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2024-04-05-accounts

Nam Charitable Trust

Trustees' Report and Financial Statements

For the year ended 5 April 2024

Nam Charitable Trust

Contents

Page
Report of the Trustees 1 - 3
Independent Examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to accounts 7 - 10
Schedule of grants/donations 11

Nam Charitable Trust

Report of the Trustees

The Trustees present their annual report and accounts for the year ended 5 April 2024.

Structure, Governance and Management

The constitution of the charity is by Deed of Settlement made 9 May 1973. It is a registered Charity Number 265830 managed by Trustees and its registered address is 71 Queen Victoria Street, London, EC4V 4BE.

The charity is established for such charitable institutions or towards or for the advancement or in the furtherance of such charitable purposes as the Trustees may from time to time in their absolute discretion determine.

The Trustees who served during the financial year were:

Peter Henry Harker Saffery Trustees (UK) Limited

Power of appointing new Trustees is vested in Naomi Marks, the Settlor, during her lifetime. Any new Trustees will be chosen by the Settlor for the skills and expertise they can bring to the Charity. Training needs will be assessed on an individual basis.

Bankers: National Westminster Bank Plc
15 Bishopsgate
London
EC2P 2AP
DIME bank
898 Veterans Memorial Hughway
Suite 560, Hauppauge
NY 11788
USA
Accountants: Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Independent Examiner Catherine Sullivan ACA
Beresford Marney Ltd
5 Marneys Close
Epsom
KT18 7HR

Page 1

Nam Charitable Trust

Report of the Trustees

Principal Aims and Objectives

The objective of the Charity is to manage the portfolio of investments to produce a balance of income generation and capital appreciation.

The Trustees aim to make distributions for charitable purposes up to or exceeding the level of annual income.

The Trustees have no set predetermined policy for awarding grants. Grants are made on the perceived merits of every application, but principally to educational institutions in the USA. Grants are not made to individuals.

Activities and Financial Performance

The income available for distribution in the year to 5 April 2024 before expenses was £40,305. Expenses of £11,880 were charged against income and total donations made amounted to £17,103, which were distributed to those charitable organisations listed in these accounts.

Total assets of the Charity at 5 April 2024 amounted to £1,795,410 (2023: £1,666,589), which represents an increase of 7.73%. The Trustees regard the performance of the portfolio as satisfactory in light of the market conditions in the year.

Financial review and reserves policy

As shown in the balance sheet on page 6, the vast majority of the Charity's funds are represented by its fixed asset investments. Income generated from these investments is used to fund the Charity's charitable expenditure. It is the Trustees' policy to control its investments and charitable expenditure so as to provide a stable base for the Charity's continuing activities while at the same time ensuring excessive funds are not accumulated. Any deficit on income is funded by a transfer from expendable endowment

Under the Trust Deed, the Trustees have wide powers of investment at their own discretion.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

Page 2

Nam Charitable Trust

Report of the Trustees

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with the 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 financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the application of resources of the charity for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public Benefit

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to all guidance published by the Charity Commission.

……………………

Allan Holmes (as a director of Saffery Trustees (UK) Limited) On behalf of the Trustees

Date

Page 3

Nam Charitable Trust

Independent Examiner's report to the trustees of the NAM Charitable Trust

I report on the accounts of the Charity for the year ended 5 April 2024, which are set out on pages 5 to 10.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

  1. to which, in my opinion, attention should be drawn on order to enable a proper understanding of the accounts to be reached.

Catherine Sullivan ACA

Beresford Marney Ltd 5 Marneys Close, Epsom, KT18 7HR

Date:

Page 4

Nam Charitable Trust

Statement of Financial Activities For the year ended 5 April 2024

----- Start of picture text -----
2024 2023
Expendable
Note Income Endowment Total Total
£ £ £ £
Income and endowments from:
Investment income 39,815 ­ 39,815 41,051
Interest receivable 490 ­ 490 14
Total income 40,305 ­ 40,305 41,065
Expenditure on
Direct charitable expenditure :
Grants/Donations 5 (17,103) ­ (17,103) (25,459)
Other expenditure :
­
Investment management fees (13,950) (13,950) (13,976)
Governance costs 1.5 (11,880) ­ (11,880) (7,941)
Total expenditure (28,983) (13,950) (42,933) (47,376)
Net income/(expenditure) before investment
gains/(losses) 11,322 (13,950) (2,628) (6,311)
Net gains /(losses) on investments
Realised ­ 10,273 10,273 8,391
Unrealised 3 ­ 129,794 129,794 (30,840)
­
Profit/(loss) on revaluation of foreign currency (8,618) (8,618) (2,592)
Total investment gains ­ 131,449 131,449 (25,041)
Net income / (expenditure) and net
movements in funds 11,322 117,499 128,821 (31,352)
Total funds brought forward at 6 April 2023 253,252 1,413,337 1,666,589 1,697,941
Total funds carried forward at 5 April 2024 264,574 1,530,836 1,795,410 1,666,589
----- End of picture text -----

