THE JOSEPH & LENA RANDALL CHARITABLE TRUST Reglstered Charlty No. 255035 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023
THE JOSEPH & LENA RANDALL CHARITABLE TRUST CONTENTS Pago Trust Infonnation Rgport of the Trustee Report of thg Audltor Statement of Financlal Activities Balancg Shget Statement of Ca$hflow8 10 Accounting Policle8 Notes to thg Flnancial Statements 13-17
THE JOSEPH & LENA RANDALL CHARITABLE TRUST TRUST INFORMATION Trustee Rofrano Trustee Services Ltd Registered offl¢e Suite 1 3rd Floor 11-12 StJames's Square London SW1 Y 4LB Banke Rothschild Trust Guemsey Ltd P O Box 472, Sl Peters House, Le Bordage Sl Peter Port Guernsey ICII GYI 6AX AudRor PKF Littlejohn LLP Statutory Auditor 15 Westferry Circus Canary Wharf London E14 4HD Investment Managers Rothschild Bank International Limited St Julian's Court St Peter Port Guernsey GY13BP Charity Regl$tratlon Number 255035
THE JOSEPH & LENA RANDALL CHARITABLE TRUST REPORT OF THE TRUSTEE YEAR ENDED 5 APRIL 2023 The Trustee psents its report and the audited financial statements of the tharity for the year ended 5 April 2023. Thè Trustee has adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their financial statements in acCOrdar UK Generally Accepted Accounting Practice Objects and Publlc Beneflt The Trust was e5tsblished by a Deed of Settlement on 15 November 1967, exclusively for charitable purposes, at the discretion of the Trustee. The Trustee has had regard to the proposals Gontained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities. The Trustee reiVed many appeals during the year, and a number of new charities have benefited from our philanthropy for the first lime. All appeals are vetted scrupulousty and we try to respond sympathetically wherever possible, with the exception of circular letters and appeals from individuals that are not acdIted. The Joseph & Lena Charitsble Trust is a public benefit entity. Activities during the Year, Reserves and Investment Pollcy The Fund consists of predominanlty medium lo longer dated bond investments, but also a selecb'on of equitses and funds, producing a regular income stream, which after deduc16on of professional fees and adminislratsve costs {Ihe Trustee charges no costs whatsoever itself for any services) is distributed lo a selection of ovewhelmingly U.K. but also a handful of overseas registered charities, many of whom we have provided decades of regular support. Although we examine any appeals we receive and these are reviewed by our Iruslee, due to income constraints it has proved difficult to be able to offer support without depriving our regular beneficiaries, especially during the last decade of exedinglY low interest rates. In the financial year to 5 April 2023. our investments were negativety impacted by two gignificanl. and not entirely disconnected, emerging trends. Firstly, as already predicted our report last year, severe financial sanctions Imposed on a swathe of Russian borrowers in the international fixed income markets, as the international community rebuked Russia's unprovoked fijrther annexation of Ukraine, after 24 February full invasM)n. The impact spectficalty in our case was on two holdings". Russsan Railways (7.487% RZD Capital PLC 2011-311 and Gazprom14.25Vo NTS Gaz Capital SA 2017-06.04.24}. The former is impeded by international sanctions from paying its covenanted regular interest coupons, which depletes out distributable income, and explains why ils price in the market is quoted at a 300 discount to PAR. Gaz Capital has continued to disburse scheduled semi-annual interest payments,. however, it is unclear if these bonds will be redeemed at PAR, and if not the nature of such default and ils impact on investors. It happens that the earlier maturity happens to fall on the first day of our next financial year 06.04.24- 05.04.25 so the outcome is not likely to be evident., were Gaz Capital to defer reimbursemenl, tantarTh)unt to defaulL the market would mark the price down from the present low 80'$DA to next lo zero. Hence our annual income remains depleted for however long these impediments interrupt the ability of those borrowers to seNice their debt, and the market prices have been slashed accordingly. This was unpredictable and beyond our own purview. and clearfy in hindsight we ought not to have invested in any Russian counters. though previously considered solid credits. The second observed trend was the surge in inflation Iworldwidel and consequenlty savage marking down of values of fixed income investments as an ursprecedented fiscal ts'ghtening led by the U.S. Federal Reserve and pursued closely by the ECB and the Bank of England, intended to combat these inflationary forces, exponentially raised the discount frdGtor as policy interest rates were brutally raised. Significantly. given 90°h of our fund is invested in Sterling denominate assets l¢oncomitant our charities have always been overwhelmingly British organisalionsl the British ntral bank base rate was 0.75¥o when our financial year commenced, and ended at 4.250/0 by its close. That is an increase by a f&tor of nearly 6.
