Reglstered number: 0264741 MAX REINHARDT CHARrrABLE TRUST UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FLEfcHER & PARTNERS CHARTERED ACCOUNTANTS SAUSBURY MAX REINHARDT CHARrrABLE TRUST CONTENTS Page Trustees, Report Independent Examlnerfs Report ststement of Financlal Actlvlties Balance Sheet Notes to the Finandal Statements 7-11 MAX REINHARDT CHARITABLE TRUST TRusfEES REPORT REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APIUL 2024 TRUSTEES Veronica Reinhardt Magdalen Wade Marina Reinhardt Barberlne Mallett CHARITY ADDRESS Clo Fletcher & Partners Crown Chambers Brodge st￿et Salisbury Wlltshlre SPI 2L2 ADVISERS. Independent Examlner James Fletcher, Chartered Accountant, Fletcher & Partner5 Accountants etcher & Partner5, Crown Chambers. Brlége Street, Sallsbury, Wiltshlre. SPI 2LZ Bankers Schroder & Co Llmlted, l London Wall Place, London. EC2Y SAU Investment Managers Schroder & Co knmited, l London Wall Pla￿, London, EC2Y SAU REGISTERED CHARITY NUMBER 0264741 Pa MAX REINHARDT CHARrrABLE TRusr TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present thelr annual report together with the financial Statements of the charity for the 6 Aprll 2023 to 5 Aprll 2024. The accounts have been prepared in accordance with the accountlng pollcles set out on pages 7 to 8 and comply with the Charity's Schemes and applicable law. Structuroi governance arKI management . CONSTITUTION The charlty was established by tnjst deed dated 8 September 1972 by Max Relnhardt and Is reyistered with the Chadty Comm155ion, No. 264741. The day-to-day admlnistration is carrled out by the Trustee5. There have been no changes In the objectives since the last annual report. b. PRINCIPAL ACTIVITIES The prinapal activity of the charlty Is to dlstrfbute its capitsl and income to such charltles or ft)r such charitable purposes as the trtjstees may determine. c. METHOD OF APPOINTMENT OR ELEcfIoN OF TRUSTEES The management of the charity is the responsibllity of the Trustees who are elerted and co- opted under the terms of the Trust deed. d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charlty is run by the Trustees and they rnake all the decislons wlth regards to maklng the grants. Objectives and Actlvltles a. POLICIES AND OBJECTIVES When settlng the grant maklng pollcy for the year, the Trustees have glven due conslderatlon to general guidance published by the Charity Commission relatiny to public benefit, Including the guldance 'Publlc benefft,. running a charity (PB2)'. The scope of the charlty'5 grant making is to advance such charitable purposes (accordlng to the law of England and Wales) as the trustees see fit from time to time. b. ACTIVInES FOR ACHIEVfNG OBJECMIES During the year the charity, made donations to three (2023 four) charltles totalling £40.000 {2023 £13,000). ¢. GRANT MAKING POLICIES Grants are made from the income of the chadty and are malnly made to char6ties involved in arts education. Achlevements and perforniance a. REVIEW OF AcfIvITIES AND ACHIEVEMENTS The financial statements have been stated uslng the accruals basis. The trust's total income amounted to £461,402 (2023 £30,258) which conslsted of a legacy of £408,872, £42,530 investment income and £10,000 donations. The chanty donated a total of £40,000 (2023 £13,000) to Other chartties, the previous year was lower as the Max Llteracy project for 2022123 did not go ahead due to Engage not obtaining all of the fundlng needèd. The trust's investments had no reallsed gains in 2024 or 2023 and unreallsed galns of £55,785 (2023 losses of £43,427). so that overnll the net assets inLTeased to £1,197,779 (2023 decreased to £728,272). MAX REINHARDT CHARrrABLE TRusr TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 Achievements and perfomian¢e (contlnued) b. INVESTME14T POLICY The Trustee5' pollcy is to invest at a medlum level of risk so as to maxlmise the total returns on the trust's investments and to malrrtaln the (har6ty'5 capital. The Trustees have appolnted 5chroder & Co Limited to manage the Investment portfolio. Flnanclal revlew FINANCIAL RISK MANAGEMENT OBJECTZVES AND POLICIES The Tru5tee5 have reviewed the main