Registered Charity Number: 267673
The Richard Budenberg Charitable Trust
Report of the Trustee and Unaudited Financial Statements for the Year Ended 31 March 2022
Ashby Berry Coulsons
2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
The Richard Budenberg Charitable Trust
Contents of the Financial Statements for the Year Edned 31 March 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustee | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 12 |
The Richard Budenberg Charitable Trust
Reference and Administrative Details
Trustee
The appointed Trustee of the charity is The Charity Service Limited, a charitable company limited by guarantee (company registration number 02538910) and registered (charity number 1011293).
| The Trustees of The Chartiy Service Limited are: | The Trustees of The Chartiy Service Limited are: | |
|---|---|---|
| R G Dyson (Chair) | ||
| G R Bushell | ||
| P A Chorlton | ||
| J S Eckersley | ||
| K A Graham | ||
| S Griffiths | ||
| J Kiely | (appointed 10th December 2021) | |
| S Nazir | (retired 11th November 2021) | |
| Registered office | 8thFloor | |
| 111 Piccadilly | ||
| Manchester | ||
| M1 2HY | ||
| Postal address | PO Box 155 | |
| Carnforth | ||
| LA5 5BR | ||
| Registered charity number | 267673 | |
| Independent examnier | Ashby Berry Coulsons Limited | |
| 2 Belgrave Crescent | ||
| Scarborough | ||
| North Yorkshire | ||
| YO11 1UB | ||
| Bankers | Unity Trust Bank | |
| Nine Brindleyplace | ||
| Birmingham | ||
| B1 2HB | ||
| Investment advisers | Castlefield Investment Partners LLP | |
| 111 Piccadilly | ||
| Manchester | ||
| M1 2HY |
Page 1
The Richard Budenberg Charitable Trust
Report of the Trustee for the Year Ended 31 March 2022
The Trustee presents its report with the financial statements of the charity for the year ended 31 March 2022. The Trustee has adopted the provisions of 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 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 the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Structure, governance and management
The Richard Budenberg Charitable Trust is a registered charity, which was established by a Deed dated 25 March 1974. Its objectives are exclusively charitable and it achieves them by making grants to other charitable organisations.
In carrying out these objectives and planning activities the Trustee has given careful consideration to the Charity Commission’s general guidance on public benefit and to the obligations placed upon it by Section 17 of the Charities Act 2011 and confirm that it has complied with the duty placed on it by this Act.
The charity is governed by its Trustee, The Charity Service Limited, a registered charity and a company limited by guarantee. Details of the trustees of the Trustee are given on page 1. The trustees of the Trustee form a Trust Management Committee, which meets at least four times a year to monitor the activities of the charities of which The Charity Service Limited is a trustee and at other times as necessary to meet the obligations for any grant application assessments. When considering the allocation of funds for grants, the committee may accept the recommendations of the Settlor.
Achievements and financial review
The Statement of Financial Activities is set out on page 5. During the year the Trust received a donation of £150,000 from the Settlor's estate (2021: £nil) and investment income of £6,805 (2021: £7,679). Expenditure in the year was £26,494 (2021: £18,024), including grants paid of £24,500 (2021: £16,900). Investment gains in the year amounted to £13,868 (2021: £89,024). Total funds carried forward are £642,517 (2021: £498,338).
Investment policy
The charity's investment assets are managed to provide long-term capital growth at moderate to low risk. The Trustee monitors investment performance on a quarterly basis by comparing it to an independently calculated peer group of returns by other charities with similar objectives and risk profiles and reviewing the performance with the investment manager. The portfolio is managed by Castlefield Investment Partners LLP.
Page 2
The Richard Budenberg Charitable Trust
Report of the Trustee for the Year Ended 31 March 2022 (continued)
Reserves policy
The charity has created a designated fund to preserve capital and facilitate grant making over the long term. As at 31 March 2022, the value of the designated fund was £484,341 (2021: £484,341). The charity's free reserves consist of the level of general funds held at any one time. At 31 March 2022, the balance of this fund was £144,400 (2021: £13,997).
Risk management
The Trustee reviews regularly the major risks to which the charity is exposed and is satisfied that the systems are in place to mitigate exposure to them.
Approved by order of the Council of Management of The Charity Service Limited:
Christopher Mills
Company Secretary of The Charity Service
10 November 2022
Page 3
The Richard Budenberg Charitable Trust
Independent Examiner's Report to the Trustees of
Independent examiner's report to the trustees of The Richard Budenberg Charitable Trust
I report to the charity trustees on my examination of the accounts of The Richard Budenberg Charitable Trust (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable 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 true and fair view which is not a matter considered as part of an independent examination.
I 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.
Anne Mead BSc FCA Ashby Berry Coulsons 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
21st November 2022
Page 4
The Richard Budenberg Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2022
| 2022 Notes £ Income Donations and legacies 2 150,000 Investment income 3 6,805 156,805 Expenditure Raising funds 4 94 Charitable activities: Grantmaking 5 26,400 26,494 Net income/(expenditure) before investment gains 130,311 Net gains losses on investments 8 13,868 Net income 144,179 Reconciliation of movement in funds Total funds brought forward 498,338 Total funds carried forward 12 642,517 |
2021 £ - 7,679 |
|---|---|
| 7,679 | |
| 124 17,900 |
|
| 18,024 | |
| (10,345) 89,024 |
|
| 78,679 419,659 |
|
| 498,338 |
All funds are unrestricted.
All incoming resources and resources expended derive from continuing activities. This statement includes all gains and losses recognised in the year.