Page 5

Nam Charitable Trust

Balance sheet At 5 April 2024

----- Start of picture text -----
2024 2023
Expendable
Note Income Endowment Total Total
£ £ £ £
Fixed assets
Investments (at market value) 3 ­ 1,690,152 1,690,152 1,571,813
Current assets
Debtor 159,316 ­ 159,316 158,476
Cash 118,458 ­ 118,458 111,996
­
277,774 277,774 270,472
Creditors 13,200 159,316 172,516 175,696
Net current assets 264,574 (159,316) 105,258 94,776
Total assets less
current liabilities 264,574 1,530,836 1,795,410 1,666,589
Funds of the Charity 264,574 1,530,836 1,795,410 1,666,589
As trustees we approve these accounts
Peter Harker Saffery Trustees (UK) Limited
----- End of picture text -----

Page 6

Nam Charitable Trust

Notes to accounts

1. Accounting Policies

1.1 Accounting convention

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at their market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, as amended by Update Bulletin 1 in February 2016, as further amended by Update Bulletin 2 in October 2018, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2015.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The ‘Nam’ Charitable Trust constitutes a public benefit entity as defined by FRS 102.

The functional currency of the charity is sterling.

1.2 Fund accounting

The Charity maintains an expendable endowment and income fund, which represents unrestricted income and capital which is expendable at the discretion of the trustees in the furtherance of the objects of the charity.

The power of accumulation has expired, therefore all income received must be paid out.

1.3 Income

All income is recognised in the statement of financial activities when the conditions for receipt have been met and receipt is probable.

Investment income is accounted for when receivable.

1.4 Direct charitable expenditure

Direct charitable expenditure comprises donations directly related to the objects of the charity.

Page 7

Nam Charitable Trust

Notes to accounts

1.5 Governance costs

Governance costs relate to dealing with donations and administration and compliance with constitutional and statutory requirements

Administration and accountancy fees
Independent Examination fees
Bank charges		 2024
£
11,030
850
­
11,880		 2023
£
7,170
750
21
7,941

1.6 Investment management fees

Investment management fees relate to expenditure incurred in the management of the charity’s assets. The amount of £13,950 is the cost of Silvercrest's fees in managing the charity’s investments.

1.7 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

Page 8

Nam Charitable Trust

Notes to accounts

1.8 Foreign currency exchange

Foreign currency transactions are converted to sterling at the prevailing exchange rate on the day of the transaction. Balances held at the year end are revalued to market value, using the year end exchange rate.

1.9 Taxation

The ‘Nam’ Charitable Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

1.10 Going concern

The Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

2. Information regarding Employees and Trustees

There were no employees in the year or prior year.

Saffery LLP, a firm of which Peter Henry Harker is a partner, charged fees to the Trust for accounting and administration work (2024: £11,030 and 2023: £7,170). Apart from this the Trustees received no remuneration and were not reimbursed for any of their expenses in the year.

Page 9

Nam Charitable Trust

Notes to accounts

3. Investments held as fixed assets

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Market value at 6 April 2023|1,571,813|1,669,997| |Additions at cost|236,319|229,291| |Disposals at book value|(247,774)|(296,635)| |Net unrealised gain/(loss)|129,794|(30,840)| |Market value at 5 April 2024|1,690,152|1,571,813| |Historical Cost at 5 April 2024|1,395,390|1,380,543|

----- End of picture text -----

Investment revaluation as above is at closing market price at the year end. All investments are held within unrestricted funds.

Material Investments (over 5% of portfolio )

----- Start of picture text -----
||| |---|---| |£| |Ishares TR MSCI EAFE ETF|138,116|

----- End of picture text -----

4. Comparative information

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Expendable| |Funds|endowment| |Fund|2023| |£|£|£| |Income|from| |Investment income|41,051|­|41,051| |Interest receivable|14|14| |Total|income|41,065|­|41,065| |Expenditure| |Other expenditure|7,920|13,997|21,917| |Charitable activities|25,459|­|25,459| |Total|resources|expended|33,379|13,997|47,376| |Gain on investment assets|­|(25,041)|(25,041)| |Net|income|7,686|(39,038)|(31,352)| |Balances brought forward at 6 April 2022|245,566|1,452,375|1,697,941| |Balances carried forward at 5 April 2023|253,252|1,413,337|1,666,589|

----- End of picture text -----

Page 10

Nam Charitable Trust

Notes to accounts

For the year ended 5 April 2024

----- Start of picture text -----
5. Schedule of Grants/Donations
2024 2023
£ £
­
BHCCRC Inc ($5,000) 4,107
Bridgehampton Child Care Centre ($10,000) 7,960 835
Doctors Without Borders USA ($1,000) 787 ­
Gramercy Park Block Association ($2,000) 1,575 821
­
Henry Street Settlement ($2,000) 1,701
Housing Plus Solutions ($5,000) 4,022 8,946
Make a Wish Foundation Suffolk County NY ($1,000) 789 821
Sag Harbor Cinema Arts Center ($1,000) 787 ­
­
Simple Works ($5,000) 4,107
Southampton Hospital Foundation ($1,000) 789 ­
Special Olympics ($500) 394 1,233
The Church ($1,000) ­ 835
­
University of Southern California ($2,500) 2,053
17,103 25,459
----- End of picture text -----

Page 11