CHARITY NUMBER: 246636
THE JOE HYMAN CHARITABLE TRUST
ACCOUNTS
5[TH] APRIL 2024
TC Group Kings House 9 – 10 Haymarket London SW1Y 4BP
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 |
THE JOE HYMAN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 5 APRIL 2024
TRUSTEES
Mrs Simone Hyman Mr David Richard Leigh
INDEPENDENT EXAMINER
TC Group 9-10 Haymarket London SW1Y 4BP
BANKERS
Lloyds Private Banking Mayfair Branch 50 Grosvenor Street London W1K 3LF
PRINCIPAL OFFICE
9-10 Haymarket London SW1Y 4BP
DAY-TO-DAY MANAGER
Mrs Simone Hyman
1
THE JOE HYMAN CHARITABLE TRUST ANNUAL REPORT YEAR ENDED 5 APRIL 2024
The Trustees present their annual report and the financial statements for the year ended 5 April 2024.
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 2024
Financial Reviews
The net surplus for the year was £18,674 (2023: deficit of £39,678). At the end of year the reserves were £1,106,334 (2023: £1,087,660). The chief reason for the surplus in the year was the market conditions impacting 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 to £48,804 (2024) from £54,091 (2023) which was in line with expectations.
Investment Policy
The Trustees investment objectives are to achieve a balance between capital growths 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 invested 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 2024
ANNUAL DONATIONS MADE IN THE YEAR
| 03/04/2023 | Charity |
168.00 |
|---|---|---|
| 28/04/2023 | Royal botanical gardens |
130.00 |
| 03/05/2023 | Friends of the royal academy | 212.00 |
| 09/05/2023 | Belsize Square Synagogue | 1,990.00 |
| 04/08/2023 | Redmond concert group |
50.00 |
| 04/08/2023 | V&A museum |
119.00 |
| 27/10/2023 | West London Synagogue |
905.00 |
| 03/11/2023 | Tate |
168.00 |
| 17/01/2024 | Dog's trust |
300.00 |
| 18/01/2024 | Smile train |
300.00 |
| 25/01/2024 | RNLI |
60.00 |
| 25/01/2024 | National theatre |
80.00 |
| 31/01/2024 | Marie curie |
250.00 |
| 02/04/2024 | Wigmore Hall trust |
3,500.00 |
| Total |
8,232.00 |
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THE JOE HYMAN CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES CONT’D YEAR ENDED 5 APRIL 2024
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:-
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
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: 15.10.2024
5
THE JOE HYMAN CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE JOE HYMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2024
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 2023 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:
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Examine the accounts (under section 145 of the 2011 Act)
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To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act; and
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To state whether particular matters have come to my attention.
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.
6
THE JOE HYMAN CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE JOE HYMAN CHARITABLE TRUST – CONT’D YEAR ENDED 5 APRIL 2024
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act: and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
Have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper Understanding of the accounts to be reached.
TC Group 9-10 Haymarket London SW1Y 4BP
Date: 15.10.24
7
THE JOE HYMAN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2024
| 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 |
2024 2023 £ 8,232 1,244 2,460 £ 3,548 45,256 48,804 (11,936) 36,868 (11,710) (6,484) 18,674 1,087,660 1,106,334 £ 15,940 1,538 2,376 £ 399 53,692 54,091 (19,854) 34,237 (12,564) (61,351) (39,678) 1,127,338 1,087,660 |
|---|---|
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 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Quoted Investments | 4 | 880,550 | 947,639 | |||
| Unquoted Investments | 5 | 10,000 | 10,000 | |||
| 890,550 | 957,639 | |||||
| CURRENT ASSETS | ||||||
| Cash at bank and in hand | 218,894 | 133,131 | ||||
| CREDITORS – | (3,110) | (3,110) | ||||
| Amounts falling due within one year | 6 | |||||
| Net Current Assets | 215,784 | 130,021 | ||||
| Net Assets | £1,106,334 | £1,087,660 | ||||
| CAPITAL AND RESERVES | ||||||
| GENERAL FUNDS | 7 | £1,106,334 | £1,087,660 |
Approved by the Trustees on: 15.10.2024
Mrs Simone Hyman
David Richard Leigh
9
THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024
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
Investment income and interest is accounted for in the period in which it is receivable.
- c) Resources Expended
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.
- d) Fixed Asset Investments
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 2024
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).
- e) Funds
Funds held by the Charity are not subject to any restriction to a use.