rfsk5 to which the charity is exposed and confirm that systems have been established to mitigate those risk5. The principal risk lie in the performance of Investments and this is mitlgated by retaining expert investment managers and having a dlverslfled Investment portfolio. b. RESERVES POLICY The Trustee's aim to maintain a level of reserves that wlll produce an annual income sufflcient to cover the grant applicatlons and management and administration costs. The reserves held are £1,197,779 compared to £728,272 In 2023. the Increase being mainly due to a legacy recelved in the year. Thls legacy was Invested to increase the holding5 in Cazenove Charity Responsible Multl Asset fund unlts S. PLANS FOR FUTLIRE PERIODS The Trustees plan to continue to make donations/grants to other charttles at around the same monetary level as in previous years. statement of Trustees. responsibilitie5 The Trustees are responslble for preparing the Trustees. Report and the financial statements In accordance with applicable law and Unlted Kingdom Accountin9 Standards (United Kingdom Generally Accepted Accounting PraLtice). The law applicable to charltles In England and Wale5 requires the T￿stee5 to prepare the financial Statements for each flnancial year which give a true and falr view of the state of affai￿ of the charlty and of the incomlng resource5 and application of resources of the charity for that perlod. In preparing these financial statements, the Trustees are required to.. select suitable accounting polldes antl then apply them consistently; observe the methods and principles in the Charitie5 SORP- make judgewnents and accountlng estlmates that are reasonable and pNdent' state whether applicable UK Accounting Standarés have been followed, subject to any materlal departures dlsclosed ané explalned In the financial statements; prepare the flnanclal statements Dn the going concem basis unless it is inappmpriate to presume that the charity will continue in operation. The Trustees are responsible for keeplng proper accountlng records that are sufflclent to show and explain the charity's transattion5 and disdose with reasonable accurdry at any time the financial posltlon of the charity and enable them tl) ensu￿ that the financial statements comply with the Charftbes Act 2011, the Char(ty (Accounts and Reports) Re9ulatlons 2008 and the provlslons of the trLJSt deed. They are also responsible for safeguardlng the assets of the charlty and hence for takéng reasonable steps for the preventlon and detertion of fraud and other Irregularltles. The Trustees are responsible for the rnaintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination Df financial statements may differ from legislation in other jurlsélction5. This report was approved by the Trustees and signed on their behalf by.. Veronlca Relnhardt Trustee Date: P8 MAX REINHARDT CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 I report to the Tnjstees on my examination of the accounts of the tharity for the year ended 5 Aprll 2024. whlch are set out on page5 5 to 11. This report 15 made solely to the charfty's Trustees, as a body* in accordance wlth Part 4 of the Charbtles (Accounts and Reports) Regulations 2008. My work ha5 been undertaken 50 that I might state tc* the charity'5 Trustees those matters l am requlred to state to them in an Independent Examlner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responslblllty to anyone other than the charlty and the charity's Trustees as a bodyi for my work or for thls report. Responsibllities and basis of the report As the Trustees of the charfty you are responsible for the preparation of the accounts in accordance with requirements of the Chadtles Act 2011 I'the 2011 ALt'). I report in respert of my examination of the charity's accounts carrfed out under settlon 145 ofthe 2011 Act and In carrylng out my examlnatlon I have followed all the applicable Direction5 given by the Charity Commlsslon under sectlon 145(5)(b) of the 2011 Art. Independent Examlner's Statement Your attention Is drawn to the fact that the charity has prepared the accounts in accordance wlth Accc*unting and Reportlng by