LAWSON BECKhlAN CHARITABLE TRusr REPORT AND UNAUDrrED FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 MARCH 2021 Hackeryoung Chartered Accounlants
LAWSON BECKMAN CHARITABLE TRUST
INDEX TO THE TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Index | Page | Page | |
|---|---|---|---|
| Trustees' Annual Report | 1 | - | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Statement of Cash Flows | 7 | ||
| Notes to the Accounts | 8 | - | 12 |
LAWSON BECKMAN CHARITABLE TRUST
1
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and accounts for the year ended 31 March 2021. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Reference and administrative information
Charity Number: 261378
Principal Office
2nd Floor, 25 Old Burlington Street, London W1S 3AN
Trustees
Melvin Anthony Lawson Francis Colin Katz Lynton Robert Stock
Independent Examiner
Julie Mellowes FCCA of
UHY Hacker Young, Quadrant House, 4 Thomas More Square, London E1W 1YW
Bankers
Barclays Bank Plc, London Corporate Banking, 54 Lombard Street, London EC3V 9EX
Investment Managers
Barclays Bank Plc, 1 Churchill Place, Canary Wharf, London E14 5HP
Structure, Governance and Management
The trust is an unincorporated body, constituted under a trust deed dated 30 May 1970 and is a registered charity (numbered 261378). The trust was established by an initial gift from Maurice Lawson (deceased) and Alan David Beckman. The trust does not actively fundraise and maintains a careful stewardship of its existing resources.
The trust deed provides for a minimum of two trustees. The power of appointing new or additional trustees is exercisable by the trustees. The trustees meet at such intervals as they consider appropriate.
The charity has no full time or part time employees or volunteers to assist in the running of the charity; the daily administration being carried out by the trustees themselves.
Risk Management
The trustees have reviewed the major risks that impact on the work of the trust. The systems that have been established enable the trustees to review and take necessary steps to lessen these risks.
LAWSON BECKMAN CHARITABLE TRUST
2
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (continued)
Objectives and Activities
The object of the trust is to apply the capital and income of the trust fund for the relief of poverty, support of the arts and other general charitable purposes as the trustees in their absolute discretion think fit. The policies adopted by the trustees in achieving these aims are to make grants to suitable organisations themselves charitable in nature.
Public Benefit
The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, when setting the grant making policy and in making awards.
Grant Making Policy
The trustees consider all grant applications on an individual basis and will make donations to approved applications, when funds are available.
Achievement and Performance
During the year 17 grants totalling £121,950 were approved and made to 17 charitable organisations compared with 17 grants totalling £100,000 and made to 16 charitable organisations in the previous year. The trustees consider that these represent an appropriate exercise of their discretionary powers.
Financial Review
The trust utilises its income to provide funds to cover grants, administration costs and to increase reserves. During the year the charity received an exceptional donation under Gift Aid from Bantent Ltd (see also Notes 2 and 10).
Investment Policy and Performance
The trustees continue to be satisfied that their current investment portfolio provides the charity with sustainable income from which it is able to make donations to other charities and good causes and expect that their investment income will continue to grow going forward. This investment strategy accords with the Trustees' long term aim of achieving underlying income growth for the charity into the future.
Reserves Policy
It is the policy of the charity to retain some of the income on a year by year basis. The trustees consider this prudent as they wish to increase the unrestricted funds, which are the free reserves of the charity, to enable it to provide larger grants to important projects as and when they are requested and to diversify the charity's investments in the light of lower returns. The level of reserves at 31 March 2021 was £4,429,793.
Plans for the Future
The trustees have no immediate plans to modify or radically change any of the objects, activities or policies described above.
