THE FAMILY RICH CHARITIES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Charity Registration No. 264192
THE FAMILY RICH CHARITIES TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs Tessa Goldstein Mrs Margaret Fruchter Mr Slmon Fruchter Charlty 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: A Vacha LGT Vestra LLP, 14 Cornhill, London. EC3V 3NR Bank of Scotland plc Centr81 Banking Branch PO Box 1000 BX2 ILB
THE FAMILY RICH CHARITIES TRUST CONTENTS Page Trustees. report Independent examinerfs report Statement of financial activities Balance sheet Note5 to the financial statements 6-12
THE FAMILY RICH CHARITIE5 TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2023 The trustees present their report and financial statements for the year ended 5 April 2023. The account5 have been prepared in accordance with the accounting policies set out in note I to the account5 and comply with the Trust Deed, the Charities Art 2011 and 'Accounting and Reporting by the 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 (FR5 1021" las amended for accounting periods commencing from l January 20161. Objertives and activities The trust exists to provide charttable donations to a wide and varled selection of charities in accordance with the Trust Deed. Each year donations are made to charitable organi5ations and institutions engaged in medical research and care, arts and music therapies and social welf3re and Ca in developing countrie5. 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. A¢hievement5 and performance During the year The Trust made 21 separate donations to charitable organisations and institutes totalling £76,000 in accordance with it5 charitable objectives. The total investment income of The Trust was £65,969 from which management costs, incurred on generating fijnds, of £7,785 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 2023, the trust made payments of £76,000 relating to charitable activities, and generated investment income of £55,866 net of cost5 in the year. This combined with the independent examiner fees resulted in a negative balance of £49,677 on unrestritted reserves. The investment policy of The Trust is to invest in a company portfolio offering risk diversification
THE FAMILY RICH CHARITIES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 The trustees have assessed the major risks to which The Trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The charity receive5 an annual donation, from Thames Property Group 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 Margaret Fruchter Mr Simon Fruchter Recruitment of the trustees is carried out through nomination or recommendatlon by the current trustees. The trustee's report was approved by the Board of Trustees. Mr Simon Fruchter Trustee Dated..
THE FAMILY RICH CHARITIES TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022 I report to the trustees on my examination of the accounts of The Family Rich Charities Trust (the Charity) for the year ended 5 April 2023. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the AcYI- I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting record5 were not kept in respect of the Charity as required by section 130 of the Act; or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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 concerns and have come across no other matters in connection with the examination to which attention should be drown in thi5 report in order to enable a proper understanding of the accounts to be reached. N Parrett FCA Azets Audit Services. Chartered Accountants 2ntl Floor, Regi5 House 45 King William Street London EC4R 9AN Date: 26 January 2024
THE FAMILY RICH CHARITIES TRUST STATEMENT OF FINANCIAL AcfiviTES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted fund5 Res¢rl¢ted funds Total 2023 Total 2022 Notes Income from: Donations and legacies Investments Total income 50,000 50,000 65,969 115,969 50.180 46,916 97,096 65,969 65,969 50,000 enditure on: Raising funds Charitable activities Administrative expenses Total resources expended 10,106 76,000 1,860 87,966 10.106 76,000 1.860 87,966 12,613 42,000 1,675 56.288 Net (resources expendedllincoming resources before net galns on Investments 121,9971 50,000 28,3 40.808 Net gains on investments li 190,1941 140,1941 190,1941 162,1911 51,000 Net movement in funds 121,9971 91,808 Fund balances at 6 April 2021122 Fund balance5 at 5 April 2022123 127,6811 149,6781 1,823,086 1,782,892 1,795,405 1.733.214 1,703,597 1,795,405 The statement of financial activities includes all gairks and105ses recognised in the year. All income and expenditure derive from continuing artivities.
THE FAMILY RICH CHARITIES TRUST BALANCE SHEET AS AT 5 APRIL 2023 Notes 2023 2023 2022 2022 Fixed assets Investments Current assets Investments Cash at bank and in hand 12114 1,281,266 1.368.830 13114 280,000 173,808 453,808 30,000 398,225 428,225 Current liabilities Accruals 11,8601 11,8601 11,6501 11,650 Net current assets Total assets le55 current liabilities 451,948 426,575 1,733,214 1,795,405 Income funds Restricted funds Unrestricted funds 15 1,782,892 149,6781 1,733,214 1,823,086 27,6811 1,795,405 The financial statements were approved by the Trustees on .. Mr Simon Fruchter Trustee
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIALSTATEMENTS ASAT5 APRIL2023 Accounting policies Charity informatlon The Family Rich Charities Trust is a registered charity* number 264192, and is constituted by Deed ofTrnst. 1.1 Accounting tonvention The accounts have been prepared in accordance wtth The Trust deed, the Charitie5 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 IFR51021" las amended for accounting periods commencing from l January 20161. The Trust is a Public Benefit Entity as 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 finantial statements have been prepared under historical cost convention, modified to include certain financial instrijments at fair value. The principal accounting policies adopted re set out below. Going concern Taking into account the economic conditions and possible change5 in trading performance, the trtJstee5 have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements. The trustees have a reasonable expectation that the charity will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statement5 on a going concern basis. Charitable funds Unrestricted funds are available for use at the dlscretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restrlcted funds are subject to specific conditions by donors as to how they may be used. The purpose5 and u5e5 of the restricted fund5 are set out ir¢ the notes to the financial statements.