Charltles: Statement of Recommended Prattice applicable to charities preparlng theor accounts In accordance wlth the FlnancSal Reportlng Standard appllcable In the UK and Republlc of Jreland (FRS 102) In Aprll 2005 which is referred to in the extant regulations but has been wlthérawn. l understand that thls has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practi￿ effective for reporting periods beglnning on or after l January 2015. I have completed my examillation. E can confirm that no material matters have come to my attention In connertlon wlth the examlnatlon glvlng me cause to belleve that in any material respect.. (i) accountlng records were not kept In respert of the Tnjst as required by section 130 of the 2011 Art: or the accounts do not accord wlth those records: or the accounts do not Comply with the appllcable requirements concernlng the form and content of the accounts set out In the Charities (Accounts and Reports) Regulatio￿5 2008 other than any requirement that the accounts give a *rue and fairf vlew which is not a matter considered as part of an independent examlnatlon. have no concerns and have come across no other matters in connertion wlth the examlnatlon to whlch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 12) (3) Mr J Fletcher MA Dphil FCA DChA Chartered Accountant FLETCHER & PARTNERS Crown Chambers Bridge Street Salisbury SPI 2LZ Date.. Ir ?oi Pa MAX REINHARDT CHARThABLE TRU STATEMENT OF FINANCIAL ACTIVfTIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrirted fund5 Totsl fund5 2024 Tot41 fvnds Note INCOMING RESOURCES Incom4ng resources: Donatlons Legaaes Investsrent Income 10,000 408,872 42,530 461,402 10,000 408,872 42,530 461.402 30,258 30.258 Total Incoming Resources RESOURCES EXPENDED Ralslng funds,. Investment management Costs 2,762 2,762 2,235 Charltable acknvlties.. Grant making Support and governance costs 40,000 4.918 40,000 4,918 13,000 4,363 Total Resources Expended 47,680 47,680 19,598 NET EXPENDITURE BEFORE INVESTMEKr GAINS/(LOSSES) 413,722 413.722 10,660 Net gainsl(losses) on Investments 55,785 55.785 (43,427) NET MOVEMENT IN FUNDS 469,507 469.507 (32,7671 Total funés brought forward 728,272 728.272 761,039 Totsl ￿ndS Carried forward £1,197,779 £1,197.779 £728,272 The note5 on pages 7 to 11 form part of these accounts MAX REENHARDT CHARITABLE TRUST BALANCE SHEET AS Af 5 APRIL 2024 Note FIXED ASSETS Investments 1.128.154 702,993 CURRENT ASSETS Cash at bank and In hand 73.028 30.482 73,028 30,482 CREDITORS: amounts falllng due wlthln one year 3,403 5,203 NET CURRENT ASSETS 69,625 25,279 NET ASSETS £1.197,779 £728,272 Representing CHARrrY FUNDS (UNRESTRIcfED) General Fund io 1,197,779 728,272 TOTAL FUNDS £1,197,779 £726,272 The financlal statements were approved by the Trustees and signed on their behalf by.. Slgned on behalf of the TFUStees V Relnhardt Trustee Date approved by the Trustee5 The notes on pages 7 to 11 forni part ofthese accounts Pa MAX REINHARDT CHARITABLE TRUST NOTES TO THE FfNANCLAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 l. General Information Max Relnhardt Charltable Trust Is an unlncorporated charfty wlstered wlth the Charlty Commlsslon, England and Wales. It's registered number Is 0264741 and ivs registered Offi￿ Is Crown chambers, Brldge Street, Sallsbury, Wiltshlre, SPI 211. 2. ACCOVNTtNG POLICIES 2.1 Basls of accountlng The financial statements have been prepared in accordan￿ with the Charities SOF¢P (FRS 102} Accounting and Reportlng by Charitie5: Statement of Retommended Prartlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective l January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) and the Charftles Act 2011. The flnanclal ststements have been prepared to give a 'tnJe and falv vlew ancl have departeLI from the Charitle5 (Accounts and Reports) Regulatlon 2008 only to the extent required to pmvide a 'true and fair, view. This departure has involved followlng the Charltles SORP (FFiS ID2) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 whith has slnce been withdrawn. Max Relnhardt Charitable Tnjst meets the definition of a public benefit entlty under FRSIO2. Assets and liabilitles are inltially recognlsed at hSstorfcal cost or tsènsactlon value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern The financial statements of the charity are prepared on a going con￿rn basis as there are n materlal uncertaintles as to the Charity's ability to continue. 