THE JOSEPH & LENA RANDALL CHARITABLE TRUST REPORT OF THE TRUSTEE YEAR ENDED 5 APRIL 2023 our bond portfolio remained unusually 5Uld throughout the year as we lth)k prophylactic action to exit several very long positions that are aayS the most vulnerable to a sharp increase in the discount rate. However this strategy plus the redemption of several other counters that we were hesitant to replace whilst yields were rising, thus making the book values vulnerable to write downs, meant that our income was affected delrimenlally, an we were obliged to restrict our donatlOf)s and we were regrettably unabte to respond positively lo so many worthy appeals, whilst on th8 Other hand we tried our very best to sustain our donations lo our regular charities that we have been endowing often for rreny decades. Statement of our solvenc asa oin concem On behalf of Rofrano Trustee Services Ltd the Directors declare that in their opinions that The Joseph & Lena Randall Charitable Trust is in a position of robust solvency and strong financial good health (currently al the time of writing) with net assets, easily liquidable, of approximately £1.9m and that it can meet all and any liabilities over at least the next 12 rrK)nlhs and moreover extending into the foreseeable future. In the year lo 5th April 2023 our total income was £72,494, compared to £69.848 in the previous year. Our grants decreased slightly to £69,770 compared to £70,611 the previous year. Over the 12 months the market value of our investment fund decreased marginalty from £1,880,381 to £1,852,319. On revaluation, al the latest dale available at the time of writing this report our portfolio has increased 7.5'h to £1,991,956. Our governance costs decregsed slightly from £9,407 to £8,973. Every year we emphasise that our Trustee does not charge any salaries, fees or in¢idenlal expenses nor for office administration, all of which are offered gratuitously. Trustee Rofrano Trustee servi Limited is the appointed Trustee to the Trust. The D1ctOrS of the Trustee Company throughout the year were.. D A Randall B Y Randall A C Randall Financlal Posltion Details of the Tnjsl's incoming and o¥Jtgoing resources in the ye8r are given in the Statement of Financial Activities on page 8. The Trusvs financial position at 5 April 2023 is set out in the Balance Sheet on page 9. Rlsk Management The Trustee has examined the strategic 2nd operational risks which the Trust fa¢es and confirms that steps that are appropriate lo the Trust have been taken to mitigate these risks. Reserves policy The Trustee's policy is lo prudently distribute recurrent net income, after disbursement of administrative expenses, including professional fees, generated by the Trust's portfolio. However, as all ftjnds are potenlsally available for distribution, the Trustee does not feel that it needs lo maintain a specific level of reserves.
