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 r￿1Ved 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 T￿￿tee$. responsibilities
The Trustees are responsible for preparing the Twstee5' Report and the financial statements in
accordars￿ With applicable13w and United Kingdom Accountirkg Standards (United Kingdom
Generally knepted Accounting Prartice).
The law aPpI￿able to charlties in EThJland and Wales requires the Tntstees to prepare the financial
5tstements for each finandal year whisth give a true ar￿ fair view of the state of affairs of the
charity and of the incoming ￿sOUrceS and application of resou￿$ 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 depa￿re5 disclosed and explalned in the finanaal statements:
prepare the financial statements on the going cOn￿rn 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 reqUI￿d 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 d1￿CtlY 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 Ca￿led 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 incU￿ed 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