Charity Registration No. 256283
THE A M CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE A M CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Lord Marks of Broughton The Hon Naomi Ann Marks The Hon Sarah Elizabeth Radomir Julian Challis FCA Charity number 256283 Registered office 11-15 William Road London NW1 3ER Independent examiner Joel Courts HW Fisher Professional Services Limited Acre House 11-15 William Road London NW1 3ER Bankers Lloyds Bank plc. 21-23 Hill Street London W1J 5JW Investment advisors Canaccord Genuity Wealth Management 88 Wood Street London SW1Y 4JU
THE A M CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
THE A M CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019).
Objectives and activities
The charity's objects are to promote and support such purposes recognised by the law of England and Wales as charitable as the trustees shall from time to time select.
Grant making policy
Donations are decided periodically by the trustees having regard to the wishes of the Settlor, and unsolicited appeals are considered as well as causes which have already been supported. Only successful applicants are notified of the trustee's decision. Certain charities are supported for more than one year, although no commitment is usually given to the recipients. A range of general charitable causes is considered, as well as Jewish charities. There is no facility for processing applications from individuals for financial support, and these cannot be considered.
Achievements and performance
During the year, the value of the investment portfolio fell by 4%. Income resources generated by the charity totalled £157,183 (2024: £157,525) which enabled the charity to make 25 (2024: 13) grants amounting to £135,459 (2024: £80,827).
Financial review
During the year ended 5 April 2025, investment income was received from the portfolio managed by Canaccord Genuity Wealth Management of £154,160 (2024: £157,050).
As shown in the statement of financial activities, the net loss on investments amounted to £168,038 (2024: net gain £512,141). Net outgoing resources for the year amounted to £220,489 (2024: Net incoming resources of £511,291).
Total unrestricted funds carried forward at the balance sheet date amounted to £5,336,629 (2024: £5,557,118).
Under the governing document, there are no restrictions on the charity's power to invest. The overall investment policy is to achieve long term capital growth in real terms, whilst providing a yield at least in line with the UK equity market. No fund raising is undertaken to support the work of the charity, but it has the right to accept donations.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees' consider that the main risks the charity faces are fraud or poor investment performance and that those are monitored appropriately and that adequate systems are in place to mitigate them.
Structure, governance and management
The charity was established by a charity trust deed on 18 March 1968.
The trustees who served during the year and up to the date of signature of the financial statements were:
Lord Marks of Broughton The Hon Naomi Ann Marks The Hon Sarah Elizabeth Radomir Julian Challis FCA
The charity is managed and administered by the Trustees, who were appointed under the terms of the trust deed. No fund raising is undertaken to support the work of the charity.
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THE A M CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Reserves Policy
It is the trustees' intention to maintain the capital base of the charity to ensure its long-term existence and to generate a return to provide funds to enable annual grants to be made. The trustees also wish to maintain reserves to enable the charity to respond, where considered appropriate, to appeals for significant support, the timing of which is unpredictable and to reduce the charity’s reliance on stock market results.
Charity public benefit
The trustees have ensured that all activities throughout the period have been in the interest of public benefit.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
On behalf of the Board of Trustees
Marks of Broughton .............................. Lord Marks of Broughton Trustee Dated: .........................13 Mar 2026
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THE A M CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2025
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that 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, 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.
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THE A M CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE A M CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The A M Charitable Trust (the charity) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns 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 financial statements to be reached.
Joel Courts
Joel Courts
Chartered Accountant HW Fisher Professional Services Limited Acre House 11-15 William Road London NW1 3ER
Dated: .........................13 Mar 2026
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THE A M CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 1,000 | 475 |
| Investments | 4 | 156,183 | 157,050 |
| Total income | 157,183 | 157,525 | |
| Expenditure on: | |||
| Raising funds | 5 | 59,181 | 54,283 |
| Charitable activities | 6 | 150,453 | 104,092 |
| Total resources expended | 209,634 | 158,375 | |
| Net gains/(losses) on investments | 11 | (168,038) | 512,141 |
| Net movement in funds | (220,489) | 511,291 | |
| Fund balances at 6 April 2024 | 5,557,118 | 5,045,827 | |
| Fund balances at 5 April 2025 | 5,336,629 | 5,557,118 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
All activities on the Statement of Financial Activities relate to Unrestricted Funds.
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THE A M CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2025 £ - 214,190 214,190 (55,767) |
£ 5,178,206 158,423 5,336,629 5,336,629 5,336,629 |
2024 £ 860 161,276 162,136 (17,544) |
£ 5,412,526 144,592 |
|---|---|---|---|---|
| 5,557,118 | ||||
| 5,557,118 | ||||
| 5,557,118 |
The financial statements were approved by the Trustees on .........................13 Mar 2026
Marks of Broughton ..............................