THE JOSEPH & LENA RANDALL CHARITABLE TRUST REPORT OF THE TRUSTEE YEAR ENDED 5 APRIL 2023 Statement of trustee'8 responsiblltties Law 8pplicable lo charities in England and Wales requires the Trustee lo prepate Financial Statements for each financial year which give a true and fair view of the Chanty's financial aclivits'es during the year and rts financial position at the end of the year. In preparing those Financial Statement5 to give a true and fair view, the Trustee should follow best practice and.. select suitable Accounting Policies and then apply them consislenlly,. • observe the rnethods and principles of the Charities, SORP, Accounting and Reporting by Charities,. make judgments and accounting estimates that are reasonable and prudent,. stale whether applicable United Kingdom Generally Accepted Accounting Practice (United Klngdom Accounting Standards and applicable law} has been followed, disclosing and explaining any departures there from in the Financial Slalements." and prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Twstee is responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's Iransaclions and which disclose wrth reasonable accuracy at any time the financial posrtion of the Charity and which enables the Trustee to ascertain the financial position of the charity and lo ensure that the financial statements comply with applicable law and regulations. The Trustee is also responsible lor safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fr8ud and other irregularibes. Member¥ of the Trustee Board Members of the Trustee Board, who served during the year and up to the date of thi$ report. are set out on page We certify that. So far as we are aware, there is no relevant audit information of which the ¢harty's auditors are unaware,. and We have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and lo establish that the charity's auditors are 8ware ol that information. f the Trustee Director For and on behalf of Rofrano TfU5tee Services Limited ROFRANO TRUSTEE SERVICES LIMITED R8gisi&red ffi.. Suite 1-3rd Floor- 11112 SlJames's Square SW1Y4LB Registered in England & Wales Company N. 06621707 Directors .' D.A. Ranclall. Y.M. Randall, AC Randali 2024
THE JOSEPH & LENA RANDALL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITOR Oplnlon We have audited the financial statements of The Joseph & Lena Randall Charitable Trust (the 'charity'l for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balan Sheet, the Statement of Cashflows and notes lo the financial ststemenls, including significant accounting policies. The financial reporting framework th81 has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 rhe Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the state of the charfty's affairs as at 5 April 2023, and of its incoming resour$ and application of reSOu8S, including its income and expenditure, for the year then ended., have been property prepared in accordance wrth United Kingdom Generally Accepted Accounting Practi,. and have been prepared in acLordance with the requir8metnts of the Charities Act 2011. Basls for oplnlon We conducted our audit in a¢cordance with International Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditorf5 responsibilities for the audit ofthe financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statomenls in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relatlng to going concem In audrting the financial statements, we have concluded that the trustee's use of the going con¢em basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncert8inties reL8ting to events or conditions that, individually or collectivety, may Gasl significant doubt on the charity's ability lo continue as going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. Other inlomia*ion The other infomation comprises the information included in the report of the Iru5tee, other than the financial statements and our auditor's report thereon. The trustee is responsible for the othér information contained within the report of the trustee. Our opinion on the financial statements does not cover the other InfoTm8tion and we do not express any form of assurance conclusion Ihereon. Our SpOnsIbl11ty is tr) read the other information and, in doing so, consider whether the other information is materially in¢onsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misststed. If we identity such material inconsistencies or apparent material mi55tstemenls, we are reqUId to detemiine whether this gives rise lo a material misstatement in the financial Statements themselves. If, based on the work we have perfomied, we ¢on¢lude that there is a material misststement of this other information. we a required lo report that fact. We have nothing to rep)rt in this regard. Matters on whleh we are r9quired to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2008 require us to report lo you If, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the report of the trustee., or sufficienl accounting records have not been kept,. or the financial statements are nol in agreement with the accounting records., or we have not reiVed als the information and explanations we require for our audit.
