THE FAMILY RICH CHARITI ES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Charity R@ElStration No. 264192
THE FAMILY RICH CHARITIES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs Tessa Goldstein Mrs Margaret Fruchter Mr Simon Fruchter Charity number 264192 Principal address 6 Forge Lane Petersham Road Richmond Upon Thames Surrey TWIO 7BF Independent examiner Nick Parrett FCA Azets Audit SeNices, Chartered Accountants 2. Floor, Regis House, 45 King William Street, London EC4R 9AN Key advisors: E Campbell-Harris, LGT Vestra LLP, 14 Cornhill, London, EC3V3NR Bank of Scotland plc Central Banking Branch PO Box 1000 BX2 ILB
THE FAMILY RICH CHARITIESTRUST CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activitie5 Balance sheet Notes to the financlal statements 6-12
THE FAMILY RICH CHARITIESTRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2021 The trustees present their report and financial statements for the year ended 5 April 2021. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Trust Deed, the Charities Act 2011 and "Accounting and Reporting by the Charitie5.' 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 IFRS 1021" las amended for accounting periods commencing from l January 20161. Objectives and activltles The trust exists to provide charitable donations to a wide and varied selection of charities in accordance with the Trust Deed. Each year donations are made to charitable organisations and institutlons engaged in medical research and care, arts and music therapies and social welfare and care in developing countries. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities The Trust should undertake. The trustees have the power to make grants and donations to any charitable organisation or institute in accordance with the trust deed dated March 1972. Athievements and performance During the year The Trust made 6 separate donations to charitable organisations and institutes totalling £60,000 in accordance with its charitable objectives. The total investment income of The Trust was £36,291 from which management costs, incurred on generating funds, of £3,939 were deducted. Financial Review The Trust distributes the whole of the annual investment income, including any tax refunds thereon but after deducting management and administration expenses. In the year to 5 April 2021, the trust made payments of £61,500 relatinB to charitable activities, exceeding the unrestricted funds balance brought forward l£11,8091 and investment income generated in the year1£31,380 net of costs) resulting in a negative balance of £18,311 on unrestricted reserves. The trustees have the power to make investments at their discretion and in order to rectify the negative balance on the unrestricted reserves are making a transfer into the Vestra investment portfolio, from cash at bank, that will rectify this situation at the year end by generating sufficient investment income to clear the deficit on the unrestricted funds reserve. The investment policy of The Trust is to invest in a company portfolio offering risk diversification.
THE FAMILY RICH CHARITIES TRUST TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 The trustees have assessed the major risks to which The Trust 15 exposed and are satisfied that systems are in place to mitigate exposure to the major risks. To date, COVID-19 has had little impact on the Charity and its ability to continue its charitable distributions. The charity 15 partly reliant on its investment portfolio that, by means of effective diversification, to exploit accelerating trends and emerging products and services, is relatively safeguarded from the adverse economic effects of the pandemic some businesses and charities are experiencing. The charity also receives an annual donation, from Thames Properties Ltd, that is guaranteed to continue for the foreseeable future. Structurei governance and management The Trust is an unincorporated charity registered on 23 June 1972. The Trust was established under the Trust Deed dated 30, March 1972. The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Tessa Goldstein Mrs Margarel Fruchter Mr Simon Fruchter Recruitment of the trustees is carried out through nomination or recommendation by the current trustees. The trustees report was approved by the Board of Trustees. Mr Simon Fruchter Trustee Dated..
