed on behalf of the Trustees Date: 22.02.2023

5

THE JOE HYMAN CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE JOE HYMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2022

This report is made solely to the Charity’s Trustees as a body, in accordance with section 144 (2) of the Charities Act 2011. Our work had been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body, for our work, or for the opinions we have formed. I report on the accounts of the Trust for the year ended 5 April 2022 which are set out on pages 8 to 12.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required if an audit, and consequently no opinion is given as to whether, the financial statement present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

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THE JOE HYMAN CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE JOE HYMAN CHARITABLE TRUST – CONT’D YEAR ENDED 5 APRIL 2022

Independent Examiner’s Statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with section 130 of the 2011 Act: and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

TC Group Level 1 Devonshire House One Mayfair Place London W1J 8AJ

Date: 22.02.2023

7

THE JOE HYMAN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2022

INCOME AND EXPENDITURE
INCOMING RESOURCES
Incoming Resources from
Generated Funds
Interest income
Dividend Income
Total Incoming Resources
RESOURCES EXPENDED
Charitable Activities
Grants/Donations payable (Page 4)
Support costs
Governance costs
Total Resources Expended
NET INCOMING
RESOURCES BEFORE
REVALUATIONS AND INVESTMENT
ASSET DISPOSALS
REALISED AND UNREALISED
INVESTMENT LOSSES
Profit (Loss) on sale of investments
Profit (Loss) on revaluation of investments
Net Surplus (Deficit) for year
GENERAL FUNDS BROUGHT FORWARD
GENERAL FUNDS CARRIED FORWARD
Note
2
3
4
Continuing Activities		 2022
2021
£
5,938
1,067
2,150
£
-
41,306
41,306
(9,155)
32,151
-
48,198
80,349
1,046,989
1,127,338
£
23,072
1,092
2,150
£
-
40,580
40,580
(26,314)
14,266
601
286,933
301,800
745,189
1,046,989

All the figures included in the statement of financial activities derive from continuing activities of the charity.

Total Recognised Gains and Losses

All recognised gains and losses are included in the statement of financial activities.

8

THE JOE HYMAN CHARITABLE TRUST BALANCE SHEET YEAR ENDED 5 APRIL 2022

FIXED ASSETS
Quoted Investments
Unquoted Investments
CURRENT ASSETS
Cash at bank and in hand
CREDITORS –
Amounts falling due within one year
Net Current Assets
Net Assets
CAPITAL AND RESERVES
GENERAL FUNDS
Note
4
5
6
7		 2022
£
68,791
(3,110)
£
1,051,657
10,000
1,061,657
65,681
£1,127,338
£1,127,338		 2021
£
96,475
(3,110)
£
943,624
10,000
953,624
93,365
£1,046,989
£1,046,989

Approved by the Trustees on: 22.02.2023

Mrs Simone Hyman

David Richard Leigh

9

THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2022

1. PRINCIPAL ACCOUNTING POLICIES

a) Accounting Convention

The financial statements are prepared under the historical cost convention except for investments which have been included at market value and in accordance with applicable accounting standards, the Charities Act 2011 and the Charities SORP 2005 (Accounting and Reporting by Charities)

The accounts have been prepared on the going concern basis which assumes that the Charity will continue in operational existence for the foreseeable future.

b)

Investment income and interest is accounted for in the period in which it is receivable.

Expenditure is included on an accruals basis. Irrecoverable VAT is charged to the SOFA as incurred.

Grants are made at the discretion of the Trustees to a wide range of beneficiaries. Grants are recognised once the Trust has made an unconditional commitment to pay the grant.

Support costs compromise costs for processing grants and applications, including the running of the charity itself as an organisation.

Unquoted Investment

The investment in Sceptredale Ltd has been included at £10,000 being the sum offered by the company’s majority shareholder in March 2004 which we, the Trustees, did not take up. However we felt it prudent to include this lower value in these accounts.

10

THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS – CONT’D YEAR ENDED 5 APRIL 2022

Quoted Investment

Quoted investments have been valued at market value of the balance sheet date. Unrealised and realised investment gains and losses are shown net in the statement of financial activities (see note 4 below).

Funds held by the Charity are not subject to any restriction to a use.

The Charity has taken advantage of the exemption conferred by FRS1 from presenting a Cashflow Statement as it qualifies as a small entity.

2. SUPPORT COSTS

Support costs include accountancy fees of £960 (2021 £960) and were paid to TC Group, a firm of which David R Leigh, a Trustee, is a Partner. This is permitted under provisions in the Trust Deed. No expenses were reimbursed to trustees during the year.

3. GOVERNANCE COSTS

Governance costs include £2,150 (2021 £2,150) in respect of Trust administration, which were paid to TC Group.

2022 2021
£ £
Independent examination 2,150 2,150

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THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS – CONT’D YEAR ENDED 5 APRIL 2022

4. INVESTMENTS QUOTED INVESTMENT

Henderson High
Income Trust
37,992 Ord 5p
shares
Merchant Trust
12,145 Ord 25p
shares
Edinburgh Invest
Trust 12,500 Ord
25p shares
Schroder Income
Growth 25,750
Ord 10p shares
Murray Income
Trust 8,000 Ord
25p shares
Standard life eqty
income 16,000
Ord 25p shares
Temple Bar
Investment Trust
5,450 Ord 25p
shares
Scot American
22,000 ordinary
£0.25 shares
LAW Debenture
Corp 11,000 Ord
£0.05 shares
Value & Income
TST 22,000 Ord
£0.10 shares
5,500 Princess
Private Equity
Ord Eur 0.001
shares
15,000 Smith
PLC Ord 10p
5,000 WPP Plc
Ord 10p shares
22,500 M&G Plc
Ord £0.05 shares
6,500 Phox Grou
8,000 Tate Lyle		 Market
Value
06/04/2021
Original
Cost
06/04/2021
Add’n
Disposal
Profit
(Loss) on
Disposal
Realised &
Unrealised
Profit
(Loss)
Book
Value
05/04/2022
Market
Value
05/04/2022
62,307
49,998
5,414
49,998
67,721
61,089
49,997
9,048
49,997
70,137
75,250
50,275
4,500
50,275
79,750
75,190
49,027
4,506
49,027
79,696
68,080
51,346
3,760
51,346
71,840
52,880
48,832
6,560
48,832
59,440
62,566
49,906
109
49,906
62,675
101,420
48,017
10,120
48,017
111,540
79,530
48,710
9,240
48,710
88,770
46,750
51,022
5,830
51,022
52,580
56,375
50,542
3,713
50,542
60,088
62,040
44,981
(14,100)
44,981
47,940
46,700
48,441
3,200
48,441
49,900
47,115
51,087
1,710
51,087
48,825
46,322
48,638
(5,785)
48,638
40,547
59,834
374
59,834
60,208
943,624
740,818
59,834
48,198
800,652
1,051,657

12

THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS – CONT’D YEAR ENDED 5 APRIL 2022

5. UNQUOTED INVESTMENTS

Sceptredale Ltd
40 ord ‘B’ £1 shares
(Dormant Land Owner company
Valued at offer price from majority
shareholder in 2004 which is still
relevant)		 Value
5 Apr 22
£10,000		 Value
5 Apr 21
£10,000

6. CREDITORS

Trust administration and accountancy
Independent examination		 2022
£
960
2,150
£3,110		 2021
£
960
2,150
£3,110

7. GENERAL FUND

General funds bought forward
Net Surplus (deficit) for the year (page 8)
General Funds carried forward		 2022
£
1,046,989
80,349
£1,127,338		 2021
£
745,189
301,800
£1,046,989

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