Registered number: 0264741 MAX REINHARDT CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 FLETCHER & PARTNERS CHARTERED ACCOUNTANTS SALISBURY
MAX REINHARDT CHARrrABLE TRusr CONTENTS Page Tnjstees, Report Independent Examiner's Report statement of Financial ALtivities Balance Sheet Notes to the Financial Statements 7-11
MAX REINHARDT CHARITABLE TRUST TRUSTEES REPORT REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 TRUSTEES Veronica Reinhardt Magdalen Wade Marfna Relnhardt Barberine Mallett {retired 24 October 2024) CHARIfi ADDRESS Clo Fletcher & Partners Crown Chambers Bridge Street Sallsbury Wiltshire SPI 2LZ ADVISERS: ndependent Examiner James Fletcher, Chartered Accountant, Hetcher & Partners Accountants Fletcher & Partners, Crown Chambers, Bridge Street, Sallsbury. Wiltshire, SPI 211 Bankers Schroder & Co Limited. l London Wall Place, London, EC2Y SAU Investment Managers Schroder & Co Llmited, l London Wall Place, London, EC2Y SAU REGISTERED CHARrrY NUMBER 0264741
MAX REINHARDT CHARrrABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 5 APFUL 2025 The Trustees present thelr annual report together wlth the flnancial statements of the charlty for the 6 April 2024 to 5 April 2025. The accounts have been prepared In accordance wlth the accountSng policies set out on pages 7 to 8 and comply with the Charity's schemes, the Charltles Act 2011 and Accounting and Reporting by Charftles.. Statement of Recommended Prattlce applScable to charltles preparing their accounts in accordance wlth the Financial Reporting standard applicable In the UK and Republic of Ireland. Strurtureff governance and management a. CONSTThUTION The charity was established by trust deed dated 8 September 1972 by Max Reinhardt and is registered wlth the Charlty Commission. No. 264741. The day-to-day adrnini5tratlon is carrled out by the Trustees. There have been no changes in the objertlves slnce the last annual rèport. b. PRINCIPAL ACTIVITIES The principal actlvlty of the charity is to distribute its capital and Income to such tharities or for such charftable purposes as the tnjstees may deterynlne. c. METHOD OF APPOINTMENT OR ELEcfIoN OF TRusfEES The management of the charity Is the responsibility of the Trustees who are elected and co- opted under the ternis of the Trust deed. d. ORGANISATIONAL STRUCTURE AND DEcfsioN MAKING The charlty Is run by the Trustees and they make all the deasions wlth regartis to making the grants. Objectlves and Activltles POUCIES AND OBJEcfIvES When setting the grant maklng policy for the year, the Twstees have given due conslderation to general guidance published by the Charrty Commission relating to public benefit. including the guidance 'Public benefit.. runnlng a charity (PB2)'. The scope of the charlty's grant maklng Is to advan such chantable purposes (accordlng to the law of England and Wales) as the twstees See fit from time to time. b. AcfIvITIES FOR ACHIEVING OBJEcmiES Durlng the year the charityi made grants to five (2024 three) charities totalling £53,755 {2024 £40,000). c. GRANT MAKING POLICIES Grants are made from the Income of the chartty and are mainly made to charities involved In arts education. Achlevements and performance REVIEW OF AcrIvrriES AND ACHIEVEMENTS The flnancial statements have been stated using the accruals ba51s. The trust's total income amounted to É102,179 {2024 £461,402) which consisted of Investment income £51,482 and £50,697 donations. The charity granted a total of £53.755 (2024 £40,000) to other charitles. The Charlty had unrealised 1055es of £64,279 (2024 galns of £55,785 ), so that overdll the net assets decreased to £1,172, 152 (2024 increased to £1,197,779 mainly due to a legacy).