LAWSON BECKMth CHARITABLE TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 {continlled) Statsment of trustee5' responsibilities Th¢ trustees are responsible foT preparing the Trusttts, Report and the accounts ID accordance with applicable law and United Kingdom Accounting Standard8 (United Kingdom Generally Accepted Accounting Practice). Th¢ law &ppli¢abl¢ to ¢baTiiies iti England and Wales rll1 the trustees to prepa a¢lIS for ¢a¢h finan¢ial y¢Ar whi¢h Eive a true and fair view of the state of affaiTS of the ch8Tity #nd of the incoming resourc¢5 and the application of resources of the charity for that year. In prew] these accounts. the trustees are Tequired to.. seleci suitabl¢ a¢¢oullting wlicies and then apply then) ¢onsista)tly. observe the metFLodq and prin¢iples in th¢ applicable Chariti¢s SORP. make judg¢ment$ and estimates that ar¢ r¢as)Dable and PTud¢nt' state whether appli¢abl¢ a¢¢ounting standards have been followed. subje¢t lo any material depart disclos1 and explained in the accounts. Lnd prepare the accoullts on th¢ going b]5 it is Inappropr1¢ to presume thai the charity will continue in operatio The tnjstees are reS[)nb]e for keeping $uffi¢i¢nt aUnting records that disclose with reasonable accuracy at any time the fll)ancial position of the clwity and athle tILem to ensllre that the accounts comply with th¢ ChaTities Act 2011. the Charity (Accounts and Rcports) Regullltions 21K)8 and th¢ prowisions of the tnkst deed. They are also responsible for safegu8rding ihe assets of ihe choriry and hence for taking reasonable st¢ps for the preveatlQD and detection of hud and other iTr¢gulDriti¢5. Approved by the ¢TUStees and Sign on their behal;by". Melvin Anthony Lawson- TJustee Date:.
UHY Hacker Young LLP QU[ant HoLse 4 ThoW5 More 5ouère London E1W IIW Hackeryoung Chartered Accountants LAWSON BECKMAN CHARITABLE TRUST INDEPENDEf4T EXAMINER'S REPORT TO THE TRUSTEES OF LAWSON BECKMAN CHARITABLE TRUST FOR THE YEAR ENDED31 MARCH 2021 I repon to the rntstees on my examination of the accounts of tawson Beckman Charitsbl¢ Trust for the year ended 31 March 2021. which are set out on pages 5 to 12. This report is made solely to the charty's trLLQees. a t. in accordance with s¢ttion 145 of the Charities Act 2011. My examination has been undertaken so that I tnight to the ¢hariWs trItte5 those matters l am required to stste ro them in an independent examiner's report and for no other purp)se. To ihe fullest extent perrnitted by law, I do not xcept or assume responsibility to at)yone other than th¢ charitys ts$1¢¢$ ag a body. for rny examination, for thi5 report. or for the opinions I have fornied. Responsibilities attd bas of report As the charity truceS of the TrusL you are reswtsible for the preparation of the accounts in ac¢ordan¢e with the requirements of the Chariiies Acl 2011 (the ACO. I r¢port IN respe¢1 of my examination of ihc Trustee5' accounts carried out under section 145 of the 201 l Act and in carrying out my ¢xamina(ion I have followed all the appltcable DI[tiOnS Ven by the Clthrity Commission und¢r 5¢Ction 14515Xb) of the 2011 Aci. Independent examiner's stateJDenl Since the charity's gross iome ex¢eed¢d £250,0(K), your examiner must be a Tnefflber of a body listed in ctIOn 145 of the 2011 Act. I confinn that l am qualified to undertake the examination beCae l am a m¢mb¢r of the Association of Chartered Certified Accountsnts, which is one of the listed bli¢s. I have completed my ¢xamina¢ion_ l ¢onfirni no mallers have Come io my atteniion in conneeiion with the examination giving me cause to believe that in any material respect.. (l) accounting records were not kept in respeci of the Trust as required by section 130 of the Act: or 12) th¢ accounts do noi accord with those records. or {31 the accounts do not comply with the applicable requirements concerning the fomi and conient of accounts set out in the Charitits (Accounts and Reports) Regulations 2008 other than any requirement that th¢ accounts give a 'true and fail view which is nol a matter considered a5 part of an independent examination. I have no concerns artd have come acrns5 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 acctsunts io be reached. Julie Mellowes FCCA UHY Hacker Young Quadrant House 4 Thomas More Square London Elw IYW