THE JOSEPH & LENA RANDALL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITOR Responsibilities of the trustee As explained more fully in the statement of trustee's responsibilities statement, the trustee is responsible for the preparation of financial ststements which give a true and fair view, and for su¢h internal control as the Iruslee determines is necessary to enable the preparation Of finan¢ial statements that are free from material misstatement, whether due to fraud or error. In prep8rirsg the financial statements, the trustee is responsible for assessing the charity's ability to continue as going concern, disclosiTrg, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but lo do so. Auditor's responsibllitigs for th• audlt of the financial statsments We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS detect a material misstatement when it exists. Misststemenls can arise from fraud or error and a considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these ffnancial stalemenls. Irregularities, including fraud, a instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, oullined above, to delect material misstatemenls in respect of irregularities, including fraud. The extent tr) which our procedures are capable of detecting irregularities. including fraud is detailed below.. We obtained an understan¢Jing of the charity and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. We determined the principal law5 and regulalDns relevant to the charity in this regard to be those arising from the Charities Act 2011 and Charities IAccoLJnts and Reports) Regulations 2008. We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the charity with those laws and regulations. These prOdureS included, but were not limrted to enquiries of management and review of minutes. Wo also identified the risks of material misstatement of the financial statements due lo fraud. We consider any other risk, in addition io the non-rebuttable presumption of a risk of fraud arising from rnanagement override of controls. As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit ProdureS which included, bul were not limited to. reviewing accounting estimates for evidence of bias", and evaluating the business rationale of any significant tnSaCtiOnS that are unusual or outside the nomial course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all itregularities, including those leading lo a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected In the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than effor, 89 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financi81 Reporting Council's website at.. www.frc.or .uklauditorsres auditor's report. onsibilities. This description fomis part of our
THE JOSEPH & LENA RANDALL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITOR Use of our report This report15 made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulation5 2008. Our audit work has been undertaken so that we might slate lo the charity's trustee those matters we are qUired to state lo it in an auditor's retx)rt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the harity's Iruslee as a body, for our audit work, for this report. or for the opinions we have formed. ////,/ IL/ PKF Llttlejohn LLP Statutory Audltor 15 Westterry Circus Canary Wharf London E14 4HD 30 January 2024 PKF Littlejohn LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
THE JOSEPH & LENA RANDALL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Income and Expenditure Account) YEAR ENDED 5 APRIL 2023 2023 2022 Unrestricted Funds Total Unrestricted Funds Total Note Income from: Investments 72,494 69,848 Total In¢ome 72,494 69.848 Expenditure on: Charrtable aclivilies 178,8061 180,0861 Total expendituro (78.806) (80,086) Gainslllossesl on investments Foreign exchange losses 12,838 {5,4121 1276,7221 1581 Net Incomellexpenditure) 1,114 1287,018) Net movement In fundg 1,114 1287,018 Reconcilialion of funds: Total funds brought forward 1,915,456 2,202,474 Totsl fund8 carried forw•rd 1,916,570 1,915fv56 All income and expenditLsre derive5 from continuing activities. The statement of fi'nancial activib.es Includes all gains and losses renISed during the year The Accounting Policies and Notes on pages 11 to 17 form part of Ihese financial statements.
THE JOSEPH & LENA RANDALL CHARITABLE TRUST BALANCE SHEET AT 6 APRIL 2023 2023 2022 Note FIX assets Investments 1.852,319 1,880,381 Current ass•ts Debtors Cash at bank and in hand 23,765 45,763 22.432 17,620 69,528 40,052 Croditors: amounts lalllng dug withln on• year 5,277 14,977) Net ¢urront assets 64,251 35,075 Not assets 1,916.570 1,915N56 Charity Funds Unrestricted funds 1.916,570 1,915,456 Total Funds 1,916,570 1,915,456 The financial ststements were approved and authorised for tssue by the Tntstee on Signed on behalf of the Trustee 024. ROFRANO TRUSTEE SERVICES LIMITED D A Randall, Dlrector Rofrano Trustee SeNices Limited Trustee Régister Cffii'. Sulte 1.3rd Roor- 11112 Sl JawdSwar8 London SW1Y4LB Regksler8d In EnglarKI & Wales Company N. 06621707 Directors- D.A. Rand811, Y.M. Randall. A.C Randall The Accounting Pollcles and Notes on pages 11 to 17 fonn pari of these financsal statements.