2.3 Income All Income Is recognlsed once the charity has entitlement to the Income, It Is probable that the in¢ome wlll be kEceived and the amount of Income receivable can be rneasured rellably. Income tax recoverable in relation to donations re￿iVed under Glft Aid or deeds of covenant Is recognised at the time of the donatlon. The recognition of income f￿M legaoes is dependent on establishlng entltlement. the probability of receipt and the ability to estlmate with suffiaent accuracy the amount recelvable. Evldence of entitlement to a legacy exlsts when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the eXIsten￿ of è valid will or deed of variation and the death of the benefactor) and the executor is satisfied that the property in questlon will not be requ1￿ d to satisfy claim5 in the estate. Receipt of a legacy must be recogni5ed when It 15 probable that It wlll be received and the fair value of the amount receivable, which will generally be the expected cash amount tts be dlstributed to the Trust, can be reliably measured. Income tax recoverable in relatjon to investment IncDme Is reojgnised at the tlme the investment Income Is retsivable. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economlc benefit to a thlrd party, tt 15 probable that a transfer of ectsnomic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendlture Is classlfled by activity. The costs of each acbvlty are made up of the total of direct costs and shared costs, Including support costs undertakSng each activity. Dirert costs attrlbutable to a slngle attivlty are allocated directly to that activity. Shared costs which contribute to more than one 8rtivlty and support costs which are not attNbutsble to a single activity are apportioned between those activltles on a basis consistent with the use of resources. supporr costs are tnose costs Incurrea aireciiy In 5uppofE Ot expenaiture on tne ot)JecTS or rne charity and Include projett management carried out at headquartets. Govemance costs are those incurred in conneLtion with the admlnistration of the charity and compliance wlth coristitutlonal and statutory requlrements. Costs ef generating funds are costs incurred In attracting voluntary Income, and those Incurred In trading aLtivities that ralse funds. Pa MAX REINHARDT CHARrrABLE TRU r40TES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 2 ACCOUNTING POLICIES (continued) 2.4 Expendltura (contlnued) Charitsble activities and Governance costs are costs inoJrred on the charlty's educatlonal operatSons, IncludSng support costs and costs relating te the governance of the charfty apportloned to charltable acknvities. Grants payable are charged In the year when the offer is made except in those cases where the offer is condltlonal, such grant5 being recognised as expenditure when the con¢Jltlons attachSng are ftjlfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not a￿rUed as expendlture. 2.5 Investments Flxed asset Investments are a fomi of flnancial instrument and are initlally recognised at their transaction c05t and subsequently measured at fair value at the Balance Sheet date, unless falr value cannot be measured reliably in which case it is rneasured at cost less Impairment. Investment gains and losses, whether realised or unrealised, are combined and shown In the headlng 'Net gainsl(lO￿e5) on investments, in the Statement of Financial Activities. 2.6 Interest recelvable Interest on funds held on deposlt is Included when recelvable and the amount can be measured reliably by the charity; this is normally upon notification of the interest pald or payable by the Bank. 2.7 Cash at bank and In hand Cash at bank and In hand Indudes cash and short temi hlghly Ilquld Investments wlth a short maturity of three months or less from the date of acquisition or openlng of the deposit or slmllar account. 