THE FAMILY RICH CHARITIES TRUST STATEMENT OF FINANCIAL ACTIVITES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021 I report to the Iiustees on my examination of the accounts of The Family Rich Charitiés Trust Ilhe Chartyl for the year ended 5 April 2021. Re5ponsibS1ities and basis of report As the tharity tFUStees of the Charity you are responsible for the preparation of the a¢¢ounts In accordance with the requlrements of the Ch8rilie5 Act 20111'lhe Act'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in cartsqng out my examination I have followed all the applicable Directions given bythe Charily Commission under section 14515llbl of the Act. Independent examiner's statement I have cornpleted my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause to believe Ihal in any material respect.. accounting records were not kept in respect of the Charity as rèquired by section 130 of the Act; or the account5 do not accord with those records., or the accounts do not comply with the applicable requlrèments concerning the fom and content of accounts sel out in the Charities IAccounls and Report51 Regulations 2(X18 other than any requirement that the accounts give a'true and fair view, which is not a matter considered as part of an independent examination. I have no ¢oncerns and have corne across no other matters in conneGtiOll WTth the examination lo which attention should be drawn this report in order to &r18ble a proper understanding of the accounts lo be reached. Parrett FCA Azels Audit Services, Chartered Acwunl#nls 2nd Floor. Rogis House 45 King Williarn Street London EC4R 9AN Date.. 7 September 2021
THE FAMILY RICH CHARITIES TRUST STATEMENT OF FINANCIAL ACTIVITES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021 Unresrrlcted fund5 Restricted funds Total Z021 Total 2020 Notes Income from: Donations and legacies Investments Total income 50,000 50,000 36,291 86,291 40,000 51,189 91,189 36,291 36,291 50,000 Ex enditure on: Raising fund5 Charitable activities Administrative expenses Total resources expended Net gains/llossesl on investments Net movement in funds 4,911 61,5Crf) 4,911 61,500 5,015 45,500 500 51,015 1126.1851 186,0111 1,695,568 1,609,557 66,411 66,411 74,158 li 74,158 130,1201 11,809 118,3111 124,158 1,597,748 1,721,906 94,038 Fund balances at 6 April 2019120 Fund balances at 5 Aprll Z020121 1,609,557 1,703,595 The statement of financial activities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing activities.
THE FAMILY RICH CHARITIES TRUST BALANCE SHEET AS AT 5 APRIL 2021 Notes 20ZI 2021 2020 2020 Flxed assets Investments Current assets Investments Cash at bank and in hand 12114 774,648 745,548 13114 58,000 872,447 930,447 865,509 865,509 Current liabilities Accruals 11,5001 11,5001 11.5001 11.5001 Net current assets Total assets less current 928,947 864,009 1,703,595 1,609,557 Income fund5 Restricted funds Unrestricted funds 15 1,721,906 118,3111 1,703,595 1,597,748 11.809 1,609,557 The financial statements were approved by the Trustees on ... Mr Simon Fruchter Trustee
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 Accounting policies Charity infomiation The Family Rich Charities Trust is a registered charity. number 264192, and is constituted by Deed of Trust. 1.1 Accounting convention The accounts have been prepared in accordance with The 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 IFRS1021" las amended for accounting periods commencing from l January 20161. The Trust is a Public Benefit Entity a5 defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The accounts are prepared in sterling, which is the functional currency of The Trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. Going concern Taking into account the economic conditions and possible changes in trading performance, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continLJes to adopt the going concern basis in preparing the financial statements. The trustees have also considered the impact of the COVID-19 pandemic lockdown on the vear-end and on the future viability of the charity. At the date of approval of these financial statements the charity's investment portfolio has shown strong post year-end performance. Consequently, the trustees have a reasonable expectation that the charity will have sufficient funds to continue to meet its liabilities as theyfall due forthe foreseeable future and therefore have prepared the financial statements on a going concern basis. Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted fijnds are set out in the notes to the financial statements.
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED S APRIL 2021 Incoming resources Income is recognised when The Trust is legally entitled to it after any perfomance conditions have been met, the amount5 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 Trust has been notified of the donation, unless performance condltions require deferral of the amount Income tax recoverable in relation to donations received under Gift Aid or deed of covenant 15 retoBnised at the time of the donation. Turnover is measured at the fair value of the consideration received or receivable and represent5 amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxe5. Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. 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 recoEnised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. Current asset investment Current investments are initially measured at transaction price excluding transaction costs and reported on the balance sheet at their market value. These investments are considered short-term assets because they are generally convertible into cash within one year. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current liabilities. Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all its financial instrument5. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provision of the instrument.