THE JOSEPH & LENA RANDALL CHARITABLE TRUST STATEMENT OF CASHFLOWS AT S APRIL 2023 2023 2022 Note Cash flow from operallng acuvlties (79,8391 (73,5091 Nel cash flow {used Inl op9ratin9 activities (79,839) 173,5091 Cash flow from investing actlvlties Payments lo acquire investments Receipts from sales of investrnents Dividends, interest and rents received from investments Movement in cash held at investment managers Foreign exchange losses 1293,5101 157,317 72,494 171,681 1186,6021 408,446 69,848 1221,9431 158} Net cash flow provided by investing activities 107.982 69,749 Change In cash and cash equivalonts in the year 28.143 {3.7601 Cash and cash equlvalents at 6 April 17,620 21,380 Cash and cash equlvalents at 5 April 45,763 17.620 Cash and cash equival8nts Conslsts of: Cash at bank and in hand 45,763 17,620 Cash and cash equlvalents at 5 April 45,763 17,620 The Accounting Policies and Notes on pages 11 to 17 fonn part of these financial stalemenls. 10
THE JOSEPH & LENA RANDALL CHARITABLE TRUST ACCOUNTING POLICIES YEAR ENDED 5 APRIL 2023 General Informatlon and basis of prèparation The Joseph and Lena Randall TNst is a charity in the United Kingdom The address of the registered Offi is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities sum>unds grant giving to charitable organisalions. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial st81emenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011, and UK Generalty Accepted Practice as it applies from 1 January 2019. The accounts (financial slatementsl 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 departLJre has involved following Accounting and Reporting by Chalities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended PracliTr effecb've from 1 April 2005 which has since been withdrawn. The financial 5tstemenls are prepared on a going conom basis under the historical cost convention nv)dified to include rtain items at fair value. The financial statements are prepared in sterling which is the ftjnclional Currency of the charity. The significant accounting policies applied in the pparaon of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. Ib) Funds Unrestricted funds are available for use at the discretion of the trustees in fvrtherance of the general objectives of the charity and which have not been designated for other purposes. Investment management charges and legal advice relating lo the fund are charged against the fund. qcl Income recognltion All incoming resoLkrces are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled lo the income, after any performance conditions have been met, when the amount can be measured reliabty 2nd when it is probable that the incorne will be received. Income from donations is recognised on receipt, unless there are conditions attached to the donation that require a level ot performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fvlfilment of those eonditsons is within the control of the charity and it is probable that they will be fulfilled. {d} Expenditure rgcognitlon All expenditure is accounted for on an accru8ls basi5. Expenditure is recognised where there is a legal or conslruclive obligation to make payment5 to third parties, it is probable that the selllement will be required and the amount of the obligation can be measured reliably. It is calegorised under the following headings.. Expenditure on charitable activities includes grants payable (see note 1). Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are included in expenditure on charitable acltvities. Where unconditional grants are made, these amounts are recognised when a conslruclive obligation is created, typically when the recipient is notified that a grant will be made lo them. lthere grants are conditional on performance, then the grant Is only recognised once any Unfulled conditions are outside of the control of the charity. Sypport costs are those that assist the work of the charity bul do not directly represent charitable activities and include bank costs and governance costs. They are incurred directty in SLFPPOrt of expenditure on the objects of the charity. Such costs are shown separately on the SOFA. 11
THE JOSEPH & LENA RANDALL CHARITABLE TRUST ACCOUNTING POLICIES YEAR ENDED 5 APRIL 2023 (e) Tax The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is consider8d to pass the tests set out in Paragraph 1 Schedule 6 of the Finance knt 2010. It therefore rrEets the definits.on of a charitable company for UK corporation lax purposes. {fj Flxed asset investments Fixed asset investments a accounted for at fair value, with gains and losses recognised in the Statement of Financial Activities. {g} Foreign Currgncies Transaelions in foreign currencies are recorded at the rate of exchange ruling 81 the dale of the transaction. Monetsry assets and liabilities denominated in foreign currencies are translated al the rale of exchange ruling al the baoance sheet date. All drfference5 are taken to the Ststemenl of Financial Activities. (h) Judgments and estimate8 There are no significant judgments or estimates in the financial statements other than investments for which the policy has been disclosed. (i) Going Concom The Trust is considered to k a goin9 conrn as there are sufficient funds in place. 12