Pa MAX REINHARDT CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025 Achlevements and perforniance (contlnued) b. INVESTMENT POLICY The TrLtstees' policy is to invest at è medium level of risk so as to maximi5e the total retums on the trustrs inve5trnents and to maintaln the charity'5 capital. The Twstees have appointed Schroder & Co Llmlted tD manage the investmert porfolio. Flnandal review a. FINANCIAL RESK MANAGEMENT OBJEcmiES AND POLICIES The Trustees have reviewed the main risks to ThThich the tharity is exposed and confirm that systems hav. been established to mltigate those risks. The principal risk lies in the perfomance L)f Investrner,ts and thls is mltigated by retainin9 expert Investmerkt managers and having a diversified Investment portfolio. b. RESERVES POLICY The Trustee's airn to maintaln a level of re5erve5 that will produce aFt annual Income suffident to cover the grant applications and management and adtnini5tration costs. The resetves held are £1.172,152 compared to £1,197,779 in 2024. Some of the donation r1Ved in the year was Invested to increase the holdings in Cazenove Chartty Responsible Mulb. Asset fiJnd units S. PLANS FOR FUTURE PERIODS The Trustees plan to continue to make donatlonslgt3nts to other charfties at around the same monetary level as sn previous yea. ststement of Ttee$. responsibilities The Trustees are responsible for preparing the Twstee5' Report and the financial statements in accordars With applicable13w and United Kingdom Accountirkg Standards (United Kingdom Generally knepted Accounting Prartice). The law aPpIable to charlties in EThJland and Wales requires the Tntstees to prepare the financial 5tstements for each finandal year whisth give a true ar fair view of the state of affairs of the charity and of the incoming sOUrceS and application of resou$ of the charity for that period. In preparing these finanaal statements. the TnJstee5 are required to: selett suitable accounting polioes and then apply them consistently," observe the methods and prtnclple5 in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material depare5 disclosed and explalned in the finanaal statements: prepare the financial statements on the going cOnrn basis unless it15 inappropriate to presume that the chartty will continue In operntion. The Twstees are responsible for keePIr proper accounting records that are sufficFent to show and explaln the charity's trar¢sactions and disdose with reasonable accuracy at any time the financial [SItION of the charity and enable them to ensure that the financial statements comply with the ChaI7ties Act 2011, the Charfty (Accounts and Reports) Regulations 2008 6nd the provisions of the tntsl deed. They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responslble for the maintenance and integrity of the charity arbd financial infomiation included on the charFty's webslte. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislatiotT in other juri5dirtions. This report was approved by the Tnjstees and signed on their beha5f by: . 2f>lg . Date: Veronica Reinhardt Trustee
Pa MAX REINHARDT CHARrrABLE TRusr INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 I report to the charlty Trustee5 On my examination of the accounts of the charrity for the year ended 5 April 2025, which are set out on pages 5 to 11. Thls report Is made solely to the charity's Trustees, as a body, in accordance wlth Part 4 of the Charitle5 {Accounts and Reports) Regulations 2008. My work has been undertaken so that I mbyht state to the charlty's Trustees those mètters l am requlred to state to them in an Independent Examinews Report and for no other purpose. TD the fullest extent pemiitted by law, I do not accept or assume responslblllty to anyone other than the charlty and the chadty's TNstees as a body for my work or for this report. Re5ponsibiliOes and basis of the report As the Trustees ¢f the tharity you are responsible for the preparation of the accounts In accordance wlth requirements of the Charities ALt 2011 ('the 2011 AcV>. I report in respect of my examlnation of the charity'5 accounts carried out under sertlon 145 of the 2011 Att and in carrying out my examination I have followed all the applicable Directions given by the Charlty Commission under section 145(5){b) of the 2011 Act. Independent Examlner's Statement Your attentlon Is drawn to the fart that the charlty has prepared the accounts In accordance wlth Accounting and Reporting by Charities: Statement Df Recommended Prartlce appllcable to charities preparing their accounts in accordan wlth the Financial Reporting Standard appllcable in the UK an Republlc of Ireland IFRS 102) In April 2005 whith 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 falr view In accordance wtth the Generally Accepted Accounting Practjce effertive for reporting periods beginnlng on Dr after l January 2015. I have completed my examlnatlon. I can confirm that no material matters have come to my attention in connectlon wlth the examination giving me cause to believe that in any material respect.. (i) accountlng records were not kept in respert of the Trust as requlred by sectlon 130 of the 2011 Act: or the accounts do not accord with those records- or (2) (3) the accounts do not comply wlth the applicable requirements concerning the forni and content of the accounts set out in the Charities {Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a rue and falv vlew which is not a matter considered as pTrart of an independent examination. I have no concerns and have come across no other matters in conneetion with the examlnation to which attention should be drawn In thls 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 Sallsbury SPI 2LZ Date.. Ir 701% ,
