Charity registration number: 266324 ## The Behrens Foundation Annual Report and Financial Statements for the Year Ended 5 April 2024 ## **The Behrens Foundation** ## **Contents** |Reference and Administrative Details|1| |---|---| |Trustees' Report|2 to 4| |Independent Examiner's Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8 to 14| ## **The Behrens Foundation** ## **Reference and Administrative Details** ## **The Behrens Foundation** ## **Reference and Administrative Details** **Trustees** Mr S J Cockburn Mr C.H.W. Parish (deceased 27th June 2023) Mr J.N. Behrens Mrs H Frazer **Charity Registration Number** 266324 **Principal Office** The Clerk to The Behrens Foundation c/o Fiske PLC 100 Wood Street London EC2V 7AN behrensfoundation@outlook.com **Independent Examiner** Crane Cox & Co 4 Canal Rise Bridgerule Holsworthy Devon EX22 7FF **Solicitors** Macfarlanes 10 Norwich Street London EC4A 1BD **Bankers** NatWest Bank Plc Moorgate PO Box 712 94 Moorgate London EC2M 6XT Page 1 ## **The Behrens Foundation** ## **Trustees' Report** The trustees present the annual report together with the financial statements of the charity for the year ended 5th April 2024. The trustees who served during the year and up to the date of this report are set out on page 1. The present trustees put on record their gratitude for many years service given by the late Christopher Parish who, as solicitor to the founder Mr E M Behrens, was responsible for the creation of the charity documentation 50 years ago. ## **Structure, governance and management** ## **Nature of governing document** The Behrens Foundation is the name for the Charitable Trust set up by the late Edward Michael Behrens in April 1973. After his death in January 1989 the residue of his estate was retained by his executors for the lifetime of his widow, Mrs Helen Constance Felicity Behrens, who died in August 2001. Following completion of the winding up of her estate and the investment of the capital sums received, the Trustees anticipate that the annual income will amount to a sum in the region of £120,000. The trustees do not actively attempt to raise further funds but seek to continue the charitable work desired by the donor through careful stewardship of its existing resources. ## **Objectives and activities** ## **Public benefit** The purpose of the Trust is the promotion of the arts through the making of donations to appropriate institutions and individuals. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## **Grant making policies** The Trust has established its donation making policy to achieve its objects for the public benefit. The Trust's aim is to support the education of individuals and the performance of the arts by institutions. The trustees have continued granting donations at a higher level than income, drawing on reserves brought forward. Page 2 ## **The Behrens Foundation** ## **Trustees' Report (continued)** |**The largest donations were as follows:**|| |---|---| |Anthony Dale Trust|10,000| |Anthony Dale Trust - The Secret Garden|40,000| |Brighton Early Music|10,000| |Dynamic Earth|10,000| |English National Opera|20,000| |English Touring Opera|10,000| |Garsington Opera Understudy|10,000| |Guildhall School of Music & Drama|15,000| |Lettering & Commemorative Arts Trust|75,000| |London Handel Society|10,000| |Michael Tippet Musical Foundation|15,000| |Royal National Theatre Education Programme|10,000| |Society of London Theatre bursaries|10,000| |West Dean College|15,000| Page 3 The Bohrans Foundation Trustees. Report (continued) Achievements and perfornMn¢• The annu81 report i% an opportunity to take stock of how far each project has progressed and acts a snap8hot of the journey or final outcorne, rather than a full synopsis of the achievement. as Flnanclal revlew Tho Trust's Work i% entirdy roliant on In¢ome from R8 inve5tmeTrts and cash depogtts. Th& v8lu these investments has decraa5ed wth a k)ss of £257,030, before invesknent revaluatKJn, vitth inco gengrated of £121.277. ststement of Responslbllltles The trusteès are responsible for proparing the intstees, report and the financial stslements accordance with the Unlted ￿ngdoM A¢¢ounting Standards {United KFngdom Generally Accep Accounting Practice) and applicable law and reguf8tions. The Saw applicable to charities requires the tnJst88S to prepare f4nancFal 818tements for each finan year which give a true and falr view of thg ststg of affairs of the charity and of the incoming rgsoLt and application of ièsourcès of thg charity for that peric*J. In preparing these finar*cial statements, tnjsteas Ère rgquired to.. 56lecl suitable accounting policies arKJ then appty them ¢on8islenttr, obseThe the methods and prlncipl&s in the Ch8rthes SORP., make judgements and astimateg that 8re reasonable and prudertt s*ate whether applicablè 8ceounlno stsndard8 have been followed, 8ubio¢t to 8ny mate departures disclosed and ex￿aIned in the financial statements.. and prèparg thg financial stsleJnents on the going corthm basis unless il is inappropriate to pre$u that the charity will continue in business. The trnstees are responsibk for k&epiry propor accounting recvrds that disdose wlth reasona accuracy at any tlmè the finanryal position of the charty and enabte them