2.8 Debtors Debtors are measured at the amounts the char1ty antlcipates it will receive from a debt. 2.9 Llabilltles and provlslons Liabillties are recognlsed at the amount that the charity anticlpates it will pay to settle the debt. 2.10 Flnanclal Instruments The charity only has financial assets and financial Ilabilitles of a klnd that quallfy as baslc financial instruments. Basic ff nancial Snstnjments are Inltbally recognised at transaction value and subsequently measured at thelr Settlement value. 2.11 Fund accounting General funds are unrestrlrted funds whith are available for use at the discretion of the Trustees in ftjrtherance of the general obJectlves of the charity and which have not been designated for other purposes. MAX REXNHARDT CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED S APRIL 2024 3. INVEsfMENT INCOME Investment income - local Ilsted Investments Investment Income - local cash 36,222 6,308 42,53 29,864 394 £ 30,258 4. ANALYSIS OF GRApirs Art and culture Rellef of povertylwelfare and advancement of health 40,OOL) 10,000 3,000 £ 13,000 40,OOD 5. LIST OF INSTrr(rrioNAL GRANTS PAYABLE Name of Institutlon/grant Art and cultu Engage In the Visual Arts Tomorrow's Waryiors Trust Dovetail Music Workshops The Story Museum Rellef of Povertyrnelfare advancement of health Magdalen College School Oxord The Trussell Trust 30,000 5,000 5.000 3,000 7.000 1,000 2,000 49,000 £ 13,000 STAFF Co￿5 The charity has no Èmployees other than the Trustees. who did not receive any remuneratlon {2023 Énll}. No employee received remuneration amounting to more than £60,000 in elther year. MAX REINHARDT CHARrrABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YeAR ENDED S APRIL 2024 SUPPORT AND GOVERNANCE COSTS Support Costs Travel and sundry expenses relmbursed stationery, etc WebsSte and h05ting 2,249 771 419 382 Governance costs Legal fees Accountancy costs Independent examlnatlon 1,020 1,956 234 2,010 240 £2,250 £3,210 £4,363 Total support and governan￿ costs £4,918 Durlng the year ended 5 April 2024, the charity Incurred the followlng Govemance costs: £nll (2023 £nll) Included wlthln the table above in respect of DonationslGrants. £nll {2023 £nil) included within the table above In respect of Support costs. FIXED ASSET INVEsfMENTS Listed Market value Market value at 6 April 2023 Additions at cost Dlsposals at opening value Unreali5ed gairns/(losses) 699,336 351.941 3,657 17.097 702,993 369,038 56.123 56,123 Market value at 5 April 2024 £1.107.400 £20.754 £1,128,154 Investments at marf(et value comprfse: 2023 699,336 sted Investments Cash held In capital account Total market value 1.107,400 £ 1,128,154 £ 702,993 Hlstorlcal cost of Ilsted Investments £ 1,074.533 £ 722.592 The holdlng In the Char1ty Multl-Asset Fund S has been sold during the year and the monles reinvested into the Cazenave Charity Responsible Multi-Asset Fund S. Thls is held as a managed fijnd by Schroder & Co llmlted and is Ilsted on the stock exchange. All Investments are valued as per the market value stated in the investment brokerfs end of year portfollo. CREDtroRS: Amounts due wlthln one year Creditor Accountants fees Independent examination fee Accruals Accountants fees Independent examinatlon fee Travel and sundry expenses Webslte and hosting Volunteer expenses 1,782 168 2,010 240 771 382 1,866 234 771 382 £3,403 É5,203 MAX REINHARDT CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (continued} FOR THE YEAR ENDED 5 APRXL 2024 10. SUMMARY OF FUNDS General funds General funds Balance at 6 Aprfl 2023 Income ExpendSture Gains/(Losses) Balance at 5 April 2024 728.272 461,402 (47,680) 55,785 £ 1,197,779 761,039 30,258 <19,598) {43,4271 £ 728,272 11. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Unrestrfcted funds Unrestrlcted funds Flxed asset Investments Current assets Creditors due wlthin one year Total 1,128,154 73,028 13,403) £ 1,197.779 702,993 30,482 (5,203) £ 728,272 12. RELATED PARTY TRANSAcfioNS No Trustee recelved any emoluments or benefits In 2024 or 2023 for actlng as Trustees. In 2024 no Trustee was reimbursed any expenses (2023 1 Trustee £1,152.80). There were no related party transactions in 2024 or 2023.