THE FAMILY RICH CHARITIESTRUST NOTESTO THE FINANCIALSTATEMENTS (CONTINUED) AS AT 5 APRIL 2023 Incomlng resources Income is recognised when The Trust 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 donatlons are recognlsed on CeIpt. Other donatlons are recognised once The Trust has beet) notified of the donation, unle55 performance conditions require deferral of the amount Income tax recoverable in relation to donations received under Gift Aid or deed of covenant is recognised at the time of the donation. Turnover Is measured at the fair value of the consideration received or receivable and represents 3mounts receivable for goods and services provided in the normal course of busine55. net of discounts, VAT and other sales related taxes. Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constnjctive 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 ba515. All expense5 including support cost5 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 recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. Current aet investment Current investments are initially measured at transaction price exclijding transaction costs and reported on the balance sheet at their market valu@. These investments are corbsidered short-term assets because they 3re 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. 8ank overdrafts are shown within borrowings under current liabilities.
THE FAMILY RICH CHARITIES TRUST BALANCE SHEET ASAT5 APRIL 2023 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 instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provision of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there 15 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 simultaneouslv. Busicfinunciul o55ets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction prlce Including transactlon 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. 6aslcfinanclol Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discoijnted 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 p?y for goods or services that have been acquired in the ordinary course of operation5 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. Derecognition offinon¢iolliubiliTties Financial liabilitie5 are derecognised when The Trust's contractual obligatlons explre or are discharged or cancelled.
THE FAMILY RICH CHARITIESTRUST BALANCE SHEET AS AT 5 APRIL 2023 2 Critical accounting estimates and judgements In the application of The Trusys 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 a55umptiQns are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revlsion affects only that period or in the period of the revision and future period5 where the revision affects both current and future periods. 3 Donations and legacles 2023 2022 Donations and gifts 50,000 50,180 4 Investments 2023 2022 Income from listed investments Interest receivable 65,969 46,916 65,969 46,916 5 Raising funds Unrestricted funds Restricted funds Totsl 2023 Total 2022 Investment management 10,106 10,106 10,106 10,106 12,613 12,613 6 Charitsble actlvltles 2023 2022 Grant funding of activitieslsee note 71 Share of governance costslsee note 81 76,0 1,860 77,860 42,000 1,650 43,650
THE FAMILY RICH CHARITIES TRUST BALANCE SHEET AS AT 5 APRIL 2023 7 Grants payable 2023 2022 Grants to individuals Grants to institutions 76,000 76,000 42,000 42,000 The Trust exists to provide charitable donatlons to a wide and varied selection of charities in accordance with the Trust Deed. Each year donations are made to charitable organisations and institutions engaged in medical research and care, arts and muslc theraples and social welfare and care in developing countries. 8 Support costs Support costs Governance ¢05t5 2023 2022 Independent examinerfs fees 1,860 1,860 1,650 Administration 25 1,860 1,860 1,675 Analy5ed between Charitable activities 1,860 1,860 1,675 Governance costs includes payments to the independent examiners of £1,86012022: £1,650) for independent examination fees. 9 Trustees None of the trustees lor any persons connected wlth them) received any remuneratlon or benefits from The Trust during the year. 10 Employees There were no employees during the year. io-
THE FAMILY RICH CHARITIES TRUST BALANCE SHEE[ AS AT 5 APRIL2023 11 Net gains/(losses} on investments 2023 2022 Revaluation of investments Loss on sale of investments 183,2021 16,992} 190,194} 61,292 110,2921 51,000 12 Flxed asset investments Listed investments Cost or valuation As at 5 April 2022 Additions Valuations changes Disposals At 5 April 2023 1,368,830 223,503 190,194) 1220,8731 1,281,266 Carrying amount At 5 April 2023 1,281,266 At 5 Aprll 2022 1,368,830 Flxed asset Investments revalued Investments are held at fair value which is determined by the quoted price in an active market. If investments were held under the historical cost basis, they would have a carrying amount as at the balance sheet date of £1,292,03012022: £1,296,391). 13 Currerit asset investments 2023 2022 Unlisted investments 280,000 30,000 The current asset investments 2023 are made up a5 follows: £70,000 short-term sterling Prime 3 NAV, Federated Hermes UK LLP. £70,000 short-term sterling Goldman Sachs £70.000 5hort-term sterling Blackrock Ics £70.000 short-term sterling JP Morgan During the year no units12022.' 28,0001 were sold12022'. £28,0001. li-
THE FAMILY RICH CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 14 Flnanclal Instruments 2023 2022 Carrying amount of financial assets Equity instruments measured at cost le55 impairment 1,561,266 1,398,830 Financial assets consist of fixed asset investment5 of £1,285,26612022: £1,368,830). Current asset investment in 2023 £280,00012022'. £30,000). 15 Restricted funds The income funds of the charity include restricted funds comprising the following unexpected balance5 Qf donations and grants held on trust for specific purposes: BalancÈ at 6 Aprll 2022 Incomlng resources Resources expended Revaluations gains and losses Balance at 5 April 2023 Investment funds 1,823,086 50,000 190,1941 1,782.892 Restrirted funds represent the monies received by the charity to fund its grant programme. 16 Analysis of net assets between funds Unrestrirted funds Restrirted funds T¢)tsl Fund balances at 5 April 2023 are represented by.. Investments Current assetsllliabilitiesl 1,561,266 221,626 1,782,892 1,561,266 171,948 1,733,214 149,6781 (49,6781 17 Related party transactions In the year to 5 April 2023 a donation of £50,000 was made by Thames Property Group Limited 12022= £50,0001. Thames Property Group Limwted is ultimately owned by the Trustees of the charity. 12-