to ensure that the fin8 statements compty with the Charities Act 2011. the Charities (Accounts and Reports} Regulali n$ 2008. and the provisions of the conslilution. Thè truste8s are also responsibb for safegua￿Ing the assets of kne ehanty and hor%ce for taking reasonab18 Steps for the prevention and d6te¢tton of ud and othgr Irregularillos. The trustees are resportsbi le for the malntenance and tntegrty of the corporate and finan infomation inejuded on the charitab18 compan￿8 website. Legi81ation goveming the preparatK*n disseminalion of financF¥I statsments may drflerfrom legi8laknn in other jurisditions. in 01 al le al nd The annual report was apyrovert by the trustees of the chaTity ¢M 23 August 2024 and 5vJned on its bèhalf by.. MTSJ Trustee bLtm Page 4 The Behrens Foundation Independent Examiner's Report to the trustees of The Behrens Foundation We report to the charity trustees on our examination of the a¢¢ounts of the charity for the year ended 5 April 2024 which are set out on pages 6 10 14. Responslbllltles and basis of report As the charity's tnjslees of The Behrens Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charrties Act 20111'the ACYI. We reF)Ort in respect of our examination of the The Behrens Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all th8 applicable Directions given by the Charity Commission under section 14515llb) of the Act. Independent examinerfs Statement We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause lo believe that in any material respect.. 1. accounting records were not kept in respect of The Behrens Foundation as required by section 130 of the Act., or 2. the accounts do not a¢cord with those recoids,. or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. We 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. Crane Cox & Co Chartered Accountants 4 Canal Rise Bridgerule Holsworthy Devon EX22 7FF 23 August 2024 Page 5 ## **The Behrens Foundation** ## **Statement of Financial Activities for the Year Ended 5 April 2024** |||**Total**||**Total**| |---|---|---|---|---| |||**Unrestricted**||**Unrestricted**| |||**funds**||**funds**| |||**2024**||**2023**| ||**Note**|**£**||**£**| |**Income and Endowments from:**||||| |Investment income|2|121,277||108,428| |**Expenditure on:**||||| |Charitable activities||(364,000)||(384,500)| |Other expenditure|4|(3,178)||(3,488)| |Total expenditure||(367,178)||(387,988)| |Gains/losses on investment assets||(11,129)||474,487| |Net (expenditure)/income||(257,030)||194,927| |**Other recognised gains and losses**||||| |Gains/losses on revaluation of fixed assets for charity's own||||| |use||115,723||(727,107)| |Net movement in funds||(141,307)||(532,180)| |**Reconciliation of funds**||||| |Total funds brought forward||3,354,469||3,886,649| |Total funds carried forward|11|3,213,162||3,354,469| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 11. The notes on pages 8 to 14 form an integral part of these financial statements. Page 6 The Behrens Foundation (Registration number: 266324) Balance Sheet as at 5 April 2024 2024 023 Nots Fixed assots Investments 2,787,855 26,789 Curront assets Cash at bank and in hand 428,308 30.480 Creditors: Amounts falling due wlthin one ywr Not Current assets 12,801) 2.8001 425,507 627,680 Not assets 3.213 162 354,469 Funds of th• ¢harity: Unrestrictod income funds Unrestricted funds 3,213,162 354,469 354.469 Total funds 11 3,213,162 The financial statements on pages 6 to 14 were approved by the trustees. and authorised fo 23 August 2024 and signed on their behalf by". issue on Mr& rust ckburn rJ.N. Behrens Trustee ThA nntps nn A In 1At 7nrm 3n int¢)rTr￿1 nart nl fin2nni31 qt>tom•nt¢ ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024** ## **1 Accounting policies** ## **Statement of compliance** The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Basis of preparation** The Behrens Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. ## **Exemption from preparing a cash flow statement** The charity opted to adopt Bulletin 1 published on 2nd February 2016 and have therefore not included a cash flow statement in these financial statements. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. ## **Income and endowments** All income is recognised within the statement of financial activities once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be quantified with reasonable accuracy. ## _**Investment income**_ 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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## **Expenditure** All expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. ## **Raising funds** The costs of generating funds consist of investment management and certain professional fees. Page 8 ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)** ## **Charitable activities** Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the Trust. ## **Grant provisions** Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including accountancy review, strategic management and trustees' meetings and reimbursed expenses. ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable trust for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Fixed asset investments** Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Foreign exchange** Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Page 9 ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)** ## **Fund structure** Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. ## **Financial instruments** ## _**Classification**_ Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. ## **Recognition and measurement** All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. ## **Investments** Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. ## **Fair value measurement** The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 10 ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)** ## **2 Investment income** |||**Unrestricted**||||| |---|---|---|---|---|---|---| |||**funds**||**Total**||**Total**| |||**General**||**2024**||**2023**| |||**£**||**£**||**£**| |Income from dividends;||||||| ||Dividends receivable from other listed|||||| ||investments|99,237||99,237||96,575| |Interest receivable and similar income;||||||| ||Interest receivable on bank deposits|13,290||13,290||3,103| |Other income from fixed asset investments||8,750||8,750||8,750| |||121,277||121,277||108,428| |||||||| |**3**|**Expenditure on charitable activities**|||||| |||**Unrestricted**||||| |||||**Total**||**Total**| |||**General**||**2024**||**2023**| |||**£**||**£**||**£**| |Grant funding of activities||364,000||364,000||384,500| ## **4 Other expenditure** ||**Unrestricted**||||| |---|---|---|---|---|---| ||||**Total**||**Total**| ||**General**||**2024**||**2023**| ||**£**||**£**||**£**| |Examination of the financial statements|1,800||1,800||1,800| |Secretarial fees|1,000||1,000||1,000| |Other resources expended|378||378||688| ||3,178||3,178||3,488| ||||||| ## **5 Trustees remuneration and expenses** No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. ## **6 Taxation** The charity is a registered charity and is therefore exempt from taxation. Page 11 ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)** ## **7 Fixed asset investments** |**7**
**Fixed asset investments**|||||||| |---|---|---|---|---|---|---|---| |||**2024**||||**2023**|| |||**£**||||**£**|| |Other investments||2,787,655||||2,726,789|| ||||||||| |**Other investments**|||||||| |||**Listed**|||||| |||**investments**||||**Total**|| |||**£**||||**£**|| |**Cost or Valuation**|||||||| |At 6 April 2023||2,726,789||||2,726,789|| |Revaluation||115,723||||115,723|| |Disposals||(54,857)||||(54,857)|| |At 5 April 2024||2,787,655||||2,787,655|| |**Net book value**|||||||| |At 5 April 2024||2,787,655||||2,787,655|| |At 5 April 2023||2,726,789||||2,726,789|| The historical cost of the listed investments at 5th April 2024 was £1,682,409 (2023 - £1,737,266). ## **8 Cash and cash equivalents** |**8**
**Cash and cash equivalents**|||| |---|---|---|---| ||**2024**||**2023**| ||**£**||**£**| |Cash at bank|34,292||30,190| |Short-term deposits|394,016||600,290| ||428,308||630,480| ||||| ## **9 Creditors: amounts falling due within one year** |**9**
**Creditors: amounts falling due within one year**|||| |---|---|---|---| ||**2024**||**2023**| ||**£**||**£**| |Other creditors|1||-| |Accruals|2,800||2,800| ||2,801||2,800| ||||| Page 12 ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)** ## **10 Commitments** ## **Capital commitments** The total amount contracted for but not provided in the financial statements was £Nil (2023 - £Nil). ## **11 Funds** |**11 Funds**|||||||||| |---|---|---|---|---|---|---|---|---|---| ||**Balance at**||||||**Other**||**Balance at**| ||**6 April**||**Incoming**||**Resources**||**recognised**||**5 April**| ||**2023**||**resources**||**expended**|**gains/(losses)**|||**2024**| ||**£**||**£**||**£**||**£**||**£**| |**Unrestricted funds**|||||||||| |**_General_**|||||||||| |General fund|3,354,469||121,277||(367,178)||104,594||3,213,162| ||**Balance at**||||||**Other**||**Balance at**| ||**6 April**||**Incoming**||**Resources**||**recognised**||**5 April**| ||**2022**||**resources**||**expended**|**gains/(losses)**|||**2023**| ||**£**||**£**||**£**||**£**||**£**| |**Unrestricted funds**|||||||||| |**_General_**|||||||||| |General fund|3,886,649||108,428||(387,988)||(252,620)||3,354,469| Page 13 ## **The Behrens Foundation** ## **Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)** ## **12 Financial instruments** |**Categorisation of financial instruments**|**Categorisation of financial instruments**||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||**2024**||||**2023**|| |||||||**£**||||**£**|| |Financial assets measured at fair value through profit or loss||||||3,215,963||||3,357,269|| |Financial liabilities measured at fair value through|||profit or loss|||(2,801)||||(2,800)|| |**Items of income, expense, gains or losses**|||||||||||| ||**Income**||**Expense**|||**Net gains**||||**Net losses**|| |**2024**|**£**||**£**|||**£**||||**£**|| |Financial assets measured at|||||||||||| |fair value through profit or|||||||||||| |loss|121,277||(367,178)|||104,594|||||-| ||**Income**||**Expense**|||**Net gains**||||**Net losses**|| |**2023**|**£**||**£**|||**£**||||**£**|| |Financial assets measured at|||||||||||| |fair value through profit or|||||||||||| |loss|108,428||(387,988)||||-|||(252,620)|| ## **13 Related party transactions** There were no related party transactions in the year. Page 14