Pa MAX REINHARDT CHARITABLE TRUST ATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestrltted fijnds Total fijnds Total fvnds 02 Note INCOMING RESOURCES Incoming resources.. DonatiOll5 Legacie5 Investment Income 50,697 50,697 10,000 408,872 42,530 51,482 51,482 Total Incoming Resources 102,179 102,179 461,402 RESOURCES EXPENDED Ralsing funds.. Investment management costs 3,686 3,686 2,762 Charitable artlvitles: Grant maklng Support and governan costs 53,755 6,086 53,755 6,086 40,000 4,9 18 Total Resources Expended 63,527 63,527 47,680 NET EXPENDITURE BEFORE INVESTMENT GAINS1(LOSSES) 38,652 38,652 413,722 Net galns/(losse5) on investments (64,279) (64,279) 55,785 NET MOVEMENT IN FUNDS (25,627) {25,627) 469,507 Total funds brought forward 1,197.779 1,197,779 728,272 rotal fund5 carried forward £1,172,152 £1,172, 152 £1,197,779 The notes on pages 7 to 11 fomi part ofthese accounts
Pa MAX REINHARDT CHARrrABLE TRUST BALANCE SHEET AS AT 5 APRIL 2025 Note FIXED ASSETS Investments 1,087,938 1,128,154 CURRENT ASSEfs Cash at bank and in hand Prepayments 87.976 247 73,028 88,223 73,028 CREDITORS: amounts falling due within ona year Accruals 4,009 3,403 NEf CURRENT ASSETS 84,214 69,625 NEf AssErs £1.172,152 £1,197,779 Representlng CHARITY FUNDS (UNRESTRIcfED} General Fund io 1,172,152 1,197,779 TOTAL FUNDS £1,172,152 £1,197,779 The financlal statements were approved by the Trustees and signed on their behalf by: Signed on behalf of the TNstees'. V Relnhardt Trustee Date approved by the Trustees.. The notes on pages 7 to 11 fom part of these accounts
MAX REINHARDT CHARXTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 l. General Informatlon Max Relnhardt Charltable Trust Is an unincorpordted tharity registered with the Charlty Commlsslon, England and Wales. It's reglstered number Is 0264741 and its registered office is Crown chambers, Bridge Street, Salisbury, Wiltshire, SPI 2LZ. 2. ACCOUNTING POLICIES 2.1 Basls of a¢countln9 The financial statements have been prepared in accordance with the Charitles SORP IFRS 102) - Accounting and Reporting by Charttles.. Ststement of fiecommended Practice applicable to charities preparing their accounts in accordan wlth the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland (FRS 102) (effective l January 20191, the Financlal eporknng Standard applicable in the UK and Republic of Ireland (FRS 102} and the Charftles Att 2011. The financlal statements have t)een prepared to give a 'true an¢J fair. vlew and have departecl from the Charltles (Accounts and Reports) Regulation 2008 only to the extent requlred to provide a 'true and vlew. Thi5 departure has involved following the Charfties SORP (FRS 102) published in Ortober 2019 rather than the Accounting and Reporting by Charitle5.' staternent of Recommended Practice effective from l April 2005 which has since been wlthdrawn. Max Reinhardt Charftable Tnjst meets the definition of a publlc benefit entlty under FRSIO2. Assets and llablllts.es are initially recognised at historical cost or transartion value unless otherwise stated In the relevant accounting poliry. 2.2 Going concern The financial statements of the charlty are prepared on a golng concem basls as there are no materfal uncertainties as to the Charity's ability to continue. 2.3 Income All Income is recognised once the charity has entitlement to the income, it15 probable that the income wlll be received and the amount of Income receivable can be measured reliably. Income tax recoverable Sn relatlon to donations received under Gift Aid or deeds of covenant is recognlsed at the tlme of the donation. The recognltion of income from legacies is dependent on establishing entidement, the prDbabllity of recelpt and the ability to esumate with sufficient accuracy the amount recelvable. Evidence of entitlement to a legary exists when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will or deed of varlatlon and the death of the benefactor) and the executor is satlsfied that the property in question wlll not be required to satisfy daims in the estate. Receipt of a legacy must be recognlsed when it is probable that it will be received and the fair value of the amourkt receivable, which wlll generally be the expected cash amount to be distributed to the Trust, can be rellably measured. Income tax recoverable in relatlon to investment income 15 recognlsed at the time the Investment Income Is receivable. 2.4 Expenditure Expendlture is recognised once there 15 a legal or constmctive obllgation to transfer economlc beneflt to a third party, it is probable that a transfer of economic benefits will be reqUId In settlement and the arnount of the obligation can be measured rellably. Expenijiture is classifled by actlvlty. The costs of each attlvlty are made up of the totsl of direct costs and shared costs, inclLJding support costs undertaklng each activity. Direct costs attributable to a single artivlty are allocated d1CtlY to that activlty. Shared costs which contrlbute to more than one activity and support costs whlch are not attributable to a single attlvlty are apportioned belNeen those activities on a basls consistent with the use of resour. upport costs are tnose costs Incurrea aireLtiy In support or expenoiture on Ine objects ot tne charlty and Include project management Caled out at headquarters. Governance costs are those incurred in connertlon wbth the adfflinlstration of the charity and compliance wlth onstltutbonal and statutory requlrements. Costs of generating fund5 are costs incurred in attrarting voluntary Income, ané those inajrred in tradlng attivitie5 that raise funds.
