**Charity Registration No. 267482**
## **THE GEORGE BALINT CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE GEORGE BALINT CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr G Rothschild|
|---|---|
||Dr A Balint|
||Dr M G Balint|
|**Charity number**|267482|
|**Accountants**|Carter Backer Winter LLP|
||66 Prescot Street|
||London|
||E1 8NN|
|**Bankers**|Barclays Bank Plc|
||Fenchurch Street Business Centre|
||PO Box No 69|
||100 Fenchurch Street|
||London|
||EC3P 3HY|
**THE GEORGE BALINT CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the accounts|6 - 12|
## **THE GEORGE BALINT CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2021**
The trustees present their annual report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's deed of trust, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The policies adopted in furtherance of these objects are to invest the trust's assets in the most advantageous manner to generate the maximum income.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity's income during the year was derived entirely from the investments held by the charity. These investments take form of stocks, shares and cash deposits held with financial institutions.
The Trust made donations within the bounds laid down by its trust deed in the sum of £54,083 (2020: £49,800)
## **Achievements and performance**
## **Financial review**
The Trust recorded an increase in income for the year under review, details of which are set out on page 4. The unrestricted funds balance at the year end increased to £1,508,878. Majority of these funds are tied up capital investments in order to generate income for distribution in accordance with the charity's objects. However, some cash deposits are also held to allow for a situation where donations made during the year exceed the charity's income.
It is the policy of the trusty that unrestricted funds which have not been designated for a specific use should be maintained at an adequate level to cover support costs.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The George Balint Charitable Trust is constituted by a deed of trust dated 1 January 1961 and is registered with the Charity Commission, registration 267482. The principle objects of the trust are to provide charitable donations to any body of persons established for charitable purposes, to individuals to assist them in meeting of expenses of their own or their childrens' education and to individuals whose circumstances are so straightened as to com within the legal definition of poverty.
The trustees who served during the year were: Dr Andrew Balint George Rothschild Dr Marc Gary Balint
The power to appoint trustees is vested with the trustees.
The trust's management consists solely of the trustees.
The trustees did not receive any remuneration for their services.
- 1 -
## **THE GEORGE BALINT CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2021**
The George Balint Charitable Trust, The Andrew Balint Charitable Trust and The Trust For Former Employees of Balint Companies operate from the same premises and are jointly administered. They have some trustees in common and are independent in all other matters.
The Trustees are satisfied that the charity has operated effectively and efficiently during the year.
The Trustees' r eport was approved by the Board of Trustees.
## **Mr G Rothschild**
Trustee Dated: 5 May 2022
- 2 -
## **THE GEORGE BALINT CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE GEORGE BALINT CHARITABLE TRUST**
I report on the financial statements of the charity for the year ended 5 April 2021, which are set out on pages 4 to 12.
## **Respective responsibilities of trustees and examiner**
The George Balint Charitable Trust'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:
- (i) examine the financial statements under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the general d irections given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) to state whether particular matters have come to my attention.
## **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 next statement.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has no w been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Paul Woosey FCCA ACA Carter Backer Winter LLP Chartered Accountants 66 Prescot Street London E1 8NN
Dated: 5 May 2022
- 3 -
## **THE GEORGE BALINT CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**Notes**
**Income from:**
Investments
**2**
**Expenditure on:**
Charitable activities
**3**
Net gains on investments
**8**
**Net movement in funds**
Fund balances at 6 April 2020
**Fund balances at 5 April 2021**|**2021**
**£**
41,215
68,188
(26,973)
118,486
91,513
1,417,365
1,508,878|**2020**
**£**
57,293
60,877
(3,584)
(193,975)
(197,559)
1,614,924
1,417,365|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **THE GEORGE BALINT CHARITABLE TRUST**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2021**
|**Notes**
**Fixed assets**
Investment properties
**9**
Investments
**10**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
**£**
175,000
887,366
1,062,366
450,112
(3,600)
446,512
1,508,878
1,508,878
1,508,878|**2020**
**£**
**£**
175,000
847,389
1,022,389
398,576
(3,600)
394,976
1,417,365
1,417,365
1,417,365|
|---|---|---|
The financial statements were approved by the Trustees on 5 May 2022
Mr G Rothschild Dr A Balint **Trustee Trustee**
- 5 -
**THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **1 Accounting policies**
## **Charity information**
The George Balint Charitable Trust is constituted by a Deed of Trust dated 1 January 1961 and is registered with the Charity Commission, registration 267482.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust's deed of trust, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
- 6 -
**THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **1 Accounting policies**
## **(Continued)**
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received .