THE FAMILY RICH CHARITIES TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 Financial assets and liabilitie5 are offset, with the net amounts presented in the financial Statements, when there is a le8ally 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 slmultaneously. 8g5icfinanciol 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 rrarket rate of interest. Financial assets classified as receivable within one year are not amortised. Ba5icfinanciaJ liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitute5 a financial transaction, where the debt Instrument is measured at the present value of the future payment5 discounted at a market rate of interest. Financial liabilities classifled 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 good5 or Services that have been acquired in the ordinary course of operations from suppllers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented a5 non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentlv measured at amortised cost Using the effettive interest method. Derecognltion offinancial liobilities Financial liabilities are derecognised when The Trust's contractual obligations expire or are discharged or cancelled. 2 Critical accounting estimate5 and judgements In the application of The Trust'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 currènt and futLJre periods.
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 3 Donations and legacies 2021 2020 Donations and gift5 50,000 40,000 4 Investments 2021 2020 Income from listed investments Interest receiv3ble 36,291 51,189 36,291 51,189 5 Ralsing funds Unrestricted funds Restricted funds Total 2021 Total 2020 Investment management 4,911 4,911 4,911 4,911 5,015 5,015 6 Charitable activities 2021 2020 Grant funding of activities Isee note 71 Share of governance costs Isee note 81 60,000 1,500 61,500 44,0(M) 1,5(X) 45,5(X) 7 Grants payable Z021 2020 Grant5 to individuals Grants to institutions 60,000 60,000 44,000 44,000 The Trust exists to provide charitable donations to a wide and varied selection of charities in accordance with the Trust Deed. Each year donations are made to charitable organis3tion5 and institution5 engaged in medical research and care, arts and music therapies and social welfare and care in developing countries.
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 8 Support C95ts Support costs Governance ¢osts 2021 2020 Independent ex8minerfs fees Adminlstration 1,500 1,500 5(X) 1,500 1,500 2,0(M) Analysed between Charitable activities 1,500 2,000 1,500 Governance costs includes payments to the independent examiners of £1,50012020: £1,5(Kll for independent examination fees. Administration costs inc5ude £nil12020.' £6001 to the independent examiners for administration support. 9 Trustees None of the trustees lor any persons connected with theml received any remuneration or benefits from The Trust during the year. 10 Employees There were no employees during the year. 11 Net gains111055e5) on investments 2021 2020 Revaluation of investments Loss on sale of investments 76,973 12.8151 74,158 1104,5371 121,6481 1126,1851 12 Fixed asset investments Listed investments Cost or valuation As at 5 April 2020 Addition5 Valuations changes Disposals At S April 2021 745,548 93,492 64,358 1128,7501 774,648 io-
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED S APRIL 2021 Carrylng amount At S April 2021 774,648 At 5 April 2020 745,548 Fixed asset Investments revalued Investments are held at fair value which is detertnined by the quoted price in an active market. If investments were held under the historical cost basis, they would have a carrying amount a5 at the balance sheet date of £762,79312020'. £817,665) 13 Current asset investments 2021 2020 Unlisted investments 58,000 The current asset investment 2021 £58,000 is a short-term sterling Prime 3 NAV, Federated Hermes UK LLP . In the prior year there was no current asset investment at the year end. During the year 98,0(YJ units12020: 26,5001 were purchased at a cost of £98,000 and 40,000 units12020: 44,7801 were sold for £40,00012020= £44,7801. 14 Financial instruments 2021 2020 Carrying amount of financial assets Equity instruments measured at cost less impairment 832,648 745,548 Financial assets consist of fixed asset investments of £774,64812020.. £745,5481. Current asset investment in 2021 £58,00012020: £nill. 15 Restricted fund5 The income funds of the charity include restricted fund5 comprising the following unexpected balances of donations and grants held on trust for specific purposes: Balance at 6 April 2020 Incoming resources Resources expended Revaluations gains and 1055es Balance at S April 2021 Investment funds 1,597.748 50,000 74.158 1,72L,906 Restricted funds represent the monies received by the charity to fund its grant programme. li-
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 16 Analysls of net 055ets between funds Unrestricted fund5 Restricted funds Totsl Fund balances at 5 April 2021 are represented by: Investments Current assetsllliabilitiesl 832,648 889,258 1,721.906 832,648 870,947 1,703.595 118,3111 118.311) 17 Related party transactions There were no disclosable related party transactions during the year12020: none). 12-