LAWSON BECKMAN CHARITABLE TRUST
5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
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2021 2020
Unrestricted Unrestricted
funds funds
Note £ £
Income and Endowments from:
Investment income 3 109,229 103,827
Gift aid donations 582,351 11,814
Total income 691,580 115,641
Expenditure on:
Raising funds (Investment management fees) (4,286) (4,489)
Charitable activities 4 (125,843) (103,710)
Total expenditure (130,129) (108,199)
Net income before net losses on investments 561,451 7,442
Net losses on investments 10 (301,403) (428,586)
Net movement in funds 260,048 (421,144)
Reconciliation of funds
Total funds brought forward 4,169,745 4,590,889
Total funds carried forward £4,429,793 £4,169,745
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LAWSON BECKMAN CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Nots Flxed as8ets IDV¢Stments 10 3.735.084 3.350.150 Current ossets Cash at bank 698.594 811.481 Debtors falling due within one year li 1.814 Total Current Asgets 698.594 823.295 Current Liabililie5 Creditors falling du¢ within one year 12 (3,885) (3,700) Net Assets £4,429,793 £4,169,745 Tbe fund5 oltht charity Unrestricted funds £4,429,793 £4,169,745 Approv by the trn8 and sig1 on th¢ir behalf by. Melvin Anthony LawsoL- Trustee 2D2 Date
LAWSON BECKMAN CHARITABLE TRUST
7
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
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Note 2021 2020
£ £ £ £
Cash flows from operating activities
Cash generated from/(absorbed by) operations 13 573,450 (4,372)
Investing activities
Additions to investments (686,337) (196,492)
Net cash used in investing activities (686,337) (196,492)
Net decrease in cash and cash equivalents (112,887) (200,864)
Cash and cash equivalents at beginning of year 811,481 1,012,345
Cash and cash equivalents at end of year £698,594 £811,481
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LAWSON BECKMAN CHARITABLE TRUST
8
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
a) Basis of preparation
The accounts have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”. The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
b) Funds structure
All funds are unrestricted. Both the capital and income of the charity can therefore be applied at the discretion of the trustees in the furtherance of the objects of the trust.
c) Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
d) Expenditure recognition
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
e) Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
f) Charitable activities
The expenditure on charitable activities includes grants made and governance costs.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These include costs related to independent examination and legal fees.
g) Investments
Investments are stated at market value as at the balance sheet date. In the case of unquoted investments, market value is estimated by the trustees.
h) Gains and losses on investments
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
LAWSON BECKMAN CHARITABLE TRUST
9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)
2 Related party transactions and trustees' remuneration
M A Lawson is a director of Bantent Limited and Telecom Plus Plc. The charity holds investments in both companies. The charity received gift aid donations of £582,351 (2020: £11,814) from Bantent Limited for the year.
No trustee or any person connected with a trustee has received or is due to receive any remuneration for the year directly or indirectly from the charity's funds.
No trustee has been reimbursed for expenses during the year.
| 3 Investment income Dividends - UK quoted securities Interest on cash deposits 4 Expenditure on charitable activities Grants awarded (see notes 5 and 6) Governance costs (see note 7) |
2021 £ 108,926 303 £109,229 2021 £ 121,950 3,893 £125,843 |
2020 £ 103,193 634 £103,827 2020 £ 100,000 3,710 £103,710 |
|---|---|---|
5 Analysis of grants
The charity undertook no direct charitable activities but awarded grants to a number of institutions in furtherance of its charitable activities.