The notes on pages 7 - 12 form part of these financial statements
Page 5
The Richard Budenberg Charitable Trust
Balance Sheet at 31 March 2022
| Notes Fixed assets Investments 8 Current assets Current asset investments 9 Bank deposits Liabilities:amounts falling due within one year 10 Net current assets Total assets less current liabilitites Net assets 11 Funds of the Trust Unrestricted funds: General fund 12 Designated fund 12 |
2022 £ 496,058 2,059 145,300 147,359 (900) 146,459 642,517 642,517 144,400 498,117 642,517 |
2021 £ 482,259 2,082 13,997 |
|---|---|---|
| 16,079 | ||
| 16,079 | ||
| 498,338 | ||
| 498,338 | ||
| 13,997 484,341 |
||
| 498,338 |
The notes on page 7 - 12 form part of these financial statements
The financial statements were approved by the Council of Management of The Charity Service Limited on 10 November 2022 and signed on its behalf by
Richard Dyson
Chairman
Page 6
The Richard Budenberg Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Statement of compliance with prevailing laws and regulations
The 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 the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Going concern
The financial statements have been prepared on a going concern basis as the trustee believes that no material uncertainties exist.
Judgements and key sources of estimation
The Trustee considers that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements. The Trustee considers that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Page 7
The Richard Budenberg Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Accounting policies - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Recognised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value, which is taken as the market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Cash held by investment managers is classified as current asset investments.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Page 8
The Richard Budenberg Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
| 2 Donations and legacies Donations by settlor 3 Investment income Investment Income 4 Raising funds Investment management costs: Portfolio management Bank charges 5 Charitable activities costs Grants paid (see note 7) Grant administration (direct costs) Support costs (see note 6) 6 Support costs Independent examination of accounts |
2022 £ 150,000 2022 £ 6,805 2022 £ 22 72 94 2022 £ 24,500 1,000 900 26,400 2022 £ 900 |
2021 £ 0 |
|---|---|---|
| 2021 £ 7,679 |
||
| 2021 £ 52 72 |
||
| 124 | ||
| 2021 £ 16,900 1,000 - |
||
| 17,900 | ||
| 2021 £ - |
Page 9
The Richard Budenberg Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
| 7 Grants Paid Grants paid during the year comprised: Age UK Manchester (formerly Age Concern) Alzheimers Society British Heart Foundation Cambridge Foundation Camphill Village Trust Christie Charitable Trust Church of St Lawrence Coram Family Disasters Emergency Committee - Ukraine Appeal East Cheshire Hospice Friends of Lake District Friends of Rosie Children's Cancer Research Fund John Muir Trust Macmillan Cancer Support Medecins Sans Frontieres UK Practical Action Salvation Army Save the Children Fund Shelter Sightsavers Star & Garter Wateraid World Wildlife Foundation York Minster 8 Fixed asset investments Market value of holdings at 1 April Equalisations Net gain/(loss) on revaluation Market value of holdings at 31 March The market values of the separate classes held were: Multi-Asset Funds The historical cost of the holdings |
2022 £ 500 600 600 600 500 500 1,900 600 5,000 500 600 500 500 500 1,000 500 500 600 5,000 800 500 800 800 600 24,500 2022 £ 482,259 (69) 13,868 496,058 496,058 496,058 425,537 |
2021 £ 500 600 600 600 500 500 3,800 600 - 500 600 500 500 500 1,000 500 500 600 500 800 500 800 800 600 |
|---|---|---|
| 16,900 | ||
| 2021 £ 393,235 0 89,024 |
||
| 482,259 | ||
| 482,259 | ||
| 482,259 | ||
| 425,606 |
Page 10
The Richard Budenberg Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
| 9 Current asset investments Cash held by investment managers 10 Creditors: amounts falling due within one year Accrued expenses 11 Analysis of net assets between funds Funds at 31 March 2022 : Fixed asset investments Current asset investments Bank deposits Current liabilities Funds at 31 March 2021 : Fixed asset investments Current asset investments Bank deposits |
General Fund £ - - 145,300 (900) 144,400 General Fund £ - - 13,997 13,997 |
2022 £ 2,059 2022 £ 900 Designated Fund £ 496,058 2,059 - 0 498,117 Designated Fund £ 482,259 2,082 - 484,341 |
2021 £ 2,082 |
|---|---|---|---|
| 2021 £ 0 |
|||
| Total Funds £ 496,058 2,059 145,300 (900) |
|||
| 642,517 | |||
| Total Funds £ 482,259 2,082 13,997 |
|||
| 498,338 |
Page 11
The Richard Budenberg Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
12 Statement of funds
| For the year ended 31 March 2022 Brought forward at 1 April 2021 Income Expenditure Investment gain/(loss) Carried forward at 31 March 2022 For the year ended 31 March 2021 Brought forward at 1 April 2020 Income Expenditure Investment gain/(loss) Transfer Carried forward at 31 March 2021 |
General Fund £ 13,997 156,805 (26,402) - 144,400 General Fund £ 24,394 7,627 (17,972) - (52) 13,997 |
Designated Fund £ 484,341 - (92) 13,868 498,117 Designated Fund £ 395,265 - 0 89,024 52 484,341 |
Total Funds £ 498,338 156,805 (26,494) 13,868 |
|---|---|---|---|
| 642,517 | |||
| Total Funds £ 419,659 7,627 (17,972) 89,024 |
|||
| 498,338 |
13 Transactions with the Trustee and related parties
The charity is controlled by its trustee The Charity Service Limited. The Trustee received no remuneration but was reimbursed the cost of administering grants and other administration costs amonuting to a total of £1,000 (2020: £1,000). One of the Trustees of the Trustee is also a partner in Castlefield Investment Partners LLP.
During the year a legacy of £150,000 was received from the estate of the Settlor.
Page 12