Registered number: 0264741
MAX REINHARDT CHARITABLE TRUST
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY
MAX REINHARDT CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 -11 |
Page 1
MAX REINHARDT CHARITABLE TRUST
TRUSTEES REPORT
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
TRUSTEES
Joan Dorothy Reinhardt (deceased 2 October 2021) Veronica Reinhardt Magdalen Wade
CHARITY ADDRESS
C/o Fletcher & Partners Crown Chambers Bridge Street Salisbury Wiltshire SP1 2LZ
ADVISERS:
Independent Examiner
James Fletcher, Chartered Accountant, Fletcher & Partners
Accountants
Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury, Wiltshire, SP1 2LZ
Bankers
Coutts & Co, 440 Strand, London, WC2R 0QS
Investment Managers
Schroder & Co Limited, 1 London Wall Place, London, EC2Y 5AU
0264741
REGISTERED CHARITY NUMBER
Page 2
MAX REINHARDT CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial statements of the charity for the 6 April 2020 to 5 April 2021. The accounts have been prepared in accordance with the accounting policies set out on pages 7 to 8 and comply with the Charity's schemes and applicable law.
Structure, governance and management
a. CONSTITUTION
The charity was established by trust deed dated 8 September 1972 by Max Reinhardt and is registered with the Charity Commission, No. 264741. The day-to-day administration is carried out by the Trustees.
There have been no changes in the objectives since the last annual report.
b. PRINCIPAL ACTIVITIES
The principal activity of the charity is to distribute its capital and income to such charities or for such charitable purposes as the trustees may determine.
c. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The charity is run by the Trustees and they make all the decisions with regards to making the grants.
Objectives and Activities
a. POLICIES AND OBJECTIVES
When setting the grant making policy for the year, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The scope of the charity's grant making is to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
During the year the charity, made donations to three (2020 fifteen) charities totalling £4,750 (2020 £38,959).
c. GRANT MAKING POLICIES
Grants are made from the income of the charity and are mainly made to charities involved in arts education.
Achievements and performance
a. REVIEW OF ACTIVITIES AND ACHIEVEMENTS
The financial statements have been stated using the accruals basis.
The trust's total income amounted to £28,888 (2020 £18,302) which consists only of investment income. The charity donated a total of £4,750 (2020 £38,959) to other charities, this is lower than earlier years. The trust's investments had realised gains of £4,051 (2020 gains of £17,946) and unrealised losses of £134,988 (2020 losses of £101,218), so that overall the net assets increased to £780,035 (2020 decreased to £623,645).
Page 3
MAX REINHARDT CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021
Achievements and performance (continued)
b. INVESTMENT POLICY
The Trustees' policy is to invest at a medium level of risk so as to maximise the total returns on the trust's investments and to maintain the charity's capital. The Trustees have appointed Schroder & Co Limited to manage the investment portfolio.
Financial review
a. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Trustees have reviewed the main risks to which the charity is exposed and confirm that systems have been established to mitigate those risks. The principal risk lie in the performance of investments and this is mitigated by retaining expert investment managers and having a diversified investment portfolio.
b. RESERVES POLICY
The Trustee's aim to maintain a level of reserves that will produce an annual income sufficient to cover the grant applications and management and administration costs. The reserves held are £780,035 compared to £623,645 in 2020. During the year the charity's holdings in various listed investments were sold and the monies reinvested in Cazenove Charity Multi Asset funds.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue to make donations/grants to other charities at around the same monetary level as in previous years.
Statement of Trustees' responsibilities
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 the 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 period. 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 accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any
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material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to
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- presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees and signed on their behalf by:
Veronica Reinhardt Trustee
Date: 11 January 2022
Page 4
MAX REINHARDT CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2021, which are set out on pages 5 to 11.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Responsibilities and basis of the report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with requirements of the Charities Act 2011 ('the 2011 Act').
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 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can 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:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of the 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 drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr J Fletcher MA Dphil FCA DChA Chartered Accountant
FLETCHER & PARTNERS
Crown Chambers Bridge Street Salisbury SP1 2LZ
Date: 14 January 2022
Page 5
MAX REINHARDT CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note INCOMING RESOURCES Incoming resources from generated funds: Investment income 3 Total Incoming Resources RESOURCES EXPENDED Raising funds: Investment management costs Charitable activities: Grant making 4 Support and governance costs 7 Total Resources Expended Net gains/(losses) on investments NET MOVEMENT IN FUNDS Total funds brought forward Total funds carried forward NET EXPENDITURE BEFORE INVESTMENT GAINS/(LOSSES) |
Unrestricted funds 2021 28,888 28,888 2,232 4,750 4,557 11,539 17,349 139,041 156,390 623,645 £780,035 |
Total funds 2021 28,888 28,888 2,232 4,750 4,557 11,539 17,349 139,041 156,390 623,645 £780,035 |
Total funds 2020 18,302 18,302 5,212 38,959 6,501 50,672 (32,370) (83,272) (115,642) 739,287 £623,645 |
|---|---|---|---|
The notes on pages 7 to 11 form part of these accounts
Page 6
MAX REINHARDT CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2021
| Note FIXED ASSETS Investments 8 CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS: amounts falling due within one year 9 NET CURRENT ASSETS NET ASSETS Representing : CHARITY FUNDS (UNRESTRICTED) General Fund 10 TOTAL FUNDS |
2021 771,456 - 12,299 12,299 3,720 8,579 £780,035 780,035 £780,035 |
2020 622,407 298 2,800 3,098 1,860 1,238 £623,645 623,645 £623,645 |
2020 622,407 298 2,800 3,098 1,860 1,238 £623,645 623,645 £623,645 |
|---|---|---|---|
| £623,645 | |||
| 623,645 | |||
| £623,645 |
The financial statements were approved by the Trustees and signed on their behalf by:
Signed on behalf of the Trustees
V Reinhardt Trustee Date approved by the Trustees 11 January 2022
The notes on pages 7 to 11 form part of these accounts
Page 7
MAX REINHARDT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. General information
Max Reinhardt Charitable Trust is an unincorporated charity registered with the Charity Commission, England and Wales. It's registered number is 0264741 and it's registered office is Flat 2, 43 Onslow Square, London, SW7 3LR.