| General Charitable Purposes Education/Training Health/Preservation of Lives Religious Activities Total |
£ 8,500 24,000 76,000 13,450 £121,950 |
|---|---|
LAWSON BECKMAN CHARITABLE TRUST
10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)
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6 Grants awarded 2021 2021
£ £
General Charitable The Jewish Volunteering Network 5,000
Purposes Community Security Trust 2,500
The Paperweight Trust 1,000
8,500
Education/Training The Jewish Leadership Council 10,000
Holocaust Educational Trust 3,000
London School of Jewish Studies 2,000
Chicken Shed Theatre Trust 2,000
British Refugee Council 1,500
Stand With Us 500
Jewish Learning Exchange 5,000
24,000
Health/Preservation of Lives Norwood Ravenswood 12,500
Jewish Care (Holocaust Survivors Centre) 12,500
World Jewish Relief 5,000
Nightingale House 45,000
Target Ovarian Cancer 1,000
76,000
Religious Activities United Synagogue 1,700
Central Synagogue 11,750
13,450
Total grants awarded during the year
£121,950
7 Governance costs 2021 2020
£ £
Management and administration
Accountancy fees 3,885 3,700
Bank charges 8 10
£3,893 £3,710
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8 Staff costs
No staff were employed during the year by the charity, the daily administration of the charity being carried out by the trustees.
LAWSON BECKMAN CHARITABLE TRUST
11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)
9 Accountancy fees
The remuneration constituted an independent examination fee of £755 (2020: £720) and accountancy and other work of £3,130 (2020: £2,980).
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|---|---|---|---|
|10|Analysis of fixed assets|2021|2020|
|£|£|
|Quoted Investments|
|Market value at 31 March 2020|2,600,150|3,182,244|
|Additions to investments at cost|686,337|196,492|
|Unrealised gain/(loss)|298,597|(778,586)|
|Market value at 31 March 2021|£3,585,084|£2,600,150|
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The book cost of quoted investments as at 31 March 2021 was £1,623,617 (2020: £937,281).
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|---|---|---|
|2021|2020|
|£|£|
|Unquoted Investments|
|Estimated market value at 31 March 2020|750,000|400,000|
|Unrealised (loss)/gain|(600,000)|350,000|
|Estimated market value at 31 March 2021 |£150,000|£750,000|
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The book cost of unquoted investments as at 31 March 2021 was £15,033 (2020: £15,033).
- Unquoted investments represent 33 ordinary £1 shares in Bantent Limited (UK company reg. 00653686). The value of the shares held in Bantent Limited is recorded at estimated market value in these financial statements.
The investment in Bantent Limited represents a one-third stake in that company. This holding has not been accounted for as an associated undertaking. Bantent Limited's net income is distributed under Gift Aid.
Fixed asset investments (both quoted and unquoted) considered to represent over 5% of the total asset class by value are as follows:
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|---|---|
|Telecom Plus Plc - 191,099 Ord £0.05|£2,426,957|
|Merian Chrysalis Inv Ltd - 383,333|£749,416|
|WH Ireland Group - 450,000 Ord £0.05|£229,500|
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|---|---|---|---|
|11|Analysis of current assets (continued to page 12)|2021|2020|
|£|£|
|Cash at bank|
|Barclays Bank accounts|516,711|734,339|
|Barclays Wealth accounts|181,883|77,142|
|Total|£698,594|£811,481|
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LAWSON BECKMAN CHARITABLE TRUST
12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)
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11 Analysis of current assets (continued from page 11) 2021 2020
£ £
Debtors falling due within one year
Accrued income - 11,814
Total £- £11,814
Total current assets £698,594 £823,295
12 Analysis of liabilities 2021 2020
£ £
Creditors falling due within one year
Accountancy fees 3,130 2,980
Independent examination fees 755 720
Total £3,885 £3,700
13 Cash generated from/(absorbed by) operations 2021 2020
£ £
Surplus/(deficit) for the year 260,048 (421,144)
Adjustments for:
Fair value net losses on investments 301,403 428,586
Movements in working capital:
Decrease/(increase) in debtors 11,814 (11,814)
Increase in creditors 185 -
Cash generated from/(absorbed by) operations £573,450 (£4,372)
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