MAX REINHARDT CHARftABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2 ACCOUNTXNG POLICIES (continued) 2.4 Expenditure (contlnued) Charitable activities and Governan costs are costs Inojrred on the charity's educational operations, including sUPPOrt Costs and costs relating to the governance of the charlty apportioned to charitable activities. Grants payable are charged Sn the year when the offer is made except in those cases where the offer is conditional, such grants being recognlsed as expendlture when the condltlons attaching are fulfilled. Grants offered subject to conditbons which have not been met at the year end are noted a5 a commitment. but not accrued as expendlture. 2.5 Investments Fixed asset Investments are a fom 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 se It 15 measured at cost less Impairment. Investment gains and losses. whether realised tsr unrealised, are combined and shown In the heading 'Net gains1(1055e5} on investments, in the Statement of Financial Artlvltles. 2.6 Xnterest receivable Interest on funds held on deposit is Included when reoivable and the amount can be measured reliably by the charfty: thls Is nomially upon notificatlon 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 liquld investments wlth a short maturlty of three months or less from the date of acquisition or openlng of the deposlt or similar account. 2.8 Debtors Debtors are measured at the awnounts the chaiity anticipates It wlll recelve from a debt. 2.9 Liabllltles and provlslons Liabilities are recognised at the amount that the chaAty anticlpates it wlll pay to settle the debt. 2.10 Financlal Instruments The charlty only has financial assets and financial liabilities of a klnd that qualify as basic financlal Instruments. Basic financial instruments are initially recognised at transactitsn value and 5ub5equently measured at their settlement value. 2.11 Fund accountlng General funds are unrestricted fvnds which are available for use at the di5¢Jetion of the Trustees in furtherance of the general obJectlve5 of the charity and whlch have not been designated for other purposes.
MAX REINHARDT CHARITABLE TRUST NOTES TO THE FINAMCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025 3. INVESTMENT INCOME Investment Inctsme - Ilsted inveslJnents Investment Income - cash 46,954 4.528 36,222 6,308 51,482 £ 42,53 4. ANALYSXS OF GRA14TS Art and culture Educatlon 52,755 1,000 53,755 40.OOCI £ 40,000 5. Lisf OF INSTrruTIONAL GRANTS PAYABLE Name of Instltutlonlgrant Art and culture Engage In the Vlsual Arts Tomorrow's Warrlors Trust Dovetall Music Workshops Pro Corda Trust Education The Unlcom Trust 31,735 15,020 5,000 1,000 30,000 5,ODO 5,000 1,000 53,755 £ 40,OOQ STAFF COSTS The charity has no employees other than the Trnstees, who did not receive any remuneratlon 12024 £nil). No employee recelved remuneration amounting to more than £60,000 In either year.
e10 MAX REINHARDT CHARrrABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 5 APRIL 2025 SUPPORT AND GOVERNANCE COSTS Support costs Travel and sundry expenses reimbursed Webslte and hosting 2,216 716 2,249 419 Governance costs Legal fees Accountsncy costs Independent examlnatlon 904 2,010 240 2,010 240 £2,250 £4,918 E3,154 Total sUPPOrt and governance costs £6,086 During the year ended 5 April 2025, the charity incUed the following Govemance tosts: £nll (2024 £nil) Included withln the table above in respect of Donations/Grants. £nll {2024 £nil) included within the table above In respect of Support costs. FIXED ASSEf INVESTMENTS sted CLJritie Market value Market value at 6 Aprll 2024 Addltion5 at C05t Dlsposals at opening value Unreallsed galns/(losses) 1,107.400 16,538 20,754 7,525 1,128,154 24,063 164.279) 164.2791 Market value at 5 April 2025 £1,059,659 £28,279 £1,087,938 Investments at marf(et value Comprise: 2025 Llsted investments Cash held in capltal account Total market value 1,059,659 1,107,400 £ 1,087,938 £ 1,128,154 Hlstorical c05t of listed Investments £ 1,091,071 £ 1,074,533 The holding in the Charity MulU-Asset Fund S has been sold durlng the year and the monies relnvested into the Cazenove Charity Responslble Multi-Asset Fund S. This is held as a managed fund by Schrtsder & Co Limited. All Investments are valued as per the market value stated in the investment brokevs end of year portfolio. CREDITORS: Amount5 due wlthln one year Accruals Accountants fees Independent examinabon fee Travel and sundry expenses Web51te and hosting 2,010 240 1,084 675 2,010 240 771 382 £4.009 £3,403