THE JOSEPH & LENA RANDALL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED S APRIL 2023 Charftable Activlties 1.1. Analy818 of expendtture on ¢haritable activities Costs related to charitable a¢tivities Support osts 2023 Total 2022 Total Grant awards 69,770 9,036 78,806 80.086 69,770 9,036 78.806 80,086 Expenditure on charitable activities was attributable to unrestricted funds. 1.2. Supportcosts 2023 Total 2022 Totsl Bank charges Govemance costs (see note 1.3) 63 8,973 68 9,407 Total support costs 9,036 9,475 1.3. Govemance costs 2023 2022 Auditorfs remuneration Legal and professional fees 5,500 3,473 5,315 4,092 8,973 9.407 No trustee expenses have been incurred in either year. 13
THE JOSEPH & LENA RANDALL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 1.4. Anatysis of grants Recipients of grants to Institutlons: Grants payable in the year individually valued at more than £750 a as follow5.. 2023 2022 EX AMPA Aldenham School Blond Mclndoe Bournemouth War Memorial Homes Brain and Spine Foundation Cancer Research UK Chain of Hope Childhood First Chnstie Charitable Fund CLIC Sargent CST Cystic Fibrosis Diabetes UK FFDJF Eglise Orthodoxe Russe Fight for Sight Great Ormand Street Hospital Hol¢)caust Educational Trust Hulltinglon's Disease Association Jewish Association for the Physically Handicapped Jewish Deaf Association Jewish Lads and Girls Brigade Leukaemia Fund Listening Books Macular Society Memorial De la Shaoh Motor Neurone Disease Association TV Stsying Alive Foundation Nighlingafe House Norwood Not Forgotten Association Oxford & St George's Jewish Yosjth Trust Prostale Cancer UK Queen Elizabeth Birmingham Restoration of Appeara and Function Trust Royal Marsden Cancer Charity Royal National Institute for Deaf People Royal National Institute of Blind People Charity Rural Coffee Caravan Save the Children Fund Skeleton Cancer Trust SCAT SENSE SHINE wizo Wellbeing ofwomen 1,000 2,500 1,500 1,000 1,000 1,500 2,000 2,000 2,000 1,000 2,000 5,000 1,000 5,000 1,000 1,000 2,500 1,000 1.000 1,000 1,500 2,000 2,000 2,000 1,000 2,000 5.000 1,000 5,000 1.000 1,000 2,000 1,000 1,000 1,000 2,000 1.000 1,000 1,000 2,000 1,000 1,000 1.000 1.000 859 1,000 1,000 3.000 2,500 1,000 1,000 1,000 2,000 1,000 2,500 1,000 2,500 1,000 2.000 1.000 1,CK)O 1,000 1,000 884 1,000 1,000 3,000 2,500 1.000 1.000 1.000 2,000 2,500 1,000 2,500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 Carried forward 67.884 69,193 14
THE JOSEPH & LENA RANDALL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 1.1. Analysis of grdnts {continued) Brought forward 67,884 69,193 Individual grants for £750 or less 1,886 1,418 Total grant award8 69.770 70,611 Grants in both years were made from unreslrided funds. Net expenditure for the year Nel expendrture is stated atter ¢harging". 2023 2022 Auditor remuneration 5,500 5,315 Flxed asset investments 2023 2022 Market value al beginning of year Additions in the year Disposals al opening market value in the year Gainsl{Losses} 1,618,984 293,509 (162,7281 12,838 2,127,502 186,602 {418,3981 1276.7221 arket valug at end of year 1,762,603 1,618,984 Cash hold In Investments At beginning of year Movement in the year 261,397 1171,681) 29.560 231,837 At end of year in the year 89,716 261,397 Investments value at end of year 1,852,319 1,880.381 The historic co$1 at the end of the year was £1,873,36912022 - £1,759,858). 15
THE JOSEPH & LENA RANDALL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 Debtors 2023 2022 Accrued bond interest 23,765 22,432 Cr•ditows: amounts falllng due within one year 2023 2022 Accruals Creditors 5,277 4,977 4.977 Funds reconclliation Unrgstrlcted funds movement analysis year ended 5 Aprfl 2023 Balance ot 6 Aprll 2022 Galns I Ilossesl Income Balance at S April 2023 Expenditure Income Capital 1,048,814 866,642 72.494 {78,8061 7,426 1,049,928 1.915M56 72,494 178,806 7,426 1,049.928 Unrestri¢ted funds movement analysls year endgd 5 April 2022 Balanc• ot 6 Aprll 2021 Gains I (losse81 Balanco at 5 April 2022 Income Expendituro Income Capital 1,335,832 866.642 69,848 (80,086} 1276,780) 1,048,814 866.642 2,202.474 69,848 180,086) (276,708) 1.915,456 16
THE JOSEPH & LENA RANDALL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED S APRIL 2023 Reconciliation of net expenditure to net cash flow from operating actlvftles 2023 2022 Net exp8ndrture for year before gains and losses {6,3121 {10,2381 Dividends, interest and rents from investments IlncreasellDecrease in debtors Increasel{Decreasel in creditors 172,4941 {1,333} 300 169,8481 10,869 14,2921 Net cash flow from operating actbvities (79,839) 173,509) ultimate controlling party The ultimate controlling party is the Trustee, Rofrano Trustee Services Limited. The Tnjstee was not remunepted nor reimbursed any expenses during the year. There have been no transactions with the Trustee during the year. 17