- f) Cashflow Statement
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 £1,244 (2023 £1,538) 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 £2,460 (2023 £2,376) in respect of Trust administration, which were paid to TC Group.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent examination | 2,460 | 2,376 |
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THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS – CONT’D YEAR ENDED 5 APRIL 2024
4. INVESTMENTS QUOTED INVESTMENT
| Market | Original | Profit/ | Realised | Unrealised |
Book | Market | |
|---|---|---|---|---|---|---|---|
| Value | Cost | loss on | Profit |
Profit | Value | Value | |
| 06/04/2023 | 06/04/2023 Addition Disposal disposal | (Loss) | 05/04/2023 | 05/04/2024 | |||
| Henderson High | |||||||
| Income Trust | |||||||
| 37,992 Ord 5p | |||||||
| shares | 64,871.34 | 49,998.00 | - 6,173.70 | 49,998.00 | 58,697.64 | ||
| Merchant Trust | |||||||
| 12,145 Ord 25p | |||||||
| shares | 68,740.70 | 49,997.00 | - 5,222.35 | 49,997.00 | 63,518.35 | ||
| Edinburgh Invest | |||||||
| Trust 12,500 Ord | |||||||
| 25p shares | 81,875.00 | 50,275.00 | 4,000.00 | 50,275.00 | 85,875.00 | ||
| acqd June 2008 | |||||||
| Schroder Income | |||||||
| Growth 25,750 Ord | |||||||
| 10p shares | 77,378.75 | 49,027.00 | - 9,141.25 | 49,027.00 | 68,237.50 | ||
| acqd 26 May 2010 | |||||||
| Murray Income | |||||||
| Trust 8,000 Ord | |||||||
| 25p shares acq in | |||||||
| Aug 2011 | 67,440.00 | 51,346.00 | - 1,440.00 | 51,346.00 | 66,000.00 | ||
| Standard life eqty | |||||||
| income 16,000 Ord | |||||||
| 25p shares acq in | |||||||
| 2011/12 | 53,440.00 | 48,832.00 | - 8,800.00 | 48,832.00 | 44,640.00 | ||
| Temple Bar | |||||||
| Investment Trust | |||||||
| 5,450 Ord 25p | |||||||
| shares acq in | |||||||
| 2011/12 | 62,811.25 | 49,906.00 | 3,542.50 | 49,906.00 | 66,353.75 | ||
| Scot American | |||||||
| 22,000 ordinary | |||||||
| £0.25 shares | 110,660.00 | 48,017.00 | - 440.00 | 48,017.00 | 110,220.00 |
12
| 11,000 LAW | ||
|---|---|---|
| debenture corp Ord | ||
| £0.05 shares |
86,680.00 48,709.95 | - 110.00 48,709.95 86,570.00 |
| 22,000 Value & | ||
| Income TST Ord | ||
| £0.10 shares |
44,550.00 51,021.50 | - 8,690.00 51,021.50 35,860.00 |
| 5,500 Princess | ||
| Private Equity Ord | ||
| Eur 0.001 shares |
44,385.00 50,542.25 | 6,215.00 50,542.25 50,600.00 |
| 15,000 Smith PLC | ||
| Ord 10p |
46,125.00 44,981.00 | 15,375.00 44,981.00 61,500.00 |
| Purchase of 22500 | ||
| M&G 29/10/2019 |
42,716.25 51,086.76 | 4,173.75 51,086.76 46,890.00 |
| Purchase of 6500 | ||
| Phox Grou |
35,360.00 48,638.00 - | 227.50 48,638.00 35,587.50 |
| TATE LYLE of 7800 | 60,606.00 67,068.00 - - - 60,606.00 | - |
| 947,639.29 759,445.46 - - - 60,606.00 | - - 6,483.55 692,377.46 880,549.74 |
13
THE JOE HYMAN CHARITABLE TRUST NOTES TO THE ACCOUNTS – CONT’D YEAR ENDED 5 APRIL 2024
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 24 £10,000 |
Value 5 Apr 23 £10,000 |
|---|---|---|
6. CREDITORS
| Trust administration and accountancy Independent examination |
2024 £ 960 2,150 £3,110 |
2023 £ 960 2,150 £3,110 |
|---|---|---|
7. GENERAL FUND
| General funds bought forward Net Surplus (deficit) for the year (page 8) General Funds carried forward |
2024 £ 1,087,660 18,674 £1,106,334 |
2023 £ 1,127,338 (39,678) £1,087,660 |
|---|---|---|
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