Lord Marks of Broughton
Trustee
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The A M Charitable Trust is a registered charity whose main activity is that of making grants to charitable causes.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received by our investment advisor of the investment portfolio.
Income tax recoverable in relation to investment income is recognized at the time investment income is received.
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised on an accruals basis, inclusive of value added tax.
Expenditure relating to charitable activities are those elements of expenditure directly incurred in performing these activities.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity and are charged in the year when the offer is conveyed to the recipient.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/expenditure for the period.
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees do not believe there to be any judgments or estimates that would be considered critical to the financial statements.
3 Donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations and gifts | 1,000 | 475 | |
| 4 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Income from listed investments | 154,160 | 157,050 | |
| Interest receivable | 2,023 | - | |
| 156,183 | 157,050 |
5 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Investment management fees | 59,181 | 54,283 |
| 59,181 | 54,283 |
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
6 Charitable activities
| Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) |
2025 £ 135,459 860 14,134 150,453 |
2024 £ 80,827 3,395 19,870 |
|---|---|---|
| 104,092 |
7 Grants payable
| Grants to institutions: Community Security Trust English National Ballet School Eton College Friends of St Marys School Friends of Yattendon Horley Infant School Jewish Care Jewish Music Institute Karel Komarek Family Foundation Maggie Keswick Jencks Cancer Caring Centres Trust Oakwood School Old Grammarians Association Princess Alice Hospice Portrait Gallery St Mary's Church St Paul's School Team Domenica The Tate The North London Collegiate School The Place Dancing For Life The Royal Academy of Arts The Save the Children Fund The West London Synagogue of British Jews Two Moors Festival Ltd. United Jewish Israel Appeal Vimba |
2025 £ 10,000 10,000 5,000 1,000 1,000 500 - 20,000 2,500 25,000 500 1,000 1,000 85 1,000 10,000 - 174 10,000 10,000 10,200 500 11,000 5,000 - - 135,459 |
2024 £ - - 5,000 - - - 2,500 - - 10,000 - - - 85 - - 10,000 156 10,000 5,000 138 - 12,948 - 10,000 15,000 |
|---|---|---|
| 80,827 |
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
8 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Tax adjustment - Prior years 860 - Independent examiner's fees - 2,163 Legal and professional - 11,971 860 14,134 |
2025 Support costs Governance costs £ £ £ 860 3,395 - 2,163 - 2,100 11,971 - 17,770 14,994 3,395 19,870 |
2024 £ 3,395 2,100 17,770 |
| 23,265 |
9 Trustees
No trustees received remuneration or benefits in the current or prior year. No trustees received expenses in the current or prior year.
10 Employees
There were no employees during the current or prior year.
11 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Revaluation of investments | (200,680) | 513,084 |
| Gain/(loss) on sale of investments | 32,642 | (943) |
| (168,038) | 512,141 |
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
12 Fixed asset investments
| Listed | Cash in portfolio | Total | |||
|---|---|---|---|---|---|
| investments | |||||
| £ | £ | £ | |||
| Cost or valuation | |||||
| At 6 April 2024 | 5,335,891 | 76,635 | 5,412,526 | ||
| Additions | 1,165,080 | (1,165,080) | - | ||
| Valuation changes | (200,680) | - | (200,680) | ||
| Cash withdrawn/ deposited | - | (161,261) | (161,261) | ||
| Dividends and interest received | (5,116) | 159,276 | 154,160 | ||
| Investment management fees | - | (59,181) | (59,181) | ||
| Disposals | (1,230,473) | 1,263,115 | 32,642 | ||
| At 5 April 2025 | 5,064,702 | 113,504 | 5,178,206 | ||
| Carrying amount | |||||
| At 5 April 2025 | 5,064,702 | 113,504 | 5,178,206 | ||
| At 5 April 2024 | 5,335,891 | 76,635 | 5,412,526 | ||
| 13 | Debtors | ||||
| 2025 | 2024 | ||||
| Amounts falling due within one year: | £ | £ | |||
| Other debtors | - | 860 | |||
| 14 | Creditors: amounts falling due within one year | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Other creditors | 43,500 | 5,000 | |||
| Accruals | 12,267 | 12,544 | |||
| 55,767 | 17,544 | ||||
| 15 | Analysis of net assets between funds | ||||
| Unrestricted | Unrestricted | ||||
| funds | funds | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Fund balances at 5 April 2025 are represented by: | |||||
| Investments | 5,178,206 | 5,412,526 | |||
| Current assets/(liabilities) | 158,423 | 144,592 | |||
| 5,336,629 | 5,557,118 |
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THE A M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
16 Related party transactions
There were no related party transations in the current or prior year.
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Issuer
HW Fisher
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