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation .
Legacies are recognised where there is entitlement, certainly or receipt and the amount can be measured with sufficient reliability.
## **1.5 Resources expended**
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
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 include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
- 7 -
**THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **1 Accounting policies**
**(Continued)**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
## **1.8 Foreign exchange**
Transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary asses and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the statement of financial activities.
## **2 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Income from listed investments|39,445|54,609|
|Interest receivable|1,770|2,684|
||41,215|57,293|
- 8 -
## **THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **3 Charitable activities**
|Grant funding of activities (see note 4)
Share of governance costs (see note 5)|**2021**
**£**
54,083
14,105
68,188|**2020**
**£**
49,800
11,077
60,877|
|---|---|---|
- 9 -
**THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **4 Grants payable**
||**2021**|
**2020**|||
|---|---|---|---|---|
|||**£**|**£**||
|A Kezevits||-||300|
|A Kostelizt||600||300|
|Andrew Balint Charitable Trust||13,523||10,000|
|Beis B'rucha||250||500|
|British friends of Boys Town||300||800|
|Cancer Research||500||450|
|Children's Town||||1,000|
|Community Security Trust||500||300|
|Ezro Knezevitch||600||300|
|Finchley Reform Synagogue - tree for life||10,000||10,000|
|Former Employee Trust||7,000||5,000|
|Great Ormond Street Hospital||250||250|
|Jewish Bereavement Counselling Service||500||200|
|Jewish Care||-||1,000|
|Jewish Child's Day||-||250|
|Kisharon Day School||600||-|
|Kol Torah College||250||250|
|Leah Schnapp||-||300|
|London Soup Kitchen||500||500|
|Macmillan Cancer Support||250||-|
|Merkaz L, chiuch Torani||300||300|
|Mother and Baby Convelescent Home||-||500|
|Naomi Rothstein||-||300|
|Netivot Olam Institution||3,000||2,000|
|North London Hospice||250||200|
|Ohel Sarah||500||500|
|Royal Marsden Hospital||-||250|
|Schnapp Leah||300||300|
|St Joseph's Hospice||500||250|
|UJIA||10,000||10,000|
|Western Mable Arch Synagogue||860||500|
|Wlodowa Charity & Rehabilitation Trust||750||1,500|
|World Jewish Relief||-||500|
|Yad Sarah||-||500|
|Zichron Nachum Inst||1,000||500|
|Sundry||1,000||-|
|Total||**54,083**||**49,800**|
- 10 -
**THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **5 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy
**-**
-
Legal and professional
-
-
Bank charges
-
-
Insurance and sundries
-
-
-
-|**2021**
**£**
8,540
5,466
-
99
14,105|**2020 Basis of allocation**
**£**
7,140 Governance
2,964 Governance
- Governance
973 Governance
11,077|
|---|---|---|
Governance costs includes payments to Carter Backer Winter LLP of £ 8,540 ( 2020: £ 7,140 ) .
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
The average monthly number of employees during the year was:
||**2021**|**2020**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||
|**Net gains/(losses) on investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Revaluation of investments|156,966|(215,748)|
|Gain/(loss) on sale of investments|(38,480)|
21,773|
||118,486|(193,975)|
|**Investment property**|||
|||**2021**|
|||**£**|
|**Fair value**|||
|At 6 April 2020 and 5 April 2021||175,000|
## **8 Net gains/(losses) on investments**
## **9 Investment property**
- 11 -
## **THE GEORGE BALINT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **9 Investment property**
## **(Continued)**
Investment property comprises a residential property in London. The fair value of the property has been arrived at on the basis of a valuation based on the fact that the tenant is occupying the property rent free. The Trustees are under obligation not to seek possession of the property before 7th November 2022.
## **10 Fixed asset investments**
||**Unlisted**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2020 & 5 April 2021|847,389|
|Additions|120,321|
|Valuation changes|156,966|
|Disposals|(237,310)|
|**Carrying amount**||
|At 05 April 2021|887,366|
|At 05 April 2020|847,389|
## **11 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Accruals and deferred income|3,600|3,600|
## **12 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none) .
## **Remuneration of key management personnel**
None of the key management personnel received any remuneration or benefits from the trust during the year (2020 - none).
- 12 -