2. ACCOUNTING POLICIES
2.1 Basis of accounting
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulation 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Max Reinhardt Charitable Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The financial statements of the charity are prepared on a going concern basis as there are no material uncertainties as to the Charity's ability to continue.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Page 8
MAX REINHARDT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2 ACCOUNTING POLICIES (continued)
2.4 Expenditure (continued)
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gains/(losses) on investments' in the Statement of Financial Activities.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Debtors
Debtors are measured at the amounts the charity anticipates it will receive from a debt.
2.9 Liabilities and provisions
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt.
2.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
2.12 Judgements
The most significant area of uncertainty for the year ending 5 April 2021 is again the effect of the coronavirus COVID-19 pandemic. This did not effect the basic running of the charity but may effect the income from its investments.
Page 9
MAX REINHARDT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2021
| 3. INVESTMENT INCOME Investment income - local listed investments Investment income - foreign listed investments Investment income - local cash 4. ANALYSIS OF GRANTS Art and culture Relief of poverty/welfare and advancement of health Medical charities 5. LIST OF INSTITUTIONAL GRANTS PAYABLE Name of institution/grant Art and culture Engage in the Visual Arts Pro Corda Polka Children's Theatre Relief of Poverty/Welfare and advancement of health Believing in Community Community Initiatives South West Concern Worldwide Crisis FareShare South West Grove Adventure Playground Gurkha Welfare Trust Kids in Action Listening Books Refugee Action Up N Away Medical charities British Red Cross Marie Curie Cancer Care Medicin Sans Frontiers World Child Cancer |
2021 28,888 - - 28,888 £ 2021 3,750 1,000 - 4,750 £ 2021 - 3,000 750 - 1,000 - - - - - - - - - - - - - 4,750 £ |
2020 13,511 4,762 29 18,302 £ 2020 36,905 1,654 400 38,959 £ 2020 36,905 - - 100 - 100 100 300 250 100 250 100 54 300 100 100 100 100 38,959 £ |
2020 |
|---|---|---|---|
6. STAFF COSTS
The charity has no employees other than the Trustees, who did not receive any remuneration (2020 £nil).
No employee received remuneration amounting to more than £60,000 in either year.
Page 10
MAX REINHARDT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2021
7. SUPPORT AND GOVERNANCE COSTS
| Support costs Bank charges Travel and sundry expenses reimbursed to Trustees Sundries Website and hosting Promoting the charity Governance costs Accountancy costs Independent examination Total support and governance costs |
2021 631 808 - - 1,258 2,697 1,692 168 £1,860 £4,557 |
2020 900 754 345 269 2,373 |
||
|---|---|---|---|---|
| 4,641 | ||||
| 1,692 168 |
||||
| £1,860 | ||||
| £6,501 |
During the year ended 5 April 2021, the charity incurred the following Governance costs: £nil (2020 £nil) included within the table above in respect of Donations/Grants. £nil (2020 £nil) included within the table above in respect of Support costs.
8. FIXED ASSET INVESTMENTS
| Market value Market value at 6 April 2020 Additions at cost Disposals at opening value Unrealised gains/(losses) Market value at 5 April 2021 Investments at market value comprise: Listed investments Cash held in capital account Total market value Historical cost of listed investments |
Listed securities 609,052 - (26,195) 134,988 £717,845 |
Cash 13,355 40,256 - - £53,611 2021 717,845 53,611 £ 771,456 £ 679,755 |
Total 622,407 40,256 (26,195) 134,988 |
|
|---|---|---|---|---|
| £771,456 | ||||
| 2020 609,052 13,355 |
||||
| £ 622,407 | ||||
| £ 710,271 |
All listed investments have been sold during the year and the monies reinvested into two Charity Multi Asset Funds. These are held as managed funds by Schroder & Co Limited and are listed on the stock exchange. All investments are valued as per the market value stated in the investment broker's end of year portfolio.
9. CREDITORS: Amounts due within one year
| Creditor Accountants fees Independent examination fee Accruals Accountants fees Independent examination fee |
2021 1,692 168 1,692 168 £3,720 |
2020 - - 1,692 168 |
|---|---|---|
| £1,860 |
Page 11
MAX REINHARDT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2021
10. SUMMARY OF FUNDS
| General funds 2021 Balance at 6 April 2020 623,645 Income 28,888 Expenditure (11,539) Gains/(Losses) 139,041 Balance at 5 April 2021 £ 780,035 |
General funds 2020 739,287 18,302 (50,672) (83,272) £ 623,645 |
|---|---|
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 771,456 12,299 (3,720) £ 780,035 |
Unrestricted funds 2020 622,407 3,098 (1,860) £ 623,645 |
|---|---|---|
12. RELATED PARTY TRANSACTIONS
No Trustee received any emoluments or benefits in 2021 or 2020 for acting as Trustees. In 2021 one Trustee was reimbursed travel expenses totalling £808 (2020 £754), there were no (2020 £nil) expenses reimbursed to this or any other Trustee.
There were no related party transactions in 2020 or 2021.